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Volume 1 • Number 7 • July 2004

Statistical Supplement
to the Federal Reserve
# ' • • •

BULLETIN

Board of Governors of the Federal Reserve System, Washington, D.C.

PUBLICATIONS COMMITTEE

Lynn S. Fox, Chair • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson
• Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart
• Louise L. Roseman • Richard Spillenkothen • David J. Stockton

The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by Economic Editing
and the Publications Department.

Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's
issue of the Federal Reserve Bulletin. Starting with
the winter 2004 issue, the Bulletin is now published
on a quarterly basis.
Published monthly, the new Statistical Supplement
is designed as a compact source of economic and
financial data. All tables that appeared in the Federal
Reserve Bulletin, including the annual and quarterly
special tables, now appear in the Statistical Supplement. All statistical series are published with the

same frequency that they had in the Bulletin, and the
numbering system for the tables remains the same.
Separate subscriptions for the quarterly Federal
Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for
the Statistical Supplement is on the inside front cover.
For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or
send an e-mail to publications-bog@frbog.frb.gov.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886.

Financial and Business Statistics
These tables reflect the data available for publication as of
the second week of July 2004.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS

Money Stock and Bank Credit
4 Reserves and money stock measures
5 Reserves of depository institutions and Reserve Bank
credit
6 Reserves and borrowings—Depository
institutions
Policy

Instruments

7 Federal Reserve Bank interest rates
8 Reserve requirements of depository institutions
9 Federal Reserve open market transactions
Federal Reserve

Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. Treasury—
Types and ownership
26 U.S. government securities
dealers—Transactions
27 U.S. government securities dealers—
Positions and financing
28 Federal and federally sponsored credit
agencies—Debt outstanding

Securities Markets and Corporate

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

Banks

10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities

Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding

Monetary and Credit Aggregates
12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures

Consumer Credit
34 Total outstanding
34 Terms

Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20

All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions

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 • July 2004

INTERNATIONAL STATISTICS

Summary Statistics
44 U.S. international transactions
44 U.S. reserve assets
45 Foreign official assets held at Federal Reserve
Banks
45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
45
46
48
49

Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States

50 Liabilities to unaffiliated foreigners
52 Claims on unaffiliated foreigners

Securities Holdings and Transactions
54 Foreign transactions in securities
55 Marketable U.S. Treasury bonds and
notes—Foreign transactions
Interest and Exchange Rates
56 Foreign exchange rates
57 GUIDE TO SPECIAL TABLES AND
STATISTICAL
RELEASES
58 INDEX TO STATISTICAL

TABLES

Symbols and Abbreviations
c
e
n.a.
n.e.c.
p
r

*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC

Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation

G-7
G-10
GDP
GNMA
GSE
HUD
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
TIIS
VA

Group of Seven
Group of Ten
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Treasury inflation-indexed securities
Department of Veterans Affairs

GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues

of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the U S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.

4

Federal Reserve Bulletin Statistical Supplement • July 2004

1.10

RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1

Monetary or credit aggregate
Q3'

Q4'

2.4
5.7

29.9
23.8
28.7
5.4

11.8
2.3
10.6
5.3

4.4
5.0
4.5
3.1

Concepts of money*
5 Ml
6 M2
7 M3

8.6
8.2
5.8

6.4
6.9
6.7

2.4
1.3
1.2

6.1
3.5
5.0

9.1
.7
.7

5.8
1.5
6.7

18.1
9.9
8.5

17.6
9.3
9.8

3.1
9.0

Nontransaction components
8 In M2 5
9 In M3 only6

8.1
.4

7.1
6.1

2.3
.9

2.8
8.2

3.4
.6

3.4
18.2

7.7
5.5

7.0
11.1

12.4
11.5

15.9
8.3
2.5

17.6
13.3
7.6

5.1
9.0
12.1

13.5
4.2
34.8

3.2
3.8

18.2
3.8
54.4

17.3
3.1
11.7

13.8

25.7
6.1
39.6

24.2
9.3
1.6

17.9
12.4
15.0

5.1
10.3
3.7

2.0
5.2
4.0

5.8
9.2
8.9

5.2
4.0

9.4
6.7

22.3
16.4

19.3
7.9

17.5
19.6

22.9
3.0

7.0
8.7

14.1
9.6

7.1
31.6

1
2
3
4

Reserves of depository institutions1
Total
Required
Nonborrowed
Monetary base3

Time and savings deposits
Commercial banks
Savings, including MMDAs
Smalltime7
Large time8'9
Thrift institutions
13
Savings, including MMDAs
14
Smalltime7
15 Large time8
10
11
12

Money market mutual funds
16 Retail10
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars

20.5
31.7

11.0
28.9

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.

Apr.

Ql'

9.1
13.4
7.4
2.6

36.0

6.6
15.3

4.8
2.6

47.4
32.8
47.2

2.6

4.7
26.0

23.8
1.8

26.3
27.5
25.4
5.1

26.7

17.7
13.4

11.5
4.9
38.7

21.1
9.4

10.1
9.6

3.0
14.7

40.1
21.5

M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted separately.
7. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
10. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.

Money Stock and Bank Credit 5
1.11

RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1
Millions of dollars
Average of
daily figures

Average of daily figures for week ending on date indicated

Apr.

Mar. 17

Mar. 24

Mar. 31

Apr. 7

Apr. 14

Apr. 21

Apr. 2:

740,215
674,520
674,520
246,942
411,388
14,464
1,725
0
25,729
85
33
0
52
465
40,347
11,045
2,200
35,794

739,027
674,786
674,786
247,188
411,388
14,464
1,746
0
24,529
95
34
0
61
690
40,308
11,045
2,200
35,810

744,755
675,539
675,539
247,921
411,388
14,464
1,766
0
29,429
87
16
0
71
755
40,455
11,045
2,200
35,826

SUPPLYING RESERVE FUNDS

Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding

734,144
669,776
669,776
245,865
408,303
13,994
1,613
0
23,526
31
18
0
13
306
40,505
11,043
2,200
35,608'

733,913
673,143
673,143
246,409
410,754
14,328
1,653
0
21,839
50
21
0
29
510
39,392
11,045
2,200
35,714'

739,712
674,956
674,956
247,366
411,388
14,464
1,738
0
24,985
85
28
0
57
657
40,343
11,045
2,200
35,805

736,992
673,086
673,086
246,408
410,563
14,464
1,650
0
25,179
75
48
0
27
688
39,341
11,045
2,200
35,707'

731,276
673,518
673,518
246,469
410,917
14,464
1,668
0
18,786
62
26
0
36
779
39,690
11,045
2,200
35,734'

737,737
674,037
674,037
246,499
411,388
14,464
1,686
0
24,357

36
724
40,019
11,045
2,200
35,761'

733,552
674,201
674,201
246,644
411,388
14,464
1,705
0
19,571
73
36
0
37
499
40,205
11,045
2,200
35,778

713,610'
21,137
21,137
0
336

714,055'
19,304
19,304
0
330

716,861
20,054
20,054
0
342

713,946'
19,095
19,095
0
323

714,152'
19,239
19,239
0
339

714,388'
20,458
20,458
0
350

716,249
19,399
19,399
0
363

717,608
20,136
20,136
0
345

716,925
19,420
19,420
0
338

716,331
20,404
20,404
0
327

16,653
5,269
83
10,950
10,567
383
351
20,425
10,834

16,531
5,429
86
10,719
10,592
127
297
20,581
12,071

16,754
6,045
93
10,288
10,286

17,298
5,737
86
11,128
10,885
243
347
20,536
14,746

16,259
5,371
80
10,551
10,409
142
256
20,964
9,303

15,983
5,246
84
10,413
10,410
3
241
20,903
14,660

16,019
5,010
93
10,567
10,562
5
348
20,83 1
9,714

16,146
5,158
83
10,567
10,566
338
20,556
14,463

17,009
6,630
96
9,970
9,970
0
313
20,562
13,828

17,828
7,444
103
9,970
9,970
0
312
20,720
18,216

ABSORBING RESERVE FUNDS

Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . .

328
20,678
14,073

Wednesday figures

End-of-month figures
Mar. 31

Apr.

Apr. 7

Apr. 14

Apr. 21

Apr. 28

SUPPLYING RESERVE FUNDS

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3 . . . .
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding

19
20
21
22
23
24

Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 .

739,634
671,583
671,583
246,199
409,784
13,994
1,605
0
28,750
23
3
0
21
518
38,760
11,045
2,200
35,649'

741,174
674,084
674,084
246,539
411,388
14,464
1,692
0
27,500
64
31
0
33
589
40,114
11,045
2,200
35,761'

742,592
677,687
677,687
250,055
411,388
14,464
1,779
0
25,250
84
5
0
79
831
40,401
11,045
2,200
35,842

741,035
673,153
673,153
246,469
410,563
14,464
1,657
0
28,750
347
311
0
36
770
39,555
11,045
2,200
35,707'

732,455
673,995
673,995
246,469
411,388
14,464
1,674
0
19,750
48
6
0
42
1,182
39,844
11,045
2,200
35,734'

741,174
674,084
674,084
246,539
411,388
14,464
1,692
0
27,500
64
31
0
33
589
40,114
11,045
2,200
35,761'

734,125
674,294
674,294
246,729
411,388
14,464
1,713
0
19,750
79
33
0
47
342
40,344
11,045
2,200
35,778

743,981
674,717
674,717
247,132
411,388
14,464
1,733
0
29,700
86
30
0
56
778
40,255
11,045
2,200
35,794

737,999
674,937
674,937
247,332
411,388
14,464
1,753
0
22,750
83
18
0
65
24
40,253
11,045
2,200
35,810

753,637
676,383
676,383
248,757
411,388
14,464
1,774
0
37,500
81
5
0
77
882
40,555
11,045
2,200
35,826

712,613'
21,762
21,762
0
318

716,136'
21,701
21,701
0
366

717,528
21,204
21,204
0
321

715,537'
18,770
18,770
0
338

715,004'
19,987
19,987
0
347

716,136'
21,701
21,701
0
366

718,371
19,072
19,072
0
346

718,889
19,470
19,470
0
340

717,181
19,260
19,260
0
328

718,687
19,689
19,689
0
321

17,103
6,513
82
10,207
10,079
128
302
20,033
16,699

16,611
5,884
83
10,413
10,410
3
231
20,880
14,485

17,417
6,392
96
10,562
10,561
0
368
20,804
14,404

17,982
6,415

15,282
4,404
80
10,551
10,409
142
247
20,707
10,108

16,611
5,884
83
10,413
10,410
3
231
20,880
14,485

15,563
4,561
96
10,567
10,562
5
338
20,527
9,269

15,904
4,902
85
10,567
10,566
2
350
20,316
18,102

16,317
5,886
165
9,970
9,970
0
297
20,462
13,506

16,902
6,540
100
9,970
9,970
0
293
20,659
26,449

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.

11,128
10,885
243
326
20,576
16,784

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 • July 2004

1.12

RESERVES AND BORROWINGS

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification
Apr.
1
2
3
4
5
6
7
8
9
10
11
12

2

Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment

1,651
67
33
34

9,926
43,362'
30,347'
13,015'
40,272
38,263
2,009'

10,845
44,077
32,080
11,997
42,925
41,887
1,038
46

17
0
29

45
35

11,606
43,380
31,520
11,859
43,127
41,653
1,473
107
13
0
94

11,525
42,598
31,126
11,472
42,651
41,161
1,489

10,845
44,077
32,080
11,997
42,925
41,887
1,038

68

46

25
0
43

17
0
29

11,528
46,583
33,876

12,707
45,404
44,505
899
106
93
0
13

11,932
44,402
32,117
12,285
44,049
42,291
1,758
51
23
0

14,000
42,843
31,964
10,879
45,964
44,209
1,755

Apr. 14

9,053
43,894
32,005
11,889
41,058
39,408

10,819
46,429
32,959
13,470
43,778
42,577
1,201
42
28
0
14

Apr. 28

May 12

12,087
42,794
31,137
11,658
43,224
41,311
1,912
79
35
0
45

16,022
42,961
32,879
10,083
48,901

13,243
42,359
31,348
11,011
44,591
43,078
1,513
99
11

86

29
0
57

weekly averages of daily figures for two-week periods ending on dates indicated

1
2
3
4
5
6
7
8
9
10
11
12

Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment

10,224
45,814
32,879
12,935
43,103
42,118
985
45
22
0
22

12,268
44,565

11,405
49,947

32,406

36,633

12,159

13,314
48,038
47,087
951
110
97
0
14

44,673

43,854
819
134
126

1. Data in this table also appear in the Board's H.3 (502) weekly statistical release,
available at: www.federalreserve.gov/releases. Data are not break-adjusted or seasonally
adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of" adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates
refer to the maintenance periods in which the vault cash can be used to satisfy reserve
requirements.

9,589
47,091
32,237
14,854
41,826
40,441
1,385
26

15
0
10

12,172
44,308
32,543
11,765
44,714
43,657
1,057
38
20
0
19

11,840
43,692
30,832
12,860
42,672
40,684

1,988
51
28
0
23

11,972
45,134
33,311
11,823
45,283
43,606

1,677
55
19
0
36

47,268

1,632
91
25
0
66

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).

Domestic Financial Statistics
1.14

1

FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
1

Secondary credit2

Primary credit

Seasona credit3

T7 a|-| pi'n 1 D P CPTVP

Bank

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
VTinneapolis
Kansas City
Dallas
San Francisco

On
7/9/04

Effective date

Previous rate

On
7/9/04

Effective date

Previous rate

On
7/9/04

Effective date

Previous rate

2.25

6/30/04
6/30/04
6/30/04
6/30/04
6/30/04
6/30/04

2.00
i

2.75

6/30/04
6/30/04
6/30/04
6/30/04
6/30/04
6/30/04

2.50
i

1.35

7/8/04

1.25

i

6/30/04
7/1/04
6/30/04
6/30/04
6/30/04
6/30/04

2.25

1

2.00

2.75

6/30/04
7/1/04
6/30/04
6/30/04
6/30/04
6/30/04

i

1

2.50

1

1.35

7/8/04

1.25

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

2.00-2.25
2.25

2.25
2.25

In effect July 9, 2004

2.25

2.25

Effective date

In effect Jan. 9, 2003
(beginning of program)

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.

Effective date

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13

3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50
1.25-1.50
1.25

3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25

2002—Nov. 6
7

0.75-1.25
0.75

0.75
0.75

0.75

0.75

Range of rates for adjustment credit in recent years4

Effective date

In effect Dec. 31, 1995

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.25

5.25

1996—Jan. 31
Feb. 3

5.00-5.25
5.00

5.00
5.00

1998—Oct. 15
16
Nov. 17
19

4.75-5.00
4.75
4.50^1.75
4.50

4.75
4.75
4.50
4.50

1999—Aug. 24
26
Nov. 16
18

4.50^1.75
4.75
4.75-5.00
5.00

4.75
4.75
4.75
5.00

Effective date

2000—Feb.

2
4
Mar. 21
23
May 16
19

2001—Jan.

Feb.
Mar.
Apr.
2001—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 and
that cannot be met through special industry lenders. The discount rate on seasonal credit

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.00-5.25
5.25
5.25-5.50
5.50
5.50-6.00
6.00

5.25
5.25
5.50
5.50
5.50
6.00

5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00^1.50
4.00
3.50^1.00
3.50

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

In effect Jan. 8, 2003
(end of program)

takes into account rates charged by market sources of funds 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; and the Statistical Digest, 1970-1979, 1980-1989, and
1990-1995. See also the Board's Statistics: Releases and Historical Data web pages
(http://www.federalreserve.gov/releases/H15/data.htm).

8
1.15

Federal Reserve Bulletin Statistical Supplement • July 2004
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirem ent
Type of liability

Net transaction accounts^
1 $0 million-$6.6 million2
2 More than $6.6 million-$45.4 million3 . . . .
3 More than $45.4 million

Percentage of
liabilities

0
3
10

4 Nonpersonal time deposits

0

5 Eurocurrency liabilities

12/25/03
12/25/03
12/25/03

0

NOTE. Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement
corporations.
1. Total transaction accounts consists of demand deposits, automatic transfer service
(ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer
accounts, ineligible bankers 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. federalres erve. gov/bo arddoc s/reportform s/.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the "low-reserve tranche." By statute, the upper limit of the low-reserve tranche is
adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.

Policy Instruments
1.17

9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS'
Millions of dollars

Type of transaction
and maturity
Sept.

U.S. TREASURY SECURITIES

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Outright transactions
Treasury bills
Gross purchases
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases
Gross sales
Maturity shifts
Exchanges
Redemptions
One to five years
Gross purchases
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
All maturities
Gross purchases
Gross sales
Redemptions

26 Net change in U.S. Treasury securities . . . .

18,150
0
738,886
738,886
0

780
0
60,835
60,835
0

0
75,566
75,566
0

925
0
56,871
56,871
0

1,494
0
59,719
59,719
0

619
0
80,276
80,276
0

747
0
61,389
61,389
0

341
0
56,267
56,267
0

12,720
0
89,108
92,075

6,565
0
96,433
103,153
0

0
0
20,174
21,901
0

0
0
5,435
6,368
0

2,561
0
0
0
0

0
0
23,307
20,538
0

0
0
0
0
0

1,311
0
10,791
10,700
0

0
0
16,544
16,333
0

22,814
0
45,211
64,519

12,748
0
73,093
88,276

7,814
0
76,364
97,256

0
0
16,820
19,386

1,447
0
5,435
6,368

1,503
0
0
0

237
0
17,681
18,905

0
0
0
0

1,555
0
9,361
9,627

1,293
0
16,544
16,333

6,003
0
21,063
6,063

5,074
0
11,588
3,800

4,107
0
11,131
5,897

1,232
0
2,202
2,515

280
0

787
0
0
0

283
0
3,993
1,634

0
0
0
0

510
0
357
1,072

741
0

8,531
0
4,062
1,423

2,280
0
4,427
0

220
0
8,938
0

150
0
5,556
0

0
0
0

0
0
0
0

20
0
1,634
0

0
0
0
0

235
0
1,072
0

0
0
0

68,513
0
26,897

54,242
0
0

36,856
0
0

2,162
0
0

2,608
0
0

5,775
0
0

2,034
0
0

619
0
0

4,358
0
0

2,414
0
0

41,616

54,242

1,522,

122,500
120,000

157,750
169,250

122,500
115,500

138,000
127,250

138,250
158,500

121,750
116,500

167,500
168,750

4,942,131
4,946,691

421,973
426,766

427,913
422,259

336,765
336,216

425,519
432,390

416,239
410,716

391,676
393,309

444,402
444,341

542,736
542,736
10,095

657,931
657,931

15,663
0
70,336
72,004
16,802

FEDERAL AGENCY OBLIGATIONS

Outright transactions
Gross purchases
Gross sales
Redemptions

0
0
120

Net change in federal agency obligations
TEMPORARY TRANSACTIONS

Repurchase agreements^
Gross purchases
Gross sales

1,497,713
1,490,838

1,143,126
1,153,876

Matched sale-purchase agreements
Gross purchases
Gross sales

4,722,667
4,724,743

4,981,624
4,958,437

Reverse repurchase agreements*
Gross purchases
Gross sales
Net change in temporary transactions

Total net change in System Open Market Account

231,272
252,363
4,800

8,653

310

2,293

5,846

7,549

3,879

14,727

3,617

1,189

46,295

45,589

36,536

131

3,238

13,324

5,903

14,108

7,975

1,225

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

Federal Reserve Bulletin Statistical Supplement • July 2004

1.18

FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements1

Millions of dollars
Wednesday

Apr. 7

Apr. 14

Apr. 21

Apr. 28

Apr.

Consolidated condition statement
ASSETS

246,539
411,388
14,464
1,692
0
27,500
64
5,713
1,663
38,506
19,914
18,591

11,041
2,200
844
694,123
674,294
674,294
246,729
411,388
14,464
1,713
0
19,750
79
6,360
1,658
38,734
19,725
19,009

11,041
2,200
834
704,503
674,717
674,717
247,132
411,388
14,464
1,733
0
29,700
86
5,721
1,662
38,644
19,250
19,394

11,041
2,200
831
697,770
674,937
674,937
247,332
411,388
14,464
1,753
0
22,750
83
6,844
1,663
38,500
19,097
19,404

761,606

754,960

764,605

681,574
21,701
31,153
24,955
5,884
83
231
6,298
2,218

683,778

684,264

19,072
24,882
19,886
4,561
96
338

Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies6 . . .
All other7

836
674,084
674,084

248,757
411,388
14,464
1,774
0
37,500
81
5,307
1,664
38,800
19,058
19,742

758,849

773,792

6,700
2,233

19,470
34,058
28,722
4,902
85
350
6,497
2,269

682,526
19,260
29,736
23,388
5,886
165
297
6,865
2,242

746,559

8,847
466

8,767
296

8,768

18,295

701,648

19 Total assets . . .

11,041
2,200

11,041
2,200
896
700,356
671,583
671,583
246,199
409,784
13,994
1,605
0
28,750
23
5,704
1,654
37,100
19,602
17,498

736,665

Gold certificate account
Special drawing rights certificate account . . .
Coin
Securities, repurchase agreements, and loans
Securities held outright
U.S. Treasury2

11,041
2,200
816
713,965

1,179,325
946,587
232,738
2,109

11,041
2,200

11,041
2,200

836

836

701,648

703,021

674,084
674,084

677,687
677,687

246,539
411,388
14,464
1,692
0
27,500
64
5,713
1,663
38,506
19,914
18,591

250,055
411,388
14,464
1,779
0
25,250
84
3,831
1,674

758,950

761,606

761,274

683,994
19,689
43,274
36,341
6,540
100
293
6,175
2,294

678,173
21,762
33,798
26,901
6,513
82
302
5,184
2,224

681,574
21,701
31,153
24,955
5,884
83
231
6,298
2,218

682,839
21,204
31,767
24,911
6,392
96

740,629

755,426

741,141

742,945

742,753

9,023
429

9,030
8,794
541

8,902
8,693
215

8,847
836

18,046

18,220

18,365

17,809

18,661

18,521

1,182,058
951,963
230,096

1,186,773
957,442
229,33 1
2,235

1,181,534
956,819
224,715
3,776

1,149,324
915,509
233,815
1,116

1,164,658
934,269
230,388
1,939

1,194,557
965,222
229,335
3,255

676,383
676,383

38,672

19,147
19,525

LIABILITIES

20
21
22
23
24
25
26
27
28

Federal Reserve notes, net of F.R. Bank holding:
Reverse repurchase agreements8
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9

29 Total liabilities

368

4,660
2,284

CAPITAL ACCOUNTS

30 Capital paid in
3 1 Surplus
32 Other capital accounts

8,978
8,847
836

33 Total capital

9,031
8,820
670

MEMO

34 Marketable securities held in custody for foreign official
and international accounts3'10
35
U.S. Treasury
36
Federal agency
37 Securities lent to dealers

1,164,658
934,269
230,388
1,939

2,236

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

803,473

804,607

806,002

806,847

806,932

801,810

803,473

806,583

121,900
681,574
681,574
11,041
2,200

120,828

121,738

683,778
683,778

684,264
684,264

11,041
2,200

122,938
683,994
683,994
11,041
2,200
670,753
0

123,637
678,173
678,173
11,041
2,200
664,932
0

121,900
681,574
681,574
11,041
2,200
668,333
0

123,744
682,839
682,839
11,041
2,200
669,598
0
702,937

668,333
0

670,538
0

11,041
2,200
671,023
0

124,321
682,526
682,526
11,041
2,200
669,285
0

701,584

694,044

704,417

697,687

713,883

700,333

701,584

21,707

19,077

19,475

19,265

19,693

21,771

21,707

21,211

679,876

674,966

684,942

678,423

694,190

678,562

679,876

681,726

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
Apr. 7

Apr. 14

60
5
0

35
44
0

41
46

674,084

674,294

674,717

43,703
149,360
169,796
183,791
50,002
77,432

44,834
156,195
162,020
183,799
50,007
77,440

46,285
155,706
161,460
183,807
50,012
77,447

0

0

0
0
0
0

0
0
0
0
0
0

19 Total repurchase agreements2

27,500

20 Within 15 days

27,500
0

Apr. 21

Apr. 28

Apr.

1 Total loans
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 agreements2

64
78
3
0

20
3

60

69
15
0

674,937

676,383

671,583

674,084

677,687

55,679
147,434
160,538
183,815
50,017
77,455

56,704
148,668
159,705
183,823
50,022
77,462

36,560
166,646
159,102
182,678
49,239
77,358

43,703
149,360
169,796
183,791
50,002
77,432

41,498
156,211
167,625
184,865
50,023
77,464

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

19,750

29,700

22,750

19,750
0

29,700
0

22,750
0

37,500
0

28,750
0

27,500
0

25,250
0

21,701

19,072

19,470

19,260

19,689

21,762

21,701

21,204

21,701

19,072
0

19,470
0

19,260
0

19,689
0

21,762
0

21,701
0

21,204
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.

27,500

2. Cash value of agreements classified by remaining maturity of the agreements.

12

Federal Reserve Bulletin Statistical Supplement • July 2004

1.20

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2003

2000
Dec.

2001
Dec'

2002
Dec.

2003
Dec'
Sept.'

Apr.
Seasonally adjusted

ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2

1
2
3
4

Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5

38.68
38.47

37.25
585.10

41.41
41.34
39.76
635.94

40.44
40.36
38.43

682.15

42.83
42.78
41.79
720.96

44.29
44.11
42.78
712.12

43.39
43.29
41.92
715.83

43.03
42.97
41.54
718.97

42.83
42.78
41.79
720.96

43.15
43.05
42.25
722.55

42.92
42.87
41.72
724.09

44.61
44.56
42.85
725.67

45.59
45.51
43.84
728.75

45.80
45.71
44.04
729.84

Not seasonally adjusted
5
6
7
8

Total reserves
Nonborrowed reserves
Required reserves7
Monetary base8

38.53
38.32
37.10
590.06

41.18
41.11
39.53
639.91

40.13
40.05
38.12

38.47
38.26

41.06
40.99
39.41

40.27
40.19

648.74

697.15
2.01

686.23

42.43
42.39
41.39
725.19

43.98
43.80
42.47
708.98

42.61
42.51
41.14
712.58

42.08
42.02
40.59
717.15

42.43
42.39
41.39
725.19

45.34
45.23
44.44
725.10

43.71
43.67
42.51
723.87

43.94
43.89
42.18
725.52

42.93
42.88
41.89

44.44
44.26

43.13
43.02
41.65
724.37
1.47
.11

42.65
42.58
41.16
729.47
1.49
.07

42.93
42.88
41.89

45.40
45.30
44.51

44.05
44.00
42.29

737.60

736.22

1.04
.05

.90
.11

43.78
43.74
42.58
734.83
1.20
.04

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9

9
10
11
12
13
14

Total reserves10
Nonborrowed reserves
Required reserves
Monetary base"
Excess reserves12
Borrowings from the Federal Reserve

37.05
596.98
1.43
.21

1.65
.07

38.26

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release, available at: www.federalreserve.gov/releases. Historical data starting in
1959 and estimates of the effect on required reserves of changes in reserve requirements are
available from the Money and Reserves Projections Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 17).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves

737.60

1.04
.05

42.93
720.72
1.51
.18

736.32

1.76
.05

44.21
740.22
1.76

would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).

Monetary and Credit Aggregates
1.21

MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures

2000
Dec.

2001
Dec'

2002
Dec'

2003
Dec'
Apr.
Seasonally adjusted

Measures2
1 Ml
2 M2
3 M3

1,087.9
4,933.3
7,113.0'

1,179.4
5,449.1
8,025.1

1,217.2
5,795.3
8,552.5

1,292.8
6,062.7
8,837.0

1,286.6
6,070.2
8,886.7

1,306.0
6,120.4
8,949.9

1,325.2
6,167.6
9,023.1

1,321.8
6,214.0
9,096.8

531.6
8.3
310.3'
237.8

582.0
8.0
332.5
256.9

627.4
7.8
303.4
278.6

663.9
7.7
312.1
309.2

664.9
7.8
301.0
312.9

665.8
7.8
313.3
319.1

666.8
7.8
326.0
324.6

668.7
7.8

3,845.4
2,179.7'

4,269.8
2,576.0

4,578.1
2,757.2

4,769.9
2,774.3

4,783.6
2,816.4

4,814.4
2,829.4

4,842.4
2,855.5

4,892.3
2,882.8

Commercial banks
10 Savings deposits, including MMDAs . . ,
11 Small time deposits9
12 Large time deposits10'"

1,422.1
699.4'
727.4'

1,736.0
633.6
679.2

2,053.2
589.9
685.5

2,328.0
536.7
747.5

2,363.3
535.0
781.4

2,397.4
533.6
789.0

2,424.9
531.5
806.1

2,476.8
528.8
832.7

Thrift institutions
13 Savings deposits, including MMDAs . . ,
14 Small time deposits9
15 Large time deposits10

454.1
344.8
102.9

572.9
339.1
114.8

716.2
302.3
117.2

830.4
273.0
119.9

826.8
272.1
120.7

837.0
271.5
121.3

853.6
271.1
124.0

861.8
270.0
128.0

Money market mutual funds
16 Retail12
17 institution-only

925.0
788.9'

988.2
1,193.2

916.4
1,244.9

801.8
1,112.9

786.5
1,115.7

774.9
1,103.2

761.3
1,111.8

754.9
1,120.7

Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars

366.0
194.5

378.9
210.0

480.9
228.6

505.3
288.7

502.3
296.3

521.9
294.0

523.2
290.4

505.7
295.6

4
5
6
7

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Nontransaction components
8 In M27
9 In M3 only8

323.1

Not seasons lly adjusted
Measures2
20 Ml
21 M2
22 M3
23
24
25
26

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits

1,112.1
4,967.7'
7,166.1'

1,205.2
5,487.2
8,091.7

1,242.6
5,833.8
8,616.8

1,318.5
6,102.9
8,895.5

1,287.9
6,061.2
8,892.9

1,292.5
6,090.8
8,949.2

1,323.8
6,169.1
9,047.6

1,330.8
6,239.4
9,115.8

535.6
8.1

585.5
7.9
350.4
261.5

630.6
7.7
319.8

667.0

326.7
241.6

7.6

662.7
7.7

670.3
7.7

284.6

301.5
316.0

665.9
7.8
305.1
313.7

667.6
7.8

327.9
316.0

322.2
326.2

321.9
331.0

Nontrans action componen
27 In M27
28 In M3 only8

3,855.6'
2,198.4'

4,281.9
2,604.6

4,591.2
2,783.0

4,784.4
2,792.6

4,773.3
2,831.6

4,798.3
2,858.4

4,845.4
2,878.4

4,908.5
2,876.4

Commercial banks
29 Savings deposits, including MMDAs
30 Small time deposits9
3 1 Large time deposits10'"

1,427.5
700.5'
728.4'

1,742.4
634.4
679.0

2,060.9
590.3
684.3

2,337.6
536.7
745.5

2,353.1
535.1
774.1

2,381.0
533.5
785.6

2,419.4
531.3

2,484.9
528.8
832.3

Thrift institutions
32 Savings deposits, including MMDAs . .
33 Small time deposits9
34 Large time deposits10

455.8
345.4
103.0

575.0
339.6
114.7

718.9
302.5
117.0

833.8
273.0
119.5

823.2
272.1
119.5

831.3
271.5
120.8

851.6
271.0
124.0

864.6
270.0
127.9

Money market mutual funds
35 Retail12
36 Institution-only

926.4
807.5'

990.6
1,224.1

918.6
1,276.5

803.3
1,139.3

789.7
1,142.3

781.0
1,127.1

772.0
1,122.6

760.3
1,105.8

Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars

364.2
195.2

376.5
210.3

499.0
289.2

498.6
297.2

528.0
297.0

532.1
293.6

511.7
298.6

Footnotes appear on following page.

13

14

Federal Reserve Bulletin Statistical Supplement • July 2004

NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at: www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks

and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at domesticaly chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted.
9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and
Keogh accounts at commercial banks and thrift institutions are subtracted from small time
deposits.
10. Large time deposits are those issued in amounts of $ 100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
12. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks

15

Assets and Liabilities1

Billions of dollars
Wednesday figures

Monthly averages
2003

Dec'

2004

2004

2003

June

Account

Jan.'

Feb.'

Mar.'

Apr.

May

June

June 9

June 16

June 23

June 30

Seasonall f adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
6,209.5'
Bank credit
1,858.7'
Securities in bank credit
Treasury and Agency securities2 . . 1,143.4
715.3
Other securities
Loans and leases in bank credit3 . . . . 4,350.8'
925.7'
Commercial and industrial
2,171.8
Real estate
244.7
Revolving home equity
1,927.0'
Other
599.0'
Consumer
218.1
Security4
436.2
Other loans and leases
327.3
Interbank loans
322.1
Cash assets5
536.2'
Other assets6

16 Total assets7
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)8

6,252.6
1,853.2
1,104.3
748.9
4,399.4
890.9
2,215.7
280.8
1,935.0
628.6
215.1
449.0
297.5
304.1
541.2

6,320.5
1,858.1
1,105.8
752.3
4,462.4
888.7
2,241.1
291.2
1,949.8
631.2
233.5
468.1
317.7
319.2
543.4

6,442.1
1,933.1
1,170.2
762.9
4,508.9
889.6
2,263.0
297.7
1,965.4
633.6
242.7
480.0
342.8
320.5
542.8

6,520.1
1,982.8
1,204.3
778.5
4,537.3
881.3
2,304.0
308.2
1,995.8
639.1
242.1
470.9
296.0
324.3
550.6

6,527.9
1,953.0
1,197.8
755.2
4,574.9
878.7
2,355.8
317.3
2,038.5
640.0
236.4
464.0
319.1
328.9
580.5

6,525.0
1,925.1
1,185.4
739.7
4,600.0
876.5
2,385.1
326.2
2,058.9
642.2
230.6
465.5
311.3
332.0
595.9

6,559.9
1,924.2
1,185.6
738.7
4,635.7
879.9
2,396.7
335.8
2,061.0
644.6
246.1
468.4
319.7
333.5
619.5

6,551.0
1,918.0
1,177.7
740.2
4,633.0
876.7
2,397.4
333.1
2,064.4
646.1
244.6
468.2
306.0
343.4
620.8

6,578.4
1,923.1
1,183.2
739.9
4,655.4
883.2
2,403.3
335.2
2,068.1
647.9
252.8
468.1
312.3
318.3
612.0

6,561.4
1,923.6
1,191.6
732.0
4,637.8
883.8
2,399.5
337.5
2,062.0
646.4
241.8
466.3
343.1
338.7
620.6

6,558.9
1,935.8
1,193.2
742.7
4,623.1
876.4
2,390.6
338.6
2,052.0
637.8
245.8
472.5
322.6
333.3
624.1

7,319.5'

7,319.3

7,427.0

7,575.1

7,617.7

7,683.7

7,691.9

7,759.7

7,748.5

7,748.1

7,790.6

7,766.0

4,681.0
640.7'
4,040.3
994.8
3,045.4
1,484.5
410.9
1,073.6
127.4'
442.5'

4,758.6
641.8
4,116.8
999.8
3,117.0
1,476.4
386.4
1,090.1
143.3
409.2

4,798.1
630.8
4,167.3
1,020.3
3,147.0
1,522.0
390.7
1,131.2
130.5
421.9

4,834.1
645.0
4,189.1
1,028.0
3,161.1
1,580.1
419.1
1,161.0
103.6
448.6

4,923.7
672.9
4,250.8
1,055.0
3,195.8
1,554.3
395.0
1,159.3
90.2
457.2

4,969.4
662.0
4,307.5
1,072.0
3,235.5
1,574.0
429.6
1,144.4
93.6
435.8

5,038.6
651.2
4,387.4
1,098.7
3 288 8
U547.1
423.6
1,123.5
68.1
423.9

5,096.4
670.7
4,425.7
1,116.9
3,308.8
1,584.3
434.1
1,150.2
24.0
513.5

5,089.7
631.6
4,458.2
1,121.1
3,337.1
1,552.2
415.5
1,136.8
23.6
513.8

5,104.9
661.2
4,443.7
1,116.6
3,327.1
1,577.6
430.1
1,147.6
37.3
513.9

5,104.2
710.2
4,394.0
1,123.0
3,271.0
1,612.6
449.5
1,163.1
16.1
493.6

5,088.6
693.2
4,395.4
1,110.4
3,285.0
1,611.1
446.8
1,164.3
17.9
529.1

6,735.3'

6,787.6

6,872.5

6,966.4

7,025.3

7,072.8

7,077.7

7,170.2

7,132.2

7,159.1

7,194.3

7,210.9

584.2'

531.8

554.5

608.7

592.4

610.9

614.2

589.4

616.3

589.0

596.3

555.1

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

Assets
6,195.2'
Bank credit
1,860.6
Securities in bank credit
Treasury and Agency securities2 . . 1,146.9'
713.6
Other securities
Loans and leases in bank credit3 . . . . 4,334.7'
928.2'
Commercial and industrial
2,157.7
Real estate
245.6
Revolving home equity
1,912.1'
Other
592.7'
Consumer
224.8
Credit cards and related plans ..
367.9'
Other 4
217.9
Security
438.2
Other loans and leases
327.0'
Interbank loans
314.6
Cash assets5
533.1'
Other assets6

46 Total assets7
47
48
49
50
51
52
53
54
55
56

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities

57 Total liabilities
58 Residual (assets less liabilities)8
Footnotes appear on p. A21.

6,295.2
1,857.3
1,105.2
752.0
4,437.9
891.6
2,228.6
280.3
1,948.3
639.5
262.7
376.8
223.9
454.3
302.3
322.2
543.9

6,333.9
1,861.4
1,101.8
759.7
4,472.5
884.8
2,242.4
289.9
1,952.5
643.3
260.1
383.2
236.5
465.6
312.6
328.2
544.1

6,432.6
1,930.3
1,165.9
764.4
4,502.3
889.4
2,261.8
297.8
1,964.1
638.2
253.7
384.5
241.3
471.6
336.9
318.0
539.0

6,490.1
1,974.1
1,200.3
773.9
4,516.0
884.1
2,290.8
305.9
1,984.8
633.2
249.6
383.6
241.8
466.2
300.0
312.1
547.0

6,510.0
1,949.8
1,201.2
748.5
4,560.2
883.0
2,344.6
316.3
2,028.3
632.3
248.2
384.1
238.7
461.6
328.8
324.2
578.9

6,516.7
1,928.4
1,192.9
735.5
4,588.3
880.4
2,384.8
326.9
2,057.9
636.8
252.8
384.0
223.0
463.3
312.4
326.5
595.7

6,554.6
1,926.3
1,189.4
736.9
4,628.4
882.4
2,391.2
336.9
2,054.3
637.9
255.4
382.5
245.9
471.0
321.1
325.5
615.9

6,540.2
1,923.9
1,184.6
739.3
4,616.3
877.4
2,395.8
333.7
2,062.1
637.9
254.5
383.4
238.0
467.2
306.2
318.2
617.1

6,573.2
1,923.0
1,185.1
737.8
4,650.2
884.6
2,394.5
336.3
2,058.2
638.9
256.0
382.9
261.7
470.5
318.1
317.0
607.8

6,545.4
1,923.3
1,193.7
729.6
4,622.1
885.6
2,390.0
339.1
2,050.9
640.8
257.9
382.9
241.2
464.6
331.0
314.9
611.0

6,568.5
1,936.9
1,195.9
741.0
4,631.6
882.3
2,387.8
340.1
2,047.7
633.8
253.2
380.5
245.1
482.6
332.1
344.1
626.2

7,294.3'

7,387.6

7,445.0

7,553.0

7,575.4

7,669.3

7,678.7

7,744.1

7,708.7

7,743.0

7,729.2

7,798.0

4,679.6
633.0
4,046.6
1,000.3
3,046.4'
1,494.1
410.1
1,084.0
123.2'
438.4'

4,788.2
675.7
4,112.5
999.3
3,113.1
1,466.0
385.1
1,080.9
151.2
416.8

4,799.5
642.9
4,156.6
1,029.0
3,127.5
1,518.2
387.2
1,131.0
135.3
426.6

4,835.3
637.1
4,198.2
1,036.8
3,161.4
1,577.7
416.0
1,161.6
108.9
454.1

4,916.6
663.9
4,252.7
1,058.0
3,194.7
1,543.3
396.4
1,146.8
83.8
449.9

4,986.6
668.9
4,317.7
1,077.8
3,239.9
1,581.0
434.6
1,146.4
76.4
419.0

5,029.1
642.0
4,387.1
1,107.3
3,279.9
1,563.3
424.1
1,139.2
64.0
420.1

5,096.3
663.2
4,433.1
1,123.6
3,309.5
1,594.7
433.5
1,161.2
27.2
509.0

5,102.8
609.8
4,493.0
1,132.7
3,360.3
1,549.3
412.0
1,137.3
27.0
509.2

5,115.0
659.3
4,455.6
1,125.6
3,330.0
1,592.3
429.8
1,162.5
42.3
505.9

5,050.8
678.3
4,372.5
1,128.5
3,244.0
1,632.5
450.5
1,182.0
18.0
490.8

5,109.1
713.5
4,395.6
1,109.9
3,285.8
1,618.6
446.3
1,172.3
20.5
525.9

6,735.2'

6,822.2

6,879.6

6,975.9

6,993.6

7,063.0

7,076.6

7,172.8

7,134.3

7,170.8

7,156.2

7,233.1

559.1'

565.4

565.3

577.0

581.8

606.4

602.2

571.3

574.5

572.2

573.0

564.9

16

Federal Reserve Bulletin Statistical Supplement • July 2004

1.26

COMMERCIAL BANKS IN THE UNITED STATES
B. Domestically chartered commercial banks

Assets and Liabilities1—Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2003
June1

Dec.1

2004

2004

2003
Jan.7

Feb.'

Mar.1

Apr.

May

June

June 9

June 16

June 23

June 30

Seasonall f adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
5,543.0
Securities in bank credit
1,576.9
Treasury and Agency securities2 . . 1,021.9
Other securities
555.0
Loans and leases in bank credit3 . . . . 3,966.1
Commercial and industrial
767.6
Real estate
2,152.6
Revolving home equity
244.7
Other
1,907.9
Consumer
599.0
Security4
91.5
Other loans and leases
355.2
Interbank loans
290.9
5
Cash assets
270.7
Other assets6
505.0

16 Total assets7
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)8

5,624.7
1,587.3
1,005.2
582.2
4,037.3
754.8
2,197.9
280.8
1,917.1
628.6
90.0
366.0
266.0
254.3
514.4

5,680.7
1,596.5
1,007.5
589.1
4,084.2
751.4
2,223.9
291.2
1,932.7
631.2
102.0
375.7
282.3
264.7
516.4

5,788.0
1,666.8
1,070.5
596.3
4,121.1
752.8
2,245.8
297.7
1,948.2
633.6
102.6
386.2
311.0
266.4
517.0

5,860.9
1,716.7
1,107.8
608.9
4,144.3
747.6
2,286.6
308.2
1,978.4
639.1
92.4
378.6
266.6
269.5
521.8

5,885.9
1,689.4
1,102.3
587.0
4,196.6
747.9
2,338.3
317.3
2,021.0
640.0
95.6
374.8
287.1
271.9
547.0

5,896.7
1,669.3
1,093.1
576.2
4,227.4
746.1
2,369.2
326.2
2,043.0
642.2
93.7
376.2
277.0
271.8
561.9

5,914.8
1,666.0
1,091.7
574.3
4,248.8
748.2
2,382.1
335.8
2,046.3
644.6
96.8
377.1
290.8
276.6
580.1

5,895.3
1,655.9
1,083.7
572.2
4,239.4
745.5
2,382.7
333.1
2,049.6
646.1
86.9
378.2
276.3
286.4
583.3

5,930.3
1,664.8
1,088.9
575.9
4,265.5
750.6
2,388.5
335.2
2,053.3
647.9
102.3
376.2
287.7
262.7
576.7

5,917.6
1,665.9
1,096.5
569.4
4,251.7
751.0
2,384.9
337.5
2,047.4
646.4
93.1
376.3
312.1
281.5
580.8

5,924.8
1,680.7
1,100.3
580.4
4,244.0
745.5
2,376.3
338.6
2,037.8
637.8
105.5
379.0
293.8
275.9
578.7

6,534.5

6,583.7

6,670.7

6,809.6

6,846.0

6,919.6

6,935.4

6,989.9

6,969.0

6,985.0

7,019.4

7,000.6

4,256.6
630.5
3,626.1
589.1
3,037.0
1,153.9
372.2
781.7
208.9
334.2

4,322.9
630.8
3,692.1
577.5
3,114.6
1,159.2
343.4
815.7
253.7
310.0

4,343.3
618.9
3,724.5
585.5
3,139.0
1,193.5
350.8
842.6
262.2
320.9

4,365.9
633.0
3,732.9
576.9
3,156.0
1,236.5
375.3
861.2
256.3
345.9

4,450.8
660.9
3,789.9
596.6
3,193.2
1,201.2
345.8
855.4
245.6
358.9

4,487.7
650.4
3,837.3
603.7
3,233.6
1,224.3
384.3
840.1
264.8
334.3

4,544.0
639.6
3,904.4
620.2
3,284.3
1,215.2
380.1
835.1
248.2
325.3

4,575.4
658.7
3,916.7
622.5
3,294.2
1,246.8
384.7
862.1
160.9
422.1

4,568.0
619.3
3,948.7
629.3
3,319.4
1,223.4
374.1
849.3
153.2
420.4

4,582.1
649.1
3,933.0
623.2
3,309.8
1,245.9
382.3
863.6
143.5
423.7

4,582.5
698.5
3,884.1
625.0
3,259.1
1,271.5
397.9
873.6
169.3
406.0

4,569.1
681.6
3,887.5
613.1
3,274.4
1,260.2
387.8
872.4
179.2
437.1

5,953.5

6,045.7

6,119.9

6,204.6

6,256.5

6,311.1

6,332.7

6,405.3

6,365.0

6,395.3

6,429.3

6,445.5

581.0

538.0

550.9

605.0

589.5

608.5

602.7

584.6

604.0

589.8

590.1

555.1

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

Assets
5,528.9
Bank credit
1,578.8
Securities in bank credit
Treasury and Agency securities2 . . 1,025.5
553.3
Other securities
Loans and leases in bank credit3 . . . . 3,950.1
770.6
Commercial and industrial
2,138.5
Real estate
245.6
Revolving home equity
1,893.0
Other
n.a.
Other residential
n.a.
Commercial
592.7
Consumer
224.8
Credit cards and related plans . .
367.9
Other
92.2
Security4
356.0
Other loans and leases
290.6
Interbank loans
263.6
Cash assets5
502.0
Other assets6

48 Total assets7
49
50
51
52
53
54
55
56
57
58

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities

59 Total liabilities
60 Residual (assets less liabilities)8
Footnotes appear on p. A21.

5,660.3
1,591.4
1,006.1
585.4
4,068.9
754.4
2,210.8
280.3
1,930.5
n.a.
n.a.
639.5
262.7
376.8
93.0
371.2
270.8
270.9
516.6

5,690.7
1,599.9
1,003.5
596.4
4,090.8
746.8
2,225.3
289.9
1,935.4
n.a.
n.a.
643.3
260.1
383.2
101.2
374.3
277.2
274.0
515.3

5,776.2
1,664.0
1,066.2
597.7
4,112.2
750.9
2,244.7
297.8
1,946.9
n.a.
n.a.
638.2
253.7
384.5
98.7
379.7
305.1
264.6
511.8

5,827.5
1,708.0
1,103.8
604.2
4,119.5
748.5
2,273.4
305.9
1,967.5
n.a.
n.a.
633.2
249.6
383.6
90.3
374.1
270.5
259.1
518.2

5,862.3
1,686.1
1,105.7
580.4
4,176.2
751.2
2,327.0
316.3
2,010.8
n.a.
n.a.
632.3
248.2
384.1
94.2
371.4
296.8
267.8
546.7

5,891.0
1,672.6
1,100.6
572.0
4,218.5
750.0
2,368.8
326.9
2,041.9
n.a.
n.a.
636.8
252.8
384.0
89.4
373.5
278.0
266.9
561.1

5,909.6
1,668.0
1,095.5
572.5
4,241.6
751.1
2,376.6
336.9
2,039.7
1,098.8
940.9
637.9
255.4
382.5
97.7
378.3
292.2
269.1
576.6

5,890.1
1,661.9
1,090.5
571.3
4,228.2
746.7
2,381.0
333.7
2,047.3
1,108.0
939.3
637.9
254.5
383.4
86.6
375.9
276.5
261.9
578.8

5,920.1
1,664.7
1,090.8
573.9
4,255.3
752.6
2,379.7
336.3
2,043.4
1,101.2
942.2
638.9
256.0
382.9
107.1
377.1
293.5
261.7
572.3

5,902.3
1,665.7
1,098.6
567.1
4,236.6
753.3
2,375.4
339.1
2,036.3
1,095.2
941.1
640.8
257.9
382.9
93.2
373.9
300.0
258.5
571.6

5,932.8
1,681.8
1,103.1
578.7
4,251.0
751.6
2,373.6
340.1
2,033.5
1,091.6
941.9
633.8
253.2
380.5
105.1
387.0
303.3
286.9
581.9

6,509.9

6,643.0

6,683.8

6,784.5

6,802.0

6,901.5

6,925.0

6,975.0

6,934.7

6,975.0

6,959.7

7,032.4

4,249.1
622.8
3,626.3
588.6
3,037.8
1,163.4
371.4
792.0
207.3
332.2

4,353.3
664.4
3,688.9
578.2
3,110.7
1,148.7
342.2
806.6
260.1
316.2

4,338.8
630.6
3,708.1
588.7
3,119.5
1,189.7
347.3
842.4
266.2
325.0

4,361.0
625.1
3,735.9
579.7
3,156.2
1,234.1
372.3
861.8
261.8
351.7

4,439.1
652.3
3,786.8
594.7
3,192.1
1,190.2
347.2
843.0
239.8
352.1

4,495.2
657.5
3,837.7
599.7
3,238.0
1,231.4
389.3
842.0
249.8
319.5

4,523.3
630.6
3,892.7
617.4
3,275.3
1,231.5
380.6
850.9
245.8
323.0

4,568.0
651.4
3,916.6
621.9
3,294.6
1,257.2
384.0
873.2
159.8
419.4

4,570.2
598.1
3,972.2
629.8
3,342.3
1,220.4
370.7
849.8
152.4
418.0

4,583.9
647.4
3,936.5
624.2
3,312.4
1,260.5
382.0
878.6
141.2
418.0

4,522.2
666.7
3,855.5
623.5
3,232.0
1,291.4
398.9
892.5
169.0
404.5

4,587.1
701.2
3,885.9
610.8
3,275.1
1,267.7
387.2
880.5
178.0
435.2

5,952.1

6,078.3

6,119.7

6,208.6

6,221.2

6,295.9

6,323.6

6,404.3

6,361.0

6,403.6

6,387.1

6,468.0

557.8

564.7

564.1

575.9

580.8

605.5

601.4

570.6

573.7

571.4

572.5

564.4

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
C. Large domestically chartered commercial banks

17

Assets and Liabilities1—Continued

Billions of dollars
Wednesday figures

Monthly averages
2003

Dec.1

2004

2004

2003

June1

Account

Jan.7

Feb.'

Mar.1

Apr.

May

June

June 9

June 16

June 23

June 30

Seasonall f adjusted
Assets
3,120.5
1 Bank credit
895.1
2
Securities in bank credit
542.7
3
Treasury and Agency securities2 . .
39.3
4
Trading account
503.4
5
Investment account
399.6
6
Mortgage-backed
103.8
7
Other
352.4
8
Other securities
193.9
9
Trading account
158.5
10
Investment account
32.2
11
State and local government . .
126.3
12
Other
3
2,225.4
13 Loans and leases in bank credit . . . .
473.4
14
Commercial and industrial
1,101.6
15
Real estate
161.6
16
Revolving home equity
940.0
17
Other
607.1
18
Other residential
332.9
19
Commercial
315.0
20
Consumer
4
83.5
21
Security
22
Federal funds sold to and
repurchase agreements
65.2
with broker-dealers
18.2
23
Other
12.9
24
State and local government
8.6
25
Agricultural
26
Federal funds sold to and
repurchase agreements with
28.9
others
91.1
27
All other loans
110.4
28
Lease-financing receivables
185.4
29 Interbank loans
30
Federal funds sold to and
repurchase agreements with
115.3
commercial banks
70.1
31
Other
148.5
32 Cash assets5
358.8
33 Other assets6
34 Total assets7
35
36
37
38
39
40
41
42
43
44

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities

45 Total liabilities
46 Residual (assets less liabilities)8
Footnotes appear on p. A21.

3,101.8
875.2
503.7
38.9
464.8
358.7
106.2
371.5
192.9
178.6
31.6
147.0
2,226.6
448.2
1,108.7
188.8
919.9
584.7
335.2
321.5
82.2

3,129.7
880.1
503.5
39.2
464.3
357.1
107.2
376.6
196.8
179.8
31.6
148.1
2,249.6
440.1
1,119.8
197.0
922.8
587.5
335.3
321.4
93.8

3,219.2
950.6
568.5
42.9
525.6
415.4
110.2
382.1
200.4
181.7
32.4
149.2
2,268.6
440.3
1,127.7
201.7
926.0
591.2
334.7
321.6
94.4

3,271.5
1,004.3
611.4
45.1
566.3
452.3
114.0
392.9
208.1
184.8
33.6
151.1
2,267.2
433.0
1,148.6
210.0
938.6
599.3
339.2
323.9
84.7

3,228.2
965.1
594.7
45.0
549.7
442.2
107.5
370.3
185.3
185.1
33.8
151.3
2,263.1
433.9
1,142.9
216.2
926.7
586.3
340.4
325.6
88.2

3,226.5
939.7
575.4
45.4
530.0
424.3
105.7
364.4
182.8
181.6
33.3
148.3
2,286.8
433.4
1,166.4
222.8
943.7
602.2
341.5
327.2
86.4

3,234.7
936.9
575.9
40.5
535.5
423.4
112.1
360.9
180.5
180.4
33.1
147.3
2,297.9
433.4
1,174.4
229.3
945.1
601.5
343.6
325.3
89.7

3,222.5
926.7
566.8
41.1
525.7
415.2
110.4
359.9
181.1
178.7
33.0
145.8
2,295.8
432.0
1,180.5
227.5
953.1
610.9
342.2
327.2
80.0

3,239.9
934.6
572.3
43.6
528.8
417.3
111.5
362.2
182.5
179.7
33.2
146.5
2,305.4
434.3
1,174.8
228.3
946.4
602.3
344.1
327.0
95.3

3,230.7
938.4
582.9
39.3
543.6
430.9
112.8
355.5
173.9
181.6
33.2
148.5
2,292.3
435.8
1,171.0
230.2
940.7
596.1
344.6
325.7
85.9

3,251.8
951.6
585.0
38.9
546.1
432.0
114.1
366.6
184.6
182.0
33.0
149.0
2,300.3
431.0
1,172.2
232.1
940.2
596.4
343.8
321.1
98.3

63.6
18.6
14.1
8.4

74.7
19.1
14.2
8.2

73.8
20.6
14.2
8.3

64.7
20.0
14.4
8.3

67.0
21.2
13.7
8.4

64.1
22.3
14.0
8.4

69.8
19.9
14.3
8.4

59.0
20.9
14.2
8.5

76.7
18.6
14.2
8.5

66.4
19.5
14.3
8.5

77.8
20.5
14.4
8.4

29.5
111.0
103.0
179.4

27.1
124.7
100.4
190.0

32.5
127.4
102.2
217.3

26.9
125.9
101.6
179.4

21.0
129.8
99.5
209.6

17.8
137.2
95.9
198.3

19.7
138.7
94.0
214.8

19.7
139.2
94.7
203.2

17.5
139.3
94.6
213.0

20.3
137.5
93.4
233.9

22.1
139.7
93.1
215.9

99.4
79.9
140.6
352.3

97.9
92.0
148.5
357.1

108.8
108.5
148.0
353.5

94.4
85.0
149.4
355.1

98.3
111.3
152.0
376.1

89.8
108.5
151.4
387.0

105.7
109.2
155.4
411.4

92.2
111.0
164.2
407.4

104.1
108.9
141.4
409.3

119.7
114.2
159.5
418.3

111.4
104.5
156.5
410.9

3,768.8

3,730.5

3,783.9

3,897.5

3,915.0

3,926.9

3,924.6

3,977.7

3,958.7

3,965.0

4,003.7

3,996.6

2,144.2
307.3
1,836.9
265.8
1,571.1
751.3
219.8
531.4
197.0
257.8

2,159.3
296.8
1,862.4
248.5
1,613.9
717.6
176.8
540.8
233.2
240.3

2,162.5
289.7
1,872.8
250.0
1,622.7
738.3
186.2
552.1
238.8
252.7

2,174.3
296.6
1,877.7
242.2
1,635.4
775.7
204.7
571.0
231.9
275.1

2,248.0
313.1
1,934.9
256.2
1,678.7
739.9
179.1
560.7
225.5
286.7

2,270.5
308.2
1,962.3
260.9
1,701.3
727.3
185.4
542.0
241.3
260.3

2,307.7
296.7
2,011.1
276.1
1,735.0
710.8
186.7
524.1
225.4
251.6

2,320.1
305.6
2,014.4
284.5
1,729.9
732.7
192.0
540.7
145.1
348.0

2,315.4
282.1
2,033.3
288.4
1,744.9
722.2
188.2
534.0
134.9
345.6

2,324.4
303.5
2,020.9
287.7
1,733.1
730.5
188.3
542.2
130.0
349.5

2,324.7
335.0
1,989.7
288.4
1,701.3
745.3
197.8
547.5
156.0
332.1

2,316.0
309.7
2,006.3
274.7
1,731.7
742.7
194.4
548.2
161.2
363.5

3,350.3

3,350.3

3,392.3

3,457.0

3,500.2

3,499.5

3,495.6

3,545.9

3,518.1

3,534.4

3,558.1

3,583.5

418.6

380.2

391.6

440.5

414.9

427.3

429.1

431.9

440.6

430.6

445.6

413.1

18

Federal Reserve Bulletin Statistical Supplement • July 2004

1.26

COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesday figures

Monthly averages
2003

Dec. 1

2004

2004

2003

June1

Account

Jan.7

Feb.'

Mar.1

Apr.

June

June 9

June 16

June 23

June 30

3,229.1
945.3
585.1
46.1
539.1
431.7
107.4
360.2
180.7
179.5
32.9
146.6
2,283.8
435.1
1,170.4
223.4
947.0
604.3
342.7
324.7
98.7
226.1
82.2

3,238.3
937.5
578.3
40.8
537.6
424.8
112.8
359.2
179.7
179.5
32.9
146.6
2,300.8
434.6
1,176.8
230.2
946.6
602.5
344.1
323.1
98.4
224.7
90.6

3,227.2
932.8
573.8
41.9
531.9
419.3
112.6
359.0
180.7
178.3
32.9
145.4
2,294.4
431.9
1,185.6
227.9
957.7
613.9
343.8
324.3
98.4
225.9
79.4

3,247.2
933.8
573.7
43.9
529.7
417.3
112.4
360.2
181.5
178.7
33.0
145.7
2,313.3
435.7
1,178.0
229.7
948.3
603.5
344.8
324.9
99.5
225.4
100.1

3,224.1
934.6
581.4
39.2
542.3
429.8
112.5
353.1
172.7
180.4
32.9
147.5
2,289.5
436.6
1,170.8
231.6
939.3
595.2
344.1
324.0
99.1
224.9
86.4

3,257.4
949.9
585.0
38.8
546.1
432.3
113.8
364.9
183.7
181.2
32.8
148.4
2,307.5
433.4
1,173.2
232.6
940.6
596.7
343.9
318.9
96.6
222.3
98.0

May

Not seasona lly adjusted
Assets
47 Bank credit
48
Securities in bank credit
49
Treasury and Agency securities2 .
50
Trading account
51
Investment account
52
Mortgage-backed
53
Other
54
Other securities
55
Trading account
56
Investment account
57
State and local government .
58
Other
59
Loans and leases in bank credit3 . . .
60
Commercial and industrial
61
Real estate
62
Revolving home equity
63
Other
64
Other residential
65
Commercial
66
Consumer
67
Credit cards and related plans .
68
Other
69
Security4
70
Federal funds sold to and
repurchase agreements
with broker-dealers
71
Other
72
State and local government
73
Agricultural
74
Federal funds sold to and
repurchase agreements
with others
75
All other loans
76
Lease-financing receivables
77 Interbank loans
78
Federal funds sold to and
repurchase agreements
with commercial banks
79
Other
80 Cash assets5
81 Other assets'
82 Total assets7
83
84
85
86
87
88
89
90
91
92

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities

93 Total liabilities
94 Residual (assets less liabilities)8
Footnotes appear on p. A21.

3,114.4
895.6
544.9
39.6
505.3
400.9
104.4
350.7
193.0
157.7
32.1
125.7
2,218.7
474.7
1,094.6
162.2
932.4
601.3
331.2
313.0
93.3
219.8
84.2

3,121.7
877.2
502.6
39.0
463.6
357.3
106.2
374.7
194.5
180.2
31.9
148.3
2,244.5
447.7
1,115.6
188.5
927.2
590.7
336.5
325.1
105.9
219.2
85.2

3,136.4
884.3
500.3
39.0
461.4
354.8
106.6
383.9
200.6
183.3
32.3
151.0
2,252.1
436.2
1,120.3
196.0
924.3
588.9
335.4
327.2
104.2
223.0
93.2

3,208.6
947.9
564.4
43.2
521.2
410.2
111.0
383.5
201.2
182.4
32.6
149.8
2,260.7
438.5
1,127.1
202.1
925.0
590.0
335.0
324.2
99.4
224.8
90.5

3,241.6
988.1
599.8
44.7
555.1
442.2
112.9
388.2
205.7
182.6
33.2
149.4
2,253.6
433.3
1,141.9
208.3
933.6
596.1
337.5
321.9
96.3
225.6
82.3

3,213.9
958.1
594.5
45.3
549.1
440.9
108.2
363.7
181.9
181.7
33.1
148.6
~> 255.8
435.8
1,140.2
215.4
924.8
585.1
339.7
322.6
96.7
225.9
86.8

65.8
18.4
12.9
8.6

65.9
19.2
14.1
8.4

74.2
19.0
14.2
8.2

70.8
19.7
14.2
8.1

62.9
19.4
14.4
8.3

66.0
20.8
13.7
8.3

61.0
21.2
14.0
8.4

70.5
20.1
14.3
8.5

58.6
20.8
14.2
8.5

80.5
19.5
14.2
8.5

66.8
19.6
14.3
8.5

77.6
20.4
14.4
8.4

28.9
91.6
110.2
187.6

29.5
115.8
103.0
183.4

27.1
125.0
100.8
189.3

32.5
123.6
101.9
211.3

26.9
123.2
101.4
178.9

21.0
127.8
99.4
215.4

17.8
135.3
95.8
201.7

19.7
139.5
93.8
217.6

19.7
136.4
94.4
199.3

17.5
140.2
94.3
219.6

20.3
135.4
93.1
228.8

22.1
145.9
93.1
228.0

116.6
71.0
142.3
355.8

101.5
818
151.9
354.5

97.7
91.7
156.6
356.0

105.8
105.5
148.3
348.2

94.2
84.7
143.9
351.5

101.1
114.4
151.0
375.8

91.3
110.4
147.5
386.1

107.1
110.5
148.5
407.8

90.4
108.9
145.0
402.9

107.4
112.2
140.3
404.9

117.0
111.7
143.0
409.0

117.7
110.4
160.8
414.2

3,755.5

3,767.9

3,797.0

3,875.6

3,875.0

3,917.3

3,925.9

3,973.5

3,935.7

3,973.3

3,966.3

4,021.8

2,138.0
303.8
1,834.2
265.2
1,569.0
760.8
219.0
541.8
195.4
255.8

2,176.7
317.7
1,859.0
249.3
1,609.7
707.2
175.5
531.6
239.5
246.5

2,162.3
297.7
1,864.6
253.2
1,611.4
734.6
182.7
551.8
242.9
256.7

2,178.9
293.1
1,885.8
245.1
1,640.8
773.3
201.7
571.6
237.5
280.9

2,238.2
308.6
1,929.6
254.3
1,675.3
728.9
180.5
548.3
219.7
279.9

2,274.1
314.6
1,959.5
256.9
1,702.5
734.4
190.4
544.0
226.4
245.5

2,291.4
291.8
1,999.6
273.4
1,726.2
727.1
187.2
539.9
223.0
249.4

2,313.8
302.5
2,011.3
284.0
1,727.4
743.1
191.3
551.8
144.0
345.2

2,311.5
267.9
2,043.6
288.9
1,754.6
719.2
184.7
534.5
134.1
343.2

2,329.0
305.9
2,023.0
288.7
1,734.3
745.1
188.0
557.1
127.7
343.7

2,285.3
316.9
1,968.4
287.0
1,681.4
765.2
198.8
566.4
155.7
330.6

2,324.9
323.9
2,001.0
272.3
1,728.7
750.1
193.9
556.3
160.1
361.7

3,350.1

3,369.9

3,396.5

3,470.6

3,466.7

3,480.3

3,490.9

3,546.1

3,508.0

3,545.5

3,536.9

3,596.7

405.4

398.0

400.5

405.0

408.3

436.9

435.0

427.4

427.7

427.8

429.4

425.0

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
D. Small domestically chartered commercial banks

19

Assets and Liabilities1—Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2003
June1

Dec.1

2004

2004

2003
Jan.7

Feb.'

Mar.1

Apr.

May

June

June 9

June 16

June 23

June 30

Seasonall f adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
2,423.8
Securities in bank credit
683.1
Treasury and Agency securities2 . .
480.5
Other securities
202.6
Loans and leases in bank credit3 . . . . 1,740.7
Commercial and industrial
294.2
Real estate
1,051.0
Revolving home equity
83.1
Other
967.9
Consumer
284.0
Security4
8.1
Other loans and leases
103.4
Interbank loans
105.5
5
Cash assets
122.2
Other assets6
146.2

16 Total assets7
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)8

2,521.9
711.1
500.4
210.7
1,810.8
306.7
1,089.2
92.0
997.2
307.2
7.8
100.0
86.6
113.7
162.2

2,550.1
715.5
503.0
212.5
1,834.6
311.3
1,104.2
94.2
1,009.9
309.8
8.2
101.1
92.4
116.2
159.3

2,570.8
718.2
504.0
214.2
1,852.5
312.5
1,118.1
95.9
1,022.2
312.1
8.2
101.7
93.7
118.4
163.5

2,595.5
718.5
502.5
216.0
1,877.1
314.6
1,138.0
98.1
1,039.9
315.3
7.8
101.4
87.2
120.1
166.7

2,659.2
725.7
509.0
216.7
1,933.5
314.0
1,195.4
101.1
1,094.3
314.3
7.4
102.3
77.5
119.9
170.9

2,668.3
727.7
515.8
211.9
1,940.6
312.8
1,202.8
103.5
1,099.3
314.9
7.3
102.9
78.7
120.4
175.0

2,681.4
730.4
517.1
213.3
1,950.9
314.8
1,207.7
106.5
1,101.3
319.3
7.1
102.0
75.9
121.2
168.8

2,672.6
729.0
516.6
212.3
1,943.6
313.5
1,202.1
105.6
1,096.5
318.9
7.0
102.1
73.1
122.2
175.9

2,692.2
732.1
518.4
213.7
1,960.2
316.3
1,213.8
106.9
1,106.9
320.9
7.0
102.1
74.7
121.3
167.4

2,689.6
730.2
516.3
213.9
1,959.4
315.2
1,213.9
107.3
1,106.6
320.8
7.2
102.4
78.2
122.1
162.5

2,674.6
730.9
517.1
213.8
1,943.8
314.5
1,204.1
106.5
1,097.6
316.7
7.1
101.3
77.9
119.4
167.8

2,767.0

2,852.3

2,885.9

2,914.1

2,937.1

2,994.2

3,008.9

3,013.5

3,010.0

3,021.8

3,018.4

3,005.8

2,112.4
323.2
1,789.2
323.3
1,465.9
402.6
152.4
250.3
11.9
76.3

2,163.6
334.0
1,829.6
328.9
1,500.7
441.6
166.6
274.9
20.6
69.7

2,180.8
329.2
1,851.7
335.4
1,516.2
455.2
164.6
290.6
23.3
68.2

2,191.7
336.4
1,855.2
334.6
1,520.6
460.8
170.6
290.2
24.4
70.8

2,202.7
347.8
1,855.0
340.4
1,514.6
461.4
166.7
294.7
20.1
72.1

2,217.2
342.2
1,875.0
342.8
1,532.2
497.0
198.9
298.1
23.5
74.0

2,236.3
342.9
1,893.3
344.1
1,549.3
504.4
193.4
311.0
22.8
73.7

2,255.4
353.1
1,902.3
338.0
1,564.3
514.1
192.7
321.4
15.8
74.2

2,252.6
337.2
1,915.4
340.9
1,574.5
501.2
185.9
315.3
18.3
74.8

2,257.7
345.6
1,912.1
335.5
1,576.6
515.4
193.9
321.4
13.5
74.3

2,257.8
363.4
1,894.4
336.5
1,557.9
526.2
200.1
326.1
13.3
73.9

2,253.1
371.9
1,881.2
338.5
1,542.7
517.6
193.4
324.2
17.9
73.5

2,603.3

2,695.4

2,727.6

2,747.6

2,756.3

2,811.6

2,837.1

2,859.4

2,846.9

2,860.9

2,871.2

2,862.1

163.7

156.8

158.3

166.5

180.8

182.6

171.8

154.0

163.1

161.0

147.2

143.7

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

Assets
2,414.5
Bank credit
683.2
Securities in bank credit
480.5
Treasury and Agency securities2 . .
202.6
Other securities
Loans and leases in bank credit3 . . . . 1,731.3
295.9
Commercial and industrial
1,043.9
Real estate
83.4
Revolving home equity
960.5
Other
n.a.
Other residential
n.a.
Commercial
279.7
Consumer
131.5
Credit cards and related plans . .
148.1
Other
8.0
Security4
103.8
Other loans and leases
103.0
Interbank loans
121.3
Cash assets5
146.2
Other assets6

48 Total assets7
49
50
51
52
53
54
55
56
57
58

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities

59 Total liabilities
60 Residual (assets less liabilities)8
Footnotes appear on p. A21.

2,538.6
714.2
503.5
210.7
1,824.4
306.7
1,095.1
91.8
1,003.3
n.a.
n.a.
314.3
156.7
157.6
7.9
100.4
87.4
118.9
162.2

2,554.3
715.6
503.1
212.5
1,838.7
310.7
1,105.0
93.9
1,011.1
n.a.
n.a.
316.1
155.8
160.3
8.0
99.0
87.9
117.4
159.3

2,567.6
716.1
501.9
214.2
1,851.6
312.4
1,117.5
95.7
1,021.8
n.a.
n.a.
314.0
154.2
159.7
8.2
99.4
93.8
116.3
163.5

2,585.8
719.9
503.9
216.0
1,865.9
315.1
1,131.5
97.6
1,033.9
n.a.
n.a.
311.2
153.2
158.0
8.0
100.1
91.6
115.3
166.7

2,648.4
728.0
511.3
216.7
1,920.4
315.4
1,186.8
100.8
1,086.0
n.a.
n.a.
309.6
151.5
158.2
7.4
101.2
81.3
116.8
170.9

2,661.9
727.3
515.4
211.9
1,934.7
314.9
1,198.4
103.5
1,094.9
n.a.
n.a.
312.0
154.1
157.9
7.2
102.2
76.3
119.3
175.0

2,671.3
730.5
517.2
213.3
1,940.8
316.5
1,199.8
106.7
1,093.1
496.2
596.8
314.8
157.0
157.8
7.1
102.6
74.6
120.6
168.8

2,662.9
729.1
516.7
212.3
1,933.8
314.8
1,195.4
105.8
1,089.6
494.1
595.4
313.6
156.1
157.5
7.3
102.7
77.1
116.9
175.9

2,672.9
730.9
517.2
213.7
1,942.0
316.8
1,201.8
106.7
1,095.1
497.7
597.4
314.1
156.5
157.5
7.0
102.4
73.9
121.3
167.4

2,678.2
731.1
517.2
213.9
1,947.1
316.7
1,204.5
107.5
1,097.0
500.1
597.0
316.8
158.7
158.0
6.9
102.3
71.2
115.5
162.5

2,675.4
731.9
518.1
213.8
1,943.5
318.2
1,200.4
107.5
1,092.9
494.9
598.0
314.9
156.6
158.2
7.1
103.0
75.3
126.1
167.8

2,754.3

2,875.1

2,886.8

2,909.0

2,927.0

2,984.2

2,999.1

3,001.4

2,999.1

3,001.7

2,993.4

3,010.7

2,111.1
319.0
1,792.2
323.3
1,468.8
402.6
152.4
250.3
11.9
76.3

2,176.6
346.7
1,829.9
328.9
1,501.0
441.6
166.6
274.9
20.6
69.7

2,176.4
332.9
1,843.5
335.4
1,508.1
455.2
164.6
290.6
23.3
68.2

2,182.1
332.0
1,850.1
334.6
1,515.4
460.8
170.6
290.2
24.4
70.8

2,200.9
343.7
1,857.2
340.4
1,516.8
461.4
166.7
294.7
20.1
72.1

2,221.1
342.9
1,878.2
342.8
1,535.4
497.0
198.9
298.1
23.5
74.0

2,231.8
338.8
1,893.1
344.1
1,549.0
504.4
193.4
311.0
22.8
73.7

2,254.1
348.9
1,905.2
338.0
1,567.3
514.1
192.7
321.4
15.8
74.2

2,258.7
330.1
1,928.6
340.9
1,587.7
501.2
185.9
315.3
18.3
74.8

2,254.9
341.4
1,913.5
335.5
1,578.0
515.4
193.9
321.4
13.5
74.3

2,236.9
349.8
1,887.1
336.5
1,550.5
526.2
200.1
326.1
13.3
73.9

2,262.2
377.3
1,884.9
338.5
1,546.5
517.6
193.4
324.2
17.9
73.5

2,602.0

2,708.4

2,723.2

2,738.0

2,754.5

2,815.6

2,832.7

2,858.2

2,853.1

2,858.1

2,850.3

2,871.3

152.4

166.7

163.6

171.0

172.5

168.6

166.4

143.2

146.0

143.6

143.1

139.4

20

Federal Reserve Bulletin Statistical Supplement • July 2004

1.26

COMMERCIAL BANKS IN THE UNITED STATES
E. Foreign-related institutions

Assets and Liabilities1—Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2003
June

Dec.

2004

2004

2003
Jan.'

Feb.'

Mar.'

Apr.

May

June

June 9

June 16

June 23

June 30

Seasonally adjusted

1
2
3
4
5
6
7
8
9
10
11
12

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6

13 Total assets7
14
15
16
17
18
19
20
21

Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities

22 Total liabilities
23 Residual (assets less liabilities)8

666.5'
281.8'
121.5'
160.3
384.8
158.1
19.2
126.6
80.9
36.4
51.4
31.1

627.9
265.9
99.2
166.7
362.1'
136.1'
17.8
125.1'
83.0'
31.5'
49.8
26.8'

639.8
261.6
98.3
163.2
378.2
137.3
17.1
131.4
92.4
35.3
54.6
27.0

654.1
266.3
99.6
166.6
387.8
136.8
17.2
140.1
93.8
31.9
54.1
25.8

659.2
266.2
96.5
169.6
393.0
133.7
17.3
149.6
92.3
29.4
54.7
28.8

642.0
263.7
95.5
168.2
378.3
130.8
17.5
140.8
89.2
32.0
57.0
33.5

628.4
255.8
92.4
163.4
372.6
130.4
15.9
136.9
89.3
34.4
60.2
34.0

645.1
258.3
93.9
164.4
386.9
131.8
14.6
149.3
91.2
28.9
56.8
39.3

655.6
262.0
94.1
168.0
393.6
131.2
14.8
157.6
90.0
29.8
57.0
37.5

648.1
258.2
94.3
163.9
389.9
132.6
14.8
150.5
92.0
24.6
55.5
35.3

643.7
257.6
95.1
162.6
386.1
132.8
14.6
148.6
90.0
31.0
57.2
39.8

634.2
255.1
92.8
162.3
379.1
130.9
14.3
140.3
93.6
28.8
57.4
45.4

785.0'

735.6'

756.3

765.4

771.7

764.0

756.5

769.8

779.5

763.1

771.3

765.3

424.3
10.2
414.1
330.6'
38.7
291.9'
81.5
108.3

435.7'
11.0
424.8
317.3'
42.9'
274.3
110.4
99.3

454.8
11.9
442.9
328.5
39.9
288.6
131.7
101.0

468.1
11.9
456.2
343.6
43.8
299.8
152.6
102.7

472.9
11.9
460.9
353.0
49.2
303.9
155.4
98.3

481.8
11.6
470.2
349.7
45.3
304.4
171.2
101.5

494.6
11.6
483.0
331.8
43.5
288.3
180.1
98.6

520.9
11.9
509.0
337.5
49.5
288.1
184.9
91.4

521.7
12.3
509.4
328.9
41.4
287.5
176.9
93.4

522.9
12.1
510.8
331.7
47.8
283.9
180.9
90.1

521.7
11.8
509.9
341.1
51.6
289.6
185.4
87.6

519.5
11.7
507.8
350.9
59.0
291.8
197.1
92.1

781.8'

741.9'

752.6

761.8

768.8

761.7

745.0

764.9

767.2

763.9

765.0

765.3

3.6

3.7

2.9

2.4

11.5

4.9

12.3

.8

6.3

.0

3.2

6.3

Not seasonally adjusted

24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6

40 Total assets7
41
42
43
44
45
46
47
48

Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities

49 Total liabilities
50 Residual (assets less liabilities)8
Footnotes appear on p. A21.

666.3'
281.8'
121.5'
41.8
79.6'
160.3
104.9
55.4
384.6
157.6
19.2
125.7
82.2
36.4
51.0
31.1

634.9
265.9
99.2
35.2
64.0
166.7
101.9
64.8
369.0
137.3
17.8
130.8'
83.1'
31.5'
51.3
27.3

643.2
261.6
98.3
33.8
64.5
163.2
96.6
66.6
381.7
137.9
17.1
135.3
91.3
35.3
54.2
28.8

656.4
266.3
99.6
36.2
63.5
166.6
99.0
67.7
390.1
138.5
17.2
142.6
91.8
31.9
53.4
27.3

662.6
266.2
96.5
35.1
61.4
169.6
101.1
68.5
396.5
135.6
17.3
151.5
92.1
29.4
52.9
28.8

647.7
263.7
95.5
35.1
60.4
168.2
98.2
70.0
384.0
131.8
17.5
144.6
90.2
32.0
56.4
32.2

625.6
255.8
92.4
33.3
59.1
163.4
100.6
62.8
369.8
130.4
15.9
133.7
89.8
34.4
59.6
34.6

645.0
258.3
93.9
35.4
58.4
164.4
104.7
59.7
386.8
131.3
14.6
148.2
92.7
28.9
56.4
39.3

650.2
262.0
94.1
35.8
58.3
168.0
106.7
61.3
388.1
130.7
14.8
151.4
91.3
29.8
56.2
38.3

653.1
258.2
94.3
35.7
58.6
163.9
103.7
60.2
394.9
132.0
14.8
154.6
93.4
24.6
55.3
35.5

643.2
257.6
95.1
36.3
58.7
162.6
103.5
59.1
385.5
132.3
14.6
147.9
90.7
31.0
56.4
39.4

635.7
255.1
92.8
34.7
58.1
162.3
104.9
57.4
380.6
130.6
14.3
140.0
95.7
28 8
57.3
44.3

784.4'

744.6'

761.1

768.4

773.4

767.9

753.7

769.1

774.0

768.0

769.6

765.6

430.4
10.2
420.3
330.6'
38.7
291.9'
84.1
106.2

434.9'
11.3
423.5'
317.3'
42.9'
274.3
108.8
100.6

460.8
12.3
448.5
328.5
39.9
288.6
131.0
101.6

474.3
11.9
462.3
343.6
43.8
299.8
152.9
102.4

477.5
11.5
466.0
353.0
49.2
303.9
156.0
97.8

491.4
11.4
480.0
349.7
45.3
304.4
173.5
99.5

505.8
11.4
494.5
331.8
43.5
288.3
181.8
97.1

528.4
11.9
516.5
337.5
49.5
288.1
187.0
89.6

532.6
11.7
520.8
328.9
41.4
287.5
179.4
91.2

531.1
12.0
519.1
331.7
47.8
283.9
183.5
87.9

528.7
11.6
517.0
341.1
51.6
289.6
187.0
86.3

522.0
12.2
509.7
350.9
59.0
291.8
198.5
90.7

783.1'

743.9'

759.9

767.3

772.4

767.1

753.0

768.5

773.2

767.2

769.1

765.1

.7

1.2

1.1

1.0

.8

.8

.7

.8

.8

.5

.5

1.3

Commercial Banking Institutions—Assets and Liabilities
1.26

21

Assets and Liabilities1—Continued

COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items
Billions of dollars

Wednesday figures

Monthly averages
Account

2003

2003

June7

Dec.'

2004

2004
Jan.7

Feb.'

Mar.'

Apr.

May

June

June 9

June 16

June 23

June 30

Not seasonally adjusted
MEMO

7
8
9
10

Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items9
Revaluation losses on off-balancesheet items 9
Mortgage-backed securities10
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities"
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12

11
12
13
14

Small domestically chartered
commercial banks, adjusted for
m ergers
10
Mortgage-backed securities12
Securitized consumer loans
Credit cards and related plans
Other

1
2
3
4
5
6

Foreign-related institutions
15 Revaluation gains on off-balancesheet items 9
16 Revaluation losses on off-balancesheet items 9
17 Securitized business loans12

129.9

120.0

125.7

125.6

129.4

106.9

101.3

97.0

99.5

97.9

94.2

96.1

110.2
447.0
332.6
114.4

103.7
412.6
295.5
117.1

110.5
412.5
293.7
118.8

114.7
469.4
348.4
121.0

118.9
502.0
380.4
121.5

93.2
498.9
383.8
115.1

85.2
487.7
377.7
109.9

83.2
483.1
376.3
106.8

83.9
477.3
369.6
107.7

83.3
475.7
369.3
106.5

80.0
488.3
382.3
106.0

86.3
491.2
384.3
106.9

12.7
131.2
113.3
17.9

3.2

3.8

6.7

5.5

5.6

5.8

6.2

5.5

4.6

140.0
120.8
19.2

139.4
120.4
18.9

10.6
141.3
121.1
20.2

4.9

138.5
119.3
19.3

139.5
119.4
20.2

136.9
117.2
19.7

137.7
117.6
20.1

136.9
117.5
19.4

136.5
117.2
19.3

137.2
117.2
20.0

140.0
118.3
21.8

9.9

7.2

7.6

7.5

7.4

7.4

7.4

7.3

7.4

7.3

7.3

7.3

327.9
230.9
223.6

330.8
232.1
224.7

326.8
234.3
226.7

325.2
231.5
224.1

329.4
232.4
225.2

332.4
229.4
222.3

332.6
224.6
217.4

330.4
224.7
217.4

331.2
223.8
216.6

329.3
224.4
217.2

329.5
224.0
216.8

331.4
226.8
219.4

7.3

7.4

7.6

7.4

7.2

7.1

7.2

7.3

7.2

7.2

7.2

7.3

71.5

63.9

63.7

62.8

61.8

58.4

60.5

58.6

61.0

58.1

57.3

57.3

72.6

66.9

68.4

69.1

67.8

64.8

63.2

58.9

61.3

58.2

57.7

57.5

2.5

1.2

.8

.4

.3

.3

.3

.3

.3

.3

.3

.3

NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States," which
is available at: www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large
Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S.
Branches and Agencies of Foreign Banks," are no longer being published in the Statistical
Supplement. Instead, abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and
;„„ .ff—:— i—1~, !,„,,„ i
1 1 u,, i—1
"heet estimates of all foreign-related
ta are break-adjusted.
i. covers me loiiowmg types oi msiiiuiions m me uiiy states and the District of Columt.~.
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related
es International Banking Facilities Data are Wednesday values or pro

;
small domestic banks and foreignrelated institutions are estimates based on weekly samples
and on quarter-end condition reports. Data are adjusted for breaks caused by reclassifications
of assets and liabilities.
The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove
the estimated effects of mergers between these two groups. The adjustment for mergers
changes past levels to make them comparable with current levels. Estimated quantities of
balance sheet items acquired in mergers are removed from past data for the bank group that
contained the acquired bank and put into past data for the group containing the

acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a
ratio procedure is used to adjust past levels.
2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of
U.S. government agencies and U.S. government-sponsored enterprises.
3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
5. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
6. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
7. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
8. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
The fair market value of derivative contracts in a gain position is included in "Other
securities, trading account." The fair value of derivative contracts in a loss position is
included in "Other liabilities."
10. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
12. Total amount outstanding.

22
1.32

Federal Reserve Bulletin Statistical Supplement • July 2004
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December

2003

2004

Item
1999

2002

2003

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1,619,274

1,458,870

1,347,997

1,265,351

1,324,745

1,306,025

1,265,351

1,296,647

1,320,002

1,326,855

1,123,883
279,140

3 Nonfinancial companies

2001

1,403,023
2

2000

1,275,841
343,433

1,234,023
224,847

1,193,950
154,047

1,160,317
105,034

1,198,571
126,174

1,179,163
126,862

1,160,317
105,034

1,182,719
113,928

1,202,280
117,722

1,213,472
113,383

1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.

1.33

PRIME RATE CHARGED BY BANKS

2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.

Short-Term Business Loans1

Percent per year
Date of change
1

Rate

2001—Jan.
4
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
Nov.
Dec.

1
21
19
16
28
22
18
3
7
12

9.50
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

Period

Average
rate

2001
2002
2003

6 91
4.67
4.12

2001—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53
5.10
4.84

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
2002 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Average
rate
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.35
4.25

Period

Average
rate

2003—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00
4.00
4.00
4.00

2004—Jan
Feb
Mar
Apr
May

4.00
4.00
4.00
4.00
4.00

Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415)
monthly statistical releases, available at www.federalreserve.gov/releases.

Financial Markets
1.35

INTEREST RATES

23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2004
Item

2001

2002

2004, week ending

2003
Jan.

Feb.

Mar.

Apr.

Apr. 2

Apr. 9

Apr. 16

Apr. 23

Apr. 30

MONEY MARKET INSTRUMENTS

1 Federal funds12'3
2 Discount window primary credit2'4

3.88
n.a.

1.67
n.a.

1.13
n.a.

1.00
2.00

1.01
2.00

1.00
2.00

1.00
2.00

1.01
2.00

1.01
2.00

1.01
2.00

1.00
2.00

1.00
2.00

3.78
3.68
3.65

1.67
1.67
1.69

1.11
1.11
1.11

0.99
1.01
1.01

0.99
1.01
1.01

0.99
1.00
1.00

1.00
1.01
1.05

1.01
1.00
1.01

1.00
1.01
1.01

1.01
1.01
1.02

1.01
1.00
1.05

0.98
1.03
1.08

3.80
3.71
3 65

1.68
1.69
1 70

1.12
1.13
1 13

1.01
1.02
1 04

1.01
1.02
1 03

1.01
1.02
1 03

1.02
1.03
1 06

1.02
1.03
1 04

1.01
1.02
1 04

1.02
1.03
1 05

1.02
1.04
1 06

1.02
1.04
1 08

3.84
3.71
3.66

1.72
1.73
1.81

1.15
1.15
1.17

1.04
1.06
1.12

1.03
1.05
1.11

1.03
1.05
1.09

1.04
1.08
1.21

1.04
1.06
1.11

1.04
1.07
1.16

1.04
1.08
1.19

1.04
1.09
1.22

1.05
1.11
1.30

3.70

1.73

1.14

1.05

1.04

1.04

1.07

1.04

1.06

1.06

1.07

1.09

2.43
3.40
3 34

1.60
1.61
1 68

1.00
1.01
1 05

0.83
0.88
0 97

0.90
0.93
0 99

0.95
0.94
0 99

0.89
0.94
1 09

0.94
0.93
1 00

0.93
0.93
1 03

0.91
0.93
1 07

0.88
0.96
1 13

0.85
0.96
1 15

3.49
3.83
4.09
4.56
4.88
5 02
5.63

2.00
2.64
3.10
3.82
4.30
4.61
5.43

1.24
1.65
2.10
2.97
3.52
4.01
4.96

1.24
1.76
2.27
3.12
3.65
4.15
5.01

1.24
1.74
2.25
3.07
3.59
4.08
4.94

1.19
1.58
2.00
2.79
3.31
3.83
4.72

1.43
2.07
2.57
3.39
3.89
4.35
5.16

1.23
1.67
2.10
2.91
3.43
3.95
4.82

1.32
1.88
2.37
3.21
3.73
4.21
5.03

1.41
2.04
2.53
3.38
3.90
4.36
5.18

1.50
2.17
2.67
3.49
3.99
4.43
5.24

1.55
2.29
2.82
3.60
4.08
4.49
5.28

5.01
5 75'
5.15'

4.87'
5.64'
5.04'

4.52'
5.20'
4.75'

4.42'
5.01'
4.61'

4.26'
4.92'
4.55'

4.11'
4.75'
4.41'

4.69
5.34
4.82

4.54
5.20
4.59

4.64
5.30
4.76

4.74
5.40
4.89

4.72
5.36
4.89

4.79
5.43
4.95

7.49

7.10

6.24

5.99

5.92

5.75

6.13

5.85

6.02

6.14

6.21

6.24

7.08
7.26
7.67
7.95

6.49
6.93
7.18
7.80

5.66
6.14
6.38
6.76

5.54
5.91
6.08
6.44

5.50
5.87
6.04
6.27

5.33
5.70
5.86
6.11

5.73
6.10
6.25
6.46

5.43
5.81
5.97
6.21

5.61
5.98
6.14
6.36

5.74
6.10
6.26
6.46

5.81
6.17
6.32
6.53

5.84
6.20
6.35
6.56

1.32

1.61

1.72

1.53

1.53

1.56

1.60

1.58

1.61

1.57

1.57

1.65

Commercial paper*^^
Nonfinancial

Financial

Certificates of deposit, secondary market**1

12 Eurodollar deposits, 3-month3'8
U.S. Treasury bills
Secondary market3'5
13
4-week

U.S. TREASURY NOTES AND BONDS

Constant maturities9

18

3-year

20

7-year

22

20-year
STATE AND LOCAL NOTES AND BONDS

Moody's series1"
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
3 1 Common stocks

NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly
statistical release, available at: www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/
2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York.
Historical series for the rate on adjustment credit is available at: http://
www.federalreserve.gov/releases/hl5/data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web
pages (http://www.federalreserve.gov/releases/cp) for more information.

7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. General obligation bonds based on Thursday figures; Moody's Investors Service.
11. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's
Al rating. Based on Thursday figures.
12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
SOURCE: U.S. Department of the Treasury.

24

Federal Reserve Bulletin Statistical Supplement • July 2004

1.36

STOCK MARKET

Selected Statistics

Aug.

Apr.

Sept.
Prices and trading volume (averages of daily figures)

Common stockprices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance

6,407.95
749.46
444.45
377.72
596.61

5,571.46
656.44
430.63
260.50
554.88

5,456.48
634.11
437.37
238.05
566.74

5,748.80
670.18
464.61
243.37
593.10

5,894.38
678.51
477.98
245.96
616.46

5,989.42
689.30
497.44
248.01
624.02

6,244.68
714.93
509.35
257.12
638.41

6,569.76
n.a.
n.a.
n.a.
n.a.

6,661.38
n.a.
n.a.
n.a.
n.a.

6,574.75
n.a.
n.a.
n.a.
n.a.

6,600.77
n.a.
n.a.
n.a.
n.a.

1,024.69

5,580.87
651.19
451.31
238.06
582.20

1,071.66

1,136.44

1,201.35

1,233.36

1,244.69

1,245.60

6 Standard & Poor's Corporation
(1941-43= 10)'
7 American Stock Exchange
(Aug. 31, 1973 = 50)2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange

1,428,501 1,496,282
n.a.
n.a.

1,361,043 1,175,615 1,397,876
n.a.
n.a.
n.a.

68,074

Customer financing (millions of dollars, end-of-period balances)
3

134,380

Free credit balances at brokers*
11 Margin accounts5
12 Cash accounts

101,640
78,040

173,220

95,690
73,340

10 Margin credit at broker-dealers . . . .

92,560
84,920

162,720

88,040

89,360
79,530

88,620

87,440
77,130

180,360
92,560

92,570

179,710

93,840
84,540

172,140

100,680
80,560

103,670
84,670

Margin requirements (percent of market value and effective date)6
Mar. 11, 1968
13 Margin stocks
14 Convertible bonds
15 Short sales

May 6, 1970

70
50
70

65
50
65

1. In July 1976 a financial group, one made up of banks and insurance companies, was
added to the group of stocks on which the index is based. The index is now based on 400
industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility
(formerly 60), and 40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.

Dec. 6, 1971

Nov. 24, 1972
65
50
65

50
50
50

6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.

Federal Finance
1.40

25

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2002

Mar. 31

June 30

Sept. 30

Dec. 3 1

Mar. 31

June 30

Sept. 30

Dec. 31

1 Federal debt outstanding

6,032.4

6,153.3

6,255.4

6,433.0

6,487.7

6,697.1

6,810.3

7,023.4

7,156.2

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

6,006.0
3,443.7
2,562.4

6,126.5
3,463.5
2,662.9

6,228.2
3,552.6
2,675.6

6,405.7
3,647.4
2,758.3

6,460.8
3,710.8
2,750.0

6,670.1
3,816.3
2,853.8

6,783.2
3,924.0
2,859.3

6,998.0
4,044.1
2,954.5

7,131.1
4,176.7
2,954.4

26.4
26.4
.0

26.8
26.8
.0

27.2
27.2
.0

27.3
27.3
.0

26.9
26.9
.0

27.0
27.0
.0

27.0
27.0
.0

25.4
25.4
.0

25.1
25.1
.0

6,625.5

6,737.6

6,952.9

7,088.6

5,935.0
.2

6,058.1
.2

6,161.1
.3

6,359.1
.3

6,399.8
.2

6,625.3
.2

6,736.3
.3

6,952.6

7,088.5
.1

5 Agency securities
6
Held by public
7
Held by agencies . . .
: Debt subject to statutory limit
9 Public debt securities . .
10 Other debt1
MEMO

Statutory debt limit
1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.

1.41

GROSS PUBLIC DEBT OF U.S. TREASURY

SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Monthly Treasury Statement.

Types and Ownership

Billions of dollars, end of period

Type and holder
Q2
1 Total gross public debt
By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds' .
Nonmarketable2
State and local government series . .
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing
By holder1
U.S. Treasury and other federal agencies and trust funds
Federal Reserve Banks6
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international8
Other miscellaneous investors7'9

Q3

Q4

Ql

6,656.5

6,754.8
3,460.6

6,963.1
3,575.1
928.8
1,905.8

7,115.6
3,721.1
985.0
1,983.4

5,662.2

5,943.4

6,405.7

6,998.0

5,618.1
2,966.9

5,930.8
2,982.9
811.3
1,413.9

6,391.4
3,205.1
888.8
1,580.8
588.7
146.9

6,963.1
3,575.1
928.8
1,905.8

3,186.3

3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0

3,277.6

16.0

13.6

646.9

1,557.3
626.5

602.7

121.2
2,651.2
151.0
27.2
27.2
.0
176.9

140.1
2,947.9

564.4
176.2

3,379.0
927.8
1,713.7
582.4
155.0
140.5
11.7
11.7
.0
189.9
2,905.5

918.2
1,799.4
576.8
166.1

564.4
176.2

3,294.2
148.4
11.0
11.0
.0
192.6
2,912.2
13.4

3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0

564.3

16.0

15.4

188.4
3,394.5
155.7

2,266.1
44.2

15.4
15.4
.0
181.5
2,574.8
12.7

153.4
11.2
11.2
.0
184.8
2,806.9
14.3

2,270.1
511.7
2,880.4
201.5
220.8
110.2
236.2

2,572.2
551.7
2,819.5
181.5
257.5
105.7
256.5

2,757.8
629.4
3,018.5
222.6
279.0
133.9
274.2

2,955.1
666.7
3,377.9
155.0
283.0
151.3
343.7

2,854.8
652.1
3,164.7
145.9
301.1
147.5
313.5

2,860.7
656.1

3,268.0
147.8
286.4
150.4
318.4

2,955.1
666.7
3,377.9
155.0
283.0
151.3
343.7

2,955.9
674.1
3,502.8
166.2
279.3
153.4
339.4

184.8
304.1
108.4
195.7
1,034.2
588.7

190.3
281.6
104.2
177.4
1,053.1
493.3

194.9
289.9
113.6
176.3
1,212.7
433.8

203.8
328.0
120.8
207.2
1,538.1
375.0

199.1
328.5
109.7
218.8
1,385.3
322.4

201.5
321.6
108.3
213.3
1,459.3
362.9

203.8
328.0
120.8
207.2
1,538.1
375.0

204.4
313.4
108.1
205.3
1,708.0
n.a.

1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of
1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table
1.18.
7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from "Other miscellaneous investors" and added to "State
and local treasuries." The data shown here have been revised accordingly.

146.3

6.7
6.7
.0

193.5
3,008.6

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 • July 2004

1.42

U.S. GOVERNMENT SECURITIES DEALERS

Transactions1

Millions of dollars, daily averages
2004
Item

By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven
6
Inflation-indexed2

7
8
9
10
11
12

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed

Corporate securities
13 One year or less
14 More than one year

15
16
17
18
19
20
21
22

By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
"\X7"-it'll /-it'll *i-tw itn otner
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate

Jan.

Feb.

2004, week ending
Mar.

Mar. 3

Mar. 10

Mar. 17

Mar. 24

Mar. 31

Apr. 7

Apr. 14

Apr. 21

Apr. 28

39,597

42,541

46,512

56,500

38,765

48,890

42,404

49,994

59,903

49,292

46,241

50,764

166,458

178,535

157,493

185,879

174,237

149,347

131,519

157,839

185,394

162,544

200,445

201,715

141,009

135,792

130,042

145,513

163,187

141,507

95,775

110,415

167,705

134,439

132,614

120,302

107,705
24,134
6,813

103,032
22,806
5,172

107,927
25,177
4,962

98,748
21,971
6,294

126,227
29,780
4,645

120,876
27,533
5,456

87,438
19,515
3,945

102,673
25,802
5,001

138,862
31,141
7,510

97,656
24,913
3,618

101,366
24,348
4,274

101,844
21,533
4,652

53,660

51,909

48,508

50,047

41,726

50,047

50,168

51,168

50,287

53,679

55,038

53,527

12,122

13,369

11,352

13,647

9,527

10,015

10,178

14,310

16,081

13,201

15,107

9,937

8,527

7,163

9,175

12,528

12,728

6,919

7,063

7,980

9,034

5,936

8,705

5,514

5,965
831

4,426
643

5,717
1,039

3,886
1,374

4,256
1,389

4,783
1,055

9,176
605

5,751
908

5,081
709

3,717
768

4,694
592

3,175
325

203,546

227,430

209,324

191,294

293,663

268,473

140,941

145,038

317,651

328,042

192,615

133,269

119,205
24,908

119,028
21,872

121,768
22,905

120,629
20,914

114,645
19,701

125,912
22,737

126,714
24,539

120,485
25,837

122,809
20,937

133,285
16,809

138,724
20,040

128,915
21,261

225,938

227,094

212,873

228,327

239,254

229,999

173,138

199,829

271,104

219,271

237,218

229,593

8,095
61,185
754

7,636
60,504
701

8,676
58,100
861

7,458
58,853
655

9,247
74,909
904

7,994
77,643
815

9,603
40,572
847

8,593
38,822
1,000

8,760
95,537
648

6,835
90,798
560

10,086
64,296
674

7,606
37,489
783

259,779

260,783

259,238

286,578

297,586

263,610

207,458

251,895

319,411

253,192

272,070

271,218

73,008
142,361
143,359

69,874
166,926
140,199

67,115
151,225
143,812

74,024
132,441
140,888

60,379
218,754
133,442

64,826
190,831
147,834

67,587
100,369
150,406

71,524
106,216
145,322

72,433
222,115
143,098

70,466
237,244
149,535

74,050
128,318
158,090

64,872
95,780
149,392

NOTE. Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.
1. Thefiguresrepresent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgage-

backed, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index ratio.

Federal Finance
1.43

U.S. GOVERNMENT SECURITIES DEALERS

27

Positions and Financing1

Millions of dollars
2004

2004, week ending

Item, by type of security
Jan.

Feb.

Mar.

Mar. 3

Mar. 10

Mar. 17

Mar. 24

Mar. 31

Apr. 7

Apr. 14

Apr. 21

Net outright positions2
161

19,441

28,175

37,754

38,071

25,206

24,981

20,338

52,168

44,409

14,057

25,700

24,043

15,997

15,475

13,868

12,598

17,550

20,197

25,583

27,799

32,184

38,863

41,830

51,720

53,735

51,747

49,450

53,172

51,646

51,323

58,582

56,360

14,115
1,723
953

5,560
1,712
1,141

5,975
4,226
132

5,976
5,371
1,082

4,437
5,593
555

2,924
4,240
560

9,675
3,091
494

6,863
3,490
551

12,797
5,479
407

19,995
5,725
433

20,016
5,545
212

51,532

45,058

46,346

53,443

52,800

46,915

44,593

38,036

42,424

39,074

30,622

14,174

16,193

22,072

19,332

21,444

21,356

22,165

24,497

23,699

21,406

20,174

5,054

935

1,888

2,140

4,524

2,639

1,250

970

947

106

3,862

5,705
2,072

5,074
2,938

6,196
3,086

4,518
2,974

4,652
3,290

6,976
2,997

7,575
2,977

6,300
3,128

5,110
2,836

5,723
2,952

4,986
3,025

12 Mortgage-backed

23,009

8,573

16,128

12,590

14,495

11,233

17,515

22,785

10,371

17,397

19,332

Corporate securities
13 One year or less
14 More than one year

31,990
96,418

31,596
91,889

33,347
91,560

28,953
91,878

37,570
92,459

33,744
93,550

34,084
84,507

29,872
95,589

35,359
91,238

34,562
88,869

31,291
87,281

1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
6
Inflation-indexed
2
3

7
8
9
10
11

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven

Financing3
Securities in, US. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term

841,589
914,913

874,217
1,005,144

855,135
1,065,122

896,086
1,018,307

870,475
1,107,255

841,461
1,112,555

819,236
1,166,750

871,819
893,993

842,246
953,470

860,853
996,773

893,244
1,053,686

169,555
208,761

173,232
226,140

173,738
210,720

161,324
213,457

170,269
216,691

162,786
216,426

184,427
208,051

182,792
200,539

182,554
205,186

181,397
205,967

185,550
205,647

42,427
241,237

43,863
261,097

42,303
280,694

45,438
276,133

51,824
281,840

42,855
284,850

43,817
286,310

29,374
271,729

40,264
270,914

58,471
277,546

43,363
269,747

82,358
39,942

88,487
45,444

95,251
44,583

94,649
44,542

95,384
44,369

94,737
44,973

95,137
44,243

96,002
44,766

95,748
44,643

97,488
43,758

96,600
45,040

544,161
1,176,768

585,113
1,291,798

571,314
1,329,832

603,975
1,302,016

567,093
1,383,402

532,892
1,393,430

542,115
1,444,470

629,160
1,109,947

536,833
1,213,193

562,362
1,263,606

573,459
1,313,580

787,675
811,726

839,428
899,344

829,373
941,904

866,597
902,871

846,716
981,721

808,764
1,006,032

802,414
1,032,801

843,645
763,788

812,363
828,750

817,742
873,671

838,916
917,851

313,473
135,981

304,163
151,884

309,757
143,555

310,509
139,681

314,856
149,745

302,918
147,331

308,918
149,253

312,012
129,550

314,075
136,608

310,546
143,052

306,364
140,767

416,161
158,587

394,866
159,082

403,404
173,964

383,477
163,307

393,233
164,425

419,888
172,644

430,049
181,702

378,985
181,653

387,702
178,101

389,211
193,778

390,932
193,482

176,655
27,643

172,811
32,806

171,341
35,377

161,409
35,511

168,916
35,354

171,808
34,631

173,546
36,723

175,349
34,744

177,900
35,994

181,919
35,290

177,721
36,233

1,443,462
1,079,304

1,463,554
1,182,370

1,455,729
1,236,633

1,470,377
1,180,465

1,458,274
1,269,897

1,446,007
1,301,463

1,463,812
1,345,812

1,448,546
1,053,430

1,426,729
1,111,302

1,436,990
1,177,488

1,451,342
1,214,373

MEMO

Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out, U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
3 1 Overnight and continuing
32 Term
MEMO

Repurchase agreements
33 Overnight and continuing
34 Term

NOTE. Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.

2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).

28
1.44

Federal Reserve Bulletin Statistical Supplement • July 2004
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period

Agency
Oct.
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2'3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service6
8
Tennessee Valley Authority
9
United States Railway Association6
10 Federally sponsored agencies7
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Farm Credit Banks8
15
Student Loan Marketing Association9
16 Financing Corporation
17 Farm Credit Financial Assistance Corporation "
18 Resolution Funding Corporation12

2,351,039

Nov.

Dec.

Jan.

Feb.

n.a.

n.a.

n.a.

25,412
6
n.a.
290

n.a.
282

26,598
6
n.a.
287

25,412
6
n.a.
290

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

1,851,632

2,121,057

25,666
6
n.a.
255

276
6
n.a.
26,828

n.a.
26,828

n.a.
n.a.
25,660
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.
25,406
n.a.

n.a.
n.a.
26,826
n.a.

n.a.
n.a.
26,592
n.a.

n.a.
n.a.
25,406
n.a.

n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996

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

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

n.a.
745,226
n.a.
961,732
92,151
58,500
8,170
1,261
29,996

n.a.
721,986
n.a.
967,300
90,817
56,400
8,170
1,261
29,996

n.a.
722,373
n.a.
955,556
91,489
56,800
8,170
1,261
29,996

n.a.
745,226
n.a.
961,732
92,151
58,500
8,170
1,261
29,996

n.a.
763,647
n.a.
939,279
93,371
61,600
8,170
1,261
29,996

n.a.
774,661
n.a.
942,43 1
94,326
64,700
8,170
1,261
29,996

40,575

39,096

37,017

30,811

35,545

32,090

30,811

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
13,876
25,220

n.a.
14,48'
22,52:

n.a.
16,127
14,684

n.a.
15,618
19,927

n.a.
15,869
16,221

n.a.
16,127
14,684

n.a.
n.a.
n.a.

MEMO

19 Federal Financing Bank debt13
20
21
22
23
24

Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6

Other lending14
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other

5,275
13,126
22,174

1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners' assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.

10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.

Securities Markets and Corporate Finance
1.45

NEW SECURITY ISSUES

29

State and Local Governments

Millions of dollars
Type of issue or issuer,
or use
Sept.

Apr.

1 All issues, new and refunding1

292,027

363,888'

384,142

26,152'

34,749'

26,025'

30,805'

21,490

26,544

37,469

31,230

By type of issue
2 General obligation . . . .
3 Revenue

118,554
170,047

145,323
214,788

143,900
238,190

6,505
19,646'

16,379
18,370'

8,237
17,788'

9,072'
21,733'

9,191
12,300

13,290
13,254

15,022
22,447

11,808
19,422

By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township . . .

30,099
197,462
61,040

33,931
259,070
67,121

49,849
253,462

555
21,039'
4,558

7,893
20,481'

78,813

2,343
17,537
6,146

2,930
22,686'
5,189

1,925
16,091
3,475

5,262
16,118
5,164

4,590
23,675
9,203

4,107
21,452
5,671

7 Issues for new capital

200,363

242,882'

264,939

19,789'

22,923

20,426'

24,128'

13,783

17,269

22,113

21,985

70,256
23,758
10,689
n.a.
22,397
97,662

4,840
1,520
183
n.a.
2,067'
8,238

5,739
1,163
n.a.
1,988

3,718
2,593
1,132
n.a.
2,700

6,613
148
132
n.a.
1,138

6,804'

5,150
1,329
107
n.a.
1,107
7,632

6,274
1,930
501
n.a.
1,490
7,563

6,511
2,136
1,053
n.a.

10,667

5,864'
867
849
n.a.
1,703
8,538

8
9
10
11
12
13

By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes

50,054
21,411
21,917

n.a.
6,607
55,733

57,894
22,093
33,404
n.a.
7,227
73,033

NEW SECURITY ISSUES

658

4,460

2,427
6,363

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

6,374

US. Corporations

Millions of dollars
2003
Type of issue, offering,
or issuer

2001

2002

2004

2003
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1 All issues'

1,543,981

1,432,548

1,819,401

123,727

174,321

146,965

162,527

139,428

150,136

173,157

192,848

2 Bonds2

1,415,427

1,322,113

1,692,260

114,045

159,112

137,298

145,558

126,270

136,400

151,062

175,433

1,359,039
56,389

1,235,868
86,246

1,579,311
112,949

107,570
6,475

144,129
14,984

125,950
11,349

135,493
10,065

119,516
6,753

122,499
13,902

135,866
15,196

160,257
15,176

24,415

18,870

24,790

1,636

1,634

1,603

2,271

2,684

n.a.

n.a.

n.a.

459,610
955,817

282,484
1,039,629

362,340
1,329,920

17,937
96,108

32,248
126,864

29,058
108,240

22,877
122,680

25,365
100,904

22,542
113,858

17,907
133,155

36,881
138,552

230,049

170,904

185,964

9,682

15,209

9,667

16,969

13,158

13,736

22,095

17,415

128,554
101,495

110,435
60,469

127,141
58,823

9,682
n.a.

15,209
n.a.

9,667
n.a.

16,969
n.a.

13,158
n.a.

13,736
n.a.

22,095
n.a.

17,415
n.a.

77,577
50,977

62,115
48,320

44,389
82,752

1,988
7,694

6,474
8,735

3,748
5,919

8,233
8,736

3,694
9,464

4,900
8,836

6,296
15,799

9,368
8,047

By type of offering
3 Sold in the United States
MEMO

5 Private placements, domestic
By industry group

8 Stocks3
By type of offering
9 Public
10 Private placement4
By industry group

1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data
include ownership securities issued by limited partnerships.

2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data for private placements are not available at a monthly frequency.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.

30
1.47

Federal Reserve Bulletin Statistical Supplement • July 2004
OPEN-END INVESTMENT COMPANIES

Net Sales and Assets1

Millions of dollars
2003
Item

2002

2004

2003'
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1,823,569

4 Assets
5 Cash5
6 Other

147,682

125,127

149,600

181,507

144,567

163,224

151,920

123,556
15,123

119,565
28,117

109,819
15,308

135,040
14,560

133,323
48,184

111,818
32,749

134,653
28,571

132,171
19,749

5,362,397

4,847,937

5,072,817

5,162,420

5,362,397

5,502,747

5,617,297

5,622,686

5,510,446

208,450
3,910,476

4

138,679

1,495,232
216,251

4,118,926

3 Net sales

1,711,483

1,702,368
121,201

3

258,594
5,103,803

231,571
4,616,366

245,016
4,827,801

261,641
4,900,779

258,594
5,103,803

271,952
5,230,795

277,245
5,340,052

260,275
5,362,411

267,217
5,243,229

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
2003

2002
Q3

Q4

Ql

Q2

2004
Q3

Q4

Ql

ASSETS

950.2
341.9
447.0
161.3

9 Total assets

951.2
321.4
455.3
174.5

943.2
315.4
453.9
173.9

960.6
321.4
455.8
183.4

1,000.0
359.7
445.6
194.7

1,022.2
365.8
457.4
198.9

1,056.0
374.2
475.6
206.2

60.6
21 0

57.0
23 8

50.6
24 5

58.0
22 0

57.0
23 8

53.2
23 6

52.9
24 0

51.8
24 4

50.6
24 5

49.7
24 0

870.3
586.4

947.1
751.8

869.2
560.4

870.3
586.4

866.4
604.7

883.7
653.0

923.8
717.2

947.1
751.8

982.4
749.9

1,393.4

8 All other

949.2
338.2
445.5
165.5

868.5
524.9

Reserves for unearned income

1,022.2
365.8
457.4
198.9

1,456.8

1,698.9

1,429.6

1,456.8

1,471.1

1,536.8

1,641.0

1,698.9

1,732.2

50.8
158 6

5 LESS:

951.2
321.4
455.3
174.5

48.0
141 5

56.2
136 3

74.9
143 1

48.0
141 5

47.3
127 3

53.2
145 3

57.6
132 9

56.2
136 3

60.5
138 8

99.2
569.9
326.2
188.8

88.2
631.9
339.8
207.3

99.8
746.2
424.2
236.3

82.9
590.0
344.3
194.4

88.2
631.9
339.8
207.3

87.2
645.4
343.6
220.3

96.0
672.5
358.2
211.5

95.8
705.8
422.4
226.5

99.8
746.2
424.2
236.3

104.0
761.8
433.7
233.5

1,393.4

1,456.8

1,698.9

1,429.6

1,456.8

1,471.1

1,536.8

1,641.0

1,698.9

1,732.2

LIABILITIES AND CAPITAL

Debt

15 Capital, surplus, and undivided profits
16 Total liabilities and capital

Note. Some of the data presented in the table is available in the the Board's monthly G.20
(422) statistical release, which is available at: www.federalreserve.gov/releases.
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.

2. Before deduction for unearned income and losses. Excludes pools of securitized assets.

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

31

Owned and Managed Receivables1

Billions of dollars, amounts outstanding

Type of credit

Seasonally adjusted
1 Total
2
3
4

Consumer . .
Real estate .
Business . . .

r,248.7

r,277.5

M33.3

515.2
207.7
525.8

519.1
217.4
541.0

542.5
239.6
551.2

r,333.8
544.1
238.0
550.0

r,333.3

538.2
240.9
554.7

542.5
239.6
551.2

548.6
243.7
545.3

r,356.4
546.0
246.0
555.5

549.0
243.8
563.6

Not seasonally adjusted
r, 284.3
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
29
30
31
32
33
34
35
36

Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
Securitized assets4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables6 . . . .
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6 . .

r,340.4

l,329.r

r,333.8

r,340.4

1,338.7

519.7
173.9
103.5
31.5
32.7

523.9
160.2
83.3
38.9
38.7

547.7
197.0
70.0
37.6
60.9

544.4
198.4
73.2
37.7
53.8

543.1
195.2
70.0
40.0
57.2

547.7
197.0
70.0
37.6
60.9

549.4
199.0
68.9
39.3
63.9

545.3
201.2

131.9
6.8
25.0
14.3
207.7
120.1
41.2

151.9
5.7
31.1
14.0
217.4
135.0
39.5

132.8
5.5
31.6
12.2
239.6
152.2

134.5
5.7
28.7
12.4
238.0
152.9

132.8
5.5
31.6
12.2
239.6
152.2

129.8
5.5
31.1
12.0
243.7
156.5

126.2
5.4

46.7

46.0

133.2
5.6
29.4
12.4
240.9
154.7
47.2

46.7

46.8

40.7
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5

39.7
3.2
543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5

36.9
3.8
553.1
74.9
18.2
40.3
16.3

37.2
1.8
549.8
74.8
18.2
40.3
16.3
277.3
74.5
202.9
104.2

36.9
3.8
553.1
74.9
18.2
40.3
16.3

203.1
105.0

37.4
1.8
546.7
62.1
16.1
32.8
13.2
279.3
73.7
205.6
112.2

203.1
105.0

36.6
3.8
545.5
72.4
17.5
38.7
16.3
272.4
74.3
198.1
103.5

50.1
5.1
42.5
2.5
23.2

50.2
2.4
45.9
1.9
20.2
13.0
7.2
17.4

48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1

47.2
2.2
42.8
2.1
22.5
13.1
9.5
23.4

47.2
2.2
42.8
2.1

48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1

50.5
2.2
46.2
2.1
21.7
12.1
9.6
25.0

16.4
6.8
7.7

NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,
available at: www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown

277.6
74.6

13.0
9.4
23.8

277.6
74.6

r,358.3

67.6
38.3
64.2

30.6

11.7
246.0

158.7
47.0

545.1
202.4
66.6
37.6
67.2
122.8
5.3
31.5
11.6
243.8
159.5
46.7

198.1
108.2

36.1
1.5
569.5
88.8
16.6
48.1
24.1
275.2
75.7
199.5
111.6

51.0
2.2
46.7
2.1
21.5
12.0
9.5
25.1

48.4
2.2
44.1
2.1
20.1
11.6
8.5
25.4

36.4
3.8

554.5
75.9
17.0
42.7
16.3
272.8
74.6

before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers, that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.

32
1.53

Federal Reserve Bulletin Statistical Supplement • July 2004
MORTGAGE MARKETS

Mortgages on New Homes

Millions of dollars except as noted

Apr.
Terms and yields in primary and secondary markets
PRIMARY MARKETS

1
2
3
4
5

Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2

Yield {percent per year)
6 Contract rate1
7 Effective rate1'3
8 Contract rate (HUD series)4

245.0
184.2
77.3
28.8
.67

261.1
197.0
77.8
28.9
.62

6.90
7.00

275.9
206.3
77.6

263.2
199.0
78.1
29.2
.54

288.0
211.0
75.6
28.6
.59

283.9
198.7
72.9
28.0
.45

292.9
213.6
75.5

5.82
5.92

5.49
5.59
n.a.

5.40
5.48

5.63
5.72
n.a.

5.36
5.42
n.a.

5.42
5.49
n.a.

n.a.
5.81

n.a.
5.21

n.a.
5.16

n.a.
5.07

n.a.
5.02

n.a.
4.80

n.a.
5.25

273.7
200.8
75.8
28.5
.62

284.6

5.83
5.92
n.a.

6.35
6.44
n.a.

n.a.
6.36

272.1
205.3
77.9
28.7
.61

n.a.
5.27

214.5
78.0
29.0
.69

SECONDARY MARKETS

Yield (percent per year)
9 FHA mortgages (section 203)5 ..
10 GNMA securities6

n.a.
5.03

Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
11 Total
12 FHA/VA insured
13 Conventional

707,015
n.a.
n.a.

794,253
n.a.
n.a.

898,438
n.a.
n.a.

912,658
n.a.
n.a.

906,380
n.a.
n.a.

898,438
n.a.
n.a.

886,665
n.a.
n.a.

882,108
n.a.
n.a.

880,911
n.a.
n.a.

n.a.
n.a.

304,084
7,586

400,327
12,268

522,083
33,010

17,455
5,142

14,390
1,286

11,562
3,506

13,814
2,118

13,685
1,109

30,162
751

n.a.
n.a.

Mortgage holdings (end of period)*
17 Total
18 FHA/VA insured
19 Conventional

491,719
3,506
488,213

568,173
4,573
563,600

644,436
n.a.
n.a.

655,458
n.a.
n.a.

646,636
n.a.
n.a.

644,436
n.a.
n.a.

639,630
n.a.
n.a.

637,004
n.a.
n.a.

635,565
n.a.
n.a.

631,452
n.a.
n.a.

Mortgage transactions (duringperiod)
20 Purchases
21 Sales

n.a.
389,611

n.a.
547,046

n.a.
713,260

n.a.
69,868

n.a.
39,028

n.a.
33,871

n.a.
31,653

n.a.
26,368

32,651

n.a.
38,219

22 Mortgage commitments contracted (during period)9

417,434

620,981

14 Mortgage transactions purchased (during period)
Mortgage commitments (duringperiod)
15 Issued7
16 To sell8
FEDERAL HOME LOAN MORTGAGE CORPORATION

1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end often years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.

6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.

Real Estate
1.54

33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period

Type of holder and property
Ql

Q2

Q3

Q4

Q1P

6,821,085

7,508,807

8,354,897

8,579,714

8,872,300

9,140,192

9,366,364

9,617,452

By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm

5,142,520
400,837
1,168,871
108,858

5,664,656
445,830
1,281,986
116,336

1,387,901
124,759

6,546,23 1
497,045
1,409,435
127,003

6,788,639
510,506
1,444,000
129,155

7,005,122
523,861
1,480,832
130,377

7,171,193
544,167
1,518,855
132,149

7,375,999
550,707
1,556,744
134,001

By type of holder
6 Major financial institutions
Commercial banks2
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Savings institutions3
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Life insurance companies .
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm

2,618,969
1,660,054
965,635
77,803
582,577
34,039
722,974
594,221
61,258
66,965
529
235,941
4,903
33,681
183,757
13,600

2,791,076
1,789,819
1,023,851
84,851
645,619
35,498
758,236
620,579
64,592
72,534
531
243,021
4,931
35,631
188,376
14,083

3,089,824
2,058,426
1,222,056
94,178
704,167
38,025
781,378
631,392
68,679
80,730
577
250,019
4,657
36,816
195,040
13,506

3,166,373
2,099,352
1,244,823
96,830
718,996
38,704
815,873
662,858
69,757
82,669
589
251,148
3,985
36,958
196,142
14,063

3,280,858
2,192,983
1,320,685
100,130
732,508
39,660
833,625
676,163
72,715
84,152
595
254,251
3,839
37,567
199,368
13,477

3,373,077
2,263,880
1,368,871
102,841
751,963
40,205
852,054
690,404
74,928
86,095
626
257,143
3,805
38,026
201,795
13,517

3,387,418
2,256,245
1,346,985
104,901
763,710
40,649

632
260,289
4,603
38,293
203,208
14,185

3,518,526
2,329,530
1,394,676
107,689
785,731
41,434
927,465
753,797
81,617
91,416
636
261,531
4,703
38,460
204,083
14,285

341,110
6

372,689

455,076
6
6
0

165,598
155,060
10,538
40,885
2,406
38,479
62,792
40,309
22,483

432,790
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
185,797
172,226
13,571
46,257
2,722
43,535
63,887
35,851
28,036

14,652
11,654
40,093
3,590
3,824
1,255
2,569
0
0
0
0
0
118
19
23
76
0
195,633
180,829
14,804
46,974
2,764
44,210
63,858
35,824
28,034

489,252
7
7
0
69,930
14,413
11,641
40,352
3,525
4,006
1,247
2,760
0
0
0
0
0
47
8
9
30
0
211,146
195,079
16,067
48,490
2,853
45,637
65,249
36,605
28,644

524,068
52
52
0
69,474
14,127
11,632
40,161
3,554
4,061
1,285
2,776
0
0
0
0
0
24
4
5
15
0
232,415
214,734
17,681
48,852
2,874
45,978
61,080
34,266
26,814

535,647
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
2,887
0
0
0
0
0
23
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
59,776
33,534
26,242

541,943
48
48
0
71,271
13,820
11,588
42,476
3,387
4,460
1,315
3,144
0
0
0
0
0
37
6
7
24
0
240,710
220,33 1
20,379
50,007
2,942
47,065
60,324
33,842
26,482

3,159,055
611,553
592,624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
667,442
432,831
47,529
187,082

3,614,388
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
784,260
505,006
53,537
225,717
0

4,032,600
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
874,364
563,181
59,034
252,149
0

4,148,466
515,815
489,056
26,759
1,073,016
1,064,114
8,902
1,637,474
1,576,495
60,979
0
0
0
0
0
922,161
606,331
59,638
256,192
0

4,262,763
487,753
460,254
27,499
1,051,141
1,042,417
8,724
1,749,896
1,687,263
62,633
0
0
0
0
0
973,973
642,188
61,684
270,101
0

4,370,225
472,899
444,799
28,100
1,095,873
1,086,777
9,096
1,801,528
1,733,853
67,675
0
0
0
0
0
999,925
656,415
63,699
279,811
0

4,546,959
473,815
444,897
28,918
1,157,186
1,147,581
9,605
1,857,045
1,780,884
76,161
0
0
0
0
0
1,058,913
696,077
67,137
295,699
0

4,636,464
464,476
438,470
26,007
1,166,709
1,157,025
9,684
1,878,030
1,802,301
75,729
0
0
0
0
0
1,127,249
754,707
68,789
303,753
0

701,951
496,523
75,685
107,391
22,352

730,653
519,408
78,687
108,767
23,792

799,682
580,799
79,783
113,685
25,415

809,799
588,614
80,070
115,268
25,847

839,426
615,302
80,373
117,490
26,262

872,822
644,802
80,533
120,991
26,497

896,341
661,898
80,794
126,810
26,838

920,519
682,980
81,083
129,261
27,195

1 All holders
2
3
4
5

Federal and related agencies
Government National Mortgage Association
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Housing Admin, and Dept. of Veterans Affairs
One- to four-family
Multifamily
Resolution Trust Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Deposit Insurance Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal National Mortgage Association
One- to four-family
Multifamily
Federal Land Banks
One- to four-family
Farm
Federal Home Loan Mortgage Corporation
One- to four-family
Multifamily
53 Mortgage pools or trusts5
54
Government National Mortgage Association
One- to four-family
Multifamily
Federal Home Loan Mortgage Corporation
One- to four-family
Multifamily
Federal National Mortgage Association
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Private mortgage conduits
One- to four-family6
Multifamily
Nonfarm, nonresidential
Farm
73 Individuals and others7 . . .
74
One- to four-family . . . .
75 Multifamily
76
Nonfarm, nonresidential
77
Farm

0
72,452
15,824
11,712
40,965
3,952
3,290
1,260
2,031
0
0
0
0
0
13

73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
45
7
9
29
0
152,511
144,150
8,361
36,326
2,137
34,189
59,240
42,871
16,369

3

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.

703,374
77,994

6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE. Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 69 from Inside Mortgage Securities and other sources.

34

Federal Reserve Bulletin Statistical Supplement • July 2004
CONSUMERCREDIT1

1.55

Millions of dollars, amounts outstanding, end of period
2003
Holder and type of credit

2001

2002

2004

2003
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Seasonally adjusted
1 Total

1,828,774'

1,904,978'

1,986,676'

1,982,720'

1,982,117'

1,986,676'

2,012,819'

2,012,980'

2,017,747

2 Revolving
3 Nonrevolving2

708,917'
1,119,857'

719,116'
1,185,861'

734,070'
1,252,605'

733,056'
1,249,664'

735,811'
1,246,306'

734,070'
1,252,605'

746,227'
1,266,593'

745,631'
1,267,349'

744,336
1,273,411

Not seasonally adjusted
4 Total

1,865,188'

1,942,565'

2,025,536'

1,987,211'

1,993,295'

2,025,536'

2,020,332'

2,004,837'

2,005,285

By major holder
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets3

558,421
238,133
189,570
119,521
71,100'
88,759'
599,684

587,165
237,790
195,744
129,576
68,705'
86,503'
637,082

636,432
295,424
205,877
114,629
77,850'
70,339'
624,986'

588,978
289,991
204,098
120,319
74,435'
72,317'
637,072

620,202
292,440
204,437
117,402
76,115'
63,574'
619,125'

636,432
295,424
205,877
114,629
77,850'
70,339'
624,986'

636,669
302,161
206,289
115,631
79,085'
60,765'
619,733'

628,633
303,714
205,949
114,167
80,240'
59,440'
612,694'

624,703
307,200
207,681
109,816
81,475
62,051
612,360

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

736,954'
224,878
31,538
22,265
n.a.
17,941'
50,595'
389,737

747,520'
230,990
38,948
22,228
n.a.
16,260'
48,831'
390,263

763,065'
260,061
37,576
22,410
n.a.
23,848'
26,494'
392,676'

728,779'
211,346
37,703
21,261
n.a.
20,982'
33,607'
403,881

737,584'
244,872
39,967
21,379
n.a.
22,391'
22,883'
386,091'

763,065'
260,061
37,576
22,410
n.a.
23,848'
26,494'
392,676'

746,522'
251,910
39,276
21,999
n.a.
23,196'
18,258'
391,882'

736,534'
248,039
38,323
21,535
n.a.
22,586'
17,787'
388,265'

736,380
243,281
37,587
21,537
n.a.
21,934
20,720
391,320

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

1 128 234'
333,543
206,595
167,305
119,521
53,159'
38,165
209,947

1,195,045'
356,175
198,842
173,516
129,576
52,445'
37,673
246,819

1,262,471'
376,371
257,847
183,467
114,629
54,002'
43,845
232,310

1,258,431'
377,632
252,289
182,837
120,319
53,454'
38,710
233,191

1,255,711'
375,330
252,473
183,058
117,402
53,723'
40,691
233,034

1,262,471'
376,371
257,847
183,467
114,629
54,002'
43,845
232,310

1,273,810'
384,759
262,885
184,290
115,631
55,889'
42,506
227,851

1,268,303'
380,594
265,391
184,414
114,167
57,654'
41,653
224,429

1,268,905
381,422
269,613
186,144
109,816
59,541
41,330
221,039

5
6
7
8
9
10
11

1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board's G.19 (421) monthly statistical release, available at: www.federalreserve.gov/
releases.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.

1.56

3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.

TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2003
Item

2001

2002

2004

2003
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

INTEREST RATES

Commercial banks
1 48-month new car
2 24-month personal

8.50

7.62
12.54

6.93
11.95

n.a.
n.a.

n.a.
n.a.

6.82
11.97

n.a.
n.a.

n.a.
n.a.

6.72
11.88

n.a.
n.a.

14.89
14.44

13.42
13.09

12.74
12.92

n.a.
n.a.

n.a.
n.a.

12.36
12.91

n.a.
n.a.

n.a.
n.a.

12.66
12.41

n.a.
n.a.

5.65
12 18

4.29
10 74

3.40
9 72

3.81
9 36

3.92
9 17

3.93
9 08

3.56
9 18

3.20
9 22

3.00
9 29

3.51
9 14

55.1
57 5

56.8
57 5

61.4
57 5

63.2
57 8

63.5
57 5

62.9
57 1

61.3
56 2

59.9
56 4

59.6
56 6

59.5
56 7

91
100

94
100

95
100

94
101

94
101

94
100

94
100

94
99

94
99

93
100

22,822
14,416

24,747
14,532

26,295
14,613

25,663
14,708

26,067
14,904

26,306
14,951

27,105
14,949

27,240
14,535

26,296
14,434

25,873
14,599

Credit card plan
4 Accounts assessed interest
Auto finance companies

OTHER TERMS3

Maturity (months)

Loan-to-value ratio
9 New car
Amount financed (dollars)

1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release, available at: www.federalreserve.gov/releases.

2. Data are available for only the second month of each quarter.
3. At auto finance companies.

Flow of Funds
1.57

35

FUNDS RAISED INU.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates

Transaction category or sector
Q3

Q4

Ql

Q2

Q3

Q4

Ql

Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
5 Nonfederal

1,033.7

1,024.6

844.2

1,128.5

1,339.5

1,223.2

1,587.2

1,427.7

2,357.1

1,544.2

1,412.4

1,927.3

52.6
54.6
2.0

71.2
71.0

295.9
294.9
1.0

5.6
5.0
.5

257.5
257.0
.5

261.5
259.9
1.6

244.4
244.0
.4

164.2
165.8
1.6

749.0
748.5
.5

317.5
317.5
.1

353.4
362.0
8.6

466.0
465.0

•2

1,086.4

1,095.8

1,140.1

1,134.1

1,082.0

961.8

1,342.8

1,263.4

1,608.1

1,226.6

1,059.1

1.1

6
7
8
9
10
11
12
13
14
15
16

By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

24.4
84.2
235.2
109.8
68.5
467.5
366.6
23.1
71.3
6.5
96.8

37.4
54.4
221.7
82.9
26.1
561.2
421.4
35.4
98.7
5.8
112.1

48.1
23.6
162.6
101.8
79.6
559.2
415.0
30.1
107.5
6.5
165.2

88.3
122.9
348.5
82.0
8.9
686.4
522.1
44.6
112.2
7.5
137.7

64.2
159.4
132.3
87.1
20.1
840.1
688.6
41.2
101.8
8.4
81.4

17.4
160.0
20.3
106.2
39.8
826.0
682.3
31.1
99.6
13.0
79.9

13.2
215.4
99.8
28.4
34.3
1,008.7
829.1
65.6
109.2
4.7
26.2

9.3
103.5
186.8
83.1
24.1
1,006.3
854.2
33.4
110.0
8.7
83.4

81.4
194.7
297.0
43.3
17.7
1,102.9
908.4
52.9
133.1
8.5
120.6

4.8
112.3
96.1
105.2
26.4
1,026.1
823.6
50.8
146.3
5.4
118.9

74.3
131.2
69.7
93.9
74.0
895.8
685.7
78.9
124.1
7.1
56.6

34.4
170.1
103.4
47.7
18.8
1,096.3
904.7
20.9

17
18
19
20
21
22

By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

436.2
582.5
392.4
179.9
10.1
67.7

489.9
567.3
372.5
190.2
4.6
38.5

563.7
560.9
357.2
192.9
10.9
15.5

634.3
394.0
227.3
156.4
10.3
105.8

740.3
197.8
40.9
148.3
8.6
143.9

689.5
126.8
25.3
138.0
14.1
145.5

863.4
288.1
107.3
178.4
2.3
191.4

908.8
272.8
166.0
104.5
2.3
81.9

1,005.2
422.0
278.7
134.2
9.0
180.9

903.9
231.1
72.1
148.5
10.6
91.6

659.9
282.9
105.9
170.7
6.3
116.2

1,008.2
303.3
187.6
115.5

31.2
7.8
22.8
6.6
6.0

13.0
16.3
1.9
.5
5.7

57.0
31.7
15.2
11.4
1.3

49.7
14.2
24.5
7.3
3.8

5.9
36.1
33.5
5.3
2.1

45.9
3.9
35.3
11.7
2.9

1.0
37.3
30.1
2.9
3.3

19.3
52.0
28.9
4.0
.2

63.5
72.9
102.2
31.4
2.7

61.6
56.0
5.5
5.3
5.3

46.3
20.2
27.9
.7
1.1

100.1
22.5
8.0
1.1

1,065.0

1,037.5

901.2

1,078.8

1,345.3

1,177.3

1,588.2

1,447.0

2,293.6

1,482.6

1,458.7

1,995.7

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

163.8

7.1
123.4

149.7
68.4

Financial sectors
29 Total net borrowing by financial sectors . . .
30
31
32
33

By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government

34 Private
35
Open market paper
36
Corporate bonds
37
Bank loans n.e.c
38
Other loans and advances
39
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51

By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs) . . . .
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations

1,063.1

1,052.8

802.8

895.7

847.3

741.3

948.6

1,078.9

775.2

1,048.7

970.9

470.9
278.3
192.6
.0

592.0
318.2
273.8
.0

433.5
234.1
199.4
.0

629.3
290.8
338.5
.0

554.0
225.9
328.1
.0

425.6
249.1
176.5
.0

603.3
321.5
281.8
.0

478.9
195.4
283.5
.0

445.9
199.9
246.0
.0

770.7
437.5
333.1
.0

556.4
99.8
456.6
.0

131.2
36.1
95.1

592.2
161.0
287.7
28.5
90.2
24.8

460.8
176.2
186.8
14.4
107.1
5.1

369.3
131.7
189.3
.4
42.5
6.2

266.4
45.3
262.4
13.1
34.9
1.3

293.3
63.5
333.1
1.1
16.6
5.9

315.6
32.7
144.5
76.2
57.0
5.3

345.3
83.9
546.2
103.7
18.1
4.7

600.1
1.3
529.2
35.3
108.4
3.5

329.3
67.5
379.8
15.4
1.7
3.3

278.0
30.4
316.2
13.4
28.9
7.8

414.5
158.6
559.9
14.7
20.9
6.9

674.5
187.4
329.9
31.5
109.0

72.9
52.2

67.2
48.0
2.2
.7
318.2
273.8
191.5
70.7
.0
6.3
17.2
91.5

60.0
27.3
.0
.7
234.1
199.4
183.0
81.9
.0
2.7
15.6
.4

52.9
7.4
1.5
.6
290.8
338.5
254.0
1.3
.0
2.5
1.4
55.2

49.9
13.7
2.0
2.0
225.9
328.1
193.5
42.2
.0
19.8
1.7
.6

68.7
15.8
3.1
2.0
249.1
176.5
123.6
79.5
.0
27.7
15.2
20.0

82.3
29.6
.4
2.5
321.5
281.8
263.4
27.6
.0
18.6
24.0
4.0

78.6
48.8
2.8
4.4
195.4
283.5
273.6
35.0
.0
17.5
38.4
101.0

30.5
25.6
1.6
1.5
199.9
246.0
227.9
188.8
.0
12.9
16.2
92.0

1.8
28.4
3.3
3.1
437.5
333.1
169.9
101.6
.0
36.4
9.9
19.5

86.3
2.9
1.0
2.5
99.8
456.6
149.5
143.8
.0
28.2
6.6
6.9

186.0
28.0
2.7

.6
.7
278.3

192.6
298.9
57.1
.0
62.7
7.2
40.0

16.7

.1
36.1
95.1
135.2
133.7
.0
54.2
51.9
87.9

36
1.57

Federal Reserve Bulletin Statistical Supplement • July 2004
FUNDS RAISED INU.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates

Transaction category or sector
Q3

Q4

Ql

Q2

Q3

Q4

52 Total net borrowing, all sectors

128.1

2,090.3

1,704.0

1,974.5

2,192.6

1,918.5

2,536.8

2,526.0

3,068.8

2,531.3

2,429.6

2,801.5

53
54
55
56
57
58
59
60

193.1
418.3
84.2
545.7
145.0
152.7
492.3
96.8

229.9
520.7
54.4
410.4
69.0
127.5
566.3
112.1

211.6
137.6
23.6
367.0
112.8
120.8
565.4
165.2

147.8
623.8
122.9
586.4
76.2
40.0
687.7
137.7

91.5
811.5
159.4
431.9
80.6
34.6
846.0
81.4

19.2
687.1
160.0
88.9
41.7
93.9
831.2
79.9

59.8
847.7
215.4
615.9
134.9
12.9
1,013.3
26.2

44.1
643.1
103.5
687.0
122.4
84.6
1,002.8
83.4

76.0
1,194.9
194.7
574.5
59.3
13.2
1,106.2
120.6

81.6
1,088.2
112.3
406.8
86.5
60.6
1,033.8
118.9

212.7
909.8
131.2
657.5
109.3
93.8
902.8
56.6

322.0
597.3
170.1
410.8
24.2
89.1
1,113.0
123.4

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

Funds raised through mutual funds and corporate equities
61 Total net issues

166.2

192.7

244.7

300.2

229.5

58.3

287.2

287.5

437.2

422.9

391.1

480.9

62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
65 Financial corporations
66 Mutual fund shares

113.3
215.5
01.4
.9
279.5

1.5
110.4
114.3
2.4
191.2

5.3
118.2
106.7
16.8
239.4

99.0
47.4
109.1
37.3
201.2

47.1
41.6
17.7
71.0
182.4

120.2
140.8
51.3
71.8
61.9

87.8
30.5
51.6
66.7
199.5

112.1
67.0
137.5
41.5
175.5

107.6
50.2
67.6
90.2
329.6

127.9
44.9
120.0
52.8
295.0

38.8
67.0
40.2
65.7
352.2

64.1
104.0
78.2
89.9
416.9

1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.2 through F4, available at: www.federalreserve.gov/releases.

Flow of Funds
1.58

37

SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates

Transaction category or sector
Q3

Q4

Ql

Q2

Q3

Q4

Ql

NET LENDING IN CREDIT MARKETS
2,090.3

1,704.0

1,974.5

2,192.6

1,918.5

2,536.8

2,526.0

3,068.8

2,531.3

2,429.6

2,801.5

238.6
105.5
14.7
13.3
134.5
11.6
172.5
,705.4
21.1
305.6
312.1
11.6
.9
6.0
36.2
18.9
12.8
76.9
5.8
26.1
72.1
244.0
127.3
4.9
313.8
192.6
259.2
77.3
.0
5.1
6.8
15.8

125.3
118.3
18.5
2.9
28.4
6.4
139.7
1,818.9
25.7
312.2
318.6
17.0
6.2
4.4
67.7
27.5
27.8
53.5
3.0
99.3
46.9
182.0
48.4
9.6
291.2
273.8
173.4
97.1
.0
2.6
34.7
120.2

79.7
88.3
25.1
1.3
17.8
11.6
225.9
1,546.2
33.7
357.9
339.5
23.9
12.2
6.7
56.2
28.0
.8
57.9
8.7
3.8
54.6
143.0
20.9
5.6
253.6
199.4
153.2
108.6
.0
7.1
68.9
24.9

31.6
101.9
2.6
7.1
60.6
6.0
319.8
1,680.3
39.9
205.2
191.6
.6
4.2
10.0
42.8
41.5
28.1
130.9
9.0
15.8
17.7
246.0
126.1
3.2
307.8
338.5
227.9
4.8
.0
6.7
92.4

8.9
61.7
23.3
3.7
25.8
9.8
439.1
1,752.7
77.7
404.4
393.8
6.2
3.1
1.3
35.4
42.7
.9
233.0
39.9
21.1
14.1
25.3
144.2
8.6
210.9
328.1
170.8
21.2
.0
23.1
28.4
43.1

254.4
306.1
23.7
2.8
25.1
31.1
466.0
1,675.9
76.5
592.8
559.3
31.2
1.6
4.0
65.0
6.5
.8
271.4
21.7
30.2
10.4
92.4
155.2
3.1
190.6
176.5
101.0
69.3
.0
27.7
181.9
145.3

56.3
1.1
20.6
4.0
32.8
2.4
432.6
2,045.5
107.3
460.8
501.7
30.9
10.2
76.2
43.1
.8
166.2
65.6
5.2
50.7
264.9
122.9
17.8
270.7
281.8
241.7
9.9
.0
6.7
140.8
308.1

133.8
87.9
35.5
.2
81.2
17.4
398.1
2,279.1
23.7
351.5
327.1
4.4
20.8
.7
195.0
44.2
2.7
308.2
56.2
7.3
.1
164.3
215.6
26.1
313.4
283.5
249.8
.4
.0
8.6
65.9
287.3

92.1
14.3
49.6
4.1
52.7
8.4
738.0
2,247.0
36.3
613.9
540.3
17.1
39.7
16.8
95.3
75.9
2.5
236.8
49.7
24.3
22.4
251.1
249.9
60.1
122.3
246.0
207.3
59.5
.0
31.0
85.2
50.0

524.6
477.3
16.4
.8
30.0
20.1
274.4
1,712.2
39.8
2.1
116.5
113.2
26.1
20.6
62.3
87.2
2.5
116.4
68.7
11.8
11.4
242.9
15.2
42.5
636.8
333.1
149.9
180.4
.0
18.6
24.0
214.7

347.1
332.6
45.9
.9
59.4
4.8
668.4
1,418.9
49.2
237.4
309.1
80.4
.2
8.4
152.5
4.6
2.0
122.3
88.4
3.3
18.3
296.5
100.6
16.1
40.1
456.6
130.1
97.5
.0
26.2
313.9
40.9

320.0
21.5
.1
9.1
6.6
1,155.0
1,929.2
1.8
818.1
784.5
20.0
1.2
12.5
234.8
43.3
12.9
130.8
43.2
43.8
4.6
274.0
198.2
8.8
14.5
95.1
116.5
175.7
.0
58.3
175.0
371.8

2,128.1

2,090.3

1,704.0

1,974.5

2,192.6

1,918.5

2,536.8

2,526.0

3,068.8

2,531.3

2,429.6

2,801.5

.6
6.5
31.8
47.3
152.4
91.8
287.2
91.3
113.3
279.5
115.5
103.2
48.0
216.9
14.7
46.1
78.8
969.0

8.7
3.0
1.0
61.1
15.0
151.2
45.1
131.1
249.1
169.8
1.5
191.2
262.5
104.4
50.8
127.3
22.9
8.1
79.3
1,125.0

.4
4.0
2.4
134.2
15.1
71.4
188.8
116.2
233.3
113.2
5.3
239.4
402.3
146.1
50.2
174.5
25.9
56.6
9.6
1,404.0

4.3
.0
1.3
30.7
28.0
204.3
267.2
68.6
428.6
22.3
99.0
201.2
77.6
3.1
77.2
183.4
14.5
59.9
24.9
628.0

9.9
.0
1.0
23.9
17.3
43.5
271.1
50.4
16.8
105.0
47.1
182.4
27.4
87.0
60.1
209.3
28.9
2.4
55.6
457.9

24.6
.0
2.4
53.0
28.5
178.6
309.5
26.5
124.0
122.4
120.2
61.9
22.0
62.4
277.9
67.7
2.1
95.9
1,069.6

4.9
.0
.0
20.3
132.9
39.7
258.1
120.9
201.5
2.1
87.8
199.5
105.5
46.1
54.2
242.1
5.1
1.3
44.8
268.3

4.9
.0
.6
16.9
12.6
220.2
258.9
176.5
394.5
39.6
112.1
175.5
106.4
220.6
73.8
212.0
73.6
26.6
42.5
930.0

.6
.0
1.6
159.7
180.2
79.7
456.8
49.1
213.8
526.2
107.6
329.6
216.9
698.8
56.9
218.0
35.0
26.4
2.0
445.4

7.1
.0
.1
297.2
102.5
110.9
84.4
22.0
223.1
126.2
127.9
295.0
200.9
108.4
44.7
221.6
26.4
38.1
1,788.5

8.2
.0
.0
71.3
47.4
51.9
118.0
44.6
427.7
597.1
38.8
352.2
214.4
281.1
39.4
321.0
13.5
25.5
44.5
169.2

2.3
.0
.8
251.2
166.8
42.3
212.0
320.8
298.9
563.6
64.1
416.9
190.8
283.4
66.9
258.8
64.6
29.8
34.6
1,947.8

4,288.5

4,700.3

4,926.1

4,017.7

3,565.9

3,574.3

4,023.4

4,662.5

6,456.1

4,722.9

3,590.8

6,425.8

.1
8.5
3.8
57.7
20.8
198.8

.7
42.8
.1
31.9
10.8
260.9

1.2
73.5
20.4
112.4
32.6
417.2

.1
11.1
17.2
58.8
24.2
420.2

1.1
39.8
26.4
135.4
23.7
416.4

10.8
32.8
204.7

15.7
42.7

1.1
23.5
1.2
340.4
44.8
236.5

.5
244.2
31.2
334.3
16.7
271.5

296.3
39.2
6.5
10.9
517.4

.7
84.3
60.1
261.7
45.1
607.3

.1
241.6
38.8
86.7
33.1
481.7

2.6
3.1
32.2

7.4
.8
2.9

9.0
1.7
10.8

5.7
4.5
14.6

.1
7.3
10.5

47.1
7.6
15.4

42.1
8.5
53.2

70.5
8.9
12.1

113.0
9.7
28.1

171.4
10.4
20.2

216.1
11.0
28.3

182.7
11.7
11.6

4,446.3

4,887.5

5,084.3

4,419.5

3,455.1

3,664.9

3,650.1

4,900.1

6,294.5

4,649.1

4,191.4

6,186.4

1 Total net lending in credit markets
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government
Rest of the world
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered banks
Foreign banking offices in United States
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local government retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Asset-backed securities issuers (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Netflowsthrough credit markets
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous

55 Total financial sources .
56
57
58
59
60
61

Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements . . . .
Taxes payable
Miscellaneous

Floats not included in assets ( )
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets

1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F. 1 and F.5, available at: www.federalreserve.gov/releases.

18.9
7.1

2. Excludes corporate equities and mutual fund shares.

38

Federal Reserve Bulletin Statistical Supplement • July 2004

1.59

SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period

Transaction category or sector
Q3

Q4

Ql

Q2

Q3

Q4

Ql

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonflnancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages

18,098.8

20,567.4

20,567.4

21,416.6

22,299.2

3,681.0
3,652.7
28.3

3,385.1
3,357.8
27.3

3,379.5
3,352.7

3,637.0
3,609.8
27.3

3,540.8
3,513.6
27.2

3,637.0
3,609.8
27.3

3,700.6
3,673.7

26.8

26.9

3,806.9
3,779.9
27.0

3,914.5
3,887.5
27.0

4,033.1
4,008.2
24.9

4,168.9
4,143.8
25.1

13,562.5

14,713.7

15,848.4

16,930.4

16,562.8

16,930.4

17,177.0

17,609.7

17,914.0

18,266.1

18,556.5

6
7
8
9
10
11
12
13
14
15
16

By instrument
Commercial paper
Municipal securities and loans . . .
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

230.3
1,457.2
2,067.7
1,233.2
852.4
6,179.0
4,727.5
343.3
1,005.8
102.3
1,542.7

278.4
1,480.9
2,230.3
1,335.0
932.1
6,738.2
5,142.5
373.5
1,113.3
108.9
1,719.0

190.1
1,603.7
2,578.8
1,253.5
941.0
7,424.6
5,664.6
418.1
1,225.6
116.3
1,856.7

126.0
1,763.1
2,711.0
1,166.5
961.1
8,264.7
6,353.2
459.3
1,327.4
124.8
1,938.1

142.2
1,706.9
2,686.1
1,162.2
955.9
8,012.3
6,151.1
442.9
1,294.7
123.6
1,897.2

126.0
1,763.1
2,711.0
1,166.5
961.1
8,264.7
6,353.2
459.3
1,327.4
124.8
1,938.1

127.1
1,791.1
2,757.7
1,141.8
957.1
8,490.7
6,546.3
467.6
1,349.7
127.0
1,911.5

107.5
1,850.7
2,832.0
1,128.8
966.7
8,782.7
6,788.9
480.9
1,383.7
129.2
1,941.4

108.4
1,863.5
2,856.0
1,096.5
958.0
9,048.3
7,005.0
493.6
1,419.2
130.4
1,983.3

85.9
1,898.5
2,873.4
1,131.5
971.4
9,272.5
7,171.2
513.3
1,455.8
132.2
2,032.9

95.5
1,943.3
2,899.3
1,116.1
968.0
9,519.6
7,375.9
518.5
1,491.1
134.1
2,014.8

17
18
19
20
21
22

By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

6,439.3
5,946.4
4,181.6
1,595.5
169.3
1,176.9

7,014.1
6,507.3
4,538.8
1,788.4
180.2
1,192.3

7,648.4
6,901.9
4,766.7
1,944.7
190.5
1,298.1

8,388.7
7,099.7
4,807.6
2,093.0
199.1
1,442.0

8,136.2
7,033.6
4,787.3
2,047.9
198.4
1,393.0

8,388.7
7,099.7
4,807.6
2,093.0
199.1
1,442.0

8,544.1
7,166.8
4,849.7
2,119.3
197.8
1,466.1

8,813.1
7,275.7
4,920.2
2,153.2
202.3
1,521.0

9,054.8
7,329.4
4,935.7
2,189.3
204.4
1,529.8

9,281.4
7,425.1
4,986.4
2,232.5
206.2
1,559.6

9,458.8
7,496.7
5,030.8
2,261.6
204.3
1,601.0

709.5

659.7

665.6

665.7

665.6

669.9

653.1

639.4

650.7

667.2

120.9

142.8
409.8

142.8
409.8

155.7
402.5

68.6
44.4

67.6

44.1

173.1
377.0
59.7
43.3

160.4
375.6
61.0
42.4

165.1
382.6
60.9
42.2

190.0
376.9
58.9
41.5

21,233.0

21,547.4

22,069.7

22,467.9

22,949.9

5 Nonfederal

23 Foreign credit market debt held in
United States
24
25
26
27

Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances

28 Total credit market debt owed by nonflnancial
sectors, domestic and foreign

452.5
59.2
51.6

467.7

106.7
443.2

70.5
50.3

63.2
46.6

68.6
44.4

134.0
417.3
69.3
45.1

17,896.0

18,808.3

19,887.7

21,233.0

20,769.3

Financial sectors
29 Total credit market debt owed by
financial sectors
30
31
32
33
34
35
36
37
38
39

By instrument
Federal government-related
Government-sponsored enterprise securities .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

40
41
42
43
44
45
46
47
48
49
50
51
52

By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations

53 Total credit market debt, domestic and foreign
54
55
56
57
58
59
60
61

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

8,370.4
3,884.0
1,591.7
2,292.2
.0
3,679.7
1,082.9
2,032.7
91.5
395.8
76.7

4,317.4
1,825.8
2,491.6
.0
4,053.0
1,214.7

230.0
219.3

266.7

10,523.2

4,944.1
2,114.0
2,830.1
.0
4,319.4
1,169.4
2,488.4
104.2
473.2
84.2

5,498.1
2,339.9
3,158.2
.0
4,612.6
1,105.9
2,821.5
105.3
489.8
90.1

5,344.0
2,259.5
3,084.5
.0
4,480.7
1,075.0
2,695.6
130.3
491.0

5,498.1
2,339.9
3,158.2
.0
4,612.6
1,105.9
2,821.5
105.3
489.8
90.1

296.0
266.1
295.1
4.9
3.1
2,114.0
2,830.1
1,997.8
42.3
779.2
16.0
170.2
448.4

325.6
286.4
281.4
6.9
5.1
2,339.9
3,158.2
2,191.2

318.7
271.8

1,591.7
2,292.2
1,556.8
25.3
696.1
16.0
165.1
504.0

242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,743.8
40.9
778.0
16.0
167.8
503.7

325.6
286.4
281.4
6.9
5.1
2,339.9
3,158.2
2,191.2

821.4
16.0
190.0
447.9

16.0
185.3
421.5

821.4
16.0
190.0
447.9

25,459.6

27,178.7

29,151.2

31,343.7

30,594.1

1,402.4
7,564.9
1,457.2
4,553.0
1,383.8
1,299.9
6,255.7
1,542.7

1,614.0
7,702.5
1,480.9
4,924.0
1,496.6
1,420.7
6,821.1
1,719.0

1,466.2
8,323.6
1,603.7
5,510.5
1,421.0
1,460.7
7,508.8
1,856.7

1,374.7
9,135.1
1,763.1
5,942.3
1,340.4
1,495.3
8,354.8
1,938.1

1,351.2

260.4
3.4
3.2

2,226.0

91.1
438.3
82.9

1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2
through L.4, available at: www.federalreserve.gov/releases.

40.6

286.3
6.8

4.5
2,259.5
3,084.5
2,115.0
46.6
808.0

1,706.9
5,799.0
1,361.7
1,492.0
8,101.2
1,897.2

6,091.3
2,582.1
3,509.2
.0
5,141.5
1,055.0
3,353.3
104.2
531.2
97.9

4,721.6
1,076.5
2,956.5
92.9
506.5
89.2

5,727.5
2,438.7
3,288.8
.0
4,795.7
1,036.5
3,064.1
98.7
506.5
90.1

5,918.4
2,548.1
3,370.3
.0
4,864.5
1,025.7
3,137.9
102.8
506.2
92.0

6,061.1
2,573.0
3,488.0
.0
5,018.1
1,042.1

324.8
302.8
287.2
7.6
6.3
2,388.7
3,226.3

336.8
302.7
277.0
8.0
6.6
2,438.7
3,288.8

2,249.6
50.2
820.0
16.0
194.4

2,307.1

334.0
304.8
277.9
8.8
7.4
2,548.1
3,370.3
2,347.2

356.0
347.7
281.4
8.4
8.1
2,582.1
3,509.2
2,420.0

46.2

48.6

871.0
16.0
197.6

896.3
16.0
206.7

462.7

426.8

416.5

339.5
321.8
280.9
9.1
8.0
2,573.0
3,488.0
2,396.4
47.0
938.7
16.0
213.8
447.0

31,343.7

31,884.1

32,592.9

33,250.7

34,029.1

34,625.5

1,374.7
9,135.1
1,763.1
5,942.3
1,340.4
1,495.3
8,354.8
1,938.1

1,359.2
9,315.6
1,791.1
6,116.8
1,302.3
1,507.6
8,579.9
1,911.5

1,317.1
9,534.4
1,850.7
6,273.0
1,287.2
1,516.4
8,872.7
1,941.4

1,294.5
9,832.9
1,863.5
6,369.4
1,260.3
1,506.6
9,140.3
1,983.3

1,293.1
10,094.1
1,898.5
6,523.8
1,292.4
1,528.0
9,366.2
2,032.9

1,340.4
10,260.2
1,943.3
6,629.5
1,279.1
1,540.7
9,617.5
2,014.8

40.6

5,615.0
2,388.7

11,079.2

3,226.3
.0

3,267.8

100.0
514.5
93.7

60.0

961.1
16.0
227.3
455.5

Flow of Funds
1.60

39

SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1
Billions of dollars except as noted, end of period

Transaction category or sector
Q3

Q4

Ql

Q2

Q3

Q4

Ql

CREDIT MARKET DEBT OUTSTANDING
25,459.6

27,178.7

29,151.2

31,343.7

30,594.1

31,343.7

31,884.1

32,592.9

33,250.7

34,029.1

34,625.5

3,427.0
2,370.3
224.3
64.6
767.8
261.1
2,354.6
19,416.9
478.1
4,648.3
4,080.0
487.4
32.7
48.3
1,032.4
351.7
222.0
1,886.0
518.2
720.4
751.4
1,147.8
1,076.8
110.8
1,543.2
2,292.2
1,360.0
742.6
32.1
42.9
154.7
272.2

3,310.7
2,245.4
249.4
65.9
750.0
272.7
2,621.1
20,974.2
511.8
5,006.3
4,419.5
511.3
20.5
55.0
1,088.6
379.7
222.8
1,943.9
509.4
724.2
806.0
1,290.9
1,097.7
105.3
1,803.9
2,491.6
1,517.2
851.2
32.1
35.8
223.6
297.1

3,265.5
2,129.8
252.1
73.0
810.6
278.7
2,953.7
22,653.3
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,131.4
421.2
194.7
2,074.8
518.4
708.3
788.4
1,536.9
1,223.8
108.5
2,110.0
2,830.1
1,745.1
846.4
32.1
42.5
316.0
217.8

3,212.5
2,024.1
275.4
76.7
836.4
288.5
3,436.8
24,406.0
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
729.5
802.4
1,511.6
1,368.0
117.1
2,320.9
3,158.2
1,915.8
867.6
32.1
65.6
344.4
174.7

3,193.8
2,029.3
260.7
75.7
828.1
287.9
3,293.6
23,818.8
604.2
5,476.2
4,858.4
521.2
27.7

3,212.5
2,024.1
275.4
76.7
836.4
288.5
3,436.8
24,406.0
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
729.5
802.4
1,511.6
1,368.0
117.1
2,320.9
3,158.2
1,915.8
867.6
32.1
65.6
344.4
174.7

3,144.6
1,984.6
266.7
76.6
816.7
284.1
3,535.5
24,919.9
641.5
5,673.6
5,055.6
519.0
33.0
66.1
1,214.4
473.7
194.9
2,377.6
572.3
731.3
802.5
1,485.5
1,415.6
123.6
2,387.0
3,226.3
1,968.2
861.1
32.1
63.5
390.9
215.9

3,181.2
1,991.1
279.8
77.6
832.7
282.0
3,722.5
25,407.3
652.1
5,831.6
5,200.8
517.6
42.9
70.3
1,238.8
495.3
194.3
2,437.4
584.7
737.4
808.1
1,480.3
1,480.9
138.6
2,419.0
3,288.8
2,020.6
883.5
32.1
71.2
341.1
202.4

3,282.6
2,076.6
291.6
77.8
836.7
287.0
3,799.5
25,881.5
656.1
5,832.4
5,230.3
490.3
36.4
75.5
1,261.4
517.7
193.7
2,472.8
601.9
734.4
810.9
1,438.1
1,478.5
149.3
2,583.8
3,370.3
2,055.8
924.2
32.1
75.9
375.0
247.9

3,420.0
2,201.0
289.3
78.1
851.6
285.8
3,956.5
26,366.7
666.7
5,961.5
5,361.7
485.8
36.4
77.6
1,293.1
514.5
193.2
2,503.7
624.0
733.6
815.5
1,398.5
1,505.7
153.3
2,579.0
3,488.0
2,100.1
951.8
32.1
82.4
424.1
277.5

3,286.3
2,077.7
276.0
78.1
854.5
287.5
4,243.6
26,808.1
674.1
6,135.7
5,525.9
492.4
36.7
80.7
1,370.6
524.3
196.4
2,528.6
634.8
744.5
816.6
1,344.7
1,548.6
155.5
2,570.1
3,509.2
2,119.0
989.0
32.1
97.0
412.8
334.4

25,459.6

27,178.7

29,151.2

31,343.7

30,594.1

31,884.1

32,592.9

33,250.7

34,029.1

34,625.5

50.1
6.2
20.9
686.1
202.4
1,484.5
2,671.6
936.4
1,578.8
1,083.6
4,538.5
676.6
783.9
9,095.5
2,345.4
178.9
1,130.4
9,317.7

46.1
2.2
23.2
820.3
221.2
1,413.1
2,860.4
1,052.6
1,812.1
1,196.8
4,435.3
822.7
819.1
9,067.3
2,747.7
204.8
1,095.8
10,523.4

55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,638.4
738.8
920.9
7,980.3
2,697.5
248.1
840.9
11,717.7

53.1
2.2
25.5
869.8
150.7
1,610.7
3,336.8
1,199.9
2,114.8
1,313.7
3,450.5
726.3
902.9
7,694.7
2,664.3
254.2
811.6
12,004.2

55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,638.4
738.8
920.9
7,980.3
2,697.5
248.1
840.9
11,717.7

57.6
2.2
25.6
870.7
175.5
1,680.4
3,502.5
1,209.1
2,156.1
1,323.1
3,587.8
796.6
936.3
7,902.1
2,701.1
271.2
819.6
12,003.4

58.9
2.2
26.0
910.6
123.8
1,703.1
3,575.2
1,222.5
2,120.8
1,450.0
4,071.6
971.9
963.7
8,502.7
2,759.6
276.6
877.0
11,924.7

61.3

2.2
24.5
851.0
191.4
1,603.2
3,127.6
1,121.1
2,240.7
1,231.8
4,135.5
825.9
880.0
8,655.1
2,670.1
219.2
960.7
11,178.3

26.0
836.3
163.7
1,670.6
3,601.2
1,222.1
2,058.0
1,483.2
4,242.6
940.2
978.0
8,679.5
2,823.4
284.8
885.0
12,221.6

62.3
2.2
26.0
854.1
202.9
1,681.0
3,628.3
1,233.5
2,016.0
1,659.1
4,653.2
871.3
999.6
9,256.6
2,882.2
276.6
932.4
11,980.3

61.5
2.2
26.2
791.3
123.9
1,651.1
3,721.6
1,332.8
1,971.9
1,773.5
4,890.4
945.4
1,019.5
9,422.8
2,907.1
297.2
955.0
12,072.3

53 Total liabilities

62,247.0

66,342.8

69,116.4

71,068.2

69,779.9

71,068.2

71,904.8

74,133.8

75,430.4

77,246.7

78,591.1

Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business . .

21.4
19,522.8
4,602.2

21.6
17,627.0
4,990.6

21.8
15,310.6
5,098.7

23.2
11,870.9
5,289.0

22.8
10,946.9
5,249.7

23.2
11,870.9
5,289.0

22.4
11,424.8
5,347.8

22.8
13,275.0
5,386.4

23.1
13,746.6
5,502.1

23.7
15,472.7
5,650.6

23.7
15,782.9
5,717.5

7.1
568.2
28.5
262.5
106.9
2,355.8

641.6
4.3
374.9
116.9
3,425.6

8.6
652.8
11.1
329.7

9.1
671.7
15.3
338.9
124.2
3,655.7

8.9
661.7
16.5
363.8
127.5
3,597.4

9.1
671.7
15.3
338.9
124.2
3,655.7

9.2
668.9
19.3
379.0
117.5
3,740.7

9.1
730.0
6.8
284.0
122.6
3,680.2

9.3
655.9
18.1
285.1
107.3
3,407.5

9.5
677.0
12.0
364.3
93.7
3,721.0

616.6
14.7
372.5
89.1
4,055.7

9.8
22.3
97.0

2.3
24.0
107.8

12.3
28.6
122.4

11.7
35.9
132.9

14.8
25.8
53.9

11.7
35.9
132.9

27.4
34.2
87.5

17.1
40.1
57.6

52.5
35.2
58.3

117.6
45.8
116.7

139.7
44.9
69.8

87,737.7

91,157.5

92,090.4

1 Total credit market assets
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10 Monetary authority
11 Commercial banking
12
U.S.-chartered banks
13
Foreign banking offices in United States
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17 Credit unions
18 Bank personal trusts and estates
19 Life insurance companies
20
Other insurance companies
21
Private pension funds
22
State and local government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Government-sponsored enterprises
27
Federally related mortgage pools
28
Asset-backed securities (ABSs) issuers
29
Finance companies
30
Mortgage companies
3 1 Real estate investment trusts (REITs)
32 Brokers and dealers
33
Funding corporations

1,153.8
455.1
195.4
2,265.7
541.9
728.2
1,411.2
1,335.8
112.6
2,248.0
3,084.5
1,845.0
860.8
32.1
63.9
335.2
223.1

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit market debt
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52

57
58
59
60
61
62

Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous

Floats not included in assets ( )
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Totals identified to sectors as assets . . .

1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
L.I and L.5, available at: www.federalreserve.gov/releases.

91,115.9

2. Excludes corporate equities and mutual fund shares.

103,112.4

40

Federal Reserve Bulletin Statistical Supplement • July 2004

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
2003

2004

2003

2004

2003

2004

Series
Q3

Q4

Ql'

Q2

Output (1997=100)

Q3

Q4

Ql

Q2

Ca pacity (percent of 1997 output)

Q3

Q4

Ql'

Q2

Capacity utilization rate (percent)2

1 Total industry

111.1

112.6

114.4

116.1

148.8

149.1

149.6

150.2

74.6

75.5

76.5

77.3

2 Manufacturing
3
Manufacturing (NAICS)

112.1
112.5

113.8
114.2

115.5
116.0

117.5
117.8

153.2
154.9

153.5
155.2

153.8
155.7

154.5
156.4

73.2
72.6

74.1
73.6

75.1
74.5

76.1
75.3

4
5

Durable manufacturing
Primary metal

125.6
82.8

128.5
86.5

131.5
88.8

133.5
88.0

179.1
113.0

180.0
113.1

181.1
113.1

182.8
112.4

70.1
73.3

71.4
76.5

72.6
78.6

73.1
78.2

6
7
8
9

Fabricated metal products
Machinery
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills

93.9
86.6
272.5

95.2
88.5
284.5

96.3
92.9
295.9

98.2
96.6
310.6

139.5
128.0
417.9

139.7
127.7
425.8

140.0
127.4
435.1

140.5
127.4
450.0

67.3
67.6
65.2

68.1
69.3
66.8

68.7
72.9
68.0

69.8
75.8
69.0

93.3
118.1

95.7
120.6

97.0
123.4

98.5
119.7

126.8
146.2

126.5
147.5

126.3
148.8

126.4
150.0

73.5
80.7

75.6
81.7

76.8
83.0

78.0
79.8

94.6
96.6
97.6
75.9

95.6
97.2
97.2
76.9

96.7
97.7
97.7
75.8

97.8
99.3
99.0
75.7

147.8
126.9
126.4
107.7

147.7
126.7
126.2
106.8

147.6
126.4
125.9
105.8

147.7
126.3
125.5
104.9

64.0
76.1
77.2
70.4

64.7
76.8
77.0
72.1

65.5
77.3
77.6
71.6

66.2
78.6
78.9
72.1

92.0
101.2
105.4
103.0
104.9

92.0
103.0
107.5
103.6
105.9

92.4
103.1
108.3
104.0
108.2

94.3
103.9
110.8
106.2
112.2

110.3
115.1
144.4
128.9
127.4

110.1
115.6
144.8
128.1
127.0

109.8
116.0
145.2
127.4
126.6

109.6
116.0
145.9
127.3
126.4

83.4
87.9
73.0
79.9
82.4

83.6
89.1
74.2
80.9
83.4

84.2
88.8
74.6
81.6
85.5

86.1
89.5
75.9
83.4
88.8

20 Mining
21 Electric and gas utilities

93.3
111.0

93.6
112.4

93.2
116.5

93.1
117.1

109.8
133.9

109.7
135.2

109.7
136.3

109.8
136.9

85.0
82.9

85.3
83.1

84.9
85.5

84.8
85.6

MEMOS
22 Computers, communications equipment, and
semiconductors

379.9

401.6

426.6

453.9

584.8

599.5

617.0

646.6

65.0

67.0

69.1

70.2

23 Total excluding computers, communications
equipment, and semiconductors

99.5

100.6

102.0

103.2

131.4

131.5

131.6

131.8

75.7

76.5

77.5

78.3

24 Manufacturing excluding computers,
communications equipment, and
semiconductors

98.5

99.7

100.9

102.4

132.6

132.6

132.6

132.6

74.3

75.2

76.1

77.2

10
11
12
13
14
15
16
17
18
19

Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)

Selected Measures
2.12

41

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued
Seasonally adjusted
1973

1975

Previous cycle3

High

Low

High

Latest cycle4

2003

2004

Series
Low

High

Low

June

Jan.

Feb.

Mar.'

Apr.'

May'

JuneP

Capacity utilization rate (percent)2
1 Total industry

88.8

74.0

86.6

70.9

85.2

78.6

74.0

76.2

76.7

76.6

77.0

77.6

77.2

2 Manufacturing
3
Manufacturing (NAICS)

88.1
88.1

71.5
71.3

86.3
86.3

68.7
68.0

85.6
85.5

77.2
77.0

72.7
72.0

74.5
74.0

75.3
74.6

75.5
74.8

75.9
75.2

76.2
75.5

76.0
75.3

89.0
100.8

69.6
69.0

86.9
91.1

63.2
47.2

84.5
95.3

73.4
75.2

69.3
73.3

72.0
77.1

72.9
79.8

72.9
78.8

73.1
77.8

73.2
78.0

72.9
78.9

4
5

Durable manufacturing
Primary metal

6
7
8

91.8
94.3

70.3
74.4

83.3
93.1

62.0
58.4

80.3
84.6

71.1
72.8

67.0
67.3

68.3
71.4

68.7
73.4

69.2
73.8

69.7
74.8

70.0
76.1

69.8
76.6

86.9

66.7

89.5

77.3

81.1

76.3

63.1

67.3

68.2

68.5

68.3

69.3

69.5

99.2
95.7

68.5
55.6

91.9
96.3

64.5
45.3

87.4
89.7

75.0
56.5

73.7
78.3

76.8
82.6

76.6
84.1

76.9
82.2

78.3
82.0

77.8
79.9

77.9
77.6

74.9
87.5

65.9
72.4

84.2
85.7

69.6
75.6

88.9
87.0

81.9
81.8

63.6
75.8

64.9
76.9

65.8
77.2

65.8
77.7

66.0
78.3

66.1
78.8

66.5
78.8

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 . . . .

85.9
89.8

77.9
62.7

84.3
90.2

80.4
72.4

85.5
91.4

81.3
77.2

77.4
71.3

77.2
73.6

77.6
71.2

78.0
70.0

78.3
70.7

79.2
73.1

79.1
72.6

15
16
17
18
19

Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .

97.3
93.2
84.8
96.4
85.5

74.4
81.0
68.8
61.6
75.0

95.4
92.3
83.1
89.9
88.2

81.3
71.2
68.1
70.5
85.7

93.7
88.9
85.6
91.3
90.7

85.2
82.5
80.8
77.2
79.1

84.3
86.3
71.8
79.2
83.8

84.0
88.0
74.0
81.2
83.5

84.6
88.2
74.5
81.8
86.2

84.0
90.3
75.2
81.8
86.7

85.6
89.2
75.9
83.3
88.2

86.4
89.7
75.9
83.3
89.5

86.3
89.8
75.9
83.7
88.8

20 Mining
21 Electric and gas utilities

93.6
96.3

87.6
82.7

94.2
88.1

78.6
77.6

85.6
92.8

83.4
84.1

84.8
81.1

85.3
86.9

84.9
86.5

84.5
83.1

84.8
84.3

84.8
87.3

84.8
85.2

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.4

63.1

89.4

75.4

79.9

74.5

62.5

68.3

69.6

69.5

69.5

70.4

70.7

23 Total excluding computers,
communications equipment,
and semiconductors

89.1

74.3

86.7

70.7

85.6

78.8

75.1

77.2

77.7

77.5

78.1

78.6

78.3

24 Manufacturing excluding computers
communications
equipment, and semiconductors .

88.4

71.8

86.3

68.2

86.1

77.3

73.9

75.5

76.3

76.6

77.0

77.3

77.2

9
10
11
12
13

Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The

data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in November 2003. The recent annual revision is described in the Winter
2004 issue of the Bulletin.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.
3. Monthly highs, 1978-80; monthly lows, 1982.
4. Monthly highs, 1988-89; monthly lows, 1990-91.

42

Federal Reserve Bulletin Statistical Supplement • July 2004

2.13

INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002
proportion

2003
avg.
July

Aug.

Sept.

Nov.

Dec.

Apr.'

Jan.

May7

Index (1997=100)
MAJOR MARKETS

110.8

1 Total IP
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

110.9

111.5

111.8

112.9

113.1

113.8

114.8

114.7

115.5

116.5

111.1
108.5
122.9
135.1
227.3
110.6
99.5
103.4
101.6
96.8
62.6
121.1
113.8
112.3

112.0
109.2
123.4
135.1
211.3
112.8
101.2
104.2
102.3
97.3
63.5
122.2
115.7
113.0

113.0
109.9
121.8
131.8
210.1
112.0
101.5
105.5
103.2
98.3
62.5
122.3
117.9
116.6

112.5
109.1
120.5
129.4
207.5
111.7
101.4
104.8
102.8
98.2
61.9
121.9
116.5
114.9

in.2

111.2
108.8
123.8
137.2
212.0
112.4
99.6
103.5
100.8
96.3
62.1
119.3
113.7
116.2

16
17
18
19
20

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

10.0
1.8
3.2
5.1
1.9

110.4
76.0
173.7
90.0
111.9

109.0
74.0
170.9
89.4

109.3
73.9
172.5
89.5
112.1

110.0
74.5
174.7
89.6
113.0

111.2
77.1
175.4
90.3
113.7

110.8
75.9
178.5
89.2
113.7

112.7
76.7
178.4
92.0
113.3

113.2
77.8
177.6
92.5
112.4

114.4
78.0
179.2
93.8
111.7

116.2
79.3
180.9
95.5
113.2

116.2
78.6
181.4
95.7
114.4

117.3
79.8
182.5
96.6
115.0

119.0
79.1
188.1
97.9
116.5

119.5
78.1
191.2
98.1
116.9

21
22

Construction supplies
Business supplies

4.3
11.2

102.0
111.7

100.8
110.6

101.5
111.5

101.9
111.2

102.3
111.3

103.1
112.1

104.4
112.8

104.1
113.4

104.1
114.1

104.3
115.3

105.1
115.1

106.1
116.2

107.3
117.5

107.3
116.9

23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33
Energy

41.1
30.5
19.2
4.0
6.8
8.4
11.3
0.8
2.7
4.2
10.6

115.7
119.8
135.2
106.7
214.7
95.0
95.3
70.1
90.2
99.9
100.4

114.4
118.3
133.1
105.0
210.5
94.0
94.5
69.9
90.7
97.0
99.6

115.4
119.2
134.6
105.9
214.2
94.6
94.8
67.8
90.9
98.5
100.9

115.5
119.2
134.9
104.8
218.2
94.1
94.4
67.0
89.3
99.1
101.0

116.4
120.8
137.0
109.2
221.6
94.4
95.1
67.5
89.6
100.8
100.4

116.9
121.3
138.2
108.4
224.2
95.7
95.0
68.3
88.7
100.4
100.9

117.9
122.7
139.8
109.2
227.7
96.8
96.0
69.3
89.1
102.5
100.9

118.2
123.0
140.2
109.9
228.8
96.7
96.2
68.8
89.7
102.8
101.4

118.9
123.3
141.0
110.4
233.0
96.4
95.8
68.6
89.8
101.8
102.6

119.8
124.9
143.4
112.6
237.9
97.5
96.4
66.2
89.6
102.6
102.2

119.7
125.4
144.0
111.5
240.5
98.0
96.7
66.2
89.9
103.7
100.9

120.6
126.1
144.8
110.9
244.0
98.3
97.4
65.4
90.5
104.6
101.9

121.6
126.9
145.8
109.6
248.6
98.9
97.8
66.6
91.0
104.5
103.4

121.4
127.1
146.2
108.0
252.0
99.1
97.8
66.4
90.9
105.0
102.3

94.8
93.3

99.7
110.7

98.7
109.7

99.4
110.4

99.2
110.6

99.8
110.7

99.9
111.2

100.8
112.3

101.1
112.6

101.5
113.2

102.3
114.0

102.1
114.1

102.8
115.0

103.6
116.3

103.1
116.1

2
3
4
5
6
7
8
9
10
11
12
13
14
15

58.9
31.1
8.1
4.0
0.3
1.4
2.3
23.0
18.6
10.4
1.0
4.6
2.1
4.4

107.9
106.1
118.3
129.5
172.1
111.0
98.1
101.6
99.9
96.7
62.9
116.4
109.1
111.1

106.8
105.0
116.2
125.7
169.4
110.8
97.7
100.9
99.8
97.1
62.2
114.4
110.2
107.1

107.5
105.8
118.2
129.1
170.7
112.2
97.8
101.3
99.6
97.3
61.6
114.4
108.4
109.8

107.6
105.7
117.4
127.3
179.2
112.0
97.4
101.4
99.3
96.2
59.7
116.5
108.8
111.1

108.0
106.1
120.8
135.0
183.2
110.6
97.1
100.9
99.1
96.0
59.7
116.3
108.2
109.4

108.2
106.0
119.8
131.8
196.2
110.6
97.6
101.0
99.5
95.7
60.7
117.4
109.7
109.0

109.3
107.1
121.3
133.0
202.8
112.3
98.9
102.1
100.5
96.4
61.1
120.0
110.6
109.9

109.5
107.3
121.2
133.1
202.7
111.4
99.0
102.3
100.1
96.1
61.2
118.7
109.7
113.0

110.2
108.1
122.7
135.0
203.1
113.3
99.6
102.9
99.8
96.0
61.2
117.6
110.3

SPECIAL AGGREGATES

34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts . .

Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies
37 Final products
38
Consumer goods
39
Equipment total
I Nonindustrial supplies

2,736.2

43.4
31.1
12.3
15.5

2,701.1

2,729.8 2,728.9 2,752.5

2,748.7 2,777.5 2,789.5 2,810.9 2,833.1 2,825.7 2,842.5 2,862.6 2,845.7

2,073.1 2,046.9 2,069.0 2,068.0 2,090.1 2,080.4 2,102.8 2,112.3 2,130.6 2,147.7 2,141.6 2,152.2 2,164.2 2,150.2
1,493.8 1,475.5 1,494.0 1,489.3 1,503.3 1,495.5 1,508.5 1,515.5 1,527.0 1,536.5 1,531.3 1,536.1 1,540.9 1,526.9
626.9
625.9
578.5
570.3
573.4
577.9
586.3
584.7
594.6
597.0
604.2
612.2
617.9
611.6
663.3

654.4

660.9

661.1

662.6

668.3

674.8

677.3

680.5

685.6

684.3

690.4

698.4

Selected Measures
2.13

INDUSTRIAL PRODUCTION

43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2003

2004

2003
avg.
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.'

Apr.'

May'

JuneP

Index (1997=100)
INDUSTRY GROUPS

41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52

53
54
55
56
57
58
59
60
31
62
63
64

Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)

65 Mining
66 Utilities
67
Electric
68
Natural gas
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts

83.5
78.4

112.2
112.6

111.2
111.4

111.8
112.2

111.8
112.1

112.7
113.2

112.9
113.3

114.2
114.6

114.2
114.7

114.5
115.0

115.8
116.2

116.3
116.6

117.1
117.4

117.8
118.0

117.7
118.0

42.6
321

1.4

125.3
99.1

123.6
97.7

124.8
99.6

124.9
98.7

127.1
98.7

127.2
101.2

128.8
103.8

129.3
102.0

130.1
103.2

132.0
103.3

132.4
102.8

133.1
103.8

133.8
105.8

133.8
104.3

327
331
332
333

2.3
2.2
5.9
5.2

100.8
84.6
94.4
86.7

100.0
82.7
93.3
86.3

100.8
82.9
94.2
85.9

100.9
82.5
93.2
86.7

100.4
83.0
94.4
87.3

101.5
84.7
94.6
86.3

102.5
86.7
95.3
89.7

102.6
88.0
95.6
89.6

101.7
87.3
95.6
91.1

100.4
90.3
96.3
93.5

102.9
89.0
96.9
94.1

103.0
87.7
97.9
95.3

103.3
87.7
98.3
97.0

103.7
88.5
98.3
97.6

334

8.1

266.5

260.5

266.7

273.7

277.1

282.9

285.3

285.3

290.1

296.6

301.0

303.4

311.8

316.6

335

3361 3

2.3
6.7

93.8
117.5

93.6
113.8

92.9
116.6

93.0
114.9

93.9
122.7

94.4
119.9

95.9
120.5

96.7
121.3

97.0
122.6

96.8
125.1

97.1
122.7

98.9
122.6

98.3
119.8

98.5
116.7

3364 9

3.6

94.6

94.0

93.8

94.9

95.0

95.0

95.6

96.2

95.7

97.2

97.2

97.4

97.7

98.2

337
339

1.7
3.2

101.0
116.7

100.3
117.2

101.2
116.6

100.1
114.8

100.5
115.3

100.0
114.8

100.4
115.1

100.0
117.6

101.2
116.7

101.5
117.1

101.4
117.9

101.6
118.4

101.2
118.6

100.7
117.7

35.8

97.0

96.3

96.7

96.5

96.6

96.7

97.6

97.4

97.2

97.6

98.2

98.9

99.5

99.5

11.9

97.7
77.6
63.2
92.3
89.3

98.0
77.2
62.5
93.1
88.8

98.3
76.7
62.0
93.0
89.0

97.3
75.9
60.2
91.6
88.5

97.3
74.9
60.2
91.3
88.7

96.8
76.2
61.2
91.4
88.3

97.5
77.9
61.7
92.0
87.0

97.2
76.6
61.8
92.7
87.6

97.2
78.1
61.7
92.3
88.5

97.6
75.4
62.4
92.9
87.9

98.1
73.9
63.0
92.1
88.9

98.4
74.4
63.9
93.8
88.7

99.4
76.7
63.0
94.7
88.7

99.2
75.9
62.4
94.5
89.1

311,2
313,4
315,6
322
323

1.3
1.1
3.1
2.5

324
325

10.0

101.4
105.5

99.1
103.5

100.0
104.5

101.8
105.5

101.9
106.1

102.1
106.4

102.8
108.3

104.2
107.8

102.0
107.3

102.4
108.2

104.8
109.4

103.5
110.6

104.0
110.8

104.1
110.9

326

3.8

103.1

102.5

102.8

103.1

103.0

103.4

104.2

103.1

103.6

104.2

104.2

106.0

106.0

106.6

1133,5111

5.1

105.8

107.0

105.0

105.2

104.7

105.8

106.6

105.4

105.8

109.1

109.6

111.5

113.1

112.1

21

6.8
9.8
8.3
1.5

93.1
110.9
113.8
101.6

93.2
107.9
109.8
97.5

93.4
111.3
114.1
96.7

93.1
111.8
115.0
95.9

93.5
109.9
112.4
96.8

93.7
111.0
113.9
96.6

93.6
111.9
114.6
98.3

93.5
114.2
116.9
100.0

93.6
118.2
120.5
105.9

93.2
117.9
119.7
107.7

92.8
113.4
117.7
93.1

93.1
115.2
119.1
96.3

93.1
119.5
123.9
98.5

93.2
116.7
120.0
100.1

2211,2
2211
2212

2.2

78.2

98.8

98.0

98.4

98.1

99.0

99.0

100.0

100.1

100.1

101.1

101.5

102.1

102.6

102.3

76.8

111.8

110.9

111.4

111.5

111.9

112.3

113.6

113.6

113.8

115.0

115.7

116.6

117.6

117.8

Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.

1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data
are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2003. The recent annual revision is described in the Winter 2004
issue of the Bulletin.
2. North American Industry Classification System.

44

Federal Reserve Bulletin Statistical Supplement • July 2004

3.10

U.S. INTERNATIONAL TRANSACTIONS

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1

Item credits or debits
Ql'
1 Balance on current account
2
Balance on goods and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
7
Direct
8
Portfolio
9
Compensation of employees
10 Unilateral current transfers, net

385,701
362,692
1,006,653
1,369,345
23,572
28,727
115,882
87,155
5,155
46,581

11 Change in U.S. government assets other than official
reserve assets, net (increase, )

473,944
421,735
975,940
1,397,675
7,173
12,615
100,831
88,216
5,442
59,382

530,668
496,508
1,020,503
1,517,011
33,279
38,781
118,865
80,084
5,502
67,439

Q2'

Q4'

Q1P

133,875
123,380
248,474
371,854
5,874
7,264
26,342
19,078
1,390
16,369

138,206
125,386
247,999
373,385
3,995
5,379
25,333
19,954
1,384
16,815

Q3'
131,628
122,250
255,723
377,973
7,261
8,614
28,640
20,026
1,353
16,639

126,960
125,494
268,306
393,800
16,151
17,526
38,554
21,028
1,375
17,617

144,879
136,931
276,838
413,769
12,675
14,075
35,494
21,419
1,400
20,623

486

309

4,911
0
630
3,600
681

475
2,632
574

601
1,494
572

897
644
170

102
86
154

97
383
131

2,221
0
97
2,435
117

557
0
100
815
158

361,371
125,858
8,520
84,644
142,349

194,678
30,307
45,425
15,889
134,835

285,474
10,406
28,932
72,337
173,799

102,801
24,138
11,207
26,619
40,837

111,102
63,002
22,480
8,429
34,049

8,010
29,663
35,845
28,312
45,206

63,559
47,071
31,090
25,835
53,705

290,389
183,438
34,534
15,211
57,206

22 Change in foreign official assets in United States (increase, +) . . . ,
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities2
26
Other U.S. liabilities reported by U.S. banks2
27
Other foreign official assets3

28,059
33,700
20,920
2,309
29,978
5,726

113,990
60,466
28,550
137
21,221
3,616

248,573
169,685
24,883
564
49,420
5,149

48,986
30,277
9,568
437
8,325
1,253

65,245
42,668
3,290
16
18,552
751

50,663
23,953
3,340
41
22,019
1,392

83,679
72,787
8,685
70
524
1,753

125,240
100,110
13,016
177
10,849
1,442

28 Change in foreign private assets in United States (increase, +) . . . ,
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
3 1 Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net

754,800
118,379
66,110
14,378
23,783
393,885
167,021

654,256
96,410
77,990
100,432
21,513
285,500
72,411

580,600
75,643
84,014
113,432
16,640
250,981

197,119
24,562
69,410
8,974
4,927
56,723
32,523

153,308
8,990
2,257
53,254
1,458
92,407
544

83,539
6,280
12,721
46,490
2,768
18,090
2,810

146,632
35,811
4,140
4,714
7,487
83,761
10,719

322,354
141,304
36,164
66,372
1,800
62,329
17,985

1,083
29,307

1,260
95,028

3,079
12,012

406
4,828
11,091
15,919

1,552
27,836
3,121
30,957

821
6,385
13,418
19,803

300
41,404
5,449
46,853

344
13,078
11,504
24,582

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

35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
MEMO

Changes in official assets
39 U.S. official reserve assets (increase, )
40 Foreign official assets in United States, excluding line 25
(increase, +)

4,911

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

3,681

1,523

83

170

611

2,221

557

30,368

113,853

249,137

49,423

65,261

50,704

83,749

125,417

1,725

8,132

1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 3S—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
2003
Asset

7000

2001

2004

2002
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June?

1 Total

67,647

68,654

79,006

85,r4r

85,938

85,255

84,74 r

85,T92

82,090

82,804

82,652

2 Gold stock1
3 Special drawing rights2'3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,046
10,539

11,045
10,774

11,043
12,166

11,043
12,243

11,043
12,638

11,043
12,598

11,045
12,687

11,045
12,691

11,045
12,445

11,045
12,682

11,045
12,659

14,824
31,238

17,854
28,981

21,979
33,818

23,618
38,237

22,535
39,722

21,887
39,727

21,819
39,190

21,642
39,814

20,322
38,279

20,297
38,780

20,076
38,873

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 web
site 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 1974through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

Summary Statistics
3.13

45

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1
Millions of dollars, end of period
2003
Asset

2000

2001

Nov.
1 Deposits

Dec.

Jan.

Feb.

Mar.

Apr.

May

June?

215

61

136

81

162

84

82

93

%

86

280

594,094
9,451

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

592,630
9,099

678,106
9,045

810,572
8,971

845,080
8,971

869,829
8,971

898,244
8,971

908,656
8,971

949,941
8,971

969,157
8,971

991,142
8,971

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 web
site at: www. federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.

3.15

2004

2002

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
2004

2003

2002

2002
Item

2001
June

1

6

June

6

Dec.

Dec'

Jan.'

Feb.'

Mar.'

Apr.P

1 Total

984,713

r,04r,076

U26,797

1,161,907

1,368,672'

1,417,107'

1,447,433

1,487,787

1,503,592

By type
2 Liabilities reported by banks in the United States
3 U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes

120,571
161,719

151,859
176,231

151,859
176,231

144,646
190,444

190,609'
212,025'

208,053'
213,135'

205,179
224,028

201,456
230,022

197,933
223,287

454,306
3,411
244,706

451,163
3,000
258,823

559,599
3,000
236,108

569,891
2,769
254,157

679,236'
2,613'
284,189'

706,146'
1,521'
288,252'

722,217
1,529
294,480

756,122
1,540
298,647

778,262
1,549
302,561

243,307
13,440
71,103
632,466
15,167
9,228

254,868
11,135
65,190
683,692
15,102
11,087

270,174
5,977
88,918
739,078
9,119
13,531

283,512
5,962
87,261
760,012
9,355
15,805

289,265'
4,896'
96,023'
949,238'
9,540'
19,710'

298,822'
6,430'
99,331'
985,286'
9,575'
17,663'

292,206
6,372
101,792
1,015,812
11,678
19,573

290,886
6,669
100,127
1,060,268
11,022
18,815

293,230
6,496
105,198
1,068,956
11,308
18,404

6 U.S. securities other than U.S. Treasury securities5
By area

10 Asia
11 Africa

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 2002 and are comparable to those shown for the following
dates.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Millions of dollars, end of period

Sept.'
1 Banks' own liabilities
2 Deposits
3
Other liabilities

77,779
n.a.
n.a.

79,363
n.a.
n.a.

80,543
n.a.
n.a.

72,310
44,766
27,544

67,110
40,982
26,128

61,158
36,435
24,723

62,930
38,457
24,473

4 Banks' own claims
5
Deposits
6
Other claims

56,912
23,315
33,597

74,640
44,094
30,546

71,724
34,287
37,437

84,798
42,630
42,168

77,097
36,696
40,401

77,883
38,135
39,748

78,751
37,569
41,182

24,411
n.a.
n.a.

17,631
n.a.
n.a.

35,923
n.a.
n.a.

25,179
4,560
20,619

23,594
4,228
19,366

26,533
7,036
19,497

23,887
5,463
18,424

7 Claims of banks' domestic customers
8 Deposits
9
Other claims

..

1. Data on claims exclude foreign currencies held by U.S. monetary authorities.

2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

46

Federal Reserve Bulletin Statistical Supplement • July 2004

3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Mar.

Apr.1

B Y HOLDER AND TYPE OF LIABILITY

1 Total, all foreigners
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments6
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7
11
Other

r,630,4r7

r,985,588

2,321,539'

2,231,038

2,316,277

2,321,539'

2,399,403

2,492,010

2,497,477

2,526,630

1,174,976

1,363,270

1,670,257'

1,596,069

1,671,822

1,670,257'

1,741,601

1,813,369

1,812,836

1,850,493

827,328
844,494
480,495
644,455

807,368'
460,343
651,282

844,837
896,764
529,161
657,802

880,179
933,190
540,626
678,641

869,458
943,378
528,950
684,641

875,939
974,554
567,207
676,137

188,005
194,680
151,071
455,441

175,231
246,623
190,134
622,318

807,368'
460,343
651,282

787,147
808,922
450,593
634,969

186,115

236,796

256,438

249,653

260,652

256,438

257,476

272,106

139,807

189,573

202,087

201,443

203,615

202,087

209,561

213,948

210,029

206,651

20,440
59,781
129,519

37,761
74,513
195,949

36,540
84,412
192,757

36,340
83,875
183,873

37,288
85,823
180,188

36,540
84,412
192,757

33,494
94,632
190,765

33,530
97,889
192,587

34,809
89,422
193,632

35,597
89,445
197,775

10,830
10,169
3,791
6,378
661
600

13,467
12,362
5,769
6,593
1,105
1,089

14,103
13,139
6,481
6,658
964
13

12,465
10,529
4,978
5,551
1,936
60

14,322'
12,577'
5,784
6,793'
1,745
63

15,103
13,446
7,500
5,946
1,657
137

13,530
12,186
8,452
3,734
1,344
178

13,914
12,068
9,367
2,701
1,846
608

12,581
11,086
6,825
4,261
1,495
451

61
0

16

921
30

1,876

1,682
0

1,520

1,165
1

1,237
1

1,044

282,290
80,970
21,987
58,983

335,090
93,884
20,733
73,151

402,634
117,743
24,147'
93,596'

395,941
117,470
24,717
92,753

112,167
22,448
89,719

402,634
117,743
24,147'
93,596'

421,188
127,340

429,207
124,126
26,613
97,513

431,478
124,151
24,826
99,325

421,220
125,200
25,294
99,906

201,320
161,719

241,206
190,444

284,891
212,025

278,471
207,871

287,721
215,580

284,891
212,025

293,848
213,135

305,081

307,327
230,022

296,020
223,287

38,531
1,070

50,698
64

70,417
2,449

69,519
1,081

71,992
149

70,417
2,449

0,475
238

81,036
17

76,964
341

71,973
760

1,052,626
914,034
68,218
53,525
138,592
11,541

1,311,267
1,055,858
56,020
58,422
255,409
25,916

1,395,102' 1,302,010
1,160,983' 1,078,277
720,612'
641,132
440,371'
437,145
234,119
223,733
18,232
16,915

1,373,360
1,151,086

1,395,102' 1,415,959
1,160,983' 1,182,499
720,612'
698,531
440,371'
483,968
234,119
233,460
18,232
18,615

1,471,916
1,234,198
726,250
507,948
237,718
20,177

1,473,050
1,237,086
715,670
521,416
235,964
21,628

1,465,366
1,231,805
719,807
511,998
233,561
19,492

24,059
102,992

57,605
171,888

49,561
166,326

47,464
159,354

48,857
156,359

49,561
166,326

49,096
165,749

49,669
167,872

46,852
167,484

43,045
171,024

36 Other foreigners''
37
Banks' own liabilities
38
Deposits2
39
Other

284,671
169,803
94,009
75,794

325,764
201,166
92,709
108,457

509,481'
378,954'
112,346
266,608'

518,984
387,183
114,817
272,366

530,564
398,040
112,467
285,573

509,481'
378,954'
112,346
266,608'

547,153
418,316
114,925
303,391

577,357
442,859
118,864
323,995

579,035
439,531
119,595
319,936

627,463
482,402
124,013
358,389

40
41
42

114,868
12,255

124,598
19,347

130,527
26,118

131,801
24,854

132,524
27,954

130,527
26,118

128,837
25,589

134,498
27,723

139,504
28,722

145,061
28,481

77,156
25,457

81,254
23,997

80,427
23,982

83,539
23,408

80,890
23,680

80,427
23,982

78,470
24,778

82,078
24,697

84,976
25,806

90,589
25,991

12 Nonmonetary international and regional organizations8
13 Banks' own liabilities
14
Deposits2
15
Other
16 Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments6
19
Other
20 Official institutions9
21
Banks' own liabilities
22
Deposits2
23
Other
24
25
26
27

Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments6
Other

28 Banks'"
29
Banks' own liabilities
30
Deposits2
31
Other
32
Banks' custody liabilities4
33
U.S. Treasury bills and certificates5
34
Other negotiable and readily
transferable instruments6
35
Other

43

Banks' custodial liabilities
U.S. Treasury bills and certificates5
Other negotiable and readily
transferable instruments6
Other

14,322'
12,577'
5,784
6,793'
1,745
63
1,682
0

687,435
463,651
222,274
17,058

271,711

MEMO

44 Own foreign offices'2
1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.

9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) below.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.

Bank-Reported Data
3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

47

Reported by Banks in the United States1—Continued

Millions of dollars, end of period

Mar.

Apr.1

AREA OR COUNTRY

45 Total, all foreigners .

1,630,417

1,985,588

2,321,539'

2,231,038

2,316,277

2,321,539'

2,399,403

2,492,010

2,497,477

2,526,630

46 Foreign countries . . .

1,619,587

1,972,121

4,614,434'

4,433,870

4,607,624

4,614,434'

4,768,600

4,956,960

4,967,126

5,028,098

520,438
2,922
6,546
3,618
1,446
49,056
22,318
2,307
6,215
16,667
12,363
3,727
4,033
20,800
8,811
3,375
66,382
7,474
204,107
36,024
309
41,938

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

756,344
6,077
5,392
2,855
1,062
44,641
47,998
1,654
5,891
32,929
14,805
22,518
1,959
35,902
11,279
4,295
88,716
14,988
330,945
21,507
147
60,784

798,455
4,429
6,751
2,889
5,904
44,899
48,010
1,467
5,612
33,119
15,789
19,482
2,014
37,617
9,002
5,439
105,560
13,356
353,860
21,175
180
61,901

780,385
4,820
9,354
3,629
1,780
40,732
46,719
1,260
5,865
35,805
15,062
22,424
934
41,672
9,899
7,077
111,101
13,746
333,010
20,790
160
54,546

815,992
4,296
6,584
2,675
2,777
49,958
49,819
1,331
7,515
37,650
14,785
27,427
1,337
47,500
9,665
6,230
105,900
8,636
352,352
20,315
169
59,071

890,639
4,224
7,138
2,329
3,478
52,825
53,644
1,508
8,966
42,540
14,632
19,174
996
47,684
9,876
7,281
131,969
8,234
385,066
20,674
159
68,242

875,081
4,176
6,141
2,423
2,503
44,675
49,913
1,766
8,067
39,898
18,779
22,736
1,430
45,694
8,393
8,515
124,162
8,910
384,753
23,123
81
68,943

877,378
3,995
8,988
2,747
1,228
44,965
48,431
1,307
7,944
37,612
23,655
30,226
1,151
44,127
9,241
9,652
107,464
10,124
390,152
21,925
175
72,269

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.1

780,385
4,820
9,354
3,629
1,780
40,732
46,719
1,260
5,865
35,805
15,062
22,424
934
41,672
9,899
7,077
111,101
13,746
333,010
20,790
160
54,546

27,240

27,323

35,849

35,867

37,412

35,849

36,388

33,654

33,672

35,420

Latin America
Argentina
g
il
Brazil
Chile
Colombia
Ecuador
Guatemala
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin America17

118,025
10,704
14,169
4,939
4,695
2,390
1,882
39,871
3,610
1,359
3,172
24,974
6,260

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

110,251
9,828
16,286
4,411
4,232
2,569
1,540
34,948
4,145
1,396
3,706
21,241
5,949

106,739
9,249
18,182
4,704
4,314
2,568
1,572
30,934
3,676
1,455
3,440
20,866
5,779

110,843
9,565
20,441
4,090
3,944
2,602
1,574
32,748
3,858
1,243
3,501
21,282
5,995

110,251
9,828
16,286
4,411
4,232
2,569
1,540
34,948
4,145
1,396
3,706
21,241
5,949

110,898
9,931
19,197
5,401
3,987
2,514
1,483
32,757
3,871
1,379
3,235
21,433
5,710

113,521
9,781
19,074
5,013
4,033
2,375
1,521
33,692
4,009
1,306
3,568
23,205
5,944

116,113
9,890
17,669
5,661
4,077
2,351
1,554
36,342
3,650
1,332
3,664
23,705
6,218

115,407
10,198
19,884
5,531
4,162
2,383
1,568
32,367
3,854
1,451
3,596
23,916
6,497

Caribbean
Bahamas
Bermuda
British West Indies18
Cayman Islands18
Cuba
Jamaica
Netherlands Antilles
Trinidad and Tobago
Other Caribbean17

646,047
178,472
10,469
0
439,190
88
1,182
3,264
1,269
12,113

837,666
163,543
24,674
0
630,446
91
829
5,004
1,405
11,674

980,155'
168,357
38,522
0
738,016'
96
670
8,427
1,254
24,813

937,057
145,092
40,514
0
717,152
93
730
7,683
1,284
24,509

961,073
159,212
43,473
0
728,211
93
667
6,873
1,244
21,300

980,155' 1,017,540
168,196
168,357
45,864
38,522
0
0
764,818
738,016'
95
96
696
670
7,278
8,427
1,291
1,254
29,302
24,813

1,031,435
162,172
49,276
0
780,269
95
784
4,432
1,582
32,825

1,030,755
161,427
50,669
0
781,474
95
837
3,945
1,638
30,670

1,072,439
154,996
58,445
0
819,975
97
923
6,725
1,425
29,853

290,923

319,487

369,873'

350,097

365,350

369,873'

373,480

377,663

397,187

381,284

10,486
17,561
26,003
3,676
12,383
7,870
154,887
8,997
1,772
4,743
18,095
24,450

15,483
18,693
33,066
7,951
14,123
7,477
161,667
8,968
1,811
7,605
16,365
26,278

13,182
26,382
49,380'
14,522
14,381
12,219
159,991'
12,618
1,602
7,196
23,469
34,93 1

22,242
27,581
36,536
11,921
12,282
10,095
163,177
12,313
1,941
5,768
17,599
28,642

21,001
24,362
42,171
13,581
13,823
10,324
162,980
14,750
1,542
7,115
24,123
29,578

13,182
26,382
49,380'
14,522
14,381
12,219
159,991'
12,618
1,602
7,196
23,469
34,931

12,337
27,659
50,660
13,135
14,130
11,314
162,291
14,661
1,622
8,970
25,839
30,862

17,391
22,467
52,042
11,414
13,858
14,953
166,097
13,984
1,582
10,743
21,757
31,375

21,961
29,619
50,553
11,338
14,377
16,881
172,338
9,990
1,904
7,602
23,994
36,630

18,522
26,662
50,323
10,533
11,602
16,067
168,598
10,494
1,964
6,531
24,475
35,513

11,233
2,778
274
711
4
4,377

12,251
2,655
306
1,114
2
4,370
3,804

13,841
2,350
376
3,710
18
3,503

12,338
2,403
287
2,838
3
3,075
3,732

13,396
2,535
333
3,645
5
3,287
3,591

13,841
2,350
376
3,710
18
3,503
3,884

14,080
2,149
179
3,929
37
4,254
3,532

15,537
3,262
311
3,528
6
5,075
3,355

15,094
3,225
165
3,888
5
4,702
3,109

15,557
3,056
128
3,789
40
5,114
3,430

5,681
5,037
232
412

14,049
11,991
1,796
262

16,863
13,978
2,457
428

18,493
16,267
1,823
403

17,283
13,975
2,865
443

16,863
13,978
2,457
428

15,922
13,035
2,324
563

16,031
12,928
2,602
501

15,661
12,099
2,818
744

16,564
14,057
2,062
445

10,830
9,331

13,467
11,282
507
1,611

14,322'
10,673'
420
3,166

14,103
12,154
553
1,343

12,465
10,817
323
1,264

14,322'
10,673'
420
3,166

15,103
12,929
708
1,406

13,530
11,585
515
1,361

13,914
11,938
444
1,463

12,581
10,377
753
1,388

93 Asia
China
94
Mainland
95
Taiwan
96
Hong Kong
97
India
98
Indonesia
99
Israel
100 Japan
101 Korea (South)
102 Philippines
103
Thailand
104 Middle Eastern oil-exporting countries19
105
Other
106 Africa
107
Egypt
108 Morocco
109
South Africa
110
Congo (formerly Zaire)
111
Oil-exporting countries20 . . . .
112
Other
113 Other countries . .
114 Australia
115 New Zealand21
116 All other
117 Nonmonetary international and regional organizations
118
International22
119 Latin American regional23
120
Other regional24

935

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 • July 2004

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
2003

Area or country
Apr.?
1 Total, all foreigners . .

r,052,066

U85,445

1,319,784'

r,283,r59

r,320,885

r,3r9,784>

r,34r,ro8r

r,453,649

r,soo,39r

r,543,ro4

2 Foreign countries . . . .

r,047,r20

U8r,768

2,629,400'

2,558,032

2,635,632

2,629,400'

2,673,364'

2,898,398

2,988,468

3,078,266

462,418
5,280
6,491
1,105
10,350
60,866
30,044
367
4,205
1,323
16,039
6,236
1,603
594
3,260
12,756
87,350
2,124
201,185
4,478
0
6,762

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

590,592
4,714
6,837
2,764
8,125
63,694
25,519
237
7,308
5,512
21,253
17,666
2,019
1,232
2,291
15,246
78,633
2,148
268,848
43,098
0
13,448

576,466
6,148
8,037
977
7,899
57,638
25,740
229
7,066
6,092
18,937
13,619
2,538
926
1,710
15,675
75,492
2,571
266,219
44,434
0
14,518

595,520
4,793
5,452
1,281
6,782
65,630
25,490
192
5,488
6,506
19,035
16,146
2,360
908
1,786
14,709
87,580
2,188
270,019
44,050
0
15,125

590,592
4,714
6,837
2,764
8,125
63,694
25,519
237
7,308
5,512
21,253
17,666
2,019
1,232
2,291
15,246
78,633
2,148
268,848
43,098
0
13,448

602,996'
4,760
6,600'
947
7,454
74,144'
27,820
157
6,232
5,564
19,303'
20,695
2,055
1,006
2,168
14,297
59,376
2,683
288,856'
43,401
0
15,478

665,376
5,146
8,549
2,310
6,893
73,849
30,23 1
166
6,687
6,943
22,861
13,377
2,146
1,181
2,448
16,151
97,811
2,988
302,738
45,020
0
17,881

699,407
4,917
10,294
1,117
8,829
72,346
29,370
208
8,302
5,768
23,395
20,135
2,320
1,040
2,324
18,027
102,531
3,229
318,323
49,616
0
17,316

708,795
5,018
8,697
1,384
9,516
77,699
33,315
214
8,530
4,948
22,426
26,881
2,312
948
1,212
20,086
80,998
3,215
335,083
47,305
0
19,008

25 Canada

54,421

60,521

51,974

52,487

56,928

51,974

57,172'

56,177

55,112

54,770

26 Latin America
27 Argentina
28 Brazil
29 Chile
30 Colombia
31 Ecuador
32 Guatemala
33 Mexico
34 Panama
35 Peru
36 Uruguay
37 Venezuela
38 Other Latin America6

69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,061
2,185
447
3,077
3,364

56,642
6,783
15,419
5,250
2,614
457
892
15,658
1,915
1,411
255
3,254
2,734

51,389
3,809
15,818
6,092
2,011
400
779
13,562
1,839'
1,364
464
2,862
2,389'

53,800
4,860
17,222
5,957
2,057
443
793
13,554
1,857
1,417
436
2,950
2,254

54,077
4,690
17,762
5,828
2,054
437
790
13,592
1,888
1,386
427
2,973
2,250

51,389
3,809
15,818
6,092
2,011
400
779
13,562
1,839'
1,364
464
2,862
2,389'

54,038'
3,856
18,347'
6,135
2,021
403
785
13,550
1,779'
1,466
402
2,877
2,417'

52,138
3,569
17,373
5,794
2,090
407
803
13,222
1,785
1,487
382
2,809
2,417

51,845
3,332
17,707
5,962
2,143
406
808
12,716
1,795
1,353
399
2,818
2,406

51,736
3,130
17,757
6,077
2,126
417
829
12,463
1,839
1,490
361
2,822
2,425

366,319
101,034
7,900
0
245,750
0
418
6,729
931
3,557

475,896
95,584
9,902
0
359,259
0
321
6,690
889
3,251

492,580'
73,707
14,889
0
391,435'
0
375
6,624
664
4,886

473,721
75,213
16,430
0
369,785
0
407
6,660
769
4,457

489,911
83,135
19,035
0
376,183
0
396
7,006
798
3,358

492,580'
73,707
14,889
0
391,435'
0
375
6,624
664
4,886

493,234'
69,915'
18,265
0
389,957'
0
405
5,307
697

544,090
21,215
0
427,010
0
378
5,023
771
8,905

552,523
78,004
20,104
0
442,118
0
388
5,268
790
5,851

578,828
71,700
23,990
0
470,494
0
389
5,211
809
6,235

85,990

93,551

117,961

112,804

112,252

117,961

119,917

119,626

124,629

133,753

2,073
4,433
10,035
1,348
1,752
4,396
34,136
10,653
2,587
2,499
7,882
4,196

1,057
3,766
7,258
1,235
1,270
4,660
47,600
11,118
2,137
1,167
7,952
4,331

4,133
9,659
7,190
1,588
838
5,122
60,461
11,395
1,693
989
6,780
8,113

9,456
5,918
6,877
1,560
807
4,737
52,938
13,089
1,175
1,934
6,414
7,899

6,572
8,210
6,663
1,584
810
3,623
54,618
13,198
1,048
1,128
6,229
8,569

4,133
9,659
7,190
1,588
838
5,122
60,461
11,395
1,693
989
6,780
8,113

5,349
10,195
7,627
1,599
764
5,228
58,168
15,550
981
604
5,425
8,427

5,135
9,838
7,401
1,768
763
5,392
58,147
16,401
1,489
635
4,644
8,013

9,614
9,149
8,833
1,898
771
5,368
53,960
19,830
1,531
875
4,292
8,508

12,229
10,403
8,481
2,099
812
4,474
57,749
19,512
1,460
704
4,892
10,938

62 Africa
63
Egypt
64
Morocco
65
South Africa . . .
66
Congo (formerly Zaire) . .
67
Oil-exporting countries9 . .
Other

2,146
416
106
761
0
167
696

1,977
487
53
617
0
222
598

1,447
233
46
453
0
146
569

1,608
326
39
452
0
163
627

1,572
293
36
330
0
168
745

1,447
233
46
453
0
146
569

1,477
219
32
486
0
181
559

1,401
220
41
471
0
183
486

1,328
211
30
445
0
192
450

1,228
203
32
461
0
139
393

69 Other countries . . .
70
Australia
71
New Zealand10 .
72 All other

6,064
5,677
349
38

6,177
5,566
569
42

8,757
7,897
819
41

8,130
7,270
767
93

7,556
6,859
662
35

8,757
7,897
819
41

7,848
6,901
887
60

10,391
9,304
990
97

9,390
8,442
890
58

10,023
9,128
817
78

73 Nonmonetary international and regional organizations''

4,946

3,677

5,084

4,143

3,069

5,084

4,426

4,450

6,157

3,971

Europe
Austria
Belgium2
Denmark
Finland
France
Germany
Greece
Italy
Luxembourg^
Netherlands
Norway
Portugal
Russia
Spain
Sweden
Switzerland
Turkey
United Kingdom
Channel Islands and Isle of Man3
Yugoslavia4
Other Europe and other former U.S.S.R.5

39 Caribbean
40
Bahamas
41
Bermuda
42
British West Indies7
43
Cayman Islands7
44
Cuba
45
Jamaica
46
Netherlands Antilles . . . .
47
Trinidad and Tobago . . . .
48
Other Caribbean'
49 Asia . .
China
Mainland
50
Taiwan
51
Hong Kong
52
India
53
Indonesia
54
Israel
55
Japan
56
Korea (South)
57
Philippines
58
Thailand
59
Middle Eastern oil-exporting countries8
60
61
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
2003
Type of claim

2001

2002

Oct.
1 Total claims reported by banks
3
4
5

Foreign official institutions2
Foreign banks3
Other foreigners4

6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8 Negotiable CDs
9
Other short-term negotiable instruments6 . .

2004

2003'

1 259,328

1,409,095
1,185,445
52,198
970,357
162,890

1,319,784
55,234
976,840
287,710

207,262
82,566

223,650
80,269

114,287
10,409

137,289
6,092

1,283,159
58,093
933,951
291,115

1,320,885
60,215
963,664
297,006

1,609,639

1,052,066
50,618
844,865
156,583

Nov.

289,855
136,941
69,952
68,553
14,409

1

Dec.

7

Jan.

Feb.'

1,341,108
64,425
976,342
300,341

1,453,649
60,200
1,082,347
311,102

1,609,639
1,319,784
55,234
976,840
287,710

Mar.1

Apr.P

1,780,767

289,855
136,941
69,952
68,553
14,409

1,500,391
66,844
1,119,113
314,434

1,543,104
79,214
1,130,496
333,394

280,376
131,818
70,979
64,816
12,763

MEMO

11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices8

496,202
1,085

458,150
1,132

470,722
786

496,202
1,085

506,667
203

541,883
129

551,193
1,491

571,499
443

n.a.
744,498

n.a.
892,340

6,370
816,127
933,770

8,718
815,159
888,126

7,784
841,593
925,706

6,370
816,127
933,770

5,863
828,375
928,994

5,624
906,013
1,013,886

5,207
942,500
1,040,657

7,569
963,593
1,063,937

137,979

161,585

344,753

351,649

349,546

344,753

366,611

392,569

415,341

443,018

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,
dealers.
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) below.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) below.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.

50

Federal Reserve Bulletin Statistical Supplement • July 2004

3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
Sept.
73,904

By type
2 Financial liabilities
3
Short-term negotiable securities'
4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
By currency
7 U.S. dollars
8 Foreign currency2
9
Canadian dollars
10 Euros
11 United Kingdom pounds sterling .
12 Japanese yen
13 All other currencies

14
15
16
17
18
19
20

By area or country
Financial liabilities
Europe
Belgium-Luxembourg .
France
Germany
Netherlands
Switerzerland
United Kingdom

66,679

47,419
n.a.

41,034
n.a.

39,561
n.a.

39,561
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

25,246
22,173
n.a.
n.a.
n.a.
n.a.
n.a.

18,763
22,271
n.a.
n.a.
n.a.
n.a.
n.a.

18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.

34,172
147
1,480
2,168
2,016
104
26,362

31,806
154
2,841
2,344
1,954
94
22,852

73,935'

73,975

76,380

45,460
21,428

42,256
18,242

45,364
17,410

43,845
14,002

45,604
10,225

24,032

24,014

27,954

29,843

35,379

5,502
23,276

5,532
22,397

7,081
21,588

8,498
22,946

8,253
21,534

18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.

18,703
26,757
527
12,337
7,209
2,880
3,804

17,914
24,342
738
10,019
6,919
2,745
3,921

17,815
27,549

15,750
28,095
1,431
10,372
11,425
2,493
2,374

21,278

34,335
144
5,243
2,923
1,825
61
22,53 1

34,335
144
5,243
2,923
1,825
61
22,53 1

36,138
1,261
2,685
3,343
1,797
19
25,878

32,639
546
3,240
2,901
1,790
167
22,903

33,575
675
2,743

35,224

31,606

677

285
17
24,733

3,514
3,531
284
16
25,011

495
2,158
3,015
284
15
23,127

11,211

11,211

10,100

9,485

8,496

9,629

7,790

591

591

1,012

1,386

1,348

1,415

4,495
4
4,244
129
n.a.
37
27
0

5,579
26

0
615
242
n.a.
3,020
34

7,875
0
3,506
291
n.a.
3,813
32

1,266

13,731
7,987
1,945
2,620

3,366

24,326

1,152
7,384
12,824
1,336
1,630

MEMO:

21

Euro area3 . . .
411

955

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

4,125
6
1,739
148

2,858
157
960
35
1,627
n.a.
36

1,504
23
990
65
365
n.a.
31
1

1,504
23
990
65
365
n.a.
31
1

3,816
334

31
32
33

Asia
Japan
Middle Eastern oil-exporting countries5

7,965

5,042
3,269
10

2,932
1,832
14

2,932
1,832
14

4,307
2,043
17

3,417
1,909
32

4,116
2,210

2,518
1,826

67

36

4,511
1,453
29

34
35

Africa
Oil-exporting countries6 . .

131
91

131
91

114
91

112
91

119
91

123
92

126
93

36

All other7 . . .

406

n.a.
26
2

6,216

12

3,046

127
n.a.
25
29

2,862

155
n.a.
2,426

31
0

Nonbank-Reported Data
3.22

LIABILITIES TO UNAFFILIATED 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.
37 Commercial liabilities
3 8 Trade payables
39
Advance payments and other liabilities

26,485
14,293
12,192

25,645
11,781
13,864

28,103
14,699
13,404

28,103
14,699
13,404

28,515
15
14

28,497
15
13

27,626
16
11

30,090'
17
13

30,776
18
13

By currency
40 Payable in U.S. dollars
41 Payable in foreign currencies2
42
Canadian dollars
43
Euros
44
United Kingdom pounds sterling
45
Japanese yen
46
All other currencies

23,685
2,800
n.a.
n.a.
n.a.
n.a.
n.a.

24,162
1,483
n.a.
n.a.
n.a.
n.a.
n.a.

26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.

26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.

24,955
3,560
114
1,074
661
242
1,469

25,238
3,259
146
940
668
154
1,351

25,615
2,011
165
490
542
154
660

27,632'
2,458
199
787
606
209
657

2,254
196
699
513
223
623

9,629
293
979
1,047
300
502
2,847

9,219
99
734
905
1,163
790
2,279

8,257
141
765
781
590
433
2,649

8,257
141
765
781
590
433
2,649

8,786
186
873
747
729
521
2,905

9,914
197
1,030
711
1,335
465
3,354

8,744
178
779
764
1,326
383
2,911

9,821
159
900
855
384
1,367
3,025

9,253
145
1,019
1,021
313
634
3,152

4,359

5,054

4,440

1,933

1,622

1,588

1,588

1,794

1,919

2,032

2,166

2,336

2,381
31
281
114
76
n.a.
841
284

2,727
52
591
290
45
n.a.
899
166

3,073
51
538
253
36
n.a.
1,170
177

3,073
51
538
253
36
n.a.
1,170
177

3,036
59
525
242
n.a.
80
1,091
142

3,247
8
575
255
n.a.
19
937
457

3,667
25
631
220
n.a.
32
1,274
517

3,406
14
513
233
n.a.
40
1,298
329

3,918
16
648
226
n.a.
77
1,362
389

10,983
2,757
2,832

10,517
2,581
2,639

13,382
4,292
3,979

13,382
4,292
3,979

13,185
4,133
3,546

12,165
3,973
3,059

11,702
4,175
2,934

13,311
4,370
3,148'

13,552
4,973
2,553

948
483

836
436

827
405

827
405

598
185

884
373

47
48
49
50
51
52
53

By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO

54
55

Euro area3
Canada

56
57
58
59
60
61
62
63
64
65
66

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

67

Africa

68

Oil-exporting countries6

69

782
372

1,030
569

All other7

70

4,518

Financial liabilities to foreign affiliates8

MEMO

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 not included in lines 1-6 above.

52

Federal Reserve Bulletin Statistical Supplement • July 2004

3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.

2
3
4
5
6
7
8

By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs1
Other claims
Ofwhich:
Loans'
Repurchase agreements'

By currency
9 U.S. dollars
10 Foreign currency2
11 Canadian dollars
12 Euros
13 United Kingdom pounds sterling .
14 Japanese yen
15 All other currencies

16
17
18
19
20
21
22

By area or country
Financial claims
Europe
Belgium-Luxembourg .
France
Germany
Netherlands
Switerzerland
United Kingdom

100,949'

108,922

83,450
46,155
3,154

67,347
35,465
3,204

74,790
39,346
2,470

133
30,939

158
34,141

157
28,678

12,766
6,599

15,638
3,010

15,830
4,729

18,083
3,253

18,928
475

65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.

76,087

76,073

7,128
605
3,054
2,083
880
506

7,553
597
2,383
2,561
875
1,137

73,138
10,312
1,371

57,894
9,453
912

3,677
2,704

2,776
3,242

982
1,578

831
1,692

64,850
9,940
1,254
2,449
3,722
877
1,638

29,018
722
3,247
4,245
3,648
383
10,663

29,018
722
3,247
4,245
3,648
383
10,663

34,806
1,494
3,402
6,244
4,355
1,516
11,237

33,440
352
4,445
4,427
3,655
1,196
13,469

36,125
3,541
6,061
4,476
1,767
11,660

28,970
391
3,049
2,859
2,789
617
11,438

31,818
506
3,113
4,573
2,293
618
13,430

8,626

17,281

17,281

20,499

17,305

20,878

15,067

16,108

4,576

1 Total

90,157

113,082

102,566

112,711

53,031
23,374
29,657

81,287
29,801
51,486

71,389
27,064
44,325

71,389
27,064
44,325

83,215
45,828
3,767

49,490
3,197

n.a.
29,657

n.a.
51,486

n.a.
n.a.

n.a.
44,064

241
33,620

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

46,157
6,874
n.a.
n.a.
n.a.
n.a.
n.a.

74,471
6,816
n.a.
n.a.
n.a.
n.a.
n.a.

65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.

23,136
296
1,206
848
1,396
699
15,900

26,118
625
1,450
1,068
2,138
589
16,510

5,580

6,193

5,013

5,013

5,643

5,879

4,942

5,311

5,241

19,317
1,353
19
1,827
12,596
n.a.
2,448
87

41,201
976
918
2,127
32,965
n.a.
3,075

29,612
1,038
724

29,612
1,038
724

2,286

2,286

21,528
n.a.
2,921
104

37,420
598
699
2,158
n.a.
30,734
1,912
173

33,805
412
533
2,592
n.a.
26,936
2,136
123

26,215
1,049
564
1,832
n.a.
20,015
1,629
131

30,383
646

21,528
n.a.
2,921
104

32,511
757
387
2,396
n.a.
25,848
1,786
171

4,697
1,631

6,430

1,604
135

5,358
1,277
79

5,358
1,277
79

7,625
1,226
90

5,389
1,246
183

7,017
1,496
275

5,317
1,194
158

5,635
963
138

411
57

414
49

395
25

358

486
35

565
34

419
12

391
13

115,934

83,626

MEMO:

23

Euro area3

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
33
34
35

Asia
Japan
Middle Eastern oil-exporting countries5
Africa
Oil-exporting countries6 . .

38

All other7 . . .

26

1,034
1,967
n.a.
23,676

1,723
174

International Statistics
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
the United States—Continued

53

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.

Dec.

39 Commercial claims
40
Trade receivables
41
Advance payments and other claims

37,126
33,104
4,022

31,795
27,513
4,282

31,177
26,385
4,792

31,177
26,385
4,792

29,496
24,787
4,709

32,308
26,075
6,233

31,260
25,749
5,511

33,602'
28,651'
4,951

34,132
28,914
5,218

By currency
42 Payable in U.S. dollars
43 Payable in foreign currencies2
44
Canadian dollars
45
Euros
46
United Kingdom pounds sterling
47
Japanese yen
48
All other currencies

33,401
3,725
n.a.
n.a.
n.a.
n.a.
n.a.

29,393
2,402
n.a.
n.a.
n.a.
n.a.
n.a.

26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.

26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.

20,653
8,843
1,351
1,803
1,451
545
3,693

23,036
9,272
1,279
1,753
1,549
537
4,154

24,327
6,933
1,262
1,216
1,123
547
2,785

25,527'
8,075
1,557
1,542
1,187
589
3,200

26,456
7,676
1,518
1,255
1,299
478
3,126

15,938
452
3,095
1,982
1,729
763
4,502

14,022
268
2,921
1,658
529
611
3,833

14,187
269
3,164
1,202
1,490
503
3,727

14,187
269
3,164
1,202
1,490
503
3,727

13,330
228
2,804
1,305
1,136
453
3,720

15,272
244
3,066
1,202
1,381
537
4,489

14,087
208
3,093
1,196
1,300
652
4,007

14,576
247
2,816
1,284
397
1,921
3,928

14,625
211
2,745
1,497
446
1,357
4,048

8,114

9,015

8,255

2,790

2,790

2,564

2,905

2,673

3,070

3,275

49
50
51
52
53
54
55

By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO

56
57

Euro area3
Canada

58
59
60
61
62
63
64
65
66
67
68

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

69

Africa

70

Oil-exporting countries6

71

All other7

72

8,819
3,502

7,944

5,851
37
376
957
137
n.a.
1,507
328

4,859
42
369
954
95
n.a.
1,391

4,346
31
287
750
19
n.a.
1,259

4,346
31
287
750
19
n.a.
1,259

4,810
61
551
737
n.a.
59
1,099
234

4,693
28
463
782
n.a.
16
1,128
243

4,813
25
447
808
n.a.
50
1,181
233

5,153
26
460
903
n.a.
52
1,339
230

5,516
35
739
1,002
n.a.
67
1,149
228

9,630
2,796
1,024

7,849
2,006

7,324
2,341

7,324
2,341

6,010
1,441
617

6,484
1,730
770

6,452
1,734
738

7,356
1,761

7,245
1,589

584
95

584
95

636
139

444
97

548
136

636
138

621
183

1,946

1,946

2,146

2,510

2,811'

2,850

672
180
1,602

Financial claims on foreign affiliates8

MEMO

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 not included in lines 1-8 above.

54
3.24

Federal Reserve Bulletin Statistical Supplement • July 2004
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars

Transaction, and area or country

Jan.Apr.

Oct.

AprJ

Nov.
U.S. corporate securities

3,209,760
3,159,571

3,115,236
3,077,709

3 Net purchases, or sales ( ) .

50,189

37,527

4 Foreign countries

50,253

37,560

201

32,909
2,127
129
4,307
2,787
15,172
255
8,207
15,419
1,309

24,355
6,239
934
69
2,123

376,857
390,318

366,554
368,445

12,787

2,408

13,461

1,891

12,732

2,377

13,387

1,923

3,859
581
532
205
1,248

7,579
2,114
931
387

5,965
2,930
2,031
24
252
7,438

1,243

8,779

1,231

8,772

13,312

2,576
2,095
78
224
456
3,395
10
883
1,113
96
1,838
331

5,062
143
84
207
510
4,288
12
5,345
1,151
19

12,336
72
3,261

97
11,723
918
494
2,127
2,334
270
491

704
2,649
3,862
1,185
2,006
5,993
147
1,360
801
4,053
1,820
1,317
180
611

125

116
0
359

6,099
1,660
196
176
47
2,521
55
2,630
3,066
770
292
429
164
291

569
442
5,181
19
1,393
4,711
94
2,580
950
17
304

2,548,719
2,171,264

3,366,710
2,932,258

1,251,326
1,083,016

253,153
222,807

229,162
188,940

225,097
187,353

253,821
213,187

22 Net purchases, or sales ( ) .

377,455

434,452

168,310

40,222

37,744

23 Foreign countries

377,192

434,737

167,622

29,804

39,987

37,842

24
25
26
27
28
29
30
31
32
33
34
35
36
37

167,168

211,166
4,519
2,725
1,168
7,698
133,657
19,863
5,441
99,967
3,743
110,994
34,566
2,356
1,070

57,838
1,376
2,870
744
2,689
31,850
3,829
5,572
38,693
4,174
59,421
25,210
1,209
715

11,106
1,347
28
130
370
7,119
698
2,162
6,939
415
9,038
5,234
41
103

20,053
271
565
201
266
14,176
714
823
12,287
248
6,056
1,707
288
232

19,304

22,676

676

862

288,874
275,544

317,208
314,800

262,481
253,702

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

1,384,010
1,384,167

323,391
310,604

308,308
309,551

1 Foreign purchases
2 Foreign sales . . . .

1,252
368

648

54
834
1,632
1,073
1,464
1,055
179
114

64
4,384
37

1,869
3,435
249
893
1,291
29
169

1,718
445
2,825
3,117
1,979

281,092
235,504

373,888
339,500

342,525
294,825

40,634

45,588

34,388

47,700

40,479

45,688

33,814

47,641

12,250
1,324
13
443
705
6,756
245
771
13,874
134
13,183
5,928
90
177

13,817
70
41
529
1,138
1,983
496
13,614
15,896
6,397
147
831

12,507
889
2,251
1,097
1,709
3,898
2,778
3,201
4,176
821
13,077
3,613
3
35

19,264
767
565
439
547
14,816
1,177
1,104
7,029
2,332
17,265
9,272
975
328

3,952
195,631
199,583
2,187
292,489
290,302

11,343
171,550
182,893
6,345
227,863
221,518

252

19 Nonmonetary international and
regional organizations

20 Foreign purchases
21 Foreign sales

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean . .
Middle East2
Other Asia
Japan
Africa
Other countries

3,762

5,125
421
8,621
109,913
11,173
1,040
83,002
2,263

121,440
48,578
860

3,499

346

1,733
491
143
12,701
485
122
7,415
220
10,987
3,785
30

6,380

3 8 Nonmonetary international and
regional organizations
Foreign securities
1,493
1,267,794
1,269,287
28,492
1,372,239
1,343,747

71,118'
1,376,162'
1,447,280'
26,552
2,156,714
2,130,162

30,900
659,925
690,825
13,916
1,020,260
1,006,344

7,454
155,044
162,498
5,403
211,616
217,019

132,486
133,374
3,638
182,794
186,432

5,170'
123,726'
128,896'
149
186,718
186,569

13,200'
138,106'
151,306'
4,667
252,613
247,946

2,405'
154,638'
157,043'
717
247,295
246,578

45 Net purchases, or sales ( ), of stocks and bonds . . . .

26,999

44,566'

16,984

12,857

4,526

5,021'

8,533'

1,688'

1,765

4,998

46 Foreign countries

27,029

44,005'

18,582

12,903

4,415

4,607'

8,327'

1,695'

3,603

4,957

47
48
49
50
51
52
53

14,562
4,857
4,578

7,827
7,667
8,832
50,449'
32,064'
224
442'

21,417
470
9,353
6,987
12,167
377
378

5,610
3,512
1,663
16,449
8,870
77
138

8,947
326
583
13,896
6,811
80
197

4,234
2,689
1,282
4,329'
4,509'
70
85'

4,760
74
4,790
8,087'
7,573'
26
370'

7,450
614
3,663
1,194'
2,881'
24
308'

775
683
2,400
1,236
3,031
221
96

8,432
901
3,300
1,142
1,318
154
220

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

2,632

10,060
380
780

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. - Ap1
1 Total estimated . . .

Apr.P
46,903

37,013

61,488

117,910

273,743

180,442

12,341

33,367

29,756

46,779

37,138

61,384

35,141

43,678
2,046

46,933
1,736
7,885
913
153
432
4,900
30,551
1,555
1,192
10,783

64,044

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

1,048
4,450
148
2,303
444
3,703
50,971
1,662
1,411
6,460

95
605
275
449
1,877
966
495
5,483
226
2,445

8,509
754
873
359
558
176
925
1,824
18
8,908

3,606

2,008
331
794
61
592
623
562
2,126
80
5,209
1,577

3,660

19,595
161
2,104
301
903
60
53
9,206
1,070
5,843
664

3,667
1,573
1,464
440
785
1,099
711
13,379
438
8,578
1,750

21,909
131
952
411
341
183
1,053
18,787
128
4,215
1,457

18,873
495
4,762
182
2,526
532
1,992
9,599
282
69
2,589

14
15
16
17
18
19
20
21

Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other

20,023
59

24,309
321
17,147
6,841
184,641
148,932
55
7,022

6,989
41
4,259
2,771
105,981
92,844
95
3,127

9,600
32
9,882
250
25,114
21,534
37
491

2,018
7
1,769
242
27,444
24,325
43
277

6,880
4

1,094

4,869
2,015
26,358
20,659
80
1,447

91
1,191
26,999
26,590
16
1,557

5,187
26
2,402
2,811
25,857
30,249
61
738

4
4,112
2,698
33,048
30,520
30
1,806

6,098
5
2,164
3,929
20,077
5,485
202
502

2,011
1,642
3

726
446

53

304
76
12

303
562
0

71
150
10

4
325
0

124
341
1

125
79
13

104
300
2

201
114
28

117,910
7,149
110,761

273,743
109,345
164,398

180,442
99,026
81,416

12,341
19,451
7,110

33,367
18,883
14,484

29,756
11,329
18,427

46,779
26,910
19,869

37,138
16,071
21,067

61,384
33,905
27,479

35,141
22,140
13,001

3,880
29

6,910
52

214
0

561
0

222
0

837
0

133
0

1,027
0

271
0

2 Foreign countries . .
3
4
5
6
7
8
9
10

22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional

r 2,038

3,931
1,609
17,020
2,923
448
61,606
724

613
5,197

20,862
780

55,656
30,498
841
2,909

6

MEMO

25 Foreign countries
26
Official institutions . . .
27
Other foreign
Oil-exporting countries
28 Middle East*
29 Africa5

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds andnotes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.

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 • July 2004

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
2003

2004

Apr.

May

Exchange rates
COUNTRY/CURRENCY UNIT

1
2
3
4
5
6
7
8
9
10
11
12

Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3 . . . ,
Greece/drachma
Hong Kong/dollar
India/rupee
Japan/yen
Malays ia/ringgit
Mexico/peso

13
14
15
16
17
18
19
20
21
21
23
24

New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/bant
United Kingdom/pound2
Venezuela/bolivar

51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337

54.37
2.9213
1.5704
8.2770
7.8862
0.9454
n.a.
7.7997
48.63
125.22
3.8000
9.663

65.24
3.0750
1.4008
8.2772
6.5774
1.1321
n.a.
7.7875
46.59
115.94
3.8000
10.793

73.91
2.9255
1.3128
8.2770
6.0537
1.2298
n.a.
7.7645
45.57
107.74
3.8000
11.252

77.17
2.8533
1.2958
8.2770
5.8952
1.2638
n.a.
7.7663
45.46
106.27
3.8000
10.920

77.70
2.9342
1.3299
8.2771
5.8956
1.2640
n.a.
7.7748
45.27
106.71
3.8000
11.032

74.96
2.9067
1.3286
8.2771
6.0757
1.2261
n.a.
7.7930
44.97
108.52
3.8000
11.019

74.43
2.9079
1.3420
8.2769
6.2104
1.1989
n.a.
7.7970
43.89
107.66
3.8000
11.270

70.39
3.1023
1.3789
8.2771
6.2021
1.2000
n.a.
7.7971
45.18
112.20
3.8000
11.520

42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10

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

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

64.71
6.7128
1.7107
6.5374
1,192.34
96.413
7.3395
1.2643
34.056
39.745
175.16
1,599.86

67.38
6.8117
1.6965
6.9398
1,183.35
98.009
7.2334
1.2391
33.669
39.124
182.55
1,600.00

69.16
6.9508
1.6869
6.7542
1,167.53
98.507
7.2630
1.2448
33.214
39.116
186.73
1,818.95

66.07
6.9598
1.6996
6.6140
1,166.29
97.522
7.5322
1.2778
33.252
39.470
182.61
1,920.00

64.15
6.9263
1.6849
6.5747
1,152.86
98.132
7.6496
1.2969
32.971
39.453
180.31
1,920.00

61.51
6.8428
1.7124
6.7996
1,177.88
98.929
7.6097
1.2839
33.444
40.560
178.60
1,919.76

113.10
84.97

114.26
86.48

115.12
87.44

117.08
89.03

100.26r
91.61

101.09r
92.67r

103.19
94.50

Indexes4
NOMINAL

25 Broad (January 1997=100)5
26 Major currencies (March 1973=100)6
27 Other important trading partners (January
1997= 100)7

125.91
107.66

126.75
105.98

119.28
93.04

114.51
86.27

28 Broad (March 1973=100)5
29 Major currencies (March 1973=100)6
30 Other important trading partners (March
1973=100)7

111.08r
112.19

111.30r
110.61

104.60r
97.66

99.64r
90.28

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at:
www.federalreserve.gov/releases.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564

Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds

1,936.27
40.3399
2.20371
200.482
166.386
340.750

Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas

112.54
84.43

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 and Statistical Releases
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title and Date

Issue

Page

Reference

Assets and liabilities of commercial banks
September 30,2003
December 31,2003
March 31,2003
June 30, 2003

February
May
August
November

2004
2004
2003
2003

58
58
A58
A58

Supplement
Supplement
Bulletin
Bulletin

Terms of lending at commercial banks
November 2003
February 2004
May 2003
August 2003

February
May
August
November

2004
2004
2003
2003

60
60
A60
A60

Supplement
Supplement
Bulletin
Bulletin

Assets and liabilities of US. branches and agencies of foreign banks
September 30,2003
December 31,2003
March 31,2003
June 30, 2003

February
May
August
November

2004
2004
2003
2003

66
66
A66
A66

Supplement
Supplement
Bulletin
Bulletin

August 2001
October 2001
January 2002

A76
A64
A64

Bulletin
Bulletin
Bulletin

Residential lending reported under the Home Mortgage Disclosure Act
1989-2001
1990-2002

September 2002
September 2003

A58
A58

Bulletin
Bulletin

Disposition of applications for private mortgage insurance
1998-2001
1999-2002

September 2002
September 2003

A67
A67

Bulletin
Bulletin

Small loans to businesses and farms
1996-2001
1996-2002

September 2002
September 2003

A70
A70

Bulletin
Bulletin

Community development lending reported under the Community Reinvestment Act
2001
2002

September 2002
September 2003

A73
A73

Bulletin
Bulletin

Pro forma financial statements for Federal Reserve priced services *
March 31,2001
June 30, 2001
September 30, 2001

*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).

58

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, 46, 49-51, 53
Liabilities to, 45-48, 52, 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, 46, 47, 49, 52, 53
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, 45
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