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Volume2 • Number 3 • March 2005 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 the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin. 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: Table of Contents These tables reflect data available as of the second week of March 2005. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Reserve Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. Treasury— Types and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 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 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • March 2005 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 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 Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to foreigners 52 Claims on foreigners SPECIAL TABLES 58 Assets and liabilities of commercial banks, December 31, 2004 60 INDEX TO STATISTICAL TABLES Symbols and Abbreviations c e n.a. n.e.c. p r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven 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 TIPS VA 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 See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • March 2005 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Ql Q2 Q3 Q4 Aug. Sept. 25.7 22.3 5.6 9.9 1.6 1 1 2 3 4 Reserves of depository institutions Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 7 M3 5.2 5.7 5.2 4.3 18.5 14.6 18.0 5.6 .7 2.1 7.1 6.6 4.7 26.0 2.5 40.2 41.2 38.2 7.2 5.9 3.4 5.6 6.1 7.8 9.4 3.8 3.6 4.2 5.5 5.5 3.4 16.2 3.9 4.2 6.7 6.2 3.5 5.7 5.5 1.2 .7' 4.8 7.0 3.2 14.7 11.5 5.6 8.2 1.6 6.6 7.8 .9 36.0 1.6 3.2 35.1 52.6 11.4 6.4 9.7 12.5 12.0 3.8 .3 17.9 22.9 2.9 25.4 Nontransaction components 8 In M2 5 9 In M3 only6 Time and savings deposits Commercial banks Savings, including MMDAs Smalltime7 Large time8'9 Thrift institutions 13 Savings, including MMDAs 14 Smalltime7 15 Large time8 10 11 12 13.5 4.4 30.7 2.3 5.1 3.8 16.2 3.4 22.1 13.2 4.1 Money market mutual funds 16 Retail10 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars 9.5 4.1 14.9 25.2 9.2 21.8 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. 21.6 5.2 4.6' 2.7 2.3 3.9 2.4 6.4 17.0 13.8 20.2 .1 4.7 .6 13.4 6.9 3.1' .7 4.3 5.4 7.4 5.2 6.0 7.9 5.1 4.8' 5.7 7.7 11.5 7.9 3.3 15.4 2.9 9.5 11.2 7.4 4.6 9.4 4.0 23.6 5.8 26.8 1.1' .9 30.2 2.8 7.1 37.2 9.2 5.0 11.7 26.2 9.2 10.3 3.9 .6 2.9 33.3 37.9 36.8 17.8 7.3' 16.9 15.6 11.0' .0 38.6 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 Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 785,980 717,058 717,058 262,819 435,977 15,999 2,263 0 27,976 60 9 0 51 717 40,169 11,043 2,200 36,435 778,581 709,268 709,268 259,732 431,670 15,683 2,182 0 27,107 511 431 0 80 751 40,943 11,043 2,200 36,399 779,870 711,264 711,264 260,864 432,526 15,683 2,191 0 28,607 76 785,510 711,968 711,968 261,558 432,526 15,683 2,200 0 33,643 73 782,660 717,589 717,589 262,798 436,429 16,108 2,254 0 24,821 61 39,938 11,043 2,200 36,435 56 246 40,435 11,043 2,200 36,435 784,467 717,674 717,674 262,861 436,429 16,108 2,276 0 25,393 75 19 0 56 450 40,876 11,043 2,200 36,435 790,621 717,727 71 508 39,414 11,043 2,200 36,417 784,129 715,618 715,618 262,729 434,987 15,683 2,218 0 28,071 55 3 0 51 141 40,244 11,043 2,200 36,435 748,709 27,461 27,461 0 296 753,451 28,609 28,609 0 268 748,462 27,349 27,349 0 300 749,823 27,655 27,655 0 293 28,086 0 279 751,418 28,393 28,393 0 262 751,148 27,462 27,462 0 277 753,631 28,074 28,074 0 264 756,900 30,132 30,132 0 268 15,503 4,921 95 10,177 10,177 0 310 24,764 11,615 15,347 5,060 102 9,891 15,209 4,824 93 9,962 9,962 0 331 24,542 12,362 14,757 4,419 82 9,961 9,961 0 294 25,367 11,634 15,632 5,217 88 10,024 10,024 0 303 25,528 11,783 15,430 4,986 144 10,023 10,023 0 278 25,717 12,586 15,166 5,047 87 9,772 9,762 11 259 25,683 12,602 15,261 5,133 97 9,761 9,761 0 270 26,140 10,775 14,915 4,631 0 237 26,619 11,464 Oct. Nov. 769,306 703,153 703,153 259,011 426,741 15,262 2,139 0 25,492 182 16 0 167 19 40,461 11,043 2,200 36,318 778,703 709,943 709,943 260,272 431,847 15,641 2,182 0 27,508 181 105 0 76 337 40,734 11,043 2,200 36,403 740,998 25,572 25,572 0 297 16,020 5,024 91 10,596 10,596 0 308 23,795 12,185 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 . . 67 in,in 262,892 436,429 16,108 31,071 54 9 0 45 2,500 39,268 11,044 2,200 36,435 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 295 26,051 11,932 Wednesday figures End-of-month figures Dec. 8 Dec. 15 791,943 717,682 717,682 262,861 436,429 16,108 2,284 0 32,000 79 24 0 55 1,120 41,062 11,043 2,200 36,435 790,726 717,813 717,813 262,970 436,429 16,108 2,306 0 33,000 57 13 0 44 493 39,362 11,045 2,200 36,435 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 . . . .. 773,725 706,834 706,834 259,303 430,125 15,262 2,143 0 25,250 121 4 0 116 114 41,635 11,043 2,200 36,364 787,310 712,870 712,870 262,458 432,526 15,683 2,202 0 33,750 77 20 0 57 806 39,807 11,043 2,200 36,435 791,766 717,819 717,819 262,970 436,429 16,108 2,312 0 33,000 43 2 0 41 925 39,978 11,045 2,200 36,434 774,187 710,134 710,134 259,739 432,526 15,683 2,186 0 24,000 82 5 0 77 953 39,018 11,043 2,200 36,399 790,414 711,595 711,595 261,190 432,526 15,683 2,196 0 39,000 72 1 0 71 89 39,658 11,043 2,200 36,417 787,478 712,891 712,891 262,477 432,526 15,683 2,205 0 33,750 56 1 0 54 898 39,884 11,043 2,200 36,435 789,100 717,072 717,072 262,733 436,429 15,683 2,226 0 30,500 53 0 51 1,377 40,098 11,043 2,200 36,435 787,876 717,661 717,661 262,861 436,429 16,108 2,262 0 28,750 56 1 0 55 669 40,740 11,043 2,200 36,435 741,440 27,037 27,037 0 299 754,226 28,201 28,201 0 283 754,877 30,783 30,783 0 270 748,889 27,729 27,729 0 295 754,296 28,084 28,084 0 753,704 27,539 27,539 0 259 752,617 28,171 28,171 0 279 752,964 27,846 27,846 0 263 757,366 28,056 28,056 0 268 758,356 29,938 29,938 0 270 16,088 5,116 92 10,571 10,571 0 310 23,918 14,551 14,196 3,759 89 10,023 10,023 0 326 25,627 14,454 17,240 5,912 80 9,963 9,963 0 1,285 26,378 11,897 15,202 4,851 85 9,962 9,962 0 304 24,907 6,808 14,916 4,575 84 9,961 9,961 0 296 25,191 17,304 15,689 5,264 84 10,023 10,023 0 318 25,241 14,724 15,195 4,831 77 10,023 10,023 0 265 25,347 17,168 15,169 5,019 115 9,772 9,762 11 262 25,941 15,371 14,161 4,047 88 9,761 9,761 0 264 26,106 15,664 16,010 5,734 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. 9,968 0 221 26,526 9,304 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 • March 2005 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 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 9,926 43,363 30,347 13,016 40,272 38,263 2,009 45 35 10,858 44,069 32,083 11,986 42,941 41,902 1,039 12,018 47,253 34,752 12,501 46 63 17 0 29 0 52 46,770 44,855 1,915 13,058 43,619 32,507 11,112 45,566 43,678 1,888 180 40 0 140 12,793 44,483 33,399 11,084 46,192 44,481 1,711 245 42 0 203 Aug. Sept. 12,111 45,056 13,037 44,840 33,416 11,424 46,453 44,887 1,566 335 97 0 238 33,386 11,670 45,497 43,946 1,551 251 18 0 233 12,019 46,654 33,660 12,994 45,678 43,961 1,717 179 15 0 164 12,113 45,564 33,467 12,096 45,581 43,808 1,772 183 105 0 78 12,018 47,253 34,752 12,501 46,770 44,855 1,915 63 11 0 52 weekly averages of daily figures for two-week periods ending on dates indicated 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Secondary Seasonal Adjustment Sept. 1 Sept. 15 Sept. 29 14,005 44,354 34,258 10,096 11,918 44,199 31,935 12,265 43,852 42,243 1,609 14,237 45,333 34,933 10,400 49,169 10,937 47,408 32,089 15,320 47,661 41,364 1,661 197 4 0 194 48,263 46,606 1,656 257 19 0 238 263 26 0 237 1,508 423 181 0 243 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. 43,026 35,391 10,974 48,343 12,953 12,265 45,217 32,709 12,508 44,974 46,628 43,068 1,715 186 28 0 158 1,906 100 7 0 93 46,364 11,974 46,093 34,081 12,012 46,055 44,385 1,670 294 218 0 76 12,186 44,909 33,300 11,609 45,486 43,699 1,786 11,693 47,565 64 68 5 0 59 12 0 56 12,375 48,851 34,264 36,802 13,301 45,957 44,093 1,864 12,050 49,177 47,068 2,108 54 14 0 40 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Seasona credit3 T7 a|-| pi'n 1 D P CPTVP Bank Boston New York Philadelphia Cleveland Richmond Atlanta On 3/11/05 Effective date Previous rate On 3/11/05 Effective date Previous rate On 3/11/05 Effective date Previous rate 3.50 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 3.25 i 4.00 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 2/2/05 3.75 i 2.70 3/3/05 2.60 i Chicago St. Louis Vlinneapolis Kansas City Dallas San Francisco 2/2/05 2/3/05 2/2/05 2/2/05 2/2/05 2/2/05 3.50 1 3.25 4.00 2/2/05 2/3/05 2/2/05 2/2/05 2/2/05 2/2/05 i 1 3.75 1 2.70 3/3/05 2.60 Range of rates for primary credit Effective date In effect Jan. 9, 2003 (beginning of program) Range (or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 2 Effective date 2005—Feb. 3 In effect March 11,2005 Range (or level)—All F.R. Banks F.R. Bank of N.Y. 3.50 3.50 3.50 3.50 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. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range (or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages (http://www.federalreserve.gov/releases/H15/data.htm). 8 1.15 Federal Reserve Bulletin Statistical Supplement • March 2005 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirem ent Type of liability Net transaction accounts^ 1 $0 million-$7.0 million2 2 More than $7.0 million-$47.6 million3 . . . . 3 More than $47.6 million Percentage of liabilities 0 3 10 4 Nonpersonal time deposits 0 5 Eurocurrency liabilities 0 NOTE. Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a member of the Federal Reserve System must hold that deposit directly with a Reserve Bank; an institution that is not a member of the System can maintain that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement corporations. 1. Total transaction accounts consists of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible 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. 12/23/04 12/23/04 12/23/04 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 May July Aug. Sept. U.S. TREASURY SECURITIES 2 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 0 409 0 66,123 66,123 0 3,831 0 63,302 63,302 0 952 0 78,894 78,894 0 0 66,355 66,355 0 3,473 0 80,572 80,572 0 500 0 59,837 59,837 0 3,155 0 60,682 60,682 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 1,693 0 9,748 8,913 0 0 0 6,998 13,879 0 1,898 0 0 0 0 0 0 17,703 21,489 0 0 0 6,535 7,652 0 1,593 0 0 0 0 0 0 19,781 23,125 0 22,814 0 45,211 64,519 12,748 0 73,093 88,276 7,814 0 76,364 97,256 783 0 4,066 6,620 1,760 0 6,998 13,879 3,078 0 0 428 0 10,029 19,771 899 0 6,535 7,652 2,765 0 0 0 2,284 0 16,031 20,655 6,003 0 21,063 6,063 5,074 0 11,588 3,800 4,107 0 11,131 5,897 713 0 2,520 2,293 275 0 244 0 568 0 5,051 1,718 695 0 0 0 1,225 0 0 0 453 0 84 2,471 8,531 0 4,062 1,423 2,280 0 4,427 0 220 0 84 0 3,163 0 0 0 0 29 0 0 0 0 2,624 0 405 0 0 0 400 0 0 0 0 3,666 0 68,513 0 26,897 54,242 0 0 36,856 0 0 3,681 0 0 5,866 0 0 6,202 0 0 1,078 0 0 5,473 0 0 6,484 0 0 5,977 0 0 1,522 138,500 133,000 138,750 136,000 173,500 182,250 179,500 172,000 180,000 183,000 153,500 157,500 166,750 158,250 4,942,131 4,946,691 392,021 391,293 427,319 426,071 416,602 417,540 465,642 468,417 510,205 512,957 510,553 511,896 547,160 548,325 8,653 310 6,227 9,688 4,725 5,752 5,343 7,335 45,589 36,536 9,908 9,864 3,487 5,804 280 1,140 13,312 26 Net change in U.S. Treasury securities FEDERAL AGENCY OBLIGATIONS Outright transactions 27 Gross purchases 28 Gross sales 29 Redemptions 0 120 30 Net change in federal agency obligations TEMPORARY TRANSACTIONS Repurchase agreements^ 3 1 Gross purchases 32 Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales 1,497,713 1,490,838 4,722,667 Reverse repurchase agreements4 35 Gross purchases 36 Gross sales 231,272 252,363 37 Net change in temporary transactions 3 8 Total net change in System Open Market Account 1,143,126 46,295 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 • March 2005 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, and loans . . Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 . . . Inflation compensation4 Federal agency3 Repurchase agreements5 Loans Items in process of collection Bank premises Other assets Denominated in foreign currencies6 All other7 19 Total assets 2,226 0 2,262 0 30,500 53 8,309 1,756 38,375 20,911 17,464 28,750 56 7,435 1,762 38,932 21,138 17,793 11,039 2,200 722 749,761 717,682 717,682 262,861 436,429 16,108 2,284 0 32,000 79 8,098 1,773 39,264 21,115 18,149 808,553 810,013 808,558 812,859 812,478 718,227 27,539 30,446 24,780 5,264 84 318 7,100 3,035 717,167 28,171 32,400 27,228 4,831 77 265 6,927 3,118 717,511 722,904 29,938 6,759 3,109 721,917 28,056 29,806 25,406 4,047 88 264 6,973 3,139 786,346 787,784 785,726 789,892 11,544 8,847 1,815 11,611 8,847 1,771 11,640 8,847 2,345 11,638 8,847 2,482 22,229 22,832 22,967 1,330,533 1,062,785 1,329,358 1,059,657 269,701 4,922 1,331,476 1,059,875 271,601 2,700 11,039 2,200 703 746,697 712,891 712,891 262,477 432,526 15,683 2,205 0 33,750 56 8,003 1,752 38,160 21,128 17,032 11,039 2,200 710 11,039 2,200 723 747,624 746,467 717,072 717,072 717,661 717,661 262,861 436,429 16,108 262,733 436,429 15,683 11,041 2,200 717 750,870 717,813 717,813 262,970 436,429 16,108 33,000 57 6,104 1,787 39,759 21,260 18,499 259,303 430,125 15,262 2,143 0 25,250 121 4,394 1,745 39,936 20,317 19,619 2,306 0 11,039 2,200 793 732,204 706,834 706,834 11,039 2,200 709 746,697 712,870 712,870 262,458 432,526 15,683 2,202 0 33,750 77 8,198 1,758 11,041 2,200 728 750,863 717,819 717,819 262,970 436,429 16,108 2,312 0 33,000 43 6,233 21,060 17,026 1,780 40,381 21,368 19,013 792,311 808,687 813,225 706,164 27,037 30,685 25,168 5,116 92 310 4,507 718,779 28,201 28,692 24,518 3,759 89 326 7,388 3,084 719,436 30,783 31,321 24,043 5,912 80 1,285 5,306 2,834 789,145 771,231 786,144 789,680 11,641 8,847 2,845 10,528 8,847 1,706 11,575 8,847 2,121 11,914 11,630 0 21,080 22,543 23,545 1,299,919 1,050,743 249,177 1,328,362 1,067,419 260,943 1,273 1,343,277 1,067,083 276,194 6,609 38,086 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holding: Reverse repurchase agreements8 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities 27,846 30,501 25,104 5,019 115 262 27,476 21,433 5,734 87 221 5,634 3,193 CAPITAL ACCOUNTS 30 Capital paid in 3 1 Surplus 32 Other capital accounts . . . . 33 Total capital 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 1,326,221 1,063,580 262,641 3,532 267,748 3,404 1,340,321 1,063,222 277,099 5,782 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 842,585 846,549 849,669 850,737 848,985 834,281 841,852 848,369 124,359 718,227 718,227 11,039 2,200 704,988 0 129,382 717,167 717,167 11,039 2,200 703,928 0 132,158 717,511 717,511 11,039 2,200 704,272 0 128,820 721,917 721,917 11,039 2,200 708,678 0 126,081 722,904 722,904 11,041 2,200 709,664 0 128,117 706,164 706,164 11,039 2,200 692,925 0 123,073 718,779 718,779 11,039 2,200 705,540 0 128,933 719,436 719,436 11,041 2,200 706,196 0 746,641 747,572 746,411 749,682 750,813 732,084 746,620 750,819 27,599 28,224 27,884 28,082 29,952 27,139 28,220 30,808 719,042 719,347 718,526 721,601 720,861 704,944 718,399 720,011 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 Dec. 15 Dec. 22 1 Total loans 12 44 0 18 34 0 18 38 79 0 57 0 0 712,891 717,072 717,661 717,682 717,813 42,564 162,381 172,435 205,870 54,003 75,637 42,470 163,759 172,907 208,282 54,009 75,644 42,923 164,367 171,974 208,290 54,358 75,748 54,407 153,944 170,913 208,298 54,364 75,755 54,111 154,406 170,856 208,306 54,371 75,763 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19 Total repurchase agreements2 33,750 30,500 28,750 32,000 20 Within 15 days 29,750 4,000 26,500 4,000 24,750 4,000 27,539 28,171 27,539 28,171 0 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 5 Total U.S. Treasury securities' 6 7 8 9 10 11 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 12 Total federal agency securities 13 14 15 16 17 18 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 21 16 days to 90 days 22 Total reverse repurchase agreements2 23 Within 15 days 24 16 days to 90 days Note. Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 63 15 39 4 0 706,834 712,870 717,819 36,171 169,601 169,891 203,510 50,942 76,718 30,106 174,822 172,435 205,869 54,003 75,636 30,647 178,355 170,411 208,269 54,372 75,765 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 32,000 0 33,000 0 25,250 0 29,750 4,000 33,000 0 27,846 28,056 29,938 27,037 28,201 30,783 27,846 0 28,056 0 29,938 0 27,037 0 28,201 0 30,783 0 33,750 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • March 2005 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2003 Dec. 2004 Dec. May July Aug. Sept. 44.75 44.50 43.20 747.15 46.25 45.92 44.69 751.64 46.04 45.86 44.32 754.14 45.95 45.76 44.17 758.18 46.60 46.53 44.68 758.27 Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 41.41 41.34 39.76 635.32 40.44 40.36 38.43 681.20 42.84 42.80 41.80 719.83 46.60 46.53 44.68 758.27 45.39 45.28 43.75 734.66 45.94 45.76 44.05 739.42 45.73 45.49 44.02 745.56 Not seasonally adjusted 5 6 7 8 Total reserves Nonborrowed reserves Required reserves7 Monetary base8 41.18 41.11 39.53 639.91 40.13 40.05 38.12 686.23 42.45 42.40 41.41 725.20 46.33 46.27 44.41 764.58 46.11 46.00 44.47 733.47 45.30 45.12 43.41 738.79 45.86 45.61 44.15 745.96 45.11 44.85 43.55 746.33 46.02 45.68 44.45 750.52 45.20 45.02 43.48 752.79 45.04 44.85 43.27 758.30 46.33 46.27 44.41 764.58 42.94 42.90 41.90 737.61 1.04 .05 46.77 46.34 46.22 45.57 45.39 43.68 749.33 1.89 46.19 45.95 44.48 756.48 1.71 .25 45.50 45.25 43.95 756.87 1.55 .25 46.45 46.12 44.89 760.99 1.57 .34 45.68 45.50 43.96 763.67 1.72 45.58 45.40 43.81 46.77 768.80 774.75 1.92 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base" Excess reserves12 Borrowings from the Federal Reserve 41.06 40.99 39.41 40.27 40.19 648.74 697.15 2.01 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 46.71 44.86 774.75 1.92 .06 44.69 743.75 1.64 .11 1.77 .18 46.71 44.86 .06 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 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. Sept. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,179.1 5,452.4 8,034.8 1,216.7 5,803.7 8,571.5 1,292.8 6,076.6 8,877.4 1,361.9 6,417.0 9,429.7 1,347.9 6,333.0 9,358.4 1,347.7' 6,357.8 9,363.3 1,362.7' 6,394.2 9,387.6' 1,361.9 6,417.0 9,429.7 581.4 8.0 331.7 258.0 626.4 7.8 302.4 280.2 662.4 7.7 311.2 311.5 697.3 7.6 327.8 329.1 689.9 7.6 324.5 325.9 692.5 7.6 320.0 327.6 697.2 7.6 326.5 331.4 697.3 7.6 327.8 329.1 4,273.4 2,582.4 4,587.0 2,767.8 4,783.8 2,800.8 5,055.1 3,012.7 4,985.1' 3,025.4 5,010.1 3,005.5 5,031.4 2,993.4' 5,055.1 3,012.7 Commercial banks 10 Savings deposits, including MMDAs . . , 11 Small time deposits9 12 Large time deposits10'" 1,739.9 633.6 686.3 2,061.9 589.9 695.6 2,340.7 536.2 761.0 2,637.8 542.1 911.9 2,560.4 535.7 883.9 2,593.2 537.0 890.9 2,617.3 540.3 894.3 2,637.8 542.1 911.9 Thrift institutions 13 Savings deposits, including MMDAs . . , 14 Small time deposits9 15 Large time deposits10 574.2 339.1 114.2 719.3 301.9 116.9 835.0 272.5 119.7 891.4 271.0 159.5 893.3 267.9 147.6 890.1 269.2 150.9 889.3' 269.4 154.7 891.4 271.0 159.5 986.5 1,194.3 914.0 1,247.1 799.4 1,117.2 712.8 1,066.4 727.7 1,100.1 720.6 1,076.1 715.1 1,066.9 712.8 1,066.4 375.8 211.8 476.8 231.5 509.3 293.6 509.9 365.1 542.1 351.8 525.0 362.6 517.2 360.4' 509.9 365.1 1,339.0 6,351.8' 9,323.6 1,357.8' 6,400.1 9,382.5' 1,389.1 6,440.1 9,460.1 692.1 7.5 697.8 7.5 316.7' 322.6' 326.1 326.5 702.8 7.5 345.3 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 only8 Money market mutual funds 16 Retail12 17 institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasons lly adjusted Measures2 20 Ml 21 M2 22 M3 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits 1,205.1 5,486.2 8,102.3 1,242.6 5,832.8 8,630.2 1,319.1 6,102.6 8,921.0 1,389.1 6,440.1 9,460.1 585.5 7.9 350.4 630.6 7.7 319.8 667.0 7.6 328.4 702.8 7.5 345.3 1,338.7 6,336.4 9,335.3 261.4 284.6 316.1 333.6 7.6 321.2 321.7 Nontrans action componen 27 In M27 28 In M3 only8 4,281.1 2,616.1 4,590.2 2,797.4 4,783.5 2,818.4 5,051.0 3,019.9 4,997.7 2,998.9 5,012.9' 2,971.7 5,042.3' 2,982.4' 5,051.0 3,019.9 Commercial banks 29 Savings deposits, including MMDAs 30 Small time deposits9 3 1 Large time deposits10'" 1,742.4 634.4 689.6 2,060.9 590.5 697.6 2,337.6 536.7 761.8 2,632.3 542.6 911.8 2,571.1 535.3 883.5 2,598.0 537.0 885.7 2,625.9 540.8 2,632.3 542.6 911.8 575.1 339.6 114.7 718.9 302.3 117.3 833.8 272.8 119.8 889.5 271.3 159.4 897.0 267.8 147.5 891.7 269.1 150.0 892.2 269.7 153.7 889.5 271.3 159.4 989.6 1,225.0 917.7 1,277.3 802.6 1,140.2 715.3 1,083.5 726.5 1,084.0 717.0 1,061.9 713.7 1,069.9 715.3 1,083.5 376.5 210.3 476.4 228.8 507.0 289.5 505.5 359.7 537.2 346.7 513.4 360.6 511.8 358.2' 505.5 359.7 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appear on following page. 333.6 13 14 Federal Reserve Bulletin Statistical Supplement • March 2005 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 domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $ 100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities1 Billions of dollars Wednesday figures Monthly averages Account Feb.1 Aug.7 Sept.' Oct.1 2005 2005 2004 2004 Nov.1 Dec.1 Jan.7 Feb. Feb. 2 Feb. 9 Feb. 16 Feb. 23 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 6,440.2 Bank credit 1,929.4 Securities in bank credit Treasury and Agency securities2 . . 1,169.9 759.5 Other securities Loans and leases in bank credit3 . . . . 4,510.8 887.6 Commercial and industrial 2,263.2 Real estate 297.6 Revolving home equity 1,965.6 Other 634.2 Consumer 243.2 Security4 482.7 Other loans and leases 342.1 Interbank loans 5 318.6 Cash assets 542.1 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 6,635.3 1,913.0 1,180.9 732.1 4,722.3 891.8 2,435.3 358.1 2,077.3 673.3 239.4 482.5 362.2 322.6 630.1 6,704.6 1,922.3 1,175.1 747.2 4,782.2 895.8 2,460.5 369.4 2,091.1 675.6 255.4 495.0 367.6 325.1 641.2 6,715.9 1,914.3 1,146.2 768.1 4,801.6 897.4 2,493.8 383.3 2,110.5 671.4 248.8 490.2 359.8 319.6 630.3 6,754.1 1,919.1 1,143.5 775.6 4,835.0 903.5 2,516.4 393.0 2,123.4 666.0 244.0 505.1 347.8 322.2 644.9 6,777.2 1,926.9 1,147.3 779.5 4,850.4 911.5 2,536.9 398.4 2,138.6 674.6 222.5 504.9 323.4 324.0 649.6 6,838.2 1,956.7 1,176.8 779.9 4,881.6 928.7 2,561.7 405.2 2,156.4 680.1 199.6 511.5 293.6 340.8 651.0 6,942.5 2,004.5 1,210.8 793.7 4,938.0 937.5 2,587.4 406.9 2,180.4 680.1 218.7 514.4 298.8 339.8 656.7 6,904.8 1,981.5 1,193.9 787.7 4,923.3 936.3 2,567.2 406.2 2,161.0 675.4 214.9 529.5 291.2 346.4 652.6 6,915.2 1,998.8 1,206.3 792.5 4,916.4 936.1 2,574.6 405.8 2,168.7 674.4 215.5 515.9 291.4 337.9 655.5 6,929.5 2,000.0 1,204.7 795.3 4,929.5 937.2 2,572.2 406.3 2,165.9 682.2 220.3 517.6 290.5 313.4 645.0 6,970.3 2,013.0 1,222.8 790.2 4,957.2 938.8 2,599.4 407.6 2,191.7 682.9 224.0 512.2 313.2 350.3 672.8 7,569.9 7,878.7 7,967.0 7,954.1 7,997.7 8,003.0 8,053.3 8,168.0 8,124.8 8,130.2 8,108.3 8,236.9 4,841.2 652.3 4,188.8 1,026.8 3,162.1 1,581.5 420.8 1,160.7 103.7 441.4 5,180.0 670.0 4,510.0 1,158.4 3,351.6 1,580.3 445.2 1,135.1 36.0 486.2 5,202.9 683.3 4,519.5 1,160.3 3,359.2 1,609.6 460.0 1,149.7 43.3 484.9 5,226.6 667.1 4,559.5 1,173.1 3,386.4 1,590.2 440.8 1,149.4 37.9 475.6 5,282.2 668.2 4,614.0 1,180.4 3,433.6 1,579.5 426.5 1,152.9 20.5 493.8 5,311.2 674.6 4,636.6 1,193.7 3,442.9 1,553.9 393.5 1,160.4 39.8 485.0 5,344.2 659.4 4,684.8 1,220.7 3,464.1 1,489.2 354.1 1,135.2 90.4 479.7 5,353.0 675.4 4,677.6 1,221.3 3,456.3 1,529.5 365.9 1,163.6 89.0 487.5 5,351.7 640.0 4,711.7 1,214.7 3,497.1 1,527.0 371.0 1,156.0 86.9 490.3 5,331.5 646.1 4,685.4 1,220.7 3,464.8 1,502.1 355.2 1,146.9 88.6 501.8 5,326.4 663.5 4,663.0 1,217.8 3,445.1 1,516.6 368.8 1,147.8 81.6 479.2 5,390.0 725.6 4,664.4 1,229.0 3,435.4 1,557.8 377.4 1,180.4 86.0 486.8 6,967.7 7,282.6 7,340.8 7,330.3 7,375.9 7,389.9 7,403.6 7,459.0 7,455.9 7,424.0 7,403.9 7,520.6 602.1 596.1 626.3 623.9 621.8 613.1 649.8 709.0 668.9 706.2 704.5 716.3 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets 6,430.6 Bank credit 1,926.5 Securities in bank credit Treasury and Agency securities2 . . 1,165.6 760.9 Other securities Loans and leases in bank credit3 . . . . 4,504.1 887.4 Commercial and industrial 2,262.0 Real estate 297.7 Revolving home equity 1,964.3 Other 638.8 Consumer 253.9 Credit cards and related plans .. 384.9 Other 4 241.8 Security 474.1 Other loans and leases 336.2 Interbank loans 316.1 Cash assets5 538.3 Other assets6 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)8 Footnotes appear on p. A21. 6,620.4 1,910.8 1,176.8 734.0 4,709.6 887.1 2,437.1 359.3 2,077.8 670.1 289.5 380.6 231.6 483.8 362.1 313.1 631.9 6,704.8 1,918.2 1,168.0 750.2 4,786.7 892.7 2,467.9 371.0 2,096.9 676.9 293.4 383.5 250.1 499.0 359.7 327.0 643.5 6,727.9 1,912.1 1,141.4 770.7 4,815.8 896.1 2,502.0 384.3 2,117.7 673.8 289.2 384.6 250.7 493.1 353.8 325.0 633.3 6,789.6 1,927.8 1,151.2 776.6 4,861.8 903.4 2,532.9 393.0 2,139.9 670.4 287.3 383.1 249.4 505.7 351.5 332.2 647.3 6,821.8 1,934.7 1,151.0 783.8 4,887.0 911.8 2,545.9 397.3 2,148.6 686.1 304.4 381.8 232.9 510.4 327.5 342.9 651.0 6,848.3 1,959.2 1,172.2 787.0 4,889.1 924.6 2,560.8 403.4 2,157.4 693.1 310.8 382.3 201.6 509.0 289.7 350.5 651.6 6,926.8 2,001.2 1,206.1 795.1 4,925.6 937.3 2,582.0 407.1 2,174.9 684.9 300.3 384.7 216.6 504.8 293.8 336.8 651.8 6,906.5 1,981.8 1,190.0 791.8 4,924.7 933.5 2,564.7 405.5 2,159.3 686.5 301.6 384.9 216.7 523.3 290.1 341.7 653.7 6,903.5 1,996.4 1,201.3 795.1 4,907.0 933.8 2,573.9 406.2 2,167.8 681.5 295.4 386.1 214.0 503.8 285.1 318.3 652.7 6,915.8 1,996.4 1,199.8 796.7 4,919.3 937.4 2,569.2 407.2 2,162.0 688.1 302.5 385.6 215.7 509.0 289.1 320.6 640.4 6,942.3 2,009.7 1,218.2 791.6 4,932.6 938.5 2,589.4 407.8 2,181.6 686.5 302.8 383.6 218.0 500.2 300.0 356.4 661.0 7,547.7 7,855.9 7,963.5 7,969.3 8,049.5 8,071.9 8,069.8 8,139.0 8,121.5 8,089.3 8,095.5 8,189.9 4,842.3 644.4 4,197.9 1,035.6 3,162.3 1,579.1 417.7 1,161.3 108.9 446.7 5,158.5 651.5 4,507.0 1,150.8 3,356.2 1,576.6 447.7 1,129.0 36.1 486.1 5,193.3 675.2 4,518.1 1,149.2 3,368.9 1,613.6 460.4 1,153.1 47.1 489.6 5,220.7 665.9 4,554.8 1,157.4 3,397.5 1,587.8 440.9 1,146.9 43.3 482.1 5,293.1 674.1 4,619.0 1,170.7 3,448.3 1,572.4 423.9 1,148.5 29.7 506.4 5,340.1 711.8 4,628.3 1,191.5 3,436.8 1,540.5 391.9 1,148.6 47.3 494.8 5,345.3 671.9 4,673.4 1,231.4 3,442.0 1,485.9 351.1 1,134.9 95.5 485.3 5,355.4 667.2 4,688.2 1,231.9 3,456.3 1,527.6 363.4 1,164.2 93.8 493.8 5,351.0 639.3 4,711.7 1,229.0 3,482.7 1,530.4 368.2 1,162.1 90.5 495.4 5,332.8 621.5 4,711.2 1,235.5 3,475.7 1,497.3 351.7 1,145.6 92.3 507.1 5,340.3 663.6 4,676.7 1,227.0 3,449.7 1,520.8 367.2 1,153.6 86.7 486.2 5,377.4 719.9 4,657.5 1,237.3 3,420.2 1,553.0 374.1 1,179.0 93.8 496.5 6,977.0 7,257.2 7,343.6 7,334.0 7,401.7 7,422.7 7,412.0 7,470.6 7,467.3 7,429.5 7,434.0 7,520.8 570.6 598.7 619.9 635.3 647.9 649.2 657.8 668.4 654.2 659.7 661.5 669.2 16 Federal Reserve Bulletin Statistical Supplement • March 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account Feb.1 Aug.7 Sept.' Oct.1 2005 2005 2004 2004 Nov.1 Dec.1 Jan.7 Feb. Feb. 2 Feb. 9 Feb. 16 Feb. 23 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 5,787.4 Bank credit 1,663.9 Securities in bank credit Treasury and Agency securities2 . . 1,070.2 593.6 Other securities Loans and leases in bank credit3 . . . . 4,123.5 751.1 Commercial and industrial 2,246.0 Real estate 297.6 Revolving home equity 1,948.4 Other 634.2 Consumer 103.1 Security4 389.2 Other loans and leases 310.2 Interbank loans 263.6 Cash assets5 516.1 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 5,986.4 1,652.2 1,088.5 563.7 4,334.2 755.7 2,419.0 358.1 2,060.9 673.3 92.2 394.1 329.1 261.0 593.1 6,046.3 1,661.9 1,083.8 578.1 4,384.3 761.7 2,444.2 369.4 2,074.8 675.6 99.0 403.9 333.6 263.8 600.0 6,048.5 1,644.1 1,053.6 590.5 4,404.4 762.4 2,477.0 383.3 2,093.7 671.4 94.7 399.0 325.8 260.0 594.0 6,068.4 1,640.0 1,053.1 586.9 4,428.5 767.6 2,499.0 393.0 2,106.0 666.0 88.6 407.2 305.0 260.9 608.9 6,133.6 1,660.2 1,063.9 596.3 4,473.4 772.7 2,519.4 398.4 2,121.0 674.6 97.7 409.1 280.4 264.5 611.7 6,200.5 1,679.6 1,091.3 588.3 4,520.9 785.2 2,544.4 405.2 2,139.1 680.1 99.0 412.2 245.2 278.6 621.1 6,283.3 1,719.5 1,116.2 603.3 4,563.9 792.5 2,570.4 406.9 2,163.5 680.1 107.7 413.2 253.6 279.0 626.5 6,254.9 1,699.7 1,103.6 596.0 4,555.2 790.6 2,550.0 406.2 2,143.8 675.4 110.2 429.0 237.2 283.1 626.7 6,253.1 1,712.7 1,113.2 599.5 4,540.5 790.2 2,557.3 405.8 2,151.5 674.4 104.0 414.6 249.5 276.6 624.8 6,267.9 1,714.3 1,111.2 603.0 4,553.6 792.1 2,555.0 406.3 2,148.7 682.2 108.2 416.2 249.4 253.5 617.2 6,310.6 1,730.5 1,126.6 603.9 4,580.1 793.7 2,582.8 407.6 2,175.2 682.9 110.5 410.3 267.3 289.5 639.9 6,804.6 7,098.7 7,172.6 7,157.3 7,172.4 7,219.4 7,275.5 7,372.9 7,332.1 7,334.6 7,318.3 7,438.1 4,373.0 640.4 3,732.6 575.7 3,156.9 1,237.9 377.0 860.9 256.3 338.7 4,635.1 658.9 3,976.2 640.6 3,335.6 1,259.8 402.4 857.4 213.1 399.9 4,664.9 672.4 3,992.5 650.0 3,342.5 1,278.3 409.3 868.9 209.1 397.7 4,680.9 655.0 4,025.9 653.7 3,372.1 1,255.0 394.8 860.2 203.1 386.9 4,739.8 656.5 4,083.4 659.1 3,424.3 1,218.3 375.1 843.2 190.3 395.2 4,770.6 662.4 4,108.2 669.5 3,438.7 1,220.3 342.6 877.7 215.3 393.3 4,795.1 647.5 4,147.6 686.8 3,460.8 1,185.5 315.7 869.9 261.7 390.6 4,819.5 663.1 4,156.4 705.9 3,450.5 1,213.4 323.7 889.6 244.6 392.9 4,810.7 627.9 4,182.8 696.9 3,485.9 1,208.8 323.3 885.6 252.4 399.2 4,794.2 634.2 4,159.9 705.8 3,454.2 1,191.2 318.4 872.8 250.6 400.2 4,793.1 651.8 4,141.3 701.9 3,439.4 1,205.7 326.2 879.5 233.3 387.0 4,857.0 712.9 4,144.1 711.2 3,432.9 1,232.2 331.7 900.4 248.4 393.1 6,205.9 6,507.8 6,549.9 6,525.9 6,543.6 6,599.4 6,632.9 6,670.4 6,671.2 6,636.2 6,619.1 6,730.7 598.7 590.8 622.7 631.4 628.7 620.0 642.6 702.6 660.9 698.5 699.1 707.4 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets 5,775.5 Bank credit 1,661.0 Securities in bank credit Treasury and Agency securities2 . . 1,066.0 595.0 Other securities Loans and leases in bank credit3 . . . . 4,114.5 749.3 Commercial and industrial 2,244.8 Real estate 297.7 Revolving home equity 1,947.1 Other n.a. Other residential n.a. Commercial 638.8 Consumer 253.9 Credit cards and related plans . . 384.9 Other 4 99.2 Security 382.5 Other loans and leases 304.3 Interbank loans 261.9 Cash assets5 510.9 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)8 Footnotes appear on p. A21. 5,980.7 1,650.0 1,084.4 565.6 4,330.7 752.5 2,420.7 359.3 2,061.5 1,057.1 1,004.3 670.1 289.5 380.6 93.0 394.4 329.0 251.4 595.3 6,054.0 1,657.8 1,076.7 581.1 4,396.2 759.9 2,451.6 371.0 2,080.6 1,066.1 1,014.5 676.9 293.4 383.5 100.5 407.3 325.7 264.5 604.0 6,064.0 1,641.9 1,048.8 593.1 4,422.1 762.7 2,485.2 384.3 2,100.9 1,076.3 1,024.6 673.8 289.2 384.6 98.0 402.4 319.9 264.3 598.1 6,102.2 1,648.6 1,060.8 587.8 4,453.6 768.1 2,515.5 393.0 2,122.5 1,086.8 1,035.6 670.4 287.3 383.1 89.7 409.8 308.8 271.0 612.0 6,172.1 1,668.1 1,067.5 600.5 4,504.0 772.0 2,528.3 397.3 2,131.0 1,088.0 1,043.0 686.1 304.4 381.8 102.0 415.6 284.5 281.3 612.5 6,208.2 1,682.1 1,086.6 595.5 4,526.0 780.5 2,543.5 403.4 2,140.1 1,088.6 1,051.5 693.1 310.8 382.3 98.1 410.8 241.2 288.7 619.8 6,265.9 1,716.1 1,111.5 604.7 4,549.8 790.6 2,565.1 407.1 2,157.9 1,096.8 1,061.1 684.9 300.3 384.7 103.6 405.6 248.7 276.8 619.8 6,253.7 1,699.9 1,099.7 600.2 4,553.8 787.4 2,547.5 405.5 2,142.1 1,086.9 1,055.2 686.5 301.6 384.9 108.1 424.2 236.1 279.6 625.6 6,239.2 1,710.3 1,108.2 602.1 4,528.9 786.8 2,556.7 406.2 2,150.5 1,094.3 1,056.2 681.5 295.4 386.1 99.4 404.5 243.2 257.9 619.5 6,254.2 1,710.7 1,106.3 604.4 4,543.5 790.1 2,552.0 407.2 2,144.8 1,085.0 1,059.8 688.1 302.5 385.6 103.5 409.8 248.0 261.0 611.1 6,282.8 1,727.2 1,121.9 605.3 4,555.6 791.6 2,572.8 407.8 2,165.1 1,103.4 1,061.6 686.5 302.8 383.6 103.7 401.1 254.2 296.5 627.1 6,779.4 7,085.3 7,176.9 7,175.8 7,223.1 7,279.5 7,288.0 7,341.4 7,324.9 7,290.0 7,304.3 7,391.0 4,368.0 632.4 3,735.6 578.5 3,157.1 1,235.5 374.0 861.5 261.8 344.4 4,621.1 640.5 3,980.6 640.2 3,340.4 1,256.1 404.9 851.3 212.7 399.4 4,665.0 664.1 4,000.9 648.4 3,352.5 1,282.2 409.8 872.4 211.3 401.3 4,693.0 653.7 4,039.3 655.6 3,383.7 1,252.6 395.0 857.6 206.0 391.7 4,763.9 662.4 4,101.5 662.4 3,439.1 1,211.2 372.6 838.7 197.0 405.8 4,802.7 699.2 4,103.5 670.9 3,432.6 1,206.8 340.9 865.9 221.4 402.2 4,789.1 659.7 4,129.4 690.8 3,438.7 1,182.3 312.7 869.6 265.9 395.6 4,814.9 654.9 4,160.0 709.6 3,450.4 1,211.4 321.3 890.2 249.8 399.6 4,799.6 626.9 4,172.7 701.4 3,471.3 1,212.3 320.5 891.7 256.7 404.8 4,785.3 609.7 4,175.5 710.6 3,464.9 1,186.4 314.9 871.5 255.1 406.1 4,802.1 651.7 4,150.4 706.4 3,444.0 1,210.0 324.6 885.4 239.0 394.4 4,838.1 707.2 4,130.9 713.3 3,417.6 1,227.4 328.4 899.0 256.1 402.8 6,209.7 6,489.4 6,559.8 6,543.3 6,577.9 6,633.1 6,632.9 6,675.7 6,673.4 6,632.9 6,645.4 6,724.4 569.7 596.0 617.2 632.6 645.2 646.5 655.2 665.7 651.5 657.1 658.9 666.5 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 Feb.' Aug.7 Sept.7 Oct.7 2005 2005 2004 2004 Nov.7 Dec.7 Jan. Feb. Feb. 2 Feb. 9 Feb. 16 Feb. 23 Seasonall f adjusted Assets 3,250.8 1 Bank credit 948.8 2 Securities in bank credit 570.2 3 Treasury and Agency securities2 . . 42.9 4 Trading account 527.3 5 Investment account 417.1 6 Mortgage-backed 110.2 7 Other 378.6 8 Other securities 196.9 9 Trading account 181.7 10 Investment account 32.5 11 State and local government . . 149.1 12 Other 13 Loans and leases in bank credit3 . . . . 2,301.9 442.0 14 Commercial and industrial 1,137.5 15 Real estate 202.6 16 Revolving home equity 934.9 17 Other 596.6 18 Other residential 338.3 19 Commercial 339.9 20 Consumer 94.9 21 Security4 22 Federal funds sold to and repurchase agreements 73.8 with broker-dealers 21.1 23 Other 14.5 24 State and local government 8.7 25 Agricultural 26 Federal funds sold to and repurchase agreements with 30.4 others 131.7 27 All other loans 102.5 28 Lease-financing receivables 217.0 29 Interbank loans 30 Federal funds sold to and repurchase agreements with 109.2 commercial banks 107.8 31 Other 146.8 32 Cash assets^ 371.5 33 Other assets6 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 45 Total liabilities 46 Residual (assets less liabilities)8 Footnotes appear on p. A21. 3,299.6 930.6 574.6 40.4 534.2 424.9 109.2 356.0 191.8 164.2 32.9 131.3 2,369.0 435.9 1,197.2 245.5 951.8 601.5 350.3 362.0 85.0 3,343.0 945.8 576.6 48.0 528.6 419.7 108.9 369.2 200.9 168.3 33.3 134.9 2,397.2 438.0 1,206.6 253.9 952.8 601.7 351.1 363.6 91.5 3,336.9 931.5 553.1 41.0 512.1 407.1 104.9 378.4 210.6 167.8 33.6 134.2 2,405.4 437.3 1,223.2 263.9 959.3 605.2 354.1 365.9 87.0 3,338.4 920.8 551.4 45.6 505.8 400.9 104.8 369.5 202.1 167.3 33.5 133.9 2,417.6 439.2 1,236.3 270.9 965.3 607.8 357.5 361.3 80.6 3,386.8 941.7 565.2 35.0 530.1 426.9 103.3 376.5 211.0 165.6 33.0 132.6 2,445.1 442.3 1,248.5 275.8 972.7 613.4 359.3 362.5 89.8 3,441.8' 956.87 589.1 34.4 554.7 449.9 104.8 367.77 201.1 166.6' 33.2 133.4' 2,485.0' 450.5 1,273.1 281.0' 992.1' 630.0' 362.1 366.3' 91.0 3,496.3 995.7 615.1 52.4 562.7 457.1 105.6 380.6 203.3 177.4 34.3 143.1 2,500.6 456.1 1,271.8 282.1 989.7 623.4 366.2 367.6 99.8 3,490.9 974.8 600.2 40.1 560.1 455.4 104.7 374.6 200.8 173.8 34.1 139.7 2,516.1 454.8 1,272.3 281.6 990.7 626.6 364.0 365.9 102.3 3,489.7 990.8 610.8 52.4 558.4 453.1 105.2 380.0 205.6 174.4 34.3 140.1 2,498.9 454.9 1,276.0 281.5 994.5 630.7 363.8 365.1 96.1 3,491.6 991.4 609.9 47.7 562.2 458.1 104.1 381.6 203.8 177.8 34.5 143.3 2,500.1 455.4 1,266.2 281.5 984.8 618.8 365.9 370.4 100.2 3,508.7 1,004.0 625.5 61.2 564.4 459.2 105.2 378.5 201.2 177.3 34.0 143.4 2,504.7 457.1 1,271.4 282.6 988.9 620.8 368.0 371.2 102.7 65.2 19.7 15.7 9.2 71.6 19.9 16.0 9.3 67.6 19.3 16.6 9.5 59.8 20.7 16.6 9.5 69.4 20.4 16.9 9.6 69.0 22.0 17.0 9.4 77.8 22.0 17.0 9.3 81.0 21.3 16.9 9.4 74.3 21.7 16.9 9.4 78.5 21.7 17.0 9.3 79.3 23.3 17.1 9.3 23.1 148.6 92.5 253.7 29.6 150.6 92.0 256.3 24.6 149.6 91.8 245.6 27.1 154.6 92.3 218.2 27.0 154.3 94.3 197.3 27.2' 156.4 94.0 162.7 27.1 158.1 93.7 170.3 42.1 158.5 94.0 154.6 26.5 159.9 94.1 166.4 27.6 160.0 93.9 164.3 24.7 157.9 93.4 185.9 138.1 115.6 142.0 423.6 139.6 116.7 144.9 423.9 122.3 123.3 140.8 415.5 121.4 96.8 142.1 429.8 123.4 73.8 147.0 434.9 103.2 59.5 155.2 435.2' 105.2 65.0 152.1 439.7 95.6 59.1 155.4 437.4 104.1 62.2 149.6 437.4 101.4 62.9 133.5 439.1 118.0 67.9 161.1 443.6 3,945.1 4,080.6 4,130.0 4,100.4 4,090.6 4,128.6 4,158.4' 4,222.6 4,201.9 4,206.8 4,192.3 4,263.9 2,191.6 304.0 1,887.5 244.8 1,642.7 792.9 209.3 583.6 231.9 269.9 2,343.1 313.9 2,029.1 294.3 1,734.8 772.3 215.3 557.0 200.1 323.5 2,358.3 323.8 2,034.5 297.7 1,736.7 785.1 217.7 567.5 198.1 320.0 2,361.2 312.3 2,048.9 295.8 1,753.1 764.6 215.3 549.3 193.3 313.9 2,403.3 316.4 2,086.9 297.4 1,789.5 726.8 193.2 533.6 183.0 319.7 2,419.5 320.2 2,099.3 305.7 1,793.5 734.6 171.9 562.6 206.6 317.2 2,423.0' 309.3 2,113.7' 314.8' 1,798.9 708.6' 160.0' 548.6' 250.1 313.3' 2,429.6 316.0 2,113.6 327.0 1,786.6 726.6 163.7 562.9 236.0 316.5 2,429.9 296.4 2,133.5 322.8 1,810.7 726.1 166.4 559.7 241.5 322.3 2,415.1 299.2 2,115.9 327.1 1,788.8 712.2 161.4 550.9 239.4 325.4 2,415.0 310.4 2,104.6 325.1 1,779.5 721.5 166.9 554.6 222.4 312.8 2,447.2 352.1 2,095.1 330.4 1,764.7 733.6 167.2 566.4 243.2 316.6 3,486.3 3,639.0 3,661.6 3,633.0 3,632.8 3,677.9 3,695.0' 3,708.6 3,719.8 3,692.1 3,671.6 3,740.6 458.8 441.6 468.5 467.4 457.8 450.7 463.4' 514.0 482.1 514.7 520.7 523.3 18 Federal Reserve Bulletin Statistical Supplement • March 2005 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 Feb.1 Aug.7 Sept.' Oct.1 2005 2005 2004 2004 Nov.1 Dec.1 Jan. Feb. Feb. 2 Feb. 9 Feb. 16 Feb. 23 Not seasona lly adjusted Assets 47 Bank credit 48 Securities in bank credit 49 Treasury and Agency securities2 . 50 Trading account 51 Investment account 52 Mortgage-backed 53 Other 54 Other securities 55 Trading account 56 Investment account 57 State and local government . 58 Other 59 Loans and leases in bank credit3 . . . 60 Commercial and industrial 61 Real estate 62 Revolving home equity 63 Other 64 Other residential 65 Commercial 66 Consumer 67 Credit cards and related plans . 68 Other 69 Security4 70 Federal funds sold to and repurchase agreements with broker-dealers 71 Other 72 State and local government 73 Agricultural 74 Federal funds sold to and repurchase agreements with others 75 All other loans 76 Lease-financing receivables 77 Interbank loans 78 Federal funds sold to and repurchase agreements with commercial banks 79 Other 80 Cash assets5 81 Other assets' 82 Total assets7 83 84 85 86 87 88 89 90 91 92 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the US From others Net due to related foreign offices Other liabilities 93 Total liabilities 94 Residual (assets less liabilities)8 Footnotes appear on p. A21. 3,240.0 946.1 566.1 43.2 522.9 411.9 111.0 380.0 197.7 182.3 32.7 149.7 2,293.9 440.2 1,136.9 202.9 933.9 595.3 338.6 342.5 109.7 232.9 91.0 3,298.4 931.9 574.0 40.2 533.8 424.9 108.8 357.9 192.8 165.0 33.1 132.0 2,366.5 434.4 1,198.5 246.4 952.1 601.7 350.4 360.5 132.7 227.7 85.7 3,348.0 944.9 572.8 47.4 525.3 417.6 107.8 372.2 202.6 169.6 33.6 136.0 2,403.1 438.1 1,208.4 254.8 953.6 602.2 351.4 364.4 135.2 229.2 93.1 3,343.7 930.5 549.5 40.2 509.2 406.3 102.9 381.0 212.1 168.9 33.8 135.1 2,413.2 438.3 1,224.1 264.3 959.8 605.5 354.2 366.2 138.5 227.7 90.3 3,357.4 931.0 560.5 46.0 514.5 408.6 105.9 370.4 202.7 167.8 33.6 134.2 2,426.5 440.8 1,240.0 271.1 968.9 610.1 358.8 361.9 135.8 226.1 81.5 3,407.2 946.6 565.9 35.0 530.8 427.6 103.3 380.8 213.3 167.5 33.4 134.1 2,460.6 441.5 1,250.3 275.1 975.2 615.0 360.2 366.5 142.1 224.4 94.0 3,446.0' 960.2' 585.3 34.2 551.1 446.9 104.2 374.8' 205.0 169.8' 33.8 136.0' 2,485.9' 446.5 1,271.4' 279.6' 991.9' 629.8' 362.0 372.8' 149.6 223.2 90.3 3,480.3 992.6 610.5 52.8 557.8 451.4 106.3 382.0 204.0 178.0 34.4 143.6 2,487.8 454.2 1,267.2 282.6 984.5 620.2 364.3 370.6 145.0 225.6 95.7 3,487.1 976.4 597.7 40.2 557.5 452.4 105.1 378.7 203.0 175.7 34.5 141.2 2,510.7 451.9 1,269.0 281.1 987.8 624.8 363.0 371.1 146.1 225.0 100.3 3,475.2 989.1 606.5 52.7 553.8 448.1 105.7 382.6 207.0 175.6 34.6 141.0 2,486.1 451.8 1,274.4 281.9 992.5 629.4 363.1 369.1 143.9 225.2 91.5 3,479.1 989.2 606.4 48.2 558.2 453.0 105.2 382.9 204.5 178.4 34.6 143.8 2,489.9 453.6 1,263.1 282.6 980.5 616.1 364.4 373.6 147.3 226.3 95.5 3,484.2 1,000.2 620.4 61.6 558.7 452.7 106.0 379.8 201.9 178.0 34.1 143.9 2,484.0 454.9 1,263.3 283.1 980.2 615.4 364.8 373.6 147.9 225.7 96.0 70.8 20.2 14.5 8.6 65.8 19.9 15.7 9.2 72.8 20.3 16.0 9.3 70.2 20.1 16.6 9.4 60.5 20.9 16.6 9.5 72.7 21.3 16.9 9.7 68.5 21.8 17.0 9.5 74.6 21.1 17.0 9.2 79.4 20.9 16.9 9.3 70.8 20.7 16.9 9.2 74.8 20.7 17.0 9.2 74.2 21.8 17.1 9.1 30.4 127.8 102.1 211.1 23.1 147.1 92.3 254.1 29.6 152.2 92.0 249.8 24.6 151.4 92.4 238.7 27.1 156.3 92.6 220.5 27.0 160.4 94.2 201.5 27.2' 156.7 94.4 162.1 27.1 153.5 93.4 165.1 42.1 156.1 94.0 155.4 26.5 152.8 93.8 159.5 27.6 156.5 93.6 162.7 24.7 152.2 93.0 175.1 106.3 104.8 147.1 366.2 138.4 115.7 134.3 425.8 136.1 113.7 144.2 427.8 118.9 119.8 143.6 419.6 122.6 97.8 148.2 432.9 126.2 75.3 159.1 435.7 102.9 59.3 164.1 433.8' 102.0 63.1 152.1 433.1 96.0 59.4 154.6 436.3 99.8 59.7 138.7 432.0 100.4 62.3 140.5 433.0 111.2 63.9 166.9 430.7 3,923.0 4,074.1 4,131.7 4,107.9 4,121.1 4,166.2 4,169.7' 4,194.4 4,196.7 4,168.8 4,178.8 4,221.1 2,196.2 300.5 1,895.7 247.6 1,648.1 790.5 206.3 584.2 237.5 275.5 2,333.1 299.8 2,033.3 294.0 1,739.4 768.7 217.8 550.9 199.8 323.1 2,359.6 317.2 2,042.4 296.1 1,746.2 789.1 218.1 570.9 200.4 323.5 2,371.2 309.7 2,061.5 297.7 1,763.9 762.2 215.5 546.7 196.1 318.7 2,416.1 319.1 2,096.9 300.6 1,796.3 719.8 190.6 529.2 189.6 330.3 2,438.5 344.2 2,094.4 307.2 1,787.2 721.1 170.3 550.9 212.7 326.1 2,422.0' 317.7 2,104.3' 318.7' 1,785.6 705.3' 157.0' 548.3' 254.3 318.4' 2,435.2 312.3 2,122.9 330.7 1,792.1 724.6 161.2 563.4 241.2 323.1 2,428.4 296.1 2,132.2 327.3 1,804.9 729.5 163.6 565.9 245.8 327.9 2,416.4 283.5 2,132.9 331.9 1,801.0 707.4 157.9 549.5 243.9 331.3 2,432.2 313.5 2,118.7 329.6 1,789.1 725.7 165.3 560.4 228.0 320.2 2,444.1 350.8 2,093.3 332.5 1,760.8 728.8 163.9 564.9 250.9 326.2 3,499.7 3,624.6 3,672.6 3,648.2 3,655.8 3,698.4 3,699.9' 3,724.1 3,731.6 3,699.1 3,706.1 3,750.1 423.3 449.6 459.1 459.7 465.3 467.8 469.8' 470.3 465.1 469.7 472.7 471.1 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 Feb.1 Aug.7 Sept.' Oct.1 2005 2005 2004 2004 Nov.1 Dec.1 Jan.7 Feb. Feb. 2 Feb. 9 Feb. 16 Feb. 23 Seasonall f adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets 2,538.6 Bank credit 717.0 Securities in bank credit 502.0 Treasury and Agency securities2 . . 215.0 Other securities Loans and leases in bank credit3 . . . . 1,821.6 309.1 Commercial and industrial 1,108.5 Real estate 95.0 Revolving home equity 1,013.5 Other 294.3 Consumer 8.2 Security4 101.5 Other loans and leases 93.2 Interbank loans 5 116.8 Cash assets 144.7 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U. S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)8 2,685.0 719.8 512.1 207.7 1,965.2 319.9 1,221.8 112.6 1,109.2 311.3 7.2 105.0 75.4 119.0 169.5 2,700.3 713.2 504.3 208.9 1,987.1 323.7 1,237.6 115.5 1,122.0 312.0 7.5 106.3 77.3 118.9 176.1 2,711.8 712.8 500.7 212.1 1,999.0 325.1 1,253.8 119.4 1,134.4 305.5 7.8 106.9 80.3 119.2 178.5 2,728.3 717.4 500.0 217.4 2,010.9 328.4 1,262.7 122.0 1,140.7 304.7 8.0 107.0 86.8 118.8 179.1 2,745.7 717.5 497.7 219.8 2,028.3 330.4 1,270.9 122.5 1,148.3 312.0 7.9 107.0 83.2 117.6 176.8 2,757.8 721.9 501.2 220.6 2,035.9 334.7 1,271.3 124.3 1,147.0 313.8 8.0 108.1 82.5 123.4 186.0 2,788.9 725.7 503.0 222.6 2,063.3 336.4 1,298.6 124.8 1,173.8 312.5 7.9 107.9 83.4 126.8 186.8 2,764.6 725.4 504.0 221.5 2,039.1 335.9 1,277.6 124.5 1,153.1 309.6 7.9 108.1 82.6 127.7 189.3 2,763.9 722.3 502.8 219.5 2,041.6 335.3 1,281.3 124.4 1,156.9 309.3 7.9 107.9 83.1 127.1 187.5 2,777.5 724.1 502.6 221.5 2,053.5 336.7 1,288.7 124.8 1,163.9 311.8 8.0 108.3 85.1 120.0 178.1 2,805.2 729.8 504.4 225.4 2,075.4 336.5 1,311.4 125.0 1,186.3 311.7 7.8 108.0 81.5 128.4 196.4 2,861.5 3,016.2 3,039.6 3,057.1 3,080.1 3,089.7 3,116.1 3,152.3 3,130.8 3,128.2 3,127.2 3,177.6 2,181.4 336.4 1,845.1 330.9 1,514.2 445.0 167.7 277.3 24.4 68.8 2,292.0 345.0 1,947.0 346.3 1,600.8 487.5 187.1 300.4 13.0 76.4 2,306.6 348.6 1,958.0 352.3 1,605.7 493.1 191.7 301.4 10.9 77.7 2,319.7 342.8 1,976.9 357.9 1,619.0 490.4 179.5 310.9 9.9 73.0 2,336.5 340.0 1,996.5 361.7 1,634.8 491.5 182.0 309.5 7.3 75.5 2,351.1 342.1 2,008.9 363.7 1,645.2 485.7 170.7 315.1 8.7 76.1 2,372.1 338.2 2,033.9 372.1 1,661.9 477.0 155.7 321.3 11.6 77.3 2,389.9 347.1 2,042.8 378.9 1,663.9 486.8 160.0 326.8 8.6 76.5 2,380.9 331.5 2,049.3 374.1 1,675.2 482.8 156.9 325.9 10.9 76.9 2,379.1 335.0 2,044.1 378.7 1,665.4 479.0 157.0 321.9 11.3 74.7 2,378.1 341.4 2,036.8 376.8 1,660.0 484.3 159.3 324.9 10.9 74.2 2,409.8 360.8 2,049.0 380.9 1,668.1 498.6 164.5 334.1 5.2 76.5 2,719.6 2,868.8 2,888.3 2,892.9 2,910.8 2,921.6 2,938.0 2,961.8 2,951.4 2,944.1 2,947.6 2,990.2 141.9 147.4 151.3 164.1 169.3 168.2 178.2 190.5 179.4 184.2 179.7 187.4 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets 2,535.5 Bank credit 714.9 Securities in bank credit 499.8 Treasury and Agency securities2 . . 215.0 Other securities Loans and leases in bank credit3 . . . . 1,820.6 309.1 Commercial and industrial 1,107.9 Real estate 94.8 Revolving home equity 1,013.1 Other n.a. Other residential n.a. Commercial 296.2 Consumer 144.2 Credit cards and related plans . . 152.0 Other 4 8.2 Security 99.2 Other loans and leases 93.3 Interbank loans 114.7 Cash assets5 144.7 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)8 Footnotes appear on p. A21. 2,682.3 718.1 510.4 207.7 1,964.2 318.1 1,222.2 112.8 1,109.4 455.5 653.9 309.6 156.8 152.9 7.3 107.0 74.9 117.1 169.5 2,706.0 712.9 503.9 208.9 1,993.1 321.8 1,243.2 116.2 1,127.0 463.9 663.1 312.5 158.2 154.3 7.4 108.2 75.9 120.3 176.1 2,720.3 711.4 499.3 212.1 2,008.9 324.3 1,261.1 120.0 1,141.1 470.8 670.4 307.7 150.7 157.0 7.7 108.0 81.2 120.7 178.5 2,744.7 717.7 500.3 217.4 2,027.1 327.3 1,275.5 121.9 1,153.6 476.7 676.9 308.5 151.5 157.0 8.2 107.6 88.3 122.8 179.1 2,764.9 721.4 501.6 219.8 2,043.4 330.5 1,278.0 122.1 1,155.9 473.0 682.8 319.6 162.2 157.4 7.9 107.4 83.0 122.2 176.8 2,762.1 722.0 501.3 220.6 2,040.2 334.0 1,272.1 123.8 1,148.2 458.8 689.5 320.3 161.2 159.1 7.8 106.0 79.1 124.6 186.0 2,785.6 723.6 500.9 222.6 2,062.0 336.4 1,297.9 124.5 1,173.4 476.6 696.8 314.4 155.3 159.1 7.9 105.5 83.6 124.7 186.8 2,766.6 723.5 502.0 221.5 2,043.1 335.5 1,278.5 124.3 1,154.2 462.0 692.2 315.4 155.5 159.9 7.8 105.8 80.7 125.0 189.3 2,764.1 721.3 501.8 219.5 2,042.8 334.9 1,282.2 124.2 1,158.0 464.9 693.1 312.4 151.5 161.0 7.9 105.3 83.7 119.2 187.5 2,775.1 721.4 500.0 221.5 2,053.6 336.5 1,288.9 124.6 1,164.3 468.8 695.4 314.4 155.2 159.2 8.0 105.8 85.3 120.5 178.1 2,798.6 727.0 501.6 225.4 2,071.6 336.6 1,309.5 124.6 1,184.9 488.0 696.8 312.8 154.9 157.9 7.6 105.0 79.1 129.6 196.4 2,856.4 3,011.2 3,045.2 3,067.9 3,102.0 3,113.3 3,118.3 3,147.0 3,128.2 3,121.1 3,125.5 3,169.8 2,171.8 331.9 1,839.9 330.9 1,509.0 445.0 167.7 277.3 24.4 68.8 2,288.0 340.7 1,947.3 346.3 1,601.0 487.5 187.1 300.4 13.0 76.4 2,305.4 346.9 1,958.5 352.3 1,606.3 493.1 191.7 301.4 10.9 77.7 2,321.8 344.1 1,977.7 357.9 1,619.8 490.4 179.5 310.9 9.9 73.0 2,347.8 343.3 2,004.6 361.7 1,642.8 491.5 182.0 309.5 7.3 75.5 2,364.1 355.0 2,009.1 363.7 1,645.4 485.7 170.7 315.1 8.7 76.1 2,367.1 342.0 2,025.1 372.1 1,653.1 477.0 155.7 321.3 11.6 77.3 2,379.7 342.6 2,037.1 378.9 1,658.3 486.8 160.0 326.8 8.6 76.5 2,371.3 330.8 2,040.5 374.1 1,666.3 482.8 156.9 325.9 10.9 76.9 2,368.8 326.2 2,042.6 378.7 1,663.9 479.0 157.0 321.9 11.3 74.7 2,369.8 338.2 2,031.7 376.8 1,654.9 484.3 159.3 324.9 10.9 74.2 2,394.0 356.4 2,037.6 380.9 1,656.7 498.6 164.5 334.1 5.2 76.5 2,710.0 2,864.8 2,887.2 2,895.1 2,922.1 2,934.6 2,932.9 2,951.6 2,941.8 2,933.8 2,939.3 2,974.4 146.4 146.4 158.0 172.9 179.9 178.6 185.4 195.4 186.5 187.3 186.2 195.5 20 Federal Reserve Bulletin Statistical Supplement • March 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities1—Continued Billions of dollars Wednesday figures Monthly averages Account 2004 2004 Feb. Aug.' Sept.' Oct.' 2005 2005 Nov.' Dec' Jan.' Feb. Feb. 2 Feb. 9 Feb. 16 Feb. 23 Seasonally adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)8 652.8' 265.5' 99.7 165.8' 387.3 136.5 17.2 140.1 93.5 31.9 55.0' 25.9 648.8 260.8 92.4 168.4 388.1 136.1 16.3 147.3 88.4 33.1 61.6 36.9 658.3 260.4 91.3 169.1 397.9 134.1 16.3 156.4 91.1 34.0 61.3 41.2 667.4 270.3 92.6 177.6 397.1 135.1 16.8 154.1 91.2 34.0 59.6 36.3 685.7 279.1 90.4 188.8 406.6 135.9 17.4 155.4 97.9 42.8 61.2 36.0 643.6 266.7 83.4 183.2 377.0 138.8 17.6 124.7 95.9 43.0 59.4 38.0 637.7 277.1 85.5 191.5 360.6 143.5 17.3 100.6 99.3 48.4 62.3 29.8 659.2 285.0 94.6 190.5 374.2 145.0 17.0 111.0 101.2 45.1 60.8 30.3 649.9 281.9 90.2 191.6 368.0 145.6 17.2 104.7 100.5 54.0 63.3 25.9 662.0 286.1 93.1 193.0 375.9 145.9 17.3 111.5 101.3 41.9 61.3 30.7 661.7 285.8 93.5 192.3 375.9 145.1 17.2 112.2 101.4 41.1 59.8 27.8 659.7 282.5 96.2 186.3 377.2 145.1 16.6 113.5 101.9 45.9 60.8 32.9 765.2 780.0 794.4 796.8 825.3 783.6 777.8 795.0 792.7 795.5 790.0 798.8 468.1 11.9 456.2 343.6 43.8 299.8 152.6 102.7 544.9 11.1 533.8 320.5 42.8 277.7 177.1 86.3 538.0 11.0 527.1 331.4 50.6 280.7 165.8 87.2 545.7 12.1 533.6 335.2 46.0 289.3 165.2 88.7 542.4 11.8 530.6 361.2 51.4 309.8 169.9 98.6 540.6 12.2 528.4 333.7 50.9 282.7 175.5 91.7 549.1 11.9 537.2 303.7 38.4 265.3 171.3 89.1 533.5 12.3 521.2 316.1 42.1 274.0 155.6 94.5 541.0 12.1 528.9 318.1 47.7 270.4 165.5 91.1 537.3 11.8 525.5 310.9 36.8 274.1 162.0 101.6 533.3 11.7 521.6 310.8 42.6 268.2 151.7 92.2 533.0 12.7 520.3 325.6 45.6 280.0 162.4 93.7 761.8 774.7 790.9 804.4 832.3 790.5 770.6 788.6 784.7 787.8 784.7 789.9 3.4' 5.3 3.5 7.5 6.9 6.9 7.2 6.4 8.0 7.7 5.3 8.9 Not seasonally adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)8 Footnotes appear on p. A21. 655.1' 265.5' 99.7 36.2 63.5 165.8' 99.0 66.8' 389.6 138.1 17.2 142.7 91.6 31.9 54.2' 27.4 639.7 260.8 92.4 34.0 58.4 168.4 104.1 64.3 378.9 134.6 16.3 138.6 89.4 33.1 61.6 36.6 650.9 260.4 91.3 35.9 55.4 169.1 103.6 65.6 390.5 132.8 16.3 149.6 91.8 34.0 62.5 39.6 663.9 270.3 92.6 34.3 58.3 177.6 108.9 68.7 393.7 133.4 16.8 152.7 90.8 34.0 60.7 35.2 687.4 279.1 90.4 32.2 58.2 188.8 118.3 70.5 408.3 135.3 17.4 159.7 95.9 42.8 61.2 35.4 649.7 266.7 83.4 27.1 56.3 183.2 114.8 68.4 383.0 139.7 17.6 130.9 94.8 43.0 61.6 38.5 640.1 277.1 85.5 30.1 55.4 191.5 119.6 72.0 363.1 144.1 17.3 103.5 98.2 48.4 61.8 31.8 660.9 285.0 94.6 37.5 57.1 190.5 119.9 70.5 375.8 146.7 17.0 113.0 99.2 45.1 60.0 32.0 652.8 281.9 90.2 34.8 55.5 191.6 119.8 71.8 370.9 146.1 17.2 108.6 99.1 54.0 62.1 28.1 664.2 286.1 93.1 36.0 57.1 193.0 123.3 69.7 378.1 147.0 17.3 114.6 99.2 41.9 60.4 33.2 661.6 285.8 93.5 37.2 56.3 192.3 120.2 72.1 375.9 147.3 17.2 112.1 99.2 41.1 59.6 29.3 659.6 282.5 96.2 38.7 57.6 186.3 116.2 70.1 377.1 147.0 16.6 114.3 99.2 45.9 59.9 34.0 768.2 770.6 786.5 793.4 826.4 792.3 781.8 797.6 796.5 799.3 791.2 798.9 474.3 11.9 462.4 343.6 43.8 299.8 152.9 102.4 537.4 11.0 526.3 320.5 42.8 277.7 176.7 86.6 528.3 11.1 517.2 331.4 50.6 280.7 164.2 88.3 527.7 12.2 515.6 335.2 46.0 289.3 162.7 90.5 529.2 11.7 517.5 361.2 51.4 309.8 167.2 100.6 537.5 12.7 524.8 333.7 50.9 282.7 174.1 92.6 556.2 12.3 544.0 303.7 38.4 265.3 170.4 89.6 540.6 12.3 528.3 316.1 42.1 274.0 156.0 94.2 551.4 12.4 539.0 318.1 47.7 270.4 166.3 90.6 547.5 11.8 535.7 310.9 36.8 274.1 162.8 101.1 538.2 11.9 526.3 310.8 42.6 268.2 152.3 91.8 539.3 12.7 526.6 325.6 45.6 280.0 162.3 93.7 767.3 767.9 783.8 790.7 823.7 789.6 779.1 794.9 793.9 796.6 788.6 796.3 .9 2.7 2.7 2.7 2.7 2.7 2.7 2.6 2.7 2.7 2.6 2.6 Commercial Banking Institutions—Assets and Liabilities 1.26 21 Assets and Liabilities1—Continued COMMERCIAL BANKS IN THE UNITED STATES F. Memo items Billions of dollars Wednesday figures Monthly averages Account 2004 Feb. 2004 Aug.' Sept.' Oct.' 2005 2005 Nov.' Dec' Jan. Feb. Feb. 2 Feb. 9 Feb. 16 Feb. 23 Not seasonally adjusted MEMO 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items 9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 11 12 13 14 Small domestically chartered commercial banks, adjusted for m ergers 10 Mortgage-backed securities12 Securitized consumer loans Credit cards and related plans Other 1 2 3 4 5 6 Foreign-related institutions 15 Revaluation gains on off-balancesheet items 9 16 Revaluation losses on off-balancesheet items 9 17 Securitized business loans12 122.7 111.3 109.2 107.9 95.7 103.7 93.1 89.3 90.4 94.4 88.5 86.5 111.6 470.2' 348.8' 121.4' 102.0 489.3 378.9 110.4 99.2 487.0 373.8 113.2 96.4 476.1 363.9 112.2 90.5 479.7 366.4 113.2 95.1 496.2 384.7 111.5 83.7 517.1 406.4 110.7 78.8 529.5 415.2 114.3 81.6 528.5 414.5 114.0 84.4 525.2 411.0 114.2 77.9 531.1 417.0 114.1 73.6 531.0 417.3 113.7 .3 3.8 2.9 1.7 1.6 2.0 1.2 2.7 3.3 1.7 .7 151.6 130.8 20.8 151.0 130.1 21.0 149.7 128.0 21.7 151.9 130.3 21.6 155.4 132.9 22.4 155.2 133.2 22.0 152.7 131.2 21.6 155.6 133.8 21.7 155.5 133.8 21.7 153.0 131.4 21.6 153.2 131.7 21.5 6.8 6.6 6.5 6.5 6.4 6.4 6.4 6.4 6.4 6.4 6.4 329.9 214.0 206.7 327.7 213.5 206.2 327.2 220.0 212.6 333.6 221.1 213.8 338.9 221.3 214.0 342.8 208.3 201.1 341.3 223.1 215.9 340.4 208.6 201.4 339.9 205.2 198.0 346.2 205.4 198.2 7.4 7.3 7.3 7.3 7.3 7.3 7.3 7.2 7.2 7.2 7.3 7.2 62.8 57.3 56.6 59.8 64.3 58.8 54.2' 53.2 52.1 56.5 52.9 51.4 69.1 59.7 59.3 64.1 71.3 64.9 61.8 64.5 63.9 67.7 64.4 63.1 .4 .3 .3 .3 .3 .3 .2 .2 .2 .2 .2 .2 6.7 151.8' 132.8' 19.1 7.5 325.0' 219.2' 211.8' NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at: www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and ;„„ .ff—:— i—1~, !,„,,„ i 1 1 u,, i—1 "heet estimates of all foreign-related ta are break-adjusted. i. covers me loiiowmg types oi msiiiuiions m me uiiy states and the District of Columt.~. domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related es International Banking Facilities Data are Wednesday values or pro ; small domestic banks and foreignrelated institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the 340.4' 222.0 214.7 acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • March 2005 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2004 Item 1999 2000 2001 2002 2003 June July Aug. Sept. Oct. Nov. 1 All issuers 1,403,023 1,619,274 1,458,870 1,347,997 1,265,351 1,327,368 1,348,697 1,367,708 1,343,165 1,379,694 1,375,074 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 1,206,539 120,829 1,218,031 130,666 1,242,937 124,771 1,218,050 125,115 1,237,213 142,481 1,244,571 130,503 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change Rate 2001—Jan. Feb. Mar. Apr. May June Aug. Sept. Oct. Nov. Dec. 4 1 21 19 16 28 22 18 3 7 12 9.00 8.50 8.00 7.50 7.00 6.75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 4.25 4.50 4.75 5.00 5.25 30 10 21 10 14 Period Average rate 2001 2002 2003 2004 6.91 4.67 4.12 4.34 2002—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 Period Average rate 2004—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 2005—Jan 5.25 Report. Data in this table also appear in the Board's H.15 (519) weekly statistical release, available on the Board's website, at www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2004 Item 2002 2003 2004, week ending 2004 Sept. Oct. Nov. Dec. Dec. 3 Dec. 10 Dec. 17 Dec. 24 Dec. 31 MONEY MARKET INSTRUMENTS 1 Federal funds'^ 3 2 Discount window primary credit2'4 1.67 n.a. 1.13 n.a. 1.35 2.34 1.61 2.58 1.76 2.75 1.93 2.93 2.16 3.15 2.02 3.00 2.00 3.00 2.15 3.07 2.24 3.25 2.27 3.25 1.67 1.67 1.69 1.11 1.11 1.11 1.38 1.40 1.41 1.67 1.71 1.75 1.79 1.86 1.95 2.01 2.09 2.18 2.22 2.26 2.34 2.11 2.20 2.20 2.25 2.31 2.25 2.30 2.37 2.26 2.28 2.24 2.28 1.68 1.69 1 70 1.12 1.13 1 13 1.41 1.46 1 52 1.69 1.74 1 81 1.80 1.90 1 97 2.03 2.13 2 20 2.26 2.32 2 38 2.15 2.25 2 32 2.23 2.30 2 36 2.30 2.34 2 42 2.30 2.35 2 42 2.29 2.34 2 39 1.72 1.73 1.81 1.15 1.15 1.17 1.45 1.57 1.7'4 1.73 1.86 2.04 1.86 2.04 2.18 2.09 2.26 2.46 2.34 2.45 2.66 2.27 2.38 2.59 2.32 2.41 2.59 2.36 2.46 2.67 2.36 2.48 2.72 2.35 2.50 2.73 1.73 1.14 1.55 1.84 2.02 2.23 2.43 2.35 2.38 2.44 2.46 2.48 1.60 1.61 1 68 1.00 1.01 1 05 1.24 1.37 1 58 1.52 1.65 1 87 1.60 1.76 2 00 1.88 2.07 2 27 1.92 2.19 2 43 2.01 2.19 2 36 2.04 2.21 2 37 1.94 2.18 2 42 1.85 2.17 248 1.77 2.20 2 54 2.00 2.64 3.10 3.82 4.30 4.61 5.43 1.24 1.65 2.10 2.97 3.52 4.01 4.96 1.89 2.38 2.78 3.43 3.87 4.27 5.04 2.12 2.53 2.83 3.36 3.75 4.13 4.89 2.23 2.58 2.85 3.35 3.75 4.10 4.85 2.50 2.85 3.09 3.53 3.88 4.19 4.89 2.67 3.01 3.21 3.60 3.93 4.23 2.62 3.02 3.27 3.70 4.05 4.35 5.02 2.60 2.93 3.16 3.56 3.89 4.19 4.86 2.66 3.00 3.18 3.54 3.85 4.16 4.80 2.71 3.04 3.22 3.58 3.91 4.21 4.84 2.77 3.09 3.27 3.65 3.99 4.29 4.92 4.87 5.64 5.04 4.52 5.20 4.75 4.50 5.09 4.68 4.40 4.93 4.56 4.38 4.92 4.49 4.45 4.99 4.52 4.35 4.91 4.48 4.48 5.04 4.63 4.31 4.87 4.43 4.28 4.84 4.39 4.32 4.88 4.44 4.34 4.90 4.49 7.10 6.24 6.00 5.84 5.81 5.83 5.78 5.92 5.77 5.72 5.75 5.81 6.49 6.93 7.18 7.80 5.66 6.14 6.38 6.76 5.63 5.91 6.08 6.39 5.46 5.73 5.91 6.27 5.47 5.69 5.86 6.21 5.52 5.72 5.87 6.20 5.47 5.69 5.82 6.15 5.60 5.83 5.96 6.30 5.44 5.68 5.81 6.14 5.40 5.63 5.75 6.08 5.45 5.66 5.78 6.12 5.51 5.72 5.85 6.18 1.61 1.72 1.66 1.73 1.72 1.70 1.75 1.74 1.74 1.74 1.74 1.78 Commercial paper3'5'6 Non financial 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^1 18 3-year 20 7-year 22 20-year STATE AND LOCAL NOTES AND BONDS Moody's series1® 24 Baa 25 Bond Buyer series " CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend—price ratio14 NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly statistical release, available at: www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/ 2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at: http:// www.federalreserve.gov/releases/hl5/data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web pages (http://www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • March 2005 1.36 STOCK MARKET Selected Statistics May June I July Aug. Sept. Oct. Prices and trading volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31, 1965 = 50) 2 Industrial 3 Transportation 4 Utility 5 Finance 5,571.46 656.44 430.63 260.50 554.88 5,456.48 634.11 437.37 238.05 566.74 6,614.10 n.a. n.a. n.a. n.a. 6,371.44 n.a. 1,260.02 1,186.63 6,548.06 n.a. n.a. n.a. n.a. 6,443.45 n.a. n.a. n.a. n.a. 6,352.83 n.a. n.a. n.a. n.a. 6,551.90 n.a. n.a. n.a. n.a. 6,608.98 n.a. n.a. n.a. n.a. 6,933.75 n.a. n.a. n.a. n.a. 7,134.42 n.a. n.a. n.a. n.a. 7,056.84 n.a. n.a. n.a. n.a. 1,248.23 1,222.33 1,251.26 1,291.67 1,353.08 1,410.28 1,406.85 6 Standard & Poor's Corporation (1941-43= 10)1 7 American Stock Exchange (Aug. 31, 1973 = 50)2 Volume of trading (thousands of shares) 8 New York Stock Exchange 9 American Stock Exchange 1,403,376 n.a. 1,569,946 n.a. Customer financing (millions of dollars, end-of-period balances) 3 10 Margin credit at broker-dealers . . . . Free credit balances at brokers* 11 Margin accounts5 12 Cash accounts 95,690 73,340 173,220 203,790 92,560 84,920 117,850 93,580 106,250 85,060 109,820 85,540 177,030 177,100 114,720 83,530 114,330 80,280 110,720 83,400 110,870 81,610 196,990 203,790 110,960 85,740 117,850 93,580 115,350 87,260 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 70 50 70 65 50 65 1. In July 1976 a financial group, one made up of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. Dec. 6, 1971 Nov. 24, 1972 Jan. 3,1974 65 50 65 50 50 50 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2002 Sept. 30 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 Sept. 30 6,433.0 6,487.7 6,697.1 6,810.3 7,023.4 7,156.2 7,298.6 7,403.2 7,620.4' 6,405.7 3,647.4 2,758.3 6,460.8 3,710.8 2,750.0 6,670.1 3,816.3 2,853.8 6,783.2 3,923.9 2,859.3 6,998.0 4,044.1 2,954.5 7,131.1 4,176.7 2,954.4 7,274.3 4,218.7 3,055.6 7,379.0 4,303.4 3,075.7 7,596.1' 4,407.1' 3,189.1' 27.3 27.3 .0 26.9 26.9 .0 27.0 27.0 .0 27.0 27.0 .0 25.4 24.9 .5 25.1 25.1 .0 24.2 24.2 .0 24.2 23.7 24.3' 23.9' 7,088.6 7,229.3 7,088.5 .1 7,229.2 .1 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 6,359.1 .3 6,399.8 .2 6,625.3 .2 6,737.3 .3 6,952.6 .3 .4 .4' 7,333.4 7,535.6' 7,333.2 7,535.5' MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' . Nonmarketable2 State and local government series . . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non-interest-bearing By holder1 U.S. Treasury and other federal agencies and trust funds Federal Reserve Banks6 Private investors Depository institutions Mutual funds Insurance companies State and local treasuries7 Individuals Savings bonds Pension funds Private State and Local Foreign and international8 Other miscellaneous investors7'9 Ql Q2 Q3 Q4 7,364.2 3,846.0 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 .0 191.7 5,943.4 6,405.7 6,998.0 7,596.1 5,930.8 2,982.9 811.3 1,413.9 140.1 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 6,982.0 3,575.1 928.8 1,905.7 564.3 176.2 3,406.9 149.2 9.7 9.7 .0 192.2 3,007.0 16.0 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 .0 191.7 7,115.6 3,721.1 985.0 1,983.4 564.3 188.4 3,394.5 155.7 7,259.1 3,755.4 946.8 2,052.2 556.0 200.4 3,503.7 161.5 6.7 6.7 .0 6.4 6.4 .0 193.5 3,230.6 3,008.6 17.6 15.4 194.1 3,111.7 15.3 961.5 2,109.5 552.0 223.0 3,518.2 158.2 5.9 5.9 .0 194.1 3,130.0 14.9 2,572.2 551.7 2,819.5 181.5 257.5 105.7 339.4 2,757.8 629.4 3,018.5 222.8 278.8 139.7 351.5 2,955.1 666.7 3,377.9 154.0 279.6 136.5 3,189.1 717.8 3,667.1 127.8 254.3 147.6 382.1 2,954.4' 674.1 3,502.8 165.0 281.3 140.7 365.4' 3,055.6' 687.4 3,531.5 161.6 258.8 143.6 374.7' 3,075.7' 700.3 3,607.0 141.0' 254.5' 146.6' 374.3' 3,189.1 717.8 3,667.1 127.8 254.3 147.6 382.1 190.3 273.1 120.6 152.4 1,051.2 435.7 194.9 278.8 134.7 144.1 1,246.8 323.4 203.8 288.2 140.8 147.4 1,538.1 452.6 204.4 299.0 152.3 146.7 1,942.0 n.a. 204.4 291.1 142.9 148.2 1,680.8' 366.4' 204.6 299.4' 146.0 153.4' 1,828.3' 251.7' 204.1 298.1' 150.4' 147.7' 1,886.2' 276.2 204.4 299.0 152.3 146.7 1,942.0 n.a. 602.7 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. 2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. 3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. 3,230.6 17.6 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors. SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin, unless otherwise noted. 26 Federal Reserve Bulletin Statistical Supplement • March 2005 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2004 Item By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven2 6 Inflation-indexed 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 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate w itn otner U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate Sept. Oct. 2004, week ending Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 61,588 52,124 60,262 55,520 59,458 59,798 63,107 62,219 53,009 61,605 50,008 47,213 170,510 157,220 193,958 172,857 195,399 179,059 214,546 198,208 176,969 157,415 126,946 108,584 142,642 128,400 141,274 121,427 186,871 134,300 107,904 150,043 188,436 154,867 111,268 52,134 128,750 29,390 6,470 112,341 24,767 11,389 125,280 28,322 7,390 106,726 25,303 11,650 135,429 28,348 6,630 135,826 26,225 5,386 105,609 27,872 7,542 145,640 34,842 6,815 146,763 33,633 6,009 122,035 27,099 5,788 84,214 20,285 5,916 52,259 16,448 1,856 60,230 55,610 60,816 52,500 57,954 71,466 65,169 52,446 49,256 62,028 63,399 61,672 9,133 9,428 8,231 7,993 10,385 7,276 8,476 5,741 6,939 4,370 6,668 3,720 6,267 8,224 6,654 7,474 8,252 5,298 6,623 5,032 11,572 6,674 5,479 2,055 5,816 452 5,565 494 5,317 612 5,243 495 7,670 1,157 5,774 663 3,584 235 3,749 382 4,269 675 4,983 850 4,063 483 1,401 457 208,021 220,081 227,382 166,204 392,997 220,569 144,062 160,488 383,618 214,534 123,644 47,246 136,302 21,947 129,390 23,005 137,987 23,540 122,868 20,010 137,389 27,140 155,772 22,541 140,646 24,940 125,960 20,066 148,423 23,954 159,180 25,261 161,734 19,384 132,709 9,067 247,860 222,103 240,558 220,913 258,743 231,075 227,370 264,516 267,174 242,988 180,523 127,015 8,437 58,623 686 9,330 65,423 847 7,795 61,398 837 8,831 47,361 812 9,627 105,783 920 7,460 58,858 660 6,310 35,308 959 6,624 48,328 755 8,185 92,230 919 7,190 61,613 763 7,161 41,081 657 4,486 15,940 124 291,491 264,138 315,927 272,570 353,391 309,519 299,210 333,250 337,645 285,821 218,114 151,478 73,462 149,398 157,565 69,992 154,658 151,548 73,836 165,984 160,690 64,874 118,843 142,066 75,792 287,213 163,609 83,016 161,711 177,654 77,778 108,754 164,627 60,726 112,160 145,270 64,527 291,388 171,458 71,715 152,922 183,678 72,93 1 82,563 180,461 64,821 31,305 141,652 W7-it'll -it'll t±r 19 20 21 22 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 2004, week ending Item, by type of security Sept. Oct. Nov. Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Dec. 22 Net outright positions2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-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 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year 26,888 20,421 30,981 23,168 29,290 18,813 28,323 54,157 55,063 26,567 12,477 30,870 41,490 40,191 39,782 35,128 39,969 39,650 47,190 42,979 41,077 46,200 30,051 35,652 36,058 36,082 38,294 34,919 32,984 38,353 42,651 45,554 53,495 18,795 3,505 1,164 12,927 4,975 1,081 17,305 4,711 331 16,052 3,221 449 17,045 2,131 442 20,836 2,120 86 17,516 6,502 354 13,867 9,397 603 15,586 9,706 475 14,239 10,621 664 15,759 12,472 86 53,556 51,355 51,977 57,281 56,251 49,699 50,314 48,934 55,814 59,174 45,717 21,520 30,011 26,806 28,095 29,746 27,483 24,349 24,806 24,392 21,371 20,509 5,205 6,099 6,574 7,806 6,214 5,545 7,532 6,460 8,412 9,217 9,695 4,348 4,260 3,396 3,913 3,590 3,377 3,459 3,826 4,316 3,393 4,328 3,319 3,819 3,336 1,679 3,251 1,284 3,304 2,323 3,417 1,997 3,596 33,662 22,899 16,193 13,228 9,016 15,602 20,128 22,147 25,314 29,006 32,474 32,315 100,428 35,091 105,298 33,343 105,708 29,201 102,600 38,926 105,094 33,394 104,391 32,086 106,825 30,309 108,210 34,100 116,097 46,776 116,504 36,535 116,570 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 992,077 1,269,837 979,187 1,149,449 1,023,884 1,194,754 997,205 1,201,086 1,021,425 1,265,647 1,067,869 1,091,230 955,025 1,259,865 1,069,114 1,153,696 1,027,558 1,233,000 1,092,887 1,203,790 1,050,781 1,286,168 171,049 215,073 162,822 214,732 163,629 209,250 173,602 213,373 178,747 207,268 171,058 193,290 136,772 222,895 163,670 212,204 164,502 228,271 168,474 214,983 165,197 219,054 50,593 318,391 53,778 339,806 59,405 348,098 55,102 353,217 52,337 355,675 60,309 330,951 61,493 350,676 66,312 353,695 58,675 375,116 59,928 365,237 64,967 384,658 118,403 58,049 120,636 58,495 117,905 59,335 122,610 56,879 120,221 58,854 119,051 57,808 116,608 60,346 113,026 61,725 113,896 60,084 112,177 56,722 108,854 60,891 660,191 1,617,458 648,781 1,514,077 677,897 1,566,035 679,815 1,563,157 665,345 1,654,234 731,626 1,430,325 589,031 1,640,894 732,574 1,535,569 678,668 1,647,547 714,582 1,619,078 673,892 1,720,086 913,630 1,184,734 891,138 1,038,288 942,410 1,103,458 922,408 1,082,615 896,395 1,203,042 1,004,653 988,125 870,091 1,183,388 1,017,851 1,039,001 983,317 1,128,691 1,014,447 1,113,965 921,322 1,224,665 311,459 146,831 318,969 140,142 295,313 153,969 319,568 145,743 297,139 172,445 309,713 130,002 265,984 168,529 298,470 147,499 309,739 160,303 311,221 149,688 287,314 159,308 407,812 216,805 419,201 248,838 430,005 239,220 404,800 269,721 429,339 239,484 454,580 214,223 405,945 264,652 442,786 223,155 437,312 242,693 470,614 232,033 451,964 254,075 193,826 50,328 196,363 51,405 187,883 49,767 189,024 51,726 197,886 50,865 188,620 49,564 180,817 50,939 183,025 46,374 189,462 44,927 210,162 40,774 202,484 45,884 1,586,506 1,523,322 1,580,014 1,406,761 1,608,532 1,476,093 1,590,560 1,481,897 1,577,446 1,592,960 1,713,598 1,313,333 1,473,272 1,594,953 1,689,010 1,388,065 1,667,767 1,500,877 1,739,013 1,462,563 1,608,362 1,606,301 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 3 1 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE. Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for pledged securities. TIIS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • March 2005 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank2'3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation 13 Federal National Mortgage Association 14 Farm Credit Banks8 15 Student Loan Marketing Association9 16 Financing Corporation 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 1,851,632 2,121,057 25,666 276 6 n.a. 26,828 n.a. 26,828 n.a. n.a. n.a. n.a. 1,825,966 594,404 426,899 642,700 74,181 45,375 8,170 1,261 29,996 2,120,781 623,740 565,071 763,500 76,673 48,350 8,170 1,261 29,996 40,575 255 n.a. n.a. 25,660 n.a. 2,351,039 July Aug. 2,768,452 2,753,085 2,765,430 25,412 6 n.a. 290 24,227 6 n.a. 163 24,041 6 n.a. 185 n.a. n.a. 25,406 n.a. n.a. n.a. 24,221 n.a. n.a. n.a. 24,035 n.a. 2,351,037 674,841 648,894 851,000 85,088 47,900 8,170 1,261 29,996 2,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 2,728,858 821,470 759,600 939,668 94,883 70,100 8,170 1,261 29,996 39,096 37,017 30,811 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13,876 25,220 n.a. 14,48' 22,52: n.a. Sept. n.a. n.a. 24,189 6 n.a. 200 24,128 6 n.a. 203 n.a. n.a. 23,795 n.a. n.a. n.a. 24,183 n.a. n.a. n.a. 24,122 n.a. 2,741,389 818,094 770,200 945,198 96,139 68,627 8,170 1,261 29,996 2,744,651 822,161 764,400 951,583 94,913 68,700 8,170 1,261 29,996 n.a. 836,725 756,900 961,434 95,714 65,439 8,170 1,261 29,996 n.a. 833,135 747,600 962,793 95,250 75,464 8,170 1,261 29,996 28,642 28,826 29,145 29,256 28,354 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. 16,127 14,684 n.a. 16,765 11,877 n.a. 16,762 12,064 n.a. 16,869 12,276 n.a. 16,985 12,271 n.a. 16,961 11,393 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending14 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 5,275 13,126 22,174 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use May July1 Aug. Sept.7 1 All issues, new and refunding1 291,919 363,888 384,237 37,792' 34,632' 24,781 27,895 24,907 31,954 24,713 32,853 By type of issue 2 General obligation . . . . 3 Revenue 118,554 170,047 145,323 214,788 144,056 238,130 7,929 29,862' 9,939' 24,693 8,860 15,921 11,542 16,353 10,253 14,654 11,856 20,098 7,113 17,600 12,787 20,066 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 5,964 253,462 21,208' 7,736 20,616 78,962 8,052' 2,310 16,702 5,768 1,694 19,224 6,977 3,396 15,917 5,594 4,477 22,520 4,957 912 16,740 7,061 3,724 22,483 6,646 7 Issues for new capital 200,255 242,882 264,623 24,556 26,501' 17,014 17,782 18,684 15,909 24,099 50,054 21,411 21,917 n.a. 57,894 22,093 33,404 n.a. 7,227 73,033 70,320 23,809 10,251 n.a. 22,339 97,736 5,262' 1,696 6,497' 1,977 397 n.a. 1,324 12,534' 756 5,171 2,200 Til n.a. 1,520 5,324 4,676 1,705 685 n.a. 2,013 7,005 3,581 1,325 672 n.a. 2,962 4,553 7,595 2,236 1,736 n.a. 859 7,446 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes 6,607 55,733 49,795 3,886 1,411 242 n.a. 2,238 3,768 SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES n.a. 1,832 12,026' 5,143 2,946 1,154 n.a. 1,340 4,998' US. Corporations Millions of dollars 2004 Type of issue, offering, or issuer 2001 2002 2003 Apr. May June July Aug. Sept. Oct. Nov. 1 All issues' 1,543,981 1,432,548 1,819,401 141,553 148,070 191,476 158,714 174,460 214,381 158,646 196,768 2 Bonds2 1,415,427 1,322,113 1,692,260 131,339 135,131 183,475 149,980 166,054 204,705 146,254 188,189 1,359,039 56,389 1,235,868 86,246 1,579,311 112,949 116,406 14,933 119,809 15,322 170,210 13,265 138,152 11,828 152,816 13,239 179,758 24,948 133,354 12,900 166,052 22,137 24,415 18,870 20,701 1,557 3,160 1,616 3,242 1,969 2,146 2,070 1,743 459,610 955,817 282,484 1,039,629 362,340 1,329,920 21,948 109,391 13,815 121,316 17,940 165,535 11,666 138,314 21,961 144,094 23,136 181,570 17,591 128,663 32,724 155,465 230,049 170,904 185,964 10,214 12,939 8,001 8,734 8,406 9,676 12,392 8,579 128,554 101,495 110,435 60,469 127,141 58,823 10,214 n.a. 12,939 n.a. 8,001 n.a. 8,734 n.a. 8,406 n.a. 9,676 n.a. 12,392 n.a. 8,579 n.a. 77,577 50,977 62,115 48,320 44,389 82,752 4,153 6,061 5,046 7,893 4,711 3,290 5,524 3,210 5,099 3,307 3,423 6,253 4,209 8,183 4,757 3,822 By type of offering 3 Sold in the United States MEMO 5 Private placements, domestic By industry group 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • March 2005 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars July Aug. Sept.7 1 Sales of own shares2 . . . 1,710,931 1,661,475 124,965 119,990 113,400 117,130 119,589 144,989 162,418 162,147 2 Redemptions of own shares . . 3 Net sales3 1,495,077 215,854 1,450,592 210,883 119,717 5,248 108,796 11,194 105,445 7,955 101,115 16,015 105,371 14,218 117,437 27,552 149,425 12,993 143,263 18,884 5,362,397 6,193,664 5,489,559 5,526,306 5,659,364 6,193,664 6,108,509 258,594 5,103,803 304,816 260,395 5,229,164 279,831 5,246,475 289,286 5,370,078 304,816 5,888,848 314,328 5,794,181 5 Cash5 . . 6 Other . . 268,651 5,368,129 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 301,153 5,458,013 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE. Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2003 Q2' 2004 Q3' Q4' Ql' Q2' Q3' Q4 ASSETS 5 LESS: Reserves for unearned income 8 All other 9 Total assets 951.2 321.4 455.3 174.5 1,022.2 365.8 457.4 198.9 1,144.0 429.2 471.9 243.0 960.6 321.4 455.8 183.4 1,000.0 359.7 445.6 194.7 1,022.2 365.8 457.4 198.9 1,056.2 374.4 475.6 206.2 1,075.4 390.1 471.3 213.9 1,097.3 416.5 456.3 224.5 1,144.0 429.2 471.9 243.0 57.0 23 8 50.8 24 6 46.2 24 8 53.8 24 5 52.0 24 5 50.8 24 6 49.6 24 1 47.3 24 0 46.5 24 1 46.2 24 8 870.3 586.4 946.8 753.9 1,072.9 767.1 882.3 662.7 923.5 719.3 946.8 753.9 982.5 750.4 1,004.1 732.2 1,026.6 746.7 1,072.9 767.1 1,456.8 1,700.8 1,840.0 1,545.1 1,642.8 1,700.8 1,732.9 1,736.4 1,773.3 1,840.0 48.0 141 5 56.2 136 3 65.2 163 9 53.2 145 3 57.6 132 9 56.2 136 3 59.8 138 6 52.6 141 4 64.1 154 3 65.2 163 9 88.2 631.9 339.8 207.3 99.9 747.1 424.7 236.6 118.2 828.1 416.4 248.2 96.6 676.6 360.5 212.9 95.9 706.6 423.0 226.8 99.9 747.1 424.7 236.6 104.9 760.6 435.6 233.4 108.1 769.1 426.6 238.5 112.7 776.7 422.6 242.9 118.2 828.1 416.4 248.2 1,456.8 1,700.8 1,840.0 1,545.1 1,642.8 1,700.8 1,732.9 1,736.4 1,773.3 1,840.0 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 July Aug. Sept. Seasonally adjusted 1 Total 2 3 4 Consumer . . Real estate . Business . . . r,248.4 r,277.4 r,333.r 515.2 207.7 525.5 519.1 217.4 540.9 542.5 239.6 551.0 554.1 252.1 557.5 r,364.8 r,377.4 r,403.0 1,419.1 555.8 253.9 555.1 559.0 257.6 560.8 567.2' 261.9 562.0 574.5 267.1 561.4 578.7 274.0 566.3 1,421.0 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . . r, 284.3 r,340.4 1,369.2 r,359.3 r,368.4 1,385.8' 1,402.9 519.7 173.9 103.5 31.5 32.7 523.9 160.2 83.3 38.9 38.7 547.7 197.0 70.0 37.6 60.9 551.7 206.3 65.0 39.9 78.5 554.4 209.4 559.4 215.3 577.4 64.2 63.5 41.4 80.3 41.3 82.4 568.1' 224.0 62.9 45.5 83.2 228.6 62.5 47.7 87.4 231.2 62.4 49.9 92.4 131.9 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 12.2 239.6 152.2 120.4 5.1 25.8 10.7 252.1 167.9 118.3 5.1 25.3 10.5 253.9 169.2 116.5 5.0 25.0 10.4 46.0 46.8 113.1 4.9 23.1 10.0 267.1 181.6 48.3 110.2 4.8 22.3 9.6 274.0 188.5 46.7 113.5 5.0 24.0 10.1' 261.9 176.2 48.3 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 35.4 2.8 565.4 95.4 18.0 52.8 24.6 35.2 2.8 551.0 88.5 18.8 44.8 24.8 34.8 2.7 555.8 84.1 19.7 38.1 26.2 34.6 2.7 558.4 86.5 19.3 41.0 26.2 277.6 74.6 265.0 68.5 260.5 68.3 260.9 68.6 262.6 69.7 203.1 105.0 196.4 110.9 192.1 110.2 35.0 2.8 551.4 87.2 19.3 43.0 24.8 259.7 68.2 191.5 110.9 192.3 111.4 192.9 110.7 34.3 2.7 564.2 89.0 18.8 44.0 26.2 262.4 69.7 192.8 116.9 50.1 5.1 42.5 2.5 23.2 50.2 2.4 45.9 1.9 20.2 13.0 7.2 17.4 48.4 2.2 44.2 2.1 22.1 12.5 9.6 25.1 45.6 2.2 43.6 2.2 45.6 2.2 41.3 2.1 22.7 12.2 10.5 25.9 39.3 2.1 41.4 2.1 22.0 11.6 10.4 25.9 48.4 2.2 44.2 2.1 24.2 11.7 12.5 47.4 2.2 43.2 2.1 24.2 11.7 12.5 26.9 16.4 6.8 7.7 NOTE. This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at: www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 11.8 10.4 26.0 257.6 172.4 47.4 26.8 48.6 44.9 2.2 40.6 2.0 24.0 11.5 12.5 27.0 before deductions for unearned income and losses. Components may not sum to totals because of rounding. 2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods, such as appliances, apparel, boats, and recreation vehicles. 4. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 5. Credit arising from transactions between manufacturers and dealers, that is, floor plan financing. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 32 Federal Reserve Bulletin Statistical Supplement • March 2005 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2004 Item 2002 2003 2005 2004 July Aug. Sept. Oct. Nov. Dec. Jan. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 2 Amount of loan (thousands of dollars) 3 Loan-to-price ratio (percent) 5 Fees and charges (percent of loan amount)2 261.1 197.0 77.8 28.9 .62 272.1 205.3 77.9 28.7 .61 292.0 215.0 76.0 28.8 .51 289.2 214.1 76.2 28.9 .48 297.5 221.8 76.9 29.1 .48 301.5 225.1 77.0 29.2 .57 297.6 218.7 76.0 29.0 .47 304.8 224.3 75.7 29.2 .49 305.5 227.0 76.6 28.8 .50 303.0 6.35 6.44 5.71 5.80 5.68 5.75 5.89 5.96 5.81 5.88 5.63 5.72 5.75 5.82 5.84 5.91 5.94 6.02 5.95 6.01 n.a. 5.81 n.a. 5.03 n.a. 5.19 n.a. 5.43 n.a. 5.22 n.a. 5.09 n.a. 5.02 n.a. 5.01 n.a. 5.04' n.a. 4.91 76.3 29.2 .48 Yield (percent per year) 8 Contract rate (HUD series)4 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 794,253 n.a. 898,445 n.a. 904,555 n.a. 892,724 n.a. 895,428 n.a. 904,543 n.a. 913,246 n.a. 912,608 n.a. 904,555 n.a. 890,834 n.a. 14 Mortgage transactions purchased (during period) 370,641 572,852 262,646 21,618 21,787 27,661 27,142 19,121 13,016 11,095 Mortgage commitments (duringperiod) 15 Issued7 16 To sell8 400,327 12 268 522,083 33 010 149,429 8 828 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 568,173 4,573 563,600 644,436 n.a. 653,641 n.a. 656,342 n.a. 661,358 n.a. 660,713 n.a. 660,301 n.a. 656,982 n.a. 653,641 n.a. 647,578 n.a. 21 Sales n.a. 547,046 n.a. 713,260 n.a. 365,148 n.a. 30,709 n.a. 23,461 n.a. 23,586 n.a. 26,541 n.a. 23,207 n.a. 27,953 n.a. 26,135 22 Mortgage commitments contracted (during period)9 620,981 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHAAA insured Mortgage transactions (duringperiod) 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 Q4 Ql Q2 Q3 Q4P 7,485,998' 8,308,833' 9,313,213' 9,313,213' 9,570,093' 9,846,775' 10,217,640' 10,507,440 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm 5,635,790' 447,858' 1,284,504' 117,847 6,309,604' 486,345' 1,387,388' 125,496 7,104,932' 557,254' 1,517,444' 133,583 7,104,932' 557,254' 1,517,444' 133,583 7,316,593' 563,682' 1,554,505' 135,313 7,541,056' 580,021' 1,587,361' 138,338' 7,851,722' 589,211' 1,636,146' 140,558' 8,071,085 601,312 1,692,604 142,441 By type of holder 6 Major financial institutions Commercial banks2 One- to four-family . . . . Multifamily Nonfarm, nonresidential Farm Savings institutions3 One- to four-family . . . . Multifamily Nonfarm, nonresidential Farm Life insurance companies . One- to four-family . . . . Multifamily Nonfarm, nonresidential Farm 2,791,076 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 1,222,126 94,178 704,097 38,025 781,378 631,392 68,679 80,730 577 250,019 4,657 36,816 195,040 13,506 3,387,865 2,256,037 1,346,908 104,901 763,579 40,649 870,884 703,374 77,994 3,387,865 2,256,037 1,346,908 104,901 763,579 40,649 870,884 703,374 77,994 3,518,918 2,329,270 1,394,747 107,440 3,666,087 3,793,873' 2,517,411' 1,522,198' 114,986 632 632 648 260,944 4,403 38,556 203,946 14,039 260,944 4,403 38,556 203,946 14,039 261,990 4,583 38,685 3,922,841 2,594,408 1,567,545 119,294 863,012 44,557 1,058,435 875,835 87,524 94,477 598 269,998 4,719 39,879 210,934 373,240 433,565 5 5 0 72,377 14,908 11,669 42,101 3,700 3,854 1,262 2,592 0 0 0 0 0 46 7 9 30 0 185,801 172,230 13,571 46,257 2,722 43,535 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 23 4 4 15 0 239,433 219,867 19,566 49,307 2,901 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 23 4 4 15 0 239,433 219,867 19,566 49,307 2,901 543,418 48 48 0 71,271 13,820 11,588 46,406 60,270 27,274 46,406 60,270 27,274 32,996 990 990 32,996 990 990 4,534,104' 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 0 0 0 0 1,044,979' 683,231' 4,534,104' 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1 All holders 2 3 4 5 Federal and related agencies Government National Mortgage Association . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Housing Admin, and Dept. of Veterans / One- to four-family Multifamily Resolution Trust Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal Deposit Insurance Corporation One- to four-family Multifamily Nonfarm, nonresidential Farm Federal National Mortgage Association One- to four-family Multifamily Federal Land Banks One- to four-family Farm Federal Home Loan Mortgage Corporation . . . One- to four-family Multifamily Federal Agricultural Mortgage Corporation . . . Farm Mortgage pools or trusts Government National Mortgage Association One- to four-family Multifamily Federal Home Loan Mortgage Corporation . One- to four-family Multifamily Federal National Mortgage Association . . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family6 Multifamily Nonfarm, nonresidential Farm Federal Agricultural Mortgage Corporation . Farm 77 Individuals and others7 . . . 78 One- to four-family . . . . 79 Multifamily 80 Nonfarm, nonresidential 81 Farm 72,452 15,824 11,712 40,965 3,952 3,290 1,260 2,031 0 0 0 0 165,957 155,419 10,538 40,885 2,406 38,479 62,792 40,309 63,887 35,851 28,036 202 202 966 966 3,606,632' 4,020,446' 591,368 569,460 21,908 948,409 940,933 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 0 0 0 0 861,842' 551,806' 59,225 250,811 0 7,476 1,290,351 1,238,125 52,226 0 0 0 0 0 774,848' 496,101' 53,759 224,988 0 1,656 1,656 715,051' 499,098' 80,493' 112,014' 23,446 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. 367 367 764,998' 548,645' 76,953' 114,580' 24,819 785,660 41,422 927,658 753,855 81,705 91,449 204,643 14,079 42,476 3,387 4,460 1,315 3,144 0 0 0 0 0 37 6 7 24 0 240,710 220,33 1 20,379 50,007 2,942 47,065 60,819 27,522 33,297 4,631,386' 464,306 438,300 26,007 67,288 67,288 294,460 0 1,003 1,003 294,460 0 1,003 1,003 1,166,862 1,150,632 16,230 1,878,030 1,802,301 75,729 0 0 0 0 0 1,121,222' 750,095' 69,108 302,019 0 966 966 854,114' 621,438' 80,219' 126,032' 854,114' 621,438' 80,219' 126,032' 876,371' 641,060' 80,313' 128,233' 26,424 26,424 26,766 76,161 0 0 0 0 0 1,044,979' 683,231' 2,435,903 1,473,532 110,832 808,610 42,928 966,533 789,486 83,952 92,455 639 263,652 4,603 38,933 205,937 14,179 543,990 45 45 0 69,681 13,668 11,581 41,172 3,260 4,550 1,324 3,226 0 0 0 0 0 42 7 8 27 0 241,510 218,845 836,332' 43,894 1,009,323 830,379 92,508 628 267,139' 4,653 39,464' 208,743' 14,279 548,298 45 45 0 69,935 13,557 11,565 41,520 3,294 4,498 1,328 3,169 0 0 0 0 0 4 4 15 0 245,183 14,466 550,589 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 23^010 51,849 3,051 48,798 61,307 27,743 33,564 910 910 245,183 222,173 23,010 52,616 3,096 49,520 61,912 28,017 33,895 918 918 317,798 0 967 967 4,914,666' 452,622' 421,431' 31,191 1,197,412 1,180,757 16,655 1,892,680 1,816,973' 75,707' 0 0 0 0 0 1,370,988' 969,921' 71,953 329,114 0 964 964 5,037,544 441,389 409,242 32,147 1,204,476 1,187,722 16,754 1,895,761 1,819,931 75,830 0 0 0 0 0 1,494,932 1,071,894 75,149 347,889 0 986 986 905,656' 674,355' 82,583' 121,361' 27,356' 960,801' 722,977' 82,118' 127,914' 27,791' 996,468 751,530 82,862 133,916 28,160 22,665 51,070 3,005 48,065 60,315 27,294 33,021 944 944 4,731,042' 458,524' 427,943' 30,581 1,184,976 1,168,494 16,482 1,879,009 1,803,584 75,425 0 0 0 0 0 1,207,566' 819,080' 70,688 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 1.55 Federal Reserve Bulletin Statistical Supplement • March 2005 CONSUMERCREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit July Aug. Sept. 7 Seasonally adjusted 722,299 1,119,857 2 Revolving . . . . 3 Nonrevolving 2 1,924,184 2,orr,282 2,052,604 2,062,nrr 2,067,514' 2,085,046 2,099,351 2,100,927 738,323 1,185,861 758,676 1,252,605 765,206 1,287,398 773,193' 1,288,978' 773,230' 1,294,283' 785,165 1,299,881 789,804 1,309,547 790,387 1,310,540 Not seasonally adjusted 4 Total . . . 5 6 7 8 9 10 11 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae . . Savings institutions Nonfinancial business Pools of securitized assets3 By major type of credit* 12 Revolving . 13 Commercial banks 14 Finance companies 15 Credit unions 16 Federal government and Sallie Mae 17 Savings institutions 18 Nonfinancial business 19 Pools of securitized assets3 20 Nonrevolving . . 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 r,878,569 1,961,771 2,050,142 2,042,174 2,049,306' 2,068,195' 2,086,786 2,103,930 2,112,721 571,803 238,133 189,570 119,521 71,100 88,759 599,684 606,372 661,038 295,424 205,877 114,629 77,850 70,339 624,986 652,683 324,672 211,684 94,830 88,115 62,920 607,269 656,373' 331,033 211,950 93,706 88,466 62,430' 605,347' 666,115' 338,995 214,203 94,204 669,626 363,794 216,370 99,336 63,526' 602,335' 668,777 352,691 215,042 99,185 89,158 59,896 602,038 60,707 604,231 667,380 373,495 217,000 98,579 90,555 61,520 604,192 750,335 766,727 238,260 250,197 38,948 22,228 n.a. 787,670 284,667 37,576 22,410 n.a. 23,848 26,494 392,676 764,611 275,594 21,606 n.a. 25,132 20,966 381,425 770,225' 278,682' 41,386 21,783 n.a. 25,249 20,392 382,733 776,136' 286,391' 41,322 22,412 n.a. 25,365 21,069 379,576 780,181 286,659 45,466 22,43 1 n.a. 25,478 17,606 382,542 785,196 286,070 47,738 22,409 n.a. 26,291 18,311 384,377 792,291 285,753 49,901 22,783 n.a. 27,078 18,449 388,327 1,262,471 376,371 257,847 183,467 114,629 54,002 43,845 232,310 1,277,563 377,089 284,784 190,078 94,830 62,983 41,954 225,845 1,279,080' 377,690' 289,647 190,167 93,706 63,218 42,038' 222,614' 1,292,059' 379,723' 297,673 191,791 94,204 63,453 42,457' 222,759' 1,306,605 382,118 307,226 192,611 99,185 63,680 42,290 219,496 1,318,734 383,556 316,056 193,961 99,336 63,577 42,396 219,854 1,320,430 381,627 323,594 194,217 98,579 63,477 43,071 215,865 31,538 22,265 n.a. 17,941 50,595 389,737 1,128,234 333,543 206,595 167,305 119,521 53,159 38,165 209,947 237,790 195,744 129,576 68,705 86,503 637,082 16,260 48,831 390,263 1,195,045 356,175 198,842 173,516 129,576 52,445 37,673 246,819 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 2004 Item 2001 2002 2003 May June July Aug. Sept. Oct. Nov. INTEREST RATES Commercial banks1 8.50 13 22 7.62 12 54 6.93 11 95 6.43 11.80 n.a. n.a. 6.55 12.02 n.a. n.a. 6.71 11.84 14.87 14.46 13.40 13.11 12.30 12.73 12.68 12.93 n.a. n.a. n.a. n.a. 13.01 13.60 n.a. n.a. n.a. n.a. 12.50 13.92 5 65 12.18 4.29 10.74 3.40 9.72 3.32 8.80 4.02 8.78 5.25 8.90 5.62 8.96 5.74 8.92 4.42 8.94 5.64 8.82 55 1 57.5 56.8 57.5 61.4 57.5 60.2 56.9 60.6 57.0 60.9 56.9 60.8 57.1 60.9 57.2 63.4 57.1 60.5 56.8 91 100 94 100 95 100 92 101 91 101 89 100 84 100 81 99 85 99 83 98 22,822 14,416 24,747 14,532 26,295 14,613 25,854 14,955 24,804 15,086 23,821 15,361 22,951 15,197 22,765 15,490 24,711 15,547 23,984 15,632 Credit card plan 4 Accounts assessed interest Auto finance companies OTHER TERMS3 Maturity (months) 8 Used car 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 Q2 Q3 Q4 Ql Q2' Q3' Q4 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages 5 Nonfederal 1,030.0' 836.6' 1,115.3' 1,315.6' 1,661.7 2,216.6' 1,581.5' 1,388.2' 2,076.7' 1,696.2 1,924.7 1,968.1 71.2 71.0 .2 295.9 294.9 1.0 5.6 5.1 .5 257.6 257.1 .5 396.0 398.4 2.4 723.0 722.5 .5 317.1 317.0 .1 360.0 368.6 8.6 483.9 482.9 1.1 444.9 448.6 3.6 207.0 208.9 1.9 314.6 1,101.2' 1,132.5' 1,120.9' 1,058.1' 1,265.7 1,493.6' 1,264.4' 1,028.1' 1,592.7' 1,251.2 1,717.7 314.0 .6 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 37.4 54.4 221.7 81.4 26.1 567.3' 424.1' 38.9' 97.9' 6.5 113.0 48.1 23.6 162.6 97.7 79.6 553.5' 409.8' 28.0' 109.2' 6.6 167.4 88.3 122.9 348.5 82.0 8.9 671.4' 509.5' 40.2' 114.1' 7.7 139.5 64.2 159.4 132.3 87.4' 20.3 814.5' 673.8' 36.8' 96.2' 7.6 83.2 40.0 135.1 158.3 82.0 10.0 996.0 795.4 70.3 122.2 8.1 88.4 81.4 182.6 297.0 42.2' 9.9 1,038.7' 825.0' 72.3' 134.4' 6.9 108.8 4.8 130.0 96.1 110.9' 22.9 1,058.4' 833.7' 72.8' 143.5' 8.5 108.9 74.3 107.7 70.6 90.8 68.7 900.0' 691.4' 94.1' 105.9' 8.6 46.1 33.8' 180.3' 114.2 46.5 23.2 1,157.9' 978.9' 19.0' 153.1' 6.9 129.7' 32.3 75.6 6.7 91.7 30.7 1,034.3 846.9 64.1 112.8 10.6 41.4 22.4 164.1 52.8 12.5 26.7 1,331.6 1,097.2 31.1 194.2 9.2 132.7 25.4 101.6 138.5 90.2 115.1 1,132.3 882.0 48.3 193.2 8.9 101.3 17 18 19 20 21 22 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 492.8' 569.9' 370.2' 194.3' 5.3 38.5 558.6' 558.5' 350.5' 197.1' 10.9 15.5 620.7' 394.4' 221.2' 162.7' 10.5 105.8 730.2' 184.0' 27.7' 148.5' 7.8 143.9 839.4 308.6 144.7 156.1 7.7 117.8 906.2' 421.2' 274.6' 143.8 2.9 166.1 900.0' 255.3' 74.6' 168.8 12.0 109.1 660.6' 271.2' 76.7' 184.7 9.8 96.3 1,089.1' 342.6' 199.3' 138.7 4.5 161.1' 918.6 275.8 95.3 167.6 12.9 56.8 1,120.3 445.6 237.3 187.5 20.9 151.8 428.5 178.9 10.8 92.0 13.0 16.3 1.9 .5 5.7 57.0 31.7 15.2 11.4 1.3 49.8 14.2 24.5 7.3 3.8 5.6 36.1 33.5 5.3 2.3 15.7 22.3 28.1 7.7 2.1 61.8 72.9 100.2 31.4 3.0 64.7 56.0 8.8 5.3 5.3 46.0 20.2 26.5 .7 .0 70.3' 99.6' 19.6 6.7 2.9 78.3 30.1 54.2 7.0 1.1 33.3 24.4 24.1 9.0 6.3 233.4 160.7 1,043.0' 893.6' 1,065.5' 1,646.1 2,154.8' 1,516.8' 1,434.1' 2,147.0' 1,617.8 1,958.0 2,201.6 1,153.7' 757.3' 923.9 770.6 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 1,321.3' 943.4 618.2 56.6 18.7 2.5 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 r,056.4 9r5.4' 1,098.0' 1,059.5 805.4 903.2 865.9' 593.3 318.8 274.6 .0 434.9 235.2 199.7 .0 642.7 304.1 338.5 .0 546.7 219.8 326.8 .0 574.3 243.7 330.5 .0 459.4 192.4 266.9 .0 767.5 459.9 307.6 .0 572.2 96.9 475.3 .0 98.2 18.2 80.1 .0 307.7 234.4 73.4 .0 167.7 108.0 59.7 .0 38.0 37.1 466.2 176.2 188.8' 12.8 107.1 6.9 370.5 131.7 187.7 3.8 42.5 4.9 260.5 45.3 265.1 13.0 25.5 2.2 319.3' 63.5 366.3' 1.5' 6.8 8.2' 482.1 63.8 511.2 4.8 31.2 8.3 456.1' 50.6 451.9' 12.2' 38.2 4.4' 330.5' 62.5 364.2' 14.5' .7 13.5' 581.4' 114.3 641.3' 6.5 41.9 19.1' 659.1' 149.6 381.7' 25.3 76.0 26.5' 616.2 10.8 457.7 34.4 166.1 15.9 602.9 64.4 637.4 51.2 30.9 9.7 719.2 40.8 571.7 9.1 87.2 10.5 67.2 48.0 2.2 .7 318.8 274.6 192.6 70.7 .0 10.4 17.2 91.6 60.0 27.3 .0 .7 235.2 199.7 182.3 81.9 .0 4.5 15.6 .3 52.9 2.0 1.5 .6 304.1 338.5 256.2 1.3 .0 3.2 1.4 54.6 49.7 23.4 2.0 2.0 219.8 326.8 224.4' 42.2 .0 24.5' 1.7 .5 49.2 6.1 2.2 2.9 243.7 330.5 266.7 118.2 .0 31.9 6.4 1.4 28.0 16.9 1.6 1.5 192.4 266.9 295.1' 172.0' .0 14.3' 16.2 57.0 2.8 .4 3.3 3.1 459.9 307.6 224.0' 91.2' .0 43.8' 9.9 48.0 85.2 25.0 1.0 2.5 96.9 475.3 216.3' 148.4' .0 56.3' 6.6 53.3 187.6 7.0 2.7 .4 18.2 80.1 212.4' 133.9' .0 67.1' 51.9 16.2 7.1 184.4 4.9 2.7 234.4 73.4 351.4 19.8 .0 43.6 2.5 39.5 58.9 21.1 .9 .1 108.0 59.7 416.7 127.5 .0 84.3 33.2 97.6 57.1 103.5 6.1 9.7 37.1 .8 340.6 230.9 .0 31.7 26.6 33.8 36 1.57 Federal Reserve Bulletin Statistical Supplement • March 2005 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 Q2 Q3 Q4 Q2' Q3' Q4 2,102.5' 1,699.0' 1,968.7' 2,187.2' 2,702.5 3,070.2' 2,614.7' 2,587.8' 2,904.3 2,541.7 2,728.6 2,958.7 229.9 522.1 54.4 412.4 69.0 127.5 574.2' 113.0 211.6 139.0 23.6 365.5 112.8 120.8 558.4' 167.4 147.8 637.1 122.9 589.1 76.2 30.6 673.6' 139.5 91.5 804.2 159.4 465.0' 80.6 24.7 822.7' 83.2 81.6 970.3 135.1 641.4 94.5 39.1 1,004.3 88.4 59.2 1,182.4 182.6 648.6' 61.4 25.4 1,043.1' 108.8 113.7 1,084.5 130.0 451.6' 91.1 27.4 1,071.9' 108.9 168.5 932.3 107.7 738.4' 98.0 110.6 919.1' 46.1 283.1 582.1 180.3 476.3 28.0 96.3 1,184.4 129.7 13.0 752.7 75.6 410.2 64.3 134.3 1,050.3 41.4 17.6 374.7 164.1 714.3 29.7 10.6 1,341.2 132.7 176.0 352.6 101.6 766.8 117.9 199.7 1,142.8 101.3 Funds raised through mutual funds and corporate equities 61 Total net issues 62 Corporate equities 63 Nonfinancial corporations 64 Foreign shares purchased by U.S. residents 65 Financial corporations 66 Mutual fund shares 192.7 244.7 300.2 229.4 393.6 472.2 389.7 412.5 551.2 204.5 295.5 190.9 1.5 10.4 14.3 2.4 91.2 5.3 118.2 106.7 16.8 239.4 99.0 47.4 109.1 37.3 201.2 47.0 41.6 17.6 71.0 182.4 105.6 57.8 100.4 63.0 288.0 106.5 50.2 66.5 90.2 365.7 129.9 44.9 122.0 52.8 259.8 75.1 69.0 76.8 67.3 337.4 120.7 82.2 85.7 91.8 159.5 161.6 89.7 112.8 33.0 203.2 35.9 134.3 328.4 114.0 395.2 146.1 135.1 304.9 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. in.2 430.5 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 Q2 Q3 Q4 Ql Q2' Q3' Q4 NET LENDING IN CREDIT MARKETS 1,699.0' 1,968.7' 2,187.2' 2,702.5 3,070.2' 2,614.7' 2,587.8' 2,904.3' 2,541.7 2,728.6 2,958.7 2.4' 100.6 6.4 171.2 ,799.5' 25.7 312.2 318.6 17.0 6.2 4.4 67.2 27.5 27.8 53.5 3.0 99.3 45.5 182.0 48.4 9.6 287.3 274.6 174.5' 97.1 .0 1.2' 34.7 103.4 13.9' 23.5' 25.1 .0' 12.3 11.6 241.9 1,431.5' 33.7 357.9 339.5 23.9 12.2 6.7 56.2 28.0 .8 57.9 8.7 96.4 45.8 143.0 20.9 5.6 246.0 199.7 152.5 108.6 .0 4.4' 68.9 24.4 23.3' 139.3' 1.8 6.4' 107.8 6.0 305.3 1,680.7' 39.9 205.2 191.6 .6 4.2 10.0 44.6 41.5 28.1 130.9 9.0 13.3 41.1 246.0 126.1 3.2 304.7 338.5 230.0 4.8 .0 8.7' 92.4 89.2 2.4' 46.4' 21.6 .4' 22.8 9.6 422.8 1,757.2' 77.7 404.4 393.8 6.2 3.1 1.3 33.6 42.7 .9 233.0 39.9 25.7 14.0 25.3 144.2 8.6 224.1 326.8 201.8' 21.2 .0 25.4' 28.4 58.4 228.8 132.3 36.3 3.2 56.8 2.5 538.2 1,938.0 37.2 299.5 323.3 43.0 8.6 10.6 126.3 50.7 2.4 180.6 67.0 14.2 9.0 113.1 137.7 36.2 236.5 330.5 245.8 84.2 .0 23.5 79.6 87.9 2.0' 131.1' 71.6 3.1' 54.4 8.1 746.8 2,333.5' 40.3 591.4 524.6 11.6 39.7 15.5 107.9 79.4 2.5 236.4 49.7 18.7 55.4 158.4 258.4 60.1 106.9 266.9 274.5' 56.5 .0 34.0 73.8 49.1 754.2' 624.9' 32.5' 3.8' 92.9 20.1 321.4 1,519.0' 37.6 6.1 100.5 100.0 26.1 19.4 66.4 83.6 2.5 117.1 68.7 42.3 16.4 220.2 14.5 42.5 506.6 307.6 204.1' 164.4 .0 28.1' 21.1 87.8' 319.1' 279.1' 32.8' 3.9' 69.0 4.3 682.3 1,590.7' 33.8 206.1 283.0 85.3 8.1 143.9 5.3 2.0 85.9 93.3 47.1 39.9 262.4 93.9 16.1 34.0 475.3 196.9' 107.5 .0 38.0' 306.5 55.1' 229.0' 382.5' 96.7' 3.1' 53.7' 4.7 952.7 2,175.9' 16.2 880.8 849.5 18.3 1.2 11.9 225.3 44.3 1.0' 235.1 105.3 45.1 6.6 228.9 208.7' 9.9' 2.3 80.1 193.6' 187.3 .0 94.3' 185.3 252.8' 226.9 88.1 53.4 3.0 82.3 11.9 761.3 1,565.5 53.0 491.8 491.5 15.9 2.3 18.5 163.3 63.2 1.0 176.0 65.1 22.5 40.8 121.9 21.1 21.7 193.7 73.4 333.2 44.8 .0 27.9 177.0 61.5 401.5 356.2 8.2 2.5 50.9 23.9 574.9 1,728.3 74.1 253.2 249.9 10.2 3.0 10.5 152.4 18.5 1.0 168.2 73.5 45.5 41.2 153.1 111.5 .3 125.0 59.7 399.1 91.7 .0 63.5 362.9 90.6 140.5 50.1 8.2 1.5 80.7 1.6 937.1 1,882.7 61.3 694.8 601.3 89.1 2.1 6.4 264.7 43.6 .9 168.1 61.6 26.0 .0 46.6 132.9 13.7 39.1 .8 322.6 197.8 .0 37.2 108.2 31.9 2,102.5' 1,699.0' 1,968.7' 2,187.2' 2,702.5 3,070.2' 2,614.7' 2,587.8' 2,904.3' 2,541.7 2,728.6 2,958.7 8.7 3.0 1.0 48.9 15.0 151.2 45.1 131.1 249.1 169.0 1.5 191.2 262.5 104.4 50.8 123.1' 22.9 8.1 .4 4.0 2.4 126.9 15.1 71.4 188.8 116.2 233.3 114.5 5.3 239.4 402.3 146.1 50.2 133.0' 25.9 56.6 53.8' 1,398.1' 4.3 .0 1.3 6.8 28.0 204.3 267.2 68.6 428.6 23.7 99.0 201.2 83.4 3.1 77.2 128.5' 14.5 59.9 21.5' 663 A' 3.2' .0 1.0 21.0 17.3 43.5 270.9 50.1 16.8 106.6 47.0 182.4 75.8' 87.0 60.1 169.5' 22.2' 2.4 102.7' 490.2' .0 .6 .0 3.8 133.8 229.4 62.0 207.8 227.2 105.6 288.0 197.1 132.5 66.8 195.2 12.4 26.3 98.6 651.6 .0 1.6 143.1 190.0 182.0 427.2 45.1 107.4 335.7 106.5 365.7 231.0' 720.9 41.1 157.1' 31.4 26.4 79.0' 435.6' .0 .0 128.1 98.2 186.0 102.1 64.6 467.7 379.9 75.1 337.4 221.8' 278.1 110.1 194.1' 6.2' 25.5 128.8' 38.1' 2.6' .0 .8 132.4 213.3 172.0 226.2 301.0 122.4 370.8 120.7' 430.5' 307.7' 287.2 70.8 233.3' 19.0' 23.3' 61.7' 1,952.1' 4.8 .0 1.2 14.8 87.5 134.5 429.9 177.6 .2 176.6 91.8 112.8 228.8 168.0 70.4 143.1 39.4 23.3 48.1 531.7 2.1 .0 .7 86.5 222.4 100.0 167.1 207.2 154.3 314.3 33.0 328.4 257.4 5.5 81.1 192.3 25.0 23.3 87.0 1,344.2 2.6 .0 .1 76.5 96.2 190.1 187.2 282.3 268.3 173.0 114.0 304.9 314.7 176.9 92.2 206.9 4,673.3' 4,823.4' 3,967.5' 3,539.1' 4,667.2 6,106.3' 4,319.0' 3,607.8' 7,105.3' 4,520.5 5,316.2 .7 30.5 .1 38.6 10.8 230.1' 1.2 66.1 20.4 110.8 32.6 442.5' .1 12.8 17.2 61.2 21.4 312.6' 11.0 7.1 22.5 27.8 23.0' .3 27.7 4.2 19.0 31.6 131.6 198.3' 28.2 264.3 3.4 28.6' 276.5' 34.2 46.3' 29.5' 34.9' .7 158.2' 31.3 138.8' 46.0' 744.7' .4 43.1' 15.4 17.7' 12.5' 256.4' .0 76.5 64.4 181.2 44.1 318.1 .3 175.1 44.0 52.9 36.0 55.0 6.0 22.1 192.7 33.5 566.3 7.4 .8 15.7 9.0 .3 3.3 5.7 .5 2.9 1.6' .7 107.1' 8.9 .0 32.1 3.4' 39.1' 2.1' 20.8' 29.3' 1.0 35.1' 41.1' 1.7 4.6' 2.4 60.8 6.4 3.1 14.7 75.8 3.8 54.2 5,025.4' 4,307.5' 3,389.4' 4,867.1 5,709.2' 4,662.6' 4,138.3' 6,782.8' 4,421.7 5,262.4 4,759.9 1 Total net lending in credit markets 2 Domestic nonfederal nonfinajicial sectors 3 Household 4 Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered banks Foreign banking offices in United States Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Bank personal trusts and estates Life insurance companies Other insurance companies Private pension funds State and local government retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools Asset-backed securities issuers (ABSs) Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 125.4' 49.9' RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Netflowsthrough credit markets 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 . 4,848.1' 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. 2.1' .0 .1 306.0 80.8 46.1 120.2 23.3 227.3 39.5 129.9 259.8 173.3' 109.7 42.2 236.2' 4.1' 26.4 111.9' 1,374.9' 2. Excludes corporate equities and mutual fund shares. 46.2 1,059.5 38 Federal Reserve Bulletin Statistical Supplement • March 2005 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q3 Q2 Q4 Ql Q2' Q3' Q4 Nonfinajicial sectors 1 Total credit market debt owed by domestic nonflnancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages . 19,225.7' 3,385.1 3,357.8 27.3 5 Nonfederal 22,249.5 21,775.1' 22,679.5' 23,608.0 3,379.5 3,352.7 3,637.0 3,609.8 27.3 4,033.1 4,008.2 24.9 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 4,209.6 4,185.4 24.2 4,293.0 4,269.2 23.7 4,395.7 4,371.8 23.9 15,846.3' 16,904.3' 18,216.4 17,541.4' 17,860.6' 18,216.4' 18,510.5' 18,865.5 19,315.0 19,785.0 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans . . . Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 278.4 1,480.9 2,230.3 1,335.0 932.1 6,729.0' 5,126.3' 388.6' 1,103.9' 110.2 1,739.1 190.1 1,603.7 2,578.8 1,253.6 941.0 7,400.4' 5,635.8' 428.8' 1,218.0' 117.8 1,878.6 126.0 1,763.1 2,711.0 1,166.2' 961.3 8,214.9' 6,309.6' 465.7' 1,314.2' 125.5 1,961.8 85.9 1,898.2 2,869.3 1,130.6 971.3 9,210.9 7,105.1 535.9 1,436.3 133.6 2,050.1 107.5 1,850.7 2,827.7 1,128.4 966.8 8,697.2' 6,703.7' 494.2' 1,369.6' 129.7 1,963.2 108.4 1,863.5 2,851.7 1,096.0 958.0 8,981.1' 6,932.6' 512.4' 1,404.4' 131.7 2,001.9 85.9 1,898.2 2,869.3 1,130.6 971.3 9,210.9' 7,105.1' 535.9' 1,436.3' 133.6 2,050.1 95.5 1,940.4' 2,897.9 1,115.4 969.5 9,461.3' 7,316.3' 540.7' 1,469.0' 135.3 2,030.5 102.5 1,974.6 2,899.6 1,135.6 976.8 9,734.2 7,541.1 556.7 1,498.0 138.3 2,042.2 109.3 1,994.3 2,912.8 1,128.3 981.0 10,102.5 7,851.7 564.5 1,545.8 140.5 2,086.8 101.7 2,028.6 2,947.4 1,161.3 1,004.9 10,389.7 8,071.1 576.6 1,599.6 142.5 2,151.4 17 18 19 20 21 22 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 7,018.0' 6,514.4' 4,536.2' 1,796.7' 181.5 1,192.3 7,638.7' 6,909.4' 4,758.1' 1,959.3' 192.0 1,298.1 8,368.9' 7,093.4' 4,785.7' 2,107.8' 199.8 1,442.0 9,231.5 7,425.2 4,953.6 2,264.0 207.6 1,559.7 8,749.5' 7,270.9' 4,892.0' 2,176.1' 202.8 1,521.0 9,000.8' 7,330.1' 4,907.2' 2,217.2' 205.6 1,529.8 9,231.5' 7,425.2' 4,953.6' 2,264.0' 207.6 1,559.7 9,413.8' 7,498.2' 4,993.9' 2,298.7' 205.6 1,598.6' 9,662.5 7,575.5 5,021.9 2,341.1 212.6 1,627.5 9,984.4 7,685.2 5,080.8 2,386.9 217.5 1,645.4 10,264.2 7,845.7 5,193.7 2,432.2 219.9 1,675.2 23 Foreign credit market debt held in United States 709.6 659.9 665.5 649.8 653.2 638.7 649.8 666.9 648.3 656.8 714.5 24 25 26 27 120.9 468.0 70.5 50.2 106.7 443.5 63.2 46.4 142.8 410.0 68.6 44.1 165.1 381.9 60.9 42.0 173.1 377.5 59.7 42.9 160.4 375.3 61.0 42.0 165.1 381.9 60.9 42.0 190.0 377.0 59.2 40.8 183.4 363.5 60.9 40.5 189.2 369.5 58.7 39.5 228.7 383.6 63.4 38.8 23,723.5 24,264.8 24,895.2 Commercial paper Bonds Bank loans n.e.c Other loans and advances 28 Total credit market debt owed by nonflnancial sectors, domestic and foreign 18,819.5' 19,885.6' 21,206.9' 22,899.3 22,001.5' 22,413.8' 22,899.3' 23,346.4' Financial sectors 29 Total credit market debt owed by financial sectors 9,276.9' 11,199.2 10,873.9' 11,366.7' 11,790.9 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 4,319.7 1,826.4 2,493.2 .0 4,054.0' 1,214.7 2,226.6' 91.1 438.3 4,962.3 2,130.6 2,831.8 .0 4,314.5' 1,169.4 2,491.8' 104.1 463.7 85.6 5,509.0 2,350.4 3,158.6 .0 4,633.8' 1,105.9 2,858.0' 105.6' 470.5 93.8' 6,083.3 2,594.1 3,489.1 .0 5,115.9 1,042.1 3,369.2 100.8 501.7 102.1 5,744.1 2,454.9 3,289.1 .0 4,850.6' 1,036.5 3,135.0' 99.1 486.0 93.9' 5,941.2 2,569.9 3,371.3 .0 4,932.7' 1,025.7 3,216.3' 103.1 490.3 97.3' 6,083.3 2,594.1 3,489.1 .0 5,115.9' 1,042.1 3,369.2' 100.8 501.7 102.1' 6,108.8 2,598.7 3,510.2 .0 5,257.9' 1,055.0 3,472.8' 104.8 516.6 108.7' 6,180.7 2,657.3 3,523.5 .0 5,395.2 1,028.2 3,597.0 99.2 558.1 112.7 6,227.9 2,684.3 3,543.7 .0 5,563.0 1,022.0 3,759.3 112.3 554.3 115.1 6,236.2 2,693.6 3,542.6 .0 5,780.1 1,076.3 3,896.2 113.6 576.3 117.7 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 266.7 242.5 287.7 3.4 2.5 1,826.4 2,493.2 1,744.4' 40.9 778.0 16.0 168.0 503.9 296.0 266.1 285.7 4.9 3.1 2,130.6 2,831.8 2,000.6' 42.3 779.2 16.0 171.2 449.3 325.5 286.4 262.3 6.9 5.1 2,350.4 3,158.6 2,225.0' 40.6 821.4 16.0 195.7' 448.8 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,491.7 47.0 939.6 16.0 227.7 447.4 336.7 302.7 256.7 8.0 6.6 2,454.9 3,289.1 2,372.8' 46.2 875.1' 16.0 202.6' 427.2 333.8 304.8 262.3 8.8 7.4 2,569.9 3,371.3 2,422.9' 48.6 897.2' 16.0 213.6' 417.2 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,491.7' 47.0 939.6' 16.0 227.7' 447.4 355.8 347.5 267.2 8.4 7.9 2,598.7 3,510.2 2,535.5' 60.0 959.0' 16.0 244.4' 456.1 358.7 351.5 308.0 9.6 8.6 2,657.3 3,523.5 2,622.9 60.6 963.1 16.0 255.3 440.8 356.8 366.6 308.2 9.9 8.6 2,684.3 3,543.7 2,720.3 68.9 995.1 16.0 291.2 421.3 357.4 381.4 333.3 11.4 11.1 2,693.6 3,542.6 2,822.0 62.2 1,057.7 16.0 299.2 428.5 27,193.1' 29,162.5' 31,349.6' 34,098.5 32,596.1' 33,287.8' 34,098.5' 34,713.1' 35,299.4 36,055.8 36,911.5 1,614.0 7,704.8 1,480.9 4,924.9' 1,496.6 1,420.5 6,812.4' 1,739.1 1,466.2 8,341.8 1,603.7 5,514.1' 1,421.0 1,451.1 7,486.0' 1,878.6 1,374.7 9,146.0 1,763.1 5,979.1' 1,340.4 1,475.9 8,308.7' 1,961.8 1,293.1 10,116.3 1,898.2 6,620.5 1,292.3 1,515.0 9,313.0 2,050.1 1,317.1 9,551.0 1,850.7 6,340.1' 1,287.2 1,495.7 8,791.1' 1,963.2 1,294.5 9,855.7 1,863.5 6,443.3' 1,260.2 1,490.3 9,078.4' 2,001.9 1,293.1 10,116.3 1,898.2 6,620.5' 1,292.3 1,515.0 9,313.0' 2,050.1 1,340.4 10,277.8 1,940.4' 6,747.7' 1,279.3 1,527.0 9,570.0' 2,030.5 1,314.2 10,390.4 1,974.6 6,860.0 1,295.8 1,575.4 9,846.8 2,042.2 1,320.5 10,520.9 1,994.3 7,041.5 1,299.3 1,574.8 10,217.6 2,086.8 1,406.7 10,631.8 2,028.6 7,227.2 1,338.3 1,619.9 10,507.5 2,151.4 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 1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2 through L.4, available at: www.federalreserve.gov/releases. 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 Q2 Q3 Q4 Ql Q2' Q3' Q4 CREDIT MARKET DEBT OUTSTANDING 27,193.1' 29,162.5' 31,349.6' 34,098.5 32,596.1' 33,287.8' 34,098.5' 34,713.1' 35,299.4 36,055.8 36,911.5 3,479.1' 2,336.5' 256.8 63.2' 822.6 272.6 2,590.8 20,850.6' 511.8 5,006.3 4,419.5 511.3 20.5 55.0 379.7 222.8 1,943.9 509.4 624.0 752.8 1,290.9 1,097.7 105.3 1,794.4 2,493.2 1,517.8' 851.2 32.1 37.5' 223.6 332.2 3,435.1' 2,176.4' 258.5 69.7' 930.5 278.6 2,916.9 22,531.8' 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.4 421.2 194.7 2,074.8 518.4 637.3 711.7 1,536.9 1,223.8 108.5 2,099.1 2,831.8 1,747.9' 846.4 32.1 46.2' 316.0 244.5 3,377.6' 2,074.8' 280.1 69.3' 953.3 288.2 3,394.8 24,289.1' 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,167.0 463.9 195.6 2,307.8 558.3 663.0 697.7 1,511.6 1,368.0 117.1 2,323.2 3,158.6 1,949.6' 867.6 32.1 71.7' 344.4 186.1 3,641.3 2,242.1 316.5 72.6 1,010.1 285.6 3,898.1 26,273.5 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 193.2 2,488.3 625.2 677.2 706.7 1,398.5 1,505.7 153.3 2,559.7 3,489.1 2,195.4 951.8 32.1 95.2 424.1 274.0 3,317.1' 1,983.6' 293.6' 70.6' 969.2 281.7 3,683.8 25,313.5' 652.1 5,831.3 5,200.8 517.6 42.9 70.0 1,239.0 495.3 194.3 2,436.5 584.7 654.9 700.8 1,479.6 1,480.9 138.6 2,419.4 3,289.1 2,086.3' 883.5 32.1 78.7' 341.1 225.9' 3,474.0' 2,100.3' 312.6' 71.6' 989.5 286.7 3,772.2 25,754.9' 656.1 5,831.8 5,230.3 490.3 36.4 74.9 1,261.5 517.7 193.7 2,471.6 601.9 665.5 696.7 1,436.8 1,478.5 149.3 2,549.7 3,371.3 2,131.5' 924.2 32.1 85.7' 375.0 254.8' 3,641.3' 2,242.1' 316.5' 72.6' 1,010.1 285.6 3,898.1' 26,273.5' 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 193.2 2,488.3 625.2 677.2 706.7 1,398.5 1,505.7 153.3 2,559.7 3,489.1 2,195.4' 951.8 32.1 95.2' 424.1 274.0' 3,522.9' 2,111.8' 316.1' 73.3' 1,021.7' 286.8 4,128.4' 26,775.0' 674.1 6,135.3 5,525.9 492.9 36.7 79.9 1,370.8 524.2 193.4' 2,546.1 651.5 688.5 708.3 1,344.7 1,552.2' 155.8' 2,552.0 3,510.2 2,234.4' 989.2 32.1 118.8' 410.6 312.5' 3,598.9 2,152.2 329.5 74.1 1,043.1 283.8 4,328.4 27,088.3 687.4 6,270.2 5,665.7 484.0 36.1 84.5 1,408.6 541.5 193.7 2,590.5 667.8 694.2 718.5 1,271.3 1,557.6 161.2 2,603.3 3,523.5 2,317.3 1,009.9 32.1 125.8 334.2 307.0 3,679.0 2,212.6 338.7 74.7 1,053.0 289.8 4,480.9 27,606.0 700.3 6,336.9 5,734.3 478.6 36.9 87.1 1,453.0 547.9 193.9 2,638.9 686.2 705.5 708.2 1,247.1 1,586.6 161.3 2,638.0 3,543.7 2,410.4 1,033.5 32.1 156.5 453.5 296.5 3,771.1 2,265.0 354.0 75.1 1,077.0 289.4 4,704.6 28,146.4 717.8 6,541.0 5,909.7 506.1 36.4 88.7 1,514.7 557.0 194.2 2,675.2 701.6 712.0 708.2 1,260.8 1,624.2 164.7 2,648.6 3,542.6 2,507.5 1,082.2 32.1 165.8 397.2 322.0 27,193.1' 29,162.5' 31,349.6' 34,098.5 32,596.1' 33,287.8' 34,098.5' 34,713.1' 35,299.4 36,055.8 36,911.5 46.1 2.2 23.2 803.4 221.2 1,413.1 2,860.4 1,052.6 1,812.1 1,197.3 4,435.3 822.7 819.1 8,831.3' 2,747.7 204.8 1,095.8 10,532.6' 46.8 2.2 24.5 810.1 191.4 1,603.2 3,127.6 1,121.1 2,240.7 1,233.7 4,135.5 825.9 62.3 2.2 26.0 831.1 203.5 1,780.6 3,627.9 1,233.2 2,016.0 1,567.5 4,653.2 871.3 1,013.2 8,834.8 2,937.2 253.8 932.4 12,499.9 58.9 2.2 26.0 875.6 123.3 1,712.2 3,575.0 1,222.2 2,120.1 1,444.9 4,071.6 971.9 959.7 8,105.9' 2,816.7' 257.6' 877.0 12,112.4' 61.3 2.2 26.0 799.1 163.7 1,707.2 3,600.9 1,221.8 2,057.3 1,452.4 4,242.6 940.2 973.0 8,296.9' 2,869.5' 264.4' 885.0 12,323.6' 62.3 2.2 26.0 831.1 203.5 1,780.6 3,627.9 1,233.2 2,016.0 1,567.5 4,653.2 871.3 1,013.2 8,834.8 2,937.2' 253.8' 932.4 12,499.9' 61.5 2.2 26.2 864.2 117.8 1,791.8 3,721.5 1,332.2 1,971.9 1,642.8 4,900.8' 953.3 1,034.3 9,005.8' 2,988.7' 265.2' 936.9' 12,786.7' 58.9 2.2 26.5 867.9 135.9 1,847.9 3,793.9 1,379.3 1,912.3 1,597.4 4,959.4 988.9 1,052.7 9,099.1 3,050.0 271.9 935.4 12,866.6 58.7 2.2 26.7 889.5 102.6 1,857.4 3,831.0 1,437.2 1,866.3 1,673.5 4,981.3 985.5 1,069.6 9,086.1 3,123.0 284.4 919.2 13,077.3 62.2 8,330.2' 2,664.3 219.2 960.7 11,314.2' 55.8 2.2 25.5 831.1 205.9 1,646.7 3,398.5 1,171.3 2,223.9 1,340.3 3,638.4 738.8 920.9 7,611.6' 2,740.1' 241.4' 840.9 11,951.6' 26.7 908.6 140.3 1,929.7 3,880.5 1,500.7 1,879.9 1,651.4 5,435.3 1,030.7 1,108.8 9,637.8 3,214.3 277.1 958.6 12,837.1 53 Total liabilities 66,114.0' 68,893.9' 70,934.5' 77,444.7 73,929.3' 75,174.9' 77,444.7' 79,116.9' 80,145.6 81,327.2 83,393.5 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 55 Corporate equities 56 Household equity in noncorporate business 21.6 17,627.0 4,834.2' 21.8 15,310.6 4,949.2' 23.2 11,871.0 5,139.7' 23.7 15,497.0 5,495.8 22.8 13,278.7 5,269.8' 23.1 13,755.1 5,368.3' 23.7 15,497.0 5,495.8' 23.7 15,832.8 5,581.2' 23.7 15,982.7 5,683.1 23.8 15,627.1 5,828.2 24.6 17,204.4 5,929.9 8.5 624.7 4.3 396.6 120.0 3,615.3' 8.6 611.9 11.1 348.1 93.4 3,665.9' 9.1 622.9 15.3 370.6 120.7' 3,516.4' 9.5 650.6 12.6 351.6 77.5 3,469.7 9.1 680.1' 6.3 324.3' 106.1' 3,503.4' 9.3 611.0' 18.1 314.4 91.4' 3,358.0' 9.5 650.6' 12.6 351.6' 77.5' 3,469.7' 9.6 661.3' 16.5 337.2' 63.4' 3,617.0' 9.5 642.2 27.5 296.3 83.5 3,466.3 9.6 686.0 20.5 284.7 94.1 3,366.7 687.5 26.9 240.4 100.3 3,785.6 7.9 20.1 14.4' 15.9 12.7 21.0' 17.9 20.8 81.6' 1.1 17.4 29.2' .1 21.5 18.2 3.1 14.7 9.5 11.2 23.6 75.1 1 Total credit market assets 2 Domestic nonfederal nonfinajicial sectors 3 Household 4 Nonfinancial corporate business 5 Nonfarm noncorporate business 6 State and local governments 7 Federal government 8 Rest of the world 9 Financial sectors 10 Monetary authority 11 Commercial banking 12 U.S.-chartered banks 13 Foreign banking offices in United States 14 Bank holding companies 15 Banks in U.S.-affiliated areas 16 Savings institutions 17 Credit unions 18 Bank personal trusts and estates 19 Life insurance companies 20 Other insurance companies 21 Private pension funds 22 State and local government retirement funds 23 Money market mutual funds 24 Mutual funds 25 Closed-end funds 26 Government-sponsored enterprises 27 Federally related mortgage pools 28 Asset-backed securities (ABSs) issuers 29 Finance companies 30 Mortgage companies 3 1 Real estate investment trusts (REITs) 32 Brokers and dealers 33 Funding corporations RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 57 58 59 60 61 62 Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Investment in bank personal trusts Miscellaneous Liabilities not identified as assets ( ) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets ( ) 63 Federal government checkable deposits 64 Other checkable deposits 65 Trade credit 2.3 22.0 3.7 12.3 21.6 6.6 11.7 20.9 113.7' 17.9 20.8 81.6 66 Totals identified to sectors as assets . 91,060.0' 91,769.8' 90,241.7' 100,763.5 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. 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • March 2005 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2004 2004 2004 Series Ql Q2 Q3 Q4' Ql Q2 Q3 Q4 Capacity (percent of 1997 output) Output (1997=100) Ql Q2 Q3 Q4' Capacity utilization rate (percent)2 1 Total industry 113.9 115.1 115.9 117.1 147.3 147.8 148.2 148.7 77.3 77.9 78.2 78.8 2 Manufacturing 3 Manufacturing (NAICS) 115.1 115.9 116.8 117.6 117.9 118.8 119.3 120.2 152.2 154.4 152.6 154.9 153.1 155.4 153.6 155.9 75.6 75.1 76.5 75.9 77.0 76.4 77.6 77.1 4 5 Durable manufacturing Primary metal 130.2 90.0 132.1 91.0 134.0 93.6 136.2 94.3 178.1 114.9 179.1 114.6 180.1 114.3 181.1 114.0 73.1 78.4 73.8 79.4 74.4 81.9 75.2 82.7 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 95.1 93.3 271.8 96.6 96.0 284.1 97.2 97.7 295.5 97.1 98.8 304.5 138.8 126.0 398.0 138.7 125.9 407.1 138.7 126.0 417.0 138.6 126.1 427.6 68.5 74.1 68.3 69.6 76.3 69.8 70.1 77.5 70.9 70.0 78.4 71.2 92.4 125.8 93.4 123.0 95.9 122.7 95.7 127.4 120.5 152.2 120.1 153.0 119.7 153.7 119.3 154.3 76.7 82.7 77.8 80.4 80.1 79.8 80.2 82.5 98.1 98.7 102.9 76.6 99.5 100.1 104.0 75.3 100.6 100.5 104.5 76.2 101.8 101.3 105.5 75.2 154.5 127.0 129.1 104.0 154.8 126.9 129.1 102.9 155.1 126.9 129.2 101.9 155.5 126.8 129.3 100.9 63.5 77.8 79.7 73.7 64.3 78.9 80.6 73.2 64.9 79.3 80.9 74.8 65.4 79.8 81.6 74.6 93.1 107.7 107.6 102.9 101.8 95.0 108.6 110.2 104.7 103.8 95.7 110.3 95.5 104.2 104.7 112.2 104.3 104.7 110.4 121.4 145.8 125.9 119.3 110.3 121.9 146.0 125.6 119.3 110.3 122.3 146.4 125.3 119.4 110.2 122.5 146.7 125.0 119.7 84.3 88.7 73.8 81.7 85.3 86.1 89.1 75.4 83.4 87.0 86.8 90.2 75.9 83.2 87.6 86.6 91.3 76.5 83.5 87.5 92.4 115.5 91.7 114.4 91.2 113.1 90.4 115.6 105.9 133.8 105.8 134.5 105.7 135.1 105.6 135.7 87.3 86.3 86.6 85.1 86.3 83.7 85.7 85.2 379 2 400 4 415 2 430.3 557.5 574.5 593.8 615.3 68.0 69.7 69.9 69.9 102.2 103.1 103.6 104.6 131.1 131.2 131.3 131.4 78.0 78.6 78.9 79.6 101.4 102.6 103.5 104.5 132.9 132.9 133.0 133.0 76.3 77.2 77.8 78.5 10 11 12 13 14 15 16 18 19 Paper Petroleum and coal products Plastics and rubber products Other manufacturing (non-NAICS) 21 Electric and gas utilities MEMOS 22 Computers, communications equipment, and 23 Total excluding computers, communications equipment, and semiconductors 24 Manufacturing excluding computers, communications equipment, and Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued Seasonally adjusted 1973 1975 Previous cycle3 Latest cycle4 2004 2004 2005 Series High Low High Low High Low Feb. Sept. 7 7 Oct. Nov. Dec. 7 Jan. Feb.7* Capacity utilization rate (percent)2 1 Total industry 88.7 73.9 86.6 70.8 85.1 78.6 77.7 78.0 78.5 78.7 79.2 79.2 79.4 2 Manufacturing 3 Manufacturing (NAICS) 88.1 88.2 71.4 71.2 86.3 86.4 68.5 67.9 85.6 85.5 77.2 77.0 75.9 75.3 76.8 76.3 77.5 77.0 77.5 77.0 77.9 77.3 78.2 77.5 78.5 77.9 89.1 100.9 69.3 69.2 86.9 91.2 62.9 47.2 84.5 94.3 73.4 74.6 73.4 79.0 74.3 82.5 75.1 82.6 75.0 83.5 75.4 82.0 75.6 82.0 76.2 81.4 4 5 Durable manufacturing Primary metal 6 7 8 91.7 94.3 70.0 73.9 83.1 93.0 62.0 58.6 80.2 84.8 71.6 73.0 68.6 74.8 69.8 77.2 70.1 78.2 70.0 78.3 70.0 78.5 70.3 79.8 70.5 79.4 87.0 66.1 89.3 76.2 81.7 76.6 68.4 70.9 71.0 71.0 71.6 72.6 73.3 99.3 95.4 68.4 54.7 92.0 96.1 64.4 45.2 87.5 90.3 75.1 56.0 76.8 83.4 80.4 80.0 79.4 82.6 79.9 82.1 81.2 82.9 81.0 81.5 80.7 85.5 74.2 87.5 65.3 72.3 84.2 85.7 69.3 75.6 88.7 87.1 82.1 81.7 63.7 77.9 64.6 79.0 65.2 79.8 65.4 79.8 65.7 79.9 65.2 80.2 65.3 80.3 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 . . . . 86.2 89.4 77.6 62.2 84.4 90.4 80.6 72.4 85.6 91.5 81.0 77.2 80.2 73.5 80.9 74.3 81.7 75.6 81.6 74.5 81.5 73.7 82.1 74.8 82.8 74.1 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 97.3 92.6 85.2 96.0 86.0 74.4 81.1 68.9 61.5 75.4 95.4 92.0 83.1 90.2 88.5 81.3 71.0 68.0 70.8 86.1 93.7 88.9 85.7 91.1 90.5 85.2 82.9 80.9 77.1 80.4 84.4 88.3 73.7 81.9 86.3 86.4 88.3 75.4 82.5 87.0 86.9 89.9 76.5 83.7 86.8 86.4 91.4 76.5 83.3 87.3 86.6 92.6 76.6 83.5 88.4 87.7 92.1 76.4 84.2 89.7 87.6 92.7 76.3 83.7 88.5 20 Mining 21 Electric and gas utilities 93.6 96.4 87.6 82.8 94.0 88.2 78.6 77.7 85.8 92.8 83.5 84.2 87.1 87.9 84.6 84.8 84.3 84.4 85.9 84.7 86.9 86.6 86.9 84.1 87.2 83.1 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.5 89.1 74.1 81.0 74.3 68.4 69.6 69.4 69.9 70.5 71.8 72.0 23 Total excluding computers, communications equipment, and semiconductors 89.0 74.2 86.7 70.6 85.5 78.8 78.3 78.7 79.3 79.5 80.0 80.0 80.2 24 Manufacturing excluding computers communications equipment, and semiconductors . 88.2 71.7 86.4 68.2 86.0 77.3 76.5 77.6 78.4 78.4 78.7 79.0 79.3 9 10 11 12 13 NOTE. The statistics in the G.I7 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines as 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 December 2004. The recent annual revision is described in the Winter 2005 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 • March 2005 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion 2004 avg. Apr. May July Aug. Sept. Index (1997=100) MAJOR MARKETS 114.1 114.7 115.5 115.1 115.9 116.0 115.7 116.6 116.9 117.9 118.0 126.8 138.4 255.4 113.8 101.6 105.6 103.1 102.6 50.4 122.0 108.3 117.7 111.6 110.4 125.5 136.3 262.9 111.7 101.4 104.8 103.3 102.6 50.6 123.1 107.7 112.3 112.3 110.7 125.6 135.9 237.8 113.6 102.8 105.1 103.9 102.8 51.1 124.7 108.4 111.2 113.0 111.3 124.8 133.8 236.1 114.5 103.2 106.2 104.7 103.9 50.1 125.1 109.8 113.9 112.5 110.2 123.1 130.6 231.9 113.7 103.5 105.3 104.0 103.3 49.3 124.4 108.9 112.0 113.5 110.8 123.0 130.9 213.7 113.7 104.1 106.1 104.7 104.1 48.1 125.4 109.4 113.3 113.6 111.4 125.4 135.3 225.2 114.4 103.6 106.1 105.1 103.9 47.5 126.9 111.5 111.2 113.3 110.7 123.5 133.1 221.2 112.8 102.3 105.8 104.7 104.0 47.8 125.7 109.7 111.5 114.6 112.3 126.2 137.8 234.9 113.3 102.4 107.0 105.9 104.9 47.6 128.3 110.5 112.7 114.6 112.3 125.7 136.8 225.2 114.0 102.5 107.2 105.8 105.1 48.0 126.9 111.5 114.2 115.5 112.9 126.1 137.9 209.6 114.7 102.6 107.9 106.0 105.0 47.5 126.8 113.4 117.6 115.4 112.3 124.2 133.9 218.1 113.5 102.9 107.7 106.5 105.6 47.0 126.6 115.7 113.9 116.1 113.6 128.7 142.6 237.0 113.9 102.3 108.0 107.2 106.7 46.4 127.8 114.4 112.2 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 58.8 30.9 8.9 4.6 0.3 1.5 2.4 22.0 18.1 9.7 1.0 4.9 2.0 3.9 113.2 111.3 124.9 134.8 231.5 113.6 102.7 106.2 104.4 103.5 49.0 125.3 109.3 114.6 112.1 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.3 1.9 3.0 5.3 1.8 119.2 89.8 174.8 99.6 115.2 87.6 166.9 96.7 107.1 115.3 87.1 166.9 96.9 108.2 116.7 89.0 167.7 98.2 109.9 118.2 88.8 171.0 99.6 111.1 118.7 88.9 172.8 99.7 110.7 121.9 90.7 176.7 103.0 112.8 120.7 90.5 177.7 100.7 112.7 121.1 90.7 179.3 100.9 113.5 122.7 93.5 180.8 101.8 113.8 122.1 92.8 182.3 100.7 114.5 123.6 93.4 185.3 101.8 115.2 124.8 94.0 188.3 102.7 115.5 125.2 94.4 190.9 102.2 116.1 21 22 Construction supplies Business supplies 4.3 11.2 107.0 114.8 104.9 114.1 105.8 113.5 106.5 114.3 107.3 114.9 107.0 114.7 107.9 114.9 108.3 114.8 107.6 114.9 108.3 115.3 107.8 115.9 108.2 117.1 108.5 117.2 108.2 116.5 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.2 30.9 19.3 4.1 6.7 8.5 11.7 0.8 2.8 4.5 10.3 118.7 124.6 142.1 109.6 235.1 98.1 97.5 67.5 93.2 104.3 99.3 117.6 122.5 139.4 223.8 96.7 96.1 67.9 91.7 101.2 100.5 117.6 123.0 140.0 110.5 225.9 97.4 96.4 67.4 92.3 102.4 99.3 118.1 123.6 140.5 109.5 229.3 97.4 97.1 66.4 92.8 103.8 99.8 118.9 124.3 141.5 109.1 233.5 97.9 97.4 66.4 93.0 104.0 100.8 118.8 124.6 141.9 108.0 236.0 98.1 97.6 67.0 93.7 104.7 99.6 119.2 125.2 142.6 106.5 239.6 98.7 98.2 67.7 94.3 105.2 99.6 119.3 125.8 143.6 109.2 240.0 98.9 98.3 68.0 93.5 106.0 98.6 118.9 125.5 143.3 108.5 241.5 98.3 97.8 67.6 94.2 104.9 98.2 119.4 126.4 144.8 110.7 243.9 98.9 98.1 67.1 93.3 105.1 97.6 120.1 127.1 145.8 110.6 247.2 99.5 98.4 67.0 94.0 106.4 98.2 121.1 127.7 146.6 110.8 251.1 99.5 98.7 66.9 94.6 106.9 99.9 121.5 128.6 148.0 111.3 255.4 100.1 99.0 67.0 94.4 106.1 99.3 121.5 128.9 148.9 114.0 257.3 99.7 98.6 65.8 94.3 105.7 99.0 94.9 92.6 103.4 114.8 102.7 113.5 102.3 113.2 102.8 113.9 103.4 114.9 103.0 114.7 103.7 115.6 103.7 115.4 103.4 115.1 104.2 115.8 104.4 116.2 105.1 117.1 105.1 117.3 105.4 117.3 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts .. Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 2,858.8 2,839.9 2,826.0 2,837.4 2,852.7 2,838.3 2,866.8 2,868.5 2,856.4 2,894.8 2,895.7 2,921.4 2,917.7 2,936.7 37 Final products 38 Consumer goods 39 Equipment total 43.3 30.9 12.4 40 Nonindustrial supplies 15.5 2,163.6 2,150.5 2,139.4 2,146.0 2,156.6 2,144.0 2,169.2 2,172.6 2,160.7 2,195.3 2,192.2 2,213.0 2,209.3 2,230.8 1,542.7 1,549.0 1,538.2 1,536.3 1,541.3 1,527.2 1,534.7 1,545.1 1,530.2 1,555.1 1,554.0 1,568.7 1,557.3 1,578.2 656.5 647.7 656.7 623.1 601.9 601.8 611.2 617.0 619.1 638.1 630.2 634.0 643.6 641.5 695.3 689.7 686.8 691.5 696.2 694.4 697.8 696.1 695.8 699.9 703.7 708.6 708.6 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code 2 2002 proportion 2004 2005 2004 avg. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.7 Dec. 7 Jan.7 Feb.7* Index (1997=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.8 79.0 117.2 118.1 115.5 116.3 115.6 116.5 116.4 117.2 117.1 117.9 116.9 117.8 117.8 118.7 118.3 119.0 117.7 118.6 119.0 120.0 119.1 120.0 119.7 120.6 120.3 121.1 120.9 121.9 321 43.7 1.5 133.0 104.8 130.7 104.3 130.8 103.5 131.6 105.3 132.4 106.4 132.3 103.8 133.7 106.3 134.4 104.7 134.1 102.8 135.7 106.2 135.9 104.2 136.9 106.2 137.6 107.9 139.0 106.1 327 331 332 333 2.3 2.4 5.8 5.4 105.7 92.3 96.5 96.4 103.1 90.7 95.3 94.3 105.5 91.5 95.1 94.1 105.3 90.0 96.2 95.2 104.5 90.8 96.6 96.5 104.7 92.1 96.9 96.4 105.5 93.4 97.1 99.1 106.9 93.2 97.6 96.6 106.4 94.2 96.9 97.3 106.5 94.3 97.2 98.6 106.7 95.2 97.0 98.7 109.0 93.4 97.0 99.0 109.1 93.4 97.5 100.7 109.1 92.8 97.7 100.1 334 8.0 288.2 272.4 276.0 278.5 285.1 288.7 292.9 295.4 298.0 301.0 303.5 309.0 315.9 321.5 335 3361 3 2.2 7.4 94.4 124.5 92.5 127.0 92.2 125.3 93.3 125.0 92.9 123.1 94.2 121.0 95.4 120.5 96.3 124.5 96.1 123.1 94.9 127.4 95.3 126.7 96.8 128.1 96.4 126.2 96.1 132.7 3364 9 3.6 99.9 98.4 98.4 99.4 99.7 99.3 100.8 100.8 100.3 101.3 101.7 102.3 101.6 101.8 337 339 1.8 3.3 108.9 121.3 107.7 119.6 108.1 119.4 108.7 120.7 110.3 121.8 109.5 121.1 109.6 121.7 109.7 122.1 108.1 120.9 108.7 122.4 108.5 122.9 109.2 123.1 108.4 124.4 108.2 124.3 35.3 100.1 98.9 99.1 99.8 100.3 100.2 100.7 100.7 100.2 101.2 101.2 101.3 101.7 101.8 311,2 313,4 315,6 322 323 11.3 1.3 1.0 3.2 2.5 104.2 75.9 49.5 94.8 87.8 103.5 76.4 50.8 93.2 87.9 103.4 74.4 51.1 93.3 88.2 103.5 74.7 51.5 94.6 87.8 104.6 75.8 50.6 95.2 87.1 103.9 75.3 49.9 95.2 87.9 104.6 76.8 48.8 96.5 87.0 104.4 76.4 48.1 95.2 86.9 104.5 75.5 48.5 95.2 88.8 105.6 76.5 48.2 95.8 87.8 105.4 75.1 48.7 95.2 88.0 105.4 74.1 48.2 95.5 88.4 106.1 74.9 47.7 96.7 89.2 107.1 74.1 47.0 96.5 88.3 324 325 1.6 10.6 109.7 110.3 107.2 107.5 108.7 108.6 107.6 110.0 108.4 110.3 109.7 110.3 111.2 110.9 111.6 111.8 108.0 110.5 110.1 112.1 112.0 112.2 113.6 112.5 113.0 112.0 113.9 112.1 326 3.8 104.0 103.1 102.9 104.2 105.0 104.9 105.0 104.4 103.2 104.6 104.1 104.2 105.1 104.5 1133,5111 4.8 103.4 102.9 102.6 103.4 104.5 103.5 104.0 105.9 104.0 103.8 104.4 105.9 107.5 106.1 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 91.4 115.0 117.6 98.1 92.1 117.7 119.2 107.7 92.1 113.1 116.9 93.4 92.2 113.3 116.7 95.3 91.6 116.2 120.3 95.5 91.2 113.8 117.4 95.1 92.3 113.3 116.4 97.1 91.9 113.4 98.5 89.4 114.8 117.9 98.1 89.0 114.3 118.5 93.4 90.6 114.9 118.2 97.3 91.6 117.7 120.8 100.9 91.7 114.4 118.4 94.5 91.8 113.2 117.1 93.1 78.7 102.9 101.7 101.8 102.4 102.9 102.6 103.4 103.7 103.2 104.3 104.3 104.8 105.1 105.6 76.4 116.5 114.4 114.7 115.6 116.5 116.5 117.6 117.7 117.2 118.2 118.4 119.0 119.7 119.8 NOTE. The statistics in the G.I7 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines as 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 December 2004. The recent annual revision is described in the Winter 2005 issue of the Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • March 2005 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 473,944 421,735 975,940 1,397,675 7,173 12,615 100,831 88,216 5,442 59,382 530,668 496,508 1,020,503 1,517,011 33,279 38,781 118,865 80,084 5,502 67,439 665,940 617,075 1,147,181 1,764,256 3,681 0 475 2,632 574 601 1,494 572 398 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 194,678 30,307 45,425 15,889 134,835 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, ) Q2 Ql 393,800 16,151 17,526 38,554 21,028 1,375 17,617 415,459' 12,081' 13,473' 164,708' 151,322' 284,587' 435,909' 4,946' 165,858 155,864 290,089 445,953 4,903 6,477' 6,326 34,673' 31,163' 21,200' 1,392' 20,720' 24,686' 1,531' 18,332' 31,368 25,042 1,423 14,897 3,826 623 97 2,435 117 100 815 158 90 1,345 133 429 0 98 676 149 697 0 110 990 183 285,474 10,406 28,932 72,337 173,799 821,750 353,813 128,589 90,840 248,508 63,559 47,071 31,090 25,835 53,705 308,454' 187,120 56,761 16,524 48,049' 107,592' 36,951 12,122 26,844 55,919' 128,000 55,010 9,447 20,290 43,253 277,704 74,732 74,503 27,182 101,287 113,990 60,466 28,550 137 21,221 3,616 248,573 169,685 24,883 564 49,420 5,149 355,252 261,540 25,955 314 55,442 12,629 83,679 72,787 8,685 70 524 1,753 127,864 101,692 13,016 140 11,854 1,442 73,349 62,979 2,261 89 6,189 2,009 72,004 54,693 7,140 501 6,354 3,316 82,035 42,176 3,538 586 31,045 5,862 654,256 96,410 77,990 100,432 21,513 285,500 72,411 580,600 75,643 84,014 113,432 16,640 250,981 1,077,919 338,227 87,113 108,138 14,827 414,084 115,530 146,632 35,811 4,140 4,714 7,487 83,761 10,719 317,744' 140,834 40,723 65,438 1,800 184,279 38,654 13,275 908 2,560 93,021 35,861 378,211 117,589 36,718 12,108 5,313 170,156 10,485' 197,682' 41,150 3,603 29,684 8,754 88,843 32,854' 1,260 95,028 3,079 12,012 1,477 51,922 300 41,404 5,449 46,853 396 9,436' 12,334' 2,898 324 473' 4,865' 5,338 374 37,530 13,938 51,468 4,488 6,474 1,986 29,822 132,312 102,490 5,759 72,928 147,478' 138,839' 276,620' Q4P 187,898 171,051 295,885 466,936 2,136 3,549 35,112 31,563 1,413 18,983 24,063 126,960 125,494 268,306 Q3' 345 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 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment 62,064 36,327 MEMO Changes in official assets 39 U.S. official reserve assets (increase, ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 3,681 1,523 2,805 2,221 557 1,122 429 697 113,853 249,137 355,566 83,749 128,004 73,438 71,503 82,621 8,132 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38—41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. Reserve Assets Millions of dollars, end of period 2004 Asset 7001 2002 2005 2003 July Aug. Sept. Oct. Nov. Dec. Jan. Feb.P 1 Total 68,654 79,006 85,938 81,375 82,603 82,578 84,232 86,702 86,822 81,369 80,169 2 Gold stock1 3 Special drawing rights2'3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,045 10,774 11,043 12,166 11,043 12,638 11,045 12,586 11,044 12,710 11,043 12,782 11,043 13,041 11,043 13,478 11,043 13,582 11,045 13,342 11,042 11,727 17,854 28,981 21,979 33,818 22,535 39,722 19,393 38,352 19,812 39,037 19,433 39,310 19,530 40,618 20,079 42,102 19,479 42,718 15,247 41,735 15,336 42,063 NOTE. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at: www. federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF 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 2004 2001 Asset 2002 2005 2003 July Aug. Sept. Oct. Nov. Dec. Jan. Feb.P 61 136 162 81 157 128 91 88 80 121 86 592,630 9,099 678,106 9,045 845,080 8,971 995,923 8,967 1,026,155 8,967 1,031,322 8,967 1,028,945 8,967 1,044,531 8,967 1,041,215 8,967 1,039,348 8,967 1,058,929 8,967 1 Deposits Held in custody 3 Earmarked gold3 NOTE. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at: www. federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 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 1 Total1 2 3 4 5 6 7 8 9 10 11 12 By type Liabilities reported by banks in the United States 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 Aftica Other countries 984,713 1,161,907 1,261,131 1,338,672 1,449,153 1,759,568' 1,775,568 1,798,579' 1,807,631 120,571 161,719 144,646 190,444 168,089 211,025 168,089 211,025 189,824 212,032 255,756' 259,509' 247,379 255,968 271,486' 244,573 268,707 242,052 454,306 3,411 569,891 2,769 254,157 610,122 269,019 650,336 2,876 306,346 723,591 2,613 321,093 1,609 343,985 919,758 1,619 350,844 926,734 1,630 354,156 934,364 1,635 244,706 243,307 13,440 71,103 632,466 15,167 9,228 283,512 5,962 87,261 760,012 9,355 15,835 295,606 4,845 95,110 838,270 9,846 17,484 313,357 5,840 71,936 922,936 9,194 15,396 310,748 5,112 72,869 1,033,872 8,887 17,652 357,595 6,897 102,803 1,259,918' 12,565 19,777 351,608 356,716' 360,419 6,578 100,763 1,299,826 13,022 26,896 1. Includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 2,876 6,056 6,802 104,440 1,281,978 9,727 21,746 105,782' 1,291,438 11,141 26,687 360,873 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 79,363 n.a. n.a. 80,543 n.a. n.a. 63,119 36,674 26,445 64,862 38,892 25,970 62,126 31,023 31,103 64,522 36,774 27,748 67,998 38,100 29,898 4 Banks' own claims 5 Deposits 6 Other claims 74,640 44,094 30,546 71,724 34,287 37,437 81,669 38,102 43,567 87,264 37,726 49,538 92,427 38,625 53,802 92,119 37,488 54,631 93,593 38,025 55,568 17,631 n.a. n.a. 35,923 n.a. n.a. 21,365 5,064 16,301 20,872 5,510 15,362 21,464 9,948 11,516 25,904 7,688 18,216 33,430 7,364 26,066 7 Claims of banks' domestic customers 8 Deposits 9 Other claims .. 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • March 2005 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period July Aug. Nov.7 Dec.1 2,812,068 2,819,726 2,731,936 1,962,762 2,018,645 2,026,136 1,949,566 976,260 1,042,385 619,144 992,074 1,034,062 646,831 793,423 793,590 978,083 971,483 574,880 782,370 319,081 313,138 299,210 312,251 Sept. BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 2 Banks' own liabilities By type of liability 3 Deposits2 4 Other 5 Of which: repurchase agreements3 6 Banks' custody liabilities4 By type of liability 7 U.S. Treasury bills and certificates5 8 Other negotiable and readily transferable instruments6 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 11 Other r,985,588 2,315,606 2,819,726 2,665,654' 2,694,249' 2,675,026' 2,770,639 1,363,270 1,677,193 2,026,136 1,896,208' 1,890,192' 175,231 246,623 190,134 622,318 852,803 824,390 460,191 638,413 992,074 1,034,062 646,831 236,796 258,797 189,573 202,774 37,761 74,513 195,949 34,394 83,633 176,842 13,467 12,362 5,769 6,593 1,105 1,089 14,149 12,577 6,134 16 0 1,920,209' 921,031 975,177' 586,997 769,446 940,184 980,025' 600,077 774,040 897,729 943,356 992,463' 1,019,406 599,575 608,098 784,834 807,877 307,838 311,888 318,475 270,011 273,521 278,167 309,338 48,393 149,514 168,201 50,311 108,994 191,597 51,753 114,634 188,631 52,717 124,011 188,192 56,954 138,845 179,731 52,309 133,570 175,132 48,393 149,514 168,201 47,210 143,318 161,514 13,015 9,529 6,085 3,444 3,486 1,339 13,794 11,325 5,704 5,621 2,469 770 11,893 9,043 4,909 4,134 2,850 930 12,673 9,530 5,275 4,255 3,143 1,276 15,413 11,821 6,594 5,227 3,592 1,617 13,509 10,248 6,328 3,920 3,261 1,402 13,015 9,529 6,085 3,444 3,486 1,339 15,370 12,140 5,092 7,048 3,230 1,107 1,462 2,147 0 1,695 4 1,920 1,867 0 1,969 6 1,859 0 2,147 0 2,119 4 335,090 93,884 20,733 73,151 401,856 117,737 24,208 93,529 516,059 146,627 27,732 118,895 495,875 146,270 25,747 120,523 488,859 133,128 24,207 108,921 500,404 142,900 23,656 119,244 515,265 139,457 24,124 115,333 503,347 136,192 26,302 109,890 516,059 146,627 27,732 118,895 510,759 150,574 30,407 120,167 Banks' custody liabilities4 U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 241,206 190,444 284,119 212,032 369,432 244,573 349,605 251,305 355,731 253,664 357,504 259,473 375,808 259,509 367,155 255,968 369,432 244,573 360,185 242,052 50,698 64 69,638 2,449 123,153 1,706 98,060 240 100,999 1,068 96,831 1,200 115,333 966 110,530 657 123,153 1,706 117,432 701 28 Banks'" 29 Banks' own liabilities 30 Deposits2 31 Other 32 Banks' custody liabilities4 33 U.S. Treasury bills and certificates5 . . . . 34 Other negotiable and readily transferable instruments6 Other 35 1,311,267 1,055,858 56,020 58,422 255,409 25,916 1,380,639 1,163,309 706,536 456,773 217,330 18,267 1,509,459 1,528,135' 1,525,613' 1,466,106' 1,525,350 1,293,437 1,289,372' 1,291,294' 1,236,282' 1,299,343 810,054 766,710 782,543 736,726 774,952 483,383 522,662' 508,751' 499,556' 524,391 216,022 238,763 234,319 229,824 226,007 26,33 1 22,134 21,518 20,776 20,478 1,538,065 1,318,499 802,772 515,727 219,566 20,826 1,509,459 1,293,437 810,054 483,383 216,022 26,331 1,466,446 1,256,173 797,205 458,968 210,273 23,639 57,605 171,888 49,3 11 149,752 53,274 136,417 53,453 163,176 54,937 157,864 52,082 156,966 57,046 148,483 54,965 143,775 53,274 136,417 54,336 132,298 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 325,764 201,166 92,709 108,457 518,962 383,570 115,925 267,645 781,193 576,543 148,203 428,340 627,850' 449,241' 122,870 326,371' 667,884' 486,744' 128,525 358,219' 695,843' 501,480' 132,072 369,408' 714,611 512,141 137,686 374,455 757,147 553,706 140,858 412,848 781,193 576,543 148,203 428,340 739,361 530,679 145,379 385,300 40 41 42 124,598 19,347 135,392 204,650 40,895 178,609 33,629 181,140 35,776 194,363 36,950 202,470 37,204 203,441 40,885 204,650 40,895 208,682 40,124 81,254 23,997 82,363 24,641 133,677 30,078 116,803 28,177 115,665 29,699 127,387 30,026 134,990 30,276 131,856 30,700 133,677 30,078 140,047 28,511 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 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 Other negotiable and readily transferable instruments6 Other 6,443 1,572 110 793,590 313,138 312,251 306,922 313,934 MEMO 44 Own foreign offices'2 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. 9. Foreign central banks, foreign central governments, and the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period July Aug. Sept. Oct. Nov.7 AREA OR COUNTRY 2,812,068 2,819,726 2,731,936 2,662,353' 2,755,226' 2,798,559 2,806,711 2,716,566 980,894' 1,006,049' 1,010,917 4,539 4,999 5,430 13,600 15,361 13,355 3,613 4,071' 4,505 1,299 1,373 1,220 57,679 55,783' 47,696 53,398 58,224' 55,564 1,555 1,529 1,527 8,274 8,112 7,693 51,961 51,306 51,933 17,065 17,146' 13,468 25,773 34,755 38,714 2,029 1,174 1,071 63,859 64,621' 58,789 10,013 8,504 9,321 5,946 6,217' 6,744 116,224 120,687' 111,794 7,980 9,114 9,512 450,372 433,949' 433,276' 22,024 22,097 21,389 101 141 96 93,613 87,559' 87,124 967,754 4,277 13,815 3,202 1,418 57,243 50,801 1,205 7,247 50,713 20,094 32,749 1,607 70,358 8,483 6,582 99,924 5,190 414,589 20,710 110 97,437 955,182 3,746 14,626 4,221 3,022 63,620 48,216 2,052 8,011 52,278 20,708 27,044 3,353 70,254 10,281 6,372 91,840 6,997 402,289 20,916 91 95,245 45 Total, all foreigners . 1,985,588 2,315,606 2,819,726 2,665,654' 2,694,249' 2,675,026' 2,770,639' 46 Foreign countries . . . 1,972,121 2,301,457 2,806,711 2,651,860' 2,682,356' 653,988 2,818 9,536 5,106 1,693 40,399 34,650 2,975 5,568 31,945 10,839 18,879 3,574 23,146 14,039 4,647 132,895 12,131 185,970 47,594 301 65,283 781,550 4,826 9,359 3,631 1,783 40,719 46,806 1,264 6,215 35,855 15,857 22,429 952 41,673 9,902 7,082 110,626 13,748 332,528 20,802 162 55,331 967,754 4,277 13,815 3,202 1,418 57,243 50,801 1,205 7,247 50,713 20,094 32,749 1,607 70,358 8,483 6,582 99,924 5,190 414,589 20,710 110 97,437 967,362' 4,950 12,232 2,124 2,745 51,071 53,314 1,667 9,221 51,841 15,841 46,970 1,048 51,801 8,878 6,683 140,805 8,888 397,471' 24,045 103 75,664 27,323 35,590 32,858 33,109 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America17 107,357 10,878 10,040 6,146 4,158 2,299 1,379 36,109 3,864 1,363 2,815 21,939 6,367 110,566 9,758 16,283 4,438 4,235 2,567 1,547 35,389 4,093 1,401 3,670 21,222 5,963 136,068 10,817 15,151 7,248 6,262 2,676 1,526 50,738 4,512 1,968 4,151 24,599 6,420 134,224 11,044 18,688 6,186 4,919 2,443 1,714 47,922 3,719 1,569 4,138 25,618 6,264 83 Caribbean . . 84 Bahamas . 85 Bermuda 86 Cayman Islands18 87 Cuba Jamaica Netherlands Antilles . . . 90 Trinidad and Tobago . . . 91 Other Caribbean17 837,666 163,543 24,674 630,446 91 829 5,004 1,405 11,674 969,986 153,554 38,964 739,204 96 669 8,689 1,253 27,557 1,209,170 212,371 93,674 855,101 108 829 5,859 1,624 39,604 319,487 373,024 418,212 409,278 423,334 416,074 15,483 18,693 33,066 7,951 14,123 7,477 161,667 8,968 1,811 7,605 16,365 26,278 13,236 26,808 49,557 14,534 14,373 12,223 162,003 12,647 1,683 7,226 23,626 35,108 53,131 26,579 42,686 11,270 5,931 11,237 163,567 12,495 2,969 11,440 38,475 38,432 40,798 21,692 49,281 10,243 9,998 12,336 175,328 13,276 2,103 9,120 33,973 31,130 52,579 22,888 37,958 11,181 9,433 14,448 182,433 14,298 2,146 10,379 35,245 30,346 57,394 21,984 40,044 10,958 8,266 12,992 170,798 10,918 2,100 9,490 39,090 32,040 105 Africa 106 Egypt 107 Morocco • • 108 South Africa 109 Congo (formerly Zaire) 110 Oil-exporting countries20 . . . . Other 12,251 2,655 306 1,114 2 4,370 3,804 13,828 2,336 376 3,715 18 3,498 3,885 15,608 2,755 169 3,381 4 5,220 4,079 16,644 3,085 153 3,809 4 6,186 3,407 16,926 2,910 103 4,153 4 6,340 3,416 112 Other countries . . 113 Australia 114 New Zealand21 115 All other 14,049 11,991 1,796 262 16,913 14,020 2,465 428 27,041 23,099 3,437 505 22,695' 19,973' 2,225 497 116 Nonmonetary international and regional organizations 117 International22 118 Latin American regional23 119 Other regional24 13,467 11,282 507 1,611 14,149 10,500 420 3,166 13,015 10,609 345 1,948 13,794 11,569 410 1,739 47 Europe . . . . 48 Austria . . 49 Belgium13 50 Denmark . 51 Finland . . 52 France . . . 53 Germany . 54 Greece .. Italy 56 Luxembourg13 57 Netherlands 58 Norway 59 Portugal 60 Russia 61 Spain 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom 66 Channel Islands and Isle of Man14 67 Yugoslavia15 68 Other Europe and other former U.S.S.R.1 69 Canada 92 Asia China 93 Mainland 94 Taiwan 95 Hong Kong India 96 Indonesia 97 Israel 98 Japan 99 100 Korea (South) 101 Philippines pp T hild 102 Thailand 103 Middle Eastern oil-exporting countries19 104 Other 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. 965,796' 5,046 11,742 3,083 2,776 47,795 56,448 2,018 7,679 54,360 17,138 23,991 1,301 52,235 11,601 5,240 138,905 9,748 418,771' 21,777 74,030 34,352 33,991' 33,124 32,858 32,439 130,300 11,451 15,781 6,098 5,169 2,597 1,543 48,453 3,855 1,536 3,931 23,543 6,343 134,300' 11,906' 15,915' 8,196 5,370 2,507 1,486 47,796' 4,128' 1,866' 4,076 24,513' 6,541' 136,052 11,025 15,430 8,356 5,379 2,600 1,472 51,010 4,295 1,727 4,187 24,163 6,408 136,068 10,817 15,151 7,248 6,262 2,676 1,526 50,738 4,512 1,968 4,151 24,599 6,420 126,119 10,938 17,191 7,369 6,186 2,665 1,492 37,629 4,499 2,300 4,019 25,354 6,477 1,121,009' 1,163,092 171,294 146,692' 78,833 70,179' 864,346 862,368' 107 107 873 872 4,786 4,626' 1,341 1,355 41,512 34,810' 1,209,170 212,371 93,674 855,101 108 829 5,859 1,624 39,604 1,148,390 200,088 70,883 837,871 109 815 5,502 1,773 31,349 419,519' 415,312 418,212 409,722 65,643' 21,381' 37,137' 11,650' 7,662 9,659' 171,972' 10,319 2,109' 10,498 38,182' 33,307' 52,768 24,674 36,475 11,818 6,560 11,057 166,701 12,804 2,343 11,416 41,958 36,738 53,131 26,579 42,686 11,270 5,931 11,237 163,567 12,495 2,969 11,440 38,475 38,432 58,298 26,191 37,159 12,425 7,191 11,988 152,972 15,877 2,513 12,376 41,791 30,941 16,558 2,561 95 3,942 4 6,206 3,750 17,687 2,349 99 4,001 6 7,373 3,859 14,260 2,256 124 3,571 3 4,331 3,975 15,608 2,755 169 3,381 4 5,220 4,079 17,534 4,272 166 3,758 21 5,780 3,537 24,313' 21,368' 2,484 461 15,703' 12,096' 2,967 640 22,671 18,957 3,035 679 25,802 21,516 3,748 538 27,041 23,099 3,437 505 27,180 22,585 4,116 479 11,893 9,747 369 1,692 12,673 10,390 343 1,870 15,413 13,254 345 1,731 13,509 11,478 357 1,575 13,015 10,609 345 1,948 15,370 13,020 373 1,863 31,898 133,142 11,447 17,573 6,036 5,171 2,542 1,781 49,349 3,816 1,459 4,509 23,291 6,168 1,068,548 1,086,947 140,681 152,485 65,145 49,335 840,224 829,03 1 96 95 750 698 3,382 3,784 1,238 1,587 35,431 31,533 1,068,472 144,851 58,046 824,155 97 806 3,788 1,383 35,346 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 • March 2005 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 1 Total, all foreigners . . 2 Foreign countries . . . . Europe Austria Belgium2 Denmark Finland France Germany Greece Italy Luxembourg^ Netherlands Norway Portugal Russia Spain Sweden Switzerland Turkey United Kingdom Channel Islands and Isle of Man3 Yugoslavia4 Other Europe and other former U.S.S.R.5 U85,445 r,322,363 r,677,rO7' July Aug. Sept. r,564,09r r,58r,325 1,573,721 r,636,958r 1,694,641' r,677,ro7r 1,666,384 r 1,688,519' 1,672,273' 1,662,656 802,154' 4,573 7,888 909 11,839 90,066 25,836 94 16,903 5,866 20,871' 25,514 1,576 1,075 8,451 17,020 114,167 2,512 402,506' 26,878 0 17,610' 780,977 4,728 6,857 688 9,720 94,225 25,651 117 16,129 6,470 16,947 22,080 1,697 1,025 13,218 14,930 104,336 2,652 395,630 24,962 0 18,915 U8r,768 1,311,191 r,672,273' r,559,69r r,577,664 r,568,956 r,632,4rr 487,004 3,603 6,044 1,109 8,518 47,705 22,481 477 3,753 3,407 23,133 13,885 2,226 877 5,371 15,889 126,958 2,112 176,953 17,457 0 5,046 591,018 4,819 6,910 2,814 8,160 63,719 25,811 238 7,310 5,512 21,415 17,666 2,106 1,233 2,295 15,269 78,716 2,149 268,822 43,099 0 12,955 802,154' 4,573 7,888 909 11,839 90,066 25,836 94 16,903 5,866 20,871' 25,514 1,576 1,075 8,451 17,020 114,167 2,512 402,506' 26,878 0 17,610' 733,094 4,748 11,291 1,816 9,080 71,271 28,523 208 13,204 5,765 17,888 33,353 1,361 1,054 7,239 18,926 104,069 2,792 338,164 48,778 0 13,564 743,232 4,915 11,000 2,955 9,056 64,405 29,242 203 11,904 6,411 19,891 19,437 1,547 973 5,108 13,489 118,642 2,359 365,398 44,660 0 11,637 758,379 5,023 11,659 2,148 11,280 66,201 29,219 236 14,454 6,301 22,638 25,271 1,409 953 6,684 15,008 108,355 2,281 372,017 44,692 0 12,550 764,082' 4,743 9,800 3,895 8,458 68,591' 27,503 185 13,771 6,340 20,411' 29,098 1,525 1,168 9,758 15,091' 97,686' 2,403 386,247' 44,831 0 12,578' 811,549' 4,713 10,033 2,53 1' 9,772 84,113' 33,096' 174 14,189 6,300 18,970 18,864 1,395 1,103 9,784 17,588 117,757 2,432 413,231' 29,409 0 16,095' 60,521 52,140 50,674 55,927 50,530 51,192 46,121' 44,909' 50,674 49,916 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 56,642 6,783 15,419 5,250 2,614 457 892 15,658 1,915 1,411 255 3,254 2,734 51,517 3,819 15,825 6,094 2,026 404 781 13,583 1,844 1,370 465 2,911 2,395 49,178 2,275 14,082 6,213 2,648 469 871 13,133 1,934 1,530 403 2,890 2,730 51,532 2,972 17,578 5,917 2,184 454 809 12,449 1,945 1,644 375 2,737 2,468 49,499 2,631 16,130 5,798 2,357 449 846 12,331 1,730 1,658 424 2,816 2,329 49,058 2,502 16,061 5,751 2,494 426 749 12,653 1,482 1,635 364 2,596 2,345 49,257 2,550 15,781 6,029 2,598 437 775 12,647 1,610 1,568 384 2,539 2,339 48,988 2,498 15,182 5,972 2,590 424 765 12,646 1,845 1,563 402 2,600 2,501 49,178 2,275 14,082 6,213 2,648 469 871 13,133 1,934 1,530 403 2,890 2,730 48,145 2,136 14,793 5,449 2,435 450 831 13,314 1,852 1,403 291 2,782 2,409 39 Caribbean 40 Bahamas 41 Bermuda 42 Cayman Islands7 43 Cuba 44 Jamaica 45 Netherlands Antilles 46 Trinidad and Tobago 47 Other Caribbean' 475,896 95,584 9,902 359,259 0 321 6,690 889 3,251 492,705 73,709 14,889 391,524 0 377 6,629 665 4,912 616,298' 583,868 74,792 22,163 475,246 0 409 5,013 818 5,427 65,225 31,630 477,078 0 360 5,333 780 567,697 66,298 25,338 462,943 0 378 5,222 658 6,860 643,939' 79,058' 30,345' 520,596' 0 375 5,234' 677 7,654 642,422' 84,806 27,413' 514,896' 0 342' 5,488' 714 8,763' 616,298' 33,295 470,625' 0 351 5,554' 755 7,630' 33,295 470,625' 0 351 5,554' 755 7,630' 622,217 97,439 25,802 483,676 0 309 5,991 657 8,343 93,551 119,562 142,638 124,435 134,475 132,331 118,792' 128,131' 142,638 150,400 1,057 3,766 7,258 1,235 1,270 4,660 47,600 11,118 2,137 1,167 7,952 4,331 4,134 9,659 7,190 1,588 838 5,122 62,059 11,395 1,693 989 6,782 8,113 9,219 10,613 5,528 2,117 554 1,324 82,280 15,483 973 1,144 7,019 6,384 10,695 10,157 4,696 2,208 685 3,061 65,250 12,684 1,040 453 5,212 8,294 9,835 10,264 4,602 2,321 626 5,483 71,724 12,338 843 648 6,741 9,050 11,759 9,867 3,785 2,214 604 3,948 72,518 13,099 905 676 6,413 6,543 7,643 9,396 3,836' 2,067 545 1,889 65,974 13,986 848 6,210 5,676 10,771 10,219 4,759 2,015 549 1,309 74,553 10,203 1,062' 987 6,392 5,312 9,219 10,613 5,528 2,117 554 1,324 82,280 15,483 973 1,144 7,019 6,384 11,992 12,138 6,860 2,088 490 2,729 87,063 13,881 930 1,270 5,036 5,923 61 Africa 62 Egypt 63 Morocco 64 South Africa 65 Congo (formerly Zaire) .. 66 Oil-exporting countries9 . . 67 Other 1,977 487 53 617 0 598 1,453 236 46 453 0 147 571 1,258 228 53 314 0 223 430 1,324 195 42 457 0 152 478 1,124 179 53 296 0 141 455 1,172 174 69 298 0 193 438 1,235 167 59 373 0 188 448 1,386 203 51 396 0 274 462 1,258 228 53 314 0 223 430 1,288 233 36 324 0 243 452 68 Other countries . . . 69 Australia 70 New Zealand" . 71 All other 6,177 5,566 569 42 8,897 8,037 819 41 10,073 9,389 602 9,511 8,545 919 47 9,917 '746 58 9,127 8,295 753 79 8,231 656 11,134 10,389 650 95 10,073 9,389 602 9,713 9,039 601 73 72 Nonmonetary international and regional organizations'' 3,677 5,071 4,834 4,400 3,661 4,765 4,547 6,122 4,834 3,728 48 Asia China 49 Mainland 50 Taiwan 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Thailand 59 Middle Eastern oil-exporting countries8 60 Other 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 5. Includes the Bank for International Settlements and the European Central Bank. 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2004 Type of claim 2002 2003 2005 2004' July Aug. 1,564,091 75,413 1,170,366 318,312 1,581,325 63,004 1,165,847 352,474 Sept. Oct.' Nov.' 1,636,958 69,736 1,204,219 363,003 1,694,641 62,419 1,251,496 380,726 Dec' JanP 1 Total claims reported by banks 1,409,095 1,603,404' 1,993,169 2 Banks' own claims on foreigners 3 Foreign official institutions2 4 Foreign banks^ 4 5 Other foreigners 1,185,445 52,198 970,357 162,890 1,322,363 57,897 980,099 284,367 1,677,107 76,847 1,203,074 397,186 223,650 80,269 281,041' 135,939' 72,196 63,107 9,799' 316,062 133,457 90,087 78,604 13,914 500,085 376 624,571 3,970 585,904 1,233 568,628 2,686 560,898 2,928 625,814 3,110 637,120 2,864 624,571 3,970 639,234 3,566 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims 137,289 6,092 1,870,821' 1,573,721 68,413 1,158,430 346,878 1,993,169 297,100' 141,767' 89,020' 58,533' 7,780' 1,677,107 76,847 1,203,074 397,186 1,666,384 77,267 1,203,344 385,773 316,062 133,457 90,087 78,604 13,914 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable instruments7 14 Other claims7 15 Own foreign offices8 n.a. 892,340 5,328 816,574 934,166 4,443 1,044,123 1,167,520 7,679 969,275 1,087,435 5,409 1,004,602 1,106,019 5,206 1,004,689 1,088,830 6,501 1,001,533 1,127,842 6,173 1,048,484 1,179,273 4,443 1,044,123 1,167,520 5,898 1,017,686 1,171,243 16 Loans collateralized by repurchase agreements9 161,585 344,753 471,837 407,594 433,636 439,243 444,240 456,873 471,837 465,832 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) 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 3.22 Federal Reserve Bulletin Statistical Supplement • March 2005 LIABILITIES TO FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. By type '. Financial liabilities Short-term negotiable securities' • Other liabilities' Of which: i Borrowings' p Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling . . Japanese yen All other currencies 14 Financial liabilities to unaffiliated foreigners By area or country 15 Europe 16 Belgium-Luxembourg 17 France 18 Germany 19 Netherlands 20 Switerzerland 21 United Kingdom Sept. ros,r76 73,904 66,679 47,419 n.a. 41,034 n.a. 39,561 n.a. 53,684 18,242 56,330 17,410 53,385 14,002 58,296 9,859 73,034 10,868 74,043 11,415 n.a. n.a. n.a. n.a. n.a. n.a. 5,532 22,397 7,081 21,588 8,498 22,946 8,402 32,449 5,949 45,495 3,558 45,766 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. 29,342 24,342 738 10,019 6,919 2,745 3,921 28,781 27,549 1,266 13,731 7,987 1,945 2,620 25,290 28,095 1,431 10,372 11,425 2,493 2,374 34,150 24,146 1,149 7,147 12,894 1,330 1,626 42,406 30,628 1,730 7,998 17,883 1,660 1,357 43,842 30,201 1,981 7,678 17,420 1,642 1,480 41,034 39,561 42,256 45,364 43,845 45,349 58,319 57,367 31,806 154 2,841 2,344 1,954 94 22,852 34,335 144 5,243 2,923 1,825 61 22,53 1 32,639 546 3,240 2,901 1,790 167 22,903 33,575 675 2,743 3,366 285 17 24,733 34,832 709 3,543 3,531 284 517 45,810 539 2,092 3,699 320 298 28,992 43,134 23,886 30,976 528 2,133 3,015 284 524 22,004 34,172 147 1,480 2,168 2,016 104 26,362 83,956 677 2,290 3,335 340 431 28,166 MEMO: 22 Euro area3 . . . 23 Canada 24 25 26 27 28 29 30 31 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 4,125 6 1,739 148 32 33 34 Asia Japan Middle Eastern oil-exporting countries5 7,965 6,216 12 35 36 Africa Oil-exporting countries6 . . 37 All other7 . . . 406 n.a. 26 2 11,211 9,485 8,496 9,855 7,768 8,554 9,579 955 591 1,012 1,386 1,474 1,542 1,762 2,181 2,858 157 960 35 1,627 n.a. 36 1,504 23 990 65 365 n.a. 31 1 4,495 4 4,244 129 n.a. 37 27 5,579 26 2,862 155 n.a. 2,426 31 4,235 0 711 242 n.a. 3,114 34 3 8,115 0 6,093 0 2,300 200 n.a. 3,483 25 7,297 0 2,382 185 n.a. 4,591 24 22 5,042 3,269 10 2,932 1,832 14 3,417 1,909 32 4,116 2,210 2,547 1,826 67 36 4,519 1,431 29 4,487 1,612 24 4,589 1,664 30 131 91 112 91 119 91 123 92 126 93 118 93 119 93 3,604 291 n.a. 3,910 28 0 Nonbank-Reported Data 3.22 LIABILITIES TO FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of liability, and area or country Sept. Sept. 38 Commercial liabilities 39 Trade payables 40 Advance payments and other liabilities 26,485 14,293 12,192 25,645 11,781 13,864 28,103 14,699 13,404 28,177 15 13 27,626 16 11 30,090 17 13 30,432 17 13 32,142 18 14 29,376 18 11 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 23,685 2,800 n.a. n.a. n.a. n.a. n.a. 24,162 1,483 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 n.a. n.a. n.a. n.a. n.a. 26,055 2,122 137 587 582 238 578 25,615 2,011 165 490 542 154 660 27,632 2,458 199 787 606 209 657 28,178 2,254 196 699 513 223 623 29,663 2,479 183 729 593 255 719 26,080 3,296 241 1,030 600 302 1,123 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 9,138 152 931 739 1,337 458 2,822 8,744 178 779 764 1,326 383 2,911 9,821 159 900 855 384 1,367 3,025 8,943 145 1,017 1,018 303 543 3,023 9,719 135 1,092 1,275 289 638 3,035 8,840 133 1,050 1,021 316 616 3,126 3,832 41 42 43 44 45 46 47 48 49 50 51 52 53 54 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom MEMO 55 56 Canada 57 58 59 60 61 62 63 64 65 66 67 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 68 Africa 69 70 5,141 4,200 4,855 4,440 4,156 4,549 1,933 1,622 1,588 1,954 2,032 2,166 2,337 2,533 1,990 2,381 31 281 114 76 n.a. 841 284 2,727 52 591 290 45 n.a. 899 166 3,073 51 538 253 36 n.a. 1,170 177 3,252 15 585 224 n.a. 19 905 457 3,667 25 631 220 n.a. 32 1,274 517 3,406 14 513 233 n.a. 40 1,298 329 3,916 16 647 226 n.a. 77 1,362 389 4,389 39 32 1,755 481 4,317 35 635 98 n.a. 29 1,925 477 10,983 2,757 2,832 10,517 2,581 2,639 13,382 4,292 3,979 12,567 4,127 3,071 11,702 4,175 2,934 13,311 4,370 3,148 13,540 4,973 2,553 13,484 4,755 2,311 12,705 4,288 3,312 948 483 836 436 827 405 575 185 884 373 782 372 1,009 548 1,082 567 1,428 10,966 9,540 Euro area3 Oil-exporting countries6 All other7 MEMO 71 Financial liabilities to 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). 14,715 16,676 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-6 above. 52 3.23 Federal Reserve Bulletin Statistical Supplement • March 2005 CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of claim, and area or country Sept. 1 Total . . By type 2 Financial claims Non-negotiable deposits . . Negotiable securities Ofwhich: Negotiable CDs1 Other claims Ofwhich: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 16 Financial claims on unaffiliated foreigners By area or country 17 Europe 18 Belgium-Luxembourg . . . . 19 France 20 Germany 21 Netherlands 22 Switerzerland 23 United Kingdom 90,157 113,082 53,031 23,374 29,657 81,287 29,801 51,486 n.a. 29,657 Sept. 186,182 181,821 71,389 27,064 44,325 153,992 49,933 3,207 150,561 3,174 132,332 35,920 3,211 142,632 45,415 2,502 154,096 42,974 5,468 160,552 50,314 7,595 n.a. 51,486 n.a. n.a. 133 100,852 158 100,645 157 93,201 6 94,715 129 105,654 70 102,643 n.a. n.a. n.a. n.a. n.a. n.a. 71,971 3,010 71,488 4,729 69,208 3,253 67,343 5,602 66,849 19,073 64,968 17,685 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. 146,439 7,553 597 2,383 2,561 875 1,137 140,249 10,312 1,371 122,879 9,453 912 3,677 2,704 2,776 3,242 982 1,578 831 1,692 132,701 9,931 1,254 2,425 3,722 892 1,638 117,735' 36,361' 1,400' 8,534' 13,992' 7,952' 4,483' 124,592 35,960 1,278 13,129 9,618 7,829 4,106 83,626 83,450 67,347 80,256 92,499 101,867 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 3,648 383 10,663 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 32,331 1,256 3,113 4,573 2,293 618 13,193 46,343 1,206 4,375 3,151 2,974 453 23,575 47,040 292 8,626 17,281 17,305 20,878 15,067 16,858 17,830 14,965 4,576 6,193 5,013 5,879 4,942 5,311 5,278 4,533 5,825 19,317 1,353 19 1,827 12,596 n.a. 2,448 87 41,201 976 918 2,127 32,965 n.a. 3,075 29,612 1,038 724 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 35,284 21,528 n.a. 2,921 104 37,420 598 699 2,158 n.a. 30,734 1,912 173 1,034 1,967 n.a. 28,577 1,723 174 34,256 801 1,410 1,749 n.a. 27,613 1,706 135 42,091 1,346 1,063 1,833 n.a. 35,188 1,527 139 4,697 1,631 6,430 1,604 135 5,358 1,277 79 5,389 1,246 183 7,017 1,496 275 5,317 1,194 158 5,650 978 138 5,976 1,011 121 5,633 1,050 138 411 57 414 49 395 25 486 35 565 34 419 12 391 13 46,742 S,543 3,620 2,299 3,149 585 26,641 MEMO: 24 Euro area3 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 34 35 36 Asia Japan Middle Eastern oil-exporting countries5 37 38 Africa Oil-exporting countries6 . . 39 All other7 . . . 2,286 646 258 3 International Statistics 3.23 CLAIMS ON FOREIGNERS 53 Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 40 Commercial claims 41 Trade receivables 42 Advance payments and other claims 43 44 45 46 47 48 49 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg . France Germany Netherlands Switzerland United Kingdom MEMO 37,126 33,104 4,022 31,795 27,513 4,282 31,177 26,385 4,792 32,190 25,981 6,209 31,260 25,749 5,511 33,602 28,651 4,951 33,841 5,218 34,447 29,921 4,526 31,795 27,357 4,438 33,401 3,725 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. 24,368 7,822 1,279 1,497 1,429 530 3,087 24,327 6,933 1,262 1,216 1,123 547 2,785 25,527 8,075 1,557 1,542 1,187 589 3,200 26,165 7,676 1,518 1,255 1,299 478 3,126 27,417 7,030 649 1,196 1,204 598 3,383 27,919 14,022 14,187 269 3,164 1,202 1,490 503 3,727 15,097 221 2,998 1,184 1,352 537 4,342 14,087 208 3,093 1,196 1,300 652 4,007 14,576 247 2,816 1,284 397 1,921 3,928 14,332 209 2,740 1,494 421 1,248 3,964 13,554 238 1,529 345 1,257 3,903 13,010 298 2,582 1,337 396 1,218 3,819 8,931 8,255 7,359 7,893 7,209 6,839 2,790 2,950 2,673 3,070 3,272 2,293 2,261 4,859 42 369 954 95 n.a. 1,391 288 4,346 4,722 30 353 841 n.a. 16 1,123 236 4,813 25 447 808 n.a. 50 1,181 233 5,153 26 5,516 35 739 1,002 n.a. 5,636 26 690 1,024 n.a. 6,140 61 7,849 7,324 2,341 6,496 1,733 777 6,452 1,734 738 584 95 441 105 548 136 15,938 452 3,095 1,982 1,729 763 4,502 3 Euro area 59 60 61 62 63 64 65 66 70 71 268 2,921 1,658 529 611 3,833 7,961 Canada 3,502 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 5,851 37 376 957 137 n.a. 1,507 Asia Japan Middle Eastern oil-exporting countries5 9,630 2,796 1,024 Africa Oil-exporting countries6 Sept. 2,006 31 287 750 19 n.a. 1,259 850 672 180 460 903 n.a. 52 1,339 230 28,623 2,603 3,876 446 1,026 1,169 191 1,044 766 903 n.a. 124 1,766 261 67 66 1,149 228 1,245 251 7,356 1,761 7,250 1,589 8,166 1,784 1,085 8,602 636 138 621 183 711 224 783 209 64,985 62,376 61,597 58,685 1,847 961 1,533 MEMO 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). 70,366 67,1 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes nonmonetary international and regional organizations. 8. Data available beginning March 2003. Includes financial claims on foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-8 above. 54 3.24 Federal Reserve Bulletin Statistical Supplement • March 2005 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Jan. July Aug. Sept. U.S. corporate securities 3,117,710 3,079,829 4,050,586 4,024,970 336,829 320,344 359,103 349,323 284,280 285,446 281,547 284,423 331,905' 328,935' 366,825' 352,865' 360,605 353,260 336,829 320,344 3 Net purchases, or sales ( ) . 37,881 25,616 16,485 9,780 1,166 2,876 2,970' 13,960' 7,345 16,485 4 Foreign countries 37,914 25,754 16,481 9,778 1,159 2,756 2,943' 14,045' 7,349 16,481 24,350 6,216 991 70 2,194 851 96 11,697 531 504 2,131 2,230 258 495 19,855 828 2,379 2,228 1,188 15,163 185 427 1,017 11,278 2,316 113 5,699 2,911 75 166 413 4,579' 1,151 232 163 10,555' 3,301 2,467 340 6,070 38 603 11,278 2,316 113 1,646 66 1,627 263 107 316 817 11 46 2,307 1,411 195 231 764 39 26 104 834 186 546 248 114 15 1 Foreign purchases 2 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 2,064 266 472 183 193 220 6,239 3,368 266 472 62' 172,517' 131,649 198,990 145,619 191,686 124,229 178,642 133,335 51,929 40,868' 53,371 67,457 45,307 51,609 40,962' 53,856 66,342 45,334 34,315 1,181 3,929 182 586 22,393 1,230 1,041 8,503 134 18,648' 156 1,289 210 320' 12,583 370 799 23,315 1,122 820 138 31 16,002 658 575 6,424' 30 8,683 630 7,682 14,708 7,850 20,811 11,103 199 41 35,935 1,548 118 169 959 25,167 745 1,958 13,939 72 14,919 10,599 75 412 14,732 805 2,303 237 296 8,524 693 956 14,772 55 14,751 6,163 33 35 10,150' 131,757' 141,907' 5,061 119,956 125,017 7,746' 151,362' 159,108' 2,869 118,354 121,223 15,470 141,825 157,295 6,960 118,079 125,039 6,595 132,483 139,078 5,533 116,189 110,656 1,062 6,473 464 100 2,837 34 1,004 1,031 334 71 93 2,942,805 2,508,736 2,370,998 1,837,712 178,642 133,335 219,419 172,013 174,923 132,954 187,722 135,793 22 Net purchases, or sales ( ) . 434,069 533,286 45,307 47,406 41,969 23 Foreign countries 434,324 530,899 45,334 47,327 41,849 24 25 26 27 28 29 30 31 32 33 34 35 36 37 210,319 4,735 2,441 2,645 7,628 132,315 20,145 4,564 104,784 3,747 107,431 32,482 2,354 1,125 246,532 7,180 11,615 1,959 7,071 151,280 14,732 805 2,303 237 296 8,524 693 956 14,772 55 14,751 6,163 33 35 23,129 794 1,852 166 971 15,105 562 269 12,642 466 10,361 5,816 153 307 21,888 795 1,604 155 212 16,617 2,337 1,201 8,825 143 9,509 2,198 0 283 4,414 1,535 978 5,789' 1 234' 2,143' 1,793 281' 965 7 659 8,102 612 849 4,154 594 521 41 3 369 97 2,394 301 40 1,443 887 10 109 6 684 666 3,894' 132 324' 596' 45 935' 776 1 263 6,239 6 684 4,414 464 1,031 334 71 93 19 Nonmonetary international and regional organizations 20 Foreign purchases 21 Foreign sales . . . . Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean . . Middle East2 Other Asia Japan Africa Other countries 3 8 Nonmonetary international and regional organizations 6,477 12,334 114,660 4,701 149,219 74,882 1,449 2,004 142 128 62 86 267 2,387 Foreign securities 82,367 1,332,490 1,414,857 20,061 1,558,558 1,538,497 88,509 1,710,413 1,798,922 3,099 1,466,291 1,469,390 6,595 132,483 139,078 5,533 116,189 110,656 10,021 132,127 142,148 1,843 107,608 109,451 190 129,974 129,784 3,153 111,207 114,360 3,738 116,948 120,686 826 125,472 126,298 45 Net purchases, or sales ( ), of stocks and bonds . . . . 62,306 91,608 1,062 11,864 2,963 4,564 15,211' 10,615' 22,430 46 Foreign countries 61,770 90,753 932 11,767 2,965 4,555 15,120' 10,633' 22,169 932 7,727 6,302 87,678 3,975 820 1,084 1,230 269 115 8,706 10,219 1,063 3,027 2,423 919 4,059 3,794 4,157 42 1,520 16,281' 1,409' 8,996' 1,565' 2,587' 3,701' 1,655 272 770 10,949 796 4,119 5,754 2,597 55 496 3,975 820 1,084 1,230 269 115 39 Stocks, net purchases, or sales ( ) 40 Foreign purchases 41 Foreign sales 42 Bonds, net purchases, or sales ( ) 43 Foreign purchases 44 Foreign sales 47 48 49 50 51 52 53 Europe Canada Latin America and Caribbean Asia Japan Africa Other countries 7,516 51,520 34,021 226 1,535 1,252 15,398 15,348 25,479 1,585 3,458 206 1,264 1,428 3,244 3,410 91 72 2,687 1,443 293 184 3,376' 479' 2,099 288 615 206 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.Jan. July Aug. Sept. 1 Total estimated 273,940 356,817' 30,748 13,350 13,960 16,663 20,894' 32,824 8,357' 30,748 2 Foreign countries 274,655 356,098' 30,281 13,734 13,274 17,427 20,425' 32,537 8,531' 30,281 54,083 1,741 7,890 905 240 407 4,893 36,084 1,670 733 10,318 93,070' 118 8,510 575 3,152 3,236 5,469' 80,530' 1,176 2,242' 16,106 7,211 3,541 436 1,528 1,129 87 1,557 264 7,095 2,478 13,025 31 2,137 95 97 284 81 5,028 10 6,264 2,096 5,806 233 1,326 202 7,597 382 186 3,716 81 813 538 4,900 294 2,273 616 3,048 33 365 46 444 191 1,800 16,040' 30 1,544 1,075 1,421 995 1,720' 5,256 183 6,658' 1,090 17,671 192 2,233 35 285 702 333' 16,193' 33 1,029 5,322 9,037' 236 141 1,120 1,095 1,149 812 11,293' 33 4,602 1,108 7,211 2 3,541 436 1,528 1,129 87 1,557 264 7,095 2,478 19,466 312 11,172 7,982 183,484 148,348 57 7,247 33,638' 15 22,057' 11,596 214,786 166,383 677 2,179 29,765 51 29,937 121 8,681 5,561 217 275 4,850 14 7,819 2,955 3,015 5,422 783 51 1,250 518 21,368 24,375 39 1,006 3,991 2,601' 28 4,315' 1,742 5,552 2,051 11 355 19,348 112 17,715 1,745 27,187 9,292 10 1,695 8,169 47 8,698 576 6,244 1,482 283 28 29,765 51 29,937 121 8,681 5,561 217 275 715 435 53 719 2 26 467 452 14 384 104 2 686 638 764 328 469 66 0 174 517 467 452 14 274,655 113,486 161,169 356,098' 203,143 152,955' 30,281 7,630 22,651 13,734 5,634 8,100 13,274 15,515 2,241 17,427 10,874 6,553 20,425' 15,649 4,776' 32,537 21,049 11,488 8,531' 6,976 1,555' 30,281 7,630 22,651 7,134 52 9,041 249 699 204 812 0 170 1 3,831 0 3,977 0 510 250 699 204 3 4 5 6 7 8 9 10 11 12 13 Europe Belgium2 Germany Luxembourg2 Netherlands Sweden Switzerland United Kingdom Channel Islands and Isle of Man3 Other Europe and former U.S.S.R Canada 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional 470 5,261 1,273 6,730 434 107 101 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 • March 2005 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 2004 Aug. Sept. Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 . . . , Hong Kong/dollar India/rupee Japan/yen Malays ia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/bant United Kingdom/pound2 Venezuela/bolivar 54.37 2.9213 1.5704 8.2771 7.8862 0.9454 7.7996 48.63 125.22 3.8000 9.663 46.45 7.9839 1.7908 10.5176 1,250.31 95.773 9.7233 1.5567 34.536 43.019 150.25 1,161.19 65.24 3.0750 1.4008 8.2772 6.5774 1.1321 7.7875 46.59 115.94 3.8000 10.793 58.22 7.0803 1.7429 7.5550 1,192.08 96.541 8.0787 1.3450 34.405 41.556 163.47 1,613.43 73.65 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 66.43 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 183.30 1,886.13 71.11 3.0018 1.3127 8.2768 6.1007 1.2191 7.7997 46.32 110.23 3.8000 11.395 65.61 6.8369 1.7145 6.4667 1,158.03 103.436 7.5362 1.2623 34.023 41.521 182.03 1,920.00 70.28 2.8914 1.2881 8.2767 6.0866 1.2224 7.7995 46.05 110.09 3.8000 11.487 65.94 6.8416 1.6948 6.5349 1,148.72 103.326 7.4356 1.2629 33.893 41.474 179.37 1,920.00 73.37 2.8520 1.2469 8.2765 5.9486 1.2507 7.7889 45.74 108.78 3.8000 11.404 68.46 6.5809 1.6767 6.3815 1,141.57 103.885 7.2453 1.2330 33.775 41.294 180.77 1,918.08 77.04 2.7877 1.1968 8.2765 5.7178 1.2997 7.7755 45.03 104.70 3.8000 11.371 70.09 6.2700 1.6505 6.0305 1,086.44 104.632 6.9257 1.1711 32.777 40.282 186.07 1,915.20 76.75 2.7150 1.2189 8.2765 5.5449 1.3406 7.7760 43.85 103.81 3.8000 11.201 71.49 6.1355 1.6402 5.7235 1,050.37 104.748 6.6969 1.1465 32.170 39.184 192.86 1,915.20 76.68 2.6895 1.2248 8.2765 5.6699 1.3123 7.7948 43.62 103.34 3.8000 11.263 70.65 6.2672 1.6377 5.9587 1,037.98 98.929 6.8991 1.1792 31.847 38.739 187.97 1,915.20 Indexes4 NOMINAL 24 Broad (January 1997=100)5 25 Major currencies (March 1973=100)6 26 Other important trading partners (January 1997= 100)7 126.66 105.98 119.08 93.00 113.55 85.36 115.00 86.66 114.54 86.19 112.90 84.25 109.97 81.03 108.72 80.11 109.35 81.06 111.25' 110.61 104.51' 97.60 99.88' 90.64 101.34' 92.23' 100.88' 91.81 99.55' 89.90' 96.77' 86.42' 95.34' 85.11' 96.18 86.61 REAL 27 Broad (March 1973=100)5 28 Major currencies (March 1973=100)6 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at: www.federalreserve.gov/releases. 2. U.S. cents per currency unit. 3. The euro is reported in place of the individual euro area currencies. By convention, the rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below: Euro equals 13.7603 40.3399 5.94573 6.55957 1.95583 .787564 Austrian schillings Belgian francs Finnish markkas French francs German marks Irish pounds 1,936.27 40.3399 2.20371 200.482 166.386 Italian lire Luxembourg francs Netherlands guilders Portuguese escudos Spanish pesetas 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title and Date Issue Page Reference Assets and liabilities of commercial banks March 31,2004 June 30, 2004 September 30,2004 December 31,2004 August November February March 2004 2004 2005 2005 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks February 2004 May 2004 August 2004 November 2004 May August November February 2004 2004 2004 2005 60 60 60 60 Supplement Supplement Supplement Supplement Assets and liabilities of US. branches and agencies of foreign banks December 31,2003 March 31,2004 June 30, 2004 September 30,2004 May August November February 2004 2004 2004 2005 66 66 66 66 Supplement Supplement Supplement Supplement 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 1991-2003 September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement Disposition of applications for private mortgage insurance 1998-2001 1999-2002 2000-2003 September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Small loans to businesses and farms 1996-2001 1996-2002 1997-2003 September 2002 September 2003 September 2004 A70 A70 70 Bulletin Bulletin Supplement Community development lending reported under the Community Reinvestment Act 2001 2002 2003 September 2002 September 2003 September 2004 A73 A73 73 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services * March31,2001 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 Federal Reserve Bulletin Statistical Supplement • March 2005 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, December 31, 2004 Millions of dollars except as noted Banks with foreign offices' Domestic total 1 Total assets 2 Cash and balances due from depository institutions 3 Cash items in process of collection, unposted debits, and currency and coin 4 Cash items in process of collection and unposted debits 5 Currency and coin 6 Balances due from depository institutions in the United States 7 Balances due from banks in foreign countries and foreign central banks 8 Balances due from Federal Reserve Banks Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value) U.S. Treasury securities U.S. government agency and corporation obligations (excludes mortgage-backed securities) Issued by U.S. government agencies Issued by U.S. government-sponsored agencies Securities issued by states and political subdivisions in the United States Mortgage-backed securities (MBS) Pass-through securities Guaranteed by GNMA Issued by FNMA and FHLMC Other pass-through securities Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS) Issued or guaranteed by FNMA, FHLMC or GNMA Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA All other mortgage-backed securities Asset-backed securities Credit card receivables Home equity lines Automobile loans Other consumer loans Commercial and industrial loans Other Other debt securities Other domestic debt securities Foreign debt securities Investments in mutual funds and other equity securities with readily determinable fair value 383,081 n.a. n.a. n.a. n.a. n.a. n.a. 260,216 n.a. n.a. n.a. n.a. n.a. n.a. 5,726,832 4,807,392 303,608 120,462 n.a. n.a. 36,697 131,068 15,380 180,743 116,801 91,413 25,387 28,937 19,704 15,301 1,509,142 60,459 n.a. n.a. 944,072 41,538 251,238 10,670 240,568 111,358 860,564 593,951 39,508 542,104 12,339 266,613 155,605 8,922 102,086 65,948 14,639 19,395 11,854 3,094 5,255 11,711 144,113 44,317 99,796 n.a. n.a. n.a. n.a. n.a. 92,875 7,789 85,086 38,128 604,904 452,674 24,599 418,212 9,863 152,229 81,095 3,955 67,180 41,445 11,234 8,649 8,168 2,628 4,204 6,561 115,328 22,888 92,441 n.a. n.a. n.a. 79,473 n.a. n.a. n.a. n.a. n.a. n.a. 565,070 18,921 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. 158,363 2,880 155,482 73,230 255,660 141,276 14,908 123,892 2,475 114,383 74,509 4,968 34,906 24,503 3,405 10,746 3,686 466 1,051 5,150 28,785 21,430 7,355 5,608 9,854 15,462 Banks with domestic offices only2 383,026 182,703 200,324 314,838 182,703 132,136 314,660 118,731 195,930 246,472 118,731 127,741 68,366 63,972 4,394 38 Total loans and leases (gross) and lease-financing receivables (net) 39 LESS: Unearned income on loans 40 LESS: Loans and leases held for sale 41 Total loans and leases (net of unearned income) 42 LESS: Allowance for loan and lease losses 43 Loans and leases, net of unearned income and allowance 4,808,934 3,184 168,661 4,637,090 70,083 4,567,007 4,485,520 2,097 n.a. n.a. n.a. n.a. 3,144,078 2,051 135,469 3,006,558 45,004 2,961,554 2,820,663 964 n.a. n.a. n.a. n.a. 1,664,856 1,133 33,191 1,630,532 25,079 1,605,454 Total loans and leases, gross, by category 44 Loans secured by real estate 45 Construction and land development 46 Farmland 47 One- to four-family residential properties 48 Revolving, open-end loans, extended under lines of credit 2,595,334 n.a. n.a. n.a. n.a. 2,546,984 287,552 44,557 1,467,565 398,819 1,509,777 n.a. n.a. n.a. n.a. 1,461,427 130,062 7,681 1,008,613 298,587 1,085,557 157,490 36,876 458,952 100,231 n.a. n.a. n.a. n.a. 140,495 n.a. n.a. n.a. 48,325 899,445 n.a. n.a. 984,001 84,745 87,825 659,485 n.a. n.a. n.a. n.a. 135,990 62,899 52,254 20,837 12,855 636,145 513,822 122,323 655,950 54,076 40,924 274,146 120,722 62,395 52,253 6,074 12,275 512,249 504,736 7,513 328,051 30,669 46,901 385,338 4,505 n.a. n.a. n.a. 35,470 263,300 n.a. n.a. 781,599 320,008 38,953 422,638 697,360 290,051 25,721 381,588 544,086 211,348 34,693 298,045 459,847 181,391 21,460 256,996 237,513 108,660 4,260 124,593 28,419 175,165 7,962 167,203 n.a. n.a. 140,152 28,418 138,274 3,435 134,839 n.a. n.a. 125,962 18,810 161,148 7,926 153,222 n.a. n.a. 125,266 18,809 124,257 3,400 120,857 20,946 99,911 111,076 9,609 14,017 36 13,981 n.a. n.a. 14,886 487,852 49,432 1,447 8,838 5,180 n.a. 219,558 159,741 59,817 295,163 n.a. n.a. n.a. n.a. n.a. 25,812 n.a. n.a. n.a. n.a. 16,038 36,496 2,337 473 210 n.a. 47,180 37,250 9,930 72,335 35 Federal funds sold and securities purchased under agreements to resell 36 Federal funds sold in domestic offices 37 Securities purchased under agreements to resell 66 67 68 69 70 71 Closed-end loans secured by one- to four-family residential properties Secured by first liens Secured by junior liens Multifamily (five or more) residential properties Nonfarm nonresidential properties Loans to depository institutions and acceptances of other banks Commercial banks in the United States Other depository institutions in the United States Banks in foreign countries Loans to finance agricultural production and other loans to farmers Commercial and industrial loans U.S. addressees (domicile) Non-US, addressees (domicile) Loans to individuals for household, family, and other personal expenditures (includes purchased paper) Credit cards Other revolving credit plans Other consumer loans (including single-payment, installment, and all student loans) Obligations (other than securities) of states and political subdivisions in the United States (includes nonrated industrial development obligations) All other loans Loans to foreign governments and official institutions Other loans Loans for purchasing and carrying securities All other loans (excludes consumer loans) Lease-financing receivables 72 73 74 75 76 77 78 79 80 81 Trading assets Premises and fixed assets (including capitalized leases) Other real estate owned Investments in unconsolidated subsidiaries and associated companies Customers' liability on acceptances outstanding Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs Intangible assets Goodwill Other intangible assets All other assets 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 503,890 85,928 3,784 9,311 5,390 n.a. 266,738 196,991 69,747 367,497 125,227 n.a. n.a. n.a. 47,745 775,549 Special Tables 4.20 59 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, December 31, 2004 Millions of dollars except as noted Banks with foreign offices' Domestic total Banks with domestic offices only2 82 Total liabilities, minority interest, and equity capital . . 8,253,455 n.a. 5,726,832 n.a. 2,526,623 83 Total liabilities 7,412,272 6,492,833 5,158,914 4,239,474 2,253,359 84 Total deposits 85 Individuals, partnerships, and corporations (include all certified and official checks) . 86 U.S. government 87 States andd political lii subdivisions in the United States 88 Commercial banks and other depository institutions in the United States 89 Banks in foreign countries 90 Foreign governments and official institutions (including foreign central banks) 5,544,346 5,008,910 n.a. n.a. 98,735 154,446 4,679,008 4,360,025 4,631 235,243 61,504 16,217 3,684,999 3,304,659 n.a. n.a. 73,579 154,093 2,819,661 2,655,774 3,213 107,086 36,348 15,864 1,859,347 1,704,251 1,418 128,157 25,156 353 1,389 41,512 91 92 93 94 95 96 97 Total transaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) . . , 98 Total demand deposits 99 100 101 102 103 104 105 Total nontransaction accounts Individuals, partnerships, and corporations (include all certified and official checks) . . U.S. government States and political subdivisions in the United States Commercial banks and other depository institutions in the United States Banks in foreign countries Foreign governments and official institutions (including foreign central banks) 41,525 1,376 12 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 396,882 339,531 1,275 26,657 22,032 6,363 1,025 347,394 303,933 955 36,580 5,774 143 10 539,449 325,145 214,304 3,934,732 3,716,561 2,402 172,006 33,698 9,711 354 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,422,778 2,316,243 1,939 80,429 14,316 9,500 352 1,511,953 1,400,318 463 91,578 19,382 210 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 744,277 643,464 2,229 63,237 27,806 6,506 1,035 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 106 Federal funds purchased and securities sold under agreements to repurchase 107 Federal funds purchased in domestic offices 108 Securities sold under agreements to repurchase 109 Trading liabilities 110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) 111 Banks' liability on acceptances executed and outstanding 112 Subordinated notes and debentures to deposits 113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs 114 All other liabilities 115 Minority interest in consolidated subsidiaries 549,23 1 219,470 329,761 280,455 509,756 219,470 290,286 425,177 164,992 260,185 279,846 385,703 164,992 220,711 n.a. 124,054 54,478 69,576 610 682,085 5,477 109,268 n.a. 241,409 12,576 608,033 3,357 n.a. 457,076 5,267 101,734 n.a. 204,815 11,582 383,024 3,147 n.a. 256,432 n.a. n.a. 225,009 210 7,534 n.a. 36,594 994 116 Total equity capital 828,607 556,336 n.a. 272,270 MEMO 117 Trading assets at large banks2 118 U.S. Treasury securities (domestic offices) 119 U.S. government agency obligations (excluding MBS) 120 Securities issued by states and political subdivisions in the United States 121 Mortgage-backed securities 122 Other debt securities 123 Other trading assets 124 Trading assets in foreign offices 125 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 126 Total individual retirement (IRA) andKeogh plan accounts 127 Total brokered deposits 128 Fully insured brokered deposits 129 Issued in denominations ofless than $100,000 130 Issued in denominations of $100,000, or in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less 131 Money market deposit accounts (MMDAs) 132 Other savings deposits (excluding MMDAs) 133 Total time deposits ofless than $100,000 134 Total time deposits of $100,000 or more 135 Number of banks . . NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have foreign offices, the inapplicability of certain items to banks that have only domestic offices, or the absence of detail on a fully consolidated basis for banks that have foreign offices. 1. All transactions between domestic and foreign offices of a bank are reported in "net due from" and "net due to" lines. All other lines represent transactions with parties other than the domestic and foreign offices of each bank. Because these intra-office transactions are nullified by consolidation, total assets and total liabilities for the entire bank may not equal the sum of assets and liabilities, respectively, of the domestic and foreign offices. 503,790 n.a. n.a. n.a. n.a. n.a. n.a. 174,385 239,814 15,552 9,370 3,630 11,213 65,074 48,696 0 487,845 n.a. n.a. n.a. n.a. n.a. n.a. 174,385 223,869 15,503 9,018 3,426 7,897 53,558 48,220 15,945 49 352 204 3,316 11,517 475 0 175,870 n.a. n.a. n.a. n.a. 86,279 167,982 347,715 196,107 107,549 175,839 n.a. n.a. n.a. n.a. 86,248 74,072 169,463 73,263 45,241 31 93,910 178,252 122,844 62,309 28,022 1,325,214 416,025 276,575 404,965 257,495 385,762 299,807 n.a. n.a. n.a. n.a. n.a. 7,610 88,557 1,894,103 673,520 662,337 704,771 7,610 n.a. n.a. n.a. n.a. n.a. 117 60,535 7,493 Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement corporations wherever located; and international banking facility (IBF). 2. Components of "Trading Assets at Large Banks" are reported only by banks that reported trading assets of $2 million or more any quarter of the preceding calendar year. 60 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21, 58-59 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, 58-59 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21, 58-59 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21, 58-59 Commercial and industrial loans, 15-21, 58-59 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45-47, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 45, 46, 48, 50-53 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, 58-59 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EURO, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit and retail sales, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21, 58-59 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) 61
@FedFRASER