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Volume 3 • Number 7 • July 2006

Statistical Supplement
M to the Federal Keserve
tne t eaeral Reserve

£ BULLETIN

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

PUBLICATIONS COMMITTEE

Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Marianne M. Emerson
• Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • Vincent R. Reinhart
• Louise L. Roseman • Richard Spillenkothen • David J. Stockton

The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic
Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members.

Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's
issue of the Federal Reserve Bulletin (1914-2003).
The Statistical Supplement began publication in
2004. It is designed as a compact source of economic
and financial data. All statistical series are published
with the same frequency that they had in the Bulletin,
and the numbering system for the tables remains the
same.
Subscription information for the Statistical Supplement is on the inside front cover. For subscription

information about the Bulletin, contact Publications
Fulfillment at (202) 452-3245, or send an e-mail
to publications-bog@frb.gov. The Supplement is
also available on the Board's website, at
www.federalreserve.gov/pubs/supplement.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886, or send an e-mail
to publications-bog@frb.gov.

Financial and Business Statistics:
Table of Contents
These tables reflect the data available as of the second
week of July 2006.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Reserves of depository institutions and Reserve Bank
credit
6 Reserves and borrowings—Depository
institutions
Policy

Instruments

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

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

Securities Markets and Corporate Finance
29 New security issues—Tax-exempt state and local
governments and U.S. corporations
30 Open-end investment companies—Net sales
and assets
30 Domestic finance companies—Assets and liabilities
31 Domestic finance companies—Owned and managed
receivables

Federal Reserve Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities
Monetary and Credit Aggregates

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

12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures
Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
21

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

Consumer Credit
34 Total outstanding
34 Terms

Flow of Funds
35
37
38
39

Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities

Financial Markets
22 Commercial paper outstanding
22 Prime rate charged by banks on short-term
business loans
23 Interest rates—Money and capital markets
24 Stock market—Selected statistics

DOMESTIC NONFINANCIAL STATISTICS
Selected

Measures

40 Output, capacity, and capacity utilization
42 Industrial production—Indexes and gross value

2

Federal Reserve Bulletin Statistical Supplement • July 2006

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

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

50 Liabilities to foreigners
52 Claims on foreigners
Securities Holdings and Transactions
54 Foreign transactions in securities
55 Marketable U.S. Treasury bonds and
notes—Foreign transactions

Interest and Exchange Rates
56 Foreign exchange rates
5 7 GUIDE TO SPECIAL

TABLES

5 8 INDEX TO STATISTICAL

TABLES

60 FEDERAL RESERVE BOARD

PUBLICATIONS

62 ANTICIPATED SCHEDULE OF RELEASE DATES
PERIODIC STATISTICAL
RELEASES
6 4 PUBLICATIONS

FOR

OF INTEREST

65 FEDERAL RESERVE STATISTICAL
AVAILABLE ON THE COMMERCE
ECONOMIC BULLETIN
BOARD

RELEASES
DEPARTMENT'S

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

*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
G-7
G-10
GDP

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

GNMA
GSE
HUD
IBF
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
STRIPS
TIIS
TIPS
VA

Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International banking facility
International Monetary Fund
Interest-only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal-only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Separate trading of registered interest and principal
of securities
See TIPS
Treasury inflation-protected securities (formerly
TIIS, or Treasury inflation-indexed securities)
Department of Veterans Affairs

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

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

4

Federal Reserve Bulletin Statistical Supplement • July 2006

1.10

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

Monetary or credit aggregate
Q2

1
2
3
4

Reserves of depository institutions2
Total
Required
Nonborrowed
Monetary base3

Concepts of money*
5 Ml
6 M2
7 M3
Nontransaction components
8 In M2S
9 In M3 only1"

Q3'

Q4'

Ql'

-3.2
-3.2
-4.3
2.9

-2.4
-3.7
-4.1
3.7

-4.8
-5.6
-3.2
4.2

-12.9
-10.5
-12.2
6.0

-2.9
-6.4
-4.1
4.5

-33.5
-26.1
-32.1
7.5

3.1
4.4
4.6
6.9

-12.4
-11.8
-15.6
3.8

24.6
16.2
22.5
4.4

.8
4.5
7.8

5.0
9.3

2.4
6.3

-5.7
5.0
9.0

11.8
11.0
10.5

-5.5
3.4
6.5

7.8
2.7

4.9
4.0
n.a.

3.2
13.3

5.5
14.9

6.4
17.7

7.3
n.a.

7.8
16.6

10.8
9.5

5.7
11.7

1.4
n.a.

3.7
n.a.

2.6P
6.0

Apr.

Time and savings deposits
Commercial banks
Savings, including MMDAs . . .
Small time7
Large times>9
Thrift institutions
13
Savings, including MMDAs . . .
14
Small time7
15
Large time s

2.6'
19.2'
22.9

4.9
20.3
12.3

7.0
8.2
21.4

5.6
15.3

12.0
15.4
22.8

7.7
15.4
31.6

1.6
15.8
16.5

-3.5
16.3
n.a.

6.2
12.1
n.a.

-6.5
22.2'
45.5

21.0
33.1

-3.7
29.6
36.0

2.4
16.4

-7.2
10.7
4.2

11.9
16.6
25.0

8.2
18.2
-3.1

-11.7
18.9
n.a.

-21.3
20.7
n.a.

Money market mutual funds
16 Retail10
17 Institution-only

-2.4'
2.4

-.8
11.8

4.7
12.1

8.1
9.1

1.7
16.7

15.1
15.0

3.5
-2.8

14.1
7.3

7.8
14.6

11.8
7.0

22.5
11.5

22.3
7.9

19.4
3.7

-34.0
-14.4

37.0
14.3

n.a.
n.a.

n.a.
n.a.

10
11
12

Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars

NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all
the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars)
except for institutional money funds. Measures of large time deposits will continue to be
published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and
in the H.8 release on a weekly basis (for commercial banks).
1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions: (2) travelers checks ofnonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M l .

n.a.
n.a.

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

Money Stock and Bank Credit
1.11

5

RESERVE BALANCES OF DEPOSITORY INSTITUTIONS'
Millions of dollars
Average of
daily figures

Average of daily figures for week ending on date indicated

Apr.

Mar. 15

Mm. 22

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Apr. 26

SUPPLYING RESERVE FUNDS

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

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

19
20
21
22
23
24

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

815,080
750,949
750,949
273,597
451,998
22,196
3,158
0
25,071
53
21
2
30
38
38,969
11,044
2,200
37,290

817,808
756,872
756,872
274,498
456,693
22,443
3,237
0
26,040
162
112
0
50
-142
34,877
11,044
2,200
37,847

820,622
758,789
758,789
275,370
457,397
22,646
3,376
0
22,858
252
171
0
81
-1,371
40,093
11,043
2,200
37,906

820,051
756,617
756,617
274,142
457,020
22,260
3,194
0
28,536
59
10
0
49
685
34,155
11,044
2,200
37,840

820,828
757,241
757,241
274,142
457,177
22,646
3,275
0
28,893
403
350
0
52
-520
34,812
11,044
2,200
37,853

814,103
758,513
758,513
275,370
457,177
22,646
3,320
0
20,750
91
36
0
55
-291
35,040
11,044
2,200
37,866

820,458
758,544
758,544
275,370
457,177
22,646
3,351
0
24,143
294
235
0
59
-1,821
39,298
11,043
2,200
37,879

817,859
758,559
758,559
275,370
457,177
22,646
3,365
0
19,464
600
526
0
74
-410
39,647
11,043
2,200
37,893

823,620
758,571
758,571
275,370
457,177
22,646
3,378
0
26,321
87
0
84
-1,359
40,000
11,043
2,200
37,907

820,068
758,896
758,896
275,370
457,490
22,646
3,390
0
21,536
119
29
0
90
-990
40,507
11,043
2,200
37,922

787,001
23,473
23,473
0
196

789,087
24,281
24,281
0
196

790,688
24,467
24,467
0
200

789,749
24,599
24,599
0
194

788,929
25,013
25,013
0
198

788,446
22,893
22,893
0
204

789,654
25,181
25,181
0
208

790,718
23,646
23,646
0
200

791,150
25,410
25,410
0
208

790,652
24,053
24,053
0
199

13,783
5,155
85
8,268
8,268
0
275
31,811
9,350

13,420
5,033
108
8,039
8,039
0
241
32,752
9,163

12,948
5,036
85
7,536
7,536
0
291
33,212
10,255

12,968
4,479
99
8,145
8,145
0
245
32,597
11,027

13,525
5,142
172
7,980
7,980
0
231
33,070
11,190

13,685
5,400
85
7,981
7,981
0
219
32,895
7,089

13,310
5,228
85
7,731
7,731
0
267
32,939
10,288

13,233
5,126
86
7,731
7,731
0
290
33,001

12,998
4,999
83
7,608
7,608
0
308
33,021
11,983

12,933
4,953
85
7,611
7,611
0
284
33,488
9,908

ABSORBING RESERVE FUNDS

25
26
27
28
29
30
31
32

Wednesday figures

End-of-month figures
Mar. 29

Apr.

Apr. 5

Apr. 12

Apr. 19

Apr. 26

812,747
758,529
758,529
275,370
457,177
22,646
3,336
0
19,500
251
192
0
58
-694
35,161
11,044
2,200
37,866

816,828
758,551
758,551
275,370
457,177
22,646
3,358
0
19,250
64
0
0
64
-595
39,559
11,043
2,200
37,879

819,501
758,563
758,563
275,370
457,177
22,646
3,370
0
18,750
3,755
3,676
0
79
-1,374
39,807
11,043
2,200
37,893

819,014
758,575
758,575
275,370
457,177
22,646
3,382
0
21,250
88
80
-1,008
40,109
11,043
2,200
37,907

827,369
759,683
759,683
275,370
458,273
22,646
3,394
0
26,750
105
1
0
105
-19
40,849
11,043
2,200
37,922

SUPPLYING RESERVE FUNDS

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

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

19
20
21
22
23
24

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

0
31,500
38
12
0
26
1,463
37,671
11,044
2,200
37,813

824,069
758,542
758,542
275,370
457,177
22,646
3,349
0
26,750
566
510
0
56
-856
39,067
11,043
2,200
37,879

824,371
759,690
759,690
275,370
458,273
22,646
3,401
0
24,250
138
40
0
98
-1,089
41,382
11,041
2,200
37,936

821,701
757,213
757,213
274,142
457,177
22,646
3,247
0
29,750
60
48
244
34,435
11,044
2,200
37,840

816,910
757,257
757,257
274,142
457,177
22,646
3,292
0
25,750
201
148
0
53
-1,190
34,892
11,044
2,200
37,853

789,289
24,802
24,802
0
185

788,769
26,540
26,540
0
209

790,794
24,108
24,108
0
182

790,733
24,293
24,293
0
197

789,763
24,151
24,151
0
204

789,999
22,419
22,419
0
209

791,455
23,523
23,523
0
198

792,524
24,016
24,016
0
209

792,184
24,729
24,729
0
202

792,097
22,910
22,910
0
182

13,401
5,024
82
8,015
8,015
0
279
32,510
16,220

13,487
5,455
84
7,731
7,731
0
217
32,894
13,292

11,844
4,784
86
6,696
6,696
0
278
33,807
14,812

11,399
2,844
150
8,145
8,145
0
261
32,443
13,719

12,689
4,414
71
7,980
7,980
0
223
32,537
8,662

12,903
4,619
84
7,981
7,981
0
219
32,482
5,845

12,830
4,663
84
7,731
7,731
0
352
32,796
7,148

12,440
4,334
90
7,731
7,731
0
285
32,551
8,897

13,219
5,245
85
7,608
7,608
0
281
32,964
6,866

13,586
5,610
85
7,611
7,611
0
280
33,189
16,570

825,348
754,676
754,676
274,142
455,227
22,196

ABSORBING RESERVE FUNDS

25
26
27
28
29
30
31
32

NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical
release, available at www.federalreserve.gov/releases.
1. Amounts of vault cash held as reserves are shown in table 1.12, line 2.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.

5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
7. Excludes required clearing balances and adjustments to compensate for float.

6

Federal Reserve Bulletin Statistical Supplement • July 2006

1.12

RESERVES AND BORROWINGS

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

2006

Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves'"
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Seasonal

2004

2005

Dec.
1
7
3
4
5
6
7
8
9
10
11

2003

Dec.

Dec'

Oct.'

Nov.'

Dec'

Jan.'

Feb.'

Mar.'

Apr.

10.863
44,063
32,086
11,976
42,949
41,906
1,043

12.046
47,264
34,801'
12,462'
46,848'
44,938
1,909

10.045
51,306
35,356
15,950
45,401
43,492
1,909

10.250
49,514
34,475
15,039
44,725
42,830
1,896

10.131
49,198
34,491
14,707
44,622
42,834
1,788

10.045
51,306
35,356
15,950
45,401
43,492
1,909

10.277
52,068
36,904
15,164
47,181
45,594
1,587

9.405
53,287
35,244
18,043
44,649
43,107
1,543

9.125
49,603
33,625
15,978
42,750
41,246
1,504

10.283
48,370
34,438
13,932
44,721
42,893
1,828

169
97
0
72

284
35
29
220

126
20
0
106

169
97
0
72

110
78
0
32

53
21
2
30

169
119
0
50

248
164
0
84

46
17
0
29

63
11
0
52

2005

B weekly averages of daily figures for two-week periods ending on dates indicated
2006
Jan. 4'
1
2
3
4
5
6
7
8
9
10
11

2

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

Jan. 18'

Feb. 1'

Feb. 15'

Mar. 1'

Mar. 15'

Mar. 29'

Apr. 12'

Apr. 26

May 10

10,842
52,674
37,313
15,361
48,154
45,904
2,250

8,983
50,168
33,725
16,443
42,708
41,256
1,452

11,496
53,928
40,202
13,726
51,698
50,171
1,527

8,501
55,209
33,438
21,771
41,939
40,458
1,481

10,219
51,167
36,808
14,360
47,026
45,416
1,610

8,964
48,425
31,226
17,200
40,189
38,461
1,728

9,194
50,800
36,042
14,758
45,235
44,052
1,183

9,237
48,689
31,911
16,778
41,147
39,024
2,123

11,010
48,267
36,507
11,760
47,517
46,042
1,475

10,879
47,777
34,781
12,997
45,659
43,480
2,179

95
29
0
66

180
154
0
26

40
11
0
29

66
36
0
30

40
6
4
30

61
15
0
46

247
193
0
54

447
381
0
67

103
16
0
87

156
33
0
124

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

4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).

Policy Instruments
1.14

1

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

Secondary credit2

Primary credit
Federal Reserve
Bank

Seasona credit3

Effective date

Previous rate

On
7/14/06

Effective date

Previous rate

On
7/14/06

Effective date

Previous rate

6.25

Boston
Vew York
Philadelphia
Cleveland
Richmond
Atlanta

On
7/14/06

6/29/06
6/29/06
6/29/06
6/29/06
6/29/06
6/29/06

6.00

6.75

6/29/06
6/29/06
6/29/06
6/29/06
6/29/06
6/29/06

6.50

5.25

7/6/06

5.15

i

"hicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

i

6/29/06
6/30/06
6/29/06
7/6/06
6/29/06
6/29/06

i

6.25

'

6.00

6.75

1

6/29/06
6/30/06
6/29/06
7/6/06
6/29/06
6/29/06

i

1

1

6.50

5.25

7/6/06

5.15

Range of rates for primary credit
Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2.25

2.25

2003—June 25
26

2.00-2.25
2.00

2.00
2.00

2004—June 30
July 1
Aug. 10
11
Sept. 21
22
Nov. 10
12
Dec. 14
15

2.00-2.25
2.25
2.25-2.50
2.50
2.50-2.75
2.75
2.75-3.00
3.00
3.00-3.25
3.25

2.25
2.25
2.50
2.50
2.75
2.75
3.00
3.00
3.25
3.25

2005—Feb.

3.25-3.50

3.50

Effective date

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

2

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2005—Feb. 3
Mar. 22
24
May 3
4
June 30
July 1
Aug. 9
10
Sept. 20
22
Nov. 1
2
Dec. 13
14

3.50
3.50-3.75
3.75
3.75^.00
4.00
4.00^.25
4.25
4.25^.50
4.50
4.50^.75
4.75
4.75-5.00
5.00
5.00-5.25
5.25

3.50
3.75
3.75
4.00
4.00
4.25
4.25
4.50
4.50
4.75
4.75
5.00
5.00
5.25
5.25

2006—Jan. 31
Feb. 2

5.25-5.50
5.50

5.50
5.50

Effective date

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.50-5.75
5.75
5.75-6.00
6.00
6.00-6.25
6.25

5.75
5.75
6.00
6.00
6.25
6.25

6.25

6.25

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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

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

2002—Nov. 6
7

0.75-1.25
0.75

0.75
0.75

0.75

0.75

Effective date

2006—Mar. 28
30
May 10
11
June 29
July 6
In effect July 14,2006

Range of rates for adjustment credit in recent years4

Effective date

In effect Dec. 31, 1995

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.25

5.25

1996—Jan. 31
Feb. 3

5.00-5.25
5.00

5.00
5.00

1998—Oct. 15
16
Nov. 17
19

4.75-5.00
4.75
4.50-4.75
4.50

4.75
4.75
4.50
4.50

1999—Aug. 24
26
Nov. 16
18

4.50-4.75
4.75
4.75-5.00
5.00

4.75
4.75
4.75
5.00

Effective date

2000—Feb.

2
4
Mar. 21
23
May 16
19

2001—Jan.

Feb.
Mar.
Apr.
May

3
4
5
31
1
20
21
18
20
15
17

1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The
discount rate on seasonal credit takes into account rates charged on market sources of funds

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

5.25
5.25
5.50
5.50
5.50
6.00

5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00^.50
4.00
3.50^.00
3.50

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

Effective date

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

and ordinarily is reestablished on the first business day of each two-week reserve maintenance
period.
4. Was available until January 8, 2003, to help depository institutions meet temporary
needs for funds that could not be met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors: Banking and Monetary Statistics,
1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and
1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases
and Historical Data webpages www.federalreserve.gov/releases/H15/data.htm.

8
1.15

Federal Reserve Bulletin Statistical Supplement • July 2006
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirement
Type of liability

Net transaction accounts^
1 $0 million-$7.8 million2
2 More than $7.8 million-$48.3 million3
3 More than $48.3 million

Percentage of
liabilities

0
10

4 Nonpersonal time deposits

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

0

5 Eurocurrency liabilities

Effective date

0

NOTE: Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreement
corporations.
1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS)
accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts,
ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net
transaction accounts are total transaction accounts less amounts due from other depository
institutions and less cash items in the process of collection.

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

Policy Instruments
1.17

9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars

Type of transaction
and maturity
Sept.
U.S. TREASURY SECURITIES2

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

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

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

18,150
0
738.886
738,886
0

821,685
821,685

8,300
0
871,661
871,661
0

87,522
87,522

68,397
68,397

67,302
67,302

1,308
0
68,077
68,077
0

79,509
79,509

6,565
0
96,433
-103,153
0

7,994
0
103,380
-118,373

2,894
0
109,557
-108,098
2,795

0
7,999
-6,585

500
0
11,700
-6,551

1,096
0
14,200
-15,297
189

0
13,599
-13,594
1,321

1,200
0
11,858
-10,989
0

0
8,000
-8,334

7,814
0
-76,364
97,256

17,249
0
-84,844
110,819

11,309
0
-91,121
97,723

3,635
0
-7,999
6,585

1,693
0
-11,700
6,551

1,096
0
-11,240
13,077

2,809
0
-13,599
11,830

2,498
0
-4,775
9,306

2,136
0
-4,500
8,334

4,107
0
-11,131
5,897

5,763
0
-8,012
7,554

3,626
0
-7,041
7,375

130
0
0
0

0
0
0
0

800
0
266
2,221

1,505
0
0
0

25
0
-5,205
841

174
0
-3,500
0

220
0
-8,938
0

1,364
0
-10,524

2,007
0
-11,395
3,000

90
0
0

902
0
0

0
0
-3,227
0

205
0
0
1,765

924
0
-1,878
841

90
0
0

36,856
0
0

50,507
0

28,136
0
2,795

5,847
0

4,118
0

3,481
0
189

6,082
0
1,321

5,955
0
0

3,628
0

36,856

50,507

1,522,888
1,518,638

1,887,650

2,083,300

187,300
197,050

145,250
147,000

140,750
129,500

223,000
211,500

185,750
206,750

157,000
151,250

204,250
209,000

4,942,131
4,946,691

5,621,153
5,626,285

6,421,223
6,420,945

523,085
523,518

509,449
508,709

505,101
508,976

581,376
581,826

504,837
498,351

445,563
446,346

558,568
560,306

-310

-15,882

14,028

-10,183

-1,010

7,375

11,050

-14,514

4,967

-6,488

36,536

34,626

39,369

-4,336

3,108

10,667

11,050

-9,752

10,922

-2,860

489
0
65,570
65,570
0

0
0
80,886

4,761

5,847

3,628

FEDERAL AGENCY OBLIGATIONS

Outright transactions
Gross purchases
Gross sales
Redemptions
Net change in federal agency obligations . . .
TEMPORARY TRANSACTIONS

Repurchase agreements3
Gross purchases
Gross sales
Matched sale-purchase agreements
33 Gross purchases
34 Gross sales
Reverse repurchase agreements*
35 Gross purchases
36 Gross sales
37 Net change in temporary transactions
38 Total net change in System Open Market Account

1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities.

3. Cash value of agreements, which are collateralized by U.S. government and federal
agency obligations.
4. Cash value of agreements, which are collateralized by U.S. Treasury securities.

10
1.18

Federal Reserve Bulletin Statistical Supplement • July 2006
FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements'

Millions of dollars
Wednesday

Apr. 5

Apr. 12

Apr. 19

Apr. 26

Apr.

Consolidated condition statement
ASSETS

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

11,040
2,200
789
778,280
758,529
758,529
275,370
457,177
22,646
3,336
0
19,500
251
5,259
1,824
37,471
19,180
18,291

11,039
2,200
797
777,865
758,551
758,551
275,370
457,177
22,646
3,358
0
19,250
64
6,313
1,832
37,722
19,425
18,296

836,862

Gold certificate account
Special drawing rights certificate account . . . .
Coin
Securities, repurchase agreements, and loans .
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3 . .
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies'"
All other7

11,039
2,200

798

11,039
2,200
801

779,913
758,575
758,575
275,370

457,177

457,177

22,646
3,370
0

22,646
3,382
0

18,750
3,755
5,103
1,833
19,219
18,752

21,250
88
5,416
1,833
38,269
19,506
18,763

837,768

840,011

753,127
22,419
22,881
17,959
4,619
84
219
5,953
4,647

754,567
23,523
20,022
14,923
4,663
84
352
6,859
4,613

755,634

90
285
6,455
4,638

809,027

19 Total assets .. .

758,563
758,563
275,370

809,585

13,748
12,901
1,186

13,766
12,901
1,515

781,068

11,039
2,200

11,040
2,200

805
786,539
759,683
759,683
275,370
458,273
22,646
3 394
0
26,750

830
786,214
754,676
754,676
274,142
455,227
22,196

1,833
39,010
19,824
19,186

0
31,500
38
8,605
1,821
35,853
19,195
16,658

839,471

847,711

755,276
24,729

755,158
22,910

20,194
14,583
5,245

30,259
24,284

85
6,309
4,594

85
280
6,194
4,650

812,098

811,101

13,771
12,901
1,241

13,751
12,901
1,717

27,913

28,370

1,603,772
1,131,217
472,555
517

1,607,334

37,970

105

6,285

11,039
2,200
811

785,858
758,542
758,542
275,370
457,177

22,646
3,349
0
26,750
566
3,746
1,833
37,214
19,305

11,037
2,200

826
784,078
759,690
759,690
275,370
458,273
22,646
3,401
0
24,250
138
4,018
1,831

17,909

39,452
20,043
19,408

846,564

842,701

843,443

752,486
24,802
29,627

751,906
26,540
26,778

753,863

LIABILITIES

20
21
22
23
24
25
26
27
28

Federal Reserve notes, net of F.R. Bank holdings
Reverse repurchase agreements5
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9

29 Total liabilities

24,016
21,355
16,646
4,334

281

24,241
5,024

24,108

26,562
21,414

217

4,784
86
278

7,140
4,414

4,582
4,758

5,103
4,714

819,172

818,468

814,564

814,350

13,816
12,901
1,822

13,738
12,901
1,457

13,759
12,901
1,476

13,817
12,901
2,375

5,610

82
279

5/155
84

CAPITAL ACCOUNTS

30 Capital paid in
31 Surplus
32 Other capital accounts

27,835

28,136

33 Total capital
MEMO

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

1,594,287
1,129,854
464,433
1,107

1,587,572
1,121,040

466,532
1,499

1,610,446
1,117,715

1,582,711
1,127,775

1,593,994

1,129,993
477,341
1,023

492,732
443

454,936
3,772

466,439
2,953

1,127,555

1,610,551
1,118,345

492,206
1,115

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

912,770

912,369

914,107

915,349

916,483

911,359

912,481

159,643
753,127
753,127
11,040
2,200
739,888
0

157,802

158,474

160,074

158,874

754,567
754,567

755,634
755,634

755,276
755,276

11,039
2,200
741,328
0

11,039
2,200

742,395
0

11,039
2,200
742,037
0

161,325
755,158
755,158
11,039
2,200
741,919
0

778,029

777,801

777,313

779,825

22,449

23,554

24,048

24,760

755,580

754,246

753,266

755,065

916,980

11,040
2,200

160,575
751,906
751,906
11,039
2,200

739,246
0

738,667
0

740,626
0

786,433

786,176

785,292

783,940

22,937

24,836

26,594

24,152

763,496

761,340

758,698

759,788

752,486
752,486

163,117

753,863
753,863
11,037
2,200

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. 5

Apr. 12

Apr. 19

Apr. 26
38

566

251
0
0

12
52
0

3,690
65

84
4

97
9
0

37

564

123
15
0

758,529

758,551

758,563

758,575

759,683

754,676

758,542

759,690

54,045
167.569
186,079
215,479
55,375
79,982

47,230
174,254
185,878
215,819
55,378
79,992

49,823
172,127
185,412
215,823
55,380
79,998

60,915
167,450
178,998
215,827
55,382
80,003

63,186
166,349
177,830
216,926
55,384
80,009

32,595
183,177
190,677
213,481
54,952
79,793

30,617
182,870
193,874
215,817
55,377
79,988

45,530
185,147
176,689
216,929
55,385
80,012

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

19 Total repurchase agreements2

19,500

19,250

18,750

21,250

26,750

31,500

26,750

24,250

20 Within 15 days

19,500
0

19,250
0

18,750
0

21,250
0

26,750
0

31,500
0

26,750
0

24,250
0

24,016

24,729

24,016
0

24,729
0

22,910
0

24,802
0

1 Total loans
2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year
5 Total U.S. Treasury securities1
6
7
8
9
10
11

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

12 Total federal agency securities
13
14
15
16
17
18

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

21 16 days to 90 days
22 Total reverse repurchase agreements"

22,419
22,419

23,523
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.

Apr.

26,540
26,540
0

24,108
0

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

12

Federal Reserve Bulletin Statistical Supplement • July 2006

1.20

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2005

2002
Dec.

2003
Dec.

2004
Dec.

2005
Dec'
Sept/

Apr.
Seasonally adjusted

ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2

1
2
3
4

Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5

40.36
40.28
38.35
681.46

42.70
42.65
41.66
720.13

46.63'
46.56
44.72
758.99

45.31
45.14
43.40
787.09

46.29
45.96
44.26
778.81

45.57
45.29
43.68
780.83

45.42
45.29
43.63
784.15

45.31
45.14
43.40
787.09

44.04
43.93
42.46
791.98

44.15
44.10
42.61
796.55

43.70
43.53
42.19'
799.05'

44.59
44.35
42.76
801.97

Not seasonally adjusted
5
6
7
8

Total reserves'"
Nonborrowed reserves .
Required reserves7 . . . .
Monetary bases

40.13
40.05
38.12
686.23

42.45
42.41
41.41
725.21

46.52
46.46
44.61
764.66

45.16
44.99
43.25
793.38

45.98
45.65
43.95
777.53

44.48
44.20
42.59
778.26

44.34
44.21
42.55
783.95

45.16
44.99
43.25
793.38

47.11
47.00
45.52
795.22

44.66
44.61
43.12
796.16

42.77
42.60
41.27
798.14'

44.75
44.50
42.92
800.90

40.27
40.19
38.26
697.15
2.01
.08

42.95
42.90
41.91
737.62
1.04
.05

46.85
46.79'
44.94
774.77
1.91
.06

45.40
45.23
43.49
802.30
1.91
.17

46.20
45.87
44.16
786.26
2.04

44.73
44.44
42.83
787.15
1.90
.28

44.62
44.50
42.83
792.94
1.79
.13

45.40
45.23
43.49
802.30
1.91
.17

47.18
47.07
45.59
804.29
1.59
.11

44.65
44.60
43.11
804.42
1.54
.05

42.75
42.58
41.25
806.16'
1.50
.17

44.72
44.47
42.89
808.42
1.83
.25

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9

9
10
11
12
13
14

Total reserves10
Nonborrowed reserves
Required reserves
Monetary base1'
Excess reserves'2
Borrowings from the Federal Reserve

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 and estimates of the effect on required reserves of changes in reserve requirements are
available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 14).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess
reserves (line 13).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves

would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11).

Monetary and Credit Aggregates
1.21

13

MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures

2002
Dec.

2003
Dec.

2004
Dec'

2005
Dec'
Apr.
Seasonally adjusted

Measures2
1 Ml
2 M2
3 M3

1,219.0
5.782.8'
8,568.0

1,304.2
6,065.8'
8,872.3

1,372.3
6,413.2
9,433.0

1,368.7
6,671.8
10,154.0

1,382.2
6,733.2
10,242.8

1,375.9
6,752.2
10,298.7

1,384.9
6,767.5
n.a.

1,390.6
6,790.0
n.a.

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

626.2
7.8
306.0
279.1

662.3
7.7
324.6
309.5

697.3
7.6
340.3
327.1

723.5
7.3
320.8
317.2

729.4
7.2
326.2
319.4

733.8
7.1
318.3
316.6

736.6
6.9
322.2
319.1

739.0
6.8
326.4
318.4

Nontransaction components
8 In M27
9 In M3 onlys

4,563.8'
2,767.4

4,761.7'
2,792.7

5,041.0
3,011.1

5,303.1
3,478.5

5,351.0
3,506.0

5,376.4
3,540.2

5,382.6
n.a.

5,399.4
n.a.

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

2,060.9
590.1
698.2

2,337.9
536.4
764.5

2,632.0
545.1
909.3

2,771.7
637.5
1,122.9

2,789.4
645.7
1,152.5

2,793.1
654.2
1,168.3

2,784.9
663.1
n.a.

2,799.3
669.8
n.a.

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

717.9
302.4
117.5

831.5
273.4
120.7

887.5
271.8
161.5

850.0
338.8
230.7

858.4
343.5
235.5

864.3
348.7
234.9

855.9
354.2
n.a.

840.7
360.3
n.a.

892.5'
1,247.7

782.5'
1,117.6'

704.6
1,069.6

705.1
1,138.3

714.0
1,152.5

716.1
1,149.8

724.5
1,156.8

729.2
1,170.9

473.4
230.7

494.8
295.3

492.6
379.1

564.3
423.9

548.3
418.8

565.2
423.8

n.a.
n.a.

n.a.
n.a.

4
5
6
7

Money market mutual funds
16 Retail12
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars

Not seasonally adjusted
Measures2
20 Ml
21 M2
22 M3

1,245.0
5,814.4'
8,633.5

1,332.1
6,098.2'
8,927.8

1,401.5
6,448.1
9,482.2

1,396.7
6,709.4
10,201.4

1,377.1
6,703.0
10,221.9

1,362.1
6,709.1
10,276.1

1,394.2
6,773.0
n.a.

1,396.7
6,836.6

630.3
7.7
323.3
283.8

666.7
7.6
342.8
315.0

702.4
7.5
358.9
332.7

728.9
7.2
338.0
322.6

727.3
7.2
321.3
321.3

733.6
7.0
311.3
310.1

736.9
6.9
328.4
322.1

738.7
6.8
324.5
326.8

Nontransaction components
27 In M27
28 In M3 onlys

4,569.4'
2,801.3

4,766.1'
2,815.9

5,046.6
3,025.4

5,312.6
3,488.3

5,325.9
3,515.2

5,347.0
3,560.7

Commercial banks
29 Savings deposits, including MMDAs . . .
30 Small time deposits9
31 Large time deposits10-"

2,061.6
590.2
697.4

2,337.9
536.2
760.9

2,633.3
544.8
903.3

2,776.0
636.9
1,114.4

2,767.1
644.9
1,142.4

2,767.8
653.7
1,161.3

2,778.8
663.0
n.a.

2,827.9
670.2

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

718.2
302.4
117.3

831.5
273.3
120.1

887.9
271.6
160.4

851.3
338.5
228.9

851.5
343.1
233.5

856.5
348.5
233.5

854.1
354.2

849.3
360.5

896.9'
1,281.3

787.1'
1,144.4

709.1
1,091.4

709.9
1,158.4

719.2
1,175.8

720.5
1,163.2

728.8
1,159.3

731.9
1,160.4

476.4
228.8

497.6
292.8

494.6
376.6

566.1
422.0

541.1
424.1

574.3
430.2

571.6
n.a.

23
24
25
26

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Money market mutual funds
35 Retail12
36 Institution-only
Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars
Footnotes appear on following page.

5,439.8

14

Federal Reserve Bulletin Statistical Supplement • July 2006

NOTES TO TABLE 1.21
NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all
the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars)
except for institutional money funds. Measures of large time deposits will continue to be
published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and
in the H.8 release on a weekly basis (for commercial banks).
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted Ml.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the

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

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks

15

Assets and Liabilities'

Billions of dollars
Wednesd ay figures

Monthly averages
2005

Dec.

2006

2006

2005

June

Account

Jan.

Feb.

Mar.'

Apr.'

May'

June

June 7

June 14

June 21

June 28

Seasonall 1 adjusted

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

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

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

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

27 Total liabilities
28 Residual (assets less liabilities)5

7.215.3
2,051.5'
1,172.6
878.9'
5.163.8'
988.7'
2.734.5
431.4'
2.303.0'
706.6'
248.3
485.7
274.4
329.2
689.1

7.501.4'
2,052.0'
1,138.9'
913.1
5.449.4'
1,044.1'
2,909.4
436.5'
2.472.8'
707.6'
263.8
524.6'
282.1
319.0
706.3'

7.558.4'
2,067.3'
1,149.8'
917.5
5.491.1'
1,061.0'
2,933.4'
435.3'
2.498.2'
711.8'
255.2
529.7'
289.9
320.0'
726.7'

7.645.5'
2,104.9'
1,180.4'
924.5'
5.540.7'
1,071.1
2.959.0
433.3'
2.525.6
712.0'
262.9
535.8'
289.5
316.8'
754.6'

7.712.8
2,113.6
1,185.5
928.1
5.599.2
1,081.9
2,988.2
434.7
2.553.5
722.3
268.8
538.1
300.1
318.0
753.4

7.803.7
2,165.8
1,196.9
968.9
5.637.9
1,098.5
3,013.0
431.1
2.581.9
726.9
261.2
538.3
299.0
313.2
759.3

7.921.1
2,201.6
1,193.2
1,008.5
5,719.5
1,117.8
3,040.3
428.5
2.611.8
733.7
283.4
544.3
285.5
306.0
780.2

7.929.8
2,189.2
1,199.6
989.6
5.740.6
1,125.2
3,079.6
428.9
2.650.8
728.7
260.8
546.3
295.4
304.8
785.0

7.924.2
2,183.2
1,190.6
992.6
5.741.1
1,127.1
3,064.7
428.9
2.635.8
736.3
268.7
544.4
296.6
302.5
776.7

7.940.3
2,204.8
1,206.6
998.2
5.735.5
1,126.1
3,067.7
428.5
2.639.2
740.4
255.8
545.5
298.8
308.5
784.4

7.932.4
2,192.2
1,203.7
988.5
5.740.2
1,120.6
3,088.5
429.3
2.659.2
722.7
258.5
550.0
303.8
306.3
784.1

7.919.2
2,177.7
1,197.7
979.9
5.741.5
1,124.5
3,093.2
428.5
2.664.6
718.3
261.0
544.5
285.0
302.0
789.8

8,440.2

8,741.3

8,828.4

8,940.0

9,017.1

9,107.5

9,224.8

9,247.0

9,232.0

9,264.1

9,258.5

9,227.8

5.552.6
689.8
4.862.8
1,318.8
3,544.0
1,637.1
367.6
1,269.5
35.4
495.7

5.766.7
665.1
5.101.6
1,432.5
3,669.1
1,733.4
366.3
1,367.1
72.8
493.0'

5.816.4
666.3
5.150.2
1,454.3
3,695.8
1,748.8
381.8
1,367.0
73.2
482.6

5,827.7
662.6
5.165.1
1,476.8
3,688.3
1,783.4
371.0
1,412.4
60.3
494.5'

5.898.7
677.9
5.220.8
1,525.1
3,695.7
1,792.5
378.1
1,414.4
56.4
498.6

5.960.5
661.5
5.299.1
1,551.3
3,747.8
1,780.6
370.6
1,409.9
67.4
536.9

5.975.6
677.5
5.298.1
1,573.4
3,724.7
1,818.3
367.7
1,450.6
91.9
567.1

5.992.8
664.3
5.328.5
1,597.2
3,731.3
1,825.0
369.5
1,455.5
89.1
550.4

5.962.9
652.8
5.310.1
1,597.1
3.713.0
1,829.1
365.7
1,463.4
56.2
553.0

5.998.9
657.7
5.341.2
1,586.4
3,754.8
1,835.5
377.9
1,457.6
68.1
570.7

6.004.4
674.4
5.329.9
1,587.0
3,742.9
1,830.1
383.4
1,446.7
112.6
542.5

6.004.4
668.0
5.336.4
1,612.9
3,723.5
1,817.4
355.7
1,461.7
113.8
535.7

7,720.8

8,066.0

8,120.9'

8,165.9'

8,246.3

8,345.4

8,452.9

8,457.3

8,401.2

8,473.1

8,489.6

8,471.4

719.4

675.3

774.1'

770.8

762.1

771.9

789.6

830.8

790.9

768.9

756.4

707.4

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

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

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

57 Total liabilities
58 Residual (assets less liabilities)5
Footnotes appear on p. 21.

7,211.8'
2,056.1'
1.176.3
879.7'
5.155.8'
992.2'
2.726.9
432.9'
2.293.9'
700.1'
306.8'
393.3
248.4
488.2
269.3
324.8
691.1

7,545.5'
2,058.3'
1,141.5'
916.8
5.487.3'
1,042.5'
2,921.1
435.3'
2.485.7'
718.3'
320.3'
398.1
275.7
529.6
287.0
335.9
704.2'

7,571.6'
2,066.0'
1.143.9'
922.1
5.505.6'
1,060.1'
2,936.2
433.2'
2.503.0'
723.8'
318.4'
405.4
258.3
527.1'
289.2
332.0
723.3'

7,635.6'
2,100.5'
1.176.6'
924.0
5.535.1'
1,074.5
2,956.0
433.6'
2.522.4'
716.8'
306.2'
410.6
261.3
526.6'
287.9
314.9'
749.5'

7,679.3
2,103.5
1,179.5
924.0
5.575.7
1,085.6
2,972.0
431.5
2.540.6
716.8
297.0
419.8
268.0
533.3
302.9
307.2
748.4

7,788.3
2,163.3
1,199.9
963.4
5.625.0
1,105.6
2,999.1
429.7
2.569.5
720.1
299.5
420.6
263.8
536.3
305.4
308.0
762.1

7,915.6
2,209.6
1.203.7
1,005.9
5,706.1
1,123.9
3,038.1
429.4
2.608.7
728.1
306.5
421.7
274.1
541.9
282.5
302.8
785.0

7,923.2
2,192.1
1.202.3
989.8
5.731.1
1,129.0
3,071.1
430.4
2.640.7
722.1
304.7
417.4
260.3
548.6
288.6
300.7
787.2

7,919.8
2,196.3
1,201.1
995.2
5.723.5
1,128.7
3,060.5
429.5
2.631.0
729.1
303.2
425.9
258.4
546.9
292.7
298.8
782.9

7,937.5
2,204.1
1.207.7
996.5
5.733.4
1,129.5
3.062.4
429.9
2.632.5
732.2
307.5
424.7
261.8
547.5
298.9
301.0
792.1

7,919.8
2,190.6
1.204.3
986.3
5.729.2
1,126.5
3,073.5
431.1
2.642.4
717.0
303.7
413.3
262.3
549.9
291.1
295.7
780.8

7,915.1
2,180.5
1,198.1
982.4
5,734.7
1,129.3
3.083.3
430.7
2.652.6
713.2
304.4
408.8
260.9
548.0
274.4
300.6
789.3

8,429.2

8,805.0

8,849.7

8,921.4

8,970.4

9,096.5

9,218.0

9,231.7

9,226.2

9,261.3

9,219.3

9,211.3

5.561.6
687.4
4.874.2
1,330.1
3,544.1
1,646.4
367.0
1,279.3
30.1
490.2

5.792.0
701.5
5.090.5
1,426.8
3,663.6
1,723.1
364.1
1,359.0
80.0
499.7'

5.806.2
674.6
5.131.6
1,458.1
3,673.5
1,747.4
381.1
1,366.3
80.1
488.9

5.830.7
654.0
5.176.7
1,480.2
3,696.5
1,781.4
369.7
1,411.7
67.2
501.2'

5.893.7
674.2
5.219.5
1,524.2
3,695.3
1,785.1
377.1
1,408.0
48.0
489.9

5.982.4
669.2
5.313.1
1,555.5
3,757.6
1,784.8
373.5
1,411.3
52.6
521.3

5.973.4
669.0
5.304.4
1,584.8
3,719.6
1,831.3
367.6
1,463.7
86.4
563.1

6.003.0
661.9
5.341.1
1,610.5
3,730.6
1,835.4
368.9
1,466.5
82.0
544.0

6.014.8
604.7
5.410.1
1,617.8
3,792.3
1,836.8
366.8
1,470.0
55.0
552.9

6.036.9
648.3
5.388.7
1,608.1
3,780.5
1,843.0
373.1
1,469.9
54.1
556.8

5.974.8
674.2
5.300.5
1,603.3
3,697.3
1,850.5
383.8
1,466.7
99.8
530.7

5.970.1
716.1
5.254.0
1,610.9
3,643.2
1,826.7
357.2
1,469.5
115.4
537.9

7,728.3

8,094.8'

8,122.6'

8,180.5

8,216.7

8,341.0

8,454.1

8,464.5

8,459.6

8,490.9

8,455.7

8,450.1

700.9

710.2'

740.9

753.7

755.4

763.9

767.2

766.6

770.5

763.5

761.2

727.1

16

Federal Reserve Bulletin Statistical Supplement • July 2006

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

2005
June

Dec.

2006

2006

2005
Jan.

Feb.

Mar.

Apr.'

May'

June

June 7

June 14

June 21

June 28

Seasonall 1 adjusted

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

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

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

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

27 Total liabilities
28 Residual (assets less liabilities)5

6.482.2
1,733.2
1,084.9
648.3
4.749.0
835.7'
2.715.0
431.4'
2.283.6'
706.6'
113.6
378.1
224.8
268.7
651.1

6.688.5
1,695.4
1,058.7
636.7
4.993.1
876.9'
2.887.4
436.5'
2.450.9'
707.6'
121.7
399.4
240.1
265.8
667.6

6.746.9
1,720.3
1,075.1'
645.2'
5.026.7
889.9'
2.912.7
435.3'
2 477.4'
711.8'
112.7
399.6
247.9
268.1
690.3

6.826.7
1,762.0
1,103.5'
658.5'
5.064.7
896.3'
2.938.2'
433.3'
2.504.8
712.0'
114.6
403.7
245.8
265.5
715.7

6.883.3'
1,769.2'
1,107.5
661.7'
5.114.2
905.1
2.966.9'
434.7'
2.532.2
722.3'
113.4
406.5
252.6
265.8
716.2'

6.954.4
1,808.9
1,119.6
689.3
5.145.5
916.1
2.991.0
431.1
2.559.9
726.9
105.4
406.2
250.8
263.8
719.3

7.020.1
1,819.2
1,112.7
706.5
5.200.9
930.4
3.017.7
428.5
2.589.2
733.7
111.4
407.7
239.7
256.2
731.4

7.036.3
1,811.1
1,119.4
691.7
5.225.1
932.1
3.057.6
428.9
2.628.7
728.7
94.7
412.0
245.7
252.1
739.5

7.022.3
1,800.3
1,110.1
690.2
5.222.1
933.9
3.042.8
428.9
2.613.9
736.3
97.8
411.3
248.8
251.1
733.8

7,054.3
1,822.7
1.126.2
696.5
5.231.5
934.2
3.045.8
428.5
2.617.3
740.4
97.8
413.3
249.5
256.8
738.1

7.040.3
1,817.9
1,124.1
693.7
5.222.4
928.4
3.066.5
429.3
2.637.2
722.7
89.7
415.1
249.1
253.6
739.8

7.025.5
1,803.4
1,118.0
685.4
5.222.1
930.1
3.070.8
428.5
2.642.3
718.3
94.2
408.7
237.3
247.8
740.9

7,559.5

7,794.9

7,887.2

7,987.9

8,051.2r

8,121.3

8,180.0

8,206.1

8,188.5

8,231.1

8,215.2

8,183.8

4.952.7
677.8
4.274.9
750.8
3.524.1
1,274.3
318.4
955.9
225.6
396.3

5.159.4
653.0
4.506.5
839.3
3.667.2
1,304.6
305.4
999.2
266.8
383.8

5.202.1
653.5
4.548.5
854.1
3.694.5
1,313.4
316.8
996.6
282.4
383.2

5.208.3
649.4
4.558.9
870.1
3.688.8
1,344.2
310.8
1,033.4
269.5
393.1

5.248.3'
664.4
4.584.0
887.0
3.697.0
1,356.4
316.2
1,040.2
275.6
402.0

5.287.3
648.7
4.638.5
903.0
3.735.5
1,360.6
315.3
1,045.3
283.5
430.2

5.302.7
665.8
4.636.9
926.1
3.710.9
1,381.8
316.6
1,065.1
298.4
436.6

5.315.0
652.5
4.662.5
943.7
3.718.8
1,381.2
318.7
1,062.4
298.5
431.2

5.284.3
641.1
4.643.2
940.9
3.702.4
1,383.0
312.0
1,071.0
281.8
433.5

5.325.8
646.8
4.679.0
936.5
3.742.5
1,380.8
322.6
1,058.2
296.2
443.4

5.328.5
662.0
4.666.5
941.1
3.725.4
1,391.2
336.3
1,054.9
304.3
428.2

5.323.5
656.0
4.667.5
955.3
3.712.2
1,382.8
308.9
1,073.9
307.7
417.4

6,848.9

7,114.7

7,181.0

7,215.1

7,282.3

7,361.6

7,419.4

7,425.9

7,382.5

7,446.2

7,452.2

7,431.5

710.6

680.2

706.2

772.8

759.7

760.5

780.2

806.0

784.9

763.0

752.3

768.9'

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

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)5
Footnotes appear on p. 21.

6,478.5
1,737.8
1.088.7
649.1
4.740.7
839.7'
2.707.4
432.9'
2.274.5'
1,126.4'
1,148.1'
700.1'
306.8'
393.3
114.6
378.9
219.7
265.1
653.1

6,726.8
1,701.7
1.061.2
640.4
5.025.1
874.8'
2.899.1
435.3'
2.463.8'
1,211.9'
1,251.9'
718.3'
320.3'
398.1
127.0
405.8
245.0
281.4
664.5

6,755.9
1,719.0
1.069.2'
649.8'
5.036.8'
887.4'
2.915.5
433.2'
2.482.2'
1,214.1'
1,268.1'
723.8'
318.4'
405.4
111.6
398.5
247.2
279.3
685.8

6,814.5
1,757.6
1.099.6'
658.0'
5.056.8
897.4'
2.935.2
433.6'
2.501.6'
1,219.6'
1,281.9'
716.8'
306.2'
410.6
110.3
397.1
244.3
264.3
709.6

6,846.9'
1,759.1'
1,101.6'
657.5'
5.087.8
907.3
2.950.8'
431.5'
2.519.3
1,228.1'
1,291.2'
716.8'
297.0'
419.8
110.9
402.1
255.3
256.6'
711.4'

6,932.4
1,806.5
1.122.6
683.9
5.125.9
922.2
2.977.2
429.7
2.547.5
1,243.5
1,304.0
720.1
299.5
420.6
103.8
402.7
257.2
259.4
723.0

7,018.1
1,827.1
1.123.2
703.9
5.191.0
936.5
3.015.5
429.4
2.586.1
1,264.7
1,321.4
728.1
306.5
421.7
106.3
404.6
236.7
253.6
735.7

7,030.0
1,814.1
1.122.2
691.9
5.215.9
936.3
3.049.1
430.4
2.618.7
1,285.8
1,332.9
722.1
304.7
417.4
95.7
412.8
238.9
248.7
741.6

7,025.3
1,813.4
1.120.5
692.9
5.211.9
935.8
3.038.6
429.5
2.609.1
1,282.1
1,327.0
729.1
303.2
425.9
96.9
411.5
244.9
248.6
738.6

7,046.3
1,822.1
1.127.3
694.8
5.224.2
937.5
3.040.5
429.9
2.610.5
1,278.0
1,332.6
732.2
307.5
424.7
101.0
413.0
249.5
249.7
745.0

7,024.3
1,816.2
1.124.7
691.5
5.208.0
934.2
3.051.5
431.1
2.620.4
1,286.0
1,334.4
717.0
303.7
413.3
91.6
413.7
236.4
243.9
737.5

7,022.2
1,806.1
1.118.3
687.8
5.216.1
936.0
3.060.9
430.7
2.630.2
1,293.3
1,336.9
713.2
304.4
408.8
94.4
411.5
226.7
246.7
740.3

7,548.9

7,850.5

7,902.2

7,966.7

8,003.4r

8,105.3

8,176.7

8,191.6

8,189.8

8,222.9

8,174.5

8,168.4

4.952.2
675.6
4.276.6
752.8
3.523.9
1,283.6
317.8
965.7
222.6
392.4

5.189.5
688.9
4.500.5
838.8
3.661.8
1,294.3
303.2
991.2
271.0
388.4

5.189.6
661.7
4.527.9
855.7
3.672.2
1,312.0
316.1
995.9
287.9
388.5

5.210.1
640.3
4.569.8
872.7
3.697.0
1,342.1
309.4
1,032.7
276.6
399.9

5.240.4
660.4
4.579.9
883.3
3.696.6'
1,348.9
315.1
1,033.8
269.0
394.3

5.300.1
656.6
4.643.4
898.2
3.745.2
1,364.8
318.1
1,046.7
271.4
416.3

5.288.5
657.5
4.631.0
925.5
3.705.4
1,394.8
316.5
1,078.2
297.0
435.4

5.314.4
650.3
4.664.1
946.3
3.717.8
1,391.6
318.1
1,073.5
294.4
426.8

5.319.1
593.5
4.725.6
944.2
3.781.5
1,390.6
313.1
1,077.6
282.0
434.3

5,347.7
637.4
4.710.2
942.3
3.767.9
1,388.4
317.8
1,070.5
286.6
432.7

5.287.2
662.1
4.625.1
945.7
3.679.4
1,411.6
336.7
1,074.9
295.9
419.0

5.286.3
704.2
4.582.1
950.3
3.631.9
1,392.1
310.4
1,081.7
311.0
420.7

6,850.9

7,143.2

7,178.0

7,228.6

7,252.6

7,352.6

7,415.7

7,427.2

7,426.1

7,455.3

7,413.7

7,410.1

698.0

707.3

724.3

738.0

752.6

761.0

764.4

763.7

767.6

760.7

758.3

750.8'

Commercial Banking Institutions—Assets and Liabilities
1.26

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

17

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
2005

Dec.

2006

2006

2005

June

Account

Jan.

Feb.

Mar.

Apr.

May

June

June 7

June 14

June 21

June 28

Seasonall 1 adjusted
Assets
1 Bank credit
2
Securities in bank credit
3
Treasury and Agency securities2 . .
4
Trading account
5
Investment account
6
Mortgage-backed
7
Other
8
Other securities
9
Trading account
10
Investment account
11
State and local government . .
12
Other
13 Loans and leases in bank credit3 . . . .
14
Commercial and industrial
15
Real estate
16
Revolving home equity
17
Other
18
Other residential
19
Commercial
20
Consumer
21
Security4
22
Federal funds sold to and
repurchase agreements
with broker-dealers
23
Other
24
State and local government
25
Agricultural
26
Federal funds sold to and
repurchase agreements with
others
27
All other loans
28
Lease-financing receivables
29 Interbank loans
30
Federal funds sold to and
repurchase agreements with
commercial banks
31
Other
32 Cash assets5
33 Other assets6
34 Total assets7
35
36
37
38
39
40
41
42
43
44

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

45 Total liabilities
46 Residual (assets less liabilities)5
Footnotes appear on p. 21.

3,593.1'
1,017.2
591.8
51.0
540.8
441.5
99.3
425.5
222.6
202.9
36.4
166.5
2,575.8
490.9'
1,324.9'
300.8
1 024 0
635.1'
389.0'
380.7
105.1

3,705.2'
998.9
572.6
33.3
539.2
447.3
91.9
426.3
200.3
226.0
38.7
187.3
2,706.2
510.3'
1,419.8
304.5
1 115 3'
697.4'
417.9'
377.0
111.1

3,728.7'
1,018.8
587.8
36.3
551.5
469.6
81.9
431.1
204.9
226.1
39.8
186.3
2,709.8
519.1
1,425.9
306.2
1,119.7
697.3'
422.4'
378.1
101.3

3,787.5'
1,056.4
614.2
40.2
574.1
494.0
80.1
442.1
208.3
233.8
41.2
192.6
2,731.1'
522.3
1,434.9
304.3
1,130.6'
704.2'
426.3'
383.2
103.2

3,819.8
1,071.7
626.3
38.5
587.9
507.5
80.4
445.3
205.4
239.9
42.2
197.7
2,748.1
527.0
1,435.3
305.7
1,129.6'
704.1'
425.5'
394.9
101.8

3,871.6
1,114.3
640.2
42.7
597.4
512.2
85.3
474.2
227.3
246.8
43.3
203.5
2,757.3'
534.3
1,442.9
304.2
1,138.7
711.4'
427.3'
397.6
93.6

3,915.7
1,124.6
633.1
38.9
594.3
511.6
82.7
491.5
241.8
249.7
45.1
204.6
2,791.1
545.1
1,452.0
302.6
1,149.4
715.6'
433.8'
402.7'
100.1

3,909.0
1,121.2
645.6
47.9
597.7
522.3
75.4
475.6
228.5
247.1
43.8
203.3
2,787.8
541.8
1,471.3
302.3
1,169.0
730.9
438.0
397.7
83.2

3,900.6
1,106.8
633.1
38.0
595.1
519.5
75.5
473.8
227.2
246.5
45.2
201.4
2,793.8
545.3
1,462.0
302.7
1,159.3
726.3
433.0
405.5
86.9

3,929.3
1,130.6
651.3
52.7
598.6
522.0
76.5
479.4
228.7
250.6
45.4
205.2
2,798.6
545.1
1,463.2
302.2
1,161.0
724.5
436.4
408.6
86.4

3,906.4
1,128.7
650.8
50.4
600.5
523.7
76.7
477.9
230.3
247.6
43.2
204.4
2,777.7
537.3
1,476.1
302.1
1,174.0
733.0
441.0
391.0
77.8

3,899.3
1,118.1
647.9
49.7
598.2
523.3
74.9
470.2
227.0
243.2
42.0
201.3
2,781.2
538.4
1,481.5
302.4
1,179.1
736.9
442.2
388.5
82.5

89.4
15.7
16.8
9.1

93.7
17.4
18.9
9.9

84.1
17.2
18.9
9.8

84.8
18.4
19.1
9.8

84.1
17.7
18.9
9.7

75.4
18.2
18.9
9.6

80.3
19.8
19.2
9.8

64.9
18.3
19.4
9.7

67.4
19.5
19.2
9.8

68.8
17.6
19.4
9.7

60.6
17.2
19.5
9.7

63.2
19.3
19.6
9.7

26.2
130.7
91.6
148.9'

22.2
146.2
90.9
150.2

21.1
145.4
90.3
149.9'

18.1
150.2
90.2
144.2'

19.9
150.1
90.4
145.3'

18.9
150.9
90.5
142.0

18.0
153.0
91.0
136.8

23.4
149.6
91.7
139.7

23.0
150.7
91.5
144.9

21.4
153.1
91.7
142.7

23.5
150.9
91.8
138.1

25.5
143.6
91.9
135.0

81.8
67.0
153.3
447.0

84.7
65.5
146.1
463.6

82.2
67.6
145.0
473.2

72.7
71.5
143.1
478.8

72.5'
72.8
145.7
474.5

79.1
62.9
146.1
474.9

76.9
59.9
138.2
486.2'

78.8
60.9
138.8
486.4

82.3
62.5
136.1
484.0

84.3
58.4
142.6
483.6

76.5
61.6
140.3
492.2

73.6
61.4
135.0
485.8

4,307.9'

4,431.5'

4,464.1'

4,521.0'

4,552.3'

4,601.5'

4,643.8'

4,641.0

4,632.6

4,665.1

4,644.1

4,622.2

2,514.3
325.6
2,188.7
350.5
1,838.2
761.0
150.2
610.8
215.6
322.9

2,604.7
307.1
2,297.6
400.5'
1,897.2'
779.9
137.5
642.4
252.6
314.3

2,618.2'
304.9
2,313.3
406.7
1,906.6
777.8
143.5
634.3
263.8
310.8

2,604.0'
299.4'
2,304.6
414.1
1,890.5
810.2
144.7
665.5
249.9
317.4

2,631.3'
310.1'
2,321.2
423.9
1,897.3
823.4
149.0
674.4
257.1
325.1

2,660.2
302.7
2,357.6'
438.6
1,918.9'
833.6
150.7
682.9
264.7
353.7

2,669.4'
312.0'
2,357.4'
453.2'
1,904.2'
842.3'
146.8
695.5'
279.1
360.6'

2,663.3
306.2
2,357.1
461.4
1,895.7
835.3
148.5
686.8
280.2
355.6

2,645.9
297.6
2,348.3
459.6
1,888.7
848.1
145.1
703.0
264.5
357.7

2,673.5
309.0
2,364.5
456.5
1,908.0
841.5
153.3
688.1
278.9
367.9

2,667.3
312.2
2,355.1
458.9
1,896.2
835.9
162.1
673.7
284.5
353.5

2,665.1
308.9
2,356.3
470.3
1,886.0
826.5
137.3
689.3
289.3
342.0

3,813.8

3,951.6'

3,970.7'

3,981.5'

4,037.0'

4,112.2'

4,151.4

4,134.3

4,116.2

4,161.9

4,141.2

4,123.0

479.9

493.4

539.5

515.3

489.3

492.4'

506.7

516.4

503.3

502.8

499.3

494.1'

18

Federal Reserve Bulletin Statistical Supplement • July 2006

1.26

COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesd ay figures

Monthly averages
2005

Dec.

2006

2006

2005

June

Account

Jan.

Feb.

Mar.

Apr.

May

June

June 7

June 14

June 21

June 28

Not seasona lly adjusted
Assets
47 Bank credit
48
Securities in bank credit
49
Treasury and Agency securities2 .
50
Trading account
51
Investment account
52
Mortgage-backed
53
Other
54
Other securities
55
Trading account
56
Investment account
57
State and local government .
58
Other
59
Loans and leases in bank credit3 . . .
60
Commercial and industrial
61
Real estate
62
Revolving home equity
63
Other
64
Other residential
65
Commercial
66
Consumer
67
Credit cards and related plans .
68
Other
69
Security4
70
Federal funds sold to and
repurchase agreements
with broker-dealers
71
Other
72
State and local government
73
Agricultural
74
Federal funds sold to and
repurchase agreements
with others
75
All other loans
76
Lease-financing receivables
77 Interbank loans
78 Federal funds sold to and
repurchase agreements
with commercial banks
79
Other
80 Cash assets58
81 Other assets
82 Total assets7
83
84
85
86
87
88
89
90
91
92

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

93 Total liabilities
94 Residual (assets less liabilities)5
Footnotes appear on p. 21.

3,597.8
1,020.5
594.3
51.3
543.0
442.9
100.0
426.3
223.0
203.3
36.4
166.9
2,577.3'
493.1
1,325.3'
302.0
1,023.3
636.1'
387.2'
378.2
144.9
233.3
106.1

3,725.3'
1,002.3
572.3
32.1
540.1
448.2
92.0
430.0
202.1
227.9
39.0
188.9
2,723.0'
508.7
1,422.8'
303.8
1,119.0'
699.2'
419.8'
380.8
147.9
232.9
116.3

3,732.4
1,018.3
582.6
34.7
547.9
466.5
81.4
435.7
207.1
228.6
40.3
188.3
2,714.2'
516.7
1,425.3
304.7
1,120.7'
697.0'
423.6'
384.9
146.7
238.3
100.5

3,777.4
1,052.6
611.0
42.5
568.5
487.8
80.6
441.6
208.1
233.6
41.2
192.4
2,724.8
523.3
1,432.2
304.9
1,127.3
700.5'
426.9'
386.8
143.7
243.1
99.0

3,791.3
1,055.9
614.7
39.0
575.7
496.1
79.6
441.2
203.5
237.7
41.9
195.8
2,735.4'
528.5'
1,428.3
303.2'
1,125.2
700.0'
425.2'
393.3
138.6
254.8
98.9

3,860.7'
1,108.6
639.9
43.4
596.5
510.7
85.8
468.7
224.7
244.0
42.8
201.2
2,752.1'
538.5'
1,439.9'
303.1
1,136.8'
710.1'
426.7'
395.2
138.4
256.9'
92.0

3,922.6'
1,134.4
645.5
40.9
604.6
520.6
84.0
489.0
240.6
248.4
44.8
203.5
2,788.1
548.6
1,455.1
303.5
1,151.6'
718.2'
433.4'
400.4
142.1
258.3
95.2

3,912.9
1,123.2
647.4
48.0
599.3
523.5
75.9
475.8
228.5
247.3
43.9
203.4
2,789.8
544.3
1,472.1
303.5
1,168.6
732.1
436.6
395.0
141.3
253.8
84.3

3,915.7
1,120.6
644.2
39.8
604.4
527.0
77.4
476.4
228.5
247.9
45.4
202.5
2,795.1
546.1
1,467.5
303.2
1,164.3
729.8
434.5
402.7
140.5
262.2
85.4

3,934.5
1,129.7
652.0
52.0
600.0
522.7
77.3
477.7
227.9
249.7
45.2
204.5
2,804.8
547.3
1,467.4
303.5
1,163.9
726.7
437.2
406.0
145.2
260.9
89.5

3,904.9
1,125.6
649.8
50.2
599.7
522.8
76.8
475.7
229.2
246.5
43.0
203.5
2,779.3
541.6
1,473.5
304.1
1,169.4
732.0
437.4
389.6
139.8
249.8
80.1

3,898.4
1,118.0
645.3
49.5
595.9
521.6
74.3
472.7
228.0
244.6
42.4
202.2
2,780.4
541.4
1,478.1
303.4
1,174.7
736.8
437.9
385.2
140.0
245.1
83.2

90.3
15.8
16.8
9.1

98.1
18.2
18.9
10.0

83.4
17.1
18.9
9.9

81.3
17.6
19.1
9.7

81.7
17.2
18.9
9.6

74.1
17.9
18.9
9.5

76.4
18.8
19.2
9.8

65.8
18.5
19.4
9.8

66.3
19.2
19.2
9.8

71.3
18.2
19.4
9.8

62.3
17.7
19.5
9.7

64.0
19.2
19.6
9.8

26.2
131.4
91.1
147.7

22.2
152.1
91.2
152.1'

21.1
145.5
91.2
150.2

18.1
145.8
91.0
139.9

19.9
146.9
90.9
142.2

18.9
148.6
90.7
146.1

18.0
150.9
90.9
139.2

23.4
150.2
91.3
138.5

23.0
150.1
91.3
142.4

21.4
152.6
91.3
146.0

23.5
150.6
91.2
135.0

25.5
146.3
91.3
132.4

81.3'
66.4
150.6
449.0

85.8
66.2
157.7
460.6'

82.5'
67.8
153.9
468.7

70.6
69.3
142.4
472.7

71.0
71.1
141.2
469.7

81.4
64.7
145.3
478.6

78.3'
61.0
137.0
490.5'

78.2
60.3
136.4
488.6

80.9
61.5
134.7
488.9

86.3
59.7
137.7
490.6

74.8
60.2
133.9
489.9

72.2
60.2
133.6
485.2

4,310.7""

4,461.8'

4,472.8'

4,499.8'

4,511.2'

4,597.9'

4,656.2'

4,643.3

4,648.5

4,675.6

4,630.7

4,616.8

2,515.4
325.0
2,190.4
352.5
1,838.0'
770.3
149.7
620.6
212.6
319.0

2,622.7'
330.7
2,292.0'
399.9
1,892.0
769.6
135.3
634.4
256.9
318.9'

2,612.1'
311.2
2,300.9'
408.3
1,892.5
776.4
142.8
633.6
269.3
316.2

2,612.0
294.6'
2,317.5'
416.8
1,900.7
808.1
143.3
664.8
257.0
324.2

2,624.3
308.4
2,316.0'
420.2
1,895.8'
816.0
148.0
668.0
250.5
317.4

2,666.0
308.8
2,357.3'
433.8
1,923.4'
837.9
153.5
684.3
252.5
339.8

2,658.2'
307.4'
2,350.9'
452.7'
1,898.1'
855.3'
146.7
708.6'
277.7
359.5'

2,664.3
305.5
2,358.8
464.0
1,894.8
845.8
147.9
697.8
276.1
351.1

2,662.1
268.3
2,393.8
462.9
1,930.9
855.8
146.2
709.6
264.8
358.6

2,692.3
305.0
2,387.3
462.3
1,924.9
849.0
148.5
700.4
269.3
357.2

2,648.3
316.1
2,332.3
463.4
1,868.8
856.3
162.6
693.8
276.1
344.4

2,639.8
336.1
2,303.7
465.2
1,838.4
835.8
138.7
697.0
292.6
345.3

3,817.3

3,968.1'

3,974.0'

4,001.3'

4,008.3'

4,096.3'

4,150.7'

4,137.3

4,141.2

4,167.8

4,125.1

4,113.4

493.4'

493.8'

498.9'

498.5

502.9

501.7'

505.4'

506.0

507.3

507.9

505.6

503.4

Commercial Banking Institutions—Assets and Liabilities
1.26

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

19

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

2005
June

Dec.

2006

2006

2005
Jan.

Feb.

Mar.'

Apr.'

May'

June

June 7

June 14

June 21

June 28

Seasonall { adjusted

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

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

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

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

27 Total liabilities
28 Residual (assets less liabilities)5

2,890.4
717.2
494.3
222.8
2,173.2
344.8'
1,390.2
130.6'
1,259.6'
325.9'
8.5
103.7
75.9'
115.3
204.1

2,982.4
695.5
485.1
210.4
2,286.9
366.7'
1,467.6
132.0'
1,335.6
330.6'
10.6
111.3
89.8'
119.7
204.0

3,017.5
700.6
486.6'
214.1'
2,316.8'
370.8'
1,486.8'
129.1'
1,357.7
333.7'
11.4
114.1
98.1
123.1
217.1

3,040.7
707.1
490.7'
216.4'
2,333.6'
374.0'
1,503.3'
129.0'
1 374.3
328.8'
11.3
116.2
101.7
122.4
236.9

3,067.8
701.8
485.5
216.3
2,366.0
378.1
1,531.6
129.0
1,402.7
327.4
11.7
117.3
107.3
120.0
241.7

3,083.9
695.7
480.6
215.1
2,388.2
381.7
1,548.1
126.9
1,421.1
329.3
11.8
117.3
108.8
117.7
244.4

3,102.9
693.1
478.1
215.0
2,409.8
385.3
1,565.7
125.8
1,439.8
331.0
11.3
116.6
102.9
118.0
245.2

3,128.2
690.8
474.7
216.1
2,437.4
390.3
1,586.3
126.5
1,459.8
331.1
11.5
118.2
105.9
113.3
253.1

3,121.3
693.1
476.6
216.5
2,428.3
388.5
1,580.8
126.2
1,454.6
330.7
10.9
117.2
103.9
115.0
249.8

3,125.7
692.8
475.7
217.1
2,432.9
389.1
1,582.6
126.3
1,456.3
331.8
11.4
118.0
106.8
114.2
254.4

3,135.7
691.0
475.2
215.8
2,444.7
391.0
1,590.4
127.2
1,463.2
331.7
12.0
119.6
111.0
113.3
247.6

3,127.6
686.7
471.6
215.2
2,440.9
391.7
1,589.2
126.1
1,463.1
329.8
11.7
118.5
102.3
112.7
255.1

3,252.7'

3,362.4'

3,422.3'

3,468.3'

3,503.2

3,520.9

3,534.7

3,565.9

3,555.6

3,566.7

3,573.0

3,563.0

2,438.4
352.2
2,086.2
400.3
1,685.9
513.3
168.1
345.1
10.1
73.4

2,554.7'
345.8'
2,208.9
438.8
1,770.0'
524.7
167.9
356.8
14.1
69.5

2,583.8'
348.6
2,235.2'
447.4
1,787.8'
535.6
173.2
362.3
18.6
72.3

2,604.3
350.0
2,254.3
455.9
1,798.3'
534.0
166.1
367.8
19.6
75.7

2,617.1
354.3
2,262.7
463.1
1,799.6
532.9
167.2
365.8
18.5
76.8

2,627.0
346.1
2,281.0
464.4
1,816.6
527.0
164.6
362.4
18.9
76.5

2,633.3
353.8
2,279.5
472.8
1,806.7
539.5
169.9
369.6
19.2
76.0

2,651.7
346.3
2,305.4
482.3
1,823.1
545.9
170.2
375.7
18.3
75.6

2,638.4
343.5
2,294.9
481.3
1,813.6
534.9
166.9
368.0
17.3
75.7

2,652.3
337.8
2,314.4
480.0
1,834.5
539.4
169.3
370.1
17.3
75.4

2,661.2
349.8
2,311.4
482.2
1,829.2
555.3
174.1
381.2
19.8
74.7

2,658.4
347.1
2,311.3
485.0
1,826.2
556.3
171.7
384.7
18.4
75.4

3,035.1'

3,163.1'

3,210.3'

3,233.6

3,245.3

3,249.4

3,268.0

3,291.6

3,266.3

3,284.4

3,311.0

3,308.5

217.7

199.4

212.0

234.7

257.9

271.5

266.7

274.4

289.3

282.4

262.0

254.5

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets6

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

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

59 Total liabilities
60 Residual (assets less liabilities)5
Footnotes appear on p. 21.

2,880.7
717.3
494.4
222.8
2,163.4'
346.5'
1,382.1'
130.9'
1,251.2'
490.3'
760.9'
322.0'
161.9'
160.1
8.5
104.3
72.0
114.5
204.1

3,001.5'
699.4
489.0
210.4
2,302.1'
366.1'
1,476.4
131.5'
1,344.8
512.7'
832.1'
337.5'
172.4'
165.1
10.7
111.5
92.9'
123.7
204.0

3,023.4'
700.7
486.7'
214.1'
2,322.7
370.7'
1,490.1'
128.6'
1,361.6'
517.1'
844.5'
338.9'
171.8'
167.1
11.1
111.8'
97.0
125.3
217.1

3,037.0'
705.0
488.6'
216.4'
2,332.0'
374.1'
1,503.0'
128.7'
1,374.3'
519.2'
855.1'
330.0'
162.5'
167.5
11.3'
113.5
104.4
121.9
236.9

3,055.6
703.2
486.9
216.3
2,352.4
378.8
1,522.4
128.3
1,394.1
528.1
866.0
323.5
158.4
165.1
11.9
115.7
113.1
115.4
241.7

3,071.7
697.9
482.7
215.1
2,373.8
383.7
1,537.3
126.6
1,410.7
533.4
877.4
324.9
161.2
163.7
11.8
116.1
111.1
114.1
244.4

3,095.5
692.7
477.7
215.0
2,402.9
387.9
1,560.4
125.9
1,434.5
546.5
888.0
327.7
164.4
163.3
11.1
115.8
97.4
116.7
245.2

3,117.0
690.9
474.8
216.1
2,426.1
392.0
1,576.9
126.9
1,450.1
553.8
896.3
327.1
163.4
163.7
11.4
118.7
100.4
112.4
253.1

3,109.6
692.8
476.3
216.5
2,416.8
389.7
1,571.1
126.3
1,444.8
552.3
892.5
326.4
162.7
163.7
11.4
118.2
102.5
113.8
249.8

3,111.8
692.4
475.3
217.1
2,419.4
390.2
1,573.0
126.4
1,446.6
551.3
895.4
326.2
162.4
163.8
11.5
118.5
103.5
111.9
254.4

3,119.4
690.7
474.9
215.8
2,428.7
392.6
1,578.0
127.0
1,451.0
554.0
897.0
327.4
163.9
163.5
11.5
119.2
101.4
110.0
247.6

3,123.8
688.1
473.0
215.2
2,435.6
394.5
1,582.8
127.3
1,455.5
556.5
899.0
328.0
164.4
163.7
11.2
119.0
94.3
113.1
255.1

3,238.2'

3,388.7'

3,429.4'

3,466.9'

3,492.2

3,507.3

3,520.5

3,548.3

3,541.3

3,547.2

3,543.8

3,551.6

2,436.8'
350.6
2,086.2
400.3
1,685.9
513.3
168.1
345.1
10.1
73.4

2,566.8'
358.2'
2,208.6
438.8
1,769.7'
524.7
167.9
356.8
14.1
69.5

2,577.5'
350.5
2,227.0'
447.4
1,779.6'
535.6
173.2
362.3
18.6
72.3

2,598.0'
345.8
2,252.3
455.9
1,796.3'
534.0
166.1
367.8
19.6
75.7

2,616.0
352.0
2,264.0
463.1
1,800.9
532.9
167.2
365.8
18.5
76.8

2,634.0
347.8
2,286.2
464.4
1,821.8
527.0
164.6
362.4
18.9
76.5

2,630.2
350.1
2,280.1
472.8
1,807.3
539.5
169.9
369.6
19.2
76.0

2,650.1
344.7
2,305.3
482.3
1,823.0
545.9
170.2
375.7
18.3
75.6

2,657.0
325.1
2,331.9
481.3
1,850.6
534.9
166.9
368.0
17.3
75.7

2,655.4
332.4
2,323.0
480.0
1,843.0
539.4
169.3
370.1
17.3
75.4

2,638.9
346.0
2,292.8
482.2
1,810.6
555.3
174.1
381.2
19.8
74.7

2,646.5
368.0
2,278.5
485.0
1,793.4
556.3
171.7
384.7
18.4
75.4

3,033.5'

3,175.2'

3,204.0'

3,227.4

3,244.3

3,256.4

3,264.9

3,289.9

3,284.9

3,287.5

3,288.6

3,296.7

239.5'

247.9

251.0

255.6

258.4

256.4

259.8

255.1

254.9

204.7

213.5'

225.4

20

Federal Reserve Bulletin Statistical Supplement • July 2006

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
2005

Dec.

2006

2006

2005

June

Account

Jan.'

Feb.

Mar.

Apr.'

May

June

June 7

June 14

June 21

June 28

Seasonall 1 adjusted

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

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

13 Total assets7
14
15
16
17
18
19
20
21

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

22 Total liabilities
23 Residual (assets less liabilities)5

733.1
318.3'
87.7
230.6'
414.8'
153.0'
19.5
134.8
107.6
49.6
60.6'
37.9

812.9'
356.6'
80.3'
276.3'
456.3'
167.1'
21.9
142.1
125.2'
42.0
53.2
38.7'

811.5
347.0
74.7
272.3
464.5
171.1
20.7
142.5
130.1
42.0
51.9
36.3

818.9'
342.9'
76.9'
266.0'
476.0'
174.7
20.8
148.3
132.1'
43.6
51.3
38.9'

829.4'
344.4'
77.9'
266.5'
485.0'
176.8'
21.3
155.3
131.6'
47.6
52.2
37.2'

849.3
356.9
77.3
279.5
492.4
182.4
22.0
155.9
132.1
48.1
49.4
40.0

901.1'
382.5'
80.5
302.0'
518.6'
187.4'
22.6
172.1
136.6'
45.8
49.8
48.8'

893.5
378.1
80.1
297.9
515.5
193.1
22.0
166.1
134.3
49.7
52.7
45.5

901.9
382.9
80.5
302.3
519.0
193.2
21.9
170.8
133.1
47.8
51.4
43.0

886.0
382.1
80.4
301.6
504.0
191.9
21.9
157.9
132.2
49.3
51.7
46.4

892.2
374.4
79.6
294.8
517.8
192.2
22.0
168.7
134.9
54.7
52.7
44.3

893.7
374.3
79.8
294.6
519.4
194.4
22.4
166.8
135.8
47.7
54.3
48.9

880.7

946.4

941.2

952.2'

965.9'

986.3

1,044.9'

1,040.9

1,043.5

1,032.9

1,043.4

1,044.0

599.9
12.0
587.9
362.8
49.2
313.6
-190.3
99.4

607.3
12.2
595.1
428.7
60.9
367.9
-194.0
109.2'

614.4
12.7
601.6
435.4
65.0
370.4
-209.2
99.4

619.4
13.3
606.2
439.3
60.2
379.0
-209.3
101.4'

650.3
13.5
636.8
436.1
61.9
374.2
-219.2
96.6'

673.2
12.7
660.5
419.9
55.4
364.6
-216.1
106.7

672.9
11.7
661.2
436.5
51.0
385.5
-206.5'
130.6'

677.9
11.8
666.0
443.8
50.8
393.0
-209.4
119.2

678.6
11.7
666.9
446.2
53.8
392.4
-225.6
119.6

673.1
10.9
662.2
454.7
55.3
399.4
-228.1
127.3

675.9
12.4
663.5
438.9
47.1
391.8
-191.7
114.3

680.9
12.0
668.9
434.6
46.8
387.8
-193.9
118.3

871.9

951.3

939.9

950.9

963.9'

983.8

1,033.5'

1,031.5

1,018.7

1,026.9

1,037.4

1,039.9

8.8

-4.9'

1.2

1.3'

9.5

24.8

6.0

5.9

4.1

1.9

2.5

11.4

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 assets'"

40 Total assets7
41
42
43
44
45
46
47
48

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

49 Total liabilities
50 Residual (assets less liabilities)5
Footnotes appear on p. 21.

733.3'
318.3'
87.7
29.8
57.9
230.6'
131.9
98.7'
415.1'
152.6'
19.5
133.8
109.3
49.6
59.8'
38.0

818.7'
356.6'
80.3'
22.3'
58.0
276.3'
163.5'
112.9'
462.2'
167.7'
21.9
148.7
123.8
42.0
54.5
39.7'

815.8
347.0
74.7
20.4
54.3
272.3
162.3
110.0
468.7
172.7
20.7
146.7
128.6
42.0
52.8
37.5

821.1'
342.9'
76.9'
25.6'
51.3
266.0'
157.9'
108.1'
478.2'
177.1'
20.8
151.0
129.4'
43.6
50.6
39.9'

832.4'
344.4'
77.9'
27.8
50.2
266.5'
157.2'
109.3'
488.0'
178.3'
21.3
157.2
131.3'
47.6
50.5
37.0'

855.9
356.9
77.3
24.9
52.4
279.5
170.2
109.3
499.1
183.5
22.0
160.0
133.6
48.1
48.6
39.1

897.5'
382.5'
80.5
26.8
53.7
302.0'
191.7
110.3'
515.1'
187.4'
22.6
167.8
137.3'
45.8
49.1
49.3

893.3
378.1
80.1
25.6
54.5
297.9
185.8
112.1
515.2
192.7
22.0
164.7
135.8
49.7
52.0
45.6

894.5
382.9
80.5
25.8
54.7
302.3
190.2
112.1
511.6
192.9
21.9
161.5
135.4
47.8
50.3
44.3

891.2
382.1
80.4
25.3
55.1
301.6
188.8
112.9
509.2
192.0
21.9
160.8
134.5
49.3
51.3
47.1

895.6
374.4
79.6
25.3
54.3
294.8
182.5
112.3
521.2
192.4
22.0
170.7
136.2
54.7
51.8
43.3

892.9
374.3
79.8
25.6
54.1
294.6
182.9
111.7
518.6
193.3
22.4
166.5
136.4
47.7
53.9
49.0

880.3

954.5

947.5

954.7

967.0

991.2

1,041.3'

1,040.1

1,036.4

1,038.4

1,044.8

1,042.9

609.4
11.8
597.6
362.8
49.2
313.6
-192.5
97.7

602.6
12.6
590.0
428.7
60.9
367.9
-191.1
111.3'

616.6
13.0
603.7
435.4
65.0
370.4
-207.7
100.3

620.7
13.7
607.0
439.3
60.2
379.0
-209.4
101.3'

653.4
13.8
639.6
436.1
61.9
374.2
-221.0
95.6

682.3
12.6
669.7
419.9
55.4
364.6
-218.8
104.9

684.9
11.5
673.4
436.5
51.0
385.5
-210.6'
127.6'

688.6
11.6
677.0
443.8
50.8
393.0
-212.4
117.2

695.7
11.2
684.5
446.2
53.8
392.4
-227.0
118.6

689.3
10.9
678.4
454.7
55.3
399.4
-232.5
124.2

687.6
12.1
675.5
438.9
47.1
391.8
-196.1
111.6

683.8
11.9
671.9
434.6
46.8
387.8
-195.6
117.2

877.5

951.6

944.6

951.8'

964.1'

988.4

1,038.4'

1,037.2

1,033.5

1,035.6

1,042.0

1,040.1

2.8

2.9'

2.9

2.9'

2.9'

2.8

2.8

2.8

2.8

2.8

2.8

2.8

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items

21

Assets and Liabilities' —Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2005

2005

June

Dec.

2006

2006
Jan.

Feb.

Mar.

Apr.

May

June

June 7

June 14

June 21

June 28

Not seasonally adjusted
MEMO

1
2
3
4
5
6
7
8
9
10

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

93.6

85.8

90.6

93.7

89.5

108.5

123.4

111.7

113.6

111.7

109.8

111.9

85.3
536.3
411.5
124.7

76.2
550.9
415.0
135.9

82.0
558.2
425.0
133.2

82.5
577.7
446.8
130.9

79.1
587.2
456.5
130.6

96.6
602.3
472.8
129.6

110.6'
614.2
482.4
131.8

99.6
618.1
484.0
134.1

101.9
621.4
487.0
134.4

100.7
617.7
483.1
134.6

98.0
618.2
483.8
134.3

98.3
615.6
482.5
133.1

4.4'
149.3'
129.2
20.2'
5.5

-9.9'
164.1
134.8
29.3
3.0

-8.9'
165.8
136.2
29.6
3.0

-11.2'
164.8
135.4
29.4
3.0

-14.1'
166.5
136.8
29.7
3.0

-17.2'
166.8
137.9
28.9
3.0

-18.6
165.8
137.5
28.4
3.0

-20.2
166.3
136.2
30.1
2.9

-18.3
166.8
138.7
28.1
3.0

-18.9
163.8
135.5
28.3
3.0

-20.6
164.1
135.0
29.1
3.0

-22.1
169.6
136.0
33.6
3.0

339.2
213.1
203.2
9.9

329.8
203.3
193.4
9.8

333.9
202.2
192.5
9.7

336.3
205.2
195.6
9.6

332.9
204.8
195.2
9.6

328.4
203.6
194.0
9.6

328.0'
202.0
192.6
9.4

328.1
207.1
197.9
9.1

329.3
205.3
196.1
9.2

328.9
207.4
198.1
9.3

328.2
207.0
198.0
9.0

326.2
208.4
199.4
9.0

54.6

67.1'

61.7'

60.3'

57.9'

64.4'

78.0'

70.4

75.6

73.7

66.0

67.3

63.7
.2

72.8'
.1

66.3'
.1

63.9'
.1

61.7'
.1

68.2'
.1

82.7'
.1

75.7
.1

80.2
.1

78.7
.1

71.8
.1

73.0
.1

Small domestically chartered
commercial banks, adjusted for
yyi ^v^ers
10
11 Mortgage-backed securities12
12 Securitized consumer loans
13
Credit cards and related plans
14
Other

Foreign-related institutions
15 Revaluation gains on off-balancesheet items9
16 Revaluation losses on off-balancesheet items9
17 Securitized business loans12

NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States," which
is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large
Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S.
Branches and Agencies of Foreign Banks," are no longer being published in the Statistical
Supplement. Instead, abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and
agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related
institutions and are included in table 1.26, part E. These data are break adjusted.
1. Covers the following types of institutions in the fifty states and the District of Columbia:
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related
institutions). Excludes international banking facilities. Data are Wednesday values or pro rata
averages of Wednesday values. Large domestic banks constitute a universe; data for small
domestic banks and foreign-related institutions are estimates based on weekly samples and on
quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of
assets and liabilities.
The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove
the estimated effects of mergers between these two groups. The adjustment for mergers
changes past levels to make them comparable with current levels. Estimated quantities of
balance sheet items acquired in mergers are removed from past data for the bank group that
contained the acquired bank and put into past data for the group containing the acquiring
bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio
procedure is used to adjust past levels.

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

22
1.32

Federal Reserve Bulletin Statistical Supplement • July 2006
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December

2005

2006

Item
2001

2003

2004

2005

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1,442,842

1,341,226

1,260,745

1,375,717

1,631,009

1,604,026

1,638,298

1,631,009

1,672,657

1,687,510

1,705,078

563,428
216,448

1 All issuers
2 Financial companies'
3 Nonfinancial companies2

2002

522,863
147,689

519,731
103,982

595,249
119,727

667,321
132,207

669,566
156,664

668,550
155,587

667,321
132,207

681,727
140,561

690,883
134,575

692,513
134,245

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

1.33

PRIME RATE CHARGED BY BANKS

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

Short-Term Business Loans1

Percent per year
Date of change
2001—Jan.
Feb
Mar.
Apr
May
June
Aug.
Sept.
Oct.
Nov.
Dec.

Rate

4
1
21
19
16
28
22
18
3
7
12

9.00
8 50
8.00
7 50
7.00
6 75
6.50
6.00
5.50
5.00
4.75

2002—Nov. 7

4.25

2003—June 27

4.00

2004—June
Aug.
Sept.
Nov.
Dec.

30
10
21
10
14

4.25
4.50
4.75
5.00
5.25

2005—Feb.
Mar.
May
June
Aug.
Sept.
Nov.
Dec.

2
22
3
30
9
20
1
13

Average
rate

2002
2003
2004
2005

4.67
4.12
4.34
6.19

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

Period

4.00
4.00
4.00
4.00
4.00
4.01
4.25
4.43
4.58
4.75
4.93
5.15

Period

Average
rate

7.50
7.75
8.00

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

2004—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Average
rate

5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25

2006—Jan. 31
Mar. 28
May 10

Period

2005—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

5.25
5.49
5.58
5.75
5.98
6.01
6.25
6.44
6.59
6.75
7.00
7.15

2006—Jan
Feb
Mar
Apr
May

7.26
7.50
7.53
7.75
7.93

Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release,
available on the Board's website, www.federalreserve.gov/releases.

Financial Markets
1.35

INTEREST RATES

23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2006
Item

2003

2004

2006, week ending

2005
Jan.

Feb.

Mar.

Apr.

Mar. 31

Apr. 7

Apr. 14

Apr. 21

Apr. 28

MONEY MARKET INSTRUMENTS

1 Federal funds1-13
2 Discount window primary credit2-4

1.13
n.a.

1.35
2.34

3.22
4.19

4.29
5.26

4.49
5.50

4.59
5.53

4.79
5.75

4.70
5.57

4.88
5.75

4.76
5.75

4.77
5.75

4.74
5.75

paper3'5'6

Commercial

3
4
5

Nonfinancial
1-month
2-month
3-month

1.11
1.11
1.11

1.38
1.40
1.41

3.22
3.23
3.42

4.36
4.37
n.a.

4.47
4.50
4.55

4.61
4.65
4.76

4.80
4.81
4.87

4.72
4.75
4.77

4.75
4.76
4.83

4.73
4.78
n.a.

4.79
4.83
4.90

4.87
4.88
4.90

6
7
8

Financial
1-month
2-month
3-month

1.12
1.13
1.13

1.41
1.46
1.52

3.27
3.36
3.44

4.37
4.43
4.48

4.50
4.57
4.63

4.66
4.73
4.79

4.81
4.90
4.94

4.75
4.79
4.85

4.76
4.84
4.88

4.77
4.88
4.94

4.82
4.91
4.96

4.89
4.96
5.00

Certificates of deposit, secondary market3-1
1-month
3-month
6-month

1.15
1.15
1.17

1.45
1.57
1.74

3.34
3.51
3.73

4.45
4.56
4.69

4.55
4.72
4.88

4.72
4.88
5.01

4.88
5.03
5.17

4.79
4.94
5.07

4.80
4.98
5.12

4.85
5.02
5.17

4.90
5.05
5.17

4.97
5.09
5.21

12 Eurodollar deposits, 3-month3>s

1.14

1.55

3.51

4.59

4.75

4.91

5.06

4.97

5.00

5.05

5.08

5.12

US Treasury bills
Secondary market3-5
13
4-week
14
3-month
15
6-month

1.00
1.01
1.05

1.24
1.37
1.58

2.94
3.15
3.39

4.03
4.24
4.31

4.31
4.43
4.52

4.47
4.51
4.62

4.52
4.60
4.72

4.60
4.51
4.64

4.56
4.56
4.67

4.53
4.58
4.73

4.47
4.61
4.73

4.54
4.66
4.76

1.24
1.65
2.10
2.97
3.52
4.01
4.96

1.89
2.38
2.78
3.43
3.87
4.27
5.04

3.62
3.85
3.93
4.05
4.15
4.29
4.64

4.45
4.40
4.35
4.35
4.37
4.42
4.65

4.68
4.67
4.64
4.57
4.56
4.57
4.73

4.77
4.73
4.74
4.72
4.71
4.72
4.91

4.90
4.89
4.89
4.90
4.94
4.99
5.22

4.82
4.80
4.79
4.78
4.79
4.80
5.01

4.85
4.85
4.84
4.84
4.86
4.89
5.11

4.91
4.91
4.90
4.91
4.93
4.98
5.22

4.90
4.88
4.88
4.91
4.95
5.02
5.26

4.94
4.92
4.92
4.95
5.00
5.07
5.30

4.52
5.20
4.75

4.50
5.09
4.68

4.28
4.86
4.40

4.27
4.73
4.37

4.33
4.80
4.41

4.29
4.78
4.44

4.36
4.98
4.58

4.42
4.88
4.53

4.34
4.84
4.56

4.34
5.01
4.57

4.39
5.03
4.59

4.38
5.02
4.59

6.24

6.00

5.57

5.69

5.74

5.90

6.20

5.99

6.09

6.20

6.24

6.27

5.66
6.14
6.38
6.76

5.63
5.91
6.08
6.39

5.23
5.37
5.59
6.06

5.29
5.45
5.79
6.24

5.35
5.51
5.85
6.27

5.53
5.68
5.98
6.41

5.84
6.00
6.27
6.68

5.61
5.78
6.07
6.50

5.72
5.88
6.17
6.59

5.84
6.00
6.28
6.69

5.88
6.04
6.31
6.72

5.93
6.08
6.34
6.73

1.72

1.66

1.89

1.76

1.80

1.79

1.78

1.78

1.78

1.78

1.77

1.79

9
10
11

U.S. TREASURY NOTES AND BONDS

16
17
18
19
20
21
22

Constant maturities''
1 -year
2-year
3-year
5-year
7-year
10-year
20-year
STATE AND LOCAL NOTES AND BONDS

Moody's series10
23 Aaa
24 Baa
25 Bond Buyer series"
CORPORATE BONDS

26 Seasoned issues, all industries12
27
28
29
30

Rating group
Aaa13
Aa
A
Baa
MEMO

Dividend-price ratio14
31 Common stocks

NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly
statistical release, available at www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/
default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical
series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/
data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper
webpages (www.federalreserve.gov/releases/cp) for more information.

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

24

Federal Reserve Bulletin Statistical Supplement • July 2006

1.36

STOCK MARKET

Selected Statistics
2005

Indicator

2003

2004

2006

2005
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Pr ces and trac ng volume (averages of daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31,1965 = 50)

5,456.00
634.11
437.37
238.05
566.74

6,614.10
741.19
521.11
271.45
657.07

7,351.19
n.a.
n.a.
n.a.
n.a.

7,584.49
n.a.
n.a.
n.a.
n.a.

7,373.23
n.a.
n.a.
n.a.
n.a.

7,585.75
n.a.
n.a.
n.a.
n.a.

7,787.22
n.a.
n.a.
n.a.
n.a.

8,007.35
n.a.
n.a.
n.a.
n.a.

8,044.86
n.a.
n.a.
n.a.
n.a.

8,174.34
n.a.
n.a.
n.a.
n.a.

8,351.28
n.a.
n.a.
n.a.
n.a.

8,353.45
n.a.
n.a.
n.a.
n.a.

6 Standard & Poor's Corporation
(1941^3 - 10)'

965.23

1,130.65

1,207.23

1,225.91

1,191.96

1,237.37

1,262.07

1,278.72

1,276.65

1,293.74

1,302.18

1,290.00

7 American Stock Exchange
(Aug. 31, 1973 = 50)2

943.44

1,260.02

1,567.52

1,711.66

1,640.08

1,694.64

1,752.65

1,815.91

1,828.06

1,902.69

1,976.03

1,968.30

3
4
5

Transportation
Utility
Finance

Volume of trading (thousands of shares)
1 361 043 1 403 376 1 542 724 1 626 430 1 779 200 1 576 379 1 508 647 1,808,726 1,660,932 1,728,333 2,285,601 2,510,157
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

9 American Stock Exchange

Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker-dealers
Free credit balances at brokers4
11 Margin accounts5

3

173,220

203,790

221,660

217,760

212,540

219,020

221,660

232,190

222,780

236,670

241,540

230,540

92,560
84,920

117,850
93,580

119,710
88,730

106,730
79,310

113,110
77,550

110,610
78,330

119,710
88,730

115,220
83,250

117,970
81,600

119,360
82,750

119,020
83,000

126,210
81,090

Margin requirements (percent of market value and effective date)6
Mar. 11, 1968

14 Convertible bonds

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

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

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

Federal Finance
1.40

25

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2004

Sept. 30
1 Federal debt outstanding

....

Sept. 30

7,298.6

7,403.2

7,620.4

7,801.0

7,860.2

7,956.3

8,194.3

8,394.7

7,274.3
4,218.7
3,055.6

7,379.0
4,303.4
3,075.7

7,596.1
4,406.4
3,189.8

7,776.9
4,572.4
3,204.5

7,836.5
4,527.6
3,308.9

7,932.7
4,601.6
3,331.1

8,170.4
4,714.6
3,455.8

8,371.2
4,872.8
3,498.4

25.1
25.1
.0

24.2
24.2
.0

24.2
23.7
.4

24.3
23.9
.4

24.1
24.1
.0

23.7
23.7
.0

23.6
23.6

23.8
23.8

23.6
23.6

7,778.1

7,871.0

8,107.0

8,281.5

7,088.5
.1

7,229.2
.1

7,333.2
.2

7,535.5
.2

7,715.4
.1

7,778.0
.1

7,870.9

8,106.9

8,281.4

7,384.0

5 Agency securities
6
Held by public
7
Held by agencies

7,156.2
7,131.1
4.176.7
2,954.4

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

7,384.0

7,384.0

8,184.0

8,184.0

8 Debt subject to statutory limit
9 Public debt securities
10 Other debt1
MEMO

11 Statutory debt limit

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

1.41

GROSS PUBLIC DEBT OF U.S. TREASURY

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

Types and Ownership

Billions of dollars, end of period

Type and holder
Q2
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15

By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds'
Nonmarketable2
State and local government series .
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing

By holder^
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks8
18 Private investors
19
Depository institutions
20
Mutual funds
21
Insurance companies
22
State and local treasuries7
Individuals
23
Savings bonds
24 Pension funds
25
Private
26
State and Local
27
Foreign and international5
28
Other miscellaneous investors7'9

Q3

Q4

Ql

6,405.7

6,998.0

7,596.1

8,170.4

6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
3,186.3
153.4
11.2
11.2
.0
184.8
2,806.9
14.3

6,982.0
3,575.1
928.8
1,905.7
564.3
176.2
3,406.9
149.2
9.7
9.7
.0
192.2
3,007.0
16.0

7,578.5
3,959.7
1,003.2
2,157.1
539.5
245.9
3,618.8
160.7
5.9
5.9
.0
191.7
3,230.6
17.6

8,117.0
4,184.0
963.9
2,326.8
516.6
328.7
3,986.5
235.6
3.8
3.8
.0
191.2
3,506.6
53.4

7,818.0
4,031.0
923.4
2,273.0
529.9
290.6
3,787.0
206.7
3.0
3.0
.0
190.9
3,356.3
18.5

7,913.7
4,084.8
914.3
2,328.7
520.6
307.1
3,828.9
225.3
3.1
3.1
.0
190.0
3,380.6
19.0

8,117.0
4,184.0
963.9
2,326.8
516.6
328.7
3,986.5
235.6
3.8
3.8
.0
191.2
3,506.6
53.4

8,351.7
4,340.4
1,042.1
2,409.7
526.7
347.9
4,030.8
234.8
3.4
3.4
.0
192.0
3,551.2
19.5

2 757.8
629.4
3,018.5
222.8
278.8
139.7
351.5

2,955.1
666.7
3,377.9
154.0
279.6
136.5
358.8

3,189.1
717.8
3,667.1
128.1
253.1
149.2
385.8

3,466.9'
744.2
3,970.6
117.2
252.2'
172.2'
454.6'

3,311.6
724.7
3,803.0
127.2
249.1
163.7'
429.3

3,334.1
736.4
3,864.9
125.0
245.0'
171.6'
446.5

3,466.9'
744.2
3,970.6
117.2
252.2'
172.2'
454.6'

3,502.0
758.5
4,114.0
115.0
250.8
176.8
462.8

194.9
278.8
134.7
144.1
1,246.8
323.4

203.8
288.2
140.8
147.4
1,538.1
452.6

204.4
295.7
151.0
144.7
1,942.0
307.8

205.1
306.3'
179.9'
126.4'
2,041.1'
455.8

204.2
306.1'
176.1'
130.1
2,030.0
303.5

203.6
302.0'
179.4'
122.6
2,069.0
311.5

205.1
306.3'
179.9'
126.4'
2,041.1'
455.8

205.9
310.9
182.2
128.6
2,089.2
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.

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 2006

1.42

U.S. GOVERNMENT SECURITIES DEALERS

Transactions1

Millions of dollars, daily averages
2006
Item

By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2 Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven
6
Inflation-protected2

7
8
9
10
11
12

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

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

15
16
17
18
19
20
21
22

By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
With other
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate

Jan.

Feb.

2006, week end
Mar.

Mar. 1

Mar. 8

Mar. 15

Mar. 22

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Apr. 26

46,950

49,853

51,445

59,561

51,879

48,960

49,016

51,268

59,030

48,447

45,362

40,843

205,687

220,920

212,149

239,289

243,638

204,856

202,242

207,877

173,535

145,822

183,102

209,778

138,934

143,048

135,674

178,234

149,258

130,194

123,763

132,128

132,777

88,600

113,888

120,567

121,618
31,712
10,988

125,047
42,854
7,603

119,256
30,660
6,119

124,098
39,830
5,608

142,308
40,015
7,391

122,588
25,860
5,496

116,295
29,169
6,298

98,271
26,656
5,135

110,742
28,424
6,768

122,050
32,057
9,358

117,100
25,113
8,540

114,711
33,302
10,334

63,214

61,720

55,567

59,429

53,021

47,105

56,648

59,600

68,366

49,471

60,305

51,513

9,915

8,737

6,955

7,123

7,860

7,374

6,617

5,589

7,816

9,637

6,901

9,213

5,185

6,130

5,278

5,784

7,192

6,730

4,218

3,337

4,107

2,204

5,526

4,426

2,779
295

2,677
609

1,877
331

1,769
296

2,127
414

1,899
239

1,520
205

1,608
406

2,817
500

5,497
345

2,498
222

2,944
391

259,273

269,494

272,801

230,717

438,075

293,738

188,820

191,697

241,025

344,564

188,981

190,197

189,425
24,328

183,103
22,999

188,676
24,581

191,662
24,337

173,449
25,481

179,267
19,951

189,415
25,396

208,977
27,919

196,177
23,640

180,127
21,772

208,338
19,359

205,557
29,083

234,322

250,460

241,181

274,916

277,005

236,407

235,290

217,918

219,572

200,648

215,940

242,815

6,143
61,325
436

6,112
65,395
486

5,074
65,827
514

5,916
57,194
465

6,236
85,082
402

4,609
79,185
562

5,377
53,146
535

3,935
52,523
321

5,006
53,575
1,125

4,928
80,994
394

6,052
50,747
510

6,472
50,310
495

321,567

338,866

314,123

371,705

357,485

301,547

291,494

303,418

291,703

245,685

277,166

286,719

75,245
197,948
213,318

73,761
204,099
205,617

64,933
206,974
212,743

68,486
173,522
215,534

64,377
352,993
198,527

58,737
214,552
198,657

63,833
135,674
214,276

66,605
139,175
236,575

78,602
187,450
218,691

62,227
263,570
201,505

69,400
138,234
227,188

62,016
139,887
234,145

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

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

Federal Finance
1.43

U.S. GOVERNMENT SECURITIES DEALERS

27

Positions and Financing

Millions of dollars
2006, week ending

2006
Item, by type of security
Jan.

Feb.

Mar.

Mar. 1

Mar. 8

Mar. 15

Mar. 22

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Net outright posit ons2
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
6
Inflation-protected
2
3

7
8
9
10
11

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

12 Mortgage-backed
Corporate securities
13
One year or less
14
More than one year

-5,489

5,112

24,677

13,434

23,681

23,556

27,570

25,173

25,853

34,278

12,350

-42,542

-43,332

-44,588

-44,624

-40,761

-48,088

-44,164

-46,856

-39,253

-34,893

-36,500

-41,375

-42,274

-43,369

-44,006

-43,144

-46,342

-43,547

-40,644

-42,351

-41,596

-42,011

-37,597
-11,375
288

-38,827
-10,106
561

-38,157
-13,065
714

-36,537
-10,157
-559

-40,391
-12,699
1,057

-36,638
-13,505
655

-36,362
-14,066
686

-38,110
-12,903
608

-42,913
-11,326
823

-43,256
-12,692
964

-42,139
-13,791
-58

49,293

47,983

45,384

51,803

49,003

45,283

45,547

41,277

43,667

50,212

44,689

29,611

36,566

38,264

36,656

38,217

41,022

38,440

35,695

37,962

37,843

39,681

12,072

12,586

15,842

13,605

16,526

15,837

16,401

15,487

13,875

14,396

16,087

599
5,359

1,227
5,111

-128
5,852

643
5,150

-748
5,359

-58
5,826

113
5,918

-255
6,223

1,019
6,497

2,257
6,508

2,115
6,538

11,971

17,012

24,950

28,545

23,246

14,158

30,794

30,961

25,399

12,397

28,344

39,449
148,898

38,735
136,286

38,623
140,670

40,234
139,650

36,972
136,527

46,027
132,929

37,433
138,400

33,624
152,555

39,350
149,129

44,365
150,059

45,054
147,505

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

1 182 966
1,098,745

1 234 150
1,185,052

1 199 134
1,285,065

1 252 389
1,140,416

1 215 888
1,238,073

1 185 692
1,277,214

1 201 436
1,374,883

1 194 688
1,342,590

1 168 417
1,033,633

1 157 201
1,089,638

1 206 527
1,064,843

158,404
215,725

156,424
231,279

161,713
241,161

152,865
229,769

164,490
244,798

154,650
247,641

163,078
240,564

161,575
237,277

176,851
227,132

164,808
235,741

164,745
236,972

102,984
379,992

103,058
395,634

97,763
394,912

99,054
390,497

101,963
390,030

93,063
392,327

94,772
401,115

100,691
400,199

99,090
383,039

97,104
396,190

98,960
398,574

113,021
93,505

110,668
94,829

112,725
94,016

109,945
95,485

110,273
94,421

111,473
92,954

112,203
93,245

115,769
94,700

118,252
95,891

118,343
97,639

115,210
98,368

754,595
1 407 148

793,826
1 523 550

757,925
1 646 126

799,231
1 474 252

781,770
1 583 202

736,926
1 630 826

769,351
1 729 046

749,412
1 736 673

717,110
1 398 707

683,080
1 467 725

720,780
1 457 635

1 174 763
886,633

1 210142
994,303

1 157 255
1,136,819

1 230 868
946,553

1 205 063
1,059,011

1 164 381
1,108,254

1 149 918
1,236,982

1 101 406
1,247,910

1 149 325
864,868

1 126 035
939,450

1 135 268
945,731

297,967
143,737

297,232
166,261

310,775
171,152

292,859
165,729

304,411
175,702

304,618
169,951

317,306
171,549

312,848
173,364

333,448
153,009

320,449
162,885

313,846
161,818

539,555
229,291

548,071
226,211

547,043
240,920

526,061
231,310

535,353
231,750

552,900
241,313

548,874
247,324

558,171
244,032

532,592
243,133

526,970
256,266

506,312
264,710

262,303
55,147

251,120
57,304

256,884
56,839

258,500
56,032

249,619
57,967

261,855
57,316

249,910
56,039

261,716
56,485

271,597
55,662

270,678
56,837

267,634
55,225

2,004,038
1,232,261

2,035,842
1,353,945

2,013,599
1,519,023

2,038,778
1,315,099

2,027,419
1,435,940

2,011,693
1,488,624

2,017,000
1,624,603

1,989,958
1,637,102

2,030,157
1,235,363

1,997,648
1,331,960

1,973,141
1,348,127

MEMO

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

Repurchase agreements
33 Overnight and continuing
34 Term

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

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

28
1.44

Federal Reserve Bulletin Statistical Supplement • July 2006
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 Service1"
8
Tennessee Valley Authority
9
United States Railway Association1"
10 Federally sponsored agencies7
11
Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation . .
13 Federal National Mortgage Association
14 Farm Credit Bankss
15
Student Loan Marketing Association9
16 Financing Corporation10
17
Farm Credit Financial Assistance Corporation''
18
Resolution Funding Corporation12

2,351,039

n.a.
25.412
6
n.a.
290

n.a.
>,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996

n.a.
n.a.
25.406
n.a.
2,645,667
745,226
744,800
961,732
92,151
58,500
8,170
1,261
29,996

Nov.

23,511
6

23,649
6
n.a.
149

n.a.
24,267
6

24,261

854,815
733,400
949,510
97,266
78,121
8,170
1,261
29,996

23,843
6
n.a.
161
n.a.
n.a.
23,837
n.a.
n.a.
921,793
773,600
754,535
113,021
91,929
8,170
1,261
29,996

Dec.

n.a.

23,505

898,271
767,700
733,691
110,814
89,218
8,170
1,261
29,996

n.a.
n.a.
23,643
n.a.
n.a.
893,788
770,000
747,464
111,525
92,538
8,170
1,261
29,996

n.a.
23,843
6

23,837

921,793
773,600
754,535
113,021
91,929
8,170
1,261
29,996

23,680
6
n.a.
166
n.a.
n.a.
23,674
n.a.
n.a.
920,103
779,300
755,612
114,375
90,518
8,170
1,261
29,996

23,454
6

23,448

918,457
776,600
750,240
115,147
90,468
8,170
1,261
29,996

MEMO

19 Federal Financing Bank debt"
20
21
22
23
24

Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service1"
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association1"

Other lending*4
25 Farmers Home Administration . . . .
26 Rural Electrification Administration
27 Other

37,017

28,325

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

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

n.a.
14,489
22,528

n.a.
16,127
14,684

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

28,091

28,085

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.

18,515
n.a.
9,810

18,234
n.a.
9,857

18,765
n.a.
9,320

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

384,311

357,875

409,497

32,444

27,296

39,298'

31,867

20,219

23,865

28,219

29,870

By type of issue
2 General obligation
3 Revenue

144,056
238,204

130,471
227,404

146,028
263,468

12,531
19,913

5,880
21,415

10,289'
29,010

8,564
23,302

7,428
12,790

9,158
14,706

9,635
18,583

7,154
22,716

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

49,795
253,536
78,962

47,365
234,237
76,273

31,568
298,506
79,423

4,734
21,132
6,578

790
21,760
4,746

2,925
30,710'
5,663'

2,210
23,033
6,624

1,170
14,567
4,482

1,684
18,546
3,634

2,767
21,012
4,440

1,311
22,765
5,794

7 Issues for new capital

264,697

228,357

223,833

17,091

17,011

24,475'

20,669

12,221

15,269

17,961

20,306

70,394
23,809
10,251
n.a.
22,339
97,736

65,426
20,546
9,242
n.a.
19.050
80,438

70,938
25,261
10,004
n.a.
18.674
60,733

3,908
2,205
1,472
n.a.
1.468
5,508

4,922
1,929
721
n.a.
2.418
3,278

7,190
2,202
617
n.a.
1.845'
9,482

6,538
1,384
1,152
n.a.
1.708
5,392

3,618
1,890
250
n.a.
1.555
3,108

3,210
1,803
411
n.a.
2.051
6,166

5,039
477
908
n.a.
2.471
5,615

5,512

8
9
10
11
12
13

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

SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest
before then.

1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.

1.46

NEW SECURITY ISSUES

1,959
4,477

US. Corporations

Millions of dollars
2005
Type of issue, offering,
or issuer

2003

2004

2006

2005
Aug.

1

1 All issues

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

2,070,680

2,438,989

227,934

235,682

184,688

217,135

242,978

186,975

209,946

258,136

1,692,260
By type of offering
3 Sold in the United States

1,815,569

1,923,094

2,323,735

215,978

217,950

176,725

209,117

232,645

178,937

203,784

244,797

1,579,311
112 949

1,737,342
185 752

2,141,496
182 238

204.581
11 397

204.402
13 548

163.616
13 109

185.344
23 772

209.801
22 844

161.509
17 428

188.618
15 166

219.010
25 787

20,701

22,328

24,595

2.331

1.610

952

2.753

3,377

n.a.

n.a.

n.a.

362,340
1,329,920

259,968
1,663,127

216,072
2,107,662

17,876
198,102

23,373
194,577

8,529
168,196

24,247
184,869

20,936
211,709

32,935
146,003

25,099
178,686

29,320
215,477

182,132

147,585

115,255

11,956

17,732

7,963

8,018

10,333

8,037

6,162

13,339

123,309
58,823

147,585
n.a.

115,255
n.a.

11,956
n.a.

17,732
n.a.

7,963
n.a.

8,018
n.a.

10,333
n.a.

8,037
n.a.

6,162
n.a.

13,339
n.a.

44,416
78,893

64.345
83,240

54.713
60,541

6.385
5,571

9.597
8,135

2.445
5,517

4.324
3,694

7,375
2,958

5.713
2,324

4.238
1,924

6.839
6,500

MEMO

5 Private placements, domestic
By industry group
7 Financial
8 Stocks3
By type of offering
9 Public
10 Private placement4
By industry group
11 Nonfinancial

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

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

30

Federal Reserve Bulletin Statistical Supplement • July 2006

1.47

Net Sales and Assets1

OPEN-END INVESTMENT COMPANIES
Millions of dollars

2005
Item

2004

2006

2005'
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.'

May

1 Sales of own shares2

1,660,423

1,771,292

153,140

147,140

160,537

201,428

165,338

194,323

171,541

188,641

2 Redemptions of own shares

1,450,319
210,104

1,579,603
191,689

145,548
7,592

125,925
21,215

154,317
6,220

161,688
39,740

128,504
36,834

154,083
40,240

143,954
27,587

189,431
-790

6,193,664

6,864,636

6,561,255

6,775,522

6,864,636

7,152,932

7,169,845

7,313,245

7,460,010

7,234,679

304,816
5 888 848

303,068
6 561 568

298,520
6 262 735

313,283
6 462 239

303,068
6 561 568

314,604
6,838,328

333,544
6,836,301

330,511
6,982,734

353,879
7,106,131

353,542
6,881,137

4 Assets

4

5 Cash5

1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.

1.51

DOMESTIC FINANCE COMPANIES

4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE: Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.

Assets and Liabilities1

Billions of dollars, end of period; not seasonally adjusted
2005

2004

2006

Q3

Q4

Q1

Q2

Q3'

Q4'

Q1

ASSETS

2
4

1 022 2
365.8
457.4
198.9

Reserves for unearned income

8 All other
9 Total assets

1 223 9
435.4
503.9
284.6

1 097 2
416.4
456.3
224.5

1 145 0
430.4
471.7
242.9

1 141 6
425.7
469.2
246.7

1 153 6
423.8
478.1
251.7

1 171 0
431.9
474.6
264.6

1 223 9
435.4
503.9
284.6

1 225 3
423.6
507.2
294.5

50.8
24 6

46.3
24 8

36.3
22 0

46.5
24 1

46.3
24 8

45.4
23 4

44.8
23 1

37.8
24 2

36.3
22 0

36.1
21 2

1,073.9
765.4

1,165.6
645.0

1,026.5
746.8

1,073.9
765.4

1,072.9
747.9

1,085.7
764.4

1,109.0
643.0

1,165.6
645.0

1,168.0
644.5

1,700.8

Real estate

5 LESS:

1 145 0
430.4
471.7
242.9

946.8
753.9

Consumer

1,839.3

1,810.7

1,773.3

1,839.3

1,820.9

1,850.0

1,752.0

1,810.7

1,812.5

56.2
136.3

65.2
163.9

68.5
146.1

64.1
154.3

65.2
163.9

63.1
149.2

60.0
136.2

70.5
132.8

68.5
146.1

66.7
139.8

99.9
747.1
424.7
236.6

118.2
828.3
415.3
248.3

151.6
819.9
362.6
262.0

112.7
776.7
422.6
242.9

118.2
828.3
415.3
248.3

114.7
855.5
388.0
250.5

116.8
872.1
398.6
266.3

123.0
771.0
426.8
228.0

151.6
819.9
362.6
262.0

153.8
823.5
364.6
264.2

1,700.8

1,839.3

1,810.7

1,773.3

1,839.3

1,820.9

1,850.0

1,752.0

1,810.7

1,812.5

LIABILITIES AND CAPITAL

10 Bank loans
11 Commercial paper
Debt
12 Owed to parent
14 All other liabilities
15 Capital, surplus, and undivided profits
16 Total liabilities and capital

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

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

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

31

Owned and Managed Receivables'

Billions of dollars, amounts outstanding

Type of credit

Seasonally adjusted
1 Total
2
3
4

Consumer
Real estate
Business .

1,368.9

1,451.2

1,515.5

588.3
229.2
551.4

614.6
267.8
568.8

620.0
307.8
587.7

1,537.6

1,515.5
618.2
292.1
576.4

615.7
296.8
581.5

620.0
307.8
587.7

623.1
315.5
583.1

620.3
319.7
586.8

626.1
325.1
586.5

Not seasonally adjusted
5 Total
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

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

1,522.6

1,531.9

1,375.6

1,458.2

1,522.6

593.1
197.0
70.0
37.6
60.9

619.6
230.0
62.5
40.5
96.3

625.1
194.5'
71.2
54.2
114.4

623.0
203.1
68.9
47.2
113.4

620.8
200.9
69.5
48.2
114.2

625.1
194.5'
71.2
54.2
114.4

626.4'
193.9'
73.0
53.7
114.9

619.3
187.7'
73.9
53.0
108.9

621.6
185.7
76.1
52.1
108.6

132.8
5.5
38.3
51.0
229.4
152.2
46.7

109.9
4.8
24.5
51.0
268.2
190.1
52.7

123.8'
4.2
15.1
47.8
308.3
232.3
52.4

120.6
4.3
18.1
47.5
295.7
220.7
51.9

118.7
4.2
17.5
47.6
301.6
226.7
52.0

123.8'
4.2
15.1
47.8
308.3
232.3
52.4

122.7'
4.1
14.7
49.5
315.8
239.8
52.6

126.2'
4.1
14.5
51.0
318.4
242.8
52.3

126.9
4.0
15.5
52.7
317.1
241.4
53.0

26.7
3.8
553.1
74.9
18.2
40.3
16.3
277.6
74.6
203.1
105.0

21.8
3.5
570.4
91.6
18.4
46.2
27.0
264.8
70.6
194.3
115.3

18.9
4.8
589.2
113.8
19.2
62.9
31.7
271.4
72.5
198.9
118.7

19.4
3.7
572.8
91.2
20.1
41.8
29.3
268.2
70.8
197.4
118.6

19.2
3.7
579.8
111.6
19.7
62.7
29.3
268.7
70.8
198.0
122.5

18.9
4.8
589.2
113.8
19.2
62.9
31.7
271.4
72.5
198.9
118.7

18.6
4.8
582.4
112.3
19.5
61.2
31.6
270.4
72.5
197.9
115.5

18.4
4.8
586.6
114.9
19.8
63.6
31.5
271.2
73.7
197.5
115.8

18.2
4.5
593.2
117.8
20.2
65.6
32.0
273.4
75.3
198.1
115.9

48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1

44.8
2.2
40.6
2.0
23.6
11.5
12.1
30.2

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2

43.2
2.7
40.3
.1
23.6
12.2
11.4
28.1

25.3
2.7
22.5

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2

29.3
2.7
26.5
.1
22.9
10.1
12.8
32.0

29.8
2.7
27.0
.1
22.7
10.0
12.8
32.1

35.6
2.6
32.9
.1
15.7
9.7
6.0
34.7

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

11.4
28.3

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

32

Federal Reserve Bulletin Statistical Supplement • July 2006

1.53

MORTGAGE MARKETS

Mortgages on New Homes

Millions of dollars except as noted
2006

2005
Item

2003

2004

2005
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Terms and y elds in primary and secondary markets
PRIMARY MARKETS

1
2
3
4
5

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

Yield (percent per year)
6 Contract rate1
8 Contract rate (HUD series)4

272.1
205.3
77.9
28.7
.61

292.0
215.0
76.0
28.8
.51

326.8
238.5
75.3
29.2
.54

345.6
249.6
74.4
29.5
.66

358.5
260.4
74.4
29.5
.65

337.7
243.4
74.4
28.9
.43

338.1
248.2
75.4
29.3
.52

341.8
254.8
76.4
29.7
.59

335.0
248.2
76.5
29.5
.63

350.0
255.4
75.2
29.5
.65

5.71
5.80
n.a.

5.68
5.75
n.a.

5.86
5.93
n.a.

6.11
6.20
n.a.

6.30
6.39
n.a.

6.06
6.12
n.a.

6.32
6.40
n.a.

6.45
6.53
n.a.

6.55
6.64
n.a.

6.60
6.69
n.a.

n.a.
5.03

n.a.
5.19

n.a.
5.13

n.a.
5.55

n.a.
5.45

n.a.
5.24

n.a.
5.44

n.a.
5.59

n.a.
5.84

n.a.
5.99

SECONDARY MARKETS

Yield (percent per year)
10 GNMA securities6

Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
11 Total

898,445
n.a.
n.a.

904,555
n.a.
n.a.

727,545
n.a.
n.a.

715,896
n.a.
n.a.

727,545
n.a.
n.a.

725,661
n.a.
n.a.

721,189
n.a.
n.a.

721,544
n.a.
n.a.

730,367
n.a.
n.a.

733,786
n.a.
n.a.

14 Mortgage transactions purchased (during period)

572,852

262,646

146,641

16,021

28,760

12,199

11,417

14,165

23,042

18,704

Mortgage commitments (during period)
15 Issued7
16 To sells

522,083
33 010

149,429
8 828

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

644,436
n.a.
n.a.

652,936
n.a.
n.a.

710,017
n.a.
n.a.

692,758
n.a.
n.a.

710,017
n.a.
n.a.

704,172
n.a.
n.a.

705,320
n.a.
n.a.

715,407
n.a.
n.a.

723,774
n.a.
n.a.

723,068
n.a.
n.a.

n.a.
713,260

n.a.
365,148

n.a.
397,867

n.a.
37,837

n.a.
39,784

n.a.
33,669

n.a.
33,231

n.a.
26,769

n.a.
26,620

n.a.
25,446

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

13

Conventional

FEDERAL HOME LOAN MORTGAGE CORPORATION

Mortgage holdings (end ofperiod)*
17 Total
18 FHA/VA insured
19
Conventional
Mortgage transactions (during period)
21 Sales
22 Mortgage commitments contracted (during period)9

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

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

Real Estate
1.54

33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period

Type of holder and property
Ql
1 All holders .
2
3
4
5

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

By type of holder
6 Major financial institutions . . .
7
Commercial banks2
One- to four-family
9
Multifamily
10
Nonfarm, nonresidential .
11
Farm
12 Savings institutions3
13
One- to four-family
14
Multifamily
15
Nonfarm, nonresidential .
16
Farm
17 Life insurance companies . .
18
One- to four-family
19
Multifamily
20
Nonfarm, nonresidential .
Farm
21
22 Federal and related agencies
23 Government National Mortgage Association
24
One- to four-family
25
Multifamily
26 Farmers Home Administration4
27
One- to four-family
28
Multifamily
29
Nonfarm, nonresidential
30
Farm
31 Federal Housing Admin, and Dept. of Veterans Affairs . . .
32
One- to four-family
33
Multifamily
34 Resolution Trust Corporation
35
One- to four-family
36
Multifamily
37
Nonfarm, nonresidential
38
Farm
39
40 Federal Deposit Insurance Corporation
One- to four-family
41
Multifamily
42
Nonfarm, nonresidential
43
Farm
44
Federal National Mortgage Association
45
One- to four-family
46
Multifamily
47
48 Federal Land Banks
49
One- to four-family
50
Farm
51 Federal Home Loan Mortgage Corporation
52
One- to four-family
53
Multifamily
54 Federal Agricultural Mortgage Corporation
Farm
55 Mortgage pools or trusts5
56
Government National Mortgage Association
One- to four-family
57
58
Multifamily
59 Federal Home Loan Mortgage Corporation
60
One- to four-family
61
Multifamily
62 Federal National Mortgage Association . . .
63
One- to four-family
64
Multifamily
65 Farmers Home Administration4
66
One- to four-family
67
Multifamily
68
Nonfarm, nonresidential
69
Farm
70
Private mortgage conduits
71
One- to four-family1"
72
Multifamily
73
Nonfarm, nonresidential
74
Farm
75
Federal Agricultural Mortgage Corporation
76
Farm
77 Individuals and others7 . . .
78
One- to four-family
79
Multifamily
80
Nonfarm, nonresidential
81
Farm

Q2

Q3

Q4

11,129,540

11,560,350

11,970,520

12,329,310

8,245,339

9,238,721

10,488,130

6,244,957
486,680
1,388,194
125,507

7,027,946
557,375
1,519,818
133,583

8,032,245
612,162
1,702,010
141,710

8,233,769
623,132
1,746,145
142,963

8,530,305
640,616
1,812,385
146,234

8,872,313
655,249
1,884,450
148,337

9,175,540
675,191
1,971,891
147,902

9,455,485
690,497
2,032,948
150,381

3,089,434
2,058,426
1,222,126
94,178
704,097
38,025
780,989
631,057
68,624
80,730
577
250,019
4,657
36,816
195,040
13,506

3,387,175
2,256,037
1,346,908
104,901
763,579
40,649
870,194
702,784
77,895
88,884
632
260,944
4,403
38,556
203,946
14,039

3,925,678
2,595,318
1,568,000
119,294
863,467
44,557
1,057,036
874,518
87,445
94,475
598
273,324
4,998
40,453
214,085
13,788

4,032,258
2,689,241
1,633,240
122,807
888,164
45,030
1,068,024
883,372
90,294
93,761
597
274,993
5,024
40,705
215,405
13,859

4,181,783
2,790,473
1,696,047
129,021
919,185
46,220
1,112,919
921,684
95,048
95,582
604
278,391
5,082
41,213
218,065
14,031

4,317,224
2,895,448
1,750,876
135,547
961,886
47,139
1,140,910
946,883
96,732
96,690
605
280,866
5,122
41,585
220,005
14,154

4,394,587
2,956,568
1,774,344
140,121
994,513
47,590
1,152,732
954,974
98,168
98,974
616
285,287
4,532
42,474
224,101
14,180

4,504,566
3,024,712
1,803,998
145,450
1,026,835
48,430
1,192,341
990,148
100,103
101,412
677
287,513
4,568
42,708
225,943
14,294

433,565
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0

537,131
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304

553,821
44
44
0
70,624
13,464
11,556
42,370
3,235
4,733
1,338
3,394
0
0
0
0
0
11
2

554,645
42
42
0
70,690
13,338
11,537
42,559
3,255
4,936
1,346
3,589
0
0
0
0
0
11
2

552,979
39
39
0
70,995
13,274
11,527
42,957
3,237
4,784
1,356
3,429
0
0
0
0
0
9

548,982
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0
0
0
8
1

7
0
249,515
222,535
26,980
52,793
3,106
49,687
61,360
23,389
37,971
887
887

7
0
249,397
222,417
26,980
53,341
3,139
50,202
61,736
38^204
865
865

2
6
0
249,230
222,250
26,980
54,769
3,223
51,546
60,986
23,246
37,740
838
838

550,130
36
36
0
72,044
13,124
11,500
44,172
3,247
4,703
1,359
3,344
0
0
0
0
0
9
1
2
5
0
248,994
222,014
26,980
55,489
3,265
52,224
61,207
23,331
37,876
832
832

5
0
248,991
222,011
26,980
54,640
3,215
51,425
61,481
23,435
38,046
804
804

549,798
32
32
0
73,575
12,976
11,451
45,954
3,193
4,626
1,396
3,231
0
0
0
0
0
6
1
1
4
0
248,974
221,994
26,980
55,233
3,250
51,983
62,935
23,989
38,946
787
787

0
0
0
797,725
488,307
59,225
250,193
0
367
367

4,460,249
473,738
444,820
28,918
1,157,339
1,141,241
16,098
1,857,045
1,780,884
76,161
0
0
0
0
0
971,124
609,386
67,288
294,450
0
1,003
1,003

4,972,063
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0
0
1,429,890
1,006,659
75,170
348,061
0
938
938

5,095,772
431,193
398,619
32,574
1,218,978
1,202,023
16,955
1,896,003
1,820,163
75,840
0
0
0
0
0
1,548,716
1,105,874
77,309
365,533
0
882
882

5,292,492
420,915
388,057
32,858
1,245,930
1,228,600
17,330
1,900,149
1,824,143
76,006
0
0
0
0
0
1,724,623
1,248,942
82,955
392,726
0
875
875

5,544,190
411,338
378,109
33,229
1,279,664
1,261,865
17,799
1,924,810
1,847,818
76,992
0
0
0
0
0
1,927,543
1,428,130
85,991
413,422
0
835
835

5,823,804
405,355
371,593
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,146,740
1,594,000
95,162
457,578
0
835
835

6,031,532
403,368
368,955
34,413
1,375,148
1,356,020
19,128
1,972,793
1,893,881
78,912
0
0
0
0
0
2,278,925
1,702,356
98,494
478,075
0
1,298
1,298

766,011
547,833
77,343
116,004
24,830

854,166
618,886
80,439
128,416
26,424

1,036,565
783,845
85,154
139,545
28,021

1,063,335
808,025
86,320
140,717
28,273

1,102,285
843,047
86,492
143,864
28,881

1,148,805
883,580
87,657
148,269
29,300

1,203,150
933,003
89,405
151,507
29,235

1,243,415
968,306
90,665
154,725
29,719

0
0
0
0
23
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
60,270
27,274
32,996
990
990

46
7
9
30
0
185,801
172,230
13,571
46,257
2,722
43,535
63,887
35,851
28,036
966
966
3,956,329
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0

1. Multifamily debt refers to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not loans held by bank trust
departments.
3. Includes savings banks and savings and loan associations.
4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from
FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting
changes by the Farmers Home Administration.
5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by
the agency indicated.

6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE: Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 70 from LoanPerformance Corporation and other sources.

34

Federal Reserve Bulletin Statistical Supplement • July 2006

1.55 CONSUMER CREDIT1
Millions of dollars, amounts outstanding, end of period

Holder and type of credit

Seasonally adjusted
2,091,034
2 Revolving . . .
3 Nonrevolving2

759,291
1,247,287

805,515'
1,342,355'

2,143,908'

2,158,402'

2,159,747

805,515'

2,147,871'

786,080
1,304,954

806,442'
1,348,294'

805,506'
1,352,896'

803,929
1,355,818

2,147,871'

803,012
1,340,227
Not seasonally adjusted

4 Total

2,178,165'

2,147,885

2,152,786'

2,178,165'

2,177,281'

2,160,652'

2,149,611

704,270
366,834
215,384
98,363
91,271
64,684
579,771

707,039
363,130'
228,588
102,122
109,078
62,186
606,023'

701,905
363,706
228,667
104,002
108,452
58,630
582,523

697,084
363,305
228,703
102,786
108,713
58,611
593,584'

707,039
363,130'
228,588
102,122
109,078
62,186
606,023'

706,606
362,428'
229,661
104,421
109,343
60,455
604,368'

696,407
349,558'
228,904
104,422
109,974
58,935
612,453'

697,565
346,398
228,849
104,427
98,059
58,351
615,962

781,582
285,015
37,576
22,410
n.a.
23,848
19,363
393,370

810,129
314,649
40,496
23,244
n.a.
27,905
17,899
385,937

830,160'
311,204
54,224
24,688
n.a.
40,755
14,427
384,861'

797,549
294,521
47,218
23,308
n.a.
39,340
14,907
378,256

807,565'
299,808
48,224
23,616
n.a.
39,989
13,943
381,985'

830,160'
311,204
54,224
24,688
n.a.
40,755
14,427
384,861'

817,057'
301,662
53,672
24,656
n.a.
40,376
14,113
382,579'

805,784'
289,494
52,991
23,353
n.a.
40,035
13,881
386,029'

796,797
281,234
52,125
23,122
n.a.
39,656
13,715
386,944

1,252,818
384,371
257,847
183,467
114,658
54,002
43,986
214,487

1,310,447
389,621
326,338
192,140
98,363
63,366
46,786
193,834

1,348,006'
395,835
308,906'
203,900
102,122
68,323
47,759
221,162'

1,350,336
407,384
316,489
205,359
104,002
69,112
43,723
204,267

1,345,221'
397,276
315,082
205,087
102,786
68,724
44,668
211,599'

1,348,006'
395,835
308,906'
203,900
102,122
68,323
47,759
221,162'

1,360,223'
404,944
308,756'
205,005
104,421
68,966
46,342
221,789'

1,354,869'
406,912
296,567'
205,551
104,422
69,940
45,054
226,423'

1,352,814
416,331
294,272
205,727
104,427
58,403
44,636
229,018

2,034,400

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

669,386
295,424
205,877
114,658
77,850
63,348
607,857

By major type of credit*
12 Revolving
13
Commercial banks
14 Finance companies
15
Credit unions
16 Federal government and Sallie Mae
17
Savings institutions
18
Nonfinancial business
19 Pools of securitized assets3
20 Nonrevolving
21
Commercial banks
22
Finance companies
23
Credit unions
24 Federal government and Sallie Mae
25
Savings institutions
26
Nonfinancial business
27
Pools of securitized assets3

5
6
7
8
9
10
11

2,120,577'

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
2005
Item

2003

2004

2006

2005
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

INTEREST RATES

Commercial banks2
1 48-month new car
2 24-month personal

6.93
11.95

6.60
11.89

7.08
12.05

n.a.
n.a.

n.a.
n.a.

7.43
11.95

n.a.
n.a.

n.a.
n.a.

7.39
12.18

n.a.
n.a.

Credit card plan
3 All accounts
4 Accounts assessed interest

12.30
12.73

12.71
13.21

12.50
14.54

n.a.
n.a.

n.a.
n.a.

12.57
14.48

n.a.
n.a.

n.a.
n.a.

13.29
14.38

n.a.
n.a.

3.40
9 72

4.36
8 96

5.46
9 03

5.89
9 06

6.13
8 96

6.40
8 95

5.39
873

5.13
8 64

5.54
9 41

5.35
9 17

61.4
57 5

60.5
56 8

60.0
57 6

60.2
57 4

61.4
57 6

60.6
57 5

61.2
57 5

62.6
57 9

61.8
57 7

61.1
57 7

95
100

89
100

88
98

88
99

90
99

88
98

88
98

88
98

90
98

91
98

26,295
14,613

24,888
15,136

24,133
16,228

23,579
16,220

24,209
16,836

24,174
17,019

24,706
17,174

24,522
16,894

24,766
16,303

25,490
16,599

Auto finance companies
5 New car
OTHER TERMS3

Maturity (months)
7 New car
Loan-to-value ratio
9 New car
10 Used car
Amount financed (dollars)
11 New car
12 Used car

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

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

Flow of Funds
1.57

35

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

Transaction category or sector
Q3

Q4

Q1

Q2

Q3

Q4

Q1

Nonfinancial sectors
1,099.2

1,322.5

1,647.6

1,944.7

1,947.4

2,060.4

2,350.6

2,006.7

2,405.5

2,434.2

48.1
-294.9
-1.0
23.6
162.6
98.2
79.6
542.0
401.3
26.8
106.9
7.0
168.4

-83.0
-5.1
-.5
122.9
347.7
-81.6
8.9
656.8
496.1
40.6
112.4
7.7
133.1

-57.9
257.1
.5
159.4
132.3
-87.0
20.3
814.1
672.8
37.2
96.5
7.6
83.7

-35.1
398.4
-2.4
135.1
158.3
-80.2
10.0
981.8
779.9
70.1
123.7
8.0
81.7

16.8
362.5
-.6
133.1
77.7
33.5
25.0
1,210.5
991.0
50.1
161.0
8.4
86.2

23.2
266.5
-.2
157.3
51.7
-31.5
.2
1,352.8
1,111.0
45.5
187.0
9.3
127.3

-24.3
310.9
.3
130.9
138.3
118.6
100.7
1,197.3
951.7
59.0
180.6
6.1
87.7

49.8
631.5
-.7
225.3
35.1
89.0
84.1
1,172.3
949.3
42.8
176.4
3.9
64.2

5.8
7.2
-1.4
125.7
30.3
210.3
70.1
1,478.4
1,155.2
75.1
236.6
11.4
80.2

2.8
232.3
-.4
249.5
100.9
43.4
19.1
1,657.3
1,317.0
52.2
279.4
8.7
100.5

-89.9
358.2
.8
182.5
76.4
214.7
154.6
1,552.0
1,161.0
76.9
314.6
-.4
-15.3

42.1
608.7
-1.0
122.3
240.4
238.8
34.5
1,579.7
1,258.8
58.3
252.6
10.0
48.1

551.7
555.4
347.0
197.1
11.3
15.5
-295.9

601.4
397.7
224.5
162.7
10.5
105.8
-5.6

732.8
188.2
31.9
148.5
7.8
143.9
257.6

939.6
194.2
89.6
96.9
7.7
117.8
396.0

1,032.4
432.1
180.8
239.5
11.8
118.2
361.9

1,064.1
471.7
188.1
265.1
18.5
145.2
266.3

1,054.0
574.7
274.2
291.7
8.7
120.5
311.2

1,007.3
510.5
300.8
208.1
1.7
202.0
630.7

1,251.7
645.3
289.8
338.5
17.0
103.9
5.8

1,333.2
611.5
253.3
333.2
25.0
228.8
231.9

1,242.8
676.8
277.1
394.3
5.4
155.6
359.0

1,333.9
864.3
509.4
336.6
18.3
107.7
607.7

22 Foreign net borrowing in United States

63.0

-13.7

92.9

44.9

81.3

68.9

253.3

10.1

72.9

78.1

99.4

111.0

23
24
25
26

31.7
21.2
11.4
-1.3

15.8
-18.5
-7.3
-3.8

58.3
31.6
5.3
-2.3

12.9
41.9
-7.7
-2.1

62.8
19.2
2.5
-3.1

-4.1
86.8
-9.0
-4.8

203.3
34.4
18.5
-2.9

6.2
-4.6
12.1
-3.5

10.0
72.3
-5.3
-4.1

78.5
2.6
5.2
-8.2

59.1
4.1
39.5
-3.3

62.6
47.4
8.0
-7.0

1,085.6

1,415.4

1,692.5

2,026.0

2,016.3

2,313.7

2,360.8

2,079.6

2,483.6

2,533.5

1 Total net borrowing by domestic nonfinancial sectors
2
3
4
5
6
7
8
9
10
11
12
13
14

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

15
16
17
18
19
20
21

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

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

27 Total domestic plus foreign

Financial sectors
935.0

848.6

1,020.6

856.1

762.9

998.6

683.5

1,226.0

724.4

1,513.1

1,479.2

131.7
235.2
199.7
161.3
3.8
42.5
4.9

-27.4
304.1
338.5
279.0
13.0
25.5
2.2

-63.8
219.8
326.8
349.3
1.5
6.8
8.2

-52.9
243.7
330.5
464.5
-4.8
31.2
8.3

55.1
65.0
53.0
569.9
12.5
74.1
26.3

-13.4
93.1
62.1
572.0
44.2
-15.7
20.6

119.4
-45.5
-64.6
847.9
14.2
85.1
42.1

167.3
-209.6
64.7
606.0
5.3
27.0
22.7

345.5
-84.2
122.6
732.4
-24.0
114.5
19.3

196.0
-243.9
177.2
525.7
38.6
10.8
19.9

235.5
200.9
175.1
853.2
7.8
25.0
15.6

246.7
144.8
348.2
725.4
-1.4
-.5
16.0

60.0
27.3
.0
-.7
235.2
199.7
157.8
81.9
.0
2.6
15.6
-.3

52.9
-2.0
1.5
.6
304.1
338.5
229.7
1.3
.0
3.2
1.4
3.6

49.7
-23.4
2.0
2.0
219.8
326.8
180.4
42.2
.0
24.5
-1.7
26.3

49.2
6.1
2.2
2.9
243.7
330.5
212.6
118.2
.0
31.9
6.4
16.9

77.7
64.4
2.3
3.0
65.0
53.0
321.9
117.9
.0
98.4
15.2
37.1

60.1
-7.0
.9
.1
93.1
62.1
421.1
115.5
.0
42.1
33.2
-58.3

61.2
96.9
6.1
9.7
-45.5
-64.6
366.9
253.2
.0
220.7
-26.6
120.6

163.0
-30.6
1.5
-1.6
-209.6
64.7
433.7
75.8
.0
73.0
11.2
102.3

41.4
82.4
3.1
2.3
-84.2
122.6
678.2
-23.6
.0
92.8
-5.2
316.2

82.6
-7.1
.3
.4
-243.9
177.2
683.2
-100.4
.0
66.0
28.0
38.1

53.4
20.0
8.1
.6
200.9
175.1
759.0
174.4
.0
88.9
-33.4
66.0

28 Total net borrowing by financial sectors
29
30
31
32
33
34
35

By instrument
Open market paper
Government-sponsored enterprise securities
Agency- and GSE-backed mortgage pool securities
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

36
37
38
39
40
41
42
43
44
45
46
47

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

77.4

-22.7

2.8
144.8
348.2
662.7
16.7
.0
94.8
35.1
119.6

36

Federal Reserve Bulletin Statistical Supplement • July 2006

1.57

FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates

Transaction category or sector
Q3

Q4

Qi

Q2

Q3

Q4

Qi

48 Total net borrowing, all sectors . . . .

1,668.6

2,020.5

2,263.9

2,713.1

2,882.1

2,779.3

3,312.3

3,044.2

3,305.6

3,208.0

4,046.6

4,503.7

49
50
51
52
53
54
55
56
57

211.6
-294.9
433.9
23.6
345.1
113.3
120.8
546.8
168.4

-94.5
-5.1
642.1
122.9
608.2
-75.8
30.6
659.0
133.1

-63.5
257.1
547.2
159.4
513.2
-80.2
24.7
822.3
83.7

-75.1
398.4
571.9
135.1
664.7
-92.6
39.1
990.1
81.7

134.7
362.5
117.5
133.1
666.8
48.5
96.0
1,236.8
86.2

5.7
266.5
155.1
157.3
710.5
3.7
-20.3
1,373.4
127.3

298.4
310.9
-109.8
130.9
1,020.7
151.3
182.9
1,239.4
87.7

223.4
631.5
-145.7
225.3
636.5
106.4
107.6
1,195.0
64.2

361.3
7.2
37.0
125.7
835.0
180.9
180.5
1,497.7
80.2

277.3
232.3
-67.0
249.5
629.2
87.2
21.7
1,677.2
100.5

204.8
358.2
376.8
182.5
933.7
262.0
176.4
1,567.6
-15.3

351.4
608.7
492.0
122.3
1,013.2
245.4
27.0
1,595.7
48.1

Open market paper
Treasury securities
Agency- and GSE-backed securities . .
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

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

242.9

303.2

227.4

407.7

348.6

301.0

274.4

366.0

99.0

-113.9

73.9

99.0

59 Corporate equities
60
Nonfmancial corporations
61
Foreign shares purchased by U.S. residents .
62
Financial corporations
63 Mutual fund shares

5.3
118.2
106.7
16.8
237.6

98.3
-48.1
109.1
37.3
204.9

46.4
-41.6
17.0
71.0
181.1

119.1
-57.8
114.2
62.7
288.6

50.4
-141.1
83.2
108.3
298.2

-8.3
-203.6
67.0
128.4
309.3

-33.2
-173.1
38.5
101.4
307.6

-34.4
-264.3
159.3
70.6
400.4

-129.3
-299.7
95.6
74.8
228.3

-308.9
-470.4
135.7
25.7
195.0

-143.7
-400.2
155.9
100.5
217.7

-401.5
-586.8
172.0
13.3
500.4

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2
through F.4, available at www.federalreserve.gov/releases.

Flow of Funds
1.58

37

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

Transaction category or sector
Q3

Q4

Q1

Q2

Q3

Q4

Q1

NET LENDING IN CREDIT MARKETS2

1 Total net lending in credit markets
2 Domestic nonfinancial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7
Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
11
Commercial banking
12
U.S.-chartered commercial banks
13
Foreign banking offices in United States . .
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17
Credit unions
18 Property-casualty insurance companies . . . .
19 Life insurance companies
20
Private pension funds
21
State and local government retirement funds
22
Federal government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Exchange-traded funds
27
Government-sponsored enterprises
28 Agency- and GSE-backed mortgage pools
29
Asset-backed securities issuers (ABSs)
30
Finance companies
31
Mortgage companies
32
Real estate investment trusts (REITs)
33
Brokers and dealers
34 Funding corporations

1,668.6

2,020.5

2,263.9

2,713.1

2,882.1

2,779.3

3,312.3

3,044.2

3,305.6

3,208.0

4,046.6

4,503.7

41.4
-70.6
26.1
2.1
72.1
11.6
241.9
1,385.3
33.7
357.9
339.5
23.9
-12.2
6.7
56.2
28.0
-8.7
57.9
-125.0
36.3
2.1
138.3
26.3
-5.6
.0
246.0
199.7
144.8
108.6
.0
-5.3
68.9
25.3

8.3
-93.9
-4.3
7.1
93.4
6.0
305.3
1,706.9
39.9
205.2
191.6
-.6
4.2
10.0
44.4
41.5
9.0
130.9
-37.3
-53.8
9.7
267.3
126.6
3.2
.0
304.7
338.5
217.9
-4.8
.0
8.6
92.4
-37.0

164.7
43.4
26.0
-.8
86.5
9.6
422.7
1,676.6
77.7
404.4
393.8
6.2
3.1
1.3
33.4
42.7
39.9
233.0
7.1
-50.7
12.7
-17.7
138.7
8.6
3.7
224.1
326.8
186.9
21.2
.0
21.4
28.4
-65.8

191.1
141.0
-1.0
1.2
52.5
-2.5
531.6
1,990.4
37.2
299.5
323.3
-43.0
8.6
10.6
126.0
50.7
67.0
180.6
57.2
11.2
6.0
-95.9
138.0
36.2
.7
236.5
330.5
219.1
84.2
.0
28.1
79.6
98.0

298.9
189.4
32.1
11.7
61.8
3.9
754.4
1,828.8
51.2
582.2
548.0
20.3
.0
13.9
172.8
42.0
73.6
173.0
-5.3
27.2
4.7
-124.9
116.6
11.2
3.8
46.2
53.0
323.0
129.6
.0
87.9
-29.2
90.3

580.5
504.7
-16.0
13.1
54.2
24.6
593.0
1,605.8
71.3
263.5
252.7
-2.7
3.0
10.5
128.0
18.9
73.5
158.2
-16.5
-63.1
10.9
-162.0
103.4
.3
2.2
104.3
62.1
430.4
90.1
.0
31.9
302.8
-4.7

521.3
394.1
42.5
14.1
72.5
-1.9
817.0
1,974.0
57.6
714.7
615.5
86.5
-2.0
14.8
259.2
43.3
50.6
154.9
23.2
-5.1
.1
19.6
125.2
12.7
4.2
-106.0
-64.6
330.3
191.4
.0
177.3
-110.7
96.2

95.8
-77.7
33.6
9.0
130.7
788.1
2,160.3
-10.5
982.5
760.2
219.7
-9.4
12.0
10.8
46.5
89.0
189.1
-3.5
60.0
8.5
-198.5
203.5
6.4
11.7
-65.5
64.7
429.8
4.5
.0
37.6
67.3
226.5

227.6
104.4
49.7
14.2
75.9
-16.6
736.4
2,341.6
32.0
597.2
426.8
126.6
29.4
14.4
237.6
41.6
49.2
81.5
4.6
-23.6
11.4
-78.5
123.5
4.0
3.5
-66.5
122.6
664.5
14.6
.0
120.1
280.5
121.8

660.3
485.5
11.6
14.4
134.2
14.6
919.5
1,628.1
66.8
696.1
569.2
167.5
-46.0
5.5
141.8
21.1
115.4
86.2
17.7
-58.6
8.1
-49.2
79.8
-.8
7.1
-277.9
177.2
661.6
55.7
.0
89.1
-330.3
121.4

375.7
296.7
22.9
16.3
48.7
-8.9
1,047.1
2,623.8
17.3
311.5
238.5
54.9
9.4
8.8
134.7
35.5
14.3
77.7
37.2
12.2
3.0
285.8
89.3
-3.4
4.8
148.1
175.1
721.8
206.1
.0
100.2
346.7
-94.1

637.3
499.0
31.1
13.7
85.0
8.5
819.1
3,047.3
48.4
900.6
814.9
74.3
6.7
4.6
92.2
46.3
65.3
140.4
-4.2
1.0
5.7
58.6
256.3
12.6
3.0
38.1
348.2
650.1
8.8
.0
109.9
-40.6
306.6

1,668.6

2,020.5

2,263.9

2,713.1

2,882.1

2,779.3

3,312.3

3,044.2

3,305.6

3,208.0

4,046.6

4,503.7

-.4
-4.0
2.4
126.9
12.0
-113.6
231.0
116.2
232.5
114.5
5.3
237.6
402.3
146.1
50.2
271.4
25.9
-52.2
1,372.5

4.3
.0
1.3
6.8
-28.0
156.8
314.6
68.5
428.5
23.7
98.3
204.9
-80.4
3.1
77.2
250.6
14.4
-23.9
711.1

3.2
.0
1.0
21.0
17.4
-9.0
323.4
50.0
-16.7
106.6
46.4
181.1
70.8
-87.0
60.1
247.5
22.2
-83.1
481.9

-.9
.0
.6
22.3
-14.6
81.7
306.9
61.8
-207.5
227.2
119.1
288.6
33.1
132.5
66.8
201.0
-1.0
23.3
546.9

-3.2
.0
.7
111.3
-5.0
89.7
283.1
246.6
-136.5
83.2
50.4
298.2
209.4
166.6
33.1
189.5
27.6
-52.5
1,496.6

371.2
142.6
53.6
129.8
258.2
-71.4
580.7
-34.4
400.4
208.8
9.7
15.2
148.1
42.0
-32.9
611.5

.0
1.1
-36.4
163.4
-66.1
292.7
237.1
60.7
422.8
-129.3
228.3
252.9
97.2
18.1
140.9
9.4
-69.7
1,342.8

-7.2
.0
.9
82.7
-67.2
-83.9
463.5
378.8
222.2
259.2
-308.9
195.0
281.8
6.3
20.0
62.5
6.5
-101.3
1,176.6

-19.5
.0
.3
124.8
-48.7
100.7
379.8
210.4
296.5
178.4
-143.7
217.7
147.8
-143.9
13.3
201.3
46.0
-81.7
-164.2

-19.0
.0
.6
56.0
70.0
71.1
133.9
374.0
135.6
577.5
-401.5
500.4
220.1
215.5
21.7
99.1
39.7
-49.7
1,104.4

4,845.1

4,252.3

3,700.7

4,600.7

6,274.0

5,795.6

5,361.9

7,653.3

-1.2
76.4
17.3
143.4
32.6
-347.0

-.1
-12.9
17.2
-50.7
21.4
-252.9

-.6
21.5
7.2
30.7
19.7
-93.2

17.2
269.5

1.7
14.5
-.4
-103.6
27.0
-33.0

-.1
123.1
38.9
56.4
-6.4
163.7

.1
64.8
-2.7
278.0
-79.2
33.1

9.0
-.3
23.5

5.7
-.5
12.5

-37.7
-.6
19.4

31.5
.8
-15.8

-4.9
.6
-67.9

44.8

4,891.4

4,512.4

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

35 Netflowsthrough credit markets
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
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 .. .

.7
79.8
-45.7
20.8
239.3
207.4
-164.4
396.8
-8.3
309.3
229.1
-10.2
37.9
210.6
25.8
-78.7
1,596.6

196.6
-8.0
164.0
270.6
322.8
-169.9
-45.8
-33.2
307.6
216.0
214.3
34.4
161.7
20.8
-90.8
1,474.0

5,971.0

5,823.9

6,344.4

-.3
40.0
-4.4
-20.8
-31.5
-105.4

-.3
82.7
15.0
-118.8
14.9
446.8

-.3
120.9
-33.4
84.2
21.1
207.7

-.5
138.7
22.2
-157.1
20.3
462.7

.4
320.6
12.8
348.4
-52.1
-141.8

-1.6
-.7
148.5

-8.9
.0
50.3

27.9
-.2
-1.2

23.5
-.1
-13.2

28.3
.3
26.2

-17.1
-1.0
-43.5

3,569.1

4,681.7

5,504.2

5,413.4

5,803.2

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

-106.9
-13.1

inn

2. Excludes corporate equities and mutual fund shares.

14.5

7,299.7

38
1.59

Federal Reserve Bulletin Statistical Supplement • July 2006
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING'
Billions of dollars, end of period
2004
Transaction category or sector

2001

2002

2003

2005

2006

2004
Q3

Q4

Q1

Q2

Q3

Q4

Q1

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors

19,142.7

20,465.1

22,145.1

24,104.6

23,512.0

24,104.6

24,607.8

25,097.4

25,718.6

26,403.9

27,033.5

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

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

177.9
3,352.7
26.8
1,603.7
2,578.0
1,257.0
941.0
7 336 6
5,571.3
428.8
1,218.5
118.0
1,869.0

119.9
3,609.8
27.3
1,763.1
2,710.3
1,170.0
961.3
8,150.7
6,244.2
466.0
1,315.0
125.6
1,952.7

84.8
4,008.2
24.9
1,898.2
2,868.6
1,122.3
971.3
9,132.5
7,024.1
536.1
1,438.7
133.6
2,034.4

101.6
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,357.8
8,029.9
586.2
1,599.7
142.0
2,120.6

109.0
4,268.7
24.2
1,993.7
2,911.7
1,120.6
971.1
10,042.4
7,781.2
571.5
1,549.0
140.8
2,070.6

101.6
4,370.7
24.3
2,031.3
2,946.3
1,155.8
996.3
10,357.8
8,029.9
586.2
1,599.7
142.0
2,120.6

115.3
4,535.6
24.1
2,086.0
2,955.1
1,172.5
1,010.3
10,611.9
8,233.5
596.9
1,638.6
143.0
2,097.0

114.4
4,493.1
23.7
2,134.6
2,962.7
1,224.4
1,041.1
10,990.7
8,530.3
615.7
1,698.5
146.2
2,112.8

119.6
4,566.0
23.6
2,176.4
2,987.9
1,236.1
1,039.6
11,416.5
8,872.3
628.7
1,767.1
148.3
2,152.9

93.8
4,678.0
23.8
2,227.0
3,007.0
1,295.1
1,078.3
11,822.8
9,175.5
647.9
1,851.4
147.9
2,178.0

100.4
4,834.4
23.6
2,255.9
3,067.1
1,349.3
1,075.6
12,177.7
9,455.5
662.5
1,909.3
150.4
2,149.6

15
16
17
18
19
20
21

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

7,568.1
6,897.0
4,745.5
1,959.3
192.1
1,298.1
3,379.5

8,300.9
7,085.2
4,777.4
2,107.8
200.0
1,442.0
3,637.0

9,250.7
7,301.6
4,889.2
2,204.8
207.6
1,559.7
4,033.1

10,297.9
7,733.7
5,070.1
2,444.3
219.4
1,678.0
4,395.0

9,995.3
7,578.9
4,990.4
2,370.7
217.8
1,644.9
4,292.9

10,297.9
7,733.7
5,070.1
2,444.3
219.4
1,678.0
4,395.0

10,472.1
7,848.0
5,135.1
2,496.7
216.2
1,728.1
4,559.7

10,792.5
8,017.4
5,211.9
2,581.4
224.1
1,770.7
4,516.8

11,154.4
8,165.9
5,271.5
2,663.6
230.8
1,808.7
4,589.6

11,506.7
8,344.8
5,350.3
2,762.8
231.7
1,850.6
4,701.9

11,760.5
8,538.0
5,458.0
2,847.3
232.6
1,877.0
4,858.0

22 Foreign credit market debt held in
United States

862.9

1,072.3

1,244.5

1,349.0

1,263.2

1,349.0

1,348.4

1,367.8

1,386.9

1,410.2

1,443.0

23
24
25
26

196.0
557.1
63.2
46.6

254.2
705.2
68.6
44.3

267.1
874.4
60.9
42.2

329.9
916.7
63.3
39.1

279.7
884.9
58.7
39.9

329.9
916.7
63.3
39.1

332.3
915.5
66.3
34.3

336.2
933.6
65.0
33.0

355.0
934.2
66.3
31.3

368.4
935.2
76.2
30.4

389.0
947.1
78.2
28.7

20,005.5

21,537.5

23,389.6

25,453.6

24,775.2

25,453.6

25,956.2

26,465.3

27,105.6

27,814.1

28,476.5

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

27 Total credit market debt owed by nonfinancial
sectors, domestic and foreign

Financial sectors
28 Total credit market debt owed by
financial sectors

32
33
34
35

By instrument
Open market paper
Government-sponsored enterprise securities
Agency- and GSE-backed mortgage pool
securities
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

36
37
38
39
40
41
42
43
44
45
46
47
48

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

29
30
31

9,172.1

10,020.6

11,027.2

11,898.1

11,607.1

11,898.1

12,042.5

12,326.1

12,441.5

12,880.4

13,221.9

1,197.3
2,130.6

1,133.5
2,350.4

1,080.5
2,594.1

1,135.7
2,659.2

1,061.8
2,670.5

1,135.7
2,659.2

1,158.6
2,606.8

1,218.0
2,585.7

1,269.5
2,524.8

1,371.8
2,575.0

1,411.9
2,611.2

2,831.8
2 359 0
104.1
463.7
85.6

3,158.6
2,708.3
105.6
470.5
93.8

3,489.1
3,158.8
100.8
501.7
102.1

3,542.2
3,743.6
113.3
575.8
128.4

3,543.6
3,546.6
112.5
554.3
117.8

3,542.2
3,743.6
113.3
575.8
128.4

3,547.1
3,902.9
114.6
578.6
134.0

3,567.9
4,094.4
109.5
611.9
138.8

3,616.6
4,150.8
121.5
614.5
143.8

3,677.1
4,368.4
120.3
620.1
147.7

3,752.6
4,557.4
120.3
616.9
151.7

296.0
266.1
285.7
4.9
3.1
2,130.6
2,831.8
1,704.6
42.3
779.2
16.0
171.2
640.4

325.5
286.4
262.3
6.9
5.1
2,350.4
3,158.6
1,885.0
40.6
821.4
16.0
195.7
666.7

339.3
321.8
268.3
9.1
8.0
2,594.1
3,489.1
2,083.6
47.0
939.6
16.0
227.7
683.6

357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,405.4
62.2
1,057.4
16.0
340.9
720.8

356.8
366.6
308.2
9.9
8.6
2,670.5
3,543.6
2,304.7
68.9
995.1
16.0
285.8
672.5

357.5
381.3
332.8
11.4
11.1
2,659.2
3,542.2
2,405.4
62.2
1,057.4
16.0
340.9
720.8

373.0
403.3
324.3
11.8
10.7
2,606.8
3,547.1
2,507.8
65.0
1,067.7
16.0
359.2
749.9

383.4
408.6
344.1
12.5
11.2
2,585.7
3,567.9
2,678.8
63.7
1,068.3
16.0
382.4
803.4

389.1
421.5
344.3
12.6
11.3
2,524.8
3,616.6
2,844.9
70.7
974.2
16.0
398.9
816.4

394.3
429.5
348.9
14.7
11.5
2,575.0
3,677.1
3,043.9
62.4
1,034.5
16.0
421.1
851.4

398.3
438.6
343.1
14.6
12.2
2,611.2
3,752.6
3,203.7
71.1
1,029.9
16.0
444.8
885.8

All sectors
49 Total credit market debt, domestic and foreign .
50
51
52
53
54
55
56
57
58

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

29,177.6

31,558.1

34,416.8

37,351.7

36,382.3

37,351.7

37,998.7

38,791.4

39,547.0

40,694.4

41,698.4

1,571.1
3 352 7
4,989.1
1,603.7
5,494.1
1,424.3
1,451.3
7,422.2
1,869.0

1,507.6
3,609.8
5,536.3
1,763.1
6,123.8
1,344.2
1,476.1
8,244.5
1,952.7

1,432.5
4,008.2
6,108.1
1,898.2
6,901.8
1,283.9
1,515.2
9,234.6
2,034.4

1,567.2
4,370.7
6,225.6
2,031.3
7,606.6
1,332.4
1,611.2
10,486.2
2,120.6

1,450.4
4,268.7
6,238.3
1,993.7
7,343.2
1,291.8
1,565.2
10,160.3
2,070.6

1,567.2
4,370.7
6,225.6
2,031.3
7,606.6
1,332.4
1,611.2
10,486.2
2,120.6

1,606.2
4,535.6
6,177.9
2,086.0
7 773.5
1,353.5
1,623.2
10,746.0
2,097.0

1,668.5
4,493.1
6,177.3
2,134.6
7,990.6
1,398.9
1,686.0
11,129.5
2,112.8

1,744.1
4,566.0
6,165.0
2,176.4
8,072.9
1,423.9
1,685.4
11,560.3
2,152.9

1,833.9
4,678.0
6,275.9
2,227.0
8,310.7
1,491.6
1,728.9
11,970.5
2,178.0

1,901.3
4,834.4
6,387.4
2,255.9
8,571.6
1,547.7
1,721.1
12,329.4
2,149.6

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

Flow of Funds
1.60

39

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

Transaction category or sector
Q3

Q4

Q1

Q2

Q3

Q4

Q1

CREDIT MARKET DEBT OUTSTANDING2

1 Total credit market assets

29,177.6

31,558.1

34,416.8

37,351.7

36,382.3

37,351.7

37,998.7

38,791.4

39,547.0

40,694.4

41,698.4

3,951.0
2,368.1
246.1
73.1
985.0
278.8
2,949.0
22,277.6
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,133.2
421.2
518.4
2,074.8
584.5
689.4
44.8
1,584.9
1,229.7
108.5
.0
2,099.1
2,831.8
1,609.6
846.4
32.1
48.0
316.0
343.1

4,179.9
2,475.6
272.1
72.4
1,071.4
288.3
3,424.1
23,954.1
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.6
463.9
558.3
2,307.8
591.6
638.7
57.6
1,567.1
1,368.4
117.1
3.7
2,323.2
3,158.6
1,796.5
867.6
32.1
69.4
344.4
277.3

4,521.5
2,767.1
271.1
73.6
1,124.0
285.8
3,918.4
25,976.9
666.7
5,960.8
5,361.7
485.8
36.4
76.9
1,292.6
514.5
625.2
2,488.3
648.8
649.9
63.6
1,471.3
1,506.4
153.3
4.5
2,559.7
3,489.1
2,001.6
951.8
32.1
97.5
424.1
375.3

4,831.5
2,967.5
303.2
85.2
1,185.8
289.7
4,679.7
27,840.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
643.6
677.1
68.2
1,346.3
1,623.0
164.5
8.2
2,605.9
3,542.2
2,324.5
1,081.4
32.1
200.1
394.9
465.6

4,633.0
2,814.9
283.7
81.7
1,162.5
290.1
4,475.4
27,273.9
700.3
6,336.9
5,734.3
478.6
36.9
87.1
1,426.9
547.7
686.2
2,631.6
637.8
678.4
68.2
1,321.6
1,586.9
161.3
7.2
2,631.3
3,543.6
2,232.9
1,033.4
32.1
155.8
453.5
400.3

4,831.5
2,967.5
303.2
85.2
1,185.8
289.7
4,679.7
27,840.6
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.5
698.8
2,661.4
643.6
677.1
68.2
1,346.3
1,623.0
164.5
8.2
2,605.9
3,542.2
2,324.5
1,081.4
32.1
200.1
394.9
465.6

4,809.4
2,920.9
298.8
87.5
1,216.3
285.8
4,866.7
28,322.7
717.3
6,745.2
6,054.3
563.1
34.0
93.8
1,496.3
566.0
721.1
2,714.2
642.7
692.1
70.4
1,294.3
1,669.3
166.1
11.2
2,581.4
3,547.1
2,425.9
1,076.8
32.1
209.5
440.0
503.7

4,910.4
2,998.8
303.7
91.1
1,235.3
281.7
5,061.9
28,819.1
724.7
6,909.7
6,178.8
592.1
41.4
97.4
1,550.2
579.0
733.4
2,733.3
643.8
686.2
73.2
1,252.7
1,697.3
167.1
12.0
2,571.2
3,567.9
2,593.5
1,085.4
32.1
239.5
457.3
509.6

4,943.2
2,981.3
316.7
94.7
1,265.2
285.3
5,297.5
29,306.3
736.4
7,084.1
6,327.3
628.2
29.9
98.8
1,588.8
585.9
762.3
2,760.6
648.3
671.5
75.2
1,246.8
1,719.6
166.9
13.8
2,503.1
3,616.6
2,754.2
1,101.1
32.1
261.8
432.0
545.2

5,119.2
3,121.5
332.7
98.7
1,283.1
283.1
5,552.5
30,022.8
744.2
7,189.8
6,408.3
648.3
32.2
101.0
1,616.6
592.7
765.8
2,763.8
657.6
674.6
76.0
1,336.2
1,747.0
166.0
15.0
2,540.5
3,677.1
2,944.0
1,151.6
32.1
286.9
486.0
559.5

5,232.2
3,215.9
326.9
102.2
1,302.0
285.2
5,746.1
30,720.0
758.5
7,366.7
6,561.2
669.5
33.9
102.1
1,648.8
602.0
782.2
2,805.8
656.5
674.8
77.4
1,347.7
1,806.8
169.2
15.7
2,542.5
3,752.6
3,100.5
1,148.1
32.1
314.3
504.0
613.7

29,177.6

31,558.1

34,416.8

37,351.7

36,382.3

37,351.7

37,998.7

38,791.4

39,547.0

40,694.4

41,698.4

46.8
2.2
24.5
810.1
191.4
1,360.2
3,370.5
1,121.0
2,240.6
1,233.7
4,135.4
825.9
880.0
8,761.3
2,672.9
219.2
11,221.7

55.8
2.2
25.5
831.1
206.0
1,351.2
3,693.9
1,171.0
2,223.9
1,340.3
3,638.4
738.8
920.9
7,917.2
2,743.7
241.4
11,843.3

62.3
2.2
26.0
853.4
192.9
1,432.9
4,000.8
1,232.8
2,016.4
1,567.5
4,654.2
871.3
1,013.2
9,340.7
2,776.8
240.5
12,267.8

62.2
2.2
26.7
964.7
187.6
1,522.6
4,283.9
1,504.9
1,879.8
1,650.7
5,436.3
1,037.9
1,060.4
10,302.8
2,986.2
268.1
13,537.8

58.8
2.2
26.7
915.5
168.3
1,464.0
4,223.6
1,436.4
1,866.4
1,673.5
4,983.3
985.5
1,038.2
9,679.9
2,922.4
275.0
12,983.0

62.2

56.3
2.2
26.9
1,057.5
195.6
1,500.4
4,362.4
1,575.4
1,841.0
1,782.8
5,471.6
1,051.5
1,059.4
10,156.9
3,019.6
283.8
13,604.3

54.3
2.2
27.2
1,048.4
227.9
1,515.1
4,408.0
1,637.1
1,832.4
1,911.3
5,595.7
1,064.5
1,067.2
10,351.7
3,086.2
286.0
13,801.4

52.0

45.9

26.7
964.7
187.6
1,522.6
4,283.9
1,504.9
1,879.8
1,650.7
5,436.3
1,037.9
1,060.4
10,302.8
2,986.2
268.1
13,537.8

27.4
1,069.1
227.2
1,481.4
4,513.0
1,738.0
1,876.6
1,983.9
5,874.4
1,068.0
1,077.7
10,628.0
3,162.2
295.8
13,587.8

27.5
1,100.3
236.6
1,523.6
4,600.3
1,776.0
2,006.9
2,011.0
6,048.8
1,030.2
1,083.2
10,855.0
3,209.0
294.1
13,316.1

46.0
2.2
27.6
1,114.3
226.6
1,503.8
4,680.8
1,877.4
2,014.1
2,143.3
6,472.9
1,096.0
1,096.8
11,108.6
3,248.7
309.1
13,150.5

53 Total liabilities

68,294.9

70,502.7

76,968.2

84,066.5

81,085.0

84,066.5

85,046.3

86,707.9

88,211.8

89,861.2

91,817.0

Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business . . .

15,310.6
4,797.2

23.2
11,900.5
4,943.8

23.7
15,618.5
5,365.6

24.6
17,389.3
5,889.8

23.8
15,780.1
5,737.9

24.6
17,389.3
5,889.8

22.6
16,998.1
6,063.6

22.3
17,158.5
6,265.1

19.3
17,857.0
6,474.4

19.3
18,177.7
6,649.6

19.4
19,025.3
6,786.3

-8.6
630.9
11.1
390.3
93.3
-3,512.3

-9.1
652.5
15.5
421.0
126.3
-3,382.8

-9.5
692.5
12.6
400.3
69.3
-3,193.2

-9.7
775.1
27.3
281.5
96.2
-2,941.1

-9.6
740.5
20.4
350.3
90.9
-2,923.9

-9.7
775.1
27.3
281.5
96.2
-2,941.1

-9.6
855.3
35.7
365.5
90.7
-3,116.3

-9.4
828.6
23.3
443.9
95.4
-3,108.8

-9.0
832.2
27.5
435.1
80.9
-3,375.3

-9.1
863.0
38.3
413.8
93.7
-3,719.1

-9.0
879.2
43.6
481.2
90.6
-3,924.3

-12.3
21.6
154.2

-11.7
20.9
302.6

-17.9
20.8
352.9

11.2
20.6
351.7

3.1
12.5
280.9

11.2
20.6
351.7

4.9
16.4
309.7

1.7
19.6
264.1

2.5
12.4
275.9

1.4
20.6
324.8

1.9
16.7
307.6

90,656.4

89,235.1

99,648.1

2 Domestic nonfinancial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7
Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
11
Commercial banking
12
U.S.-chartered commercial banks
13
Foreign banking offices in United States . .
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17
Credit unions
18 Property-casualty insurance companies . . . .
19 Life insurance companies
20
Private pension funds
21
State and local government retirement funds
22
Federal government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Exchange-traded funds
27
Government-sponsored enterprises
28 Agency- and GSE-backed mortgage pools
29
Asset-backed securities (ABSs) issuers
30
Finance companies
31
Mortgage companies
32
Real estate investment trusts (REITs)
33
Brokers and dealers
34 Funding corporations
RELATION OF LIABILITIES
TO FINANCIAL ASSETS

35 Total credit market debt
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
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 identilled to sectors as a sets

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I
and L.5, available at www.federalreserve.gov/releases.

108,757.3 104,061.7 108,757.3 109,578.3 111,595.3 114,280.4 116,680.4 119,760.6
2. Excludes corporate equities and mutual fund shares.

40

Federal Reserve Bulletin Statistical Supplement • July 2006

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION'
Seasonally adjusted
2005

2005

2006

2006

2005

2006

Series
Q3

Q4

Ql'

Q2

Q3

Q4

Q1

Q2

Capacity (percent of 2002 output)

Output (2002=100)

Q3

Q4

Ql'

Q2

Capacity utiliz ition rate (percent)2

1 Total industry

108.0

109.4

110.8

112.6

135.3

135.9

136.6

137.2

79.8

80.5

81.1

82.0

2 Manufacturing
Manufacturing (NAICS)
3

109.2
109.7

111.6
112.2

113.1
113.8

114.6
115.3

139.1
140.4

139.9
141.3

140.7
142.2

141.6
143.1

78.5
78.1

79.8
79.4

80.3
80.1

80.9
80.6

4
5

116.9
98.4

121.1
103.4

122.7
105.8

125.0
109.7

151.5
123.9

153.2
123.9

154.8
123.6

156.2
123.2

77.1
79.4

79.1
83.5

79.3
85.6

80.0
89.1

106.5
115.5
159.6

108.9
120.3
169.4

110.6
119.8
173.9

112.3
121.9
180.9

142.6
144.3
208.6

143.1
144.2
216.6

143.6
144.3
224.4

144.2
144.8
230.4

74.7
80.1
76.5

76.1
83.5
78.2

77.0
83.0
77.5

77.8
84.2
78.5

107.5
112.9

110.7
112.2

113.3
112.2

116.8
112.8

126.5
139.5

126.2
141.0

126.2
142.2

126.7
143.1

84.9
80.9

87.7
79.6

89.8
78.9

92.1
78.8

105.6
101.2
104.4
92.1

115.7
101.8
106.0
91.5

121.0
103.4
107.4
90.7

124.0
104.0
107.4
88.4

160.6
127.3
129.4
119.4

161.3
127.2
129.5
118.5

162.2
127.4
129.8
117.7

163.1
127.8
130.6
117.0

65.8
79.5
80.7
77.2

71.7
80.0
81.9
77.2

74.6
81.2
82.7
77.0

76.0
81.3
82.2
75.6

96.4
102.8
101.3
104.6
100.8

98.4
99.7
100.7
107.3
101.6

98.8
103.6
102.7
108.1
100.9

97.4
102.7
104.4
109.6
102.5

115.8
114.0
135.6
120.8
117.9

115.7
114.2
135.9
120.5
118.0

115.6
114.3
136.3
120.7
118.1

115.4
114.5
136.9
121.6
118.1

83.2
90.1
74.7
86.6
85.5

85.0
87.3
74.1
89.0
86.1

85.5
90.6
75.3
89.6
85.5

84.4
89.7
76.3
90.2
86.8

20
21 Electric and gas utilities

96.4
108.2

92.6
106.6

98.1
102.6

100.3
106.3

111.9
122.9

111.9
122.8

111.7
122.8

111.2
123.0

86.1
88.1

82.7
86.9

87.9
83.5

90.1
86.4

MEMOS
22 Computers, communications equipment, and
semiconductors

175.9

186.8

193.5

202.0

233.6

246.7

258.7

265.9

75.3

75.7

74.8

76.0

23 Total excluding computers, communications
equipment, and semiconductors

105.0

106.1

107.3

108.8

130.8

131.0

131.3

131.7

80.2

81.0

81.7

82.6

24 Manufacturing excluding computers,
communications equipment, and
semiconductors

105.6

107.6

108.8

110.1

133.8

134.0

134.4

135.0

78.9

80.3

81.0

81.5

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

Durable manufacturing
Primary metal
Fabricated metal products
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)

Selected Measures
2.12

41

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED
Seasonally adjusted
1973

1975

High

Low

High

Latest cycle3

Previous cycle2

2006

2005

Series
Low

High

Low

June

Jan.

Feb.

Mar.'

Apr.'

May'

June'

Capacity ut lization rate (percent)4
1 Total Industry

88.9

74.1

86.6

70.7

85.1

78.6

80.3

80.9

81.1

81.3

81.9

81.8

82.4

2 Manufacturing
3
Manufacturing (NAICS)

88.3
88.4

71.6
71.4

86.2
86.3

68.4
67.8

85.5
85.5

77.1
76.9

78.7
78.2

80.5
80.2

80.2
79.9

80.3
80.0

80.8
80.5

80.7
80.4

81.1
80.8

89.4
101.9

69.7
69.7

86.8
90.4

62.8
46.9

84.6
94.9

73.4
74.6

76.8
77.1

79.3
86.3

79.2
85.8

79.3
84.5

79.9
86.2

79.8
90.0

80.4
91.0

91.7
94.5

69.7
74.5

82.8
92.6

61.8
58.2

81.7
85.3

72.6
73.9

74.2
79.7

76.6
83.0

76.9
82.5

77.5
83.5

78.1
85.4

77.5
83.4

77.9
83.7

86.9

66.1

89.4

76.4

81.5

75.9

75.5

77.6

77.4

77.4

77.9

78.6

79.1

99.3
95.6

68.0
54.6

91.9
95.2

64.7
45.0

89.0
89.3

77.0
56.0

82.9
80.4

89.9
79.1

89.2
78.3

90.4
79.2

91.7
78.8

92.3
77.6

92.3
80.1

75.8
87.6

67.5
72.4

86.7
85.8

68.8
75.6

87.3
86.9

81.3
81.5

68.8
80.2

73.9
81.5

75.4
81.0

74.5
81.1

75.8
81.3

76.0
81.3

76.3
81.4

86.3
89.5

77.6
61.9

84.5
89.9

80.6
72.6

85.9
91.5

81.1
77.6

80.8
75.7

83.2
77.5

82.5
77.2

82.5
76.4

82.8
76.0

82.2
75.5

81.7
75.3

96.7
92.2
85.3
96.1
86.0

74.3
80.8
69.1
61.8
75.5

95.2
91.7
83.2
90.2
88.5

81.3
70.4
68.0
71.3
86.1

93.6
89.0
85.0
89.5
91.0

85.6
83.0
80.0
76.2
80.7

84.4
94.7
76.7
85.0
86.6

87.1
91.9
75.3
89.7
86.4

85.0
90.9
75.0
89.5
84.9

84.3
89.1
75.7
89.7
85.2

84.3
86.9
76.1
90.7
86.2

84.3
90.4
76.2
89.7
86.5

84.7
91.9
76.5
90.1
87.6

20 Mining
21 Electric and gas utilities

93.6
96.3

87.6
82.7

93.9
88.2

78.7
77.6

86.1
92.7

83.6
84.1

90.0
88.0

87.4
80.1

88.1
84.6

88.1
86.0

89.4
86.1

89.9
86.3

91.1
86.8

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.4

62.4

88.7

74.0

80.9

74.0

74.5

74.9

74.8

74.7

75.3

76.2

76.5

23 Total excluding computers,
communications equipment,
and semiconductors

89.1

74.4

86.7

70.5

85.5

78.8

80.7

81.5

81.7

81.9

82.5

82.4

83.0

24 Manufacturing excluding computers,
communications
equipment, and semiconductors .

88.4

71.9

86.3

68.1

86.0

77.3

79.1

81.2

80.8

81.0

81.5

81.3

81.8

4
5

Durable manufacturing
Primary metal

6
7
8

14

Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills . . . .

15
16
17
18
19

Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .

9
10
11
12
13

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table also appear in the Board's G.17 (419) monthly statistical release, on
the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the
industrial production index and the capacity utilization rates was released in November 2005.
The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006),
"Industrial Production and Capacity Utilization: The 2005 Annual Revision," Federal
Reserve Bulletin, vol. 92, pp. A39-A58, http://www.federalreserve.gov/pubs/bulletin/2006/
ipO6.pdf.
2. Monthly highs, 1978-80; monthly lows, 1982.
3. Monthly highs, 1988-89; monthly lows, 1990-91.
4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.

42

Federal Reserve Bulletin Statistical Supplement • July 2006

2.13

INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002
proportion

July

Aug.

Sept.

Oct.

Nov.

Dec.

Apr.1

Jan

Index (2002=100)
MAJOR MARKETS

108.3

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

Market groups
Final products and nonindustrial supplies . .
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting . . .
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

108.3

108.6

107.2

108.4

109.4

110.4

110.3

110.7

111.2

112.2

112.3

59.0
31.1
8.9
4.7
0.4
1.5
2.4
22.1
18.3
9.8
1.0
4.9
2.1
3.9

109.3
105.5
109.4
112.6
120.0
105.4
103.9
104.0
103.8
104.4
85.3
104.7
105.4
104.7

09.0
05.8
08.5
11.7
20.4
05.6
02.5
04.7
04.0
04.7
82.9
05.2
05.6
07.2

109.1
105.2
107.1
109.5
116.1
105.2
102.3
104.4
103.8
104.7
84.7
104.2
104.7
107.1

109.5
105.6
110.1
114.4
113.6
106.5
103.1
103.9
103.2
103.8
85.0
103.8
104.4
106.5

109.1
106.4
112.7
117.8
113.5
108.5
104.9
103.9
103.7
104.5
85.7
104.2
103.9
105.0

111.0
106.5
113.1
117.3
125.3
108.4
106.3
103.9
104.2
105.3
85.4
104.1
105.3
102.7

111.3
105.7
110.1
111.7
132.1
106.2
106.6
103.9
104.4
105.7
86.2
103.8
104.9
102.3

112.0
106.6
109.0
110.1
133.4
104.7
106.7
105.5
105.1
106.7
86.5
104.1
106.4
107.2

111.5
105.4
110.2
112.3
132.7
105.6
106.2
103.6
105.3
107.3
87.8
103.1
106.3
97.0

111.8
105.8
109.9
112.0
131.7
105.2
105.8
104.2
104.6
106.5
87.4
102.9
104.1
103.0

112.5
106.6
110.7
113.6
130.5
106.1
105.4
104.9
105.2
106.6
88.4
104.7
104.6
103.9

113.2
106.6
110.2
112.6
129.5
105.5
106.1
105.1
106.0
107.1
89.2
105.6
106.5
101.7

113.2
106.7
109.7
111.7
131.5
105.7
105.7
105.5
105.7
106.7
89.4
105.0
107.2
104.6

114.1
107.6
112.1
116.4
133.0
103.8
106.2
105.9
105.8
106.1
90.1
105.7
108.5
106.1

16
17
18
19
20

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

10.3
1.9
3.1
5.3
1.8

119.5
117.5
134.0
112.8
125.7

18.4
19.3
31.0
11.6
24.9

120.0
118.5
133.9
113.4
126.8

120.1
118.7
136.1
112.5
127.4

115.1
88.9
138.1
113.1
124.6

123.1
121.5
141.3
114.5
127.8

125.8
127.9
144.9
115.5
128.6

126.4
129.4
144.8
116.0
129.9

127.6
134.0
146.6
115.9
129.7

128.2
134.5
148.9
115.6
131.8

129.4
133.3
151.3
117.2
131.1

132.3
135.8
154.6
120.0
132.5

132.1
134.6
156.8
119.1
133.0

133.0
135.6
158.9
119.5
134.2

21
22

Construction supplies
Business supplies

4.3
11.2

108.7
107.7

06.9
07.6

107.5
107.4

108.2
107.9

109.8
107.8

112.4
108.4

113.4
109.1

113.1
110.3

114.1
109.3

113.7
109.1

113.6
109.9

113.9
110.8

113.2
110.8

113.6
111.5

23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33
Energy

41.0
30.7
19.1
4.0
6.7
8.4
11.6
0.8
2.7
4.5
10.3

106.7
110.2
117.1
102.0
143.9
105.2
99.2
84.5
97.1
100.8
97.9

07.3
09.5
15.5
02.4
41.7
03.0
99.7
84.4
97.2
02.9
01.3

107.2
109.8
115.9
101.1
143.4
103.2
100.0
85.3
96.1
103.3
100.3

107.4
110.2
117.0
101.6
145.7
104.0
99.3
84.5
96.0
102.1
100.0

104.5
109.4
118.8
103.3
147.2
105.8
94.8
84.3
95.7
90.8
92.8

104.9
110.9
120.1
104.4
149.1
107.0
96.4
84.4
97.1
92.9
90.9

106.9
112.1
120.9
102.1
153.1
107.2
98.3
83.7
96.4
98.4
94.3

108.3
113.0
121.8
102.0
155.3
107.7
99.2
82.6
98.0
99.2
96.8

108.8
114.4
122.9
103.4
155.5
109.2
101.0
84.6
99.2
101.5
95.5

109.3
114.3
123.4
103.4
156.7
109.5
100.1
84.1
97.7
100.8
97.2

109.5
114.5
123.5
104.3
157.9
108.7
100.3
83.6
98.2
101.3
97.5

110.7
115.5
124.9
105.3
160.4
109.5
100.8
82.6
97.9
101.9
99.0

111.1
115.9
125.3
103.5
162.2
110.2
101.1
81.4
97.6
103.1
99.3

112.0
116.7
126.6
105.2
163.8
111.0
101.3
81.0
98.4
103.2
100.4

94.8
92.6

105.3
107.9

05.5
08.0

105.4
108.2

105.5
108.2

104.0
106.5

105.2
107.8

106.0
109.3

107.0
110.5

106.9
110.2

107.2
110.7

107.7
111.1

108.5
112.1

108.6
112.4

109.4
113.1

SPECIAL AGGREGATES

34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts . .

Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies
37 Final products
38
Consumer goods
39
Equipment total .
Nonindustrial supplies .

2,990.6
43.5
31.1
12.4
15.5

2,986.5

2,981.;

3,022.8

3,058.4

3,091.7 3,118.2

3,077.0

2,264.1 2,265.9 2,262.5 2,270.1 2,254.5 2,289.8 2,297.5 2,311.8 2,311.8 2,319.0 2,332.8 2,335.1 2,344.4 2,367.3
1,593.2 1,601.0 1,589.7 1,598.1 1,604.8 1,599.3 1,596.5 1,606.9 1,599.1 1,605.2 1,613.3 1,603.1 1,615.2 1,634.0
738.2
741.9
675.0
668.2
677.2
676.0
651.3
696.3
707.8
711.8
720.7
721.6
727.5
741.8
726.8

726.5

724.3

727.2

726.9

733.4

741.2

746.7

742.9

740.2

744.6

749.2

747.8

Selected Measures
2.13

INDUSTRIAL PRODUCTION

43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2005

2006

2005
avg.
lune

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.'

Apr.'

May'

Junep

Index (2002=100)
INDUSTRY GROUPS

41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52

53
54
55
56
57
58
59
60
61
62
63
64

Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)

65 Mining
66 Utilities
67
Electric
68
Natural gas
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts

83.9
79.1

109.6
110.0

109.0
109.4

109.1
109.6

109.5
110.1

108.9
109.5

110.9
111.5

111.7
112.4

112.2
112.8

113.1
113.8

112.8
113.6

113.3
114.1

114.2
115.0

114.3
115.1

115.2
115.9

321

43.6
1.5

117.0
107.6

115.5
104.4

115.9
104.9

117.3
104.0

117.5
107.2

120.7
112.7

121.2
114.0

121.4
113.4

122.3
111.5

122.5
109.4

123.2
107.7

124.5
107.2

124.6
107.3

125.9
106.2

327
331
332
333

2.3
2.3
5.7
5.3

107.2
100.6
106.7
115.7

106.4
95.5
105.6
115.0

105.9
95.3
106.1
116.3

105.9
98.2
106.6
114.1

107.2
101.8
106.8
116.1

108.8
102.7
109.0
119.0

111.6
103.5
109.1
120.2

109.6
104.0
108.5
121.8

112.6
106.8
109.8
119.7

112.5
106.1
110.4
119.1

112.1
104.4
111.4
120.7

112.4
106.3
112.4
123.6

110.8
110.9
111.8
120.8

111.5
112.0
112.5
121.4

334

8.0

156.7

153.6

156.5

160.1

162.1

165.0

170.7

172.5

172.4

173.8

175.3

177.9

181.1

183.5

335
3361-3

2.2
7.4

106.9
112.1

105.1
111.4

106.3
109.2

107.2
113.1

108.8
116.3

110.9
116.3

110.5
110.9

110.6
109.5

113.3
112.3

112.5
111.3

114.2
112.9

116.0
112.5

117.0
111.1

117.2
114.8

3364-9

3.6

109.8

110.2

110.9

111.7

94.2

112.2

116.4

118.4

119.6

122.3

121.0

123.5

123.9

124.7

337
339

1.8
3.3

100.7
110.3

99.9
109.7

99.8
109.7

100.2
111.6

101.7
111.9

100.5
112.6

100.2
112.2

99.4
111.7

99.3
112.0

99.7
113.0

100.6
113.0

100.7
113.8

101.7
114.3

100.9
114.6

35.5

101.8

102.1

102.1

101.5

100.1

100.7

102.0

102.7

103.7

103.1

103.4

103.8

103.9

104.2

311,2
313,4
315,6
322
323

11.4
1.4
1.0
3.1
2.4

104.4
91.4
86.0
98.0
97.7

104.5
90.8
83.6
97.8
96.5

104.8
91.9
85.5
96.6
97.9

103.9
91.9
85.9
96.2
97.2

104.6
92.6
86.7
96.5
97.9

105.5
93.2
86.5
98.8
98.2

105.8
91.6
87.5
97.2
98.3

106.9
89.7
87.7
99.3
98.4

107.8
91.5
88.9
100.8
100.2

107.1
90.9
88.5
98.3
100.7

107.3
89.7
89.2
97.4
101.4

107.9
89.1
89.9
97.3
102.5

107.4
88.3
90.2
97.3
102.2

106.9
87.9
90.8
97.7
102.8

324
325

1.7
10.7

103.8
102.6

107.9
103.9

105.6
103.7

104.2
102.7

98.5
97.5

95.4
98.8

101.9
101.3

101.7
101.9

105.0
102.5

103.9
102.2

101.9
103.3

99.4
104.0

103.4
104.3

105.2
104.8

326

3.8

104.8

102.9

103.2

104.1

106.5

106.2

107.4

108.4

108.0

108.0

108.4

110.0

109.1

109.8

1133,5111

4.8

101.9

102.0

101.0

100.9

100.4

101.4

101.1

102.3

102.0

100.3

100.6

101.8

102.2

103.4

21
2211,2
2211
2212

6.4
9.7
8.3
1.5

97.4
105.8
107.4
97.4

100.8
108.3
109.7
101.2

99.8
108.1
109.6
100.9

99.2
108.4
110.1
100.4

90.3
108.1
110.5
96.5

89.1
105.9
109.5
89.6

93.1
104.8
107.3
93.0

95.5
109.2
110.0
104.3

97.7
98.3
102.4
80.2

98.4
103.9
106.9
89.9

98.2
105.6
107.2
97.4

99.6
105.9
108.8
92.6

100.0
106.2
108.5
94.8

101.2
106.9
109.3
95.4

78.7

106.1

105.7

105.6

105.9

105.2

107.1

107.7

108.0

109.0

108.6

109.0

109.8

109.8

110.6

76.5

109.3

108.8

109.1

109.2

108.2

110.4

111.8

112.4

113.2

113.0

113.3

114.3

114.6

115.2

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board's G.17 (419) monthly statistical release, on the
Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the
industrial production index and the capacity utilization rates was released in November 2005.
The recent annual revision is described in Kimberly Bayard and Charles Gilbert (2006),
"Industrial Production and Capacity Utilization: The 2005 Annual Revision," Federal
Reserve Bulletin, vol. 92, pp. A39-A58, http://www.federalreserve.gov/pubs/bulletin/2006/
ipO6.pdf.
2. North American Industry Classification System.

44

Federal Reserve Bulletin Statistical Supplement • July 2006

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

-527,514
-494,897
1,016,096
-1,510,993
36,593
42,292
112,789
-70,497
-5,699
-69,210

11 Change in U.S. government assets other than official
reserve assets, net (increase, - )

-665,286
-611,296
1,151,942
-1,763,238
27,592
33,635
123,867
-90,232
-6,043
-81,582

-791,508
-716,730
1,275,245
-1,991,975
11,293
17,598
134,417
-116,819
-6,304
-86,072

Q2

Q3

Q4

Q1

-191,724
-168,108
306,580
-474,688
3,621
5,171
30,356
-25,185
-1,550
-27,237

-193,258
-172,058
316,645
-488,703
1,994
3,549
31,052
-27,503
-1,555
-23,194

-183,415
-181,792
320,853
-502,645
7,841
9,463
40,371
-30,908
-1,622
-9,464

-223,109
-194,774
331,165
-525,939
-2,159
-581
32,642
-33,223
-1,578
-26,176

-208,672
-190,741
344,646
-535,387
1,924
3,500
38,906
-35,406
-1,576
-19,855

537

459

943

1,523
0
601
1,494
-572

-398
3,826
-623

4,511
10,200
-615

1,713
3,763
-145

-97
-564
-136

2,976
1,951
-161

4,796
0
-81
5,050
-173

513
0
-67
729
-149

-328,484
-13,014
-18,851
-146,722
-149,897

-872,317
-361,623
-120,017
-146,549
-244,128

-446,436
-213,018
-44,221
-180,125
-9,072

-95,313
53,483
-67,170
-50,367
-31,259

-196,568
-174,153
57,244
-45,702
-33,957

-138,647
-102,716
-29,483
-36,790
30,342

-15,911
10,368
-4,812
-47,266
25,799

-335,381
-183,637
-36,420
-53,478
-61,846

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

278,275
184,931
39,943
-517
48,643
5,275

387,809
263,338
41,662
-139
69,245
13,703

199,495
71,749
84,701
-488
24,275
19,258

18,965
9,226
23,781
-740
-15,814
2,512

74,613
16,892
19,421
34,187
4,001

33,983
8,213
17,713
395
824
6,838

71,934
37,418
23,786
-255
5,078
5,907

75,207
41,684
24,809
23
-1,201
9,892

28 Change in foreign private assets in United States (increase, +)
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
33 Foreign purchases of other U.S. securities, net
34 Foreign direct investments in United States, net

586,494
97,207
96,526
91,455
16,640
220,705
63,961

1,062,412
336,740
93,250
102,940
14,827
381,493
133,162

1,012,755
179,849
30,105
199,491
19,416
474,140
109,754

205,163
-70,142
80,174
86,108
1,072
77,412
30,539

271,566
152,938
-20,035
14,103
4,507
111,808
8,245

354,609
94,912
20,271
37,239
4,679
153,049
44,459

181,416
2,141
-50,305
62,041
9,158
131,871
26,510

416,347
154,041
45,963
-1,887
1,932
183,011
33,287

-3,321
-7,510

-2,261
85,128

-4,351
10,410

-2,691
57,678
13,192
44,486

-589
44,044
-4,862
48,905

-557
-72,240
-17,549
-54,691

-514
-19,071
9,219
-28,291

-1,756
52,799
12,137
40,662

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, +)

1,523

2,805

14,096

5,331

-797

4,766

4,796

513

278,792

387,948

199,983

19,705

74,501

33,588

72,189

75,184

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.

3.12

5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.

U.S. RESERVE ASSETS
Millions of dollars, end of period
2005
Asset

2002

2003

2006

2004
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June'

1 Total

79,006

85,938

86,824

68,773

65,127

65,594

65,364

65,354

66,846

67,706

67,935

2 Gold stock1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,043
12,166

11,043
12,638

11,045
13,582

11,041
8,180

11,043
8,210

11,044
8,302

11,044
8,310

11,043
8,344

11,041
8,518

11,041
8,704

11,041
8,618

21,979
33,818

22,535
39,722

19,479
42,718

12,097
37,455

8,036
37,838

7,639
38,609

7,638
38,372

7,376
38,592

7,219
40,068

7,219
40,742

7,906
40,370

NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of

exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF have also been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

Summary Statistics
3.13

45

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS'
Millions of dollars, end of period
2005
Asset

2002

2003

Nov.
1 Deposits

Dec.

Jan.

Feb.

Mar.

Apr.

Junep

May

136

162

80

82

83

83

82

84

86

86

142

678.106
9,045

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

845.080
8,971

1.041.215
8,967

1,073,710
8,967

1,069,014
8,967

1,080,198
8,967

1,105,178
8,967

1,103,810
8,967

1,097,103
8,967

1,093,393
8,967

1,089,512
8,967

NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.

3.15

2006

2004

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
2006

2005
Item

2004

2005'
June""

1 Total1

June""

Feb.'

Mar.'

Apr.'

Mayp

2,166,951

2,208,904

2,218,705

2,228,763

2,243,872

296,650
201,863

286,943
216,047

295,039
215,489

301,038
197,456

319,916
195,085

1,909,034

2,166,951

270,387
245,199

296,650
201,863

986 454
1,630
405,363

1 077 631
948
589,859

1 030 763' 1 052 742
911
911
561,787
429,242'

1 077 631
948
589,859

1 098 368
960
606,586

1 092 495
967
614,715

1 103 813
973
625,483

1 089 561
980
638,330

357,322
7,806
112,608
1 388 409
10,843
31,866

By type
2 Liabilities reported by banks in the United States2

1,954,620' 2,109,144

Dec'

368,519
7,211
128,006
1 616 493
17,214
29,502

364,413'
350,973
368,519
7,211
7,569'
6,679
128,006
113,245'
122,989
1 417 229' 1 575 240 1 616 493
17,214
14,551
15,247
29,502
38,010
37,433

382,931
6,438
135,926
1 632 419
20,654
30,530

389,739
7,308
136,361
1 637 228
15,831
32,232

383,820
7,038
139,290
1 646 152
16,723
35,734

394,705
7,956
141,693
1 642 546
17,976
38,990

288,792'
204,912

288,792
204,912

U.S. Treasury bonds and notes
5
Nonmarketable4
6 U.S. securities other than U.S. Treasury securities5
By area
7 Europe1
9 Latin America and Caribbean
11 Africa

1. 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 2005 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
2005
Item

2002

2003

2006

2004
June

Sept.

Dec

Mar.

2
3

Deposits
Other liabilities

80,543
n.a.
n.a.

63,119
36,674
26 ,AAi

98,349
52,410
45,939

104,059
62,557
41,502

109,367
67,668
41,699

85,841
59,241
26,600

94,799
60,769
34,030

5

Deposits

71,724
34,287
37,437

81,669
38,102
43,567

129,544
51,029
78,515

109,206
47,032
62,174

101,745
42,883
58,862

93,290
43,868
49,422

106,504
49,355
57,149

8

Deposits

35,923
7,907
28,016

21,365
5,064
16,301

32,056
8,519
23,537

46,669
21,697
24,972

45,118
21,616
23,502

54,698
20,835
33,863

65,338
24,015
41,323

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 2006

3.17

LIABILITIES TO FOREIGNERS Reported by Banks in the United States1
Payable in U.S. dollars
Millions of dollars, end of period

Apr.1

May'

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
instruments'"
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7 . . .
11
Other

2,315,606

3,232,643 3,396^79

3,493,912

2,450,407

2,611,251

2,681,691

1,086,845
1,364,241
804,186

1,102,167
1,348,240
768,352

1,250,130
1,431,561
853,179

777,296

782,236

1,195,865
1,415,386
812,631
785,128

275,808

277,836

304,840

303,969

3,073,217

3,102,634 3,073,217

3,144,265

,677,193

2,082,981

2,294,279

! ,319,412 2,294,279

!,355,215

2,451,086

852,803
824,390
460,191
638,413

955,072
1,127,909
665,127

1,045,161
1,249,118
706,297
778,938

1,055,847
1,263,565
733,411
783,222

1,060,965
1,294,250
757,998
789,050

259,843

276,959

258,797

828,535
318,783

1,045,161
1,249,118
706,297
778,938
259,843

269,264

319,826

315,169

258,880

812,221
255,544
352,640

34,394
83,633
176,842

48,260
152,789
194,583

53,594
136,783
199,269

54,389
122,140
193,951

53,594
136,783
199,269

53,754
131,744
202,154

52,886
114,582
196,648

52,170
116,421
200,431

55,514
118,748
197,762

58,866
131,861
204,037

14,149
12,577
6,134
6,443
1,572
110

15,654
10,363
6,098
4,265
5,291
1,879

20,793
15,612
8,361
7,251
5,181
1,085

20,596
14,369
7,190
7,179
6,227
1,329

20,793
15,612
8,361
7,251
5,181
1,085

20,296
15,360
8,278
7,082
4,936
1,164

23,137
18,071
9,619
8,452
5,066
1,398

20,802
16,073
9,209
6,864
4,729
1,399

19,551
14,177
9,470
4,707
5,374
1,081

19,422
14,306
8,846
5,460
5,116
1,057

1,462
0

3,412

4,096
0

4,896
2

4,096

3,772
0

3,668

3,330
0

4,293
0

4,059

401,856
117,737
24,208
93,529

515,586
145,516
26,613
118,903

498,513
170,987
45,429
125,558

503,901
179,577
45,111
134,466

498,513
170,987
45,429
125,558

510,565
181,700
47,453
134,247

502,990
179,708
45,418
134,290

510,528
193,752
45,014
148,738

498,494
195,539
45,654
149,885

515,001
202,269
49,600
152,669

284,119
212,032

370,070
245,199

327,526
201,863

324,324
214,852

327,526
201,863

328,865
210,460

323,282
216,047

316,776
215,489

302,955
197,456

312,732
195,085

69,638
2,449

123,165
1,706

124,538
1,125

124,538
1,125

118,404
1

107,234

101,286
1

105,498
1

117,614
33

1,380,639
1,163,309
706,536
456,773
217,330
18,267

1,574,793
1,354,437
773,703
580,734
220,356
26,978

1,787,860
1,564,629
839,880
724,749
223,231
23,771

1,789,711
1,570,816
849,082
721,734
218,895
22,386

1,787,860
1,564,629
839,880
724,749
223,231
23,771

1,821,990
1,596,861
848,992
747,869
225,129
22,144

1,870,933
1,647,293
874,278
773,015
223,640
23,486

1,890,153 2,028,203
1,663,690 1,801,173
983,368
892,395
817,805
771,295
227,030
226,463
23,890
22,507

2,087,250
1,853,845
1,034,285
819,560
233,405
23,642

49,311
149,752

52,400
140,978

48,777
150,683

50,001
146,508

48,777
150,683

48,341
154,644

48,174
151,980

48,660
155,296

51,326
151,814

51,959
157,804

36 Other foreigners''
37
Banks' own liabilities
38
Deposits2
39
Other

518,962
383,570
115,925
267,645

805,483
572,665
148,658
424,007

766,051
543,051
151,491
391,560

788,426
554,650
154,464
400,186

766,051
543,051
151,491
391,560

791,414
561,294
156,242
405,052

831,322
606,014
157,530
448,484

811,160
576,892
155,549
421,343

850,131
600,362
157,373
442,989

872,239
611,271
157,399
453,872

40
41
42

135,392
28,388

232,818
44,727

223,000
33,124

233,776
38,392

223,000
33,124

230,120
35,496

225,308
34,877

234,268
38,441

249,769
36,453

260,968
35,760

82,363
24,641

136,192
51,899

142,415
47,461

148,825
46,559

142,415
47,461

147,115
47,509

145,764
44,667

150,693
45,134

167,369
45,947

179,008
46,200

12 Nonmonetary international and regional organizations5 . .
13
Banks' own liabilities
14
Deposits2
15
Other
16
Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments'"
Other
19
20 Official institutions9
21
Banks' own liabilities
22
Deposits2
23
Other
24
25
26
27

Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments''
Other

28 tanks10
29
Banks' own liabilities
30
Deposits2
31
Other
32
Banks' custody liabilities4
33
U.S. Treasury bills and certificates5 . .
34
Other negotiable and readily
transferable instruments'"
35
Other

43

Banks' custodial liabilities
U.S. Treasury bills and certificates5 .
Other negotiable and readily
transferable instruments''
Other
MEMO

44 Own foreign offices12
1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.

9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) above.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.

Bank-Reported Data
3.17

47

LIABILITIES TO FOREIGNERS Reported by Banks in the United States1—Continued
Payable in U.S. dollars
Millions of dollars, end of period

Apr.1

May'

AREA OR COUNTRY

45 Total, all foreigners

2,315,606

2,911,516

3,073,217

3,102,634

3,073,217

3,144,265

3,228,382

3,232,643

3,396,379

3,493,912

46 Foreign countries

2,301,457

2,895,862

3,052,424

3,082,038

3,052,424

3,123,969

3,205,245

3,211,841

3,376,828

3,474,490

781,550
4,826
9,359
3,631
1,783
40,719
46,806
1,264
6,215
35,855
15,857
22,429
952
41,673
9,902
7,082
110,626
13,748
332,528
20,802
162
55,331

1,050,895
4,355
13,512
3,147
1,088
81,852
54,822
1,178
7,198
50,305
18,170
32,742
1,545
70,186
8,410
6,118
99,224
5,188
470,304
21,262
110
100,179

1,221,808
3,604
16,022
1,537
3,612
71,686
56,912
1,200
7,078
61,065
14,462
27,921
2,716
101,335
9,495
4,771
140,459
9,896
558,007
29,559
119
100,352

1,259,612
4,142
18,843
2,413
1,366
88,678
60,077
1,213
9,879
70,701
22,173
23,563
2,860
90,715
11,204
4,671
151,132
10,214
561,814
29,575
112
94,267

1,221,808
3,604
16,022
1,537
3,612
71,686
56,912
1,200
7,078
61,065
14,462
27,921
2,716
101,335
9,495
4,771
140,459
9,896
558,007
29,559
119
100,352

1,267,436
4,276
18,368
2,231
5,967
90,571
57,682
1,475
7,820
63,404
17,396
27,583
3,164
99,023
10,471
3,899
102,844
10,072
613,849
28,977
104
98,260

1,318,544
4,267
17,738
2,358
953
97,275
58,321
1,499
6,781
61,755
19,420
26,862
2,734
94,220
11,027
4,135
117,321
12,658
646,341
30,390
103
102,386

1,329,813
5,460
18,150
2,073
1,603
85,597
61,478
1,276
5,904
60,389
20,718
40,391
3,804
91,133
11,121
5,833
139,533
10,650
628,150
28,416
97
108,037

1,450,877
5,477
15,245
2,007
3,476
107,623
57,083
1,490
5,988
65,353
27,720
45,478
3,223
95,081
7,845
4,513
195,194
10,787
668,522
29,212
98
99,462

1,505,359
5,336
14,136
1,692
2,108
106,716
56,698
1,520
6,723
66,334
27,929
49,284
2,332
93,490
7,592
5,189
207,856
10,936
702,379
28,365
113
108,631

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."'

35,590

34,248

33,165

37,437

33,165

37,070

38,957

32,180

43,657

39,214

70 Latin America
71
Argentina
72
Brazil
73
Chile
74
Colombia
75
Ecuador
76
Guatemala
77
Mexico
78 Panama
79
Peru
80
Uruguay
81
Venezuela
82
Other Latin America17

110,566
9,758
16,283
4,438
4,235
2,567
1,547
35,389
4,093
1,401
3,670
21,222
5,963

135,970
10,817
15,186
7,299
6,286
2,687
1,530
50,575
4,513
1,971
4,150
24,573
6,383

133,653
9,674
11,901
8,961
6,477
3,393
1,643
42,531
5,277
3,051
4,939
27,262
8,544

145,346
10,081
17,525
7,513
6,745
3,057
1,633
49,284
4,998
2,608
5,216
28,220
8,466

133,653
9,674
11,901
8,961
6,477
3,393
1,643
42,531
5,277
3,051
4,939
27,262
8,544

138,181
9,533
13,906
10,108
7,196
3,071
1,991
42,232
5,139
2,988
5,615
27,613
8,789

142,178
9,486
16,219
9,551
9,785
3,195
1,842
43,776
5,164
2,537
5,687
25,369
9,567

145,263
9,737
19,188
12,229
10,527
3,282
1,759
42,061
5,750
2,778
5,420
22,925
9,607

152,430
10,141
19,858
11,588
10,504
3,341
1,618
47,833
5,632
3,665
5,242
22,889
10,119

147,739
10,211
19,581
13,305
11,149
2,768
1,574
42,669
5,781
3,186
5,185
21,765
10,565

83 Caribbean
84
Bahamas
85
Bermuda
86
Cayman Islands15
87
Cuba
88 Jamaica
89
Netherlands Antilles
90
Trinidad and Tobago
91
Other Caribbean"

969,986
153,554
38,964
739,204
96
669
8,689
1,253
27,557

1,212,209
186,097
92,577
884,980
110
829
5,863
1,624
40,129

1,214,474
212,430
52,146
907,269
120
916
6,397
2,830
32,366

1,200,644
203,418
54,045
903,190
118
787
4,794
2,442
31,850

1,214,474
212,430
52,146
907,269
120
916
6,397
2,830
32,366

1,241,686
216,659
56,748
926,009
120
693
6,103
2,961
32,393

1,278,600
230,917
56,790
947,577
121
1,199
6,096
2,849
33,051

1,288,249
225,497
55,418
962,961
122
897
6,783
3,348
33,223

1,317,772
224,292
52,562
995,173
123
818
8,479
2,896
33,429

1,364,214
236,624
48,160
1,030,135
124
843
10,188
3,034
35,106

92 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries19
Other

373,024

420,635

407,914

396,765

407,914

396,756

381,860

372,818

365,964

367,132

13,236
26,808
49,557
14,534
14,373
12,223
162,003
12,647
1,683
7,226
23,626
35,108

52,767
26,496
42,788
11,154
5,903
11,214
167,008
12,421
2,949
11,355
38,257
38,323

46,462
23,253
34,007
13,736
4,307
9,802
155,716
27,095
3,777
9,965
49,485
30,309

42,501
20,477
35,950
12,082
3,522
5,981
152,397
26,086
3,009
11,026
52,738
30,996

46,462
23,253
34,007
13,736
4,307
9,802
155,716
27,095
3,777
9,965
49,485
30,309

49 509
22,360
28,543
3^548
9,033
148,450
26,572
3,466
9,242
53,216
30,784

34,190
22,241
32,186
11,072
3,319
8,557
145,372
26,778
3,538
11,630
55,513
27,464

34,273
19,463
25,385
13,251
7,805
7,484
138,643
25,430
3,429
12,704
56,950
28,001

29 393
22,229
29,831
14,222
5,819
8,057
132,110
23,173
4,048
11,529
55,772
29,781

30,095
20,115
29,643
15,340
5,421
8,076
130,582
22,468
3,749
12,758
57,752
31,133

105 Africa
106
Egypt
107
Morocco
108
South Africa
109
Congo (formerly Zaire)
110
Oil-exporting countries20
111
Other

13,828
2,336
376
3,715
18
3,498
3,885

14,580
2,711
156
3,284
4
4,326
4,099

20,168
4,980
138
3,049
7
6,892
5,102

17,708
3,315
105
3,387
12
6,125
4,764

20,168
4,980
138
3,049
7
6,892
5,102

20,988
5,071
162
3,175
4
7,478
5,098

22,423
5,241
131
3,541
5
8,526
4,979

17,982
4,366
231
3,898

17,228
4,421
211
1,766

4,677
4,807

5,471
5,357

18,145
3,430
122
1,627
3
7,680
5,283

112 Other countries
113 Australia
114
New Zealand21
115
All other

16,913
14,020
2,465
428

27,325
23,391
3,429
505

21,242
17,769
3,007
466

24,526
19,578
4,115
833

21,242
17,769
3,007
466

21,852
17,001
4,331
520

22,683
17,438
4,712
533

25,536
20,558
4,355
623

28,900
23,457
4,579
864

32,687
26,958
4,988
741

116 Nonmonetary international and regional organizations
117
International22
118 Latin American regional23
119
Other regional24

14,149
10,500
420
3,166

15,654
11,542
1,993
2,006

20,793
15,684
2,036
2,979

20,596
15,709
2,515
2,270

20,793
15,684
2,036
2,979

20,296
16,093
1,709
2,393

23,137
18,894
1,626
2,526

20,802
16,783
1,604
2,320

19,551
14,112
2,373
2,729

19,422
14,909
1,634
2,454

69 Canada

93
94
95
96
97
98
99
100
101
102
103
104

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 2006

3.18

BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Area or country
Apr.
1 Total, all foreigners

1,322,363

1,664,223

1,854,203

1,914,901'

1,854,203

1,911,829' 2,000,266'

1,999,420'

2,085,647' 2,146,621

2 Foreign countries

1,317,292

1,658,247

1,846,953

1,909,108'

1,846,953

1,904,365'

1,994,434'

1,992,206'

2,079,003' 2,139,176

591,018
4,819
6,910
2,814
8,160
63,719
25,811
238
7,310
5,512
21,415
17,666
2,106
1,233
2,295
15,269
78,716
2,149
268,822
43,099
0
12,955

806,546
4,429
7,751
735
11,840
90,941
26,196
94
16,906
5,864
22,090
25,517
1,576
1,089
8,452
17,027
114,167
2,542
404,844
26,878
0
17,608

917,967
4,101
11,886
864
9,247
88,873
30,027
97
18,482
8,201
20,907
14,688
832
1,264
8,372
9,452
143,891
3,270
488,345
31,124
0
24,044

959,127'
4,157
15,174'
1,207
9,622
87,272'
33,023'
177
18,507
8,561
18,285'
20,742'
925
1,145'
8,118
9,112
159,622'
3,194
510,948'
29,584
0
19,752'

917,967
4,101
11,886
864
9,247
88,873
30,027
97
18,482
8,201
20,907
14,688
832
1,264
8,372
9,452
143,891
3,270
488,345
31,124
0
24,044

948,980'
5,219
19,304
499
8,416
98,133'
27,446'
163
17,381
9,083
19,585'
16,270'
829
1,194'
9,790
8,190
95,994'
3,380
552,522'
30,793
1
24,788'

993,168'
4,224
18,446
1,022
9,407
89,455'
28,380'
299
17,688
9,382
22,684'
15,266'
677
1,353'
12,649
11,965
106,776'
3,213
585,032'
30,512
0
24,738'

1,014,050'
4,540
15,922
365
9,256
90,155'
28,071'
236
18,274
9,087
19,937'
19,557'
607
2,109
12,137
13,460
166,345'
3,190
548,902'
30,652
0
21,248

1,072,885'
4,551
18,379'
1,369
9,691
106,092'
26,578'
120
17,396
10,124
23,214'
21,196'
757
2,083
10,105
14,303
195,010'
3,203
553,162'
31,535
0
24,017'

1,093,377
4,911
20,852
828
8,638
120,355
22,313
168
18,954
10,303
25,427
24,089
976
1,927
7,745
13,529
198,605
3,100
555,624
29,989
0
25,044

52,140

51,088

63,422

58,292

63,422

53,252

56,858

61,060'

65,488'

59,073

54,399'
2,209'
16,875
6,814
2,727
542
996
15,872'
2,067
1,178
425
2,104'
2,590

52,418
2,350
15,370
6,983
2,593
564
956
15,438
2,090
1,232
414
2,013
2,415

3 Europe
4
Austria
5
Belgium2
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12 Luxembourg2
13
Netherlands
14
Norway
15 Portugal
16
Russia
17
Spain
18
Sweden
19
Switzerland
20
Turkey
21
United Kingdom
22
Channel Islands and Isle of Man3
23
Yugoslavia4
24
Other Europe and other former U.S.S.R.5
25 Canada
26 Latin America
27
Argentina
28
Brazil
29
Chile
30
Colombia
31
Ecuador
32
Guatemala
33
Mexico
34 Panama
35 Peru
36
Uruguay
37
Venezuela
38
Other Latin America1"

51,517
3,819
15,825
6,094
2,026
404
781
13,583
1,844
1,370
465
2,911
2,395

49,378
2,220
14,094
6,213
2,645
469
866
13,440
1,939
1,529
403
2,844
2,716

51,173
2,290
15,111
6,642
2,438
582
872
14,604
2,076
1,226
464
2,273
2,595

52,311'
2,224'
16,325'
6,775
2,652
637
867
14,432
1,855
1,218
435
2,435
2,456

51,173
2,290
15,111
6,642
2,438
582
872
14,604
2,076
1,226
464
2,273
2,595

54,650'
2,298'
17,937
6,480
2,952
570
965
15,087'
1,881
1,159
459
2,296
2,566

53,286'
2,408'
17,142
6,489
2,838
597
1,014
14,468'
1,911
1,159
437
2,247
2,576

52,478'
2,246'
15,901
6,565
2,902
572
986
14,766'
2,173
1,188
455
2,174'
2,550

39 Caribbean
40
Bahamas
41
Bermuda
42
Cayman Islands7
43
Cuba
44
Jamaica
45
Netherlands Antilles
46
Trinidad and Tobago
47
Other Caribbean8

492,705
73,709
14,889
391,524
0
377
6,629
665
4,912

596,931
80,183
33,294
469,166
0
351
5,554
755
7,628

614,190
108,793
17,846
473,608
0
444
4,444
907
8,148

642,941'
95,942'
26,627
505,364
0
413
4,410
786
9,399

614,190
108,793
17,846
473,608
0
444
4,444
907
8,148

654,409'
127,168'
21,201
492,593
0
484
4,484
931
7,548

690,096'
135,090'
21,903
518,720
0
454
4,619
792
8,518

678,014'
126,898'
22,246
514,321
0
465
4,517
771
8,796

703,505'
134,896'
20,092
533,145
0
454
4,464
854
9,600

737,590
157,913
19,589
538,967
0
523
4,557
870
15,171

48 Asia
China
49
Mainland
50
Taiwan
51
Hong Kong
52
India
53
Indonesia
54
Israel
55 Japan
56
Korea (South)
57
Philippines
58 Thailand
59
Middle Eastern oil-exporting countries5
60
Other

119,562

142,656

187,677

184,812'

187,677

181,312'

189,200'

172,316'

169,998'

181,411

4,134
9,659
7,190
1,588
838
5,122
62,059
11,395
1,693
989
6,782
8,113

9,267
10,589
5,622
2,117
555
1,326
82,207
15,531
993
1,144
7,022
6,283

14,780
8,626
8,398
2,518
440
4,288
103,465
17,274
1,790
7,796
12,330
5,972

19,712
7,196
8,143'
2,693
523'
4,370
101,187'
16,005'
1,319
8,066
9,412
6,186

14,780
8,626
8,398
2,518
440
4,288
103,465
17,274
1,790
7,796
12,330
5,972

16,262
5,754
7,034
2,524
391'
4,172
108,224'
16,206'
907
6,487
7,808
5,543

17,688
6,003
6,395
3,189
417'
4,115
114,182'
15,232'
956
7,765
8,615
4,643

16,910
6,422
7,499
2,063
438'
3,243
100,944'
11,991'
1,202
6,837
9,291
5,476'

15,341
5,389
6,947
2,549
436'
5,414
96,269'
16,263'
954
6,937
8,323'
5,176'

14,885
6,027
7,623
2,043
433
5,580
105,058
17,463
917
8,881
8,104
4,397

61 Africa
62 Egypt
63
Morocco
64
South Africa
65
Congo (formerly Zaire)
66
Oil-exporting countries9
67
Other

1,453
236
46
453
0
147
571

1,262
228
53
318
0
223
440

1,621
422
63
331
0
317
488

1,560'
453
51'
193
0
402'
461'

1,621
422
63
331
0
317
488

1,670'
448
74'
318
0
343'
487'

1,396'
341
58'
194
0
317'
486'

1,597'
431
62'
312
0
294'
498'

1,686'
470
55'
296
0
297'
568'

1,751
466
81
338
0
303
563

68 Other countries
69
Australia
70
New Zealand10
71
Allother

8,897
8,037
819
41

10,386
9,695
609
82

10,903
10,184
541
178

10,065'
9,260'
580
225

10,903
10,184
541
178

10,092'
9,014'
801
277

10,430'
9,512'
609
309

12,691'
11,817'
541

11,042'
10,117'
589
336

13,556
12,634
469
453

72 Nonmonetary international and regional organizations"

5,071

5,976

7,250

5,793

7,250

7,464

5,832

6,644

7,445

1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."

5. Includes the Bank for International Settlements and the European Central Bank.
6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."

Bank-Reported Data
3.19

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars

49

Reported by Banks in the United States1

Millions of dollars, end of period
2005
Type of claim

2003

2004

Nov.'
1 Total claims reported by banks

2006

2005'
Dec'

Jan.'

Feb.'

1,911,829
74,163
1,416,140
421,526

2,000,266
73,635
1,494,944
431,687

Mar.'

Apr.'

May'

2,085,647
76,322
1,576,751
432,574

2,146,621
82,403
1,611,421
452,797

1,596,965

2,026,841

2,303,869

1 322 363
53,328
979,597
289,438

1 664 223
71,892
1,187,954
404,377

1 854 203
72,871
1,385,990
395,342

274,602
129,787
71,791
63,225
9,799

362,618
152,520
107,533
88,423
14,142

449,666
176,858
112,391
140,840
19,577

11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable

500,085
376

668,255
3,970

743,280
2,804

748,773
4,019

743,280
2,804

808,940
3,376

836,778
2,387

830,993
2,679

862,619
2,210

922,213
1,990

14 Other claims7

5,328
816,574
934 166

3,888
988,110
1 097 873

7,276
1,100,843
1 299 067

11,637
1,150,472
1 303 616

7,276
1,100,843
1 299 067

8,642
1,090,871
1 334 657

10,520
1,150,581
1,395,887

9,783
1,155,965
1,433,195

11,883
1,208,935
1,487,031

11,619
1,210,799
1,534,484

344,753

479,422

476,331

537,270

476,331

507,115

544,258

516,346

505,617

521,137

3

Foreign official institutions2

5

Other foreigners4

6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8
Negotiable CDs
9
Other short-term negotiable instruments6 . .
10
Other claims

2,303,869
1 914 901
82,631
1,399,013
433,257

1,854,203
72,871
1,385,990
395,342

2,494,080

449,666
176,858
112,391
140,840
19,577

1,999,420
73,577
1,496,169
429,674
494,660
205,479
114,941
153,464
20,776

MEMO

16 Loans collateralized by repurchase

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) above.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) above.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.

50

Federal Reserve Bulletin Statistical Supplement • July 2006

3.22

LIABILITIES TO FOREIGNERS Reported by Nonbanking Business Enterprises in
the United States
Millions of dollars, end of period

Type of liability, and area or country
Sept.
1 Total

67,664

83,240

108,339

108,339

107,795

97,800

94,443

96,409

100,005

By type
2 Financial liabilities
3
Short-term negotiable securities'

39,561
n.a.

53,150
14,002

79,177
11,759

79,177
11,759

75,039
9,027

61,916
9,576

57,322
5,438

58,948
6,252

59,126
5,021

52,340

51,884

n.a.
n.a.

8,498
22,946

6,315
49,882

6,315
49,882

8,163
45,852

5,657
34,151

10,732
32,124

7,070
35,338

8,404
35,500

18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.

25,055
28,095
1,431
10,372
11,425
2,493
2,374

45,905
33,272
2,399
9,067
18,337
1,564
1,905

45,905
33,272
2,399
9,067
18,337
1,564
1,905

42,608
32,431
2,296
11,159
15,532
1,379
2,065

47,915
14,001
1,786
4,604
2,202
1,222
4,187

45,769
11,553
1,860
4,017
2,741
1,401
1,534

44,146
14,802
2,354
4,052
2,725
2,018
3,653

43,773
15,353
1,407
6,032
3,166
1,338
3,410

39,561

43,610

62,847

62,847

51,809

35,918

29,347

37,259

34,913

34,335
144
5,243
2,923
1,825
61
22,531

34,832
709
3,543
3,531
284
517
23,886

38,690
775
1,349
2,911
363
514
29,473

38,690
775
1,349
2,911
363
514
29,473

35,304
590
1,550
5,276
413
282
25,017

22,474
633
1,087
2,832
128
114
13,091

16,799
547
1,044
2,425
379
53
9,861

21,011
342
761
2,533
406
122
11,028

17,322
283
597
3,056
432
237
10,436

591

1,239

2,433

2,433

2,283

2,080

2,058

1,534

1,504
23
990
65
365
n.a.
31
1

4,235
0
711
242
n.a.
3,114
34
3

16,196
0
8,715
208
n.a.
7,178
26
18

16,196
0
8,715
208
n.a.
7,178
26
18

9,076
0
801
263
n.a.
7,871

8,012
0
115
240
n.a.
7,569
8
0

6,679
0
77
69
n.a.
6,489
28
0

9,652
0
808
56
n.a.
8,744
23
0

2,932
1,832
14

2,547
1,826
36

4,724
1,648
36

4,724
1,648
36

4,347
1,365
33

3,211
1,161
2

3,640
1,304
35

5,323
1,383
173

5,318
1,083
206

131
91

123
92

131
94

131
94

132
95

107
96

122
96

997
97

1,022
98

4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
7
8
9
10
11
12
13

By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies

14 Financial liabilities to unaffiliated
foreigners
By area or country
15 Europe
16
Belgium-Luxembourg
17
France
18
Germany
19
Netherlands
20
Switzerland
21
United Kingdom

67,418

54,105

MEMO:

22
23

Euro area3
Canada

24
25
26
27
28
29
30
31
32
33
34

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

35
36

Africa
Oil-exporting countries'"

37

All other7

5,958

11,211

991
70
6,446
25

Nonbank-Reported Data
3.22

LIABILITIES TO FOREIGNERS
the United States—Continued

51

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
June

Sept

28.103
14,699
13.404

30,090
17,174
12,916

29,162
18,181
10,981

29,162
18,181
10,981

32,756
21,321
11,435

35,884
22,497
13,387

37,121
23,785
13,336

37,461
23,050
14,411

40,879
25,899
14,980

26.243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.

27,632
2,458
199
787
606
209
657

25,811
3,351
224
1,058
704
296
1,069

25,811
3,351
224
1,058
704
296
1,069

29,533
3,223
200
1,026
634
314
1,049

33,010
2,874
143
1,028
585
119
999

34,335
2,786
163
1,041
397
286
899

34,637
2,824
171
1,009
477
309
858

37,931
2,948
182
1,142
484
300
840

8.257
141
765
781
590
433
2.649

9,821
159
900
855
384
1,367
3,025

9,030
123
1,019
1,024
305
564
3,407

9,030
123
1,019
1,024
305
564
3,407

9,861
100
1,600
1,020
322
739
3,376

10,729
103
1,669
965
402
893
3,203

11,344
124
1,816
1,006
329
1,106
3,442

10,574
109
1,870
1,113
489
1,113

11,173
86
1,960
1,092
580
708
3,414

Euro area3

4.200

4,198

3,730

56

Canada

1.588

2,166

2,145

2,145

2,143

2,179

2,836

2,375

2,846

57
58
59
60
61
62
63
64

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

3,073
51
538
253
36
n.a.
1.170
177

3,406
14
513
233
n.a.
40
1,298
329

4,276
515
113
n.a.
101
1,942
433

4,276
32
515
113
n.a.
101
1,942
433

4,894
66
511
97
n.a.
29
2,154
640

5,360
79
774
127
n.a.
76
2,210
522

5,228
74
621
143
n.a.
100
1,921
738

5,748
70
713
218
n.a.
76
2,209
680

5,752
82
688
160
n.a.
219
2,745
499

65
66
67

Asia
Japan
Middle Eastern oil-exporting countries-

13,382
4,292
3,979

13,311
4,370
3,148

12,239
4,221
2,910

12,239
4,221
2,910

14,339
5,317
3,855

16,127
5,671
4,221

16,408
5,892
3,862

17,427
5,971
3,986

19,875
6,146
5,329

68

Africa

827
405

782
372

947
424

947
424

935
447

1,009
627

851
459

916
493

714
342

38 Commercial liabilities
39
Trade payables
40
Advance payments and other liabilities .
41
42
43
44
45
46
47

48
49
50
51
52
53
54

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Commercial liabilities
Europe
Belgium-Luxembourj
France
Germany
Netherlands
Switzerland
United Kingdom . . .
MEMO

69
70

Oil-exporting countries'"
All other7
MEMO

71

Financial liabilities to foreign affiliates5 . . .

1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).

6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-6 above.

52

Federal Reserve Bulletin Statistical Supplement • July 2006

3.23

CLAIMS ON FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15

By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs1
Other claims
Of which:
Loans'
Repurchase agreements'
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies

16 Financial claims on unaffiliated
foreigners
By area or country
17
Europe
18
Belgium-Luxembourg
19
France
20
Germany
21
Netherlands
22
Switzerland
23
United Kingdom

102,566

165,901

197,696

197,696

199,565

177,173

181,901

183,943

169,817

71,389
n.a.
n.a.

132,332
35,920
3,211

164,981
47,883
9,892

164,981
47,883
9,892

167,204
52,316
11,912

144,501
48,975
8,894

150,775
51,353
11,845

150,387
50,149
13,180

135,167
40,629
12,365

n.a.
44,064

157
93,201

103
107,206

103
107,206

94
102,976

173
86,632

82
87,577

65
87,058

82,173

n.a.
n.a.

69,208
3,253

59,683
24,034

59,683
24,034

64,386
12,737

57,548
8,069

56,381
8,499

51,034
8,696

52,822
5,724

65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.

122,879
9,453
912
2,776
3,242
831
1,692

121,909
43,072
1,329
20,651
9,219
7,345
4,528

121,909
43,072
1,329
20,651
9,219
7,345
4,528

123,380
43,824
7,216
17,593
7,687
6,111
5,217

109,139
35,362
10,031
9,331
7,527
3,826
4,647

112,967
37,808
10,837
10,256
8,695
3,880
4,140

114,796
35,591
9,348
9,308
7,635
3,537
5,763

101,131
34,036
7,823
8,152
8,296
3,510
6,255

71,389

67,347

110,517

110,517

113,673

97,140

105,837

111,394

94,767

29,018
722
3,247
4,245
3,648
383
10,663

28,970
391
3,049
2,859
2,789
617
11,438

48,714
2,177
1,452
5,386
7,389
978
23,982

48,714
2,177
1,452
5,386
7,389
978
23,982

53,001
2,651
3,177
7,126
7,692
827
25,105

38,627
1,930
4,593
3,040
1,696
1,185
17,414

41,844
784
4,323
1,967
3,271
1,249
21,870

43,177
1,743
2,752
2,729
3,033
1,152
22,552

36,378
1,286
1,632
2,315
3,134
1,441
20,483

17,012

15,067

MEMO:

24
25

Euro area3
Canada

26
27
28
29
30
31
32
33
34
35
36

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

37
38

Africa
Oil-exporting countries'"

39

All other7

5,013

5,311

6,412

6,412

11,361

11,905

14,290

13,372

12,052

29,612
1,038
724
2,286
21,528
2,921
104

26,215
1,049
564
1,832
n.a.
20,015
1,629
131

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

39,893
1,899
2,128
1,839
n.a.
31,162
1,727
164

38,915
3,436
1,316
1,480
n.a.
30,437
1,384
62

41,387
3,802
1,113
1,664
n.a.
31,761
1,950
156

44,622
1,590
1,149
1,950
n.a.
36,355
2,019
159

36,893
2,368
1,160
1,655
n.a.
29,238
1,406
163

5,358
1,277
79

5,317
1,194
158

6,840
993
137

6,840
993
137

7,680
981
133

6,120
784
114

6,546
610
93

7,223
568
242

6,565
496
251

395
25

419
12

306
8

306
8

290
16

345
55

1,291
37

36

1,096

1,448

1,709

1,611

1,115

International Statistics
3.23

53

CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in
the United States—Continued
Millions of dollars, end of period

Type of claim, and area or country
Sept.
40 Commercial claims
41
Trade receivables
42
Advance payments and other claims
43
44
45
46
47
48
49

50
51
52
53
54
55
56

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

31.177
26,385
4,792

33,569
28,618
4,951

32,715
29,229
3,486

32,715
29,229
3,486

32,361
27,844
4,517

32,672
28,576
4,096

31,126
27,535
3,591

33,556
29,231'
4,325'

34,650
30,178
4,472

26,481
4,696

25,494
8,075
1,557
1,542
1,187
589
3,200

27,439
5,276
512
1,561
1,586
238
1,379

27,439
5,276
512
1,561
1,586
238
1,379

27,608
4,753
499
1,530
1,110
239
1,375

28,347
4,325
407
1,442
1,098
153
1,225

27,417
3,709
372
1,227
780
206
1,124

29,898
3,658
481
1,335
706
187
949

30,511
4,139
444
1,777
736
126
1,056

14,187
269
3,164
1,202
1,490
503
3,727

14,552
247
2,816
1,273
395
1,921
3,928

13,457
257
2,261
1,401
494
1,528
3,742

13,457
257
2,261
1,401
494
1,528
3,742

13,369
366
2,865
1,476
490
1,283
3,295

13,096
402
2,233
1,477
461
1,319
3,119

12,183
396
2,023
1,438
339
1,358
3,053

12,084
470
2,311
1,509
354
724
2 fill

14,479
480
2,308
1,472
648
743
4,601

2,790

3,070

2,017

2,017

2,137

2,139

2,001

2,750

2,323

4,346
31
287
750
19
n.a.
1,259

5,153
26
460
903
n.a.
52
1,339
230

6,477
55
650
935
n.a.
160
2,018
319

6,477
55
650
935
n.a.
160
2,018
319

6,509
41
591
1,049
n.a.
75
1,859
365

6,310
29
581
952
n.a.
143
1,838
393

6,524
27
498
1,028
n.a.
294
1,812
390

6,757
41
648
1,022
n.a.
61
2,089
380

6,638

7,324
2,341
818

7,352
1,757
888

8,943
1,855
1,071

8,943
1,855
1,071

8,447
1,918
1,146

9,245
1,930
1,317

8,561
1,717
1,271

10,073
2,128
1,558

9,196
2,167
1,419

584
95

636
138

629
154

629
154

767
205

873
226

788
234

830
258

917
313

1,192

1,192

1,009

1,069

MEMO

57
58

Canada

59
60
61
62
63
64
65
66
67
68
69

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

70

Africa

71
72

6,739

Euro area3

Oil-exporting countries6
All other7

7,922

731
865
n.a.
200
2,154
373

MEMO

73

Financial claims on foreign affiliates5

1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).

6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial claims on foreign affiliates of
insurance underwriting subsidiaries of bank/financial holding companies and other financial
intermediaries. These data are included in lines 1-8 above.

54

Federal Reserve Bulletin Statistical Supplement • July 2006

3.24

FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars

Transaction, and area or country

Jan.May

Apr.
U.S. corporate securities

STOCKS

1 Foreign purchases

2,471,896
2,405,725

3.862.043

2 Foreign sales

423,372
413,780

455,198
433,974

436,362
419,842

513,677
494,543

456,730
450,138

609,929
607,228
2,701

9,592

21,224

28,616

79,655

66,137

4,914

9,568

21,220

16,514

19,115

6,589

2,699

19,571
-876
-2,360
1,697
-1,194
15,208
-180
1,292
631
6,485
-320
2,832
-41
998

37,270
6,877
-3,278
-2,315
1,351
18,109
350
16,558
15,280
1,791
8,378
72
309
69

45,016
8,964
535
-2,286
2,422
21,639
22
4,697
7,341
5,769
2,751
1,187
258
305

4,136
4,586
143
127
920
-2,086
61
1,768
-680
184
-284
16
3
-213

4,116
-1,752
-298
-1,299
72
6,335
5
1,813
1,491
11
1,550
532
-17
604

13,390
5,277
-629
811
920
4,586
21
755
3,501
1,034
2,206
1,547
32
302

12,415
1,125
1,464
-835
1,493
8,397
-93
536
3,468
318
-432
-43
70
139

14,958
247
1,319
-472
570
12,456
70
3,179
452
973
-363
-783
-16
-68

5,569
3,936
-707
-1,024
-44
-920
-43
-535
-1,355
3,324
-639
-117
101
124

-1,316
-1,621
-912
-766
-517

2,380,796
1,844,895

2,375,544
1,783,651

1,181,384
873,398

200,993
151,458

202,834
155,417

207,955
153,546

233,389
168,066

244,282
180,204

224,987
173,693

270,771
197,889

79,612

3 Net purchases, or sales (-)
4 Foreign countries
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

419,802
414,903

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Africa
Other countries
Nonmonetary international and
regional organizations

19,134

67
762
1,275
120
1,979
583
71
-192

BONDS 3

20 Foreign purchases
21 Foreign sales

591,893

22 Net purchases, or sales (-)

47,417

72,882

64,078

533,422

588,768

306,725

49,393

46,639

54,012

65,019

63,773

51,217

72,704

256,263
7,369
12,124
1,929
6,972
160,243
6,477
12,095
105,994
4,702
151,858
77,905
512
1,998

297,218
13,612
12,426
4,026
1,771
209,694
16,624
14,763
80,460
2,832
186,231
84,818
291
6,973

152,321
2,297
6,786
757
938
108,298
4,435
6,745
44,337
5,223
92,164
26,308
-138
6,073

32,590
1,954
1,180
122
712
21,890
1,777
2,053
-3,551
-454
18,574
11,648
-23
204

25,007
1,352
777
23
-44
19,628
758
1,002
2,723
145
16,762
5,885
-27
1,027

21,238
-1,814
2,027
4
184
14,040
1,396
357
10,381
667
21,107
7,070
-91
353

30,938
1,453
1,178
-126
693
22,739
502
1,655
9,977
717
20,896
4,968
-126
962

37,641
1,541
1,505
323
608
29,286
395
3,509
6,312
708
13,058
1,291
90
2,455

27,284
884
1,038
333
46
18,964
714
108
5,903
1,394
14,529
4,000
62
1,937

35,220
233
1,038
223
-593
23,269
1,428
1,116
11,764
1,737
22,574
8,979
-73
366

2,479

3,125

1,261

-8,098
268,954
277,052
-2,019
129,758
131,777

-4,926
369,441
374,367
-14,256
167,457
181,713

23 Foreign countries
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Africa
Other countries
Nonmonetary international and
regional organizations

Foreign securities
39 Stocks, net purchases, or sales (-) .
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales (-) .
43
Foreign purchases
44
Foreign sales

-84,970
1,664,076
1,749,046
-67,872
1,459,043
1,526,915

-127,485
2,222,011
2,349,496
-45,137
1,459,374
1,504,511

45 Net purchases, or sales (-), of stocks and bonds . .

-152,842

-172,622

46 Foreign countries

-141,025

-165,634

47
48
49
50
51
52
53

Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries

-124,892
-5,492
9,184
-12,814
-20,640
1,591
-8,602

-82,095
-4,818
-18,371
-44,970
-32,827
-1,672
-13,708

54 Nonmonetary international and
regional organizations

-17,320
233,766
251,086
-44
108,260
108,304

-16,650
226,596
243,246
-5,730
116,972
122,702

-10,414
239,623
250,037
-2,621
139,650
142,271

-11,861
267,433
279,294
-158
141,136
141,294

-11,995
289,496
301,491
-7,125
165,590
172,715

-17,364

-22,380

-13,035

-12,019

-19,120

-10,117

-19,182

-17,067

-22,458

-12,938

-11,802

-19,558

-10,200

-19,123

-2,648
-1,600
-300
-11,287
-8,678
-837
-395

-12,776
-809
176
-6,698
-4,118
50
-2,401

-845
-3,219
-1,372
-6,711
-1,892
-277
-514

-5,562
-1,498
176
-4,511
-164
-270
-137

-11,766
-2,448
-566
-3,965
-369
-504
-309

-1,875
-3,131
1,697
-3,803
434
-1,312
-1,776

-21,783
-855
-1,899
5,310
4,516
128
-24

-11,817

-47,294
1,434,947
1,482,241
-26,179
743,591
769,770
-73,473
-73,621
-41,831
-11,151
-1,964
-13,680
2,525
-2,235
-2,760

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.May

Apr.

Mayp

1 Total estimated

352,079

339,167

45,008

52,770'

17,685'

4,478

20,782'

3,177'

3,371'

13,200

2 Foreign countries

351,360

336,215

44,005

52,699'

17,391'

4,053

21,044'

3,503'

2,965'

12,440

88,431
118
8,804
-575
-3,153
3,236
5,342
78,661
1,175
-5,177
16,098

173,639
500
14,497
2,046
-6,095
1,832
-4,904
134,118
419
31,226
21,419

7,125
1,101
-2,620
-28
-653
1,873
255
28,575
258
-21,636
12,625

37,968'
405
925'
-36
-1,858
469
-1,059
33,960
360'
4,802'
2,564

10,427'
482
1,712
194
-1,075
-869
-379
10,728
-146'
-114

11,476
367
-1,616
-246
-130
1,168
-430
10,135
381
1,847
1,835

4,945'
119
-621'
-55
-715
-349
478
5,436'
-47'
699'
3,428

4,934'
162
-1,878'
127
434
796
94
16,077
155'
-11,033'
1,158

-13,818'
434
1,413
140
-138
181
121
-11,064'
-473
-4,432'
1,218

-412
19
82
6
-104
77
-8
7,991
242
-8,717
4,986

33,544
-15
21,963
11,596
214,788
166,377
677

69,669
518
68,312
839
68,100
-5,955
2,222
1,166

-6,949
11
-7,571
611
31,104
-14,373
2,073
-1,973

7,442'
106
7,256'
80
4,267'
-932
373
85

-1,692'
142
-2,843'
1,009
8,607'
2,260
106
57

-11,366
-119
-11,602
355
3,472
-13,040
102
-1,466

-9,284'
52
-8,799'
-537
21,335
7,262
901
-281

10,104'
95
8,363'
1,646
-13,410'
-14,185
472'
245

-1,388'
-29
-1,363'
4
17,526
3,905
286'
-859

4,985

2,952
2,555

1,003
732
-2

71
80
-3

294
280

425
391
0

-262
-220
-2

-326
-321
0

406
316
0

760
566
0

351,360
201,140
150,220

336,215
69,198
267,017

44,005
11,930
32,075

52,699'
4,810'
47,889'

17,391'
6,496'
10,895'

4,053
8,287
-4,234

21,044'
12,450'
8,594'

3,503'
-5,873'
9,376'

2,965'
11,318'
-8,353'

12,440
-14,252
26,692

9,041
249

2,063
2,027

5,501
2,058

743
438

1,548
23

2,177
253

965
844

1,020'
147

611
366

728
448

3
4
5
6
7
8
9
10
11
12
13

Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man3
Other Europe and former U.S.S.R
Canada

14
15
16
17
18
19
20
21

Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other

22 Nonmonetary international and regional organizations
23
International
24 Latin American Caribbean regional

-2,178
719
-26

5,830
-857
2,181
1,685
312
388

MEMO

25 Foreign countries
26
Official institutions
27
Other foreign
Oil-exporting countries
28 Middle East4
29 Africas

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.

3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.

56

Federal Reserve Bulletin Statistical Supplement • July 2006

3.28

FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2005
Item

2003

2004

2006

2005
Dec.

Jan.

Feb.

Mar.

Apr.

May

74.18
2.1587
1.1489
8.0512
6.2514
1.1940
7.7593
44.23
117.86
3.7276
10.484
67.35
6.7526
1.6286
6.1153
969.84
102.194
7.8226
1.3052
32.319
39.343
174.80
2,144.62

72.66
2.1528
1.1573
8.0350
6.2025
1.2028
7.7591
44.34
117.28
3.7040
10.749
63.42
6.6317
1.6211
6.2436
974.71
102.648
7.8109
1.3050
32.459
38.947
174.42
2,144.60

73.69
2.1281
1.1441
8.0143
6.0798
1.2273
7.7561
44.82
117.07
3.6626
11.049
62.20
6.3922
1.6008
6.0811
952.60
102.635
7.6005
1.2830
32.288
37.952
176.80
2,144.60

76.39
2.1697
1.1100
8.0131
5.8398
1.2767
7.7538
45.20
111.73
3.6091
11.091
63.11
6.1040
1.5755
6.3128
940.82
102.838
7.3050
1.2190
31.737
37.947
186.87
2,144.55

Exchange rates
COUNTRY/CURRENCY UNIT

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3
Hong Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar

65.24
3.0750
1.4008
8.2772
6.5774
1.1321
7.7875
46.59
115.94
3.8000
10.793
58.22
7.0803
1.7429
7.5550
1,192.08
96.541
8.0787
1.3450
34.405
41.556
163.47
1,613.43

73.65
2.9262
1.3017
8.2768
5.9891
1.2438
7.7891
45.26
108.15
3.8000
11.290
66.43
6.7399
1.6902
6.4402
1,145.24
101.268
7.3480
1.2428
33.372
40.271
183.30
1,886.13

76.27
2.4352
1.2115
8.1936
5.9953
1.2449
7.7775
44.00
110.11
3.7869
10.894
70.49
6.4412
1.6639
6.3606
1,023.75
100.383
7.4710
1.2459
32.131
40.252
182.04
2,107.13

74.23
2.2809
1.1615
8.0755
6.2844
1.1861
7.7531
45.56
118.46
3.7780
10.627
69.47
6.7242
1.6738
6.3480
1,022.38
101.977
7.9518
1.3053
33.286
41.076
174.58
2,144.62

75.05
2.2666
1.1572
8.0654
6.1530
1.2126
7.7537
44.20
115.48
3.7530
10.542
68.72
6.6287
1.6310
6.0760
981.44
102.016
7.6697
1.2773
32.035
39.519
176.86
2,144.64
Indexes4

NOMINAL

24 Broad (January 1997=100)s
25 Major currencies (March 1973=100)°
26 Other important trading partners (January
1997=100)7

119.09
93.00

113.59
85.37

110.81
83.78

111.79
85.83

110.18
84.44

110.46
85.22

110.63
85.17

109.83
84.05

107.45
80.78

143.54

143.39

138.90

137.72

136.02

135.35

135.88

135.80

135.56

104.47'
97.56

99.83'
90.60

98.29'
90.50

98.89'
92.77

97.98'
91.95

98.07'
92.94

98.62'
93.00

98.43'
92.05'

96.60
88.62

123.23'

121.86'

118.07

116.26'

115.16'

114.00'

115.27'

116.14'

116.49

REAL

27 Broad (March 1973=100)s
28 Major currencies (March 1973=100)s
29 Other important trading partners (March
1973=100)7

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at
www.federalreserve.gov/releases.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564

Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds

1,936.27 Italian lire
40.3399 Luxembourg francs
2.20371 Netherlands guilders
200.482 Portuguese escudos
166.386 Spanish pesetas

4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Reuters Limited.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Reuters Limited.

57

Guide to Special Tables
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title, Table Number, and Reporting Date for Data

Issue

Page

Reference

Assets and liabilities of commercial banks, 4.20
March 31,2005
June 30, 2005
September 30, 2005
December 31,2005
March 31,2006

June
September
December
March
June

2005
2005
2005
2006
2006

58
58
58
58
58

Supplement
Supplement
Supplement
Supplement
Supplement

Terms of lending at commercial banks, 4.23
May 2005
August 2005
November 2005
February 2006

August
November
February
May

2005
2005
2006
2006

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30
March 31,2005
June 30, 2005
September 30,2005
December 31,2005

August
November
February
May

2005
2005
2006
2006

64
64
64
64

Supplement
Supplement
Supplement
Supplement

August 2001
October 2001
January 2002

A76
A64
A64

Bulletin
Bulletin
Bulletin

September 2002
September 2003
September 2004

A58
A58
58

Bulletin
Bulletin
Supplement

September 2002
September 2003
September 2004

A67
A67
67

Bulletin
Bulletin
Supplement

September
September
September
September

2002
2003
2004
2005

A70
A70
70
60

Bulletin
Bulletin
Supplement
Supplement

September
September
September
September

2002
2003
2004
2005

A73
A73
73
63

Bulletin
Bulletin
Supplement
Supplement

Pro forma financial statements for Federal Reserve priced services, 4.31*
March 31,2001
June 30, 2001
September 30, 2001
Residential lending reported under the Home Mortgage Disclosure Act,
1989-2001
1990-2002
1991-2003
Disposition of applications for private mortgage insurance,
1998-2001
1999-2002
2000-2003
Small loans to businesses and farms,
1996-2001
1996-2002
1997-2003
1998-2004

4.34-4.411

4.42-4.45

4.46-4.48

Community development lending reported under the Community Reinvestment Act, 4.49
2001
2002
2003
2004

*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).

58

Index to Statistical Tables
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15-21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21
Commercial and industrial loans, 15-21
Consumer loans held, by type and terms, 34
Real estate mortgages held, by holder and property, 33
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4—6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)

Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35-39
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 45, 48^19, 52-53
Liabilities to, 45^17, 50-51, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22
International capital transactions of United States, 44—55
International organizations, 45, 46^17, 48, 50-55
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Insured or guaranteed by United States, 32, 33

EURO, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33
Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10

MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)

OPEN market transactions, 9

Index to Statistical Tables

PRICES
Stock market, 24
Prime rate, 22
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit, 34
SAVING
Flow of funds, 33, 34, 35-39
Savings deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-39
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23

Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44-55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)

59

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