View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Volume 3 • Number 1 • January 2006

Statistical Supplement
M to the Federal Keserve
tne t eaeral 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. 14

Sept.

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
2005

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

2002

2003

2004

Dec.

Reserve classification

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

July 6
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 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

Seasona credit3

Effective date

Previous rate

On
1/20/06

Effective date

Previous rate

On
1/20/06

Effective date

Previous rate

5.25

Boston
Vew York
Philadelphia
Cleveland
Richmond
Atlanta

On
1/20/06

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

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

12/22/05
12/22/05
12/22/05

0

5 Eurocurrency liabilities

Effective date

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.

For a more detailed description of these deposit types, see Form FR 2900 at
www.federalreserve.gov/boarddocs/reportforms.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is
adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.

Policy Instruments
1.17

9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars

Type of transaction
and maturity
Apr.

May

July

0
0
63,637
63,637
0

1,760
0
70,894
70,894
0

91,408
91,408

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

Aug.

Sept. 28

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 Mortgage-backed securities12
12 Securitized consumer loans
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

Period
2001
2002
2003
2004

Average
rate

5.50
5.75
6.00
6.25
6.50
6.75
7.00

2002

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
Mar. 11, 1968

14 Convertible bonds

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

Sept. 30
1 Federal debt outstanding

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

6,998.0
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

5 Agency securities
6
Held by public
7
Held by agencies

Mar. 31

6,783.2
3,923.9
2,859.3

....

2 Public debt securities
3
Held by public
4
Held by agencies

Dec. 31

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
Q4
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

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.
23,894
6

23,978
6
n.a.
143

23,678
6
n.a.
143

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

2,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996

n.a.
n.a.
24,261
n.a.

27,948

27,543

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

881,584
726,700
884,540
101,645
77,333

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.

23,576
6

27,495

23,888

n.a.
n.a.
23,972
n.a.

n.a.
23,744
6

n.a.

n.a.
2,120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996

24,267
6
n.a.
207

Aug.

n.a.
895,404
732,400
814,760
106,024
n.a.
n.a.
n.a.
n.a.

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

2002

2003

2004
Feb.

1

1 All issues

Mar.

Apr.

May

June

July

Aug.

Sept.

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
By type of offering
3 Sold in the United States

1,432,548

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
4

951.2
321.4
455.3
174.5

Reserves for unearned income

8 All other
9 Total assets

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

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

Real estate

5 LESS:

1,022.2
365.8
457.4
198.9

870.3
586.4

Consumer

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
1,323.8
2
3
4

Consumer . . .
Real estate . .
Business

519.8
210.5
541.3

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
1,330.2
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 .

1,411.8

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

Q3>

11,093,880

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
2,009,850
732,665
1,189,187

2 Revolving . . .
3 Nonrevolving2

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
Qi

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

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

High

Low

High

Latest cycle3

Previous cycle2

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

106.7

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

106.9

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
Q3
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

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, +)

-3,681

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)

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

July

Aug.

Sept.

Oct.

Dec.p

Nov.

136

162

80

105

103

83

81

96

88

82

83

678.106
9,045

Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3

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

June "
1

June

8

Dec.

Aug.

Sept.

Oct.'

Nov.'

1,964,902'

1,963,208'

1,980,026

1,997,779

1,161,907

By type
2 Liabilities reported by banks in the United States2

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

1 Total

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

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.'

Foreign official institutions2

1,811,891
95,406
1,298,178
418,307

1,887,415
88,191
1,390,493
408,731

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

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

3

1,409,095

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
By area or country
y
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
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5

70

Africa

72

7,185

7,419

2,818

59
60
61
62
63
64
65
66
67
68
69

71

8,580

Euro area3

Oil-exporting countries6

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

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
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

3,862,043
3,833,567

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

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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102