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Volume 3 • Number 1 • January 2006 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 Lynn S. Fox, Chair • Scott G. Alvarez • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • Vincent R. Reinhart • Louise L. Roseman • Richard Spillenkothen • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin Published monthly, the Statistical Supplement is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog @ frb.gov. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of January 2006. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Tran saction s 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—Tax-exempt state and local governments and U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • January 2006 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to foreigners 52 Claims on foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates 5 7 GUIDE TO SPECIAL TABLES 5 8 INDEX TO STATISTICAL TABLES 60 FEDERAL RESERVE BOARD PUBLICATIONS 62 ANTICIPATED SCHEDULE OF RELEASE DATES PERIODIC STATISTICAL RELEASES 6 4 PUBLICATIONS FOR OF INTEREST 65 FEDERAL RESERVE STATISTICAL AVAILABLE ON THE COMMERCE ECONOMIC BULLETIN BOARD RELEASES DEPARTMENT'S Symbols and Abbreviations c e n.a. n.e.c. p r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten GDP GNMA GSE HUD IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC STRIPS TIIS TIPS VA Gross domestic product Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International Monetary Fund Interest-only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal-only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • January 2006 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q4 Q1 Q2 Q3 Aug. Sept. 2 1 2 3 4 Reserves of depository institutions Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 7 M3 Nontransaction components 8 In M2S 9 In M3 only1" 3.3 1.9 4.5 4.7 2.1 3.5 2.9 3.7 5.7 5.8 .5 4.0 5.5 2.7 -8.0 -9.6 -9.8 2.9 20.8 14.7 18.0 5.1 -14.9 -14.3 -19.5 .9 -40.6 -39.2 -39.3 3.6 31.9 21.1 33.0 4.2 -24.7 -21.7 -23.6 3.1 -.5 1.7 5.9 -2.0 3.9 8.3 .8 6.1 10.6 -17.5 1.7 3.5 14.7' 5.4 12.5 -6.7 6.1 11.8 3.8 7.2 9.9 5.4 17.3 7.5 19.8 6.9 7.1 2.9 26.9 9.5 23.1 8.1 15.1 -3.1 -3.1 -4.2 5.8 .4 4.9 8.8 14.7 11.6 7.2 6.3 6.7 14.5 32.2 21.5 21.2 5.5 18.6 16.1 8.9 22.2 27.8 9.8 18.2 -12.6 .7 14.4 48.2 11.9 13.4 29.3 7.9 -6.9 24.4 1.6 3.7 35.1 -1.2 15.0 45.4 -8.7 22.4 44.9 -3.8 21.7 33.7 -1.0 20.7 40.8 -8.2 17.9 26.7 1.1 25.5 39.1 -7.1 20.4 37.9 -.8 45.7 45.7 Money market mutual funds 16 Retail10 17 Institution-only -9.5 -11.9 -5.0 -1.3 4.0 -1.4 14.4 -5.1 19.2 .2 -10.0 10.3 -6.2 16.2 12.9 29.0 15.6 7.2 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars -15.9 34.8 -16.9 25.7 9.3 20.7 -12.1 30.9 20.2 22.3 21.6 -11.8 23.9 -13.6 Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time7 Large times>9 Thrift institutions 13 Savings, including MMDAs . . . 14 Small time7 15 Large times 10 11 12 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 2.3 .7 19.9 16.7 23.4 1.1 M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted separately. 7. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 9. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 10. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 800,564 732,393 732,393 267,814 441,808 19,919 2,852 0 28,036 312 39,046 11,041 2,200 36,429 800,478 738,119 738,119 270,078 445,075 19,983 2,983 0 21,315 275 31 23 221 1,044 39,726 11,041 2,200 36,429 0 309 820 39,004 11,041 2,200 36,429 800,412 733,363 733,363 267,906 442,593 19,983 2,880 0 27,614 322 1 0 321 -1 39,114 11,041 2,200 36,429 800,580 735,727 735,727 269,299 443,540 19,983 2,905 0 24,857 350 12 0 339 351 39,294 11,041 2,200 36,429 800,176 736,539 736,539 269,761 443,868 19,983 2,927 0 23,929 560 108 152 300 84 39,065 11,041 2,200 36,429 801,368 737,660 737,660 269,828 444,890 19,983 2,958 0 22,143 269 9 0 260 1,725 39,571 11,041 2,200 36,429 800,945 737,795 737,795 269,938 444,890 19,983 2,983 0 21,214 226 10 0 215 1,982 39,728 11,041 2,200 36,429 797,932 738,282 738,282 270,256 445,033 19,983 3,009 0 19,071 222 40 0 183 465 39,890 11,041 2,200 36,429 763,504 24,257 24,257 0 253 767,877 24,996 24,996 0 254 768,787 25,595 25,595 0 220 769,108 25,235 25,235 0 254 767,077 24,535 24,535 0 252 766,619 24,768 24,768 0 252 767,373 26,272 26,272 0 234 771,142 26,101 26,101 0 221 768,929 26,046 26,046 0 219 767,810 24,218 24,218 0 220 14,266 4,979 89 8,895 8,894 1 304 30,800 10,642 14,285 5,338 99 8,580 8,580 0 268 31,159 11,352 13,996 4,865 98 8,725 8,725 0 308 31,576 9,973 14,230 4,973 91 8,882 8,882 0 284 31,283 10,124 14,878 6,319 82 8,237 8,237 0 240 30,981 12,358 13,936 5,366 84 8,236 8,236 0 249 31,062 13,613 14,126 4,857 99 8,864 8,864 0 307 31,054 10,786 14,030 4,787 85 8,863 8,863 0 296 31,563 7,981 13,554 4,555 102 8,587 8,587 0 310 31,573 10,294 14,141 5,149 96 8,587 8,587 0 310 31,673 9,538 Aug. Sept. 794,051 727,297 727,297 266,407 438,573 19,533 2,783 0 27,129 436 139 0 297 -316 39,505 11,041 2,200 36,429 800,252 733,198 733,198 268,303 442,168 19,863 2,864 0 27,552 346 17 12 318 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 Wednesday figures End-of-month figures Sept. Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . 805,144 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 22 0 314 728 38,200 11,041 2,200 36,429 801,657 736,360 736,360 269,758 443,697 19,983 2,921 0 25,750 910 240 355 316 -311 38,949 11,041 2,200 36,429 805,067 740,595 740,595 270,781 446,792 19,983 3,038 0 24,000 159 10 0 149 342 39,971 11,041 2,200 36,429 804,964 733,268 733,268 267,826 442,593 19,983 2,865 0 32,000 333 13 0 321 266 39,097 11,041 2,200 36,429 794,292 733,388 733,388 267,922 442,593 19,983 2,889 0 20,250 330 1 0 329 1,051 39,273 11,041 2,200 36,429 805,399 736,082 736,082 269,487 443,697 19,983 2,914 0 30,250 353 17 0 336 -616 39,329 11,041 2,200 36,429 797,595 737,592 737,592 269,779 444,890 19,983 2,940 0 18,750 293 17 0 276 1,771 39,190 11,041 2,200 36,429 803,733 737,672 737,672 269,832 444,890 19,983 2,966 0 20,250 260 17 0 242 5,851 39,700 11,041 2,200 36,429 795,857 738,015 738,015 270,149 444,890 19,983 2,993 0 16,250 238 36 0 202 1,782 39,572 11,041 2,200 36,429 801,552 739,542 739,542 270,649 445,890 19,983 3,019 0 21,750 176 8 0 168 52 40,032 11,041 2,200 36,429 765,723 26,487 26,487 0 262 766,482 26,920 26,920 0 237 768,130 26,180 26,180 0 211 769,018 25,960 25,960 0 252 767,373 23,991 23,991 0 254 768,059 23,811 23,811 0 237 769,331 25,938 25,938 0 221 771,557 26,281 26,281 0 218 769,165 25,082 25,082 0 221 769,127 23,654 23,654 0 211 14,714 5,650 81 8,717 8,717 0 265 30,748 16,880 13,636 4,381 96 8,864 8,864 0 295 31,015 13,037 14,896 5,712 88 8,781 8,781 0 315 31,820 13,499 14,542 5,319 83 8,882 8,882 0 258 30,807 14,055 14,279 5,718 83 8,237 8,237 0 240 30,779 7,287 13,041 4,479 83 8,236 8,236 0 243 30,719 19,202 14,106 4,786 149 8,864 8,864 0 307 31,033 6,636 14,503 5,265 78 8,863 8,863 0 297 31,299 9,544 13,451 4,469 87 8,587 8,587 0 308 31,186 6,422 13,782 4,727 165 8,587 8,587 0 303 31,486 12,963 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • January 2006 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal Adjustment 2005 2002 2003 2004 Dec. Dec. Dec. Apr. May June July Aug. Sept. Oct. 9.926 43,362 30,347 13,016 40,272 38,263 2,009 10.861 44,063 32,086 11,976 42,947 41,906 1,040 12.047 47,261 34,803 12,458 46,850 44,940 1,909 12.965 45,330 33,710 11,620 46,675 45,006 1,669 12,046 45,590 34,431 11,159 46,477 44,955 1,522 11,249 46,238 34,850 11,387 46,100 44,325 1,774 10,882 47,235 35,593 11,642 46,475 44,743 1,732 10.368 48,119 34,495 13,624 44,863 43,240 1,623 11.156 47,194 34,466 12,727 45,622 43,568 2,055 9.637 49,509 34,476 15,033 44,113 42,213 1,900 80 46 17 0 29 63 11 0 52 132 52 0 80 139 6 0 133 249 85 0 164 425 176 12 237 362 63 3 297 332 12 5 315 284 35 29 220 45 35 B weekly a\ erages of daily igures for two- A-eek periods ending on dates indicated 2005 1 7 3 4 5 6 7 8 u 10 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Secondary July 6 July 20 Aug. 3 Aug. 17 Aug. 31 Sept. 14 Sept. 28 Oct. 12 Oct. 26 Nov. 9 11,230 48,100 36,211 11,889 47,441 45,461 1,979 9,361 46,924 34,279 12,645 43,639 42,315 1,324 12.628 47,160 36,930 10,231 49,558 47,442 2,116 8.579 49,267 32,862 16,405 41,441 40,118 1,323 11.673 47,177 35,606 11,571 47,278 45,461 1,817 9.583 46,804 32,447 14,358 42,029 40,256 1,773 12.983 47,196 36,729 10,467 49,712 47,412 2,300 9.385 49,903 32,763 17,140 42,148 39,847 2,300 9.940 49,435 35,956 13,479 45,896 44,180 1,716 9.394 48,774 34,445 14,329 43,839 42,385 1,454 480 279 0 201 321 90 0 232 527 230 34 264 357 79 0 279 333 11 0 322 317 12 0 305 336 7 0 330 415 59 76 280 224 25 0 199 137 4 0 132 Adjustment 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta On 1/20/06 Effective date Previous rate On 1/20/06 Effective date Previous rate On 1/20/06 Effective date Previous rate 5.25 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 5.00 5.75 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 12/13/05 5.50 4.40 1/19/06 4.35 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 12/13/05 12/14/05 12/13/05 12/13/05 12/13/05 12/13/05 i 5.25 ' 5.00 5.75 1 12/13/05 12/14/05 12/13/05 12/13/05 12/13/05 12/13/05 i 1 1 5.50 4.40 1/19/06 4.35 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 Effective date In effect Jan. 9,2003 (beginning of program) Effective date 2005—Feb. 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 In effect January 20, 2006 2 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 3.50 3.50-3.75 3.75 3.75^.00 4.00 4.00^.25 4.25 4.25^.50 4.50 4.50^.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 4.50 4.75 4.75 5.00 5.00 5.25 5.25 5.25 5.25 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998— Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^.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 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 • January 2006 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$7.8 million2 2 More than $7.8 million-$48.3 million3 3 More than $48.3 million Percentage of liabilities 0 10 4 Nonpersonal time deposits 0 5 Eurocurrency liabilities 0 NOTE: Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. Effective date 12/22/05 12/22/05 12/22/05 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity Apr. May 0 0 63,637 63,637 0 1,760 0 70,894 70,894 0 91,408 91,408 July Aug. Sept. 0 0 68,438 68,438 0 2,751 0 66,899 66,899 0 1,992 0 87,522 87,522 0 U.S. TREASURY SECURITIES2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Outright transactions Treasury bills Gross purchases Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases Gross sales Maturity shifts Exchanges Five to ten years Gross purchases Gross sales Maturity shifts Exchanges More than ten years Gross purchases Gross sales Maturity shifts Exchanges All maturities Gross purchases Gross sales Redemptions 26 Net change in U.S. Treasury securities . . . 21,421 0 657.931 657,931 0 738,886 738,886 18,138 0 821,685 821,685 0 78,822 78,822 12,720 0 89,108 -92,075 0 6,565 0 96,433 -103,153 7,994 0 103,380 -118,373 0 0 8,334 -8,000 211 0 0 0 0 0 0 0 23,149 -26,036 0 0 7,997 -6,667 1,305 0 0 0 0 0 1,298 0 26,261 -18,253 757 0 0 7,999 -6,585 0 12,748 0 -73,093 88,276 7,814 0 -76,364 97,256 17,249 0 -84,844 110,819 0 -8,334 8,000 1,200 0 0 0 2,295 0 -19,402 23,565 0 -7,997 6,667 0 0 0 0 1,390 0 -20,702 16,781 3,635 0 -7,999 6,585 5,074 0 -11,588 3,800 4,107 0 -11,131 5,897 5,763 0 -8,012 7,554 470 0 0 0 0 -1,277 2,471 0 0 0 0 0 0 0 -2,919 1,472 130 0 0 0 2,280 0 -4,427 0 220 0 -8,938 1,364 0 -10,524 0 230 0 0 0 0 0 -2,471 0 785 0 0 0 0 0 0 0 0 -2,640 0 90 0 0 0 54,242 0 0 36,856 0 50,507 0 0 0 211 1,900 0 0 4,953 0 0 1,375 0 1,305 0 0 0 6,427 0 757 5,847 0 0 54,242 36,856 1,153,876 1,518,638 1,887,650 201,500 204,250 163,500 167,000 186,250 179,000 173,250 173,500 201,750 200,750 200,750 200,750 187,300 197,050 4,942,131 4,946,691 5,621,153 5,626,285 581,322 580,402 505,211 507,649 547,538 546,380 526,972 527,769 531,351 532,647 555,779 554,786 523,085 523,518 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 4,981,624 4,958,437 231,272 252,363 37 Net change in temporary transactions -8,653 -310 -15,882 -1,831 8,408 -1,047 -297 993 -10,183 38 Total net change in System Open Market Account 45,589 36,536 34,626 -2,041 13,361 -977 -297 6,662 ^1,336 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 • January 2006 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Sept. 28 Aug. Sept. Consolidated condition statement ASSETS 11,037 2,200 708 766,685 736,082 736,082 269,487 443,697 19,983 2,914 0 30,250 353 6,193 1,838 37,497 19,341 18,156 11,037 2,200 712 756,635 737,592 737,592 269,779 444,890 19,983 2,940 0 18,750 293 9,758 1,840 37,381 19,284 18,097 11,037 2,200 709 758,182 737,672 737,672 269,832 444,890 19,983 2,966 0 20,250 260 16,906 1,839 37,875 19,294 18,581 11,037 2,200 718 754,503 738,015 738,015 270,149 444,890 19,983 2 993 0 16,250 238 8,765 1,841 37,681 19,172 18,508 11,037 2,200 727 761,467 739,542 739,542 270,649 445,890 19,983 3,019 0 21,750 176 6,186 1,844 38,143 19,240 18,903 11,037 2,200 659 766,216 730,380 730,380 267,766 440,292 19,533 2 789 0 35,500 336 7,080 1,834 36,458 19,790 16,668 11,037 2,200 726 763,020 736,360 736,360 269,758 443,697 19,983 2,921 0 25,750 910 4,937 1,842 37,132 19,380 17,753 11,037 2,200 733 764,754 740,595 740,595 270,781 446,792 19,983 3,038 0 24,000 159 2,816 1,845 38,064 19,125 18,938 826,159 819,564 828,749 816,745 821,604 825,483 820,894 821,448 732,570 23,811 32,607 27,802 4 479 83 243 6,452 3,829 733,832 25,938 20,773 15,531 4,786 149 307 7,988 3,853 736,051 26,281 24,057 18,416 5,265 78 297 11,060 3,952 733,671 25,082 19,824 14,960 4,469 87 308 6,983 3,937 733,631 23,654 26,699 21,504 4,727 165 303 6,134 4,008 730,211 26,487 31,698 25,702 5,650 81 265 6,339 3,561 731,011 26,920 26,698 21,927 4,381 96 295 5,249 3,947 732,641 26,180 28,336 22,221 5,712 88 315 2,471 4,062 799,269 792,384 801,402 789,496 794,126 798,297 793,826 793,690 30 Capital paid in 31 Surplus 32 Other capital accounts 13,306 11,623 1,961 13,426 11,630 2,124 13,429 11,630 2,288 13,435 11,630 2,184 13,451 11,630 2,397 13,402 11,630 2,155 13,307 11,630 2,132 13,454 11,630 2,675 33 Total capital 26,890 27,347 27,249 1,469,085 1,089,347 379,738 2,958 1,469,657 1,087,669 381,988 3,187 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 .. . 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 27,068 MEMO 34 Marketable securities held in custody for foreign officit and international accounts3'10 35 U.S. Treasuiy 36 Federal agency 37 Securities lent to dealers 1,466,811 1,087,464 379,347 5,930 1,467,295 1,086,252 381,043 6,433 1,479,343 1,087,713 391,629 6,622 1,469,799 1,100,713 369,086 4,655 1,460,798 1,080,684 380,114 5,732 1,476,100 1,084,172 391,928 3,386 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 890,029 890,505 890,271 890,713 891,899 885,896 890,662 892,900 157,458 732,570 732,570 11,037 2,200 719,334 0 156,673 733,832 733,832 11,037 2,200 720,595 0 154,219 736,051 736,051 11,037 2,200 722,814 0 157,042 733,671 733,671 11,037 2,200 720,434 0 158,268 733,631 733,631 11,037 2,200 720,394 0 155,686 730,211 730,211 11,037 2,200 716,974 0 159,651 731,011 731,011 11,037 2,200 717,775 0 160,259 732,641 732,641 11,037 2,200 719,404 0 766,332 756,342 757,922 754,265 761,292 765,880 762,110 764,595 23,829 25,962 26,307 25,105 23,676 26,513 26,955 26,370 742,503 730,380 731,615 729,160 737,616 739,367 735,154 738,225 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. 28 Sept. Aug. 238 1 Total loans 329 25 0 47 246 0 42 217 227 174 2 0 278 58 807 103 100 59 0 736,082 737,592 737,672 738,015 739,542 730,380 736,360 740,595 58,488 155.823 176,589 215,465 52,592 77,125 51,131 164,521 176,953 215,254 52,597 77,136 51,118 164,047 177,494 215,264 52,601 77,148 57,307 157,596 183,233 210,114 52,606 77,159 56,437 159,406 183,293 210,625 52,611 77,170 52,781 155,418 180,980 211,783 52,433 76,985 34,338 173,327 184,920 214,053 52,593 77,128 41,252 168,229 189,776 210,643 52,614 78,080 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19 Total repurchase agreements2 30,250 18,750 20,250 16,250 21,750 35,500 25,750 24,000 20 Within 15 days 30,250 0 18,750 0 20,250 0 16,250 0 21,750 0 35,500 0 25,750 0 24,000 0 26,281 25,082 26,281 0 25,082 0 23,654 0 26,487 0 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 5 Total U.S. Treasury securities' 6 7 8 9 10 11 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 12 Total federal agency securities 13 14 15 16 17 18 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 21 16 days to 90 days 22 Total reverse repurchase agreements" 23,811 23,811 25,938 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. 26,920 26,920 0 26,180 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • January 2006 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. Apr. Aug. Sept. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 41.50 41.43 39.85 635.41 40.44 40.36 38.43 681.30 42.77 42.72 41.73 719.85 46.80 46.74 44.89 758.60 46.81 46.76 45.03 766.51 46.59 46.45 44.92 767.42 45.89 45.75 44.36 768.40 46.68 46.43 44.91 771.68 46.10 45.68 44.37 772.24 44.54 44.18 42.92 774.59 45.73 45.39 43.67 777.28 44.78 44.50 42.88 779.26 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 41.18 41.11 39.53 639.91 40.13 40.05 38.12 686.23 42.45 42.41 41.41 725.20 46.52 46.46 44.61 764.66 45.99 45.95 44.21 764.70 46.61 46.47 44.94 766.32 46.38 46.24 44.86 766.94 45.99 45.74 44.22 770.91 46.34 45.92 44.61 773.70 44.70 44.34 43.08 773.68 45.45 45.11 43.39 776.99 43.91 43.63 42.01 777.69 41.06 40.99 39.41 648.74 1.65 .07 40.27 40.19 38.26 697.15 2.01 .08 42.95 42.90 41.91 737.62 1.04 .05 46.85 46.79 44.94 774.77 1.91 .06 46.03 45.98 44.25 773.85 1.78 .05 46.68 46.54 45.01 775.32 1.67 .13 46.48 46.34 44.96 775.69 1.52 .14 46.10 45.85 44.33 779.56 1.77 .25 46.48 46.05 44.74 782.53 1.73 .43 44.86 44.50 43.24 782.68 1.62 .36 45.62 45.29 43.57 785.68 2.06 44.11 43.83 42.21 786.54 1.90 .28 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base1' Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. Aug. Sept. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,182.0 5.451.1 8,037.2 1,219.2 5,802.9 8,575.6 1,305.1 6,085.2 8,885.3 1,373.5 6,430.7 9,450.5 1,354.4' 6,525.1 9,776.8 1,371.0 6,554.4 9,878.8 1,363.4 6,587.9 9,976.3' 1,367.7 6,627.2 10,058.2 581.1 8.0 335.3 257.6 626.1 7.8 305.8 279.4 662.1 7.7 324.8 310.4 696.9 7.6 340.7 328.3 709.3 7.3 321.2 316.6' 712.4 7.4 331.8 319.4 715.4 7.4 322.4 318.3 716.2 7.3 326.7 317.5 4,269.1 2,586.1 4,583.7 2,772.7 4,780.1 2,800.1 5,057.2 3,019.8 5,170.8 3,251.6 5,183.4 3,324.4 5,224.5 3,388.3 5,259.6 3,431.0 Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 1,740.0 634.4 686.8 2,062.0 589.7 697.0 2,340.5 536.0 761.9 2,638.4 544.1 907.1 2,691.9 610.4 1,025.4 2,693.4 617.7 1,066.6 2,720.1 624.6 1,092.6 2,738.0 621.0 1,114.8 Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 573.6 338.8 114.3 718.5 302.1 117.0 832.6 273.1 120.0 890.9 271.2 160.0 860.8 305.7 202.3 861.6 312.2 208.9 856.5 317.5 215.5 855.9 329.6 223.7 982.4 1,197.4 911.4 1,250.5 798.0 1,120.7 712.6 1,072.7 702.0 1,078.4 698.4 1,093.0 705.9 1,119.4 715.1 1,126.1 375.8 211.8 476.8 231.5 500.6 297.0 497.3 382.6 507.7 437.8 517.6 438.2 526.9 433.9 537.4 429.0 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 onlys Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1,208.3 5,485.1 8,104.9 1,245.2 5,832.2 8,634.5 1,332.2 6,112.0 8,929.7 1,401.4 6,454.5 9,481.5 1,357.1 6,541.8 9,774.7 1,368.4' 6,563.0 9,876.1 1,354.5' 6,593.8' 9,956.7 1,357.8 6,619.2 10,018.3 585.2 7.9 354.2 261.0 630.3 7.7 323.5 283.8 666.7 7.6 342.8 315.0 702.4 7.5 358.8 332.7 711.4 7.5 322.2 316.0' 712.1 7.5 329.7 319.0 713.9 7.4 319.1 314.1' 715.3 7.2 322.7 312.6 Nontransaction components 27 In M27 28 In M3 onlys 4,276.8 2,619.8 4,587.0 2,802.3 4,779.8 2,817.7 5,053.1 3,027.0 5,184.7' 3,232.9 5,194.7 3,313.1 5,239.3 3,363.0 5,261.4 3,399.1 Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 1,742.5 635.2 690.1 2,061.0 590.4 699.0 2,337.3 536.5 762.7 2,632.8 544.6 907.1 2,706.7 609.4 1,030.4 2,701.4 616.8 1,068.3 2,732.3 624.0 1,091.5 2,742.4 620.8 1,108.6 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 574.4 339.2 114.8 718.2 302.4 117.3 831.5 273.3 120.1 889.0 271.4 160.0 865.5' 305.2 203.3 864.1 311.8' 209.3 860.3 317.2' 215.3 857.3 329.4 222.5 985.5 1,228.1 915.1 1,280.8 801.2 1,143.8 715.2 1,089.9 697.9 1,066.2 700.6 1,087.8 705.5 1,103.7 711.4 1,112.3 376.5 210.3 476.4 228.8 498.2 292.8 493.1 377.0 504.8 428.2 515.9 431.8 524.0 428.5 527.9 427.9 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appear on following page. 14 Federal Reserve Bulletin Statistical Supplement • January 2006 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities' Billions of dollars Wednesd ay figures Monthly averages Account Dec' 2005 2005 2004 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 7 Dec. 14 Dec. 21 Dec. 28 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 6.793.5 1,937.2 1,150.2 787.0 4.856.3 924.4 2.547.6 399.9 2.147.8 695.2 215.9 473.1 329.6 314.2 655.5 7.221.2 2,055.6 1,172.4 883.2 5.165.6 990.3 2.734.7 431.5 2.303.2 707.1 248.4 485.1 268.7 332.8 694.0 7.281.2 2,063.3 1,177.5 885.9 5.217.9 1,004.1 2,787.7 437.9 2.349.8 710.5 232.5 483.0 262.4 327.8 680.9 7.360.5 2,066.7 1,174.4 892.4 5.293.8 1,014.0 2,825.1 439.5 2.385.6 717.2 245.3 492.2 280.7 324.4 688.6 7.409.0 2,078.1 1,166.4 911.7 5.330.9 1,018.1 2,840.9 438.7 2.402.2 719.9 246.7 505.3 292.0 327.5 697.5 7.420.1 2,069.1 1,158.9 910.3 5.351.0 1,025.3 2,864.4 436.9 2.427.5 708.8 241.8 510.8 291.5 317.1 703.8 7.438.7 2,058.3 1,141.5 916.8 5.380.4 1,033.0 2,876.9 436.9 2.440.0 709.2 246.6 514.7 305.8 309.2 707.0 7.484.7 2,045.6 1,132.7 912.8 5.439.2 1,044.7 2,902.3 436.2 2.466.1 704.4 261.5 526.2 276.5 311.3 708.9 7.466.5 2,055.3 1,136.3 919.0 5.411.2 1,037.5 2,895.9 437.3 2.458.6 703.1 254.2 520.5 273.4 318.1 707.0 7.467.2 2,046.0 1,130.1 916.0 5.421.2 1,040.1 2,900.0 436.7 2.463.3 706.4 247.8 526.9 274.6 294.2 714.8 7.495.4 2,048.9 1,133.3 915.6 5.446.5 1,046.1 2,901.8 435.4 2.466.4 703.1 266.6 528.9 283.1 318.6 703.6 7.508.0 2,037.4 1,133.1 904.3 5.470.6 1,050.6 2,904.1 436.4 2.467.7 704.7 280.6 530.6 279.9 305.4 707.5 8,022.1 8,448.9 8,484.5 8,586.3 8,657.5 8,664.2 8,692.2 8,712.8 8,696.4 8,682.0 8,732.1 8,732.5 5.327.9 678.0 4.649.9 1,197.0 3,452.9 1,579.5 399.2 1,180.3 22.2 481.7 5.561.8 694.8 4.867.0 1,320.9 3,546.1 1,633.8 367.6 1,266.3 34.0 493.6 5.585.6 661.7 4.923.9 1,320.4 3,603.5 1,626.7 348.0 1,278.8 94.1 485.2 5,655.3 686.5 4.968.8 1,368.0 3,600.9 1,677.0 352.6 1,324.4 63.6 486.1 5.680.5 672.5 5.008.0 1,392.3 3,615.7 1,686.4 358.5 1,327.9 69.1 503.3 5.693.0 654.9 5.038.1 1,412.2 3,625.9 1,675.4 350.9 1,324.5 93.1 499.5 5.716.8 668.1 5.048.8 1,408.7 3,640.1 1,701.2 368.5 1,332.7 75.4 501.3 5.734.3 659.7 5.074.6 1,417.8 3,656.8 1,719.0 360.8 1,358.2 72.9 498.1 5.697.5 617.3 5.080.2 1,412.8 3,667.4 1,704.5 361.8 1,342.8 77.2 509.5 5.722.2 638.2 5.084.0 1,402.8 3,681.1 1,718.7 356.3 1,362.4 51.7 506.4 5.746.0 689.7 5.056.3 1,426.3 3,630.0 1,735.8 367.9 1,367.9 74.4 496.0 5.745.1 706.6 5.038.5 1,423.8 3,614.6 1,738.7 360.7 1,377.9 82.2 484.0 7,411.3 7,723.2 7,791.7 7,882.0 7,939.3 7,961.0 7,994.6 8,024.3 7,988.7 7,999.1 8,052.2 8,049.9 610.9 725.7 692.8 704.2 718.2 703.1 697.5 688.5 707.7 682.9 679.9 682.6 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 6,836.7 1,945.1 1,153.9 791.2 4.891.6 924.7 2.556.5 398.8 2.157.8 707.1 312.0 395.0 226.0 477.4 333.6 332.5 657.0 7,215.4 2,057.3 1.176.2 881.1 5.158.1 993.1 2.728.8 433.0 2.295.7 699.9 306.6 393.3 248.4 488.0 269.3 324.9 690.2 7,262.0 2,057.4 1.176.0 881.3 5.204.7 1,002.7 2,782.4 438.7 2.343.7 703.0 308.0 395.0 229.5 487.0 259.2 322.3 682.1 7,346.2 2,065.1 1.170.5 894.6 5.281.1 1,008.6 2,826.9 440.9 2.386.0 713.8 308.7 405.1 237.8 494.0 280.3 314.8 690.7 7,411.0 2,074.7 1,159.5 915.1 5.336.4 1,014.5 2,849.1 440.6 2.408.5 721.4 311.5 409.9 242.0 509.4 286.5 329.3 700.3 7,433.6 2,067.2 1.154.0 913.2 5.366.3 1,023.6 2,873.8 438.0 2.435.8 711.4 302.9 408.4 244.1 513.5 288.4 322.6 707.3 7,476.5 2,067.8 1,149.9 917.8 5.408.8 1,032.9 2,895.6 436.9 2.458.7 713.9 309.1 404.8 251.7 514.6 309.1 319.0 709.6 7,532.6 2,054.2 1.136.5 917.7 5.478.4 1,045.1 2,912.5 435.1 2,477.4 716.5 319.9 396.6 273.3 531.1 279.2 330.6 710.4 7,500.3 2,069.9 1.148.3 921.6 5.430.5 1,033.8 2,910.7 435.7 2.475.1 707.9 309.6 398.3 260.4 517.7 278.9 317.4 705.6 7,518.4 2,054.9 1,136.6 918.2 5.463.6 1,037.3 2,914.5 436.0 2.478.5 715.1 319.2 395.9 268.5 528.2 281.4 311.7 714.5 7,548.2 2,054.9 1.136.3 918.6 5.493.3 1,048.6 2,908.9 434.7 2.474.2 717.9 322.8 395.1 281.5 536.2 284.0 335.3 703.0 7,566.8 2,042.5 1.130.6 911.9 5.524.3 1,055.5 2,912.6 435.1 2.477.5 723.4 326.8 396.6 291.3 541.5 277.1 340.5 712.5 8,089.2 8,431.8 8,458.0 8,563.9 8,658.6 8,683.9 8,745.9 8,784.2 8,733.4 8,757.2 8,801.9 8,828.7 5.356.9 715.3 4.641.5 1,194.9 3.446.7 1,566.0 397.6 1,168.4 29.5 491.4 5.563.0 687.3 4.875.7 1,328.6 3,547.1 1,645.6 367.0 1,278.6 29.7 489.2 5.569.4 659.2 4.910.2 1,317.0 3,593.3 1,628.2 347.8 1,280.4 85.6 476.1 5.632.9 667.8 4.965.1 1,359.2 3,605.9 1,671.3 354.1 1,317.2 63.5 486.1 5.670.3 664.5 5.005.8 1,379.0 3,626.8 1,690.6 358.8 1,331.8 73.6 508.3 5.685.7 653.8 5.032.0 1,394.0 3,638.0 1,672.5 351.0 1,321.5 99.8 506.6 5.727.9 674.2 5.053.7 1,398.2 3,655.5 1,693.8 366.5 1,327.3 87.1 514.0 5.761.7 696.4 5.065.3 1,415.7 3.649.7 1,704.1 359.5 1,344.7 82.2 508.0 5.716.9 616.8 5.100.1 1,406.9 3,693.2 1,683.4 359.6 1,323.8 83.9 517.7 5.748.2 665.8 5.082.4 1,399.8 3.682.6 1,701.6 355.0 1,346.5 61.2 517.3 5.758.2 725.1 5.033.1 1,425.2 3,607.9 1,732.2 367.9 1,364.3 82.6 504.6 5.786.0 783.3 5.002.7 1,424.2 3,578.5 1,719.1 358.7 1,360.4 97.0 498.1 7,443.8 7,727.5 7,759.4 7,853.8 7,942.8 7,964.6 8,022.7 8,056.0 8,002.0 8,028.2 8,077.6 8,100.3 645.4 704.3 698.6 710.1 715.8 719.3 723.1 728.2 731.4 729.0 724.3 728.4 16 Federal Reserve Bulletin Statistical Supplement • January 2006 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 Dec' 2005 2005 2004 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 7 Dec. 14 Dec. 21 Dec. 28 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 6,149.8 1,663.1 1,067.1 596.0 4,486.7 785.7 2,529.2 399.9 2,129.3 695.2 97.7 378.9 279.5 254.0 617.2 6,488.0 1,736.6 1,085.3 651.3 4,751.4 836.5 2,716.3 431.5 2,284.8 707.1 113.6 377.9 219.1 272.6 657.0 6,536.8 1,738.0 1,091.6 646.4 4,798.8 843.4 2,771.1 437.9 2 333.3 710.5 103.4 370.3 211.4 267.2 644.5 6,592.8 1,734.5 1,089.2 645.3 4,858.3 849.2 2,809.2 439.5 2,369.7 717.2 103.6 379.0 232.2 263.0 652.0 6,627.4 1,730.2 1,080.7 649.5 4,897.2 853.7 2,825.5 438.7 2,386.8 719.9 108.5 389.5 242.5 267.7 657.3 6,626.3 1,712.9 1,076.2 636.6 4,913.4 860.8 2,844.6 436.9 2,407.7 708.8 104.4 394.9 244.3 260.8 664.7 6,633.2 1,698.5 1,059.9 638.7 4,934.6 868.2 2,856.3 436.9 2,419.4 709.2 109.1 391.9 260.1 254.7 666.2 6,677.5 1,694.3 1,054.9 639.4 4,983.2 875.7 2,881.7 436.2 2,445.5 704.4 121.5 399.9 235.4 261.0 670.8 6,646.2 1,691.8 1,052.9 638.9 4,954.4 869.7 2,875.2 437.3 2,438.0 703.1 111.5 394.9 229.3 265.7 667.9 6,664.8 1,691.7 1,052.0 639.7 4,973.1 871.6 2,879.4 436.7 2,442.7 706.4 115.0 400.8 232.3 245.2 675.6 6,681.7 1,694.2 1,054.1 640.2 4,987.5 878.4 2,881.5 435.4 2,446.0 703.1 121.9 402.6 244.1 267.3 665.3 6,707.2 1,699.4 1,059.6 639.7 5,007.9 879.8 2,883.3 436.4 2,447.0 704.7 137.3 402.9 239.1 256.9 671.3 7,230.3 7,569.4 7,592.5 7,672.4 7,726.9 7,728.2 7,746.3 7,776.6 7,741.0 7,749.6 7,790.3 7,806.6 4,777.2 666.2 4,111.1 670.6 3,440.4 1,237.1 346.4 890.7 209.7 388.6 4,959.8 682.9 4,276.9 751.9 3,525.0 1,271.7 318.4 953.4 224.2 395.0 5,005.6 650.0 4,355.6 770.3 3,585.2 1,259.0 299.6 959.4 247.9 390.2 5,034.0 674.1 4,359.9 774.2 3,585.7 1,290.3 299.3 991.0 258.3 389.6 5,056.5 660.5 4,396.0 793.1 3,602.9 1,305.7 307.5 998.2 251.8 396.7 5,062.7 643.2 4,419.5 803.3 3,616.2 1,296.0 300.3 995.6 271.7 385.7 5,104.4 656.0 4,448.4 815.1 3,633.3 1,294.5 309.5 985.0 257.3 385.8 5,131.5 647.4 4,484.1 829.3 3,654.8 1,298.6 301.0 997.7 263.4 387.9 5,088.8 605.1 4,483.7 818.2 3,665.5 1,288.2 301.6 986.6 254.4 390.5 5,122.7 626.3 4,496.4 817.3 3,679.2 1,288.7 295.1 993.7 250.1 391.5 5,141.2 677.4 4,463.8 835.7 3,628.1 1,310.4 303.5 1,007.0 271.1 382.5 5,146.2 693.8 4,452.4 839.7 3,612.7 1,325.0 305.4 1,019.5 268.1 385.5 6,612.6 6,850.8 6,902.7 6,972.3 7,010.7 7,016.1 7,042.0 7,081.4 7,021.9 7,053.0 7,105.2 7,124.8 617.8 718.6 689.9 700.1 716.2 712.1 704.2 695.2 719.1 696.6 685.1 681.8 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 6,187.3 1,671.0 1,070.7 600.3 4,516.3 785.0 2,538.1 398.8 2,139.3 1,079.9 1,059.4 707.1 312.0 395.0 102.0 384.2 283.6 270.2 618.1 6,482.0 1,738.3 1,089.1 649.2 4,743.7 839.8 2,710.3 433.0 2,277.3 1,132.0 1,145.3 699.9 306.6 393.3 114.6 379.0 219.7 265.3 653.1 6,520.7 1,732.0 1,090.1 641.9 4,788.7 842.9 2,765.8 438.7 2,327.1 1,162.3 1,164.9 703.0 308.0 395.0 103.9 373.1 208.2 262.4 646.7 6,587.4 1,732.9 1,085.4 647.5 4,854.5 845.6 2,811.0 440.9 2,370.1 1,189.8 1,180.3 713.8 308.7 405.1 104.5 379.5 231.7 253.4 654.4 6,636.3 1,726.8 1,073.8 652.9 4,909.5 851.8 2,833.7 440.6 2,393.2 1,194.0 1,199.2 721.4 311.5 409.9 109.9 392.7 236.9 268.3 661.8 6,643.6 1,710.9 1,071.4 639.6 4,932.6 861.2 2,854.0 438.0 2,415.9 1,202.4 1,213.5 TWA 302.9 408.4 108.0 398.1 241.2 265.2 669.3 6,670.5 1,708.0 1,068.3 639.8 4,962.4 868.8 2,874.9 436.9 2,438.0 1,214.2 1,223.8 713.9 309.1 404.8 110.4 394.4 263.4 264.5 669.6 6,719.1 1,702.9 1,058.7 644.2 5,016.2 875.0 2,891.9 435.1 2,456.9 1,218.8 1,238.1 716.5 319.9 396.6 126.7 406.1 238.1 278.6 671.7 6,680.1 1,706.4 1,064.8 641.5 4,973.7 867.1 2,890.1 435.7 2,454.4 1,222.6 1,231.8 707.9 309.6 398.3 113.2 395.5 234.8 264.2 665.9 6,705.9 1,700.5 1,058.6 641.9 5,005.4 868.8 2,893.8 436.0 2,457.8 1,221.1 1,236.7 715.1 319.2 395.9 123.1 404.7 239.2 260.9 674.3 6,729.9 1,700.3 1,057.1 643.2 5,029.7 878.8 2,888.6 434.7 2,453.9 1,214.7 1,239.2 717.9 322.8 395.1 133.0 411.3 245.0 281.1 664.7 6,754.6 1,704.5 1,057.1 647.3 5,050.2 881.6 2,891.9 435.1 2,456.8 1,215.1 1,241.7 723.4 326.8 396.6 140.5 412.7 236.3 289.7 675.8 7,288.9 7,552.5 7,570.8 7,659.3 7,735.2 7,751.9 7,800.2 7,839.3 7,776.6 7,811.9 7,852.6 7,888.7 4,809.5 703.2 4,106.4 672.0 3,434.3 1 223 5 344.8 878.8 215.6 397.4 4,952.4 675.5 4,276.9 751.2 3,525.6 1 283 5 317.8 965.7 222.6 392.4 4,991.0 647.6 4,343.4 768.4 3,575.0 1,260.5 299.4 961.1 241.2 382.3 5,020.4 655.6 4,364.8 773.8 3,591.0 1,284.7 300.9 983.8 257.8 389.2 5,057.6 652.3 4,405.3 791.1 3,614.2 1,309.9 307.8 1,002.2 254.5 400.3 5,076.2 641.9 4,434.3 805.7 3,628.6 1,293.0 300.4 992.6 275.7 390.4 5,130.5 662.3 4,468.2 819.3 3,648.9 1,287.1 307.5 979.6 266.1 396.2 5,162.5 683.6 4,478.9 831.2 3,647.7 1,283.8 299.7 984.1 271.0 396.6 5,119.4 604.9 4,514.5 823.2 3,691.3 1,267.0 299.5 967.6 262.1 399.4 5,154.8 653.5 4,501.2 820.6 3,680.6 1,271.5 293.8 977.7 258.2 401.2 5,155.4 712.2 4,443.2 837.2 3,606.0 1,306.8 303.5 1,003.3 278.4 390.5 5,183.4 769.4 4,413.9 837.4 3,576.6 1,305.4 303.4 1,002.0 277.9 396.4 6,646.1 6,851.0 6,875.0 6,952.0 7,022.3 7,035.3 7,079.8 7,114.0 7,048.0 7,085.8 7,131.2 7,163.1 642.8 701.5 695.8 707.3 713.0 716.5 720.3 725.3 728.6 726.2 721.5 725.6 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Dec. 2005 2005 2004 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 7 Dec. 14 Dec. 21 Dec. 28 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 State and local government 25 Agricultural 26 Federal funds sold to and repurchase agreements with others 27 All other loans 28 Lease-financing receivables 29 Interbank loans 30 Federal funds sold to and repurchase agreements with commercial banks 31 Other 32 Cash assets5 33 Other assets6 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 45 Total liabilities 46 Residual (assets less liabilities)5 Footnotes appear on p. 21. 3,442.0' 951.9 574.0 35.1 538.9 435.7 103.3 377.9 211.0 166.9 33.0 133.9 2,490.2' 463.0' 1,274.3' 285.6' 988.7' 620.2' 368.4 385.8 90.1 3,589.2 1,019.5 591.2 51.0 540.2 440.8 99.3 428.3 224.0 204.3 36.6 167.7 2,569.7 491.2 1,319.2 300.3 1,018.9 634.2 384.7 380.2 105.1 3,609.5 1,021.9 597.7 49.4 548.3 449.0 99.3 424.2 215.2 209.0 37.6 171.4 2,587.6 490.2 1,355.0 303.3 1,051.8 658.9 392.9 381.9 94.6 3,641.0 1,016.6 594.2 46.7 547.4 447.6 99.8 422.5 212.2 210.3 37.8 172.4 2,624.4 492.6 1,378.7 303.7 1,075.1 677.9 397.2 385.7 94.3 3,664.1 1,016.2 588.3 36.8 551.5 449.6 101.9 427.8 213.4 214.4 38.1 176.4 2,647.9 493.8 1,387.9 303.6 1,084.3 680.1 404.2 386.8 98.4 3,672.9 1,009.4 588.1 41.6 546.5 444.5 102.0 421.3 203.5 217.8 37.5 180.3 2,663.5 500.9 1,397.8 305.1 1,092.6 685.2 407.4 384.9 93.9 3,665.8 997.0 572.5 42.2 530.3 435.1 95.2 424.5 204.1 220.5 37.9 182.6 2,668.7 504.2 1,402.7 304.2 1,098.6 691.0 407.6 381.9 98.2 3,703.2 1,000.1 571.6 32.5 539.1 447.2 91.9 428.5 203.1 225.4 38.6 186.8 2,703.1 511.9 1,413.2 304.0 1,109.2 697.4 411.8 376.2 111.1 3,678.7 996.7 567.3 36.0 531.3 435.4 95.9 429.4 203.8 225.6 37.6 188.0 2,682.0 507.3 1,409.6 303.9 1,105.7 697.7 408.0 376.5 101.7 3,691.3 997.3 567.7 31.4 536.3 439.7 96.6 429.5 202.0 227.6 38.5 189.1 2,694.1 508.3 1,410.4 303.3 1,107.1 696.1 411.0 378.1 105.0 3,712.3 1,002.7 573.3 31.8 541.4 445.3 96.1 429.5 202.3 227.2 39.1 188.1 2,709.5 514.6 1,415.8 303.7 1,112.1 698.4 413.7 375.7 111.1 3,731.5 1,005.3 577.3 33.4 543.9 461.4 82.6 427.9 204.4 223.5 39.0 184.6 2,726.2 515.4 1,415.3 304.7 1,110.6 696.8 413.8 376.0 126.4 69.5 20.6 16.9 9.6 89.4 15.7 16.8 9.1 79.5 15.0 17.0 9.1 78.6 15.7 17.6 9.2 82.2 16.2 18.2 9.5 77.2 16.7 18.5 9.7 80.8 17.4 18.7 9.7 93.7 17.4 18.9 9.9 84.5 17.2 18.8 9.8 88.4 16.5 18.7 9.9 93.2 17.8 18.9 9.9 108.5 17.9 19.1 9.9 27.3 126.0 97.2 199.4 26.2 129.4 92.6 145.7 21.2 125.7 92.8 135.4 24.7 128.9 92.6 150.0 28.3 132.5 92.5 155.0 31.8 134.3 91.8 150.7 19.3 142.1 91.8 158.7 23.4 146.3 92.2 147.5 17.8 148.3 92.3 145.6 23.4 148.2 92.1 149.0 26.4 144.8 92.3 151.9 24.9 146.7 92.4 147.3 125.5 73.8 145.6' 453.1' 80.1 65.6 157.3 452.3 67.3 68.1 150.3 446.1 83.8 66.2 144.2 453.6 88.9 66.1 146.7 455.8 86.2 64.5 141.7 464.4 94.5 64.2 137.4 463.0 82.6 64.9 144.7 462.2 79.9 65.7 148.3 458.3 85.5 63.5 133.9 466.6 86.2 65.7 149.2 461.4 83.0 64.4 141.4 463.8 4,202.5' 4,310.0 4,307.1 4,354.9 4,387.5 4,395.3 4,390.8 4,423.9 4,396.8 4,406.8 4,441.1 4,450.6 2,460.7' 327.3' 2,133.4' 315.5' 1,817.9' 749.6' 173.9' 575.7' 200.8' 316.5' 2,519.0 327.7 2,191.3 352.9 1,838.4 758.2 150.2 608.1 214.2 321.5 2,528.1 304.1 2,224.1 361.2 1,862.9 747.8 133.7 614.1 234.4 319.1 2,536.5 316.6 2,219.9 358.2 1,861.7 773.2 134.7 638.5 244.2 316.7 2,543.6 311.2 2,232.5 372.4 1,860.0 778.2 139.4 638.8 238.6 322.9 2,546.1 298.4 2,247.6 374.8 1,872.9 780.9 135.6 645.3 256.2 312.7 2,572.2 303.9 2,268.3 380.2 1,888.1 776.6 139.7 637.0 243.8 311.7 2,605.0 310.4 2,294.6 397.7 1,896.9 784.2 136.5 647.7 249.3 314.2 2,575.7 280.6 2,295.1 387.6 1,907.5 776.9 138.9 638.0 242.9 316.9 2,603.9 299.2 2,304.7 389.3 1,915.5 777.3 133.2 644.0 236.2 318.0 2,610.6 328.4 2,282.2 402.7 1,879.5 794.1 138.1 656.1 256.5 309.4 2,614.4 340.0 2,274.4 406.2 1,868.2 805.4 137.5 667.9 253.6 311.6 3,727.6' 3,813.0 3,829.4 3,870.6 3,883.3 3,895.8 3,904.4 3,952.6 3,912.3 3,935.3 3,970.7 3,985.0 474.9' 497.1 477.8 484.3 504.1 499.4 486.4 471.3 484.4 471.5 470.5 465.6 18 Federal Reserve Bulletin Statistical Supplement • January 2006 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 Dec. 2005 2005 2004 June July Aug.' Sept.' Oct.' Nov.' Dec. Dec. 7 Dec. 14 Dec. 21 Dec. 28 Not seasona lly adjusted Assets 47 Bank credit 48 Securities in bank credit 49 Treasury and Agency securities2 . 50 Trading account 51 Investment account 52 Mortgage-backed 53 Other 54 Other securities 55 Trading account 56 Investment account 57 State and local government . 58 Other 59 Loans and leases in bank credit3 . . . 60 Commercial and industrial 61 Real estate 62 Revolving home equity 63 Other 64 Other residential 65 Commercial 66 Consumer 67 Credit cards and related plans . 68 Other 69 Security4 70 Federal funds sold to and repurchase agreements with broker-dealers 71 Other 72 State and local government 73 Agricultural 74 Federal funds sold to and repurchase agreements with others 75 All other loans 76 Lease-financing receivables 77 Interbank loans 78 Federal funds sold to and repurchase agreements with commercial banks 79 Other 80 Cash assets58 81 Other assets 82 Total assets7 83 84 85 86 87 88 89 90 91 92 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 93 Total liabilities 94 Residual (assets less liabilities)5 Footnotes appear on p. 21. 3.461.4' 956.8 574.7 35.1 539.6 436.4 103.3 382.1 213.3 168.8 33.4 135.4 2,504.6' 462.2 1,276.1' 284.9' 991.1' 621.8' 369.4' 390.0 150.0 240.1' 94.3 3,592.8' 1,019.9 593.7 51.4 542.3 442.3 100.0 426.2 222.9 203.3 36.4 166.9 2,572.8' 492.6' 1,322.0' 301.4' 1,020.6' 635.2' 385.4' 377.6' 144.9' 232.7 106.1 3,603.3' 1,017.9' 598.3 49.2 549.0 450.0 99.0 419.7' 212.9' 206.7' 37.2 169.6 2,585.4' 489.5' 1,355.3' 303.9' 1,051.3' 658.6' 392.7' 378.4 144.7 233.7 95.1 3,640.3 1,018.3 593.6 46.5 547.1 447.6 99.5 424.7 213.3 211.4 38.0 173.3 2,622.0 491.0 1,380.3 304.9 1,075.4 678.1 397.3 384.0 142.8 241.2 95.1 3,669.8 1,015.8 584.5 36.4 548.1 447.3 100.8 431.3 215.1 216.2 38.4 177.8 2,654.0 494.0 1,389.9 304.7 1,085.2 680.6 404.6 387.8 143.2 244.6 99.9 3,680.4 1,008.7 584.5 40.8 543.6 443.5 100.1 424.2 204.9 219.3 37.8 181.5 2,671.7 502.1 1,398.7 305.5 1,093.2 685.5 407.6 385.3 141.9 243.3 97.5 3,686.3 1,007.9 582.2 42.6 539.6 443.5 96.1 425.6 204.6 221.0 38.0 183.0 2,678.4 506.0 1,406.9 304.4 1,102.6 693.5 409.1 382.6 142.2 240.4 99.3 3,725.4 1,005.9 572.5 32.6 540.0 448.0 92.0 433.3 205.4 227.9 39.0 188.9 2,719.5 511.0 1,415.3 303.2 1,112.1 699.2 412.8 380.3 147.9 232.4 116.3 3,698.6 1,011.1 579.0 36.6 542.4 444.7 97.7 432.1 205.1 227.0 37.8 189.2 2,687.6 505.9 1,414.9 303.1 1,111.8 701.5 410.3 376.9 143.0 233.9 102.9 3,714.4 1,003.4 571.7 31.6 540.1 443.0 97.1 431.8 203.0 228.8 38.7 190.1 2,710.9 506.4 1,415.7 303.1 1,112.5 699.5 413.0 380.1 148.5 231.7 112.9 3,737.4 1,004.0 571.5 31.7 539.8 444.2 95.6 432.5 203.7 228.8 39.3 189.4 2,733.4 514.4 1,415.3 303.3 1,112.0 698.4 413.6 380.5 149.5 230.9 122.3 3,751.4 1,005.4 569.8 32.9 537.0 455.7 81.3 435.6 208.0 227.5 39.6 187.9 2,746.0 515.4 1,414.5 303.4 1,111.1 697.1 414.0 383.5 150.8 232.6 130.1 72.8 21.5 16.9 9.7 90.3 15.8 16.8 9.1 80.0 15.1 17.0 9.2 79.3 15.8 17.6 9.2 83.4 16.5 18.2 9.5 80.2 17.3 18.5 9.7 81.7 17.6 18.7 9.8 98.1 18.2 18.9 10.0 85.5 17.4 18.8 9.8 95.1 17.8 18.7 10.0 102.7 19.6 18.9 10.0 111.7 18.4 19.1 10.1 27.3 131.0 97.1 203.6 26.2 130.1' 92.4 147.6 21.2 127.1 92.6 134.7 24.7 127.6 92.5 150.1 28.3 133.9 92.5 151.0 31.8 135.9 92.3 146.6 19.3 143.6 92.2 160.3 23.4 152.1 92.1 150.6 17.8 148.4 92.2 145.3 23.4 151.9 91.8 154.6 26.4 153.8 91.9 155.1 24.9 156.0 92.4 150.8 128.3 75.4 157.4' 454.0' 81.2 66.4 150.4' 448.4' 67.0 67.7 145.4 448.4' 83.8 66.3 136.3 456.0 86.6 64.4 146.0 460.3 83.9 62.7 144.5 469.0 95.5 64.9 143.3 466.4 84.3 66.2 157.5 463.2 79.7 65.6 147.5 456.3 88.7 65.9 145.6 465.3 88.0 67.0 160.5 460.8 84.9 65.9 164.7 468.2 4,238.8' 4,304.7' 4,297.9' 4,348.7 4,392.9 4,406.5 4,422.3 4,462.9 4,413.4 4,445.8 4,480.1 4,501.9 2,479.8' 351.3' 2,128.5' 316.9' 1,811.6' 736.0' 172.2' 563.8' 206.7' 325.4' 2,512.6' 324.6 2,188.0' 352.2 1,835.8' 770.0' 149.6 620.4' 212.6' 319.0' 2,520.5' 301.8 2,218.7' 359.3 1,859.4' 749.3' 133.6 615.7' 227.8' 311.1' 2,526.8 302.4 2,224.4 357.8 1,866.7 767.5 136.3 631.2 243.6 316.3 2,545.9 304.7 2,241.2 370.4 1,870.8 782.4 139.7 642.7 241.2 326.5 2,557.4 295.9 2,261.5 377.1 1,884.4 111 .9 135.6 642.3 260.1 317.4 2,586.0 306.8 2,279.3 384.3 1,894.9 769.2 137.6 631.6 252.6 322.1 2,623.1 334.0 2,289.2 399.6 1,889.6 769.4 135.2 634.1 256.9 322.9 2,589.6 278.4 2,311.2 392.6 1,918.5 755.7 136.8 619.0 250.6 325.8 2,623.2 317.8 2,305.5 392.6 1,912.9 760.1 132.0 628.1 244.3 327.8 2,619.0 352.5 2,266.5 404.2 1,862.3 790.6 138.1 652.4 263.8 317.5 2,638.2 389.9 2,248.4 403.8 1,844.5 785.9 135.5 650.4 263.3 322.5 3,747.9' 3,814.2' 3,808.7' 3,854.3 3,896.1 3,912.9 3,930.0 3,972.3 3,921.8 3,955.4 3,990.8 4,009.9 490.9' 490.5' 489.1' 494.4 496.9 493.6 492.4 490.6 491.7 490.4 489.2 492.0 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Dec' 2005 2005 2004 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 7 Dec. 14 Dec. 21 Dec. 28 Seasonall { adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 2,706.7 710.1 492.0 218.2 1,996.5 322.7 1,254.9 114.3 1 140.7 309.4 7.6 101.9 80.2 108.5 164.1 2,900.0 718.3 495.3 223.0 2,181.7 345.3 1,397.1 131.3 1 265.9 '326.9 8.5 103.9 73.5 115.4 204.7 2,927.4 716.2 494.0 222.2 2,211.2 353.2 1,416.1 134.6 1 281.5 328.6 8.9 104.5 76.0 117.0 198.3 2,950.1 716.2 493.3 222.8 2,233.9 356.6 1,430.5 135.8 1 294.7 331.5 9.3 106.0 82.2 118.9 198.3 2,960.5 711.3 489.6 221.6 2,249.2 359.9 1,437.6 135.1 1 302.5 333.1 10.1 108.4 87.5 121.0 201.5 2,953.5 703.6 488.3 215.4 2,249.9 360.0 1,446.8 131.8 1 315.1 '323.8 10.5 108.8 93.6 119.2 200.3 2,965.9 700.0 485.8 214.1 2,265.9 364.0 1,453.5 132.7 1 320.8 327.2 10.9 110.2 101.4 117.4 203.2 2,973.4 693.2 482.3 210.9 2,280.2 363.8 1,468.5 132.3 1 336.3 328.2 10.4 109.2 87.9 116.3 208.6 2,965.1 692.7 483.3 209.5 2,272.4 362.4 1,465.6 133.4 1 332.2 326.6 9.8 107.9 83.8 117.5 209.6 2,972.5 693.4 483.3 210.1 2,279.1 363.3 1,469.0 133.4 1 335.6 328.3 10.0 108.5 83.4 111.2 209.0 2,969.5 691.6 480.9 210.7 2,278.0 363.8 1,465.7 131.8 1 333.9 327.4 10.8 110.3 92.2 118.1 203.9 2,975.5 693.8 482.0 211.8 2,281.7 364.4 1,468.0 131.6 1 336.4 328.6 10.8 109.8 91.8 115.5 207.6 3,026.8 3,260.5 3,285.4 3,315.8 3,336.7 3,333.1 3,353.9 3,351.7 3,341.8 3,341.8 3,349.2 3,355.8 2,316.6 338.9 1,977.7 355.1 1,622.6 487.5 172.5 315.0 8.9 72.0 2,440.8 355.2 2,085.6 399.1 1,686.6 513.5 168.2 345.3 10.1 73.5 2,477.5 346.0 2,131.5 409.1 1,722.4 511.2 165.9 345.3 13.5 71.1 2,497.5 357.5 2,140.1 416.0 1,724.1 517.1 164.6 352.5 14.1 72.9 2,512.9 349.3 2,163.5 420.7 1,742.8 527.5 168.1 359.5 13.3 73.7 2,516.6 344.7 2,171.9 428.5 1,743.3 515.1 164.7 350.4 15.5 73.0 2,532.2 352.1 2,180.1 435.0 1,745.2 517.9 169.9 348.0 13.5 74.1 2,526.5 337.0 2,189.6 431.6 1,757.9 514.4 164.4 350.0 14.1 73.7 2,513.1 324.5 2,188.6 430.6 1,758.0 511.3 162.7 348.6 11.5 73.6 2,518.8 327.1 2,191.7 428.0 1,763.7 511.5 161.9 349.6 13.9 73.5 2,530.5 349.0 2,181.6 433.0 1,748.6 516.3 165.4 350.9 14.7 73.1 2,531.8 353.7 2,178.0 433.6 1,744.5 519.6 167.9 351.7 14.6 73.9 2,885.0 3,037.8 3,073.3 3,101.7 3,127.4 3,120.2 3,137.6 3,128.8 3,109.6 3,117.7 3,134.5 3,139.8 141.8 222.7 212.2 214.1 209.3 212.8 216.3 222.9 232.3 224.1 214.7 215.9 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 2 725 9 714.2 496.0 218.2 2,011.7 322.8 1,262.0 113.8 1,148.2 458.1 690.1 317.0 162.1 155.0 7.7 102.2 80.0 112.8 164.1 2 889 2 718.3 495.4 223.0 2,170.9 347.2 1,388.4 131.6 1,256.8 496.8 760.0 322.3 161.7 160.6 8.5 104.5 72.1 114.8 204.7 2,917.4 714.1 491.9 222.2 2,203.3 353.4 1,410.6 134.8 1,275.8 503.7 772.2 324.6 163.3 161.3 8.8 105.9 73.5 117.0 198.3 2,947.2 714.6 491.8 222.8 2,232.6 354.6 1,430.8 136.1 1,294.7 511.7 783.0 329.9 165.9 163.9 9.4 107.9 81.6 117.1 198.3 2,966.5 710.9 489.3 221.6 2,255.5 357.8 1,443.8 135.9 1,307.9 513.3 794.6 333.6 168.3 165.3 10.0 110.3 85.9 122.4 201.5 2,963.2 702.3 486.9 215.4 2,260.9 359.1 1,455.3 132.5 1,322.8 516.9 805.9 326.1 161.0 165.1 10.5 109.9 94.6 120.7 200.3 2,984.2 700.2 486.1 214.1 2,284.0 362.8 1,468.0 132.6 1,335.5 520.7 814.7 331.3 166.9 164.4 11.1 110.8 103.1 121.3 203.2 2,993.7 697.0 486.1 210.9 2,296.7 363.9 1,476.6 131.8 1,344.8 519.6 825.2 336.1 172.0 164.2 10.4 109.5 87.5 121.1 208.6 2,981.4 695.3 485.8 209.5 2,286.1 361.2 1,475.2 132.6 1,342.6 521.1 821.5 330.9 166.6 164.3 10.3 108.5 89.5 116.7 209.6 2,991.6 697.0 486.9 210.1 2,294.5 362.3 1,478.2 132.9 1,345.3 521.6 823.7 334.9 170.7 164.2 10.2 108.9 84.6 115.3 209.0 2,992.6 696.3 485.6 210.7 2,296.3 364.4 1,473.4 131.5 1,341.9 516.3 825.6 337.4 173.3 164.2 10.7 110.4 89.9 120.6 203.9 3,003.3 699.1 487.3 211.8 2,304.2 366.3 1,477.4 131.7 1,345.7 518.0 827.7 340.0 176.0 164.0 10.4 110.2 85.5 125.1 207.6 3,050.1 3,247.8 3,273.0 3,310.6 3,342.3 3,345.3 3,377.9 3,376.4 3,363.1 3,366.1 3,372.6 3,386.8 2,329.8 351.9 1,977.9 355.1 1,622.7 487.5 172.5 315.0 8.9 72.0 2,439.8 350.9 2,088.9 399.1 1,689.8 513.5 168.2 345.3 10.1 73.5 2,470.5 345.7 2,124.7 409.1 1,715.6 511.2 165.9 345.3 13.5 71.1 2,493.5 353.2 2,140.3 416.0 1,724.3 517.1 164.6 352.5 14.1 72.9 2,511.7 347.6 2,164.1 420.7 1,743.4 527.5 168.1 359.5 13.3 73.7 2,518.8 346.0 2,172.8 428.5 1,744.2 515.1 164.7 350.4 15.5 73.0 2,544.4 355.5 2,188.9 435.0 1,754.0 517.9 169.9 348.0 13.5 74.1 2,539.4 349.7 2,189.7 431.6 1,758.1 514.4 164.4 350.0 14.1 73.7 2,529.8 326.5 2,203.4 430.6 1,772.7 511.3 162.7 348.6 11.5 73.6 2,531.5 335.8 2,195.7 428.0 1,767.7 511.5 161.9 349.6 13.9 73.5 2,536.3 359.6 2,176.7 433.0 1,743.7 516.3 165.4 350.9 14.7 73.1 2,545.1 379.6 2,165.6 433.6 1,732.0 519.6 167.9 351.7 14.6 73.9 2,898.2 3,036.8 3,066.3 3,097.7 3,126.2 3,122.4 3,149.9 3,141.7 3,126.3 3,130.4 3,140.3 3,153.2 151.9 211.0 206.7 212.9 216.1 222.9 228.0 234.8 236.9 235.8 232.2 233.6 20 Federal Reserve Bulletin Statistical Supplement • January 2006 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 Dec. 2005 2005 2004 June' July' Aug.' Sept.' Oct.' Nov.' Dec. Dec. 7 Dec. 14 Dec. 21 Dec. 28 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)5 643.7 274.1 83.2 190.9 369.6 138.8 18.4 118.1 94.2 50.1 60.1 38.3 733.2 319.0 87.1 231.9 414.2 153.8 18.4 134.8 107.2 49.6 60.1 37.1 744.4 325.4 85.9 239.5 419.0 160.7 16.6 129.1 112.6 51.0 60.6 36.4 767.7 332.2 85.1 247.1 435.5 164.7 15.9 141.7 113.2 48.5 61.4 36.7 781.6 347.9 85.7 262.2 433.7 164.3 15.4 138.2 115.8 49.6 59.8 40.2 793.8 356.3 82.6 273.6 437.6 164.4 19.9 137.3 115.9 47.2 56.3 39.1 805.5 359.7 81.6 278.1 445.8 164.9 20.6 137.5 122.8 45.6 54.4 40.8 807.2 351.3 77.9 273.4 455.9 169.0 20.6 140.0 126.4 41.1 50.2 38.1 820.3 363.5 83.4 280.1 456.8 167.8 20.7 142.7 125.6 44.1 52.4 39.1 802.4 354.4 78.1 276.3 448.0 168.5 20.6 132.8 126.1 42.2 49.1 39.2 813.7 354.7 79.2 275.4 459.0 167.7 20.3 144.7 126.4 39.0 51.3 38.3 800.7 338.0 73.4 264.6 462.7 170.9 20.8 143.4 127.7 40.8 48.5 36.2 791.8 879.6 892.0 913.9 930.7 936.0 945.9 936.2 955.4 932.4 941.7 925.9 550.6r 11.8 538.9 342.5' 52.8' 289.6' -187.5 93.1 602.0 11.9 590.1 362.1 49.2 312.9 -190.3 98.6 580.0 11.7 568.3 367.7 48.4 319.4 -153.7 95.1 621.3 12.4 608.9 386.7 53.3 333.4 -194.7 96.5 624.0 12.0 612.0 380.7 51.0 329.6 -182.7 106.7 630.3 11.7 618.6 379.5 50.6 328.8 -178.7 113.9 612.4 12.1 600.3 406.7 59.0 347.7 -181.9 115.4 602.8 12.3 590.5 420.4 59.8 360.6 -190.4 110.2 608.7 12.2 596.5 416.4 60.2 356.2 -177.3 119.0 599.5 12.0 587.5 430.0 61.2 368.8 -198.4 115.0 604.8 12.3 592.5 425.4 64.4 361.0 -196.7 113.5 598.9 12.9 586.0 413.7 55.3 358.4 -185.9 98.4 798.7 872.5 889.0 909.7 928.6 945.0 952.6 943.0 966.8 946.1 947.0 925.1 -6.9 7.1 2.9 4.1 2.0 -9.0 -6.7 -6.8 -11.4 -13.7 -5.3 .8 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. 649.4' 274.1 83.2 27.4 55.8 190.9 115.2' 75.7' 375.3 139.7 18.4 124.0 93.2 50.1 62.3 38.9 733.4 319.0 87.1 29.4 57.7 231.9 132.4 99.6 414.4 153.3 18.4 133.8 108.9 49.6 59.6 37.1 741.3 325.4 85.9 26.8 59.1 239.5 132.1 107.4 415.9 159.8 16.6 125.6 113.9 51.0 59.9 35.4 758.8 332.2 85.1 26.0 59.2 247.1 137.7 109.3 426.6 163.0 15.9 133.2 114.5 48.5 61.5 36.3 774.7 347.9 85.7 25.9 59.9 262.2 152.1 110.1 426.9 162.7 15.4 132.1 116.7 49.6 61.0 38.5 790.0 356.3 82.6 23.2 59.5 273.6 162.4 111.2 433.7 162.4 19.9 136.1 115.4 47.2 57.4 38.0 806.1 359.7 81.6 23.3 58.3 278.1 164.3 113.8 446.4 164.1 20.6 141.4 120.3 45.6 54.4 40.0 813.5 351.3 77.9 20.0 57.9 273.4 163.4 110.0 462.2 170.1 20.6 146.5 125.0 41.1 52.1 38.7 820.2 363.5 83.4 23.6 59.8 280.1 165.6 114.5 456.7 166.7 20.7 147.2 122.2 44.1 53.2 39.6 812.5 354.4 78.1 18.5 59.6 276.3 162.9 113.4 458.1 168.5 20.6 145.5 123.5 42.2 50.7 40.2 818.3 354.7 79.2 21.4 57.8 275.4 163.8 111.6 463.6 169.8 20.3 148.5 124.9 39.0 54.2 38.3 812.2 338.0 73.4 18.1 55.3 264.6 162.1 102.5 474.1 173.8 20.8 150.8 128.8 40.8 50.8 36.7 800.3 879.3 887.2 904.6 923.3 932.1 945.7 944.9 956.8 945.3 949.3 940.0 547.4 12.2 535.2 342.5' 52.8' 289.6' -186.2 94.1 610.6 11.8 598.8 362.1 49.2 312.9 -192.9 96.7 578.4 11.7 566.8 367.7 48.4 319.4 -155.6 93.8 612.6 12.2 600.3 386.7 53.3 333.4 -194.3 96.8 612.7 12.2 600.5 380.7 51.0 329.6 -180.9 108.1 609.5 11.8 597.7 379.5 50.6 328.8 -175.9 116.2 597.4 12.0 585.5 406.7 59.0 347.7 -179.0 117.8 599.2 12.8 586.4 420.4 59.8 360.6 -188.9 111.3 597.5 11.9 585.6 416.4 60.2 356.2 -178.2 118.3 593.4 12.3 581.1 430.0 61.2 368.8 -197.0 116.1 602.8 12.9 589.9 425.4 64.4 361.0 -195.9 114.1 602.6 13.8 588.8 413.7 55.3 358.4 -180.8 101.7 797.8r 876.5 884.4 901.8 920.5 929.2 942.9 942.1 954.0 942.5 946.5 937.2 2.5 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2004 Dec. 2005 2005 June July Aug. Sept. Oct.' Nov.' Dec. Dec. 7 Dec. 14 Dec. 21 Dec. 28 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 103.7 93.2 86.9' 89.7' 92.5 90.0 91.7 89.0 91.3 89.4 86.2 87.5 95.1 507.4 389.0 118.4 85.3 535.9 411.3 124.6 77.3' 544.3 418.8 125.5 79.7 543.3 416.3 127.0 83.3' 545.4 416.5 128.9 82.2 545.1 414.5 130.6 81.5 548.8 414.9 134.0 80.3 550.8 415.3 135.5 82.6 552.0 415.3 136.8 80.6 550.2 413.9 136.3 76.7 551.2 415.6 135.7 79.8 550.2 415.7 134.4 4.7 155.6 133.2 22.4 6.4 3.6 151.1 129.2 21.9 5.5 1.8' 152.5 129.5 22.9 4.9 -.3' 153.1 130.7 22.4 4.0 -2.6' 153.0' 130.8 22.2 3.3 -8.2 153.7 131.8 21.9 3.2 -10.4 157.5 133.3 24.2 3.1 -9.1 166.2 135.0 31.2 3.0 -10.3 164.4 135.1 29.3 3.0 -9.4 164.7 132.8 31.9 3.0 -9.5 167.1 135.3 31.8 3.0 -8.2 167.7 136.0 31.7 3.0 331.7' 221.5 214.2 7.3 339.8' 213.1' 203.2 9.9' 338.6' 212.4 202.5 9.9 338.6' 211.7 201.9' 9.9 334.6' 210.7' 200.9' 9.9 330.7 199.9 190.0 9.9 328.9 196.1 186.2 9.8 328.8 201.1 191.3 9.8 328.4 200.0 190.2 9.8 329.0 199.9 190.1 9.8 328.3 202.5 192.7 9.8 328.0 202.6 192.8 9.8 59.3 54.6 54.9 56.8 65.9 70.7 71.5 66.8 71.7 69.4 67.7 60.7 65.1 .2 63.6 62.9' .2 63.2' .2 72.7' 78.0 .2 79.9 74.5 80.6 77.4 75.3 67.6 .2 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Credit cards and related plans 14 Other Foreign-related institutions 15 Revaluation gains on off-balancesheet items9 16 Revaluation losses on off-balancesheet items9 17 Securitized business loans12 2 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases.. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2 2 2 2 2 2 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 • January 2006 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2005 Item 2000 2001 2002 2003 2004 Apr. May June July Aug. Sept. 1 All issuers 1,619,274 1,458,870 1,347,997 1,265,351 1,387,807 1,490,359 1,503,470 1,537,820 1,543,702 1,580,335 1,605,457 2 Financial companies' 3 Nonfinancial companies2 1,275,841 343,433 1,234,023 224,847 1,193,950 154,047 1,160,317 105,034 1,268,158 119,649 1,344,817 145,543 1,353,098 150,373 1,405,057 132,763 1,405,916 137,786 1,441,129 139,206 1,467,324 138,133 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 2001—Jan. Feb Mar. Apr May June Aug. Sept. Oct. Nov. Dec. Rate 4 1 21 19 16 28 22 18 3 7 12 9.00 8 50 8.00 7 50 7.00 6 75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 30 10 21 10 14 4.25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. Nov. 2 22 3 30 9 20 1 5.50 5.75 6.00 6.25 6.50 6.75 7.00 Period 2001 2002 2003 2004 2002 Average rate 6.91 4.67 4.12 4.34 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 Period Average rate 2004—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 2005—Jan Feb Mar Apr May June July Aug Sept Oct Nov 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2005 Item 2002 2003 2005, week ending 2004 July Aug. Sept. Oct. Sept. 30 Oct. 7 Oct. 14 Oct. 21 Oct. 28 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 1.67 n.a. 1.13 n.a. 1.35 2.34 3.26 4.25 3.50 4.44 3.62 4.59 3.78 4.75 3.77 4.75 3.85 4.75 3.68 4.75 3.76 4.75 3.76 4.75 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 1.67 1.67 1.69 1.11 1.11 1.11 1.38 1.40 1.41 3.27 3.36 3.47 3.47 3.53 3.64 3.64 3.67 3.72 3.84 3.90 4.01 3.72 3.78 3.85 3.74 3.80 n.a. 3.79 3.86 3.97 3.84 3.91 4.00 3.95 3.99 4.05 6 7 8 Financial 1-month 2-month 3-month 1.68 1.69 1.70 1.12 1.13 1.13 1.41 1.46 1.52 3.31 3.41 3.49 3.50 3.60 3.69 3.69 3.74 3.79 3.88 3.96 4.05 3.76 3.84 3.89 3.78 3.88 3.97 3.84 3.93 4.03 3.90 3.98 4.07 3.97 4.03 4.12 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 1.72 1.73 1.81 1.15 1.15 1.17 1.45 1.57 1.74 3.38 3.57 3.80 3.56 3.77 3.99 3.74 3.87 4.01 3.95 4.13 4.32 3.81 3.99 4.17 3.86 4.05 4.25 3.91 4.10 4.29 3.97 AAA 4.32 4.03 4.19 4.38 12 Eurodollar deposits, 3-month3>s 1.73 1.14 1.55 3.55 3.74 3.85 4.13 3.97 4.03 4.09 AAA 4.21 US Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 1.60 1.61 1.68 1.00 1.01 1.05 1.24 1.37 1.58 3.04 3.22 3.42 3.28 3.44 3.66 3.16 3.42 3.67 3.44 3.71 3.99 3.07 3.44 3.76 3.25 3.53 3.88 3.40 3.66 3.96 3.44 3.77 4.02 3.60 3.82 4.07 2.00 2.64 3.10 3.82 4.30 4.61 5.43 1.24 1.65 2.10 2.97 3.52 4.01 4.96 1.89 2.38 2.78 3.43 3.87 4.27 5.04 3.64 3.87 3.91 3.98 4.06 4.18 4.48 3.87 4.04 4.08 4.12 4.18 4.26 4.53 3.85 3.95 3.96 4.01 4.08 4.20 4.51 4.18 4.27 4.29 4.33 3.97 4.11 4.11 4.13 4.08 4.20 4.21 4.24 4.14 4.24 4.27 4.31 4.19 4.26 4.28 4.32 4.26 4.35 4.37 4.42 4.46 4.74 4.30 4.59 4.37 4.64 4.45 4.72 4.46 4.75 4.55 4.82 4.87 5.64 5.04 4.52 5.20 4.75 4.50 5.09 4.68 4.18 4.86 4.31 4.33 4.94 4.32 4.34 4.87 4.29 4.49 4.99 4.49 4.49 5.01 4.39 4.52 5.04 4.40 4.57 5.09 4.51 4.37 4.85 4.47 4.48 4.99 4.56 7.10 6.24 6.00 5.40 5.43 5.47 5.72 5.57 5.62 5.71 5.72 5.79 6.49 6.93 7.18 7.80 5.66 6.14 6.38 6.76 5.63 5.91 6.08 6.39 5.06 5.14 5.44 5.95 5.09 5.20 5.48 5.96 5.13 5.24 5.50 6.03 5.35 5.47 5.75 6.30 5.21 5.33 5.59 6.12 5.25 5.38 5.65 6.19 5.35 5.46 5.74 6.29 5.35 5.47 5.76 6.31 5.41 5.54 5.83 6.38 1.61 1.72 1.66 1.99 2.00 2.00 1.77 1.75 1.79 1.80 1.81 1.78 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 • January 2006 1.36 STOCK MARKET Selected Statistics 2005 Indicator 2002 2003 2004 Mar. Apr. May June July Aug. Sept. Oct. Nov. Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31,1965 = 50) 5,571.46 656.44 430.63 260.50 554.88 5,456.00' 634.11 437.37 238.05 566.74 6,614.10 741.19 521.11 271.45 657.07 7,275.51 n.a. n.a. n.a. n.a. 7,077.97 n.a. n.a. n.a. n.a. 7,094.02 n.a. n.a. n.a. n.a. 7,238.96 n.a. n.a. n.a. n.a. 7,389.23 n.a. n.a. n.a. n.a. 7,482.93 n.a. n.a. n.a. n.a. 7,584.49 n.a. n.a. n.a. n.a. 7,373.23 n.a. n.a. n.a. n.a. 7,585.75 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 993.94 965 23 1 130 65 1 194 90 1 164 42 1 178 28 1 202 25 1 222 24 1 224 27 1 225 91 1 191 96 1 237 37 7 American Stock Exchange (Aug. 31, 1973 = 50)2 861.66' 943.44 1,260.02 1,483.97 1,453.79 1,455.72 1,529.7 6r 1,556.30 1,625.17 1,711.66 1,640.08 1,694.64 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1 411 689 1 361 043 1 403 376 1 600 618 1 643 376 1 452 615 1 405 330 1 430 294 1 387 088 1 626 430 1 779 200 1 576 379 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 American Stock Exchange Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 134,380 173,220 203,790 201,690 194,160 196,270 200,500 210,940 208,660 217,760 212,540 219,020 95,690 73,340 92,560 84,920 117,850 93,580 100,200 80,200 97,450 74,720 99,480 72,690 105,550 76,380 99,000 74,130 99,050 75,910 106,730 79,310 113,110 77,550 110,610 78,330 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2003 1 Federal debt outstanding .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 6,810.3 7,023.4 7,156.2 7,298.6 7,403.2 7,620.4 7,801.0 7,860.2 7,956.3 6,783.2 3,923.9 2,859.3 6,998.0 4,044.1 2,954.5 7,131.1 4,176.7 2,954.4 7,274.3 4,218.7 3,055.6 7,379.0 4,303.4 3,075.7 7,596.1 4,406.4 3,189.8 7,776.9 4,572.4 3,204.5 7,836.5 4,527.6 3,308.9 7,932.7 4,601.6 3,331.1 27.0 27.0 .0 25.4 24.9 .5 25.1 25.1 .0 24.2 24.2 .0 24.2 23.7 .4 24.3 23.9 .4 24.1 24.1 23.7 23.7 23.6 23.6 7,535.6 7,715.5 7,778.1 7,871.0 6,737.3 .3 6,952.6 .3 7,088.5 .1 7,229.2 .1 7,333.2 .2 7,535.5 .2 7,715.4 7,778.0 7,870.9 7,384.0 7,384.0 7,384.0 7,384.0 7,384.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' Nonmarketable2 State and local government series . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non-interest-bearing By holder^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 Q4 Ql Q2 Q3 7,759.9 7,818.0 4,103.7 1,059.1 4,031.0 7,913.7 4,084.8 914.3 2,328.7 520.6 5,943.4 6,405.7 6,998.0 7,596.1 5,930.8 2,982.9 6,391.4 6,982.0 3,205.1 3,575.1 7,578.5 3,959.7 7,578.5 3,959.7 811.3 1,413.9 888.8 1,580.8 588.7 146.9 3,186.3 928.8 1,905.7 564.3 1,003.2 2,157.1 1,003.2 2,157.1 539.5 245.9 3,618.8 539.5 245.9 3,618.8 160.7 160.7 2,226.6 537.2 266.8 3,656.2 179.0 5.9 5.9 .0 5.9 5.9 .0 6.1 6.1 .0 602.7 140.1 2,947.9 176.2 923.4 2,273.0 529.9 290.6 3,787.0 206.7 3.0 3.0 .0 190.9 3,356.3 18.5 307.1 3,828.9 225.3 191.7 191.7 2,574.8 11.2 11.2 .0 184.8 2,806.9 3,406.9 149.2 9.7 9.7 .0 192.2 3,007.0 3,230.6 3,230.6 192.2 3,248.9 12.7 14.3 16.0 17.6 17.6 17.0 2,564.3 551.7 2,819.5 181.5 257.5 105.7 339.4 2 757.8 629.4 3,018.5 222.8 278.8 139.7 351.5 2,955.1 666.7 3,377.9 154.0 279.6 136.5 358.8 3,189.1 717.8 3,667.1 128.1 253.1 149.2 385.8 3,189.1 717.8 3,667.1 128.1 253.1 149.2 385.8 3,206.6 717.3 3,855.4 142.1 262.3 153.3 407.5 3,311.6 724.7 3,334.1 736.4 3,803.0 127.2 249.5 154.6 434.3 3,864.9 125.7 248.0 157.7 456.4 190.3 273.1 120.6 152.4 1,051.2 420.9 194.9 278.8 134.7 144.1 1,246.8 323.4 203.8 288.2 140.8 147.4 1,538.1 452.6 204.4 295.7 151.0 144.7 1,942.0 307.8 204.4 295.7 151.0 144.7 1,942.0 307.8 204.2 284.0 153.8 130.2 1,982.2 407.4 204.2 287.9 157.6 130.3 2,030.0 303.5 203.6 292.0 161.0 131.0 2,069.0 n.a. 146.3 15.4 15.4 181.5 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 153.4 3.1 3.1 .0 190.0 3,380.6 19.0 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors. SOURCES: Data by type of security, U.S. Treasury Department, Monthly Statement of the Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin, unless otherwise noted. 26 Federal Reserve Bulletin Statistical Supplement • January 2006 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2005 Item By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate July Aug. 2005, week end Sept. Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 Oct. 26 44,369 46,692 48,222 50,782 53,459 51,247 46,025 44,683 44,525 47,504 49,990 42,377 167,459 175,112 220,589 205,762 318,401 173,485 196,120 214,233 219,786 197,255 193,255 206,995 135,097 140,448 153,022 136,728 192,506 147,769 152,955 135,902 130,152 156,849 157,871 141,252 120,093 24,378 9,086 120,808 27,748 7,250 132,689 36,839 10,028 115,949 32,680 8,543 150,542 38,830 11,390 125,978 40,356 12,058 147,056 38,798 10,046 117,503 31,208 7,609 115,810 33,244 8,236 119,907 35,415 8,922 130,966 41,283 14,065 143,912 46,949 11,549 60,599 61,082 63,458 58,803 56,703 56,403 69,294 68,466 67,493 67,014 69,903 59,470 7,410 6,867 8,719 5,032 6,131 6,672 7,811 13,194 10,090 5,746 13,541 6,334 5,412 4,232 4,555 2,837 4,120 6,810 3,481 3,969 3,942 3,318 3,126 3,366 3,386 408 1,904 472 3,683 518 1,823 356 3,129 503 5,453 721 2,872 426 3,630 372 2,524 635 1,551 376 6,136 352 3,386 522 242,122 242,035 248,093 187,078 263,059 355,269 182,482 191,496 255,738 402,132 202,414 181,457 162,124 20,917 169,031 20,143 181,661 20,067 150,352 19,575 161,391 12,518 163,826 19,776 206,165 19,508 192,022 27,357 179,621 19,067 168,349 19,035 173,991 21,120 177,193 23,901 203,082 214,364 251,259 231,160 319,578 226,619 254,398 230,078 221,327 234,037 236,819 241,565 5,595 63,481 519 4,679 58,914 399 6,238 56,360 492 4,171 45,108 352 6,532 49,004 351 6,787 80,239 616 5,629 46,495 470 6,354 51,172 477 5,511 49,006 553 4,638 86,864 574 7,251 54,754 803 5,432 44,660 903 297,400 303,694 350,130 319,285 445,550 324,274 336,602 321,059 330,425 331,815 350,610 351,470 71,621 178,642 182,522 69,877 183,121 188,776 74,694 191,733 201,236 64,680 141,970 169,575 64,054 214,055 173,558 69,272 275,030 182,986 78,254 135,987 225,202 83,277 140,324 218,902 79,173 206,732 198,135 73,366 315,268 186,810 85,806 147,660 194,308 67,646 136,797 200,191 NOTE: Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing Millions of dollars 2005, week ending 2005 Item, by type of security July Aug. Sept. Aug. 31 Sept. 7 Sept. 14 Sept. 21 Sept. 28 Oct. 5 Oct. 12 Oct. 19 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 -1,304 -2,079 -4,848 -497 7,333 -7,303 -14,972 -6,565 2,561 -2,594 -3,922 -50,908 -41,787 -42,218 -40,192 -26,488 -40,610 -45,740 -54,139 -48,843 -50,738 -53,439 -44,176 -49,062 -43,808 -51,911 -45,579 -43,307 -41,841 -43,440 -47,532 -47,230 -52,911 -38,222 -5,395 -328 -32,058 -7,745 -479 -21,049 -9,436 -307 -28,661 -9,047 109 -32,330 -10,726 307 -17,701 -11,459 -820 -14,919 -8,596 -367 -18,356 -7,267 -481 -24,157 -8,379 160 -25,082 -8,342 -450 -25,753 -8,361 818 47,540 48,076 43,150 44,417 48,158 45,453 39,128 39,920 42,946 46,231 49,853 30,547 28,904 28,937 28,474 29,549 30,666 29,450 26,487 27,517 27,605 32,657 9,375 10,502 12,436 10,743 9,822 12,871 14,108 13,453 10,651 9,956 10,667 1,930 3,907 841 3,802 2,969 4,359 1,280 4,082 1,855 4,385 3,596 4,540 3,326 4,377 3,129 4,159 2,867 4,264 1,758 4,361 2,939 4,305 27,977 30,844 29,395 27,637 27,009 28,728 30,506 30,922 30,840 27,629 26,997 33,175 124,537 33,591 124,182 34,452 132,621 31,575 135,473 31,440 132,329 35,125 129,394 38,807 128,627 32,323 139,078 34,843 136,313 32,368 133,311 37,957 129,943 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 1,107,551 1,147,434 1,097,150 1,259,667 1,153,469 1,383,137 1,095,188 1,291,749 1,166,040 1,309,073 1,138,703 1,404,898 1,186,281 1,389,576 1,119,893 1,492,656 1,163,820 1,160,338 1,128,639 1,218,641 1,166,760 1,230,746 168,581 205,433 156,993 210,391 156,866 196,121 150,783 223,163 157,822 207,446 162,538 200,745 156,046 187,559 152,166 189,936 152,994 191,910 156,472 194,650 154,299 206,867 70,282 405,031 80,566 407,289 82,582 414,306 68,142 413,149 81,147 412,723 85,668 411,089 91,512 413,826 72,070 426,332 82,347 390,692 92,396 397,810 85,791 403,381 108,236 75,899 107,104 81,086 108,693 89,218 104,092 88,993 108,114 85,876 110,147 86,608 108,395 92,226 107,861 92,363 109,588 88,508 109,634 89,514 108,730 90,105 725,844 1,507,834 730,309 1,621,632 742,389 1,755,400 762,408 1,635,607 799,556 1,681,696 735,478 1,765,416 748,089 1,777,947 693,683 1,868,983 717,021 1,501,857 693,230 1,569,181 722,324 1,596,251 1 053 779 980,179 1 065 384 1,059,290 1 095 545 1,223,932 1 074 957 1,079,080 1 132 818 1,139,324 1 089 412 1,244,767 1 096 465 1,252,160 1 056 371 1,331,349 1 120 440 972,378 1 104 365 1,027,359 1 119 133 1,036,776 305,954 145,230 298,300 142,249 298,371 138,664 300,387 138,449 303,514 145,542 317,870 142,097 291,716 133,080 281,173 136,693 295,614 129,015 294,555 128,548 295,338 144,483 488,457 260,845 493,961 244,753 528,936 243,214 486,833 236,734 497,764 246,442 528,127 251,372 549,199 239,473 541,385 243,361 526,374 215,948 547,308 216,093 540,278 221,488 217,694 44,892 221,604 46,793 234,137 52,610 233,588 51,118 229,890 50,532 232,448 50,561 236,994 56,292 235,151 53,090 241,369 52,491 236,572 54,035 247,187 54,187 1,836,827 1,352,550 1,847,325 1,413,373 1,907,304 1,573,123 1,859,114 1,421,928 1,932,490 1,497,340 1,907,272 1,607,591 1,924,635 1,593,173 1,861,372 1,678,260 1,919,373 1,279,569 1,916,654 1,336,747 1,934,746 1,375,666 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 • January 2006 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Apr. 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank^3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation . . 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation" 18 Resolution Funding Corporation12 2,121,057 276 6 2^51,039 6 n.a. 26,828 n.a. 25,412 6 n.a. n.a. n.a. 2,120,781 623,740 565,071 763,500 76,673 48,350 8,170 1,261 29,996 2,351,037 674,841 648,894 851,000 85,088 47,900 8,170 1,261 29,996 24,267 6 n.a. 207 Aug. n.a. 23,894 6 23,978 6 n.a. 143 23,678 6 n.a. 143 n.a. n.a. n.a. 24,261 n.a. 2,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 30,811 27,948 27,543 27,495 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 17,824 n.a. 9,719 17,899 n.a. 9,596 23,888 881,584 726,700 884,540 101,645 77,333 n.a. n.a. 23,972 n.a. n.a. 23,744 6 n.a. 879,010 735,200 857,754 102,655 77,074 n.a. n.a. n.a. 23,738 896,220 739,600 836,975 104,218 79,697 n.a. n.a. 23,672 n.a. n.a. 895,404 732,400 814,760 106,024 n.a. n.a. n.a. n.a. 23,576 6 23,570 890,756 742,300 791,668 107,136 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 39,096 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending*4 25 Farmers Home Administration . . . . 26 Rural Electrification Administration 27 Other n.a. n.a. n.a. n.a. n.a. 13,876 25,220 n.a. 14,489 22,528 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 16,127 14,684 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Apr/ Mayr July' Aug.r Sept.' 1 All issues, new and refunding1 363,888 384,311 357,875 44,852 31,201 35,994 44,273 34,429 34,172 32,242 27,775 By type of issue 2 General obligation 3 Revenue 145.323 214,788 144,056 238,204 130,470 227,405 19,729 25,122 13,076 18,126 13,679 22,314 16,797 27,476 10,584 23,845 11,104 23,068 12,404 19,838 5,836 21,939 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 33,931 259,070 67,121 49,795 253,536 78,962 47,365 234,237 76,273 5,464 31,902 7,485 2,664 20,495 8,043 1,942 25,208 8,844 3,258 32,856 8,159 1,735 26,757 5,937 1,837 24,163 8,172 4,734 20,996 6,512 790 22,180 4,806 7 Issues for new capital 242,882 264,697 228,366 20,290 15,908 17,965 25,301 17,067 20,317 16,635 18,094 57,894 22,093 33,404 n.a. 7,227 73,033 70,394 23,809 10,251 n.a. 22,339 97,736 65,429 20,546 9,242 n.a. 19.050 80,450 6,769 2,606 1,175 n.a. 2.475 4,763 5,172 1,266 612 n.a. 2.103 3,892 4,566 1,177 805 n.a. 1.719 5,967 8,551 3,965 721 n.a. 1.487 6,275 8,430 985 459 n.a. 1.307 3,880 5,895 4,345 1,448 n.a. 901 5,307 3,778 2,212 1,489 n.a. 1.306 5,516 4,958 2,179 1,015 n.a. 2.249 3,335 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 2005 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2002 2003 2004 Feb. Mar. Apr. May June July Aug. Sept. 1,432,548 1,815,569 2,070,680 158,779 223,777 144,986 182,463 264,143 172,969 227,934 235,682 1,322,113 1,692,260 1,923,094 146,154 213,440 139,849 176,510 250,164 168,045 215,978 217,950 1,235,868 86 246 1,579,311 112 949 1,737,342 185 752 125.762 20 392 204.222 9 218 130.985 8 864 169,998 6 512 230,843 19 321 152,735 15 310 204.581 11 397 204.402 13 548 18,870 20,701 21,942 914 1.673 987 2,209 2,016 n.a. n.a. n.a. 282,484 1,039,629 362,340 1,329,920 259,968 1,663,127 16,837 129,317 17,775 195,665 11,711 128,138 9,496 167,014 31,342 218,822 17,969 150,076 17,876 198,102 23,373 194,577 170,903 182,132 147,585 12,625 10,337 5,137 5,953 13,979 4,924 11,956 17,732 110,434 60,469 123,309 58,823 147,585 n.a. 12,625 n.a. 10,337 n.a. 5,137 n.a. 5,953 n.a. 13,979 n.a. 4,924 n.a. 11,956 n.a. 17,732 n.a. 62,114 48,320 44,416 78,893 64.345 83,240 7.964 4,661 3.129 7,208 2.595 2,543 2.427 3,527 4.448 9,532 1.953 2,971 6.385 5,571 9.597 8,135 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 • January 2006 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2005 Item 2003 2004' Apr. May June July Aug. Sept. Oct.' Nov. 1 Sales of own shares2 1,710,931 1,658,849 144,492 136,078 134,943 134,584 149,375 138,526 153,140 150,466 2 Redemptions of own shares 1,495,077 215,854 1,449,084 209,765 132,057 12,435 119,075 17,003 122,673 12,270 115,906 18,678 133,891 15,484 125,447 13,079 145,548 7,592 129,764 20,702 5,362,397 6,193,664 6,076,485 6,264,465 6,350,829 6,563,380 6,597,170 6,676,342 6,561,255 6,774,530 258,594 5,103,803 304,816 5,888,848 315,830 5 760 655 318,691 5 945 774 315,528 6 035 301 296,235 6 267 145 301,663 6 295 507 294,070 6 382 272 298,520 6 262 735 312,506 6 462 024 4 Assets 4 5 Cash5 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2004 2005 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 951.2 321.4 455.3 174.5 1,022.2 365.8 457.4 198.9 1,145.0 430.4 471.7 242.9 1,056.2 374.4 475.6 206.2 1,075.4 390.1 471.3 213.9 1,097.2 416.4 456.3 224.5 1,145.0 430.4 471.7 242.9 1,141.6 425.7 469.2 246.7 1,153.6 423.8 478.1 251.7 1,164.6 431.2 474.6 258.8 57.0 23 8 50.8 24 6 46.3 24 8 49.6 24 1 47.3 24 0 46.5 24 1 46.3 24 8 45.4 23 4 44.8 23 1 38.5 24 4 870.3 586.4 946.8 753.9 1,073.9 765.4 982.5 750.4 1,004.1 732.2 1,026.5 746.8 1,073.9 765.4 1,072.9 747.9 1,085.7 764.4 1,101.7 794.6 1,456.8 1,700.8 1,839.3 1,732.9 1,736.4 1,773.3 1,839.3 1,820.9 1,850.0 1,896.2 48.0 141.5 56.2 136.3 65.2 163.9 59.8 138.6 52.6 141.4 64.1 154.3 65.2 163.9 63.1 149.2 60.0 136.2 70.8 134.6 88.2 631.9 339.8 207.3 99.9 747.1 424.7 236.6 118.2 828.3 415.3 248.3 104.9 760.6 435.6 233.4 108.1 769.1 426.6 238.5 112.7 776.7 422.6 242.9 118.2 828.3 415.3 248.3 114.7 855.5 388.0 250.5 116.8 872.1 398.6 266.3 120.8 870.6 435.4 264.0 1,456.8 1,700.8 1,839.3 1,732.9 1,736.4 1,773.3 1,839.3 1,820.9 1,850.0 1,896.2 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables1 Billions of dollars, amounts outstanding Type of credit Apr. May Aug. Sept. Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 519.8 210.5 541.3 1,323.8 1,405.2 543.3 229.2 551.4 568.6 267.8 568.8 1,439.3 1,425.7 578.4 278.1 569.7 579.3 277.2 570.7 581.5 280.1 564.1 580.0 281.8 565.2 579.5 285.6 568.6 580.7 286.2 572.4 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 1,330.2 1,411.8 523.9 160.2 83.3 38.9 38.7 547.7 197.0 70.0 37.6 60.9 573.3 230.0 62.5 40.5 96.3 574.5 216.1 64.5 42.6 101.0 574.3 212.3 64.9 43.5 102.0 578.6 208.2 67.3 44.5 102.9 578.4 203.0 68.1 45.5 106.1 579.4 202.7 68.6 45.3 109.3 582.3 203.3 68.8 46.2 112.5 151.9 5.7 31.1 14.0 210.6 135.0 39.5 132.8 5.5 31.6 12.2 229.4 152.2 46.7 109.9 4.8 19.3 9.8 268.2 190.1 52.7 119.5 4.6 17.3 8.9 274.4 198.0 52.0 121.7 4.5 16.5 8.7 275.3 198.9 52.3 125.9 4.5 16.9 8.5 277.9 199.7 52.0 126.9 4.4 16.1 8.3 283.6 206.1 51.6 125.6 4.4 15.4 8.1 289.2 212.0 51.5 122.9 4.3 15.8 8.5 287.8 212.6 52.0 33.0 3.2 543.0 60.7 15.4 29.3 16.0 292.1 83.3 208.8 102.5 26.7 3.8 553.1 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 21.8 3.5 570.4 91.6 18.4 46.2 27.0 264.8 70.6 194.3 115.3 20.8 3.5 574.6 94.0 21.6 45.0 27.5 262.9 70.6 192.3 116.5 20.6 3.5 575.5 97.4 21.7 47.8 27.9 265.2 71.3 193.9 117.1 20.3 5.9 572.1 99.1 21.9 48.1 29.2 264.5 70.0 194.5 114.5 20.1 5.9 560.2 88.9 22.0 37.7 29.3 265.0 70.8 194.2 116.3 19.8 5.9 560.1 88.1 21.8 37.1 29.2 266.3 70.6 195.7 118.5 19.6 3.7 566.1 88.3 21.6 37.4 29.3 266.3 70.4 195.9 119.9 50.2 2.4 45.9 1.9 20.2 13.0 7.2 17.4 48.4 2.2 44.2 2.1 22.1 12.5 9.6 25.1 44.8 2.2 40.6 2.0 23.6 11.5 12.1 30.2 49.0 2.2 44.8 2.0 22.1 10.5 11.7 30.1 43.9 2.2 39.7 2.0 21.7 10.0 11.7 30.2 43.2 2.8 40.2 .1 23.4 11.7 11.6 27.5 39.5 2.8 36.6 .1 23.0 11.4 11.6 27.5 36.9 2.8 34.0 .1 22.9 11.3 11.6 27.4 39.9 2.7 37.0 .1 23.8 12.4 11.4 27.9 NOTE: This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 1,428.6 1,436.3 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 • January 2006 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2005 Item 2002 2003 2004 May June July Aug. Sept. Oct. Nov. Terms and y elds in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms] Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 261.1 197.0 77.8 28.9 .62 272.1 205.3 77.9 28.7 .61 292.0 215.0 76.0 28.8 .51 320.8 235.6 75.5 29.1 .51 329.9 238.6 74.4 29.2 .52 330.7 240.4 75.1 29.2 .48 323.1 237.7 75.9 29.1 .52 332.3 243.3 75.5 29.2 .58 338.6 246.3 75.1 29.4 .58 345.6 249.6 74.4 29.5 .66 6.35 6.44 n.a. 5.71 5.80 n.a. 5.68 5.75 n.a. 5.75 5.82 n.a. 5.69 5.76 n.a. 5.69 5.76 n.a. 5.75 5.83 n.a. 5.91 5.99 n.a. 5.95 6.03 n.a. 6.11 6.20 n.a. n.a. 5.81 n.a. 5.03 n.a. 5.19 n.a. 4.97 n.a. 4.81 n.a. 5.03 n.a. 5.14 n.a. 5.06 n.a. 5.39 n.a. 5.55 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 794,253 n.a. n.a. 898,445 n.a. n.a. 904,555 n.a. n.a. 828,079 n.a. n.a. 808,225 n.a. n.a. 788,786 n.a. n.a. 768,280 n.a. n.a. 727,824 n.a. n.a. 717,254 n.a. n.a. 715,532 n.a. n.a. 14 Mortgage transactions purchased (during period) 370,641 572,852 262,646 11,198 8,964 9,365 11,564 10,021 10,136 16,021 Mortgage commitments (during period) 15 Issued7 16 To sells 400,327 12 268 522,083 33 010 149,429 8 828 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 568,173 4,573 563,600 644,436 n.a. n.a. 652,936 n.a. n.a. 668,137 n.a. n.a. 665,003 n.a. n.a. 660,035 n.a. n.a. 677,764 n.a. n.a. 684,530 n.a. n.a. 678,178 n.a. n.a. 692,759 n.a. n.a. 21 Sales n.a. 547,046 n.a. 713,260 n.a. 365,148 n.a. 33,654 n.a. 29,917 n.a. 28,633 n.a. 40,883 n.a. 43,002 n.a. 34,986 n.a. 37,837 22 Mortgage commitments contracted (during period)9 620,981 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q3 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family 57 58 Multifamily 59 Federal Home Loan Mortgage Corporation 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association . . . 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family6 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation 76 Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q4 Q1 Q2 10,716,050 11,093,880 Q3> 7,420,995 8,243,014 5,571,346 447,820 1,283,983 117,846 6,244,136 486,680 1,386,691 125,507 7,026,105 557,179 1,518,173 133,583 7,768,288 593,991 1,639,338 140,528 8,013,733 608,994 1,698,776 141,710 8,210,224 617,615 1,745,250 142,963 8,501,976 632,363 1,813,322 146,219 8,821,496 641,613 1,888,295 148,339 1,790,877 1,789,819 1,023,851 84,851 645,619 35,498 758,037 620,402 64,570 72,534 531 243,021 4,931 35,631 188,376 14,083 3,089,434 2,058,426 1,222,126 94,178 704,097 38,025 780,989 631,057 68,624 80,730 577 250,019 4,657 36,816 195,040 13,506 3,387,175 2,256,037 1,346,908 104,901 763,579 40,649 870,194 702,784 77,895 88,884 632 260,944 4,403 38,556 203,946 14,039 3,793,190 2,517,411 1,522,198 114,986 836,332 43,894 1,007,894 829,040 85,716 92,510 628 267,885 4,653 39,464 209,489 14,279 3,925,678 2,595,318 1,568,000 119,294 863,467 44,557 1,057,036 874,518 87,445 94,475 598 273,324 4,998 40,453 214,085 13,788 4,033,131 2,690,415 1,633,827 122,807 888,751 45,030 1,068,024 883,372 90,294 93,761 597 274,692 5,024 40,655 215,154 13,859 4,181,155 2,790,446 1,696,037 129,021 919,168 46,220 1,112,919 921,684 95,048 95,582 604 277,790 5,082 41,113 217,576 14,019 4,317,545 2,896,249 1,751,282 135,558 962,271 47,137 1,140,810 946,867 96,694 96,644 605 280,486 5,132 41,512 219,683 14,159 373,240 8 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 548,489 45 45 0 69,935 13,557 11,565 41,520 3,294 4,498 1,328 3,169 0 0 0 0 0 13 2 3 8 0 165,957 155,419 10,538 40,885 2,406 38,479 62,792 40,309 22,483 202 202 433,565 5 5 0 72,377 14,908 11,669 42,101 3,700 3,854 1,262 2,592 0 0 0 0 0 46 7 9 30 0 185,801 172,230 13,571 46,257 2,722 43,535 63,887 35,851 28,036 966 966 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 2 554,645 42 42 0 70,690 13,338 11,537 42,559 3,255 4,936 1,346 3,589 0 0 0 0 0 11 552,979 39 39 0 70,995 13,274 11,527 42,957 3,237 4,784 1,356 3,429 0 0 0 0 0 9 2 550,130 36 36 0 72,044 13,124 11,500 44,172 3,247 4,703 1,359 3,344 0 0 0 0 0 9 1 15 0 239,433 219,867 19,566 49,307 2,901 46,406 60,270 27,274 32,996 990 990 15 0 245,883 221,267 24,616 51,849 3,051 48,798 60,808 23,403 37,405 900 900 7 0 249,515 222,535 26,980 52,793 3,106 49,687 61,360 23,389 37,971 887 887 2 7 0 249,397 222,417 26,980 53,341 3,139 50,202 61,736 23,532 38,204 865 865 6 0 249,230 222,250 26,980 54,769 3,223 51,546 60,986 23,246 37,740 838 838 5 0 248,994 222,014 26,980 55,489 3,265 52,224 61,207 23,331 37,876 832 832 3,543,665 591,368 569,460 21,908 948,409 940,933 7,476 1,290,351 1,238,125 52,226 0 0 0 0 0 711,881 433,366 53,759 224,756 0 1,656 1,656 3,955,508 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 0 0 0 0 796,904 487,486 59,225 250,193 0 367 367 4,456,274 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 0 0 0 0 967,149 605,411 67,288 294,450 0 1,003 1,003 4,843,163 452,555 421,364 31,191 1,197,412 1,180,757 16,655 1,892,680 1,816,973 75,707 0 0 0 0 0 1,299,552 898,498 71,953 329,101 0 964 964 4,964,296 441,235 409,089 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,422,122 998,892 75,170 348,061 0 938 938 5,088,004 431,193 398,619 32,574 1,218,978 1,202,023 16,955 1,896,003 1,820,163 75,840 0 0 0 0 0 1,540,949 1,098,107 77,309 365,533 0 882 882 5,284,959 421,149 388,291 32,858 1,245,930 1,228,600 17,330 1,900,149 1,824,143 76,006 0 0 0 0 0 1,716,856 1,241,175 82,955 392,726 0 875 875 5,519,570 411,870 378,641 33,229 1,279,664 1,261,865 17,799 1,924,810 1,847,818 76,992 0 0 0 0 0 1,902,392 1,403,710 83,705 414,977 0 835 835 713,214 497,566 80,478 111,725 23,445 764,507 547,832 77,343 114,501 24,830 854,462 621,022 80,244 126,771 26,424 957,302 717,617 81,543 130,372 27,770 1,019,420 773,101 81,986 136,312 28,021 1,040,272 791,661 80,852 139,485 28,273 1,074,787 822,261 78,340 145,307 28,879 1,112,497 856,251 76,406 150,541 29,299 72,452 15,824 11,712 40,965 3,952 3,290 1,260 2,031 0 0 0 1. Multifamily debt refers to loans on structures of five or more units. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust departments. 3. Includes savings banks and savings and loan associations. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE: Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • January 2006 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Apr. July Aug. Sept. Seasonally adjusted 732,665 1,189,187 2 Revolving . . . 3 Nonrevolving2 2,009,850 2,098,996' 752,792 1,257,058 781,057 1,317,940' 2,160,082' 2,165,049 790,680' 1,357,733' 795,341' 1,364,742' 800,665 1,364,383 2,125,590' 785,865 1,338,786 784,684 1,340,905' 789,323' 1,347,119' Not seasonally adjusted 1,948,987 2,037,519 2,128,440' 2,112,156 2,113,941' 2,122,432' 2,132,866' 2,154,909' 2,166,404 602,570 237,790 195,744 129,576 68,705 77,520 637,082 669,386 295,424 205,877 114,658 77,850 63,348 610,976 704,270 366,834 215,384 98,363 91,271 64,684' 587,634 690,490 359,737 219,057 99,039 91,825 61,106 590,903 685,201 357,793 221,148 98,795 92,931 60,976 597,096' 683,951 355,600 221,367 98,647 94,002 61,088 607,776' 694,658 354,551 225,516 98,120 96,493 61,081 602,447' 705,390 357,357 229,223 98,205 98,984 63,270 602,482' 708,183 361,994 230,110 103,921 101,394 63,080 597,722 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 15 Credit unions 16 Federal government and Sallie Mae 17 Savings institutions 18 Nonfinancial business 19 Pools of securitized assets3 753,942 246,395 38,948 22,228 n.a. 16,260 39,848 390,263 774,887 285,015 37,576 22,410 n.a. 23,848 19,363 386,675 804,953 314,649 40,496 23,244 n.a. 27,905 17,899 380,760 781,894 295,968 42,649 22,431 n.a. 27,538 17,262 376,045 780,317 292,530 43,467 22,622 n.a. 27,896 17,252 376,550 785,498' 293,725 44,497 22,816 n.a. 28,242 17,266 378,952' 785,830' 296,856 45,479 23,130 n.a. 28,792 17,240 374,334' 792,833' 298,081 45,346 23,385 n.a. 29,341 19,189 377,490' 794,998 300,614 46,157 23,302 n.a. 29,873 19,102 375,951 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 1,195,045 356,175 198,842 173,516 129,576 52,445 37,673 246,819 1,262,632 384,371 257,847 183,467 114,658 54,002 43,986 224,301 1,323,487' 389,621 326,338 192,140 98,363 63,366 46,786' 206,874 1,330,262 394,522 317,088 196,626 99,039 64,287 43,844 214,857 1,336,933' 390,226 311,103 198,551 98,647 65,760 43,822 228,824' 1,347,035' 397,803 309,073 202,386 98,120 67,701 43,840 228,112' 1,362,077' 407,308 312,011 205,838 98,205 69,642 44,081 224,991' 1,371,405 407,569 315,837 206,808 103,921 71,521 43,979 221,771 4 Total 5 6 7 8 9 10 11 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . . Savings institutions Nonfinancial business Pools of securitized assets3 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 1,333,624' 392,672 314,326 198,526 98,795 65,035 43,725 220,545' 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2005 Item 2002 2003 2004 Mar. Apr. May June July Aug. Sept. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 7.62 12.54 6.93 11.95 6.60 11.89 n.a. n.a. n.a. n.a. 6.93 12.03 n.a. n.a. n.a. n.a. 7.08 12.22 n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 13.40 13.11 12.30 12.73 12.71 13.21 n.a. n.a. n.a. n.a. 12.76 14.81 n.a. n.a. n.a. n.a. 12.48 14.75 n.a. n.a. 4.29 10 74 3.40 9 72 4.36 8 96 4.35 9 38 4.76 9 41 5.25 9 34 5.55 8 93 5.71 8 55 5.80 872 5.89 9 06 56.8 57 5 61.4 57 5 60.5 56 8 59.7 57 9 59.5 57 9 59.2 57 5 59.9 57 5 60.4 57 5 60.1 57 6 60.2 57 4 94 100 95 100 89 100 88 99 87 99 88 98 88 98 89 97 88 97 88 99 24,747 14,532 26,295 14,613 24,888 15,136 24,118 15,395 23,725 15,750 22,989 16,011 23,717 16,316 25,086 16,509 25,059 16,383 23,579 16,220 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 1,027.3 825.2 1,094.6 1,319.1 1,651.3 2,034.4 1,701.0 1,922.8 2,046.3 2,311.7 1,998.3 By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages -71.2 -71.0 -.2 -295.9 -294.9 -1.0 -5.6 -5.1 -.5 257.6 257.1 .5 396.0 398.4 -2.4 502.9 501.9 1.1 367.2 370.8 -3.6 266.3 266.5 -.2 311.2 310.9 .3 630.7 631.5 -.7 5.8 7.2 -1.4 5 Nonfederal 1 Total net borrowing by domestic nonfinancial sectors 231.9 232.3 -.4 ,098.6 1,121.1 1,100.2 1,061.6 1,255.2 1,531.5 1,333.8 1,656.4 1,735.2 1,680.9 1,992.4 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 37.4 54.4 221.7 82.2 26.1 563.8 418.0 39.2 100.6 6.1 113.0 48.1 23.6 162.6 98.2 79.6 540.8 401.0 26.8 106.1 6.9 168.1 -88.3 122.9 347.7 -81.6 8.9 658.3 496.1 40.6 113.9 7.7 132.3 -64.2 159.4 132.3 -87.0 20.3 813.7 672.8 37.2 96.0 7.7 87.1 -40.0 135.1 158.3 -80.2 10.0 983.6 782.0 69.9 123.6 8.1 88.4 33.8 174.0 114.2 -38.4 14.3 1,143.8 964.7 23.7 148.4 7.1 89.7 32.3 70.2 6.7 85.3 -15.3 1,092.9 889.6 67.5 125.3 10.4 61.8 22.4 157.3 51.7 -31.5 .2 1,334.6 1,097.9 42.3 185.2 9.1 121.7 -25.4 130.9 138.3 119.1 100.7 1,180.6 938.6 57.6 178.6 5.9 90.9 53.7 224.9 34.3 88.5 84.0 1,137.8 918.7 30.9 183.1 5.1 57.7 9.2 127.7 30.1 210.3 70.2 1,459.7 1,137.4 64.2 246.7 11.4 85.2 4.6 240.5 82.7 42.1 23.4 1,554.3 1,225.3 30.6 289.5 8.8 117.0 17 18 19 20 21 22 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 487.5 572.6 373.3 194.3 5.0 38.5 551.1 554.5 346.2 197.1 11.2 15.5 600.5 393.9 220.7 162.7 10.5 105.8 736.2 181.5 25.2 148.5 7.9 143.9 825.2 312.3 148.4 156.1 7.7 117.8 1,024.4 351.1 207.4 137.5 6.2 156.0 968.7 314.0 131.8 169.0 13.1 51.1 1,063.3 447.9 261.5 168.1 18.3 145.2 990.4 624.3 432.0 183.8 8.5 120.5 929.4 549.3 351.4 195.0 2.9 202.2 1,158.4 728.3 429.8 281.5 17.0 105.7 1,235.9 608.0 362.3 220.6 25.1 220.7 19.0 16.3 7.9 .5 -5.7 63.0 31.7 21.2 11.4 -1.3 -43.8 -14.2 -18.5 -7.3 -3.8 70.8 36.1 31.6 5.3 -2.3 54.3 22.3 41.9 -7.7 -2.1 84.2 99.6 -4.3 -6.7 -4.3 -63.6 -30.1 -40.1 7.0 -.4 97.5 24.4 86.8 -9.0 -4.8 210.7 160.7 34.4 18.5 -2.9 17.6 13.7 -4.6 12.1 -3.5 87.5 33.6 60.7 -5.3 -1.6 111.7 116.7 -3.5 5.2 -6.7 1,046.3 888.2 1,050.8 1,389.9 1,705.6 2,118.7 1,637.4 2,020.2 2,257.0 2,329.3 2,085.7 23 Foreign net borrowing in United States 24 Commercial paper 25 Bonds 26 Bank loans n.e.c 27 Other loans and advances 28 Total domestic plus foreign Financial sectors 29 Total net borrowing by financial sectors . .. 1,015.6 778.4 877.5 823.3 1,009.2 710.8 926.0 727.4 832.2 598.5 1,302.3 By instrument Federal government-related Government-sponsored enterprise securities Mortgage pool securities Loans from U.S. government 593.3 318.8 274.6 .0 434.9 235.2 199.7 .0 642.7 304.1 338.5 .0 546.7 219.8 326.8 .0 574.3 243.7 330.5 .0 127.2 .6 126.7 .0 299.9 211.9 88.0 .0 155.3 93.1 62.1 .0 -110.1 -45.5 -64.6 .0 -144.9 -209.6 64.7 .0 39.3 -84.2 123.5 .0 -65.5 -243.9 178.4 .0 422.3 176.2 144.8 -12.8 107.1 6.9 343.5 131.7 160.7 3.8 42.5 4.9 234.8 -45.3 239.4 13.0 25.5 2.2 276.7 -63.5 323.7 1.5 6.8 8.2 434.9 -63.8 463.9 -4.8 31.2 8.3 583.6 129.6 331.0 17.5 79.1 26.5 626.1 -2.5 490.3 -25.8 148.1 15.9 572.2 -31.4 554.6 44.2 -15.7 20.6 942.3 41.1 762.8 13.6 85.1 39.6 743.4 122.1 563.3 5.8 27.0 25.2 1,263.0 473.2 680.1 -24.0 114.5 19.3 749.2 140.2 538.9 39.5 10.8 19.9 67.2 48.0 2.2 .7 318.8 274.6 146.8 70.7 .0 12.3 -17.2 91.6 60.0 27.3 .0 -.7 235.2 199.7 157.2 81.9 .0 2.6 15.6 -.3 52.9 -2.0 1.5 .6 304.1 338.5 230.4 1.3 .0 3.2 1.4 -54.6 49.7 -23.4 2.0 2.0 219.8 326.8 181.9 42.2 .0 24.5 -1.7 -.5 49.2 6.1 2.2 2.9 243.7 330.5 219.5 118.2 .0 31.9 6.4 -1.4 182.7 1.1 -2.7 -.4 .6 126.7 147.1 111.2 .0 67.1 51.9 25.6 6.8 166.6 4.9 2.7 211.9 88.0 355.1 -8.4 .0 63.9 2.5 32.1 60.1 -7.0 .9 .1 93.1 62.1 417.0 115.5 .0 42.1 33.2 -89.6 61.2 96.9 6.1 9.7 -45.5 -64.6 367.9 253.2 .0 217.6 -26.6 -43.6 163.0 -30.6 1.5 -1.6 -209.6 64.7 430.3 75.8 .0 76.2 11.2 17.6 41.4 82.4 3.1 2.3 -84.2 123.5 688.4 -23.6 .0 92.8 -5.2 381.4 82.7 -7.1 .3 .4 -243.9 178.4 620.6 12.6 .0 65.5 18.0 -43.9 30 31 32 33 34 Private 35 Open market paper 36 Corporate bonds 37 Bank loans n.e.c 38 Other loans and advances 39 Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) . . . . Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 36 Federal Reserve Bulletin Statistical Supplement • January 2006 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 52 Total net borrowing, all sectors 53 54 55 56 57 58 59 60 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Qi Q2 Q3 Q4 Qi Q2 Q3 2,061.9 1,666.6 1,928.3 2,213.2 2,714.7 2,829.5 2,563.4 2,747.7 3,089.2 2,927.8 3,388.0 3,092.0 229.9 522.1 54.4 374.5 69.8 127.5 570.7 113.0 211.6 139.0 23.6 344.5 113.3 120.8 545.6 168.1 -147.8 637.1 122.9 568.6 -75.8 30.6 660.5 132.3 -91.5 804.2 159.4 487.6 -80.2 24.7 821.9 87.1 -81.6 970.3 135.1 664.1 -92.6 39.1 991.9 88.4 263.0 630.2 174.0 440.9 -27.6 89.1 1,170.3 89.7 -.3 667.1 70.2 456.8 66.5 132.4 1,108.8 61.8 15.4 421.6 157.3 693.0 3.7 -20.3 1,355.1 121.7 176.4 201.1 130.9 935.5 151.3 182.9 1,220.2 90.9 189.4 485.8 224.9 593.1 106.4 107.5 1,163.0 57.7 516.0 45.2 127.7 770.9 180.9 183.1 1,478.9 85.2 261.5 166.4 240.5 618.1 86.8 27.5 1,574.1 117.0 Funds raised through mutual funds and corporate equities 61 Total net issues 192.7 244.7 299.5 228.8 407.1 553.9 214.9 301.0 264.3 378.6 27.3 -85.4 62 Corporate equities 63 Nonfmancial corporations 64 Foreign shares purchased by U.S. residents . 65 Financial corporations 66 Mutual fund shares 1.5 10.4 14.3 -2.4 191.2 5.3 -118.2 106.7 16.8 239.4 98.3 -48.1 109.1 37.3 201.2 46.3 -41.6 17.0 71.0 182.4 119.1 -57.8 114.2 62.7 288.0 89.8 -82.2 66.5 105.5 464.1 99.3 -159.5 160.9 97.9 115.6 -7.9 -203.2 67.0 128.4 308.9 -43.3 -183.2 38.5 101.4 307.6 -21.7 -251.6 159.3 70.6 400.2 -196.4 -351.1 83.3 71.4 223.7 -264.4 -446.2 140.0 41.8 179.0 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2 through F4, available at www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector Ql Q2 Q3 Q4 Q1 Q2 Q3 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Domestic nonfederal nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Life insurance companies Other insurance companies Private pension funds State and local government retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools Asset-backed securities issuers (ABSs) Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 2,061.9 1,666.6 1,928.3 2,213.2 2,714.7 2,829.5 2,563.4 2,747.7 3,089.2 2,927.8 3,388.0 3,092.0 120.1 39.8 -21.7 -2.7 104.8 6.4 171.2 1,764.3 25.7 312.2 318.6 -17.0 6.2 4.4 67.2 27.5 53.5 -3.0 99.3 45.5 184.9 48.4 9.6 287.3 274.6 167.5 97.1 .0 1.5 -34.7 97.3 12.9 -87.4 26.1 2.1 72.1 11.6 241.9 1,400.1 33.7 357.9 339.5 23.9 -12.2 6.7 56.2 28.0 57.9 -8.7 -96.4 36.3 138.3 20.9 -5.6 246.0 199.7 144.3 108.6 .0 -5.3 68.9 17.3 -79.6 -175.0 -4.3 6.4 93.4 6.0 305.3 1,696.5 39.9 205.2 191.6 -.6 4.2 10.0 44.4 41.5 130.9 9.0 13.3 -53.8 267.3 126.1 3.2 304.7 338.5 217.0 -4.8 .0 8.6 92.4 -96.6 94.2 -17.8 26.1 -.6 86.5 9.6 422.7 1,686.8 77.7 404.4 393.8 6.2 3.1 1.3 33.4 42.7 233.0 39.9 25.7 -50.7 -17.7 144.2 8.6 224.1 326.8 189.9 21.2 .0 23.8 28.4 -85.1 240.7 186.1 -1.0 3.0 52.5 -2.5 531.6 1,945.0 37.2 299.5 323.3 -43.0 8.6 10.6 126.0 50.7 180.6 67.0 14.2 11.2 -95.9 137.7 36.2 236.5 330.5 226.1 84.2 .0 25.7 79.6 90.9 -169.2 -288.6 22.5 2.7 94.2 4.7 814.0 2,180.0 22.1 863.9 828.1 22.7 1.2 11.9 117.3 47.0 216.7 105.3 44.7 109.7 -212.1 231.7 9.9 18.8 126.7 159.7 172.1 .0 86.4 -190.0 244.2 102.2 30.8 42.5 2.7 26.2 -11.9 793.6 1,679.5 53.5 486.6 495.7 -25.3 -2.3 18.5 186.5 58.8 162.2 65.1 22.9 67.4 -151.8 8.1 21.7 168.0 88.0 372.4 64.9 .0 56.0 -118.8 57.6 445.0 426.3 -37.7 54.1 24.6 593.0 1,685.1 71.3 263.5 252.7 -2.7 3.0 10.5 128.0 18.9 158.2 73.5 44.9 -63.1 -153.7 103.4 .3 104.3 62.1 424.6 90.1 .0 31.9 302.8 10.9 428.9 292.1 63.2 1.1 72.6 -1.9 817.0 1,845.1 57.6 714.7 615.5 86.5 -2.0 14.8 259.2 43.3 154.9 50.6 27.0 -5.1 17.7 125.2 12.7 -106.0 -64.6 332.6 191.4 .0 177.5 -110.7 -37.2 57.1 -81.4 6.9 .8 130.7 .2 788.1 2,082.5 -10.5 982.5 760.2 219.7 -9.4 12.0 8.8 46.5 187.4 89.0 7.5 -4.1 -198.5 206.9 6.4 -65.5 64.7 421.0 4.5 .0 37.3 67.3 211.2 44.6 -76.3 25.1 -.1 95.8 -14.1 750.1 2,607.5 32.0 597.2 426.8 126.6 29.4 14.4 239.7 41.6 65.8 49.2 46.5 1.1 -78.5 123.4 1.7 -66.5 123.5 669.0 14.6 .0 120.1 316.1 296.2 358.7 189.6 18.2 -.6 151.6 16.2 826.7 1,890.4 66.8 695.9 568.9 167.5 -46.1 5.6 141.0 47.8 185.1 78.1 49.4 29.3 -49.2 94.0 4.1 -277.9 178.4 601.3 27.9 .0 89.0 -322.3 237.0 2,061.9 1,666.6 1,928.3 2,213.2 2,714.7 2,829.5 2,563.4 2,747.7 3,089.2 2,927.8 3,388.0 3,092.0 -8.7 -3.0 1.0 48.9 18.1 151.2 45.1 131.1 251.7 169.0 1.5 191.2 262.5 104.4 50.8 113.5 22.9 -88.3 1,177.1 -.4 -4.0 2.4 126.9 12.0 -71.4 188.8 116.2 232.5 114.5 5.3 239.4 402.3 146.1 50.2 189.8 25.9 -52.0 1,379.3 4.3 .0 1.3 6.8 -28.0 204.3 267.1 68.5 428.5 23.7 98.3 201.2 -80.4 3.1 77.2 213.2 14.4 -24.6 674.1 3.2 .0 1.0 21.0 17.4 43.5 270.8 50.0 -16.7 106.6 46.3 182.4 70.8 -87.0 60.1 181.4 22.2 -82.0 480.4 -.9 .0 .6 22.3 -14.6 133.8 254.8 61.8 -207.5 227.2 119.1 288.0 102.4 132.5 66.8 213.9 8.8 -78.3 486.7 152.4 -205.4 180.6 93.0 278.2 -132.4 259.9 89.8 464.1 305.0 285.2 25.5 298.1 37.9 -47.7 1,669.3 16.2 239.0 114.0 404.4 178.1 -85.9 -278.2 99.3 115.6 170.2 177.1 34.7 205.0 23.1 -16.7 1,001.4 .7 79.8 -45.7 78.7 181.8 207.4 -156.1 396.8 -7.9 308.9 217.5 -10.2 37.9 211.8 21.9 -65.0 1,333.9 -3.2 .0 .1 196.6 -8.0 223.3 215.7 322.8 -171.8 -45.8 -43.3 307.6 248.2 214.3 34.4 208.2 15.7 -65.7 1,117.7 -14.5 .0 .8 371.2 145.9 108.4 72.4 258.0 -71.4 580.7 -21.7 400.2 187.0 9.7 56.0 226.8 36.7 -31.2 445.1 .0 1.1 49.8 167.6 .4 229.7 237.3 60.7 424.4 -196.4 223.7 251.6 73.3 56.9 181.1 3.5 -76.5 1,349.2 -8.2 .0 .9 104.8 -247.5 -24.0 445.2 392.8 222.2 173.7 -264.4 179.0 292.2 23.4 56.4 218.5 -3.5 -77.2 709.1 4,701.8 4,770.4 4,081.2 3,584.8 4,531.9 6,581.0 4,957.1 5,537.7 5,856.3 6,428.2 5,285.4 -.7 31.8 3.2 36.3 10.8 -244.6 -1.2 64.1 17.3 133.9 32.6 -367.7 -7.5 17.2 -58.1 21.4 -301.0 -.6 7.9 7.2 40.2 19.7 -42.9 -.3 49.6 -4.4 -31.5 -101.7 -.4 92.4 .7 -127.1 1.6 452.3 .0 -53.1 70.4 -278.7 12.5 649.2 -.3 124.9 -33.4 84.5 21.4 27.0 -.5 82.3 22.2 -159.9 15.7 332.2 .4 339.6 12.8 589.1 -54.7 -585.2 -95.2 -13.1 92.9 4.9 368.5 1.7 34.2 -.6 -115.5 24.9 -84.0 -7.4 -.8 23.6 9.0 -.3 23.5 5.7 -.5 10.9 -1.6 -.7 150.0 -8.9 .0 38.6 70.3 2.2 37.5 -15.3 2.6 -41.9 23.9 2.9 45.9 32.7 3.3 60.3 -18.3 5.0 -56.9 -35.5 5.4 1.1 29.7 6.8 33.2 4,849.7 4,859.3 4,393.2 3,405.5 4,612.5 6,051.4 4,611.4 5,240.7 5,467.9 5,456.2 6,098.4 5,355.0 RELATION OF LIABILITIES TO FINANCIAL ASSETS 33 Netflowsthrough credit markets 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity Miscellaneous 53 Total financial sources . 54 55 56 57 58 59 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements . . . . Taxes payable Miscellaneous Floats not included in assets (-) 60 Federal government checkable deposits 61 Other checkable deposits 62 Trade credit 63 Total identified to sectors as assets .. . 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 38 Federal Reserve Bulletin Statistical Supplement • January 2006 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q2 Ql Q3 Q4 Q1 Q2 Q3 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages . 5 Nonfederal 18,051.6 19,146.8 20,465.9 22,149.6 22,582.2 22,987.1 23,501.6 24,090.5 24,583.5 25,070.2 25,663.8 3,385.1 3,357.8 27.3 3,379.5 3,352.7 26.8 3,637.0 3,609.8 27.3 4,033.1 4,168.9 4,209.6 4,008.2 24.9 4,143.8 25.1 4,185.4 24.2 4,292.9 4,268.7 24.2 4,395.0 4,370.7 24.3 4,559.7 4,535.6 4,516.8 4,493.1 23.7 4,589.6 4,566.0 23.6 14,666.5 16,828.9 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 278.4 1,480.9 2,230.3 1,338.0 932.1 6,677.1 5,075.2 388.2 1,103.5 110.2 1,729.8 190.1 1,603.7 2,578.0 1,257.0 941.0 7,335.4 5,571.3 17 18 19 20 21 22 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 19,208.7 18,413.3 141.7 2,128.6 146.2 2,120.8 119.6 2,174.5 2,983.1 1,235.8 1,040.7 11,355.1 8,821.1 615.1 1,770.6 148.3 2,165.4 9,882.9 7,680.9 5,081.4 2,382.0 217.5 1,644.9 10,169.4 7,848.2 5,200.5 2,428.6 219.1 1,678.0 10,324.4 7,971.3 5,277.3 2,477.7 216.2 1,728.1 10,621.5 8,160.6 5,388.3 2,548.2 224.1 1,771.2 10,959.5 8,307.4 5,474.4 2,602.2 230.8 1,807.2 814.7 839.1 891.1 895.9 918.7 945.8 183.4 529.9 60.9 40.5 189.2 551.6 58.7 39.7 228.7 560.2 63.3 38.9 232.6 559.0 66.3 38.0 242.1 574.2 65.0 37.3 270.1 573.3 66.3 36.0 23,801.9 24,340.7 24,981.6 95.5 1,940.4 2,897.1 1,107.1 102.5 1,974.0 2,898.8 1,127.7 969.5 9,381.3 7,235.0 976.8 9,664.0 7,465.8 428.8 1,217.5 117.8 1,862.0 535.9 1,437.1 133.6 2,037.5 541.8 1,469.2 135.3 2,022.3 558.7 1,501.2 138.3 2,033.7 109.3 1,993.7 2,911.7 1,120.6 971.1 10,024.3 7,768.3 569.3 1,546.2 140.5 2,078.0 6,960.6 6,513.6 4,535.4 1,796.7 181.5 1,192.3 7,561.1 6,908.1 4,756.7 1,959.3 192.0 1,298.1 8,297.3 7,089.6 4,781.9 2,107.8 199.8 1,442.0 9,142.9 7,413.9 4,942.3 2,264.0 207.6 1,559.7 9,324.9 7,489.9 4,985.5 2,298.7 205.6 1,598.6 9,574.7 7,576.0 5,022.3 2,341.1 212.5 1,626.9 23 Foreign credit market debt held in United States 727.6 683.9 754.6 808.9 829.9 24 25 26 27 120.9 486.0 70.5 50.2 106.7 142.8 467.5 63.2 46.4 499.1 68.6 165.1 541.0 60.9 42.0 190.0 539.9 59.2 40.8 22,958.5 23,412.1 44.1 19,830.6 21,074.2 114.6 2,135.0 2,962.4 1,224.4 1,041.1 10,955.0 8,502.0 607.4 1,699.4 85.9 1,898.2 2,868.6 1,122.3 971.3 9,132.7 7,026.2 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 20,023.8 115.6 2,085.9 2,954.9 1,172.5 1,010.3 10,581.0 8,209.6 591.4 1,637.0 143.0 2,103.7 126.0 1,763.1 2,710.3 1,170.0 961.3 8,149.1 6,244.2 466.0 1,313.5 125.5 1,949.1 Commercial paper Bonds Bank loans n.e.c Other loans and advances 24.1 101.7 2,031.3 2,946.3 1,155.9 996.3 10,335.5 8,013.7 583.6 1,596.4 25,988.9 Financial sectors 29 Total credit market debt owed by financial sectors 30 31 32 33 34 35 36 37 38 39 By instrument Federal government-related Government-sponsored enterprise securi Mortgage pool securities Loans from U.S. government Private Open market paper Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 52 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) . Brokers and dealers Finance companies Mortgage companies Real estate investment trusts (REITs) . . . . Funding corporations 8,104.8 8,982.3 9,805.6 10,800.8 10,950.6 11,162.2 11,365.3 11,614.7 11,737.9 12,040.6 12,219.3 4,319.7 1,826.4 4,962.3 5,509.0 2,350.4 6,083.3 2,594.1 3,489.1 .0 6,104.4 6,170.7 6,214.1 6,201.3 6,153.8 6,153.8 6,141.9 2,594.3 2,670.5 3,543.6 .0 2,659.2 3,542.2 .0 2,606.8 2,585.7 2,524.8 3,547.1 .0 3,568.1 .0 3,617.2 .0 4,846.2 2,647.3 3,523.5 .0 4,991.5 5,151.2 1,022.0 5,413.4 1,076.3 3,520.3 113.2 5,584.0 1,087.9 3,668.9 5,886.7 6,077.3 1,179.2 1,216.7 3,847.3 3,980.5 114.6 575.8 578.6 127.7 134.0 109.5 611.9 138.8 121.7 614.5 143.8 357.5 381.3 373.0 403.3 324.3 11.8 10.7 383.4 408.6 344.1 12.5 11.2 421.5 344.3 12.6 11.3 3,785.2 1,214.7 1,957.8 91.1 2,130.6 2,831.8 .0 4,019.9 1,169.4 2,197.2 104.1 438.3 83.4 463.7 85.6 266.7 242.5 287.7 3.4 2.5 .,826.4 2,493.2 .,475.5 40.9 778.0 296.0 2,493.2 .0 Open market paper U.S. government securities . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances . . Mortgages Consumer credit 4,296.6 1,105.9 4,717.5 1,042.1 2,520.9 2,970.8 105.6 470.5 100.8 501.7 102.1 93.8 325.5 286.4 262.3 6.9 339.3 3.1 2,130.6 2,831.8 1,706.0 42.3 5.1 2,350.4 779.2 8.0 2,594.1 3,489.1 2,093.3 47.0 939.6 266.1 285.7 4.9 3,158.6 1,887.8 40.6 321.8 268.3 9.1 3,510.2 .0 1,055.0 3,061.1 104.8 516.6 108.7 1,028.2 3,193.2 355.8 347.5 267.2 8.4 7.9 2,594.3 358.7 99.2 558.1 112.7 3,344.6 112.5 554.3 117.8 308.0 9.6 8.6 2,647.3 3,523.5 356.8 366.6 308.2 9.9 8.6 2,670.5 3,543.6 332.8 11.4 11.1 2,659.2 3,542.2 2,606.8 2,585.7 2,524.8 2,314.0 2,415.1 3,547.1 2,516.6 60.0 959.0 60.6 963.1 68.9 995.1 62.2 65.0 16.0 244.4 456.1 16.0 16.0 1,067.7 16.0 260.4 440.8 285.8 1,057.4 16.0 340.1 3,568.1 2,690.1 63.7 1,068.3 16.0 3,617.2 2,214.1 421.3 428.5 359.2 436.5 382.4 506.2 398.8 498.8 3,510.2 2,123.8 351.5 389.1 2,840.6 68.2 1,076.0 16.0 16.0 168.0 16.0 171.2 821.4 16.0 195.7 503.9 449.3 448.8 16.0 227.7 447.4 28,812.9 31,026.1 33,759.2 34,362.7 34,964.1 35,706.0 36,596.3 37,217.3 38,029.5 38,828.8 1,466.2 8,341.8 1,603.7 5,242.7 1,424.3 1,451.1 7,421.0 1,862.0 1,374.7 9,146.0 1,763.1 5,730.3 1,344.2 1,475.9 8,242.9 1,949.1 1,293.1 10,116.3 1,898.2 6,380.4 1,283.9 1,515.0 9,234.8 2,037.5 1,340.4 10,273.4 1,940.4 6,498.2 1,271.1 1,527.0 9,490.0 2,022.3 1,314.2 10,380.3 1,974.0 6,621.9 1,287.9 1,575.4 9,776.7 2,033.7 1,320.5 10,507.1 1,993.7 6,807.9 1,291.8 1,565.1 10,142.1 2,078.0 1,406.7 10,596.3 2,031.3 7,026.8 1,332.4 1,611.0 10,463.2 2,128.6 1,436.1 10,713.5 2,085.9 7,182.8 1,353.5 1,626.8 10,715.0 2,103.7 1,535.9 10,670.7 2,135.0 7,383.9 1,398.9 1,690.3 11,093.9 2,120.8 1,606.4 10,731.6 2,174.5 7,537.0 1,423.8 1,691.2 11,498.9 2,165.4 53 Total credit market debt, domestic and foreign 54 55 56 57 58 59 60 61 3,158.6 .0 1,614.0 7,704.8 1,480.9 4,674.1 1,499.6 1,420.5 6,760.5 1,729.8 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2 through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Ql Q2 Q3 Q4 Q1 Q2 Q3 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 26,884.0 28,812.9 31,026.1 33,759.2 34,362.7 34,964.1 35,706.0 36,596.3 37,217.3 38,029.5 38,828.8 3,519.4 2,312.4 250.4 65.0 891.5 272.6 2,590.8 20,501.2 511.8 5,006.3 4,419.5 511.3 20.5 55.0 1,088.8 379.7 1,943.9 509.4 624.0 743.2 1,317.5 1,097.7 105.3 1,794.4 2,493.2 1,385.7 851.2 32.1 39.3 223.6 318.9 3,387.0 2,084.6 246.1 71.3 985.0 278.6 2,949.0 22,198.3 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.2 421.2 2,074.8 518.4 637.3 689.4 1,584.9 1,223.8 108.5 2,099.1 2,831.8 1,602.6 846.4 32.1 48.0 316.0 223.8 3,428.8 2,014.4 272.2 70.7 1,071.4 288.2 3,424.1 23,885.1 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.6 463.9 2,307.8 558.3 663.0 638.7 1,567.1 1,368.0 117.1 2,323.2 3,158.6 1,792.5 867.6 32.1 71.8 344.4 138.7 3,692.8 2,223.8 271.3 73.7 1,124.0 285.6 3,918.4 25,862.5 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,292.6 514.5 2,488.3 625.2 677.2 649.9 1,471.3 1,505.7 153.3 2,559.7 3,489.1 2,004.6 951.8 32.1 97.5 424.1 229.5 3,594.6 2,108.4 266.0 74.4 1,145.8 286.8 4,113.6 26,367.7 674.1 6,135.3 5,525.9 492.9 36.7 79.9 1,348.8 524.2 2,546.3 651.5 688.4 677.3 1,416.9 1,558.9 155.8 2,555.7 3,510.2 2,038.2 989.2 32.1 119.0 405.0 270.5 3,657.0 2,160.0 269.3 75.1 1,152.6 283.8 4,321.2 26,702.1 687.4 6,270.2 5,665.7 484.0 36.1 84.5 1,391.2 541.5 2,586.1 667.8 694.2 694.1 1,352.0 1,558.9 161.2 2,603.8 3,523.5 2,132.8 1,009.9 32.1 133.0 325.5 264.2 3,730.4 2,222.9 269.4 75.6 1,162.5 289.9 4,475.4 27,210.3 700.3 6,336.9 5,734.3 478.6 36.9 87.1 1,426.9 547.7 2,631.6 686.2 705.4 678.4 1,322.1 1,586.7 161.3 2,631.3 3,543.6 2,234.7 1,033.4 32.1 155.8 453.5 266.5 3,882.4 2,326.9 293.9 75.9 1,185.8 289.5 4,679.7 27,744.7 717.8 6,543.0 5,909.7 506.1 36.4 90.8 1,485.4 556.5 2,661.4 698.8 712.1 677.1 1,346.3 1,622.8 164.5 2,605.9 3,542.2 2,326.9 1,081.4 32.1 200.2 394.9 298.4 3,854.8 2,279.3 283.1 76.1 1,216.4 289.5 4,866.7 28,206.2 717.3 6,745.2 6,054.3 563.1 34.0 93.8 1,495.8 566.0 2,713.8 721.1 714.0 676.1 1,294.3 1,670.0 166.0 2,581.4 3,547.1 2,426.1 1,076.8 32.1 209.5 440.0 331.5 3,910.2 2,312.0 281.9 76.1 .,240.3 286.0 5,065.3 28,768.0 724.7 6,909.7 6,178.8 592.1 41.4 97.4 1,550.2 579.0 2,728.9 733.4 725.6 676.4 1,252.7 1,698.0 166.5 2,571.2 3,568.1 2,594.8 .,085.4 32.1 239.5 466.2 379.9 3,941.5 2,294.1 297.0 75.9 1,274.6 290.0 5,277.7 29,319.6 736.4 7,084.1 6,327.2 628.2 29.9 98.8 1,588.6 592.5 2,781.0 752.9 738.0 683.7 1,246.8 1,723.8 167.5 2,503.1 3,617.2 2,740.5 1,094.2 32.1 261.8 442.9 443.2 26,884.0 28,812.9 31,026.1 33,759.2 34,362.7 34,964.1 35,706.0 36,596.3 37,217.3 38,029.5 38,828.8 46.1 2.2 23.2 803.3 221.3 1,413.1 2,860.4 1,052.6 1,812.1 1,197.3 4,435.3 822.7 819.1 9,000.1 2,747.7 204.8 10,669.4 46.8 2.2 24.5 810.1 191.4 1,603.2 3,127.5 1,121.0 2,240.6 1,233.7 4,135.5 825.9 880.0 8,571.8 2,667.3 219.2 11,469.8 55.8 2.2 25.5 831.1 206.0 1,646.7 3,398.3 1,171.0 2,223.9 1,340.3 3,638.4 738.8 920.9 7,814.8 2,738.1 241.4 12,201.4 62.3 61.5 2.2 26.2 891.5 113.4 1,791.8 3,720.7 1,331.5 1,968.9 1,618.4 4,912.0 952.8 1,022.5 9,426.6 2,897.6 264.8 12,960.4 58.9 26.5 895.6 167.1 1,847.7 3,793.5 1,378.6 1,914.8 1,569.2 4,966.2 987.2 1,031.9 9,537.5 2,942.9 270.1 13,089.6 58.7 2.2 26.7 915.5 168.3 1,857.4 3,830.2 1,436.4 1,866.9 1,673.5 4,983.2 985.5 1,038.2 9,534.5 3,003.9 283.1 13,288.8 62.2 2.2 26.7 964.7 187.6 1,929.7 3,876.8 1,504.9 1,879.8 1,650.7 5,436.0 1,037.9 1,060.4 10,150.0 3,075.7 274.9 13,783.7 56.3 2.2 26.9 1,057.5 196.4 1,921.5 3,940.9 1,575.4 1,841.0 1,782.8 5,471.6 1,051.5 1,069.4 9,957.0 3,103.7 289.2 13,802.9 54.3 26.0 853.4 192.9 1,780.6 3,653.1 1,232.8 2,016.4 1,567.5 4,653.2 871.3 1,013.2 9,213.9 2,840.5 250.2 12,714.5 27.2 1,070.0 229.7 1,952.3 3,970.8 1,637.1 .,832.4 1,911.8 5,593.7 .,058.5 1,087.2 10,151.3 3,170.0 290.0 13,991.2 52.0 2.2 27.4 1,096.2 184.1 1,934.1 4,071.2 1,741.5 1,876.6 1,962.9 5,882.0 1,066.3 1,107.5 10,438.9 3,248.6 297.3 13,530.2 51 Total liabilities 65,014.7 67,983.3 70,220.9 76,703.1 78,325.6 79,443.8 80,659.0 83,500.2 84,363.5 86,058.9 87,347.8 Financial assets not included in liabilities (+) 52 Gold and special drawing rights 53 Corporate equities 54 Household equity in noncorporate business . . . 21.6 17,627.0 4,773.4 15,310.6 4,875.8 23.2 11,900.5 5,037.9 23.7 15,618.5 5,387.3 23.7 15,953.0 5,443.9 23.7 16,108.6 5,579.4 23.8 15,771.0 5,778.3 24.6 17,376.8 5,927.4 22.6 16,985.2 6,186.0 22.3 17,138.4 6,416.8 19.3 17,852.5 6,648.0 -8.5 628.6 -4.3 417.9 120.0 -3,296.1 -8.6 621.1 11.1 372.4 93.3 -3,385.4 -9.1 629.0 15.5 412.6 126.3 -3,089.1 -9.5 678.6 12.6 390.7 79.1 -2,768.0 -9.6 701.7 16.5 354.9 68.1 -2,827.5 -9.5 688.4 27.4 306.3 87.5 -2,640.8 -9.6 719.6 20.4 339.8 98.9 -2,562.5 -9.7 740.2 27.3 270.4 103.0 -2,585.5 -9.6 825.1 35.7 414.5 96.2 2,855.6 -9.4 801.3 23.3 459.2 99.4 -2,831.7 -9.0 809.8 27.5 447.4 82.4 -3,320.5 -2.3 22.0 135.0 -12.3 21.6 145.9 -11.7 20.9 295.9 -17.9 20.8 334.5 1.1 17.4 314.1 .1 21.5 254.9 3.1 14.7 280.9 11.2 23.6 359.9 4.9 20.9 314.9 1.7 25.6 264.8 2.5 19.9 289.2 89,424.3 90,332.5 88,792.3 99,011.8 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Domestic nonfederal nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered banks Foreign banking offices in United States . . Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Life insurance companies Other insurance companies Private pension funds State and local government retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools Asset-backed securities (ABSs) issuers Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations RELATION OF LIABILITIES TO FINANCIAL ASSETS 33 Total credit market debt 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 55 56 57 58 59 60 Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Totals Identified to sectors as assets 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. 101,109.5 102,419.9 103,326.7 107,888.6 108,710.4 110,802.1 113,518.3 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • January 2006 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2005 2005 2005 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 107.2 107.6 108.0 109.0 134.2 134.7 135.3 135.9 79.9 79.9 79.8 80.2 2 Manufacturing 3 Manufacturing (NAICS) 108.3 108.7 108.6 109.0 109.2 109.7 112.0 137.6 138.9 138.3 139.6 139.1 140.4 139.9 141.3 78.7 78.3 78.5 78.1 78.5 78.1 79.6 79.3 4 5 114.2 102.7 114.9 98.0 116.9 98.4 120.7 102.9 148.5 123.7 150.0 123.8 151.5 123.9 153.2 123.9 76.9 83.0 76.6 79.1 77.1 79.4 78.8 83.1 105.2 114.1 146.1 105.6 114.6 151.8 106.5 115.5 159.6 109.4 119.6 169.3 141.9 144.4 194.5 142.2 144.3 201.2 142.6 144.3 208.6 143.1 144.2 216.6 74.2 79.0 75.1 74.3 79.4 75.4 74.7 80.1 76.5 76.5 83.0 78.2 103.9 110.6 104.4 109.4 107.5 112.9 110.6 111.3 127.2 137.1 126.8 138.2 126.5 139.5 126.2 141.0 81.7 80.7 82.3 79.1 84.9 80.9 87.7 79.0 106.0 102.1 103.2 91.9 110.1 102.0 104.0 90.1 105.6 101.2 104.4 92.1 115.2 101.8 105.9 92.9 159.1 127.4 129.3 121.3 159.8 127.3 129.3 120.3 160.6 127.3 129.4 119.4 161.3 127.2 129.5 118.5 66.6 80.1 79.8 75.8 68.8 80.1 80.4 74.9 65.8 79.5 80.7 77.2 71.4 80.0 81.8 78.4 99.8 106.2 104.1 103.7 102.1 97.6 106.8 104.0 103.2 102.6 96.4 102.8 101.3 104.6 100.8 97.6 98.9 100.8 107.4 100.6 116.0 113.7 135.1 121.3 117.7 115.9 113.9 135.3 121.1 117.8 115.8 114.0 135.6 120.8 117.9 115.7 114.2 135.9 120.5 118.0 86.0 93.4 77.1 85.5 86.8 84.2 93.8 76.8 85.3 87.1 83.2 90.1 74.7 86.6 85.5 84.3 86.6 74.2 89.1 85.2 20 Mining 21 Electric and gas utilities 100.4 103.1 100.4 104.8 96.4 108.2 91.8 106.1 112.2 123.0 112.0 123.0 111.9 122.9 111.9 122.8 89.4 83.9 89.6 85.2 86.1 88.1 82.1 86.4 MEMOS 22 Computers, communications equipment, and semiconductors 159.5 165.7 175.9 185.7 211.9 221.8 233.6 246.7 75.3 74.7 75.3 75.3 23 Total excluding computers, communications equipment, and semiconductors 104.7 104.9 105.0 105.7 130.5 130.7 130.8 131.0 80.2 80.3 80.2 80.7 24 Manufacturing excluding computers, communications equipment, and semiconductors 105.3 105.4 105.6 107.3 133.3 133.5 133.8 134.0 79.0 78.9 78.9 80.1 6 8 9 10 11 12 13 14 15 16 17 18 19 Durable manufacturing Primary metal Fabricated metal products Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2005 2004 Series Low High Low Dec. July Aug. Sept.' Oct.' Nov.' Dec' Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.1 86.6 70.7 85.1 78.6 79.7 80.2 80.3 79.1 79.8 80.3 80.7 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.6 71.4 86.2 86.3 68.4 67.8 85.5 85.5 77.1 76.9 78.3 77.9 78.6 78.2 78.8 78.4 78.2 77.8 79.5 79.1 79.6 79.4 79.6 79.3 89.4 101.9 69.7 69.7 86.8 90.4 62.8 46.9 84.6 94.9 73.4 74.6 76.4 84.4 76.8 76.9 77.4 79.2 77.2 82.1 79.1 82.4 78.8 82.9 78.4 83.8 91.7 94.5 69.7 74.5 82.8 92.6 61.8 58.2 81.7 85.3 72.6 73.9 73.9 78.3 74.5 80.6 74.7 79.1 74.8 80.5 76.4 82.6 76.7 82.9 76.3 83.4 86.9 66.1 89.4 76.4 81.5 75.9 73.3 76.0 76.7 76.8 77.2 78.2 79.1 99.3 95.6 68.0 54.6 91.9 95.2 64.7 45.0 89.0 89.3 77.0 56.0 81.3 80.6 83.9 78.5 84.8 81.1 86.1 83.1 88.3 82.6 87.3 78.3 87.4 75.9 75.8 87.6 67.5 72.4 86.7 85.8 68.8 75.6 87.3 86.9 81.3 81.5 65.7 80.0 69.2 80.2 69.5 79.7 58.5 78.7 70.4 79.2 71.4 80.2 72.2 80.6 86.3 89.5 77.6 61.9 84.5 89.9 80.6 72.6 85.9 91.5 81.1 77.6 79.4 74.2 81.0 76.8 80.3 76.9 80.8 77.7 81.2 78.4 81.6 78.7 82.5 78.2 96.7 92.2 85.3 96.1 86.0 74.3 80.8 69.1 61.8 75.5 95.2 91.7 83.2 90.2 88.5 81.3 70.4 68.0 71.3 86.1 93.6 89.0 85.0 89.5 91.0 85.6 83.0 80.0 76.2 80.7 85.3 94.3 77.4 85.1 86.0 83.3 92.6 76.5 85.4 85.7 83.1 91.4 75.7 86.2 85.6 83.3 86.3 71.9 88.2 85.1 85.3 83.7 73.0 88.1 86.1 84.3 88.5 74.4 89.4 84.9 83.2 87.6 75.1 89.9 84.7 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 93.9 88.2 78.7 77.6 86.1 92.7 83.6 84.1 89.3 85.6 89.1 88.0 88.6 88.2 80.7 88.0 78.9 85.4 82.6 85.8 84.7 88.1 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.4 88.7 74.0 80.9 74.0 73.2 74.8 75.6 75.5 74.9 75.2 75.8 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.5 85.5 78.8 80.2 80.6 80.7 79.5 80.2 80.8 81.1 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.3 68.1 86.0 77.3 78.8 79.0 79.2 78.6 80.0 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 also appear in the Board's G.17 (419) monthly statistical release, on the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 2.13 Federal Reserve Bulletin Statistical Supplement • January 2006 INDUSTRIAL PRODUCTION Indexes and Gross Value' Monthly data seasonally adjusted Group 2002 proportion 2004 Apr. Aug. Sept/ Index (2002=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 106.7 106.9 107.4 107.3 107.2 107.4 108.3 108.3 108.6 107.2 108.2 109.1 59.0 31.1 8.9 4.7 0.4 1.5 2.4 22.1 18.3 9.8 1.0 4.9 2.1 3.9 109.1 105.4 109.3 112.4 120.2 105.6 103.8 103.8 103.8 104.3 85.4 104.6 105.1 104.1 06.9 04.1 07.3 10.1 06.6 04.1 03.4 02.9 02.6 03.0 87.0 03.7 03.4 04.1 107.1 103.9 106.3 108.2 108.2 104.2 103.6 102.9 103.1 103.5 86.0 103.8 105.6 102.0 107.6 104.7 109.7 113.9 115.0 104.5 103.8 102.8 103.2 103.0 85.8 105.5 104.5 101.1 107.7 104.6 107.7 110.3 113.1 105.5 102.9 103.4 103.1 103.2 85.1 104.7 105.2 104.6 107.7 104.1 106.0 107.8 115.2 102.9 103.0 103.3 103.3 103.2 85.4 105.2 105.6 103.1 108.1 104.6 107.1 109.3 124.7 104.0 102.5 103.5 103.9 104.2 83.3 105.4 106.2 102.0 109.0 105.8 108.5 111.7 120.4 105.6 102.5 104.7 104.0 104.7 82.9 105.2 105.6 107.2 109.1 105.2 107.1 109.5 116.1 105.2 102.3 104.4 103.8 104.7 84.7 104.2 104.7 107.1 109.5 105.6 110.1 114.4 113.6 106.5 103.1 103.9 103.2 103.8 85.0 103.8 104.4 106.5 109.1 106.4 112.7 117.8 113.5 108.5 104.9 103.9 103.7 104.5 85.7 104.2 103.9 105.0 110.8 106.0 113.1 117.3 125.4 108.4 106.3 103.3 104.1 105.0 85.1 104.1 105.3 100.4 110.8 105.3 109.7 111.1 131.1 106.8 106.3 103.6 103.9 105.4 86.4 103.1 104.2 102.3 111.0 105.5 107.9 108.0 132.2 106.4 105.8 104.5 104.5 106.6 88.1 103.1 103.7 104.4 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.3 1.9 3.1 5.3 1.8 119.4 117.1 134.1 112.8 125.6 14.1 10.6 22.6 10.8 19.0 115.2 111.8 124.4 111.5 119.4 115.9 114.8 125.5 111 .2 121.6 116.3 115.1 126.3 111.4 122.5 116.8 116.4 127.4 111.3 124.5 117.9 118.7 129.2 111.7 124.1 118.4 119.3 131.0 111.6 124.9 120.0 118.5 133.9 113.4 126.8 120.1 118.7 136.1 112.5 127.4 115.1 88.9 138.1 113.1 124.6 123.5 123.0 141.4 114.6 128.1 125.1 125.4 144.4 115.3 128.4 125.7 125.5 146.8 115.3 130.6 21 22 Construction supplies Business supplies 4.3 11.2 108.5 107.5 06.1 06.2 106.0 106.7 106.4 106.1 106.2 106.5 107.3 106.7 107.5 106.7 106.9 107.6 107.5 107.4 108.2 107.9 109.8 107.8 112.1 108.1 112.7 108.8 111.6 109.3 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.0 30.7 19.1 4.0 6.7 8.4 11.6 0.8 2.7 4.5 10.3 106.6 110.2 117.0 101.9 143.7 105.1 99.2 84.6 97.0 101.1 97.8 06.5 08.8 13.4 00.8 32.5 05.1 01.3 87.4 98.4 06.3 00.4 106.7 109.6 114.7 100.8 136.4 105.3 101.3 87.6 98.4 104.6 99.4 107.0 109.7 115.2 102.4 138.0 104.6 101.0 85.4 98.6 104.9 99.7 106.8 109.4 114.8 100.4 137.8 104.8 100.7 85.1 98.6 103.9 99.8 106.5 109.2 114.9 99.1 139.7 104.5 100.1 83.5 97.5 103.7 99.2 106.5 109.3 115.2 99.5 141.0 104.1 99.8 83.6 96.4 102.6 99.2 107.3 109.5 115.5 102.4 141.7 103.0 99.7 84.4 97.2 102.9 101.3 107.2 109.8 115.9 101.1 143.4 103.2 100.0 85.3 96.1 103.3 100.3 107.4 110.2 117.0 101.6 145.7 104.0 99.3 84.5 96.0 102.1 100.0 104.5 109.4 118.8 103.3 147.2 105.8 94.8 84.3 95.7 90.8 92.8 104.8 110.8 120.0 104.3 149.4 106.5 96.5 84.6 97.1 93.3 90.8 106.7 112.0 120.6 101.9 151.9 107.3 98.6 83.7 96.6 98.9 94.1 108.0 112.7 121.3 100.8 154.3 107.9 99.2 83.3 95.3 101.2 96.6 94.8 92.6 105.2 107.8 04.6 06.5 104.5 106.8 104.9 106.9 104.8 107.1 104.6 107.1 104.7 107.3 105.5 108.0 105.4 108.2 105.5 108.2 104.0 106.5 105.0 107.6 105.8 109.0 106.3 109.9 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 2,986.4 43.5 31.1 12.4 15.5 2,938.3 2,950.2 2,992.1 2,981.2 3,026.6 2,260.8 2,218.7 2,220.4 2,241.9 2,238.6 2,228.2 2,239.3 2,265.9 2,262.5 2,270.1 2,254.5 2,285.0 2,287.4 2,289.2 1,590.5 1,576.6 1,571.0 1,588.6 1,584.7 1,571.5 1,578.3 1,601.0 1,589.7 1,598.1 1,604.8 1,592.6 1,589.1 1,588.9 707.4 698.5 705.1 674.4 644.4 652.3 656.1 656.8 660.3 664.6 668.2 677.2 676.0 651.3 725.9 718.4 718.1 717.6 717.2 722.1 721.8 726.5 724.3 727.2 726.9 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2004 2005 2005 avg. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept/ Oct.' Nov.r Dec.p Index (2002=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.9 79.1 109.5 110.0 107.5 107.9 108.1 108.4 108.6 109.0 108.2 108.6 108.3 108.6 108.7 109.0 109.0 109.4 109.1 109.6 109.5 110.1 108.9 109.5 110.9 111.5 111.4 112.1 111.6 112.3 321 43.6 1.5 116.9 107.1 112.9 105.4 113.7 108.7 114.8 105.7 114.2 104.9 114.3 104.8 115.0 105.9 115.5 104.4 115.9 104.9 117.3 104.0 117.5 107.2 120.8 111.2 120.7 113.0 120.6 110.5 327 331 332 333 2.3 2.3 5.7 5.3 106.9 100.5 106.8 115.6 107.7 104.4 104.6 113.1 106.3 103.8 105.4 114.1 106.4 101.9 105.3 114.0 105.1 102.3 105.0 114.3 105.7 99.5 105.5 114.3 105.9 98.9 105.7 114.5 106.4 95.5 105.6 115.0 105.9 95.3 106.1 116.3 105.9 98.2 106.6 114.1 107.2 101.8 106.8 116.1 109.2 102.1 109.1 119.2 110.3 102.7 109.7 119.6 107.9 103.8 109.3 120.2 334 8.0 156.6 139.7 144.3 146.8 147.4 149.5 152.2 153.6 156.5 160.1 162.1 165.1 169.4 173.4 335 3361-3 2.2 7.4 106.8 111.9 103.6 110.0 104.3 108.6 103.7 113.4 103.6 109.8 103.5 107.9 104.4 108.8 105.1 111.4 106.3 109.2 107.2 113.1 108.8 116.3 111.5 116.1 110.2 110.5 110.2 107.4 3364-9 3.6 109.5 104.2 104.2 106.3 107.5 109.5 110.4 110.2 110.9 111.7 94.2 113.5 115.3 116.7 337 339 1.8 3.3 100.9 110.1 102.7 107.5 102.5 108.5 102.2 108.9 101.6 108.8 100.0 108.9 100.3 109.0 99.9 109.7 99.8 109.7 100.2 111.6 101.7 111.9 100.4 112.9 100.0 111.6 100.9 109.8 35.5 101.8 101.9 102.1 102.2 101.9 101.9 101.9 102.1 102.1 101.5 100.1 100.7 102.0 102.6 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 104.4 91.7 86.1 97.8 97.7 102.6 90.5 87.4 99.0 97.2 103.4 92.6 86.4 99.9 97.9 103.0 91.6 86.1 99.6 97.0 103.3 91.5 85.5 99.8 96.4 103.2 89.6 85.8 98.2 96.5 104.3 89.8 83.9 96.8 97.0 104.5 90.8 83.6 97.8 96.5 104.8 91.9 85.5 96.6 97.9 103.9 91.9 85.9 96.2 97.2 104.6 92.6 86.7 96.5 97.9 105.1 93.2 86.1 98.8 98.3 105.6 93.2 87.6 97.6 98.8 106.8 92.4 89.3 96.3 98.2 324 325 1.7 10.7 103.6 102.6 107.2 104.5 105.3 103.8 107.6 104.6 105.7 103.8 106.9 104.1 105.5 103.9 107.9 103.9 105.6 103.7 104.2 102.7 98.5 97.5 95.5 99.1 101.0 101.1 100.1 102.2 326 3.8 104.8 103.3 104.0 103.7 103.5 103.8 103.1 102.9 103.2 104.1 106.5 106.2 107.8 108.2 1133,5111 4.8 101.6 101.1 102.5 101.5 102.4 102.5 103.2 102.0 101.0 100.9 100.4 101.5 100.2 100.0 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 97.2 105.6 107.4 96.5 100.4 105.2 106.2 99.8 99.9 102.9 104.0 97.3 100.9 101.7 102.9 95.6 100.4 104.8 105.5 101.1 100.5 103.1 104.1 98.3 99.8 102.9 103.2 101.1 100.8 108.3 109.7 101.2 99.8 108.1 109.6 100.9 99.2 108.4 110.1 100.4 90.3 108.1 110.5 96.5 88.3 104.9 107.8 91.3 92.5 105.3 107.9 93.1 94.8 108.2 110.5 97.1 78.7 106.1 104.9 105.2 105.6 105.2 105.1 105.4 105.7 105.6 105.9 105.2 107.1 107.4 107.4 76.5 109.3 107.3 108.0 108.1 108.1 108.3 108.7 108.8 109.1 109.2 108.2 110.4 111.5 112.0 NOTE: The statistics in this release cover output, capacity, and capacity utilization in the industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System, or NAICS; electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002, the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS. 1. Data in this table appear in the Board's G.17 (419) monthly statistical release, on the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • January 2006 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -475,211 -421,181 977,276 -1,398,457 10,016 15,453 99,770 -84,317 -5,437 -64,046 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) -519,679 -494,814 1,022,567 -1,517,381 46,304 51,834 121,842 -70,008 -5,530 -71,169 -668,074 -617,583 1,151,448 -1,769,031 30,439 36,234 127,921 -91,687 -5,795 -80,930 Q3 Q4 Q1 Q2 Q3 -166,982 -157,465 290,370 -447,835 6,254 7,694 30,343 -22,649 -1,440 -15,771 -188,359 -169,221 298,887 -468,108 3,236 4,691 33,413 -28,722 -1,455 -22,374 -198,668 -173,052 306,444 -479,496 643 2,067 28,377 -26,310 -1,424 -26,259 -197,781 -173,599 317,267 -490,866 -1,541 -102 28,490 -28,592 -1,439 -22,641 -195,821 -182,795 320,764 -503,559 512 2,037 34,709 -32,672 -1,525 -13,538 345 971 562 -3,681 0 -475 -2,632 -574 601 1,494 -572 -398 3,826 -623 676 -149 -110 990 -183 1,713 3 763 -145 -797 0 -97 -564 -136 4,766 0 2,976 1,951 -161 -290,691 -38,260 -49,403 -48,568 -154,460 -330,457 -9,574 -24,240 -156,064 -140,579 -859,529 -356,133 -149,001 -102,383 -252,012 -137,943 -44,787 -13,490 -38,444 -41,222 -290,155 -97,263 -74,669 -18,226 -99,997 -91,328 49,278 -74,934 -38,675 -26,997 -225,376 -170,985 8,978 -41,979 -21,390 -129,348 -107,867 -14,599 -33,954 27,072 22 Change in foreign official assets in United States (increase, +) 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 115,945 60,466 30,505 137 21,221 3,616 278,275 184,931 39,943 -517 48,643 5,275 394,710 272,648 38,485 488 70,329 12,760 75,792 55,357 11,542 710 4,867 3,316 94,478 41,728 15,040 -158 32,054 5,814 25,277 14,306 24,938 -650 -15,843 2,526 82,646 22,448 21,620 297 34,190 4,091 38,394 9,651 20,471 709 826 6,737 28 Change in foreign private assets in United States (increase, +) 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 31 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 678,398 96,410 95,932 100,403 21,513 283,299 80,841 610,768 96,675 99,676 104,380 16,640 226,306 67,091 1,045,395 322,627 124,358 106,958 14,827 369,793 106,832 178,436 42,164 14,752 -1,107 2,560 84,401 35,666 363,437 91,458 61,096 15,710 5,313 158,238 31,622 218,174 -67,735 93,897 75,911 1,072 79,973 35,056 293,170 149,069 1,153 9,923 4,507 114,064 14,454 358,525 88,696 24,845 40,863 4,679 160,669 38,773 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -1,363 -23,742 -3,214 -37,753 -1,648 85,126 -393 50,672 -12,977 63,649 -455 19,856 5,718 14,138 -4,466 41,193 15,238 25,955 -315 47,482 -7,710 55,192 -311 -76,767 -16,265 -60,502 12 Change in U.S. official reserve assets (increase, - ) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 17 Change in U.S. private assets abroad (increase, - ) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) -3,681 1,523 2,805 429 697 5,331 -797 4,766 115,808 278,792 394,222 75,082 94,636 25,927 82,349 37,685 -8,132 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2005 Asset 2002 2003 2004 May June July Aug. Sept. Oct. Nov. Dec' 1 Total 79,006 85,938 86,824 77,742 76,594 74,620 72,243 71,273 70,218 68,773 65,125 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 12,166 11,043 12,638 11,045 13,582 11,041 11,385 11,041 11,243 11,041 11,206 11,041 8,304 11,041 8,245 11,041 8,224 11,041 8,180 11,041 8,210 21,979 33,818 22,535 39,722 19,479 42,718 15,406 39,910 15,274 39,036 13,438 38,935 13,336 39,563 13,245 38,742 12,720 38,234 12,097 37,445 8,036 37,839 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2005 Asset 2002 2003 2004 May 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 July Aug. Sept. Oct. Dec.p Nov. 136 162 80 105 103 83 81 96 88 82 83 678.106 9,045 845.080 8,971 1.041.215 8,967 1,065,032 8,967 1,058,972 8,967 1,070,625 8,967 1,075,098 8,967 1.056.594 8,967 1.060.857 8,967 1.073.710 8,967 1.069.014 8,967 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 June 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2005 2004 Item 2002 2003 1 1 1 Total By type 2 Liabilities reported by banks in the United States2 June " June 8 Dec. Aug. Sept. Oct.' Nov.' 1,964,902' 1,963,208' 1,980,026 1,997,779 1,161,907 1,445,526 1,665,335 1,780,503 1,909,034' 144,646 190,444 189,824 212,032 234,553 248,862 234,553 248,862 270.387' 245,199' 285.540 205,404 289.559' 195,367 288.972 199,801 285.788 214,852 569,891 2,769 254,157 719,302 2,613 321,755 844,444 1,569 335,907 910,456 1,569 385,063 986,454 1,630 405,364 1,034,594' 924 438,440 1,033,460' 929 443,893 1,038,356 936 451,961 1,042,087 942 454,110 283,512 5,962 87,261 760 012 9 355 15,835 306,272 5,112 72,869 1 034 751 8,857 17,652 334,000 6,578 98,106 1 201 702 10,187 14,749 340,412 7,631 104,911 1 296 622 10,812 19,926 357,317' 369,048' 7,806 8,436 112,605 113,619' 1 388 410' 1 427 057 10,843' 11,935 31,864 34,618 368,206' 7,605 111,874' 1 435 694 10,914 28,726 378,193 8,137 115,317 1 437 605 10,958 29,627 381,371 7,683 123,099 1 441 460 14,047 29,930 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 12 Other countries 1. Includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2004 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2004 Item 2001 2002 2005 2003 Dec. Mar. June Sept. 2 3 Deposits Other liabilities 79,363 n.a. n.a. 80,543 n.a. n.a. 63,119 36,674 26 ,AAi 98,349 52,410 45,939 91,509 51,305 40,204 102,989 55,982 47,007 108,305 60,840 47,465 5 Deposits 74,640 44,094 30,546 71,724 34,287 37,437 81,669 38,102 43,567 129,544 51,029 78,515 110,063 47,433 62,630 109,277 47,053 62,224 102,541 43,649 58,892 8 Deposits 17,631 n.a. n.a. 35,923 n.a. n.a. 21,365 5,064 16,301 32,056 8,519 23,537 41,261 21,014 20,247 45,207 21,686 23,521 45,076 21,574 23,502 Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • January 2006 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Aug. Sept/ Oct.r BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners . . 3,015,973 3,004,276 3,082,986 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other ,363,270 1,677,193 1,082,981 !,113,970 2,152,354 !,178,789' 2,236,964 2,251,819 !,224,336 2,301,679 175,231 246,623 190,134 622,318 852,803 824,390 460,191 638,413 955,072 1,127,909 665,127 828,535 962,049 1,151,921 682,365 849,590 990,369 1,161,985 674,633 986,706 1,237,630 700,577 779,940 1,048,641 1,253,038 696,533 236,796 258,797 318,783 308,393 975,141' 1,027,517 1,044,839 1,203,648 1,209,447 1,206,980 690,063 677,002 687,569 785,880' 768,737' 764,154 270,784' 271,491' 252,128 189,573 202,774 37,761 74,513 195,949 34,394 83,633 176,842 48,260 152,789 194,583 52,875 147,181 206,242 55,494 144,067 209,010 12 Nonmonetary international and regional organizations5 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" Other 19 13,467 12,362 5,769 6,593 1,105 14,149 12,577 6,134 6,443 1,572 110 15,654 10,363 6,098 4,265 5,291 1,879 19,011 13,005 4,608 8,397 6,006 2,317 16 0 1,462 3,412 0 335,090 93,884 20,733 73,151 401,856 117,737 24,208 93,529 241,206 190,444 1,985,588 1,911,516 2,963,560 2,960,651 2,964,669" 808,297 277,613 258,221 781,307 275,484 311,242 298,768' 302,517 51,887' 132,475' 204,232' 50,732' 126,541 198,478' 51,299 132,188 209,509 55,929 125,002 208,546 54,340 121,973 194,581 16,638 10,729 5,359 5,370 5,909 2,247 16,212 10,640 5,020 5,620 5,572 2,122 16,454 10,540 5,781 4,759 5,914 2,131 17,394 11,093 5,615 5,478 6,301 2,097 18,221 12,955 5,888 7,067 5,266 939 16,697 10,773 3,730 7,043 5,924 1,026 3,584 105 3,571 91 3,448 3,779 4 4,197 7 4,325 4,896 2 515,586 145,516 26,613 118,903 509,534 152,056 36,616 115,440 493,629 162,252 39,098 123,154 490,257 169,936 38,951 130,985 490,944 171,533 40,882 130,651 484,926 169,553 39,315 130,238 488,773 175,406 40,707 134,699 500,640 176,316 44,564 131,752 284,119 212,032 370,070 245,199 357,478 228,961 331,377 204,897 320,321 203,174 319,411 205,404 315,373 195,367 313,367 199,801 324,324 214,852 50,698 64 69,638 2,449 123,165 1,706 127,654 863 121,942 4,538 116,789 358 113,466 541 119,019 987 111,871 1,695 108,590 882 1,311,267 1,055,858 56,020 58,422 255,409 25,916 1,380,639 1,163,309 706,536 456,773 217,330 18,267 1,574,793 1,354,437 773,703 580,734 220,356 26,978 1,615,719 1,376,341 762,565 613,776 239,378 35,601 1,676,828 1,440,173 791,523 648,650 236,655 33,704 1,666,535' 1,717,782 1,436,112 1,493,314 773,784 827,029 662,328 666,285 230,423' 224,468 28,491 29,867 1,725,141 1,499,358 838,243 661,115 225,783 23,331 1,701,624 1,470,046 783,630 686,416 231,578 24,700 1,783,978 1,566,171 845,081 721,090 217,807 22,360 57,605 171,888 49,311 149,752 52,400 140,978 51,768 152,009 47,176 155,775 47,678' 154,254 43,290 151,311 40,696 161,756 47,789 159,089 48,939 146,508 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 325,764 201,166 92,709 108,457 518,962 383,570 115,925 267,645 805,483 572,665 148,658 424,007 819,296 572,568 158,260 414,308 773,556 539,200 154,389 384,811 791,665' 562,101' 157,386' 404,715 780,521' 561,577 153,825 407,752 788,512 571,815 161,666 410,149 795,658 565,929 156,481 409,448 781,671 548,419 155,266 393,153 40 41 42 124,598 19,347 135,392 28,388 232,818 44,727 246,728 41,514 234,356 36,765 229,564' 36,997' 218,944' 34,089' 216,697 31,333 229,729 32,781 233,252 37,246 81,254 23,997 82,363 24,641 136,192 51,899 151,949 53,265 148,985 48,606 142,949' 49,618' 138,233' 46,622' 138,605 46,759 149,188 47,760 148,817 47,189 20 Official institutions9 21 Banks' own liabilities 22 Deposits2 23 Other 24 25 26 27 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments'' Other 28 tanks10 29 Banks' own liabilities 30 Deposits2 31 Other 32 Banks' custody liabilities4 33 U.S. Treasury bills and certificates5 . . 34 Other negotiable and readily transferable instruments'" 35 Other 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments'' Other 321,674 MEMO 44 Own foreign offices12 941,416 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. 9. Foreign central banks, foreign central governments, and the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Aug. Sept. AREA OR COUNTRY 45 Total, all foreigners 1,985,588 2,315,606 2,911,516 2,963,560 2,960,651 2,964,669' 3,005,701" 3,015,973" 3,004,276' 3,082,986 46 Foreign countries 1,972,121 2,301,457 2,895,862 2,944,549 2,944,013 2,948,457' 2,989,247' 2,998,579' 2,986,055' 3,066,289 1,050,895 4,355 13,512 3,147 1,088 81,852 54,822 1,178 7,198 50,305 18,170 32,742 1,545 70,186 8,410 6,118 99,224 5,188 470,304 21,262 110 100,179 1,134,683 4,129 14,018 3,927 2,682 103,808 54,197 1,886 8,522 57,661 23,466 18,672 1,917 82,051 8,291 1,944 100,903 4,552 513,016 23,526 106 105,409 1,128,681 4,060 15,811 1,877 1,916 79,596 56,266 1,424 7,987 57,962 17,513 20,740 2,093 85,023 13,018 5,888 106,162 6,787 522,234 26,093 103 96,128 27,323 35,590 34,248 38,662 33,086 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America17 107,357 10,878 10,040 6,146 4,158 2,299 1,379 36,109 3,864 1,363 2,815 21,939 6,367 110,566 9,758 16,283 4,438 4,235 2,567 1,547 35,389 4,093 1,401 3,670 21,222 5,963 135,970 10,817 15,186 7,299 6,286 2,687 1,530 50,575 4,513 1,971 4,150 24,573 6,383 130,713 9,859 19,077 8,393 5,968 2,749 1,403 38,371 4,843 3,280 4,438 24,995 7,337 133,664 9,660 17,807 7,276 5,575 2,499 2,044 42,658 4,761 3,336 4,932 25,396 7,720 1,129,775' 1,198,691' 1,183,740' 1,171,254' 1,242,649 4,473 4,141 5,243 4,095 4,174 16,304' 19,069 18,862 17,892 15,302 5,709 2,413 1,765 2,364 2,010 2,398 972 1,367 747 1,941 85,014' 88,155 87,625' 77,750' 90,213 59,308 61,615 60,068 64,650' 64,879 1,063 1,237 1,375 1,528 1,113 7,741 9,926 6,856 8,470 5,589 56,346' 59,764 64,476 58,600 56,670 20,512' 18,727 22,233 18,729 17,749 21,084 24,911 20,338 22,033 31,499 2,345 2,860 3,747 2,680 2,964 85,164' 88,986' 90,716 86,022' 83,616' 12,479 10,850 11,200 9,361 11,962 4,086 4,671 3 959 3,078 4,909 100,695' 149,382 95,611 146,993 159,069 7,998 10,214 6,946 5,735 6,601 515,141' 556,432 551,351 531,210' 528,245 23,635' 27,230' 27,614' 25,886' 104 29,568 100 102 111 98,176' 94,552' 87,917' 90,359' 94,279 38,436' 38,428' 37,301' 40,679' 37,331 144,915 131,848' 125,661' 131,770' 128,109' 9,981 9,568' 9,320' 9,565' 9,986' 17,594 13,754 12,860 16,126 15,139 7,431 6,733 6,987 7,312 6,878' 6,700 7,025 6,122 6,048 6,029 3,024 2,956 2,832 2,541 2,927 1,632 1,642 1,638 1,848 1,959 49,312 41,823 40,061 41,718 38,051' 4,969 4,769' 4,552' 4,401' 4,770' 2,613 3,135 3,183 3,679 3,469 4,979 4,853 4,987 4,991 4,880' 28,232 27,608 25,395 25,913 26,428 8,448 7,982' 7,724' 7,628' 7,593' 83 Caribbean 84 Bahamas 85 Bermuda 86 Cayman Islands15 87 Cuba 88 Jamaica 89 Netherlands Antilles 90 Trinidad and Tobago 91 Other Caribbean" 837,666 163,543 24,674 630,446 91 829 5,004 1,405 11,674 969,986 153,554 38,964 739,204 96 669 8,689 1,253 27,557 1,212,209 186,097 92,577 884,980 110 829 5,863 1,624 40,129 1,174,362 200,812 62,151 870,208 113 792 5,491 1,997 32,798 1,207,145 201,828 60,953 905,856 113 790 4,846 2,017 30,742 1,214,314' 1,177,489' 1,212,480' 1,209,459' 1,202,407 203,620 195,531' 192,200' 189,942 185,055' 54,021 63,375' 63,693' 63,797' 64,973' 904,903 910,972' 917,265' 919,117' 886,603' 118 116 116 115 115 784 981 1,230 829 707 4,693 5,232' 4,939' 5,736' 5,936' 2,442 2,541 2,901 2,415 2,381 31,826 30,863 30,385 31,962' 31,719 92 Asia China Mainland Taiwan Hong Kong India Indonesia Israel Japan Korea (South) Philippines Thailand Middle Eastern oil-exporting countries19 Other 319,487 373,024 420,635 419,802 393,279 390,239' 396,191' 400,309' 397,267' 396,815 15,483 18,693 33,066 7,951 14,123 7,477 161,667 8,968 1,811 7,605 16,365 26,278 13,236 26,808 49,557 14,534 14,373 12,223 162,003 12,647 1,683 7,226 23,626 35,108 52 767 26,496 42,788 11,154 5,903 11,214 167,008 12,421 2,949 11,355 38,257 38,323 71,190 23,596 43,470 13,404 3,406 8,343 151,704 18,279 2,422 13,986 40,423 29,579 59,318 22,089 42,190 12,963 2,444 7,354 148,919 15,574 2,669 10,320 39,149 30,290 51,335 19,938 43,365' 14,176 2,635 8,104 150,864' 17,011 2,594' 9,676' 40,960 29,581' 52,203 21,918 42,472' 12,717 2,296 7,237 150,267' 19,397 2,602' 9,246' 44,001 31,835 57,494 19,982 37,027' 11,561 2,805 6,675 154,041' 20,581 2,592' 10,397' 46,853 30,301 50,030 20,719 38,004' 11,162' 3,226 6,484 152,935' 21,111 3,167' 12,289' 49,516 28,624 42,495 20,484 36,001 12,083 3,521 5,964 152,194 26,108 3,000 11,032 52,900 31,033 105 Africa 106 Egypt 107 Morocco 108 South Africa 109 Congo (formerly Zaire) 110 Oil-exporting countries20 111 Other 12,251 2,655 306 1,114 4,370 3,804 13,828 2,336 376 3,715 18 3,498 3,885 14,580 2,711 156 3,284 4 4,326 4,099 18,085 3,724 151 3,727 8 6,697 3,778 18,229 3,497 133 3,483 6 7,119 3,991 16,470' 3,653 129 3,002 8 5,259 4,419' 15,646 3,383 131 3,229 5 4,587 4,311 15,577 2,437 166 3,763 4 5,192 4,015 15,291 2,261 151 3,820 5 4,665 4,389 17,753 3,316 105 3,386 12 6,134 4,800 112 Other countries 113 Australia 114 New Zealand21 115 All other 14,049 11,991 1,796 262 16,913 14,020 2,465 428 27,325 23,391 3,429 505 28,242 23,931 3,510 801 29,929 26,969 2,485 475 32,249 27,865 3,690 694 28,781 25,092 2,898 791 22,384 18,931 2,820 633 22,500 18,818 3,051 631 24,419 19,576 4,113 730 116 Nonmonetary international and regional organizations 117 International22 118 Latin American regional23 119 Other regional24 13,467 11,282 507 1,611 14,149 10,500 420 3,166 15,654 11,542 1,993 2,006 19,011 15,227 1,565 2,146 16,638 13,066 1,749 1,787 16,212 12,535 1,965 1,650 16,454 12,537 2,257 1,601 17,394 12,929 18,221 13,657 3,181 1,302 16,697 12,295 2,515 1,785 47 Europe 48 Austria 49 Belgium13 50 Denmark 51 Finland 52 France 53 Germany 54 Greece 55 Italy 56 Luxembourg13 57 Netherlands 58 Norway 59 Portugal 60 Russia 61 Spain 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom 66 Channel Islands and Isle of Man14 67 Yugoslavia15 68 Other Europe and other former U.S.S.R."' 69 Canada 93 94 95 96 97 98 99 100 101 102 103 104 653,988 2.818 9,536 5.106 1,693 40,399 34,650 2,975 5,568 31,945 10,839 18,879 3,574 23,146 14,039 4,647 132,895 12,131 185,970 47,594 301 65,283 781,550 4,826 9,359 3,631 1,783 40,719 46,806 1,264 6,215 35,855 15,857 22,429 952 41,673 9,902 7,082 110,626 13,748 332,528 20,802 162 55,331 13. Before January 2001, data for Belgium-Luxembourg were combined. 14. Before January 2001, these data were included in data reported for the United Kingdom. 15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 16. Includes the Bank for International Settlements and the European Central Bank. 17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were combined in "Other Latin America and Caribbean." 18. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. 19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 20. Comprises Algeria, Gabon, Libya, and Nigeria. 21. Before January 2001, these data were included in "All other." 22. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. 23. Principally the Inter-American Development Bank. 24. Asian, African, Middle Eastern, and European regional organizations, except the Bank for International Settlements, which is included in "Other Europe." 48 Federal Reserve Bulletin Statistical Supplement • January 2006 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 Aug.r Sept. 1 Total, all foreigners 1,185,445 1,322,363 1,664,223' 1,721,080' 1,787,969' 1,790,725' 1,862,906 1,862,561' 1,811,891' 1,887,415 2 Foreign countries 1,181,768 1,317,292 1,658,247' 1,715,247' 1,781,710' 1,783,292' 1,856,389 1,852,890' 1,804,852' 1,881,622 487,004 3,603 6,044 1,109 8,518 47,705 22,481 477 3,753 3,407 23,133 13,885 2,226 877 5,371 15,889 126,958 2,112 176,953 17,457 0 5,046 591,018 4,819 6,910 2,814 8,160 63,719 25,811 238 7,310 5,512 21,415 17,666 2,106 1,233 2,295 15,269 78,716 2,149 268,822 43,099 0 12,955 806,546' 4,429' 7,751' 735' 11,840 90,941' 26,196' 94 16,906 5,864' 22,090' 25,517 1,576 1,089 8,452 17,027 114,167 2,542 404,844' 26,878 0 17,608' 817,482' 4,415' 15,111' 637' 9,303 100,228' 28,114 121 19,940 3,959' 15,956' 21,921' 1,533 1,093 15,662 11,967 110,290 2,713 406,035' 28,506 0 19,978' 858,083' 4,564' 13,390' 822' 10,721 95,456' 30,060 121 19,676 3,715' 18,702 30 737 1,482 1,001 12,134 13,278 116,868 2,955 438,750' 26,723 0 16,928' 832,995' 5,097' 10,759' 1,022' 9,564 88,218' 28,505 110 16,761 4,702 18,812' 30,563 1,416 1,235 11,231 12,204 93,503' 3,017 452,852' 25,723' 0 17,701' 920,003 4,498 16,237 1,234 9,575 89,660 25,760 154 18,782 5,472 17,902 25,701 1,391 1,017 13,137 12,896 164,255 3,084 461,896 27,667 0 19,685 930,528' 4,551 16,305' 2,493' 9,014' 89,631' 32,774' 108 17,256 7,021 20,301' 20,728' 1,312 1,013 9,812' 10,979 170,296' 3,228 462,937' 28,273 0 22,496' 5,344 16,362' 801' 8,609' 85,416' 31,742' 185 18,120 8,301 18,222' 23,857' 1,216 824 9,246' 10,538 103,555' 3,093 472,734' 29,524 0 21,191' 940,275 4,157 15,139 1,207 9,622 86,963 32,993 177 18,507 8,561 18,244 20,534 925 1,148 8,117 9,112 159,547 3,190 492,906 29,584 0 19,642 60,521 52,140 51,088' 50,876 50,935 54,434 57,998 56,479' 57,864' 58,192 51,239' 2,090' 15,515 6,924 2,670 597' 860 13,792 1,931 1,488 412 2,514 2,446 51,203 2,359 15,742 6,716 2,676 544 841 13,625 2,039 1,428 411 2,468 2,354 48,303' 2,342 13,660' 6,226 2,653 526 731 13,623' 1,905 1,331 459 2,502 2,345 49,936' 2,338 14,583' 6,612 2,685 565 752 14,085' 1,749 1,278 511 2,304 2,474 52,170 2,222 16,258 6,711 2,652 637 867 14,432 1,854 1,218 434 2,429 2,456 3 Europe 4 Austria 5 Belgium2 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Italy 12 Luxembourg2 13 Netherlands 14 Norway 15 Portugal 16 Russia 17 Spain 18 Sweden 19 Switzerland 20 Turkey 21 United Kingdom 22 Channel Islands and Isle of Man3 23 Yugoslavia4 24 Other Europe and other former U.S.S.R.5 25 Canada 26 Latin America 27 Argentina 28 Brazil 29 Chile 30 Colombia 31 Ecuador 32 Guatemala 33 Mexico 34 Panama 35 Peru 36 Uruguay 37 Venezuela 38 Other Latin America1" 56,642 6,783 15,419 5,250 2,614 457 892 15,658 1,915 1,411 255 3,254 2,734 51,517 3,819 15,825 6,094 2,026 404 781 13,583 1,844 1,370 465 2,911 2,395 49,378 2,220 14,094 6,213 2,645 469 866 13,440 1,939 1,529 403 2,844 2,716 51,554' 2,024 16,051 7,142 2,473 534 811 13,850' 1,924 1,465 347 2,585 2,348 50,815' 2,011 14,991 6,527 2,533 565' 869 14,335' 2,099 1,525 433 2,484 2,443 39 Caribbean 40 Bahamas 41 Bermuda 42 Cayman Islands7 43 Cuba 44 Jamaica 45 Netherlands Antilles 46 Trinidad and Tobago 47 Other Caribbean8 475,896 95,584 9,902 359,259 0 321 6,690 889 3,251 492,705 73,709 14,889 391,524 0 377 6,629 665 4,912 596,931' 80,183' 33,294' 469,166' 0 351 5,554 755 7,628 631,151' 90,808' 31,361' 496,513' 0 426 4,770' 655 6,618' 657,521' 108,305 26,637' 507,164' 0 433 4,879' 734 9,369' 671,762' 96,404' 27,093' 532,156' 0 438 4,752' 715 10,204' 652,017 94,684 28,866 513,558 0 408 4,936 705 8,860 640,215' 97,555 21,606' 505,698' 0 418 5,006 826 9,106 645,690' 84,075 24,396 521,908' 0 432 4,846 900 9,133 641,031 94,042 26,626 505,355 0 413 4,410 786 9,399 93,551 119,562 142,656' 153,560' 153,310' 163,089 165,984 167,183' 171,402' 178,582 1,057 3,766 7,258 1,235 1,270 4,660 47,600 11,118 2,137 1,167 7,952 4,331 4,134 9,659 7,190 1,588 838 5,122 62,059 11,395 1,693 989 6,782 8,113 9,267 10,589' 5,622' 2,117 555 1,326 82,207 15,531 993 1,144 7,022 6,283' 13,210 11,409 7,303 2,420 560 2,750 85,463 13,603 805' 2,982 6,540 6,515' 10,521 10,497 7,755 2,324 548 1,748 84,966 15,620 907 5,621 6,662 6,141' 20,058 8,925 6,116 2,751 559 3,152 83,645 16,780 1,119 6,544 7,869 5,571 16,914 8,605 5,659 2,660 555 4,204 86,604 18,784 1,025 6,720 7,541 6,713 17,420 7,934 6,974 2,738 572 3,186 83,480' 16,669 1,085 8,318 11,432 7,375' 19,410 8,134 8,352 2,698 578 3,183 86,046' 17,189 1,211 8,995 8,968 6,638' 19,712 7,196 8,071 2,693 518 4,370 95,088 15,951 1,319 8,066 9,412 6,186 61 Africa 62 Egypt 63 Morocco 64 South Africa 65 Congo (formerly Zaire) 66 Oil-exporting countries9 67 Other 1,977 487 53 617 0 222 598 1,453 236 46 453 0 147 571 1,262 228 53 318 0 223 430 1,269 344 39 172 0 274 440 1,533 395 39 219 0 273 607 1,342 384 38 179 0 334 407 1,631 443 31 389 0 361 407 1,400' 453 33 218' 0 337 359 1,565' 413 20 438' 0 332 362 1,482 453 19 193 0 397 420 68 Other countries 69 Australia 70 New Zealand10 71 Allother 6,177 5,566 569 42 8,897 8,037 819 41 10,386' 9,695' 609' 82 9,355' 7,352' 1,910 93 9,513' 8,837' 572 104 8,431' 7,779' 568 84 7,553 6,825 634 94 8,782' 7,841' 848 93 9,515' 8,875' 531 109 9,890 9,085 580 225 72 Nonmonetary international and regional organizations" 3,677 5,071 5,976' 5,833' 6,259' 7,433' 6,517 9,671 7,039 5,793 48 Asia China 49 Mainland 50 Taiwan 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Thailand 59 Middle Eastern oil-exporting countries5 60 Other 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 5. Includes the Bank for International Settlements and the European Central Bank. 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2005 Type of claim 2002 2003 2004' May' 1 Total claims reported by banks 3 Foreign official institutions2 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims June' July' Aug.' 1 790 725 95,688 1 308 642 386,395 1 862 906 89,307 1 364 765 408,834 Sept.' Oct.' Nov.' 1,811,891 95,406 1,298,178 418,307 1,887,415 88,191 1,390,493 408,731 1,409,095 1,603,404 2,026,841 1 185 445 52,198 970,357 162,890 1 322 363 57,897 980,099 284,367 1 664 223 77,868 1 187 954 398,401 223,650 80,269 281,041 135,939 72,196 63,107 9,799 362,618 152,520 107,533 88,423 14,142 500,085 376 668,255 3,970 643,472 4,313 737,294 4,668 738,944 4,044 731,828 3,260 722,172 3,971 716,197 4,723 732,366 3,919 n .a. 892,340 5,328 816,574 934,166 3,888 988,110 1 097 873 8,084 1,065,211 1 126 145 7,227 1,038,780 1 201 764 9,699 1,038,038 1 199 940 11,278 1,116,540 1 249 724 9,012 1,127,406 1 283 649 11,530 1,079,441 1 199 760 11,606 1,139,524 1 280 363 161,585 344,753 479,422 525,348 527,196 527,403 545,571 527,668 549,876 533,357 137,289 6,092 2,179,354 1 721 080 80,382 1 219 230 421,468 1 787 969 88,081 1 295 801 404,087 2,288,755 391,385 157,192 102,750 115,684 15,759 1,862,561 88,613 1 375 163 398,785 426,194 170,254 109,231 128,870 17,839 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • January 2006 3.22 LIABILITIES TO FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country 2002 Sept. Sept.' 1 Total 66,679 67,664 83,240 104,940 103,204 108,339 109,178 108,077' 108,220 By type 2 Financial liabilities 3 Short-term negotiable securities' . . 41,034 n.a. 39,561 53,150 14,002 72,799 10,868 73,818 11,415 79,177 11,759 76,065 10,053 71,839 14,064 70,683 11,881 67,418 66,012 8,498 22,946 5,949 45,495 3,558 45,766 6,315 49,882 8,163 45,852 10,570 34,151 16,868 32,124 42,171 30,628 1,730 7,998 17,883 1,660 1,357 43,617 30,201 1,981 7,678 17,420 1,642 1,480 45,905 33,272 2,399 9,067 18,337 1,564 1,905 42,618 33,447 2,296 11,159 16,548 1,379 2,065 46,891 24,948 1,774 16,183 4,195 1,604 1,192 45,081 25,602 1,837 16,355 3,706 1,770 1,934 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 14 Financial liabilities to unaffiliated foreigners Byy area or country 15 Europe 16 Belgium-Luxembourg 17 France 18 Germany 19 Netherlands 20 Switzerland 21 United Kingdom 39,148 n.a. n.a. 18,763 22,271 n.a. n.a. n.a. n.a. n.a. 18,844 20,717 25,055 28,095 1,431 10,372 11,425 2,493 2,374 41,034 39,561 43,610 58,084 57,142 62,847 52,835 45,841 42,708 31,806 154 2,841 2,344 1,954 94 22,852 34,335 144 5,243 2,923 1,825 61 22,531 34,832 709 3,543 3,531 284 517 23,886 45,810 539 2,092 3,699 43,134 677 2,290 3,335 340 431 28,166 38,690 775 1,349 2,911 363 514 29,473 36,330 590 1,550 5,276 413 282 26,043 31,816 641 1,093 7,591 129 114 17,615 28,778 567 1,070 7,827 380 53 16,357 298 28,992 MEMO: 22 Euro area3 . . . 8,798 9,855 955 591 1,239 1,527 2,433 2,283 2,080 2,058 1,504 23 990 65 365 n.a. 31 4,235 0 711 242 n.a. 3,114 34 3 6,093 0 2,300 200 n.a. 3,483 25 0 16,196 0 8,715 208 n.a. 7,178 26 18 9,076 0 801 263 n.a. 7,871 8,101 0 115 306 n.a. 7,583 20 5 6,984 0 77 141 n.a. 6,497 47 30 24 25 26 27 28 29 30 31 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 2,858 157 960 35 1,627 32 33 34 Asia Japan Middle Eastern oil-exporting countriesf 5,042 3,269 10 2,932 1,832 14 2,547 1,826 36 4,487 1,612 24 4,589 1,664 30 4,724 1,648 36 4,347 1,365 33 3,697 1,642 4,143 1,792 35 35 36 Africa Oil-exporting countries6 53 5 131 91 123 92 118 93 119 93 131 94 132 95 108 96 123 96 37 All other7 36 2 2,382 185 4,591 24 Nonbank-Reported Data 3.22 LIABILITIES TO FOREIGNERS the United States—Continued 51 Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country Sept. 38 Commercial liabilities 39 Trade payables 40 Advance payments and other liabilities . 41 42 43 44 45 46 47 48 49 50 51 52 53 54 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial liabilities Europe Belgium-Luxembourj France Germany Netherlands Switzerland United Kingdom . . . Sept.' 25.645 11,781 13,864 28,103 14,699 13,404 30,090 17,174 12,916 32,141 18,386 13,755 29,386 18,362 11,024 29,162 18,181 10,981 33,113 21,678 11,435 36,238' 22,851 13,387' 37,537 24,201 13,336 24,162 1,483 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 27,632 2,458 199 787 606 209 657 29,662 2,479 183 729 593 255 719 26,090 3,296 241 1,030 600 302 1,123 25,811 3,351 224 1,058 704 296 1,069 29,890 3,223 200 1,026 634 314 1,049 33,364' 2,874 143 1,028 585 119 999 34,751 2,786 163 1,041 397 286 899 9,219 99 734 905 1,163 790 2,279 8,257 141 765 781 590 433 2,649 9,821 159 900 855 384 1,367 3,025 9,719 135 1,092 1,275 289 638 3,035 8,843 133 1,050 1,021 315 616 3,127 9,030 123 1,019 1,024 305 564 3,407 10,087 100 1,600 1,020 322 740 3,576 10,831' 103 1,669 965' 403' 950' 3,243' 11,533 124 1,818 1,006 329 1,112 3,589 4,414 MEMO Euro area3 5,141 3,831 3,731 56 Canada 1,622 1,588 2,166 2,533 1,995 2,145 2,143 2,185' 2,848 57 58 59 60 61 62 63 64 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 2,727 52 591 290 45 n.a. 899 166 3,073 51 538 253 36 n.a. 1,170 177 3,406 14 513 233 n.a. 40 1,298 329 4,388 39 801 167 n.a. 32 1,755 481 4,317 35 635 98 n.a. 29 1,925 477 4,276 32 515 113 n.a. 101 1,942 433 4,894 66 511 97 n.a. 29 2,154 640 5,361 79 774 127 n.a. 76 2,210 522 5,228 74 621 143 n.a. 100 1,921 738 65 66 67 Asia Japan Middle Eastern oil-exporting countries- 10,517 2,581 2,639 13,382 4,292 3,979 13,311 4,370 3,148 13,484 4,755 2,311 12,707 4,288 3,312 12,239 4,221 2,910 14,470 5,324 3,900 16,371' 5,673' 4,271' 16,623 5,892 3,914 68 Africa 836 436 827 405 782 372 567 956 488 947 424 935 447 1,010 627 851 459 69 70 Oil-exporting countries'" 4,198 All other7 935 MEMO 71 Financial liabilities to foreign affiliates5 . . . 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-6 above. 52 Federal Reserve Bulletin Statistical Supplement • January 2006 3.23 CLAIMS ON FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 102,566 165,901 188,506 192,336 197,696 201,771' 182,146' 188,520 71,389 27,064 44,325 132,332 35,920 3,211 154,096 42,974 5,468 160,552 50,314 7,595 164,981 47,883 9,892 168,943 52,316 11,912 148,995 48,975 8,894 156,877 51,353 11,845 n.a. 51,486 157 93,201 129 105,654 70 102,643 103 107,206 94 104,715 173 91,126 93,679 n.a. n.a. 69,208 3,253 66,849 19,073 64,968 17,685 59,683 24,034 64,386 12,737 57,548 8,069 56,381 8,499 122,879 9,453 912 2,776 3,242 831 1,692 117,735 36,361 1,400 8,534 13,992 7,952 4,483 124,592 35,960 1,278 13,129 9,618 7,829 4,106 121,909 43,072 1,329 20,651 9,219 7,345 4,528 125,119 43,824 7,216 17,593 7,687 6,111 5,217 111,366 37,629 10,031 10,935 7,714 4,007 4,942 116,909 39,968 10,837 11,712 8,853 4,058 4,508 67,347 92,499 101,867 110,517 115,412 101,634 111,939 28,970 391 3,049 2,859 2,789 617 11,438 46,343 1,206 4,375 3,151 2,974 453 23,575 47,040 292 3,620 2,299 3,149 585 26,641 48,714 2,177 1,452 5,386 7,389 978 23,982 54,240 2,651 3,177 7,126 7,692 845 25,828 41,763 1,998 4,593 4,534 1,738 1,237 18,016 46,211 801 4,338 3,335 3,313 1,475 23,119 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs1 Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 16 Financial claims on unaffiliated foreigners By area or country 17 Europe 18 Belgium-Luxembourg 19 France 20 Germany 21 Netherlands 22 Switzerland 23 United Kingdom Sept.' 81,287 29,801 51,486 74,471 6,816 n.a. n.a. n.a. n.a. n.a. 65,070 6,319 26,118 625 1,450 1,068 2,138 589 16,510 29,018 722 3,247 4,245 3,648 383 10,663 MEMO: 24 25 17,281 Euro area3 Canada 26 27 28 29 30 31 32 33 34 35 36 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 . 37 38 Africa Oil-exporting countries'" 39 All other7 6,193 5,013 5,311 4,533 5,825 6,412 11,361 11,905 14,290 41,201 976 918 2,127 32,965 n.a. 3,075 83 29,612 1,038 724 2,286 21,528 n.a. 2,921 104 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 34,256 801 1,410 1,749 n.a. 27,613 1,706 135 42,091 1,346 1,063 1,833 n.a. 35,188 1,527 139 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 39,893 1,899 2,128 1,839 n.a. 31,162 1,727 164 38,945 3,436 1,316 1,486 n.a. 30,448 1,392 62 41,643 3,802 1,113 1,793 n.a. 31,768 1,968 167 6,430 1,604 135 5,358 1,277 79 5,317 1,194 158 5,976 1,011 121 5,633 1,050 138 6,840 993 137 7,990 1,268 133 7,401 1,832 114 7,664 1,562 93 414 49 395 25 419 12 238 8 306 8 290 16 282 23 347 55 1,338 1,784 1,993 1,153 1,020 International Statistics 3.23 53 CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 40 Commercial claims 41 Trade receivables 42 Advance payments and other claims 43 44 45 46 47 48 49 50 51 52 53 54 55 56 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom Sept.' 31.795 27,513 4,282 31,177 26,385 4,792 33,569 28,618 4,951 34,410 29,884 4,526 31,784 27,346 4,438 32,715 29,229 3,486 32,828 28,311 4,517 33,151 29,055 4,096 31,643 28,052 3,591 29,393 2,402 26,481 4,696 n.a. 25,494 8,075 1,557 1,542 1,187 589 3,200 27,380 7,030 649 1,196 1,204 598 3,383 27,908 3,876 446 1,026 1,169 191 1,044 27,439 5,276 512 1,561 1,586 238 1,379 28,075 4,753 499 1,530 1,110 239 1,375 28,826 4,325 407 1,442 1,098 153 1,225 27,934 3,709 372 1,227 780 206 1,124 14,022 268 2,921 1,658 529 611 3,833 14,187 269 3,164 1,202 1,490 503 3,727 14,552 247 2,816 1,273 395 1,921 3,928 13,531 235 2,603 1,509 345 1,257 3,904 13,000 298 2,582 1,331 396 1,218 3,815 13,457 257 2,261 1,401 494 1,528 3,742 13,765 366 2,867 1,477 490 1,477 3,491 13,390 402 2,233 1,484 461 1,406 3,287 12,530 396 2,023 1,439 339 1,426 3,326 MEMO 57 58 Canada 59 60 61 62 63 64 65 66 67 68 69 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 70 Africa 71 72 8,580 Euro area3 Oil-exporting countries6 7,185 7,419 2,818 2,790 3,070 2,288 2,260 2,017 2,146 2,142 2,004 4,859 42 369 954 95 n.a. 1,391 4,346 31 287 750 19 n.a. 1,259 288 5,153 26 460 903 n.a. 52 1,339 5,628 25 690 1,025 n.a. 66 1,244 252 6,141 58 766 905 n.a. 124 1,767 263 6,477 55 650 935 n.a. 160 2,018 319 6,510 41 591 1,049 n.a. 75 1,859 365 6,310 29 581 952 n.a. 143 1,838 393 6,524 27 498 1,028 n.a. 294 1,812 390 7,849 2,006 850 7,324 2,341 818 7,352 1,757 888 8,165 1,784 1,085 8,601 1,847 961 8,943 1,855 1,071 8,508 1,918 1,148 9,427 1,932 1,317 8,728 1,749 1,271 645 88 584 95 636 138 711 224 783 209 629 154 767 205 873 226 2,806 4,087 1,192 1,132 7 All other 234 1,069 MEMO 73 Financial claims on foreign affiliates5 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial claims on foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-8 above. 54 Federal Reserve Bulletin Statistical Supplement • January 2006 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Nov. May' July' Aug. Sept. 361,820' 360,084' 409,963' 386,981' U.S. corporate securities STOCKS 1 Foreign purchases 3.104.232 3,069,495 2 Foreign sales 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean Middle East2 Other Asia Japan Africa Other countries Nonmonetary international and regional organizations 4,077,212 4,006,846 366,192 365,671 365,052 360,658 329,205 321,401 418,685 410,691 380,204 375,511 4,693 4,394 7,804 34,770 28,616 70,431 542 4,412 7,745 1,761' 22,973' 7,982 4,705 21,399 6,208 -3,782 46 -2,120 684 91 11,659 -929 612 2,207 -2,224 258 -436 19,571 -876 -2,360 1,697 -1,194 15,208 -180 1,292 631 6,485 -320 2,832 -41 35,126 9,036 -3,441 -964 1,113 13,841 367 14,685 12,826 1,423 6,735 -313 136 -500 2,640 776 -546 -526 190 1,578 -112 426 -4,452 -71 2,057 655 -1 -57 964 2,836 -766 143 -584 -458 -2,917' 1,086 -1,955 -613 -371 -3,980' 33 4,524' -317 2 226 -597 15,361' 651 54 950 30 1,013 736 2,037 -132 -44 -324 -615 377 -505 -782 1,622 -2,984 116 3,034 6,066 -317 -714 -634 34 257 241 11,824' 42 3,770' 2,356 5 1,605 127 28 -152 2,316 -304 -121 71 201 672 82 1,020 3,383 113 1,095 658 -30 85 3,907 4,574 77 127 901 -2,209 59 1,749 -633 169 -291 12 3 -199 2,420,212 1,998,669 2,380,796 1,844,895' 2,188,900 1,619,946 179,892 137,542 227,250 152,723 190,011 125,378 205,307 149,415 214,704' 142,332' 215,424 146,056 198,552 154,598 28,476 3 Net purchases, or sales (-) 4 Foreign countries 3,862,043 3,833,567 22,982' BONDS 3 20 Foreign purchases 21 Foreign sales 535,901' 23 Foreign countries 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean Middle East2 Other Asia Japan Africa Other countries Nonmonetary international and regional organizations 43,954 74,527 64,633 421,187 533,422' 566,568 42,241 74,179 64,747 55,567 71,557' 69,307 43,804 211,710 4,790 2,293 2,289 7,263 133,799 19,772 4,071 94,041 3,281 106,370 32,290 1,663 51 256,263 7,369 12,124 1,929 6,972 160,243 6,477 12,095 105,994 4,702 151,858' 77,905 512 1,998 287,690 14,006 12,144 4,022 3,318 192,624 14,011 16,372 79,208 2,687 174,622 79,508 387 5,602 16,022 -349 3,409 415 849 4,337 2,028 626 9,586 390 14,936 7,393 55 626 41,192 2,038 1,356 552 985 28,650 2,897 2,578 4,164 1,124 24,115 8,737 -9 1,015 24,226 864 196 439 -314 16,215 152 1,675 12,505 328 24,817 10,219 53 1,143 32,606 905 898 217 -642' 26,899' 1,531 704 6,620 176 14,802 5,282 60 599 42,701' 3,835 1,568 839 1,150 29,084' 1,863 1,711' 8,208 987 17,427 10,196 221 302 31,589 256 2,173 204 664 17,358 2,036 2,579 9,262 -597 25,806 15,269 43 625 26,775 2,113 1,213 165 857 18,010 1,368 2,105 -3,492 -444 18,709 11,690 -43 194 -16,185' 182,782' 198,967' 16,862' 129,874' 113,012' -7,036' 191,281' 198,317' -9,684' 128,208' 137,892' -5,936 227,660 233,596 2,788 147,259 144,471 -23,799 233,485 257,284 2,247 108,458 106,211 22 Net purchases, or sales (-) 2,479 2,386 Foreign securities -88,587 1,304,564 1,393,151 32,046 1,457,282 1,425,236 -84,970 1,664,076 1,749,046 -67,872 1,459,043 1,526,915 -115,655 1,969,029 2,084,684 -12,506 1,399,386 1,411,892 -4,471 160,010 164,481 -9,827 128,633 138,460 -11,884 161,197 173,081 -1,529 147,371 148,900 -8,326 162,039 170,365 -5,512 111,960 117,472 45 Net purchases, or sales (-), of stocks and bonds . . -56,541 -152,842 -128,161 -14,298 -13,413 -13,838 677' -16,720' -3,148 -21,552 46 Foreign countries -56,047 -141,025 -120,742 -11,258 -13,325 -13,835 727' -16,635' -3,229 -21,255 47 48 49 50 51 52 53 -138 6,263 -1,762 -59,150 -39,527 227 -1,487 -124,892 -5,492 9,184 -12,814 -20,640 1,591 -8,602 -48,274 -145 -18,492 -42,584 -30,600 -1,937 -9,310 -9,275 134 704 220 185 -153 -2,888 -15,702 1,509 407 1,388 1,318 -209 -718 -5,385 1,375 -4,041 -5,074 -4,301 -325 -385 10,766' 287' -1,740' -8,508' -5,254' -138 60 -2,948' -2,652 -4,212' -5,320 -5,794 23 -1,526' 4,267 -683 -5,052 -1,478 -3,938 -41 -242 -1,716 -1,412 186 -17,088 -8,673 -831 -394 -11,817 -7,419 -3,040 39 Stocks, net purchases, or sales (-) . 40 Foreign purchases 41 Foreign sales 42 Bonds, net purchases, or sales (-) . 43 Foreign purchases 44 Foreign sales Europe Canada Latin America and Caribbean Asia Japan Africa Other countries 54 Nonmonetary international and regional organizations 1. Before January 2001, data included in United Kingdom. 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3. Includes state and local government securities and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Securities Holdings and Transactions 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 55 Foreign Transactions1 Millions of dollars; net purchases, or sales (-), during period Area or country Jan.Nov. May July Sept. 1 Total estimated 263,580 352,079' 332,704 28,000' 16,537' 28,304' 28,184' 21,813' 29,986 54,580 2 Foreign countries 263,523 351,360' 330,024 28,048' 15,293' 28,356' 28,016' 21,917' 29,554 54,509 48,653 1,809 11,005 881 434 434 4,883 32,846 1,256 -4,895 10,438 88,431 118 8,804 -575 -3,153 3,236 5,342 78,661 1,175 -5,177 16,098 163,963 20 12,867 1,474 -5,312 2,776 -3,691 123,694 873 31,262 21,570 20,650' 97 515 -298 -1,302 994 -1,830 7,995' -62 14,541 -1,410 15,967' -51 -540 -724 -321 1,358 -1,019 16,919' -2,473 2,818 2,905 15,584' 84 1,122 -256 872 -443 -2,164 14,587' 181 1,601 2,316' 14,849' 186 -30 591 -485 310 744 13,268' 383 -118 1,731 7,145' 77 108 587 -476 246 -226 9,097' 61 -2,329' 24 13,480 -53 1,147 -146 340 -177 -16 5,340 212 6,833 3,240 38,225 405 938 4 -1,853 481 -957 34,062 356 4,789 2,564 17,116 293 8,860 7,963 181,097 146,521 -56 6,275 33,544 -15 21,963 11,596 214,788' 166,377 677 -2,178 82,566 388 82,353 -175 60,433 -6,307 2,052 -560 5,389 -20 6,487 -1,078 3,503 -1,740 -149 65 -11,285 32 -11,290 -27 9,258' -5,656' -635 -917 67 76 1,619 -1,628 9,515 237 162 712 5,881 101 5,173 607 4,997 1,682 523 35 4,387 35 4,063 289 10,563 3,081 143 -345 9,115 93 9,123 -101 2,082 -6,352 804 833 7,546 99 7,367 80 5,716 422 373 85 57 337 -53 719 2 -26 2,680 2,290 -9 -48 38 1,244 1,276 0 -52 -13 -35 168 72 0 -104 -129 40 432 433 10 71 80 -3 263,523 103,838 159,685 351,360' 201,140 150,220' 330,024 55,633 274,391 28,048' 6,815 21,233' 15,293' 16,666 -1,373' 28,356' 3,616 24,740' 28,016' 3,223 24,793' 21,917' -1,134 23,051' 29,554 4,896 24,658 54,509 3,731 50,778 -6,645 52 9,041 249 372 2,004 -1,105 -149 -18 -712 496 99 282 589 -268 180 1,241 994 743 438 3 4 5 6 7 8 9 10 11 12 13 Europe Belgium2 Germany Luxembourg2 Netherlands Sweden Switzerland United Kingdom Channel Islands and Isle of Man3 Other Europe and former U.S.S.R Canada 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional MEMO 25 Foreign countries 26 Official institutions 27 Other foreign Oil-exporting countries 28 Middle East4 29 Africas 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Before January 2001, combined data reported for Belgium and Luxembourg. 3. Before January 2001, these data were included in the data reported for the United Kingdom. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 5. Comprises Algeria, Gabon, Libya, and Nigeria. 56 Federal Reserve Bulletin Statistical Supplement • January 2006 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2005 Item 2002 2003 2004 June July Aug. Sept. Oct. Nov. 76.14 2.3609 1.2043 8.1017 6.0665 1.2295 7.7709 43.55 110.61 3.7589 10.686 69.56 6.4367 1.6623 6.4599 1,021.68 100.738 7.5951 1.2629 32.076 41.132 179.44 2,144.60 76.51 2.2949 1.1777 8.0919 6.0973 1.2234 7.7618 43.85 111.24 3.7689 10.786 69.87 6.3830 1.6820 6.3661 1,029.84 101.332 7.6300 1.2671 32.925 41.041 180.64 2,144.60 75.35 2.2536 1.1774 8.0895 6.2064 1.2022 7.7559 44.76 114.87 3.7735 10.835 69.83 6.5103 1.6915 6.5878 1,045.88 101.485 7.8433 1.2880 33.468 40.895 176.51 2,144.60 73.53 2.2109 1.1815 8.0840 6.3277 1.1789 7.7538 45.63 118.45 3.7782 10.672 68.97 6.6399 1.6981 6.6554 1,040.76 101.800 8.1157 1.3110 33.580 41.097 173.49 2,144.66 Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 54.37 2.9213 1.5704 8.2771 7.8862 0.9454 7.7996 48.63 125.22 3.8000 9.663 46.45 7.9839 1.7908 10.5176 1,250.31 95.773 9.7233 1.5567 34.536 43.019 150.25 1,161.19 65.24 3.0750 1.4008 8.2772 6.5774 1.1321 7.7875 46.59 115.94 3.8000 10.793 58.22 7.0803 1.7429 7.5550 1,192.08 96.541 8.0787 1.3450 34.405 41.556 163.47 1,613.43 73.65 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 66.43 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 183.30 1,886.13 76.67 2.4148 1.2402 8.2765 6.1247 1.2155 7.7755 43.52 108.75 3.8000 10.820 70.83 6.4936 1.6723 6.7396 1,012.46 99.946 7.6229 1.2665 31.347 40.917 181.77 2,144.60 75.24 2.3702 1.2229 8.2264 6.1943 1.2041 7.7751 43.43 111.95 3.7872 10.672 67.89 6.5783 1.6815 6.6966 1,036.56 100.283 7.8263 1.2945 31.886 41.700 175.07 2,144.60 Indexes4 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)° 26 Other important trading partners (January 1997=100)7 126.66' 105.99' 119.09' 93.00' 113.59' 85.37' 111.62' 84.92' 112.12' 85.73' 110.69' 84.20' 110.62' 83.82' 111.70' 85.12' 112.51 86.58 140.36' 143.54' 143.39' 138.92' 138.78' 137.80' 138.31' 138.78' 138.26 111.22' 110.58' 104.48' 97.57' 99.84' 90.61' 98.96' 91.36' 99.60' 92.61' 98.62' 91.21' 99.29' 91.46' 100.14' 93.07' 99.99 94.07 121.61' 123.23' 121.86' 118.47' 118.26' 117.82' 119.15' 118.98' 117.17 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. cents per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below: Euro equals 13.7603 40.3399 5.94573 6.55957 1.95583 .787564 Austrian schillings Belgian francs Finnish markkas French francs German marks Irish pounds 1,936.27 Italian lire 40.3399 Luxembourg francs 2.20371 Netherlands guilders 200.482 Portuguese escudos 166.386 Spanish pesetas 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 4.20 September 30,2004 December 31,2004 March 31,2005 June 30, 2005 September 30, 2005 February March June September December 2005 2005 2005 2005 2005 58 58 58 58 58 Supplement Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 November 2004 February 2005 May 2005 August 2005 February May August November 2005 2005 2005 2005 60 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 September 30,2004 December 31,2004 March 31,2005 June 30, 2005 February May August November 2005 2005 2005 2005 66 64 64 64 Supplement Supplement Supplement Supplement 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 September September September September 2002 2003 2004 2005 A70 A70 70 60 Bulletin Bulletin Supplement Supplement September September September September 2002 2003 2004 2005 A73 A73 73 63 Bulletin Bulletin Supplement Supplement Pro forma financial statements for Federal Reserve priced services, 4.31* March 31,2001 June 30, 2001 September 30, 2001 Residential lending reported under the Home Mortgage Disclosure Act, 1989-2001 1990-2002 1991-2003 Disposition of applications for private mortgage insurance, 1998-2001 1999-2002 2000-2003 Small loans to businesses and farms, 1996-2001 1996-2002 1997-2003 1998-2004 4.34-4.411 4.42-4.45 4.46-4.48 Community development lending reported under the Community Reinvestment Act, 4.49 2001 2002 2003 2004 *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EURO, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit and retail sales, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting banks, 17, 18 YIELDS (See Interest rates) 59