Full text of Statistical Supplement to the Federal Reserve Bulletin : July 2008

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Volume 5 • Number 7 • July 2008

Statistical Supplement
to the Federal Reserve

BULLETIN

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

PUBLICATIONS C O M M I T T E E

Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole
• Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan
• Stephen R. Malphrus • Louise L. Roseman • David J. Stockton

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

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

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

Financial and Business Statistics:
Table of Contents
These tables reflect the data available as of the second
week of July 2008.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Factors affecting reserve balances of depository
institutions
6 Reserves and borrowings—Depository
institutions
Policy

Instruments

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

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

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

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

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

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

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

Consumer Credit
34 Total outstanding
34 Terms

Flow of Funds
35
37
38
39

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

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

DOMESTIC NONFINANCIAL STATISTICS
Selected

Measures

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

2

Federal Reserve Bulletin Statistical Supplement • July 2008

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

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

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

Interest and Exchange Rates
56 Foreign exchange rates and indexes of the foreign
exchange value of the U.S. dollar
5 7 GUIDE TO SPECIAL

TABLES

5 8 INDEX TO STATISTICAL

TABLES

60 FEDERAL RESERVE BOARD

PUBLICATIONS

62 ANTICIPATED
FOR PERIODIC

SCHEDULE
OF RELEASE
STATISTICAL
RELEASES

6 4 PUBLICATIONS

OF

DATES

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
1.10

Federal Reserve Bulletin Statistical Supplement • July 2008
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1

Monetary or credit aggregate
Q2

Apr.

2

Reserves of depository institutions
1 Total
2 Required
3 Monetary base3
Concepts of money*
4 Ml
5 M2

6.6
6.2

1.2
-9.8
2.0

.9
6.2

-1.4

-5.3

5.1
1.0

4.7

4.4
-.1
-.4

1.0
-1.1

-15.6
-12.4
-2.8

18.3
16.5
1.6

41.5
6.3
6.5

-19.7
9.8
-3.8
-3.5

1.4
9.5

1.0
5.0

.8
8.0

4.8'
17.0

1.9
12.4

7.6
4.0p

2.7
3.4

2.4

16.3
1.6

16.4
-9.2'

2.4

Nontransaction components
6 In M2S
Time and savings deposits
Commercial banks
Savings, including MMDAs . .
Small time1"
Thrift institutions
9
Savings, including MMDAs . .
10
Small time8

26.3
11.8

Money market mutual funds
11 Retail7
12 Institution-only

13.2
28.4

7
8

6.7
5.4
-4.5
-3.4

21.0
39.8

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

4.6
23.9
-4.1
-26.2

7.0
-.9

20.4
54.2

38.9
46.8

-4.3

1.2

29.6
27.0

3.2'
11.1
14.2

34.7
30.6

9.6
.0
62.2
87.7

22.0

-13.2

33.2
44.0

1.0
-9.1
5.4
-2.4

22.4
22.8

depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted Ml.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
7. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.

Money Stock and Bank Credit
1.11

5

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

Average of daily figures for week ending on date indicated

Apr.

Mar. 19

Mar. 26

Apr. 2

Apr. 9

Apr. 16

Apr. 23

Apr. 31

866,674
560,817
560,817
81,828
435,765
38,437
4,787
0
99,179
100,000
42,761
10,182
0
17
32,562
0
-707
64,624
11,041
2,200
38,693

867,276
548,622
548,622
70,317
435,051
38,437
4,817
0
106,964
100,000
32,663
7,841
0
18
24,804
0
-1,440
80,467
11,041
2,200
38,707

868,356
548,651
548,651
70,317
435,051
38,437
4,846
0
107,786
100,000
33,390
10,731
0
26
22,634
0
-1,856
80,385
11,041
2,200
38,721

864,518
548,680
548,680
70,317
434,946
38,542
4,875
0
107,536
100,000
30,183
11,588
0
25
18,571
0
-1,674
79,793
11,041
2,200
38,735

SUPPLYING RESERVE FUNDS

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

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
Term auction credit
Other loans
Primary credit
Secondary credit
Seasonal credit
Primary dealer credit facility
Other credit extensions
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding

22
23
24
25
26
27

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 .

864,137
713,367
713,367
200,360
470,010
38,437
4,560
0
33,871
60,000
172
169
0
3
0
0
-1,177
57,905
11,041
2,200
38,680

873,331
665,419
665,419
156,980
465,343
38,437
4,659
0
68,121
75,484
19,257
1,186
0
5
16,817
1,248
-1,364
46,414
11,041
2,200
38,679

866,961
553,829
553,829
74,514
436,026
38,461
4,827
0
103,542
100,000
35,403
10,050
0
20
25,333
0
-1,322
75,509
11,041
2,200
38,712

878,875
676,894
676,894
165,216
468,581
38,437
4,660
0
61,107
80,000
19,049
81
0
7
13,433
5,529
-1,567
43,392
11,041
2,200
38,679

869,344
628,977
628,977
124,375
461,457
38,437
4,708
0
84,821
80,000
33,481
550
6
32,923
0
-1,349
43,413
11,041
2,200
38,679

875,694
589,085
589,085
92,985
452,909
38,437
4,755
0
77,500
100,000
45,139
7,013
0
7
38,118
0
-1,092
65,062
11,041
2,200
38,679

814,627
38,260
38,260
0
271

816,504
41,205
40,229
976
283

813,741
39,548
39,423
125
344

816,969
40,710
39,674
1,036
273

816,856
40,706
40,706
0
297

815,572
41,696
37,874
3,821
335

815,103
38,917
38,917
0
354

813,908
40,047
40,047
0
357

812,832
40,046
40,046
0
351

812,412
39,379
39,379
0
316

12,018
4,830
98
6,777
6,777
0
313
42,658
8,223

12,323
5,150
103
6,799
6,799
0
270
44,647
10,290

12,855
5,328
99
7,106
7,106
0
322
44,200
8,226

12,271
5,152
103
6,753
6,753
0
264
44,734
15,838

12,854
5,729
118
6,754
6,754
0
254
44,535
6,016

12,571
5,158
98
7,047
7,047
0
268
44,905
12,536

12,620
5,127
98
7,045
7,045
0
350
44,975
6,639

12,312
4,745
97
7,154
7,154
0
316
44,957
7,645

13,000
5,437
102
7,150
7,150
0
310
44,017
10,072

13,225
5,721
100
7,091
7,091
0
313
42,827
8,336

ABSORBING RESERVE FUNDS

28
29
30
31
32
33
34
35

End-of-month figures

Wednesday figures
Apr.

Apr. 2

Apr. 9

Apr. 16

Apr. 23

Apr. 30

SUPPLYING RESERVE FUNDS

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

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
Term auction credit
Other loans
Primary credit
Secondary credit
Seasonal credit
Primary dealer credit facility
Other credit extensions
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding

22
23
24
25
26
27

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 .

876,155
713,353
713,353
200,360
470,010
38,437
4,547
0
61,750
60,000
770
767
0
2
0
0
-1,085
41,367
11,041
2,200
38,680

882,556
591,234
591,234
92,985
455,052
38 437
4,760
0
76,000
100,000
51,034
11,285
0
6
39,743
0
-555
64,843
11,041
2,200
38,679

871,340
548,692
548,692
70,317
434,317
39,171
4,887
0
115,500
100,000
29,763
11,964
0
24
17,775
0
-1,724
79,108
11,041
2,200
38,735

872,784
660,484
660,484
152,360
465,010
38 437
4,678
0
62,000
80,000
28,925
120
0
6
28,800
0
-1,780
43,154
11,041
2,200
38,679

878,550
612,305
612,305
114,091
455,052
38,437
4,726
0
106,750
80,000
37,607
579
0
6
37,023
0
-1,873
43,760
11,041
2,200
38,679

867,648
581,240
581,240
92,985
445,050
38,437
4,769
0
76,000
100,000
44,796
10,341
0
12
34,443
0
1,452
64,159
11,041
2,200
38,679

877,273
560,114
560,114
81,828
435,051
38 437
4,798
0
120,000
100,000
33,838
7,343
0
16
26,479
0
-1,679
64,999
11,041
2,200
38,693

865,851
548,632
548,632
70,317
435,051
38,437
4,827
0
104,250
100,000
34,508
8,831
0
22
25,655
0
-2,396
80,857
11,041
2,200
38,707

868,775
548,661
548,661
70,317
435,051
38 437
4,857
0
109,500
100,000
32,043
13,462
0
25
18,555
0
-2,170
80,741
11,041
2,200
38,721

871,340
548,692
548,692
70,317
434,317
39,171
4,887
0
115,500
100,000
29,763
11,964
0
24
17,775
0
-1,724
79,108
11,041
2,200
38,735

815,028
43,279
43,279
0
261

815,219
44,101
39,101
5,000
331

814,089
40,704
40,704
0
281

818,277
46,143
38,893
7,250
291

817,662
40,822
40,822
0
331

816,550
41,061
37,311
3,750
354

815,886
38,779
38,779
0
357

814,486
40,659
40,659
0
356

813,622
39,912
39,912
0
322

814,089
40,704
40,704
0
281

11,528
4,424
96
6,750
6,750
0
258
44,347
13,632

12,935
5,552
98
7,047
7,047
0
238
45,358
16,531

12,437
4,955
106
7,091
7,091
0
285
42,525
13,280

12,503
5,364
99
6,753
6,753
0
288
44,213
3,276

12,197
4,944
239
6,754
6,754
0
261
44,645
14,812

13,470
6,013
98
7,047
7,047
0
312
43,680
4,452

10,898
3,437
100
7,045
7,045
0
317
44,605
18,682

12,180
4,614
97
7,154
7,154
0
315
44,389
5,730

13,141
5,570
118
7,150
7,150
0
302
43,789
9,951

12,437
4,955
106
7,091
7,091
0
285
42,525
13,280

ABSORBING RESERVE FUNDS

28
29
30
31
32
33
34
35

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 2008

1.12

RESERVES AND BORROWINGS

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

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

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
Secondary
Seasonal
Term auction credit
Primary dealer credit facility
Other credit extensions

2008

2005

2006

2007

2007

Dec.

Dec.

Dec.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

10,047
51,314
35,337
15,977
45,384
43,483
1,900
169
97
0
72
n.a.
n.a.
n.a.

8,480
50,897
34,803
16,094
43,283
41,420
1,863
191
111
0
80
n.a.
n.a.
n.a.

8,200
52,161
34,521
17,640
42,721
40,946
1,775
15,430
3,787
1
30
11,613
n.a.
n.a.

8,288
49,755
33,213
16,542
41,501
40,040
1,462
254
126
13
115
n.a.
n.a.
n.a.

8,539
48,996
33,343
15,652
41,882
40,178
1,704
366
315
0
50
n.a.
n.a.
n.a.

8,200
52,161
34,521
17,640
42,721
40,946
1,775
15,430
3,787
1
30
11,613
n.a.
n.a.

8,724
53,162
35,329
17,833
44,053
42,410
1,643
45,660
1,137
0
6
44,516
n.a.
n.a.

8,159
53,650
34,597
19,053
42,756
41,027
1,728
60,157
155
0
3
60,000
n.a.
n.a.

9,759
50,445
32,919
17,526
42,678
39,685
2,993
94,523
1,617
0
6
75,484
16,168
1,249

9,257
49,314
34,220
15,094
43,477
41,550
1,927
135,410
9,624
0
21
100,000
25,764
0

B weekly averages of daily figures for two-week periods ending on dates indicated
2008

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

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
Secondary
Seasonal
Term auction credit
Primary dealer credit facility
Other credit extensions

Jan. 2

Jan. 16

Jan. 30

Feb. 13

Feb. 27

Mar. 12

Mar. 26

Apr. 9

Apr. 23

May 7

9,500
53,828
37,225
16,603
46,725
44,334
2,391
35,308
5,286
0
21
30,000
n.a.
n.a.

7,939
51,444
32,046
19,399
39,985
38,247
1,737
41,377
1,371
0
6
40,000
n.a.
n.a.

9,498
54,544
38,469
16,075
47,967
46,528
1,439
50,390
385
0
5
50,000
n.a.
n.a.

7,315
56,556
33,552
23,004
40,867
39,193
1,674
60,102
101
0
1
60,000
n.a.
n.a.

8,899
51,577
35,926
15,651
44,825
43,002
1,823
60,198
195
0
4
60,000
n.a.
n.a.

8,468
49,271
32,082
17,189
40,549
39,132
1,417
60,231
227
0
3
60,000
n.a.
n.a.

10,928
51,780
33,596
18,185
44,523
39,901
4,622
106,265
316
1
7
80,000
23,178
2,765

9,588
49,525
33,037
16,488
42,625
40,411
2,214
143,950
8,598
0
12
100,000
35,340
0

8,859
49,367
34,401
14,966
43,260
41,544
1,715
133,027
9,286
0
22
100,000
23,719
0

9,629
48,940
35,380
13,560
45,009
43,028
1,981
129,196
11,622
0
31
100,000
17,544
0

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
1.14

FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Primary credit1

L l—U-Ll i l l

l\.\_i\_l

Secondary credit2

Seasona credit3

VL-

Bank

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
"hicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

On
8/1/08

Effective date

Previous rate

5/1/08
4/30/08
5/1/08
4/30/08
5/1/08
4/30/08

2.50
i

2.25
i

4/30/08
5/1/08
5/1/08
4/30/08
5/1/08
4/30/08

2.25

On
8/1/08
2.75

1

2.50

2.75

Effective date

Previous rate

5/1/08
4/30/08
5/1/08
4/30/08
5/1/08
4/30/08

3.00
i

4/30/08
5/1/08
5/1/08
4/30/08
5/1/08
4/30/08

On
8/1/08

Effective date

Previous rate

2.40

7/3/08

2.35

i

1

3.00

1

2.40

7/3/08

2.35

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

F.R. Bank
of
N.Y.

2.25

2.25

2003—June 25
26

2.00-2.25
2.00

2.00
2.00

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

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

2.25
2.25
2.50
2.50
2.75
2.75
3.00
3.00
3.25
3.25

2005—Feb.

3.25-3.50
3.50
3.50-3.75
3.75
3.75-4.00
4.00
4.00-4.25
4.25
4.25-4.50

3.50
3.50
3.75
3.75
4.00
4.00
4.25
4.25
4.50

Effective date

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

2
3
Mar. 22
24
May 3
4
June 30
July 1
Aug. 9

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2005—Aug. 10
Sept. 20
22
Nov. 1
2
Dec. 13
14

4.50
4.50^1.75
4.75
4.75-5.00
5.00
5.00-5.25
5.25

4.50
4.75
4.75
5.00
5.00
5.25
5.25

2006—Jan. 31
Feb. 2
Mar. 28
30
May 10
11
June 29
July 6

5.25-5.50
5.50
5.50-5.75
5.75
5.75-6.00
6.00
6.00-6.25
6.25

5.50
5.50
5.75
5.75
6.00
6.00
6.25
6.25

2007—Aug. 17
20
Sept. 18
20
Oct. 31
Nov. 1
Dec. 11
13

5.75-6.25
5.75
5.25-5.75
5.25
5.00-5.25
5.00
4.75-5.00
4.75

5.75
5.75
5.25
5.25
5.00
5.00
4.75
4.75

Effective date

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

4.00^1.75
4.00
3.50^1.00
3.50
3.25-3.50
2.50-3.50
2.50
2.25-2.50
2.25

4.00
4.00
3.50
3.50
3.25
2.50
2.50
2.25
2.25

2.25

2.25

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

2008—Jan. 22
24
30
31
Mar. 17
18
20
Apr. 30
May 1
In effect August 1, 2008

Range of rates for adjustment credit in recent years4
Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

In effect Dec. 31, 1995

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

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
4.00^1.50
4.00
3.50^1.00
3.50

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

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 2008
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirement
Type of liability
Percentage of
liabilities

Effective date

0
3
10

12/21/07
12/21/07
12/21/07

4 Nonpersonal time deposits

0

12/27/90

5 Eurocurrency liabilities

0

12/27/90

Net transaction accounts*
1 $0 million-$9.3 million2
2 More than $9.3 million-$43.9 million3
3 More than $43.9 million

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 TRANSACTIONS'
Millions of dollars

Type of transaction
and maturity
Sept.
2

U.S. TREASURY SECURITIES

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

8,300
0
871,661
871,661
0

5,748
0
905,206
905,206
0

0
0
839,688
839,688
49,178

0
62,083
62,083
0

0
0
62,143
62,143
0

0
83,590
83,590
0

0
24,580
24,580
39,178

0
0
35,011
35,011
27,481

0
0
58,896
58,896
0

0
81,398
23,501
23,501
25,977

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

4,967
0
0
0
10,552

2,211
0
0
0
1,236

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
-552

0
0
0
0
0

0
0
0
0
0

11,309
0
-91,121
97,723

26,354
0
0

7,539
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

3,626
0
-7,041
7,375

4,322
0

290
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

2,007
0
-11,395
3,000

3,299
0
0
0

640
0
0
0

0
0
0
0

0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

28,136
0
2,795

44,690
0
10,552

10,680
0
50,415

0
0
0

0
0
39,178

0
0
26,929

0
0
0

0
96,356
25,977

2,097,050

2,125,500

2,596,750

236,500
230,250

268,750
265,000

318,750
319,750

249,250
250,250

203,500
224,500

256,250
220,000

233,750
219,500

6,421,223
6,420,945

6,779,023
6,778,132

8,662,508
8,676,879

669,935
669,850

786,360
788,726

715,682
713,543

761,133
769,202

830,931
826,520

770,268
773,973

861,490
862,311

Net change in temporary transactions

14,028

-5,110

-8,621

6,334

1,385

1,139

-9,070

32,545

13,429

Total net change in System Open Market Account

39,369

29,029

^18,355

6,334

1,385

1,139

-48,248

^13,517

32,545

-108,905

26 Net change in U.S. Treasury securities . . . .
FEDERAL AGENCY OBLIGATIONS

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

Repurchase agreements^
Gross purchases
Gross sales
Matched sale-purchase agreements
i Gross purchases
• Gross sales
Reverse repurchase agreements*
Gross purchases
Gross sales

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 2008
FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements'

Millions of dollars
End of month

Apr. 2

Apr. 9

Apr. 16

Apr. 23

Apr. 30

Apr.

Consolidated condition statement
ASSETS
11,037
2,200
1,340

11,037
2,200
1,356

11,037
2,200
1,381

11,037
2,200
1,422

11,037
2,200
1,460

11,037
2,200
1,374

11,037
2,200
1,346

11,037
2,200
1,460

802,036
581,240
581,240
92,985
445,050
38,437
4,769
0
76,000
100,000
44,796
4,733
2,145
61,911
45,833
16,077

813,953
560,114
560,114
81,828
435,051
38,437
4,798
0
120,000
100,000
33,838
1,361
2,142
62,864
46,383
16,480

787,390
548,632
548,632
70,317
435,051
38,437
4,827
0
104,250
100,000
34,508
1,480
2,143
78,573
62,091
16,481

790,204
548,661
548,661
70,317
435,051
38,437
4,857
0
109,500
100,000
32,043
2,209
2,146
78,591
61,595
16,996

793,955
548,692
548,692
70,317
434,317
39,171
4,887
0
115,500
100,000
29,763
1,352
2,158
76,879
60,052
16,827

835,873
713,353
713,353
200,360
470,010
38,437
4,547
0
61,750
60,000
770
1,344
2,144
39,097
24,210
14,887

818,268
591,234
591,234
92,985
455,052
38,437
4,760
0
76,000
100,000
51,034
1,394
2,155
63,250
46,600
16,649

793,955
548,692
548,692
70,317
434,317
39,171
4,887
0
115,500
100,000
29,763
1,352
2,158
76,879
60,052
16,827

885,401

894,912

884,203

887,810

889,040

893,069

899,650

889,040

779,560
41,061
17,840
11,417
6,013
98
312
3,260
3,734

778,902
38,779
29,609
25,756
3,437
100
317
3,018
3,992

777,511
40,659
17,769
12,743
4,614
97
315
3,875
4,356

776,641
39,912
23,090
17,100
5,570
118
302
4,378
4,158

777,090
40,704
25,645
20,299
4,955
106
285
3,075
2,994

777,979
43,279
25,035
20,257
4,424
96
258
2,429
4,465

778,213
44,101
30,050
24,162
5,552
98
238
1,927
4,031

777,090
40,704
25,645
20,299
4,955
106
285
3,075
2,994

845,455

854,300

844,170

848,179

849,509

853,187

858,323

849,509

31 Capital paid in
32 Surplus
33 Other capital accounts

19,548
18,471
1,927

19,551
18,471
2,590

19,585
18,471
1,977

19,603
18,472
1,557

19,606
18,476
1,449

19,395
18,458
2,030

19,549
18,466
3,312

19,606
18,476
1,449

34 Total capital

39,946

40,612

40,033

39,631

39,531

39,882

41,327

39,531

2,214,586
1,305,880
908,707
92,658
17,658
75,000

2,226,745
1,320,380
906,365
112,164
12,164
100,000

2,251,725
1,329,060
922,665
143,814
9,864
133,950

2,254,015
1,327,918
926,097
175,907
16,958
158,949

2,281,398
1,346,611
934,787
166,585
23,176
143,409

2,152,860
1,283,209
869,651
19,260
19,260
0

2,217,937
1,309,300
908,637
97,791
22,791
75,000

2,281,398
1,346,611
934,787
166,585
23,176
143,409

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

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

20 Total assets
LIABILITIES

21
22
23
24
25
26
27
28
29

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

30 Total liabilities
CAPITAL ACCOUNTS

MEMO

35 Marketable securities held in custody for foreign official
and international accounts3-10
36
U.S. Treasury
37
Federal agency
38 Securities lent to dealers
39
Overnight facility"
40
Term facility12

Federal Reserve notes and collateral statement
41 Federal Reserve notes outstanding
42
Less: Notes held by F.R. Banks not
subject to collateralization
43
Federal Reserve notes to be collateralized
44 Collateral held against Federal Reserve notes
45
Gold certificate account
46
Special drawing rights certificate account
47
U.S. Treasury and agency securities pledged13
48
Other assets pledged

988,396

986,521

984,984

983,589

982,429

995,293

990,054

982,429

208,836
779,560
779,560
11,037
2,200
616,138
150,185

207,620
778,902
778,902
11,037
2,200
641,294
124,371

207,472
777,511
777,511
11,037
2,200
612,170
152,104

206,949
776,641
776,641
11,037
2,200
618,188
145,216

205,339
777,090
777,090
11,037
2,200
623,410
140,443

217,314
777,979
777,979
11,037
2,200
731,765
32,977

211,841
778,213
778,213
11,037
2,200
623,091
141,886

205,339
777,090
777,090
11,037
2,200
623,410
140,443

657,240

680,114

652,882

658,161

664,192

775,103

667,234

664,192

41,102

38,820

40,712

39,974

40,782

43,338

44,143

40,782

616,138

641,294

612,170

618,188

623,410

731,765

623,091

623,410

MEMO

49 Total U.S. Treasury and agency securities13
50
Less: Face value of securities under reverse repurchase
agreements14
51
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. Fully collateralized by U.S. Treasury securities.
12. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly
rated non-agency asset-backed and mortgage-backed securities.
13. 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.
14. Face value of agreements, which are fully collateralized by U.S. Treasury securities.

Federal Reserve Banks
1.19

FEDERAL RESERVE BANKS

Maturity Distribution of Loans and Securities

Millions of dollars
End of month
Type of holding and remaining maturity
Apr. 2

Apr. 9

Apr. 16

Apr. 23

Apr. 30

Apr.

100,000

100,000

100,000

100,000

60,000

100,000

100,000

2 Within 15 days . . .
3 16 days to 90 days

50.000
50,000

100,000
0

50,000
50,000

100,000

50,000
50,000

30,000
30,000

50,000
50,000

50,000
50,000

4 Other loans

44,796

33,838

29,763

770

5 Within 15 days
6 16 days to 90 days
7 91 days to 1 year .

39,999
4,797
0

27,087

28,151
6,357

21,933
10,109

18,962

769

581,240

560,114

548,632

548,661

548,692

30,277
61,816
99,009
206,888

24,625
47,894
99,957
195,968
85,901
94,287

22,157
50,884
99,437
195,977
85,907
94,299

30,495
38,195
102,339
197,438
85,914

1 Term auction credit . .

8 Total U.S. Treasury securities'

6,751
0

29,763
48,796
2,239

18,962

713,353

591,234

548,692

22,667
64,064
104,370
216,888
88,985
94,260

30,495
38,195
102,339
197,438
85,914

10,801
0

10,801
0

94,263

26,342
54,594
99,011
196,898
88,993
94,275

94,311

28,501
133,187
137,565
230,989
88,937
94,173

15 Total repurchase agreements2 . .

76,000

120,000

104,250

109,500

115,500

61,750

76,000

115,500

16 Within 15 days

61,000
15,000

85,000
35,000

64,250
40,000

69,500
40,000

75,500
40,000

61,750
0

46,000
30,000

75,500
40,000

41,061

38,779

40,659

39,912

40,704

43,279

44,101

40,704

41,061
0

38,779

40,659
0

39,912
0

40,704

43,279
0

44,101
0

40,704

9
10
11
12
13
14

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

94,311

17 16 days to 90 days
18 Total reverse repurchase agreements2 . .

19 Within 15 days
20 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.

2. Cash value of agreements.

11

12

Federal Reserve Bulletin Statistical Supplement • July 2008

1.20

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

2004
Dec.

2005
Dec.

2006
Dec.

2007
Dec.
Sept.

Apr.
Seasonally adjusted

ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2

1
2
3
4

Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5

46.55
46.49
44.64
759.17

45.14
44.97
43.24
787.30

43.34
43.15
41.48
811.73

42.69
27.26
40.92
823.37

42.67
41.10
40.93
821.97

42.44
42.18
40.98
824.65

42.66
42.29
40.95
825.46

42.69
27.26
40.92
823.37

42.14
-3.52
40.50
821.42

42.78
-17.38
41.05
822.51

44.26
-50.26
41.27
827.00

43.53
-91.88
41.61
824.41

Not seasonally adjusted
5
6
7
8

Total reserves'"
Nonborrowed reserves .
Required reserves7
Monetary bases

46.52
46.46
44.61
764.66

45.14
44.97
43.24
793.38

43.36
43.17
41.50
818.40

42.74
27.31
40.96
829.86

42.29
40.72
40.56
819.97

41.56
41.30
40.09
821.85

41.94
41.57
40.23
826.63

42.74
27.31
40.96
829.86

44.03
-1.63
42.38
824.42

42.75
-17.40
41.02
821.87

42.67
-51.85
39.68
825.56

43.46
-91.95
41.53
823.38

46.85
46.79
44.94
774.77
1.91
.06

45.38
45.22
43.48
802.30
1.90
.17

43.28
43.09
41.42
825.29
1.86
.19

42.72
27.29
40.95
836.45
1.78
15.43

42.24
40.67
40.50
826.56
1.73
1.57

41.50
41.25
40.04
828.38
1.46
.25

41.88
41.52
40.18
833.09
1.70
.37

42.72
27.29
40.95
836.45
1.78
15.43

44.05
-1.61
42.41
831.11
1.64
45.66

42.76
-17.40
41.03
828.64
1.73
60.16

42.68
-51.85
39.69
832.36
2.99
94.52

43.48
-91.93
41.55
830.50
1.93
135.41

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9

9
10
11
12
13
14

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

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

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

Monetary and Credit Aggregates
1.21

MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures

2004
Dec.

2005
Dec.

2006
Dec.

2007
Dec.
Apr.
Seasonally adjusted

Measures2
1 Ml
2 M2
3 M3

1.376.3
6,419.4
9,433.0

1,374.5
6,689.9
10,154.0

1,366.5
7,032.3
n.a.

1,366.1
7,430.6
n .a.

1,367.0
7,480.1
n.a.

1,372.5'
7,586.1'
n.a.

1,374.7'
7,664.5'
n.a.

1,370.7
7,679.7
n.a.

697.6
7.5
343.2
328.0

723.9
7.2
324.9
318.5

748.9
6.7
305.9
305.0

758.7
6.3
294.9
306.2

757.8
6.2
294.8
308.2

758.7
6.2
295.3
312.4

761.8
6.2
297.0
309.7

759.8
6.2
293.7
311.1

5,043.0
3,011.1

5,315.5
3,478.5

5,665.7
n.a.

6,064.5
n .a.

6,113.1
n.a.

6,213.5'
n.a.

6,289.8'
n.a.

6,309.0
n.a.

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

2,631.0
551.2
909.3

2,771.5
644.9
1,122.9

2,904.0
759.2
n.a.

3,034.2
822.7
n .a.

3,040.3
824.9P
n.a.

3,081.7
826.0'
n.a.

3,123.9
819.7'
n.a.

3,126.4
813.5
n.a.

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

887.3
278.8
161.5

849.9
351.3
230.7

792.6
412.2
n.a.

853.2
395.8
n .a.

861.1
400.5
n.a.

868.0
400.5
n.a.

883.9
396.1
n.a.

887.9
395.3
n.a.

694.7
1,085.2

697.8
1,149.5

797.7
1,347.3

958.6
1,882.0

986.3
1,930.0

1,037.4
2,071.1

1,066.1
2,147.1

1,086.0
2,187.9

492.6
379.1

564.3
423.9

n.a.
n.a.

n .a.
n .a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

4
5
6
7

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Nontransaction components
8 In M27
9 In M3 onlys

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

Not seasons lly adjusted
2

Measures
20 Ml
21 M2
22 M3

1,401.3
6,449.2
9,482.2

1,396.5
6,719.9
10,201.4

1,387.3
7,068.0
n.a.

1,385.7
7,468.7

1,364.0
7,466.0'

1,351.2'
7,553.8'
n.a.

1,384.2'
7,695.6'

1,386.9
7,741.1

702.4
7.5
358.6
332.8

728.9
7.2
337.7
322.8

754.5
6.7
316.7
309.3

763.8
6.3
304.9
310.9

755.4
6.2
290.0
312.3'

758.7
6.1
281.5
305.0

761.9
6.1
299.2
317.1

759.7
6.1
296.2
324.9

Nontransaction components
27 In M27
28 In M3 onlys

5,047.9
3,025.4

5,323.3
3,488.3

5,680.7
n.a.

6,202.6'
n.a.

6,311.3'
n.a.

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

2,633.2
550.4
903.3

2,776.1
644.1
1,114.4

2,913.1
758.6
n.a.

3,044.0
822.7

3,022.5
824.6

3,066.7
826.1'
n.a.

3,132.8'
819.4'

3,158.8
813.1

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

888.0
278.4
160.4

851.3
350.8
228.9

795.1
411.9
n.a.

855.9
395.8

856.0
400.4

863.7
400.6
n.a.

886.4
396.0
n.a.

897.1
395.1

697.7
1,110.0

701.1
1,175.5

802.0
1,380.1

964.4
1,929.6

998.4
1,973.8

1,045.5
2,091.2

1,076.8
2,145.4

1,090.2
2,162.2

494.6
376.6

566.1
422.0

n.a.
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.

n.a.
n.a.

13

14

Federal Reserve Bulletin Statistical Supplement • July 2008

NOTES TO TABLE 1.21
NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all
the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars)
except for institutional money funds. Measures of large time deposits will continue to be
published by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis and
in the H.8 release on a weekly basis (for commercial banks).
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Monetary and Reserves Analysis 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. do liar-denominated travelers checks ofnonbank 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
Wednesday figures

Monthly averages
Account

2007

2007

June

Dec.

2008

2008
Jan.'

Feb.'

Mar.'

Apr.'

June

June 4

9,390.2
2,468.0
1,095.6
1,372.4
6,922.2
1,496.5
3,654.2
512.2
3,142.0
827.2
293.1
651.3
447.4
306.5
988.8

9,362.0
2,458.7
1,112.5
1,346.2
6,903.4
1,503.6
3,644.9
518.3
3,126.6
831.8
281.0
642.0
454.0
300.0
1,005.3

9,376.1
2,455.8
1,107.4
1,348.4
6,920.3
1,495.9
3,654.8
514.6
3,140.2
826.6
292.5
650.5
452.1
296.9
991.4

May'

June 11

June 18

June 25

9,366.2
2,444.5
1,107.1
1,337.4
6,921.6
1,500.2
3,662.6
516.3
3,146.3
827.0
285.9
646.0
444.1
304.1
991.6

9,350.4
2,452.9
1,114.6
1,338.3
6,897.5
1,500.9
3,647.4
517.2
3,130.3
830.9
284.3
634.0
455.8
308.6
997.1

9,357.2
2,463.0
1,115.4
1,347.6
6,894.2
1,512.4
3,631.3
520.9
3,110.5
836.9
270.3
643.2
471.3
298.1
1,016.7

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

9,204.6'
2,423.7'
1,128.0'
1,295.7'
6,780.9'
1,435.3'
3 576 8'
483.2
3,093.6'
809.3
287.8
671.8
435.9
297.3
958.8

9,267.5
2,429.8
1,103.9
1,325.9
6,837.7
1,452.6
3 592 3
486.9
3,105.4
813.2
301.8
677.9
442.3
300.9
973.7

9,329.2
2,448.7
1,093.6
1,355.0
6,880.6
1,462.6
3 619 3
492.5
3,126.8
814.7
296.3
687.6
457.0
305.2
975.0

9,451.1
2,534.9
1,104.6
1,430.3
6,916.2
1,483.5
3 645 7
498.9
3,146.8
818.0
292.6
676.3
445.5
308.4
1,006.3

10,099.0

10,820.2'

10,902.6

10,981.3

11,123.6

11,061.0

11,035.9

11,020.4

11,017.3

11,006.5

11,012.1

11,042.5

6,315.7
617.9
5,697.8
1,779.3
3 918 5
2,107.7'
443.5'
1,664.1
18.1
602.6

6,656.7
601.1
6,055.6
2,033.5
4 022 1
2,282.0'
501.9'
1,780.1
73.3
659.9'

6,699.3
616.4
6,082.9
2,065.9
4,017.0
2,287.1
505.1
1,782.0
91.7
697.3

6,771.2
617.0
6,154.2
2,094.0
4,060.1
2,286.1
507.6
1,778.5
63.7
703.0

6,850.4
610.8
6,239.6
2,103.5
4,136.1
2,309.8
503.7
1,806.1
50.1
774.3

6,847.7
632.3
6,215.4
2,090.5
4,124.9
2,305.9
494.2
1,811.7
18.9
724.6

6,887.7
613.7
6,274.0
2,113.5
4,160.4
2,325.5
504.4
1,821.1
-21.6
690.9

6,911.2
604.5
6,306.7
2,126.5
4,180.3
2,322.7
502.3
1,820.4
-22.5
671.8

6,898.6
613.2
6,285.4
2,121.8
4,163.6
2,332.0
513.3
1,818.6
-28.8
671.6

6,924.6
612.6
6,312.0
2,128.7
4,183.3
2,317.6
492.3
1,825.3
-21.3
664.7

6,901.9
608.7
6,293.1
2,122.3
4,170.9
2,310.2
506.0
1,804.2
2.1
673.2

6,944.2
600.6
6,343.6
2,129.9
4,213.6
2,331.8
506.8
1,825.0
-55.4
673.5

27 Total liabilities

9,044.1'

9,671.9'

9,775.3

9,823.9

9,984.6

9,897.1

9,882.5

9,883.2

9,873.4

9,885.6

9,887.3

9,894.1

28 Residual (assets less liabilities)5

1,054.9'

1,148.3'

1,127.2

1,157.4

1,139.0

1,163.9

1,153.4

1,137.2

1,143.9

1,120.8

1,124.8

1,148.4

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

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

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

8,622.4
2.290.1
1,164.5
1,125.6
6,332.3
1,266.3'
3 453 7'
465.1
2,988.7'
764.4
266.7
581.1
370.7
292.7
879.6

9,403.0
2,504.6
1,093.5
1,411.1
6,898.4
1,490.0
3 651 2
506.8
3,144.4
823.5
283.9
649.9
443.6
310.0
999.8

Not seasona lly adjusted
Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

8,608.7
2,305.8
1,175.9
1,129.9
6,302.9
1,263.7'
3,432.7'
462.0
2 970 7
759.7
323.8
435.9
268.1
578.8
356.0
289.5
879.3

9,256.7'
2,409.2'
1,109.4'
1,299.9'
6,847.5'
1,440.3'
3,608.9'
486.6
3 122 2'
818.5
365.6
452.8
298.2
681.7
452.5
312.5
956.3

9,314.9
2,420.1
1,088.4
1,331.7
6,894.8
1,457.9
3,618.1
490.2
3 127 9
828.6
361.9
466.7
305.9
684.3
448.6
314.1
971.8

9,363.8
2,456.2
1,097.4
1,358.8
6,907.6
1,469.6
3,630.4
494.1
3 136 3
819.2
347.5
471.7
300.1
688.3
461.5
304.8
973.7

9,465.2
2,552.2
1,115.6
1,436.6
6,913.0
1,487.7
3,636.8
496.8
3 140 0
812.3
338.8
473.5
301.5
674.8
450.2
300.5
1,008.5

9,393.9
2,526.2
1,102.4
1,423.8
6,867.7
1,492.6
3,627.3
502.4
3 124 9
818.3
339.7
478.6
284.5
645.0
449.5
308.7
999.7

9,372.6
2,493.0
1,109.7
1,383.3
6,879.5
1,494.7
3,625.0
508.4
3,116.6
822.9
340.7
482.1
294.2
642.8
434.8
304.1
986.0

9,328.3
2,471.8
1,123.1
1,348.7
6,856.5
1,497.8
3,613.5
514.4
3,099.1
827.0
342.8
484.3
281.2
637.0
436.6
296.2
1,000.5

9,370.2
2,488.0
1,126.2
1,361.8
6,882.2
1,491.8
3,625.0
510.7
3,114.4
822.2
339.1
483.1
295.6
647.6
439.5
301.7
998.2

9,344.1
2,464.3
1,114.6
1,349.7
6,879.8
1,489.3
3,637.7
511.7
3,126.0
822.6
339.0
483.7
291.5
638.7
426.4
290.4
991.9

9,324.6
2,461.4
1,122.2
1,339.2
6,863.3
1,498.8
3,612.2
513.2
3,099.0
829.2
345.2
484.1
293.1
629.9
448.0
307.1
984.9

9,286.0
2,466.4
1,127.1
1,339.3
6,819.6
1,504.1
3,593.2
517.1
3,076.0
830.7
345.6
485.1
259.7
631.8
445.4
283.3
1,003.2

10,067.2

10,901.4'

10,967.6

11,018.8

11,136.8

11,056.0

11,000.2

10,960.8

11,009.7

10,953.3

10,965.2

10,918.2

6 295 9
618.5
5,677.4
1,784.6
3,892.8
2,113.3'
441.3'
1,672.0
-11.4
597.8

6 7124
628.4
6,084.1
2,033.1
4,051.0
2,281.9'
510.9'
1,771.0
96.4
662.6'

6,718.4
628.7
6,089.7
2,076.7
4,013.1
2,280.4
510.8
1,769.5
122.3
694.7

6,772.6
609.0
6,163.6
2,096.1
4,067.5
2,292.9
509.3
1,783.6
85.3
703.1

6,864.2
614.6
6,249.7
2,109.4
4,140.3
2,324.0
507.0
1,817.1
23.0
760.3

6,893.2
642.8
6,250.4
2,108.7
4,141.7
2,313.4
500.4
1,813.0
-36.0
726.4

6,862.7
609.7
6,253.0
2,131.1
4,121.9
2,345.1
501.6
1,843.5
-62.5
696.8

6,866.1
603.5
6,262.7
2,126.6
4,136.0
2,323.9
498.0
1,825.9
-56.3
664.6

6,913.9
589.8
6,324.0
2,146.2
4,177.8
2,344.5
511.2
1,833.3
-88.2
679.1

6,904.0
579.4
6,324.6
2,148.7
4,176.0
2,305.6
479.0
1,826.6
-88.4
672.6

6,854.6
611.9
6,242.8
2,127.3
4,115.4
2,328.3
511.6
1,816.7
-33.6
657.1

6,806.8
631.2
6,175.6
2,114.0
4,061.6
2,345.9
505.7
1,840.2
-59.8
655.4

57 Total liabilities

8,995.5'

9,753.4'

9,815.8

9,853.8

9,971.6

9,897.0

9,842.1

9,798.3

9,849.3

9,793.9

9,806.5

9,748.2

58 Residual (assets less liabilities)5

1,071.7'

1,148.0'

1,151.8

1,165.0

1,165.3

1,159.0

1,158.1

1,162.5

1,160.4

1,159.4

1,158.7

1,170.0

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

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

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

Footnotes appear on p. 21.

16

Federal Reserve Bulletin Statistical Supplement • July 2008

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2007

2007

June

Dec.

2008

2008
Jan.'

Feb.'

Mar.'

Apr.'

May'

June

June 4

June 11

June 18

June 25

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

7,596.4
1.863.9
1,080.9
783.0
5,732.5
1,029.3'
3,425.5'
465.1
2,960.5'
764.4
124.3
388.9
301.7
242.0
840.6

8,053.1'
1,967.8'
1,040.3'
927.5'
6,085.4'
1,149.4'
3,539.8'
483.2
3,056.6'
809.3
147.1
439.8
350.5
244.6
911.2

8,100.6
1,970.2
1,010.4
959.8
6,130.4
1,161.9
3,553.1
486.9
3,066.2
813.2
161.5
440.8
359.0
245.4
917.0

8,156.6
1,970.1
995.8
974.3
6,186.5
1,167.2
3,578.7
492.5
3,086.2
814.7
175.7
450.3
368.4
248.7
918.0

8,263.0
2,035.6
1,007.0
1,028.6
6,227.3
1,178.7
3,604.6
498.9
3,105.7
818.0
182.4
443.6
371.1
250.6
937.0

8,268.1
2,024.9
1,000.6
1,024.2
6,243.3
1,186.3
3,610.0
506.8
3,103.2
823.5
188.7
434.9
369.0
251.2
937.6

8,254.7
2,000.3
1,003.8
996.5
6,254.5
1,190.1
3,613.4
512.2
3,101.3
827.2
189.0
434.8
371.8
248.4
940.5

8,239.9
2,000.9
1,020.9
980.0
6,239.0
1,194.7
3,602.8
518.3
3,084.5
831.8
180.4
429.2
384.9
240.4
949.9

8,246.0
1,998.2
1,014.7
983.6
6,247.8
1,189.8
3,613.1
514.6
3,098.6
826.6
187.4
430.9
383.6
236.9
941.8

8,244.0
1,990.4
1,017.0
973.4
6,253.7
1,193.3
3,620.5
516.3
3,104.2
827.0
183.2
429.6
366.2
244.8
939.3

8,231.4
1,997.9
1,024.7
973.2
6,233.6
1,192.0
3,605.1
517.2
3,087.9
830.9
182.3
423.4
387.1
247.1
944.6

8,237.8
2,003.4
1,022.7
980.6
6,234.4
1,201.7
3,589.0
520.9
3,068.2
836.9
175.5
431.3
406.0
239.8
956.1

8,914.3

9,483.0'

9,540.2

9,606.7

9,734.0

9,730.8

9,718.4

9,714.2

9,709.2

9,695.0

9,710.7

9,739.0

5,442.3
606.7
4,835.6
918.6
3,917.0
1,526.0'
375.5'
1,150.5
407.6
483.5

5,635.7
587.8
5,047.9
1,028.0
4,019.9
1,677.9'
434.3'
1,243.6
486.4
534.3'

5,651.4
603.5
5,047.9
1,033.3
4,014.5
1,686.5
438.7
1,247.8
515.1
555.3

5,693.5
602.5
5,091.0
1,032.7
4,058.3
1,687.5
441.9
1,245.6
503.6
565.3

5,774.0
594.5
5,179.4
1,048.1
4,131.3
1,702.2
432.6
1,269.6
509.4
609.6

5,776.1
616.0
5,160.1
1,039.6
4,120.5
1,710.8
423.6
1,287.3
511.5
569.6

5,774.3
596.7
5,177.6
1,021.5
4,156.1
1,717.9
432.5
1,285.4
529.6
546.0

5,785.4
587.7
5,197.7
1,021.8
4,175.9
1,719.9
433.9
1,286.0
542.1
532.5

5,772.7
596.4
5,176.3
1,017.3
4,159.0
1,721.8
436.1
1,285.7
540.5
532.9

5,792.9
595.5
5,197.4
1,018.8
4,178.6
1,714.7
426.5
1,288.2
544.1
526.4

5,773.4
592.2
5,181.2
1,015.0
4,166.2
1,721.1
447.5
1,273.6
561.7
531.8

5,820.1
583.4
5,236.7
1,027.1
4,209.6
1,721.7
429.8
1,291.9
519.6
534.0

27 Total liabilities

7,859.5'

8,334.3'

8,408.3

8,449.9

8,595.1

8,567.9

8,567.8

8,579.9

8,568.0

8,578.1

8,588.0

8,595.4

28 Residual (assets less liabilities)5

1,054.8'

1,148.8'

1,131.9

1,156.7

1,138.8

1,162.9

1,150.6

1,134.3

1,141.2

1,116.9

1,122.7

1,143.6

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

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

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

Not seasona lly adjusted
Assets
Bank credit
Securities in bank credit
Treasury andAgency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

7,586.4
1,877.7
1,092.9
784.8
5,708.6
1,028.9'
3,404.7'
462.0
2,942.7
1,455.7
1,487.0'
759.7
323.8
435.9
125.9
389.5
290.0
239.5
839.2

8,094.1'
1,954.1'
1,022.0'
932.1'
6,140.0'
1,150.9'
3,570.9'
486.6
3,084.3
1,514.5
1,569.8'
818.5
365.6
452.8
151.7
448.0
363.0
259.0
908.8

8,135.6
1,960.8
997.0
963.8
6,174.8
1,163.0
3,578.7
490.2
3,088.5
1,512.4
1,576.2
828.6
361.9
466.7
163.3
441.1
361.7
258.3
916.2

8,179.1
1,975.2
998.3
976.9
6,203.9
1,169.9
3,590.5
494.1
3,096.4
1,509.0
1,587.4
819.2
347.5
471.7
178.4
445.9
372.4
249.1
915.9

8,267.5
2,047.7
1,017.9
1,029.8
6,219.8
1,181.3
3,596.3
496.8
3,099.6
1,502.8
1,596.7
812.3
338.8
473.5
190.4
439.6
379.1
243.9
939.3

8,255.0
2,043.3
1,010.4
1,032.9
6,211.7
1,190.1
3,585.3
502.4
3,082.9
1,480.8
1,602.2
818.3
339.7
478.6
188.5
429.4
378.5
251.5
938.6

8,242.1
2,022.1
1,017.5
1,004.6
6,220.0
1,191.6
3,583.8
508.4
3,075.5
1,463.8
1,611.6
822.9
340.7
482.1
191.5
430.2
361.9
247.3
936.6

8,214.0
2,012.8
1,032.2
980.6
6,201.2
1,192.2
3,571.9
514.4
3,057.5
1,438.1
1,619.3
827.0
342.8
484.3
181.8
428.3
370.8
237.4
944.0

8,241.4
2,023.5
1,033.4
990.1
6,218.0
1,188.4
3,583.6
510.7
3,073.0
1,457.1
1,615.9
822.2
339.1
483.1
192.2
431.5
373.2
243.8
946.9

8,223.4
2,002.4
1,023.6
978.8
6,221.0
1,186.9
3,596.2
511.7
3,084.5
1,465.8
1,618.7
822.6
339.0
483.7
189.3
425.9
353.2
232.8
938.7

8,213.0
2,004.8
1,032.9
972.0
6,208.2
1,192.2
3,570.6
513.2
3,057.3
1,436.5
1,620.8
829.2
345.2
484.1
190.8
425.4
380.3
246.4
934.9

8,180.4
2,010.8
1,036.2
974.6
6,169.6
1,196.3
3,551.3
517.1
3,034.1
1,413.1
1,621.1
830.7
345.6
485.1
166.8
424.6
383.8
225.3
938.9

8,888.8

9,548.4'

9,590.0

9,631.6

9,742.3

9,727.9

9,690.7

9,665.5

9,705.5

9,648.5

9,675.3

9,628.8

5 413 2
607.4
4,805.8
914.3
3,891.6
1,529.7'
375.3'
1,154.4
397.0
479.6

5 702 3
614.9
5,087.4
1,037.8
4,049.6
1,669.9'
439.0'
1,230.9
494.7
535.9'

5,669.7
615.7
5,054.0
1,043.2
4,010.8
1,673.5
442.3
1,231.3
545.3
551.9

5,700.6
594.2
5,106.4
1,042.3
4,064.1
1,679.5
442.2
1,237.3
524.7
564.4

5,787.3
597.6
5,189.7
1,053.8
4,135.9
1,695.9
429.3
1,266.6
500.6
596.4

5,797.8
626.0
5,171.8
1,034.4
4,137.4
1,715.1
429.8
1,285.2
488.5
570.8

5,725.1
592.9
5,132.2
1,014.6
4,117.6
1,727.5
433.8
1,293.8
534.8
548.5

5,731.1
586.9
5,144.1
1,012.6
4,131.6
1,718.3
431.5
1,286.7
529.8
527.3

5,759.8
573.8
5,186.1
1,012.6
4,173.5
1,720.3
433.9
1,286.4
528.7
539.7

5,746.3
562.9
5,183.5
1,012.0
4,171.5
1,698.7
416.9
1,281.8
518.9
528.6

5,714.1
595.5
5,118.6
1,007.7
4,111.0
1,735.5
454.9
1,280.7
548.9
521.5

5,680.8
614.3
5,066.5
1,009.4
4,057.1
1,743.2
432.9
1,310.3
517.9
520.4

59 Total liabilities

7,819.4'

8,402.7'

8,440.5

8,469.2

8,580.1

8,572.1

8,535.9

8,506.4

8,548.5

8,492.5

8,520.0

8,462.3

60 Residual (assets less liabilities)5

1,069.3'

1,145.7'

1,149.6

1,162.4

1,162.2

1,155.8

1,154.8

1,159.1

1,157.0

1,156.0

1,155.2

1,166.6

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

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

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

Footnotes appear on p. 21.

Commercial Banking Institutions—Assets and Liabilities
1.26

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

17

Assets and Liabilities1—Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2007

2007

June'

Dec'

2008

2008
Jan.'

Feb.'

Mar.'

Apr.'

May'

June

June 4

June 11

June 18

June 25

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

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

43 Total liabilities
44 Residual (assets less liabilities)5
Footnotes appear on p. 21.

4 825 2
1.279.4
710.5
66.1
644.4
572.7
71.8
568.9
280.4
288.4
58.5
230.4
3.545.8
668.5
2.016.5
378.2
1.638.3
1,037.2
601.1
455.8
117.1

5 1164
1.369.6
668.5
92.7
575.8
519.5
56.3
701.1
361.2
339.9
58.0
280.4
3.746.8
751.0
2.052.1
394.6
1.657.5
1,035.2
622.2
468.0
138.7

5,158.2
1,377.7
645.3
81.1
564.1
510.6
53.6
732.4
387.1
345.3
57.2
286.1
3,780.5
758.9
2,059.5
397.0
1,662.5
1,038.4
624.1
473.9
151.0

5,209.8
1,378.7
635.6
74.4
561.1
512.2
48.9
743.1
393.7
349.4
55.9
290.9
3,831.1
768.1
2,076.0
401.7
1,674.3
1,040.7
633.6
475.8
164.6

5,305.6
1,445.0
648.9
76.9
572.0
529.2
42.8
796.0
441.5
354.5
55.1
298.0
3,860.6
776.5
2,095.5
407.0
1,688.5
1,045.8
642.7
478.4
171.0

5,303.6
1,437.3
642.4
68.5
573.9
526.6
47.3
794.9
433.4
361.5
54.6
306.6
3,866.3
780.1
2,095.2
412.7
1,682.5
1,031.7
650.8
483.9
177.1

5,291.5
1,414.7
647.4
65.7
581.7
534.0
47.7
767.3
396.0
371.2
54.2
318.1
3,876.8
783.2
2,099.3
417.1
1,682.2
1,024.0
658.3
487.1
177.5

5,265.7
1,415.7
664.9
66.3
598.6
552.1
46.5
750.9
378.3
372.6
52.9
323.3
3,850.0
786.2
2,080.3
421.3
1,659.0
993.2
665.8
491.1
169.0

5,271.1
1,412.8
658.7
72.4
586.3
540.3
46.0
754.1
381.1
373.0
53.0
323.2
3,858.3
781.0
2,091.2
418.4
1,672.8
1,007.1
665.8
485.8
176.1

5,268.6
1,405.2
660.8
64.1
596.7
549.6
47.1
744.4
372.6
371.7
52.9
320.9
3,863.4
784.3
2,096.4
419.3
1,677.1
1,009.2
667.8
486.0
172.0

5,256.9
1,412.9
668.9
66.3
602.6
555.9
46.6
744.0
371.3
372.7
52.8
322.2
3,843.9
783.3
2,082.7
420.0
1,662.8
995.1
667.7
489.3
170.8

5,278.7
1,422.9
669.0
67.3
601.7
555.7
46.1
753.9
377.6
376.2
53.1
326.2
3,855.8
794.8
2,074.1
424.0
1,650.1
979.6
670.5
496.7
164.0

92.4
24.6

112.5
26.2

123.4
27.5

138.4
26.2

139.4
31.6

142.3
34.8

143.2
34.3

143.2
25.9

148.9
27.1

146.1
25.9

145.1
25.7

138.4
25.6

36.0
151.1
100.9
184.6

45.6
193.7
97.7
233.4

45.0
194.5
97.8
235.0

42.8
205.5
98.3
239.7

33.2
207.4
98.6
241.3

26.7
202.4
100.8
240.8

31.5
196.4
101.8
244.4

24.1
197.2
102.1
258.9

28.1
193.6
102.4
256.5

25.6
196.6
102.4
241.9

20.4
195.2
102.2
259.1

23.9
199.8
102.5
279.9

132.0
52.6
152.9
619.3

175.7
57.7
149.3
667.7

181.5
53.5
148.4
687.1

182.1
57.5
149.8
686.9

190.5
50.7
146.1
703.5

187.9
53.0
146.1
704.9

190.3
54.1
145.5
706.0

203.4
55.5
136.6
712.9

199.8
56.7
135.6
705.1

183.2
58.7
139.8
704.0

202.7
56.4
143.2
710.0

226.0
54.0
134.8
715.7

5,747.6

6,126.8

6,184.3

6,239.6

6,348.5

6,340.5

6,331.0

6,314.2

6,309.9

6,295.7

6,310.4

6,349.2

3.220.5
335.6
2.884.9
513.1
2.371.7
1.047.2
158.2
889.0
406.7
405.3

3,361.9
318.2
3,043.6
619.1
2,424.5
1,095.7
177.3
918.4
483.1
457.6

3,358.9
331.5
3,027.4
618.2
2,409.2
1,100.4
182.0
918.5
513.2
480.5

3,388.3
330.7
3,057.6
617.3
2,440.3
1,111.8
188.8
922.9
501.1
487.7

3,446.8
325.7
3,121.0
631.5
2,489.5
1,121.1
186.3
934.8
504.8
530.9

3,455.5
339.2
3,116.3
624.8
2,491.5
1,120.7
174.5
946.2
506.7
490.6

3,454.5
325.8
3,128.7
607.0
2,521.7
1,126.1
183.6
942.4
525.5
465.8

3,459.0
317.6
3,141.4
605.3
2,536.1
1,128.3
179.9
948.3
537.3
451.4

3,451.6
327.3
3,124.3
601.6
2,522.7
1,127.0
180.4
946.6
535.4
451.5

3,465.6
323.1
3,142.5
602.5
2,540.1
1,122.7
173.9
948.8
539.5
445.6

3,449.9
319.8
3,130.1
598.6
2,531.5
1,128.3
191.3
937.0
556.3
450.7

3,496.5
312.3
3,184.2
613.0
2,571.2
1,136.4
175.7
960.7
515.5
453.6

5,079.7

5,398.2

5,453.1

5,488.9

5,603.6

5,573.7

5,571.9

5,576.1

5,565.5

5,573.4

5,585.2

5,602.0

667.9

728.6

731.3

750.7

744.9

766.9

759.1

738.1

744.5

722.2

725.2

747.2

18

Federal Reserve Bulletin Statistical Supplement • July 2008

1.26

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

Monthly averages
Account

2007

2007

June'

Dec'

2008

2008
Jan.'

Feb.'

Mar.'

Apr.'

May'

June

June 4

June 11

June 18

June 25

Not seasonally adjusted
Assets
45 Bank credit
46
Securities in bank credit
47
Treasury and Agency securities2 .
48
Trading account
49
Investment account
50
Mortgage-backed
51
Other
52
Other securities
53
Trading account
54
Investment account
55
State and local government .
56
Other
57
Loans and leases in bank credit3 . . .
58
Commercial and industrial
59
Real estate
60
Revolving home equity
61
Other
62
Other residential
63
Commercial
64
Consumer
65
Credit cards and related plans .
66
Other
67
Security4
68
Federal funds sold to and
repurchase agreements
with broker-dealers
69
Other
70
Federal funds sold to and
repurchase agreements
with others
71
All other loans
72
Lease-financing receivables
73 Interbank loans
74 Federal funds sold to and
repurchase agreements
with commercial banks
75
Other 5
76 Cash assets
77 Other assets'"
78 Total assets7
79
80
81
82
83
84
85
86
87
88

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

89 Total liabilities
90 Residual (assets less liabilities)5
Footnotes appear on p. 21.

4,796.0
1,286.3
717.1
68.4
648.7
576.2
72.5
569.1
282.2
287.0
58.4
228.1
3.509.8
664.9
1.987.6
375.8
1.611.9
1,023.9
587.9
452.2
130.2
322.0
118.9

5,149.5
1,358.3
651.6
87.5
564.1
508.8
55.3
706.8
363.7
343.1
58.0
284.5
3.791.1
753.7
2.081.0
397.4
1.683.6
1,056.7
626.9
468.5
138.2
330.2
143.1

5,192.7
1,370.2
633.1
79.0
554.1
502.3
51.8
737.1
388.9
348.2
57.4
290.1
3.822.4
760.2
2.089.1
400.5
1.688.6
1,059.0
629.7
481.8
138.8
343.0
152.8

5,235.8
1,381.6
639.1
78.2
560.9
512.9
48.0
742.5
390.8
351.7
56.0
295.1
3.854.2
771.3
2.091.0
403.4
1.687.6
1,050.0
637.7
480.9
133.9
347.0
167.3

5,314.5
1,450.1
657.3
81.4
575.9
533.2
42.7
792.8
438.8
354.0
55.1
298.6
3.864.4
779.1
2.091.4
404.9
1.686.5
1,046.3
640.2
479.7
131.4
348.3
178.7

5,283.5
1,446.7
647.2
70.0
577.2
530.2
47.0
799.5
439.8
359.7
54.7
305.0
3.836.8
781.5
2.070.0
408.8
1.661.2
1,022.0
639.2
484.4
132.1
352.4
177.0

5,260.0
1,425.3
655.1
65.5
589.6
541.8
47.8
770.2
399.4
370.8
54.6
315.7
3.834.8
781.6
2.061.6
413.4
1.648.2
1,003.1
645.1
486.3
131.1
355.2
180.5

5,220.6
1,420.5
671.2
67.9
603.3
555.9
47.4
749.3
379.4
369.9
52.7
318.6
3.800.2
780.6
2.041.1
418.1
1.623.0
975.7
647.3
487.5
131.2
356.3
170.7

5,246.2
1,428.0
671.3
74.7
596.6
549.4
47.2
756.7
384.7
372.0
53.1
319.0
3.818.2
777.4
2.053.6
415.0
1.638.6
991.9
646.7
483.7
127.9
355.8
181.1

5,229.2
1,407.0
661.2
65.8
595.4
546.7
48.6
745.8
377.0
368.8
52.9
316.0
3.822.2
776.2
2.063.8
415.8
1.648.0
999.6
648.4
485.0
129.0
355.9
178.2

5,217.0
1,411.3
671.6
65.4
606.3
558.4
47.9
739.7
369.3
370.4
52.8
317.6
3.805.7
780.8
2.039.8
416.9
1.622.9
974.2
648.7
487.9
131.8
356.2
179.5

5,189.9
1,421.5
675.5
68.9
606.6
560.3
46.3
745.9
376.0
370.0
52.8
317.2
3.768.4
783.8
2.022.4
420.4
1.601.9
955.1
646.8
490.1
133.2
356.8
155.6

94.2
24.6

116.3
26.8

125.3
27.5

140.5
26.8

146.1
32.6

141.3
35.7

145.5
35.0

144.7
25.9

154.4
26.8

152.3
25.9

154.1
25.4

129.2
26.4

35.3
151.8
99.2
177.3

47.1
198.8
98.9
244.0

45.8
194.3
98.5
237.9

41.5
204.6
97.6
236.4

31.8
205.7
97.9
236.8

24.3
200.0
99.6
245.1

28.1
196.6
99.9
239.1

23.7
196.7
99.9
248.7

29.0
192.9
100.5
246.7

26.5
192.6
100.0
229.7

21.2
196.6
99.9
255.8

21.9
195.1
99.7
264.4

126.0
51.2
149.7
612.3

184.6
59.4
161.2
666.7

184.2
53.7
158.7
690.5

178.3
58.1
149.8
685.1

186.3
50.6
142.4
707.5

192.2
52.9
147.2
704.1

186.7
52.4
143.0
700.3

194.8
53.9
133.1
702.7

191.1
55.6
138.9
703.9

172.6
57.1
129.3
699.0

201.1
54.7
142.2
697.2

211.9
52.6
122.0
696.3

5,700.9

6,181.3

6,235.5

6,260.7

6,353.5

6,324.9

6,286.1

6,245.3

6,276.9

6,228.5

6,253.9

6,214.1

3.177.4
334.8
2.842.6
508.2
2,334.3
1,048.2
156.6
891.6
396.7
401.7

3,423.3
340.0
3.083.3
629.1
2,454.2
1,078.1
177.4
900.7
491.0
459.0

3.387.0
341.4
3.045.6
629.0
2,416.6
1,077.8
182.1
895.7
541.5
477.3

3.396.1
324.3
3.071.8
625.0
2,446.7
1,102.9
190.3
912.7
520.3
485.8

3.459.5
326.7
3.132.8
635.6
2,497.2
1,125.3
189.0
936.3
496.0
516.8

3.463.1
346.6
3.116.5
619.2
2,497.3
1,131.1
181.1
950.0
483.7
491.5

3.398.7
322.5
3.076.2
599.2
2,477.0
1,134.7
184.6
950.2
530.0
468.0

3.391.3
315.6
3.075.8
595.5
2,480.3
1,125.0
177.3
947.7
525.6
446.5

3.412.9
310.6
3.102.3
595.9
2,506.4
1,131.6
182.7
948.9
524.5
458.2

3.399.7
299.5
3.100.3
595.1
2,505.2
1,114.4
170.0
944.4
515.3
447.8

3.382.2
323.5
3.058.7
590.5
2,468.2
1,134.6
193.1
941.5
544.2
440.6

3.352.4
325.5
3.026.9
592.2
2,434.6
1,142.7
172.2
970.5
513.5
439.6

5,024.1

5,451.4

5,483.6

5,505.1

5,597.5

5,569.4

5,531.4

5,488.4

5,527.1

5,477.3

5,501.6

5,448.2

676.8

729.9

751.9

755.6

756.0

755.5

754.7

756.9

749.8

751.3

752.3

766.0

Commercial Banking Institutions—Assets and Liabilities
1.26

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

19

Assets and Liabilities1—Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2007

2007

June'

Dec.'

2008

2008
Jan.'

Feb.'

Mar.'

Apr.'

May'

June

June 4

June 11

June 18

June 25

Seasonally adjusted

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

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

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

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

26 Total liabilities
27 Residual (assets less liabilities)5

2,771.1
584.4
370.4
214.1
2,186.7
360.8
1,409.0
86.8
1 322 2
308.6
108.2
117.0
89.1
221.3

2,936.7
598.2
371.8
226.4
2,338.5
398.4
1,487.6
88.6
1 399 1
341.3
111.2
117.1
95.3
243.5

2,942.5
592.5
365.1
227.3
2,350.0
403.0
1,493.5
89.9
1,403.6
339.3
114.1
124.0
97.0
229.9

2,946.9
591.4
360.2
231.2
2,355.5
399.1
1,502.6
90.8
1,411.8
338.9
114.7
128.8
98.9
231.2

2,957.4
590.7
358.1
232.6
2,366.7
402.2
1,509.1
91.9
1,417.2
339.6
115.8
129.9
104.5
233.5

2,964.6
587.6
358.2
229.4
2,377.0
406.1
1,514.7
94.0
1,420.7
339.5
116.6
128.2
105.2
232.8

2,963.2
585.6
356.4
229.2
2,377.6
406.9
1,514.1
95.1
1,419.0
340.1
116.6
127.4
102.9
234.5

2,974.2
585.2
356.0
229.2
2,389.0
408.5
1,522.5
97.0
1,425.5
340.7
117.2
126.0
103.7
237.0

2,974.9
585.4
355.9
229.5
2,389.5
408.7
1,521.9
96.2
1,425.7
340.7
118.1
127.1
101.3
236.8

2,975.4
585.2
356.1
229.0
2,390.3
409.0
1,524.1
96.9
1,427.2
340.9
116.2
124.3
105.1
235.3

2,974.5
584.9
355.7
229.2
2,389.6
408.6
1,522.4
97.2
1,425.2
341.5
117.1
128.1
103.9
234.6

2,959.1
580.5
353.7
226.8
2,378.6
406.9
1,515.0
96.9
1,418.1
340.2
116.5
126.1
105.1
240.3

3,166.7

3,356.2

3,355.9

3,367.1

3,385.5

3,390.3

3,387.4

3,400.0

3,399.2

3,399.3

3,400.2

3,389.8

2,221.8
271.1
1,950.8
405.5
1,545.3
478.8
217.3
261.4
.9
78.3

2,273.8
269.5
2,004.3
408.9
1,595.4
582.1
257.0
325.1
3.3
76.8

2,292.5
272.0
2,020.4
415.1
1,605.3
586.1
256.8
329.3
1.9
74.8

2,305.2
271.8
2,033.4
415.4
1,618.0
575.7
253.1
322.7
2.5
77.6

2,327.2
268.8
2,058.4
416.6
1,641.8
581.1
246.3
334.8
4.6
78.6

2,320.6
276.8
2,043.8
414.8
1,629.0
590.1
249.0
341.1
4.7
78.9

2,319.8
270.9
2,048.8
414.5
1,634.4
591.8
248.9
342.9
4.1
80.2

2,326.3
270.1
2,056.3
416.5
1,639.8
591.6
253.9
337.7
4.8
81.1

2,321.1
269.1
2,052.0
415.7
1,636.4
594.9
255.7
339.1
5.1
81.4

2,327.3
272.4
2,054.9
416.3
1,638.6
592.0
252.6
339.4
4.6
80.8

2,323.5
272.4
2,051.1
416.4
1,634.7
592.8
256.2
336.6
5.4
81.1

2,323.6
271.0
2,052.5
414.1
1,638.4
585.4
254.2
331.2
4.1
80.5

2,779.8

2,936.0

2,955.2

2,961.0

2,991.6

2,994.3

2,995.9

3,003.8

3,002.5

3,004.6

3,002.8

2,993.5

386.9

420.2

400.7

406.1

393.9

396.0

391.5

396.2

396.7

394.6

397.5

396.3

Not seasonally adjusted

28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

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

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

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

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

2,790.3
591.5
375.8
215.7
2,198.8
364.0
1,417.1
86.2
1,330.8
431.8
899.1
307.5
193.6
113.9
110.2
112.8
89.8
226.9

2,944.6
595.8
370.4
225.3
2,348.8
397.2
1,489.9
89.2
1,400.7
457.8
942.9
350.0
227.4
122.6
111.8
119.1
97.8
242.1

2,942.9
590.5
363.8
226.7
2,352.3
402.8
1,489.6
89.7
1,399.9
453.4
946.5
346.8
223.1
123.7
113.0
123.8
99.7
225.8

2,943.4
593.6
359.2
234.4
2,349.7
398.6
1,499.5
90.7
1,408.8
459.1
949.7
338.3
213.6
124.7
113.4
136.1
99.3
230.7

2,953.0
597.6
360.6
237.0
2,355.4
402.1
1,504.9
91.8
1,413.0
456.5
956.5
332.5
207.4
125.2
115.9
142.3
101.5
231.8

2,971.5
596.7
363.2
233.5
2,374.8
408.6
1,515.3
93.6
1,421.7
458.8
962.9
333.9
207.6
126.3
117.1
133.4
104.3
234.4

2,982.1
596.8
362.5
234.4
2,385.3
410.0
1,522.2
95.0
1,427.3
460.8
966.5
336.5
209.6
126.9
116.5
122.8
104.2
236.2

2,993.3
592.3
361.0
231.3
2,401.0
411.6
1,530.8
96.4
1,434.4
462.4
972.0
339.5
211.6
127.9
119.1
122.1
104.3
241.4

2,995.3
595.5
362.1
233.4
2,399.8
411.0
1,530.0
95.6
1,434.4
465.2
969.1
338.5
211.3
127.3
120.2
126.5
104.8
243.0

2,994.2
595.4
362.4
233.0
2,398.8
410.8
1,532.4
95.9
1,436.5
466.2
970.3
337.7
209.9
127.7
117.9
123.5
103.5
239.6

2,996.0
593.5
361.2
232.3
2,402.5
411.4
1,530.7
96.3
1,434.4
462.3
972.1
341.3
213.4
127.9
119.1
124.6
104.3
237.6

2,990.5
589.3
360.7
228.7
2,401.2
412.5
1,528.9
96.7
1,432.2
458.0
974.2
340.7
212.3
128.3
119.1
119.4
103.3
242.6

3,187.9

3,367.1

3,354.6

3,370.9

3,388.8

3,403.0

3,404.6

3,420.2

3,428.6

3,420.0

3,421.4

3,414.7

2 235 8
272.6
1,963.3
406.0
1 557 2
481.4
218.6
262.8
2
77.8

2 279 0
274.9
2,004.1
408.6
1 595 4
591.7
261.5
330.2
3.6
76.9

2,282.8
274.3
2,008.4
414.2
1,594.2
595.7
260.2
335.5
3.8
74.6

2,304.5
269.9
2,034.6
417.2
1,617.4
576.5
251.9
324.6
4.4
78.6

2,327.8
270.9
2,056.8
418.2
1,638.6
570.6
240.3
330.3
4.6
79.6

2,334.7
279.4
2,055.3
415.2
1,640.2
584.0
248.7
335.3
4.8
79.2

2,326.4
270.4
2,056.0
415.4
1,640.6
592.8
249.2
343.6
4.7
80.5

2,339.8
271.4
2,068.4
417.1
1,651.3
593.2
254.3
339.0
4.2
80.8

2,346.9
263.2
2,083.8
416.7
1,667.1
588.7
251.3
337.5
4.2
81.5

2,346.6
263.4
2,083.2
416.9
1,666.3
584.3
246.9
337.4
3.5
80.8

2,331.9
271.9
2,060.0
417.2
1,642.8
600.9
261.8
339.2
4.7
80.8

2,328.4
288.8
2,039.6
417.1
1,622.5
600.5
260.8
339.8
4.5
80.7

2,795.4

2,951.3

2,956.9

2,964.1

2,982.6

3,002.7

3,004.5

3,018.0

3,021.4

3,015.2

3,018.4

3,014.1

392.5

415.8

397.7

406.8

406.2

400.3

400.1

402.2

407.3

404.8

403.0

400.6

20

Federal Reserve Bulletin Statistical Supplement • July 2008

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesday figures

Monthly averages

Account

2007

2007

June'

Dec.'

2008

2008
Jan.'

Feb.'

Mar.'

Apr.'

May'

June

June 4

June 11

June 18

June 25

Seasonally adjusted

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

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

1 026 0
426.2
83.6
342.6
599.8
237.0
28.1
142.4
192.2
69.0
50.7
39.0

1,151.5
455.9
87.7
368.2
695.6
285.9
37.1
140.7
231.9
85.4
52.7
47.7

1,166.9
459.6
93.5
366.1
707.3
290.7
39.4
140.3
237.1
83.2
55.6
56.7

1,172.6
478.6
97.9
380.7
694.0
295.4
40.7
120.6
237.3
88.5
56.6
56.9

1,188.1
499.3
97.6
401.7
688.8
304.8
41.6
110.2
232.7
74.3
57.9
69.3

1,134.8
479.7
92.9
386.9
655.1
303.7
41.6
95.2
214.9
74.6
58.7
62.1

1,135.5
467.7
91.8
375.9
667.8
306.4
40.2
104.1
216.5
75.6
58.1
48.4

1,122.2
457.8
91.6
366.2
664.4
308.9
41.8
100.6
212.8
69.1
59.6
55.4

1,130.1
457.6
92.7
364.9
672.5
306.1
41.4
105.2
219.6
68.5
60.0
49.5

1,122.1
454.2
90.1
364.0
668.0
306.8
41.9
102.7
216.4
77.9
59.2
52.3

1,118.9
455.0
90.0
365.0
663.9
308.9
42.1
102.0
210.6
68.7
61.4
52.4

1,119.4
459.6
92.6
367.0
659.8
310.7
42.0
94.8
211.9
65.2
58.3
60.6

1,184.7

1,337.2

1,362.3

1,374.6

1,389.6

1,330.2

1,317.5

1,306.2

1,308.1

1311.5

1301.4

1303.5

873.4
11.3
862.1
581.7
68.0
513.7
-389.5
119.1

1,021.0
13.3
1,007.7
604.2
67.6
536.5
-413.1
125.5

1,047.9
12.9
1,035.0
600.6
66.3
534.2
-423.5
142.0

1,077.7
14.5
1,063.2
598.6
65.7
532.9
-439.9
137.6

1,076.4
16.2
1,060.2
607.6
71.1
536.5
-459.3
164.7

1,071.6
16.3
1,055.3
595.0
70.7
524.4
-492.6
155.1

1,113.4
17.0
1,096.4
607.7
71.9
535.8
-551.2
144.9

1,125.8
16.8
1,109.0
602.8
68.4
534.4
-564.7
139.3

1,125.9
16.8
1,109.1
610.1
77.2
532.9
-569.3
138.7

1,131.7
17.1
1,114.6
602.9
65.8
537.1
-565.4
138.3

1,128.5
16.5
1,111.9
589.1
58.5
530.6
-559.6
141.4

1,124.1
17.3
1,106.8
610.1
76.9
533.2
-575.0
139.4

1,184.6

1,337.6

1,367.0

1,374.0

1,389.5

1,329.2

1,314.7

1,303.3

1,305.4

1,307.5

1,299.4

1,298.7

.1

-.4

-4.7

.7

.1

1.0

2.8

2.9

2.7

4.0

2.1

4.8

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.

1 022 3
428.0
83.0
26.2
56.8
345.0
214.3
130.8
594.3
234.8
28.0
142.2
189.3
66.0
50.0
40.1

1,162.7
455.1
87.4
26.4
61.0
367.8
212.5
155.3
707.5
289.4
38.0
146.5
233.7
89.5
53.4
47.5

1,179.4
459.3
91.5
26.4
65.1
367.8
219.3
148.5
720.0
294.9
39.3
142.6
243.2
86.9
55.7
55.5

1,184.7
481.0
99.2
28.7
70.5
381.9
217.5
164.4
703.7
299.7
39.6
121.6
242.4
89.1
55.7
57.8

1,197.7
504.6
97.8
29.7
68.1
406.8
241.4
165.4
693.1
306.4
40.2
111.1
235.1
71.1
56.6
69.2

1,138.9
482.9
92.1
28.4
63.7
390.9
246.0
144.9
656.0
302.5
42.0
96.0
215.6
71.0
57.2
61.1

1,130.4
470.9
92.2
30.1
62.1
378.7
235.9
142.8
659.5
303.1
41.1
102.7
212.6
72.9
56.8
49.5

1,114.3
459.0
90.9
28.7
62.2
368.1
221.9
146.2
655.3
305.6
41.6
99.4
208.7
65.7
58.8
56.5

1,128.7
464.5
92.8
31.0
61.8
371.7
227.5
144.2
664.2
303.4
41.4
103.4
216.1
66.3
57.9
51.3

1,120.8
461.9
91.0
29.7
61.3
370.9
227.2
143.8
658.8
302.4
41.5
102.2
212.8
73.2
57.6
53.3

1,111.6
456.5
89.3
27.6
61.7
367.2
221.4
145.9
655.1
306.6
41.7
102.3
204.5
67.6
60.7
50.0

1,105.6
455.6
90.9
28.0
63.0
364.7
217.4
147.3
650.0
307.9
41.9
93.0
207.2
61.6
58.0
64.3

1,178.5

1,353.0

1,377.5

1,387.3

1,394.5

1,328.1

1,309.5

1,295.3

1,304.1

1,304.8

1,289.9

1,289.4

882.6
11.1
871.6
583.6
66.0
517.6
-408.4
118.2

1,010.2
13.5
996.7
612.0
72.0
540.1
-398.3
126.7

1,048.7
13.0
1,035.7
606.8
68.6
538.3
-423.0
142.8

1,072.0
14.8
1,057.2
613.4
67.1
546.3
-439.4
138.7

1,077.0
17.0
1,060.0
628.1
77.7
550.5
-477.6
163.9

1,095.5
16.8
1,078.6
598.3
70.6
527.8
-524.5
155.7

1,137.6
16.8
1,120.8
617.6
67.8
549.8
-597.3
148.3

1,135.0
16.5
1,118.5
605.6
66.5
539.2
-586.2
137.4

1,154.0
16.1
1,137.9
624.2
77.2
547.0
-616.8
139.4

1,157.7
16.5
1,141.2
606.9
62.1
544.9
-607.2
144.0

1,140.5
16.4
1,124.1
592.8
56.8
536.0
-582.5
135.6

1,126.0
16.9
1,109.1
602.7
72.8
529.9
-577.8
135.1

1,176.1

1,350.7

1,375.3

1,384.7

1,391.5

1,324.9

1,306.2

1,291.9

1,300.8

1,301.4

1,286.5

1,286.0

2.4

2.3

2.2

2.6

3.0

3.2

3.3

3.4

3.3

3.4

3.4

3.4

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
Monthly averages
Account

2007

2007

June

Dec'

Wednesday figures
2008

Jan.'

Feb.'

Mar.'

2008
Apr.'

May'

June

June 4

June 11

June 18

June 25

Not seasona ly adjusted
MEMO

1
2
3
4
5
6
7
8
9
10

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

129.7

186.1

220.6

222.4

262.4

241.5

211.7

195.1

199.6

190.1

185.5

193.6

116.2'
697.8'
521.5'
176.3'

142.2
669.6
451.5
218.1

166.2
669.6
444.1
225.5

166.3
683.1
453.0
230.1

198.0
705.5
471.2
234.4

183.7
702.6
471.4
231.2

162.0
715.2
483.1
232.1

146.9
728.0
496.5
231.5

152.7
723.5
490.0
233.5

143.1
718.9
487.5
231.5

139.3
730.4
499.4
231.0

144.6
732.0
501.0
231.0

-15.6
105.8
68.5
37.3
n.a.

-6.5
113.9
74.0
39.9
1.205.5

-2.7
113.1
73.6
39.4
1.209.6

-7.0
114.1
76.1
38.0
1.215.7

-15.8
113.9
76.5
37.4
1.213.5

-20.2
112.8
75.9
36.9
1.214.5

-21.3
114.3
78.3
36.1
1.218.3

-29.2
117.5
81.1
36.4
1.220.5

-24.1
117.7
81.9
35.8
1.218.2

-28.2
117.6
81.9
35.7
1,218.1

-28.6
116.2
80.6
35.6
1,218.1

-28.9
118.1
80.6
37.5
1,224.3

232.1'
276.3
n.a.

244.1
285.2
36.7

245.4
289.8
37.9

249.4
293.2
37.5

256.8
294.2
37.0

262.8
296.0
36.5

265.7
296.5
35.4

265.0
296.9
28.1

266.3
296.2
28.1

265.8
296.8
28.1

265.5
294.9
28.1

263.9
297.5
28.1

67.1

73.7

84.7

86.4

113.8

114.5

106.8

99.3

101.2

100.5

97.3

98.7

74.2

76.7

85.1

88.9

110.9

108.3

103.4

95.8

98.1

97.3

93.8

95.3

Small domestically chartered
commercial banks, adjusted for
mergers
11 Mortgage-backed securities10
12 Securitized consumer loans12
13 Securitized real estate loans12
Foreign-related institutions
14 Revaluation gains on off-balancesheet items9
15 Revaluation losses on off-balancesheet items9

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

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

22
1.32

Federal Reserve Bulletin Statistical Supplement • July 2008
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December

2007

2008

Item

1 All issuers
2 Financial companies'
3 Nonfinancial companies2

2003

2004

2005

2006

2007

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1,284,153

1,403,929

1,662,157

1,983,118

1,780,685

1,897,975

1,843,369

1,780,685

1,860,738

1,819,246

1,821,489

519,785
112,292

589,499
129,902

663,951
142,363

730,735
167,075

816,693
162,720

821,370
163,993

825,002
167,923

816,693
162,720

854,644
172,258

845,397
179,731

835,350
173,591

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

Rate

1
Nov. 7

4 75
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

5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25

2006—Jan.
Mar.
May
June

31
28
10
29

7.50
7.75
8.00
8.25

2007—Sept. 18
Oct. 31
Dec. 11

7.75
7.50
7.25

2008—Jan. 22
30
Mar. 18
Apr. 30

6.50
6.00
5.25
5.00

Period

Average
rate

2004
2005
2006
2007

4.34
6.19
7.96
8.05

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

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

1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call

Period
2006—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Average
rate
7.26
7.50
7.53
7.75
7.93
8.02
8.25
8.25
8.25
8.25
8.25
8.25

Period

Average
rate

2007—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.03
7.74
7.50
7.33

2008—Jan
Feb
Mar
Apr
May

6.98
6.00
5.66
5.24
5.00

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

Financial Markets
1.35

INTEREST RATES

23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2008

200 8,

week ending

Jan.

Feb.

Mar.

Apr.

Mar. 28

Apr. 4

Apr. 11

Apr. 18

Apr. 25

MONEY MARKET INSTRUMENTS

2 Discount window primary credit2-4
Nonfmancial
1-month
2-month

6

Financial
1-month

8

3-month

9
10

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

12 Eurodollar deposits, 3-month3>s
U.S. Treasury bills
Secondary market3-5
13 4-week
15

4.97
5.96

5.02
5.86

3.94
4.48

2.98
3.50

2.61
3.04

2.28
2.49

2.18
2.50

2.23
2.50

2.23
2.50

2.34
2.50

2.25
2.50

3.22
3.23
3 42

4.98
5.01
5 10

5.02
4.98
4 92

3.61
3.41
3 25

2.90
2.75
2 72

2.36
2.32
2 35

2.10
2.05
1 99

2.14
2.11
2 12

2.08
2.06
2 02

2.10
2.08
2 04

2.11
2.06

2.13
2.04
1 96

3.27
3.36
3.44

5.00
5.04
5.07

5.07
5.10
5.13

3.71
3.72
3.70

3.00
2.95
3.03

2.61
2.65
2.70

2.56
2.61
2.72

2.52
2.56
2.57

2.51
2.49
2.62

2.50
2.52
2.65

2.54
2.51
2.71

2.68
2.82
2.84

3.34
3.51
3 73

5.06
5.16
5 24

5.23
5.27
5 23

3.85
3.84
3 71

3.11
3.06
2 99

2.82
2.79
2 70

2.82
2.85
2 86

2.75
2.74
2 69

2.82
2.80
2 74

2.75
2.75
2 72

2.83
2.85
2 85

2.92
2.96
3 03

3.51

5.19

5.32

3.95

3.12

2.86

3.03

2.82

2.97

3.00

2.95

3.09

2.94
3.15
3.39

4.67
4.73
4.81

4.32
4.36
4.44

2.68
2.75
2.75

2.23
2.12
2.04

1.34
1.26
1.48

1.04
1.29
1.55

1.19
1.27
1.50

1.46
1.37
1.51

1.12
1.31
1.49

0.84
1.16
1.48

0.77
1.28
1.63

3.62
3.85
3.93
4.05
4.15
4.29
4 64

4.94
4.82
4.77
4.75
4.76
4.80
5 00

4.53
4.36
4.35
4.43
4.51
4.63
4 91

2.71
2.48
2.51
2.98
3.31
3.74
4 35

2.05
1.97
2.19
2.78
3.21
3.74
4 49

1.54
1.62
1.80
2.48
2.93
3.51
4 36

1.74
2.05
2.23
2.84
3.19
3.68
4 44

1.60
1.75
1.89
2.58
2.99
3.52
4 32

1.63
1.81
1.97
2.64
3.02
3.55
4 37

1.63
1.84
2.01
2.66
3.03
3.54
4 33

1.67
1.98
2.18
2.79
3.17
3.67
4 44

1.88
2.30
2.50
3.05
3.36
3.81
4 52

4.28
4.86
4.40

4.15
4.71
4.40

4.13
4.60
4.40

4.13
4.86
4.27

4.42
5.24
4.64

4.63
5.43
4.93

4.45
5.31
4.70

4.64
5.47
4.96

4.60
5.44
4.90

4.37
5.23
4.61

4.35
5.22
4.62

4.47
5.36
4.68

5.57

5.98

6.01

5.93

6.15

6.13

6.19

6.14

6.17

6.12

6.23

6.21

5.23
5.37
5.59
6 06

5.59
5.80
6.06
6 48

5.56
5.90
6.09
6 48

5.33
5.78
6.06
6 54

5.53
5.97
6.26
6 82

5.51
5.90
6.24
6 89

5.55
5.93
6.30
6 97

5.51
5.86
6.25
6 93

5.53
5.91
6.28
6 96

5.47
5.86
6.24
6 91

5.60
5.95
6.34
7 03

5.58
5.96
6.32
6 98

1.73

1.82

1.83

2.11

2.18

2.34

2.20

2.32

2.18

2.25

2.18

2.18

paper3-5-6

Commercial

3
4

3.22
4.19

6-month
U.S. TREASURY NOTES AND BONDS

Constant maturities*
17

2-year

19

5-year

21

10-year
STATE AND LOCAL NOTES AND BONDS

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

26 Seasoned issues, all industries12
Rating group
27 Aaa13
28 Aa
29 A
MEMO

Dividend-price ratiom

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. Source: U.S. Treasury.
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/
defaulthtm. 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. Source: U.S. Treasury.
10. General obligation bonds based on Thursday figures; Moody's Investors Service.
11. State and local government general obligation bonds maturing in 20 years are used in
compiling this index. The 20-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.

24

Federal Reserve Bulletin Statistical Supplement • July 2008

1.36

STOCK MARKET

Selected Statistics
2008

2007
Indicator

2005

2006

2007
Oct.

Sept.

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)
2
Industrial

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

8,357.63
n.a.
n.a.
n.a.
n.a.

9,653.00
n.a.
n.a.
n.a.
n.a.

9,777.58 10,159.33
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

9,741.15
n.a.
n.a.
n.a.
n.a.

9,807.36
n.a.
n.a.
n.a.
n.a.

9,165.10
n.a.
n.a.
n.a.
n.a.

9,041.52
n.a.
n.a.
n.a.
n.a.

8,776.21
n.a.
n.a.
n.a.
n.a.

9,174.10
n.a.
n.a.
n.a.
n.a.

9,429.04
n.a.
n.a.
n.a.
n.a.

6 Standard & Poor's Corporation
(1941-43 = 10)'

1,207.23

1,310.46

1,477.19

1,497.12

1,539.66

1,463.39

1,479.23

1,378.76

1,354.87

1,316.94

1,370.47

1,403.22

7 American Stock Exchange
(Aug 31 1973 - 50)2

1 567 52

1 936 79

2 267 99

2 320 48

2,441.84

2,406.56

2,383.84

2,290.88

2,269.79

2,262.29

2,297.06

2,351.25

4
5

Utility
Finance

Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange

1,542,724 2,254,869 3,232,195 3,071,737 3,268,707 4,045,500 3,145,802 4,830,460 3,832,107 4,601,666 3,829,875 3,774,019
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Customer financing (millions of dollars, end-of-period balances)

10 Margin credit at broker-dealers3

221,660

275,380

285,610

329,510

345,420

344,300

285,610

328,330

334,900

311,660

295,550

310,310

119,710
88,730

159,040
94,450

156,190
90,340

208,540
118,910

222,900
120,840

246,520
128,530

156,190
90,340

276,390
142,100

266,050
133,670

305,600
122,140

313,740
100,600

325,040
95,930

Free credit balances at brokers4
12 Cash accounts

Margin requirements (percent of market value and effective date)6

13 Margin stocks
15 Short sales

Mar. 11, 1968

June 8, 1968

May 6,1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

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

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

Federal Finance
1.40

25

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

1 Federal debt outstanding

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

8.3V1.2
4,872.8
3.498.4

8,420.0
4,797.5
3,622.6

8,507.0
4,843.2
3,663.8

8,680.2
4,901.2
3,779.0

8,849.7
5,054.3
3,795.4

8,890.8

9,030.6

9,252.3

9,461.1

8,867.7
4,943.0
3,924.6

9,007.7
5,049.2
3,958.4

9,229.2
5,136.3
4,092.9

9,437.6
5,334.0
4,103.6

23.6
23.6
.0

23.6
23.6
.0

23.4
23.4
.0

23.5
23.5
.0

23.2
23.2
.0

23.2
23.2
.0

23.0
23.0
.0

23.1
23.1
.0

23.5
23.5
.0

8,281.5

8,330.6

8,420.3

8,281.4
.1

8,330.6
.1

8,420.2
.1

8,592.5

8,760.7

8,779.2

8,921.3

9,144.7

9,358.1

8,592.4
.1

8,760.7
.1

8,779.1
.1

8,921.3
.1

9,144.6
.1

....

2 Public debt securities
3
Held by public
4
Held by agencies
5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit
9 Public debt securities
10 Other debt1
MEMO

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

1.41

GROSS PUBLIC DEBT OF U.S. TREASURY

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

Types and Ownership

Billions of dollars, end of period

Type and holder

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

By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds'
Nonmarketable2
State and local government series .
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing
By holder5
U.S. Treasury and other federal agencies and trust funds .
Federal Reserve Banks'"
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international5
Other miscellaneous investors7'9

Q2

Q3

Q4

Ql

9,007.7

9,229.2

9,437.6

8,959.3

9,416.6
4,732.4

2,431.4
561.0

9,207.5
4,536.6
1,003.9
2,488.4
558.5

456.9
4,559.5
296.5
3.0
3.0
.0

4,692.6
293.2
3.0
3.0
.0

7,596.1

8,170.4

8,680.2

9,229.2

8,867.7

7,578.5
3,959.7

8,117.0
4,184.0

8,627.5
4,413.9

1,003.2
2,157.1

963.9
2,326.8

539.5
245.9
3,618.8

516.6

944.2
2,409.9
530.6

9,207.5
4,536.6
1,003.9
2,488.4
558.5

328.7
3,986.5
235.6
3.8
3.8
.0

411.2

471.7

4,338.3
257.6
3.0
3.0
.0

4,692.6
293.2
3.0
3.0
.0

8,819.6
4,339.1
869.0
2,444.3
547.2
437.8
4,528.6

180.5
4,164.3
21.7

160.7

5.9
5.9
.0
191.7

191.2

187.7

3,230.6

3,506.6
53.4

3,839.4

17.6

124.6

301.6
3.0
3.0
.0
183.4

3,989.3
48.1

4,448.1

958.1

471.7

1,158.4
2,514.0
571.8
474.1
4,705.2

286.3
4.9
4.9
.0

4,026.8
48.4

180.5
4,164.3
21.7

179.4
4,183.7
21.0

181.6

3,189.1
717.8
3,690.6
125.0
254.1
149.7
389.1

3,466.9
744.2

3,783.1
778.9

3,970.6
117.2
251.3
160.4
463.2

4,122.1
115.1
250.7
159.0
497.7

4,097.8
740.6
4,395.7
129.9
362.9
135.3
524.9

4,152.6
110.6
267.2
147.9
549.2

3,963.1
779.6
4,269.7
119.8
306.7
142.2
535.8

4,097.8
740.6
4,395.7
129.9
362.9
135.3
524.9

4,108.2
591.2
4,742.9
126.7
468.2
135.8
520.2

204.4
301.4
150.3
151.0
1,853.4
413.4

205.1
314.9
161.1
153.8
2,036.0
422.5

202.4
326.1
173.0
153.0
2,105.0
466.1

196.4
373.8
209.3
164.5
2,355.3
320.6

198.6
358.3
202.2
156.1
2,193.9
332.6

197.1
367.2
205.9
161.4
2,244.1
355.9

196.4
373.8
209.3
164.5
2,355.3
320.6

195.3
391.4
223.7
167.7
2,438.6
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.

3,928.9
790.5

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 2008

1.42

U.S. GOVERNMENT SECURITIES DEALERS

Transactions1

Millions of dollars, daily averages
2008
Jan.
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

Feb.

2008, week end ng
Mar.

Mar. 5

Mar. 12

Mar. 19

Mar. 26

Apr. 2

Apr. 9

Apr. 16

Apr. 23

Apr. 30

48.152

62,803

84,792

77,487

72,076

98,865

95,453

72,068

57,578

65,018

54,464

48,071

215.659

219,804

254,861

282,513

265,196

267,600

226,927

235,310

181,549

156,392

194,295

179,411

176.236

192,218

203,051

248,557

220,695

218,194

152,714

186,795

164,474

146,599

151,660

163,860

144,633
34.515
10,202

158,086
35,957
9,418

145,925
35,694
10,712

169,122
39,827
10,807

158,671
33,998
9,629

169,571
40,845
12,698

112,155
30,539
10,821

118,358
34,397
8,927

96,048
25,204
6,390

110,330
25,994
10,913

109,723
21,497
7,695

95,115
22,544
8,408

96,977'

94,128'

96,944'

95,732

82,176'

99,526

105,349

104,457

101,744

93,194

99,355

98,693

13,090

14,242

14,020

18,304

14,034

16,761

10,687

10,697

15,085

16,460

14,087

9,681

7,697

5,987

6,026

8,293

7,417

6,014

4,208

4,488

5,471

5,655

5,892

4,102

4,545'
1,331'

3,970'
1,458

4,302
1,057'

4,788'
1,490'

4,321
1,452

4,612
867

4,347
898

3,196
545

2,193
408

3,813
584

2,226
285

3,075
580

417,242

419,968

401,337

541,752

535,934

344,408

295,747

307,458

545,031

245,562

213,055

222,465

196,649
19,785

205,461
16,544

206,214
16,924

199,474
18,894

205,451
15,417

229,898
16,744

201,337
16,286

182,884
18,830

178,891
17,290

177,055
21,537

181,993
21,071

174,041
22,814

261,001

276,011

295,203

337,431

302,543

311,271

261,658

269,870

224,696

216,362

221,709

216,500

7,415
114,844
579

7,080
124,822
516

8,600
117,982
516

8,863
155,980
554

8,986
134,123
541

8,762
108,286
475

8,044
104,212
423

8,348
92,195
662

8,464
153,978
432

8,790
80,184
542

7,968
67,630
541

6,439
71,509
633

368,395

402,274

439,833

490,882

457,722

496,503

366,952

385,986

306,546

298,885

317,626

300,909

116,225
302,398
215,854

112,705
295,146
221,490

113,749
283,354
222,622

119,744
385,772
217,814

100,414
401,811
220,326

119,019
236,122
246,167

117,446
191,534
217,199

115,035
215,263
201,052

116,437
391,053
195,749

110,916
165,378
198,050

113,878
145,425
202,523

109,693
150,955
196,222

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
2008

2008, week ending

Item, by type of security
Jan.

Feb.

Mar.

Mar. 5

Mar. 12

Mar. 19

Mar. 26

Apr. 2

Apr. 9

Apr. 16

Apr. 23

Net outright positions2
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

-9.032

4.741

12.670

17.167

27.921

2.614

12.250

1,491

10.907

-1.528

-15.724

-2.482

-20.413

-15.277

-8.237

-18.347

-18.114

-12.052

-18,562

-18.870

-23.002

-15.844

-29.661

-31,824

-35.415

-35,787

-33.366

-35.368

-37.509

-35,045

-35.387

-41.286

-40.937

-32.853
-8,766
1,453

-31,921
-6,439
2,627

-30.678
-4,215
4,226

-36,110
-7,268
4,492

-36.137
-3,163
4,827

-27.025
-5,095
4,549

-26.479
-2,106
3,700

-28,595
-4,357
3,400

-27.574
-4,989
2,787

-31.781
-4,126
3,547

-30.275
-4,278
5,672

50,252'

48,150'

50,491'

52,262'

49,635

46,051

54,311

50,789

59,529

58,814

58,170

55,139'

59,880'

63,871'

69,381'

64,589

61,491

61,180

64,458

73,555

78,005

78,121

12,726'

14,216'

10,657'

12,685'

12,169

10,348

10,015

7,846

7,082

6,333

6,556

15,273'
10,827'

12,625'
9,829'

12,009'
9,252'

12,378'
9,181'

12,064
9,364

11,700
9,426

12,537
9,170

11,258
9,035

11,809
9,198

11,591
8,785

10,917
8,779

59,916

63,224

64,314

65,795

49,078

70,334

70,848

66,586

59,820

65,402

55,898

57,608
214,734

56,340
193,971

54,686
184,684

60,519
183,276

57,949
185,099

63,355
187,184

44,848
184,867

45,922
181,754

47,114
177,647

43,728
174,354

42,149
174,532

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

1,522,028
1 133 387

1,590,724
1 254 956

1,644,050
1 273 899

1,684,696
1 302 946

1,690,899
1 336 589

1,709,152
1 326 528

1,555,597
1 344 302

1,570,505
984,840

1,559,103
1,059,982

1,591,577
1,085,800

1,577,040
1,137,551

232,936
263,401

245,527
281,377

267,079
272,288

251,702
274,538

283,981
280,817

273,186
263,173

267,330
277,370

249,894
263,746

251,770
273,993

262,661
297,308

261,516
302,076

188,187
427,804

224,992
441,919

201,868
422,592

231,428
457,370

206,789
427,443

201,213
406,281

202,660
418,407

165,225
409,715

196,682
425,996

187,461
406,723

181,092
420,650

132,278
79,502

131,850
80,658

138,211
61,521

142,219
65,142

140,764
60,858

134,728
61,771

137,808
59,125

136,071
61,830

140,614
61,750

138,024
61,448

139,772
60,421

1 045 441
1,519,183

1 149 688
1,683,120

1 181 908
1,684,116

1 235 802
1,736,445

1 221 751
1,747,957

1 235 137
1,728,358

1 114516
1,760,175

1 092 061
1,373,987

1 126 938
1,472,439

1 162 374
1,490,160

1 125 618
1,560,945

1,495,768
970,263

1,543,737
1,106,776

1,637,610
1,113,543

1,663,596
1,137,154

1,675,499
1,195,038

1,717,374
1,183,138

1,528,316
1,179,961

1,599,922
785,421

1,551,832
853,772

1,578,814
876,296

1,550,018
929,459

419,667
162,205

452,662
188,788

445,342
194,302

455,405
185,097

464,301
197,572

422,895
189,245

450,827
206,381

432,486
189,099

446,280
205,616

458,284
218,046

441,412
220,478

862,651
197,699

932,073
182,542

880,414
196,631

917,601
187,350

878,266
205,357

892,610
185,089

890,897
214,038

814,486
185,482

864,849
189,129

882,294
179,765

875,752
190,416

374,651
82,280

352,320
90,835

342,573
80,036

343,268
86,982

338,437
87,801

353,303
74,898

341,360
65,847

334,347
89,277

338,158
88,119

332,036
88,463

326,840
87,471

2,730,072
1,352,653

2,878,106
1,492,245

2 910 533
1,516,994

2 971 863
1,530,005

2 949 060
1,618,132

2 999 275
1,563,998

2 832151
1,601,430

2 780 759
1,178,375

2,821,543
1,267,500

2,858,381
1,287,433

2,807,253
1,351,783

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 2008
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period

1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2-3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service6
8
Tennessee Valley Authority
9
United States Railway Association6
10 Federally sponsored agencies7
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Farm Credit Bankss
15
Student Loan Marketing Association9
16 Financing Corporation10
17
Farm Credit Financial Assistance Corporation "
18
Resolution Funding Corporation12

23,843
6
n.a.
161

23,520
6

23,151
6
n.a.
84

n.a.

n.a.

n.a.

n.a.
24,267
6

23,017
6

23,103
6
n.a.
84

23,151
6

23,108
6
n.a.
68

n.a.
n.a.
23,837
n.a.

n.a.
n.a.
23,145
n.a.

n.a.
n.a.
23,097
n.a.

n.a.
n.a.
23,102
n.a.

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

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

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

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

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

27,948

28^25

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

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

22,984
6

MEMO

19 Federal Financing Bank debt13
20
21
22
23
24

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

Other lending^4
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other

6,961
n.a.
0,987

18,515
n.a.
9,810

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.

30^04

32,422

31,931

n.a.
n.a.
32,422

32,422

31,931

n.a.
n.a.
32,225

31,571

31,229

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.

30,304

32,225

32,422

n.a.
n.a.
31,571

31,229

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
2007
Type of issue or issuer,
or use

2005

1

2006

2008

2007'
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1 All issues, new and refunding

409,802

389,540

426,202

32,882

44,620'

28,963'

29,194

19,710'

21,266

43,203'

50,741

By type of issue
2 General obligation
3 Revenue

145,845
263,957

115,128
274,413

131,232
294,970

6,809
26,072

11,182
33,439'

10,175
18,788'

9,513
19,681

9,278
10,433'

11,285
9,981

11,126'
32,077'

15,198
35,543

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

31,568
298,762
79,472

28,258
293,403
67,879

34,992
315,236
75,973

2,037
25,423
5,421

4,133
35,220'
5,268'

2,149
19,020'
7,794'

2,488
21,425
5,282

1,279
14,166
4,266'

3,707
12,523
5,037

3,777
33,571'
5,855

6,455
33,415
10,871

7 Issues for new capital

222,986

262,485

274,940

25,097

30,821'

21,672'

21,679'

15,169'

14,792'

21,172'

22,580

70,974
25,427
10,052
n.a.
17,655
60,626

70,252
30,232
7,801
n.a.
35,000
72,684

70,305
27,921
11,383
n.a.
38,137
83,043

3,694
5,578
520
n.a.
4,092
8,674

6,115
3,641
723
n.a.
6,030
10,267

7,125
1,989
1,162'
n.a.
2,075
5,697

5,782
1,652
2,482'
n.a.
2,467
5,625

4,138
2,951
988'
n.a.
1,372
4,409

4,538
420
3,677'
n.a.
1,342
3,564

3,877
4,725
2,051'
n.a.
3,080
5,464

4,897
1,171
373
n.a.
3,350
9,236

By use of proceeds
9 Transportation
11 Social welfare
13 Other purposes

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

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

1.46

NEW SECURITY ISSUES

U.S. Corporations

Millions of dollars
2007
Type of issue, offering,
or issuer

2005

2006

2008

2007
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

2,438,989

2,710,028

2,447,707

183,529

159,087

162,021

143,274

109,195

148,308

78,814

79,858

2 Bonds2

2,323,735

2,590,863

2,279,052

173,382

151,933

151,119

119,184

87,724

121,240

66,664

72,580

By type of offering
3 Sold in the United States
4 Sold abroad

2 141 496
182,238

2 318 379
272,483

2 030 248
248,803

159 508
13,873

131 957
19,976

122 921
28,198

98 829
20,356

81 383
6,341

108 575
12,665

64 458
2,206

64 894
7,686

22,221

18,262

20,103

1,669

2,626

1,436

2,246

1,349

n.a.

n.a.

n.a.

216,072
2107 662

344,005
2 246 858

411,723
1 867 329

32,055
141 326

34,501
117 432

48,456
102 663

30,003
89 181

33,128
54 596

28,251
92 989

22,560
44 104

37,019
35 561

115,255

119,165

168,655

10,147

7,154

10,902

24,090

21,471

27,068

12,150

7,278

54,713
60,541

56,029
63,136

65,440
103,216

6,881
3,266

3,255
3,899

4,952
5,950

11,673
12,418

2,813
18,658

1,958
25,110

3,091
9,059

1,880
5,398

MEMO

5 Private placements, domestic
By industry group
6 Nonfinancial
8 Stocks3
By industry group
9 Nonfinancial
10 Financial

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.
SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve
System.

30

Federal Reserve Bulletin Statistical Supplement • July 2008

1.47

OPEN-END INVESTMENT COMPANIES

Net Sales and Assets1

Millions of dollars
2007
Item

2006

Oct.
1 Sales of own shares

2

2008

2007'
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

2,009,480

2,530,003

235,084

198,432

225,067

280,573

204,415

200,928

229,537

205,830

3 Net sales3

1 782 393
227,087

2 306 331
223,672

210 539
24,545

205 546
-7,114

221 500
3,567

302 693
-22,120

176 606
27,809

201 377
-449

198 284
31,253

169 775
36,055

4 Assets4

8,058,059

8,914,249

9,337,512

8,995,368

8,914,249

8,445,110

8,357,451

8,263,656

8,634,205

8,814,797

5 Cashs
6 Other

345,066
7,712,993

378,795
8,535,454

365,821
8,971,691

384,831
8,610,537

378,795
8,535,454

361,823
8,083,287

382,693
7,974,758

383,612
7,880,044

421,223
8,212,982

429,119
8,385,678

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
2007

2006
Account

2005

2006

2008

2007
Q3

Q4

Q1

Q2

Q3

Q4

Q1

ASSETS

1 Accounts receivable, gross2

1,622.4
601.8
479.2
541 4

1,732.7
640.3
498.0
594 4

1,759.5
706.8
519.5
533 3

1,710.3
628.3
490.4
591 6

1,732.7
640.3
498.0
594 4

1,728.4
643.1
505.4
579 8

1,732.1
659.7
509.3
563 2

1,757.5
689.2
507.9
560 4

1,759.5
706.8
519.5
533 3

1,766.6
707.4
533.4
525 8

44.7
24.5

49.2
26.6

50.2
33.5

48.4
24.7

49.2
26.6

50.8
25.5

50.6
25.5

50.3
28.7

50.2
33.5

51.2
34.5

7 Accounts receivable, net
8 All other

1,553.2
535 7

1,656.9
486 5

1,675.9
499 4

1,637.2
482 9

1,656.9
486 5

1,652.1
497 6

1,655.9
504 9

1,678.5
515 3

1,675.9
499 4

1,680.9
525 1

9 Total assets

2,088.8

2,143.3

2,175.2

2,120.1

2,143.3

2,149.7

2,160.8

2,193.7

2,175.2

2,206.0

142.1
160.0

129.2
165.3

173.3
158.5

131.5
164.0

129.2
165.3

138.1
159.1

153.5
154.0

176.7
149.0

173.3
158.5

172.3
153.2

312.2
806.5
423.6
244.4

338.5
849.6
424.3
236.4

326.4
837.3
440.0
239.7

336.7
824.0
421.1
242.8

338.5
849.6
424.3
236.4

330.8
836.3
438.2
247.1

348.5
827.8
439.6
237.5

331.8
847.6
444.4
244.2

326.4
837.3
440.0
239.7

334.3
849.5
453.0
243.7

2,088.8

2,143.3

2,175.2

2,120.1

2,143.3

2,149.7

2,160.8

2,193.7

2,175.2

2,206.0

3

Business

5 LESS:
6 LESS:

Reserves for unearned income
Reserves for losses

LIABILITIES AND CAPITAL

11 Commercial paper
Debt
13 Not elsewhere classified
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
Apr.
Seasonally adjusted
1 Total
2
3
4

Consumer
Real estate
Business .

1,895.3

2,009.3

2,044.5

2,047.8

2,044.5

2,045.9'

2,062.3'

2,061.8'

2,044.7

774.6
561.5
559.1

818.4
610.9
580.0

885.9
566.1
592.4

880.3
572.6
594.8

885.9
566.1
592.4

882.2'
562.5
601.3'

887.0'
567.0
608.3'

889.7'
569.3'
602.7'

889.5
558.3
596.8

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'" .

1,910.9

2,026.2

2,061.8

2,057.9

2,061.8

2,053.4'

2,058.3'

2,054.0'

2,040.3

781.4
278.0
85.3
66.3
172.3

825.4
259.8
106.0
79.9
194.7

893.5
262.9
122.9
86.0
234.9

890.1
259.4
122.2
82.9
233.0

893.5
262.9
122.9
86.0
234.9

886.9'
256.0
124.4
84.9
240.1

882.7'
253.6
124.3
83.4
241.6

882.9'
255.7
124.9
82.1'
244.7'

883.0
257.0
125.5
82.1
244.8

112.6
4.2
14.9
47.8
565.0
489.8
51.6

112.8
3.6
15.9
52.8
614.8
538.1
56.2

113.3
3.1
25.6
44.7
569.8
474.2
59.1

118.6
3.2
25.7
45.2
573.5
497.5
58.6

113.3
3.1
25.6
44.7
569.8
474.2
59.1

108.7'
3.1
25.4
44.3
564.8
466.7
62.0

107.4
3.0
25.4
44.0
566.0
465.2
64.9

103.5'
3.0
25.4
43.6
561.2'
457.9'
67.8

101.6
3.0
25.4
43.5
554.2
451.9
67.0

18.9
4.8
564.5
105.5
15.2
61.2
29.0
281.9
93.6
188.3
91.8

16.8
3.7
586.0
105.1
17.1
55.7
32.3
299.5
102.4
197.1
93.5

34.9
1.6
598.6
105.7
16.4
56.9
32.4
319.4
106.1
213.3
94.4

15.0
2.4
594.3
106.9
16.8
57.3
32.7
312.3
105.6
206.7
95.9

34.9
1.6
598.6
105.7
16.4
56.9
32.4
319.4
106.1
213.3
94.4

34.8
1.3
601.7'
104.9
16.0
56.5
32.4
326.6'

34.8
1.1
609.7'
107.9
15.6
59.9
32.4
326.9'
112.8'
214.1'
97.2'

609.9'
107.8
15.3
60.7
31.9
324.8'
113.5'
211.3'
100.8'

603.1
109.2
15.2
62.1
31.8
319.7
112.5
207.2
100.4

2.7
26.0
.1
24.4
11.6
12.8
32.2

38.0
3.0
34.9
.1
15.4
9.9
5.5
34.6

33.6
2.6
30.9
.1
13.1
9.2
3.9
32.4

35.1
2.7
32.3
.1
13.2
9.4
3.8
31.0

33.6
2.6
30.9
.1
13.1
9.2
3.9
32.4

32.4
2.6
29.7
.1
13.2
9.2
3.9

32.5
2.6
29.8
.1
13.2
9.2
4.0
32.0

31.5
2.6
28.9
.1
13.3
9.2
4.1
31.7

28.7
2.6
26.0
.1
13.6
9.5
4.0
31.6

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 reelassification 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

215.4'
92.6

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

32
1.53

Federal Reserve Bulletin Statistical Supplement • July 2008
MORTGAGE MARKETS

Mortgages on New Homes

Millions of dollars except as noted
2007
Item

2005

2006

2008

2007
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Terms and y elds in primary and secondary markets
PRIMARY MARKETS

Terms'
1 Purchase price (thousands of dollars)
2 Amount of loan (thousands of dollars)
3 Loan-to-price ratio (percent)
5 Fees and charges (percent of loan amount)2

326.8
238.5
75.3
29.2
.54

345.7
253.4
75.4
29.5
.66

360.7
269.9
77.1
29.4
.81

366.8
273.7
77.1
29.2
.80

347.7
268.8
79.4
29.2
.74

360.2
269.5
78.6
29.0
.78

373.1
275.9
78.1
29.2
.66

329.8
248.6
77.9
28.8
.80

346.3
252.4
76.4
28.9
.64

339.4
254.2
77.3
29.2
.67

5.86
5.93
n.a.

6.50
6.60
n.a.

6.30
6.42
n.a.

6.30
6.42
n.a.

6.10
6.21
n.a.

5.90
6.02
n.a.

5.87
5.96
n.a.

5.80
5.92
n.a.

5.89
5.98
n.a.

5.92
6.01
n.a.

n.a.
5.13

n.a.
5.70

n.a.
5.71

n.a.
5.38

n.a.
5.37

n.a.
5.00

n.a.
5.19

n.a.
5.16

n.a.
5.22

n.a.
5.27

Yield (percent per year)
7 Effective rate1-3
SECONDARY MARKETS

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

Activity in secondary markets
FEDERAL NATIONAL MORTGAGEASSOCIATION

Mortgage holdings (end of period)
11 Total
12 FHA/VA insured
14 Mortgage transactions purchased (during period)
Mortgage commitments (during period)
15 Issued7
16 Tosell s

727,545
n.a.
n.a.

724,400
n.a.
n.a.

723,976
n.a.
n.a.

722,032
n.a.
n.a.

723,976
n.a.
n.a.

720,985
n.a.
n.a.

721,579
n.a.
n.a.

722,768
n.a.
n.a.

728,414
n.a.
n.a.

736,925
n.a.
n.a.

146,641

196,017

182,470

13,997

12,796

8,913

11,593

15,817

17,961

20,001

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

710,017
n.a.
n.a.

703,629
n.a.
n.a.

720,813
n.a.
n.a.

701,352
n.a.
n.a.

720,813
n.a.
n.a.

716,932
n.a.
n.a.

709,523
n.a.
n.a.

712,462
n.a.
n.a.

737,537
n.a.
n.a.

770,383
n.a.
n.a.

n.a.
397,867

n.a.
360,023

n.a.
470,976

n.a.
34,215

n.a.
48,210

n.a.
29,480

n.a.
42,968

n.a.
43,526

n.a.
40,779

n.a.
47,310

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

FEDERAL HOME LOAN MORTGAGE CORPORATION

Mortgage holdings (end of period)8
17 Total
18 FHA/VA insured
Mortgage transactions (during period)
20 Purchases
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-do wnpayment 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 MortgageAssociation exclude swap activity.

Real Estate
1.54

33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period

Type of holder and property

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
Major financial institutions . . .
Commercial banks2
One- to four-family
Multifamily
Nonfarm, nonresidential .
Farm
Savings institutions3
One- to four-family
Multifamily
Nonfarm, nonresidential .
Farm
Life insurance companies . .
One- to four-family
Multifamily
Nonfarm, nonresidential .
Farm
Federal and related agencies
Government National Mortgage Association
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Housing Admin, and Dept. of Veterans Affairs
One- to four-family
Multifamily
Resolution Trust Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Deposit Insurance Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal National Mortgage Association
One- to four-family
Multifamily
Federal Land Banks
One- to four-family
Farm
Federal Home Loan Mortgage Corporation
One- to four-family
Multifamily
Federal Agricultural Mortgage Corporation
Farm

Ql

Q2

Q3

10,667,810

12,101,430

13,511,710

13,779,250

14,096,250

14,362,580

14,603,110

14,740,480

8,273,402
617,869
1,679,672
96,872

9,379,328
687,682
1,932,904
101,518

10,451,630
741,158
2,209,884
109,038

10,652,390
758,046
2,257,680
111,124

10,862,200
780,372
2,340,442
113,233

11,015,740
804,588
2,426,895
115,365

11,158,060
837,115
2,490,437
117,497

11,233,930
855,616
2,532,719
118,219

,926,324
,595,605
,580,992
118,710
860,670
35,233
,057,395
874,199
87,545
95,052
599
273,324
7,874
40,453
214,085
10,912

4,396,243
2,958,042
1,793,029
138,702
989,372
36,939
1,152,738
953,819
98,352
99,951
616
285,463
7,746
42,440
224,258
11,019

4,780,819
3,403,052
2,081,766
157,555
1,123,210
40,521
1,073,967
867,831
95,792
109,604
740
303,800
11,301
44,761
236,719
11,019

4,810,107
3,386,400
2,053,931
159,697
1,132,251
40,521
1,117,259
911,458
93,627
111,394
780
306,448
11,056
45,208
239,165
11,019

4,897,281
3,472,132
2,105,412
161,648
1,164,551
40,521
1,112,812
905,278
92,570
114,158
806
312,337
11,062
46,141
244,115
11,019

4,989,289
3,525,100
2,128,207
164,965
1,191,407
40,521
1,146,869
933,511
94,773
117,739
846
317,320
11,003
46,910
248,388
11,019

5,067,153
3,645,724
2,208,306
168,407
1,228,490
40,521
1,095,256
878,958
92,705
122,711
882
326,173
11,124
48,336
255,694
11,019

5,126,517
3,683,796
2,216,360
172,803
1,253,830
40,803
1,111,468
884,832
94,495
131,231
910
331,253
11,449
49,093
259,692
11,019

704,438
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

666,601
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0

688,678
27
27
0
76,448
12,918
11,374
48,945
3,212
5,023
1,625
3,398
0
0
0
0
0
3
1
1

693,842
26
26
0
77,264
12,819
11,340
49,919
3,186
5,013
1,679
3,335
0
0
0
0
0
15

712,714
24
24
0
78,192
12,920
11,310
50,758
3,204
4,887
1,722
3,165
0
0
0

726,458
22
22
0
78,411
13,024
11,282
50,839
3,266
4,927
1,779
3,147
0
0
0

742,109
24
24
0
78,941
13,066
11,249
51,399
3,228
4,917
1,853
3,063
0
0
0

2
0
399,420
321,955
77,465
64,859
21,008
43,851
71,680
22,946
48,734
742
742

0
1
0
403,577
311,831
91,746
67,423
23,572
43,851
79,776
23,876
55,900
768
768

0
1
0
411,838
313,458
98,380
68,964
24,808
44,156
86,105
26,802
59,303
759
759

5
0
366,680
314,801
51,879
54,640
14,515
40,125
61,428
20,378
41,050
804
804

0
383,045
322,703
60,342
59,897
16,046
43,851
65,536
20,543
44,993
778
778

3
10
0
386,372
321,464
64,908
61,451
17,600
43,851
66,702
20,363
46,339
748
748

702,228
25
25
0
77,978
12,893
11,318
50,564
3,204
5,115
1,687
3,428
0
0
0
0
0
6
1
1
4
0
392,690
320,463
72,227
62,902
19,051
43,851
68,350
21,219
47,131
754
754

6,575,142
410,021
373,886
36,135
1,450,721
1,442,306
8,415
1,973,329
1,894,396
78,933
0
0
0
0
0
2,737,888
2,105,469
103,229
529,190
0
3,183
3,183

6,821,362
412,958
376,802
36,157
1,515,034
1,506,246
8,788
2,024,330
1,943,357
80,973
0
0
0
0
0
2,865,638
2,187,446
110,563
567,629
0
3,402
3,402

7,056,351
417,018
380,808
36,211
1,571,033
1,561,920
9,113
2,083,085
1,999,762
83,323
0
0
0
0
0
2,980,535
2,256,223
118,250
606,062
0
4,679
4,679

7,217,958
427,255
390,856
36,398
1,643,285
1,633,753
9,532
2,167,980
2,081,261
86,719
0
0
0
0
0
2,974,820
2,199,705
125,251
649,864
0
4,618
4,618

7,381,689
443,461
406,822
36,640
1,717,342
1,706,684
10,658
2,298,191
2,206,263
91,928
0
0
0
0
0
2,918,152
2,132,365
124,928
660,859
0
4,543
4,543

7,441,639
461,481
424,708
36,772
1,762,586
1,751,647
10,939
2,373,863
2,278,908
94,955
0
0
0
0
0
2,839,256
2,062,046
122,275
654,935
0
4,453
4,453

1,467,074
1,202,923
96,202
162,214
5,734

1,453,933
1,191,924
97,081
157,312
7,617

1,440,388
1,172,018
98,983
160,988
8,399

1,442,622
1,163,985
99,336
168,737
10,564

1,427,810
1,141,911
101,410
171,842
12,647

1,430,217
1,133,434
102,261
181,631
12,891

1

2
7
0
400,157
355,687
44,470
52,793
15,070
37,723
61,320
23,374
37,946
887
887

55 Mortgage pools or trusts5
56
Government National Mortgage Association
57
One- to four-family
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

4,834,403
441,235
409,089
32,147
1,189,393
1,173,847
15,546
1,743,061
1,673,339
69,722
0
0
0
0

938
938

5,673,395
405,246
371,484
33,762
1,309,024
1,294,521
14,503
1,826,779
1,753,708
73,071
0
0
0
0
0
2,131,502
1,609,699
89,626
432,176
0
844
844

77 Individuals and others7
78
One- to four-family
79
Multifamily
80
Nonfarm, nonresidential
81
Farm

1,202,649
981,482
83,275
130,547
7,345

1,365,193
1,125,988
89,322
141,929
7,954

1,459,776
1,049,767
73,068
336,941

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 2008

1.55

TOTAL OUTSTANDING CONSUMER CREDIT1
Millions of dollars, amounts outstanding, end of period
2008
Holder and type of credit

2005

2006

2007
Jan.

Feb.

Mar.

Apr.'

May'

June

Seasonally adjusted
1 Total

2,284,876

2,387,470

2,523,632

2,535,558

2,542,433

2,555,038

2,563,954

2,572,004

2,586,333

2 Revolving
3 Nonrevolving2

824,963
1,459,913

875,406
1,512,064

940,609
1,583,024

946,545
1,589,013

950,735
1,591,699

956,578
1,598,460

956,789
1,607,165

962,859
1,609,145

968,353
1,617,981

Not seasonally adjusted
2,313,862

2,418,262

2,556,611

2,556,735

2,541,326

2,537,737

2,549,780

2,556,811

2,569,172

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

707,039
516,534
228,588
89,822
109,077
58,817
603,986

741,200
534,354
234,532
91,676
95,547
56,757
664,197

804,096
583,869
235,700
98,396
90,787
55,167
688,596

808,704
581,032
234,066
102,377
89,684
53,221
687,651

800,042
578,604
232,276
103,122
88,651
51,939
686,691

796,312
582,475
230,546
103,537
87,548
51,220
686,098

807,966
585,790
231,747
103,761
88,100
51,150
681,267

808,911
586,472
232,541
104,009
88,670
51,340
684,868

814,564
585,403
233,938
104,289
89,221
51,416
690,341

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

849,975
311,204
66,307
24,688
n.a.
40.755
11,598
395,423

902,316
327,302
79,874
27,388
n.a.
42.459
7,779
417,514

969,523
353,446
86,046
31,071
n.a.
44.750
4,228
449,982

957,919
338,287
84,895
30,802
n.a.
44.077
3,987
455,872

948,899
330,184
83,447
30,450
n.a.
43.446
3,808
457,564

943,472
322,463
82,065
30,462
n.a.
42.773
3,657
462,051

949,178
327,759
83,073
30,746
n.a.
43.510
3,731
460,359

955,122
327,291
83,898
31,079
n.a.
44.271
3,730
464,854

962,451
330,830
85,042
31,681
n.a.
45.008
3,755
466,135

20 Nonrevolving
21
Commercial banks
22
Finance companies
23
Credit unions
24 Federal government and Sallie Mae
25
Savings institutions
26
Nonfinancial business
27
Pools of securitized assets3

1,463,887
395,835
450,226
203,900
89,822
68,322
47,219
208,564

1,515,946
413,898
454,480
207,144
91,676
53,088
48,978
246,683

1,587,088
450,650
497,823
204,629
98,396
46,037
50,939
238,614

1,598,816
470,417
496,138
203,264
102,377
45,607
49,234
231,779

1,592,427
469,859
495,157
201,826
103,122
45,205
48,131
229,127

1,594,265
473,849
500,410
200,084
103,537
44,775
47,563
224,047

1,600,602
480,206
502,716
201,001
103,761
44,590
47,419
220,908

1,601,689
481,620
502,574
201,462
104,009
44,399
47,611
220,015

1,606,721
483,734
500,361
202,257
104,289
44,214
47,661
224,206

4 Total
5
6
7
8
9
10
11

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

1.56

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

TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2007
Item

2005

2006

2008

2007
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

INTEREST RATES

Commercial banks2
1 48-month new car

7.08
12 05

7.72
12 41

7.77
12 39

na

na

7.59
12 16

n.a.

n.a.

7.27
11 43

n.a.

12.51
14.55

13.21
14.73

13.38
14.67

na
na

na
na

13.08
14.34

n.a.
n.a.

n.a.
n.a.

12.48
13.72

n.a.
n.a.

6.02
8.81

4.99
9.61

4.87
9.24

4.83
8.95

4.60
9.46

4.72
9.74

4.33
9.73

4.97
9.06

5.37
8.91

4.19
8.88

60.0
58.6

63.0
59.4

62.0
60.7

63.3
60.5

63.6
60.3

62.7
60.4

62.5
60.5

62.3
58.9

63.2
60.3

62.3
60.8

88
98

94
99

95
100

96
100

95
99

95
98

95
97

94
96

95
96

94
96

24.133
16,228

26.620
16,671

28.287
17,095

28.826
17,117

30.133
17,162

29.327
17,184

29.076
17,371

28.231
17,220

28.118
17,127

28.173
17,200

Credit card plan
4 Accounts assessed interest
Auto finance companies
6 Used car
OTHER TERMS3

Maturity (months)
8 Used car
Loan-to-value ratio
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
Q4

Q3

Q1

Q1

Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors

1,398.6

1,667.7

1,957.7

2,247.3

2,332.4

2,029.5

2,308.1

2,307.5

2,101.0

2,742.5

2,315.5

2,036.3

-57.9
257.1
.5
159.4
129.3
-106.6
15.7
893.1
758.6
37.1
90.5
6.9
107.9

-37.3
398.4
-2.4
137.6
150.4
-77.0
5.5
988.2
798.9
71.2
119.4
-1.3
104.4

15.3
362.5
-.6
130.5
74.4
10.8
20.4
1,229.3
1,028.1
48.3
150.2
2.7
115.0

-7.7
307.3
-.4
195.0
53.6
137.6
47.7
1,419.8
1,106.0
71.7
237.5
4.6
94.5

22.4
183.7
— .3
177.3
213.4
173.4
54.8
1,403.2
1,072.3
52.7
270.7
7.5
104.4

-21.5
172.4
-1.0
169.2
133.8
163.1
-36.1
1,330.0
1,006.0
35.9
280.5
7.6
119.7

111.1
135.8
.5
252.8
315.9
223.2
68.5
1,091.5
730.9
68.0
285.0
7.6
108.9

18.9
327.5
-1.3
249.1
282.2
85.2
81.3
1,149.4
846.0
63.1
231.9
8.3
115.1

40.9
-70.7
-.1
246.7
377.5
92.3
79.6
1,197.0
784.8
95.2
308.6
8.4
137.7

-30.6
435.9
-.8
165.5
225.2
420.1
299.1
1,026.1
577.2
104.5
335.8
8.5
202.1

16.0
257.1
.7
198.7
371.6
397.9
3.7
971.4
618.5
129.7
214.7
8.5
98.5

54.6
487.5
1.3
152.8
274.8
257.7
101.7
559.8
313.0
69.0
174.5
3.3
146.1

832.9
164.2
9.1
148.0
7.1
143.9
257.6

981.0
170.4
80.0
92.1
-1.6
120.3
396.0

1,064.0
416.6
165.8
244.7
6.1
115.3
361.9

1,180.9
587.9
243.6
331.6
12.7
171.6
306.9

1,196.9
800.9
433.4
349.1
18.4
151.2
183.4

1,112.8
598.1
248.2
336.1
13.9
147.2
171.4

937.9
1,015.8
634.4
358.8
22.6
218.2
136.3

905.4
851.0
528.0
297.4
25.6
224.9
326.2

942.8
1,016.5
625.5
379.9
11.1
212.4
-70.8

856.2
1,312.7
767.7
532.4
12.6
138.5
435.0

829.9
1,062.8
577.4
461.2
24.2
164.8
257.8

481.0
927.0
575.1
321.5
30.4
139.5
488.8

22 Foreign net borrowing in United States

93.4

42.4

130.7

102.6

254.4

523.0

253.6

136.1

227.4

2.9

21.7

277.1

23
24
25
26

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

58.8
31.6
5.3
-2.3

18.3
28.7
-2.5
-2.1

68.7
61.8
3.8
-3.6

38.2
54.5
14.5
-4.6

97.1
150.9
13.8
-7.4

362.8
180.2
-12.2
-7.7

8.6
218.0
31.6
-4.6

-19.8
174.8
-16.0
-3.0

22.4
167.3
40.7
-2.9

-193.8
173.2
26.3
-2.9

-78.3
56.1
45.3
-1.3

214.6
39.8
23.8

27 Total domestic plus foreign

1,491.9

1,710.1

2,088.5

2,349.9

2,586.8

2,552.6

2,561.7

2,443.6

2,328.4

2,745.3

2,337.2

2,313.4

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

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

15
16
17
18
19
20
21

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

Financial sectors
870.3

1,060.8

968.7

1,064.0

1,287.7

931.3

1,249.0

1,264.2

1,398.0

2,348.0

1,356.3

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

-99.9
219.8
326.8
384.8
21.1
6.8
11.0

-62.9
250.9
330.6
481.4
21.4
31.2
8.2

22.2
75.0
47.9
665.5
58.1
74.1
25.9

214.6
-84.0
167.3
691.0
17.0
44.4
13.9

197.6
35.6
295.4
795.0
-64.1
21.2
7.0

72.2
-83.5
284.4
663.2
-42.8
29.9
7.8

174.3
40.7
278.9
981.5
-216.8
-3.9
-5.8

233.5
66.7
482.5
476.3
51.0
-30.5
-15.2

362.6
161.4
534.9
280.8
48.9
.4
9.0

-689.5
556.6
622.2
997.8
101.6
746.2
12.9

-360.0
344.8
866.3
274.6
27.5
187.0
16.1

-191.4
119.9
534.1
-14.8
176.7
156.4
20.8

36
37
38
39
40
41
42
43
44
45
46

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

49.7
-23.4
2.0
2.0
219.8
326.8
212.3
66.2
27.3
-1.7
-10.7

48.5
34.5
2.2
2.9
250.9
330.6
244.2
111.1
31.5
6.4
-1.9

78.4
89.0
2.3
3.0
75.0
47.9
427.3
134.3
98.3
15.2
-2.2

85.1
23.8
3.3
.4
-84.0
167.3
669.2
33.5
59.8
.1
105.6

177.4
-111.9
4.2
2.7
35.6
295.4
772.0
34.8
41.1
6.4
29.9

51.6
17.1
2.0
2.4
-83.5
284.4
701.1
-36.6
32.8
5.0
-44.9

400.6
-463.3
8.4
4.3
40.7
278.9
910.9
69.0
14.0
-20.9
6.4

90.9
-20.7
-10.5
4.9
66.7
482.5
428.8
13.9
2.2
59.5
146.0

147.1
-24.6
10.6
12.6
161.4
534.9
472.8
9.3
-21.2
39.9
55.3

496.2
363.5
37.9
26.9
556.6
622.2
97.7
122.1
-14.7
-29.4
69.0

318.6
71.1
15.7
13.7
344.8
866.3
-285.2
-45.6
10.4
-85.9
132.4

228.1
67.0
-15.2
9.6
119.9
534.1
-305.0
73.9
-40.3
62.3
-91.7

28 Total net borrowing by financial sectors

36

Federal Reserve Bulletin Statistical Supplement • July 2008

1.57

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

Transaction category or sector

47 Total net borrowing, all sectors .. .
48
49
50
51
52
53
54
55
56

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

Q4

Q1

Q1

2^62.2

2,770.9

3,057.2

3,413.9

3,874.5

3,483.9

3,810.8

3,707.8

3,726.4

5,093.3

3,693.5

3,115.1

-99.1
257.1
547.2
159.4
545.7
-80.2
20.2
904.1
107.9

-82.0
398.4
579.1
137.6
660.5
-58.1
34.6
996.4
104.4

106.2
362.5
122.3
130.5
801.8
72.7
90.9
1,255.2
115.0

245.1
307.3
82.8
195.0
799.0
169.1
87.4
1,433.8
94.5

317.1
183.7
330.6
177.3
1,159.3
123.1
68.6
1,410.3
104.4

413.6
172.4
199.9
169.2
977.2
108.1
-13.9
1,337.8
119.7

294.1
135.8
320.1
252.8
1,515.4
38.0
60.0
1,085.7
108.9

232.6
327.5
547.9
249.1
933.4
120.2
47.8
1,134.2
115.1

426.0
-70.7
696.2
246.7
825.6
181.9
77.0
1,206.0
137.7

-913.9
435.9
1,178.0
165.5
1,396.3
548.0
1,042.3
1,039.0
202.1

-422.4
257.1
1,211.9
198.7
702.2
470.7
189.4
987.5
98.5

77.7
487.5
655.2
152.8
299.8
458.3
256.9
580.6
146.1

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

227.4

427.5

366.0

110.9

-80.4

-274.8

16.6

193.6

-80.6

-207.1

-657.4

131.2

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

46.4
-41.6
17.0
71.0
181.1

138.9
-42.0
118.0
62.9
288.6

67.7
-126.6
84.8
109.5
298.2

-149.3
-363.4
142.6
71.5
260.2

-417.2
-614.1
138.5
58.4
336.8

-512.6
-534.0
41.8
-20.4
237.8

-349.1
-751.2
251.0
151.2
365.6

-315.0
-572.8
174.0
83.8
508.6

-604.5
-814.0
161.5
48.0
523.9

-453.5
-831.2
227.6
150.1
246.4

-840.3
-1,124.8
-39.2
323.6
183.0

-75.3
-562.2
135.2
351.7
206.5

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

Flow of Funds
1.58

37

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

Transaction category or sector

NET LENDING IN CREDIT MARKETS

Q3

Q4

Q1

Q2

Q3

Q4

2

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

2,362.2

2,770.9

3,057.2

3,413.9

3,874.5

3,483.9

3,810.8

3,707.8

3,726.4

5,093.3

3,693.5

3,115.1

152.0
35.9
25.8
-.8
86.2
4.9
467.2
1,743.1
77.7
404.4
393.8
6.2
3.1
1.3
33.4
44.2
39.9
233.0
-8.6
-50.7
12.7
-17.7
138.7
8.6
3.7
224.1
326.8
219.0
103.7
23.8
28.4
-102.1

157.8
103.4
-3.2
1.5
58.3
-2.1
582.8
2,030.2
37.2
332.9
352.2
-38.5
8.6
10.6
127.3
51.2
67.0
180.6
69.2
18.8
6.0
-95.9
138.0
35.5
.7
241.0
330.6
233.2
122.9
25.7
79.6
28.6

291.6
173.9
31.1
11.5
72.4
2.7
854.4
1,911.1
51.2
608.0
571.1
23.0
.0
13.9
103.5
39.8
73.6
173.0
17.8
4.7
-124.9
116.6
11.0
3.8
48.9
47.9
416.2
214.9
87.9
-29.2
47.0

284.5
109.3
42.3
11.4
124.1
-2.7
749.0
2,380.4
26.4
658.4
507.9
144.5
-4.2
10.2
199.3
36.2
66.9
110.3
44.5
18.1
7.7
-5.5
124.1
1.5
6.8
-69.1
167.3
673.6
117.2
66.9
82.3
47.5

293.8
203.7
-10.9
12.3
84.6
4.0
855.0
2,725.7
34.7
761.7
656.3
103.7
3.3
-1.7
-98.1
30.1
47.7
75.6
14.0
76.3
8.4
220.0
184.9
6.7
5.7
46.6
295.4
725.8
89.7
57.5
106.2
36.9

286.6
277.2
-70.5
12.6
81.3
-14.0
724.1
2,473.2
21.4
154.5
57.3
94.0
6.6
-3.3
258.1
7.9
31.8
48.6
38.9
14.4
7.6
362.1
130.8
-4.9
2.8
-30.4
284.4
721.3
158.1
44.5
162.5
58.6

332.8
181.0
7.5
12.5
122.9
8.9
952.2
2,525.8
21.4
1,274.7
1,165.9
100.3
8.0
.5
-859.7
27.7
50.6
7.7
41.6
43.7
2.5
216.5
232.6
5.5
7.9
51.7
278.9
728.6
-5.8
87.1
218.5
94.1

90.5
-185.6
98.7
12.1
145.0
20.3
1,017.9
2,599.4
13.0
204.1
39.3
188.2
-16.8
-6.5
189.1
39.8
32.8
94.3
30.7
-8.4
14.9
431.1
285.2
-.9
6.8
-86.9
482.5
585.2
56.5
-36.2
279.7
-13.9

189.6
78.6
-62.4
14.0
144.9
14.6
866.5
2,670.3
44.7
678.4
489.7
194.9
-5.3
-.9
67.4
24.6
34.7
99.5
39.6
18.6
3.4
290.4
365.6
13.9
15.6
81.0
534.9
484.0
-34.7
-48.8
-199.0
156.4

645.1
867.6
-195.6
17.3
-40.1
-4.2
587.2
3,861.0
-33.7
963.4
704.5
238.1
21.4
-.7
136.8
40.9
34.0
99.3
50.1
61.3
17.5
444.2
184.4
-18.0
9.6
673.3
622.2
167.1
110.5
-135.8
436.3
-2.5

515.4
631.3
-86.2
16.4
-57.0
11.0
835.2
2,342.8
-177.2
1,157.4
882.2
185.7
93.0
-3.5
-130.6
35.7
4.4
45.5
14.0
49.1
11.1
396.9
249.3
5.9
18.9
288.6
866.3
-242.1
-92.9
8.6
362.0
-528.3

-1,014.9
-921.9
-92.7
11.8
-31.9
19.8
996.0
3,133.9
-430.9
592.5
427.3
160.9
4.0
.3
8.3
45.0
48.3
90.8
31.6
42.9
40.1
1,293.4
252.8
-6.0
17.5
298.0
534.1
-292.3
88.6
-39.4
174.2
344.7

3,057.2

3,413.9

3,874.5

3,483.9

3,810.8

3,707.8

3,726.4

5,093.3

3,693.5

3,115.1

-4.2
.0
1.0
-38.7
43.9
-73.0
336.8
344.7
418.0
602.2
-512.6
237.8
123.3
173.0
76.3
161.8
21.3
-26.6
2,007.7

-5.9
.0
.0
-64.4
116.5
-75.2
578.7
-3.6
378.8
619.1
-349.1
365.6
211.0
274.2
75.4
216.9
28.4
-62.6
1,538.5

.1
.0
.4
284.6
-487.0
91.9
386.4
276.7
441.4
707.9
-315.0
508.6
295.5
105.5
28.4
136.4
33.1
15.0
1,208.9

-.3
.0
1.3
395.3
22.2
-99.2
205.8
107.4
442.5
116.6
-604.5
523.9
334.0
365.7
36.4
149.2
11.9
-48.4
3,550.3

.1
.0
1.4
185.7
205.5
124.0
329.4
529.0
1,260.4
222.3
-453.5
246.4
283.6
-19.1
28.9
164.4
26.1
-122.0
2,225.8

-.4
41.3
100.8
.9
223.8
365.3
819.9
-670.4
-840.3
183.0
221.5
653.9
43.1
227.7
25.4
-107.5
1,049.5

.2
.0
-.9
50.0
-231.3
74.8
461.9
320.6
1,549.3
96.3
-75.3
206.5
275.4
313.3
23.4
149.5
25.4
-18.3
1,424.4

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

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

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

54 Total financial sources
55
56
57
58
59
60

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

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

3.2
.0
1.0
21.0
17.4
-8.3
325.4
50.0
-16.7
106.6
46.4
181.1
86.7
-87.0
60.1
262.9
22.2
-84.1
505.3

-.9
.0
.6
36.0
-14.5
85.0
307.4
55.8
-207.5
218.7
138.9
288.6
22.4
120.0
66.8
258.5
-1.1
45.0
456.9

-3.2
.0
.7
89.9
19.4
84.8
281.6
252.9
-136.5
88.1
67.7
298.2
194.4
179.4
33.1
288.4
28.5
-18.0
1,616.0

-9.6
.0
.8
67.8
-12.4
3.5
314.4
284.4
127.0
350.8
-149.3
260.2
336.6
16.1
238.3
28.1
-137.8
1,389.1

-2.6
.0
.6
98.8
-11.2
-18.7
347.0
261.2
305.3
496.0
-417.2
336.8
217.4
211.5
65.6
198.2
19.9
-54.0
1,724.0

3,855.6

4,647.3

6,422.6

6,522.1

7,653.1

7,376.6

7,653.2

7,426.7

9,236.7

10,331.7

6,030.6

7,760.4

-.6
21.5
7.2
36.0
19.7
-23.0

52.8
-4.3
-33.9
-42.6
-26.2

-.3
61.9
14.9
-139.9
-20.2
198.8

.7
40.6
-3.7
134.2
-18.1
177.8

-1.1
114.3
-1.9
297.9
1.9
-201.2

.6
37.0
48.1
144.6
24.1
-123.7

-.5
-138.0
-71.8
601.8
23.7
-44.5

-.3
297.0
50.5
-73.6
-29.2
-958.6

.7
377.1
-54.5
-33.9
-23.0
647.3

.9
49.0
-12.6
103.8
-24.3
-172.5

-.6
-59.5
23.7
-814.6
-5.5
934.5

-.9
-11.1
-15.8
-18.9
-69.3
79.2

-1.6
-.7
164.9

-8.9
.0
20.6

27.9
-.8
9.4

-6.6
-.9
-31.7

-3.0
-.5
96.6

16.4
-.9
76.9

-19.1
-.8
140.0

-5.9
-.8
276.7

-.5
-1.3
-54.1

13.5
-.8
-8.5

-2.4
-1.2
8.4

-5.7
-1.0
25.9

3,632.1

4,690.1

6,229.9

7,350.0

7,153.6

7,162.5

7,870.9

8,378.8

10,383.2

5,947.9

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

2. Excludes corporate equities and mutual fund shares.

38

Federal Reserve Bulletin Statistical Supplement • July 2008

1.59

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

Transaction category or sector
Q4

Q2

Q4

29,956.2

31,249.3

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors
2
3
4
5
6
7
8
9
10
11
12
13
14

24,299.8

28,876.2

82.5
4,008.2
24.9
1,900.5
2,870.1
1,088.4
955.4
9,293.1
7,230.5
543.6
1,424.8
94.1
2,104.4

97.8
4,370.7
24.3
2,031.0
2,944.5
1,099.2
975.8
10,537.2
8,273.4
591.9
1,575.0
96.9
2,219.4

90.1
4,678.0
23.8
2,225.9
2,998.1
1,236.8
1,023.5
11,957.0
9,379.4
663.6
1,812.5
101.5
2,313.9

112.5
4,861.7
23.5
2,403.2
3,211.5
1,410.2
1,075.1
13,360.2
10,451.7
716.3
2,083.2
109.0
2,418.3

110.6
4,803.2
23.4
2,332.7
3,132.5
1,361.6
1,046.2
13,091.5
10,279.0
699.3
2,006.2
107.1
2,367.0

112.5
4,861.7
23.5
2,403.2
3,211.5
1,410.2
1,075.1
13,360.2
10,451.7
716.3
2,083.2
109.0
2,418.3

126.2
5,014.3
23.2
2,465.6
3,282.1
1,433.9
1,087.3
13,631.5
10,652.4
732.1
2,135.9
111.1
2,399.5

154.3
4,904.0
23.2
2,533.8
3,376.4
1,466.2
1,118.7
13,946.3
10,862.2
755.8
2,215.0
113.2
2,433.3

131.4
5,010.0
23.0
2,560.8
3,432.7
1,572.7
1,176.0
14,209.5
11,015.8
782.0
2,296.3
115.4
2,506.1

123.8
5,099.2
23.1
2,618.2
3,525.6
1,665.6
1,191.0
14,446.2
11,158.3
814.4
2,356.0
117.5
2,556.6

140.0
5,299.1
23.5
2,656.9
3,594.3
1,727.3
1,208.2
14,570.9
11,226.5
831.7
2,394.4
118.3
2,542.9

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

9,499.5
7,227.2
4,860.3
2,198.8
168.1
1,567.6
4,033.1

10,578.2
7,643.7
5,026.0
2,443.5
174.2
1,682.8
4,395.0

11,759.2
8,231.6
5,269.6
2,775.0
186.9
1,854.4
4,701.9

12,956.1
9,029.3
5,699.8
3,124.2
205.3
2,005.6
4,885.3

12,715.4
8,781.3
5,548.5
3,033.1
199.7
1,945.4
4,826.6

12,956.1
9,029.3
5,699.8
3,124.2
205.3
2,005.6
4,885.3

13,129.0
9,234.7
5,829.2
3,198.1
207.4
2,062.4
5,037.4

13,378.2
9,529.6
6,023.3
3,293.4
212.9
2,121.2
4,927.2

13,628.0
9,817.8
6,175.0
3,425.1
217.7
2,143.5
5,032.9

13,839.7
10,096.6
6,331.0
3,541.9
223.7
2,190.7
5,122.3

13,906.7
10,307.2
6,458.6
3,621.8
226.9
2,226.6
5,322.6

1,445.7

1,528.9

1,785.1

1,716.9

1,785.1

1,799.0

1,848.5

1,849.6

1,862.6

1,926.3

344.2
993.0
69.9
38.6

382.4
1,028.2
84.4
34.0

479.5
1,180.8
98.3
26.6

474.3
1,124.6
90.4
27.7

479.5
1,180.8
98.3
26.6

474.0
1,224.5
74.7
25.8

472.2
1,266.3
84.9
25.1

424.2
1,309.6
91.5
24.4

412.2
1,323.6
102.8
24.0

460.2
1,333.6
108.8
23.7

30,661.3

29,985.6

30,661.3

31,262.5

31,804.7

33,111.9

14,800.4

15,745.3

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

28,876.2

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

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

275.5
874.4
66.1
42.2

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

25,745.5

Financial sectors
28 Total credit market debt owed by
financial sectors

11,859.0

14,153.7

14,153.7

32
33
34
35

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

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

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

338.6
321.8
296.8
9.1
8.0
2,601.3
3,326.7
2,181.7
47.0
995.3
230.0
519.3

357.4
381.3
385.8
11.4
11.1
2,676.3
3,374.6
2,609.0
62.2
1,129.6
343.2
517.1

394.3
429.5
409.6
14.7
11.5
2,592.2
3,541.9
3,278.3
62.4
1,108.6
402.9
622.7

498.3
499.7
297.8
18.9
14.2
2,627.8
3,837.3
4,050.3
68.8
1,144.2
444.0
652.5

424.1
476.2
412.4
16.8
13.1
2,617.6
3,763.1
3,816.8
74.0
1,119.5
440.5
642.6

498.3
499.7
297.8
18.9
14.2
2,627.8
3,837.3
4,050.3
68.8
1,144.2
444.0
652.5

495.3
520.3
288.3
16.2
15.4
2,644.5
3,955.7
4,155.3
83.7
1,133.6
444.6
696.1

511.0
551.5
289.5
18.9
18.6
2,684.8
4,075.8
4,280.5
93.6
1,135.2
439.3
701.8

597.5
586.8
375.9
28.4
25.3
2,824.0
4,243.2
4,294.9
86.3
1,173.3
435.6
713.8

630.1
631.1
395.1
32.3
28.7
2,910.2
4,463.7
4,228.8
64.8
1,169.1
438.2
753.2

647.5
665.4
407.2
28.5
31.1
2,940.2
4,594.6
4,150.9
80.4
1,173.3
428.1
738.1

48 Total credit market debt, domestic and foreign

34,460.9

37,604.5

40,944.6

44,814.9

43,802.4

44,814.9

45,711.5

46,605.1

47,856.7

48,857.2

49,614.4

1,292.9
4,008.2
5,952.9
1,900.5
6,986.6
1,318.4
1,499.3
9,397.7
2,104.4

1,399.1
4,370.7
6,075.2
2,031.0
7,860.0
1,391.2
1,590.2
10,667.7
2,219.4

1,644.2
4,678.0
6,158.0
2,225.9
8,585.2
1,560.3
1,677.6
12,101.5
2,313.9

1,958.0
4,861.7
6,488.6
2,403.2
9,747.0
1,683.4
1,743.0
13,511.7
2,418.3

1,865.3
4,803.2
6,404.1
2,332.7
9,387.0
1,681.0
1,717.6
13,244.5
2,367.0

1,958.0
4,861.7
6,488.6
2,403.2
9,747.0
1,683.4
1,743.0
13,511.7
2,418.3

2,003.7
5,014.3
6,623.4
2,465.6
9,996.4
1,692.0
1,737.5
13,779.2
2,399.5

2,109.8
4,904.0
6,783.8
2,533.8
10,210.5
1,747.9
1,785.8
14,096.2
2,433.3

1,857.6
5,010.0
7,090.2
2,560.8
10,557.9
1,889.4
2,022.1
14,362.7
2,506.1

1,788.6
5,099.2
7,397.1
2,618.2
10,711.4
2,000.6
2,082.1
14,603.4
2,556.6

1,784.6
5,299.1
7,558.2
2,656.9
10,803.2
2,107.9
2,128.3
14,733.3
2,542.9

29
30
31

49
50
51
52
53
54
55
56
57

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

935.0
2,601.3

957.1
2,676.3

1,171.7
2,592.2

1,366.0
2,627.8

1,280.5
2,617.6

1,366.0
2,627.8

1,403.5
2,644.5

1,483.3
2,684.8

1,302.0
2,824.0

1,252.6
2,910.2

1,184.4
2,940.2

3,326.7
3,242.1
164.0
501.7
104.7

3 374.6
3,922.5
222.1
575.8
130.6

3 541.9
4,559.0
239.1
620.2
144.5

3,837.3
5,354.8
175.0
641.4
151.5

3,763.1
5,129.9
229.0
643.7
153.0

3,837.3
5,354.8
175.0
641.4
151.5

3 955.7
5,489.9
183.3
624.4
147.7

4,075.8
5,567.8
196.8
642.0
150.0

4,243.2
5,815.5
225.2
821.8
153.2

4,463.7
5,862.1
232.2
867.1
157.2

4,594.6
5,875.3
271.8
896.4
162.4

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
Q4

Q1

Q2

Q4

2

CREDIT MARKET DEBT OUTSTANDING

Total credit market assets

34,460.9

37,604.5

40,944.6

44,814.9

43,802.4

44,814.9

45,711.5

46,605.1

47,856.7

48,857.2

49,614.4

Domestic nonfinancial sectors
Household
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government
Rest of the world
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in United States . .
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Property-casualty insurance companies . . . .
Life insurance companies
Private pension funds
State and local government retirement funds
Federal government retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Asset-backed securities (ABSs) issuers
Finance companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations

4,686.6
2,947.1
266.2
73.9
1,125.6
273.8
3,836.1
25,938.1
666.7
5,994.3
5,390.6
490.3
36.4
76.9
1,293.9
516.6
625.2
2,488.3
646.5
657.5
63.6
1,471.3
1,506.4
152.6
4.5
2,564.2
3,326.7
2,081.5
1,204.9
97.5
424.1
152.0

5,085.8
3,228.4
297.4
85.4
1,198.1
276.5
4,634.7
27,884.0
717.8
6,602.3
5,961.8
513.3
36.4
90.8
1,417.4
556.4
698.8
2,661.4
646.1
675.3
68.2
1,346.3
1,623.0
163.6
8.2
2,613.0
3,374.6
2,497.7
1,419.8
200.1
394.9
198.9

5,498.0
3,465.6
339.6
96.8
1,322.2
273.8
5,188.3
30,258.2
744.2
7,260.7
6,469.7
657.8
32.2
101.0
1,616.7
592.6
765.8
2,765.4
690.6
693.4
76.0
1,340.8
1,747.1
165.1
15.0
2,543.9
3,541.9
3,171.3
1,537.1
267.0
477.2
246.4

5,832.2
3,709.6
328.8
109.1
1,406.8
277.9
6,040.5
32,942.3
778.9
8,019.1
7,122.7
761.6
35.6
99.3
1,518.6
622.7
813.5
2,806.1
704.6
769.7
84.3
1,560.8
1,932.0
171.8
20.7
2,590.5
3,837.3
3,897.1
1,626.8
324.5
583.4
279.9

5,705.4
3,624.3
320.2
106.0
1,376.9
278.0
5,807.5
32,289.5
768.9
7,696.9
6,828.0
736.2
33.6
99.1
1,744.5
618.9
800.8
2,842.5
694.2
758.7
83.7
1,461.2
1,874.0
170.4
18.7
2,579.0
3,763.1
3,709.2
1,608.2
302.7
537.3
256.4

5,832.2
3,709.6
328.8
109.1
1,406.8
277.9
6,040.5
32,942.3
778.9
8,019.1
7,122.7
761.6
35.6
99.3
1,518.6
622.7
813.5
2,806.1
704.6
769.7
84.3
1,560.8
1,932.0
171.8
20.7
2,590.5
3,837.3
3,897.1
1,626.8
324.5
583.4
279.9

5,891.1
3,721.1
332.0
112.1
1,442.6
283.2
6,292.4
33,528.0
780.9
8,025.9
7,091.0
805.9
31.4
97.6
1,577.5
629.2
821.7
2,831.7
712.3
767.5
88.1
1,649.5
2,005.4
171.6
22.4
2,558.4
3,955.7
4,041.2
1,617.6
315.4
677.2
278.8

5,909.8
3,707.6
317.2
115.6
1,484.9
284.5
6,516.6
34,178.8
790.5
8,217.4
7,234.7
855.3
30.1
97.4
1,595.2
641.0
830.4
2,855.7
722.2
772.2
88.9
1,699.7
2,093.5
175.1
26.3
2,596.7
4,075.8
4,169.2
1,615.8
303.2
583.8
326.4

6,063.7
3,905.1
280.2
119.9
1,470.6
287.9
6,659.3
35,133.7
779.6
8,465.0
7,417.6
914.8
35.4
97.2
1,628.9
652.6
838.9
2,882.2
734.7
787.5
93.3
1,802.7
2,141.6
170.6
28.7
2,758.9
4,243.2
4,201.0
1,637.0
269.3
718.2
299.8

6,192.3
4,057.6
267.4
124.0
1,455.0
288.3
6,867.2
35,797.7
740.6
8,757.0
7,638.7
963.3
58.7
96.4
1,584.3
657.9
840.0
2,890.8
738.2
799.8
96.1
1,951.5
2,203.1
172.0
33.5
2,829.5
4,463.7
4,145.7
1,636.6
271.4
803.1
182.9

5,981.7
3,894.6
219.8
127.0
1,446.8
293.5
7,114.1
36,518.5
631.0
8,875.3
7,718.6
1,000.6
59.7
96.4
1,598.8
665.5
852.0
2,915.5
746.1
810.5
106.1
2,253.4
2,269.2
170.5
37.8
2,893.4
4,594.6
4,071.0
1,634.5
261.6
869.6
262.1

34,460.9

37,604.5

40,944.6

44,814.9

43,802.4

44,814.9

45,711.5

46,605.1

47,856.7

48,857.2

49,614.4

62.3
2.2
26.0
867.1
193.0
1,436.9
4,003.3
1,226.8
2,016.4
1,559.1
4,654.2
858.8
1,013.2
9,722.4
2,465.3
240.4
12,423.3

62.2
2.2
26.7
957.0
212.2
1,521.7
4,284.9
1,505.1
1,879.8
1,647.2
5,436.3
1,038.2
1,060.4
10,632.6
2,659.7
268.9
13,914.7

45.9
2.2
27.5
1,024.7
201.3
1,525.2
4,599.3
1,789.5
2,006.9
1,998.0
6,048.9
1,038.4
1,082.6
11,368.9
2,996.3
297.0
14,897.7

46.0
2.2
28.1
1,123.5
190.0
1,506.5
4,946.3
2,050.8
2,312.1
2,494.0
7,068.3
1,249.9
1,163.7
12,301.6
3,217.0
316.9
16,089.5

46.5
2.2
28.1
1,139.6
147.5
1,491.1
4,792.1
2,055.9
2,168.2
2,368.2
6,627.9
1,191.5
1,133.5
11,772.2
3,159.7
323.1
15,320.4

46.0

46.6

28.1
1,123.5
190.0
1,506.5
4,946.3
2,050.8
2,312.1
2,494.0
7,068.3
1,249.9
1,163.7
12,301.6
3,217.0
316.9
16,089.5

28.2
1,194.7
50.5
1,501.4
5,076.1
2,118.9
2,389.7
2,678.4
7,328.7
1,289.0
1,172.7
12,408.3
3,282.2
335.4
16,250.8

46.1
2.2
28.5
1,293.5
65.6
1,498.5
5,111.9
2,146.5
2,489.7
2,727.8
7,805.2
1,379.5
1,191.1
12,867.6
3,369.8
336.9
16,513.6

48.7
2.2
28.8
1,339.9
112.6
1,499.6
5,165.1
2,282.0
2,801.6
2,789.4
7,989.3
1,374.5
1,199.6
12,980.1
3,441.4
348.2
16,886.6

50.0
2.2
28.7
1,350.3
147.1
1,535.9
5,232.6
2,370.4
3,053.2
2,588.1
7,829.0
1,526.4
1,201.5
12,764.9
3,500.6
341.0
16,815.4

54.8
2.2
28.5
1,362.8
73.0
1,526.5
5,381.0
2,448.9
3,407.8
2,623.4
7,271.7
1,618.1
1,184.0
12,162.6
3,561.1
358.3
17,387.6

52 Total liabilities

77,231.3

84,714.1

91,894.8 100,921.3

97,570.0 100,921.3 102,865.1 105,479.3 108,146.5 109,194.7

110,066.6

Financial assets not included in liabilities (+)
53 Gold and special drawing rights
54 Corporate equities
55 Household equity in noncorporate business . . .

23.7
15,618.5
5,393.3

24.6
17,389.3
5,981.3

19.3
18,512.0
6,641.6

19.9
20,909.3
7,303.7

19.7
19,595.7
7,168.8

19.9
20,909.3
7,303.7

20.0
21,133.9
7,510.3

20.1
22,208.5
7,687.4

20.3
22,429.6
7,810.4

20.5
21,477.2
7,892.1

20.9
19,360.8
7,934.7

-9.5
705.3
12.7
392.7
69.2
-3,471.3

-9.7
767.2
27.3
248.3
97.0
-3,536.2

-9.1
807.9
25.2
382.4
96.7
-3,702.5

-10.1
922.2
23.2
474.1
53.0
-4,500.9

-10.0
956.7
41.4
374.4
58.8
-4,341.2

-10.1
922.2
23.2
474.1
53.0
-4,500.9

-10.2
996.4
33.0
475.2
58.8
-4,890.6

-10.0
1,090.7
19.9
479.8
55.3
-5,060.1

-9.8
1,103.0
20.8
527.8
43.7
-5,261.9

-9.9
1,088.1
21.7
269.5
26.3
-5,561.9

-10.2
1,085.3
15.0
287.6
2.9
-5,739.2

-17.9
20.8
23.3

11.2
20.0
32.7

1.8
19.2
.9

.1
11.4
100.8

2.7
10.4

.1
11.4
100.8

1.3
10.0
100.5

-.8
10.0
58.7

.8
6.4
76.2

2.8
10.3
156.4

91.4

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit market debt
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

56
57
58
59
60
61

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 (—)
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Totals Identified to sectors as assets .

8.9

100,541.3 110,451.6 119,445.1 132,080.6 127,273.9 132,080.6 134,754.9 138,751.9 141,899.9 142,581.2 141,629.9

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.

2. Excludes corporate equities and mutual fund shares.

40

Federal Reserve Bulletin Statistical Supplement • July 2008

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION'
Seasonally adjusted
2007

2008

2007

2008

2007

2008

Series
Q3

Q4

Ql'

Q2

Output (2002=100)

Q3

Q4

Q1

Q2

Capa city (percen t of 2002 output)

Q3

Q4

Ql'

Q2

Capacity utilization rate (percent)2

1 Total industry

112.1

112.2

112.3

111.4

137.9

138.5

139.1

139.7

81.3

81.0

80.6

79.8

Manufacturing
3
Manufacturing (NAICS)

113.9
115.1

113.7
115.0

113.4
114.8

112.4
113.8

142.7
144.3

143.4
145.1

144.1
145.8

144.8
146.5

79.8
79.8

79.3
79.3

78.7
78.7

77.6
77.7

4
5

Durable manufacturing
Primary metal

122.6
111.3

122.6
111.3

122.5
114.1

120.8
110.8

156.3
132.5

157.6
132.8

158.9
133.2

160.1
133.5

78.4
84.0

77.8
83.9

77.0
85.7

75.4
83.0

6
7
8
9

Fabricated metal products
Machinery
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills

112.9
117.2
186.8

113.3
115.5
195.7

113.3
115.0
202.1

111.6
112.1
209.2

138.8
148.8
242.7

139.3
149.6
251.4

139.7
150.3
259.7

140.0
150.9
267.1

81.3
78.8
77.0

81.3
77.3
77.4

81.1
76.5
77.6

79.8
74.3
78.3

105.7
98.9

105.1
95.5

105.7
91.9

107.1
84.5

125.3
132.7

126.0
132.0

126.7
131.7

127.5
131.7

84.3
74.6

83.4
72.4

83.4
69.8

84.0
64.1

124.2
107.0
111.2
79.1

126.2
106.7
110.2
77.3

126.4
106.4
110.1
75.2

125.0
106.0
110.5
74.2

156.6
131.5
135.4
113.3

157.0
131.8
135.8
112.4

157.6
132.0
136.2
111.5

158.2
132.2
136.5
110.6

79.3
81.4
82.1
69.9

80.4
81.0
81.1
68.9

80.2
80.6
80.9
67.5

79.0
80.2
80.9
67.1

95.5
108.4
114.6
104.4
93.1

95.6
108.5
114.6
104.8
91.9

94.9
110.5
114.0
102.6
91.1

94.6
110.1
113.6
101.4
89.2

115.9
122.2
144.5
123.3
116.1

115.7
122.1
145.2
123.9
116.2

115.6
122.1
145.8
124.5
116.3

115.4
122.0
146.2
125.1
116.4

82.5
88.7
79.3
84.6
80.2

82.6
88.9
78.9
84.6
79.2

82.1
90.5
78.2
82.4
78.2

81.9
90.2
77.7
81.0
76.6

20 Mining
21 Electric and gas utilities

101.3
108.0

102.7
108.6

103.5
111.1

103.8
110.1

113.9
125.7

114.2
126.3

114.5
127.1

114.7
127.8

89.0
85.9

90.2
85.9

90.4
86.7

90.5
86.1

MEMOS
22 Computers, communications equipment, and
sem iconductors

231.6

247.1

257.4

269.2

291.3

306.7

321.5

335.1

79.5

79.9

79.6

80.3

23 Total excluding computers, communications
equipment, and semiconductors

107.5

107.3

107.2

106.1

132.1

132.4

132.7

133.0

81.4

81.0

80.7

79.8

24 Manufacturing excluding computers,
communications equipment, and
semiconductors

108.3

107.6

107.1

105.7

135.6

135.9

136.2

136.5

79.8

79.2

78.6

77.5

10
11
12
13
14
15
16
17
18
19

Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)

Selected Measures
2.12

41

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED
Seasonally adjusted
1973

1975

Previous cycle2

High

Low

High

Latest cycle3

2008

2007

Series
Low

High

Low

June

Jan.r

Capacity ut lization rate (percent)

Feb.'

Mar.'

Apr.'

May'

June'

4

1 Total industry

88.8

74.0

86.6

70.9

85.0

78.6

81.0

81.0

80.3

80.5

79.9

79.6

79.9

2 Manufacturing
3
Manufacturing (NAICS)

88.3
88.4

71.5
71.3

86.2
86.2

68.5
67.8

85.4
85.3

77.1
77.0

79.6
79.6

79.1
79.1

78.4
78.4

78.5
78.6

77.7
77.7

77.6
77.6

77.6
77.6

89.4
101.9

69.6
69.8

86.7
90.1

62.9
46.9

84.6
93.8

73.5
75.0

78.2
82.8

77.5
86.9

76.8
85.6

76.8
84.7

75.5
83.6

75.2
81.5

75.5
83.8

91.7
94.6

69.9
74.3

83.1
92.7

61.8
58.0

81.7
85.3

72.7
74.0

81.0
78.4

81.3
76.7

81.0
76.0

81.0
76.9

80.2
74.7

80.2
74.4

78.9
73.6

87.0

66.0

90.0

77.4

81.9

76.7

76.6

76.8

77.4

78.5

78.5

78.0

78.5

99.3
95.8

68.0
54.8

91.9
95.1

64.6
44.9

89.1
89.5

77.0
56.0

84.5
74.7

83.8
71.4

82.5
70.7

83.8
67.2

83.5
62.7

84.3
63.1

84.2
66.5

75.9
87.6

68.1
72.3

87.1
85.8

69.0
75.4

87.4
86.7

81.0
81.4

78.4
81.2

81.0
81.0

79.8
80.3

79.8
80.5

79.2
80.3

78.5
80.3

79.3
80.0

86.3
89.5

77.5
61.8

84.2
89.6

80.4
72.1

86.0
91.1

80.9
77.6

81.8
72.4

80.8
67.5

80.1
67.4

81.7
67.5

81.1
66.6

81.2
67.4

80.5
67.2

96.7
92.1
85.3
96.1
86.2

74.1
80.8
69.1
61.7
75.6

95.4
91.0
83.5
90.1
88.0

81.4
68.8
67.9
71.8
86.7

92.6
88.2
85.0
89.8
91.1

86.1
82.4
79.9
76.4
80.4

82.2
88.5
79.1
84.4
80.6

83.0
91.4
78.7
82.9
78.6

81.1
90.6
78.1
82.8
77.8

82.3
89.6
77.8
81.6
78.1

81.2
90.4
77.8
80.8
76.8

82.6
89.9
77.8
80.9
76.3

82.0
90.2
77.5
81.4
76.8

20 Mining
21 Electric and gas utilities

93.4
96.2

87.6
82.9

93.8
89.0

79.6
77.7

86.3
92.7

83.6
84.1

88.8
85.0

90.4
87.5

90.5
85.8

90.5
86.7

90.1
86.9

90.3
84.9

91.2
86.5

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.4

62.3

89.6

75.1

81.7

75.3

78.4

78.7

79.2

80.9

80.8

79.9

80.3

23 Total excluding computers,
communications equipment,
and semiconductors

89.1

74.4

86.8

70.6

85.3

78.7

81.2

81.2

80.4

80.5

79.8

79.6

79.9

24 Manufacturing excluding computers,
communications
equipment, and semiconductors .

88.4

71.9

86.4

68.0

85.8

77.2

79.7

79.1

78.4

78.4

77.5

77.4

77.4

4
5

Durable manufacturing
Primary metal

6
7
8

14

Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills

15
16
17
18
19

Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .

9
10
11
12
13

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data
are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest
historical revision of the industrial production index and the capacity utilization rates was
released on March 28, 2008. The recent annual revision will be described in an upcoming
issue of the Federal Reserve Bulletin.
2. Monthly highs, 1978-80; monthly lows, 1982.
3. Monthly highs, 1988-89; monthly lows, 1990-91.
4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.

42

Federal Reserve Bulletin Statistical Supplement • July 2008

2.13

INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002
propor-

2007
avg.
July

Sept.

Oct

Nov.

Dec.

Jan

Apr/

Mayr

Index (2002=100)
MAJOR MARKETS

Total IP . .
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Market groups
Final products and nonindustrial supplies . .
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting . . .
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

111.4

112.0

112.0

112.3

111.8

112.3

112.4

112.6

112.2

112.2

111.4

111.2

58.5
30.8
8.9
4.7
0.4
1.4
2.4
21.9
18.1
9.7
0.9
5.0
2.0
3.9

111.5
107.5
103.2
100.9
155.8
96.0
104.0
108.8
109.1
109.9
78.0
117.6
96.2
108.4

111.6
07.6
05.0
03.7
53.2
97.3
04.9
08.3
09.1
110.4
78.4
116.1
97.0
06.5

112.2
108.2
105.8
105.1
153.1
96.5
105.6
108.9
109.9
111.2
78.3
117.4
97.1
106.5

112.0
107.9
104.6
103.0
152.7
96.5
105.3
108.9
109.1
110.0
77.3
117.4
96.7
108.6

112.5
108.4
103.5
101.1
156.4
95.5
105.0
109.9
110.1
111.8
77.0
117.4
96.9
109.5

111.6
107.3
102.4
100.0
158.8
94.1
103.8
108.8
109.4
110.0
76.3
118.8
95.8
107.6

111.8
107.4
102.9
101.1
167.6
92.9
103.2
108.8
108.8
109.5
76.2
118.0
95.2
109.0

111.9
107.4
102.7
101.6
170.1
91.7
102.3
108.8
109.2
109.6
78.0
118.5
95.9
108.1

112.3
108.0
101.1
99.6
167.7
89.1
101.9
110.1
109.3
109.3
77.2
119.1
96.5
112.6

111.8
107.8
100.2
98.9
168.6
87.3
100.9
110.1
108.9
108.6
76.6
119.4
96.6
113.5

111.7
107.2
98.2
94.6
169.2
87.5
101.3
110.0
109.7
110.6
75.1
118.2
97.0
110.8

110.7
106.1
94.5
87.3
175.1
87.2
100.5
109.7
109.1
109.8
74.9
118.4
95.2
111.6

110.5
105.9
95.0
88.3
179.5
86.6
100.6
109.3
109.2
110.4
73.5
118.0
95.3
109.7

111.0
106.7
97.5
93.8
179.1
86.0
100.4
109.5
109.1
109.5
74.4
118.7
96.6
111.0

16
17
18
19
20

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

10.2
1.8
3.1
5.3
1.8

128.4
124.2
155.6
115.7
117.1

28.3
24.5
54.7
115.8
117.4

129.6
125.3
156.2
117.2
118.1

129.4
124.4
157.7
116.4
117.9

130.5
124.1
159.2
117.9
118.4

129.9
122.6
160.7
116.7
118.3

130.2
123.2
162.7
116.2
120.2

131.2
123.9
164.8
116.7
119.9

131.4
122.5
165.2
117.4
120.9

131.1
121.4
167.1
116.5
119.5

132.0
121.1
169.2
117.3
119.4

129.8
118.1
170.1
114.1
119.2

130.0
118.8
170.3
114.2
118.1

130.3
120.7
172.2
113.3
119.5

21
22

Construction supplies
Business supplies

4.3
11.0

106.0
108.7

07.3
08.5

107.4
108.5

107.1
108.7

106.6
109.1

105.4
108.8

104.5
109.2

104.2
108.9

103.6
109.3

102.3
108.9

102.1
109.2

101.0
108.7

101.4
108.1

100.6
108.3

23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33 Energy

41.5
30.5
19.0
4.0
6.6
8.4
11.5
0.8
2.7
4.5
11.0

111.3
115.5
123.5
93.7
167.1
109.1
103.5
76.6
97.7
112.4
101.6

111.0
115.7
23.5
95.3
65.7
09.2
03.9
78.6
96.6
113.2
00.5

111.8
116.7
125.4
95.1
170.4
110.3
103.9
76.3
97.4
112.6
100.8

112.0
116.3
125.1
95.0
170.1
110.0
103.2
74.0
97.5
111.9
102.1

112.0
116.6
125.3
93.6
171.3
110.4
103.8
74.0
96.4
113.1
101.6

112.2
116.4
125.5
92.4
174.6
109.7
102.9
73.5
96.4
111.9
102.5

113.0
117.2
126.4
92.9
176.5
110.4
103.5
73.1
97.7
112.5
103.3

113.1
116.9
125.8
90.7
176.7
110.0
103.7
72.6
99.3
112.3
104.1

113.0
116.7
126.0
90.1
178.3
109.8
103.1
71.0
97.8
111.9
104.2

112.6
115.9
125.9
89.1
179.5
109.5
101.3
71.0
95.9
110.0
104.4

112.9
116.3
126.2
87.5
182.4
109.4
101.9
69.9
96.7
110.1
104.5

112.4
115.8
125.5
85.9
182.7
108.6
101.6
68.9
95.8
110.4
104.2

112.1
115.6
124.8
85.8
182.3
107.7
101.8
70.0
96.7
110.6
103.7

112.7
115.9
125.8
87.0
184.2
108.1
101.4
69.1
96.2
110.4
104.7

94.6
92.6

107.0
112.3

07.1
112.1

107.5
112.7

107.4
112.8

107.6
113.3

107.0
112.9

107.4
113.4

107.4
113.5

107.6
113.8

107.1
113.4

107.0
113.7

106.1
113.3

105.9
113.0

106.3
113.3

SPECIAL AGGREGATES

34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts ..

Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies
37 Final products
38
Consumer goods
39
Equipment total
40 Nonindustrial supplies . . .

3,038.2 3,054.5 3,049.2 3,055.6 3,032.8 3,041.3 3,043.1 3,062.1 3,048.2 3,035.5 3,003.1 2,996.6 3,016.0
43.4
31.1
12.3

2,300.6
: ,324.1 2,331.2
2,313.6
2,318.1
:,337.6 2,328.7
2,286.2
1,606.3 1,608.2 1,619.2 1,615.5 1,618.1 1,603.7 1,606.9 1,605.5 1,621.4 1,615.2 1,600.0 1,580.6 1,575.3 1,591.0
719.2
722.1
715.4
715.4
718.6
728.0
724.5
729.4
718.2
717.9
721.7
723.7
722.4
727.2

Selected Measures
2.13

INDUSTRIAL PRODUCTION

43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2007

2008

2007
avg.
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.'

Feb.'

Mar.'

Apr.'

May'

June'

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

83.2
78.5

112.9
114.2

113.2
114.4

114.1
115.3

113.6
114.8

114.0
115.2

113.5
114.8

113.8
115.1

113.8
115.1

113.8
115.2

113.1
114.4

113.4
114.7

112.3
113.7

112.3
113.7

112.5
113.9

321

43.2
1.5

121.0
99.2

121.5
102.2

122.9
100.9

122.4
100.3

122.4
97.9

122.2
96.5

122.9
94.2

122.8
94.3

122.9
92.3

122.2
91.5

122.4
91.0

120.6
90.9

120.5
89.3

121.3
90.0

327
331
332
333

2.3
2.3
5.7
5.3

108.1
110.3
112.0
116.0

108.9
109.6
112.2
116.3

109.9
113.2
112.6
117.4

110.0
111.4
112.8
116.2

110.2
109.2
113.2
118.0

108.9
110.0
113.1
116.4

109.7
111.0
113.7
115.4

105.9
112.9
113.1
114.6

106.1
115.2
113.4
115.2

104.3
114.0
113.2
114.3

106.3
112.9
113.2
115.7

104.7
111.5
112.2
112.6

104.7
108.8
112.3
112.3

102.1
111.9
110.4
111.2

334

8.1

183.4

181.3

185.6

186.5

188.3

192.8

196.2

198.1

198.5

202.0

205.9

207.8

208.4

211.4

335
3361-3

2.2
7.4

104.9
97.2

105.5
99.5

105.9
100.8

105.4
99.3

105.7
96.6

104.3
95.1

105.0
95.8

106.1
95.5

106.1
93.9

104.6
93.1

106.4
88.5

106.3
82.6

107.5
83.1

107.5
87.6

3364-9

3.5

122.3

122.7

123.4

123.8

125.3

125.3

126.9

126.4

127.4

125.7

126.0

125.2

124.2

125.6

337
339

1.8
3.3

102.0
115.9

102.5
116.6

103.3
116.9

103.4
116.4

102.4
117.4

101.7
116.5

101.4
116.0

100.1
117.2

98.1
117.8

96.4
115.1

95.9
117.4

94.9
116.2

94.3
116.3

93.9
115.4

35.3

106.6

106.6

107.1

106.6

107.3

106.7

106.6

106.8

106.8

106.0

106.4

106.1

106.2

105.8

311,2
313,4
315,6
322
323

11.3
1.4
1.0
3.1
2.4

110.1
80.5
78.5
95.8
99.8

110.6
82.5
78.7
95.3
98.7

111.4
80.6
78.5
95.9
98.4

110.3
78.7
77.6
95.7
99.1

112.0
78.1
77.6
95.0
99.6

110.5
77.7
77.0
94.1
98.9

110.0
77.1
76.8
95.4
99.4

110.1
77.2
78.7
97.3
99.0

110.0
75.3
77.8
96.0
98.4

109.1
75.4
77.2
93.7
97.3

111.3
75.0
75.8
95.1
98.6

110.7
73.9
75.7
93.8
97.8

110.9
74.6
74.2
95.3
97.2

109.9
74.1
75.2
94.6
95.3

324
325

1.8
10.7

108.7
114.2

108.2
114.0

108.3
114.5

108.5
114.2

108.4
115.0

108.7
114.5

108.1
114.7

108.5
114.6

111.7
114.6

110.6
113.8

109.3
113.5

110.4
113.6

109.7
113.8

110.1
113.5

326

3.8

103.4

103.8

104.5

103.8

105.0

104.6

105.4

104.5

103.0

103.1

101.8

101.0

101.2

102.1

1133,5111

4.7

92.9

93.5

93.2

92.8

93.2

92.2

91.7

91.9

91.3

91.1

90.8

89.4

88.8

89.4

21
2211,2
2211
2212

7.2
9.6
8.2
1.4

101.4
108.2
110.4
98.2

100.9
106.5
109.0
95.1

101.5
105.6
107.8
95.5

101.2
109.3
111.1
101.0

101.3
109.0
111.5
97.4

101.3
108.4
112.3
90.9

102.9
109.1
111.1
99.4

103.9
108.2
109.7
101.2

103.2
110.8
112.4
103.2

103.6
112.1
112.8
108.0

103.7
110.4
112.4
100.9

103.3
110.8
112.3
103.7

103.6
108.5
109.3
104.6

104.7
110.8
112.5
102.9

77.8

107.6

107.9

108.5

108.0

108.3

107.5

107.7

107.6

107.6

106.7

106.8

105.7

105.7

105.8

75.7

114.3

114.4

115.2

114.8

115.4

115.0

115.3

115.4

115.5

114.8

115.4

114.8

114.7

114.6

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data
are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest
historical revision of the industrial production index and the capacity utilization rates was
released on March 28, 2008. The recent annual revision will be described in an upcoming
issue of the Federal Reserve Bulletin.
2. North American Industry Classification System.

44

Federal Reserve Bulletin Statistical Supplement • July 2008

3.10

U.S. INTERNATIONAL TRANSACTIONS

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1
2008

2007
2005

2006

2007

-728,993
-711,567
1,283,753
- 1 995 320
72,358
78,758
173,205
-94,447
-6,400
-89,784

-788,116
-753,283
1,457,015
- 2 210 298
57,194
63,804
184,146
-120,342
-6,609
-92,027

-731,214
-700,258
1,645,726
- 2 345 984
81,749
88,776
233,861
-145,085
-7,027
-112,705

11 Change in U.S. government assets other than official
reserve assets, net (increase, —)

5,539

5,346

12 Change in U.S. official reserve assets (increase, —)
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund

14,096
0
4,511
10,200
-615

2,374
0
-223
3,331
-734

17 Change in U.S. private assets abroad (increase, —)
18
Bank-reported claims2

-566,266
-207,625
-71,207
-251,199
- 3 6 235

Item credits or debits

Q1

Q2

Q3

Q4

Q1

-196,930
-179,543
385,436
-564,979
12,787
14,453
50,263
-35,810
-1,666
-30,174

-194,093
-178,819
399,951
-578,770
9,679
11,443
49,053
-37,610
-1,764
-24,953

-172,952
-168,114
424,873
-592,986
22,958
24,729
59,710
-34,981
-1,771
-27,796

-167,241
-173,783
435,465
-609,248
36,327
38,151
74,835
-36,684
-1,824
-29,784

-176,376
-174,920
454,271
-629,191
29,771
31,575
66,850
-35,275
-1,804
-31,227

-22,273

445

-596

623

-22,744

3,346

-122
0
-154
1,021
-989

-72
0
-43
212
-241

26
0
-39
294
-229

-54
0
-37
230
-247

-22
0
-35
285
-272

-276
0
-29
112
-359

-1,259,469
-488,424
-164,597
-365,204
-241 244

-1,267,459
-644,751
-706
-288,731
- 3 3 3 271

-442,438
-230,143
-46,048
-99,541
- 6 6 706

-522,985
-209,985
-134,713
-84,671
- 9 3 616

-171,045
-88,697
80,012
-100,317
- 6 2 043

-130,990
-115,926
100,043
-4,202
-110 905

-289,697
-218,907
53,644
-38,826
- 8 5 608

259,268
112,841
100,493
-421
26,260
20,095

487,939
208,564
219,837
2,816
22,365
34,357

411,058
58,865
171,465
5,342
108,695
66,691

163,270
40,337
81,303
366
30,329
10,935

88,822
1,610
60,031
-69
15,956
11,294

13,469
-25,810
18,022
913
9,873
10,471

145,497
42,728
12,109
4,132
52,537
33,991

173,501
88,647
79,035
1,792
-26,906
30,933

988,079
214,736
69,572
132,300
8,447
450,386
112,638

1,573,174
461,100
242,727
-58,204
2,227
683,363
241,961

1,646,645
532,813
156,290
156,825
-10,675
573,850
237,542

529,443
205,132
90,061
42,882
-6,165
183,507
14,026

629,290
149,769
122,476
-13,522
-1,635
310,340
61,862

253,007
53,925
55,599
67,406
655
-30,486
105,908

234,905
123,987
-111,846
60,059
-3,530
110,489
55,746

237,461
85,746
57,185
68,932
-914
-20,115
46,627

36 Discrepancy

-4,036
32,313

-3,880
-47,078

-1,843
-41,287

38

32,313

-47,078

-41,287

-543
-67,970
12,192
-80,161

-112
656
722
-66

-617
71,627
-21,805
93,431

-571
-45,600
8,892
-54,491

-597
52,638
9,512
43,126

1 Balance on current account
3

Exports

5

Income, net

7
8
9
10

Direct
Portfolio
Compensation of employees
Unilateral current transfers, net

20

U.S. purchase of foreign securities, net

22 Change in foreign official assets in United States (increase, +)
23
U.S. Treasury securities
Other U.S. government liabilities2
Other U.S. liabilities reported by U.S. banks2
Other foreign official assets3

25
26
27

28 Change in foreign private assets in United States (increase, +)
30
31

U.S. nonbank-reported liabilities
Foreign private purchases of U.S. Treasury securities, net

33
34

Foreign purchases of other U.S. securities, net
Foreign direct investments in United States, net

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, +)

14,096

2,374

-122

-72

26

-54

-22

-276

259,689

485,123

405,716

162,904

88,891

12,556

141,365

171,709

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.

3.12

5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.

U.S. RESERVE ASSETS
Millions of dollars, end of period
2007
Asset

1 Total
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

2005

2006

2008

2007
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Junep

65,127

65,895

70,565

70,966

70,565

72,017

73,404

75,764

74,372

75,170

75,740

11,043
8,210

11,041
8,870

11,041
9,476

11,041
9,536

11,041
9,476

11,041
9,566

11,041
9,688

11,041
9,892

11,041
9,767

11,041
9,771

11,041
9,849

8,036
37,838

5,040
40,943

4,244
45,804

4,416
45,973

4,244
45,804

4,237
47,173

4,280
48,395

4,302
50,529

4,253
49,311

5,111
49,247

5,237
49,613

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. Includes holdings of Treasury and Federal Reserve System; beginning November 1978,
these are valued at current market exchange rates or, where appropriate, at such other rates as
may be agreed upon by the parties to the transactions. Excludes outstanding reciprocal
currency swaps with the European Central Bank and the Swiss National Bank. At endDecember 2007 and end-January 2008 swaps outstanding were $20 billion and $4 billion
respectively. At end-February there were no swaps outstanding. At end-March swaps outstanding were $15 billion and $6 billion respectively. At end-April swaps outstanding were
$30 billion and $6 billion respectively. At end-May and end-June swaps outstanding were
$50 billion and $12 billion respectively.

Summary Statistics
3.13

45

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS'
Millions of dollars, end of period
2007
2005

Asset

2006

Nov.
83

98

96

1 069 014
8.967

1 133 969
8.967

1 191 706
8.710

1 Deposits

2008

2007
Dec.
97

Jan.

Feb.

Mar.

96

114

96

1 191 706
8.710

1 235 576
8.697

1 244 808
8.643

Apr.
98

May

105

June'
99

211

Held in custody
3 Earmarked gold3

1 191 855
8.724

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

1 275 124 1310 649
8.595
8.548

1 315 616
8.534

1 348 988
8.521

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

Apr.
1 Total1
2
3
4
5
6
1
8
9
10
11
12

By type
Liabilities reported by banks in the United States2
U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
Marketable
Nonmarketable4
U.S. securities other than U.S. Treasury securitiesf
By area
Europe1
Canada
Latin America and Caribbean
Asia
Africa
Other countries

2,585,038

3,239,273

2,490,430

284,827
176,829

397,958
196,344

308,842
184,847

308,842
184,847

284,827
176,829

403,472
204,319

372,416
201,279

350,863
215,051

348,629
218,743

1,271,174
1,026
851,182

1,443,691
1,111
1,200,169

1,211,819
986
783,937

1,211,819
986
783,937

1,271,174
1,026
851,182

1,476,198
1,125
1,227,163

1,504,209
1,133
1,247,601'

1,526,507
1,140
1,266,562'

1,523,397
1,148
1,286,348

435,062
7,078
175,746
1,915,375
12,422
39,354

602,738
11,370
267,443
2,292,741
25,262
39,719

414,986
7,859
159,444
1,851,832
15,955
40,354

414,986
7,859
159,444
1,851,832
15,955
40,354

435,062
7,078
175,746
1,915,375
12,422
39,354

608,552
11,815
283,570
2,339,280
26,831
42,230

617,299
11,274
276,004
',353,064'
26,810
42,187

632,945
11,361
278,177
2,366,932'
27,561
43,148

629,309
11,299
296,335
2,367,016
30,767
43,539

1. For data before June 2006, includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.

3.16

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies

3,312,278

Mayp

3,326,639' 3,360,124' 3,378,265

6. Data in the two columns shown for this date reflect different benchmark bases for
foreigners' holdings of selected U.S. long-term securities. Figures in the first column are
comparable to those for earlier dates; figures in the second column are based in part on a
benchmark survey as of end-June 2006 and are comparable to those shown for the following
dates.
SOURCE: Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Millions of dollars, end of period

Sept.
1 Banks' own liabilities
2
Deposits
3
Other liabilities
4 Banks' own claims
5
Deposits
6
Other claims
7 Claims of banks' domestic customers2
8
Deposits
9
Other claims

98,349
52,410
45,939

91,693
59,241
32,452

140,873
97,088
43,785

169,863
103,800
66,063

181,917
104,822
77,095

260,790
120,710
140,080

257,001
114,688
142,313

129,544
51,029
78,515

100,144
43,942
56,202

131,530
59,152
72,378

143,525
65,606
77,919

148,539
67,718
80,821

168,572
73,199
95,373

182,798
75,216
107,582

32,056
8,519
23,537

56,100
20,931
35,169

64,558
34,901
29,657

81,285
55,342
25,943

80,195
50,748
29,447

74,693
50,263
24,430

84,085
57,797
26,288

1. Data on claims exclude foreign currencies held by U.S. monetary authorities.

2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

46

Federal Reserve Bulletin Statistical Supplement • July 2008

3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Jan/

Feb.r

Mar/

Apr/

May

BY HOLDER AND TVPE OF LIABILITY

1 Total, all foreigners
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments6
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7 . . .
11
Other
12 International and regional organizations5
13
Banks' own liabilities
14
Deposits2
15
Other
16
Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments'"
19 Official institutions'
20
Banks' own liabilities
21
Deposits2
22
Other
23
24
25

Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments'"

3,080,907

3,851,558

4,442,608' 4,476,606' 4,442,608" 4,540,837 4,608,211 4,539,623 4,479,870 4,436,365

2,299,950

2,924,438

3,317,855' 3,354,332' 3,317,855' 3,346,546 3,410,860 3,334,480 3,288,722 3,235,883

1,043,801
1,256,149
713,327
780,957

1,315,290
1,609,148
1,028,974
927,120

1,541,223' 1,529,282' 1,541,223' 1,512,340
1,776,632' 1,825,050' 1,776,632' 1,834,206
1,099,640 1,195,995 1,099,640 1,168,935
1,124,753' 1,122,274' 1,124,753' 1,194,291

259,843

250,886

299,686

284,583

299,686

319,598

371,732

504,389

515,756'

504,389

53,594
136,783
201,516

66,155
113,865
304,502

97,746
200,152
320,678'

99,261'
198,159'
321,935'

97,746
200,152
320,678'

20,793
15,612
8,361
7,251
5,181
1,085

29,425
25,770
19,021
6,749
3,655

27,164
22,929
17,784
5,145
4,235
250

30,048
26,301
20,740
5,561
3,747
738

27,164
22,929
17,784
5,145
4,235
250

1,444,907
1,790,976
1,087,096
1,200,482

311,286

325,916

353,777

357,177

368,618

552,266

545,123

524,766

517,836

513,050

114,076
211,055
330,739

119,006
202,438
326,312

124,962
186,202
326,600

126,418
180,566
316,135

133,182
165,199
318,814

30,460
24,781
18,663
6,118
5,679
951

29,188
22,055
16,918
5,137
7,133
1,124

28,372
20,944
16,386
4,558
7,428
1,796

24,776
19,105
14,624
4,481
5,671
416

27,775
20,016
13,872
6,144
7,759
2,447

2,855

3,985

3,009

3,985

4,728

6,009

5,632

5,255

5,312

461,656
178,954
51,380
127,574

594,302
215,946
49,204'
166,742'

576,657
210,430
48,887'
161,543'

594,302
215,946
49,204'
166,742'

621,005
224,966
47,376
177,590

607,791
220,147
47,535
172,612

573,695
196,337
48,024
148,313

565,914
187,783
47,003
140,780

567,372
197,870
46,554
151,316

327,526
201,863

282,702
176,829

378,356
196,344

366,227
185,256

378,356
196,344

396,039
207,123

387,644
204,319

377,358
201,279

378,131
215,051

369,502
218,743

182,012

180,971

182,012

183,325

176,079
2,452,274
2,102,106
1,125,446
976,660
350,168
48,207

2,372,443
2,007,896
1,066,727
941,169
364,547
43,295

105,873
2,258,115
1,917,300
1,025,334
891,966
340,815
31,153

48,776
152,526

66,378
243,284

64,243
239,669'

34 Other foreigners''
35
Banks' own liabilities
36
Deposits2
37
Other

769,564
546,387
148,766
397,621

1,102,362
802,414
219,555
582,859

1,302,250
902,381
299,939'
602,442'

38
39
40

223,177
33,124

299,948
42,104

399,869
64,711

399,870
59,135

399,869
64,711

142,188
47,865

196,728
61,116

255,150
80,008

260,302
80,433

255,150
80,008

1,552,323

1,938,224

2,115,373'

41

1,504,780
1,783,942
1,079,970
1,191,148

4,096

125,663

Banks' custodial liabilities
U.S. Treasury bills and certificates5 .
Other negotiable and readily
transferable instruments'"
Other

1,563,452
1,771,028
1,092,118
1,205,143

498,510
170,984
45,426
125,558

1,792,040
1,566,967
841,248
725,719
225,073
23,771

26 Banks10
27
Banks' own liabilities
28
Deposits2
29
Other
30
Banks' custody liabilities4
31
U.S. Treasury bills and certificates5
32
Other negotiable and readily
transferable instruments'"
33
Other

1,519,544
1,891,316
1,217,478
1,197,351

2,518,892' 2,524,896' 2,518,892' 2,503,185
2,176,599' 2,172,466' 2,176,599' 2,140,741
1,174,296' 1,178,285' 1,174,296' 1,137,056
994,181' 1,002,303' 1,003,685
1,002,303'
362,444
352,430'
342,293'
342,293'
39,097
39,454
38,381
38,381

2,519,008 2,495,541
2,150,542 2,139,427
1,150,637 1,170,270
999,905
969,157
368,466
356,114
47,980
52,603

150,759

75,693
247,654

80,109
240,377

71,349
232,162

74,184
227,777

88,004
233,248

,345,005 1,302,250 1,386,187
956,058
902,381
945,135
309,245
299,939'
281,370'
646,813
602,442'
663,765'

1,452,224
1,018,116
304,454
713,662

1,442,015
977,772
328,772
649,000

,436,906
979,728
317,707
662,021

1,468,775
1,010,101
317,754
692,347

430,129
64,115

434,108
72,493

464,243
98,099

457,178
93,503

458,674
104,133

284,159
81,855

280,002
81,613

280,338
85,806

276,970
86,705

269,465
85,076

2,098,351' 2,115,373' 2,118,912

2,185,775

2,177,773

71,487'
241,489'

64,243
239,669'

MEMO

42 Own foreign offices12

2,054,663

BY AREA OR COUNTRY

43 Total, all foreigners
44 Foreign countries
45 Europe
46
Austria
47
Belgium
48
Denmark
49
Finland
50
France
51
Germany
52
Greece
53
Ireland
54
Italy
55 Luxembourg
56
Netherlands
57
Norway
58 Portugal
59
Russia
60
Spain
61
Sweden
62
Switzerland
63 Turkey
64
United Kingdom
65
Channel Islands and Isle of Man
66
Yugoslavia13
67
Other Europe and other former U.S.S.R.1
Footnotes appear on next page.

4,442,608' 4,476,606' 4,442,608' 4,540,837

4,608,211 4,539,623 4,479,870

3,060,114

3,822,133

4,415,444' 4,446,558' 4,415,444' 4,510,377

4,579,023

4,511,251 4,455,094 4,408,590

1,229,338
3,604
16,022
1,537
3,612
71,486
58,960
1,200
68,660
7,075
61,065
14,502
27,921
2,716
101,335
9,535
4,771
140,140
9,895
563,253
29,559
119
32,371

1,482,788
3,841
14,528
931
3,204
69,078
69,894
1,488
84,085
7,350
73,099
25,309
42,383
2,250
62,711
8,941
3,715
54,622
10,369
888,945
33,360
295
22,389

1,749,481' 1,804,393
4,987
5,121
18,245
20,071
768
2,143
1,263
1,273
64,741'
70,293
97 579
97,104
1,345
1,415
110,385
113,469
8,072
9,108
106,918
112,223
24,850
32,065
48,022
58,042
2,993
2,373
94,308
104,709
11,433
9,775
7,677
6,115
50,788
51,911
12,098
12,013
1,005,684 1,047,534
26,224
25,279
532
481
36,906
35,540

1,749,481' 1,789,799
4,987
4,709
18,245
17,705
768
771
1,263
1,635
64,741'
84,963
103,637
97,579
1,326
1,345
128,767
113,469
8,072
7,663
106,918
102,111
24,850
37,439
48,022
47,444
2,993
2,573
104,708
104,709
11,433
11,417
7,677
5,095
49,670
51,911
12,098
14,544
1,005,684 1,009,957
22,880
25,279
532
487
36,906
30,296

1,853,897
3,998
21,504
657
1,652
78,386
105,038
1,310
147,164
8,566
119,842
37,086
41,214
3,245
94,611
10,103
6,096
45,846
16,816
1,053,560
21,955
939
34,308

1,782,803
4,533
20,258
1,011
1,811
77,719
94,275
1,128
154,724
6,819
124,159
35,713
31,095
3,991
83,545
12,427
6,534
45,249
15,908
992,470
20,552
846
48,037

3,080,907

1,754,856
4,310
24,682
761
1,856
80,924
96,111
1,215
160,862
6,300
112,425
34,706
29,954
2,253
91,502
13,687
6,961
43,104
18,587
953,477
19,443
412
51,326

1,709,455
4,409
20,352
1,028
1,284
70,394
93,325
1,530
166,305
8,525
107,775
42,619
29,393
2,916
88,322
12,554
3,606
40,547
16,510
931,715
15,860
530
49,958

Bank-Reported Data
3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

47

Reported by Banks in the United States1—Continued

Millions of dollars, end of period

Apr.'

May'

1,504,482

MEMO

68 European Union15

n.a.

1,621,820

1,573,821

1,537,070

69 Canada

33.552

44,613

59,386

56,943

59,386

67,471

70,960

71,875

70,040

73,156

133,637
9.674
11,900
8.961
6,477
3,393
1,643
42,532
5,262
3,051
4,939
27,261
8,544

156,731
10,506
16,067
16,839
11,657
3,409
1,420
45,349
7,125
4,267
6,116
22,759
11,217

172,535
11,920
24,407
15,531
10,962
3,271
1,812
52,126
6,960
5,168
6,361
23,000
11,017

174,774
10,616
30,465
15,713
10,698
3,133
1,750
50,873
6,572
5,490
6,055
22,840
10,569

172,535
11,920
24,407
15,531
10,962
3,271
1,812
52,126
6,960
5,168
6,361
23,000
11,017

169,366
11,462
22,210
15,602
11,339
3,152
1,801
50,308
7,406
5,922
6,157
23,006
11,001

175,980
11,248
27,345
14,760
11,083
3,539
1,897
52,092
6,730
5,721
6,010
24,535
11,020

166,557
12,344
17,343
14,292
9,849
3,669
1,855
51,431
7,668
5,706
6,660
23,973
11,767

169,239
12,640
15,214
16,152
10,472
3,702
1,893
52,179
7,637
6,900
6,188
23,607
12,655

180,404
12,185
28,076
13,374
11,001
3,797
1,919
51,786
7,575
6,235
6,361
25,918
12,177

1,214,058
211,459
52,132
n.a.
907.840
120
916
6,396
2,830
32,365

1,669,856
256,173
55,129
21,493
1,297,459
82

1,862,879' 1,872,336' 1,862,879' 1,902,484
279,399
273,234
284,475
284,475
48,018
47,002
48,498
48,498
33,013
33,518
33,518
34,865
1,442,373' 1,463,247' 1,442,373' 1,499,480
80
80
80
86
981
1,322
1,322
1,217
10,082
5,711
10,082
7,723
3,300
3,146
3,300
2,778
39,231
38,741
39,231
36,099

1,893,396
273,773
47,315
33,696
1,490,675
87
1,210
7,942
2,431
36,267

1,917,136
289,109
47,429
38,209
1,492,726
87
1,047
9,486
3,131
35,912

1,902,167
288,644
44,876
41,023
1,484,880
92
1,095
9,248
2,808
29,501

1,881,131
284,676
46,498
39,124
1,467,845
94
1,092
8,249
2,822
30,731

408,192

422,744

526,963

496,241'

526,963

525,159

522,457

514,514

494,625

495,632

46,439
33,972
13,702
4,212
9,802
156,245
27,094
3,776
23,252
9,961
49,463
30,274

44,410
43,111

4,386
7,318
127,606
27,786
3,852
22,917
8,318
69,492
44,740

94,363
44,474
18,212
5,212
7,750
146,328
34,797
4,833
26,027
14,150
80,132
50,685

86,423
42,778
18,615
3,429
9,259
141,372
25,124'
4,662
22,151
13,951
79,730
48,747

94,363
44,474
18,212
5,212
7,750
146,328
34,797
4,833
26,027
14,150
80,132
50,685

109,581
34,596
17,774
4,013
9,924
135,255
33,354
3,720
23,774
17,875
85,458
49,835

95,936
44,903
17,549
3,824
9,247
133,110
32,317
3,565
29,597
13,618
88,774
50,017

86,928
43,622
15,441
3,812
8,843
136,888
31,772
3,723
28,443
11,647
92,261
51,134

84,251
42,133
12,226
3,769
9,739
133,272
21,579
3,308
24,254
15,001
93,427
51,666

68,389
46,194
12,930
3,113
11,858
132,347
22,011
2,928
23,990
19,679
105,057
47,136

106 Africa .
107
Egypt
108
Morocco
South Africa
109
Oil-exporting countri
110
Other
111

20,095
4,953
138
3,049
6,858
5,097

14,781
2,252
198
1,396
4,438
6,497

25,816
3,682
180
1,629
6,117
14,208

22,397
3,586
152
2,486
4,038
12,135

25,816
3,682
180
1,629
6,117
14,208

30,176
4,387
161
3,113
4,946
17,569

31,194
4,482
272
2,803
4,598
19,039

32,962
5,632
223
3,578
3,311
20,218

35,154
4,781
211
2,986
3,727
23,449

36,866
4,035
170
3,383
4,168
25,110

112 Other countries .
113
Australia
114
New Zealand
115 All other

21,242
17,769
3,007
466

30,620
25,277
4,505
838

18,384
14,130
3,110
1,144

19,474
14,304
3,802
1,368

18,384
14,130
3,110
1,144

25,922
21,859
3,017
1,046

31,139
26,220
3,774
1,145

25,404
20,776
3,423
1,205

29,013
24,816
3,046
1,151

31,946
27,785
3,175
986

116 International and regional organizations . . .
117
International15
118 Regional"

20,793
15,684
5,109

29,425
25,202
4,223

27,164
23,107
4,057

30,048
26,206
3,842

27,164
23,107
4,057

30,460
25,017
5,443

29,188
24,692
4,496

28,372
24,007
4,365

24,776
20,413
4,363

27,775
23,471
4,304

70 Latin America
71
Argentina
72
Brazil
73 Chile
74 Colombia
75 Ecuador
76 Guatemala
77 Mexico
78 Panama
79 Peru
80 Uruguay
81 Venezuela
82 Other Latin America
83 Caribbean
84 Bahamas
85 Bermuda
86 British Virgin Islands .
87 Cayman Islands
88 Cuba
89 Jamaica
90 Netherlands Antilles . .
91 Trinidad and Tobago .
92 Other Caribbean
93 Asia
China
94
Mainland
95
Hong Kong
96
India
97
Indonesia
98
Israel
99 Japan
100
Korea (South)
101
Philippines
102
Taiwan
103 Thailand
104
Middle Eastern oil-exporting countries"'
105
Other

1,267,657

8/156
3,346
26,695

1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund. Beginning with data for June 2006, also
includes the Bank for International Settlements.
9. Foreign central banks and foreign central governments. Before June 2006, also includes
the Bank for International Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) above.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory

1,495,548' 1,552,146

1,495,548' 1,538,908

agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
principally of amounts owed to the head office or parent foreign office, and to foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers
and dealers.
13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe.''
14. For data prior to June 2006, also includes the Bank for International Settlements and
the European Central Bank.
15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of
January 2007, also includes Bulgaria and Romania.
16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
17. Comprises Algeria, Gabon, Libya, and Nigeria.
18. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006,
also includes the Bank for International Settlements.
19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional
organizations.

48

Federal Reserve Bulletin Statistical Supplement • July 2008

3.18

BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Area or country
Apr.
2,927,444'

May'
3,012,213

3,030,576'

1 Total, all foreigners

2,291,340

2,850,499'

2 Foreign countries

2,282,166

2,808,209' 2,840,950'

2,808,209' 2,917,992' 2,980,891' 3,019,772' 2,999,150' 3,004,580

1,188,919
4,277
13,592
1,156
9,434
112,406
18,189
250
24,304
30,991
7,144
29,578
31,032
924
1,745
9,834
8,907
105,368
3,741
732,430
36,893
6,724

1,616,561'
4,055
20,566
2,828
28,445
162,416
34,111
110
45,960
35,870
13,260
52,122
22,517
1,364
1,800
20,448
7,279
191,987
3,426
929,015'
24,677
14,306

1,673,180'
4,884
31,117
5,026
23,236
153,868
29,416
222
37,008
35,075
8,882
52,471
27,476
1,630
1,758
23,774
7,723
239,311
3,330
945,641'
26,626
14,706

1,616,561'
4,055
20,566
2,828
28,445
162,416
34,111
110
45,960
35,870
13,260
52,122
22,517
1,364
1,800
20,448
7,279
191,987
3,426
929,015'
24,677
14,306

3 Europe
4
Austria
5
Belgium
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Ireland
12
Italy
13 Luxembourg
14
Netherlands
15
Norway
16 Portugal
17
Russia
18
Spain
19
Sweden
20
Switzerland
21
Turkey
22
United Kingdom
23
Channel Islands and Isle of Man
24
Other Europe and other former U.S.S.R.2

918,660
4,139
11,900
864
9,247
88,873
30,027
97
16,426
18,482
8,201
20,958
14,688
832
1,264
8,372
9,452
143,892
3,270
487,492
32,566
7,618

1,643,005'
5,358
28,890
1,180
21,592
185,493
33,620
291
50,610
37,080
13,671
56,073
25,201
1,895
1,863
16,078
8,078
187,967
3,416
928,378'
20,230
16,040

1,684,618
4,852
25,865
3,680
24,806
185,759
41,788
371
54,659
35,557
13,918
56,169
20,610
1,823
1,770
22,979
8,200
187,966
3,394
957,501
16,388
16,564

1,743,406'
4,625
22,646
2,196
24,830
189,078
45,542'
178
64,302
43,923
14,028
55,574
19,760
1,809
1,611
37,286
6,832
174,732
3,548
995,555
13,387
21,965

1,750,908'
4,998
40,457
6,451
32,133
201,697
51,589'
341
67,368
47,181
9,195
53,152
13,822
1,552
1,797
49,123
9,431
186,320
3,658
936,481
12,484
21,678

1,704,848
5,035
33,888
6,159
27,073
188,786
53,633
347
73,668
49,395
8,421
54,966
15,407
1,626
2,033
55,065
8,576
145,397
3,663
940,757
9,015
21,938

MEMO

1,008,255

25 European Union3
26 Canada
27 Latin America
28 Argentina
29
Brazil
30
Chile
31
Colombia
32
Ecuador
33
Guatemala
34
Mexico
35 Panama
36
Peru
37
Uruguay
38 Venezuela
39
Other Latin America4
40 Caribbean
41
Bahamas
42
Bermuda
43
British Virgin Islands4
44
Cayman Islands
45
Jamaica
46
Netherlands Antilles
47
Trinidad and Tobago
48
Other Caribbean4
49 Asia
China
50
Mainland
51
Hong Kong
52
India
53
Indonesia
54
Israel
55 Japan
56
Korea (South)
57
Philippines
58 Taiwan
59
Thailand
60
Middle Eastern oil-exporting countries5 .
61
Other
62 Africa
63 Egypt
64
Morocco
65
South Africa
66
Oil-exporting countries'"
67
Other
68 Other countries
69
Australia
70
New Zealand
71
Allother
72 International and regional organizations7 ..

64,104

71,325

85,140

94,785

85,140

105,504

102,333

101,847

91,358

92,993

51,170
2,290
15,111
6,642
2,438
582
872
14,601
2,076
1,226
464
2,273
2,595

59,195
2,763
19,894
6,689
2,900
604
1,031
16,569
2,316
1,446
355
2,281
2,347

83,042
3 978
30,340
8,849
3,567
962
1,314
21,783
3,859
2,995
338
2,335
2,722

87,674
3,966
35,708
8,329
3,493
960
1,310
22,106
3,511
2,671
316
2,569
2,735

83,042
3 978
30,340
8,849
3,567
962
1,314
21,783
3,859
2,995
338
2,335
2,722

87,235
3,626
32,785
8,916
3,427
879
1,319
24,002
3,984
3,186
366
2,057
2,688

93,224
4,026
38,510
8,372
3,311
926
1,337
24,105
4,328
3,433
294
1,845
2,737

84,094
3,970
26,746
9,108
3,428
872
1,328
25,319
4,514
3,631
286
1,930
2,962

83,458
4,825
24,761
9,787
3,524
811
1,296
24,906
4,408
3,857
271
1,898
3,114

96,073
3,866
38,626
10,192
3,527
835
1,311
23,752
4,588
4,144
311
1,956
2,965

620,474
113,458
17,846
n.a.
475,227
444
4,444
907
8,148

724,316
120,904
17,777
2,807
572,273
669
2,484
1,055
6,347

799,825'
149,092'
10,603
3,328
623,296'
657
4,114
673
8,062

778,100'
142,777'
10,667
3,497
605,166'
588
4,482
658
10,265

799,825'
149,092'
10,603
3,328
623,296'
657
4,114
673
8,062

855,016'
138,039
12,104
3,203
686,511'
677
4,430
764
9,288

862,917'
164,068
14,741
4,280
664,879'
685
4,687
759
8,818

870,516'
194,281
17,358
3,246
641,161'
722
4,586
723
8,439

860,548'
146,313'
16,100
3,881
674,631'
742
4,409
855
13,617

893,499
151,617
17,803
3,905
705,193
769
4,229
766
9,217

190,610

221,858

185,323

176,239

185,323

188,636

192,964

179,064

168,980

172,584

14,807
8,412
2,518
440
4,288
106,377
17,254
1,790
8,626
7,796
12,330
5,972

15,448
6,888
2,827
519
5,319
140,329
24,484
996
3,166
5,729
10,579
5,574

18,489
8,820
4,385
985
3,724
83,250
27,383
1,207
1,232
5,945
23,197
6,706

16,952
7,907
4,784
763
6,812
95,012
14,468
1,073
1,436
4,328
16,993
5,711

18,489
8,820
4,385
985
3,724
83,250
27,383
1,207
1,232
5,945
23,197
6,706

17,656
6,859
4,585
1,023
4,360
88,727
31,148
1,135
1,727
8,208
18,157
5,051

21,167
7,457
4,826
1,056
3,675
96,690
30,904
1,108
1,280
1,455
16,585
6,761

14,991
8,892
4,380
1,007
3,591
90,736
27,288
1,689
2,522
2,455
13,948
7,565

15,569
9,269
4,293
1,086
3,387
83,802
22,174
1,133
1,569
4,030
15,646
7,022

23,034
8,945
5,352
1,329
5,419
78,551
21,080
1,028
1,228
3,629
16,160
6,829

1,621
422
63
331
317
488

1,853
597
56
255
403
542

8,164
312
27
493
442
6,890

5,016
353
19
231
353
4,060

8,164
312
27
493
442
6,890

12,268
350
25
456
1,070
10,367

14,324
352
24
766
1,053
12,129

15,688
370
15
395
1,213
13,695

16,679
356
60
562
891
14,810

17,578
367
18
450
608
16,135

10,945
10,226
541
178

14,700
13,195
1,263
242

30,154
28,716
1,122
316

25,956
24,611
1,011
334

30,154
28,716
1,122
316

26,328
24,824
1,158
346

30,511
29,274
823
414

25,157
22,835
1,836
486

27,219
25,528
1,236
455

27,005
25,160
1,440
405

7,250

9,174

10,305

9,549

10,305

9,452

10,655

10,804

9,746

7,633

1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. For data prior to June 2006, also includes the Bank for International Settlements and the
European Central Bank.
3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of

January 2007, also includes Bulgaria and Romania.
4. Before June 2006, data for the British Virgin Islands were included in "Other
Caribbean.''
5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International
Settlements.

Bank-Reported Data
3.19

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars

49

Reported by Banks in the United States1

Millions of dollars, end of period
2007
Type of claim

2008

2005

2006

2007

1 Total claims reported by banks

2,344,155

2,944,476

3,594,268'

2 Banks' own claims on foreigners
3
Foreign official institutions2
4
Foreign banks3
5
Other foreigners4

1.864.834
72,919
1.391.775
400,140

2,291,340
98,010
1,662,805
530,525

2,818,514'
108,136
2,060,830
649,548'

479,321
227,685
91,196
140,863
19,577

653,136
277,734
168,304
185,134
21,964

775,754
394,459
179,599
178,203
23,493

748,320
2,414

923,958
6,272

971,828
5,830

920,048
5,604

971,828
5,830

1,010,165
6,963

1,034,833
3,374

7,324
1,106,776
1,304,277

9,236
1,351,874
1,639,474

42,252'
1,798,604'
2,032,682'

40,680
1,884,167
1,984,557

42,252'
1,798,604'
2,032,682'

45,068
1,865,248
2,072,616

482,090

664,373

800,427

862,960

897,698

Nov.'

6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8
Negotiable CDs
9
Other short-term negotiable instruments'" . .

Dec.

Jan.'

Feb.

Apr.'

May'

3,008,896
92,627
2,233,264
683,005

3,012,213
117,555
2,226,732
667,926

1,116,470
2,100

1,074,571
2,190

1,105,092
3,277

42,445'
1,910,894
2,100,427'

42,767'
1,869,239'
2,201,193'

42,586
1,889,549
2,142,500

40,321
1,863,523
2,119,903

915,518

851,626

845,240

842,101

3,594,268'
2,850,499
108,338
2,076,287
665,874

2,818,514'
108,136
2,060,830
649,548'

Mar.
3,772,921'

2,927,444
125,777
2,124,494
677,173

2,991,546'
116,032
2,174,870
700,644'

775,754
394,459
179,599
178,203
23,493

3,030,576'
101,405
2,235,530'
693,641'
742,345
370,883
195,264
153,727
22,471

MEMO

11 Non-negotiable deposits7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices5
16 Loans collateralized by repurchase
agreements9

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.

800,427

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.

50
3.22

Federal Reserve Bulletin Statistical Supplement • July 2008
LIABILITIES TO UNAFFILIATED FOREIGNERS

Reported by Nonbanking Business Enterprises in the United States

Millions of dollars, end of period

Type of liability, and area or country
Sept.
1 Total

92,009

76,710

By type
2 Financial liabilities
3
Short-term negotiable securities'

62.847
11,759

39,249
9,050

4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
7
8
9
10
11
12
13
14
15
16
17
18
19
20

By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

n.a.
n.a.

89,729
48,712
11,617

48,712
11,617

37,095

37,095

10,120
18,573

10,120
18,573

10,915
21,013

47,089
7,692

103,833
46,175
7,751

52,649
6,783

55,051
4,663

45,866

50,388

12,219
24,908

13,536
15,048

14,130
7,625

15,015
5,027

47,919
4,923

38,424

29,575
33,272
2,399
9,067
18,337
1,564
1,905

24,003
15,246
2,354
4,052
3,169
2,018
3,653

35,033
13,679
2,806
4,629
4,024
1,393
827

35,033
13,679
2,806
4,629
4,024
1,393
827

27,136
19,953
1,115
10,675
5,311
1,365
1,487

31,589
21,060
1,328
11,414
4,044
2,397
1,877

29,103
25,948
834
13,006
4,007
3,319
4,782

26,474
21,445
1,193
8,496
3,948
3,536
4,272

23,995
22,180
899
9,968
3,967
3,849
3,497

38,690
775
1,349
2,911
363
514
29,473

22,697
342
761
2,533
406
124
12,712

30,184
936
995
11,174
1,183
346
14,308

30,184
936
995
11,174
1,183
346
14,308

30,304
788
889
4,450
598
280
22,353

34,443
863
621
6,264
204
313
24,956

35,076
460
1,466
6,164
242
289
23,664

28,175
467
1,453
2,940
256
287
20,230

26,207
225
1,522
1,843
285
90
21,680

2,433

3,986

3,986

1,826

2,361

3,232

2,104

1,964

16,196
0
8,715
208

12,435
0
0
23
n.a.
12,265
30
0

12,435
0
0
23
n.a.
12,265
30
0

12,589
0
49
24
n.a.
12,178
25

12,645
0
0
15
n.a.
12,388
35
14

14,196
7
1
23
n.a.
13,994
27
16

15,017
0
0
29
n.a.
14,802
28
18

15,106
0
58
26
n.a.
14,833
36
16

1,924
1,346
100

2,225
1,568
59

3,106
1,392
1,088

2,445
1,676
56

2,470
1,563
53

1,864
123

27
0

26
0

MEMO:

21
22

Euro area3
Canada

23
24
25
26
27
28
29
30
31
32
33

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

34
35

Africa
Oil-exporting countries'"

36

All other7

7,049

6,956

991
70

7,178
26
18

6,446
25

4,724
1,648
36

5,323
1,383
173

1,924
1,346
100

131
94

997
97

31
0

0
122

Nonbank-Reported Data
3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS

51

Reported by Nonbanking Business Enterprises in the United States—Continued

Millions of dollars, end of period

Type of liability, and area or country
Sept.
37 Commercial liabilities
38 Trade payables
39
Advance payments and other liabilities

29,162
18,181
10,981

37,461
23,050
14,411

40,505
25,673
14,832

40,505
25,673
14,832

42,640
27,165
15,475

53,859
28,237
25,622

57,802
29,322
28,480

55,914
27,866
28,048

65,208
32,403
32,805

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies

25,811
3,351
224
1,058
704
296
1,069

34,725
2,736
171
989
471
308
797

37,298
3,207
730
610
470
377
1,020

37,298
3,207
730
610
470
377
1,020

39,114
3,526
745
640
551
410
1,180

50,440
3,419
707
617
541
381
1,173

54,969
2,833
666
482
300
354
1,031

52,685
3,229
969
579
319
372
990

61,218
3,990
1,756
528
294
400
1,012

9,030
123
1,019
1,024
305
564
3,407

10,574
109
1,870
1,113
489
1,113
2,882

10,962
222
1,567
1,217
526
724
3,046

10,962
222
1,567
1,217
526
724
3,046

11,760
123
1,608
1,279
498
1,527
3,262

14,876
209
1,559
2,201
755
1,370
4,313

15,069
220
1,667
2,161
929
1,291
3,928

15,328
260
1,712
2,037
938
1,416
3,328

15,630
280
1,775
1,284
751
1,916
3,739

3,730

5,405

2,145

2,375

3,708

3,708

4,127

4,737

4,271

5,663

5,378

4,276
32
515
113
n.a.
101
1,942
433

5,748
70
713
218
n.a.
76
2,209
680

5,757
70
777
241
n.a.
539
2,120
353

5,757
70
777
241
n.a.
539
2,120
353

6,272
109
744
141
n.a.
485
2,321
570

7,817
163
1,008
360
n.a.
647
2,512
663

8,546
122
1,160
425
n.a.
728
2,936
586

8,358
89
707
911
n.a.
1,167
2,820
557

9,720
180
1,264
1,156
n.a.
997
3,077
880

12,239
4,221
2,910

17,427
5,971
3,986

18,755
5,864
3,855

18,755
5,864
3,855

18,753
5,703
4,656

24,049
5,688
5,803

26,832
5,476
7,324

23,410
5,325
7,105

30,490
6,166
9,954

947
424

916
493

849
283

849
283

952
599

1,267
637

1,453
763

1,458
655

2,158
1,086

1,697

1,832

40
41
42
43
44
45
46

47
48
49
50
51
52
53

By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO

54
55

Euro area3
Canada

56
57
58
59
60
61
62
63
64
65
66

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

67
68

Africa
Oil-exporting countries'"

69

All other7

1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although
Slovenia joined the euro area January 2007, separate data for Slovenia are not available.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.

7,279

5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

52
3.23

Federal Reserve Bulletin Statistical Supplement • July 2008
CLAIMS ON UNAFFILIATED FOREIGNERS

Reported by Nonbanking Business Enterprises in the United States

Millions of dollars, end of period

Type of claim, and area or country
Sept.
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs'
Other claims
Of which:
Loans'
Repurchase agreements'
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

143,232

144,950

110.517
47,270
9,892

111,394
50,149
13,180

103
53,355

65
48,065

n.a.
n.a.

126,032

131,225

136,044

88,646
31,909
2,744

88,646
31,909
2,744

93,073
28,337
579

93,794
27,228
2,223

100,784
36,820
1,344

88,031
29,891
1,245

91,840
33,832
1,576

15
53,993

15
53,993

6
64,157

20
64,343

14
62,620

31
56,895

28
56,432

10,057
17,842

10,057
17,842

12,174
22,603

14,268
18,789

14,678
17,506

12,875
10,765

13,083
8,814

67,445
43,072
1,329
20,651
9,219
7,345
4,528

75,802
35,592
9,348
9,308
7,635
3,537
5,764

66,871
21,775
8,454
5,843
4,014
746
2,718

66,871
21,775
8,454
5,843
4,014
746
2,718

64,047
29,026
4,336
16,280
4,936
777
2,697

66,625
27,169
3,729
15,339
3,850
868
3,383

65,146
35,638
4,387
15,498
3,611
9,113
3,029

66,726
21,305
4,583
8,717
3,461
1,059
3,485

72,086
19,754
4,692
7,791

48,714
2,177
1,452
5,386
7,389
978
23,982

42,736
1,743
2,752
2,729
3,033
1,152
22,111

34,070
328
1,310
8,506
2,842
706
13,713

34,070
328
1,310
8,506
2,842
706
13,713

44,607
445
2,119
8,447
4,437
722
21,847

47,629
2,985
3,557
9,058
5,138
806
18,377

44,651
2,270
2,850
7,543
3,690
820
20,467

39,482
1,393
3,841
3,288
3,005
777
19,251

39,431
3,845
3,576
4,132
2,142
882
16,766

6,412

13,372

14,118

14,118

10,177

11,312

11,208

11,203

10,747

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

45,063
1,590
1,590
1,950
n.a.
36,355
2,019
159

34,890
3,901
1,231
1,982
n.a.
25,728
1,175
102

34,890
3,901
1,231
25,728
1,175
102

32,293
5,762
1,296
1,655
n.a.
20,885
1,098
116

28,036
2,086
1,269
1,580
n.a.
20,747
1,166
158

30,826
2,466
1,397
1,463
n.a.
23,035
1,217
150

23,481
2,145
568
1,658
n.a.
16,492
1,222
194

35,231
1,862
466
1,695
n.a.
28,028
1,232
195

6,840
993
137

7,223
568
242

3,238
882
60

3,238
882
60

3,841
1,563
82

4,745
1,465
1,111

11,738
1,395

11,533
1,536
150

3,831
1,352
148

345
34

345
34

368
32

425
36

455
36

MEMO:

23
24

Euro area3
Canada

17,002

22,053

25
26
27
28
29
30
31
32
33
34
35

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

36
37

Africa
Oil-exporting countries'"

1,291
37

38

All other7

1,709

1,985

1,790

1,907

Nonbank-Reported Data
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS

53

Reported by Nonbanking Business Enterprises in the United States—Continued

Millions of dollars, end of period

Type of claim, and area or country
Sept.
39 Commercial claims
40
Trade receivables
41
Advance payments and other claims
42
43
44
45
46
47
48

49
50
51
52
53
54
55

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

32,715
29,229
3,486

33,556
29,231
4,325

37,386
32,802
4,584

37,386
32,802
4,584

38,152
33,260
4,892

43,437
36,001
7,436

43,693
36,520
7,173

48,013
41,420
6,593

46,880
39,445
7,435

27,439
5,276
512
1,561
1,586
238
1,379

3,658
481
1,335
706
187
949

33,160
4,226
740
1,108
661
281
1,436

33,160
4,226
740
1,108
661
281
1,436

34,289
3,863
608
1,360
734
221
940

39,644
3,793
658
1,233
707
257
938

40,136
3,557
637
1,124
663
285
848

42,972
5,041
788
2,116
749
319
1,069

42,814
4,066
1,059
1,171
631
253
952

13,457
257
2,261
1,401
494
1,528
3,742

12,084
470
2,311
1,509
354
724
2,677

14,105
443
2,110
1,642
728
718
3,789

14,105
443
2,110
1,642
728
718
3,789

14,845
481
2,114
1,765
578
830
4,260

16,762
488
1,956
1,780
665
1,087
5,118

16,501
368
1,972
1,713
745
948
5,734

16,637
327
2,225
1,631
979
1,374
4,510

16,779
257
1,976
1,693
629
1,146
5,133

8,961

8,436

2,017

2,750

3,402

3,402

2,850

4,109

3,595

5,216

4,612

6,477
55
650
935
160
2,018
319

6,757
41
648
1,022
n.a.
61
2,089
380

7,146
48
503
945
n.a.
323
2,067
379

7,146
48
503
945
n.a.
323
2,067
379

7,779
29
662
914
n.a.
401
1,980
426

8,089
33
1,267
922
n.a.
585
1,952
451

8,747
27
1,528
946
n.a.
452
2,196
474

8,818
53
1,140
1,023
n.a.
495
2,277
499

9,117
47
1,314
979
n.a.
335
2,302
496

8,943
1,855
1,071

10,073
2,128
1,558

11,011
2,467
1,754

11,011
2,467
1,754

10,849
2,504
1,600

12,507
3,156
1,686

13,027
2,948
2,114

15,372
3,981
2,310

14,243
3,892
1,802

629
154

830
258

892
298

892
298

962
266

982
321

1,007
261

967
315

1,297
316

MEMO

56

Euro area3

57

Canada

58
59
60
61
62
63
64
65
66
67
68

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

69
70

Africa
Oil-exporting countries'"

71

All other7

6,890

8,376

1,062

1. Data available beginning March 2003. For data on loans and repurchase agreements,
data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although
Slovenia joined the euro area January 2007, separate data for Slovenia are not available.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.

8,918

1,003

5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

54

Federal Reserve Bulletin Statistical Supplement • July 2008

3.24

FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars

Transaction, and area or country

Jan.May

Apr.

May'

U.S. corporate securities
STOCKS

1 Foreign purchases
2 Foreign sales
3 Net purchases, or sales (-)
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Foreign countries
Of which: by foreign official institutions
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters1
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

26 International and regional organizations2 ..

6,868,571
6,718,156

10,639,316' 5,351,768
10,443,794' 5,333,298

1,101,407
1,096,657

944,625
911,164

1,268,101
1,250,923

1,016,491
1,015,376

1,143,475'
1,132,654'

963,983'
979,693'

959,718
954,652

150,415

195,522'

18,470

4,750

33,461

17,178

1,115

10,821'

-15,710'

5,066

150,371
5,766

195,562
15,107

18,451
18,979

4,749
482

33,458
12,502

17,170
13,343

1,106
4,772

10,823'
413

-15,710'
436

5,062
15

97,066
1,625
21,735
-8,040
-1,788
11,608
-5,363
1,180
75,764
102
11,818
2,166
35,068
7 974
-4,490
471
-463
-669
89
680

89,259
-1,168
19,521
600
28
-7,143
6,887
-2,977
69,473
877
8,086
780
48,590
12,240
31,734
3,993
35,434
-4,973
-300
5,173

-9,752
-110
1,109
-15,576
1,099
-3,472
4,504
4,174
-12,593
-321
4,740
2,232
-23,688
7,751
39,757
-37
19,490
6,139
-4,331
1,742

3,054
-756
895
2,857
70
-1,660
121
-785
848
-380
2,460
374
-7,818
901
5,301
1,133
4,233
125
111
366

13,558
328
-1,158
-191
153
-1,666
-1,129
695
16,342
154
-19
105
4,395
7,100
9,241
73
4,673
126
-210
-712

6,925
-479
6,342
1,740
-524
-2,046
1,146
816
-1,568
-190
-1,495
1,345
-7,520
6,234
13,926
-245
3,191
2,369
-1,948
-297

-8,632
235
-4,967
-1,638
115
73
-1,487
1,399
-3,846
-11
1,344
670
-4,258
-334
12,906
-33
4,354
1,927
-931
341

2,564'
-265'
4,352'
-1,697'
361'
-1,049
1,537'
1,069
-2,878
-121
1,980
-321
914
1,127
3,825
297
2,288
708
299
435

-4,219'
54
-7,604
-5,545
437
-236
3,572
336
2,432'
-35
1,373
105
-14,716
95
2,849'
-186
1,965'
1,131'
-1,717
520

-6,390
345
2,986
-8,436
710
-214
-264
554
-6,733
36
1,538
433
1,892
629
6,251
130
7,692
4
-34
743

44

-40'

19

1,572,160
1,285,696

2,050,451
1,824,365

1,370,075
1,255,628

-2

0

332,885
314,150

259,372
244,101

U.S. GOVERNMENT AGENCY BONDS

27 Foreign purchases
28 Foreign sales

226,086

Foreign countries
Of which: by foreign official institutions
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

52 International and regional organizations2 .. .

227,714
231,030

258,302
238,985

279,924
243,028

239,592
215,364

26,637

-3,316

19,317

286,228
92,632

225,707
119,057

114,875
38,302

26,303
6,007

-3,311
4,080

19,641
-630

36,888
1,203

18,711
15,937'

15,256
11,012

24,379
10,780

86,320
-274
-261
4,471
4,133
5,028
-655
-186
51,072
1,528
9,507
13,971
39,741
7,037
128,750
37,401
31,659
44,761
-198
1,100

82,025
-1,808
4,293
290
1,115
-8,520
-585
-1,906
60,306
4,823
3,232
6,376
-7,929
8,353
132,586
73,733
30,722
14,061
38
1,026

84,158
-1,164
6,815
-522
2,581
-9,582
-1,430
-816
85,934
-1,286
8,052
6,170
-60,803
-4,903
80,806
36,385
17,826
24,716
-362
1,757

7,669
-68
933
-566
918
-2,907
-48
-159
6,093
-33
-1,225
-1,189
15,543
-595
5,921
6,627
2,567
1,063
26
153

1,816
-138
-18
47
-225
290
-713
-293
279
-48
508
-1,006
-9,098
-497
4,884
2,550
2,071
2,654
-21
103

13,364
-63
527
-1,228
672
1,997
-209
-123
11,720
-279
-635
-183
5,234
184
1,761
-2,011
2,625
4,453
-38
-46

20,505
-57
889
131
1,283
-687
-500
-175
19,444
-115
2,339
-1,069
-2,632
64
16,584
4,249
1,107
8,226
-23
1,120

30,600
-862
5,940
-90
1,714
-2,774
-461
-223
24,978
-810
2,684
2,291
-33,461
-1,708
18,329
7,391
4,409
5,102
-406
382

10,954
-52
135
294
-379
-3,584
-365
-154
14,168
-12
1,210
3,660
-19,896
-2,100
20,791
11,891
5 332
2,605
149
488

8,735
-130
-676
370
-710
-4,534
105
-141
15,624
-70
2,454
1,471
-10,048
-1,343
23,341
14,865
4,353
4,330
-44
-187

236

379

-428

334

-5

-324

24

15

-151

1,678,464
1,167,658

1,913,307
1,519,952

759,260
660,917

121,884'
105,804'

140,595
103,296

125,095
121,703

138,083
118,834

164,760'
139,765'

190,924
135,523

510,806

393,355'

98,343

16,080'

37,299

3,392

19,249

24,995'

55,401

509,783
28,556

392,108'
50,566

98,307
28,898

16,111'
4,898

37,291
8,218

3,505
3,946

19,276
4,360

4,088

24,879'
7,513

55,341
8,991

316,130
-2,097
22,144
-11,831
13,937
3,365
3,197
9,739
253,762
10,388
8,052
10,029
91,309
4,666
72,282
31,158
14,810
12,646
-188
7,503

207,482'
-7,413
4,261
5,419
8,658
-14,650
-652
3,581'
208,956'
-6,717
12,274
5,097
41,694
3,803
116,187'
41,675
12,780
39,565'
-169
5,740'

9,500
-4,548
-1,394
1,630
-484
-54
-5,369
1,086
1,086
-8,689
3,370
2,316
31,505
1,826
48,575
24,322
4,130
15,099
-38
1,253

1,847'
-590
-250
-337
641
-557
-234
832'
1,766'
-151
-473
187
3,901
774
9,833
3,706
1,502
3,082
-26
68

11,234
-408
-10
965
75
-1,827
-230
497
12,292
-724
810
-191
9,718
-30
15,589
7,739
1,491
5,390
71
90

-1,952
-2,064
21
454
-1,265
-1,345
-334
-404
4,380
-1,141
576
481
-4,490
-25
8,699
2,945
899
3,240
-21
237

1,963
-749
-677
-126
-453
-134
-327
519
4,644
-808
609
786
8,785
447
6,699
2,517
-134
3,388
-25
12

-8,906'
-802
-579
174
-406
1,654
-259
-36
-7,644'
-1,250
112
736
-4,324
234
7,303
2,765
1,005
2,600
9
142

6,754'
-8
-367
246
880
1,219
-38
306
5,427'
-734
580
26
7,306
551
9,775
6,947
747
1,107
19
-132

11,641
-925
208
882
760
-1,448
-4,411
701
20,886
-4,756
1,493
287
24,228
619
16,099
9,148
1,613
4,764
-20
994

1,023

1,247

36

-113

-27

0

116

60

29 Net purchases, or sales (-)
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

174,264
147,627

18,735

24,228

CORPORATE BONDS3

53 Foreign purchases

140,398'
145,092'

54 Foreign sales
55 Net purchases, or sales (-)
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77

Foreign countries
Of which: by foreign official institutions
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

78 International and regional organizations3 .. .

-31

Securities Holdings and Transactions
3.24

55

FOREIGN TRANSACTIONS IN SECURITIES—Continued
Millions of dollars

Transaction, and area or country

Jan.May

Apr.'
Foreign securities

79 Stocks, net purchases or sales (-)

4

-106.455
3,636,185
3,742,640

-95,298
5,215,765
5,311,063

-40,044
2,440,101
2,480,145

9,617
521,977
512,360

-2
430,971
430,973

-2,337
523,685
526,022

-18,272
442,624
460,896

83 Foreign purchases

1,879,713
2,024,165

2,971,803
3,100,818

1,118,442
1,122,683

209,698'
198,751'

168,636
182,095

247,486'
263,457'

241,387'
234,044'

84 Foreign sales

-250,907

-224,313

-44,285

20,564'

-13,461

-18,308'

85 Net purchases, or sales (-) of stocks and bonds4

-256,016
-220,413
-54,927
-157,698
-18,153
-12,714
25,656
-18,652
2,159
-2,252
-9,488

-240,242
-218,683
-62,543
-154,906
-10,935
-7,948
-18,442
27,066
4,032
1,112
-12,412

-50,017
-55,782
-15,725
-44,441
-6,126
9,728
-10,884
32,621
7,057
-492
-19,082

20,682'
3,654'
8,866
-6,517'
718'
932
-2,477
17,836
4,614
988
-969

-13,748
403
446
-940
-4,690
-1,278
-11,730
3,181
4,615
680
-314

-18,434'
-17,748'
-2,132
-11,609'
-2,936'
2,319
-4,946
11,459
945
1,532
-8,114

80 Foreign purchases
81 Foreign sales
82 Bonds, net purchases or sales (-) 4

86
87
88
89
90
91
92
93
94
95
96
97

Foreign countries
Europe
Euro Areas
United Kingdom
Canada
Latin America
Caribbean
Asia
Japan
Africa
Other countries
Nonmonetary international and
regional organizations2

-299
505,801
506,100

-16,193
480,071
496,264

264,947
262,068

193,225
182,497

171,397
180,617

-10,929'

-64

10,429

-25,413

-11,844'
-17,579
-3,147
-14,080
3,294'
5,767
4,304
-2,999
-340
624
-5,255

-2,809
3,574
-5,482
7,283
1,680
3,942
-12,864
5,463
2,404
-1,841
-2,763

8,475
-5,743
-3,927
-6,198
-2,398
2,899
4,420
10,532
-1,188
-217
-1,018

-25,405
-18,286
-1,037
-19,837
-5,766
-5,199
-1,798
8,166
5,236
-590
-1,932

-144,452

-9,220

7,343'

5,109

1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
2. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

3.25

-2,943
487,920
490,863

MARKETABLE U.S. TREASURY BONDS AND NOTES

3. Includes state and local securities. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investment abroad.
4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign
securities.
5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.

Foreign Transactions1

Millions of dollars; net purchases, or sales (—), during period

Area or country

Jan.May

Apr.

Mayp

1 Total reported

195,536

200,940'

191,090

22,255'

38,917'

15,743'

51,770'

76,958'

7,702

2 Foreign countries
3
Of which: by foreign official institutions .

194,714
69,639

201,988'
2,994

190,964
79,706

22,446'
378

691'
10,980

38,964'
36,101

15,634'
-3,594

51,611'
28,011

76,944'
22,298

7,811
-3,110

4
5
6
7
8
9
10
11
12
13
14
15
16
17

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man
Other Europe and former U.S.S.R. . . .
Canada

98,982
357
-1,600
2,116
-1,325
-1,293
684
5,063
702
-2,898
91,782
-296
5,690
14,161

178,485'
-3,100
-7,827'
-3,358'
1,734
-28
1,471
-27,339
2,176
-2,560
208,792'
-974
9,498
-1,936'

122,864
-953
-18,448
4,796
-8,164
-235
389
22,341
-470
-2,224
109,896
620
15,316
10,874

14,743'
-948
-881'
-2,517
662
-292
-848
1,896
-441
-168
19,327'
-334
-713
8,018'

-17,803'
-547
-4'
190
-361
95
1,330
-2,284
-284
543
-16,325'
-36
-120
-5,209

10,707'
-133
-5,328'
678'
-1,794
279
170
8,427
-309
-562
2,715'
584
5,980
5,429'

16,160'
-11
-826'
-432'
-26
-157
-1,558
816
229
-937
18,952'
143
-32
-2,508'

27,533'
-464
-3,074'
293
-430
-489
559
10,564
-435
-947
17,567'
45
4,344
-497'

51,683'
-56
-2,820'
2,539
-327
435
677
770
-26
986
46,640'
-123
2,988
4,514'

16,781
-289
-6,399
1,719
-5,587
-303
540
1,764
71
-764
24,022
-29
2,036
3,936

18
19
20
21
22

Latin America
Brazil
Mexico
Venezuela
All other Latin America

21,838
23,100
-322
242
-1,182

86,160
77,066
1,735
-196
7,555

25,476
19,761
2,322
-161
3,554

13,967
8,065
4,169
-179
1,912

10,287
8,540
1,241
-46
552

11,375
10,332
939
-77
181

5,298
4,636
155
-156
663

5,750
3,376
1,904
-72
542

-602
597
-2,075
24
852

3,655
820
1,399
120
1,316

23

Caribbean

-9,838

2,380

-28,790

-283

9,597

-9,510

-7,694

5,485

-10,466

24
25
26
27
28
29
30

Asia
China, Mainland
Hong Kong
Japan
Korea
Middle East Oil Exporters2
All other Asia

68,694
40,633
16,257
1,312
6,168
4,548
-224

-67,850'
-7,968
2,056'
-47,384
-17,874
1,805
1,515'

53,426
44,469
9,296
4,229
80
3,056
-7,704

15,011
12,849
2,705
-3,791
-390
1,468
2,170

-10,691
11,447
-119
-13,395
-1,595
821
-7,850

3,515
2,400

6,127
4,568

7,649
5,755

591
448

4,662
5,297

-2,638

-1,378

822

-1,048

31

Africa

32

African oil exporters3

33

Other countries

34

International and regional organizations4

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).

-15,537'
-5,210
546
-11,507
380
-345
599'

3,179
6,862
-654
-5,681
975
-1,558
3,235

20,123'
9,563
2,478
6,362
2,648
-1,708
780'

2,800'
3,997
1,274'
-601
1,492
-3,360

26,183'
6,613
2,958'
15,654
-581
983
556'

1,054

916
500

1,116
54

642
-4

638
-40

-535

484

-276

-276

-153

262

-66

126

-191

275

-47

109

14

-109

3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

56

Federal Reserve Bulletin Statistical Supplement • July 2008

3.28

FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2007
Dec.

2008
Jan.

Feb.

Mar.

Apr.

May

0.9133
1.7290
0.9986
7.1644
5.0507
1.4759
7.7963
39.67
107.03
3.2216
10.768
0.7969
5.3851
1.4106
7.6578
944.01
107.827
6.3450
1.0890
31.616
31.174
1.9646
2.14

0.9221
1.7090
1.0029
7.0722
4.8043
1.5520
7.7813
40.15
100.76
3.1841
10.733
0.8004
5.1495
1.3843
7.9921
981.73
107.684
6.0613
1.0126
30.577
31.404
2.0015
2.14

0.9309
1.6863
1.0137
6.9997
4.7354
1.5754
7.7910
39.97
102.68
3.1604
10.515
0.7897
5.0541
1.3643
7.7585
986.86
107.779
5.9470
1.0138
30.356
31.558
1.9816
2.14

0.9492
1.6585
0.9993
6.9725
4.7963
1.5554
7.7988
42.00
104.36
3.2127
10.438
0.7777
5.0571
1.3659
7.6076
1,034.13
107.771
5.9887
1.0448
30.589
32.026
1.9650
2.14

Exchange rates
COUNTRY/CURRENCY UNIT

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

Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3
Hong Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar

0.7627
2.4352
1.2115
8.1936
5.9953
1.2449
7.7775
44.00
110.11
3.7869
10.894
0.7049
6.4412
1.6639
6.3606
1,023.75
100.383
7.4710
1.2459
32.131
40.252
1.8204
2.11

0.7535
2.1738
1.1340
7.9723
5.9422
1.2563
7.7681
45.19
116.31
3.6661
10.906
0.6492
6.4095
1.5882
6.7668
954.32
103.940
7.3718
1.2532
32.507
37.876
1.8434
2.14

0.8391
1.9461
1.0734
7.6058
5.4413
1.3711
7.8016
41.18
117.76
3.4354
10.928
0.7365
5.8557
1.5065
7.0477
928.97
110.620
6.7550
1.1999
32.852
32.203
2.0020
2.14

0.8719
1.7852
1.0021
7.3682
5.1235
1.4559
7.7983
39.38
112.45
3.3324
10.846
0.7690
5.5000
1.4487
6.8376
931.10
108.891
6.47 64
1.1402
32.412
30.158
2.0161
2.14

0.8823
1.7710
1.0099
7.2405
5.0575
1.4728
7.8044
39.27
107.82
3.2653
10.906
0.7740
5.3993
1.4299
6.9962
942.06
108.156
6.3978
1.1006
32.359
30.305
1.9702
2.14
Indexes4

NOMINAL

24 Broad (January 1997=100)5
25 Major currencies (March 1973=100)''
26 Other important trading partners (January
1997=100)7

110.71
83.71

108.52
82.46

103.40
77.84

99.27
73.69

98.48
73.06

97.67
72.57

95.77
70.32

95.48
70.47

95.83
70.75

138.89

135.38

130.28

126.99

126.08

124.83

123.96

122.91

123.33

97.98'
90.63'

96.87'
90.54'

92.27'
86.39

88.04'
81.91'

87.47'
81.47'

86.15'
81.00'

85.11'
78.94'

85.21'
79.45'

85.94
79.98

117.40'

114.69'

109.06'

104.71'

103.93'

101.40'

101.53'

101.12'

102.20

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. dollars per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro.
4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a

measure of the importance to U.S. exporters of that country's trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Bloomberg LLP.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Bloomberg LLP.

57

Guide to Special Tables
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title, Table Number, and Reporting Date for Data

Issue

Page

Reference

Assets and liabilities of commercial banks, 4.20
June 30, 2007
September 30, 2007
December 31,2007
March 31,2008

September
December
March
June

2007
2007
2008
2008

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Terms of lending at commercial banks, 4.23
May 2007
August 2007
November 2007
February 2008

August
November
February
May

2007
2007
2008
2008

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30
March 31,2007
June 30, 2007
September 30,2007
December 31,2007

August
November
February
May

2007
2007
2008
2008

64
64
64
64

Supplement
Supplement
Supplement
Supplement

August 2001
October2001
January 2002

A76
A64
A64

Bulletin
Bulletin
Bulletin

September 2002
September 2003
September 2004

A58
A58
58

Bulletin
Bulletin
Supplement

September 2002
September 2003
September 2004

A67
A67
67

Bulletin
Bulletin
Supplement

Pro forma financial statements for Federal Reserve priced services, 4.31*
March 31,2001
June30,2001
September 30, 2001
Residential lending reported under the Home Mortgage Disclosure Act,
1989-2001
1990-2002
1991-2003
Disposition of applications for private mortgage insurance,
1998-2001
1999-2002
2000-2003
Small loans to businesses and farms,
1997-2003
1998-2004
1999-2005
2000-2006

4.34-4.411

4.42-4.45

4.46-4.48

Community development lending reported under the Community Reinvestment Act, 4.49
2003
2004
2005
2006

September
September
September
September

2004
2005
2006
2007

70
60
60
60

Supplement
Supplement
Supplement
Supplement

September
September
September
September

2004
2005
2006
2007

73
63
63
63

Supplement
Supplement
Supplement
Supplement

*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).

58

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 by 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 securities and U.S. government securities)
Demand deposits, 15-21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4—6, 12
Deposits
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)

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
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans
Commercial banks, 15-21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Insured or guaranteed by United States, 32, 33

EXCHANGE rates, foreign, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33
Federal National Mortgage Association, 28, 32, 33
Federal Reserve Banks
Condition statement, 10

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 U.S. government securities)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23

Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44—55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting by banks, 17, 18
YIELDS (See Interest rates)

59

60

Federal Reserve Bulletin Statistical Supplement • July 2008

Federal Reserve Board Publications
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, Washington, DC 20551, or telephone (202) 452-3245,
or FAX (202) 728-5886. You may also use the publications
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THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS.

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PUBLICATIONS

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(Truth

in

Lending—

Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp.
Vol. II (Irregular Transactions). 1969. 116 pp. Each volume
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ANNUAL REPORT, 2003.
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ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price.
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October 1982
239 pp.
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Monthly. $25.00 per year or $2.50 each in the United States,
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EDUCATION PAMPHLETS
Short pamphlets suitable for classroom use. Multiple copies are
available without charge.
A Consumer's Guide to Mortgage Lock-Ins
A Consumer's Guide to Mortgage Settlement Costs
A Consumer's Guide to Mortgage Refinancings
A Guide to Business Credit for Women, Minorities, and Small
Businesses
Choosing a Credit Card
Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish)
Consumer Handbook to Credit Protection Laws
Home Mortgages: Understanding the Process and Your Right
to Fair Lending
How to File a Consumer Complaint about a Bank (also available
in Spanish)
In Plain English: Making Sense of the Federal Reserve
Keys to Vehicle Leasing (also available in Spanish)
Looking for the Best Mortgage (also available in Spanish)
Making Sense of Savings
Privacy Choices for Your Personal Financial Information
Protecting Yourself from Overdraft and Bounced-Check Fees
Putting Your Home on the Loan Line Is Risky Business (also
available in Spanish)
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
What You Should Know About Home Equity Lines of Credit
(also available in Spanish)
When Is Your Check Not a Check? (also available in Spanish)

61

STAFF STUDIES: Only Summaries Printed in the
BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165—176 are available online at www.federalreserve.gov/
pubs/staffstudies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications Fulfillment.

170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IN

SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.
171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI-

DENCE, by Gregory Elliehausen. April 1998. 35 pp.
172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MARKET

DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
69 pp.
173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study

159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and

Donald Savage. February 1990. 12 pp.

174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED

160. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by

Gregory E. Elliehausen and John D. Wolken. September
1990. 35 pp.
162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A.

Rhoades. February 1992. 11 pp.
164. THE 1989-92

CREDIT CRUNCH

Group on Disclosure, Federal Reserve System. March 2000.
35 pp.
STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp.
175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS:

INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff,

for the Payments System Development Committee, Federal
Reserve System. December 2002. 27 pp.
176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994-

2003, by Steven J. Pilloff. May 2004. 23 pp.
FOR REAL

ESTATE, by

James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.
167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING
PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by

Stephen A. Rhoades. July 1994. 37 pp.

62

Federal Reserve Bulletin Statistical Supplement • July 2008

ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202)
728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a
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drawn on a U.S. bank.

Release number and title

Annual
mail
rate

Annual
fax
rate

Approximate
release
days1

PprioH or HHTP to

which data refer

Corresponding
Bulletin or
Statistical
Supplement
table numbers2

Weekly Releases
Actions of the Board:
Applications and Reports
Received
H.3. Aggregate Reserves of
Depository Institutions and
the Monetary Base3
H.4.1. Factors Affecting Reserve Balances
of Depository Institutions and
Condition Statement of
Federal Reserve Banks3
H.6. Money Stock Measures3

$55.00

n.a.

Friday

$20.00

n.a.

Thursday

$20.00

n.a.

Thursday

$35.00

n.a.

Thursday

H.8.

Assets and Liabilities of
Commercial Banks in the
United States3
H.10. Foreign Exchange Rates3

$30.00

n.a.

Friday

$20.00

$20.00

Monday

H.15. Selected Interest Rates3

$20.00

$20.00

Monday

$ 5.00

$ 5.00

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G.15. Research Library—
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G.17. Industrial Production and
Capacity Utilization3

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Midmonth

Previous month

2.12,2.13

G.19. Consumer Credit3

$ 5.00

$ 5.00

$ 5.00

n.a.

Second month
previous
Second month
previous

1.55, 1.56

G.20. Finance Companies3

Fifth working day
of month
End of month

H.2.

Week ending
previous
Saturday
Week ending
previous
Wednesday
Week ending
previous
Wednesday
Week ending
Monday of
previous week
Week ending
previous
Wednesday
Week ending
previous
Friday
Week ending
previous
Friday

1.20

1.11, 1.18

1.21

1.26A-F

3.28

1.35

Monthly Releases
G.5.

Foreign Exchange Rates 3

3.28

1.51, 1.52

63

Annual
mail
rate

Release number and title

Annual
fax
rate

Approximate
release
days 1

Period or date to
which data refer

Corresponding
Bulletin or
Statistical
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table numbers 2

Quarterly Releases
E.2.

Survey of Terms of Business
Lending 3

E. 11.

Geographical Distribution of
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Major Foreign Branches of
U.S. Banks

As-

5.00

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March, June,
September, and
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November

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Survey 3

$ 5.00

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July, and
October

Previous quarter

Z.I.

$25.00

Second week of
March, June,
September, and
December

Previous quarter

Flow of Funds Accounts
of the United States:
Flows and Outstandings3

1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures.
Moreover, for all series unusual circumstances may, from time to time,
result in a release date being later than anticipated.
2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin,
the corresponding table for the statistical release no longer appears in the

4.23

1.57, 1.58,
1.59, 1.60

Bulletin. Statistical tables are now published in the Statistical Supplement
to the Federal Reserve Bulletin; the table numbers, however, remain the
same.
3. These releases are also available on the Board's website,
www.federalreserve.gov/releases.
n.a. Not available.

64

Federal Reserve Bulletin Statistical Supplement • July 2008

Publications of Interest
FEDERAL RESERVE REGULATORY SERVICE
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interpretations, policy statements, rulings, and staff
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the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
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Handbook contains Regulations A, D, and Q, plus
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The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related
statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin
stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price, which includes additional airmail costs,
is $250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
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All subscription requests must be accompanied by a
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addressed to Publications Fulfillment, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

GUIDE TO THE FLOW OF FUNDS ACCOUNTS
A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.I quarterly statistical release),

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Fulfillment, Mail Stop
127, Board of Governors of the Federal Reserve System, Washington, DC 20551.

65

Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve Systern makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical release

Frequency of release

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z.I

Flow of Funds

Quarterly