The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Volume 1 • Number 6 • June 2004 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Lynn S. Fox, Chair • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Louise L. Roseman • Richard Spillenkothen • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by Economic Editing and the Publications Department. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin. Starting with the winter 2004 issue, the Bulletin is now published on a quarterly basis. Published monthly, the new Statistical Supplement is designed as a compact source of economic and financial data. All tables that appeared in the Federal Reserve Bulletin, including the annual and quarterly special tables, now appear in the Statistical Supplement. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Separate subscriptions for the quarterly Federal Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frbog.frb.gov. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886. Financial and Business Statistics These tables reflect the data available for publication as of the last week of May 2004. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 1 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Reserve Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. Treasury— Types and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—Tax-exempt state and local governments and U.S. corporations 30 Open-end investment companies—Net sales and assets 30 Domestic finance companies—Assets and liabilities 31 Domestic finance companies—Owned and managed receivables Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding Monetary and Credit Aggregates 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Consumer Credit 34 Total outstanding 34 Terms Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • June 2004 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to unaffiliated foreigners 52 Claims on unaffiliated foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates 57 GUIDE TO SPECIAL TABLES AND STATISTICAL RELEASES 58 INDEX TO STATISTICAL 60 ANTICIPA TED SCHEDULE PERIODIC RELEASES TABLES OF RELEASE DA TES FOR Symbols and Abbreviations c e n.a. n.e.c. p r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation G-7 G-10 GDP GNMA GSE HUD IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC TIIS VA Group of Seven Group of Ten Gross domestic product Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International Monetary Fund Interest only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification Treasury inflation-indexed securities Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • June 2004 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q3 Q4 3.0' 4.1' 2.4' 5.7' 29.8' 23.7' 28.6' 5.4' 11.5' 4.3' 10.2' 5.3' 4.5 3.3 4.6 3.0 8.1 5.8 7.5 6.9 6.9 2.4 1.5 1.5 7.1 3.3 5.3 6.7 6.9 2.5 1.6 2.3 9.6 .9 3.6 5.1 9.2 10.4 13.3 4.4 38.4 10.8 8.2 16.0 2.3 6.6 3.6 7.7 11.3 8.9 9.6 8.9 21.4 8.1 17.8 24.1 7.0 13.7 16.7 3.0 Q2 Ql 1 1 2 3 4 Reserves of depository institutions Total Required Nonborrowed Monetary base3 12.6' 10.7' 5.1' 10.4 14.6 8.7 2.7 6.5' 15.6' 4.7' 2.5' 46.2 48.6 5.6 1.0 7.4 23.2 10.4 9.3' 17.7 8.8 9.6 2.8 21.4 7.0 6.7' 6.4 11.4 18.0 16.9 3.6 11.4' 13.6 5.2 26.1 4.9 6.6 7.0 15.2 3.5 6.0 23.8 18.7 20.5 25.5 3.2 20.3 13.2 23.7 9.4 14.1 13.6 7.1 36.2 5.2' 3.3' 45.9 2.5 4 Concepts of money 5 Ml 6 M2 7 M3 Nontransaction components 8 In M2 5 9 In M3 only6 Time and savings deposits Commercial banks Savings, including MMDAs Small time Large time8'9 Thrift institutions 13 Savings, including MMDAs 14 Smalltime7 15 Large time8 15.9 8.7 3.6 17.6 13.9 24.2 9.3 1.6 17.9 12.4 15.1 5.3 10.7 3.8 Money market mutual funds 16 Retail" 17 Institution-only 6.8 15.0 10.4 7.8 22.8 16.6 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 20.5 31.1 11.0 30.0 10 11 12 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 8.7' 1.0 3.6 .3 3.8 64.6 2.7 26.7 3.0 11.0 M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted separately. 7. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 9. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 10. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1 Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 739,689 670,117 670,117 245,906 408,603 13,994 1,613 0 28,429 23 11 0 11 273 41,394 11,043 2,200 35,573 732,055 670,909 670,909 246,087 409,218 13,994 1,609 0 23,000 52 37 0 16 541 38,635 11,043 2,200 35,587 736,595 671,586 671,586 246,200 409,784 13,994 1,608 0 26,286 24 0 21 150 38,549 11,045 2,200 35,601 729,554 672,592 672,592 246,342 410,563 14,062 1,625 0 18,000 26 7 0 19 41 38,976 11,045 2,200 35,615 736,992 673,086 673,086 246,408 410,563 14,464 1,650 0 25,179 75 48 0 27 688 39,341 11,045 2,200 35,629 731,276 673,518 673,518 246,469 410,917 14,464 1,668 0 18,786 62 26 0 36 779 39,690 11,045 2,200 35,643 737,737 674,037 674,037 246,499 411,388 14,464 1,686 0 24,357 48 11 0 36 724 40,019 11,045 2,200 35,657 713,974 19,304 19,304 0 330 716,082 22,837 22,837 0 334 714,167 20,426 20,426 0 322 713,341 20,609 20,609 0 317 713,676 18,320 18,320 0 315 713,868 19,095 19,095 0 323 714,061 19,239 19,239 0 339 714,284 20,458 20,458 0 350 16,531 5,429 86 10,719 10,592 127 297 20,581 12,071 16,706 4,984 80 11,323 10,937 386 319 20,738 11,809 16,264 5,147 85 10,717 10,080 637 315 20,225 9,481 16,231 5,618 91 10,207 10,078 128 316 19,967 14,976 16,949 5,527 94 11,002 10,883 119 327 20,207 8,947 17,298 5,737 86 11,128 10,885 243 347 20,536 14,746 16,259 5,371 80 10,551 10,409 142 256 20,964 9,303 15,983 5,246 84 10,413 10,410 3 241 20,903 14,660 Jan. Feb. 734,606 666,878 666,878 245,068 406,173 13,994 1,642 0 26,177 112 101 451 40,987 11,043 2,200 35,514 734,144 669,776 669,776 245,865 408,303 13,994 1,613 0 23,526 31 18 0 13 306 40,505 11,043 2,200 35,573 733,913 673,143 673,143 246,409 410,754 14,328 1,653 0 21,839 50 21 0 29 510 39,392 11,045 2,200 35,633 713,313 20,798 20,499 298 333 713,575 21,137 21,137 0 336 17,181 5,587 87 11,070 10,695 375 437 20,374 11,363 16,653 5,269 83 10,950 10,567 383 351 20,425 10,834 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements6 Foreign official and international accounts . . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 End-of-month figures Wednesday figures Mar. 3 Mar. 10 Mar. 17 671,632 671,632 246,240 409,784 13,994 1,613 0 23,750 26 5 0 22 635 38,200 11,045 2,200 35,601 730,245 673,039 673,039 246,372 410,563 14,464 1,639 0 18,750 19 0 0 19 631 39,068 11,045 2,200 35,615 741,035 673,153 673,153 246,469 410,563 14,464 1,657 0 28,750 347 311 0 36 770 39,555 11,045 2,200 35,629 732,455 673,995 673,995 246,469 411,388 14,464 1,674 0 19,750 48 42 1,182 39,844 11,045 2,200 35,643 741,174 674,084 674,084 246,539 411,388 14,464 1,692 0 27,500 64 31 0 33 589 40,114 11,045 2,200 35,657 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account . . Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements6 Foreign official and international accounts . . . Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . 734,404 670,786 670,786 246,055 409,124 13,994 1,612 0 23,500 20 0 21 518 38,760 11,045 2,200 35,601 741,174 674,084 674,084 246,539 411,388 14,464 1,692 0 27,500 64 31 0 33 589 40,114 11,045 2,200 35,657 14 1,363 38,735 11,043 2,200 35,573 730,266 671,527 671,527 246,141 409,784 13,994 1,608 0 20,000 270 251 0 19 176 38,645 11,043 2,200 35,587 708,931 20,129 20,129 0 356 712,565 21,762 21,762 0 318 716,032 21,701 21,701 0 366 716,616 19,951 19,951 0 323 714,546 18,872 18,872 0 318 18,886 0 314 714,915 19,191 19,191 0 320 715,460 18,770 18,770 0 338 714,914 19,987 19,987 0 347 716,032 21,701 21,701 0 366 15,638 4,184 84 10,943 10,614 330 426 20,365 15,544 17,103 6,513 82 10,207 10,079 128 302 20,033 16,699 16,611 5,884 83 10,413 10,410 3 231 20,880 14,485 16,716 5,004 82 11,323 10,937 386 308 20,321 9,294 16,336 5,209 80 10,717 10,080 637 330 19,928 9,096 15,321 4,698 82 10,206 10,078 128 335 19,767 12,876 15,878 4,415 138 11,002 10,883 119 324 20,242 8,560 17,982 6,415 112 11,128 10,885 243 326 20,576 16,784 15,282 4,404 80 10,551 10,409 142 247 20,707 10,108 16,611 5,884 83 10,413 10,410 3 231 20,880 14,485 732,175 667,241 667,241 245,452 406,173 13,994 1,622 0 23,500 19 5 0 14 38 41,454 11,043 2,200 35,545 739,634 671,583 671,583 246,199 409,784 13,994 1,605 0 28,750 23 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 Note. Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • June 2004 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification Sept. 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 . . . . Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves6 Required reserves Excess reserve balances at Reserve Banks Total borrowing at Reserve Banks Primary Secondary Seasonal Adjustment 9,053 43,918 32,024 11,894 41,077 39,428 1,649 67 33 34 9,926 43,386 30,346 13,039 40,272 38,263 2,008 10,860 44,077 32,084 11,993 42,944 41,286 1,658 46 17 0 29 45 35 12,485 43,063 31,946 11,117 44,431 42,915 1,515 181 23 0 158 11,672 43,318 31,535 11,783 43,207 41,658 1,549 107 13 0 94 11,531 41,105 1,563 10,860 44,077 32,084 11,993 42,944 41,286 1,658 68 46 25 0 43 17 0 29 42,608 31,137 11,472 42,667 11,560 46,572 33,874 12,698 45,433 43,908 1,525 106 93 0 13 10,864 46,426 32,966 13,461 43,829 41,994 1,835 42 28 0 14 11,942 44,381 32,122 12,259 44,064 42,241 1,823 51 23 0 28 Biweekly averages of daily figures for two-week periods ending on dates indicated 1 2 3 4 5 6 7 8 9 10 11 12 2 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves6 Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Adjustment 12,154 43,246 31,850 11,396 44,004 42,476 1,527 56 14 0 43 11,411 42,578 31,860 10,718 43,271 41,949 1,322 36 11 0 25 10,770 44,286 31,848 12,438 42,618 40,697 1,921 54 19 0 35 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at: www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adjusted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Jan. 7 Jan. 21 Feb. 4 Feb. 18 10,254 45,803 32,877 12,926 43,130 41,520 1,610 45 22 0 22 12,297 44,555 32,399 12,156 44,696 43,227 1,468 134 126 0 9 11,443 49,936 9,641 47,096 32,241 14,855 41,881 39,827 2,054 26 15 0 10 36,637 13,299 48,079 46,534 1,545 110 97 0 14 Mar. 3 12,211 44,298 32,554 11,745 11,846 43,669 30,841 12,828 44,764 42,687 43,102 40,696 1,991 51 28 0 23 1,662 38 20 0 19 11,980 45,112 33,312 11,800 45,292 43,603 1,689 55 19 0 36 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Domestic Financial Statistics 1.14 7 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Primary credit1 Federal Reserve Bank Boston *Jew York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis VTinneapolis Kansas City Dallas San Francisco Secondary credit2 Seasona credit3 On 6/11/04 Effective date Previous rate On 6/11/04 Effective date Previous rate On 6/11/04 Effective date Previous rate 2.00 6/25/03 6/25/03 6/26/03 6/26/03 6/26/03 6/26/03 2.25 2.50 6/25/03 6/25/03 6/26/03 6/26/03 6/26/03 6/26/03 2.75 1.15 6/10/04 1.10 i 6/26/03 6/26/03 6/26/03 6/25/03 6/26/03 6/25/03 2.00 1 2.25 2.50 i 6/26/03 6/26/03 6/26/03 6/25/03 6/26/03 6/25/03 1 2.75 i 1.15 6/10/04 1.10 Range of rates for primary credit Effective date In effect Jan. 9, 2003 (beginning of program) 2003—June 25 26 In effect June 11, 2004 Range (or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2.00-2.25 2.00 2.00 2.00 2.00 2.00 Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. Effective date Range (or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Range of rates for adjustment credit in recent years4 Effective date In effect Dec. 31, 1995 Range (or level)—All F.R. Banks F.R. Bank of N.Y. 5.25 5.25 1996—Jan. 31 Feb. 3 5.00-5.25 5.00 5.00 5.00 1998—Oct. 15 16 Nov. 17 19 4.75-5.00 4.75 4.50^1.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50^1.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. 2001—May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans and that cannot be met through special industry lenders. The discount rate on seasonal credit Range (or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 In effect Jan. 8, 2003 (end of program) takes into account rates charged by market sources of funds and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; and the Statistical Digest, 1970-1979, 1980-1989, and 1990-1995. See also the Board's Statistics: Releases and Historical Data web pages (http://www.federalreserve.gov/releases/H15/data.htm). 8 Federal Reserve Bulletin Statistical Supplement • June 2004 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Percentage of liabilities Effective date 0 3 10 12/25/03 12/25/03 12/25/03 0 12/27/90 0 12/27/90 Net transaction accounts* NOTE. Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement corporations. 1. Total transaction accounts consists of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible bankers acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. For a more detailed description of these deposit types, see Form FR 2900 at www. federalres erve. gov/bo arddoc s/reportform s/. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low-reserve tranche." By statute, the upper limit of the low-reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS' Millions of dollars Type of transaction and maturity Sept. U.S. TREASURY SECURITIES2 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 15,503 0 542,736 542,736 10,095 21,421 0 657,931 657,931 0 18,150 0 738,886 738,886 0 15,663 0 70,336 72,004 16,802 12,720 0 89,108 92,075 0 6,565 0 96,433 103,153 0 22,814 0 45,211 64,519 12,748 0 73,093 88,276 7,814 0 76,364 97,256 6,003 0 21,063 6,063 5,074 0 11,588 3,800 4,107 0 11,131 5,897 8,531 0 4,062 1,423 2,280 0 4,427 0 68,513 0 26,897 54,242 0 0 56,098 56,098 747 0 61,389 61,389 0 0 23,307 20,538 0 0 0 0 0 1,311 0 10,791 10,700 0 1,503 0 237 0 17,681 18,905 0 0 0 0 1,555 0 9,361 9,627 280 0 0 0 787 0 0 0 283 0 3,993 1,634 510 0 357 1,072 150 0 5,556 0 0 0 0 0 0 0 0 0 20 0 1,634 0 235 0 1,072 2,162 0 0 2,608 0 0 5,775 0 0 2,034 0 0 75,566 75,566 0 20,174 21,901 0 5,435 6,368 0 16,820 19,386 1,447 0 5,435 6,368 0 0 0 0 1,232 0 2,202 2,515 220 0 8,938 0 0 0 0 36,856 0 981 0 0 36,856 26 Net change in U.S. Treasury securities 619 0 80,276 80,276 0 60,835 60,835 56,871 56,871 2,561 0 59,719 59,719 619 0 2,034 2,162 4,358 0 4,358 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions 0 0 120 Net change in federal agency obligations TEMPORARY TRANSACTIONS Repurchase agreements^ Gross purchases : Gross sales Matched sale-purchase agreements Gross purchases Gross sales 1,497,713 1,490,838 1,143,126 1,153,876 4,722,667 4,981,624 4,958,437 Reverse repurchase agreements* Gross purchases Gross sales Net change in temporary transactions Total net change in System Open Market Account 231,272 252,363 1,522,888 1,518,638 156,250 150,250 122,500 120,000 157,750 169,250 122,500 115,500 138,000 127,250 138,250 158,500 121,750 116,500 4,942,131 4,946,691 410,913 411,276 421,973 426,766 427,913 422,259 336,765 336,216 425,519 432,390 416,239 410,716 391,676 393,309 4,800 8,653 310 5,637 2,293 5,846 7,549 3,879 14,727 3,617 46,295 45,589 36,536 6,617 131 3,238 13,324 5,903 14,108 7,975 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 Federal Reserve Bulletin Statistical Supplement • June 2004 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday Mar. 24 Mar. 31 Consolidated condition statement ASSETS 1 2 3 4 5 6 Gold certificate account Special drawing rights certificate account . . . Coin Securities, repurchase agreements, and loans Securities held outright U.S. Treasury 11,041 2,200 867 11,041 2,200 857 691,808 673,039 673,039 11,041 2,200 19,486 18,138 11,041 2,200 834 693,793 673,995 673,995 246,469 411,388 14,464 1,674 0 19,750 48 4,627 1,655 38,243 19,665 18,579 846 702,250 673,153 673,153 246,469 410,563 14,464 1,657 0 28,750 347 5,915 1,653 11,041 2,200 11,041 2,200 246,539 411,388 14,464 1,692 0 27,500 64 5,713 1,663 38,506 19,914 18,591 11,038 2,200 855 690,760 667,241 667,241 245,452 406,173 13,994 1,622 0 23,500 19 5,538 1,648 39,808 19,871 19,937 11,041 2,200 896 700,356 671,583 671,583 246,199 409,784 13,994 1,605 0 28,750 23 5,704 1,654 37,100 19,602 17,498 246,539 411,388 14,464 1,692 0 27,500 64 5,713 1,663 38,506 19,914 18,591 836 701,648 836 701,648 8 Notes and bonds, nominal3 9 Notes and bonds, inflation-indexed3 10 Inflation compensation4 11 Federal agency3 12 Repurchase agreements5 13 Loans 14 Items in process of collection 15 Bank premises 16 Other assets 17 Denominated in foreign currencies6 . . . 18 All other7 695,408 671,632 671,632 246,240 409,784 13,994 1,613 0 23,750 26 8,054 1,649 36,545 19,216 17,329 410,563 14,464 1,639 0 18,750 19 6,157 1,651 37,132 19,281 17,850 19 Total assets 755,763 750,845 761,529 752,393 761,606 751,848 758,950 761,606 0,230 680,472 681,010 18,770 34,489 27,635 6,415 112 680,447 681,574 21,701 31,153 24,955 5,884 83 231 6,298 2,218 674,592 20,129 31,198 26,503 4,184 84 326 6,683 2,226 19,987 25,447 20,716 4,404 80 247 5,805 2,265 5,564 2,201 678,173 21,762 33,798 26,901 6,513 82 302 5,184 2,224 681,574 21,701 31,153 24,955 5,884 83 231 6,298 2,218 733,683 741,141 742,945 8,847 423 8,902 8,693 215 8,978 8,847 k3 246,372 37,624 674,084 674,084 674,084 674,084 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements8 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities 8,680 2,220 19,191 24,155 19,278 4,415 138 324 6,785 2,256 738,217 732,859 743,179 733,951 742,945 8,966 8,508 72 8,971 8,681 334 8,997 8,792 560 8,964 8,847 631 8,978 8,847 18,350 18,441 1,172,461 933,991 238,470 685 1,170,893 932,809 28,201 23,087 4,698 82 335 426 CAPITAL ACCOUNTS 30 Capital paid in 3 1 Surplus 32 Other capital accounts 33 Total capital 17,547 836 836 17,809 MEMO 34 Marketable securities held in custody for foreign official and international accounts3'10 35 U.S. Treasury 36 Federal agency 37 Securities lent to dealers 1,158,993 922,603 236,390 1,739 1,165,209 931,866 233,342 3,026 1,164,658 934,269 230,388 1,939 1,112,264 886,555 225,710 128 1,149,324 915,509 233,815 1,116 1,164,658 934,269 230,388 1,939 Federal Reserve notes and collateral statement 38 Federal Reserve notes outstanding 39 Less: Notes held by F.R. Banks not subject to collateralization 40 Federal Reserve notes to be collateralized 41 Collateral held against Federal Reserve notes 42 Gold certificate account 43 Special drawing rights certificate account 44 U.S. Treasury and agency securities pledged1' 45 Other assets pledged 802,369 803,019 803,416 803,674 803,473 798,727 801,810 803,473 122,140 122,547 123,226 680,230 680,230 680,472 680,472 124,135 674,592 674,592 11,038 2,200 661,353 123,637 678,173 678,173 11,041 2,200 664,932 121,900 681,574 681,574 11,041 2,200 701,584 11,041 2,200 122,406 681,010 681,010 11,041 2,200 11,041 2,200 121,900 681,574 681,574 11,041 2,200 667,232 667,770 667,207 0 668,333 0 695,382 691,789 701,903 693,745 701,584 690,741 700,333 18,891 19,196 18,755 19,992 21,707 20,135 21,771 21,707 676,490 672,593 683,148 673,753 679,876 670,606 678,562 679,876 11,041 2,200 666,989 0 680,447 680,447 668,333 0 MEMO 46 Total U.S. Treasury and agency securities" 47 Less: face value of securities under reverse repurchase agreements12 48 U.S. Treasury and agency securities eligible to be pledged 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release, which is available at: www.federalreserve.gov/releases. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Valued daily at market exchange rates. 7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 9. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 11. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. 12. Face value of agreements, which are fully collateralized by U.S. Treasury securities. Federal Reserve Banks 1.19 FEDERAL RESERVE BANKS 11 Maturity Distribution of Loans and Securities Millions of dollars Wednesday Type of holding and maturity 1 Total loans . . 5 21 0 3 16 0 343 5 0 42 6 0 60 5 0 0 0 60 5 0 5 Total US. Treasury securities' 671,632 673,039 673,153 673,995 674,084 667,241 671,583 674,084 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 42,298 159,232 161,152 182,347 49,241 77,361 41,734 159,765 161,316 183,073 49,740 77,413 50,381 151,412 161,118 183,079 49,744 77,419 50,976 150,619 161,315 183,661 49,998 77,426 43,703 149,360 169,796 183,791 50,002 77,432 37,350 159,481 163,327 182,293 47,660 77,130 36,560 166,646 159,102 182,678 49,239 77,358 43,703 149,360 169,796 183,791 50,002 77,432 12 Total federal agency securities 0 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23,750 18,750 28,750 19,750 27,500 23,500 28,750 27,500 23,750 0 18,750 0 28,750 0 19,750 0 27,500 0 23,500 0 28,750 0 27,500 0 18,886 19,191 18,770 19,987 21,701 21,762 21,701 18,886 0 19,191 18,770 0 19,987 0 21,701 21,762 0 21,701 Within 15 days 16 days to 90 days . 91 days to 1 year . . 19 Total repurchase agreements2 . . . . Within 15 days 16 days to 90 days . . 22 Total reverse repurchase agreements2 . . Within 15 days 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. 20,129 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • June 2004 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2000 Dec. 2001 Dec. 2002 Dec. 2003 Dec.1 Sept.1 Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 38.47' 37.25' 585.10' 41.43' 41.36' 39.78' 635.94' 40.44' 40.36' 38.43' 682.15' 42.84 42.79 41.18 720.98 45.58 45.25 41.81 710.24 44.28 44.10 42.77 712.14 43.48 43.37 41.93 715.94 43.05 42.98 41.49 718.99 42.84 42.79 41.18 720.98 43.21 43.10 41.68 722.59 42.98 42.93 41.14 724.12 44.63 44.58 42.81 725.61 Not seasonally adjusted 5 6 7 8 Total reserves6 Nonborrowed reserves Required reserves7 Monetary base8 38.53 38.32 37.10 590.06 41.20 41.13 39.55 639.91 40.13 40.05 38.12 38.47 38.26 41.08 41.01 39.43 40.27 40.19 648.74 697.15 2.01 .08 686.23 42.45 42.40 40.79 725.21 45.71 45.38 41.95 709.01 43.98 43.80 42.46 708.99 42.69 42.59 41.14 712.69 42.10 42.03 40.54 717.17 42.45 42.40 40.79 725.21 45.37 45.26 43.84 725.11 43.77 43.72 41.93 723.89 43.96 43.91 42.14 725.46 42.94 42.90 41.29 46.11 45.78 42.34 720.54 3.77 .33 44.43 44.25 42.92 720.73 1.52 .18 43.21 43.10 42.67 42.60 41.11 729.50 1.56 .07 42.94 42.90 41.29 45.43 45.33 43.91 737.62 1.66 736.23 43.83 43.79 41.99 734.85 1.84 .04 44.06 41.66 724.47 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves" Nonborrowed reserves Required reserves Monetary base" Excess reserves12 Borrowings from the Federal Reserve 37.05 596.98 1.43 .21 1.65 .07 38.26 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves 737.62 1.66 .05 1.55 .11 .05 1.53 .11 44.01 42.24 736.26 1.82 .05 would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). Monetary and Credit Aggregates 1.21 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2000 Dec. 2001 Dec. 2002 Dec. 2003 Dec. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,087.9 4,933.3 7,102.3 1,177.2 5,452.8 8,012.2 1,215.0 5,805.8 8,540.6 1,293.0 6,071.0 8,819.5' 1,293.0 6,071.0 8,819.5' 1,287.0' 6,076.2 8,873.8' 1,311.9' 6,129.1 8,942.4' 1,331.3 6,174.0 9,014.0 531.6 8.3 310.2 237.8 582.0 8.0 330.3 256.9 627.4 7.8 301.2 278.6 663.9 7.7 311.6' 309.7' 663.9 7.7 311.6' 309.7' 664.8 7.8 301.2 313.2' 665.7 7.8 319.2 319.2 666.6 7.8 332.3 324.6 3,845.4 2,169.0 4,275.6 2,559.3 4,590.8 2,734.8 4,778.0' 2,748.5 4,778.0' 2,748.5 4,789.2' 2,797.6' 4,817.2' 2,813.3' 4,842.7 2,840.0 Commercial banks 10 Savings deposits, including MMDAs . . , 11 Small time deposits9 12 Large time deposits10'" 1,422.1 699.5 717.4 1,736.0 634.3 670.2 2,053.2 591.3 676.6 2,328.2 536.2 739.1 2,328.2 536.2 739.1 2,363.2 534.5 778.9 2,396.4 532.9 786.3' 2,423.5 530.6 803.4 Thrift institutions 13 Savings deposits, including MMDAs . . , 14 Small time deposits9 15 Large time deposits10 454.1 344.8 102.9 572.9 339.1 114.8 716.2 302.3 117.2 830.9 272.5 119.9 830.9 272.5 119.9 827.5' 271.0 120.6 838.0' 270.2 121.2 854.6 269.6 123.9 Money market mutual funds 16 Retail12 17 institution-only 925.0 788.2 993.3 1,186.6 927.7 1,231.8 810.3 1,098.8 810.3 1,098.8 793.1 1,101.7 779.7 1,089.6 764.3 1,098.1 Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 366.0 194.5 378.9 208.9 480.9 228.3 505.3 285.4 505.3 285.4 502.3' 294.0' 521.9' 294.2' 523.2 291.5 1,288.4 6,067.3' 8,879.7' 1,298.3 6,099.3 8,941.3' 1,329.8 6,175.5 9,038.4 665.9 7.8 310.8 313.8 667.4 7.8 328.4 326.2 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 only8 Not seasonally adjusted 2 Measures 20 Ml 21 M2 22 M3 1,112.1 4,967.8 7,155.4 1,202.9 5,490.8 8,078.5 1,240.3 5,844.2 8,604.5 1,318.6' 6,111.2' 8,877.7' 1,318.6' 6,111.2' 8,877.7' 535.6 8.1 585.4 7.9 348.1 261.5 630.5 7.7 326.7 241.6 284.6 667.0 7.6 327.4' 316.6 667.0 7.6 327.4' 316.6 Nontransaction components 27 In M27 28 In M3 only8 3,855.7 2,187.6 4,287.8 2,587.7 4,603.9 2,760.3 4,792.6' 2,766.5 4,792.6' 2,766.5 4,778.9' 2,812.5' 4,801.1' 2,842.0' 4,845.7 2,862.8 Commercial banks 29 Savings deposits, including MMDAs 30 Small time deposits9 3 1 Large time deposits10'" 1,427.5 700.6 718.4 1,742.4 635.1 670.0 2,060.9 591.7 675.4 2,337.7 536.3' 737.1 2,337.7 536.3' 737.1 2,353.0 534.5 771.6 2,380.1 532.8' 782.9' 2,418.1 530.4 803.5 Thrift institutions 32 Savings deposits, including MMDAs 33 Small time deposits9 34 Large time deposits10 455.8 345.4 103.0 575.0 339.6 114.7 718.9 302.5 117.0 834.3 272.5 119.5 834.3 272.5 119.5 823.9 271.0 119.5 832.3' 270.2 120.7 852.7 269.5 123.9 995.7 1,217.4 930.0 1,263.0 811.7 1,125.0 811.7 1,125.0 796.3 1,128.0 785.8 1,113.1 775.1 1,108.7 376.5 209.1 476.4 228.5 499.0 285.9 499.0 285.9 498.6' 294.9' 528.0' 297.2' 532.1 294.7 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. 364.2 195.2 317.5 662.7 7.7 301.7 316.3 13 14 Federal Reserve Bulletin Statistical Supplement • June 2004 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domesticaly chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $ 100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities1 Billions of dollars Wednesday figures Monthly averages Account Mar. Sept. Oct. 2004 2004 2003 2003 Nov. Dec. Jan.' Feb.' Mar. Mar. 10 Mar. 17 Mar. 24 Mar. 31 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit U.S. government securities Other securities Loans and leases in bank credit2 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 16 Total assets6 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)7 6,010.7 1,780.7 1,077.0' 703.7' 4,230.0 942.5 2,102.5 230.1 1,872.4 589.7 191.9 403.4 318.3 317.4 521.3 6,187.2 1,791.6 1,071.0' 720.6' 4,395.5 906.3 2,245.4 258.5 1,986.9 602.3 212.2 429.4 308.7 323.0 557.8 6,165.8 1,809.1 1,081.1' 728.0' 4,356.7 895.1 2,227.6 265.5 1,962.1 597.6 220.0 416.5 324.1 309.3 545.3 6,202.9 1,836.8 1,096.7' 740.1' 4,366.2 888.3' 2,206.9' 273.2 1,933.7' 626.6 228.6 415.8 305.2 318.5 538.8 6,255.4 1,856.1 1,104.6' 751.5' 4,399.3 889.7' 2,215.7' 280.7 1,934.9' 630.1 214.9 448.8 296.4 304.2 539.8 6,320.8 1,860.5 1,106.5 754.0 4,460.3 887.6 2,239.8 291.3 1,948.5 632.6 233.1 467.2 317.6 320.1 541.7 6,436.5 1,935.4 1,172.3 763.1 4,501.1 888.1 2,258.9 297.8 1,961.1 635.0 241.4 477.8 342.7 323.8 542.5 6,508.5 1,984.8 1,207.6 777.1 4,523.7 879.9 2,296.8 308.4 1,988.4 640.4 239.8 466.8 296.0 330.3 550.3 6,503.0 1,983.5 1,208.2 775.3 4,519.6 883.2 2,290.6 304.4 1,986.2 637.5 234.8 473.4 285.8 328.8 561.0 6,507.0 1,979.3 1,200.3 778.9 4,527.7 881.5 2,296.2 308.3 1,987.8 639.9 243.9 466.3 288.3 330.0 551.9 6,519.7 1,996.7 1,211.4 785.3 4,523.0 879.3 2,296.1 310.9 1,985.2 643.3 236.0 468.3 311.8 324.6 545.0 6,532.1 1,990.7 1,214.5 776.2 4,541.4 873.4 2,316.0 312.9 2,003.1 643.1 250.7 458.2 298.8 336.2 544.4 7,091.5 7,300.9' 7,269.6 7,290.6 7,319.7 7,426.4 7,572.4 7,612.0 7,605.7 7,604.0 7,627.8 7,638.1 4,591.7 619.0 3,972.6 1,002.8 2,969.8 1,406.1 401.8 1,004.3 138.8 415.1 4,742.9 638.0 4,104.9 1,007.4 3,097.5 1,498.5 401.0 1,097.5 126.3 408.9 4,701.0 633.0 4,068.1 994.3 3,073.7 1,458.9 389.1 1,069.8 160.1 418.5 4,741.2 635.8 4,105.5 996.3 3,109.1 1,457.0 386.7 1,070.4 169.5 398.5 4,759.0 642.5 4,116.5 1,000.2 3,116.2 1,479.7 389.1 1,090.7 142.8 408.7 4,795.3 630.8 4,164.5 1,019.3 3,145.2 1,518.6 401.9 1,116.7 131.2 426.5 4,825.8 644.4 4,181.5 1,024.3 3,157.1 1,568.7 429.1 1,139.5 105.8 459.8 4,911.2 671.7 4,239.4 1,048.8 3,190.7 1,534.2 403.0 1,131.2 91.7 476.3 4,879.2 631.6 4,247.6 1,049.6 3,198.0 1,532.1 399.6 1,132.6 95.1 496.6 4,904.7 667.5 4,237.2 1,040.9 3,196.3 1,549.7 402.5 1,147.2 85.8 469.8 4,927.9 706.3 4,221.6 1,052.2 3,169.4 1,530.1 398.0 1,132.1 92.0 476.7 4,948.0 700.7 4,247.2 1,056.8 3,190.4 1,527.8 409.8 1,118.0 98.3 469.4 6,551.7 6,776.7 6,738.5 6,766.3 6,790.2 6,871.6 6,960.1 7,013.3 7,003.0 7,010.1 7,026.7 7,043.5 539.8 524.2 531.1 524.3 529.5 554.8 612.3 598.7 602.7 594.0 601.1 594.7 Not seasona lly adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit U.S. government securities Other securities Loans and leases in bank credit2 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans .. Other Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 46 Total assets6 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)7 Footnotes appear on p. A21. 5,983.4 1,774.7 1,075.0' 699.8' 4,208.6 945.8 2,086.9 228.4 1,858.5 584.1 219.1 365.0 191.8 400.0 324.5 305.4 517.8 6,194.6 1,788.5 1,065.0' 723.5' 4,406.0 903.3 2,258.6 259.6 1,999.0 603.5 224.5 379.0 208.0 432.7 302.8 324.8 559.9 6,182.0 1,807.2 1,076.7' 730.5' 4,374.8 893.7 2,240.1 266.2 1,973.9 599.9 219.9 380.0 222.2 418.9 320.2 314.7 547.8 6,244.1 1,844.3 1,103.3' 741.0' 4,399.8 888.3' 2,231.0' 273.2 1,957.8' 630.9 251.7 379.2 233.4 416.2 308.7 329.0 540.8 6,298.1 1,860.2 1,105.5' 754.7' 4,437.8 890.5' 2,228.5' 280.3 1,948.3' 641.0 262.7 378.4 223.7 454.2 301.1 322.3 542.5 6,334.3 1,863.9 1,102.5 761.4 4,470.4 883.7 2,241.2 289.9 1,951.2 644.8 259.9 384.8 236.1 464.7 312.5 329.0 542.3 6,427.0 1,932.5 1,168.0 764.6 4,494.5 887.9 2,257.7 297.9 1,959.8 639.5 253.2 386.3 240.0 469.4 336.8 321.2 538.3 6,478.5 1,976.1 1,203.6 772.5 4,502.4 882.7 2,283.6 306.1 1,977.5 634.4 248.9 385.5 239.5 462.1 299.9 317.9 546.6 6,477.9 1,979.0 1,203.5 775.5 4,498.9 883.7 2,280.8 303.0 1,977.8 632.8 247.0 385.8 235.6 466.1 289.5 314.6 556.7 6,478.4 1,968.1 1,194.1 774.0 4,510.4 885.2 2,282.6 306.0 1,976.6 634.5 249.1 385.5 247.1 460.9 292.0 318.1 549.2 6,476.8 1,984.1 1,207.3 776.8 4,492.7 882.2 2,278.7 307.9 1,970.8 636.6 251.1 385.5 233.9 461.3 306.7 303.5 535.8 6,498.9 1,983.2 1,213.9 769.3 4,515.7 877.4 2,299.7 309.8 1,989.9 634.3 248.2 386.0 245.4 459.0 311.4 332.3 544.1 7,054.5 7,306.3 7,290.5 7,347.9 7,387.9 7,444.3 7,549.9 7,569.4 7,565.1 7,564.0 7,549.0 7,613.5 4,585.5 610.5 3,975.0 1,005.4 2,969.6 1,397.0 403.4 993.6 133.2 409.1 4,734.9 630.4 4,104.5 998.1 3,106.4 1,502.2 401.5 1,100.7 130.3 412.8 4,697.9 632.3 4,065.5 981.7 3,083.8 1,456.7 389.3 1,067.4 166.5 424.2 4,752.8 641.6 4,111.2 988.6 3,122.6 1,450.0 384.0 1,066.0 180.6 408.2 4,788.6 676.5 4,112.1 999.8 3,112.3 1,469.3 387.8 1,081.5 150.7 416.3 4,796.6 642.9 4,153.8 1,028.0 3,125.8 1,514.9 398.4 1,116.5 136.0 431.3 4,827.0 636.5 4,190.5 1,033.2 3,157.3 1,566.3 426.1 1,140.2 110.8 465.5 4,904.1 662.7 4,241.3 1,051.8 3,189.6 1,523.2 404.4 1,118.8 85.6 468.6 4,881.2 617.8 4,263.5 1,052.5 3,211.0 1,521.0 400.0 1,121.0 90.6 491.1 4,890.0 656.7 4,233.4 1,042.3 3,191.1 1,544.3 404.6 1,139.7 78.8 461.0 4,885.3 684.2 4,201.1 1,054.5 3,146.6 1,516.4 399.1 1,117.3 86.5 468.5 4,965.5 710.2 4,255.3 1,060.9 3,194.4 1,510.5 412.5 1,098.0 88.3 457.7 6,524.9 6,780.3 6,745.3 6,791.6 6,824.8 6,878.8 6,969.5 6,981.4 6,983.9 6,974.2 6,956.6 7,022.0 529.7 526.1 545.1 556.3 563.1 565.6 580.4 588.0 581.2 589.9 592.5 591.5 16 Federal Reserve Bulletin Statistical Supplement • June 2004 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities1—Continued Billions of dollars Monthly averages Account 2003 2003 Mar. Wednesday figures Sept. Oct. 2004 2004 Nov. Dec. Jan.' Feb.' Mar. Mar. 10 Mar. 17 Mar. 24 Mar. 31 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit U.S. government securities Other securities Loans and leases in bank credit2 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 16 Total assets6 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)7 5,353.3 1,501.2 957.9' 543.3' 3,852.1 773.9 2,082.9 230.1 1,852.8 589.7 73.4 332.1 287.2 273.9 493.2 5,565.0 1,529.3 963.9' 565.4' 4,035.7 762.1 2,228.0 258.5 1,969.6' 602.3 88.2 355.1 271.4 270.0 523.1 5,540.1 1,545.1 977.8' 567.3' 3,995.0 756.1 2,205.6 265.5 1,940.1 597.6 93.3 342.5 288.3 258.0 512.1 5,572.2 1,573.0 999.0' 574.1' 3,999.2 755.8' 2,184.8' 273.2 1,911.6' 626.6 92.5 339.5 268.4 267.1 510.3 5,627.5 1,590.2 1,005.5' 584.7' 4,037.3 753.6' 2,197.8' 280.7 1,917.1' 630.1 90.0 365.8 264.7 254.4 512.9 5,682.3 1,599.2 1,008.2 591.0 4,083.1 750.3 2,222.7 291.3 1,931.5 632.6 102.0 375.4 282.1 264.8 516.4 5,786.7 1,669.8 1,072.7 597.1 4,116.9 751.5 2,241.8 297.8 1,944.1 635.0 102.6 385.9 310.2 266.7 522.4 5,856.4 1,719.7 1,111.3 608.3 4,136.8 746.0 2,279.7 308.4 1,971.3 640.4 92.5 378.2 265.4 270.0 531.9 5,839.5 1,709.0 1,104.7 604.2 4,130.5 747.9 2,273.7 304.4 1,969.3 637.5 87.6 383.9 253.9 267.0 541.3 5,851.5 1,716.5 1,104.7 611.8 4,135.1 747.1 2,279.0 308.3 1,970.6 639.9 91.6 377.5 261.4 269.4 531.1 5,866.7 1,732.2 1,116.4 615.8 4,134.5 745.8 2,278.9 310.9 1,967.9 643.3 86.0 380.5 277.4 266.7 529.2 5,892.1 1,732.9 1,125.2 607.8 4,159.1 741.7 2,298.8 312.9 1,985.8 643.1 105.3 370.2 268.9 275.0 528.2 6,331.9 6,554.2 6,524.1 6,543.6 6,583.9 6,672.2 6,813.4 6,851.1 6,829.3 6,840.8 6,867.1 6,891.3 4,150.6 607.7 3,543.0 584.0 2,959.0 1,102.0 365.0 737.0 219.8 322.2 4,309.1 627.4 3,681.7 587.1 3,094.6 1,190.6 362.6 828.0 228.9 304.7 4,268.0 622.8 3,645.2 573.6 3,071.6 1,144.8 348.7 796.1 259.4 315.6 4,303.7 624.9 3,678.8 571.9 3,106.9 1,150.4 351.9 798.5 262.3 296.7 4,323.2 631.6 3,691.6 577.8 3,113.8 1,162.4 345.9 816.4 253.1 309.5 4,342.5 618.9 3,723.6 585.3 3,138.3 1,191.9 362.5 829.4 261.8 324.9 4,362.3 632.6 3,729.7 576.3 3,153.4 1,231.3 387.1 844.2 256.6 354.9 4,444.3 660.0 3,784.3 595.6 3,188.7 1,191.8 356.8 835.1 245.3 374.1 4,409.5 620.2 3,789.3 593.2 3,196.1 1,186.7 358.6 828.1 242.9 386.3 4,440.8 656.0 3,784.8 590.4 3,194.4 1,199.2 353.2 846.0 235.9 369.5 4,463.9 694.5 3,769.4 601.8 3,167.5 1,192.5 351.2 841.3 240.0 378.3 4,479.7 688.8 3,790.9 602.4 3,188.5 1,193.5 361.7 831.9 263.0 368.5 5,794.6 6,033.3 5,987.9 6,013.2 6,048.1 6,121.1 6,205.0 6,255.5 6,225.4 6,245.4 6,274.6 6,304.8 537.3 520.9 536.2 530.4 535.7' 551.1 608.4 595.7 603.9 595.4 592.5 586.5 Not seasona lly adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit U.S. government securities Other securities Loans and leases in bank credit2 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans .. Other Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 46 Total assets6 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)7 Footnotes appear on p. A21. 5,322.4 1,495.2 955.8' 539.4' 3,827.1 774.9 2,067.3 228.4 1,838.9 584.1 219.1 365.0 71.9 328.9 293.5 263.3 489.6 5,578.6 1,526.2 957.9' 568.3' 4,052.5 760.4 2,241.2 259.6 1,981.6 603.5 224.5 379.0 89.4 357.9 265.5 270.9 526.6 5,559.5 1,543.2 973.4' 569.8' 4,016.3 756.4 2,218.2 266.2 1,951.9 599.9 219.9 380.0 96.6 345.2 284.5 262.4 515.6 5,611.8 1,580.6 1,005.6' 575.0' 4,031.2 756.4' 2,208.9' 273.2 1,935.7' 630.9 251.7 379.2 93.6 341.4 272.0 277.6 512.8 5,663.2 1,594.3 1,006.4' 587.9' 4,068.9 753.1' 2,210.7' 280.3 1,930.4' 641.0 262.7 378.4 93.0 371.0 269.4 270.9 515.1 5,692.3 1,602.6 1,004.2 598.4 4,089.8 745.8 2,224.1 289.9 1,934.2 644.8 259.9 384.8 101.2 373.9 277.0 274.1 515.3 5,775.0 1,667.0 1,068.5 598.5 4,108.0 749.7 2,240.7 297.9 1,942.7 639.5 253.2 386.3 98.7 379.4 304.3 264.9 517.0 5,822.9 1,711.0 1,107.3 603.6 4,112.0 746.9 2,266.5 306.1 1,960.4 634.4 248.9 385.5 90.3 373.8 269.4 259.6 528.1 5,812.1 1,704.5 1,100.0 604.4 4,107.6 747.1 2,263.8 303.0 1,960.8 632.8 247.0 385.8 86.5 377.5 257.7 255.6 536.3 5,817.0 1,705.3 1,098.4 606.9 4,111.7 748.6 2,265.4 306.0 1,959.4 634.5 249.1 385.5 90.5 372.7 265.2 259.9 528.4 5,820.6 1,719.6 1,112.3 607.3 4,101.0 746.7 2,261.5 307.9 1,953.6 636.6 251.1 385.5 82.9 373.3 272.2 247.4 520.5 5,857.1 1,725.4 1,124.5 600.8 4,131.7 743.7 2,282.4 309.8 1,972.6 634.3 248.2 386.0 100.9 370.4 281.5 272.1 528.4 6,292.6 6,566.3 6,548.2 6,599.9 6,643.1 6,685.4 6,788.2 6,806.9 6,788.5 6,797.2 6,787.5 6,866.3 4,140.3 599.6 3,540.7 582.1 2,958.6 1,092.9 366.6 726.3 214.8 316.6 4,308.9 619.7 3,689.2 585.6 3,103.6 1,194.2 363.0 831.2 231.3 307.3 4,279.1 622.1 3,657.0 575.2 3,081.8 1,142.7 348.9 793.8 263.2 319.3 4,325.9 630.8 3,695.1 574.6 3,120.4 1,143.4 349.2 794.2 270.8 304.3 4,353.6 665.2 3,688.5 578.6 3,109.9 1,151.9 344.7 807.2 259.4 315.7 4,337.9 630.6 3,707.3 588.5 3,118.8 1,188.2 359.0 829.2 265.8 329.0 4,357.3 624.7 3,732.7 579.1 3,153.6 1,228.9 384.0 844.9 261.8 360.8 4,432.6 651.4 3,781.2 593.6 3,187.5 1,180.8 358.2 822.7 239.8 366.8 4,410.1 606.9 3,803.2 594.0 3,209.1 1,175.6 359.0 816.5 240.2 382.5 4,423.5 645.7 3,777.8 588.6 3,189.2 1,193.8 355.2 838.5 229.7 361.4 4,414.7 672.8 3,741.9 597.3 3,144.7 1,178.7 352.2 826.5 233.5 369.3 4,489.0 698.4 3,790.6 598.1 3,192.5 1,176.2 364.4 811.8 253.5 357.2 5,764.6 6,041.7 6,004.3 6,044.4 6,080.7 6,120.9 6,209.0 6,220.0 6,208.4 6,208.4 6,196.2 6,275.9 528.0 524.6 543.9 555.5 562.4 564.4 579.2 586.9 580.1 588.8 591.3 590.4 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account 1 Mar. Sept/ 1 Oct. 2004 2004 2003 2003 7 Nov. Dec.' Jan.' Feb. 1 Mar. Mar. 10 Mar. 17 Mar. 24 Mar. 31 Seasonall f adjusted Assets 3,014.2 1 Bank credit 833.5 2 Securities in bank credit 496.7 3 U.S. government securities 42.4 4 Trading account 454.3 5 Investment account 336.7 6 Other securities 179.9 7 Trading account 156.8 8 Investment account 30.4 9 State and local government . . 126.4 10 Other 2 11 Loans and leases in bank credit . . . . 2,180.7 484.5 12 Commercial and industrial .0 13 Bankers acceptances 484.5 14 Other 1,064.6 15 Real estate 151.6 16 Revolving home equity 913.0 17 Other 333.4 18 Consumer 65.9 19 Security3 20 Federal funds sold to and repurchase agreements 54.3 with broker-dealers 11.7 21 Other 12.7 22 State and local government 9.0 23 Agricultural 24 Federal funds sold to and repurchase agreements with 24.0 others 76.9 25 All other loans 109.7 26 Lease-financing receivables 190.4 27 Interbank loans 28 Federal funds sold to and repurchase agreements with 116.8 commercial banks 73.6 29 Other 155.0 30 Cash assets4 5 352.3 3 1 Other assets 32 Total assets' 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)7 Footnotes appear on p. A21. 3,109.0 830.0 468.1 38.5 429.6 362.0 182.6 179.4 31.1 148.3 2,279.0 459.4 .0 459.4 1,158.4 173.0 985.5 326.9 80.5 3,083.5 845.1 483.6 34.3 449.3 361.5 187.1 174.4 31.5 142.9 2,238.4 452.9 .0 452.9 1,134.4 178.5 956.0 324.2 85.6 3,094.5 865.1 499.3 40.3 459.0 365.9 189.6 176.2 31.8 144.5 2,229.4 449.9 .0 449.9 1,110.7 183.6 927.1 344.1 84.8 3,118.7 876.9 502.7 39.6 463.1 374.2 194.8 179.4 31.7 147.8 2,241.8 446.4 .0 446.4 1,107.1 188.5 918.7 340.2 82.2 3,145.5 881.0 502.1 39.2 462.9 378.9 196.8 182.1 31.6 150.5 2,264.5 438.3 .0 438.3 1,118.3 196.6 921.6 339.7 93.8 3,234.1 951.3 566.9 42.9 523.9 384.5 200.4 184.1 32.4 151.6 2,282.7 438.5 .0 438.5 1,126.2 201.4 924.8 339.2 94.4 3,285.6 1,004.7 609.6 45.1 564.5 395.1 208.1 187.0 33.6 153.3 2,280.9 431.2 .0 431.2 1,147.0 209.7 937.4 341.0 84.7 3,277.7 992.2 600.8 47.0 553.7 391.4 207.4 184.0 33.1 150.9 2,285.5 434.0 n.a. 434.0 1,147.1 206.8 940.3 340.0 80.1 3,282.5 1,005.3 606.6 44.1 562.5 398.7 211.8 186.9 33.5 153.4 2,277.1 431.7 n.a. 431.7 1,144.1 209.5 934.6 340.4 83.9 3,293.5 1,019.7 618.5 48.3 570.2 401.2 213.1 188.2 33.8 154.4 2,273.8 431.5 n.a. 431.5 1,145.8 211.4 934.4 341.6 77.5 3,307.2 1,015.5 620.6 43.0 577.6 394.9 205.7 189.2 34.4 154.8 2,291.8 425.8 n.a. 425.8 1,157.7 213.3 944.5 342.4 97.7 62.8 17.6 13.6 8.5 67.5 18.1 13.9 8.5 66.7 18.1 14.0 8.4 63.6 18.6 14.1 8.4 74.7 19.1 14.1 8.2 73.8 20.6 14.2 8.3 64.7 20.0 14.3 8.3 60.9 19.1 14.3 8.3 64.7 19.2 14.3 8.3 57.2 20.3 14.3 8.4 75.9 21.8 14.5 8.4 28.0 97.2 106.4 179.7 26.1 88.5 104.4 198.3 26.2 87.6 103.7 179.8 29.5 111.0 103.0 178.4 27.1 124.7 100.4 189.8 32.5 127.4 102.2 217.1 26.9 125.8 101.6 179.4 31.6 128.3 101.9 171.7 27.4 125.3 101.6 176.9 28.2 125.0 101.4 181.3 19.6 124.4 101.4 187.0 109.8 70.0 150.2 362.6 117.9 80.4 139.6 357.9 101.7 78.0 149.9 355.9 98.6 79.8 140.8 352.9 97.8 92.1 148.5 358.1 108.6 108.5 148.0 360.7 94.3 85.0 149.5 368.5 86.4 85.2 148.1 376.2 93.8 83.1 148.9 368.2 93.1 88.2 146.4 368.3 103.9 83.2 152.9 364.4 3,666.0 3,756.7 3,735.1 3,736.2 3,746.1 3,799.6 3,918.4 3,941.5 3,932.2 3,935.0 3,948.0 3,970.1 2,088.9 296.6 1,792.3 272.2 1,520.1 719.6 214.1 505.5 209.2 245.5 2,173.9 297.9 1,876.0 271.5 1,604.5 761.4 201.6 559.8 214.9 235.5 2,134.3 292.7 1,841.6 259.5 1,582.1 716.0 192.1 524.0 245.9 247.9 2,158.1 294.3 1,863.8 254.6 1,609.2 718.1 190.3 527.7 247.7 229.6 2,166.4 297.0 1,869.5 256.4 1,613.1 722.8 179.6 543.2 232.6 240.2 2,169.7 289.3 1,880.4 257.7 1,622.7 739.8 186.4 553.4 238.5 256.8 2,181.6 296.2 1,885.4 249.7 1,635.7 777.3 204.9 572.4 232.2 284.7 2,255.5 312.7 1,942.8 264.0 1,678.9 741.4 179.3 562.1 225.3 303.1 2,230.9 290.8 1,940.1 262.0 1,678.2 735.5 182.1 553.4 223.9 315.7 2,254.1 315.3 1,938.8 260.6 1,678.2 748.7 177.6 571.1 217.5 298.1 2,270.3 336.7 1,933.6 269.5 1,664.0 740.6 173.5 567.1 218.9 306.2 2,281.7 319.8 1,961.8 268.1 1,693.7 743.7 181.4 562.3 242.6 298.6 3,263.3 3,385.6 3,344.2 3,353.4 3,361.9 3,404.8 3,475.8 3,525.3 3,506.0 3,518.3 3,535.9 3,566.6 402.7 371.0 390.9 382.8 384.1 394.8 442.6 416.3 426.3 416.7 412.1 403.5 18 Federal Reserve Bulletin Statistical Supplement • June 2004 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesday figures Monthly averages Account 2003 2003 1 Mar. Sept/ 1 Oct. 2004 2004 7 Nov. Dec.' Jan.' Feb. 1 Mar. Mar. 10 Mar. 17 Mar. 24 Mar. 31 Not seasonally adjusted Assets 45 Bank credit 46 Securities in bank credit 47 U.S. government securities 48 Trading account 49 Investment account 50 Mortgage-backed securities . 51 Other 52 One year or less 53 One to five years 54 More than five years . . . . 55 Other securities 56 Trading account 57 Investment account 58 State and local government . 59 Other 60 Loans and leases in bank credit2 . . . 61 Commercial and industrial 62 Bankers acceptances 63 Other 64 Real estate 65 Revolving home equity 66 Other 67 Commercial 68 Consumer 69 Credit cards and related plans . 70 Other 71 Security3 72 Federal funds sold to and repurchase agreements with broker-dealers 73 Other 74 State and local government 75 Agricultural 76 Federal funds sold to and repurchase agreements with others 77 All other loans 78 Lease-financing receivables 79 Interbank loans 80 Federal funds sold to and repurchase agreements with commercial banks 81 Other 4 82 Cash assets 83 Other assets5 84 Total assets' 85 86 87 88 89 90 91 92 93 94 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the US From nonbanks in the U. S Net due to related foreign offices Other liabilities 95 Total liabilities 96 Residual (assets less liabilities) Footnotes appear on p. A21. 2,987.3 820.7 487.8 42.1 445.8 343.2 102.5 24.5 57.6 20.4 332.8 177.9 155.0 30.1 124.9 2,166.6 484.9 .0 484.9 1,055.4 150.4 571.0 334.0 331.7 111.6 220.1 64.2 3,120.1 829.9 465.0 38.1 426.9 329.2 97.7 24.1 53.1 20.5 364.9 184.1 180.9 31.4 149.5 2,290.2 459.6 .0 459.6 1,166.4 173.6 657.2 335.7 327.7 102.5 225.1 81.8 3,095.3 844.4 480.4 33.7 446.8 344.3 102.4 24.9 56.9 20.7 364.0 188.4 175.6 31.7 143.9 2,250.9 454.0 .0 454.0 1,140.5 178.7 625.8 336.0 324.4 98.1 226.3 88.9 3,120.7 874.1 507.4 40.7 466.7 360.2 106.5 25.3 58.1 23.1 366.8 190.1 176.7 31.8 144.8 2,246.6 451.6 .0 451.6 1,123.4 183.7 602.6 337.1 344.6 120.3 224.3 85.7 3,138.7 878.9 501.5 39.6 461.8 355.6 106.2 25.9 57.7 22.6 377.4 196.4 181.0 31.9 149.0 2,259.8 445.9 .0 445.9 1,114.1 188.1 590.8 335.2 343.9 123.0 220.9 85.1 3,152.3 885.2 498.9 39.0 459.9 353.3 106.6 24.7 58.5 23.4 386.3 200.6 185.7 32.3 153.4 2,267.1 434.4 .0 434.4 1,118.8 195.7 589.0 334.2 345.6 120.9 224.6 93.2 3,223.5 948.6 562.7 43.2 519.5 408.5 111.0 23.9 62.2 24.8 385.9 201.2 184.7 32.6 152.2 2,274.8 436.7 .0 436.7 1,125.6 201.7 590.0 333.8 341.8 115.4 226.4 90.5 3,255.7 988.4 598.0 44.7 553.3 440.4 112.9 23.9 64.3 24.7 390.4 205.6 184.7 33.2 151.5 2,267.3 431.6 .0 431.6 1,140.3 207.9 596.2 336.3 339.1 111.8 227.3 82.3 3,253.0 982.0 590.3 46.9 543.4 433.6 109.8 23.4 63.0 23.4 391.7 207.5 184.1 33.1 151.0 2,271.0 433.0 n.a. 433.0 1,141.6 205.6 600.0 336.0 338.8 111.1 227.7 78.6 3,250.8 986.1 592.3 43.5 548.9 436.1 112.8 23.8 64.8 24.1 393.8 209.2 184.6 33.1 151.5 2,264.7 432.5 n.a. 432.5 1,137.2 207.7 593.2 336.3 338.6 111.6 227.1 82.6 3,250.8 997.0 604.3 47.4 556.9 442.0 114.9 24.1 65.6 25.2 392.7 208.5 184.1 33.1 151.1 2,253.8 431.4 n.a. 431.4 1,136.4 208.9 590.6 336.9 339.2 111.8 227.4 74.4 3,277.4 998.9 610.9 42.6 568.3 451.5 116.8 24.6 65.9 26.3 387.9 202.1 185.9 33.8 152.1 2,278.6 427.4 n.a. 427.4 1,149.7 210.9 601.6 337.2 339.0 111.6 227.4 93.0 52.9 11.4 12.7 8.9 63.9 17.9 13.6 8.5 70.1 18.7 13.9 8.5 67.5 18.3 14.0 8.4 65.9 19.2 14.1 8.5 74.2 19.0 14.1 8.3 70.7 19.7 14.2 8.1 62.9 19.4 14.3 8.3 59.8 18.8 14.3 8.2 63.7 18.9 14.3 8.3 54.9 19.5 14.3 8.3 72.3 20.7 14.5 8.3 24.0 75.4 109.5 190.0 28.0 98.2 106.3 175.6 26.1 89.5 105.0 193.2 26.2 88.6 104.0 181.6 29.5 115.8 102.9 182.4 27.1 124.9 100.8 189.2 32.5 123.6 101.9 211.1 26.9 123.1 101.4 178.9 31.6 123.4 101.5 168.7 27.4 122.3 101.4 177.2 28.2 120.5 101.1 175.9 19.6 125.8 101.3 193.5 116.6 73.4 149.9 348.7 107.3 68.2 149.5 366.2 115.0 78.2 142.4 361.4 102.7 78.9 156.0 358.5 100.6 81.7 152.1 355.1 97.5 91.7 156.6 357.0 105.6 105.5 148.3 355.3 94.2 84.7 143.9 364.7 84.9 83.7 141.5 371.2 94.0 83.2 145.2 365.5 90.4 85.5 135.2 359.5 107.5 86.0 151.7 364.6 3,629.5 3,766.4 3,748.7 3,772.9 3,783.5 3,812.8 3,896.4 3,901.3 3,892.3 3,896.6 3,879.6 3,945.7 2,080.2 292.4 1,787.8 270.3 1,517.5 710.6 215.8 494.8 204.2 239.9 2,174.8 291.8 1,883.0 270.0 1,613.0 765.0 202.1 563.0 217.3 238.1 2,143.3 290.7 1,852.6 261.1 1,591.5 713.9 192.3 521.6 249.7 251.6 2,169.5 296.9 1,872.5 257.3 1,615.2 711.0 187.6 523.4 256.1 237.2 2,183.9 317.9 1,866.1 257.1 1,609.0 712.3 178.3 534.0 238.9 246.4 2,169.5 297.3 1,872.2 260.9 1,611.3 736.1 182.9 553.2 242.5 260.9 2,186.2 292.7 1,893.5 252.5 1,641.0 774.9 201.9 573.0 237.5 290.7 2,245.7 308.2 1,937.5 262.0 1,675.5 730.4 180.7 549.7 219.7 295.9 2,230.0 282.0 1,948.1 262.8 1,685.3 724.3 182.6 541.8 221.3 311.9 2,242.3 311.1 1,931.2 258.9 1,672.3 743.3 179.6 563.6 211.3 289.9 2,233.2 323.8 1,909.4 265.0 1,644.5 726.8 174.5 552.3 212.3 297.2 2,282.7 327.4 1,955.3 263.9 1,691.5 726.4 184.2 542.2 233.0 287.3 3,234.9 3,395.2 3,358.5 3,373.8 3,381.5 3,409.1 3,489.3 3,491.6 3,487.5 3,486.8 3,469.5 3,529.4 394.6 371.2 390.2 399.1 402.0 403.8 407.1 409.7 404.8 409.8 410.1 416.3 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 1 Mar. Sept/ 1 Oct. 2004 2004 2003 2003 7 Nov. Dec.' Jan.' Feb. 1 Mar. Mar. 10 Mar. 17 Mar. 24 Mar. 31 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit U.S. government securities Other securities Loans and leases in bank credit2 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 16 Total assets6 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)7 2,344.6 673.2 466.6 206.6 1,67'1.4 289.5 1,018.3 78.5 939.8 256.4 7.5 99.8 96.8 118.9 140.9 2,453.3 696.6 493.2 203.4 1,756.7 302.7 1,069.6 85.5 984.1 275.4 7.8 101.3 91.6 119.9 160.4 2,456.7 700.2 494.3 205.8 1,756.6 303.1 1,071.2 87.1 984.1 273.4 7.7 101.1 90.0 118.4 154.2 2,476.0 706.2 498.0 208.2 1,769.8 305.9 1,074.0 89.6 984.4 282.5 7.7 99.6 88.7 117.2 154.3 2,507.8 712.3 501.8 210.5 1,795.5 307.2 1,090.7 92.3 998.4 290.0 7.8 99.9 86.3 113.6 160.1 2,535.8 717.2 505.2 212.1 1,818.6 312.1 1,104.5 94.6 1,009.8 292.9 8.2 100.9 92.3 116.3 158.2 2,554.6 720.5 507.9 212.6 1,834.2 313.0 1,115.7 96.4 1,019.2 295.8 8.3 101.5 93.1 118.7 161.8 2,577.0 721.1 507.9 213.3 1,855.8 314.8 1,132.6 98.7 1,033.9 299.4 7.8 101.2 86.1 120.5 163.4 2,567.2 722.2 509.4 212.8 1,845.1 313.8 1,126.6 97.6 1,029.0 297.5 7.5 99.6 82.3 118.9 165.1 2,575.9 718.0 504.9 213.1 1,857.9 315.4 1,134.9 98.8 1,036.1 299.5 7.7 100.5 84.5 120.5 162.9 2,580.7 719.9 505.4 214.6 1,860.7 314.3 1,133.1 99.6 1,033.5 301.7 8.5 103.1 96.1 120.3 161.0 2,590.8 723.4 510.5 212.9 1,867.4 316.0 1,141.0 99.7 1,041.4 300.8 7.6 102.0 81.8 122.1 163.8 2,671.4 2,794.9 2,789.1 2,805.8 2,836.8 2,871.6 2,897.0 2,915.7 2,902.4 2,912.6 2,926.6 2,927.1 2,061.7 311.1 1,750.6 311.8 1,438.8 382.3 150.8 231.5 10.6 76.7 2,135.2 329.5 1,805.7 315.6 1,490.1 429.2 160.9 268.3 14.1 69.3 2,133.7 330.1 1,803.6 314.1 1,489.5 428.8 156.6 272.1 13.5 67.7 2,145.6 330.6 1,815 0 317.3 1,497.6 432.4 161.6 270.8 14.6 67.2 2,156.7 334.6 1,822.1 321.5 1,500.7 439.6 166.4 273.2 20.6 69.3 2,172.7 329.5 1,843.2 327.6 1,515.6 452.1 176.1 276.0 23.3 68.1 2,180.7 336.4 1,844.3 326.6 1,517.7 454.0 182.2 271.9 24.4 70.2 2,188.7 347.3 1,841.5 331.6 1,509.8 450.4 177.5 273.0 20.1 71.0 2,178.6 329.4 1,849.2 331.3 1,517.9 451.2 176.5 274.7 18.9 70.7 2,186.7 340.7 1,846.0 329.7 1,516.2 450.5 175.6 274.9 18.4 71.5 2,193.6 357.8 1,835.8 332.3 1,503.5 451.9 177.8 274.2 21.2 72.1 2,198.0 368.9 1 829.1 334.3 1,494.8 449.8 180.2 269.6 20.4 69.9 2,531.4 2,647.7 2,643.7 2,659.8 2,686.2 2,716.3 2,729.2 2,730.2 2,719.4 2,727.0 2,738.8 2,738.2 140.1 147.2 145.4 146.0 150.6 155.3 167.7 185.5 183.0 185.6 187.8 188.9 Not seasona lly adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit U.S. government securities Other securities Loans and leases in bank credit2 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans .. Other Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 46 Total assets6 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)7 Footnotes appear on p. A21. 2,335.1 674.6 468.0 206.6 1,660.5 290.0 1,011.9 78.1 933.9 252.4 107.5 144.9 7.7 98.5 103.4 113.4 140.9 2,458.6 696.3 492.9 203.4 1,762.3 300.9 1,074.8 86.0 988.8 275.8 122.0 153.8 7.7 103.1 90.0 121.4 160.4 2,464.2 698.8 493.0 205.8 1,765.4 302.4 1,077.6 87.6 990.1 275.4 121.8 153.7 7.7 102.2 91.3 120.1 154.2 2,491.1 706.4 498.3 208.2 1,784.7 304.9 1,085.5 89.5 996.0 286.3 131.4 154.9 7.9 100.2 90.4 121.6 154.3 2,524.5 715.4 504.9 210.5 1,809.1 307.2 1,096.6 92.1 1,004.5 297.1 139.7 157.5 7.9 100.3 87.1 118.9 160.1 2,540.0 717.3 505.3 212.1 1,822.7 311.5 1,105.3 94.3 1,011.0 299.2 139.0 160.2 8.0 98.8 87.8 117.5 158.2 2,551.5 718.3 505.7 212.6 1,833.2 313.0 1,115.1 96.2 1,018.9 297.7 137.9 159.9 8.3 99.2 93.2 116.6 161.8 2,567.3 722.6 509.3 213.3 1,844.7 315.3 1,126.1 98.2 1,027.9 295.4 137.1 158.2 8.0 99.8 90.5 115.7 163.4 2,559.1 722.5 509.7 212.8 1,836.6 314.1 1,122.2 97.4 1,024.8 294.0 135.9 158.1 7.9 98.5 89.0 114.1 165.1 2,566.2 719.2 506.1 213.1 1,847.1 316.1 1,128.2 98.3 1,029.9 295.9 137.5 158.4 7.9 99.0 88.0 114.7 162.9 2,569.8 722.6 508.0 214.6 1,847.2 315.3 1,125.1 99.0 1,026.2 297.5 139.3 158.1 8.4 100.9 96.3 112.2 161.0 2,579.7 726.5 513.6 212.9 1,853.1 316.3 1,132.7 98.9 1,033.8 295.3 136.6 158.6 7.9 100.9 88.1 120.4 163.8 2,663.1 2,800.0 2,799.5 2,827.0 2,859.6 2,872.5 2,891.8 2,905.6 2,896.2 2,900.6 2,907.9 2,920.5 2,060.1 307.2 1,752.9 311.8 1,441.1 382.3 150.8 231.5 10.6 76.7 2,134.0 327.9 1,806.2 315.6 1,490.6 429.2 160.9 268.3 14.1 69.3 2,135.8 331.4 1,804.4 314.1 1,490.3 428.8 156.6 272.1 13.5 67.7 2,156.4 333.9 1,822.5 317.3 1,505.2 432.4 161.6 270.8 14.6 67.2 2,169.7 347.3 1,822.4 321.5 1,500.9 439.6 166.4 273.2 20.6 69.3 2,168.3 333.3 1,835.1 327.6 1,507.5 452.1 176.1 276.0 23.3 68.1 2,171.1 332.0 1,839.1 326.6 1,512.6 454.0 182.2 271.9 24.4 70.2 2,186.9 343.2 1,843.7 331.6 1,512.1 450.4 177.5 273.0 20.1 71.0 2,180.1 325.0 1,855.1 331.3 1,523.8 451.2 176.5 274.7 18.9 70.7 2,181.3 334.6 1,846.7 329.7 1,516.9 450.5 175.6 274.9 18.4 71.5 2,181.5 349.0 1,832.5 332.3 1,500.2 451.9 177.8 274.2 21.2 72.1 2,206.3 371.0 1,835.3 334.3 1,501.0 449.8 180.2 269.6 20.4 69.9 2,529.7 2,646.6 2,645.8 2,670.6 2,699.1 2,711.9 2,719.7 2,728.4 2,720.9 2,721.6 2,726.7 2,746.5 133.4 153.4 153.7 156.4 160.5 160.7 172.2 177.2 175.3 179.0 181.2 174.1 20 Federal Reserve Bulletin Statistical Supplement • June 2004 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Mar. Sept. Oct. 2004 2004 2003 2003 Nov. Dec. Jan. Feb. Mar. Mar. 10 Mar. 17 Mar. 24 Mar. 31 Seasonallyi adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit U.S. government securities Other securities Loans and leases in bank credit Commercial and industrial Real estate Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 .... 13 Total assets6 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)7 657.4 279.5 119.1 160.4 377.9 168.6 19.6 118.5 71.3 31.1 43.5 28.1 622.2 262.4 107.1 155.2 359.8 144.3 17.3 124.0 74.2 37.3 52.9 34.7 625.7 264.0 103.3 160.7 361.7 139.0 22.0 126.7 74.0 35.8 51.2 33.2 630.7 263.7 97.7 166.0 367.0 132.5 22.1 136.1 76.3 36.7 51.4 28.5 627.9 265.9 99.2 166.7 362.0 136.2 17.8 124.9 83.1 31.7 49.8 26.9 638.5 261.3 98.3 163.0 377.2 137.2 17.1 131.1 91.8 35.5 55.3 25.3 649.8 265.6 99.5 166.1 384.2 136.6 17.1 138.8 91.8 32.5 57.1 20.1 652.1 265.1 96.3 168.8 387.0 133.9 17.1 147.4 88.6 30.6 60.3 18.4 663.6 274.5 103.5 171.0 389.1 135.3 16.9 147.3 89.5 31.8 61.8 19.7 655.4 262.8 95.7 167.1 392.6 134.4 17.2 152.3 88.7 26.9 60.6 20.7 653.0 264.5 95.0 169.5 388.5 133.5 17.2 149.9 87.9 34.4 57.9 15.8 640.1 257.8 89.3 168.5 382.3 131.7 17.3 145.4 88.0 29.9 61.1 16.2 759.6 746.7 745.5 747.0 735.8 754.2 759.0 760.9 776.4 763.2 760.7 746.8 441.0 11.3 429.7 304.1 36.8 267.3 81.0 93.0 433.8 10.6 423.2 308.0 38.5 269.5 102.6 104.2 433.0 10.2 422.8 314.0 40.4 273.7 99.3 102.9 437.6 10.9 426.7 306.6 34.8 271.8 92.8 101.8 435.8 11.0 424.8 317.4 43.1 274.3 110.4 99.3 452.8 11.9 440.9 326.7 39.4 287.3 130.6 101.7 463.6 11.8 451.8 337.3 42.0 295.3 150.7 105.0 466.9 11.7 455.2 342.3 46.2 296.1 153.6 102.2 469.7 11.4 458.3 345.4 41.0 304.4 147.8 110.3 463.9 11.5 452.4 350.5 49.3 301.2 150.0 100.3 464.0 11.8 452.2 337.7 46.8 290.8 148.0 98.4 468.3 11.9 456.4 334.2 48.1 286.1 164.7 100.8 757.1 743.4 750.6 753.1 742.1 750.6 755.1 757.9 777.6 764.7 752.0 738.7 2.5 3.3 5.1 6.2 6.3 3.7 3.9 3.0 1.2 1.5 8.7 8.2 Not seasonally adjusted 2A 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit U.S. government securities Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit2 . . . . Commercial and industrial Real estate Security3 Other loans and leases Interbank loans Cash assets4 Other assets5 40 Total assets6 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)7 Footnotes appear on p. A21. 661.0 279.5 119.1 36.4 82.7 160.4 100.7 59.6 381.5 170.9 19.6 119.9 71.1 31.1 42.1 28.2 615.9 262.4 107.1 39.4 67.7 155.2 102.5 52.7 353.6 142.8 17.3 118.6 74.8 37.3 53.9 33.3 622.5 264.0 103.3 38.2 65.1 160.7 101.7 59.1 358.5 137.3 22.0 125.6 73.7 35.8 52.2 32.2 632.3 263.7 97.7 32.7 65.0 166.0 103.4 62.6 368.6 131.9 22.1 139.8 74.8 36.7 51.4 28.0 634.9 265.9 99.2 35.2 64.0 166.7 101.9 64.8 369.0 137.3 17.8 130.6 83.2 31.7 51.3 27.3 641.9 261.3 98.3 33.6 64.7 163.0 96.4 66.6 380.6 137.9 17.1 134.9 90.8 35.5 54.9 27.0 652.1 265.6 99.5 35.5 64.0 166.1 98.3 67.7 386.5 138.2 17.1 141.3 90.0 32.5 56.3 21.2 655.5 265.1 96.3 34.0 62.3 168.8 100.0 68.8 390.4 135.8 17.1 149.2 88.3 30.6 58.3 18.5 665.7 274.5 103.5 38.4 65.0 171.0 101.2 69.8 391.2 136.6 16.9 149.1 88.6 31.8 59.1 20.4 661.4 262.8 95.7 32.7 63.0 167.1 98.6 68.5 398.6 136.6 17.2 156.6 88.3 26.9 58.2 20.8 656.2 264.5 95.0 33.6 61.4 169.5 101.3 68.2 391.7 135.5 17.2 151.1 87.9 34.4 56.0 15.3 641.8 257.8 89.3 30.3 59.0 168.5 99.6 68.8 384.0 133.7 17.3 144.5 88.5 29.9 60.2 15.8 761.9 740.0 742.3 748.0 744.8 759.0 761.7 762.5 776.6 766.9 761.5 747.2 445.3 11.0 434.3 304.1 36.8 267.3 81.6 92.5 426.0 10.8 415.3 308.0 38.5 269.5 101.0 105.5 418.8 10.2 408.5 314.0 40.4 273.7 96.7 104.9 426.9 10.8 416.2 306.6 34.8 271.8 90.2 103.9 435.0 11.3 423.6 317.4 43.1 274.3 108.8 100.6 458.7 12.2 446.5 326.7 39.4 287.3 129.9 102.3 469.7 11.8 457.8 337.3 42.0 295.3 151.1 104.7 471.5 11.3 460.2 342.3 46.2 296.1 154.2 101.7 471.1 10.8 460.3 345.4 41.0 304.4 149.6 108.6 466.5 11.0 455.6 350.5 49.3 301.2 150.9 99.6 470.5 11.4 459.2 337.7 46.8 290.8 147.0 99.2 476.5 11.9 464.6 334.2 48.1 286.1 165.1 100.5 760.3 738.5 741.0 747.2 744.1 757.9 760.6 761.4 775.5 765.7 760.4 746.1 1.7 1.5 1.3 .8 .7 1.1 1.1 1.1 1.1 1.1 1.1 1.1 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account 2003 2003 Mar. Sept. Oct. 2004 2004 Nov. Dec. Jan. Feb. Mar. Mar. 10 Mar. 17 Mar. 24 Mar. 31 Not seasonally adjusted MEMO 7 8 9 10 11 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items8 Revaluation losses on off-balancesheet items8 Mortgage-backed securities9 Pass-through CMO, REM1C, and other Net unrealized gains (losses) on available-for-sale securities10 Off-shore credit to U.S. residents" . . . . Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 12 13 14 15 Small domestically chartered commercial banks, adjusted for mergers 9 Mortgage-backed securities12 Securitized consumer loans Credit cards and related plans Other 1 2 3 4 5 6 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 17 Revaluation losses on off-balancesheet items8 18 Securitized business loans12 114.6 112.6 114.1 112.4 120.0 125.7 125.6 129.4 132.4 133.2 130.5 125.9 91.3 389.7' 282.4' 107.3' 96.1 381.4' 268.7' 112.7' 97.3 396.4' 285.0' 111.4' 94.5 414.0' 298.4 115.5' 103.7 412.2' 294.2' 118.0' 110.5 411.7' 293.1' 118.7' 114.7 468.5' 347.6' 120.9' 118.9 501.0 379.6 121.4 123.2 493.5 372.6 120.9 121.2 496.3 376.3 120.1 120.4 502.2 381.4 120.8 115.3 513.9 390.0 123.9 11.6 18.2 153.4 136.7 16.7 10.5 4.8 14.3 162.7 144.3 18.4 7.9 4.2 13.8 165.1 146.8 18.3 8.0 3.1 13.5 166.3 147.5 18.9 7.5 3.6 13.3 167.3 148.0 19.3 7.2 4.8' 13.4 169.1 149.9 19.2 7.2 8.5' 13.0 168.4 149.5 18.9 7.1 13.3 12.5 170.4 150.3 20.2 7.0 12.7 12.7 171.1 150.6 20.5 7.0 12.9 12.9 170.8 150.4 20.4 7.0 13.1 12.4 170.5 150.3 20.3 7.0 15.5 11.8 170.4 150.3 20.1 7.0 318.8' 201.1 193.4 7.7 322.9' 203.1 195.9 7.2 320.7' 204.4 197.2 7.2 325.1' 202.8 195.4 7.4 331.6' 203.4 196.0 7.4 328.4' 205.2 197.6 7.6 327.9' 202.5 195.1 7.4 333.3 203.3 196.1 7.2 333.0 204.1 196.9 7.2 330.3 202.8 195.6 7.2 333.3 201.5 194.3 7.2 336.8 204.4 197.2 7.2 64.6 66.9 67.5 63.9 63.9 63.7 62.9 61.9 64.3 61.8 61.6 60.0 63.6 4.1 66.6 1.2 67.7 1.3 66.3 1.3 66.9 1.2 68.4 .9 69.2 .4 68.0 .4 70.4 .4 67.3 .4 67.6 .4 66.3 .4 NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at: www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and 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. The not-seas on ally- adjusted data for all tables now contain additional balance sheet items, which were available as of October 2, 1996. 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 reclassifications of assets and liabilities. The data for large and small domestic banks presented on pp. A17-19 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. 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." 3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 4. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 5. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 6. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 7. 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. 8. 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. 9. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 10. 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. 11. Mainly commercial and industrial loans but also includes an unknown amount of credit extended to other than nonfinancial businesses. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • June 2004 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2003 2004 Item 1999 2000 2001 2002 2003 Sept. Oct. Nov. Dec. Jan. Feb. 1 All issuers 1,403,023 1,619,274 1,458,870 1,347,997 1,265,351 1,313,775 1,324,745 1,306,025 1,265,351 1,296,647 1,320,002 3 Nonfinancial companies 1,123,883 279,140 1,275,841 343,433 1,234,023 224,847 1,193,950 154,047 1,160,317 105,034 1,187,988 125,787 1,198,571 126,174 1,179,163 126,862 1,160,317 105,034 1,182,719 113,928 1,202,280 117,722 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 1 Rate 2001—Jan. 4 Feb. Mar. Apr. May June Aug. Sept. Oct. Nov. Dec. 1 21 19 16 28 22 18 3 7 12 9.50 9.00 8.50 8.00 7.50 7.00 6.75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 Period Average rate 2001 2002 2003 6.91 4.67 4.12 2001—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 9.05 8.50 8.32 7.80 7.24 6.98 6.75 6.67 6.28 5.53 5.10 4.84 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2002—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 Period Average rate 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 2004—Jan Feb Mar Apr 4.00 4.00 4.00 4.00 Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415) monthly statistical releases, available at www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2003 2004 2004, week ending Dec. Jan. Feb. Mar. Feb. 27 Mar. 5 Mar. 12 Mar. 19 Mar. 26 MONEY MARKET INSTRUMENTS 3.88 n.a. 1.67 n.a. 1.13 n.a. 0.98 2.00 1.00 2.00 1.01 2.00 1.00 2.00 1.00 2.00 1.03 2.00 1.00 2.00 1.00 2.00 0.99 2.00 3.78 3.68 3 65 1.67 1.67 1 69 1.11 1.11 1 11 1.03 1.05 1 05 0.99 1.01 1 01 0.99 1.01 1 01 0.99 1.00 1 00 1.00 1.01 0.99 1.00 1 00 0.99 1.00 1 00 0.99 0.99 1 01 0.98 1.00 1 01 3.80 3.71 3.65 1.68 1.69 1.70 1.12 1.13 1.13 1.05 1.07 1.07 1.01 1.02 1.04 1.01 1.02 1.03 1.01 1.02 1.03 1.01 1.02 1.03 1.01 1.02 1.03 1.01 1.02 1.03 1.01 1.02 1.02 1.01 1.02 1.03 3.84 3.71 3 66 1.72 1.73 1 81 1.15 1.15 1 17 1.09 1.10 1 17 1.04 1.06 1 12 1.03 1.05 1 11 1.03 1.05 1 09 1.03 1.05 1 10 1.03 1.05 1 10 1.03 1.04 1 08 1.03 1.04 1 08 1.03 1.04 1 08 3.70 1.73 1.14 1.09 1.05 1.04 1.04 1.04 1.04 1.04 1.04 1.04 2.43 3.40 3.34 1.60 1.61 1.68 1.00 1.01 1.05 0.87 0.90 0.99 0.83 0.88 0.97 0.90 0.93 0.99 0.95 0.94 0.99 0.94 0.94 1.00 0.96 0.94 1.00 0.95 0.94 0.98 0.93 0.93 0.99 0.94 0.93 0.98 3.49 4.09 4.56 4.88 5.02 5 63 2.00 2.64 3.10 3.82 4.30 4.61 5 43 1.24 1.65 2.10 2.97 3.52 4.01 4 96 1.31 1.91 2.44 3.27 3.79 4.27 5 11 1.24 1.76 2.27 3.12 3.65 4.15 5 01 1.24 1.74 2.25 3.07 3.59 4.08 4 94 1.19 1.58 2.00 2.79 3.31 3.83 4 72 1.22 1.68 2.18 3.01 3.52 4.03 4 90 1.23 1.69 2.16 2.98 3.49 4.00 4 86 1.16 1.53 1.94 2.72 3.23 3.75 4 66 1.18 1.54 1.94 2.70 3.23 3.75 4 65 1.17 1.53 1.93 2.71 3.24 3.76 4 65 n.a. 5.41 5.02 5.15 5.05 4.99 4.79 4.96 4.91 4.74 4.73 4.73 5.01 5.75 5.15 4.87 5.64 5.04 4.52 5.20 4.75 4.41 4.97 4.65 4.42 5.01 4.61 4.26 4.92 4.55 4.11 4.75 4.41 4.13 4.76 4.49 4.14 4.77 4.54 3.98 4.61 4.35 4.14 4.77 4.35 4.17 4.83 4.41 27 Seasoned issues, all industries14 7.49 7.10 6.24 6.11 5.99 5.92 5.75 5.89 5.85 5.70 5.70 5.71 Rating group 28 Aaa'~ 29 Aa 30 A 3 1 Baa 7.08 7.26 7.67 7.95 6.49 6.93 7.18 7.80 5.66 6.14 6.38 6.76 5.62 6.02 6.19 6.60 5.54 5.91 6.08 6.44 5.50 5.87 6.04 6.27 5.33 5.70 5.86 6.11 5.47 5.85 6.01 6.23 5.43 5.81 5.97 6.20 5.27 5.65 5.81 6.06 5.28 5.65 5.81 6.07 5.28 5.66 5.83 6.09 1.32 1.61 1.72 1.60 1.53 1.53 1.56 1.52 1.52 1.50 1.61 1.61 2 Discount window primary credit2'4 Commercial paper'^t1 Nonfinancial Financial Certificates of deposit, secondary market?*1 12 Eurodollar deposits, 3-month3'8 US. Treasury bills Secondary market3'5 13 4-week U.S. TREASURY NOTES AND BONDS Constant maturities® 19 5-year 21 10-year 23 Treasury long-term average*11'* * 25 years and above STATE AND LOCAL NOTES AND BONDS Moody's series*1 24 Aaa 25 Baa 26 Bond Buyer series13 CORPORATE BONDS MEMO Dividend-price ratio*6 NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly statistical release, available at: www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/ 2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at: http:// www.federalreserve.gov/releases/hl5/data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web pages (http://www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. Based on the unweighted average of the bid yields for all Treasury fixed-coupon securities with remaining terms to maturity of 25 years and over. 11. A factor for adjusting the daily long-term average in order to estimate a 30-year rate can be found at http://www.treas.gov/offices/domestic-rinance/debt-management/interest-rate/ ltcompositeindex.html. 12. General obligation bonds based on Thursday figures; Moody's Investors Service. 13. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 14. 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. 15. 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. 16. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • June 2004 1.36 STOCK MARKET Selected Statistics July Aug. Sept. Prices and trading volume (averages of daily figures) Common stockprices (indexes) 1 New York Stock Exchange (Dec. 31, 1965 = 50) 2 Industrial 3 Transportation 4 Utility 5 Finance 6,407.95 749.46 444.45 377.72 596.61 6 Standard & Poor's Corporation (1941-43= 10)' 1,194.18 5,571.46 656.44 430.63 260.50 554.88 5,456.48 634.11 437.37 238.05 566.74 5,567.94 648.00 445.29 244.67 588.81 5,580.87 651.19 451.31 238.06 582.20 5,748.80 670.18 464.61 243.37 593.10 5,894.38 678.51 477.98 245.96 616.46 5,989.42 689.30 497.44 248.01 624.02 6,244.68 714.93 509.35 257.12 638.41 6,569.76 n.a. n.a. n.a. n.a. 6,661.38 n.a. n.a. n.a. n.a. 6,574.75 n.a. n.a. n.a. n.a. 1,019.44 1,038.73 1,049.90 1,080.64 1,132.52 1,143.36 1,123.98 7 American Stock Exchange (Aug. 31, 1973 = 50)2 Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,216,529 68,074 1,411,689 1,361,043 1,412,818 1,175,615 1,397,876 1,383,253 1,262,614 1,230,444 1,604,611 1,438,593 1,428,501 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 150,450 134,380 173,220 148,450 149,660 155,870 162,720 172,140 173,220 178,820 180,360 179,710 Free credit balances at brokers* 11 Margin accounts5 12 Cash accounts 101,640 78,040 95,690 73,340 92,560 84,920 76,170 72,000 88,620 74,760 89,360 79,530 77,130 84,920 92,570 82,740 93,840 84,540 100,680 80,560 Margin requirements (percent of market value and effective date)6 13 Margin stocks 14 Convertible bonds 15 Short sales Mar. 11, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 70 50 70 65 50 65 55 50 55 65 50 65 1. In July 1976 a financial group, one made up of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 50 50 50 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2002 Mar. 31 June 30 Sept. 30 Dec. 3 1 Mar. 31 6,006.0 3,443.7 2,562.4 6,126.5 3,463.5 2,662.9 6,228.2 3,552.6 2,675.6 6,405.7 3,647.4 2,758.3 6,460.8 3,710.8 2,750.0 26.4 26.4 .0 26.8 26.8 .0 27.2 27.2 .0 27.3 27.3 .0 26.9 26.9 .0 27.0 27.0 .0 27.0 27.0 .0 25.4 25.4 5,935.r 6,058.3 6,161.4 6,359.4 6,400.0 6,625.5 6,737.6 6,952.9 7,088.6' 5,935.0 6,058.1 6,161.1 .3 6,359.1 .3 6,399.8 6,625.3 6,736.3 .3 6,952.6 .3 7,088.5' .1' 5,950.0 6,400.0 6,400.0 6,400.0 6,400.0 7,384.0 7,384.0 7,384.0 7,384.0' 1 Federal debt outstanding 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies . . . : Debt subject to statutory limit 9 Public debt securities . . 10 Other debt1 June 30 Sept. 30 Dec. 31 6,697.1 6,810.3 7,023.4 7,156.2' 6,670.1 3,816.3 2,853.8 6,783.2 3,924.0' 2,859.3' 6,998.0 4,044.1' 2,954.5 7,131.1' 4,176.7' 2,954.4' 25.1' 25.1' MEMO Statutory debt limit . . . 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' . Nonmarketable2 State and local government series . . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non -interest- bearing . . By holder' 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks6 18 Private investors 19 Depository institutions Mutual funds Insurance companies State and local treasuries7 Individuals Savings bonds Pension funds Private State and Local Foreign and international8 Other miscellaneous investors7'9 Q2 Q3 Q4 Ql 5,662.2 5,943.4 6,405.7 6,998.0 6,670.1 6,783.2 6,998.0 7,131.1 5,618.1 2,966.9 646.9 1,557.3 626.5 121.2 2,651.2 151.0 27.2 27.2 176.9 2,266.1 44.2 5,930.8 2,982.9 811.3 1,413.9 602.7 140.1 2,947.9 146.3 15.4 15.4 .0 181.5 2,574.8 12.7 6,391.4 3,205.1 888.8 1,580.8 588.7 146.9 3,186.3 153.4 11.2 11.2 .0 184.8 2,806.9 14.3 6,963.1 3,575.1 928.8 1,905.8 564.4 176.2 3,388.1 149.2 9.7 9.7 .0 192.2 3,007.0 16.0 6,656.5 3,379.0 927.8 1,713.7 582.4 155.0 3,277.6 140.5 11.7 11.7 .0 189.9 2,905.5 13.6 6,754.8 3,460.6 918.2 1,799.4 576.8 166.1 3,294.2 148.4 11.0 11.0 .0 192.6 2,912.2 13.4 6,963.1 3,575.1 928.8 1,905.8 564.4 176.2 3,388.1 149.2 9.7 9.7 .0 192.2 3,007.0 16.0 7,115.6 3,721.1 985.0 1,983.4 564.3 188.4 3,394.5 155.7 6.7 6.7 .0 193.5 3,008.6 15.4 2,270.1 511.7 2,880.4 201.5 220.8 110.2 236.2 2,572.2 551.7 2,819.5 181.5 257.5 105.7 256.5 2,757.8 629.4 3,018.5 222.6 279.0 133.9 274.2 2,955.1 666.7 3,377.9 155.0 279.6 151.5 336.2 2,854.8 652.1 3,164.7 145.9 301.1' 147.5 313.5' 2,860.7 656.1 3,268.0 147.8' 286.4' 150.4' 318.4' 2,955.1 666.7 3,377.9 155.0 279.6 151.5 336.2 2,955.9 674.1 3,502.8 166.2 279.3 153.4 339.4 184.8 304.1 108.4 195.7 1,034.2 588.7 190.3 281.6 104.2 177.4 1,053.1 493.3 194.9 289.9 113.6 176.3 1,212.7 433.8 203.8 314.2 107.0 207.2 1,538.1 375.0 199.1 328.5' 109.7' 218.8 1,385.3' 322.4' 201.5 321.6' 108.3' 213.3 1,459.3' 362.9 203.8 314.2 107.0 207.2 1,538.1 375.0 204.4 313.4 108.1 205.3 1,708.0 n.a. 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 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 • June 2004 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2003 2004 2004, week ending Item Dec. By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-indexed2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate Jan. Feb. Feb. 4 Feb. 11 Feb. 18 Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 45,512 39,597 42,541 36,707 40,426 44,050 41,364 56,500 38,765 48,890 42,404 49,994 130,936 166,458 178,535 204,662 201,492 131,044 174,956 185,879 174,237 149,347 131,519 157,839 107,235 141,009 135,792 139,580 156,366 124,522 118,072 145,513 163,187 141,507 95,775 110,415 74,910 19,046 2,502 107,705 24,134 6,813 103,032 22,806 5,172 100,555 21,538 6,609 102,853 27,689 5,675 124,064 20,459 3,742 89,586 20,895 4,503 98,748 21,971 6,294 126,227 29,780 4,645 120,876 27,533 5,456 87,438 19,515 3,945 102,673 25,802 5,001 50,790 53,660 51,909 53,166 49,156 57,540 50,149 50,047 41,726 50,047 50,168 51,168 7,800 12,122 13,369 10,906 15,200 11,833 14,134 13,647 9,527 10,015 10,178 14,310 5,200 8,527 7,163 6,911 7,508 5,032 6,527 12,528 12,728 6,919 7,063 7,980 3,567 696 5,965 831 4,426 643 4,042 640 4,831 713 3,393 441 5,294 445 3,886 1,374 4,256 1,389 4,783 1,055 9,176 605 5,751 908 137,090 203,546 227,430 211,455 316,448 191,696 191,038 191,294 293,663 268,473 140,941 145,038 110,721 16,772 119,205 24,908 119,028 21,872 100,188 21,185 110,160 20,617 138,487 23,625 122,994 22,521 120,629 20,914 114,645 19,701 125,912 22,737 126,714 24,539 120,485 25,837 180,172 225,938 227,094 239,693 248,598 210,315 210,962 228,327 239,254 229,999 173,138 199,829 6,267 36,874 576 8,095 61,185 754 7,636 60,504 701 6,768 71,082 800 8,663 72,967 890 6,282 51,536 493 8,284 49,529 639 7,458 58,853 655 9,247 74,909 904 7,994 77,643 815 9,603 40,572 847 8,593 38,822 1,000 199,969 259,779 260,783 269,958 285,903 237,566 238,414 286,578 297,586 263,610 207,458 251,895 61,786 100,216 126,917 73,008 142,361 143,359 69,874 166,926 140,199 68,897 140,373 120,574 68,745 243,481 129,886 71,956 140,160 161,619 68,265 141,510 144,875 74,024 132,441 140,888 60,379 218,754 133,442 64,826 190,831 147,834 67,587 100,369 150,406 71,524 106,216 145,322 NOTE. Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) under the Primary Dealer heading. 1. 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-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing1 Millions of dollars 2004, week ending Item, by type of security Feb. 4 Feb. 11 Feb. Feb. 25 Net outright positions 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-indexed 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven Mar. 3 Mar. 10 Mar. 17 Mar. 24 24,981 2 14,529 161 4,114 7,849 23,826 24,941 37,754 38,071 25,206 16,339 25,700 31,173 23,760 30,211 18,978 15,475 13,868 12,598 17,550 40,146 38,863 41,460 37,162 40,565 41,170 53,735 51,747 49,450 53,172 10,140 4,080 1,348 14,115 1,723 953 5,560 1,712 1,141 19,067 629 2,408 9,738 1,116 1,354 2,184 2,472 1,232 1,170 2,307 147 5,976 5,371 1,082 4,437 5,593 555 2,924 4,240 560 9,675 3,091 494 47,439 51,532 45,058 49,079 43,854 39,844 44,388 53,443 52,800 46,915 44,593 13,924 14,174 16,193 14,044 12,151 14,907 20,957 19,332 21,444 21,356 22,165 7,134 5,054 935 1,536 131 1,788 118 2,140 4,524 2,639 1,250 3,754 1,871 5,705 2,072 5,074 2,938 5,877 2,579 4,431 2,992 4,690 3,119 5,959 2,886 4,518 2,974 4,652 3,290 6,976 2,997 7,575 2,977 32,585 98,753 31,990 96,418 31,596 91,889 32,753 93,644 33,862 91,672 31,874 91,809 29,902 91,189 28,953 91,878 37,570 92,459 33,744 93,550 34,084 84,507 12 Mortgage-backed 13 14 Corporate securities One year or less More than one year Financing3 Securities in, US. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 752,363 1,108,894 841,589 914,913 874,217 1,005,144 865,816 1,016,369 845,983 1,074,838 904,014 927,567 864,956 999,091 1,018,307 870,475 1,107,255 841,461 1,112,555 819,236 1,166,750 157,823 215,005 169,555 208,761 173,232 226,140 194,358 221,567 170,899 231,052 171,185 228,199 172,343 229,030 161,324 213,457 170,269 216,691 162,786 216,426 184,427 208,051 37,318 236,378 42,427 241,237 43,863 261,097 38,976 238,567 46,639 256,214 47,373 263,315 39,470 268,043 45,438 276,133 51,824 281,840 42,855 284,850 43,817 286,310 79,755 34,828 82,358 39,942 88,487 45,444 82,822 44,909 85,240 45,695 86,430 45,345 93,508 46,112 94,649 44,542 95,384 44,369 94,737 44,973 95,137 44,243 484,304 1,360,405 544,161 1,176,768 585,113 1,291,798 582,446 1,283,592 543,858 1,360,667 612,680 589,547 603,975 1,302,016 567,093 1,383,402 532,892 1,393,430 542,115 1,444,470 725,799 997,386 787,675 811,726 839,428 899,344 808,563 903,554 806,848 972,158 871,458 821,156 842,090 900,296 866,597 902,871 846,716 981,721 808,764 1,006,032 802,414 1,032,801 296,060 149,108 313,473 135,981 304,163 151,884 313,427 161,634 302,772 150,778 293,526 152,725 307,270 153,552 310,509 139,681 314,856 149,745 302,918 147,331 308,918 149,253 364,889 160,621 416,161 158,587 394,866 159,082 405,859 155,195 415,353 161,586 402,548 160,496 366,925 154,969 383,477 163,307 393,233 164,425 168,128 28,048 176,655 27,643 172,811 32,806 179,378 29,359 182,015 30,290 178,218 29,562 161,409 35,511 168,916 35,354 171,808 34,63 1 173,546 36,723 1,308,896 1,278,407 1,443,462 1,079,304 1,463,554 1,182,370 1,453,644 1,197,023 1,448,404 1,254,956 1,490,469 1,100,575 1,470,377 1,180,465 1,458,274 1,269,897 1,446,007 1,301,463 1,463,812 1,345,812 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 3 1 Overnight and continuing 32 Term 430,049 181,702 MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE. Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 1,453,552 1,184,294 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for pledged securities. TIIS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • June 2004 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Sept. 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 Service' 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation 13 Federal National Mortgage Association 14 Farm Credit Banks8 15 Student Loan Marketing Association9 16 Financing Corporation 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 1,851,632 2,121,057 2,351,039 25,666 6 n.a. 276 6 2 6 n.a. 255 n.a. n.a. 25,660 n.a. 26,828 n.a. n.a. n.a. n.a. n.a. n.a. 27,029 6 n.a. 279 26,832 6 n.a. 282 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 745,226 n.a. 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 763,647 n.a. 939,279 93,371 61,600 8,170 1,261 29,996 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 27,023 n.a. n.a. n.a. 26,826 n.a. n.a. 1,825,966 594,404 426,899 2,120,781 642,700 763,500 76,673 2,351,037 674,841 648,894 851,000 n.a. 745,226 n.a. 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 718,709 n.a. 975,734 90,086 54,300 8,170 1,261 29,996 n.a. 721,986 n.a. 967,300 90,817 n.a. 722,373 n.a. 955,556 91,489 56,400 56,800 8,170 1,261 29,996 8,170 1,261 29,996 74,181 45,375 8,170 1,261 29,996 623,740 565,071 48,350 8,170 1,261 29,996 47,900 8,170 1,261 29,996 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 40,575 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service' Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending** 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 5,275 13,126 22,174 37,017 35,545 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a n.a n.a n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13,876 n.a. 14,489 22,528 n.a. n.a. n.a. n.a. 5,721 9,824 n.a. 15,618 19,927 n.a n.a n.a n.a. n.a. n.a. n.a. n.a. n.a. 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use 1 1 All issues, new and refunding . . .. Aug. Sept. 292,027 363,870' By type of issue 2 General obligation 3 Revenue 118,554 170,047 145,323 214,788 143,880 238,866 7,117 18,802 6,505 19,633 16,379 18,374 8,237 17,789 9,052 22,411 9,171 12,016' 13,968' 12,362 15,366 22,351 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 30,099 197,462 61,040 33,931 259,070 67,121 49,849 254,106 78,825 2,202 17,225 6,492 555 21,026 4,558 7,893 20,486 6,374 2,343 17,537 6,146 2,930 23,344 5,189 1,926 15,818' 3,443 5,262 15,997 5,071 4,811 23,296 9,609 7 Issues for new capital 200,363 242,864' 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes 50,054 21,411 21,917 n.a. 6,607 55,733 57,894 22,093 33,404 n.a. 7,227 73,033 22,911 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES 6,680 2,892 753 n.a. 1,666 3,723 71,064 23,758 10,689 n.a. 22,571 97,691 4,840 1,520 183 n.a. 2,241 8,238 5,739 1,163 658 n.a. 1,988 3,718 2,593' 1,132' n.a. 2,700 10,667 6,833 6,672 867 849 n.a. 1,703 8,538 6,682 148 132 n.a. 1,127 4,486 5,159 1,079' 139 n.a. 1,034 8,072 6,540 2,014 412 n.a. 1,872 7,686 SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest before then. U.S. Corporations Millions of dollars Type of issue, offering, or issuer July Aug. Sept. 1 All issues1 1,543,981 1,432,548 1,819,401 130,576 123,727 174,321 146,965 162,527 139,428 150,136 173,157 2 Bonds2 1,415,427 1,322,113 1,692,260 121,268 114,045 159,112 137,298 145,558 126,270 136,400 151,062 By type of offering 3 Sold in the United States 4 Sold abroad 1,359,039 56,389 1,235,868 86,246 1,579,311 112,949 109,337 11,931 107,570 6,475 144,129 14,984 125,950 11,349 135,493 10,065 119,516 6,753 122,499 13,902 135,866 15,196 1,636 1,634 1,603 2,271 2,684 MEMO 5 Private placements, domestic 24,415 18,870 24,790 By industry group 6 Nonfinancial 7 Financial 459,610 955,817 282,484 1,039,629 362,340 1,329,920 28,435 92,833 17,937 96,108 32,248 126,864 29,058 108,240 22,877 122,680 25,365 100,904 22,542 113,858 17,907 133,155 8 Stocks3 15,209 9,667 16,969 13,158 13,736 22,095 9,667 n.a. 16,969 n.a. 13,736 n.a. 22,095 n.a. 3,748 5,919 8,233 8,736 4,900 8,836 6,296 15,799 230,049 170,904 185,964 9,308 9,682 By type of offering 9 Public 10 Private placement4 128,554 101,495 110,435 60,469 127,141 58,823 9,308 n.a. 9,682 n.a. By industry group 11 Nonfinancial 12 Financial 77,577 50,977 62,115 48,320 44,389 82,752 3,333 5,975 1,988 7,694 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. 6,474 8,735 3,694 9,464 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • June 2004 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2003 Item 7002 2004 2003' Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1,823,569 1,711,622 139,162 138,679 147,682 125,127 149,600 181,507 144,567 163,224 2 Redemptions of own shares 3 Net sales3 1,702,368 121,201 1,495,303 216,319 125,013 14,149 123,556 15,123 119,565 28,117 109,819 15,308 135,040 14,560 133,323 48,184 111,818 32,749 134,653 28,571 4 Assets4 4,118,926 5,362,397 4,830,159 4,847,937 5,072,817 5,162,420 5,362,397 5,502,747 5,617,297 5,622,686 5 Cash5 6 Other 208,450 3,910,476 258,594 5,103,803 226,089 4,604,070 231,571 4,616,366 245,016 4,827,801 261,641 4,900,779 258,594 5,103,803 271,952 5,230,795 277,245 5,340,052 260,275 5,362,411 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 2002 Account 200 r 2002' 2003 2004 2003' Q3' Q4' Ql' Q2' Q3' Q4' Ql ASSETS 5 LESS: Reserves for unearned income 8 All other 950.2 341.9 447.0 161 3 951.2 321.4 455.3 174 5 1,022.2 365.8 457.4 198 9 949.2 338.2 445.5 165 5 951.2 321.4 455.3 174 5 943.2 315.4 453.9 173 9 960.6 321.4 455.8 183 4 1,000.0 359.7 445.6 194 7 1,022.2 365.8 457.4 198 9 1,056.0 374.2 475.6 206 2 60.6 21.0 57.0 23.8 50.6 24.5 58.0 22.0 57.0 23.8 53.2 23.6 52.9 24.0 51.8 24.4 50.6 24.5 49.7 24.0 868.5 524 9 870.3 586 4 947.1 751 8 869.2 560 4 870.3 586 4 866.4 604 7 883.7 653 0 923.8 717 2 947.1 751 8 982.4 749 9 1,393.4 1,456.8 1,698.9 1,429.6 1,456.8 1,471.1 1,536.8 1,641.0 1,698.9 1,732.2 50.8 158.6 48.0 141.5 56.2 136.3 74.9 143.1 48.0 141.5 47.3 127.3 53.2 145.3 57.6 132.9 56.2 136.3 60.5 138.8 99.2 569.9 326.2 188.8 88.2 631.9 339.8 207.3 99.8 746.2 424.2 236.3 82.9 590.0 344.3 194.4 88.2 631.9 339.8 207.3 87.2 645.4 343.6 220.3 96.0 672.5 358.2 211.5 95.8 705.8 422.4 226.5 99.8 746.2 424.2 236.3 104.0 761.8 433.7 233.5 1,393.4 1,456.8 1,698.9 1,429.6 1,456.8 1,471.1 1,536.8 1,641.0 1,698.9 1,732.2 LIABILITIES AND CAPITAL Debt 15 Capital, surplus, and undivided profits 16 Total liabilities and capital Note. Some of the data presented in the table is available in the the Board's monthly G.20 (422) statistical release, which is available at: www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables1 Billions of dollars, amounts outstanding Type of credit Sept. Seasonally adjusted 1 Total 2 3 4 Consumer . . Real estate . Business . . . 515.2 207.7 525.8 1,277.5 1,333.3' 1,313.7 1,332.1' 1,333.8' 1,333.3' 1,337.7 1,347.4 519.1 217.4 541.0 542.5' 239.6 551.2' 535.7 234.0 543.9 544.1' 538.2' 240.9 554.7 542.5' 239.6 551.2' 548.6 243.7 545.3 546.0 246.0 555.5 Not seasonally adjusted 5 Total 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 1,284.3 1,340.4' 1,333.8' 1,340.4' 519.7 173.9 103.5 31.5 32.7 523.9 160.2 83.3 38.9 38.7 547.7' 197.0 70.0 37.6 60.9' 536.3 196.7 75.4 37.3 50.1 544.4' 198.4 73.2 37.7 53.8' 543.1' 195.2 70.0 40.0 57.2' 547.7' 197.0 70.0 37.6 60.9' 549.4 199.0 68.9 39.3 63.9 545.3 201.2 67.6 38.3 64.2 131.9 6.8 25.0 14.3 207.7 120.1 41.2 151.9' 5.7' 31.1' 14.0' 217.4 135.0 39.5 132.8 5.5' 31.6 12.2 239.6 152.2 46.7 129.6 5.7 28.9 12.7 234.0 151.8 42.8 134.5 5.7 28.7 12.4 238.0 152.9 46.0 133.2 5.6 29.4 12.4 240.9 154.7 47.2 132.8 5.5' 31.6 12.2 239.6 152.2 46.7 129.8 5.5 31.1 12.0 243.7 156.5 46.8 126.2 5.4 30.6 11.7 246.0 158.7 47.0 40.7 5.7 527.9 54.0 16.1 20.3 17.6 289.4 77.8 211.6 103.5 39.7' 3.2' 543.0 60.7 15.4 29.3 16.0 292.1 83.3 208.8 102.5 36.9 3.8 553.1' 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 37.6 1.8 539.0 62.2 18.1 30.5 13.6 278.2 73.1 205.1 105.1 37.4 1.8 546.7 62.1 16.1 32.8 13.2 279.3 73.7 205.6 112.2 37.2 1.8 549.8 74.8 18.2 40.3 16.3 277.3 74.5 202.9 104.2 36.9 3.8 553.1' 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 36.6 3.8 545.5 72.4 17.5 38.7 16.3 272.4 74.3 198.1 103.5 36.4 3.8 554.5 75.9 17.0 42.7 16.3 272.8 74.6 198.1 108.2 50.1 5.1 42.5 2.5 23.2 16.4 6.8 7.7 50.2 2.4' 45.9' 1.9' 20.2 13.0' 7.2 17.4' 48.4' 2.2' 44.2 2.1 22.1 12.5 9.6 25.1 47.2 2.2 42.8 2.1 22.3 13.2 9.1 23.9 47.2 2.2 42.8 2.1 22.5 13.1 9.5 23.4 47.2 2.2 42.8 2.1 22.5 13.0 9.4 23.8 48.4' 50.5 2.2 46.2 2.1 21.7 12.1 9.6 25.0 51.0 2.2 46.7 2.1 21.5 12.0 9.5 25.1 NOTE. This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at: www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 44.2 2.1 22.1 12.5 9.6 25.1 1,345.8 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 • June 2004 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted Sept. Terms and yields in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms1 Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 7 Effective rate1'3 8 Contract rate (HUD series)4 272.1 205.3 77.9 28.7 .61 275.6 208.1 77.8 .67 261.1 197.0 77.8 28.9 .62 273.7 200.8 75.8 28.5 .62 284.6 214.5 78.0 29.0 .69 275.9 206.3 77.6 28.9 .66 263.2 199.0 78.1 29.2 .54 288.0 211.0 75.6 28.6 .59 283.9 198.7 72.9 28.0 .45 6.90 7.00 n.a. 6.35 6.44 n.a. 5.71 5.80 n.a. 5.87 5.97 n.a. 5.83 5.92 n.a. 5.82 5.92 n.a. 5.49 5.59 n.a. 5.40 5.48 n.a. 5.63 5.72 n.a. 5.36 5.42 n.a. n.a. 6.36 n.a. 5.81 n.a. 5.03 n.a. 5.27 n.a. 5.27 n.a. 5.21 n.a. 5.16 n.a. 5.07 n.a. 5.02 n.a. 4.80 245.0 184.2 77.3 28.8 SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (section 203)5 10 GNMA securities' Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 13 Conventional 707,015 n.a. n.a. 794,253 n.a. n.a. 898,438 n.a. n.a. 14 Mortgage transactions purchased (during period) 270,384 370,641 572,852 Mortgage commitments (duringperiod) 15 Issued7 16 To sell* 304,084 7,586 400,327 12,268 522,083 33,010 Mortgage holdings (end of period)^ 17 Total 18 FHA/VA insured 19 Conventional 491,719 3,506 488,213 568,173 4,573 563,600 Mortgage transactions (duringperiod) 20 Purchases 21 Sales n.a. 389,611 n.a. 547,046 22 Mortgage commitments contracted (during period)9 417,434 620,981 912,658 n.a. n.a. 906,380 n.a. n.a. 898,438 n.a. n.a. i 86,665 n.a. n.a. 882,108 n.a. n.a. 880,911 n.a. n.a. 27,609 17,596 13,775 8,573 12,170 20,260 32,701 4,740 17,455 5,142 14,390 1,286 11,562 3,506 n.a. n.a. n.a. n.a. n.a. n.a. 644,436 n.a. n.a. 641,040 n.a. n.a. 655,458 n.a. n.a. 646,636 n.a. n.a. 644,436 n.a. n.a. 639,630 n.a. n.a. 637,004 n.a. n.a. 635,565 n.a. n.a. n.a. 713,260 n.a. 83,982 n.a. 69,868 n.a. 39,028 n.a. 33,871 n.a. 31,653 n.a. 26,368 n.a. 32,651 917,123 n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end often years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued, but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Ql Q2 Q3 Q4' Q1P 8,872,300' 9,140,192' 9,366,364 9,617,452 6,821,085' 7,508,807' By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm 5,142,520' 400,837' 1,168,871' 108,858 5,664,656' 445,830' 1,281,986' 116,336 6,353,253' 488,983' 1,387,901' 124,759 6,546,23 1' 497,045' 1,409,435' 127,003 6,788,639' 510,506' 1,444,000' 129,155 7,005,122' 523,861' 1,480,832' 130,377 7,171,193 544,167 1,518,855 132,149 7,375,999 550,707 1,556,744 134,001 By type of holder 6 Major financial institutions .. 7 Commercial banks2 8 One- to four-family . . . . 9 Multifamily 10 Nonfarm, nonresidential 11 Farm 12 Savings institutions3 13 One- to four-family . . . . 14 Multifamily 15 Nonfarm, nonresidential 16 Farm 17 Life insurance companies . 18 One- to four-family . . . . 19 Multifamily 20 Nonfarm, nonresidential 21 Farm 2,618,969 1,660,054 965,635 77,803 582,577 34,039 722,974 594,221 61,258 66,965 529 235,941 4,903 33,681 183,757 13,600 2,791,076 1,789,819 1,023,851 84,851 645,619 35,498 758,236 620,579 64,592 72,534 531 243,021 4,931 35,631 188,376 14,083 3,089,824 2,058,426 1,222,056 94,178 704,167 38,025 781,378 631,392 68,679 80,730 577 250,019 4,657 36,816 195,040 13,506 3,166,373 2,099,352 1,244,823 96,830 718,996 38,704 815,873 662,858 69,757 82,669 589 251,148 3,985 36,958 196,142 14,063 3,280,858 2,192,983 1,320,685 100,130 732,508 39,660 833,625 676,163 72,715 84,152 595 254,251 3,839 37,567 199,368 13,477 3,373,077 2,263,880 3,387,418 2,256,245 1,346,985 104,901 763,710 40,649 870,884 703,374 77,994 88,884 3,518,526 2,329,530 1,394,676 107,689 785,731 41,434 927,465 753,797 81,617 91,416 341,110 6 6 0 73,323 16,372 11,733 41,070 4,148 3,507 1,308 2,199 0 0 0 0 0 45 7 9 29 0 152,511 144,150 8,361 372,689 432,790' 5 5 0 72,377 14,908 11,669 42,101 3,700 3,854 1,262 2,592 0 0 0 0 0 46 7 9 30 0 185,797' 172,226' 13,571 46,257 2,722 43,535 63,887 35,851 28,036 455,076 6 6 0 69,988 14,652 11,654 40,093 3,590 3,824 1,255 2,569 0 0 0 0 0 118 19 23 76 0 195,633 180,829 14,804 46,974 489,252 7 7 0 69,930 14,413 11,641 40,352 3,525 4,032,600' 4,262,763' 0 0 0 784,260' 505,006' 53,537 225,717 0 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 0 0 0 0 874,364' 563,181' 59,034 252,149 0 4,148,466' 515,815 489,056 26,759 1,073,016 1,064,114 8,902 1,637,474 1,576,495 60,979 0 0 0 0 0 922,161' 606,331' 59,638 256,192 0 730,653' 519,408' 78,687' 108,767' 23,792 799,682' 580,799' 79,783' 113,685' 25,415 809,799' 588,614' 80,070' 115,268' 25,847 839,426' 615,302' 80,373' 117,490' 1 All holders . 2 3 4 5 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 3 1 Federal Housing Admin, and Dept. of Veterans Affairs 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 Federal Deposit Insurance Corporation 40 One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 Federal Land Banks 48 One- to four-family 49 Farm 50 Federal Home Loan Mortgage Corporation 51 One- to four-family 52 Multifamily 53 Mortgage pools or trusts5 54 Government National Mortgage Association 55 One- to four-family 56 Multifamily 57 Federal Home Loan Mortgage Corporation 58 One- to four-family 59 Multifamily 60 Federal National Mortgage Association . . . 61 One- to four-family 62 Multifamily 63 Farmers Home Administration4 64 One- to four-family 65 Multifamily 66 Nonfarm, nonresidential 67 Farm 68 Private mortgage conduits 69 One- to four-family 70 Multifamily 71 Nonfarm, nonresidential 72 Farm 73 Individuals and others7 . . . 74 One- to four-family . . . . 75 Multifamily 76 Nonfarm, nonresidential 77 Farm 0 72,452 15,824 11,712 40,965 3,952 3,290 1,260 2,031 0 0 0 13 2 3 8 0 165,598 155,060 10,538 40,885 2,406 38,479 62,792 40,309 22,483 36,326 2,137 34,189 59,240 42,871 16,369 3,159,055' 611,553 592,624 18,929 822,310 816,602 5,708 1,057,750 1,016,398 41,352 0 0 0 0 0 3,614,388' 591,368 569,460 21,908 948,409 940,933 7,476 1,290,351 1,238,125 52,226 0 667,442' 432,831' 47,529 187,082 0 701,951' 496,523' 75,685' 107,391' 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. 2,764 44,210 63,858 35,824 28,034 4,006 1,247 2,760 0 0 0 0 0 47 0 211,146 195,079 16,067 48,490 2,853 45,637 65,249 36,605 28,644 487,753 460,254 27,499 1,051,141 1,042,417 8,724 1,749,896 1,687,263 62,633 0 0 0 0 0 973,973' 642,188' 61,684 270,101' 0 26,262 1,368,871 102,841 751,963 40,205 852,054 690,404 74,928 86,095 626 632 636 257,143 3,805 260,289 261,531 4,703 38,026 38,293 203,208 14,185 38,460 204,083 535,647 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 541,943 48 48 0 71,271 13,820 11,588 23 4 4 15 0 239,433 219,867 19,566 49,307 2,901 37 6 7 24 0 201,795 13,517 524,068' 52 52 0 69,474 14,127 11,632 40,161 3,554 4,061 1,285 2,776 0 0 0 24 4 5 15 0 232,415' 214,734' 17,681 48,852 2,874 45,978 61,080 34,266 26,814 4,603 46,406 59,776 33,534 26,242 4,370,225' 472,899' 444,799' 28,100 1,095,873 1,086,777 9,096 1,801,528 1,733,853 67,675 0 0 0 0 0 999,925' 656,415' 63,699' 279,811' 4,546,959 473,815 444,897 28,918 1,157,186 1,147,581 9,605 1,857,045 1,780,884 76,161 0 0 0 0 0 1,058,913 696,077 67,137 295,699 872,822' 644,802' 896,341 661,898 80,794 126,810 80,533' 120,991' 26,497 26,838 14,285 42,476 3,387 4,460 1,315 3,144 0 0 0 240,710 220,33 1 20,379 50,007 2,942 47,065 60,324 33,842 26,482 4,636,464 464,476 438,470 26,007 1,166,709 1,157,025 9,684 1,878,030 1,802,301 75,729 0 0 0 0 0 1,127,249 754,707 68,789 303,753 81,083 129,261 27,195 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE. Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 69 from Inside Mortgage Securities and other sources. 34 Federal Reserve Bulletin Statistical Supplement • June 2004 1.55 CONSUMERCREDIT1 Millions of dollars, amounts outstanding, end of period 2004 2003 Holder and type of credit 7001 7002 2003' Oct. Sept. Nov.' Dec' Jan.' Feb. Seasonally adjusted 1 Total 1,822,183 1,902,729 1,996,164 1,982,378 1,989,556' 1,989,319 1,996,164 2,015,235 2,017,721 2 Revolving 3 Nonrevolving2 703,882 1,118,302 716,702 1,186,027 743,368 1,252,796 737,242 1,245,135' 739,949' 1,249,607' 742,472 1,246,847 743,368 1,252,796 750,764 1,264,471 750,369 1,267,352 Not seasonally adjusted 1,856,685 1,938,056 2,032,901 1,983,299 1,991,543' 1,998,770 2,032,901 2,034,139 2,017,573 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 558,421 238,133 189,570 119,521 69,070 82,287 599,684 587,165 237,790 195,744 129,576 68,494 82,205 637,082 636,432 295,424 205,877 114,629 77,655 73,804 629,082 593,658 283,995 203,426 122,502 72,502 76,545 630,670 588,978' 289,991 204,098 120,319' 74,238 76,847' 637,072' 620,202 292,440 204,437 117,402 75,918 65,044 623,327 636,432 295,424 205,877 114,629 77,655 73,804 629,082 636,669 302,161 206,289 115,631 78,899 70,182 624,308 628,633 303,714 205,949 114,167 80,063 67,778 617,269 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 730,307 224,878 31,538 22,265 n.a. 17,767 44,122 389,737 743,187 230,990 38,948 22,228 n.a. 16,225 44,532 390,263 770,619 260,061 37,576 22,410 n.a. 23,841 29,959 396,771 732,047' 215,546 37,284 21,291 n.a. 19,519' 37,817 400,590 733,303' 211,346' 37,703 21,261 n.a. 20,975 38,137 403,881 743,249 244,872 39,967 21,379 n.a. 22,385 24,353 390,293 770,619 260,061 37,576 22,410 n.a. 23,841 29,959 396,771 760,508 251,910 39,276 21,999 n.a. 23,189 27,676 396,457 749,440 248,039 38,323 21,535 n.a. 22,580 26,125 392,840 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 1,126,378 333,543 206,595 167,305 119,521 51,303 38,165 209,947 1,194,869 356,175 198,842 173,516 129,576 52,269 37,673 246,819 1,262,283 376,371 257,847 183,467 114,629 53,813 43,845 232,310 1,251,252' 378,112 246,711 182,135 122,502 52,983' 38,728 230,080 1,258,241' 377,632 252,289 182,837 120,319 53,263 38,710' 233,191' 1,255,521 375,330 252,473 183,058 117,402 53,534 40,691 233,034 1,262,283 376,371 257,847 183,467 114,629 53,813 43,845 232,310 1,273,631 384,759 262,885 184,290 115,631 55,709 42,506 227,851 1,268,132 380,594 265,391 184,414 114,167 57,483 41,653 224,429 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 2003 Item 7001 7002 2004 2003 Aug. Sept. Oct. Nov. Dec. Jan. Feb. INTEREST RATES Commercial banks1 1 48-month new car 2 24-month personal 8.50 13.22 7.62 12.54 6.93 11.95 6.75 11.95 n.a. n.a. n.a. n.a. 6.82 11.97 n.a. n.a. n.a. n.a. 6.72 11.88 14.89 14.44 13.42 13.09 12.74 12.92 12.49 13.11 n.a. n.a. n.a. n.a. 12.36 12.91 n.a. n.a. n.a. n.a. 12.66 12.41 5.65 12.18 4.29 10.74 3.40 9.72 3.56 9.57 3.81 9.36 3.92 9.17 3.93 9.08 3.56 9.18 3.20 9.22 3.00 9.29 55.1 57.5 56.8 57.5 61.4 57.5 63.0 57.9 63.2 57.8 63.5 57.5 62.9 57.1 61.3 56.2 59.9 56.4 59.6 56.6 91 100 94 100 95 100 93 100 94 101 94 101 94 100 94 100 94 99 94 99 14/116 24,747 14,532 26,295 14,613 25,407 14,623 25,663 14,708 26,067 14,904 26,306 14,951 27,105 14,949 27,240 14,535 26,296 14,434 Credit card plan 4 Accounts assessed interest Auto finance companies OTHER TERMS3 Maturity (months) Loan-to-value ratio 10 Used car Amount financed (dollars) 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 INU.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Q3 Q4 Ql Q2 Q3 Q4' 1,427.7' 2,357.1' 1,544.2' 1,412.4 164.2 165.8 1.6 749.0 748.5 .5 317.5 317.5 .1 353.4 466.0 362.0 8.6 465.0 1.1 1,342.8' 1,263.4' 1,608.1' 1,226.6' 1,059.1 1,461.3 13.2 215.4 99.8 28.4 34.3' 1,008.7' 829.1' 9.3 103.5 186.8 83.1 24.1 1,006.3' 854.2' 33.4' 110.0' 8.7 83.4' 81.4 194.7' 297.0 43.3 17.7 1,102.9' 908.4' 52.9' 133.1' 8.5 120.6' 4.8 112.3' 96.1 105.2 1,026.1' 50.8' 146.3' 5.4 118.9' 74.3 131.2 69.7 93.9 74.0 895.8 685.7 78.9 124.1 7.1 56.6 34.4 170.1 103.4 47.7 18.8 1,096.3 904.7 20.9 163.8 7.1 123.4 1,005.2' 422.0' 278.7' 134.2' 9.0' 180.9' 903.9' 231.1' 72.1' 148.5' 10.6' 91.6 659.9 282.9 105.9 170.7 6.3 116.2 1,008.2 303.3 187.6 115.5 .3 149.7 63.5' 72.9 102.2 31.4 2.7' 61.6' 56.0 5.5' 5.3 5.3' 46.3 20.2 Ql Nonfinajicial sectors 1 Total net borrowing by domestic nonflnancial sectors . By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages 1,128.5' 1,339.5' 1,223.2' 1,587.2' 295.9 294.9 1.0 5.6 5.0 .5 257.5 257.0 .5 261.5 259.9 1.6 244.4 244.0 .4 1,140.1' 1,134.1' 1,082.0' 37.4 54.4 221.7 82.9 26.1 561.2' 421.4' 35.4' 98.7' 5.8 112.1 48.1 23.6 162.6 101.8 79.6' 559.2' 415.0' 30.1 107.5 6.5 165.2 88.3 122.9 348.5 82.0 8.9' 112.2' 7.5 137.7 64.2 159.4 132.3 87.1 20.1' 840.1' 688.6' 41.2' 101.8' 8.4 81.4 489.9' 567.3' 372.5' 190.2' 634.3' 394.0' 227.3' 156.4' 10.3' 105.8 49.7 14.2 24.5 7.3 3.8 1,033.7' 1,024.6' 52.6 54.6 2.0 71.2 71.0 .2 5 Nonfederal By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 17 18 19 20 21 22 By borrowing sector Household Nonflnancial business Corporate Nonfarm noncorporate Farm State and local government 23 Foreign net borrowing in United States 24 Commercial paper 25 Bonds 26 Bank loans n.e.c 27 Other loans and advances 28 Total domestic plus foreign 24.4 84.2 235.2 109.8 68.5 467.5' 366.6' 23.1 71.3 6.5 96.8 67.7 38.5 563.7' 560.9' 357.2' 192.9 10.9 15.5 31.2 7.8 13.0 16.3 1.9 .5 5.7 57.0 31.7 15.2 11.4 1.3 1,037.5' 901.2' 436.2 392.4 179.9' 10.1' 22.8 6.6 6.0 1,065.0' 4.6' 686.4' 522.1' 44.6' 17.4 160.0 20.3 106.2 39.8' 826.0' 682.3' 31.1' 99.6' 13.0 79.9 109.2' 4.7 740.3' 197.8' 40.9' 148.3' 8.6' 143.9 689.5' 126.8' 25.3' 138.0' 14.1' 145.5 863.4' 288.1' 107.3' 178.4' 2.3' 191.4 908.8' 272.8' 5.9 36.1 33.5 5.3 2.1 45.9 3.9 35.3 11.7 2.9 1.0 37.3 30.1 2.9 3.3 19.3 52.0 28.9 4.0 1,345.3' 1,177.3' 65.6' 26.2 166.0' 104.5' 2.3' 81.9 26.4 823.6' 27.9 .7 1.1 1,482.6' 1,447.0' 68.4 100.1 22.5 8.0 1.1 1,995.7 Financial sectors 29 Total net borrowing by financial sectors 30 31 32 33 By instrument Federal government-related Government-sponsored enterprise securities . Mortgage pool securities Loans from U.S. government 34 Private 35 Open market paper 36 Corporate bonds 37 Bank loans n.e.c 38 Other loans and advances 39 Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 By borrowing sector Commercial banking Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) . Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 1,063.1' 1,052.8' 802.8' 895.7' 847.3' 741.3' 948.6' 1,078.9' 775.2' 1,048.7' 970.9 470.9 278.3 192.6 592.0 318.2 273.8 .0 433.5 234.1 199.4 .0 629.3 290.8 338.5 .0 554.0 225.9 328.1 .0 425.6 249.1 176.5 .0 603.3 321.5 281.8 .0 478.9 195.4 283.5 .0 445.9 199.9 246.0 .0 770.7' 437.5 333.1' .0 556.4 99.8 456.6 .0 131.2 36.1 95.1 .0 592.2' 161.0 287.7' 28.5 90.2 24.8 460.8' 176.2 186.8' 14.4 107.1 5.1 369.3' 131.7 189.3' .4 42.5 6.2 266.4' 45.3 262.4' 13.1 34.9 1.3 293.3' 63.5 333.1' 1.1 16.6 5.9 315.6' 32.7 144.5' 76.2 57.0 5.3 345.3' 83.9 546.2' 103.7 18.1 4.7 600.1' 1.3 529.2' 35.3 108.4 3.5 329.3' 67.5 379.8' 15.4 1.7 3.3 278.0' 30.4 316.2' 13.4 28.9 7.8 414.5 158.6 559.9 14.7 20.9 6.9 674.5 187.4 329.9 31.5 109.0 16.7 72.9 52.2 .6 .7 278.3 192.6 298.9' 57.1 .0 67.2 48.0 2.2 .7 318.2 273.8 191.5' 70.7 .0 6.3 17.2 91.5 60.0 27.3 .0 .7 234.1 199.4 183.0' 81.9' .0 2.7 15.6 .4 52.9 7.4 1.5 .6 290.8 338.5 254.0' 1.3' .0 2.5 1.4 55.2 49.9 13.7 2.0 2.0 225.9 328.1 193.5' 42.2' .0 19.8 1.7 .6 68.7 15.8 3.1 2.0 249.1 176.5 123.6' 79.5' .0 27.7 15.2 20.0 82.3 29.6 .4 2.5 321.5 281.8 263.4' 27.6' .0 18.6 24.0 4.0 78.6 48.8 2.8 4.4 195.4 283.5 273.6' 35.0' .0 17.5 38.4 101.0 30.5 25.6 1.6 1.5 199.9 246.0 227.9' 188.8' .0 12.9 16.2 92.0 1.8 28.4 3.3 3.1 437.5 333.1' 169.9' 101.6' .0 36.4 9.9 19.5 86.3 2.9 1.0 2.5 99.8 456.6 149.5 143.8 .0 28.2 6.6 6.9 186.0 28.0 2.7 .1 36.1 95.1 135.2 133.7 .0 54.2 51.9 87.9 62.7 7.2 40.0 36 Federal Reserve Bulletin Statistical Supplement • June 2004 1.57 FUNDS RAISED INU.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector 52 Total net borrowing, all sectors 53 54 55 56 57 58 59 60 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds . . . , Bank loans n.e.c Other loans and advances Mortgages Consumer credit 193.1 418.3 84.2 545.7 145.0 152.7 492.3r 96.8 Q3 Q4 Ql Q2' Q3' Q4' Ql 2,090.3' 1,704.0' 1,974.5' 2,192.6 1,918.5' 2,536.8' 2,526.0' 3,068.8 2,531.3 2,429.6 2,801.5 229.9 520.7 54.4 410.4' 69.0 127.5 566.3' 112.1 211.6 137.6 23.6 367.0' 112.8 120.8' 565.4' 165.2 147.8 623.8 122.9 586.4' 76.2 40.0' 687.7' 137.7 91.5 811.5 159.4 431.9 80.6 34.6 846.0 81.4 19.2 687.1 160.0 88.9' 41.7 93.9' 831.2' 79.9 59.8 847.7 215.4 615.9' 134.9 12.9' 1,013.3' 26.2 44.1 643.1 103.5 687.0' 122.4 84.6 1,002.8' 83.4' 76.0 1,194.9 194.7 574.5 59.3 13.2 1,106.2 120.6 81.6 1,088.2 112.3 406.8 86.5 60.6 1,033.8 118.9 212.7 909.8 131.2 657.5 109.3 93.8 902.8 56.6 322.0 597.3 170.1 410.8 24.2 89.1 1,113.0 123.4 Funds raised through mutual funds and corporate equities 61 Total net issues 166.2 192.7 244.7' 300.2' 229.5 58.3' 287.2' 287.5' 437.2 422.9 391.1 480.9 62 Corporate equities 63 Nonfinancial corporations 64 Foreign shares purchased by U.S. residents 65 Financial corporations 66 Mutual fund shares 113.3 215.5 01.4 .9 279.5 1.5 110.4 114.3 2.4 191.2 5.3 118.2 106.7 16.8 239.4' 99.0 47.4 109.1 37.3 201.2' 47.1 41.6 17.7 71.0 182.4 120.2' 140.8 51.3 71.8 61.9' 87.8 30.5 51.6 66.7 199.5' 112.1 67.0 137.5 41.5' 175.5' 107.6 50.2 67.6 90.2 329.6 127.9 44.9 120.0 52.8 295.0 38.8 67.0 40.2 65.7 352.2 64.1 104.0 78.2 89.9 416.9 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.2 through F4, available at: www.federalreserve.gov/releases. Flow of Funds 1.58 37 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates Transaction category or sector NET LENDING IN CREDIT MARKETS Q3 Q4 Ql Q2 Q3 Q4' Ql 2 1 Total net lending in credit markets 2 Domestic nonfederal nonfinajicial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered banks 13 Foreign banking offices in United States 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Bank personal trusts and estates 19 Life insurance companies 20 Other insurance companies 21 Private pension funds 22 State and local government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Government-sponsored enterprises 27 Federally related mortgage pools 28 Asset-backed securities issuers (ABSs) 29 Finance companies 30 Mortgage companies 3 1 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 2,128.1' 2,090.3' 1,974.5' 2,192.6' 1,918.5' 2,536.8' 2,526.0' 3,068.8' 2,531.3' 2,429.6 2,801.5 238.6' 105.5' 14.7 13.3 134.5 11.6 172.5' 1,705.4' 21.1 305.6 312.1 11.6 .9 6.0 36.2 18.9 12.8 76.9 5.8 26.1 72.1 244.0 127.3 4.9 313.8 192.6 259.2' 77.3 .0 5.1 6.8 15.8 125.3' 118.3' 18.5 2.9 28.4 6.4 139.7' 1,818.9' 25.7 312.2 318.6 17.0 6.2 4.4 67.7 27.5 27.8 53.5 3.0 99.3' 46.9 182.0 48.4 9.6 291.2 273.8 173.4' 97.1 .0 2.6 34.7 120.2' 79.7' 88.3' 25.1 1.3 17.8' 11.6 225.9' 1,546.2' 33.7 357.9 339.5 23.9 12.2 6.7 56.2 28.0 .8 57.9 8.7 3.8' 54.6 143.0 20.9' 5.6 253.6 199.4 153.2' 108.6 .0 7.1 68.9 24.9' 31.6' 101.9' 2.6 7.1 60.6 6.0 319.8' 1,680.3' 39.9 205.2 191.6 .6 4.2 10.0 42.8 41.5 28.1 130.9 9.0 15.8' 17.7 246.0 126.1' 3.2 307.8 338.5 227.9' 4.8 .0 6.7 92.4 8.9' 61.7' 23.3' 3.7 25.8 9.8 439.1' 1,752.7' 77.7 404.4 393.8 6.2 3.1 1.3 35.4 42.7 .9 233.0 39.9 21.1' 14.1 25.3 144.2' 8.6 210.9' 328.1 170.8' 21.2 .0 23.1 28.4 43.1 254.4' 306.1' 23.7' 2.8 25.1 31.1 466.0' 1,675.9' 76.5 592.8 559.3 31.2 1.6 4.0 65.0 6.5 .8 271.4' 21.7 30.2' 10.4 92.4 155.2' 3.1' 190.6 176.5 101.0' 69.3 .0 27.7 181.9 145.3' 56.3' 1.1' 20.6' 4.0 32.8 2.4 432.6' 2,045.5' 107.3 460.8 501.7 30.9 .2 10.2 76.2 43.1 .8 166.2' 65.6 5.2' 50.7 264.9 122.9' 17.8 270.7' 281.8 241.7' 9.9 .0 6.7 140.8 308.1' 133.8' 87.9' 35.5' 92.1' 14.3' 49.6' 4.1 52.7 8.4' 738.0' 2,247.0' 36.3 613.9 540.3 17.1 39.7 16.8 95.3 75.9 2.5 236.8' 49.7 24.3 22.4 251.1' 249.9' 60.1 122.3 246.0 207.3' 59.5 .0 31.0 85.2 50.0' 524.6' 477.3' 16.4' .8 30.0' 20.1 274.4' 1,712.2' 39.8 2.1 116.5 113.2 26.1 20.6 62.3 87.2' 2.5 116.4' 68.7 11.8' 11.4 242.9 15.2' 42.5 636.8' 333.1' 149.9' 180.4 .0 18.6 24.0' 214.7' 347.1 332.6 45.9 .9 59.4 4.8 668.4 1,418.9 49.2 237.4 309.1 80.4 8.4 152.5 4.6 2.0 122.3 88.4 3.3 18.3 296.5 100.6 16.1 40.1 456.6 130.1 97.5 .0 26.2 313.9 40.9 289.3 320.0 21.5 .1 9.1 6.6 1,155.0 1,929.2 1.8 818.1 784.5 20.0 1.2 12.5 234.8 43.3 12.9 130.8 43.2 43.8 4.6 274.0 198.2 8.8 14.5 95.1 116.5 175.7 .0 58.3 175.0 371.8 2,128.1' 2,090.3' 1,704.0' 1,974.5' 2,192.6' 1,918.5' 2,536.8' 6.6 .0 .6 6.5 31.8 47.3 152.4 91.8 287.2 91.3 113.3 279.5 115.5 103.2 48.0 216.9' 14.7 46.1 78.8' 969.0' 8.7 3.0 1.0 61.1 15.0 151.2 45.1 131.1 249.1 169.8 1.5 191.2 262.5 104.4 50.8 127.3' 22.9 8.1 79.3' 1,125.0' .4 4.0 2.4 134.2 15.1 71.4 188.8 116.2 233.3 113.2 5.3 239.4' 402.3 146.1 50.2 174.5' 25.9 56.6 9.6' 1,404.0' 4.3 .0 1.3 30.7 28.0 204.3 267.2 68.6 428.6 22.3 99.0 201.2' 77.6' 3.1 77.2 183.4' 14.5 59.9 24.9' 628.0' 9.9 .0 1.0 23.9 17.3 43.5 271.1 50.4 16.8 105.0 47.1' 182.4' 27.4' 87.0 60.1 209.3' 28.9' 2.4 55.6 457.9' 24.6 .0 2.4 53.0 28.5 178.6 309.5 26.5 124.0 122.4 120.2' 61.9' 22.0' 62.4 60.8 277.9' 67.7 2.1 95.9' 1,069.6' 4.9 .0 .0 20.3 132.9 39.7 258.1 120.9 201.5 2.1 87.8 199.5' 105.5' 46.1 54.2 242.1' 5.1' 1.3 44.8' 268.3' .6 .0 1.6 159.7 180.2 79.7 456.8 49.1 213.8' 526.2 107.6' 329.6' 216.9' 698.8 56.9 218.0' 35.0' 26.4 2.0' 445.4' 7.1 .0 .1 297.2' 102.5 110.9 84.4 22.0 223.1 126.2 127.9' 295.0' 200.9' 108.4 44.7 221.6' 18.8' 26.4 38.1' 1,788.5' .0 .0 71.3 47.4 51.9 118.0 44.6 427.7 597.1 38.8 352.2 214.4 281.1 39.4 321.0 13.5 25.5 44.5 169.2 2.3 .0 .8 251.2 166.8 42.3 212.0 320.8 298.9 563.6 64.1 416.9 190.8 283.4 66.9 258.8 64.6 29.8 34.6 1,947.8 4,288.5' 4,700.3' 4,926.1' 4,017.7' 3,565.9' 3,574.3' 4,023.4' .7 42.8 .1 31.9' 10.8 260.9' 1.2 73.5' 20.4 112.4' 32.6 417.2' .1 11.1 17.2 58.8' 24.2 420.2' .6 18.9' 7.1 9.2' 15.7' 42.7' 1.1 23.5 1.2 340.4' 44.8 236.5' 1.1 39.8' 26.4 135.4' 23.7' 416.4' 7.4 .8 2.9 9.0 1.7 10.8 5.7 4.5 14.6' .1 7.3 10.5' 47.1 7.6 15.4' 42.1 8.5 53.2' 4,887.5' 5,084.3' 4,419.5' 3,455.1' 3,664.9' 3,650.1' 81.2 17.4 398.1' 2,279.1' 23.7 351.5 327.1 4.4 20.8 .7 195.0 44.2 2.7 308.2' 56.2 7.3 .1 164.3' 215.6' 26.1' 313.4' 283.5 249.8' .4 .0 8.6 65.9 287.3' RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Other financial sources Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Investment in bank personal trusts Noncorporate proprietors' equity Miscellaneous 55 Total financial sources 56 57 58 59 60 61 Liabilities not identified as assets ( ) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets ( ) 62 Federal government checkable deposits 63 Other checkable deposits 64 Trade credit 65 Total identified to sectors as assets .1 8.5 3.8 57.7 20.8 3.1 32.2 4,446.3' 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.I andF.5, available at: www.federalreserve.gov/releases. .6 16.9 12.6 220.2 258.9 176.5 394.5' 39.6 112.1 175.5' 106.4' 220.6 73.8 212.0' 73.6' 26.6 42.5' 930.0' 6,425.8 4,722.9' 10.8' 32.8 204.7' .5 244.2' 31.2 334.3' 16.7' 271.5' 296.3' 39.2 6.5' 10.9' 517.4' .7 84.3 60.1 261.7 45.1 607.3 .1 241.6 38.8 86.7 33.1 481.7 70.5 8.9 12.1' 113.0 9.7 28.1' 171.4 10.4 20.2' 216.1 11.0 28.3 182.7 11.7 11.6 2. Excludes corporate equities and mutual fund shares. 38 Federal Reserve Bulletin Statistical Supplement • June 2004 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q3 Q4 Ql Q2 Q3' Q4' Ql Nonfinajicial sectors 1 Total credit market debt owed by domestic nonflnancial sectors 17,243.5' 18,098.8' 19,228.0' 20,567.4' 20,103.6' 20,567.4' 20,877.5' 21,416.6' 21,828.5 22,299.2 22,725.5 3,681.0 3,652.7 28.3 3,385.1 3,357.8 27.3 3,379.5 3,352.7 3,637.0 3,609.8 27.3 3,540.8 3,513.6 27.2 3,637.0 3,609.8 27.3 3,700.6 3,673.7 26.9 3,806.9 3,779.9 27.0 3,914.5 3,887.5 27.0 4,033.1 4,008.2 24.9 4,168.9 4,143.8 25.1 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 230.3 1,457.2 2,067.7 1,233.2 852.4 6,179.0' 4,727.5' 343.3' 1,005.8' 102.3 1,542.7 278.4 1,480.9 2,230.3 1,335.0 932.1' 6,738.2' 5,142.5' 373.5' 1,113.3' 108.9 1,719.0 190.1 1,603.7 2,578.8 1,253.5 941.0' 7,424.6' 5,664.6' 418.1' 1,225.6' 116.3 1,856.7 126.0 1,763.1 2,711.0 1,166.5 961.1 8,264.7' 6,353.2' 459.3' 1,327.4' 124.8 1,938.1 142.2 1,706.9 2,686.1 1,162.2 955.9' 8,012.3' 6,151.1' 442.9' 1,294.7' 123.6 1,897.2 126.0 1,763.1 2,711.0 1,166.5 961.1 8,264.7' 6,353.2' 459.3' 1,327.4' 124.8 1,938.1 127.1 1,791.1 2,757.7 1,141.8 957.1 8,490.7' 6,546.3' 467.6' 1,349.7' 127.0 1,911.5 107.5 1,850.7' 2,832.0 1,128.8 966.7 8,782.7' 6,788.9' 480.9' 1,383.7' 129.2 1,941.4 108.4 1,863.5 2,856.0 1,096.5 958.0 9,048.3 7,005.0 493.6 1,419.2 130.4 1,983.3 85.9 1,898.5 2,873.4 1,131.5 971.4 9,272.5 7,171.2 513.3 1,455.8 132.2 2,032.9 95.5 1,943.3 2,899.3 1,116.1 968.0 9,519.6 7,375.9 518.5 1,491.1 134.1 2,014.8 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 6,439.3' 5,946.4' 4,181.6' 1,595.5' 169.3' 1,176.9 7,014.1' 6,507.3' 4,538.8' 1,788.4' 180.2 1,192.3 7,648.4' 6,901.9' 4,766.7' 1,944.7' 190.5' 1,298.1 8,388.7' 7,099.7' 4,807.6' 2,093.0' 199.1' 1,442.0 8,136.2' 7,033.6' 4,787.3' 2,047.9' 198.4' 1,393.0 8,388.7' 7,099.7' 4,807.6' 2,093.0' 199.1' 1,442.0 8,544.1' 7,166.8' 4,849.7' 2,119.3' 197.8' 1,466.1 8,813.1' 7,275.7' 4,920.2' 2,153.2' 202.3' 1,521.0' 9,054.8 7,329.4 4,935.7 2,189.3 204.4 1,529.8 9,281.4 7,425.1 4,986.4 2,232.5 206.2 1,559.6 9,458.8 7,496.7 5,030.8 2,261.6 204.3 1,601.0 By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages . 5 Nonfederal 17 18 19 20 21 22 23 Foreign credit market debt held in United States 652.5 709.5 659.7 665.6 665.7 665.6 669.9 653.1' 639.4 650.7 667.2 24 25 26 27 89.2 452.5 59.2 51.6 120.9 467.7 106.7 443.2 63.2 46.6 134.0 417.3 69.3 45.1 142.8 409.8 68.6 44.4 155.7 402.5 70.5 50.3 142.8 409.8 68.6 44.4 44.1 173.1 377.0 59.7 43.3' 160.4 375.6 61.0 42.4 165.1 382.6 60.9 42.2 190.0 376.9 58.9 41.5 21,547.4' 22,069.7' Commercial paper Bonds Bank loans n.e.c Other loans and advances 28 Total credit market debt owed by nonflnancial sectors, domestic and foreign 18,808.3' 21,233.0' 20,769.3' 21,233.0' 67.6 22,949.9 Financial sectors 29 Total credit market debt owed by financial sectors 30 31 32 33 34 35 36 37 38 39 By instrument Federal government-related Government-sponsored enterprise securities . Mortgage pool securities Loans from U.S. government Private Open market paper Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 40 41 42 43 44 45 46 47 48 49 50 51 52 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) Brokers and dealers Finance companies Mortgage companies Real estate investment trusts (REITs) Funding corporations 7,563.6' 8,370.4' 9,263.5' 10,110.8' 9,824.7' 10,110.8' 3,884.0 1,591.7 2,292.2 .0 3,679.7' 1,082.9 2,032.7' 91.5 395.8 4,317.4 1,825.8 2,491.6 .0 4,053.0' 1,214.7 2,226.0' 91.1 438.3 82.9 4,944.1 2,114.0 2,830.1 .0 4,319.4' 1,169.4 5,498.1 2,339.9 3,158.2 .0 4,612.6' 1,105.9 2,821.5' 105.3 489.8 90.1 5,344.0 2,259.5 3,084.5 .0 4,480.7' 1,075.0 2,695.6' 130.3 491.0 5,498.1 2,339.9 3,158.2 .0 5,615.0 2,388.7 4,612.6' 4,721.6' 1,076.5 2,956.5' 92.9 506.5 325.6 318.7 271.8 325.6 286.3 6.8 281.4 6.9 5.1 2,339.9 3,158.2 2,191.2' 76.7 230.0 219.3 260.4 3.4 3.2 1,591.7 2,292.2 1,556.8' 25.3 696.1 16.0 165.1 504.0 53 Total credit market debt, domestic and foreign 54 55 56 57 58 59 60 61 Open market paper U.S. government securities . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances . . Mortgages Consumer credit 7,564.9 1,457.2 4,553.0' 1,383.8 1,299.9 6,255.7' 1,542.7 104.2 473.2 84.2 242.5 287.7 3.4 2.5 1,825.8 2,491.6 1,743.8' 40.9 778.0' 16.0 167.8 503.7 296.0 266.1 295.1 4.9 3.1 2,114.0 2,830.1 1,997.8' 42.3 779.2' 16.0 170.2 448.4 27,178.7' 1,614.0 7,702.5 1,480.9 4,924.0' 1,496.6 1,420.7' 6,821.1' 1,719.0 266.7 286.4 281.4 6.9 5.1 2,339.9 3,158.2 2,191.2' 40.6 4.5 2,259.5 3,084.5 2,115.0' 46.6 808.0' 1,105.9 2,821.5' 105.3 489.8 90.1 286.4 40.6 3,226.3 .0 11,079.2 11,232.8 5,727.5 2,438.7 3,288.8 .0 4,795.7' 1,036.5 3,064.1' 98.7 506.5 90.1 5,918.4 2,548.1 3,370.3 .0 4,864.5 1,025.7 3,137.9 102.8 506.2 92.0 6,061.1 2,573.0 3,488.0 .0 5,018.1 1,042.1 6,091.3 2,582.1 3,509.2 .0 5,141.5 1,055.0 3,353.3 104.2 531.2 97.9 302.7 277.0 8.0 6.6 2,438.7 3,288.8 334.0 304.8 277.9 8.8 7.4 2,548.1 3,370.3 2,347.2 356.0 347.7 281.4 8.4 8.1 2,582.1 3,509.2 2,420.0 3,267.8 100.0 514.5 93.7 2,249.6' 50.2 820.0' 16.0 194.4 2,307.1' 46.2 48.6 871.0' 16.0 197.6 896.3 16.0 206.7 462.7 426.8 416.5 32,592.9' 33,250.7 34,029.1 34,625.5 1,317.1 9,534.4 1,850.7' 6,273.0' 1,287.2 1,516.4' 8,872.7' 1,941.4 1,294.5 9,832.9 1,863.5 6,369.4 1,260.3 1,506.6 9,140.3 1,983.3 1,293.1 10,094.1 1,898.5 6,523.8 1,292.4 1,528.0 9,366.2 2,032.9 1,340.4 10,260.2 1,943.3 6,629.5 1,279.1 1,540.7 9,617.5 2,014.8 16.0 185.3 421.5 821.4' 16.0 190.0 447.9 29,151.2' 31,343.7' 30,594.1' 31,343.7' 31,884.1' 1,466.2 1,374.7 9,135.1 1,763.1 5,942.3' 1,340.4 1,495.3 8,354.8' 1,938.1 1,351.2 8,884.8 1,706.9 5,799.0' 1,361.7 1,492.0' 8,101.2' 1,897.2 1,374.7 9,135.1 1,763.1 5,942.3' 1,340.4 1,495.3 8,354.8' 1,938.1 1,359.2 9,315.6 1,791.1 6,116.8' 1,302.3 1,507.6 8,579.9' 1,911.5 1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.I through L.4, available at: www.federalreserve.gov/releases. 10,782.8 339.5 321.8 280.9 9.1 8.0 2,573.0 3,488.0 2,396.4 47.0 938.7 16.0 213.8 447.0 324.8 302.8 287.2 7.6 6.3 2,388.7 3,226.3 821.4' 16.0 190.0 447.9 8,323.6 1,603.7 5,510.5' 1,421.0 1,460.7' 7,508.8' 1,856.7 10,523.2' 60.0 961.1 16.0 227.3 455.5 Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector CREDIT MARKET DEBT OUTSTANDING Q3 Q4 Ql Q2 Q3 Q4' Ql 2 25,459.6' 27,178.7' 29,151.2' 31,343.7' 30,594.1' 31,343.7' 31,884.1' 32,592.9' 33,250.7' 34,029.1 34,625.5 3,427.0' 2,370.3' 224.3 64.6 767.8 261.1 2,354.6' 19,416.9' 478.1 4,648.3 4,080.0 487.4 32.7 48.3 1,032.4 351.7 222.0 1,886.0 518.2 720.4' 751.4 1,147.8 1,076.8 110.8 1,543.2 2,292.2 1,360.0' 742.6 32.1 42.9 154.7 272.2' 3,310.7' 2,245.4' 249.4 65.9 750.0' 272.7 2,621.1' 20,974.2' 511.8 5,006.3 4,419.5 511.3 20.5 55.0 1,088.6 379.7 222.8 1,943.9 509.4 724.2' 806.0 1,290.9 1,097.7' 105.3 1,803.9 2,491.6 1,517.2' 851.2 32.1 35.8 223.6 297.1' 3,265.5' 2,129.8' 252.1 73.0 810.6' 278.7 2,953.7' 22,653.3' 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,131.4 421.2 194.7 2,074.8 518.4 708.3' 788.4 1,536.9 1,223.8 108.5 2,110.0 2,830.1 1,745.1' 846.4 32.1 42.5 316.0 217.8' 3,212.5' 2,024.1' 275.4' 76.7 836.4' 288.5 3,436.8' 24,406.0' 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.8 463.9 195.6 2,307.8 558.3 729.5' 802.4 1,511.6 1,368.0' 117.1 2,320.9' 3,158.2 1,915.8' 867.6 32.1 65.6 344.4 174.7' 3,193.8' 2,029.3' 260.7' 75.7 828.1' 287.9 3,293.6' 23,818.8' 604.2 5,476.2 4,858.4 521.2 27.7 68.8 1,153.8 455.1 195.4 2,265.7 541.9 728.2' 789.8 1,411.2 1,335.8' 112.6 2,248.0 3,084.5 1,845.0' 3,212.5' 2,024.1' 275.4' 76.7 836.4' 288.5 3,436.8' 24,406.0' 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,166.8 463.9 195.6 2,307.8 558.3 729.5' 802.4 1,511.6 1,368.0' 117.1 2,320.9' 3,158.2 1,915.8' 867.6 32.1 65.6 344.4 174.7' 3,144.6' 1,984.6' 266.7' 76.6 816.7' 284.1 3,535.5' 24,919.9' 641.5 5,673.6 5,055.6 519.0 33.0 66.1 1,214.4 473.7 194.9 2,377.6 572.3 731.3' 802.5 1,485.5 1,415.6' 123.6 2,387.0 3,226.3 1,968.2' 861.1 32.1 63.5 390.9 215.9' 3,181.2' 1,991.1' 279.8' 77.6 832.7' 282.0' 3,722.5' 25,407.3' 652.1 5,831.6 5,200.8 517.6 42.9 70.3 1,238.8 495.3 194.3 2,437.4 584.7 737.4' 808.1 1,480.3 1,480.9' 138.6' 2,419.0 3,288.8 2,020.6' 883.5 32.1 71.2 341.1 202.4' 3,282.6' 2,076.6' 291.6' 77.8 836.7' 287.0' 3,799.5' 3,420.0 2,201.0 289.3 78.1 851.6 285.8 3,956.5 26,366.7 666.7 5,961.5 5,361.7 485.8 36.4 77.6 1,293.1 514.5 193.2 2,503.7 624.0 733.6 815.5 1,398.5 1,505.7 153.3 2,579.0 3,488.0 2,100.1 951.8 32.1 82.4 424.1 277.5 3,286.3 2,077.7 276.0 78.1 854.5 287.5 4,243.6 26,808.1 674.1 6,135.7 5,525.9 492.4 36.7 80.7 1,370.6 524.3 196.4 2,528.6 634.8 744.5 816.6 1,344.7 1,548.6 155.5 2,570.1 3,509.2 2,119.0 989.0 32.1 97.0 412.8 334.4 25,459.6' 27,178.7' 29,151.2' 31,343.7' 50.1 6.2 20.9 686.1 202.4 1,484.5 2,671.6 936.4 1,578.8 1,083.6 4,538.5 676.6 783.9 9,095.5' 2,345.4 178.9 1,130.4 9,317.7' 46.1 2.2 23.2 820.3 221.2 1,413.1 2,860.4 1,052.6 1,812.1 1,196.8 4,435.3' 822.7 819.1 9,067.3' 2,747.7 204.8 1,095.8 10,523.4' 46.8 2.2 24.5 851.0 191.4 1,603.2 3,127.6 1,121.1 2,240.7 1,231.8 4,135.5 825.9 880.0 8,655.1' 2,670.1' 219.2 960.7 11,178.3' 25.5 874.9 205.9 1,646.7 3,398.7 1,171.5 2,223.9 1,336.8 3,638.4' 738.8 920.9 7,980.3' 2,697.5' 248.1' 840.9 11,717.7' 55.8 2.2 25.5 874.9 205.9 1,646.7 3,398.7 1,171.5 2,223.9 1,336.8 3,638.4' 738.8 920.9 7,980.3' 2,697.5' 248.1' 840.9 11,717.7' 57.6 2.2 25.6 870.7 175.5 1,680.4 3,502.5 1,209.1 2,156.1' 1,323.1 3,587.8' 796.6 936.3 7,902.1' 2,701.1' 271.2' 819.6 12,003.4' 58.9 2.2 26.0 910.6 123.8 1,703.1 3,575.2 1,222.5 2,120.8 1,450.0 4,071.6' 971.9 963.7 8,502.7' 2,759.6' 276.6' 877.0 11,924.7' 61.3 2.2 26.0 836.3' 163.7 1,670.6 3,601.2 1,222.1 2,058.0 1,483.2 4,242.6' 940.2 978.0 8,679.5' 2,823.4' 284.8' 885.0 12,221.6' 62.3 2.2 26.0 854.1 202.9 1,681.0 3,628.3 1,233.5 2,016.0 1,659.1 4,653.2 871.3 999.6 9,256.6 61.5 2.2 26.2 791.3 123.9 1,651.1 3,721.6 1,332.8 1,971.9 1,773.5 4,890.4 945.4 1,019.5 9,422.8 2,907.1 297.2 955.0 12,072.3 53 Total liabilities 62,247.0' 66,342.8' 69,116.4' 71,068.2' 71,068.2' 71,904.8' 74,133.8' 75,430.4' Financial assets not included in liabilities (+) 54 Gold and special drawing rights 55 Corporate equities 56 Household equity in noncorporate business 21.4 19,522.8 4,602.2' 21.6 17,627.0 4,990.6' 21.8 15,310.6 5,098.7' 23.2 11,870.9 5,289.0' 22.8 10,946.9 5,249.7' 23.2 11,870.9 5,289.0' 22.4 11,424.8' 5,347.8' 13,275.0' 5,386.4' 23.1 13,746.6' 5,502.1' 23.7 15,472.7 5,650.6 23.7 15,782.9 5,717.5 7.1 568.2 28.5 262.5' 106.9 2,355.8' 8.5 641.6' 4.3 374.9' 116.9 3,425.6' 8.6 652.8' 11.1 329.7' 89.3 3,755.8' 9.1 671.7' 15.3 338.9' 124.2' 3,655.7' 8.9 661.7' 16.5 363.8' 127.5 3,597.4' 9.1 671.7' 15.3 338.9' 124.2' 3,655.7' 9.2 668.9' 19.3 379.0' 117.5' 3,740.7' 9.1 730.0' 6.8 284.0' 122.6' 3,680.2' 9.3 655.9' 18.1 285.1' 107.3' 3,407.5' 9.5 677.0 12.0 364.3 93.7 3,721.0 9.4 616.6 14.7 372.5 89.1 4,055.7 Floats not included in assets ( ) 63 Federal government checkable deposits 64 Other checkable deposits 65 Trade credit 9.8 22.3 97.0 2.3 24.0 107.8 12.3 28.6 122.4' 11.7 35.9 132.9' 14.8 25.8 53.9' 11.7 35.9 132.9' 27.4 34.2 87.5' 17.1 40.1 57.6' 52.5 35.2 58.3' 117.6 45.8 116.7 139.7 44.9 69.8 66 Totals identified to sectors as assets . 87,737.7' 91,157.5' 92,090.4' 90,609.0' 88,371.1' 90,609.0' 91,115.9' 95,283.3' 97,011.6' 100,932.1 103,112.4 1 Total credit market assets 2 Domestic nonfederal 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 banks 13 Foreign banking offices in United States 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Bank personal trusts and estates 19 Life insurance companies 20 Other insurance companies 21 Private pension funds 22 State and local government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Government-sponsored enterprises 27 Federally related mortgage pools 28 Asset-backed securities (ABSs) issuers 29 Finance companies 30 Mortgage companies 3 1 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations 32.1 63.9 335.2 223.1' 656.1 5,832.4 5,230.3 490.3 36.4 75.5 1,261.4 517.7' 193.7 2,472.8 601.9 734.4' 810.9 1,438.1 1,478.5' 149.3 2,583.8' 3,370.3' 2,055.8' 924.2 32.1 75.9 375.0 247.9' RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 57 58 59 60 61 62 Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Investment in bank personal trusts Miscellaneous Liabilities not identified as assets ( ) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.I andL.5, available at: www.federalreserve.gov/releases. 25.5 150.7 1,610.7 3,336.8 1,199.9 2,114.8 1,313.7 3,450.5' 726.3 902.9 7,694.7' 2,664.3' 254.2 811.6 12,004.2' 2. Excludes corporate equities and mutual fund shares. '276.6 932.4 11,980.3 78,591.1 40 Federal Reserve Bulletin Statistical Supplement • June 2004 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2003 Q2 Q3 2003 2004 Q4 Ql Q2 Q3 2004 Q4 Ql Capacity (percent of 1997 output) Output (1997=100) 2003 Q2 Q3 2004 Q4 Ql Capacity utilization rate (percent)2 1 Total industry 110.0 111.1 112.6 114.4 148.4 148.8 149.1 149.6 74.1 74.6 75.5 76.5 2 Manufacturing 3 Manufacturing (NAICS) 111.1 111.3 112.1 112.5 113.8 114.2 115.5 115.9 152.8 154.5 153.2 154.9 153.5 155.2 153.8 155.7 72.7 72.0 73.2 72.6 74.1 73.6 75.1 74.5 4 5 Durable manufacturing Primary metal 123.1 82.9 125.6 82.8 128.5 86.5 131.5 88.8 178.0 112.9 179.1 113.0 180.0 113.1 181.1 113.1 69.1 73.4 70.1 73.3 71.4 76.5 72.6 78.6 6 7 8 9 Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills 93.5 86.0 257.7 93.9 86.6 272.5 95.2 88.5 284.5 96.3 92.9 295.9 139.3 128.3 409.7 139.5 128.0 417.9 139.7 127.7 425.8 140.0 127.4 435.1 67.2 67.0 62.9 67.3 67.6 65.2 68.1 69.3 66.8 68.8 72.9 68.0 92.9 113.0 93.3 118.1 95.7 120.6 96.8 123.5 127.1 145.0 126.8 146.2 126.5 147.5 126.3 148.8 73.1 77.9 73.5 80.7 75.6 81.7 76.6 83.0 94.0 96.7 98.0 77.8 94.6 96.6 97.6 75.9 95.6 97.2 97.2 76.9 96.7 97.7 97.7 75.8 147.8 127.1 126.7 108.6 147.8 126.9 126.4 107.7 147.7 126.7 126.2 106.8 147.6 126.4 125.9 105.8 63.6 76.1 77.3 71.7 64.0 76.1 77.2 70.4 64.7 76.8 77.0 72.1 65.5 77.2 77.6 71.6 92.7 100.4 104.5 102.6 106.4 92.0 101.2 105.4 103.0 104.9 92.0 103.0 107.5 103.6 105.9 92.4 103.1 108.1 104.0 108.1 110.6 114.7 144.0 129.6 127.8 110.3 115.1 144.4 128.9 127.4 110.1 115.6 144.8 128.1 127.0 109.8 116.0 145.2 127.4 126.6 83.8 87.6 72.6 79.1 83.2 83.4 87.9 73.0 79.9 82.4 83.6 89.1 74.2 80.9 83.4 84.2 88.8 74.4 81.6 85.4 20 Mining 21 Electric and gas utilities 93.1 109.2 93.3 111.0 93.6 112.4 93.3 117.0 110.0 132.6 109.8 133.9 109.7 135.2 109.7 136.3 84.7 82.4 85.0 82.9 85.3 83.1 85.0 85.8 MEMOS 22 Computers, communications equipment, and semiconductors 353.6 379.9 401.6 426.5 570.2 584.8 599.5 617.0 62.0 65.0 67.0 69.1 23 Total excluding computers, communications equipment, and semiconductors 98.9 99.5 100.6 102.0 131.4 131.4 131.5 131.6 75.3 75.7 76.5 77.5 24 Manufacturing excluding computers, communications equipment, and semiconductors 98.0 98.5 99.7 100.9 132.7 132.6 132.6 132.6 73.9 74.3 75.2 76.1 10 11 12 13 14 15 16 17 18 19 Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued Seasonally adjusted 1973 1975 Previous cycle3 High Low High Latest cycle4 2003 2003 May Dec. 2004 Series Low High Low Jan. Feb.' Mar.' Apr.' MayP 2 Capacity utilization rate (percent) 1 Total industry 88.8 74.0 86.6 70.9 85.2 78.6 74.1 75.8 76.2 76.7 76.6 77.1 77.8 2 Manufacturing 3 Manufacturing (NAICS) 88.1 88.1 71.5 71.3 86.3 86.3 68.7 68.0 85.6 85.5 77.2 77.0 72.6 72.0 74.4 73.9 74.5 74.0 75.3 74.6 75.4 74.8 75.9 75.1 76.4 75.7 89.0 100.8 69.6 69.0 86.9 91.1 63.2 47.2 84.5 95.3 73.4 75.2 69.0 72.8 71.7 77.8 72.0 77.1 72.9 79.8 72.8 78.7 73.1 78.2 73.5 79.1 4 5 Durable manufacturing Primary metal 6 7 8 91.8 94.3 70.3 74.4 83.3 93.1 62.0 58.4 80.3 84.6 71.1 72.8 67.0 67.2 68.4 70.2 68.3 71.4 68.7 73.4 69.2 73.8 70.0 74.7 70.5 75.8 86.9 66.7 89.5 77.3 81.1 76.3 63.0 66.6 67.3 68.2 68.6 68.5 69.8 99.2 95.7 68.5 55.6 91.9 96.3 64.5 45.3 87.4 89.7 75.0 56.5 72.7 77.2 76.5 82.0 76.8 82.6 76.6 84.1 76.4 82.3 78.1 81.9 78.3 79.8 74.9 87.5 65.9 72.4 84.2 85.7 69.6 75.6 88.9 87.0 81.9 81.8 63.8 76.1 65.1 76.9 64.9 76.9 65.8 77.2 65.7 77.7 65.8 78.1 65.9 78.8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 85.9 89.8 77.9 62.7 84.3 90.2 80.4 72.4 85.5 91.4 81.3 77.2 77.3 71.6 77.1 72.0 77.2 73.6 77.6 71.2 78.2 70.0 78.3 70.6 79.4 71.6 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 97.3 93.2 84.8 96.4 85.5 74.4 81.0 68.8 61.6 75.0 95.4 92.3 83.1 89.9 88.2 81.3 71.2 68.1 70.5 85.7 93.7 88.9 85.6 91.3 90.7 85.2 82.5 80.8 77.2 79.1 83.8 88.6 72.5 79.4 83.0 84.3 90.0 74.4 80.7 83.1 84.0 88.0 74.0 81.2 83.5 84.6 88.2 74.5 81.8 86.2 84.0 90.3 74.9 81.8 86.6 85.4 90.0 75.3 83.1 88.0 86.2 90.3 75.6 83.4 89.9 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 94.2 88.1 78.6 77.6 85.6 92.8 83.4 84.1 84.3 83.1 85.3 84.2 85.3 86.9 84.9 86.5 84.7 84.1 85.5 85.3 85.1 88.0 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 63.1 89.4 75.4 79.9 74.5 61.9 66.9 68.3 69.6 69.5 69.8 71.0 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.3 86.7 70.7 85.6 78.8 75.3 76.8 77.2 77.7 77.6 78.2 78.9 24 Manufacturing excluding computers communications equipment, and semiconductors . 88.4 71.8 86.3 68.2 86.1 77.3 73.8 75.5 75.5 76.3 76.5 77.0 77.5 9 10 11 12 13 Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2003. The recent annual revision is described in the Winter 2004 issue of the Bulletin. 2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 3. Monthly highs, 1978-80; monthly lows, 1982. 4. Monthly highs, 1988-89; monthly lows, 1990-91. 42 Federal Reserve Bulletin Statistical Supplement • June 2004 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 propor- 2003 avg. May July Aug. Sept. Oct. Nov. Apr.1 Dec. May? Index (1997=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 110.0 110.8 110.9 111.5 111.8 112.9 113.1 113.8 114.8 114.8 115.7 58.9 31.1 8.1 4.0 0.3 1.4 2.3 23.0 18.6 10.4 1.0 4.6 2.1 4.4 107.9 106.1 118.3 129.5 172.1 111.0 98.1 101.6 99.9 96.7 62.9 116.4 109.1 111.1 107.1 105.5 115.3 123.5 168.8 111.7 97.5 101.8 100.0 97.1 64.1 115.6 109.0 110.4 106.8 105.0 116.2 125.7 169.4 110.8 97.7 100.9 99.8 97.1 62.2 114.4 110.2 107.1 107.5 105.8 118.2 129.1 170.7 112.2 97.8 101.3 99.6 97.3 61.6 114.4 108.4 109.8 107.6 105.7 117.4 127.3 179.2 112.0 97.4 101.4 99.3 96.2 59.7 116.5 108.8 111.1 108.0 106.1 120.8 135.0 183.2 110.6 97.1 100.9 99.1 96.0 59.7 116.3 108.2 109.4 108.2 106.0 119.8 131.8 196.2 110.6 97.6 101.0 99.5 95.7 60.7 117.4 109.7 109.0 109.3 107.1 121.3 133.0 202.8 112.3 98.9 102.1 100.5 96.4 61.1 120.0 110.6 109.9 109.5 107.3 121.2 133.1 202.7 111.4 99.0 102.3 100.1 96.1 61.2 118.7 109.7 113.0 110.2 108.1 122.7 135.0 203.1 113.3 99.6 102.9 99.8 96.0 61.2 117.6 110.3 117.2 111.2 108.8 123.8 137.2 212.0 112.4 99.6 103.5 100.8 96.3 62.1 119.3 113.7 116.2 1112 108.8 122.9 135.0 227.5 110.7 99.5 103.7 101.6 97.2 62.5 120.2 113.8 114.1 112.0 109.4 123.4 135.0 211.4 113.1 101.2 104.4 102.1 97.3 63.9 120.9 115.4 115.6 113.3 110.3 122.7 132.4 222.2 112.2 102.2 105.8 103.2 98.6 63.1 121.4 117.9 118.1 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.0 1.8 3.2 5.1 1.9 110.4 76.0 173.7 90.0 111.9 108.6 74.3 170.8 109.0 74.0 170.9 89.4 111.8 109.3 73.9 172.5 89.5 112.1 110.0 74.5 174.7 89.6 113.0 111.2 77.1 175.4 90.3 113.7 110.8 75.9 178.5 89.2 113.7 112.7 76.7 178.4 92.0 113.3 113.2 77.8 177.6 92.5 112.4 114.4 78.0 179.2 93.8 111.7 116.2 79.3 180.9 95.5 113.2 116.0 78.3 181.3 95.6 114.4 117.2 79.6 182.3 96.6 114.5 118.8 78.2 187.4 98.1 115.1 21 22 Construction supplies Business supplies 4.3 11.2 102.0 111.7 100.8 111.0 100.8 110.6 101.5 111.5 101.9 111.2 102.3 111.3 103.1 112.1 104.4 112.8 104.1 113.4 104.1 114.1 104.3 115.3 104.9 115.1 105.9 116.3 107.4 118.4 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.1 30.5 19.2 4.0 6.8 8.4 11.3 0.8 2.7 4.2 10.6 115.7 119.8 135.2 106.7 214.7 95.0 95.3 70.1 90.2 99.9 100.4 114.1 117.9 132.1 103.9 207.9 93.8 94.8 70.4 90.5 98.1 99.6 114.4 118.3 133.1 105.0 210.5 94.0 94.5 69.9 90.7 97.0 99.6 115.4 119.2 134.6 105.9 214.2 94.6 94.8 67.8 90.9 98.5 100.9 115.5 119.2 134.9 104.8 218.2 94.1 94.4 67.0 89.3 99.1 101.0 116.4 120.8 137.0 109.2 221.6 94.4 95.1 67.5 89.6 100.8 100.4 116.9 121.3 138.2 108.4 224.2 95.7 95.0 68.3 88.7 100.4 100.9 117.9 122.7 139.8 109.2 227.7 96.8 96.0 69.3 89.1 102.5 100.9 118.2 123.0 140.2 109.9 228.8 96.7 96.2 68.8 89.7 102.8 101.4 118.9 123.3 141.0 110.4 233.0 96.4 95.8 68.6 89.8 101.8 102.6 119.8 124.9 143.4 112.6 237.9 97.5 96.4 66.2 89.6 102.6 102.2 119.8 125.3 144.0 111.8 240.2 98.0 96.5 66.2 89.9 103.4 101.3 120.8 126.2 145.0 110.9 244.8 98.5 97.2 65.3 90.3 104.0 102.6 122.1 127.4 146.6 110.3 250.2 99.3 98.0 65.8 91.4 104.4 103.9 94.8 93.3 99.7 110.7 98.9 109.9 98.7 109.7 99.4 110.4 99.2 110.6 99.8 110.7 99.9 111.2 100.8 112.3 101.1 112.6 101.5 113.2 102.3 114.0 102.2 114.2 103.0 115.2 103.9 116.8 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 58.9 2,736.2 37 Final products 38 Consumer goods 39 Equipment total 43.4 31.1 12.3 2,046.9 2,090.1 2,102.8 2,130.6 2,147.7 :, 157.1 2,169.8 2,073.1 1,493.8 1,480.4 1,475.5 1,494.0 1,489.3 1,503.3 1,495.5 1,508.5 1,515.5 1,527.0 1,536.5 1,535.6 1,541.7 1,549.4 616.8 622.1 578.5 568.4 570.3 573.4 577.9 586.3 584.7 594.6 597.0 604.2 612.2 610.9 40 Nonindustrial supplies 2,701.1 2,752.5 2,777.5 2,810.9 2,833.1 2,847.9 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2003 2004 2003 avg. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar.' Apr.' MayP Index (1997=100) INDUSTRY GROUPS 83.5 78.4 112.2 112.6 111.0 111.2 111.2 111.4 111.8 112.2 111.8 112.1 win 113.2 112.9 113.3 114.2 114.6 114.2 114.7 114.5 115.0 115.8 116.2 116.2 116.6 117.0 117.3 118.1 118.3 321 42.6 1.4 125.3 99.1 122.8 97.0 123.6 97.7 124.8 99.6 124.9 98.7 127.1 98.7 127.2 101.2 128.8 103.8 129.3 102.0 130.1 103.2 132.0 103.3 132.3 102.4 133.2 103.6 134.4 105.8 327 331 332 333 2.3 2.2 5.9 5.2 100.8 84.6 94.4 86.7 99.3 82.2 93.2 86.2 100.0 82.7 93.3 86.3 100.8 82.9 94.2 85.9 100.9 82.5 93.2 86.7 100.4 83.0 94.4 87.3 101.5 84.7 94.6 86.3 102.5 86.7 95.3 89.7 102.6 88.0 95.6 89.6 101.7 87.3 95.6 91.1 100.4 90.3 96.3 93.5 102.7 88.9 97.0 94.1 102.9 88.1 98.2 95.1 103.8 88.9 99.1 96.5 334 8.1 266.5 258.0 260.5 266.7 273.7 277.1 282.9 285.3 285.3 290.1 296.6 301.0 304.3 314.2 335 3361 3 2.3 6.7 93.8 117.5 92.4 112.0 93.6 113.8 92.9 116.6 93.0 114.9 93.9 122.7 94.4 119.9 95.9 120.5 96.7 121.3 97.0 122.6 96.8 125.1 96.5 122.8 98.7 122.4 99.0 119.7 3364 9 3.6 94.6 94.2 94.0 93.8 94.9 95.0 95.0 95.6 96.2 95.7 97.2 97.0 97.1 97.4 337 339 1.7 3.2 101.0 116.7 100.8 116.6 100.3 117.2 101.2 116.6 100.1 114.8 100.5 115.3 100.0 114.8 100.4 115.1 100.0 117.6 101.2 116.7 101.5 117.1 101.5 117.4 102.2 118.9 102.8 120.3 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 35.8 97.0 96.8 96.3 96.7 96.5 96.6 96.7 97.6 97.4 97.2 97.6 98.2 98.7 99.5 311,2 313,4 315,6 322 323 11.9 1.3 1.1 3.1 2.5 97.7 77.6 63.2 92.3 89.3 98.0 77.7 64.2 92.7 88.8 98.0 77.2 62.5 93.1 88.8 98.3 76.7 62.0 93.0 89.0 97.3 75.9 60.2 91.6 88.5 97.3 74.9 60.2 91.3 88.7 96.8 76.2 61.2 91.4 88.3 97.5 77.9 61.7 92.0 87.0 97.2 76.6 61.8 92.7 87.6 97.2 78.1 61.7 92.3 88.5 97.6 75.4 62.4 92.9 87.9 98.3 73.9 63.0 92.1 89.1 98.4 74.3 64.2 93.6 88.6 99.7 75.1 63.4 94.5 89.9 324 325 2.2 10.0 101.4 105.5 101.6 104.4 99.1 103.5 100.0 104.5 101.8 105.5 101.9 106.1 102.1 106.4 102.8 108.3 104.2 107.8 102.0 107.3 102.4 108.2 104.8 108.9 104.5 109.7 104.7 110.4 326 3.8 103.1 103.0 102.5 102.8 103.1 103.0 103.4 104.2 103.1 103.6 104.2 104.1 105.8 106.1 1133,5111 5.1 105.8 106.1 107.0 105.0 105.2 104.7 105.8 106.6 105.4 105.8 109.1 109.5 111.3 113.6 21 2211,2 2211 2212 6.8 9.8 8.3 1.5 93.1 110.9 113.8 101.6 92.7 110.2 112.4 98.0 93.2 107.9 109.8 97.5 93.4 111.3 114.1 96.7 93.1 93.5 109.9 112.4 96.8 93.7 113.9 96.6 93.6 111.9 114.6 98.3 93.5 114.2 116.9 100.0 93.6 118.2 120.5 105.9 93.2 117.9 119.7 107.7 93.0 114.9 117.7 100.5 93.8 116.7 119.1 103.7 93.5 120.5 123.9 103.7 115.0 95.9 78.2 98.8 97.9 98.0 98.4 98.1 99.0 99.0 100.0 100.1 100.1 101.1 101.4 102.0 102.8 76.8 111.8 110.9 110.9 111.4 111.5 111.9 112.3 113.6 113.6 113.8 115.0 115.6 116.6 118.0 Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2003. The recent annual revision is described in the Winter 2004 issue of the Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • June 2004 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits Q4 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net Q2 Q3 Q4P 128,586 116,116 246,151 362,267 2,966 4,306 26,225 21,919 1,340 15,436 139,156 121,548 247,388 368,936 217 1,159 21,657 20,498 1,376 17,391 139,840 124,100 247,497 371,597 1,322 2,627 21,789 19,162 1,305 17,062 135,292 121,646 254,848 376,494 3,005 4,262 24,670 20,408 1,257 16,651 127,541 122,870 268,958 391,828 12,517 13,839 35,834 21,995 1,322 17,188 1,523 0 601 1,494 572 0 127 541 144 0 897 644 170 170 0 102 86 154 611 0 97 383 131 2,221 0 97 2,435 117 175,272 21,357 31,880 15,801 137,836 279,927 24,696 36,349 64,121 154,761 43,910 4,954 1,922 5,364 31,670 100,723 27,795 11,998 27,146 33,784 112,454 72,765 19,101 8,654 29,242 13,568 36,403 20,805 28,616 42,160 53,186 39,461 26,055 17,013 49,579 5,104 10,745 20,920 2,309 29,978 5,726 94,860 43,144 30,377 137 17,594 3,608 207,665 128,466 24,795 562 49,633 5,333 32,210 27,630 5,628 95 2,094 1,141 40,978 22,288 9,480 437 8,321 1,326 57,000 35,349 3,290 16 17,628 749 45,289 17,378 3,340 41 23,166 1,446 64,398 53,451 8,685 68 518 1,812 760,427 118,379 67,489 7,438 23,783 406,633 151,581 612,123 91,126 72,142 96,217 21,513 291,492 39,633 648,995 94,506 77,352 139,863 16,640 238,652 81,982 165,238 54,176 8,863 12,705 7,249 66,964 15,281 201,118 16,723 74,848 14,568 4,927 55,574 34,478 205,911 36,822 4,147 55,037 1,458 85,964 22,483 74,337 4,759 5,140 50,203 2,768 9,628 1,839 167,633 36,202 6,783 20,055 7,487 87,486 23,186 1,062 20,785 1,285 45,852 3,050 34,076 20,785 45,852 34,076 358 23,602 1,744 25,346 388 1,842 9,215 11,057 1,553 9,321 1,187 10,508 818 30,180 12,539 42,719 291 53,094 2,136 55,230 170 611 2,221 32,305 41,415 57,016 45,330 64,466 393,745 357,819 1,007,580 1,365,399 10,689 15,701 106,485 90,784 5,012 46,615 480,861 418,038 974,107 1,392,145 3,970 1,27'1 93,475 92,204 5,241 58,853 541,830 490,164 1,018,693 1,508,857 16,625 21,886 103,949 82,063 5,261 68,291 4,911 0 630 3,600 681 3,681 0 475 2,632 574 344,542 134,945 4,997 84,637 119,963 22 Change in foreign official assets in United States (increase, +) . . . 23 U.S. Treasury securities 24 Other U.S. government obligations 25 Other U.S. government liabilities2 26 Other U.S. liabilities reported by U.S. banks2 27 Other foreign official assets3 28 Change in foreign private assets in United States (increase, +) . . . 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 3 1 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 11 Change in U.S. government assets other than official reserve assets, net (increase, ) 486 12 Change in U.S. official reserve assets (increase, ) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 17 Change in U.S. private assets abroad (increase, ) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment Ql 700 MEMO Changes in official assets 39 U.S. official reserve assets (increase, ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 4,911 3,681 1,523 7,413 94,723 208,227 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 2003 Asset 2000 2001 2004 2002 Oct. Nov. Dec. Jan. Feb. Mar. Apr. MayP 1 Total 67,647 68,654 79,006 84,T50 85,r4r 85,938 85,255 84,741 85,192 82,090 82,804 2 Gold stock1 3 Special drawing rights2'3 4 Reserve position in International Monetary 11,046 10,539 11,045 10,774 11,043 12,166 11,043 12,079 11,043 12,243 11,043 12,638 11,043 12,598 11,045 12,687 11,045 12,691 11,045 12,445 11,045 12,682 5 Foreign currencies4 14,824 31,238 17,854 28,981 21,979 33,818 23,595 37,433 23,618 38,237 22,535 39,722 21,887 39,727 21,819 39,190 21,642 39,814 20,322 38,279 20,297 38,780 Note. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web site at: www. federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF also have been valued on this basis since July 1974. 3. includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1 Millions of dollars, end of period 2003 Asset 2000 2001 Oct. 1 Deposits Held in custody 2 U.S. Treasury securities 3 Earmarked gold3 Nov. Dec. Jan. Feb. Mar. Apr. MayP 215 61 136 155 81 162 84 82 93 96 86 594,094 9,451 592,630 9,099 678,106 9,045 788,734 8,971 810,572 8,971 845,080 8,971 869,829 8,971 898,244 8,971 908,656 8,971 949,941 8,971 969,157 8,971 Note. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web site at: www. federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 2004 2002 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2002 June6 1 Total1 2 3 4 5 6 7 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 securities5 By area Europe1 Canada Latin America and Caribbean Asia Africa Other countries r,126,797 120,571 161,719 151,859 176,231 151,859 176,231 144,646 190,444 454,306 3,411 244,706 451,163 3,000 258,823 559,599 3,000 236,108 243,307 13,440 71,103 632,466 15,167 9,228 254,868 11,135 65,190 683,692 15,102 11,087 270,174 5,977 1. Includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 Dec. r,04r,076 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 739,078 9,119 13,531 1,349,625' 1,368,672' 1,417,107 1,447,433 188,070' 207,871' 184,308' 215,580' 190,609' 212,025' 208,053 213,135 205,179 224,028 569,891 2,769 254,157 649,024' 2,951' 277,170' 667,907' 679,236' 2,613' 284,189' 706,146 279,190' 722,217 1,529 294,480 283,512 5,962 87,261 760,012 9,355 15,805 291,295' 5,176' 95,200' 903,937' 8,817' 290,515' 4,536' 94,932' 931,165' 8,927' 19,550' 289,265' 4,896' 96,023' 949,238' 9,540' 19,710' 298,822 6,430 99,331 985,286 9,575 17,663 20,661' 2,640' 1,521 288,252 292,206 6,372 101,792 1,015,812 11,678 19,573 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2002 and are comparable to those shown for the following dates. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period Sept. 1 Banks' own liabilities 2 Deposits 3 Other liabilities 77,779 n.a. n.a. 79,363 n.a. n.a. 80,543 n.a. n.a. 86,741 51,547 35,194 72,310 44,718 27,592 67,157 40,935 26,222 61,158 36,397 24,761 4 Banks' own claims 5 Deposits 6 Other claims 56,912 23,315 33,597 74,640 44,094 30,546 71,724 34,287 37,437 77,520 37,709 39,811 84,797 43,080 41,717 77,050 36,632 40,418 77,883 38,107 39,776 7 Claims of banks' domestic customers2 8 Deposits 9 Other claims 24,411 n.a. n.a. 17,631 n.a. n.a. 35,923 n.a. n.a. 26,526 4,439 22,087 26,242 4,745 21,497 24,564 4,347 20,217 26,478 7,036 19,442 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 • June 2004 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Sept.1 Oct.1 Nov.1 Dec. BY HOLDER AND TYPE OF LIABILITY 1 Total, aU foreigners r,630,4r7 r,985,588 2,320,842 2,259,45 r 2,254,149 2,231,038 2,3T6,277 2,320,842 2,396,490 1,174,976 1,363,270 1,669,560 1,610,470 1,625,310 1,596,069 1,671,822 1,669,560 1,739,887 1,812,104 188,005 194,680 151,071 455,441 175,231 246,623 190,134 622,318 862,438 807,122 460,343 651,282 850,562 759,908 417,367 648,981 845,767 779,543 419,087 628,839 787,147 808,922 450,593 634,969 827,328 844,494 480,495 644,455 862,438 807,122 460,343 651,282 844,430 895,457 528,202 656,603 880,153 931,951 539,721 680,364 186,115 236,796 256,438 259,755 251,518 249,653 260,652 256,438 256,388 272,078 139,807 189,573 202,087 195,539 191,510 201,443 203,615 202,087 209,450 215,699 20,440 59,781 129,519 37,761 74,513 195,949 36,540 84,412 192,757 45,516 79,399 193,687 38,287 84,071 185,811 36,340 83,875 183,873 37,288 85,823 180,188 36,540 84,412 192,757 36,135 94,632 190,765 34,760 97,889 192,587 10,830 10,169 3,791 6,378 661 600 13,467 12,362 5,769 6,593 1,105 1,089 14,014 12,269 5,784 6,485 1,745 63 12,066 9,940 5,367 4,573 2,126 13 15,117 13,055 6,922 6,133 2,062 13 14,103 13,139 6,481 6,658 964 13 12,465 10,529 4,978 5,551 1,936 60 14,014 12,269 5,784 6,485 1,745 15,278 13,446 7,500 5,946 1,832 63 62 13,530 12,186 8,452 3,734 1,344 178 61 0 16 0 1,682 0 2,113 0 2,049 0 921 30 1,876 0 1,682 0 1,770 0 1,165 1 282,290 80,970 21,987 58,983 335,090 93,884 20,733 73,151 402,634 117,743 24,140 93,603 382,216 105,784 23,103 82,681 397,995 119,528 22,859 96,669 395,941 117,470 24,717 92,753 399,888 112,167 22,448 89,719 402,634 117,743 24,140 93,603 421,188 127,340 23,881 103,459 429,207 124,126 26,613 97,513 201,320 161,719 241,206 190,444 284,891 212,025 276,432 215,646 278,467 207,918 278,471 207,871 287,721 215,580 284,891 212,025 293,848 213,135 305,081 224,028 38,531 1,070 50,698 64 70,417 2,449 58,131 2,655 63,855 6,694 69,519 1,081 71,992 149 70,417 2,449 80,475 238 81,036 17 1,052,626 914,034 68,218 53,525 138,592 11,541 1,311,267 1,055,858 56,020 58,422 255,409 25,916 1,394,752 1,160,633 720,168 440,465 234,119 18,232 1,384,316 1,142,161 706,929 435,232 242,155 20,177 1,362,959 1,139,972 703,308 1,373,360 1,151,086 687,435 463,651 222,274 17,058 1,394,752 1,160,633 720,168 440,465 234,119 18,232 1,414,835 1,181,034 698,271 1,471,046 1,233,000 726,250 506,750 222,987 18,914 1,302,010 1,078,277 641,132 437,145 223,733 16,915 233,801 18,615 238,046 24,059 102,992 57,605 171,888 49,561 166,326 51,886 170,092 46,205 157,868 47,464 159,354 48,857 156,359 49,561 166,326 49,437 165,749 49,997 167,872 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 284,671 169,803 94,009 75,794 325,764 201,166 92,709 108,457 509,442 378,915 112,346 266,569 480,853 352,585 115,163 237,422 478,078 352,755 112,678 240,077 518,984 387,183 114,817 272,366 530,564 398,040 112,467 285,573 509,442 378,915 112,346 266,569 545,189 418,067 114,778 303,289 578,685 442,792 118,838 323,954 40 41 42 114,868 12,255 124,598 19,347 130,527 26,118 128,268 23,919 125,323 24,673 131,801 24,854 132,524 27,954 130,527 26,118 127,122 24,576 135,893 27,695 77,156 25,457 81,254 23,997 80,427 23,982 83,409 20,940 79,401 21,249 83,539 23,408 80,427 23,982 77,768 24,778 83,501 24,697 941,416 1,120,061 1,088,614 1,091,046 1,036,239 1,120,061 1,134,412 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 Nonmonetary international and regional organizations8 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments6 19 Other 20 Official institutions9 21 Banks' own liabilities 22 Deposits2 23 Other 24 25 26 27 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 28 Banks10 29 Banks' own liabilities 30 Deposits2 31 Other 32 Banks' custody liabilities4 33 U.S. Treasury bills and certificates5 34 Other negotiable and readily transferable instruments6 35 Other 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 436,664 482,763 20,177 MEMO 44 Own foreign offices12 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. 1,099,475 1,185,40 9. Foreign central banks, foreign central governments, and the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) below. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Sept. Oct. 2,320,842' 2,259,451 2,254,149' 2,231,038' 4,613,656' 4,494,770 4,478,064' 4,433,870' 4,607,624' 4,613,656' 4,762,424' 4,957,876 753,480 4,988 6,848 1,552 3,641 48,466 50,583 1,740 5,840 31,612 13,332 17,819 1,834 31,282 8,634 5,120 109,150 15,598 309,668 23,411 181 62,181 758,399' 4,822 7,287 1,845 3,532 39,494' 50,625 1,725 5,532 32,702' 13,110 20,406' 1,738 30,275 7,978 4,609 103,512 18,469 323,845 23,474 155 63,264' AREA OR COUNTRY 45 Total, all foreigners . 1,630,417 46 Foreign countries . . . 1,619,587 1,972,121 520,438 2,922 6,546 3,618 1,446 49,056 22,318 2,307 6,215 16,667 12,363 3,727 4,033 20,800 8,811 3,375 66,382 7,474 204,107 36,024 309 41,938 653,988 2,818 9,536 5,106 1,693 40,399 34,650 2,975 5,568 31,945 10,839 18,879 3,574 23,146 14,039 4,647 132,895 12,131 185,970 47,594 301 65,283 47 Europe 48 Austria 49 Belgium13 50 Denmark 51 Finland 52 France 53 Germany 54 Greece 55 Italy 56 Luxembourg13 57 Netherlands 58 Norway 59 Portugal 60 Russia 61 Spain 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom 66 Channel Islands and Isle of Man14 67 Yugoslavia15 68 Other Europe and other former U.S.S.R." 756,344' 6,077 5,392 2,855 1,062 44,641' 47,998 1,654 5,891 32,929' 14,805 22,518 1,959 35,902 11,279 4,295 88,716 14,988 330,945 21,507 147 60,784 798,455' 4,429 6,751 2,889 5,904 44,899' 48,010 1,467 5,612 33,119' 15,789 19,482 2,014 37,617 9,002 5,439 105,560 13,356 353,860' 21,175 180 61,901 780,385' 4,820 9,354 3,629 1,780 40,732' 46,719 1,260 5,865 35,805' 15,062 22,424 934' 41,672 9,899 7,077 111,101 13,746 333,010' 20,790 160 54,546 815,267' 4,296 6,513 2,676 2,777 49,934' 49,840 1,336 7,230' 37,606' 14,451 27,426 1,338' 47,501 9,679' 6,231 106,245' 8,637 352,675' 20,304 169 58,403 890,790 4,225 7,139 2,330 3,478 52,827 53,668 1,512 8,708 42,540 14,659 19,174 997 47,685 9,890 7,282 132,288 8,235 385,074 20,674 159 68,246 27,240 27,323 35,849 34,102 34,551' 35,867 37,412 35,849 35,426 118,025 10,704 14,169 4,939 4,695 2,390 1,882 39,871 3,610 1,359 3,172 24,974 6,260 107,357 10,878 10,040 6,146 4,158 2,299 1,379 36,109 3,864 1,363 2,815 21,939 6,367 110,251 9,828 16,286 4,411 4,232 2,569 1,540 34,948 4,145 1,396 3,706 21,241 5,949 106,805 9,859 20,743 4,788 4,424 2,393 1,499 28,904 3,954 1,432 3,051 19,903 5,855 105,691' 9,486 19,713' 4,318 4,369 2,316 1,593 29,632' 3,835 1,347 3,046 19,986' 6,050 106,739 9,249 18,182 4,704 4,314 2,568 1,572 30,934 3,676 1,455 3,440 20,866 5,779 110,843 9,565 20,441 4,090 3,944 2,602 1,574 32,748 3,858 1,243 3,501 21,282 5,995 110,251 9,828 16,286 4,411 4,232 2,569 1,540 34,948 4,145 1,396 3,706 21,241 5,949 111,184' 10,002' 19,218' 5,407 4,004' 2,518' 1,486' 32,772' 3,934' 1,381' 3,272 21,466' 5,724' Caribbean Bahamas Bermuda British West Indies18 .. . Cayman Islands18 Cuba Jamaica Netherlands Antilles . . . Trinidad and Tobago . . . Other Caribbean17 646,047 178,472 10,469 0 439,190 88 1,182 3,264 1,269 12,113 837,666 163,543 24,674 0 630,446 91 829 5,004 1,405 11,674 979,830' 168,357' 38,522 0 737,691' 96 670 8,427 1,254 24,813 980,784 156,111 36,541 0 757,033 94 680 8,164 1,195 20,966 943,940' 154,347' 37,152 0 718,820' 94 799 8,571 1,290 22,867 937,057' 145,092' 40,514 0 717,152' 93 730 7,683 1,284 24,509 961,073' 159,212' 43,473 0 728,211' 93 667 6,873 1,244 21,300 979,830' 1,015,612' 1,032,029 162,192 168,192' 168,357' 49,287 45,565 38,522 0 0 0 780,542 765,814' 737,691' 95 95 96 785 697' 670 4,432 7,135' 8,427 1,584 1,293' 1,254 26,821' 24,813 Asia China Mainland Taiwan Hong Kong India Indonesia Israel Japan Korea (South) Philippines Thailand Middle Eastern oil-exporting countries19 Other 290,923 319,487 369,809' 345,472 370,882' 350,097' 365,350' 369,809' 373,688' 377,862 10,486 17,561 26,003 3,676 12,383 7,870 154,887 8,997 1,772 4,743 18,095 24,450 15,483 18,693 33,066 7,951 14,123 7,477 161,667 8,968 1,811 7,605 16,365 26,278 13,182 26,382 49,355 14,522 14,381 12,219 159,952' 12,618 1,602 7,196 23,469 34,93 1 21,347 21,318 36,977 10,784 9,647 10,122 173,506 13,116 1,491 4,655 16,339 26,170 26,457' 28,585' 35,323' 16,942 10,598' 10,795 176,709' 12,800' 1,515' 5,192' 16,317' 29,649' 22,242 27,581 36,536 11,921 12,282 10,095 163,177' 12,313 1,941 5,768 17,599 28,642 21,001 24,362 42,171 13,581 13,823 10,324 162,980' 14,750 1,542 7,115 24,123 29,578 13,182 26,382 49,355 14,522 14,381 12,219 159,952' 12,618 1,602 7,196 23,469 34,931 12,343 27,766 50,702 13,136 14,136 11,333 162,268' 14,666 1,627 8,972 25,847 30,892' 17,397 22,566 52,083 11,415 13,863 14,988 166,058 13,988 1,587 10,746 21,764 31,407 11,233 2,778 274 711 4 4,377 3,089 12,251 2,655 306 1,114 4,370 3,804 13,841' 2,350 376 3,710' 18 3,503 3,884 12,863 2,966 305 2,188 5 3,358 4,041 12,062 2,692 293 2,125 4 3,195 3,753 12,338 2,403 287 2,838 3 3,075 3,732 13,396 2,535 333 3,645 5 3,287 3,591 13,841' 2,350 376 3,710' 18 3,503 3,884 14,110 2,162 179 3,928 37 4,254 3,550 15,565 3,273 311 3,528 6 5,075 3,372 5,681 5,037 232 412 14,049 11,991 1,796 262 16,863 13,978 2,457 428 13,879 12,244 1,341 294 13,507' 11,593' 1,536 378 18,493 16,267 1,823 403 17,283 13,975 2,865 443 16,863 13,978 2,457 428 15,925' 13,038' 2,324 563 16,035 12,932 2,602 501 10,830 9,331 480 935 13,467 11,282 507 1,611 14,014 10,365 420 3,166 12,066 10,556 538 15,117 13,686 647 752 14,103' 12,154' 553 1,343 12,465 10,817 323 1,264 14,014 10,365 420 3,166 15,278' 13,104' 708 1,406 13,530 11,585 515 1,361 69 Canada 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru Uruguay Venezuela 82 Other Latin America17 100 101 102 103 104 105 780,385' 4,820 9,354 3,629 1,780 40,732' 46,719 1,260 5,865 35,805' 15,062 22,424 934' 41,672 9,899 7,077 111,101 13,746 333,010' 20,790 160 54,546 2,320,842' 2,396,490' 106 Africa 107 Egypt 108 Morocco • • 109 South Africa 110 Congo (formerly Zaire) Oil-exporting countries20 . . . . Other 112 113 Other countries . . 114 Australia 115 New Zealand21 116 All other 117 Nonmonetary international and regional organizations 118 International22 119 Latin American regional23 120 Other regional24 13. Before January 2001, data for Belgium-Luxembourg were combined. 14. Before January 2001, these data were included in data reported for the United Kingdom. 15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 16. Includes the Bank for International Settlements and the European Central Bank. 17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were combined in "Other Latin America and Caribbean." 18. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. 113,834 9,822 19,094 5,018 4,050 2,379 1,524 33,772 4,069 1,308 3,604 23,236 5,958 19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 20. Comprises Algeria, Gabon, Libya, and Nigeria. 21. Before January 2001, these data were included in "All other." 22. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. 23. Principally the Inter-American Development Bank. 24. Asian, African, Middle Eastern, and European regional organizations, except the Bank for International Settlements, which is included in "Other Europe." 48 Federal Reserve Bulletin Statistical Supplement • June 2004 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Aug. Sept. r,32o,ro9r r,3 40,724 r,452,975 2,635,632 2,630,050' 2,672,596 2,897,050 576,466 6,148 8,037 977 7,899 57,638 25,740 229 7,066 6,092 18,937 13,619 2,538 926 1,710 15,675 75,492 2,571 266,219 44,434 0 14,518 595,520 4,793 5,452 1,281 6,782 65,630 25,490 192 5,488 6,506 19,035 16,146 2,360 1,786 14,709 87,580 2,188 270,019 44,050 0 15,125 590,592' 4,714 6,837 2,764 8,125 63,694 25,519 237 7,308 5,512 21,253 17,666 2,019' 1,232 2,291 15,246' 78,633' 2,148 268,848 43,098 0 13,448 602,826 4,760 6,630 947 7,454 74,143 27,820 157 6,232 5,564 19,228 20,695 2,055 1,006 2,168 14,297 59,376 2,683 288,732 43,401 0 15,478 665,148 5,146 8,579 2,310 6,893 73,849 30,23 1 166 6,687 6,943 22,721 13,377 2,146 1,181 2,448 16,151 97,811 2,988 302,620 45,020 0 17,881 52,596' 52,487' 56,928 51,974 56,764 56,034 54,150 5,042 16,790 5,833 2,447 407 792 13,615 1,882 1,388 426 3,020 2,508 53,800 4,860 17,222 5,957 2,057 443 793 13,554 1,857 1,417 436 2,950 2,254 54,077 4,690 17,762 5,828 2,054 437 790 13,592 1,888 1,386 427 2,973 2,250 51,389' 3,809 15,818 6,092 2,011 400 779 13,562' 1,874 1,364' 464 2,862 2,354 54,047 3,856 18,356 6,135 2,021 403 785 13,550 1,819 1,466 402 2,877 2,377 52,147 3,569 17,382 5,794 2,090 407 803 13,222 1,825 1,487 382 2,809 2,377 512,716 83,236 12,917 492,905 73,707 14,889 0 391,760 0 375 6,624 664 493,419 69,771 18,265 399 7,093 760 3,478 473,721 75,213 16,430 0 369,785 0 407 6,660 769 4,457 489,911 83,135 19,035 375 6,624 664 4,886 503,338 74,036 20,649 0 396,696 0 385 7,204 772 3,596 543,836 82,891 18,945 0 426,923 0 378 5,023 771 8,905 93,551 117,961 111,363 111,551 112,804 112,252 117,961 119,917 119,568 1,057 3,766 7,258 1,235 1,270 4,660 47,600 11,118 2,137 1,167 7,952 4,331 4,133 9,659 7,190 1,588 838 5,122 60,461 11,395 1,693 989 6,780 11,635 6,150 6,509 1,410 917 4,604 51,970 12,437 1,298 1,602 6,693 6,138 8,412 7,254 6,604 1,608 848 3,189 58,578 7,197 1,295 1,828 6,269 8,469 9,456 5,918 6,877 1,560 807 4,737 52,938 13,089 1,175 1,934 6,414 7,899 6,572 8,210 6,663 1,584 810 3,623 54,618 13,198 1,048 1,128 6,229 8,569 4,133 9,659 7,190 1,588 838 5,122 60,461 11,395 1,693 989 6,780 8,113 5,349 10,195 7,627 1,599 764 5,228 58,168 15,550 981 604 5,425 8,427 5,135 9,838 7,389 1,768 763 5,392 58,147 16,401 1,489 635 4,606 8,005 2,146 416 106 761 0 167 696 1,977 487 53 617 0 222 1,447 233 46 453 0 146 569 1,688 369 37 534 0 170 578 1,620 351 35 439 0 209 586 1,608 326 39 452 0 163 627 1,572 293 36 330 0 168 745 1,447 233 46 453 0 146 569 1,477 219 32 486 0 181 559 1,401 220 41 471 0 183 486 69 Other countries . . . 70 Australia 71 New Zealand" . 72 All other 6,064 5,677 349 6,177 5,566 569 42 8,757 7,897 819 41 7,479 6,790 587 102 8,026 7,181 766 79 8,130 7,270 767 93 7,556 6,859 662 35 8,757 7,897 819 41 7,848 6,901 887 60 10,391 9,304 990 97 73 Nonmonetary international and regional organizations'' 4,946 3,677 5,084 3,065' 6,486' 4,143 3,069 5,084 4,426 4,450 r,32o,ro9r r,346,09r> 1,357,785' r,283,r59> 2,630,050' 2,686,052' 2,702,598' 2,558,032' 487,004 3,603 6,044 1,109 8,518 47,705 22,481 477 3,753 3,407 23,133 13,885 2,226 877 5,371 15,889 126,958 2,112 176,953 17,457 0 5,046 590,592' 4,714 6,837 2,764 8,125 63,694 25,519 237 7,308 5,512 21,253 17,666 2,019' 1,232 2,291 15,246' 78,633' 2,148 268,848 43,098 0 13,448 612,416' 6,222' 7,432' 1,993 7,136 58,408' 28,430' 214 6,199 5,432' 22,903 8,716 2,152' 829 1,885 18,756' 91,297 3,085 281,558' 47,778 0 11,991 610,640' 5,460 8,272 1,795 6,927 54,635 27,855 234 6,222 4,589' 19,965 12,702 2,314 993 2,219 17,308 94,980 2,951 279,805' 47,273 0 14,138 54,421 60,521 51,974 51,073 69,762 10,763 19,434 5,317 3,602 495 1,495 16,522 3,061 2,185 447 3,077 3,364 56,642 6,783 15,419 5,250 2,614 457 892 15,658 1,915 1,411 255 3,254 2,734 51,389' 3,809 15,818 6,092 2,011 400 779 13,562' 1,874 1,364' 464 2,862 2,354 55,669 5,342 17,388 5,845 2,410 436 781 14,270 1,793 1,447 416 3,053 2,488 366,319 101,034 7,900 492,905 73,707 14,889 418 6,729 931 3,557 475,896 95,584 9,902 0 359,259 0 321 6,690 889 3,251 85,990 2,073 4,433 10,035 1,348 1,752 4,396 34,136 10,653 2,587 2,499 7,882 4,196 1 Total, all foreigners r,052,066 2 Foreign countries . . r,047,r20 U8r,768 462,418 5,280 6,491 1,105 10,350 60,866 30,044 367 4,205 1,323 16,039 6,236 1,603 594 3,260 12,756 87,350 2,124 201,185 4,478 0 6,762 25 Canada 26 Latin America 27 Argentina 28 Brazil 29 Chile 30 Colombia 31 Ecuador 32 Guatemala 33 Mexico 34 Panama 35 Peru 36 Uruguay 37 Venezuela 38 Other Latin America6 3 Europe 4 Austria 5 Belgium2 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Italy 12 Luxembourg2 13 Netherlands 14 Norway 15 Portugal 16 Russia 17 Spain 18 Sweden 19 Switzerland 20 Turkey 21 United Kingdom 22 Channel Islands and Isle of Man3 23 Yugoslavia4 24 Other Europe and other former U.S.S.R.5 39 Caribbean 40 Bahamas 41 Bermuda 42 British West Indies7 43 Cayman Islands7 44 Cuba 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago . . . . 48 Other Caribbean' 49 Asia China Mainland 50 Taiwan 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 57 Korea (South) 58 Philippines Thailand 59 60 Middle Eastern oil-exporting countries8 Other 61 63 64 65 66 67 Egypt Morocco South Africa Congo (formerly Zaire) . . Oil-exporting countries9 . . Other U85,445 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." r,320,885 396 7,006 798 3,358 405 5,307 697 5. Includes the Bank for International Settlements and the European Central Bank. 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2003 Type of claim 7001 7002 2003 1 Total claims reported by banks 1,259,328 1,409,095 1,603,534' 2 Banks' own claims on foreigners 3 Foreign official institutions2 4 Foreign banks^ 5 Other foreigners4 1,052,066 50,618 844,865 156,583 1,185,445 52,198 970,357 162,890 1,320,109' 55,199 977,232' 287,678' 207,262 82,566 223,650 80,269 114,287 10,409 137,289 6,092 283,425 132,900 67,987 68,129 14,409 Aug. 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims Sept.' Oct.' 2004 Nov.' 1,653,878 1,346,091' 57,850 996,651' 291,590' 1,357,785 51,689 1,025,641 280,455 Dec' Jan.' Feb.P 1,340,724 64,662 974,558 301,504 1,452,975 60,429 1,080,037 312,509 539,805 1,603,534 1,283,159 58,093 933,951 291,115 1,320,885 60,215 963,664 297,006 296,093 134,550 79,514 69,122 12,907 1,320,109 55,199 977,232 287,678 283,425 132,900 67,987 68,129 14,409 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable instruments7 14 Other claims7 15 Own foreign offices8 n.a. 744,498 16 Loans collateralized by repurchase agreements9 137,979 496,425' 1,085 491,613' 1,368 499,708 1,010 458,150 1,132 470,722 496,425 1,085 505,266 786 203 129 n.a. 892,340 6,370 816,229' 933,901 10,164 842,946' 948,334' 7,285 849,782 965,234 8,718 815,159 888,126 7,784 841,593 925,706 6,370 816,229 933,901 7,619 827,636 928,588 7,636 905,405 1,013,372 161,585 344,753 359,656 344,085 351,649 349,546 344,753 365,910 392,103 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances, dealers. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) below. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) below. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • June 2004 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 1 Total 73,904 66,679 By type 2 Financial liabilities 3 Short-term negotiable securities' 47,419 n.a. 41,034 n.a. 39,561 n.a. 41,311 n.a. 39,561 n.a. 45,460 21,428 42,256 18,242 45,364 17,410 43,845 14,002 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5,502 23,276 5,532 22,397 7,081 21,588 8,498 22,946 25,246 22,173 n.a. n.a. n.a. n.a. n.a. 18,763 22,271 n.a. n.a. n.a. n.a. n.a. 18,844 20,717 n.a. n.a. n.a. n.a. n.a. 18,913 22,398 n.a. n.a. n.a. n.a. n.a. 18,844 20,717 n.a. n.a. n.a. n.a. n.a. 18,703 26,757 527 12,337 7,209 2,880 3,804 17,914 24,342 738 10,019 6,919 2,745 3,921 17,815 27,549 1,266 13,731 7,987 1,945 2,620 15,750 28,095 1,431 10,372 11,425 2,493 2,374 34,172 147 1,480 2,168 2,016 104 34,335 144 5,243 2,923 1,825 61 22,53 1 34,809 232 3,517 2,865 1,915 61 24,303 34,335 144 5,243 2,923 1,825 61 26,362 31,806 154 2,841 2,344 1,954 94 22,852 36,138 1,261 2,685 3,343 1,797 19 25,878 32,639 546 3,240 2,901 1,790 167 22,903 33,575 675 2,743 3,366 285 17 24,733 35,224 677 3,514 3,531 284 16 25,011 7,587 8,798 11,211 10,369 11,211 10,100 955 591 583 591 493 1,386 1,348 2,858 157 960 35 1,627 n.a. 36 2 1,504 23 990 65 365 n.a. 31 1 1,088 1,504 65 377 n.a. 26 1 990 65 365 n.a. 31 1 3,816 334 3,046 127 n.a. 25 29 0 4,495 4 4,244 129 n.a. 37 27 0 5,579 26 2,862 155 n.a. 2,426 31 0 3,998 0 615 242 n.a. 3,020 34 3 7,965 6,216 12 5,042 3,269 10 2,932 1,832 14 4,450 2,447 16 2,932 1,832 14 4,307 2,043 17 3,417 1,909 32 4,116 2,210 67 2,518 1,826 36 52 0 53 5 131 91 128 91 131 91 114 91 112 91 119 91 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' By currency 7 U.S. dollars 8 Foreign currency2 9 Canadian dollars 10 Euros 11 United Kingdom pounds sterling 12 Japanese yen 13 All other currencies 14 15 16 17 18 19 20 By area or country Financial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switerzerland United Kingdom 67,664 68,225 67,664 73,975 70,753 72,990' 73,944 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 countries 34 35 Africa Oil-exporting countries6 36 All other7 4,125 6 1,739 148 406 n.a. 26 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS the United States—Continued 51 Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 37 Commercial liabilities 3 8 Trade payables 39 Advance payments and other liabilities 26,485 14,293 12,192 25,645 11,781 13,864 By currency 40 Payable in U.S. dollars 41 Payable in foreign currencies2 42 Canadian dollars 43 Euros 44 United Kingdom pounds sterling 45 Japanese yen 46 All other currencies 23,685 2,800 n.a. n.a. n.a. n.a. n.a. 24,162 1,483 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 n.a. n.a. n.a. n.a. n.a. 25,621 1,293 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 n.a. n.a. n.a. n.a. n.a. 24,955 3,560 114 1,074 661 242 1,469 25,238 3,259 146 940 668 154 1,351 25,615' 2,011 165 490 542 154 660 27,641 2,458 199 787 606 209 657 9,629 293 979 1,047 300 502 2,847 9,219 99 734 905 1,163 790 2,279 8,257 141 765 781 590 433 2,649 8,065 134 718 855 506 592 2,317 8,257 141 765 781 590 433 2,649 8,786 186 873 747 729 521 2,905 9,914 197 1,030 711 1,335 465 3,354 8,744' 178' 779 764 1,326' 383' 2,911 9,821 159 900 855 384 1,367 3,025 5,141 4,200 4,258 4,200 4,359 5,054 4,440' 4,198 1,933 1,622 1,588 1,570 1,588 1,794 1,919 2,032 2,166 2,381 31 281 114 76 n.a. 841 284 2,727 52 591 290 45 n.a. 899 166 3,073 51 538 253 36 n.a. 1,170 177 2,923 14 468 290 47 n.a. 1,070 327 3,073 51 538 253 36 n.a. 1,170 177 3,036 59 525 242 n.a. 80 1,091 142 3,247 8 575 255 n.a. 19 937 457 3,667 25 631 220 n.a. 32 1,274 517 3,406 14 513 233 n.a. 40 1,298 329 10,983 2,757 10,517 2,581 2,639 13,382 4,292 3,979 12,462 4,031 3,857 13,382 4,292 3,979 13,185 4,133 3,546 12,165 3,973 3,059 11,702' 4,175' 2,934' 13,311 4,370 3,181 836 436 827 405 876 445 827 405 927 423 598 185 884 373 782 372 11,598 11,428 10,966 9,540 47 48 49 50 51 52 53 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 28,103 14,699 13,404 26,914 13,819 13,095 28,103 14,699 13,404 28,515 15 14 28,497 15 13 27,626' 16 11 30,099 17 13 MEMO 54 55 Euro area3 Canada 56 57 58 59 60 61 62 63 64 65 66 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 67 Africa 68 Oil-exporting countries6 69 All other7 70 Financial liabilities to foreign affiliates8 MEMO 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other financial intermediaries. These data are not included in lines 1-6 above. 52 Federal Reserve Bulletin Statistical Supplement • June 2004 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total By type 2 Financial claims 3 Non-negotiable deposits 4 Negotiable securities Of which: 5 Negotiable CDs1 6 Other claims Ofwhich: 7 Loans' 8 Repurchase agreements' By currency 9 U.S. dollars 10 Foreign currency2 11 Canadian dollars 12 Euros 13 United Kingdom pounds sterling . 14 Japanese yen 15 All other currencies By area or country Financial claims Europe Belgium-Luxembourg . France Germany Netherlands Switerzerland United Kingdom Sept. 90,157 113,082 102,566 53,031 23,374 29,657 81,287 29,801 51,486 71,389 27,064 44,325 84,038 38,074 45,964 71,389 27,064 44,325 83,215 45,828 3,767 49,490 3,197 83,450 46,155 3,154 67,347 35,465 3,204 n.a. 29,657 n.a. 51,486 n.a. n.a. n.a. 45,959 n.a. 44,064 241 33,620 133 30,939 158 34,141 157 28,678 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12,766 6,599 15,638 3,010 15,830 4,729 18,083 3,253 46,157 6,874 n.a. n.a. n.a. n.a. n.a. 74,471 6,816 n.a. n.a. n.a. n.a. n.a. 65,070 6,319 n.a. n.a. n.a. n.a. n.a. 79,307 4,731 n.a. n.a. n.a. n.a. n.a. 65,070 6,319 n.a. n.a. n.a. n.a. n.a. 76,087 76,073 7,128 605 3,054 2,083 880 506 7,553 597 2,383 2,561 875 1,137 73,138 10,312 1,371 57,894 9,453 912 3,677 2,704 2,776 3,242 982 1,578 831 1,692 23,136 296 1,206 848 1,396 699 15,900 26,118 625 1,450 1,068 2,138 589 16,510 29,018 722 3,247 4,245 32,139 656 3,854 4,292 4,024 1,135 11,454 29,018 722 3,247 4,245 34,806 1,494 3,402 6,244 4,355 1,516 11,237 33,440 352 4,445 4,427 3,655 1,196 13,469 36,125 226 3,541 6,061 4,476 1,767 11,660 28,970 391 3,049 2,859 2,789 617 11,438 3,648 383 10,663 112,784 102,566 112,711 3,648 383 10,663 115,934 114,710' 101,011 83,626 MEMO: 23 Euro area3 5,580 8,626 Canada 4,576 6,193 5,013 5,485 5,013 5,643 5,879 4,942 5,311 19,317 1,353 19 1,827 12,596 41,201 976 918 2,127 32,965 n.a. 3,075 83 29,612 1,038 724 38,800 715 1,157 29,612 1,038 724 2,286 2,226 30,837 37,420 598 699 2,158 n.a. 30,734 1,912 173 33,805 412 533 2,592 n.a. 26,936 2,136 123 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 6,430 25 26 27 28 29 30 31 32 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 33 34 35 Asia Japan Middle Eastern oil-exporting countries5 36 37 Africa Oil-exporting countries6 . . n.a. 2,871 71 21,528 n.a. 2,921 104 32,511 757 387 2,396 n.a. 25,848 1,786 171 5,358 1,277 79 6,041 1,481 5,358 1,277 79 7,625 1,226 90 5,389 1,246 183 7,017 1,496 275 5,317 1,194 158 395 25 379 29 395 25 358 57 486 35 565 34 419 12 894 1,993 1,194 1,993 2,448 87 4,697 1,631 1,604 135 21,528 n.a. 2,921 104 2,286 26 1,012 1,115 International Statistics 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS the United States—Continued 53 Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. Sept. 39 Commercial claims 40 Trade receivables 41 Advance payments and other claims 37,126 33,104 4,022 31,795 27,513 4,282 By currency 42 Payable in U.S. dollars 43 Payable in foreign currencies2 44 Canadian dollars 45 Euros 46 United Kingdom pounds sterling 47 Japanese yen 48 All other currencies 33,401 3,725 n.a. n.a. n.a. n.a. n.a. 29,393 2,402 n.a. n.a. n.a. n.a. n.a. 26,481 4,696 n.a. n.a. n.a. n.a. n.a. 25,441 3,305 n.a. n.a. n.a. n.a. n.a. 26,481 4,696 n.a. n.a. n.a. n.a. n.a. 20,653' 8,843' 1,351 1,803 1,451 545 3,693' 23,036' 9,272' 1,279 1,753 1,549 537 4,154' 24,327' 6,933' 1,262 1,216 1,123 547 2,785' 25,589 8,075 1,557 1,542 1,187 589 3,200 15,938 452 3,095 1,982 1,729 763 4,502 14,022 268 2,921 1,658 529 611 3,833 14,187 269 3,164 1,202 1,490 503 3,727 12,680 254 2,972 1,158 1,089 404 3,236 14,187 269 3,164 1,202 1,490 503 3,727 13,330 1,305 1,136 453 3,720 15,272 244 3,066 1,202 1,381 537 4,489 14,087' 208' 3,093' 1,196 1,300 652 4,007' 14,576 247 2,816 1,284 397 1,921 3,928 49 50 51 52 53 54 55 By area or country Commercial claims Europe Belgium-Luxembourg . France Germany Netherlands Switzerland United Kingdom 31,177 26,385 4,792 28,746 24,171 4,575 31,177 26,385 4,792 29,496 24,787 4,709 32,308 26,075 6,233 31,260' 25,749' 5,511 33,664 28,713 4,951 MEMO 56 Euro area3 7,961 8,580 7,707 8,580 8,114 9,015 8,255' 7,359 57 Canada 3,502 2,818 2,790 2,623 2,790 2,564 2,905 2,673 3,070 58 59 60 61 62 63 64 65 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 5,851 37 376 957 137 n.a. 1,507 328 4,859 42 369 954 95 n.a. 1,391 4,346 31 287 750 19 n.a. 1,259 4,324 35 270 862 12 n.a. 1,184 340 4,346 31 287 750 19 n.a. 1,259 4,810 61 551 4,813 25 447 n.a. 59 1,099 234 4,693 28 463 782 n.a. 16 1,128 243 50 1,181 233 5,153 26 460 903 n.a. 52 1,339 230 66 67 Asia . . Japan Middle Eastern oil-exporting countries5 9,630 2,796 1,024 7,849 2,006 850 7,324 2,341 818 6,778 2,083 819 7,324 2,341 6,010 1,441 617 6,484 1,730 770 6,452' 1,734' 738' 7,356 1,761 901 584 95 637 107 584 95 636 139 444 97 548' 136 636 138 11,915 14,033 11,453 13,860 Africa Oil-exporting countries6 . . 71 All other7 672 180 Til 1,533 MEMO 72 Financial claims on foreign affiliates8 1. Data available beginning March 2003. 2. Foreign currency detail available beginning March 2003. 3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. 4. Beginning March 2003, data for the Cayman Islands replaced data for the British West Indies. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other financial intermediaries. These data are not included in lines 1-8 above. 54 3.24 Federal Reserve Bulletin Statistical Supplement • June 2004 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Feb. Aug. Sept.7 Oct.1 Jan.7 Feb. U.S. corporate securities 3,209,760 3,159,571 3,115,236 3,077,709 640,599 625,404 252,367' 240,816 262,827 269,101 308,308 309,551 262,481 253,702 288,874 275,544 323,391 310,604 317,208 314,800 3 Net purchases, or sales ( ) . 50,189 37,527 15,195 11,551' 6,274 1,243 8,779 13,330 12,787 2,408 4 Foreign countries 50,253 37,560 15,109 11,546' 6,278 1,231 8,772 13,312 12,732 2,377 32,909 2,127 129 4,307 2,787 15,172 255 8,207 15,419 1,309 24,355 6,239 934 69 2,123 4,275 1,440 2,248 553 409 78 91 123 941 252 1,506 423 116 0 359 6,099 1,660 196 176 47 2,521 55 2,630 3,066 770 292 429 164 291 8,981 1,252 368 569 442 5,181 19 1,393 4,711 94 2,580 950 17 75 2,576 2,095 78 224 456 3,395 10 883 1,113 96 1,838 331 2 125 5,062 143 84 207 510 4,288 12 5,345 1,151 19 12,336 72 3,261 9,416 2,107 832 222 136 4,761 118 2,195 624' 110 608 1,067 17 12 3,859 581 532 205 1,248 97 11,723 918 494 2,127 2,334 270 491 12,840 1,833 900 774 1,690 5,829 73 2,227 3,079 979 4,044 2,005 162 190 2,548,719 2,171,264 3,366,710 2,932,258 534,913 448,691 296,786 271,013 256,904 240,392 253,153 222,807 229,162 188,940 225,097 187,353 253,821 213,187 281,092 235,504 22 Net purchases, or sales ( ) . 377,455 434,452 86,222 25,773 16,512 30,346 40,222 37,744 40,634 45,588 23 Foreign countries 377,192 434,737 86,167 25,789 17,025 29,804 39,987 37,842 40,479 45,688 167,168 3,762 5,125 421 8,621 109,913 11,173 1,040 83,002 211,166 4,519 2,725 1,168 7,698 133,657 19,863 5,441 99,967 3,743 110,994 34,566 2,356 1,070 26,067 7,410 437 244 48 907 2,135 1,251 797 12,704 289 3,393 2,843 302 894 19,551 1,241 696 834 247 12,638 284 11,106 1,347 28 130 370 7,119 698 2,162 6,939 415 9,038 5,234 41 103 20,053 271 565 201 266 14,176 714 823 12,287 248 6,056 1,707 288 232 19,304 346 1,733 491 143 12,701 485 122 7,415 220 10,987 3,785 30 12,250 1,324 13 443 705 6,756 245 771 13,874 134 13,183 5,928 90 177 13,817 70 41 529 1,138 1 Foreign purchases 2 Foreign sales . . . . 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean .. Middle East2 Other Asia Japan Africa Other countries 22,676 676 6 862 648 54 834 1,632 1,073 1,464 1,055 179 114 19 Nonmonetary international and regional organizations 20 Foreign purchases . . . . 21 Foreign sales Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean . . Middle East2 Other Asia Japan Africa Other countries 2,263 121,440 48,578 860 3,499 1,254 54 86 433 13,136 2,228 1,267 27,488 1,021 29,079 12,325 237 1,008 624 6,812 1,525 2,396 1,033 202 461 6,380 1,983 496 13,614 887 15,896 6,397 147 831 3 8 Nonmonetary international and regional organizations Foreign securities 1,493 1,267,794 1,269,287 28,492 1,372,239 1,343,747 70,996 1,376,153 1,447,149 26,552 2,156,714 2,130,162 15,250 292,699 307,949 5,384 499,908 494,524 13,628' 112,520' 126,148' 1,581' 159,859' 158,278' 9,189 134,418 143,607 2,401 211,835 214,236 7,454 155,044 162,498 5,403 211,616 217,019 132,486 133,374 3,638 182,794 186,432 5,048 123,717 128,765 149 186,718 186,569 12,964 138,075 151,039 4,667 252,613 247,946 154,624 156,910 717 247,295 246,578 45 Net purchases, or sales ( ), of stocks and bonds 26,999 44,444 9,866 12,047' 11,590 12,857 4,526 4,899 8,297 1,569 46 Foreign countries 27,029 43,883 9,667 12,027' 11,552 12,903 4,415 4,485 8,091 1,576 47 48 49 50 51 52 53 14,562 4,857 4,578 7,827 7,667 8,832 12,210 1,687 1,747 280 4,234 2,689 1,282 4,212 4,501 70 4,760 74 7,450 614 50,332 32,056 224 437 5,610 3,512 1,663 16,449 8,870 77 138 8,947 2,632 6,045' 887' 4,137' 10,880' 4,963' 72 54' 39 Stocks, net purchases, or sales ( ) 40 Foreign purchases 41 Foreign sales 42 Bonds, net purchases, or sales ( ) 43 Foreign purchases 44 Foreign sales Europe Canada Latin America and Caribbean Asia Japan Africa Other countries 10,060 380 780 688 8,453 6,545 10,431 2 55 8,686 2,860 45 333 326 583 13,896 6,811 80 197 4,790 7,855 7,556 26 366 2,286 3,663 1,310 2,875 24 311 54 Nonmonetary international and regional organizations 1. Before January 2001, data included in United Kingdom. 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3. Includes state and local government securities and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Securities Holdings and Transactions 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 55 Foreign Transactions1 Millions of dollars; net purchases, or sales ( ) during period Area or country Jan.Feb. 1 Total estimated 2 Foreign countries Sept. 83,916 25,126' 29,760 46,903 117,910 273,743' 83,917 24,729' 5,772' 12,341 33,367 29,756 46,779 37,138 8,509 754 873 359 558 176 925 1,824 18 8,908 3,660 19,595 161 2,104 301 903 60 53 9,206 1,070 5,843 664 3,667 1,573 1,464 440 785 1,099 711 13,379 438 8,578 1,750 5,187 26 2,402 2,811 25,857 30,249 61 738 3 4 5 6 7 8 9 10 11 12 13 Europe Belgium2 Germany Luxembourg2 Netherlands Sweden Switzerland United Kingdom Channel Islands and Isle of Man3 Other Europe and former U.S.S.R Canada 43,678 2,046 3,931 1,609 17,020 2,923 448 61,606 724 613 5,197 46,933 1,736 7,885 913 153 432 4,900 30,551 1,555 1,192 10,783 23,262 1,412 640 741 118 1,159 658 22,585 1,508 2,735 2,414 15,734 1,565 2,422 355 474 393 1,603 8,288 69 1,513 1,260 15,679 239 86 149 3,428 369 451 12,268 45 322 1,063 95 605 275 449 1,877 966 495 5,483 226 2,445 3,606 2,008 331 794 61 592 623 562 2,126 80 5,209 1,577 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 20,023 59 20,862 780 55,656 30,498 841 2,909 24,309' 321 17,147' 6,841 184,641 148,932 55 7,022 6,281 32 2,311 4,002 52,856 56,839 77 819 166' 9 1,248' 1,405 7,972 9,721 47 356 440' 44 3,301' 2,817 20,657 21,540 157 328 9,600 32 9,882 250 25,114 21,534 37 491 2,018 7 1,769 242 27,444 24,325 43 277 2,015 26,358 20,659 1,094 6 91 1,191 26,999 26,590 16 1,557 2,011 1,642 3 726 446 53 1 262 14 397 380 16 210 185 44 303 562 0 71 150 10 4 325 0 124 341 1 125 79 13 117,910 7,149 110,761 273,743' 109,345 164,398' 83,917 42,981 40,936 24,729' 963 25,692' 5,772' 8,076 2,304' 12,341 19,451 7,110 33,367 18,883 14,484 29,756 11,329 18,427 46,779 26,910 19,869 37,138 16,071 21,067 6,910 52 970 0 271 51 416 0 561 0 222 0 837 0 133 0 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional MEMO 25 Foreign countries 26 Official institutions 27 Other foreign Oil-exporting countries 28 Middle East* 29 Africa5 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds andnotes held by official institutions of foreign countries. 2. Before January 2001, combined data reported for Belgium and Luxembourg. 3. Before January 2001, these data were included in the data reported for the United Kingdom. 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 5. Comprises Algeria, Gabon, Libya, and Nigeria. 56 Federal Reserve Bulletin Statistical Supplement • June 2004 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted Apr. Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 Greece/drachma Hong Kong/dollar India/rupee Japan/yen Malays ia/ringgit Mexico/peso 13 14 15 16 17 18 19 20 21 21 23 24 New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 51.69 2.3527 1.5487 8.2770 8.3323 0.8952 n.a. 7.7997 47.22 121.57 3.8000 9.337 54.37 2.9213 1.5704 8.2770 7.8862 0.9454 n.a. 7.7997 48.63 125.22 3.8000 9.663 65.24 3.0750 1.4008 8.2772 6.5774 1.1321 n.a. 7.7875 46.59 115.94 3.8000 10.793 71.58 2.9150 1.3130 8.2769 6.3526 1.1710 n.a. 7.7637 45.55 109.18 3.8000 11.149 73.91 2.9255 1.3128 8.2770 6.0537 1.2298 n.a. 7.7645 45.57 107.74 3.8000 11.252 77.17 2.8533 1.2958 8.2770 5.8952 1.2638 n.a. 7.7663 45.46 106.27 3.8000 10.920 77.70 2.9342 1.3299 8.2771 5.8956 1.2640 n.a. 7.7748 45.27 106.71 3.8000 11.032 74.96 2.9067 1.3286 8.2771 6.0757 1.2261 n.a. 7.7930 44.97 108.52 3.8000 11.019 74.43 2.9079 1.3420 8.2769 6.2104 1.1989 n.a. 7.7970 43.89 107.66 3.8000 11.270 42.02 8.9964 1.7930 8.6093 1,292.01 89.602 10.3425 1.6891 33.824 44.532 143.96 724.10 46.45 7.9839 1.7908 10.5176 1,250.31 95.773 9.7233 1.5567 34.536 43.019 150.25 1,161.19 58.22 7.0803 1.7429 7.5550 1,192.08 96.541 8.0787 1.3450 34.405 41.556 163.47 1,613.43 62.85 7.0054 1.7282 6.7205 1,186.39 96.011 7.6799 1.3318 34.036 39.935 168.97 1,600.00 64.71 6.7128 1.7107 6.5374 1,192.34 96.413 7.3395 1.2643 34.056 39.745 175.16 1,599.86 67.38 6.8117 1.6965 6.9398 1,183.35 98.009 7.2334 1.2391 33.669 39.124 182.55 1,600.00 69.16 6.9508 1.6869 6.7542 1,167.53 98.507 7.2630 1.2448 33.214 39.116 186.73 1,818.95 66.07 6.9598 1.6996 6.6140 1,166.29 97.522 7.5322 1.2778 33.252 39.470 182.61 1,920.00 64.15 6.9263 1.6849 6.5747 1,152.86 98.132 7.6496 1.2969 32.971 39.453 180.31 1,920.00 Indexes4 25 Broad (January 1997=100)5 26 Major currencies (March 1973=100)6 27 Other important trading partners (January 1997= 100)7 125.91 107.66 126.75 105.98 119.28 93.04 116.07 88.51 114.51 86.27 112.54 84.43 113.10 84.97 114.26 86.48 115.12 87.44 112.19' 111.60' 110.61' 104.89' 97.66' 101.54' 92.88' 99.91' 90.28' 98.47' 88.87' 99.20' 89.80' 100.53' 91.61' 101.37 92.68 REAL 28 Broad (March 1973=100)5 29 Major currencies (March 1973=100)6 30 Other important trading partners (March 1973=100)7 120.11 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at: www.federalreserve.gov/releases. 2. U.S. cents per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below: Euro equals 13.7603 40.3399 5.94573 6.55957 1.95583 .787564 Austrian schillings Belgian francs Finnish markkas French francs German marks Irish pounds 1,936.27 40.3399 2.20371 200.482 166.386 340.750 Italian lire Luxembourg francs Netherlands guilders Portuguese escudos Spanish pesetas Greek drachmas 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 ofthe dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average ofthe foreign exchange value ofthe 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 ofthe importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average ofthe foreign exchange value ofthe 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 ofthe subset of currencies in the index sum to one. 7. Weighted average ofthe foreign exchange value ofthe U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables and Statistical Releases SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title and Date Issue Page Reference Assets and liabilities of commercial banks September 30,2003 December 31,2003 March 31,2003 June 30, 2003 February May August November 2004 2004 2003 2003 58 58 A58 A58 Supplement Supplement Bulletin Bulletin Terms of lending at commercial banks November 2003 February 2004 May 2003 August 2003 February May August November 2004 2004 2003 2003 60 60 A60 A60 Supplement Supplement Bulletin Bulletin Assets and liabilities of US. branches and agencies of foreign banks September 30,2003 December 31,2003 March 31,2003 June 30, 2003 February May August November 2004 2004 2003 2003 66 66 A66 A66 Supplement Supplement Bulletin Bulletin August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin Residential lending reported under the Home Mortgage Disclosure Act 1989-2001 1990-2002 September 2002 September 2003 A58 A58 Bulletin Bulletin Disposition of applications for private mortgage insurance 1998-2001 1999-2002 September 2002 September 2003 A67 A67 Bulletin Bulletin Small loans to businesses and farms 1996-2001 1996-2002 September 2002 September 2003 A70 A70 Bulletin Bulletin Community development lending reported under the Community Reinvestment Act 2001 2002 September 2002 September 2003 A73 A73 Bulletin Bulletin Pro forma financial statements for Federal Reserve priced services * March 31,2001 June 30, 2001 September 30, 2001 *The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue. The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress). 58 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 46, 49-51, 53 Liabilities to, 45-48, 52, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 46, 47, 49, 52, 53 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EURO, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit and retail sales, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44, 45 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10 U.S. GOVERNMENT balances Commercial bank holdings, 15-21 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 Open market transactions, 9 Outstanding, by type and holder, 25, 26 Rates, 23 U.S. international transactions, 44-55 Utilities, production, 43 VETERANS Affairs, Department of, 32, 33 WEEKLY reporting banks, 17, 18 YIELDS (See Interest rates) 59
@FedFRASER