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Volume 5 • Number 2 • February 2008 Statistical Supplement M to the tne Federal t eaeral Keserve Reserve £ BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan • Stephen R. Malphrus • Louise L. Roseman • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). The Statistical Supplement began publication in 2004. It is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frb.gov. The Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/supplement. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886, or send an e-mail to publications-bog@frb.gov. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of February 2008. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Factors affecting reserve balances of depository institutions 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Tran saction s 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—State and local governments 29 New security issues—U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • February 2008 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to unaffiliated foreigners 52 Claims on unaffiliated foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates and indexes of the foreign exchange value of the U.S. dollar 57 GUIDE TO SPECIAL TABLES SPECIAL TABLES 58 Terms of lending at commercial banks, November 5-9, 2007 64 Assets and liabilities of U.S. branches and agencies of foreign banks, September 30, 2007 68 INDEX TO STATISTICAL TABLES 70 FEDERAL RESERVE BOARD PUBLICATIONS 72 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES 74 PUBLICATIONS OF INTEREST 75 FEDERAL RESERVE STATISTICAL RELEASES AVAILABLE ON THE COMMERCE DEPARTMENT'S ECONOMIC BULLETIN BOARD Symbols and Abbreviations c e n.a. n.e.c. P r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 GDP Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten Gross domestic product GNMA GSE HUD IBF IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International banking facility International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • February 2008 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q4 Q1 Q2 Q3 July Aug. Sept. -7.6 -6.2 -6.8 2.7 8.1 8.3 7.9 2.3 -.4 -11.9 -8.0 1.9 -46.5 -47.3 -48.8 2.0 86.1 -4.5 66.1 4.4 -63.6 20.9 -81.2 -.9 7.6 37.5 4.4 3.9 -2.5 -1.0 1.9 .8 6.1 -1.7 -1.8 4.9 2.6' 4.4 -3.8 5.4 2 1 2 3 4 Reserves of depository institutions Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 .4 6.5 4.7 2.1 4.0 6.6 5.1 7.1 8.2 11.7 2.8 6.0 11. lp .8 41.2' 5.9 23.3 -14.6 -11.7 -4.3 .6 -15.6' 7.3 2.9' -55.1 -31.1 19.5 24.6 31.0 58.2 25.2 59.9 16.9 59.4 24.6 41.7 Nontransaction components 7 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . Small time1" Thrift institutions 10 Savings, including MMDAs .. 11 Small time8 8 9 Money market mutual funds 12 Retail7 13 Institution-only 12.6 16.1 7.2 3.0 -21.7 7.4 11.4 9.3 26.4 10.9 17.3 18.7 17.4 16.5 13.0 27.7 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at 2.2 -1.5 21.5 38.1 -2.1 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Factor Average of daily figures Average of daily figures for week ending on date ndicated 2007 2007 Sept. Oct. Nov. Oct. 17 Oct. 24 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Nov. 28 857,715 779,636 779,636 267,019 472,142 35,753 4,723 859,312 779,593 779,593 267,019 472,105 35,790 4,680 866,944 779,647 779,647 267,019 470,984 36,911 4,734 857,994 779,597 779,597 267,019 472,142 35,753 4,684 858,936 779,580 779,580 267,019 472,142 35,753 4,667 862,618 779,568 779,568 267,019 471,977 35,918 4,654 864,447 779,603 779,603 267,019 470,984 36,911 4,689 865,668 779,631 779,631 267,019 470,984 36,911 4,718 868,217 779,657 779,657 267,019 470,984 36,911 4,743 869,632 779,683 779,683 267,019 470,984 36,911 4,770 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 US Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . . . 0 0 0 0 0 0 0 0 0 0 36,158 1,623 1,399 38,798 45,950 38,500 37,714 41,250 42,821 43,250 48,286 49,250 262 133 13 116 318 271 0 47 240 126 0 114 294 142 57 95 283 190 0 93 245 191 0 54 567 523 0 44 481 434 0 46 55 7 0 48 40,173 11,041 2,200 38,616 -723 41,382 11,041 2,200 38,671 -719 41,748 11,041 2,200 38,732 -1,472 41,129 11,041 2,200 38,667 -490 41,837 11,041 2,200 38,681 -730 42,247 11,041 2,200 38,695 -664 42,442 11,041 2,200 38,709 -926 43,145 11,041 2,200 38,723 -633 40,426 11,041 2,200 38,737 -574 41,219 11,041 2,200 38,751 811,612 35,207 35,207 814,030 35,787 35,787 819,798 35,621 35,621 814,497 34,404 34,404 812,811 36,726 36,726 813,082 38,131 38,131 815,786 37,290 37,290 821,078 35,176 35,176 820,760 35,092 35,092 821,992 35,146 35,146 0 337 0 327 0 279 0 335 0 322 0 308 0 298 0 278 0 275 0 267 11,928 4,956 11,928 4,937 11,984 5,112 12,114 5,080 12,032 5,046 12,006 4,950 12,088 5,119 11,954 5,143 11,768 4,959 12,070 5,176 100 114 99 97 99 169 98 102 98 97 6,611 6,611 6,545 6,545 6,464 6,460 6,579 6,579 6,579 6,579 6,586 6,586 6,584 6,584 6,397 6,382 6,383 6,381 6,486 6,486 0 224 125 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 0 261 0 331 4 309 0 357 0 309 0 301 0 287 15 312 2 328 0 311 41,021 9,466 41,663 7,488 42,830 8,405 41,592 6,961 41,940 7,026 42,181 8,846 42,309 8,625 42,932 6,214 42,895 9,405 43,248 8,901 Wednesday figures End-of-month figures Sept. Oct. Nov. Oct. 17 Oct. 24 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Nov. 28 864,402 779,632 779,632 267,019 472,142 35,753 4,718 869,192 779,586 779,586 267,019 470,984 36,911 4,672 866,959 779,701 779,701 267,019 470,984 36,911 4,787 854,886 779,591 779,591 267,019 472,142 35,753 4,677 867,537 779,574 779,574 267,019 472,142 35,753 4,661 869,192 779,586 779,586 267,019 470,984 36,911 4,672 871,394 779,613 779,613 267,019 470,984 36,911 4,699 872,849 779,639 779,639 267,019 470,984 36,911 4,726 876,922 779,670 779,670 267,019 470,984 36,911 4,756 865,261 779,693 779,693 267,019 470,984 36,911 4,779 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. Treasuiy2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . . . 0 0 0 0 0 0 0 0 0 0 44,750 48,500 47,500 36,250 46,000 48,500 55,000 46,000 92 10 0 82 33 8 0 25 108 10 0 98 502 3 402 98 92 10 0 82 48,000 1,344 1,300 49,500 202 20 0 182 58 11 45 54 8 0 46 -722 40,540 11,041 2,200 38,639 -747 41,761 11,041 2,200 38,695 -820 40,547 11,041 2,200 38,765 -1,817 40,754 11,041 2,200 38,667 -636 42,097 11,041 2,200 38,681 -747 41,761 11,041 2,200 38,695 -374 42,811 11,041 2,200 38,709 60 11 0 49 748 42,901 11,041 2,200 38,723 1,269 40,926 11,041 2,200 38,737 -1,261 40,775 11,041 2,200 38,751 810,607 35,689 35,689 815,303 38,055 38,055 817,259 35,916 35,916 814,855 35,087 35,087 813,861 37,428 37,428 815,303 38,055 38,055 819,409 36,358 36,358 821,664 34,703 34,703 823,673 35,383 35,383 821,000 34,272 34,272 0 336 0 301 0 266 0 324 0 310 0 301 0 278 0 276 0 268 0 266 12,364 5,539 11,781 4,307 11,537 4,669 12,095 5,105 11,715 4,737 11,781 4,307 11,856 4,902 12,318 5,540 12,109 5,324 11,585 4,711 112 601 97 97 99 601 98 97 96 97 6,469 6,469 6,586 6,586 6,486 6,486 6,579 6,579 6,579 6,579 6,586 6,586 6,585 6,585 6,397 6,382 6,383 6,381 6,486 6,486 0 44 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 0 245 0 287 0 285 0 315 0 300 0 287 0 272 15 284 2 306 0 291 41,548 15,737 41,849 13,839 42,571 11,416 41,364 3,069 41,612 14,535 41,849 13,839 42,215 13,228 42,386 13,466 42,930 14,538 42,447 7,683 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 col later alized 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 col later alized 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 2008 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal 2007 2004 2005 2006 Dec. Dec. Dec. May June July Aug. Sept. Oct. Nov. 12.046 47,258 34,801 12,457 46,847 44,939 1,909 10.047 51,314 35,337 15,977 45,384 43,483 1,900 8.479 50,897 34,803 16,094 43,282 41,474 1,808 9,205 48,659 34,861 13,798 44,066 42,630 1,436 8,739 49,432 34,913 14,519 43,652 41,951 1,702 8,420 50,206 34,311 15,896 42,731 41,067 1,664 10.983 51,040 33,637 17,402 44,621 39,799 4,822 8.264 49,747 33,212 16,535 41,476 40,026 1,450 8.526 48,985 33,337 15,649 41,863 40,187 1,676 63 11 0 52 169 97 0 72 191 111 0 80 103 14 0 90 187 43 0 145 262 45 0 217 975 701 19 255 8.606 49,628 33,473 16,155 42,079 40,338 1,742 1,567 1,345 254 126 13 115 366 315 0 50 0 221 B weekly averages of daily figures for two-week periods ending on dates indicated 2007 1 ?. 3 4 5 6 7 8 9 10 11 2 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 Seasonal Aug. 1 Aug. 15 Aug. 29 Sept. 12 Sept. 26 Oct. 10 Oct. 24 Nov. 7 Nov. 21 Dec. 5 9,268 50,113 35,937 14,176 45,205 43,661 1,544 14,659 52,413 32,127 20,287 46,786 37,467 9,318 9,388 49,643 35,394 14,249 44,782 42,816 1,965 1,364 1,134 6,994 49,294 32,889 16,405 39,883 39,091 8,737 48,341 32,584 15,758 41,320 39,453 1,867 7,810 49,711 32,721 16,990 40,531 39,044 1,487 9,478 48,359 34,881 13,478 44,359 42,536 1,822 261 6 0 255 7,326 49,032 31,022 18,010 38,348 36,981 1,367 2,250 2,018 9,713 51,366 34,104 17,262 43,817 41,736 2,081 245 3 0 243 7,953 50,020 35,358 14,662 43,311 42,257 1,053 1,559 1,258 43 259 0 232 0 230 264 191 0 74 524 479 0 45 199 158 0 41 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 230 70 0 160 791 267 134 29 105 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta On 2/22/08 Effective date Previous rate On 2/22/08 Effective date Previous rate On 2/22/08 Effective date Previous rate 3.50 1/30/08 1/30/08 1/30/08 1/30/08 1/31/08 1/30/08 4.00 4.00 1/30/08 1/30/08 1/30/08 1/30/08 1/31/08 1/30/08 4.50 3.05 2/14/08 3.55 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 1/30/08 1/31/08 1/31/08 1/30/08 1/31/08 1/30/08 i 3.50 ' 4.00 4.00 1 1/30/08 1/31/08 1/31/08 1/30/08 1/31/08 1/30/08 i 1 1 4.50 3.05 2/14/08 3.55 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 3.50-3.75 3.75 3.75-4.00 4.00 4.00-4.25 4.25 4.25-4.50 3.50 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 Effective date In effect Jan. 9,2003 (beginning of program) Mar. May June July Aug. 2 3 22 24 3 4 30 1 9 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Aug. 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 4.50 4.50^.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 Mar. 28 30 May 10 11 June 29 July 6 5.25-5.50 5.50 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.50 5.50 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 20 Sept. 18 20 Oct. 31 Nov. 1 Dec. 11 13 5.75-6.25 5.75 5.25-5.75 5.25 5.00-5.25 5.00 4.75-5.00 4.75 5.75 5.75 5.25 5.25 5.00 5.00 4.75 4.75 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 4.00^.75 4.00 3.50^.00 3.50 4.00 4.00 3.50 3.50 3.50 3.50 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Effective date 2008—Jan. 22 24 30 31 In effect February 22, 2008 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^.50 4.00 3.50^.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 Effective date In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm. 8 1.15 Federal Reserve Bulletin Statistical Supplement • February 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$9.3 million2 2 More than $9.3 million-$43.9 million3 3 More than $43.9 million Percentage of liabilities 0 10 4 Nonpersonal time deposits 0 5 Eurocurrency liabilities 0 NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. Effective date 12/21/07 12/21/07 12/21/07 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. May 76,560 76,560 94,858 94,858 July Aug. Sept. 75,502 75,502 10,000 0 0 62,083 62,083 0 0 1,236 0 0 0 0 0 U.S. TREASURY SECURITIES2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Outright transactions Treasury bills Gross purchases Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases Gross sales Maturity shifts Exchanges Five to ten years Gross purchases Gross sales Maturity shifts Exchanges More than ten years Gross purchases Gross sales Maturity shifts Exchanges All maturities Gross purchases Gross sales Redemptions 26 Net change in U.S. Treasury securities . . . 18,138 0 821.685 821,685 0 871,661 871,661 5,748 0 905,206 905,206 0 7,994 0 103,380 -118,373 0 2,894 0 109,557 -108,098 2,795 4,967 0 0 0 10,552 1,394 0 17,249 0 -84,844 110,819 11,309 0 -91,121 97,723 26,354 0 0 0 3,742 0 0 0 5,763 0 -8,012 7,554 3,626 0 -7,041 7,375 4,322 0 0 0 290 0 0 0 0 0 0 0 1,364 0 -10,524 0 2,007 0 -11,395 3,000 3,299 0 0 0 640 0 0 0 0 0 0 50,507 0 0 28,136 0 2,795 44,690 0 10,552 6,066 0 50,507 25,341 1,876,900 1,887,650 2,097,050 2,083,300 2,125,500 2,131,500 179,500 161,250 174,250 190,000 177,750 188,250 185,000 180,000 209,000 200,750 236,500 230,250 268,750 265,000 5,621,153 5,626,285 6,421,223 6,420,945 6,779,023 6,778,132 739,145 739,251 752,100 749,528 672,056 669,588 673,157 673,778 722,358 725,162 669,935 669,850 786,360 788,726 -5,110 18,143 -13,178 -8,032 4,379 5,446 6,334 1,385 34,626 39,369 29,029 24,209 -10,442 -8,032 4,379 -5,791 6,334 1,385 62,340 62,340 72,690 72,690 2,736 0 62,143 62,143 0 0 0 0 2,736 0 0 11,236 0 0 0 -11,236 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 37 Net change in temporary transactions 38 Total net change in System Open Market Account 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • February 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Nov. 14 Sept. Nov. 21 Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, and loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans Items in process of collection Bank premises Other assets Denominated in foreign currencies'" All other7 19 Total assets 11,037 2,200 1,251 828,178 779,586 779,586 267,019 470,984 36,911 4,672 0 48,500 92 2,210 2,118 39,936 22,417 17,519 11,037 2,200 1,230 828,957 779,613 779,613 267,019 470,984 36,911 4,699 0 48,000 1,344 2,931 2,110 40,765 22,768 17,997 11,037 2,200 1,203 829,200 779,639 779,639 267,019 470,984 36,911 4,726 0 49,500 60 5,885 41386 22,926 18,459 11,037 2,200 1,178 834,728 779,670 779,670 267,019 470,984 36,911 4,756 0 55,000 58 4,365 2,114 38,848 23,319 15,529 11,037 2,200 1,165 825,747 779,693 779,693 267,019 470,984 36,911 4 779 0 46,000 54 1,563 2,114 39,024 23,106 15,918 11,037 2,200 1,142 824,584 779,632 779,632 267,019 472,142 35,753 4,718 0 44,750 202 1,759 2,094 39,261 22,144 17,116 11,037 2,200 1,251 828,178 779,586 779,586 267,019 470,984 36,911 4,672 0 48,500 92 2,210 2,118 39,936 22,417 17,519 11,037 2,200 1,195 827,233 779,701 779,701 267,019 470,984 36,911 4,787 0 47,500 33 1,516 2,128 38,417 22,998 15,419 886,929 889,229 893,020 894,471 882,848 882,076 886,929 883,726 778,155 38,055 25,915 20,720 4,307 601 287 2,955 5,724 782,204 36,358 25,068 19,797 4,902 98 272 3,385 5,963 784,415 34,703 26,388 20,467 5,540 97 284 5,128 5,940 786,377 35,383 26,693 20,967 5,324 96 306 3,088 5,896 783,675 34,272 19,576 14,477 4,711 97 291 2,878 5,904 773,442 35,689 28,909 23,014 5,539 112 245 2,488 5,872 778,155 38,055 25,915 20,720 4,307 601 287 2,955 5,724 779,951 35,916 22,958 17,907 4,669 97 285 2,330 5,864 850,803 852,977 856,574 857,437 846,305 846,400 850,803 847,019 17,947 15,455 2,724 17,953 15,456 2,844 18,078 15,456 2,913 18,089 15,457 3,488 18,278 15,457 2,809 17,274 15,437 2,964 17,947 15,455 2,724 18,186 15,453 3,069 36,126 36,252 36,543 35,676 2,027,987 1,230,603 797,384 10,448 2,029,132 1,236,921 792,210 8,211 2,033,461 1,223,628 809,833 10,259 1,997,777 1,212,181 785,596 3,154 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities CAPITAL ACCOUNTS 30 Capital paid in 31 Surplus 32 Other capital accounts 36,707 33 Total capital MEMO 34 Marketable securities held in custody for foreign official and international accounts3'10 35 U.S. Treasury 36 Federal agency 37 Securities lent to dealers 2,033,228 1,237,555 795,673 7,672 2,027,434 1,223,046 804,388 9,060 2,027,987 1,230,603 797,384 10,448 2,037,142 1,224,765 812,377 6,066 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 1,001,409 1,002,829 1,004,133 1,004,450 1,004,452 1,000,658 1,001,409 1,005,141 223,253 778,155 778,155 11,037 2,200 764,919 0 220,625 782,204 782,204 11,037 2,200 768,967 0 219,718 784,415 784,415 11,037 2,200 771,178 0 218,073 786,377 786,377 11,037 2,200 773,140 0 220,777 783,675 783,675 11,037 2,200 770,439 0 227,217 773,442 773,442 11,037 2,200 760,205 0 223,253 778,155 778,155 11,037 2,200 764,919 0 225,190 779,951 779,951 11,037 2,200 766,714 0 828,086 827,613 829,139 834,670 825,693 824,382 828,086 827,201 38,345 36,441 34,879 35,423 34,310 35,747 38,345 35,978 789,740 791,171 794,260 799,247 791,383 788,634 789,740 791,223 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 1,344 58 0 49 5 0 142 60 72 20 23 10 0 779,639 779,670 779,693 779,632 779,586 779,701 58,408 157,628 160,879 241,053 75,484 86,188 56,879 160,025 160,545 231,526 81,927 88,767 58,200 158,806 160,446 231,534 81,931 88,776 38,183 172,972 170,964 235,827 75,488 86,197 61,096 148,087 164,893 243,868 75,475 86,167 34,580 175,217 160,158 239,034 81,932 88,779 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 19 Total repurchase agreements2 48,500 48,000 49,500 55,000 46,000 44,750 48,500 47,500 20 Within 15 days 48,500 0 48,000 0 49,500 0 55,000 0 46,000 0 44,750 0 48,500 0 39,500 8,000 34,703 35,383 34,703 0 35,383 0 34,272 0 35,689 0 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 5 Total U.S. Treasury securities1 6 7 8 9 10 11 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 12 Total federal agency securities 13 14 15 16 17 18 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 21 16 days to 90 days 22 Total reverse repurchase agreements" 72 20 0 1,311 33 0 779,586 779,613 61,096 148.087 164,893 243,868 75,475 86,167 44,044 171,579 161,289 241,043 75,480 86,178 0 38,055 38,055 36,358 0 23 Within 15 days 24 16 days to 90 days NOTE: Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 38,055 38,055 0 35,916 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • February 2008 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. Apr. May July Aug. Sept. 41.92 41.65 40.25 821.48 44.92 43.95 40.10 824.51 42.54 40.97 40.80 821.73 42.51 42.25 41.06 824.71 42.65 42.28 40.97 825.65 Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 42.67 42.63 41.63 720.36 46.60 46.54 44.69 759.26 45.14 44.98 43.24 787.31 43.32 43.12 41.51 811.82 42.72 42.64 41.19 817.21 43.20 43.09 41.76 818.80 43.61 43.42 41.90 820.09 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 42.46 42.41 41.41 725.21 46.52 46.46 44.61 764.66 45.14 44.97 43.24 793.38 43.36 43.17 41.55 818.40 42.60 42.52 41.07 815.95 44.14 44.03 42.70 818.60 43.74 43.55 42.03 820.03 42.83 42.57 41.16 822.06 44.73 43.75 39.91 823.10 42.20 40.64 40.46 819.87 41.61 41.36 40.16 821.88 42.01 41.64 40.33 826.68 42.95 42.91 41.91 737.62 1.05 .05 46.85 46.79 44.94 774.77 1.91 .06 45.38 45.22 43.48 802.30 1.90 .17 43.28 43.09 41.47 825.29 1.81 .19 42.54 42.46 41.02 822.63 1.53 44.07 43.96 42.63 825.07 1.44 .10 43.65 43.47 41.95 826.51 1.70 .19 42.73 42.47 41.07 828.45 1.66 .26 44.62 43.65 39.80 829.74 4.82 .98 42.08 40.51 40.34 826.42 1.74 1.57 41.48 41.22 40.03 828.35 1.45 .25 41.86 41.50 40.19 833.08 1.68 .37 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base1' Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2003 Dec. 2004 Dec. 2005 Dec. 2006 Dec. Aug. Sept. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,306.1 6.071.2 8,872.3 1,376.3 6,421.6 9,433.0 1,374.5 6,691.7 10,154.0 1,367.1 7,035.5 n .a. 1,367.9 7,320.8' n.a. 1,365.8 7,350.8' n .a. 1,368.8' 7,377.6 n.a. 1,364.5 7,410.6 n.a. 662.5 7.7 325.8 310.1 697.6 7.5 343.2 328.0 723.9 7.2 324.9 318.5 748.9 6.7 306.4 305.0 758.1 6.4 300.7 302.7' 759.2 6.4 296.1 304.1 761.6 6.4 296.1 304.7 761.2 6.3 295.5 301.4 4,765.1 2,792.7 5,045.3 3,011.1 5,317.2 3,478.5 5,668.5 n .a. 5,952.9 n.a. 5,985.0' n .a. 6,008.9' n.a. 6,046.1 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,337.7 541.3 764.5 2,631.0 551.0 909.3 2,771.5 644.6 1,122.9 2,905.7 758.0 n .a. 2,995.6 765.4 n.a. 3,010.5 772.5' n .a. 3,012.6 799.0 n.a. 3,027.5 814.5 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 831.4 277.4 120.7 887.3 278.8 161.5 849.9 351.3 230.7 792.9 412.4 n .a. 868.4 426.4 n.a. 857.1' 429.0 n .a. 859.2 409.3 n.a. 857.7 398.7 n.a. 777.4 1,132.2 697.1 1,082.8 699.9 1,147.5 799.4 1,344.3 897.0 1,600.3 915.8 1,680.2 928.7 1,763.4 947.7 1,824.7 494.8 295.3 492.6 379.1 564.3 423.9 n .a. n .a. n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. 1,350.5 7,339.4' n.a. 1,360.9 7,353.5' n.a. 1,360.6 7,412.0 759.6 6.4 296.0' 298.9 762.3 6.3 296.5 295.4 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 onlys Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 1,332.0 6,099.9 8,927.8 1,401.3 6,451.5 9,482.2 1,396.6 6,721.6 10,201.4 1,387.8 7,071.3 1,367.0 7,311.5 666.7 7.6 342.7 728.9 7.2 337.7 322.8 754.5 6.7 309.3 757.3 6.6 303.9 299.2' 756.7 6.5 289.9 297.5 315.0 702.4 7.5 358.6 332.8 Nontransaction components 27 In M27 28 In M3 onlys 4,767.9 2,815.9 5,050.2 3,025.4 5,325.1 3,488.3 5,683.5 5,944.5 5,988.9 n.a. Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 2,338.0 540.8 760.9 2,633.2 550.3 903.3 2,776.1 2,914.8 757.5 2,991.0 765.4 3,013.0' 774.4 n.a. 2,999.9' 802.1 n.a. 3,031.2 817.0 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 831.5 277.1 120.1 278.4 160.4 851.3 350.8 228.9 795.4 412.1 867.1 426.4 857.8' 430.1 n.a. 855.6 410.9 858.7 399.9 780.5 1,160.0 700.2 1,107.6 703.2 1,173.4 803.7 1,377.0 894.6 1,585.8 913.6 1,682.8 924.1 1,773.1 944.7 1,846.7 497.6 292.8 494.6 376.6 566.1 422.0 23 24 25 26 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appeal on following page. 643.7 317.3 1,114.4 n.a. n.a. 6,051.5 13 14 Federal Reserve Bulletin Statistical Supplement • February 2008 NOTES TO TABLE 1.21 NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars) except for institutional money funds. Measures of large time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities' Billions of dollars Wednesd ay figures Monthly averages Account Jan.' July' Aug.' Sept.' 2008 2008 2007 2007 Oct.' Nov.' Dec' Jan. Jan. 9 Jan.16 Jan. 23 Jan. 30 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8.405.2 2,233.3 1,198.2 1,035.1 6,171.9 1,200.6 3,398.9 473.8 2.925.1 749.8 267.6 555.0 368.6 298.9 842.0 8,694.5 2,318.3 1,180.6 1,137.7 6,376.2 1,280.9 3,458.8 463.1 2.995.7 774.7 270.6 591.2 378.4 293.5 878.0 8.821.5 2,342.6 1,186.1 1,156.5 6,478.9 1,313.3 3,471.5 466.6 3.004.8 777.2 285.7 631.3 397.6 290.6 891.9 8.948.0 2,371.9 1,171.5 1,200.4 6,576.2 1,360.5 3,496.9 470.9 3.026.0 784.5 280.9 653.4 402.7 297.5 925.0 9,066.7 2,403.9 1,139.0 1,264.9 6,662.8 1,394.1 3,553.4 476.6 3.076.8 782.3 265.9 667.1 408.2 287.5 937.1 9,186.1 2,468.4 1,123.2 1,345.2 6,717.7 1,409.4 3,572.9 481.8 3.091.0 792.8 279.5 663.1 426.8 290.1 949.1 9,200.6 2,414.1 1,115.3 1,298.8 6,786.5 1,434.7 3,586.0 487.2 3.098.9 805.8 289.1 670.9 448.0 283.9 961.1 9,286.1 2,430.9 1,103.0 1,327.8 6,855.2 1,449.0 3,602.1 491.5 3.110.6 814.6 307.1 682.5 452.8 291.2 981.5 9,268.4 2,429.2 1,112.5 1,316.7 6,839.2 1,443.9 3,604.4 490.0 3.114.5 814.6 306.8 669.4 447.5 284.1 966.1 9,259.4 2,416.5 1,098.9 1,317.6 6,842.9 1,451.5 3,591.4 490.8 3.100.6 815.3 309.2 675.5 444.2 270.5 970.9 9,332.7 2,463.6 1,102.2 1,361.4 6,869.1 1,448.5 3,602.4 492.5 3.109.9 817.0 310.9 690.2 454.0 286.8 1,013.7 9,289.5 2,411.5 1,094.0 1,317.5 6,878.0 1,453.3 3,609.8 493.2 3.116.6 813.2 304.5 697.3 466.3 319.4 980.8 9,846.1 10,173.1 10,330.0 10,500.8 10,625.1 10,777.3 10,815.6 10,929.1 10,884.1 10,863.0 11,003.3 10,973.0 6.183.9 641.5 5.542.3 1,680.8 3,861.5 2,000.3 420.2 1,580.1 71.4 580.9 6.304.9 607.7 5.697.2 1,764.3 3,932.9 2,113.6 439.2 1,674.4 66.3 602.8 6.373.2 625.0 5.748.2 1,813.2 3,935.0 2,195.4 460.0 1,735.4 59.1 596.4 6.435.4 604.8 5.830.6 1,867.1 3,963.5 2,243.8 463.7 1,780.1 103.2 597.2 6.585.0 619.2 5.965.9 1,983.2 3,982.6 2,209.1 464.0 1,745.0 83.7 625.6 6.660.3 605.4 6.054.9 2,043.7 4,011.2 2,241.5 476.0 1,765.5 83.6 669.9 6.682.6 590.2 6.092.4 2,033.7 4,058.7 2,288.7 511.4 1,777.3 91.6 656.2 6.713.0 614.9 6.098.1 2,057.7 4,040.3 2,268.0 508.8 1,759.2 112.7 700.7 6.672.7 602.7 6.070.0 2,040.9 4,029.1 2,293.6 501.3 1,792.4 88.1 698.2 6.688.9 588.2 6.100.7 2,069.4 4,031.2 2,248.1 499.9 1,748.2 94.3 679.9 6,758.1 617.6 6.140.5 2,056.4 4,084.1 2,247.8 504.2 1,743.5 140.8 720.5 6.730.5 660.7 6.069.8 2,067.2 4,002.6 2,270.4 526.9 1,743.5 133.5 709.2 27 Total liabilities 8,836.5 9,087.7 9,224.2 9,379.6 9,503.4 9,655.3 9,719.1 9,794.4 9,752.6 9,711.2 9,867.2 9,843.6 28 Residual (assets less liabilities)5 1.009.7 1.085.4 1.105.8 1,121.2 1,121.7 1.122.0 1.096.6 1.134.7 1.131.5 1,151.9 1.136.2 1.129.4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8,429.1 2,238.7 1.198.3 1,040.4 6,190.4 1,199.9 3.402.0 471.6 2.930.4 762.2 334.0 428.3 269.9 556.5 367.7 310.1 838.1 8,658.4 2,304.6 1.172.3 1,132.3 6,353.8 1,278.4 3,449.4 464.0 2.985.4 767.0 325.8 441.2 266.9 592.2 369.3 288.8 878.8 8,794.2 2,336.0 1.179.8 1,156.2 6,458.2 1,306.3 3,471.2 468.3 3.002.9 774.4 328.4 446.0 278.2 628.0 395.3 280.6 894.6 8,943.2 2,367.0 1,162.1 1,204.9 6.576.2 1,353.8 3,502.9 472.8 3.030.1 786.5 333.3 453.2 278.3 654.7 398.3 298.2 927.9 9,064.5 2,394.7 1,127.3 1,267.4 6,669.8 1,387.3 3,563.8 477.6 3.086.2 784.0 332.0 452.0 271.1 663.6 410.8 289.8 937.5 9,222.6 2,475.8 1,127.7 1,348.1 6,746.8 1,404.9 3,594.4 481.9 3,112.4 796.1 343.4 452.8 285.8 665.6 435.1 297.9 949.0 9,250.5 2,418.9 1,114.1 1,304.8 6,831.5 1,432.8 3,599.2 485.9 3.113.3 817.5 365.5 452.0 300.8 681.2 455.3 300.1 957.8 9,307.3 2,431.5 1.095.8 1,335.7 6,875.8 1,448.0 3,604.9 489.2 3.115.7 828.0 361.6 466.3 308.5 686.4 451.9 302.3 976.6 9,289.3 2,428.0 1,103.8 1,324.2 6,861.4 1,441.1 3.613.0 488.0 3.125.0 826.0 363.6 462.4 302.8 678.5 439.9 282.1 967.0 9,285.1 2,418.8 1,090.4 1,328.4 6,866.3 1,448.4 3,597.6 488.9 3.108.7 828.8 363.4 465.4 311.5 680.1 447.6 293.4 970.7 9,348.6 2,464.8 1,093.9 1,370.9 6,883.8 1,447.8 3,600.8 489.9 3.110.8 831.4 363.3 468.0 313.4 690.5 445.7 305.2 993.1 9,307.8 2,411.9 1,089.2 1,322.8 6,895.9 1,454.9 3,607.4 490.3 3.117.1 826.6 356.0 470.5 310.1 696.9 474.5 317.9 978.1 9,876.6 10,124.2 10,293.0 10,494.9 10,628.5 10,829.7 10,885.6 10,955.8 10,896.7 10,915.1 11,009.0 10,995.4 6.172.3 649.6 5.522.8 1,685.2 3,837.6 1,998.4 419.4 1,579.0 80.5 588.4 6.290.9 600.8 5.690.1 1,768.0 3,922.1 2,108.0 438.4 1,669.6 55.8 594.2 6.357.3 611.9 5,745.4 1,809.5 3.936.0 2,186.6 461.1 1,725.5 60.5 598.1 6.422.7 599.5 5.823.2 1,855.8 3,967.4 2,257.2 465.1 1,792.1 108.5 601.2 6.565.1 613.7 5.951.5 1,964.0 3,987.4 2,207.7 464.3 1,743.4 91.8 631.7 6.667.4 610.0 6.057.5 2,027.5 4,029.9 2,234.7 476.6 1,758.1 98.5 682.0 6.699.3 623.5 6.075.8 2,024.2 4,051.6 2,274.2 508.5 1,765.7 102.5 664.9 6.700.6 623.3 6.077.3 2,063.7 4,013.7 2,266.9 508.0 1,758.9 124.1 710.5 6.699.7 569.6 6.130.1 2,056.7 4,073.4 2,251.1 493.3 1,757.9 92.7 702.0 6.726.8 603.8 6.123.0 2,078.6 4,044.4 2,237.6 497.7 1,739.9 107.0 690.1 6.672.3 648.6 6.023.7 2,056.9 3,966.8 2,275.1 507.9 1,767.2 164.6 741.1 6.680.4 675.3 6.005.0 2,071.6 3,933.4 2,298.7 531.1 1,767.5 141.3 716.1 57 Total liabilities 8,839.7 9,048.8 9,202.6 9,389.6 9,496.4 9,682.7 9,740.9 9,802.1 9,745.6 9,761.5 9,853.2 9,836.5 58 Residual (assets less liabilities)5 1,036.9 1,075.4 1,090.4 1,105.3 1,132.0 1,147.0 1,144.7 1,153.7 1,151.2 1,153.7 1,155.8 1,158.9 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. 16 Federal Reserve Bulletin Statistical Supplement • February 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Jan.' July' Aug.' Sept.' 2008 2008 2007 2007 Oct.' Nov.' Dec' Jan. Jan. 9 Jan.16 Jan. 23 Jan. 30 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,452.9 1,845.4 1,116.8 728.6 5,607.5 982.1 3,375.5 473.8 2,901.7 749.8 120.0 380.1 301.4 246.3 807.4 7,646.1 1,889.9 1,098.0 791.9 5,756.2 1,042.5 3,428.4 463.1 2,965.3 774.7 120.5 390.2 305.3 239.6 837.5 7,740.1 1,907.8 1,095.8 812.0 5,832.3 1,069.0 3,441.2 466.6 2,974.6 777.2 128.0 416.9 323.5 236.6 851.0 7,844.7 1,931.7 1,081.2 850.5 5,913.0 1,103.8 3,460.2 470.9 2,989.3 784.5 132.6 431.9 323.1 241.2 876.5 7,936.2 1,943.0 1,044.4 898.5 5,993.2 1,131.0 3,516.7 476.6 3,040.1 782.3 128.7 434.6 326.3 229.6 891.7 8,021.4 1,983.2 1,029.6 953.6 6,038.1 1,137.7 3,535.9 481.8 3,054.1 792.8 137.9 433.9 342.3 234.8 902.2 8,043.4 1,952.5 1,027.1 925.4 6,090.9 1,153.6 3,548.0 487.2 3,060.8 805.8 146.7 436.7 357.0 234.7 916.0 8,117.9 1,969.2 1,011.4 957.7 6,148.7 1,164.5 3,563.1 491.5 3,071.5 814.6 166.4 440.2 364.4 240.2 929.2 8,085.0 1,962.7 1,022.6 940.0 6,122.3 1,159.0 3,565.6 490.0 3,075.6 814.6 158.8 424.3 354.1 235.3 918.1 8,095.0 1,962.4 1,010.2 952.2 6,132.6 1,165.0 3,552.6 490.8 3,061.8 815.3 167.5 432.1 355.1 221.6 921.3 8,163.6 1,996.1 1,008.7 987.4 6,167.5 1,164.0 3,563.1 492.5 3,070.6 817.0 172.9 450.5 372.1 235.1 955.7 8,131.3 1,957.3 1,001.2 956.1 6,173.9 1,170.5 3,570.5 493.2 3 077.3 813.2 168.2 451.6 375.8 263.7 924.7 8,739.9 8,957.7 9,080.1 9,213.6 9,310.0 9,426.4 9,473.8 9,569.7 9,511.2 9,511.6 9,643.1 9,613.1 5,423.1 630.9 4,792.2 932.4 3,859.8 1,453.7 358.0 1,095.7 387.6 466.1 5,448.9 596.6 4,852.2 922.1 3,930.2 1,531.9 377.1 1,154.8 414.2 481.9 5,487.3 613.3 4,874.0 941.7 3,932.3 1,609.7 389.2 1,220.5 408.8 474.2 5,504.0 592.7 4,911.3 950.6 3,960.7 1,678.8 399.3 1,279.4 433.7 476.1 5,578.9 606.2 4,972.7 993.1 3,979.5 1,644.1 402.9 1,241.2 454.3 505.1 5,629.5 592.4 5,037.1 1,029.0 4,008.1 1,658.1 414.7 1,243.3 469.6 544.3 5,670.0 577.2 5,092.8 1,037.1 4,055.7 1,678.2 442.5 1,235.8 487.1 532.9 5,677.0 603.3 5,073.7 1,036.4 4,037.3 1,660.4 443.4 1,217.0 535.5 560.9 5,644.8 590.8 5,054.0 1,027.9 4,026.2 1,673.2 442.0 1,231.2 522.8 544.0 5,638.1 577.0 5,061.1 1,032.8 4,028.2 1,634.7 430.1 1,204.6 536.8 551.6 5,730.6 605.8 5,124.9 1,043.8 4,081.1 1,661.2 448.3 1,212.9 536.2 584.1 5,692.6 649.6 5,043.0 1,043.3 3,999.7 1,660.7 448.4 1,212.4 554.3 567.7 27 Total liabilities 7,730.6 7,876.9 7,979.9 8,092.6 8,182.4 8,301.5 8,368.1 8,433.7 8,384.8 8,361.2 8,512.2 8,475.3 28 Residual (assets less liabilities)5 1,009.3 1,080.8 1,100.2 1,121.0 1,127.6 1,124.9 1,105.6 1,136.1 1,126.3 1,150.4 1,131.0 1,137.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,469.1 1,850.7 1,116.9 733.9 5,618.4 979.3 3,378.6 471.6 2,907.0 1,462.6 1,444.5 762.2 334.0 428.3 118.5 379.8 300.5 256.6 802.4 7,613.7 1,876.2 1,089.7 786.5 5,737.5 1,040.8 3,419.0 464.0 2,954.9 1,449.8 1,505.2 767.0 325.8 441.2 119.7 391.1 296.2 235.3 839.0 7,721.0 1,901.2 1,089.5 811.7 5,819.8 1,062.7 3,441.0 468.3 2,972.7 1,455.7 1,517.0 774.4 328.4 446.0 126.6 415.1 321.2 226.3 854.1 7,845.0 1,926.9 1,071.8 855.1 5,918.1 1,099.0 3,466.2 472.8 2,993.5 1,465.3 1,528.2 786.5 333.3 453.2 132.9 433.5 318.7 240.8 880.0 7,939.4 1,933.7 1,032.7 901.0 6,005.7 1,127.8 3,527.1 477.6 3,049.5 1,504.3 1,545.2 784.0 332.0 452.0 131.9 434.9 328.9 231.0 893.1 8,058.5 1,990.6 1,034.1 956.5 6,067.8 1,136.0 3,557.4 481.9 3,075.4 1,517.1 1,558.3 796.1 343.4 452.8 140.2 438.1 350.5 242.0 903.0 8,085.8 1,957.3 1,025.9 931.4 6,128.4 1,150.7 3,561.1 485.9 3,075.3 1,511.0 1,564.2 817.5 365.5 452.0 152.7 446.3 364.3 249.7 911.7 8,130.5 1,969.8 1,004.2 965.6 6,160.7 1,160.8 3,565.9 489.2 3,076.7 1,508.2 1,568.5 828.0 361.6 466.3 164.3 441.7 363.5 250.5 922.5 8,101.7 1,961.4 1,013.9 947.6 6,140.3 1,154.0 3,574.2 488.0 3,086.1 1,522.2 1,564.0 826.0 363.6 462.4 156.2 430.0 346.5 232.3 917.8 8,111.0 1,964.7 1,001.7 963.0 6,146.3 1,159.3 3,558.8 488.9 3,069.9 1,503.3 1,566.5 828.8 363.4 465.4 165.4 434.0 358.5 242.7 919.9 8,168.7 1,997.2 1,000.3 996.8 6,171.5 1,160.4 3,561.4 489.9 3,071.5 1,501.0 1,570.5 831.4 363.3 468.0 169.3 449.0 363.9 252.4 932.9 8,138.7 1,957.8 996.4 961.4 6,180.9 1,169.1 3,568.1 490.3 3,077.9 1,504.2 1,573.7 826.6 356.0 470.5 167.1 449.9 384.0 262.5 919.5 8,760.7 8,913.6 9,051.4 9,212.4 9,318.9 9,479.7 9,534.0 9,585.4 9,517.4 9,550.9 9,634.9 9,622.3 5,408.9 638.7 4,770.1 934.3 3,835.8 1,451.9 357.2 1,094.6 394.7 472.4 5,433.0 589.9 4,843.0 923.6 3,919.4 1,526.3 376.3 1,150.0 406.8 475.1 5,475.3 600.3 4,875.0 941.8 3,933.3 1,600.9 390.3 1,210.6 411.2 476.5 5,501.8 587.3 4,914.5 949.9 3,964.7 1,692.2 400.8 1,291.5 437.1 479.1 5,579.5 600.9 4,978.6 994.3 3,984.4 1,642.8 403.2 1,239.5 458.3 508.9 5,653.6 597.1 5,056.4 1,029.5 4,026.9 1,651.3 415.3 1,236.0 478.0 552.5 5,694.8 609.9 5,084.9 1,036.2 4,048.6 1,663.7 439.5 1,224.2 494.2 539.3 5,660.9 611.4 5,049.5 1,038.9 4,010.7 1,659.3 442.6 1,216.7 544.8 569.3 5,665.3 557.7 5,107.6 1,037.3 4,070.3 1,630.6 433.9 1,196.7 526.0 546.8 5,670.9 592.1 5,078.8 1,037.4 4,041.4 1,624.3 428.0 1,196.3 545.4 559.2 5,637.2 636.8 5,000.5 1,036.7 3,963.8 1,688.5 452.0 1,236.5 554.6 601.4 5,639.7 664.1 4,975.6 1,045.1 3,930.5 1,689.0 452.6 1,236.4 562.5 574.9 59 Total liabilities 7,727.9 7,841.1 7,963.9 8,110.3 8,189.5 8,335.4 8,392.0 8,434.3 8,368.7 8,399.8 8,481.8 8,466.1 60 Residual (assets less liabilities)5 1,032.8 1,072.5 1,087.5 1,102.1 1,129.4 1,144.3 1,142.0 1,151.1 1,148.7 1,151.1 1,153.1 1,156.3 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Jan.r July' Aug.' Sept.' 2008 2008 2007 2007 Oct.' Nov.' Dec' Jan. Jan. 9 Jan.16 Jan. 23 Jan. 30 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 Federal funds sold to and repurchase agreements with others 25 All other loans 26 Lease-financing receivables 27 Interbank loans 28 Federal funds sold to and repurchase agreements with commercial banks 29 Other 30 Cash assets5 31 Other assets'" 32 Total assets7 33 34 35 36 37 38 39 40 41 42 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 43 Total liabilities 44 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,618.9 1,236.2 716.3 55.0 661.3 589.2 72.1 519.9 233.8 286.1 53.3 232.9 3,382.7 632.6 1,924.0 376.6 1,547.4 975.9 571.5 437.5 112.2 4,799.8 1,290.9 714.9 70.5 644.5 576.1 68.4 576.0 290.6 285.4 58.5 226.9 3,508.9 667.4 1,990.4 375.9 1,614.5 1,013.3 601.2 451.9 112.8 4,875.6 1,306.4 714.1 66.6 647.5 577.5 70.0 592.3 301.7 290.6 59.3 231.2 3,569.2 688.4 1,995.7 378.9 1,616.8 1,011.4 605.4 454.4 119.8 4,948.7 1,325.6 701.4 69.1 632.3 563.7 68.7 624.2 316.8 307.4 60.0 247.4 3,623.1 715.9 1,999.4 382.9 1,616.5 1,008.4 608.1 461.5 123.3 5,020.3 1,327.2 662.6 68.2 594.4 525.7 68.7 664.6 349.9 314.7 60.3 254.4 3,693.1 741.0 2,045.7 388.2 1,657.5 1,045.2 612.3 458.8 118.8 5,102.2 1,376.2 653.2 70.4 582.7 517.8 65.0 723.1 392.8 330.2 60.0 270.2 3,726.0 744.3 2,064.7 393.0 1,671.7 1,054.2 617.5 460.6 128.2 5,101.6 1,351.3 653.4 91.0 562.4 507.8 54.6 697.9 361.5 336.4 57.3 279.0 3,750.3 753.6 2,065.0 397.8 1,667.2 1,047.0 620.1 461.8 136.8 5,171.0 1,371.8 640.2 84.1 556.1 497.4 58.7 731.6 391.6 340.0 56.5 283.5 3,799.1 760.3 2,078.1 401.9 1,676.2 1,052.3 623.8 471.5 154.1 5,137.2 1,364.3 649.8 91.9 557.9 501.9 56.0 714.5 375.2 339.3 57.1 282.2 3,772.9 757.2 2,079.7 400.3 1,679.5 1,059.9 619.6 469.0 146.8 5,151.1 1,364.7 638.6 82.4 556.2 495.1 61.1 726.1 387.5 338.6 56.2 282.4 3,786.4 760.7 2,071.4 401.4 1,670.0 1,048.1 621.9 471.8 155.1 5,214.2 1,398.7 637.5 79.6 557.9 494.2 63.7 761.2 420.1 341.0 56.6 284.4 3,815.5 758.2 2,078.0 402.9 1,675.1 1,049.1 626.0 473.3 160.5 5,182.2 1,361.1 631.6 79.8 551.8 495.7 56.2 729.5 387.8 341.8 56.1 285.7 3,821.1 764.5 2,082.5 403.4 1,679.1 1,051.2 627.9 473.2 155.5 90.1 22.0 88.0 24.8 94.6 25.2 99.0 24.4 94.9 23.9 101.7 26.4 111.4 25.4 126.6 27.5 121.4 25.4 130.5 24.7 128.8 31.6 126.9 28.6 25.4 144.9 106.0 197.6 32.3 154.3 99.8 179.0 41.8 169.5 99.7 190.8 49.3 173.5 100.1 193.0 48.1 181.2 99.6 206.3 44.7 184.2 99.3 222.2 45.8 188.6 98.6 234.6 44.6 193.0 97.6 231.0 41.3 180.7 98.2 226.1 44.2 185.9 97.3 220.7 45.0 203.0 97.6 237.9 49.0 199.2 97.2 238.5 137.1 60.5 153.9 590.0 129.3 49.7 150.2 607.4 140.4 50.4 147.6 618.3 142.3 50.7 153.4 635.6 155.5 50.8 142.6 643.0 166.9 55.3 150.3 648.5 176.5 58.1 148.1 662.8 178.0 53.0 149.4 687.5 171.1 55.0 145.7 675.1 170.7 50.0 133.2 682.4 186.2 51.8 144.1 713.7 184.4 54.0 170.5 685.0 5,525.2 5,699.4 5,795.5 5,893.3 5,973.3 6,084.5 6,106.0 6,193.2 6,139.0 6,142.2 6,263.0 6,230.0 3,169.9 346.5 2,823.4 517.7 2,305.7 903.4 132.9 770.5 378.8 383.4 3,167.4 322.4 2,845.0 509.9 2,335.1 1,036.8 151.3 885.5 412.7 405.2 3,200.0 333.4 2,866.6 529.5 2,337.2 1,092.8 155.4 937.4 406.9 397.8 3,212.4 317.1 2,895.3 538.7 2,356.6 1,131.0 154.4 976.7 432.0 400.5 3,286.9 327.5 2,959.4 579.0 2,380.4 1,084.1 159.9 924.2 451.0 425.1 3,343.0 322.1 3,020.9 614.3 2,406.6 1,086.1 164.0 922.2 466.4 464.2 3,375.3 312.1 3,063.2 621.4 2,441.8 1,086.4 180.4 906.0 483.9 451.1 3,365.5 330.7 3,034.8 618.0 2,416.9 1,070.3 185.7 884.6 532.2 478.4 3,344.7 323.0 3,021.7 611.1 2,410.6 1,089.9 187.6 902.3 519.2 462.4 3,329.8 309.6 3,020.3 614.2 2,406.1 1,051.8 179.5 872.3 533.9 469.5 3,411.4 333.2 3,078.2 624.9 2,453.2 1,060.6 183.4 877.2 533.5 501.7 3,372.1 361.6 3,010.5 623.4 2,387.1 1,066.5 188.5 878.1 550.5 484.5 4,835.5 5,022.1 5,097.6 5,175.9 5,247.1 5,359.7 5,396.8 5,446.5 5,416.1 5,385.1 5,507.1 5,473.6 689.7 677.3 697.9 717.5 726.2 724.8 709.2 746.8 722.9 757.1 755.9 756.4 18 Federal Reserve Bulletin Statistical Supplement • February 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account Jan.r July' Aug.r Sept.' 2008 2008 2007 2007 Oct.' Nov.' Dec' Jan. Jan. 9 Jan.16 Jan. 23 Jan. 30 Not seasona lly adjusted Assets 45 Bank credit 46 Securities in bank credit 47 Treasury and Agency securities2 . 48 Trading account 49 Investment account 50 Mortgage-backed 51 Other 52 Other securities 53 Trading account 54 Investment account 55 State and local government . 56 Other 57 Loans and leases in bank credit3 . . . 58 Commercial and industrial 59 Real estate 60 Revolving home equity 61 Other 62 Other residential 63 Commercial 64 Consumer 65 Credit cards and related plans . 66 Other 67 Security4 68 Federal funds sold to and repurchase agreements with broker-dealers 69 Other 70 Federal funds sold to and repurchase agreements with others 71 All other loans 72 Lease-financing receivables 73 Interbank loans 74 Federal funds sold to and repurchase agreements with commercial banks 75 Other 76 Cash assets5 77 Other assets6 78 Total assets7 79 80 81 82 83 84 85 86 87 88 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 89 Total liabilities 90 Residual (assets less liabilities)5 Footnotes appear on p. 21. 4,628.3 1,241.5 716.3 52.3 664.0 592.9 71.1 525.2 236.3 288.9 53.8 235.1 3,386.8 630.0 1,923.2 374.8 1,548.4 975.5 572.9 444.5 133.9 310.6 110.8 4,779.3 1,278.9 708.3 68.8 639.5 571.3 68.2 570.6 287.8 282.8 58.0 224.8 3,500.4 665.9 1,987.5 376.7 1,610.8 1,012.8 598.0 447.9 130.1 317.8 112.1 4,860.6 1,301.1 709.1 65.5 643.6 575.0 68.6 591.9 301.5 290.4 59.3 231.1 3,559.5 684.4 1,995.5 380.4 1,615.2 1,011.8 603.3 452.3 130.6 321.7 118.4 4,945.5 1,321.1 692.4 67.4 624.9 558.8 66.2 628.7 319.1 309.6 60.4 249.2 3,624.4 713.2 2,000.8 384.2 1,616.5 1,009.2 607.3 462.2 132.2 330.0 123.8 5,016.6 1,319.1 652.0 64.8 587.2 519.6 67.6 667.1 351.2 315.9 60.6 255.4 3,697.5 739.1 2,049.0 388.7 1,660.3 1,045.8 614.5 458.4 129.7 328.7 122.0 5,122.3 1,383.5 657.5 73.9 583.7 519.1 64.6 726.0 394.4 331.6 60.3 271.3 3,738.8 743.6 2,072.6 393.2 1,679.4 1,058.3 621.1 460.6 131.6 329.0 130.2 5,124.2 1,353.2 649.3 87.5 561.8 507.8 54.0 703.9 364.6 339.3 57.8 281.4 3,771.0 751.3 2,069.2 396.8 1,672.4 1,049.4 622.9 466.6 138.3 328.4 142.5 5,176.2 1,372.4 632.9 80.0 552.9 500.9 52.0 739.5 395.8 343.7 57.1 286.6 3,803.8 756.8 2,077.2 399.9 1,677.4 1,051.7 625.7 480.1 138.8 341.3 152.2 5,146.2 1,362.0 640.0 84.8 555.2 502.6 52.6 722.0 379.3 342.7 57.4 285.3 3,784.2 751.9 2,084.9 399.0 1,685.9 1,062.7 623.2 477.8 138.9 338.9 144.2 5,158.5 1,366.6 629.7 77.3 552.4 499.7 52.7 737.0 393.1 343.8 57.3 286.5 3,791.9 755.4 2,073.2 399.8 1,673.4 1,048.8 624.6 480.6 139.7 340.9 153.1 5,213.7 1,400.4 629.8 76.4 553.4 500.7 52.7 770.6 425.4 345.2 57.2 288.0 3,813.2 755.0 2,072.7 400.5 1,672.2 1,045.8 626.4 482.2 140.1 342.1 157.3 5,184.2 1,362.6 627.9 78.7 549.2 499.5 49.7 734.8 390.5 344.3 56.6 287.7 3,821.5 763.3 2,077.2 400.6 1,676.6 1,048.2 628.4 480.7 136.6 344.1 154.8 88.9 21.9 87.2 25.0 93.1 25.4 99.1 24.8 97.2 24.8 103.4 26.7 116.0 26.6 125.0 27.2 119.1 25.1 128.0 25.1 126.7 30.7 126.2 28.6 25.4 145.8 107.0 198.1 32.3 155.5 99.2 177.2 41.8 168.2 98.9 191.7 49.3 175.7 99.4 191.3 48.1 181.5 99.5 206.0 44.7 187.9 99.3 223.6 45.8 196.5 99.0 237.6 44.6 194.3 98.6 231.6 41.3 184.7 99.4 218.3 44.2 186.9 98.4 225.5 45.0 202.5 98.4 234.7 49.0 198.5 98.1 247.3 137.5 60.6 162.3 584.9 128.1 49.1 146.3 608.8 141.1 50.6 138.7 621.5 141.0 50.3 151.8 639.1 155.4 50.7 142.9 644.4 168.0 55.7 154.7 649.3 178.8 58.8 160.2 658.5 178.5 53.1 158.1 680.8 165.2 53.1 143.1 674.9 174.4 51.1 149.9 681.0 183.6 51.1 160.1 690.9 191.3 56.0 170.2 679.7 5,538.5 5,674.8 5,775.4 5,890.2 5,971.4 6,111.1 6,139.2 6,201.2 6,137.6 6,169.9 6,252.7 6,235.3 3,162.4 352.7 2,809.6 519.6 2,290.0 901.5 132.1 769.5 385.9 389.7 3,159.5 317.7 2,841.8 511.5 2,330.3 1,031.2 150.5 880.7 405.2 398.4 3,190.9 322.8 2,868.1 529.5 2,338.6 1,084.0 156.5 927.5 409.4 400.1 3,210.7 312.8 2,897.9 538.0 2,359.9 1,144.5 155.8 988.7 435.4 403.5 3,287.2 322.1 2,965.1 580.1 2,385.0 1,082.8 160.2 922.6 455.0 428.9 3,356.2 324.5 3,031.7 614.8 2,416.9 1,079.4 164.6 914.8 474.8 472.4 3,391.0 335.5 3,055.6 620.6 2,435.0 1,071.9 177.5 894.4 491.0 457.5 3,355.5 337.3 3,018.1 620.4 2,397.7 1,069.2 184.9 884.3 541.5 486.9 3,355.3 297.8 3,057.5 620.5 2,437.0 1,047.4 179.6 867.8 522.3 465.2 3,358.5 323.4 3,035.0 618.7 2,416.4 1,041.4 177.4 863.9 542.6 477.2 3,343.6 357.3 2,986.3 617.9 2,368.4 1,088.0 187.1 900.9 551.9 519.0 3,339.9 372.6 2,967.3 625.2 2,342.0 1,094.8 192.7 902.1 558.7 491.6 4,839.5 4,994.3 5,084.4 5,194.0 5,253.9 5,382.8 5,411.6 5,453.1 5,390.1 5,419.6 5,502.5 5,485.0 699.1 680.5 691.1 696.3 717.4 728.2 727.6 748.2 747.5 750.3 750.2 750.3 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Jan.r July' Aug.' Sept.' 2008 2008 2007 2007 Oct.' Nov.' Dec' Jan. Jan. 9 Jan.16 Jan. 23 Jan. 30 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Other loans and leases Interbank loans Cash assets5 Other assets'" 15 Total assets7 16 17 18 19 20 21 22 23 24 25 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 26 Total liabilities 27 Residual (assets less liabilities)5 2.834.0 609.1 400.5 208.7 2.224.8 349.5 1.451.5 97.2 1.354.3 312.3 111.6 103.7 92.4 217.4 2,846.3 599.0 383.1 216.0 2,247.3 375.0 1,437.9 87.2 1,350.8 322.8 111.5 126.3 89.4 230.2 2.864.5 601.4 381.7 219.7 2.263.0 380.6 1.445.5 87.7 1.357.8 322.8 114.1 132.6 89.0 232.6 2.896.1 606.1 379.8 226.4 2.289.9 388.0 1.460.8 88.0 1.372.8 323.0 118.1 130.2 87.8 240.9 2.915.9 615.7 381.8 233.9 2.300.2 390.0 1.471.0 88.4 1.382.7 323.5 115.6 120.0 87.0 248.7 2.919.1 607.0 376.4 230.6 2.312.1 393.4 1.471.2 88.8 1.382.3 332.1 115.4 120.1 84.4 253.7 2.941.8 601.2 373.6 227.6 2.340.6 400.1 1.483.0 89.3 1.393.6 344.0 113.5 122.4 86.6 253.2 2.946.9 597.3 371.2 226.1 2.349.6 404.2 1.485.0 89.7 1.395.4 343.1 117.3 133.3 90.8 241.8 2.947.8 598.4 372.8 225.6 2.349.4 401.8 1.485.9 89.7 1.396.2 345.6 116.2 128.0 89.6 242.9 2.943.9 597.7 371.6 226.1 2.346.2 404.3 1.481.2 89.4 1.391.8 343.5 117.2 134.4 88.4 238.9 2.949.3 597.4 371.1 226.2 2.352.0 405.8 1.485.1 89.6 1,395.5 343.7 117.3 134.2 91.0 242.0 2.949.1 596.2 369.6 226.6 2.352.9 406.0 1.488.0 89.8 1.398.2 340.0 118.9 137.4 93.2 239.8 3,214.7 3,258.3 3,284.6 3,320.3 3,336.7 3,341.9 3,367.8 3,376.5 3,372.1 3,369.4 3,380.2 3,383.2 2 253 2 284.4 1,968.8 414.7 1,554.1 550.4 225.2 325.2 8.8 82.7 2 281 5 274.2 2,007.2 412.2 1,595.1 495.1 225.8 269.3 1.5 76.7 2,287.3 279.9 2,007.4 412.3 1,595.1 516.9 233.8 283.1 1.8 76.4 2,291.6 275.6 2,016.0 411.9 1,604.1 547.7 245.0 302.8 1.7 75.7 2,292.0 278.7 2,013.3 414.1 1,599.2 560.0 243.0 316.9 3.3 80.0 2,286.6 270.3 2,016.2 414.7 1,601.5 571.9 250.8 321.2 3.2 80.1 2,294.6 265.1 2,029.6 415.7 1,613.9 591.8 262.0 329.7 3.1 81.8 2,311.5 272.6 2,038.9 418.4 1,620.4 590.1 257.7 332.4 3.3 82.4 2,300.2 267.8 2,032.4 416.8 1,615.6 583.3 254.4 328.9 3.6 81.6 2,308.2 267.4 2,040.8 418.7 1,622.1 582.9 250.6 332.3 2.8 82.0 2,319.3 272.6 2,046.7 418.8 1,627.9 600.6 264.9 335.7 2.7 82.4 2,320.5 288.0 2,032.5 419.9 1,612.6 594.2 259.9 334.3 3.8 83.2 2,895.1 2,854.8 2,882.3 2,916.8 2,935.2 2,941.8 2,971.4 2,987.2 2,968.7 2,976.0 3,005.0 3,001.7 319.6 403.5 402.2 403.5 401.5 400.2 396.4 389.3 403.4 393.4 375.1 381.5 Not seasona lly adjusted 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2,840.9 609.2 400.6 208.7 2,231.6 349.4 1,455.3 96.7 1,358.6 487.1 871.5 317.7 200.0 117.7 109.2 102.5 94.2 217.4 2.834.4 597.3 381.4 216.0 2,237.1 374.9 1,431.4 87.3 1,344.1 437.0 907.2 319.1 195.7 123.4 111.7 119.0 89.0 230.2 2.860.4 600.1 380.4 219.7 2,260.3 378.3 1,445.4 87.9 1,357.5 443.9 913.7 322.2 197.8 124.3 114.4 129.4 87.6 232.6 2.899.5 605.8 379.5 226.4 2,293.7 385.8 1,465.5 88.5 1,376.9 456.0 920.9 324.2 201.0 123.2 118.2 127.4 89.0 240.9 2.922.8 614.6 380.7 233.9 2,308.2 388.7 1,478.1 88.9 1,389.2 458.6 930.7 325.7 202.3 123.4 115.7 122.8 88.1 248.7 2.936.1 607.1 376.6 230.6 2,329.0 392.4 1,484.8 88.7 1,396.0 458.8 937.2 335.5 211.8 123.8 116.3 126.9 87.3 253.7 2.961.6 604.1 376.6 227.6 2,357.4 399.4 1,492.0 89.0 1,402.9 461.6 941.3 350.9 227.3 123.7 115.1 126.7 89.6 253.2 2.954.3 597.4 371.3 226.1 2,356.9 404.0 1,488.6 89.3 1,399.3 456.5 942.8 347.9 222.8 125.1 116.3 131.9 92.4 241.8 2.955.6 599.5 373.9 225.6 2,356.1 402.0 1,489.3 89.1 1,400.2 459.5 940.7 348.2 224.7 123.5 116.6 128.3 89.2 242.9 2.952.4 598.1 372.0 226.1 2,354.4 403.9 1,485.6 89.1 1,396.4 454.5 941.9 348.2 223.7 124.5 116.7 133.1 92.8 238.9 2.955.1 596.7 370.5 226.2 2,358.3 405.4 1,488.7 89.4 1,399.3 455.2 944.1 349.2 223.3 125.9 115.0 129.2 92.3 242.0 2.954.5 595.2 368.6 226.6 2,359.3 405.8 1,490.9 89.7 1,401.3 455.9 945.3 345.9 219.4 126.5 116.7 136.8 92.3 239.8 3,222.2 3,238.8 3,275.9 3,322.2 3,347.5 3,368.6 3,394.8 3,384.1 3,379.7 3,381.0 3,382.2 3,387.1 2,246.5 286.0 1,960.5 414.7 1,545.8 550.4 225.2 325.2 8.8 82.7 2.273.5 272.3 2.001.2 412.2 1.589.0 495.1 225.8 269.3 1.5 76.7 2.284.4 277.5 2.006.9 412.3 1.594.6 516.9 233.8 283.1 1.8 76.4 2.291.2 274.5 2.016.6 411.9 1.604.7 547.7 245.0 302.8 1.7 75.7 2.292.3 278.7 2.013.5 414.1 1,599.4 560.0 243.0 316.9 3.3 80.0 2.297.3 272.6 2.024.7 414.7 1.610.0 571.9 250.8 321.2 3.2 80.1 2.303.8 274.5 2.029.3 415.7 1.613.6 591.8 262.0 329.7 3.1 81.8 2.305.4 274.0 2.031.4 418.4 1.613.0 590.1 257.7 332.4 3.3 82.4 2.310.0 259.9 2.050.2 416.8 1.633.4 583.3 254.4 328.9 3.6 81.6 2.312.4 268.7 2.043.8 418.7 1.625.1 582.9 250.6 332.3 2.8 82.0 2.293.6 279.5 2.014.1 418.8 1,595.3 600.6 264.9 335.7 2.7 82.4 2.299.8 291.5 2.008.3 419.9 1.588.4 594.2 259.9 334.3 3.8 83.2 2,888.4 2,846.8 2,879.5 2,916.3 2,935.6 2,952.5 2,980.5 2,981.2 2,978.6 2,980.2 2,979.3 2,981.0 333.8 392.0 396.5 405.9 412.0 416.0 414.4 402.9 401.1 400.8 402.9 406.0 20 Federal Reserve Bulletin Statistical Supplement • February 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Jan.r July Aug. Sept.' 2008 2008 2007 2007 Oct.' Nov.' Dec' Jan. Jan. 9 Jan.16 Jan. 23 Jan. 30 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)5 952.4 388.0 81.4 306.5 564.4 218.5 23.4 147.6 174.9 67.2 52.6 34.6 1.048.4 428.4 82.6 345.8 620.0 238.4 30.4 150.1 201.0 73.1 53.9 40.5 1,081.4 434.8 90.3 344.5 646.6 244.2 30.3 157.7 214.4 74.1 54.0 40.9 1.103.3 440.1 90.2 349.9 663.2 256.6 36.6 148.4 221.6 79.6 56.2 48.6 1.130.5 461.0 94.6 366.4 669.6 263.1 36.7 137.2 232.6 81.9 57.8 45.4 1,164.7 485.2 93.6 391.6 679.5 271.7 37.0 141.6 229.2 84.6 55.3 46.9 1,157.2 461.6 88.2 373.4 695.6 281.1 38.0 142.3 234.2 91.0 49.2 45.1 1,168.2 461.7 91.6 370.1 706.5 284.5 39.0 140.7 242.3 88.4 51.0 52.3 1,183.4 466.6 89.9 376.7 716.9 285.0 38.8 148.0 245.1 93.3 48.8 48.0 1,164.4 454.1 88.7 365.4 710.3 286.5 38.8 141.7 243.3 89.1 48.9 49.7 1,169.1 467.6 93.6 374.0 701.6 284.5 39.3 138.1 239.7 81.9 51.8 58.0 1,158.2 454.2 92.8 361.4 704.0 282.8 39.3 136.3 245.7 90.5 55.6 56.1 1,106.3 1,215.4 1,249.9 1,287.1 1,315.1 1,350.9 1,341.9 1,359.3 1,373.0 1,351.4 1,360.2 1,359.8 760.7 10.6 750.1 546.5 62.2 484.4 -316.2 114.8 856.0 11.1 845.0 581.7 62.1 519.6 -347.9 120.9 885.9 11.7 874.2 585.7 70.8 514.9 -349.6 122.3 931.4 12.1 919.3 565.0 64.4 500.6 -330.5 121.1 1,006.1 13.0 993.2 565.0 61.1 503.9 -370.6 120.5 1,030.8 13.0 1,017.9 583.4 61.3 522.2 -386.0 125.6 1,012.7 13.1 999.6 610.5 69.0 541.5 -395.5 123.3 1,036.0 11.7 1,024.3 607.6 65.4 542.2 -422.8 139.9 1,027.9 11.9 1,016.0 620.5 59.3 561.2 -434.8 154.2 1,050.9 11.3 1,039.6 613.3 69.7 543.6 -442.5 128.3 1,027.5 11.8 1,015.7 586.6 55.9 530.6 -395.5 136.4 1,038.0 11.1 1,026.8 609.6 78.5 531.1 -420.8 141.5 1,105.9 1,210.8 1,244.3 1,287.0 1,321.0 1,353.9 1,350.9 1,360.7 1,367.8 1,350.0 1,355.0 1,368.3 .4 4.6 5.7 .2 -5.9 -3.0 -9.1 -1.4 5.2 1.4 5.2 -8.5 Not seasona lly adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 960.0 388.0 81.4 21.6 59.9 306.5 182.8 123.7 572.0 220.5 23.4 151.4 176.7 67.2 53.5 35.7 1.044.8 428.4 82.6 23.9 58.7 345.8 214.6 131.2 616.4 237.7 30.4 147.2 201.0 73.1 53.5 39.8 1.073.2 434.8 90.3 27.2 63.1 344.5 212.3 132.2 638.4 243.5 30.3 151.7 212.9 74.1 54.3 40.5 1.098.1 440.1 90.2 27.6 62.6 349.9 204.5 145.4 658.0 254.8 36.6 145.4 221.2 79.6 57.4 47.9 1,125.1 461.0 94.6 28.5 66.1 366.4 220.8 145.6 664.1 259.5 36.7 139.3 228.7 81.9 58.8 44.4 1,164.1 485.2 93.6 26.5 67.1 391.6 233.1 158.5 678.9 268.9 37.0 145.6 227.5 84.6 55.9 46.0 1,164.7 461.6 88.2 26.2 62.0 373.4 217.7 155.7 703.1 282.0 38.0 148.1 234.9 91.0 50.4 46.1 1,176.8 461.7 91.6 26.2 65.4 370.1 218.6 151.5 715.1 287.2 39.0 144.2 244.6 88.4 51.8 54.1 1,187.6 466.6 89.9 28.1 61.8 376.7 223.2 153.5 721.1 287.1 38.8 146.6 248.5 93.3 49.8 49.2 1,174.2 454.1 88.7 25.3 63.3 365.4 214.0 151.4 720.1 289.1 38.8 146.1 246.1 89.1 50.7 50.9 1,179.8 467.6 93.6 25.8 67.8 374.0 220.9 153.1 712.3 287.4 39.3 144.1 241.5 81.9 52.8 60.2 1,169.2 454.2 92.8 24.8 68.0 361.4 214.8 146.6 715.0 285.8 39.3 143.0 247.0 90.5 55.4 58.6 1,115.9 1,210.6 1,241.6 1,282.5 1,309.6 1,350.0 1,351.6 1,370.5 1,379.4 1,364.2 1,374.1 1,373.0 763.5 10.8 752.6 546.5 62.2 484.4 -314.2 116.0 857.9 10.9 847.0 581.7 62.1 519.6 -351.0 119.1 882.0 11.6 870.4 585.7 70.8 514.9 -350.7 121.7 920.8 12.2 908.7 565.0 64.4 500.6 -328.7 122.1 985.6 12.8 972.8 565.0 61.1 503.9 -366.5 122.8 1,013.9 12.8 1,001.0 583.4 61.3 522.2 -379.4 129.5 1,004.5 13.5 991.0 610.5 69.0 541.5 -391.6 125.6 1,039.7 11.9 1,027.8 607.6 65.4 542.2 -420.7 141.2 1,034.4 12.0 1,022.4 620.5 59.3 561.2 -433.3 155.3 1,056.0 11.7 1,044.2 613.3 69.7 543.6 -438.5 130.8 1,035.1 11.9 1,023.2 586.6 55.9 530.6 -390.0 139.7 1,040.7 11.2 1,029.4 609.6 78.5 531.1 -421.2 141.3 1,111.8 1,207.7 1,238.7 1,279.3 1,306.9 1,347.4 1,348.9 1,367.8 1,376.9 1,361.7 1,371.4 1,370.4 4.1 2.9 2.9 3.2 2.7 2.7 2.7 2.6 2.5 2.6 2.7 2.7 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2007 Jan. 2007 July Aug. Sept.' 2008 2008 Oct.' Nov.' Dec' Jan. Jan. 9 Jan.16 Jan. 23 Jan. 30 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized real estate loans12 114.1 129.6 134.2 141.0 156.4 201.6 185.3 215.9 199.2 212.5 245.3 210.6 94.9 713.9' 536.8' 177.1' 110.3 692.8' 522.3' 170.4' 104.3 698.8' 526.5' 172.3' 108.9 690.0 507.5 182.5 125.0 657.4 465.6 191.8 159.7 667.6 463.7 203.8 143.2 664.2 451.1 213.1 171.5 663.9 443.6 220.3 158.8 665.1 445.6 219.5 168.7 662.5 442.1 220.3 195.3 664.7 443.0 221.7 166.3 663.8 442.5 221.2 -8.5' 107.8 67.3 40.5 n.a. -17.7' 110.0 69.0 40.9 1,215.2 -15.7' 110.6 70.4 40.2 1,219.5 -11.7 109.5 70.1 39.4 1,229.8 -10.3 111.0 73.5 37.5 1,248.8 -8.0 111.9 74.5 37.4 1,257.0 -6.3 113.9 74.0 39.9 1,264.6 -2.0 113.2 73.6 39.5 1,273.8 -3.8 113.7 73.8 40.0 1,273.0 -2.0 112.4 72.6 39.9 1,273.0 .6 111.7 72.6 39.2 1,275.4 -2.1 114.5 75.4 39.1 1,274.4 239.3' 270.4 n.a. 232.4' 279.1 40.5' 232.6' 283.6 39.8' 240.1 284.3 38.5 247.7 285.0 39.9 247.8 283.4 39.7 249.4 285.2 39.4 250.0 289.6 39.4 249.1 288.2 39.4 249.0 287.7 39.5 250.0 288.9 39.4 251.5 293.0 39.3 64.9' 67.3 71.3 69.9 73.4 82.3 73.3 84.2 79.3 83.6 90.2 84.7 73.6 72.9 76.3 75.8 79.8 86.6 76.4 84.4 79.5 84.5 89.1 85.6 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Securitized real estate loans12 Foreign-related institutions 14 Revaluation gains on off-balancesheet items9 15 Revaluation losses on off-balancesheet items9 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. 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 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2007 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2002 2003 2004 2005 2006 May June July Aug. Sept. Oct. 1,341,226 1,260,745 1,375,717 1,631,009 1,981,406 2,111,365 2,148,931 2,186,912 1,926,934 1,872,359 1,898,703 522,863 147,689 519,731 103,982 595,249 119,727 667,321 132,207 757,498 171,302 806,988 165,918 792,045 185,468 811,982 188,114 765,115 180,418 768,953 174,291 834,622 172,914 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 1 Nov Rate 7 4.75 4 25 2003 June 27 4 00 2004—June 30 Aug. 10 Sept. 21 Nov. 10 Dec. 14 4 25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. Dec. 2 22 3 30 9 20 1 13 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 2007—Sept. 18 Oct. 31 Dec. 11 7.75 7.50 7.25 Period Average rate 2004 2005 2006 2007 4.34 6.19 7.96 8.05 2005 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 Period 2007—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.03 7.74 7.50 7.33 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2007 Item 2004 2005 2007, weekending 2006 Aug. Sept. Oct. Nov. Nov. 2 Nov. 9 Nov. 16 Nov. 23 Nov. 30 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 1.35 2.34 3.22 4.19 4.97 5.96 5.02 6.01 4.94 5.53 4.76 5.24 4.49 5.00 4.78 5.21 4.33 5.00 4.54 5.00 4.51 5.00 4.53 5.00 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 1.38 1.40 1.41 3.22 3.23 3.42 4.98 5.01 5.10 5.24 5.24 5.25 4.94 4.94 4.92 4.70 4.66 4.63 4.48 4.45 4.42 4.51 4.45 4.45 4.49 4.52 4.46 4.49 4.45 4.44 4.49 4.36 4.40 4.45 4.44 4.41 6 7 8 Financial 1-month 2-month 3-month 1.41 1.46 1.52 3.27 3.36 3.44 5.00 5.04 5.07 5.27 5.28 5.30 5.04 5.07 5.19 4.76 4.79 4.91 4.51 4.69 4.75 4.54 4.57 4.65 4.51 4.67 4.69 4.51 4.67 4.84 4.52 4.73 4.73 4.51 4.77 4.80 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 1.45 1.57 1.74 3.34 3.51 3.73 5.06 5.16 5.24 5.51 5.49 5.40 5.46 5.46 5.33 4.95 5.08 5.00 4.78 4.97 4.85 4.67 4.80 4.75 4.65 4.86 4.82 4.68 4.90 4.80 4.79 5.04 4.88 5.01 5.15 4.93 12 Eurodollar deposits, 3-month3>s 1.55 3.51 5.19 5.52 5.53 5.15 5.02 4.86 4.89 4.95 5.10 5.22 US Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 1.24 1.37 1.58 2.94 3.15 3.39 4.67 4.73 4.81 4.11 4.20 4.38 3.70 3.89 4.05 3.72 3.90 4.01 3.63 3.27 3.46 3.85 3.77 3.86 3.66 3.43 3.65 3.74 3.32 3.52 3.60 3.17 3.30 3.51 3.02 3.24 1.89 2.38 2.78 3.43 3.87 4.27 5.04 3.62 3.85 3.93 4.05 4.15 4.29 4.64 4.94 4.82 4.77 4.75 4.76 4.80 5.00 4.47 4.31 4.34 4.43 4.53 4.67 5.00 4.14 4.01 4.06 4.20 4.33 4.52 4.84 4.10 3.97 4.01 4.20 4.33 4.53 4.83 3.50 3.34 3.35 3.67 3.87 4.15 4.56 3.93 3.80 3.82 4.04 4.19 4.39 4.71 3.72 3.58 3.59 3.89 4.06 4.32 4.68 3.58 3.45 3.43 3.77 3.96 4.22 4.61 3.30 3.10 3.11 3.48 3.71 4.04 4.49 3.25 3.05 3.08 3.39 3.62 3.94 4.40 4.50 5.09 4.68 4.28 4.86 4.40 4.15 4.71 4.40 4.30 4.75 4.64 4.26 4.76 4.51 4.20 4.68 4.39 4.26 4.81 4.46 4.20 4.68 4.40 4.29 4.68 4.54 4.31 4.92 4.53 4.29 4.92 4.45 4.22 4.87 4.39 6.00 5.57 5.98 6.20 6.14 6.05 5.89 5.94 5.95 5.93 5.88 5.82 5.63 5.91 6.08 6.39 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.79 6.06 6.29 6.65 5.74 6.02 6.23 6.59 5.66 5.94 6.13 6.48 5.44 5.78 5.97 6.40 5.54 5.84 6.00 6.39 5.53 5.84 6.02 6.41 5.49 5.81 6.01 6.42 5.40 5.75 5.96 6.39 5.29 5.69 5.91 6.37 1.64 1.73 1.82 1.89 1.85 1.81 1.94 1.87 1.93 1.94 1.97 2.00 9 10 11 U.S. TREASURY NOTES AND BONDS 16 17 18 19 20 21 22 Constant maturities'' 1 -year 2-year 3-year 5-year 7-year 10-year 20-year STATE AND LOCAL NOTES AND BONDS Moody's series10 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend-price ratio14 31 Common stocks NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available at www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/ default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/ data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper webpages (www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • February 2008 1.36 STOCK MARKET Selected Statistics 2007 Indicator 2005 2006 2007 Apr. May June July Aug. Sept. Oct. Nov. Dec. Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31.1965 = 50) 7.351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 9,653.00 n.a. n.a. n.a. n.a. 9.555.98 n.a. n.a. n.a. n.a. 9,822.99 n.a. n.a. n.a. n.a. 9,896.98 n.a. n.a. n.a. n.a. 9,985.42 n.a. n.a. n.a. n.a. 9,440.44 n.a. n.a. n.a. n.a. 9,777.58 10.159.33 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9.741.15 n.a. n.a. n.a. n.a. 9.807.36 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,207.23 1,310.46 1,477.19 1,463.65 1,511.14 1,514.49 1,520.70 1,454.62 1,497.12 1,539.66 1,463.39 1,479.23 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1.567.52 1,936.79 2,267.99 2,207.54 2,204.69 2,336.84 2,354.93 2,217.16 2,320.48 2,441.84 2,406.56 2,383.84 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,542,724 2,254,869 3 232 195 2 867 225 2 972 410 3 103 633 3 433 561 4 086 048 3 071 737 3 268 707 4 045 500 3 145 802 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 221,660 275,380 285,610 317,990 353,030 378,240 381,370 331,370 329,510 345,420 344,300 285,610 119,710 88,730 159.040 94,450 156.190 90,340 162.570 104,360 176.200 109,030 179.920 119,300 205.830 122,740 214.890 118,250 208.540 118,910 222.900 120,840 246.520 128,530 156.190 90,340 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6. 1971 Nov. 24. 1972 Jan. 3. 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2005 1 Federal debt outstanding .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept 7,956.3 8,194.3 8,394.7 8,443.7 8,530.4 8,703.7 8,872.9 8,890.8 9,030.6 7,932.7 4,601.6 3,331.1 8,170.4 4,714.6 3,455.8 8,371.2 4,872.8 3,498.4 8,420.0 4,797.5 3,622.6 8,507.0 4,843.2 3,663.8 8,680.2 4,901.2 3,779.0 8,849.7 5,054.3 3,795.4 8,867.7 4,943.0 3,924.6 9,007.7 5,049.2 3,958.4 23.6 23.6 .0 23.8 23.8 .0 23.6 23.6 .0 23.6 23.6 .0 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 23.2 23.2 8,592.5 8,760.7 8,779.2 8,921.3 7,870.9 .1 8,106.9 .2 8,281.4 .1 8,330.6 .1 8,420.2 .1 8,592.4 .1 8,760.7 8,779.1 8,921.3 8,184.0 8,184.0 8,965.0 8,965.0 8,965.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bom Nonmarketable2 State and local government serit Foreign issues3 Government Public Savings bonds and notes Government account series4 .. Non-interest-bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 6,997.3 7,596.1 8,170.4 8,680.2 6,982.0 3,575.1 928.8 1,905.7 564.3 176.2 3,406.9 149.2 9.7 9.7 7,578.5 3,959.7 8,117.0 4,184.0 1,003.2 2,157.1 963.9 2,326.8 516.6 328.7 3,986.5 235.6 3.8 3.8 .0 8,627.5 4,413.9 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 539.5 245.9 3,618.8 Q4 Ql Q2 8,627.5 4,413.9 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 8,796.7 4,527.7 8,819.6 4,339.1 869.0 2,444.3 547.2 437.8 4,528.6 1,033.1 2,436.4 540.4 412.7 4,380.9 281.9 3.5 3.5 .0 Q3 8,959.3 4,448.1 958.1 2,431.4 561.0 456.9 4,559.5 296.5 3.0 3.0 .0 192.2 3,007.0 191.7 191.2 187.7 187.7 185.4 301.6 3.0 3.0 .0 183.4 3,230.6 3,839.4 3,859.3 3,989.3 17.6 3,506.6 53.4 3,839.4 16.0 124.6 124.6 111.9 48.1 2,954.4 666.7 3,377.9 153.6 3,466.9 744.2 3,783.1 778.9 3,783.1 778.9 3,799.3 780.9 3,928.9 790.5 136.5 364.2 3,189.1 717.8 3,690.6 125.2 254.1 149.7 389.1 3,970.6 117.2 251.3 160.4 463.2 4,122.1 115.1 250.7 159.0 497.7 4,122.1 115.1 250.7 159.0 497.7 4,273.1 120.2 264.2 160.7 524.6 4,152.6 110.6 267.2 162.2 549.2 3,963.1 779.6 4,269.7 118.4 306.8 163.0 545.8 203.8 317.8' 169.2 148.6' 1,533.0 388.8 204.4 321.5' 170.5 151.0' 1,853.4 415.5 205.1 335.0' 181.2 153.8' 2,036.0 433.7 202.4 346.2' 193.2 153.0' 2,116.7 466.1 202.4 346.2' 193.2 153.0' 2,116.7 466.1 200.3 353.7' 198.5 155.1' 2,208.4 486.7 198.6 358.3' 202.2 156.1' 2,205.4 360.3 197.1 363.4 205.9 157.5 2,248.9 n.a. 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 160.7 5.9 5.9 .0 181.6 4,026.8 48.4 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 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2007 Item By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate Aug. Sept. 2007, week end Oct. Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Nov. 28 59,447 42,905 37,706' 36,973 38,600 36,417 31,639 44,881 48,309 58,339 52,974 54,405 288,853 226,050 209,220 222,327 184,078 217,857 216,894 210,186 256,669 235,176 273,593 215,530 175,616 154,632 146,804 155,297 124,488 151,399 151,381 154,850 160,105 175,667 167,626 180,734 146,352 37,902 7,049 123,835 37,984 7,876 104,846 25,569 7,770 102,319 32,774 8,382 92,350 22,037 5,188 111,291 28,877 7,927 119,879 23,690 7,904 97,378 23,347 9,696 155,214 24,666 8,748 151,438 28,306 7,228 137,429 26,710 9,178 153,158 35,792 6,209 71,460 70,360 69,338 67,178 68,563 69,584 71,674 68,828 67,089 75,587 89,108 87,295 9,794 9,320 7,411 6,972 6,137 6,271 6,185 11,313 10,868 12,636 12,599 8,984 3,927 5,136 4,258 4,790 3,458 6,327 3,254 3,676 4,220 4,288 5,277 3,254 3,834 574 2,779 597 4,059 420 3,982 633 3,103 616 5,040 266 5,180 401 2,961 268 3,510 470 5,617 442 4,698 604 4,154 459 335,159 349,639 321,370 428,403 473,250 215,583 285,758 246,668 522,079 340,069 247,890 244,610 228,568 24,915 225,308 22,595 207,579 23,424 210,971 22,853 211,035 26,984 206,421 25,038 206,909 20,935 203,914 21,080 212,684 16,695 215,442 17,412 228,433 15,326 178,880 18,156 302,040 242,279 215,744 223,939 184,361 215,936 237,605 220,159 271,032 267,866 276,149 274,562 6,590 89,342 622 6,812 103,439 607 5,974 93,128 659 5,869 97,793 548 4,438 132,156 715 7,156 74,842 900 6,321 88,673 576 6,046 74,043 513 6,825 130,637 488 7,472 99,258 548 7,852 73,977 359 5,865 64,075 508 413,179 351,004 316,170' 334,133 282,380 337,832 313,783 320,178 382,678 388,288 391,362 371,265 82,999 245,817 252,861 81,380 246,201 247,296 79,512 228,242 230,343 77,685 330,610 233,275 77,439 341,094 237,304 80,332 140,741 230,559 80,373 197,085 227,267 81,000 172,625 224,481 79,331 391,441 228,891 91,098 240,811 232,306 104,434 173,913 243,400 98,282 180,535 196,528 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing Millions of dollars 2007, week ending 2007 Item, by type of security Aug. Sept. Oct. Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 Nov. 7 Nov. 14 Nov. 21 Net outright posit ons2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year -4,183 1,907 -19,321 -19,609 -16,124 -22,944 -19,352 -18,740 -11,690 10,507 2,843 -30,944 -16,154 -15,129 -7,628 -7,801 -15,659 -17,724 -22,547 -13,989 -26,428 -20,523 -21,470 -25,003 -28,039 -29,965 -28,322 -31,528 -30,726 -20,754 -30,335 -33,274 -34,532 -38,696 -15,130 6,409 -34,105 -12,829 4,910 -39,823 -14,809 5,645 -36,292 -15,661 2,766 -38,318 -14,685 3,171 -38,230 -16,118 6,571 -42,096 -15,530 7,818 -42,163 -12,537 6,256 -39,592 -16,137 6,794 -42,915 -16,476 5,460 -34,673 -12,148 5,384 51,675 49,035 50,695 53,106 56,903 56,119 42,980 45,744 40,386 50,625 44,822 34,345 36,908 37,178 36,399 37,639 35,978 36,871 38,556 37,334 39,347 41,190 5,985 5,146 8,223 5,812 7,185 8,811 8,813 9,115 8,518 7,456 6,371 12,025 7,955 10,590 8,170 10,809 9,017 9,789 8,958 8,770 8,842 9,949 8,818 12,352 9,226 12,601 9,209 12,817 9,302 12,055 9,661 12,021 9,823 27,557 47,268 33,863 43,870 37,171 31,077 28,781 34,135 37,107 37,641 39,929 42,047 223,878 44,980 215,289 47,608 232,064 48,344 213,676 42,578 233,582 43,616 235,289 51,513 234,512 52,409 232,755 43,337 234,381 47,102 230,538 46,822 227,771 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 1 572167 1,167,026 1 501 539 1,094,060 1 466 501 1,168,589 1 480 362 1,061,673 1 425 227 1,108,354 1 494 016 1,147,531 1 508 785 1,226,059 1 432 036 1,238,234 1 489 752 1,289,879 1,528,584 1,320,775 1,427,863 1,312,258 223,259 259,489 243,298 251,863 256,317 247,793 252,450 247,929 255,742 243,518 261,403 247,305 271,780 249,373 238,000 250,916 269,651 248,903 242,300 254,267 235,773 267,365 174,854 422,772 187,223 455,438 176,872 468,290 180,304 456,212 177,028 450,105 189,481 466,010 190,523 476,491 148,983 485,730 169,634 471,822 182,797 480,259 163,730 501,753 131,945 92,712 130,702 87,402 128,489 91,622 131,968 89,851 132,314 92,699 127,516 92,374 127,091 90,094 125,545 92,079 129,131 92,283 132,189 91,739 128,837 94,413 1,086,627 1 449 144 1,047,355 1 454 416 1,019,440 1 532 960 1,032,002 1 421 160 970,242 1 455 967 1,044,873 1 517 207 1,061,007 1 619190 996,252 1 587 391 1,029,135 1 684 911 1,068,074 1 727 304 964,624 1 735 592 1 502 390 1,028,577 1 486 795 938,258 1 458 046 998,001 1 471 213 885,058 1 438 868 937,039 1 462 551 1,000,014 1 482 138 1,060,695 1 442 983 1,042,658 1 501 432 1,133,764 1 503 626 1,157,737 1,428,296 1,141,159 360,727 181,466 376,857 179,846 406,790 156,629 409,013 156,507 405,924 154,392 417,760 152,348 416,068 163,158 386,455 156,672 402,420 160,792 396,452 166,009 368,647 191,098 681,660 237,805 705,880 246,995 757,667 235,700 712,131 243,592 702,782 225,804 768,843 233,304 798,385 242,188 780,173 238,123 763,274 259,445 802,086 255,371 774,332 297,647 353,080 101,364 356,307 94,289 373,631 93,167 354,843 97,118 355,057 94,434 365,308 105,898 382,245 92,380 399,965 78,262 376,566 93,603 391,464 89,686 367,191 102,080 2,487,392 1,448,108 2,544,178 1,372,292 2,597,999 1,395,479 2,563,395 1,298,622 2,512,064 1,322,886 2,616,497 1,401,558 2,679,304 1,469,562 2,598,959 1,429,420 2,618,398 1,565,086 2,673,580 1,588,014 2,538,816 1,627,442 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 31 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE: Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-protected securities (TIPS) are reported in actual funds paid or received, except for pledged securities. TIPS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • February 2008 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 Bank^3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation . . 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation" 18 Resolution Funding Corporation12 n.a. 25,412 6 24,267 6 n.a. 207 July Aug. Sept. 3,168 6 n.a. 86 23,293 6 n.a. 84 3,007 6 n.a. 83 22,965 6 n.a. 85 n.a. n.a. 3,162 n.a. n.a. n.a. 23,287 n.a. n.a. n.a. 3,001 n.a. n.a. n.a. 22,959 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 29,119 30,179 n.a. 23,843 6 23,520 6 n.a. 110 n.a. n.a. n.a. 24,261 n.a. 2,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 30,811 27,948 30^04 30,298 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. 16,961 n.a. 10,987 n.a. n.a. 30,304 n.a. n.a. 30,29* n.a. n.a. 30,179 23,837 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 n.a. n.a. 23,514 n.a. 23,006 6 23,000 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending*4 25 Farmers Home Administration . . . . 26 Rural Electrification Administration 27 Other n.a. n.a. n.a. n.a. n.a. n.a. 16,127 14,684 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Apr. Mayr July' Sept. 1 All issues, new and refunding1 357,875 409,802' 389,540' 32,514 42,830 47,821 31,370 28,033' 32,688' 44,627 28,840 By type of issue 2 General obligation 3 Revenue 130,471 227,404 145,845 263,957' 115,128' 274,413 7,455 25,059 13,301 29,529 15,780 32,041 9,748 21,622 9,124 18,909' 6,770 25,918' 11,177 33,450 10,147 18,693 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 47,365 234,237 76,273 31,568 298,762 79,472' 28,258 293,403' 67,879 1,732 25,374 5,408 3,641 29,183 10,006 4,775 34,507 8,539 1,158 24,791 5,421 3,036 19,443' 5,554 2,037 25,253 5,397' 4,133 35,233 5,261 2,149 18,947 7,744 7 Issues for new capital 228,357 222,986' 262,485' 15,934 24,761 37,109 23,138 20,895' 25,141' 30,827 21,654 65,426 20,546 9,242 n.a. 19,050 80,438 70,974 25,427 10,052' n.a. 17,655 60,626 70,252 30,232 7,801 n.a. 35,000 72,684' 4,993 1,368 554 n.a. 1,563 3,937 5,969 2,380 763 n.a. 4,620 6,086 9,110 3,674 2,034 n.a. 4,686 11,627 6,468 1,133 547 n.a. 3,556 8,271 4,565' 3,436 590 n.a. 2,859 5,700 3,697 5,578 501 n.a. 7,592 5,218 6,110 3,641 723 n.a. 6,030 10,266 7,117 1,989 1,112 n.a. 2,075 5,738 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2007 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2004 2005 2006 Mar. Apr. May June July Aug. Sept. Oct. 2,070,680 2,438,989 2,710,028 328,777 190,210 303,465 290,454 140,993 183,529 159,087 162,021 1,923,094 2,323,735 2,590,863 312,339 178,829 286,368 273,954 135,078 173,382 151,933 151,119 1,737,342 185 752 2,141,496 182 238 2,318,379 272 483 273,357 38 981 166,251 12 578 259,498 26 870 240,025 33 929 125,312 9 766 159,508 13 873 131,957 19 976 122,921 28 198 21,942 22,221 18,262 2,623 1,084 2,665 1,547' 1,403 1,669 2,626 1,436 259,968 1,663,127 216,072 2,107,662 344,005 2,246,858 53,345 258,994 27,424 151,404 51,794 234,574 45,474 228,480 13,137 121,940 32,055 141,326 34,501 117,432 48,456 102,663 147,585 115,255 119,165 16,439 11,381 17,097 16,500 5,915 10,147 7,154 10,902 147,585 n.a. 115,255 n.a. 119,165 n.a. 16,439 n.a. 11,381 n.a. 17,097 n.a. 16,500 n.a. 5,915 n.a. 10,147 n.a. 7,154 n.a. 10,902 n.a. 64,345 83,240 54,713 60,541 56,029 63,136 9,868 6,571 3,089 8,292 7,211 9,887 5,024 11,477 2,776 3,140 6,881 3,266 3,255 3,899 4,952 5,950 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 11 Nonfinancial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • February 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2007 Item 2006' 2007 May June July Aug. Sept. Oct. Nov.r Dec. 1 Sales of own shares2 2,009,480 2,528,867 215,669 208,059 218,387 198,153 182,213 235,084 198,432 225,067 2 Redemptions of own shares 1,782,393 227,087 2,302,811 226,056 191,062 24,607 194,350 13,709 201,002 17,385 217,606 -19,453 166,197 16,016 210,539 24,545 205,546 -7,114 221,500 3,567 8,058,059 8,914,249 8,896,555 8,842,461 8,691,047 8,722,777 9,068,464 9,337,512 8,995,368 8,914,249 345,066 7 712 993 378,795 8 535 454 340,372 8 556 183 329,069 8 513 392 324,128 8 366 919 352,428 8 370 349 347,208 8 721 256 365,821 8 971 691 384,831 8 610 537 378,795 8,535,454 4 Assets 4 5 Cash5 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 1 494 0 566.5 451.5 476.0 1 622 4 601.8 479.2 541.4 1 732 7 640.3 498.0 594.4 1 634 6 591.2 482.8 560.6 1 672 1 602.8 497.4 572.0 1 710 3 628.3 490.4 591.6 1 732 7 640.3 498.0 594.4 1 728 4 643.1 505.4 579.8 1 732 1 659.7 509.3 563.2 1 754 8 686.4 508.0 560.4 53.0 26 3 44.7 24 5 49.2 26 6 44.4 23 5 45.3 23 5 48.4 24 7 49.2 26 6 50.8 25 5 50.6 25 5 50.2 28 6 1,414.7 673.8 1,553.2 535.7 1,656.9 486.5 1,566.8 527.6 1,603.4 499.6 1,637.2 482.9 1,656.9 486.5 1,652.1 497.6 1,655.9 504.9 1,676.0 516.5 2,088.5 2,088.8 2,143.3 2,094.4 2,103.0 2,120.1 2,143.3 2,149.7 2,160.8 2,192.4 136.9 175.3 142.1 160.0 129.2 165.3 137.4 151.0 136.9 152.7 131.5 164.0 129.2 165.3 138.1 159.1 153.5 154.0 176.7 149.0 257.7 817.4 471.8 229.4 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 319.0 810.9 427.7 248.4 327.4 832.6 415.7 237.5 336.7 824.0 421.1 242.8 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.5 827.8 439.6 237.5 331.6 847.0 444.1 244.0 2,088.5 2,088.8 2,143.3 2,094.4 2,103.0 2,120.1 2,143.3 2,149.7 2,160.8 2,192.4 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables' Billions of dollars, amounts outstanding Type of credit Aug. Sept. Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 774.6 561.5 559.1 2,009.3 2,038.6 818.4 610.9 580.0 876.1 569.7 592.8 2,038.6 2,049.7 863.4 589.1 593.2 876.1 586.2 600.2 870.7 581.2 597.8 869.0 576.8 594.8 871.0 572.6 594.8 876.1 569.7 592.8 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 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables'" . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables'" 2,055.8 2,026.2 2,055.8 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 883.5 259.3 122.6 85.0 235.3 859.1 259.9 118.0 76.4 219.0 875.3 265.8 119.7 77.5 224.2 875.5 259.1 120.5 78.3 228.5 878.6 257.6 121.1 80.6 230.0 880.6 256.1 122.2 82.9 233.0 883.5 259.3 122.6 85.0 235.3 112.6 4.2 14.9 47.8 565.0 489.8 51.6 112.8 3.6 15.9 52.8 614.8 538.1 56.2 107.8 3.1 25.7 44.7 573.3 496.9 60.0 110.1 3.3 24.9 47.5 591.0 516.7 54.6 112.7' 25.4 46.8 587.1 511.8 56.0 113.9 3.2 25.9 46.1 579.3 503.2 57.2 114.7 3.2 25.8 45.6 576.0 500.1 57.8 112.5 3.2 25.7 45.2 573.5 497.5 58.6 107.8 3.1 25.7 44.7 573.3 496.9 60.0 18.9 4.8 564.5 105.5 15.2 61.2 29.0 281.9 93.6 188.3 91.8 16.8 3.7 586.0 105.1 17.1 55.7 32.3 299.5 102.4 197.1 93.5 14.9 1.6 599.0 106.7 16.4 57.9 32.4 319.4 106.1 213.3 94.4 15.3 4.5 583.9 102.8 18.2 51.3 33.3 309.4 106.4 203.0 92.5 15.2 4.1 589.0 103.1 18.1 51.4 33.6 311.2 107.3 203.9 93.3 15.2 3.8 589.4 104.2 18.0 53.2 310.9 106.4 204.5 92.9 15.1 3.1 589.9 104.4 17.4 54.1 32.9 311.4 106.1 205.3 93.7 15.0 2.4 594.3 106.9 16.8 57.3 32.7 312.3 105.6 206.7 95.9 14.9 1.6 599.0 106.7 16.4 57.9 32.4 319.4 106.1 213.3 94.4 28.8 2.7 26.0 .1 24.4 11.6 12.8 32.2 38.0 3.0 34.9 .1 15.4 9.9 5.5 34.6 2.6 30.3 .1 13.1 9.2 3.9 32.4 39.3 2.8 36.4 .1 11.7 8.3 3.4 28.2 41.2 2.8 38.3 .1 11.9 8.4 3.6 28.2 40.3 2.8 37.5 .1 13.1 9.4 3.7 28.1 37.8 2.7 35.0 .1 13.0 9.3 3.7 29.5 35.1 2.7 32.3 .1 13.2 9.4 3.8 31.0 2.6 30.3 .1 13.1 9.2 3.9 32.4 NOTE: This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 2,044.2 before deductions for unearned income and losses. Components may not sum to totals because of rounding. 2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods, such as appliances, apparel, boats, and recreation vehicles. 4. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 5. Credit arising from transactions between manufacturers and dealers—that is, floor plan financing. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 32 Federal Reserve Bulletin Statistical Supplement • February 2008 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2007 Item 2005 2006 2008 2007 July Aug. Sept. Oct. Nov. Dec. Jan. Terms and y elds in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms] Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 356.1 270.1 77.6 29.4 .85 368.9 282.9 78.6 29.6 .88 358.3 266.5 76.9 29.6 .87 350.7 266.3 78.6 29.4 .81 366.8 273.7 77.1 29.2 .80 347.7 268.8 79.4 29.2 .74 360.2 269.5 78.6 29.0 .78 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 6.58 6.70 n.a. 6.60 6.73 n.a. 6.45 6.58 n.a. 6.43 6.55 n.a. 6.30 6.42 n.a. 6.10 6.21 n.a. 5.90 6.02 n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 6.10 n.a. 5.90 n.a. 5.79 n.a. 5.67 n.a. 5.38 n.a. 5.37 n.a. 5.00 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 13 Conventional 14 Mortgage transactions purchased (during period) Mortgage commitments (during period) 15 Issued7 16 To sells 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 729,840 n.a. n.a. 728,886 n.a. n.a. 723,813 n.a. n.a. 732,291 n.a. n.a. 722,032 n.a. n.a. 723,976 n.a. n.a. 720,985 n.a. n.a. 146,641 196,017 182,470 21,219 16,429 11,926 20,957 13,997 12,796 8,913 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 718,053 n.a. n.a. 720,629 n.a. n.a. 732,219 n.a. n.a. 713,164 n.a. n.a. 703,145 n.a. n.a. 701,352 n.a. n.a. 718,053 n.a. n.a. 716,932 n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 469,770 n.a. 35,483 n.a. 35,348 n.a. 54,262 n.a. 31,085 n.a. 34,215 n.a. 48,210 n.a. 29,480 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 21 Sales 22 Mortgage commitments contracted (during period)9 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q3 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family 57 58 Multifamily 59 Federal Home Loan Mortgage Corporation 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association . . . 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family6 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation 76 Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q4 Q1 Q2 Q3> 13,549,040 13,981,770 14,363,850 9,353,340 10,656,390 12,112,690 7,183,087 555,522 1,509,620 105,110 8,257,106 608,606 1,680,277 110,406 9,386,817 679,062 1,931,935 114,872 10,105,040 713,445 2,124,885 118,630 10,287,960 729,120 2,200,087 119,897 10,426,390 740,919 2,260,705 121,027 10,749,660 777,775 2,343,794 110,535 11,027,950 813,375 2,406,109 116,417 3,386,964 2,255,825 1,349,385 104,690 762,335 39,415 870,195 702,525 77,934 89,104 632 260,944 4,403 38,556 203,946 14,039 3,925,694 2,595,334 1,575,779 118,643 859,855 41,057 1,057,036 873,920 87,537 94,980 599 273,324 4,998 40,453 214,085 13,788 4,394,752 2,956,557 1,786,497 138,702 987,887 43,471 1,152,732 953,810 98,349 99,957 616 285,463 4,585 42,440 224,258 14,180 4,730,680 3,181,315 1,897,487 147,693 1,090,891 45,244 1,248,957 1,033,744 103,740 110,707 766 300,408 5,986 44,431 235,080 14,911 4,780,754 3,402,987 2,076,445 157,547 1,123,154 45,841 1,073,967 867,831 95,792 109,604 740 303,800 6,730 44,761 236,719 15,590 4,800,258 3,378,629 2,030,136 158,936 1,143,284 46,273 1,117,242 911,540 93,589 111,333 780 304,387 6,740 44,847 237,179 15,621 4,886,757 3,462,137 2,081,919 160,726 1,178,415 41,077 1,112,818 905,281 92,570 114,161 806 311,802 6,869 45,458 243,463 16,012 4,977,053 3,513,839 2,122,486 163,251 1,186,179 41,923 1,146,872 933,532 94,763 117,731 846 316,342 7,253 46,550 246,213 16,326 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 554,997 34 34 0 72,937 13,014 11,493 45,213 3,217 4,819 1,370 3,449 0 0 0 0 0 8 1 558,190 29 29 0 75,918 12,935 11,401 48,396 3,186 4,912 1,632 3,280 0 0 0 0 0 561,016 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 562,941 26 26 0 77,264 12,819 11,340 49,919 3,186 5,013 1,679 3,335 0 0 0 0 0 15 5 0 255,006 219,279 35,727 54,640 14,621 40,019 61,481 20,396 41,085 804 804 1 1 2 0 255,000 219,273 35,727 57,774 15,544 42,230 64,077 21,257 42,820 770 770 1 1 2 0 254,997 219,270 35,727 59,897 16,922 42,975 65,847 21,844 44,003 778 778 10 0 254,963 219,236 35,727 61,451 18,071 43,380 67,136 22,272 44,864 748 748 699,472 25 25 0 77,978 12,893 11,318 50,564 3,204 5,115 1,687 3,428 0 0 0 0 0 6 1 1 4 0 389,934 329,272 60,662 62,902 18,449 44,453 68,350 21,219 47,131 754 754 712,714 24 24 0 78,192 12,920 11,310 50,758 3,204 4,887 1,722 3,165 0 0 0 0 0 3 0 1 0 0 0 968,371 610,740 66,620 291,010 0 1,003 1,003 4,965,850 441,235 409,089 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,423,676 1,013,757 73,068 336,851 0 938 938 5,791,117 405,246 371,484 33,762 1,330,795 1,312,284 18,511 1,940,079 1,862,476 77,603 0 0 0 0 0 2,114,153 1,592,439 89,626 432,088 0 844 844 6,301,457 409,478 373,981 35,497 1,436,525 1,416,544 19,981 2,043,037 1,961,316 81,721 0 0 0 0 0 2,409,310 1,828,879 95,742 484,689 0 3,107 3,107 6,507,032 410,196 374,062 36,135 1,472,294 1,451,815 20,479 2,078,829 1,995,676 83,153 0 0 0 0 0 2,542,529 1,923,565 101,280 517,685 0 3,183 3,183 6,699,590 413,217 377,061 36,157 1,531,796 1,510,489 21,307 2,127,130 2,042,045 85,085 0 0 0 0 0 2,624,045 1,962,603 109,478 551,964 0 3,402 3,402 6,934,306 417,136 380,925 36,211 1,587,795 1,565,710 22,085 2,094,251 2,010,481 83,770 0 0 0 0 0 2,830,445 2,120,175 116,278 593,991 0 4,679 4,679 7,199,833 427,492 391,094 36,398 1,660,047 1,636,957 23,090 2,167,980 2,081,261 86,719 0 0 0 0 0 2,939,696 2,179,319 123,178 637,199 0 4,618 4,618 971,749 758,520 79,426 122,682 11,122 1,211,031 982,293 84,260 132,129 12,349 1,371,821 1,129,273 88,299 142,528 11,721 1,471,677 1,216,745 91,396 155,120 8,416 1,488,266 1,221,252 95,457 163,978 7,578 1,486,254 1,215,376 96,224 167,016 7,637 1,461,232 1,200,378 98,108 163,196 -450 1,474,247 1,204,108 98,722 168,028 3,389 23 4 4 15 0 239,433 219,867 19,566 49,307 14,837 34,470 60,270 27,274 32,996 990 990 4,457,496 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 2 7 0 249,515 222,535 26,980 52,793 15,240 37,553 61,360 23,389 37,971 887 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. 399,420 321,955 77,465 64,859 19,490 45,369 71,680 22,946 48,734 742 742 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE: Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • February 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit May July Aug. Sept. 2,466,247.0' 2,487,044.0' 909,488.0 1,556,759.0' 917,557.0 1,569,487.0' 922,142.0 1,570,215.0' 930,702.0 1,567,227.0 Seasonally adjusted 2,191,323.0 800,017.0 1,391,306.0 2 Revolving . . . 3 Nonrevolving2 824,963.0 1,459,913.0 2,387,470.0 2,437,898.0 875,406.0 1,512,064.0 897,091.0 1,540,807.0 902,189.0 1,547,440.0' 2,497,929.0 Not seasonally adjusted 4 Total 2,219,410.0 2,313,862.0 2,418,262.0 2,423,550.0 2,433,361.0' 2,451,321.0' 2,489,295.0' 2,498,882.0' 2,504,447.0 704,270.0 492,346.0 215,384.0 86,074.1 91,300.0 58,570.0 571,466.0 707,039.0 516,534.0 228,588.0 89,821.5 109,077.0 58,817.0 603,986.0 741,200.0 534,354.0 234,532.0 91,675.5 95,547.0 56,757.0 664,197.0 735,749.0 541,129.0 234,656.0 94,651.5 96,313.0 53,402.0 667,650.0 737,869.0 543,353.0 232,952.0 94,641.8 97,165.0 53,517.0 673,864.0' 748,566.0 555,253.0 235,627.0 94,436.2 86,904.0 53,421.0 677,116.0' 763,846.0 567,433.0' 237,906.0 96,577.1 86,912.0 54,034.0 682,587.0' 771,510.0 565,934.0' 238,317.0 98,006.0 87,030.0 53,814.0 684,272.0' 771,147.0 568,141.0 238,621.0 98,208.3 87,246.0 53,790.0 687,294.0 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 823,707.0 314,649.0 50,382.0 23,244.0 n.a. 27,907.0 12,372.0 395,153.0 849,975.0 311,204.0 66,307.0 24,688.0 n.a. 40,755.0 11,598.0 395,423.0 902,316.0 327,302.0 79,874.0 27,388.0 n.a. 42,459.0 7,779.0 417,514.0 889,883.0 307,935.0 74,454.0 27,495.0 n.a. 42,180.0 7,202.0 430,618.0 896,691.0 311,006.0 75,083.0 27,724.0 n.a. 42,459.0 7,233.0 433,185.0 903,597.0 312,726.0 76,378.0 28,451.0 n.a. 39,590.0 7,227.0 439,225.0 916,772.0 319,737.0 77,455.0 28,904.0 n.a. 39,598.0 7,319.0 443,759.0 921,421.0 322,802.0 78,347.0 29,159.0 n.a. 39,637.0 7,320.0 444,155.0 928,551.0 322,802.0 80,562.0 29,588.0 n.a. 39,653.0 7,295.0 448,651.0 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 1,395,703.0 389,621.0 441,964.0 192,140.0 86,074.0 63,393.0 46,198.0 176,314.0 1,463,887.0 395,835.0 450,226.0 203,900.0 89,822.0 68,322.0 47,219.0 208,564.0 1,515,946.0 413,898.0 454,480.0 207,144.0 91,676.0 53,088.0 48,978.0 246,683.0 1,533,668.0 427,815.0 466,675.0 207,161.0 94,652.0 54,133.0 46,200.0 237,032.0 1,536,671.0' 426,863.0 468,269.0 205,228.0 94,642.0 54,706.0 46,283.0 240,679.0' 1,547,725.0' 435,840.0 478,875.0 207,176.0 94,436.0 47,314.0 46,193.0 237,891.0' 1,572,522.0' 444,109.0 489,978.0' 209,002.0 96,577.0 47,314.0 46,715.0 238,828.0' 1,577,461.0' 448,708.0 487,586.0' 209,158.0 98,006.0 47,393.0 46,494.0 240,116.0' 1,575,896.0 448,344.0 487,579.0 209,033.0 98,208.0 47,593.0 46,495.0 238,644.0 5 6 7 8 9 10 11 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . . Savings institutions Nonfinancial business Pools of securitized assets3 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 1.56 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2007 Item 2004 2005 2006 Apr. May June July Aug. Sept. Oct. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 6.60 11.89 7.08 12.05 7.72 12.41 n.a. n.a. 7.92 12.57 n.a. n.a. n.a. n.a. 7.82 12.51 n.a. n.a. n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 12.72 13.22 12.51 14.55 13.21 14.73 n.a. n.a. 13.46 14.47 n.a. n.a. n.a. n.a. 13.58 15.24 n.a. n.a. n.a. n.a. 4.36 8 96 5.46 9 03 4.96 9 67 5.04 9 20 4.88 9 35 4.66 9 22 4.74 9 00 4.10 9 08 4.48 9 24 4.11 9 78 60.5 56 8 60.0 57 6 62.3 57 5 57.8 59 4 61.1 59 4 58.7 59 3 58.6 59 4 62.6 59 5 62.9 59 6 63.7 59 4 89 100 88 98 91 99 92 102 94 103 92 103 92 103 95 102 96 102 95 100 24,888 15,136 24,133 16,228 25,958 16,671 27,013 16,979 27,163 16,938 26,929 17,131 27,090 17,230 28,759 17,109 28,908 17,117 30,738 17,162 Auto finance companies 5 New car OTHER TERMS3 Maturity (months) 7 New car Loan-to-value ratio 9 New car 10 Used car Amount financed (dollars) 11 New car 12 Used car 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/releases. 2. Data are available for only the second month of each quarter. 3. At auto finance companies. Flow of Funds 1.57 35 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Q1 Q2 Q3 Nonfinancial sectors 1,155.6 1,402.4 1,677.3 1,977.1 2,210.6 2,645.8 2,262.2 1,990.3 2,421.5 2,313.9 2,134.4 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit -83.0 -5.1 -.5 122.8 347.7 -87.2 4.4 705.8 551.5 40.3 110.3 3.8 150.7 -57.9 257.1 .5 159.4 132.3 -106.6 15.7 893.9 759.4 37.1 90.5 6.9 107.9 -35.1 398.4 -2.4 137.6 158.3 -77.0 5.5 987.6 798.3 71.2 119.4 -1.3 104.4 16.8 362.5 -.6 130.5 77.7 10.8 20.4 1,243.9 1,041.6 49.5 150.2 2.7 115.0 -7.9 307.3 -.4 194.9 59.9 137.6 47.7 1,377.0 1,060.7 74.3 237.4 4.6 94.5 18.8 377.0 -1.0 114.6 211.0 208.2 65.1 1,590.8 1,281.9 65.6 235.6 7.7 61.3 16.8 49.7 2 172.6 204.1 99.0 93.9 1,498.2 1,200.4 49.6 241.3 6.9 127.8 -37.7 172.4 -1.0 169.2 138.6 163.1 -30.0 1,296.1 964.9 44.0 279.6 7.6 119.7 95.6 135.8 .5 252.8 320.9 223.2 60.1 1,223.7 859.0 76.0 280.7 7.9 108.9 -1.6 327.5 -1.3 248.5 284.8 115.7 69.7 1,157.7 815.1 61.5 275.8 5.3 113.0 31.3 -70.7 -.1 246.9 388.0 99.0 64.1 1,246.6 830.1 95.1 317.1 4.4 129.2 -48.6 435.9 -.8 205.0 212.0 430.6 196.3 1,089.9 732.4 100.6 251.8 5.1 150.5 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 671.5 384.0 215.2 162.2 6.7 105.7 -5.6 833.7 167.2 12.1 148.0 7.1 143.9 257.6 980.5 180.6 90.1 92.1 -1.6 120.3 396.0 1,077.4 422.5 171.8 244.7 6.1 115.3 361.9 1,135.7 596.5 256.3 327.5 12.7 171.6 306.9 1,322.2 844.9 488.4 336.5 19.9 102.8 376.0 1,351.0 724.8 401.5 306.6 16.7 136.4 49.9 1,076.3 595.4 262.9 318.6 13.9 147.2 171.4 1,063.1 1,003.8 635.3 345.7 22.9 218.2 136.3 921.2 842.7 537.2 282.9 22.6 223.8 326.2 1,004.6 987.6 603.1 377.5 7.0 212.9 -70.8 924.8 1,132.9 661.5 462.3 9.2 178.1 435.0 22 Foreign net borrowing in United States -13.7 92.9 36.9 124.8 102.8 140.1 115.7 518.1 227.7 158.2 257.8 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 15.8 -18.5 -7.3 -3.8 58.3 31.6 5.3 -2.3 12.9 28.7 -2.5 -2.1 62.8 61.8 3.8 -3.6 38.5 54.5 14.5 -4.6 83.4 60.8 5.2 -9.3 -51.7 144.6 30.8 -8.0 357.8 180.2 -12.2 -7.7 -17.2 218.0 31.6 -4.6 8.8 174.8 -22.5 -3.0 22.4 191.1 47.1 -2.9 -199.4 170.1 26.5 -.7 27 Total domestic plus foreign 1,141.9 1,495.3 1,714.3 2,101.9 2,313.5 2,785.8 2,377.8 2,508.3 2,649.2 2,472.1 2,392.2 2,667.4 1 Total net borrowing by domestic nonfinancial sectors -3.5 Financial sectors 871.1 869.3 1,068.2 989.8 1,069.9 1,370.7 1,593.7 939.9 1,302.4 1,170.5 1,418.5 2,321.1 29 30 31 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 124.5 304.1 338.5 306.6 18.7 25.5 2.2 -99.5 219.8 326.8 383.3 21.1 6.8 11.0 -59.7 250.9 330.6 485.7 21.4 31.2 8.2 26.6 75.0 62.7 667.3 58.1 74.1 25.9 214.5 -84.0 174.2 690.1 17.0 44.4 13.9 190.9 -.5 318.2 803.4 18.9 20.8 19.0 331.7 204.7 299.6 728.2 -15.7 38.1 7.1 80.7 -73.9 284.2 654.0 -42.8 29.9 7.8 199.6 50.3 278.7 1,000.2 -216.8 -3.9 -5.8 206.5 28.3 463.2 467.2 51.0 -30.5 -15.2 357.0 161.4 535.0 306.9 48.8 .4 9.0 -681.7 556.6 622.6 965.2 103.4 746.2 8.7 36 37 38 39 40 41 42 43 44 45 46 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 52.9 -2.0 1.5 .6 304.1 338.5 255.9 10.9 3.2 1.4 -96.0 49.7 -23.4 2.0 2.0 219.8 326.8 212.5 66.2 27.3 -1.7 -11.9 48.5 34.5 2.2 2.9 250.9 330.6 242.1 111.1 31.5 6.4 7.6 78.4 89.0 2.3 3.0 75.0 62.7 425.3 134.3 98.3 15.2 6.1 85.1 23.8 3.3 .4 -84.0 174.2 667.3 33.5 59.8 .1 106.5 85.7 .5 -.2 2.8 -.5 318.2 805.8 17.7 61.4 35.1 44.1 171.8 -1.8 6.8 1.3 204.7 299.6 671.9 89.1 56.5 6.5 87.2 51.6 17.1 2.0 2.4 -73.9 284.2 700.1 -36.6 32.8 5.0 -44.8 400.6 -463.3 8.4 4.3 50.3 278.7 906.2 69.0 14.0 -20.9 55.0 90.7 -20.5 -10.5 4.9 28.3 463.2 435.1 13.9 2.2 59.5 103.6 147.3 -24.9 10.6 12.6 161.4 535.0 485.3 9.3 -9.9 39.9 51.9 496.0 363.8 37.9 26.9 556.6 622.6 49.3 119.7 4.7 -29.3 73.0 28 Total net borrowing by financial sectors 36 Federal Reserve Bulletin Statistical Supplement • February 2008 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Qi Q2 Q3 Q4 Qi Q2 Q3 47 Total net borrowing, all sectors . . . . 2,013.0 2,364.6 2,782.5 3,091.7 3,383.4 4,156.5 3,971.5 3,448.2 3,951.5 3,642.5 3,810.7 4,988.5 48 49 50 51 52 53 54 55 56 -191.6 -5.1 642.1 122.8 635.8 -75.8 26.1 708.0 150.7 -99.1 257.1 547.2 159.4 547.2 -80.2 20.2 904.8 107.9 -82.0 398.4 579.1 137.6 672.7 -58.1 34.6 995.8 104.4 106.2 362.5 137.1 130.5 806.8 72.7 90.9 1,269.8 115.0 245.1 307.3 89.7 194.9 804.4 169.1 87.4 1,390.9 94.5 293.0 377.0 316.7 114.6 1,075.2 232.3 76.5 1,609.9 61.3 296.7 49.7 504.6 172.6 1,076.9 114.2 123.9 1,505.3 127.8 400.8 172.4 209.3 169.2 972.7 108.1 -7.8 1,303.9 119.7 278.0 135.8 329.5 252.8 1,539.1 38.0 51.6 1,217.9 108.9 213.7 327.5 490.2 248.5 926.8 144.2 36.2 1,142.5 113.0 410.6 -70.7 696.3 246.9 886.1 195.0 61.7 1,255.6 129.2 -929.7 435.9 1,178.4 205.0 1,347.3 560.5 941.9 1,098.6 150.5 Open market paper Treasury securities Agency- and GSE-backed securities . . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Funds raised through mutual funds and corporate equities 57 Total net issues 303.2 227.4 427.5 366.0 110.9 91.2 -155.3 -274.7 15.5 210.3 -26.3 -198.5 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents . 61 Financial corporations 62 Mutual fund shares 98.3 -48.1 109.1 37.3 204.9 46.4 -41.6 17.0 71.0 181.1 138.9 -42.0 118.0 62.9 288.6 67.7 -126.6 84.8 109.5 298.2 -149.3 -363.4 142.6 71.5 260.2 -384.2 -569.6 170.0 15.4 475.4 -423.7 -601.6 91.4 86.5 268.4 -512.6 -534.0 41.8 -20.4 237.8 -348.9 -751.2 251.0 151.3 364.4 -314.3 -572.8 174.0 84.5 524.6 -551.0 -770.0 161.1 57.9 524.7 -446.0 -846.0 192.8 207.2 247.5 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F.4, available at www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Q1 Q2 Q3 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 Domestic nonfinancial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered commercial banks 13 Foreign banking offices in United States . . 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Property-casualty insurance companies . . . . 19 Life insurance companies 20 Private pension funds 21 State and local government retirement funds 22 Federal government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Exchange-traded funds 27 Government-sponsored enterprises 28 Agency- and GSE-backed mortgage pools 29 Asset-backed securities issuers (ABSs) 30 Finance companies 31 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 2,013.0 2,364.6 2,782.5 3,091.7 3,383.4 4,156.5 3,971.5 3,448.2 3,951.5 3,642.5 3,810.7 4,988.5 15.9 -86.1 -4.7 7.1 93.9 5.7 302.1 1,695.0 39.9 205.2 191.6 -.6 4.2 10.0 44.4 41.5 9.0 130.9 -36.0 -53.8 9.7 267.3 126.6 3.2 .0 304.7 338.5 244.0 49.9 8.6 92.4 -130.9 193.1 77.0 25.8 -.8 86.2 4.9 430.5 1,741.0 77.7 404.4 393.8 6.2 3.1 1.3 33.4 44.2 39.9 233.0 -8.6 -50.7 12.7 -17.7 138.7 8.6 3.7 224.1 326.8 219.0 103.7 23.8 28.4 -104.1 178.2 123.7 -3.2 1.5 58.3 -2.1 516.3 2,088.0 37.2 332.9 352.2 -38.5 8.6 10.6 127.3 51.2 67.0 180.6 69.2 18.8 6.0 -95.9 138.0 35.5 .7 241.0 330.6 232.9 122.9 25.7 79.6 86.7 400.5 282.8 31.1 11.5 72.4 2.7 772.5 1,918.7 51.2 608.0 571.1 23.0 .0 13.9 103.5 39.8 73.6 173.0 -.3 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 62.7 415.8 214.9 87.9 -29.2 40.0 250.0 66.1 48.7 13.7 124.1 -2.7 778.4 2,355.0 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 66.9 110.3 12.5 18.1 7.7 -5.5 124.1 1.5 6.8 -69.1 174.2 670.8 117.2 66.9 82.3 50.0 199.5 73.4 46.6 12.5 56.8 10.2 769.5 3,187.5 60.0 834.5 739.8 83.8 6.8 4.1 86.8 58.2 60.1 156.6 7.5 99.2 5.4 116.2 228.7 10.4 3.0 73.9 318.2 744.4 110.5 40.5 -19.7 193.0 244.6 129.6 16.9 9.4 77.5 11.1 909.7 2,817.3 36.1 783.0 662.3 136.9 -8.0 -8.2 122.3 26.6 48.3 89.6 48.0 147.7 17.8 185.3 147.6 16.5 9.1 91.3 299.6 707.7 96.0 57.7 63.4 -176.3 146.0 115.5 -48.5 11.7 81.3 -14.0 754.2 2,548.0 21.4 154.5 57.3 94.0 6.6 258.1 7.9 31.8 48.6 38.9 14.4 7.7 362.1 130.8 -5.0 2.8 -30.4 284.2 719.2 158.1 44.5 162.5 135.8 546.7 343.8 59.4 11.8 122.9 8.9 932.7 2,472.1 21.4 1,274.7 1,165.9 100.3 8.0 .5 -859.7 27.7 50.6 in 41.6 43.7 2.5 217.2 232.6 5.5 7.9 48.6 278.7 734.1 -5.8 87.1 218.5 37.5 2.1 -233.9 59.9 10.8 145.0 20.3 990.2 2,650.2 13.0 194.5 29.7 188.2 -16.8 -6.5 189.1 39.8 32.8 85.0 60.7 -8.4 14.9 370.0 285.2 -.3 6.8 3.2 463.2 582.1 56.5 -36.2 277.6 20.6 127.3 -17.6 -27.3 13.6 144.9 13.7 828.8 2,854.6 44.7 688.0 499.3 194.9 -5.3 -.9 67.4 24.6 34.7 89.4 69.6 18.6 3.4 350.8 365.6 23.2 15.6 135.2 535.0 495.7 -34.7 -30.4 -123.4 81.4 728.7 794.6 -120.9 16.0 39.9 -.9 286.1 3,973.7 -33.7 968.0 705.2 238.9 21.5 2.4 136.8 33.6 43.1 81.0 70.2 15.0 17.5 444.2 192.3 11.4 9.6 717.8 622.6 118.9 99.8 -86.3 431.4 80.4 2,013.0 2,364.6 2,782.5 3,091.7 4,156.5 3,971.5 4.3 .0 1.3 6.8 -28.0 156.8 314.6 68.5 428.5 23.7 98.3 204.9 -84.6 3.1 77.2 266.3 14.4 -19.8 663.3 3.2 .0 1.0 21.0 17.4 -8.3 325.4 50.0 -16.7 106.6 46.4 181.1 86.7 -87.0 60.1 262.9 22.2 -84.1 502.5 -.9 .0 .6 36.0 -14.5 85.0 307.4 55.8 -207.5 218.7 138.9 288.6 22.4 120.0 66.8 258.5 -1.1 34.5 519.3 -3.2 .0 .7 89.9 19.4 84.8 281.6 252.9 -136.5 88.1 67.7 298.2 194.4 179.4 33.1 288.4 28.5 -15.1 1,597.5 16.1 192.4 26.9 -76.1 1,316.6 -2.3 .0 .6 216.3 -9.3 44.0 239.6 395.1 150.2 483.9 -384.2 475.4 88.5 220.2 57.8 81.7 25.7 -53.5 1,120.4 2.0 .0 .8 282.0 -195.6 29.2 232.7 308.8 274.2 278.8 -423.7 268.4 313.0 178.7 53.1 210.3 5.3 -64.9 1,003.0 -4.2 .0 1.0 -38.7 43.9 -80.3 344.2 344.7 418.0 602.2 -512.6 237.8 63.9 173.0 76.3 48.4 22.0 -38.9 1,542.8 -5.9 .0 .0 -64.4 116.3 -67.8 571.3 -3.6 380.4 619.1 -348.9 364.4 198.0 274.2 75.4 220.3 29.1 -69.1 899.4 .1 .0 .4 284.6 -490.2 91.7 371.3 291.2 440.7 698.0 -314.3 524.6 169.4 113.5 23.6 132.2 33.8 28.4 667.5 .0 1.3 455.3 24.3 -99.0 221.8 92.0 441.5 221.5 -551.0 524.7 246.7 358.6 16.7 37.6 13.8 -79.1 3,384.6 -.1 .0 1.4 150.0 151.2 126.0 312.7 537.7 1,260.4 166.2 -446.0 247.5 176.0 -11.9 15.7 170.6 28.1 -95.5 1,456.6 4,212.6 3,855.0 4,710.9 6,441.5 6,402.0 7,306.4 6,727.7 6,691.6 7,139.9 6,709.0 9,121.8 9,235.5 -12.9 17.2 -51.2 20.1 -223.8 -.6 21.5 7.2 36.0 19.7 -61.5 -.3 52.8 -4.3 -33.9 -42.6 -39.8 -.3 61.9 14.9 -139.9 -20.2 89.5 .7 40.6 -3.7 134.1 -18.1 150.0 -4.8 203.6 11.6 141.7 -42.0 -357.3 296.1 4.5 303.8 1.9 -528.4 .6 38.5 48.1 144.7 24.1 49.2 -.5 -141.2 -71.8 600.9 23.7 -189.8 359.7 48.8 -133.8 -28.9 -789.3 .7 434.1 -53.9 107.7 -22.1 484.1 .9 45.8 -14.1 9.2 -24.5 -420.8 5.7 -.5 7.9 -1.6 -.7 164.7 -8.9 .0 22.4 27.9 11.1 -6.6 -.1 -45.3 -11.3 .0 -131.0 2.1 .0 40.7 16.4 .0 -88.7 -19.1 .0 -84.9 -5.9 -.1 161.7 -.5 -.2 9.5 13.5 -.3 -31.3 4,450.3 3,670.1 4,765.5 6,396.8 6,150.4 7,495.8 6,606.7 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Other financial sources Official foreign exchange Special drawing rights certificates . . . Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency . . . Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity . . . Miscellaneous 54 Total financial sources 55 56 57 58 59 60 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Total identified to sectors as assets .. . 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. -9.6 .0 .8 67.8 -12.4 3.5 314.4 284.4 127.0 350.8 -149.3 260.2 305.0 2. Excludes corporate equities and mutual fund shares. 38 1.59 Federal Reserve Bulletin Statistical Supplement • February 2008 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2006 Transaction category or sector 2002 2003 2004 2007 2005 Q2 Q1 Q3 Q4 Q1 Q2 Q3 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 20,615.8 22,325.5 24,317.4 26,528.0 27,174.1 27,706.0 28,214.0 28,854.7 29,448.5 29,953.8 30,606.2 2 3 4 5 6 7 8 9 10 11 12 13 14 By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 119.9 3 609 8 27.3 1,762.9 2,710.3 1,133.0 949.9 8 302 8 6,437.4 464.5 1.305.5 95.4 1.999.9 84.8 4 008 2 24.9 1,900.5 2,868.6 1,088.4 955.4 9,290.4 7,227.8 543.6 1.424.8 94.1 2.104.4 101.6 4 370 7 24.3 2,031.0 2,946.3 1,099.2 975.8 10,549.1 8,284.2 593.1 1.575.0 96.9 2.219.4 93.8 4,678.0 23.8 2,225.9 3,006.2 1,236.8 1,023.5 11,926.1 9,344.9 667.4 1.812.4 101.5 2.313.9 100.4 4,834.4 23.6 2,254.3 3,058.9 1,283.1 1,028.5 12,306.2 9,653.1 683.8 1.866.0 103.4 2.284.5 115.4 4,759.6 23.6 2,305.8 3,110.0 1,316.4 1,063.5 12,696.0 9,966.4 696.2 1.928.2 105.2 2.315.8 114.2 4,803.2 23.4 2,332.7 3,144.6 1,361.6 1,040.7 13,026.6 10,216.7 707.2 1.995.6 107.1 2.367.0 117.1 4,861.7 23.5 2,403.2 3,224.8 1,410.2 1,067.5 13,328.3 10,421.4 726.2 2.071.7 109.0 2.418.3 130.2 5,014.3 23.2 2,465.4 3,296.0 1,441.6 1,076.8 13,601.6 10,614.4 741.6 2.135.3 110.3 2.399.5 159.5 4,904.0 23.2 2,533.7 3,393.0 1,475.5 1,104.3 13,928.9 10,835.5 765.4 2.216.5 111.5 2.431.8 135.9 5,010.0 23.0 2,570.6 3,446.0 1,584.6 1,136.0 14,208.1 11,027.9 790.5 2.276.8 112.8 2.492.1 15 16 17 18 19 20 21 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 8.514.0 7,017.4 4,740.9 2,106.7 169.8 1,447.3 3,637.0 9.496.8 7,228.0 4,861.1 2,198.8 168.1 1,567.6 4,033.1 10.589.0 7,650.6 5,032.9 2,443.5 174.2 1,682.8 4,395.0 11.724.7 8,247.1 5,289.2 2,771.0 186.9 1,854.4 4,701.9 12.000.7 8,435.0 5,392.6 2,854.7 187.6 1,880.5 4,858.0 12.352.3 8,648.5 5,521.9 2,931.7 194.8 1,922.0 4,783.2 12.655.7 8,786.3 5,576.5 3,010.1 199.7 1,945.4 4,826.6 12.927.8 9,036.1 5,732.9 3,097.8 205.3 2,005.5 4,885.3 13.105.2 9,243.8 5,869.2 3,168.1 206.5 2,062.1 5,037.4 13.370.4 9,535.3 6,061.3 3,262.8 211.2 2,121.0 4,927.2 13.637.7 9,782.3 6,190.2 3,377.0 215.1 2,153.2 5,032.9 22 Foreign credit market debt held in United States 1,072.3 1,249.7 1,431.3 1,514.9 1,553.5 1,576.9 1,706.1 1,767.0 1,786.7 1,844.0 1,843.7 254.2 705.2 68.6 44.3 267.1 874.4 66.1 42.2 329.9 993.0 69.9 38.6 368.4 1.028.2 84.4 34.0 392.8 1.043.4 85.7 31.6 374.3 1.079.5 93.4 29.7 463.5 1.124.6 90.4 27.7 461.4 1.180.8 98.3 26.6 463.3 1.224.5 73.1 25.8 461.7 1.272.3 84.9 25.1 412.4 1.314.8 91.5 24.9 21,688.1 23,575.2 25,748.7 28,042.9 28,727.5 29,282.9 29,920.1 30,621.6 31,235.2 31,797.8 32,449.9 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 27 Total credit market debt owed by nonfinancial sectors, domestic and foreign Financial sectors 28 Total credit market debt owed by financial sectors 32 33 34 35 By instrument Open market paper Government-sponsored enterprise securities Agency- and GSE-backed mortgage pool securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 36 37 38 39 40 41 42 43 44 45 46 47 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Real estate investment trusts (REITs) Funding corporations 29 30 31 9,996.9 10,888.6 11,893.2 12,908.6 13,226.6 13,625.6 13,857.5 14,207.7 14,479.6 14,836.2 15,414.0 1.000.7 2,350.4 941.0 2,601.3 967.6 2,676.3 1,182.1 2,592.2 1.205.2 2,592.1 1.275.3 2,643.3 1.287.7 2,624.8 1.379.5 2,637.4 1,410.2 2,644.5 1.488.6 2,684.8 1.309.3 2,824.0 3,158.6 2 777 6 142.6 470.5 96.5 3,326.7 3 249 2 164.0 501.7 104.7 3,389.5 3 931 4 222.1 575.8 130.6 3,563.7 4,567.0 239.1 620.2 144.5 3,641.1 4,782.6 239.5 616.9 149.2 3,703.3 4,974.1 237.2 641.5 151.0 3,784.7 5,134.6 229.0 643.7 153.0 3,858.8 5,364.2 175.0 641.4 151.5 3,972.5 5,497.0 183.3 624.4 147.7 4,092.6 5,581.4 196.8 642.0 150.0 4,260.1 5,821.0 225.7 821.8 152.2 325.5 286.4 262.3 6.9 5.1 2.350.4 3,158.6 1,950.8 40.6 884.2 198.5 527.6 338.6 321.8 296.8 9.1 8.0 2.601.3 3,326.7 2,178.9 47.0 995.3 230.0 535.2 357.4 381.3 385.8 11.4 11.1 2.676.3 3,389.5 2,604.1 62.2 1.129.6 343.2 541.3 394.3 429.5 409.6 14.7 11.5 2.592.2 3,563.7 3,271.4 62.4 1.108.6 402.9 647.9 398.4 438.7 406.1 14.6 12.2 2.592.1 3,641.1 3,470.2 71.1 1.099.3 418.2 664.6 422.6 467.0 411.2 16.3 12.5 2.643.3 3,703.3 3,644.3 72.8 1.122.2 432.4 677.8 424.1 476.2 412.4 16.8 13.1 2.624.8 3,784.7 3,810.1 74.0 1.119.5 440.5 661.1 498.3 499.7 297.8 18.9 14.2 2.637.4 3,858.8 4,042.4 68.8 1.144.2 444.0 683.3 495.2 520.3 288.4 16.2 15.4 2.644.5 3,972.5 4,149.0 83.7 1.133.6 444.6 716.2 511.0 551.5 289.5 18.9 18.6 2.684.8 4,092.6 4,277.3 93.6 1.135.2 442.1 721.1 597.4 586.9 375.9 28.4 25.3 2.824.0 4,260.1 4,279.7 86.3 1.172.7 443.3 734.1 All sectors 48 Total credit market debt, domestic and foreign . 49 50 51 52 53 54 55 56 57 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit 31,685.0 34,463.8 37,641.9 40,951.6 41,954.1 42,908.5 43,777.6 44,829.4 45,714.8 46,634.0 47,863.9 1 374 9 3.609.8 5,536.3 1,762.9 6,193.0 1,344.2 1.464.7 8 399 3 1.999.9 1,292.9 4,008.2 5,952.9 1,900.5 6,992.2 1,318.4 1.499.3 9,395.1 2,104.4 1,399.1 4,370.7 6,090.0 2,031.0 7,870.7 1,391.2 1.590.2 10,679.7 2,219.4 1,644.2 4,678.0 6,179.7 2,225.9 8,601.3 1,560.3 1.677.6 12,070.6 2,313.9 1,698.4 4,834.4 6,256.8 2,254.3 8,884.9 1,608.3 1.677.0 12,455.5 2,284.5 1,764.9 4,759.6 6,370.2 2,305.8 9,163.6 1,647.0 1.734.6 12,847.0 2,315.8 1,865.3 4,803.2 6,432.9 2,332.7 9,403.8 1,681.0 1.712.1 13,179.6 2,367.0 1,958.0 4,861.7 6,519.7 2,403.2 9,769.7 1,683.4 1.735.4 13,479.9 2.418.3 2,003.7 5,014.3 6,640.1 2,465.4 10,017.5 1,697.9 1.727.0 13,749.3 2,399.5 2,109.8 4,904.0 6,800.6 2,533.7 10,246.7 1,757.2 1.771.4 14,078.8 2,431.8 1,857.6 5,010.0 7,107.1 2,570.6 10,581.8 1,901.8 1.982.7 14,360.2 2,492.1 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Ql Q2 Q3 Q4 Q1 Q2 Q3 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets Domestic nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies . . . . Life insurance companies Private pension funds State and local government retirement funds Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools Asset-backed securities (ABSs) issuers Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 31,685.0 34,463.8 37,641.9 40,951.6 41,954.1 42,908.5 43,777.6 44,829.4 45,714.8 46,634.0 47,863.9 3,912.3 2,227.2 269.4 72.4 1,067.4 275.9 3,736.8 24,035.9 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.6 465.4 558.3 2,307.8 577.3 638.7 57.6 1,567.1 1,368.4 117.1 3.7 2,323.2 3,158.6 1,862.3 1,082.0 71.7 344.4 121.3 4,300.6 2,561.1 266.2 73.9 1,125.6 273.8 4,169.3 25,993.8 666.7 5,994.3 5,390.6 490.3 36.4 76.9 1,293.9 516.6 625.2 2,488.3 646.5 657.5 63.6 1,471.3 1,506.4 152.6 4.5 2,564.2 3,326.7 2,081.2 1,204.9 97.5 424.1 208.0 4,704.5 2,847.2 297.4 85.4 1,198.1 276.5 4,990.2 27,947.3 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 698.8 2,661.4 646.1 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,389.5 2,497.0 1,419.8 200.1 394.9 248.0 5,052.1 3,011.0 346.1 99.1 1,322.2 273.8 5,603.3 30,296.1 744.2 7,260.7 6,469.7 657.8 32.2 101.0 1,616.7 592.6 765.8 2,765.4 658.6 693.4 76.0 1,340.8 1,747.1 165.1 15.0 2,543.9 3,563.7 3,167.8 1,537.1 267.0 477.2 298.0 5,129.5 3,075.5 339.2 102.2 1,335.9 276.6 5,792.6 31,032.1 758.5 7,433.0 6,620.9 676.2 33.9 102.0 1,648.9 604.1 780.8 2,806.3 660.5 718.2 77.3 1,353.5 1,805.4 167.8 15.7 2,552.5 3,641.1 3,351.2 1,542.9 277.1 497.2 340.0 5,173.1 3,086.9 344.2 104.6 1,360.5 277.0 6,027.5 31,707.8 766.4 7,649.6 6,806.5 711.2 31.9 99.9 1,679.5 615.6 792.9 2,827.9 672.5 755.1 81.8 1,375.9 1,839.5 171.9 18.0 2,591.2 3,703.3 3,534.2 1,574.4 291.6 470.0 296.7 5,196.4 3,090.8 343.2 107.5 1,376.9 278.0 6,213.8 32,367.4 768.9 7,696.9 6,828.0 736.2 33.6 99.1 1,744.5 618.9 800.8 2,842.5 682.2 758.7 83.7 1,461.2 1,874.0 170.6 18.7 2,579.0 3,784.7 3,704.9 1,608.2 302.7 537.3 328.8 5,331.9 3,172.1 364.7 110.4 1,406.8 277.9 6,486.7 33,010.8 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 692.6 769.7 84.3 1,561.0 1,932.0 172.0 20.7 2,589.8 3,858.8 3,894.2 1,626.8 324.5 583.4 342.2 5,369.1 3,171.3 358.8 113.1 1,442.6 283.2 6,731.7 33,614.0 780.9 8,023.5 7,088.6 805.9 31.4 97.6 1,577.5 629.2 821.7 2,829.4 707.8 767.5 88.1 1,634.4 2,005.4 171.9 22.4 2,580.2 3,972.5 4,037.5 1,617.6 315.4 676.6 354.4 5,372.9 3,134.0 353.3 116.5 1,484.9 284.3 6,946.5 34,314.6 790.5 8,217.4 7,234.7 855.3 30.1 97.4 1,595.2 641.0 830.4 2,850.8 725.2 772.2 88.9 1,699.7 2,093.5 177.7 26.3 2,632.0 4,092.6 4,168.4 1,615.8 307.8 602.1 387.1 5,548.2 3,313.1 335.5 120.5 1,490.6 288.5 7,013.9 35,301.7 779.6 8,466.2 7,417.8 915.0 35.4 98.0 1,628.9 650.7 841.1 2,872.8 742.7 776.0 93.3 1,802.7 2,143.6 180.6 28.7 2,805.4 4,260.1 4,188.1 1,634.3 286.3 735.4 385.2 44,829.4 45,714.8 46,634.0 47,863.9 46.6 2.2 28.2 1,194.7 49.7 1,501.3 5,072.3 2,122.5 2,390.0 2,675.9 7,328.7 1,291.0 1,171.9 12,261.8 3,174.3 334.9 15,056.4 46.1 2.2 28.5 1,308.5 65.4 1,498.5 5,112.1 2,146.2 2,489.7 2,751.6 7,806.1 1,379.7 1,188.3 12,713.3 3,237.2 337.0 15,268.5 48.7 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous 40,951.6 55.8 2.2 25.5 831.1 206.0 1,351.9 3,695.9 1,171.0 2,223.9 1,340.3 3,638.4 738.8 920.9 8,198.0 2,445.7 241.4 11,827.4 62.3 2.2 26.0 867.1 193.0 1,436.9 4,003.3 1,226.8 2,016.4 1,559.1 4,654.2 858.8 1,013.2 9,722.4 2,468.1 240.4 12,238.8 62.2 2.2 26.7 957.0 212.2 1,521.7 4,284.9 1,505.1 1,879.8 1,647.2 5,436.3 1,038.2 1,060.4 10,632.6 2,662.5 268.9 13,701.6 27.5 1,024.7 201.3 1,525.2 4,599.3 1,789.5 2,006.9 1,998.0 6,048.9 1,038.4 1,082.6 11,193.7 2,967.5 295.8 14,452.3 46.0 2.2 27.6 1,078.8 181.2 1,507.8 4,692.9 1,887.7 2,014.1 2,122.3 6,463.8 1,105.5 1,102.3 11,487.2 2,987.4 311.5 14,355.8 48.3 2.2 27.8 1,149.3 140.4 1,536.8 4,734.0 1,965.6 2,067.4 2,213.3 6,419.3 1,148.6 1,110.1 11,367.2 3,066.3 311.6 14,281.0 46.5 2.2 28.1 1,139.6 147.5 1,489.2 4,794.0 2,055.9 2,168.2 2,368.2 6,627.9 1,191.5 1,133.5 11,617.0 3,082.3 322.3 14,385.3 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.5 2,494.0 7,068.3 1,249.9 1,163.7 12,146.4 3,136.6 316.3 15,073.1 52 Total liabilities 70,599.3 77,052.5 84,541.3 91,251.2 93,328.3 94,497.9 96,376.8 99,683.6 101,417.2 104,012.8 106,608.1 Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . 23.2 11,900.5 4,987.8 23.7 15,618.5 5,426.6 24.6 17,389.3 6,026.5 19.3 18,512.0 6,797.5 19.4 19,401.7 7,012.3 19.7 18,944.0 7,209.5 19.7 19,595.5 7,388.8 19.9 20,909.1 7,528.4 20.0 21,133.9 7,719.4 20.1 22,221.9 7,907.8 20.3 22,445.0 8,052.6 -9.1 652.5 15.5 426.6 126.3 -3,286.9 -9.5 705.3 12.7 392.7 69.2 -3,085.4 -9.7 767.2 27.3 248.3 97.0 -3,060.4 -9.1 807.9 25.2 382.4 95.5 -4,394.8 -10.3 858.8 27.1 226.6 93.0 -4,452.0 -10.2 932.8 27.8 318.6 74.1 -4,761.9 -10.0 942.4 41.4 374.4 58.0 -5,031.8 -10.1 907.1 23.2 473.9 52.3 -5,263.2 -10.2 997.0 32.6 459.9 58.4 -5,643.7 -10.0 1,105.5 19.6 500.0 55.4 -5,804.9 -9.8 1,117.0 20.2 524.3 44.2 -5,704.2 -11.7 20.9 10.9 -17.9 20.8 11.2 20.6 44.3 20.6 -1.0 1.5 16.4 -94.4 1.5 19.7 -116.3 2.7 12.4 -121.4 20.6 -63.7 1.3 16.4 -88.3 19.6 -116.5 12.2 -105.5 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 56 57 58 59 60 61 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 62 Federal government checkable deposits . . . . 63 Other checkable deposits 64 Trade credit 65 Totals identified to sectors as assets 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 45.9 119,651.6 124,184.9 127,112.8 132,001.0 134,467.1 2. Excludes corporate equities and mutual fund shares. 28.8 1,346.0 98.8 1,500.1 5,161.1 2,284.0 2,801.6 2,799.1 7,967.2 1,376.6 1,194.5 12,833.0 3,280.5 348.8 15,673.2 141,227.0 40 Federal Reserve Bulletin Statistical Supplement • February 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2007 2007 Series Ql Q2 Q3 Q4' Q1 Q2 Q3 Q4 Capacity (percent of 2002 output) Output (2002=100) Q1 Q2 Q3 Q4' Capacity utilization rate (percent)2 1 Total industry 112.2 113.2 114.2 113.9 138.0 138.6 139.2 139.8 81.3 81.7 82.0 81.5 2 Manufacturing 3 Manufacturing (NAICS) 113.9 114.9 115.1 116.1 116.2 117.2 115.7 116.7 142.7 144.3 143.5 145.1 144.2 145.9 144.9 146.7 79.8 79.6 80.3 80.0 80.6 80.4 79.8 79.6 4 5 121.6 107.8 123.8 111.3 125.7 112.0 125.4 112.0 156.6 127.7 157.9 127.9 159.1 128.4 160.4 128.8 77.7 84.4 78.4 87.0 79.0 87.3 78.2 86.9 109.9 116.6 181.7 111.3 117.4 185.4 112.5 119.4 192.1 112.9 117.9 198.0 137.7 148.6 241.2 138.1 149.4 249.5 138.6 150.1 258.0 139.0 150.9 266.8 79.9 78.4 75.3 80.6 78.6 74.3 81.2 79.5 74.5 81.2 78.1 74.2 107.3 98.2 109.1 101.3 109.3 101.6 108.8 98.3 126.2 133.4 126.5 132.1 126.8 130.6 127.1 129.1 85.0 73.6 86.2 76.7 86.3 77.8 85.6 76.2 130.6 107.5 112.5 87.1 131.9 107.8 113.6 87.7 135.2 108.1 114.0 83.4 136.7 107.3 113.3 81.9 162.8 131.1 136.2 116.7 163.6 131.4 136.8 115.9 164.4 131.7 137.5 115.1 165.3 132.0 138.1 114.3 80.3 82.0 82.6 74.6 80.6 82.0 83.0 75.6 82.2 82.1 82.9 72.5 82.7 81.3 82.1 71.7 97.1 111.6 110.1 106.3 98.7 96.7 109.6 110.6 108.5 99.3 96.5 110.5 111.4 109.9 98.9 96.4 108.9 110.3 109.7 98.4 115.1 120.9 141.5 124.4 117.6 114.9 120.8 141.8 125.2 117.8 114.7 120.9 142.1 126.0 118.0 114.5 121.1 142.5 126.7 118.2 84.3 92.3 77.8 85.4 84.0 84.1 90.7 78.0 86.7 84.3 84.1 91.3 78.4 87.2 83.8 84.1 89.9 77.4 86.6 83.3 20 Mining 21 Electric and gas utilities 100.1 108.6 100.2 108.3 101.2 109.2 102.5 109.2 111.3 125.8 111.4 126.2 111.4 126.6 111.5 126.9 90.0 86.4 89.9 85.8 90.8 86.2 91.9 86.0 MEMOS 22 Computers, communications equipment, and semiconductors 221.2 229.8 243.7 253.6 283.8 296.7 310.3 324.5 77.9 77.4 78.5 78.1 23 Total excluding computers, communications equipment, and semiconductors 107.9 108.7 109.3 108.8 132.1 132.4 132.6 132.9 81.7 82.1 82.4 81.9 24 Manufacturing excluding computers, communications equipment, and semiconductors 108.7 109.7 110.3 109.5 135.6 135.9 136.2 136.5 80.2 80.7 81.0 80.2 6 8 9 10 11 12 13 14 15 16 17 18 19 Durable manufacturing Primary metal Fabricated metal products Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2008 2007 2007 Series Low High Low Jan. Aug. Sept. Oct.' Nov.' Dec' Jan.' Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.0 86.5 70.8 85.0 78.5 81.1 82.0 81.9 81.4 81.5 81.5 81.5 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.6 71.4 86.2 86.2 68.5 67.8 85.4 85.3 77.1 76.9 79.8 79.6 80.4 80.2 80.4 80.1 79.8 79.5 79.8 79.6 79.8 79.6 79.7 79.5 89.4 101.9 69.6 69.6 86.7 90.5 62.9 47.0 84.5 93.8 73.3 74.6 77.6 83.9 78.9 87.9 78.5 85.0 77.9 85.7 78.2 86.7 78.4 88.4 78.2 86.8 91.6 94.6 69.7 74.5 82.8 92.7 61.8 58.0 81.6 85.2 72.6 73.9 79.5 78.5 81.1 78.4 81.3 80.1 81.1 78.3 81.4 77.8 81.1 78.3 80.8 78.1 86.9 66.0 89.9 76.9 81.4 75.9 76.0 74.4 73.9 74.1 74.3 74.3 74.7 99.3 95.6 67.9 54.6 91.9 95.2 64.6 44.9 89.1 89.7 77.0 56.0 84.5 72.1 85.8 78.3 86.2 76.2 84.9 75.3 85.5 76.4 86.4 76.8 86.5 76.0 75.9 87.6 67.9 72.3 87.0 85.8 69.0 75.6 87.1 86.8 81.1 81.6 80.5 82.0 82.3 81.8 82.4 82.1 82.4 81.5 83.0 81.4 82.8 81.2 83.4 81.1 86.3 89.5 77.5 61.8 84.4 89.6 80.6 72.6 85.9 91.2 81.0 77.7 82.6 74.7 82.6 71.8 82.9 71.7 82.4 71.6 82.1 71.3 81.6 72.1 81.8 70.3 96.7 92.2 85.3 96.1 86.0 74.0 80.8 69.1 61.8 75.5 95.4 91.9 83.6 90.1 88.0 81.3 70.7 67.7 71.8 86.3 92.5 89.0 85.1 89.8 91.0 86.1 83.1 80.1 76.4 80.6 83.7 93.4 77.7 85.7 83.8 84.1 91.3 78.0 86.7 83.2 83.8 91.5 78.4 87.5 84.2 82.6 90.3 77.7 86.7 83.8 83.9 89.7 77.5 87.1 83.0 86.0 89.9 77.1 86.0 83.0 85.5 92.1 77.1 84.5 83.1 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 94.0 88.2 78.7 77.6 86.1 92.7 83.5 84.0 90.1 83.7 90.2 88.1 91.2 86.6 90.9 85.9 92.5 86.2 92.4 85.9 90.6 87.7 MEMOS 22 Computers, communications equipment, and semiconductors . 84.3 62.3 89.6 74.6 80.8 74.2 78.6 78.4 77.9 78.4 78.2 77.8 78.1 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.6 85.4 78.7 81.4 82.4 82.4 81.7 81.9 81.9 81.9 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.1 85.9 77.2 80.1 80.7 80.8 80.1 80.2 80.2 80.1 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2006. The recent 2006 annual revision is described in a 2007 article in the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/bulletin. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 2.13 Federal Reserve Bulletin Statistical Supplement • February 2008 INDUSTRIAL PRODUCTION Indexes and Gross Value' Monthly data seasonally adjusted Group 2002 proportion Apr. May July Aug. Sept. Oct.r Nov.r Dec. Index (2002=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 111.7 112.5 112.4 113.1 113.0 113.5 114.2 114.1 114.2 113.5 114.0 114.1 58.9 31.1 8.9 4.7 0.4 1.5 2.4 22.2 18.3 9.8 0.9 5.0 2.1 3.9 113.5 109.1 106.1 100.5 199.5 99.3 108.1 109.9 110.0 112.8 78.2 111.0 105.2 109.5 11.9 07.4 03.1 95.2 84.6 00.5 07.4 08.7 09.7 12.1 80.4 11.8 03.3 06.1 113.1 109.4 104.6 98.7 196.0 99.5 106.3 110.9 109.5 111.9 79.6 110.9 104.7 115.8 112.8 108.6 105.2 99.7 191.1 99.8 107.1 109.6 109.9 112.7 78.7 110.5 105.5 108.9 113.4 109.2 107.1 102.3 200.8 100.4 107.6 109.8 110.3 113.1 79.4 110.9 105.6 108.7 113.1 108.8 106.7 101.1 199.4 101.3 108.1 109.4 109.8 112.8 79.7 109.9 105.1 108.3 113.7 109.2 108.7 104.1 200.3 101.1 109.4 109.3 110.0 113.3 78.8 109.5 105.8 107.4 114.3 109.7 109.3 105.3 200.4 100.3 110.0 109.8 110.7 113.7 79.2 111.1 106.0 107.0 114.0 109.6 107.9 102.8 199.1 100.1 109.7 110.0 109.9 112.7 77.4 110.9 105.1 110.8 114.2 109.5 106.3 100.3 199.0 98.9 109.3 110.4 110.3 113.1 76.8 110.9 106.4 111.5 113.3 108.5 105.1 99.2 197.5 97.8 107.8 109.6 110.3 112.8 76.3 111.8 105.8 107.5 113.6 108.7 105.6 100.5 206.1 97.0 107.0 109.6 109.7 112.6 75.9 110.6 104.7 109.8 113.8 108.7 106.1 101.7 208.2 96.1 106.9 109.4 109.6 112.0 76.9 110.9 105.1 109.3 114.1 109.0 105.3 100.5 211.2 94.1 107.3 110.1 109.5 112.2 76.8 110.5 105.2 112.4 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.1 1.8 3.0 5.3 1.8 132.4 145.2 151.0 118.6 112.0 28.8 44.2 44.4 15.6 13.9 129.2 144.1 146.2 115.4 113.0 130.6 144.3 147.5 117.3 109.8 130.9 143.7 148.6 117.5 111.1 131.1 142.1 149.8 117.8 111.0 132.2 145.5 151.0 118.1 112.9 133.9 146.6 151.8 120.4 113.0 133.1 147.3 151.4 118.9 112.2 134.2 146.7 152.1 120.8 112.3 133.5 146.1 153.2 119.3 111.2 134.4 147.0 156.1 119.3 112.6 135.6 147.7 157.7 120.5 112.5 136.1 148.7 160.3 120.0 113.6 21 22 Construction supplies Business supplies 4.3 11.2 108.5 111.9 08.4 10.6 106.8 111.5 107.9 111.2 108.3 111.9 109.1 111.5 110.2 111.7 109.9 111.8 109.5 111.9 109.3 112.3 107.8 112.1 107.2 112.2 108.3 111.9 107.1 112.4 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.1 30.7 19.1 4.1 6.7 8.4 11.6 0.8 2.7 4.5 10.4 113.2 118.0 127.4 98.1 175.1 110.2 103.9 78.4 99.7 110.2 102.0 11.3 15.9 24.4 96.8 69.8 07.8 03.2 81.1 00.1 08.9 00.5 111.8 116.0 123.9 97.1 168.6 107.5 103.9 81.3 101.0 110.1 101.9 112.0 116.8 124.9 98.3 169.5 108.3 104.5 80.9 100.7 111.4 100.5 112.7 117.5 126.0 98.6 170.5 109.7 104.7 80.8 100.3 111.1 101.1 112.7 117.7 126.5 99.1 170.5 110.4 104.4 81.3 99.6 111.2 100.9 113.2 118.2 127.4 99.8 173.4 110.4 104.6 80.7 98.4 111.6 101.2 114.2 119.6 129.4 99.8 178.4 111.8 105.0 78.1 99.4 111.8 101.4 114.3 118.9 129.1 99.7 178.1 111.4 103.7 75.1 99.5 110.0 103.3 114.3 119.1 129.1 97.6 179.2 111.7 104.2 75.8 98.5 110.5 102.8 113.9 118.3 128.8 96.4 181.0 110.8 102.7 75.3 98.2 108.6 103.5 114.5 119.1 129.8 96.9 182.6 111.6 103.2 74.8 99.6 109.2 103.7 114.5 119.0 129.6 95.3 183.5 111.5 103.4 75.3 101.5 108.5 103.9 114.4 118.9 129.4 94.5 185.6 110.6 103.4 72.9 100.2 108.9 103.8 94.8 92.5 108.7 114.3 07.4 12.7 108.3 113.4 108.1 113.3 108.6 113.9 108.5 113.8 108.9 114.2 109.4 114.9 109.3 114.9 109.3 115.2 108.5 114.6 108.9 115.0 109.0 115.1 109.0 115.3 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 3,091.8 43.4 31.1 12.3 15.5 3,087.2 3,085.3 3,081.8 3,081.1 3,101.0 3,112.2 2,347.1 2,314.7 2,346.1 2,336.1 2,340.9 2,337.0 2,354.4 2,370.1 2,362.1 2,362.0 2,337.1 2,349.9 2,355.5 2,365.4 1,635.5 1,611.7 1,641.9 1,629.7 1,636.2 1,632.1 1,642.5 1,650.9 1,648.3 1,644.6 1,626.4 1,632.8 1,632.4 1,640.8 713.5 714.2 736.0 721.8 713.5 716.4 714.6 722.0 729.7 723.8 728.0 721.3 728.1 734.7 745.7 738.7 742.2 741.4 745.3 745.6 748.2 748.0 748.4 748.4 744.8 745.1 746.7 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2007 2008 2007 avg. Ian. Feb. Mar. Apr. May lune luly Aug. Sept. Oct.' Nov.' Dec' Ian.' Index (2002=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.9 79.0 115.2 116.2 113.7 114.7 113.6 114.6 114.4 115.4 114.8 115.8 114.9 115.9 115.7 116.7 116.6 117.7 115.9 117.0 116.1 117.1 115.4 116.4 115.7 116.8 115.9 117.0 116.0 117.0 321 43.4 1.5 124.1 97.8 121.2 98.5 121.3 97.7 122.3 98.3 123.2 98.2 123.4 100.3 124.7 101.9 126.2 100.8 125.5 99.1 125.3 97.1 124.7 94.6 125.5 92.9 126.1 95.3 126.1 92.8 327 331 332 333 2.3 2.3 5.8 5.3 110.0 110.7 111.7 118.3 109.8 107.1 109.3 116.4 106.5 107.6 109.8 115.3 108.3 108.8 110.6 118.0 108.5 111.3 111.1 117.2 109.2 112.1 110.8 117.6 110.6 110.6 112.1 117.5 111.7 114.0 112.5 119.9 112.0 112.8 112.3 117.7 111.9 109.2 112.8 120.5 110.5 110.3 112.7 117.9 111.1 111.7 113.2 117.4 109.0 114.0 112.8 118.3 110.2 112.1 112.5 118.2 334 8.0 189.1 181.3 181.5 182.3 184.2 184.4 187.7 191.6 191.8 192.8 195.4 198.3 200.3 203.8 335 3361-3 2.2 7.5 108.7 99.6 106.5 96.4 107.4 98.7 107.9 99.4 109.3 100.8 108.7 100.3 109.3 102.8 109.9 103.6 108.7 102.2 109.4 99.1 107.8 97.5 108.6 98.6 109.8 98.8 110.1 97.6 3364-9 3.6 133.5 130.7 131.0 130.2 131.1 131.1 133.5 134.4 135.3 135.8 135.9 137.2 137.2 138.3 337 339 1.8 3.3 101.5 122.7 101.8 120.2 100.7 119.4 101.0 121.6 100.4 122.5 101.2 123.1 102.2 123.4 103.2 123.6 103.6 123.0 101.7 124.7 101.1 123.7 101.2 123.2 100.5 124.7 98.5 125.1 35.6 107.7 107.5 107.2 107.8 107.7 107.8 107.9 108.5 107.7 108.2 107.4 107.4 107.2 107.3 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 113.4 85.0 78.9 96.6 103.7 112.3 87.4 81.1 96.4 105.6 112.2 87.3 80.3 97.5 106.0 113.0 86.5 79.5 97.2 105.6 113.7 87.3 80.0 97.3 104.7 113.3 87.8 80.3 96.7 103.1 113.9 87.9 79.4 96.1 102.1 114.5 85.3 79.5 96.8 101.7 113.5 82.6 77.9 96.5 102.5 114.1 82.3 77.6 96.1 103.2 113.6 82.0 77.3 94.7 102.5 113.4 81.5 76.8 96.1 102.9 112.8 82.2 77.9 98.4 102.3 113.3 79.9 77.9 97.8 100.8 324 325 1.8 10.8 110.1 110.7 113.0 109.9 110.0 110.1 111.7 110.4 107.9 110.5 110.6 110.6 110.1 110.8 110.3 111.8 110.4 110.9 110.7 111.5 109.2 110.6 108.6 110.4 108.9 109.9 111.7 110.1 326 3.8 108.7 106.3 105.5 107.1 108.0 108.5 109.0 109.9 109.3 110.5 109.7 110.4 109.2 107.6 1133,5111 4.9 98.7 98.4 98.6 99.1 99.5 99.0 99.4 99.1 98.1 99.4 98.9 98.1 98.1 98.3 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 101.0 109.0 110.9 98.4 100.2 105.1 108.1 91.0 100.0 114.1 114.1 114.2 100.2 106.6 109.2 94.7 100.2 109.7 110.7 104.8 99.9 108.0 110.4 96.8 100.4 107.3 109.9 95.4 101.3 106.2 108.4 96.1 100.5 111.5 113.4 102.8 101.7 109.7 112.2 98.1 101.4 109.0 112.9 90.5 103.1 109.4 111.5 99.4 103.0 109.2 111.7 97.2 101.1 111.6 114.0 100.1 78.7 109.5 108.5 108.4 109.2 109.5 109.5 110.0 110.8 110.0 110.1 109.3 109.5 109.6 109.6 76.4 116.5 115.1 114.9 115.7 116.0 116.2 116.7 117.7 117.0 117.5 116.9 117.1 117.3 117.5 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2006. The recent 2006 annual revision is described in a 2007 article in the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • February 2008 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -640,148 -612,092 1,157,250 -1,769,341 56,357 62,499 139,408 -76,909 -6,141 -84,414 -754,848 -714,371 1,283,070 -1,997,441 48,058 54,459 152,512 -98,053 -6,400 -88,535 -811,477 -758,522 1,445,703 -2,204,225 36,640 43,172 174,214 -131,042 -6,532 -89,595 Q3 Q4 Q1 Q2 Q3 -217,334 -199,307 365,868 -565,175 5,850 7,491 40,487 -32,996 -1,642 -23,877 -187,938 -176,926 377,623 -554,549 9,661 11,328 47,074 -35,746 -1,668 -20,673 -197,097 -177,581 382,156 -559,737 7,478 9,062 47,760 -38,698 -1,584 -26,994 -188,919 -178,431 396,525 -574,956 12,669 14,350 50,384 -36,034 -1,681 -23,157 -178,456 -173,152 417,736 -590,888 20,456 22,154 55,260 -33,106 -1,698 -25,760 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) 1,710 -369 422 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 2,805 0 -398 3,826 -623 4,511 10,200 -615 -223 3,331 -734 -54 1,275 -215 -51 1,678 -212 -43 212 -241 26 0 -39 294 -229 -54 0 -37 230 -247 -909,539 -359,767 -124,137 -146,549 -279,086 -446,510 -217,471 -39,603 -197,098 7,662 -1,062,896 -454,585 -83,531 -289,422 -235,358 -212,474 -78,798 -29,162 -55,496 -49,018 -291,405 -123,899 15,818 -117,230 -66,094 -449,827 -233,384 -47,830 -87,206 -81,407 -465,123 -210,964 -93,976 -82,203 -77,980 -156,107 -111,282 90,323 -78,825 -56,323 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 397,755 273,279 41,662 -134 69,245 13,703 259,268 112,841 100,493 -421 26,260 20,095 440,264 189,181 191,553 3,133 22,040 34,357 108,799 52,746 55,226 1,154 -7,221 6,894 85,347 47,049 47,749 1,129 -15,666 5,086 152,193 37,705 73,067 654 29,797 10,970 70,464 -13,125 56,400 -77 15,981 11,285 39,016 -11,536 29,354 881 9,846 10,471 28 Change in foreign private assets in United States (increase, +) 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 31 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 1,064,011 334,747 93,522 93,608 14,829 381,493 145,812 944,963 202,508 31,804 132,300 18,969 450,386 108,996 1,419,333 434,393 235,769 -35,931 12,571 591,951 180,580 341,188 100,640 69,637 -13,440 1,129 140,243 42,979 430,682 172,283 49,612 22,090 8,382 132,745 45,570 464,409 203,603 93,624 44,638 -1,631 112,269 11,906 548,808 143,963 110,172 1,813 3,347 242,963 46,550 210,110 69,822 51,821 46,658 4,741 -44,177 81,245 -2,369 85,775 -4,054 -18,454 -3,913 -17,794 -545 -37,121 -15,973 -21,148 -637 -36,643 6,267 -42,910 -559 15,708 11,335 4,373 -598 36,718 2,782 33,935 -554 85,622 -18,584 104,206 17 Change in U.S. private assets abroad (increase, - ) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 2,805 14,096 2,374 1,006 1,415 -72 26 -54 397,889 259,689 437,131 107,645 84,218 151,539 70,541 38,135 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2007 Asset 2005 2006 2008 2007 June July Aug. Sept. Oct. Nov. Dec. Jan.p 1 Total 65,127 65,895 70,565 66,127 67,029 67,508 69,070 69,626 70,966 70,565 72,017 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,018 11,041 9,111 11,041 9,157 11,041 9,301 11,041 9,392 11,041 9,536 11,041 9,476 11,041 9,566 8,036 37,838 5,040 40,943 4,244 45,804 4,573 41,495 4,369 42,508 4,388 42,922 4,463 44,266 4,394 44,800 4,416 45,973 4,244 45,804 4,237 47,173 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. For December 2007 and January 2008, excludes outstanding reciprocal currency swaps with the European Central Bank and the Swiss National Bank in the amounts of $20 billion and $4 billion, respectively. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2007 Asset 2005 2006 June 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 July Aug. Sept. Oct. Nov. Dec. Jan.' 83 98 96 197 94 94 112 601 97 96 114 1.069.014 8,967 1.133.969 8,967 1.191.706 8,710 1,211,812 8,825 1,226,784 8,791 1,173,166 8,764 1,179,525 8,737 1,195,592 8,724 1,191,855 8,724 1,191,706 8,710 1,235,576 8,697 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 2008 2007 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 2007 2006 Item 2006 2007 1 1 1 Total By type 2 Liabilities reported by banks in the United States2 June " June 8 Dec. Sept. Oct. Nov. Dec' 2,585,038 2,905,251 2,256,633 2,490,430 2,585,038 2,761,800 2,804,732 2,851,470' 2,905,251 284,827 176,829 397,898 196,163 308,842 184,847 308,842 184,847 284,827 176,829 341,913 178,083 360,862 180,239 390,992' 185,075 397,898 196,163 1 271 174 1,026 851,182 1 274 168 1,111 1,035,912 1 112 617 986 649,341 1 211 819 986 783,937 1 271 174 1,026 851,182 1 258 830 1,089 981,886 1 262 810 1,096 999,725 1 263 188 1,103 1,011,112 1 274 168 1,111 1,035,912 435,062 7,078 175,746 1 915 375 12,422 39,354 529,353 7,648 250,145 2 072 672 20,045 25,388 366,044 6,952 148,878 1 679 435 18,664 36,654 414,986 7,859 159,444 1 851 832 15,955 40,354 435,062 7,078 175,746 1 915 375 12,422 39,354 467,239 6,857 241,403 1 995414 18,406 32,481 502,562 6,928 241,980 2 005 039 19,670 28,552 528,168 6,918 250,584' 2 022 186 19,702 23,911 529,353 7,648 250,145 2 072 672 20,045 25,388 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 11 Africa 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2006 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2006 Item 2003 2004 2007 2005 Dec. Mar. June Sept. 2 3 Deposits Other liabilities 63,119 36,674 26,445 98,349 52,410 45,939 91,693 59,241 32,452 140,941 97,135 43,806 144,175 96,917 47,258 169,727 103,815 65,912 182,041 104,826 77,215 5 Deposits 81,669 38,102 43,567 129,544 51,029 78,515 100,144 43,942 56,202 131,556 59,153 72,403 130,224 63,063 67,161 143,355 65,611 77,744 148,662 67,723 80,939 8 Deposits 21,365 5,064 16,301 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 77,258 51,484 25,774 81,285 55,342 25,943 80,430 50,748 29,682 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 2008 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. Nov. 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 instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other 12 International and regional organizations5 . . . . 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" 3,080,907 3,851,558 4,447,973 4,199,775 4,374,587 4,314,511 4,280,543' 4,413,939' 4,463,128' 4,447,973 2,299,950 2,924,438 3,304,464 3,253,508 3,370,500 3,276,744 3,238,667' 3,341,782 3,353,782' 3,304,464 1,043,801 1,256,149 713,327 1,315,290 1,609,148 1,028,974 1,409,153 1,844,355 1,216,061 1,413,525 1,863,219 1,209,155 1,037,767 1,466,517 1,772,150' 1,129,192' 1,041,876' 1,517,848 1,823,934 1,180,996 1,072,157' 1,521,991' 1,831,791' 1,195,995 1,109,346' 780,957 927,120 1,535,471 1,768,993 1,099,640 1,143,509 1,535,471 1,768,993 1,099,640 1,143,509 259,843 250,886 300,131 505,783 946,267 226,939 410,833 1,430,743 1,939,757 1,319,817 1,004,087 245,389 266,433 259,921' 268,937' 284,583' 300,131 440,240 451,807 461,997' 505,828' 516,853' 505,783 319,598 371,732 53,594 136,783 201,516 66,155 113,865 304,502 97,792 198,354 337,595 86,041 114,579 308,495 93,276 120,861 318,458 96,646 149,998 319,527 92,621' 160,891 319,958 101,066' 180,911 297,392 99,123' 196,254 307,910 97,792 198,354 337,595 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25,770 19,021 6,749 3,655 800 27,164 22,929 17,784 5,145 4,235 250 30,386 26,453 20,532 5,921 3,933 506 30,262 26,585 20,632 5,953 3,677 287 31,304 27 765 21,208 6,557 3,539 353 29,217 25,776 20,535 5,241 3,441 310 30,397 25,971 20,833 5,138 4,426 838 30,048' 26,301' 20,740' 5,561 3,747 738 27,164 22,929 17,784 5,145 4,235 250 4,096 2,855 3,985 3,427 3,390 3,186 3,131 3,588 3,009 3,985 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 594,061 215,886 48,554 167,332 492,637 225,442 58,169 167,273 528,452 245,012 58,667 186,345 533,144 218,524 55,359 163,165 519,996 198,226 53,349 144,877 541,101 197,183 48,961 148,222 576,067' 210,021' 47,691' 162,330 594,061 215,886 48,554 167,332 327,526 201,863 282,702 176,829 378,175 196,163 267,195 160,745 283,440 176,036 314,620 179,837 321,770 178,083 343,918 180,239 366,046 185,075 378,175 196,163 26 Banks10 27 Banks' own liabilities 28 Deposits2 29 Other 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'" . . . 33 Other ,792,040 ,566,967 841,248 725,719 225,073 23,771 2,258,115 1,917,300 1,025,334 891,966 340,815 31,153 1,523,562 !,415,990 2,447,034 >, 163,331 !,090,884 2,107,006 1,169,917 1,084,051 1,090,667 993,414 1,006,833 1,016,339 360,231 325,106 340,028 38,382 25,888 28,421 ',464,304 >,122,012 1,073,583 1,048,429 342,292 30,246 2,462,194' 2,120,899' 1,124,474 996,425' 341,295' 30,584 48,776 152,526 66,378 243,284 65,363 256,486 65,775 233,443 68,979 242,628 71,265 240,781 68,934' 241,777 34 Other foreigners'' 35 Banks' own liabilities 36 Deposits2 37 Other 769,564 546,387 148,766 397,621 1,102,362 802,414 219,555 582,859 1,303,186 902,318 299,216 603,102 1,260,762 910,729 246,401 664,328 1,368,839 991,897 260,777 731,120 1,285,759 908,443 263,375 645,068 38 39 40 223,177 33,124 299,948 42,104 400,868 65,336 350,033 39,800 376,942 40,645 377,316 55,997 375,370' 50,944' 394,354' 51,624' 400,051' 59,316' 400,868 65,336 142,188 47,865 196,728 61,116 255,424 80,108 235,922 74,311 260,470 75,827 243,837 77,482 247,389' 77,037 263,151' 79,579 260,302' 80,433 255,424 80,108 43 Total, all foreigners 3,080,907 3,851,558 4,447,973 4,199,775 4,374,587 4,314,511 4,280,543' 4,413,939' 4,463,128' 4,447,973 44 Foreign countries . . 3,060,114 3,822,133 4,420,809 4,169,389 4,344,325 4,283,207 4,251,326' 4,383,542' 4,433,080' 4,420,809 ,229,338 3,604 16,022 1,537 3,612 71,486 58,960 1,200 68,660 7,075 61,065 14,502 27,921 2,716 101,335 9,535 4,771 140,140 9,895 563,253 29,559 119 32,371 1,482,788 3,841 14,528 931 3,204 69,078 69,894 1,488 84,085 7,350 73,099 25,309 42,383 2,250 62,711 8,941 3,715 54,622 10,369 888,945 33,360 295 22,389 1,736,585 4,987 18,248 768 1,263 64,485 97,582 1,348 113,461 8,075 106,918 24,852 48,023 2,993 104,709 11,474 7,677 51,939 12,098 992,925 25,281 532 36,947 1,759,583 5,804 19,745 1,156 1,625 65,432 77,824 1,370 96,186 5,545 98,064 29,442 72,655 3,084 59,001 1,687,010' 1,802,113 6,064 4,723 15,188' 18,659 886 1,000 611 1,184 67,385 80,552 90,643 95,229 1,665 1,516 99,864 112,774 6,550 8,206 102,023 109,056 24,454 30,505 56,616 56,462 2,617 2,618 70,248 88,740 9,566 9,153 4,625 5,645 44,874 47,933 13,275 12,684 1,018,362 1,046,240 25,368 40,251 530 463 25,596 28,520 19 Official institutions9 20 Banks' own liabilities 21 Deposits2 22 Other 23 24 25 41 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'" Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments'" Other 182,012 2,526,612' !,511,432' 2,523,562 2,197,153' !,171,930' 2,163,331 1,177,066 1,172,657' 1,169,917 1,020,087' 999,273' 993,414 339,502 360,231 329,459 39,454 38,382 36,236 75,555 217,668 72,584 227,464 65,363 256,486 1,269,136' 1,315,829' 1,345,581' 1,303,186 893,766' 921,475' 945,530' 902,318 270,988 268,159 280,903' 299,216 650,487' 625,607' 664,627' 603,102 MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 63 Switzerland 64 Turkey 65 United Kingdom and Isle of Man 66 Channel Islands 13 67 Yugoslavia Other Europe and other former U.S.S.R.1 Footnotes appear on next page. ,750,105 4,619 17,064 652 2,425 60,760 73,059 1,528 95,696 6,527 99,278 41,142 74,558 2,957 50,616 12,011 7,104 64,176 14,459 ,061,858 36,796 289 22,531 1,852,495 6,614 15,248 722 811 60,978 74,626 1,490 103,940 6,228 111,616 40,501 84,549 3,035 49,034 8,543 7,080 62,547 14,467 1,139,153 35,538 293 25,481 4,282 56,993 15,281 1,079,604 32,254 337 25,800 ,804,361' 1,736,585 5,121 4,987 20,071 18,248 2,143 768 1,273 1,263 70,293 64,485 97,100 97,582 1,415 1,348 110,384 113,461 9,108 8,075 112,223 106,918 32,066 24,852 58,041 48,023 2,373 2,993 94,308 104,709 9,774 11,474 6,114 7,677 50,782 51,939 12,013 12,098 ,047,515' 992,925 26,224 25,281 481 532 35,540 36,947 Bank-Reported Data 3.17 47 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1—Continued Payable in U.S. dollars Millions of dollars, end of period Aug. Sept. Nov. Dec.1 MEMO 68 European Union1- n.a. 69 Canada . 33,552 44,613 59,389 55,283 61,306 62,058 64,098 67,077 56,913 59,389 133.637 9,674 11,900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,731 10,506 16,067 16,839 11,657 3,409 1,420 45,349 7,125 4,267 6,116 22,759 11,217 172,908 11,971 24,499 15,538 10,966 3,273 1,815 52,335 6,995 5,168 6,366 23,021 10,961 162,427 10,579 20,954 14,128 11,278 3,462 1,935 45,176 7,640 5,472 6,608 21,683 13,512 169,571 10,571 23,835 15,670 10,969 3,309 1,831 48,765 6,932 5,820 6,541 22,153 13,175 176,023 10,788 25,671 14,667 10,828 3,264 1,775 55,609 6,991 5,383 6,417 22,167 12,463 176,410 11,138 28,542 14,760 9,827 2,972 1,617 55,068 7,092 5,682 7,010 21,353 11,349 175,179 10,793 28,504 15,208 10,682 3,255 1,586 53,044 6,710 4,417 7,401 22,840 10,739 174,749' 10,616 30,465 15,713 10,698 3,133 1,749 50,856 6,572 5,490' 6,055 22,840 10,562 172,908 11,971 24,499 15,538 10,966 3,273 1,815 52,335 6,995 5,168 6,366 23,021 10,961 1,214,058 211,459 52,132 n.a. 907,840 120 916 6,396 2,830 32,365 1,669,856 256,173 55,129 21,493 1,297,459 82 1,023 8,456 3,346 26,695 1,879,583 284,550 48,519 33,564 1,458,977 80 1,322 10,083 3,300 39,188 1,720,438 211,275 50,349 24,121 1,385,020 83 958 10,585 3,755 34,292 1,783,467 213,077 46,991 26,278 1,448,400 83 915 7,198 3,964 36,561 1,781,639 234,703 52,209 28,904 1,418,321 84 826 5,036 4,032 37,524 1,806,567 238,894 46,731 28,264 1,451,394 84 846 5,112 3,640 31,602 1,800,458 247,069 45,580 31,769 1,430,322 95 975 5,670 3,423 35,555 408,192 422,744 528,135 419,941 416,061 453,169 474,395' 497,578' 497,305' 528,135 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,410 43,111 18,808 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492 44,740 94,364 44,477 18,212 5,212 7,764 146,347 35,911 4,834 26,046 14,150 80,133 50,685 47,851 31,720 17,183 4,235 10,022 127,831 23,998 4,538 24,162 10,867 68,711 48,823 59,385 35,804 18,375 4,648 9,187 113,777 24,298 4,024 23,646 12,601 62,184 48,132 73,950 33,789 20,000 3,427 9,552 135,095 22,795 3,691 21,263 9,933 71,009 48,665 81,451 39,926 17,968 4,189 8,718 146,356' 19,143 4,525 21,753 10,166 71,848 48,352 97,495 47,097 19,973 5,888 9,529 140,091' 18,963 4,522 20,389 9,777 76,167 47,687 86,422 42,778 18,615 3,429 9,259 141,372' 26,194 4,662 22,150 13,950 79,730' 48,744' 94,364 44,477 18,212 5,212 7,764 146,347 35,911 4,834 26,046 14,150 80,133 50,685 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries17 111 Other 20,095 4,953 138 3,049 6,858 5,097 14,781 2,252 198 1,396 4,438 6,497 25,821 3,685 180 1,630 6,117 14,209 19,405 4,070 169 1,978 4,914 8,274 20,521 3,937 192 2,693 5,783 7,916 19,576 3,845 173 3,897 4,381 7,280 17,701 3,299 137 1,850 4,444 7,971 18,947 3,817 185 1,627 5,353 7,965 22,396' 3,586' 151 2,486 4,038' 12,135 25,821 3,685 180 1,630 6,117 14,209 112 Other countries 113 Australia 114 New Zealand 115 All other 21,242 17,769 3,007 466 30,620 25,277 4,505 838 18,388 14,130 3,110 1,148 41,790 37,864 3,235 691 40,904 37,217 2,729 958 31,159 27,569 2,963 627 25,145 21,896 2,400 849 22,190 18,520 2,768 902 19,463 14,293 3,802 1,368 18,388 14,130 3,110 1,148 116 International and regional organizations 117 International15 118 Regional19 20,793 15,684 5,109 29,425 25,202 4,223 27,164 23,107 4,057 30,386 25,844 4,542 30,262 25,953 4,309 31,304 27,290 4,014 29,217 25,476 3,741 30 397 26,004 4,393 30,048' 26,206 3,842' 27,164 23,107 4,057 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America 83 Caribbean Bahamas 84 Bermuda 85 British Virgin Islands . 86 87 Cayman Islands 88 Cuba 89 Jamaica 90 Netherlands Antilles . 91 Trinidad and Tobago . 92 Other Caribbean 93 Asia China 94 Mainland 95 Hong Kong 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries 105 Other 1,482,580 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 9. Foreign central banks and foreign central governments. Before June 2006, also includes the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory 1,857,893' 1,879,583 284,550 279,399 48,018 48,519 33,013 33,564 1,448,804' 1,458,977 80 80 981 1,322 10,083 5,711 3,300 3,146 39,188 38,741 agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 14. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 17. Comprises Algeria, Gabon, Libya, and Nigeria. 18. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. 48 Federal Reserve Bulletin Statistical Supplement • February 2008 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country July Aug. Sept. 1 Total, all foreigners 1,864,834 2,291,340 2,790,591 2,627,693 2,707,136 2,710,969 2,700,426' 2,842,947' 2,820,948' 2,790,591 2 Foreign countries 1,857,584 2,282,166 2,780,286 2,618,638 2,698,583 2,702,697 2,691,553' 2,835,385' 918,660 4.139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,188,919 4,277 13,592 1,156 9,434 112,406 18,189 250 24,304 30,991 7,144 29,578 31,032 924 1,745 9,834 8,907 105,368 3,741 732,430 36,893 6,724 1,618,918 4,047 20,566 2,828 28,445 162,416 34,212 110 44,572 35,870 13,249 52,109 22,213 1,364 1,800 20,448 7,253 192,061 3,426 932,967 24,677 14,286 1,432,992 3,713 34,567 762 13,579 140,602 24,718 135 28,227 23,856 11,573 49 535 18,619 987 1,731 16,617 4,704 172,834 3,304 830,519 43,447 8,963 1,486,137 4,337 22,595 1,034 15,018 152,501 24,958 176 28,068 24,309 11,697 50,450 21,109 993 1,838 17,758 4,942 163,303 3,253 886,026 42,831 8,941 1,525,917 4,912 26,613 4,173 15,908 142,020 31,230 216 30,029 25,923 13,129 57 341 23,840 1,191 1,793 15,963 6,916 173,979 3,324 898,944 39,291 9,182 1,559,435' 4,674 17,101 1,567 21,906 142,526 37,029 208 32,249 32,732 10,715' 58,033 23,756 1,458 1,900 17,355 7,174 178,360 3,276 926,983 32,294 8,139 3 Europe 4 Austria 5 Belgium 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man 24 Other Europe and other former U.S.S.R.2 . . 1,668,974' 4,205 31,589 1,611 21,279 144,062 35,354 267 40,037 37,707 9,991' 54,828 22,657 1,279 1,998 17,256 9,504 199,793 3,238 976,319 46,436 9,564 2,811,399' 2,780,286 1,674,564' 4,884 31,117 5,026 23,236 153,875 29,406 222 35,909 35,075 8,871' 52,471 27,476 1,630 1,758 23,774 7,723 239,311 948,138' 26,626 14,706 1,618,918 4,047 20,566 2,828 28,445 162,416 34,212 110 44,572 35,870 13,249 52,109 22,213 1,364 1,800 20,448 7,253 192,061 3,426 932,967 24,677 14,286 MEMO 1,374,580' 1,318,274' 1,252,490 1,373,195 25 European Union3 n.a. 26 Canada 64,104 71,325 85,676 92,110 98,422 86,238 88,143 88,100 95,209 85,676 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 51,170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 59,195 2,763 19,894 6,689 2,900 604 1,031 16,569 2,316 1,446 355 2,281 2,347 82,996 3,978 30,369 8,849 3,567 943 1,314 21,772 3,827 2,995 338 2,322 2,722 69,205 3,473 24,630 5,894 4,266 772 1,074 18,387 3,253 2,247 334 2,429 2,446 71,877 3,762 24,334 6,051 4,436 829 1,096 20,447 3,209 2,447 282 2,552 2,432 74,505 3,706 26,053 6,538 4,517 828 1,141 20,945 3,023 2,270 317 2,664 2,503 81,712 3,835 31,330 7,120 4,629 889 1,195 21,254 3,141 2,128 989 2,670 2,532 81,486 4,074 29,973 7,490 3,764 913 1,244 22,523 3,329 2,633 330 2,597 2,616 87,594 3,950 35,703 8,329 3,493 939 1,310 22,092 3,482 2,671 316 2,569 2,740 82,996 3,978 30,369 8,849 3,567 943 1,314 21,772 3,827 2,995 338 2,322 2,722 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 724,316 120,904 17,777 2,807 572,273 669 2,484 1,055 6,347 769,083 145,303 10,590 3,080 596,604 657 4,114 673 8,062 796,722 133,440 14,966 5,348 634,090 566 2,514 678 5,120 810,316 131,300 23,076 5,377 641,117 580 2,490 534 5,842 811,754 144,198 22,174 4,315 629,438 613 5,621 488 4,907 770,882' 144,435 17,613 3,372 595,309' 638 4,620 489 4,406 796,009' 167,359 13,422 3,440 601,524' 620 4,642 576 4,426 746,873' 139,608 10,604 3,142 577,538' 588 4,482 658 10,253' 769,083 145,303 10,590 3,080 596,604 657 4,114 673 8,062 190,610 221,858 185,305 209,595 207,419 177,358 165,861 174,336 176,207 185,305 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,888 2,827 519 5,319 140,329 24,484 996 3,166 5,729 10,579 5,574 18,489 8,802 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 20,279 6,249 3,256 488 6,399 113,884 25,927 1,098 5,650 5,587 14,505 6,273 24,809 6,961 3,611 513 6,373 108,175 24,268 820 5,970 6,416 13,597 5,906 18,657 9,149 4,095 574 7,204 92,791 17,161 878 3,690 2,858 15,454 4,847 17,399 6,226 4,269 549 5,150 92,100 12,787 1,188 3,396 2,333 14,532 5,932 13,183 5,310 5,144 633 5,553 104,283 12,740 1,207 2,982 1,671 16,002 5,628 16,952 7,888 4,784 763 6,812 95,012 14,468 1,073 1,436 4,328 16,993 5,698 18,489 8,802 4,385 985 3,724 83,250 27,383 1,207 1,232 5,945 23,197 6,706 1,621 422 63 331 317 488 1,853 597 56 255 403 542 8,164 312 27 493 442 6,890 1,771 399 58 329 283 702 1,761 434 64 194 292 777 1,642 367 17 244 287 727 1,674 304 26 249 312 783 2,237 343 18 506 321 1,049 5,016 353 19 231 353 4,060 8,164 312 27 493 442 6,890 10,945 10,226 541 178 14,700 13,195 1,263 242 30,144 28,706 1,122 316 16,243 15,041 867 335 22,651 20,751 1,532 368 25,283 23,988 916 379 23,846 22,680 810 356 24,243 23,042 839 362 25,936 24,591 1,011 334 30,144 28,706 1,122 316 7,250 9,174 10,305 9,055 8,553 8,272 8,873 7,562 9,549 10,305 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 . . . 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries'" 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 . . . . 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 4. Before June 2006, data for the British Virgin Islands were included in "Other Caribbean." 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2007 Type of claim 2005 2006 2007 June July Aug. 2 707 136 106,601 1 945 706 654,829 2 710 969 93,527 1 990 238 627,204 Oct.' Nov.' Dec.p 2 842 947 85,064 2104106 653,777 2 820 948 108,403 2 075 912 636,633 2 790 591 108,185 2 061 516 620,890 1 Total claims reported by banks 2,344,155 2,944,476 2 Banks' own claims on foreigners 3 Foreign official institutions2 1,864,834 72,919 1 391 775 400,140 2 291 340 98,010 1 662 805 530,525 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 748,320 2,414 923,958 6,272 972,092 5,830 1,000,976 9,281 1,011,009 9,481 982,251 10,143 937,673' 5,953 1,007,741 6,346 919,988 5,604 972,092 5,830 7,324 1,106,776 1 304 277 9,236 1,351,874 1 639 474 18,092 1,794,577 2 069 286 10,552 1,606,884 1 920 290 13,410 1,673,236 1 954 096 12,982 1,705,593 1 935 048 12,703 1,744,097' 1 978 012' 17,713 1,811,147 2 077 205 17,132 1,878,224 2 047 275 18,092 1,794,577 2 069 286 482,090 664,373 800,427 794,401 864,849 849,224 843,785 862,637 862,960 800,427 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims 3,361,669 Sept. 2 790 591 108,185 2 061 516 620,890 2 627 693 96,012 1 904 201 627,480 3,473,795' 733,976 302,829 191,133 216,169 23,845 2 700 426r 86,503 1 978 250r 635,673' 773,369 339,725 205,448 195,153 33,043 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 3.22 Federal Reserve Bulletin Statistical Supplement • February 2008 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. 1 Total 73,700 92,009 76,710 81,003 78,195 85,780 89,217 89,729 106,508 By type 2 Financial liabilities 3 Short-term negotiable securities' 43,610 14,002 62,847 11,759 39,249 9,050 39,585 5,704 32,995 11,486 42,556 12,448 48,712 11,617 47,089 7,692 52,649 6,783 8,561 4,781 9,482 12,838 10,120 18,573 10,915 21,013 12,219 24,908 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 14 15 16 17 18 19 20 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom n.a. n.a. 15,515 28,095 1,431 10,372 11,425 2,493 2,374 29,575 33,272 2,399 9,067 18,337 1,564 1,905 24,003 15,246 2,354 4,052 3,169 2,018 3,653 24,509 15,076 1,407 6,242 2,676 1,338 3,413 19,395 13,600 1,064 3,031 2,963 1,212 5,330 29,323 13,233 2,268 3,687 2,722 1,173 3,383 35,033 13,679 2,806 4,629 4,024 1,393 827 27,136 19,953 1,115 10,675 5,311 1,365 1,487 31,589 21,060 1,328 11,414 4,044 2,397 1,877 34,832 709 3,543 3,531 284 517 23,886 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 20,823 451 1,039 4,510 432 237 11,862 19,644 271 1,572 3,777 453 369 12,652 25,554 273 1,103 9,897 449 143 12,374 30,184 936 995 11,174 1,183 346 14,308 30,304 788 889 4,450 598 280 22,353 34,443 863 621 6,264 204 313 24,956 14,659 6,956 8,567 2,433 2,530 2,671 2,287 3,573 3,986 1,826 2,361 711 242 n.a. 3,114 34 3 16,196 0 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 9,683 0 769 56 n.a. 8,744 23 7,879 1 5 53 n.a. 7,732 27 9,648 0 0 48 n.a. 9,456 33 0 12,435 0 0 12,589 0 49 24 n.a. 12,265 30 0 12,178 25 1 12,645 0 0 15 n.a. 12,388 35 14 2,547 1,826 36 4,724 1,648 36 5,323 1,383 173 5,321 1,083 206 2,355 1,265 647 2,968 1,223 1,200 1,924 1,346 100 2,225 1,568 59 3,106 1,392 1,088 123 92 131 94 997 97 1,022 98 784 0 733 0 31 0 0 27 0 MEMO: 21 22 Canada 23 24 25 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 34 35 Africa Oil-exporting countries'" 36 All other7 6,534 7,049 Euro area3 115 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of liability, and area or country Sept. 37 Commercial liabilities 38 Trade payables 39 Advance payments and other liabilities 30.090 17,174 12,916 29,162 18,181 10,981 37,461 23,050 14,411 41,418 26,542 14,876 45,200 30,119 15,081 43,224 28,564 14,660 40,505 25,673 14,832 42,640 27,165 15,475 53,859 28,237 25,622 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 27,632 2,458 199 787 606 209 657 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 38,731 2,687 134 1,098 463 300 692 41,995 3,205 699 1,100 393 304 709 40,171 3,053 668 601 423 387 974 37,298 3,207 730 610 470 377 1,020 39,114 3,526 745 640 551 410 1,180 50,440 3,419 707 617 541 381 1,173 9,821 159 900 855 384 1,367 3,025 9,030 123 1,019 1,024 305 564 3,407 10,574 109 1,870 1,113 489 1,113 2,882 11,367 86 1,979 1,089 626 664 3,606 11,528 138 1,888 1,242 423 856 3,372 11,611 156 1,525 1,198 618 1,348 3,600 10,962 222 1,567 1,217 526 724 3,046 11,760 123 1,608 1,279 498 1,527 3,262 14,876 209 1 559 2,201 755 1,370 4,313 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom MEMO 54 5,480 5,779 5,120 6,850 2,166 2,145 2,375 3,066 4,112 3,519 3,708 4,127 4,737 3,406 14 513 233 n.a. 40 1,298 329 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 n.a. 76 2,209 5,748 82 688 158 n.a. 219 2,748 492 7,399 64 851 216 5,757 70 777 241 n.a. 539 2,120 353 6,272 109 744 141 629 2,795 461 6,563 85 720 204 n.a. 569 2,518 465 485 2,321 570 7,817 163 1,008 360 n.a. 647 2,512 663 13,311 4,370 3,148 12,239 4,221 2,910 17,427 5,971 3,986 20,039 6,089 5,432 20,403 6,182 5,344 20,042 6,031 4,978 18,755 5,864 3,855 18,753 5,703 4,656 24,049 5,688 5,803 782 372 947 424 916 493 713 342 1,294 755 969 591 849 283 952 599 1,267 637 3,730 Euro area3 55 Canada 56 57 58 59 60 61 62 63 64 65 66 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 67 68 Africa Oil-exporting countries'" 69 All other7 1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 3.23 Federal Reserve Bulletin Statistical Supplement • February 2008 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs' Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 100,916 143,232 144,950 130,321 118,575 124,815 126,032 131,225 137,231 67,347 35,465 3,204 110,517 47,270 9,892 111,394 50,149 13,180 94,892 40,565 12,365 81,661 41,964 544 88,855 34,378 2,152 88,646 31,909 2,744 93,073 28,337 579 93,794 27,228 2,223 157 28,678 103 53,355 65 48,065 18 39,153 12 52,325 15 53,993 6 64,157 14,453 2,726 14,443 15,196 10,057 17,842 12,174 22,603 14,268 18,789 n.a. n.a. 57,894 9,453 912 2,776 3,242 831 1,692 67,445 43,072 1,329 20,651 9,219 7,345 4,528 75,802 35,592 9,348 9,308 7,635 3,537 5,764 60,754 34,138 7,823 8,164 8,332 3,510 6,309 59,240 22,421 8,473 4 635 4,476 610 4,227 63,946 24,909 10,416 6,337 4,361 656 3,139 66,871 21,775 8,454 5,843 4,014 746 2,718 64,047 29,026 4,336 16,280 4,936 777 2,697 66,625 27,169 3,729 15,339 3,850 868 3,383 28,970 391 3,049 2,859 2,789 617 11,438 48,714 2,177 1,452 5,386 7,389 978 23,982 42,736 1,743 2,752 2,729 3,033 1,152 22,111 36,038 1,286 1,639 2,315 3,148 1,449 20,103 23,738 565 2,861 2,428 1,649 864 9,550 34,038 618 2,563 9,084 2,610 795 12,004 34,070 328 1,310 8,506 2,842 706 13,713 44,607 445 2,119 8,447 4,437 722 21,847 47,629 2,985 3,557 9,058 5,138 806 18,377 MEMO: 23 24 12,106 11,223 5,311 6,412 13,372 12,056 12,959 15,110 14,118 10,177 11,312 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 45,063 1,590 1,590 1,950 n.a. 36,355 2,019 159 37,353 2,368 1,583 1,655 n.a. 29,253 1,424 163 38,198 3,802 1,602 1,703 n.a. 28,980 1,176 136 32,776 4,463 1,631 1,419 n.a. 23,146 1,236 117 34,890 3,901 1,231 1,982 n.a. 25,728 1,175 102 32,293 5,762 1,296 1,655 n.a. 20,885 1,098 116 28,036 2,086 1,269 1,580 n.a. 20,747 1,166 158 5,317 1,194 158 6,840 993 137 7,223 568 242 6,566 496 251 4,105 665 705 4,248 779 1,209 3,238 882 60 3,841 1,563 82 4,745 1,465 1,111 1,291 37 1,268 36 1,112 36 1,067 34 345 34 365 33 366 33 22,053 Euro area3 Canada 25 26 27 28 29 30 31 32 33 34 35 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countriesf 36 37 Africa Oil-exporting countries'" 38 All other7 419 12 1,115 19,490 Nonbank-Reported Data 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS 53 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 39 Commercial claims 40 Trade receivables 41 Advance payments and other claims . 33.569 28,618 4,951 32,715 29,229 3,486 33,556 29,231 4,325 35,429 30,961 4,468 36,914 32,577 4,337 35,960 31,337 4,623 37,386 32,802 4,584 38,152 33,260 4,892 43,437 36,001 7,436 42 43 44 45 46 47 48 Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling . Japanese yen All other currencies 25,494 8,075 1,557 1,542 1,187 589 3,200 27,439 5,276 512 1,561 1,586 238 1,379 29,898 3,658 481 1,335 706 187 949 31,567 3,862 394 1,727 713 126 902 33,539 3,375 424 1,344 659 150 798 32,372 3,588 546 1,345 584 233 33,160 4,226 740 1,108 661 281 1,436 34,289 3,863 608 1,360 734 221 940 39,644 3,793 658 1,233 707 257 938 49 50 51 52 53 54 55 By area or country Commercial claims Europe Belgium-Luxembourg . France Germany Netherlands Switzerland United Kingdom 14,552 247 2,816 1,273 395 1,921 3,928 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 14,531 479 2,286 1,468 653 742 4,721 14,003 420 2,368 1,675 478 659 4,130 14,019 475 2,059 1,639 527 1,043 3,802 14,105 443 2,110 1,642 728 718 3,789 14,845 481 2,114 1,765 578 830 4,260 16,762 488 1,956 1,780 665 1,087 5,118 MEMO Euro area3 8,376 8,457 8,961 Canada 3,070 2,017 2,750 2,753 3,179 2,483 3,402 2,850 4,109 58 59 60 61 62 63 64 65 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 5,153 26 460 903 n.a. 52 1,339 6,477 55 650 935 7,037 35 731 938 n.a. 200 2,247 403 7,854 39 1,166 973 n.a. 488 1,896 371 7,355 31 464 1,046 n.a. 563 2,016 349 7,146 48 503 945 n.a. 323 2,067 379 7,779 29 662 914 8,089 33 1,267 922 160 2,018 319 6,757 41 648 1,022 n.a. 61 2,089 380 401 1,980 426 585 1,952 451 66 67 68 Asia Japan Middle Eastern oil-exporting countries5 7,352 1,757 8,943 1,855 1,071 10,073 2,128 1,558 9,148 2,167 1,419 10,146 2,158 1,843 10,321 2,207 1,727 11,011 2,467 1,754 10,849 2,504 1,600 12,507 3,156 1,686 69 70 Africa Oil-exporting countries6 . 636 138 629 154 830 258 915 313 961 315 1,037 359 962 266 982 321 56 6,890 8,222 2,806 1. Data available beginning March 2003. For data on loans and repurchase agreements, data available on a consistently defined basis beginning in June 2006. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although Slovenia joined the euro area January 2007, separate data for Slovenia are not available. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • February 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Dec. July Aug. Sept. U.S. corporate securities STOCKS 1 Foreign purchases 6,718,156 2 Foreign sales Foreign countries Of which: by foreign official institutions . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 26 International and regional organizations2 .. 896,129 866,165 195,498 927,052 905,830 1,278,775 1,319,500 799,649 797,035 999,347 969,127 1,101,407' 1,096,657' 944,625 911,164 33,461 21,222 -40,725 150,371 5,766 195,536 15,107 195,536 15,107 29,962 1,655 21,257 2,815 -40,731 -1,612 2,615 84 30,219 354 4,749' 482 33,458 12,502 97,066 1,625 21,735 -8,040 -1,788 11,608 -5,363 1,180 75,764 102 11,818 2,166 35,068 7,974 -4,490 471 -463 -669 89 680 89,233 -1,169 19,515 592 28 -7,143 6,885 -2,977 69,473 877 8,086 780 48,590 12,240 31,734 3,993 35,434 -4,973 -300 5,173 89,233 -1,169 19,515 592 28 -7,143 6,885 -2,977 69,473 877 8,086 780 48,590 12,240 31,734 3,993 35,434 -4,973 -300 5,173 12,153 302 4,443 -5,224 -273 -512 -1,219 -751 14,755 266 682 185 12,528 36 3,560 2,942 4,808 -2,646 -44 862 6,104 185 -408 515 45 259 2,973 -939 2,684 35 975 519 4,594 1,676 6,885 -50 5,791 -1,166 53 451 -14,852 -294 -4,187 -3,312 213 -870 -230 878 -9,463 -75 221 -30 -24,493 573 -1,722 -26 2,787 -64 -15 -413 -7,515 130 5,841 -2,719 -100 -1,148 -2,372 -532 -5,320 -22 1,858 -276 7,620 -96 902 -57 1,248 14,246 -16 6,466 2,543 -426 -972 -1,081 41 6,785 35 2,378 -380 6,186 1,739 5,138 3,054' -756' 895' 2,857' 70' -1,660 121' -785' 848' -380 2,460' 374' -7,818' 901' 5,301' 1,133' 4,233' 125' 13,558 328 -1,158 -191 153 -1,666 -1,129 695 16,342 154 -19 105 4,395 7,100 9,241 73 4,673 126 -210 -712 44 -38 -38 1,572,160 1,285,696 2,050,451 1,824,365 2,050,451 1,824,365 171,020 131,426 164,857 156,190 166,107 157,752 286,464 226,086 226,086 39,594 8,667 286,228 92,632 225,707 119,057 225,707 119,057 39,476 15,993 8,691 7,468 86,320 -274 -261 4,471 4,133 5,028 -655 -186 51,072 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 82,025 -1,808 4,293 290 1,115 -8,520 -585 -1,906 60,306 4,823 3,232 6,376 -7,929 8,353 132,586 73,733 30,722 14,061 38 1,026 82,025 -1,808 4,293 290 1,115 -8,520 -585 -1,906 60,306 4,823 3,232 6,376 -7,929 8,353 132,586 73,733 30,722 14,061 38 1,026 15,935 9 34 274 227 -86 606 2 11,276 -319 667 2,019 25 1,845 18,872 9,741 2,208 5,037 -9 122 7,084 -42 -88 552 -128 -691 300 170 5,015 635 349 2,929 -3,501 -191 1,917 2,519 3,163 -4,858 55 49 236 379 379 118 -24 1,678,464 1,167,658 1,912,345 1,529,206 1,912,345 1,529,206 184,509 154,529 137,269 132,545 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 10,444,219 10,444,219 30,220 -43 165 4,720 25 -31 943 366' 1 1 182,090 170,608 179,040 164,162 174,264 147,627 227,714 231,030 8,355 11,482 14,878 26,637 -3,316 8,352 4,063 11,448 9,194 14,943 10,048 26,303 6,007 -3,311 4,080 -1,587 -697 -272 161 293 -1,969 131 -316 3,719 -132 169 -989 -2,517 173 13,153 2,700 2,344 3,692 -20 -30 5,948 -30 1,208 -44 287 -280 167 55 4,339 38 411 -497 -5,860 101 11,410 8,026 2,684 -220 -30 -35 10,224 -916 439 -242 371 -2,448 -49 -311 6,732 466 402 399 -344 184 3,560 3,048 1,611 2,713 -8 526 7,669 -68 933 -566 918 -2,907 -48 -159 6,093 -33 -1,225 -1,189 15,543 -595 5,921 6,627 2,567 1,063 26 153 1,816 -138 -18 47 -225 290 -713 -293 279 -48 508 -1,006 -9,098 -497 4,884 2,550 2,071 2,654 -21 103 34 -65 334 -5 121,310' 105,939' 140,595 103,091 -35 U.S. GOVERNMENT AGENCY BONDS 27 Foreign purchases 28 Foreign sales 29 Net purchases, or sales (-) 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Foreign countries Of which: by foreign official institutions . . . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 52 International and regional organizations2 .. CORPORATE BONDS 3 53 Foreign purchases 54 Foreign sales 383,139 55 Net purchases, or sales (-) 155,190 156,009 134,280 118,362' 166,376 143,314' 23,062' 4,724 37,504 Foreign countries Of which: by foreign official institutions . Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 509,783 28,556 381,892 50,566 381,892 50,566 29,843 3,702 4,334 1,030 -1,228 2,985 15,998' 4,631 23,029' 7,437 15,402' 4,898 37,496 8,218 316,130 -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 253,762 10,388 8,052 10,029 91,309 4,666 72,282 31,158 14,810 12,646 -188 7,503 198,273 -7,413 4,261 5,419 8,658 -14,650 -652 3,580 208,487 -6,717 12,410 5,097 41,694 3,803 115,195 41,675 12,780 38,573 -169 5,589 198,273 -7,413 4,261 5,419 8,658 -14,650 -652 3,580 3,580 -6,717 12,410 5,097 41,694 3,803 115,195 41,675 12,780 38,573 -169 5,589 22,797 -1,555 -1,384 -234 588 -20 105 1,224 19,864 3,294 647 399 -6,805 347 11,565 4,776 1,326 4,673 -6 899 -1,414 -411 -56 513 1,105 -2,526 -102 -180 3,394 -2,016 1,620 786 670 -290 3,438 1,927 351 1,072 -117 -359 -3,066 -159 24 1,126 310 -7,960 49 -156 6,301 -3,301 649 555 -4,878 651 4,538 1,558 1,053 136 -28 351 -4,464 -641 543 100 -324 -1,927 23 -450 7,200 -9,034 813' 240' 1,680 286 17,373 2,697 1,309 10,579 18 52 19 -56 716 -689 -1,034 161 645 8,232 -1,208 504' 1,048 4,438 873 17,376 1,957 587 9,222 4 -406 1,138 -590 -250 -337 641 -557 -234 831 1,447 -151 -473' 187 3,901 774 9,833 3,706 1,502 3,082 -26 68 11,444 -408 -10 965 75 -1,827 78 International and regional organizations3 1,023 1,247 1,247 137 390 409 -80 r 33' -31 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 497 12,502 -724 810 -191 9,718 -30 15,589 7,739 1,491 5,390 71 85 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars 2007 Transaction, and area or country 2006 2007 2007 Jan.Dec. June July Aug. Sept. Oct. Nov.' Dec' 5,029 546,484 541,455 9,617 521,977 512,360 456 430,223 429,767 Foreign securities 79 Stocks, net purchases or sales (-) 4 -106,455 3,636,185 3,742,640 80 Foreign purchases -94,906 5,215,256 5,310,162 -94,906 5,215,256 5,310,162 -8,477 442,946 451,423 -14,883 454,098 468,981 -12,852 544,210 557,062 -21,277 359,707 380,984 82 Bonds, net purchases or sales (-) 4 -144,452 -128,575 -128,575 -6,659 830 -21,679 -19,726 -9,082 10,963 -13,050 83 Foreign purchases 1,879,713 2 024 165 2,961,794 3 090 369 2,961,794 3 090 369 278,799 285,458 289,744 288,914 279,607 301,286 198,109 217,835 262,946 272,028 206,920 195,957 168,339 181,389 85 Net purchases, or sales (-) of stocks and bonds4 -250,907 -223,481 -223,481 -15,136 -14,053 -34,531 -41,003 -4,053 20,580 -12,594 -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -239,410 -218,114 -62,402 -154,611 -10,557 -7,929 -18,442 26,919 3,815 1,112 -12,399 -239,410 -218,114 -62,402 -154,611 -10,557 -7,929 -18,442 26,919 3,815 1,112 -12,399 -17,960 -23,155 -13,682 -12,199 -1,071 -2,195 6,204 3,885 -1,070 -26 -1,602 -14,211 -10,318 -3,937 -5,529 843 186 -5,619 1,582 -887 161 -1,046 -35,541 -6,825 -5,063 -1,846 -1,264 -1,477 -31,961 6,234 2,293 -870 622 -41,058 -43,680 -4,137 -39,774 -403 -1,344 7,634 -3,633 1,270 169 199 -7,109 -13,984 -9,532 -3,787 -1,935 -810 10,759 283 1,263 5 -1,427 20,698 3,821 8,866 -6,350 567 932 -2,477 17,836 4,614 988 -969 -12,881 851 653 -832 -4,132 -1,259 -11,730 3,034 4,398 680 -325 5,109 15,929 15,929 2,824 158 1,010 55 3,056 -118 287 87 Europe 89 United Kingdom 91 Latin America 93 Asia 95 Africa 97 Nonmonetary international and regional organizations2 1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 2. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 3. Includes state and local securities. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investment abroad. 4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign securities. 5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Foreign Transactions1 Millions of dollars; net purchases, or sales (-), during period Area or country Jan.Dec. Aug. Sept. 1 Total reported 195,536 201,052 24,302 2 Foreign countries 3 Of which: by foreign official institutions 194,714 69,639 202,100 2,994 202,100 2,994 26,163 6,433 -9,443 -6,925 -2,589 -29,685 25,859 14,370 49,832 49,478 3,980 23,731 378 1,163 10,980 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Europe Belgium France Germany Ireland Luxembourg Netherlands Norway Sweden Switzerland United Kingdom Channel Islands and Isle of Man Other Europe and former U.S.S.R. . . Canada 98,982 357 -1,600 2,116 -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 14,161 179,363 -3,100 -6,248 -3,346 1,734 -28 1,471 -27,339 2,176 -2,560 208,083 -974 9,495 -2,566 179,363 -3,100 -6,248 -3,346 1,734 -28 1,471 -27,339 2,176 -2,560 208,083 -974 9,495 -2,566 12,821 -179 31 -2,558 -264 384 1,734 -14,857 287 818 23,281 -178 4,321 -2,365 -1,469 185 335 -4,099 -196 -110 -1,453 -12,883 382 -1,357 16,358 -5 1,375 -1,258 39,394 -873 -4,889 380 245 19 1,669 15,961 147 -179 33,196 483 -6,764 -4,896 33,751 244 -3,872 -605 326 186 -1,520 16,365 -855 -340 22,399 -175 1,597 -1,243 38,321 76 1,315 233 537 68 -345 2,391 -385 645 30,808 -334 3,311 -999 16,489 -948 26 -2,517 662 -292 -848 1,896 -441 -168 20,166 -334 -713 7,607 -17,331 -547 193 190 -361 95 1,330 -2,284 -284 543 -16,050 -36 -120 -5,209 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 21,838 23,100 -322 242 -1,182 86,160 77,066 1,735 -196 7,555 86,160 77,066 1,735 -196 7,555 14,797 12,199 900 13 1,685 6,441 10,942 -4,297 7 -211 -3,781 1,827 -5,600 47 -55 2,841 2,713 81 -19 66 5,557 3,065 2,184 -74 382 13,967 8,065 4,169 -179 1,912 10,287 8,540 1,241 -46 552 23 Caribbean -9,838 2,380 2,380 -3,205 -9,257 19,502 1,443 7,549 -283 9,597 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 68,694 40,633 16,257 1,312 6,168 4,548 -224 -67,986 -7,968 1,995 -47,384 -17,874 1,805 1,440 -67,986 -7,968 1,995 -47,384 -17,874 1,805 1,440 3,886 2,765 2,023 -600 -797 583 -6,061 -560 -1,613 -1,956 43 -188 -1,787 -51,990 -14,204 -2,443 -23,843 -1,774 -1,294 -8,432 -9,627 -2,394 -598 -4,641 -2,219 -626 851 384 -4,795 -1,347 9,579 -2,551 221 -723 -15,587 -5,210 546 -11,507 380 -345 549 3,179 6,862 -654 -5,681 975 -1,558 3,235 3,515 2,400 6,127 4,568 6,127 4,568 1,323 994 547 342 44 5 -120 0 -44 -4 1,054 4 916 500 -2,638 -1,378 -1,378 -1,094 1,614 -862 -1,186 -1,290 484 -276 822 -1,048 -1,048 -1,861 76 -175 143 354 -191 275 31 Africa 32 African oil exporters3 33 Other countries 34 International and regional organizations 4 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3. Comprises Algeria, Gabon, Libya, and Nigeria. 4. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. 56 Federal Reserve Bulletin Statistical Supplement • February 2008 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2007 July Aug. Sept. Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 . . . Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 0.7627 2.4352 1.2115 8.1936 5.9953 1.2449 7.7775 44.00 110.11 3.7869 10.894 0.7049 6.4412 1.6639 6.3606 1,023.75 100.383 7.4710 1.2459 32.131 40.252 1.8204 2.11 0.7535 2.1738 1.1340 7.9723 5.9422 1.2563 7.7681 45.19 116.31 3.6661 10.906 0.6492 6.4095 1.5882 6.7668 954.32 103.940 7.3718 1.2532 32.507 37.876 1.8434 2.14 0.8391 1.9461 1.0734 7.6058 5.4413 1.3711 7.8016 41.18 117.76 3.4354 10.928 0.7365 5.8557 1.5065 7.0477 928.97 110.620 6.7550 1.1999 32.852 32.203 2.0020 2.14 0.8677 1.8812 1.0502 7.5757 5.4199 1.3726 7.8197 40.27 121.41 3.4397 10.815 0.7862 5.7807 1.5156 6.9730 918.12 111.672 6.6933 1.2069 32.810 30.387 2.0355 2.14 0.8291 1.9620 1.0579 7.5734 5.4621 1.3626 7.8155 40.68 116.73 3.4826 11.044 0.7259 5.8492 1.5226 7.2153 934.48 112.184 6.8429 1.2027 32.962 31.796 2.0110 2.14 0.8461 1.9023 1.0267 7.5210 5.3563 1.3910 7.7824 40.17 115.04 3.4691 11.032 0.7188 5.6256 1.5110 7.1007 928.60 113.342 6.6713 1.1852 33.011 32.057 2.0184 2.14 0.8996 1.7987 0.9754 7.5019 5.2363 1.4233 7.7545 39.37 115.87 3.3735 10.821 0.7603 5.4023 1.4650 6.7574 914.94 112.858 6.4439 1.1741 32.550 31.525 2.0449 2.14 0.8961 1.7669 0.9672 7.4210 5.0766 1.4683 7.7774 39.33 111.07 3.3588 10.881 0.7631 5.4156 1.4466 6.7049 918.81 110.418 6.3242 1.1233 32.328 31.348 2.0701 2.14 0.8719 1.7852 1.0021 7.3682 5.1235 1.4559 7.7983 39.38 112.45 3.3324 10.846 0.7690 5.5000 1.4487 6.8376 931.10 108.891 6.4764 1.1402 32.412 30.158 2.0161 2.14 101.93 75.91 99.80 73.93 98.37 72.20 99.27 73.69 90.66' 84.51' 88.48' 82.28' 87.16' 80.49' 87.71 81.90 Indexes4 NOMINAL 24 Broad (January 1997=100)5 25 Major currencies (March 1973=100)'' . . . . 26 Other important trading partners (January 1997=100)7 110.71 83.71 108.52 82.46 103.40 77.84 96.46' 90.55' 91.93' 86.41' 102.77 77.51 103.33 77.51 REAL 27 Broad (March 1973=100)5 28 Major currencies (March 1973=100)6 29 Other important trading partners (March 1973=100)7 97.60r 90.62r 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. dollars per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a 91.92' 86.43' 91.98' 86.25' measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Bloomberg LLP. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 December 31,2006 March 31,2007 June 30, 2007 September 30, 2007 March June September December 2007 2007 2007 2007 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 February 2007 May 2007 August 2007 November 2007 May August November February 2007 2007 2007 2008 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 December 31,2006 March 31,2007 June 30, 2007 September 30,2007 May August November February 2007 2007 2007 2008 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1997-2003 1998-2004 1999-2005 2000-2006 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2003 2004 2005 2006 September September September September 2004 2005 2006 2007 70 60 60 60 Supplement Supplement Supplement Supplement September September September September 2004 2005 2006 2007 73 63 63 63 Supplement Supplement Supplement Supplement *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Federal Reserve Bulletin Statistical Supplement • February 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 5-9, 2007 A. Commercial and industrial loans made by all commercial banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 6.30 5.22 5.61 6.64 6.97 79,366 6,483 12,384 28,814 13,769 558 1 290 830 567 326 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.09 6.78 6.50 7.22 7.70 13,711 243 2,003 4,804 3,091 197 327 290 192 142 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 5.83 4.86 5.04 6.31 6.24 24,894 3,276 4,664 11,091 2,273 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 5.82 5.69 5.54 5.94 6.35 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms 25.2 6.8 15.0 30.6 37.5 78.8 51.1 73.1 77.4 83.7 9.0 9.0 8.6 11.8 9.9 12.5 6.8 7.6 11.3 11.1 72.7 65.4 64.9 72.1 79.6 88.5 73.9 67.7 93.8 95.2 9.1 9.3 10.2 10.0 9.4 17.0 8.9 13.6 18.9 32.4 33.6 23.7 57.3 31.5 42.7 23.1 4.6 5.5 37.5 24.1 61.9 27.1 62.2 65.7 44.3 11.2 3.6 10.0 15.7 14.7 619 435 538 536 740 34.3 77.6 30.7 40.6 62.2 36.7 43.3 67.2 42.4 48.4 5.1 1.0 4.6 7.7 6.3 81.5 63.9 80.9 72.9 84.2 8.8 14.9 7.0 13.7 11.8 583 804 659 495 270 37.7 28.9 64.9 22.4 73.7 23.8 85.0 55.4 14.0 16.0 8.0 2.6 5.8 3.6 21.1 94.1 97.3 92.7 90.1 95.3 7.0 8.9 7.7 7.2 8.8 418 242 226 467 657 60 25 63 70 53 57.4 38.9 77.7 36.0 77.2 37.8 56.5 16.3 56.2 10.9 32.1 20.0 11.7 82.9 18.6 85.3 86.0 90.9 7.6 17.5 5.8 7.5 7.6 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 84.2 76.4 46.7 19.3 9.1 14.1 27.8 35.1 68.6 63.7 28.2 12.3 85.2 89.8 87.0 72.0 8.3 8.9 10.2 8.4 90.8 74.8 7.9 9.5 Secured by collateral Subject to prepayment penalty 612 358 473 576 672 36.3 29.2 31.2 32.8 66.0 29.5 42.0 51.1 29.9 25.5 766 698 621 835 639 63.2 53.9 44.1 62.9 78.9 1,104 4 868 2,478 1 281 326 232 75 183 168 281 20,856 1,159 4,002 5,914 1,109 3 473 1,604 1 020 481 6.84 5.23 6.19 7.82 6.95 13,267 1,462 1,213 4,422 3,213 945 910 719 819 985 6.89 5.72 6.97 6.50 7.56 6,441 322 424 2,542 2,163 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 7.88 7.36 6.36 5.93 2,857 9,974 21,747 44,788 3.2 3.2 3.1 2.7 223 249 173 97 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 7.65 5.85 19,980 59,386 3.2 2.7 143 141 59.8 28.4 7.8 36.8 211 1,252 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 59 Survey of Loans Made, November 5-9, 2007—Continued B. Commercial and industrial loans made by all domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 6.87 5.62 6.07 7.06 7.38 46,529 2,448 5,512 21,085 10,279 338 514 396 426 250 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.08 6.52 6.54 7.21 7.67 13,104 194 1,749 4,710 2,885 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 6.71 5.25 5.30 7.03 7.69 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 set* 41.3 17.2 30.9 41.0 48.6 85.2 39.5 73.2 88.7 95.6 10.9 26.0 14.8 10.7 10.3 12.2 8.5 3.8 11.5 11.0 73.9 75.7 69.0 71.9 81.7 88.5 67.2 66.9 93.7 94.8 9.2 10.0 11.0 10.0 9.6 30.0 30.9 37.0 19.3 65.6 13.5 1.2 31.8 8.3 20.4 49.1 16.5 12.2 59.2 57.6 75.8 17.9 53.0 83.5 97.0 14.9 16.8 31.0 12.9 15.9 791 256 955 653 1,113 60.5 88.7 49.7 57.4 83.2 16.1 22.5 8.8 14.1 22.2 11.7 1.7 15.5 11.9 9.8 83.3 35.6 93.9 86.7 97.3 13.1 35.6 10.7 14.2 13.6 276 275 706 199 231 52.3 85.8 49.5 21.9 79.3 10.4 53.7 16.5 6.9 5.6 14.2 9.1 13.5 4.8 24.9 96.9 90.3 97.1 96.8 9.0 31.7 10.9 6.4 9.1 59 24 62 58.4 40.9 77.1 36.6 78.9 37.5 54.3 13.7 57.2 9.1 32.4 21.0 12.0 22.4 58.8 83.1 19.5 84.8 85.8 91.6 7.7 17.5 6.1 7.6 7.7 84.5 79.0 58.5 31.3 8.9 12.2 18.6 18.0 68.6 66.4 39.8 26.7 85.1 89.7 88.6 80.6 11.5 11.9 90.4 81.5 7.7 13.3 Secured by collateral Subject to prepayment penalty 728 347 725 653 804 52.5 59.5 46.5 38.0 78.0 16.5 22.9 16.0 15.6 11.7 190 283 262 190 134 753 451 573 824 616 63.5 58.7 46.6 62.7 77.9 10,899 867 1,577 6,932 920 507 1,417 964 828 136 337 238 399 250 631 6.26 5.80 6.10 6.30 6.84 8,565 649 1,178 3,566 1,590 511 2,587 548 678 277 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other 7.40 5.51 6.13 8.12 7.12 7,459 411 519 3,339 2,717 568 265 344 646 879 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.90 5.77 7.01 6.50 7.58 6,308 307 411 2,496 2,118 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 411 231 219 460 647 Weightedaverage risk 3 Weightedaverage maturity/ repricing interval2 SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 .. . 10,000 or more . 7.88 7.42 6.63 6.63 2,829 9,331 14,383 19,986 3.2 3.2 3.2 2.9 225 264 224 196 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 7.63 6.33 19,197 27,332 3.3 3.0 146 272 60.9 46.7 7.7 22.6 205 627 60 Federal Reserve Bulletin Statistical Supplement • February 2008 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 5-9, 2007—Continued C. Commercial and industrial loans made by large domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 6.75 5.18 5.79 6.97 7.25 38,394 1,673 4,188 17,857 516 1,824 592 734 374 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 6.97 6.38 6.59 7.09 7.50 10,653 169 1,167 3,880 2,043 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 6.58 4.90 5.19 6.94 7.43 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 38.1 13.6 21.2 38.3 43.7 86.9 50.2 74.0 12.0 28.5 18.2 11.7 11.3 14.5 9.8 5.6 13.6 13.1 71.6 74.1 56.2 69.5 78.8 90.0 63.5 76.9 94.1 96.0 9.6 8.1 12.7 10.8 10.0 22.7 13.6 34.5 13.2 54.2 14.9 .2 33.1 9.0 30.4 45.0 13.4 8.2 56.3 38.6 74.9 14.9 51.5 82.8 98.0 16.1 23.0 32.9 13.6 19.9 611 266 893 620 275 52.2 66.8 40.4 47.1 84.5 20.7 66.1 11.3 18.4 28.3 7.0 1.2 8.4 3.9 6.8 86.9 99.3 92.8 86.5 99.2 14.9 36.2 12.9 16.5 16.2 1,783 2 326 1,234 2,371 1,598 274 279 959 177 230 48.4 84.8 38.4 12.9 79.1 11.5 61.9 24.6 7.7 5.7 12.0 2.0 3.4 2.7 24.9 98.6 99.4 98.0 98.3 99.1 9.6 32.9 14.7 6.7 9.2 1 391 6,358 44 22 49 49 40 47.7 23.3 59.8 24.6 71.8 45.0 70.5 32.6 65.3 6.8 10.5 19.2 60.6 87.7 23.7 92.7 86.3 95.7 9.7 18.8 12.8 9.7 9.5 84.9 74.9 55.1 28.2 14.3 15.2 20.8 19.5 68.9 66.5 38.2 26.1 89.8 92.8 89.0 83.3 8.9 10.7 12.6 12.2 93.4 82.9 8.4 14.4 Secured by collateral Subject to prepayment penalty 617 262 685 557 562 46.5 41.1 42.2 29.8 77.1 19.0 32.9 20.9 17.3 13.0 237 331 255 258 170 822 477 745 894 616 63.0 53.0 54.3 59.5 80.5 9,721 691 1,501 6,386 594 918 6,127 2,164 1,682 208 305 83 380 238 690 6.04 5.18 5.87 6.03 6.64 6,594 221 921 2,722 1,213 573 2,319 733 883 292 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 7.40 5.20 5.57 8.28 7.10 6,657 355 348 2,932 2,669 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.66 5.12 5.91 6.21 7.59 4,647 236 171 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 1,812 1,911 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 7.54 7.22 6.56 6.65 1,486 6,188 12,218 18,502 3.4 3.2 3.2 3.0 63 99 206 208 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 7.58 6.23 14,635 23,759 3.3 3.0 134 216 55.6 40.9 8.9 25.2 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 61 Survey of Loans Made, November 5-9, 2007—Continued D. Commercial and industrial loans made by small domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 7.44 6.56 6.95 7.52 7.87 8,135 775 1,324 3,228 2,191 129 202 193 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.56 7.55 6.46 7.81 8.09 2,452 24 581 830 842 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 7.80 6.64 7.49 8.06 8.15 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) Percent made under commitment Average months since loan terms 56.1 25.0 61.4 55.8 66.9 77.2 16.5 70.9 88.5 88.6 5.1 9.8 3.5 5.1 6.0 2.6 .0 .2 1.4 5.6 83.8 87.4 94.6 83.1 88.9 81.9 93.6 46.8 92.0 92.0 7.1 18.8 5.4 6.1 8.4 1.8 5.2 6.2 82.6 28.4 91.3 92.8 92.2 83.1 29.5 83.1 91.9 95.0 6.4 4.4 7.5 5.5 8.5 27.3 2.0 41.0 37.6 19.2 71.1 2.6 97.8 87.2 91.1 5.5 22.8 3.3 7.0 4.3 32.7 54.3 33.9 19.6 28.3 82.5 32.3 95.3 85.9 53.4 3.4 8.0 2.8 4.3 1.8 40.5 90.6 13.2 32.9 53.7 70.2 5.8 79.2 83.9 80.3 .9 .5 .4 .6 1.5 68.2 66.2 49.1 33.8 79.9 83.6 86.6 47.6 7.5 4.5 5.2 3.6 80.9 72.5 5.0 5.3 Secured by collateral Subject to prepayment penalty 1,294 1,019 846 1,203 1,698 81.0 99.1 60.1 83.5 81.2 4.6 1.4 .5 6.3 7.0 102 141 275 86 462 277 319 462 617 65.4 98.3 31.1 77.6 71.5 1,177 176 76 545 327 108 352 80 119 84 645 2,322 855 391 529 90.3 99.3 85.0 89.8 86.4 6.99 6.12 6.93 7.17 7.51 1,971 427 256 844 377 375 2,752 287 388 237 1,551 37 1,231 754 3,700 88.2 100.0 83.1 90.5 78.9 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 7.35 7.48 7.25 6.96 8.38 802 56 171 407 49 85 40 139 104 34 300 251 207 359 269 85.5 92.2 72.2 86.0 87.5 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 7.55 7.92 7.79 7.47 7.55 1,661 71 239 Days Commitment status LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 138 55 143 134 Weightedaverage risk rating3 32 71 129 87 88.5 99.0 89.4 75.5 98.6 .3 2.5 1.0 2.0 1.1 4.7 16.4 .8 31.1 15.5 Weightedaverage maturity/ repricing interval2 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 8.27 7.81 7.06 6.43 1,343 3,142 2,165 1,484 3.1 3.1 3.2 409 594 320 49 84.0 87.0 77.8 70.1 2.9 6.2 6.6 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 7.79 6.98 4,562 3,573 3.1 2.7 188 645 77.7 85.1 4.0 5.5 105 181 62 4.23 Federal Reserve Bulletin Statistical Supplement • February 2008 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 5-9, 2007—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Weightedaverage maturity5 Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 5.50 4.97 5.25 5.49 5.77 32,837 4,035 6,872 7,729 3,490 6.749 15.126 6.861 5.862 3.197 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 7.16 7.77 6.20 7.52 8.08 607 50 255 94 205 369 838 1,411 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 5.14 4.73 4.90 5.12 5.26 13,995 2,409 3,088 4,159 1,353 13.254 39.282 12.534 14.584 6.584 154 24 72 37 60 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 5.51 5.56 5.30 5.40 5.79 12,291 510 2,824 2,348 1,390 5.988 6.158 8.174 4.383 3.106 512 515 393 366 330 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 6.12 5.12 6.23 6.91 6.04 5,808 1,051 693 1,083 496 6.413 18.041 3.967 4.688 2.888 Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Percent of amount of loans (percent) Commitment status Percent made under commitment Average months since loan terms 2.4 .5 2.3 2.1 4.9 69.8 58.1 73.0 46.6 48.7 5.8 2.0 3.6 17.7 7.7 19.6 .0 33.5 5.4 13.8 47.0 25.4 37.2 82.0 49.2 100.0 73.3 100.0 100.0 7.4 7.5 5.4 11.2 7.2 9.7 49.2 31.8 70.4 70.3 58.0 2.9 .3 2.1 1.3 1.3 51.1 30.4 66.9 35.9 8.4 1.5 26.6 5.2 16.1 63.6 22.8 15.1 38.3 51.1 69.7 91.6 85.3 78.4 .5 .0 .0 1.3 2.3 80.3 100.0 75.6 51.9 69.2 5.7 5.5 5.1 12.3 8.9 18.9 90.5 100.0 89.3 69.5 79.0 4.4 .9 5.2 10.8 6.2 94.8 91.5 83.7 65.1 10.3 9.8 7.6 4.9 Secured by collateral Subject to prepayment penalty 461 362 297 374 305 13.4 10.8 19.0 18.6 30.6 47.9 53.5 79.2 68.8 66.1 762 812 1,007 1,477 1.098 883 56.6 35.4 26.8 70.5 93.2 6.9 1.0 1.6 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 918 18.3 1,007 6.6 624 76.4 24.0 42.9 41.1 97.2 84.5 35.8 73.0 60.2 38.2 23.6 9.6 31.6 42.5 45.6 48.8 971 1,395 483 Months 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 7.44 6.50 5.83 5.37 27 644 7,365 24,802 3.0 3.0 2.9 2.4 43 24 75 17 67.4 25.3 5.6 .8 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 8.15 5.43 783 32,054 3.0 2.5 33.0 12.9 9.4 48.9 764 8,347 100.0 69.1 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 63 Survey of Loans Made, November 5-9, 2007—Continued F. Commercial and industrial loans by date pricing terms were set and commitment status Weighted- Date pricing terms were set and commitment status Weightedaverage effective loan rate4 (percent) Amount of loans (millions of dollars) Average loan size (thousands of dollars) Weightedaverage risk rating3 maturity repricing interval2 Percent of amount of loans Days Secured by collateral Subject to prepayment penalty Prime based All commercial banks 1 During survey week 2 Not under commitment 3 Informal commitment 4 Formal commitment 5.82 5.47 5.59 7.17 37,170 16,811 13,776 6,584 829 784 895 820 2.7 2.6 2.5 3.2 134 99 75 347 26.2 19.6 13.4 69.8 36.4 40.3 35.1 29.0 13.6 10.9 8.4 31.4 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 6.58 7.15 6.30 8,769 18,102 15,322 358 372 630 2.8 3.1 3.1 219 119 141 45.9 40.8 50.1 31.6 15.2 28.5 37.2 41.7 26.7 Domestic banks 8 During survey week 9 Not under commitment 10 Informal commitment 11 Formal commitment 6.64 5.95 7.38 7.31 13,734 6,890 1,976 4,868 323 333 141 626 2.9 2.3 3.2 3.5 328 220 421 442 62.6 43.5 91.0 78.2 13.1 10.6 2.8 20.6 35.9 26.6 58.0 40.0 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 7.01 7.37 6.42 6,399 14,626 11,767 265 307 509 3.2 3.2 3.1 254 138 177 57.8 42.3 50.6 16.1 11.1 27.4 49.5 49.9 32.3 Large domestic banks 15 During survey week 16 Not under commitment 17 Informal commitment 18 Formal commitment 6.25 5.59 6.86 7.11 9,014 5,038 346 3,629 668 580 131 1,672 3.0 2.4 2.9 3.7 257 140 106 435 50.7 30.8 74.7 76.1 18.4 13.1 8.1 26.7 25.6 19.1 40.8 33.1 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 6.84 7.36 6.37 5,022 13,306 11,053 338 439 704 3.2 3.2 3.1 163 143 184 51.6 39.2 49.5 17.5 11.7 29.1 48.1 49.0 30.7 Small domestic banks 22 During survey week 23 Not under commitment 24 Informal commitment 25 Formal commitment 7.38 6.92 7.50 7.89 4,720 1,852 1,630 1,239 163 154 143 221 2.7 2.1 3.3 2.9 462 439 487 463 85.3 78.0 94.5 84.2 2.9 4.1 1.6 2.8 55.5 47.0 61.6 60.2 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 7.63 7.52 7.32 1,377 1,320 714 148 76 97 3.2 3.2 3.3 587 88 69 80.3 73.6 67.1 11.0 5.4 2.4 54.5 59.1 57.6 Foreign banks 29 During survey week 30 Not under commitment 31 Informal commitment 32 Formal commitment 5.33 5.14 5.29 6.78 23,436 9,921 11,800 1,716 9 986 13,350 8,726 6,823 2.6 2.7 2.3 2.4 21 15 17 80 4.8 3.0 .4 45.9 50.0 60.8 40.5 52.8 .6 .0 .2 7.1 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.43 6.24 5.90 2,370 3,476 3,555 7,268 3,546 2,933 1.9 2.5 2.9 126 38 22 13.9 34.7 48.6 73.7 32.3 32.2 4.0 7.3 8.3 5 6 7 12 13 14 19 20 21 26 27 28 33 34 35 NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions made during the first full business week in the mid-month of each quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. The sample data are used to estimate the terms of loans extended during that week at all domestic commercial banks and all U.S. branches and agencies of foreign banks. Note that the terms on loans extended during the survey week may differ from those extended during other weeks of the quarter. The estimates reported here are not intended to measure the average terms on all business loans in bank portfolios. The data in this table also appear in the Board's E.2 statistical release, available on the Board's website at: www.federalreserve.gov/releases. 1. As of March 31, 2003, assets of the large banks were at least $3.7 billion. Median total assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies averaged $3.3 billion. 2. The "maturity/repricing" interval measures the period from the date the loan is made until it first may be repriced or matures. For floating-rate loans that are subject to repricing at any time—such as many prime-based loans—the maturity/repricing interval is zero. For floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval measures the number of days between the date the loan is made and the date on which it is next scheduled to reprice. For loans having rates that remain fixed until the loan matures (fixed-rate loans), the "maturity/repricing" interval measures the number of days between the date the loan is made and the date on which it matures. Loans that reprice daily mature or reprice on the business day after they are made. Owing to weekends and holidays, such loans may have "maturity/repricing" intervals in excess of one day; such loans are not included in the 2- to 30-day category. 3. A complete description of these risk categories is available on the Board's website at "http://www.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 well as special mention or classified loans. The weighted-average risk rating published for loans in rows 31 -36 are calculated by assigning a value of " 1" to minimal risk loans; " 2 " to low risk loans; " 3 " to moderate risk loans, "4" to acceptable risk loans; and " 5 " to special mention and classified loans. These values are weighted by loan amount and exclude loans with no risk rating. Some of the loans in table rows 1, 6, 11, 16, 21, 26, and 31-36 are not rated for risk. 4. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan amount. The standard error of the loan rate for all commercial and industrial loans in the current survey (line 1, column 1) is 0.19 percentage point. The chances are about two out of three that the average rate shown would differ by less than this amount from the average rate that would be found by a complete survey of the universe of all banks. 5. Average maturities are weighted by loan amount and exclude loans with no stated maturities. 6. For loans made under formal commitments, the average time interval between the date on which the loan pricing was set and the date on which the loan was made, weighted by the loan amount. For loans under informal commitment, the time interval is zero. 7. Prime-based loans are based on the lending bank's own prime rate, any other lender's prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with "other" base rates include loan rates expressed in terms of any other base rate (e.g., the federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan rate. 8. For loans made under formal commitments. * The number of loans was insufficient to provide a meaningful value. 64 Federal Reserve Bulletin Statistical Supplement • February 2008 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 20071 Millions of dollars except as noted Total including IBFs3 Total assets4 . Total including IBFs IBFs only3 Total including IBFs IBFs only 18,922 1,685,187 1,957,887 IBFs only 1,027 424 0 Total including IBFs IBFs only 102,286 11,139 88,098 11,406 8 0 9,911 8,325 0 1,354,273 73,651 3,231 10 73,881 20,102 0 n.a. 1,204,252 57,949 3,210 5 62,408 11,232 0 n.a. 18,772 958 49,095 4,931 42,733 4,612 721 3,043 38,847 4,459 34,895 4,140 517 1,550 10,248 20,683 1,121 9,133 10,429 633 472 15,171 796 9,012 5,363 n.a. 7,838 11,494 1,117 783 9,595 508 472 204 6,620 795 662 5,162 n.a. 209 25 181 24 1,493 8,332 0 8,326 6 23 14 Total securities and loans . . . 741,447 32,335 651,287 31,465 17,449 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) Securities of foreign governmental units Mortgage-backed securities Issued or guaranteed by U.S. government agencies Other Other asset-backed securities All other 210,263 6 580 19,472 3,812 n.a. n.a. 205,861 6,452 18,717 3,396 n.a. n.a. 1,512 51 40 399 n.a. n.a. 975 49 574 184,212 4,598 45,038 30,742 14,296 59,391 75,185 3,812 1,677 3,396 1,659 1,420 26 292 292 0 0 1,101 399 18 0 0 0 0 381 351 0 10 2,125 180,692 4,522 44,743 30,447 14,296 58,890 72,537 33,700 23,800 9,900 14,788 5,817 8,971 29,626 20,094 9,532 13,082 4,220 8,862 28 Securities purchased under agreements to resell 29 With depository institutions in the U.S 30 With others 219,336 57,571 161,765 4,207 0 4,207 209,684 53,615 156,069 4,207 0 4,207 31 Total loans, gross 32 LESS: Unearned income on loans . 531 792 609 531,183 28,549 27 28,523 445,957 531 445,426 28,094 26 28,068 34,470 142,747 5,552 4,185 1,367 1 18,437 41 18,396 118,756 10,054 980 880 100 0 8,350 15 8,335 724 30,181 112,030 4,909 3,608 1,301 1 15,777 41 15,736 91,343 9,949 965 865 100 0 8,260 15 8,245 724 277,002 222,162 54,840 16,950 220 16,729 231,243 182,129 49,114 2,034 27,014 47,907 648 592 307 617 617 53 Trading assets 54 U.S. Treasury and agency securities 55 Other trading assets 56 All other assets 57 Customers' liabilities on acceptances outstanding 58 U.S. addressees (domicile) 59 Non-U.S. addressees (domicile) 60 Other assets including other claims on nonrelated parties 61 Net due from related depository institutions5 62 Net due from head office and other related depository institutions5 63 Net due from establishing entity, head office, and other related depository institutions5 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 10 1,727 1 25 180 0 8,325 0 8,325 0 50,573 n.a. n.a. 0 0 0 0 0 0 0 0 351 2,925 2,925 1,575 1,575 0 0 0 0 7,815 3,956 3,859 0 0 0 15,965 28 15,937 172 1 171 49,607 9 49,598 2 0 2 3,323 2,253 80 0 450 0 450 1,723 0 35 15 15 0 0 20 0 20 0 145 25,670 86 81 5 0 1,572 0 1,572 24,012 16,600 220 16,379 9,647 9,193 454 137 0 137 20,741 18,961 1,780 1,903 23,763 46,219 647 592 307 7 735 0 0 0 98 2,814 139 0 0 617 617 0 0 0 233,423 30,598 202,825 1,789 0 1,789 207,377 30,574 176,803 1,789 0 1,789 4 0 4 0 0 0 13,395 0 13,395 52,716 277 99 177 52,439 603,614 603,614 660 n.a. n.a. n.a. 660 82,532 n.a. 48,328 196 35 161 48,132 480,935 480,935 634 n.a. n.a. n.a. 634 59,834 n.a. 298 15 14 1 283 150 150 10 n.a. n.a. n.a. 10 4,776 n.a. 1,984 55 48 7 1,929 14,188 14,188 9 1,228 n.a. 64 Total liabilities4 1,957,887 156,413 1,685,187 122,242 18,922 5,802 102,286 11,139 65 Liabilities to nonrelated parties 1,760,459 130,657 1,512,694 102,646 12,645 5,675 98,625 5,282 25 Federal funds sold 26 With depository institutions in the U.S. . 27 With others 33 EQUALS: Loans, net Total loans, gross, by category 34 Real estate loans 35 Loans to depository institutions and acceptances of other banks 36 Commercial banks in United States (including their IBFs) 37 U.S. branches and agencies of other foreign banks 38 Other commercial banks in United States 39 Other depository institutions in United States (including their IBFs) . 40 Banks in foreign countries 41 Foreign branches of U.S. banks 42 Other banks in foreign countries 43 Loans to other financial institutions 44 Commercial and industrial loans 45 U.S. addressees (domicile) 46 Non-U.S. addressees (domicile) 47 Loans to foreign governments and official institutions (including foreign central banks) 48 Loans for purchasing or carrying securities (secured and unsecured) 49 All other loans 50 Lease financing receivables (net of unearned income) 51 U.S. addressees (domicile) 52 Non-U.S. addressees (domicile) Footnotes appear at end of table. 64 64 0 0 0 0 0 0 0 0 0 0 0 0 9 n.a. n.a. n.a. 1,228 4,776 59,834 82,532 22 0 U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 2007'—Continued Millions of dollars except as noted Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 98,031 817,420 73,799 4,374 4,709 38,940 3,393 14,192 1,966 12,227 8,785 5,289 3,496 31,448 552 30,896 724,540 697,808 26,732 60,255 13,323 46,932 6,856 2,031 4,825 9,819 1,966 7,854 7,603 4,431 3,173 18,759 309 18,450 3,657 1,990 1,667 126 2 124 7 0 7 44 0 44 628 506 122 3,168 165 3,003 37,436 37,072 364 1,131 536 594 373 0 373 51 0 51 74 74 0 2,108 55 2,053 42,860 747 4,298 21,472 37,242 375 869 0 0 1,160 Total excluding IBFs3 IBFs only3 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 951,466 851,132 813,700 37,432 66,322 14,219 52,103 7,292 2,031 5,261 4,455 22,265 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 11,706 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 939,760 102 IBF deposit liabilities 103 Individuals, partnerships, and corporations (including certified and official checks) U.S. addressees (domicile) 104 105 Non-U.S. addressees (domicile) 106 Commercial banks in United States (including their IBFs) 107 U.S. branches and agencies of other foreign banks 108 Other commercial banks in United States 109 Banks in foreign countries 110 Foreign branches of U.S. banks 111 Other banks in foreign countries 112 Foreign governments and official institutions (including foreign central banks) All other deposits and credit balances Footnotes appear at end of table. 9,924 106 63 43 0 0 0 7 0 7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 218 159 58 0 0 0 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0 0 n.a. n.a. 10,658 7,354 3 304 78 4 74 477 0 477 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8,974 6,939 2,035 78 4 74 437 0 437 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 398 94 n.a. n.a. 346 89 n.a. n.a. 840,474 806,346 34,127 66,243 14,215 52,028 6,815 2,031 4,784 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 715,565 690,869 24,696 60,177 13,319 46,858 6,419 2,031 4,388 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 3,551 1,927 1,624 126 2 124 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 37,218 36,913 305 1,131 536 594 373 0 373 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,057 22,171 n.a. n.a. 3,951 21,383 n.a. n.a. 6 573 n.a. n.a. 0 n.a. n.a. 807,496 38,722 4,256 98,031 73,799 3,393 14,192 1,966 12,227 8,785 5,289 3,496 31,448 552 30,896 9,819 1,966 7,854 7,603 4,431 3,173 18,759 309 18,450 628 506 122 3,168 165 3,003 51 0 51 74 74 0 2,108 55 2,053 42,860 747 37,242 375 869 0 1,160 0 65 66 Federal Reserve Bulletin Statistical Supplement • February 2008 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 2007'—Continued Millions of dollars except as noted 114 Federal funds purchased 115 With depository institutions in the U.S. 116 With others 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 Total including IBFs3 IBFs only3 Total including IBFs IBFs only 84,706 37,659 47,047 14,021 2,585 11,436 67,692 28,045 39,647 11,834 2,374 9,461 792 782 10 117 107 10 8,856 2,969 5,887 1,591 104 1,487 200,612 241,738 300 17,308 210,725 18,886 191,840 200,662 300 15,861 0 280 2,180 0 0 0 817 6,625 0 6,625 26,500 0 280 12,712 6,985 2,503 616 11,222 6,398 2,443 616 464 169 30 0 928 399 5,727 17,211 1,058 16,153 211,815 1,887 10,573 353 10,220 4,231 4,824 15,740 964 14,776 173,700 1,827 9,391 321 9,070 4,026 295 706 57 649 1,009 30 582 32 550 205 529 325 0 325 25,247 853 311 128 All other liabilities 129 Branch or agency liability on acceptances executed and outstanding 130 Trading liabilities 131 Other liabilities to nonrelated parties 165,020 290 112,919 51,811 n.a. 142,395 132 Net due to related depository institutions5 133 Net due to head office and other related depository institutions5 134 Net due to establishing entity, head office, and other related depository institutions5 n.a. 9 989 206 95,074 47,116 197,428 197,428 25,756 n.a. 113,157 27,013 86,144 163,317 15,205 148,112 Total including IBFs IBFs only Total including IBFs IBFs only 0 280 0 280 0 14,312 9 844 15 1 295 n.a. 0 31 55 12,251 2,005 n.a. 0 19 172,493 172,493 19,596 n.a. 6,277 6,277 128 n.a. 3,661 3,661 5,857 n.a. n.a. n.a. n.a. 87,195 18,640 68,555 n.a. n.a. n.a. 3,610 1,001 2,608 n.a. n.a. n.a. 15,940 5,136 10,804 n.a. n.a. n.a. n.a. n.a. n.a. 143,675 13,171 130,505 n.a. n.a. n.a. 5,964 364 5,600 n.a. n.a. n.a. 4,747 590 4,157 n.a. n.a. n.a. MEMO 135 Holdings of own acceptances included in commercial and industrial loans 136 Commercial and industrial loans with remaining maturity of one y or less (excluding those in nonaccrual status) 137 Predetermined interest rates 138 Floating interest rates 139 Commercial and industrial loans with remaining maturity of more than one year (excluding those in nonaccrual status) 140 Predetermined interest rates 141 Floating interest rates Footnotes appear at end of table. U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES 67 of U.S. Branches and Agencies of Foreign Banks, September 30, 20071—Continued Millions of dollars except as noted All states2 Item 142 Components of total n on transaction accounts, included in total deposits and credit balances 143 Time deposits of $100,000 or more 144 Time CDs in denominations of $100,000 or more with remaining maturity of more than 12 months Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 991,810 918,426 n.a. n.a. 856,666 789,900 n.a. n.a. 4,014 4,014 n.a. n.a. 37,609 37,604 n.a. n.a. 73,384 n.a. 66,765 n.a. 0 n.a. 5 n.a. All states2 145 Immediately available funds with a maturity greater than one day included in other borrowed money 146 Number of reports filed6 Illinois California New York Total including IBFs3 IBFs only3 Total including IBFs IBFs only 85,413 245 n.a. 129 81,623 48 n.a. 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a monthly FR 886a report. Aggregate data from that report were available through the Federal Reserve monthly statistical release G.I 1, last issued on July 10,1980. Data in this table and in the G.I 1 tables are not strictly comparable because of differences in reporting panels and in definitions of balance sheet items. 2. Includes the District of Columbia. 3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to permit banking offices located in the United States to operate international banking facilities (IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column. These data are either included in or excluded from the total columns as indicated in the headings. The notation "n.a." indicates that no IBF data have been reported for that item, Illinois California New York Total including IBFs IBFs only Total including IBFs IBFs only 1,631 n.a. n.a. n.a. 1,850 n.a. n.a. n.a. either because the item is not an eligible IBF asset or liability or because that level of detail is not reported for IBFs. From December 1981 through September 1985, IBF data were included in all applicable items reported. 4. Total assets and total liabilities include net balances, if any, due from or owed to related banking institutions in the United States and in foreign countries (see note 5). On the former monthly branch and agency report, available through the G.ll monthly statistical release, gross balances were included in total assets and total liabilities. Therefore, total asset and total liability figures in this table are not comparable to those in the G.I 1 tables. 5. Related depository institutions includes the foreign head office and other U.S. and foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including subsidiaries owned both directly and indirectly). 6. In some cases, two or more offices of a foreign bank within the same metropolitan area file a consolidated report. 68 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign banks, U.S. branches and agencies, 64—67 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21, 64—67 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21, 64-67 Weekly reporting by banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21, 58-63 Consumer loans held, by type and terms, 34, 58-63 Real estate mortgages held, by holder and property, 33 Terms of lending, 58-63 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) EXCHANGE rates, foreign, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign banks, U.S. branches and agencies, 64—67 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Commercial banks, 58-63 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22, 58-63 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments Commercial banks, 4, 15-21, 58-63 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans Commercial banks, 15-21, 58-63 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Foreign banks, U.S. branches and agencies, 64-67 Insured or guaranteed by United States, 32, 33 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22, 58-63 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 34 SAVING Flow of funds, 33, 34, 35-39 Saving deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also U.S. government securities) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting by banks, 17, 18 YIELDS (See Interest rates) 69 70 Federal Reserve Bulletin Statistical Supplement • February 2008 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federah-eserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL BOOKS AND MISCELLANEOUS GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. COMPUTERS. CD-ROM; updated monthly. Standalone PC. $300 per year. Network, maximum 1 concurrent user. $300 per year. Network, maximum 10 concurrent users. $750 per year. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover additional airmail costs. T H E FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in 1,186 pp. $20.00 each. 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A A A A Consumer's Guide to Mortgage Lock-Ins Consumer's Guide to Mortgage Settlement Costs Consumer's Guide to Mortgage Refinancings Guide to Business Credit for Women, Minorities, and Small Businesses Choosing a Credit Card Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish) Consumer Handbook to Credit Protection Laws Home Mortgages: Understanding the Process and Your Right to Fair Lending How to File a Consumer Complaint about a Bank (also available in Spanish) In Plain English: Making Sense of the Federal Reserve Keys to Vehicle Leasing (also available in Spanish) Looking for the Best Mortgage (also available in Spanish) Making Sense of Savings Privacy Choices for Your Personal Financial Information Protecting Yourself from Overdraft and Bounced-Check Fees Putting Your Home on the Loan Line Is Risky Business (also available in Spanish) Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System The Federal Open Market Committee Federal Reserve Bank Board of Directors Federal Reserve Banks What You Should Know About Home Equity Lines of Credit (also available in Spanish) When Is Your Check Not a Check? (also available in Spanish) 71 STAFF STUDIES: Only Summaries Printed in the 170. BULLETIN Studies and papers on economic and financial subjects that are of general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff Studies 165-176 are available online at www.federalreserve.gov/ pubs/staffstudies. Requests to obtain single copies of any paper or to be added to the mailing list for the series may be sent to Publications Fulfillment. IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. 172. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September 1990. 35 pp. 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. T H E 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- KET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 160. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 173. 159. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study Group on Disclosure, Federal Reserve System. March 2000. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. 175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS: INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff, for the Payments System Development Committee, Federal Reserve System. December 2002. 27 pp. 176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994— 2003, by Steven J. Pilloff. May 2004. 23 pp. 72 Federal Reserve Bulletin Statistical Supplement • February 2008 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data, refer VV ±±-LW±± U U l u A W-LW-L Corresponding Bulletin or Statistical Supplement 2 table numbers Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base 3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G.15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 73 Annual mail rate Release number and title Annual fax rate Approximate release days 1 Period or date to which data refer Corresponding Bulletin or Statistical Supplement table numbers 2 Quarterly Releases E.2. Survey of Terms of Business Lending 3 E. 11. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks As- $ 5.00 Midmonth of March, June, September, and December February, May, August, and November 5.00 15th of March, June, September, and December Previous quarter E.16. Country Exposure Lending Survey 3 $ 5.00 January, April, July, and October Previous quarter Z. 1. $25.00 Second week of March, June, September, and December Previous quarter Flow of Funds Accounts of the United States: Flows and Outstandings3 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 4.23 1.57, 1.58, 1.59, 1.60 Bulletin. Statistical tables are now published in the Statistical Supplement to the Federal Reserve Bulletin; the table numbers, however, remain the same. 3. These releases are also available on the Board's website, www.federalreserve.gov/releases. n.a. Not available. 74 Federal Reserve Bulletin Statistical Supplement • February 2008 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes, interpretations, policy statements, rulings, and staff opinions. For those with a more specialized interest in the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary policy, securities credit, consumer affairs, and the payment system. These publications are designed to help those who must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index. The Monetary Policy and Reserve Requirements Handbook contains Regulations A, D, and Q, plus related materials. The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin stocks. The Consumer and Community Affairs Handbook contains Regulations B, C, E, G, M, P, Z, AA, BB, and DD, and associated materials. 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For further information, call (202) 452-3244. All subscription requests must be accompanied by a check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be addressed to Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts is now available from the Board of Governors. The new edition incorporates changes to the accounts since the initial edition was published in 1993. Like the earlier publication, it explains the principles underlying the flow of funds accounts and describes how the accounts are constructed. It lists each flow series in the Board's flow of funds publication, "Flow of Funds Accounts of the United States" (the Z.I quarterly statistical release), and describes how the series is derived from source data. The Guide also explains the relationship between the flow of funds accounts and the national income and product accounts and discusses the analytical uses of flow of funds data. The publication can be purchased, for $20.00, from Publications Fulfillment, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. 75 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve System makes some of its statistical releases available to the public through the U.S. Department of Commerce's economic bulletin board. Computer access to the releases can be obtained by subscription. For further information regarding a subscription to the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following: Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered and Foreign Related Banking Institutions Weekly/Monday H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z.I Flow of Funds Quarterly
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