View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Volume 4 • Number 3 • March 2007

Statistical Supplement
M to the Federal Keserve
tne t eaeral Reserve

£ BULLETIN

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

PUBLICATIONS COMMITTEE

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

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

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

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

Financial and Business Statistics:
Table of Contents
These tables reflect the data available as of the second
week of March 2007.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Factors affecting reserve balances of depository
institutions
6 Reserves and borrowings—Depository
institutions
Policy

Instruments

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

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

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

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

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

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

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

Consumer Credit
34 Total outstanding
34 Terms

Flow of Funds
35
37
38
39

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

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

DOMESTIC NONFINANCIAL STATISTICS
Selected

Measures

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

2

Federal Reserve Bulletin Statistical Supplement • March 2007

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

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

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

Interest and Exchange Rates
56 Foreign exchange rates and indexes of the foreign
exchange value of the U.S. dollar
57 GUIDE TO SPECIAL TABLES
SPECIAL TABLES
58 Assets and liabilities of commercial banks,
December 31, 2006
60 INDEX TO STATISTICAL TABLES
62 FEDERAL RESERVE BOARD PUBLICATIONS
64 ANTICIPATED SCHEDULE OF RELEASE DATES FOR
PERIODIC STATISTICAL RELEASES
66 PUBLICATIONS OF INTEREST
67 FEDERAL RESERVE STATISTICAL RELEASES
AVAILABLE ON THE COMMERCE DEPARTMENT'S
ECONOMIC BULLETIN BOARD

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

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

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

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

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

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

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

4

Federal Reserve Bulletin Statistical Supplement • March 2007

1.10

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

Monetary or credit aggregate
Ql

Q2

Q3

-13.4
-11.1
-12.7
5.1

9.6
7.6
8.6
4.1

-15.0
-13.8
-16.4
.7

1.3
5.4

.5
3.3

-3.5

Q4

Aug.

Sept.

-35.4
-36.3
-36.2
.9

-6.5
-.8
.8

-.5
2.1
2.1

11.7
11.5
13.7
4.6

2.5
-.6
1.6
3.9

-6.6
4.0

4.6
8.7

1.2
7.0

-4.3
7.6

2

1
2
3
4

Reserves of depository institutions
Total
Required
Nonborrowed
Monetary base3

Concepts of money*
5 Ml
6 M2

4.2

-.4
2.5
-.1
6.8

-2.7

p

Nontransaction components
7 In M2S
Time and savings deposits
Commercial banks
Savings, including MMDAs . .
Small time1"
Thrift institutions
10
Savings, including MMDAs ..
11
Small time8
8
9

Money market mutual funds
12 Retail7
13 Institution-only

.8
17.4
-6.4
20.0
7.7
8.4

.0
18.6
23.2

8.6
13.1

15.8
17.3

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at

.7

-3.4
19.3P

3.9
15.3P

24.5

6.8
19.3'

13.5
13.5

-22.3
8.3

8.3
25.5

-7.2
26.2

-58.3
-9.4

-5.4
10.7

-9.6
4.2

17.4
20.9

16.2
20.7

14.6
21.3

18.1
21.3

17.3
15.2

19.9
26.9

33.3'

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

Money Stock and Bank Credit
1.11

5

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

Oct.

No'

831,123
768,415
768,415
277,019
460,442
26,818
4,136
0
22,266
225
22
0
203
-36
40,254
11,041
2,200
38,110

838,636
770,774
770,774
277,019
459,586
29,990
4,179
0
29,167
150
39
0

Average of daily figures for week ending on date indicated

Nov. 15

Nov. 22

Nov. 29

Dec. 6

Dec. 13

Dec. 21

834,833
770,352
770,352
277,019
459,017
30,105
4,211
0
25,786
122
0
118
-465
39,039
11,041
2,200
38,150

838,939
770,558
770,558
277,019
459,264
30,105
4,171
0
31,964
199
100
0
99
-381
36,598
11,041
2,200
38,159

843,992
772,074
772,074
277,019
460,818
30,105
4,133
0
34,750

0
38,545
11,041
2,200
38,155

845,968
776,636
776,636
277,019
465,499
30,105
4,013
0
29,629
175
95
0
81
968
38,559
11,041
2,200
38,190

11
0
101
-403
37,459
11,041
2,200
38,168

842,353
773,368
773,368
277,019
462,153
30,105
4,092
0
29,679
183
101
0
82
1,178
37,945
11,041
2,200
38,177

837,607
775,414
775,414
277,019
464,241
30,105
4,050
0
22,464
228
147
0
81
1,528
37,973
11,041
2,200
38,184

845,210
776,930
776,930
277,019
465,798
30,105
4,008
0
28,929
192
107
0
85
897
38,263
11,041
2,200
38,191

852,192
778,951
778,951
277,019
467,864
30,105
3,964
0
33,036
149
64
0
85
875
39,180
11,041
2,200
38,198

794,480
30,914
30,914
0
167

801,980
31,547
31,547
0
177

810,816
29,313
29,313
0
203

799,918
32,475
32,475
0
182

803,010
31,193
31,193
0
175

807,706
30,476
30,476
0
163

805,603
29,201
29,201
0
166

806,225
28,082
28,082
0
180

808,651
29,541
29,541
0
204

816,824
30,509
30,509
0
230

12,742
5,404
93
6,945
6,945
0
300
36,272
7,899

12,140
4,906
93
6,851
6,847
5
290
35,656
8,532

12,575
5,223
92
6,921
6,917
4
339
36,509
7,983

12,186
4,960
91
6,827
6,808
20
308
34,737
6,726

11,846
4,663
91
6,805
6,805
0
288
35,165
8,950

12,241
5,030
90
6,832
6,832
0
290
35,925

12,301
5,060
91
6,832
6,832
0
319
36,338
10,161

12,109
4,740
91
7,015
7,015
0
264
36,439
5,998

13,429
6,066
95
7,023
7,016
7
245
36,426
8,391

12,435
5,240
92
6,837
6,837
0
266
36,824
6,809

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. Treasuiy2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding

19
20
21
22
23
24

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

ABSORBING RESERVE FUNDS

25
26
27
28
29
30
31
32

End-of-month figures

Wednesday figures
Nov. 29

Dec. 6

Dec. 13

SUPPLYING RESERVE FUNDS

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

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

19
20
21
22
23
24

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

841,677
768,493
768,493
277,019
457,635
29,611
4,229
0
29,750
157
18
0
139
2,605
40,672
11,041
2,200
38,133

847,431
772,604
772,604
277,019
461,368
30,105
4,112
0
37,750
102
5
0
97
-467
37,442
11,041
2,200
38,177

859,332
778,915
778,915
277,019
467,864
30,105
3,927
0
40,750
67
3
0
63
-333
39,934
11,041
2,200
38,206

841,180
770,050
770,050
277,019
458,730
30,105
4,197
0
35,250
118
1
0
117
-481
36,243
11,041
2,200
38,150

850,598
771,873
771,873
277,019
460,598
30,105
4,152
0
43,000
139
43
0
96
-1,423
37,009
11,041
2,200
38,159

842,762
772,610
772,610
277,019
461,368
30,105
4,118
0
33,000
128
26
0
102
-806
37,830
11,041
2,200
38,168

847,248
774,215
774,215
277,019
463,015
30,105
4,077
0
32,000
266
183
0
84
2,576
38,190
11,041
2,200
38,177

838,601
775,603
775,603
277,019
464,445
30,105
4,035
0
21,250
936
853
0
84
2,707
38,105
11,041
2,200
38,184

850,163
777,638
777,638
277,019
466,522
30,105
3,993
0
33,500
90
5
0
85
347
38,587
11,041
2,200
38,191

855,173
778,938
778,938
277,019
467,864
30,105
3,951
0
36,000
488
407
0
81
404
39,343
11,041
2,200
38,198

796,047
33,805
33,805
0
179

806,375
31,049
31,049
0
164

820,176
29,615
29,615
0
252

802,100
32,764
32,764
0
177

807,829
29,335
29,335
0
163

30,723
30,723
0
164

806,848
29,039
29,039
0
176

808,455
28,302
28,302
0
201

813,056
29,903
29,903
0
227

819,884
32,126
32,126
0
252

12,997
5,617
104
6,933
6,933
0
344
36,955
13,067

11,573
4,373
90
6,832
6,832
0
278
36,163
13,526

12,620
4,708
98
6,857
6,842
14
958
36,231
11,885

12,033
4,820
92
6,827
6,808
20
294
34,616
10,883

11,305
4,128
92
6,805
6,805
0
280
35,396
17,970

12,046
4,807
92
6,832
6,832
0
316
35,746
7,203

11,716
4,523
94
6,832
6,832
0
267
36,153
14,734

11,866
4,500
91
7,015
7,015
0
260
36,119
5,083

12,806
5,436
89
7,023
7,016
7
258
36,394
9,210

11,657
4,470
92
6,837
6,837
0
258
36,717
5,977

ABSORBING RESERVE FUNDS

25
26
27
28
29
30
31
32

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

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

6

Federal Reserve Bulletin Statistical Supplement • March 2007

1.12

RESERVES AND BORROWINGS

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

2006

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

2005

2006

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

2004

Dec.

Dec.

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

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

10.048
51,315
35,346
15,969
45,394
43,490
1,903

8.479
50,905
34,795
16,110
43,274
41,461
1,813

9,894
48,996
35,143
13,852
45,037
43,247
1,790

9,589
49,628
35,252
14,376
44,841
43,294
1,547

8.780
50,247
33,884
16,363
42,664
41,131
1,533

9.101
49,409
33,493
15,915
42,594
40,832
1,762

8.254
50,102
33,486
16,616
41,740
40,061
1,680

8.457
48,969
33,763
15,206
42,221
40,517
1,703

8.479
50,905
34,795
16,110
43,274
41,461
1,813

63
11
0
52

169
97
0
72

191
111
0
80

253
16
0
237

350
39
0
312

369
26
0
343

403
66
0
338

229
24
0
205

160
48
0
112

191
111
0
80

B weekly averages of daily figures for two-week periods ending on dates indicated
2006

2007

Aug. 30
1
2
3
4
5
6
7
8
9
10
11

2

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

Sept. 13

Sept. 27

Oct. 11

Oct. 25

Nov. 8

Nov. 22

Dec. 6

Dec. 20

Jan. 3

9,765
49,424
35,663
13,762
45,427
43,963
1,464

8,279
48,744
31,031
17,713
39,309
37,246
2,063

10,036
49,526
35,883
13,643
45,919
44,517
1,402

8,302
51,745
33,012
18,733
41,314
39,179
2,135

8,136
49,517
33,894
15,623
42,030
40,665
1,365

8,444
48,455
33,403
15,052
41,847
40,269
1,577

7,845
49,583
33,590
15,993
41,435
39,914
1,521

9,543
48,410
34,427
13,983
43,970
41,822
2,147

7,190
50,332
32,926
17,406
40,116
38,679
1,437

9,540
52,996
37,376
15,621
46,915
44,807
2,108

380
30
0
351

465
124
0
341

370
21
0
349

295
23
0
273

202
22
0
181

171
33
0
138

161
52
0
109

147
56
0
92

210
127
0
83

191
122
0
70

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

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

Policy Instruments
1.14

1

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

Secondary credit2

Primary credit
Federal Reserve
Bank

Seasona credit3

Effective date

Previous rate

On
3/9/07

Effective date

Previous rate

On
3/9/07

Effective date

Previous rate

6.25

Boston
Vew York
Philadelphia
Cleveland
Richmond
Atlanta

On
3/9/07

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

6.00

6.75

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

6.50

5.30

1/18/07

5.25

i

"hicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

i

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

i

6.25

'

6.00

6.75

1

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

i

1

1

6.50

5.30

1/18/07

5.25

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

F.R. Bank
of
N.Y.

2.25

2.25

2003—June 25
26

2.00-2.25
2.00

2.00
2.00

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

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

2.25
2.25
2.50
2.50
2.75
2.75
3.00
3.00
3.25
3.25

2005—Feb.

3.25-3.50

3.50

Effective date

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

2

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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

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

2006—Jan. 31
Feb. 2

5.25-5.50
5.50

5.50
5.50

Effective date

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

5.75
5.75
6.00
6.00
6.25
6.25

6.25

6.25

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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

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

2002—Nov. 6
7

0.75-1.25
0.75

0.75
0.75

0.75

0.75

Effective date

2006—Mar. 28
30
May 10
11
June 29
July 6
In effect March 9, 2007

Range of rates for adjustment credit in recent years4

Effective date

In effect Dec. 31, 1995

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.25

5.25

1996—Jan. 31
Feb. 3

5.00-5.25
5.00

5.00
5.00

1998—Oct. 15
16
Nov. 17
19

4.75-5.00
4.75
4.50-4.75
4.50

4.75
4.75
4.50
4.50

1999—Aug. 24
26
Nov. 16
18

4.50-4.75
4.75
4.75-5.00
5.00

4.75
4.75
4.75
5.00

Effective date

2000—Feb.

2
4
Mar. 21
23
May 16
19

2001—Jan.

Feb.
Mar.
Apr.
May

3
4
5
31
1
20
21
18
20
15
17

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

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

5.25
5.25
5.50
5.50
5.50
6.00

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

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

Effective date

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

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

8
1.15

Federal Reserve Bulletin Statistical Supplement • March 2007
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirement
Type of liability

Net transaction accounts^
1 $0 million-$8.5 million2
2 More than $8.5 million-$45.8 million3
3 More than $45.8 million

Percentage of
liabilities

0
10

4 Nonpersonal time deposits

12/21/06
12/21/06
12/21/06

0

5 Eurocurrency liabilities

Effective date

0

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

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

Policy Instruments
1.17

9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars

Type of transaction
and maturity
May

July

Sept.

U.S. TREASURY SECURITIES2

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

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

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

18,150
0
738.886
738,886
0

821,685
821,685

8,300
0
871,661
871,661
0

75,196
75,196

0
0
95,728
95,728
0

1,649
0
70,972
70,972
0

0
0
90,885
90,885
0

72,636
72,636

0
0
65,400
65,400
0

0
0
85,342
85,342
0

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

7,994
0
103,380
-118,373

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

1,375
0
24,441
-15,746
1,217

0
0
6,667
-7,997
0

0
0
6,614
-10,078
3,931

415
0
20,379
-13,535
0

0
6,861
0

1,757
0
7,427
-16,498
3,749

220
0
14,046
-15,441
335

7,814
0
-76,364
97,256

17,249
0
-84,844
110,819

11,309
0
-91,121
97,723

2,317
0
-21,298
13,452

2,650
0
-3,167
7,997

549
0
-3,784
7,254

1,454
0
-13,673
10,421

1,320
0
-6,861
0

1,395
0
-5,246
15,086

3,151
0
-11,009
13,147

4,107
0
-11,131
5,897

5,763
0
-8,012
7,554

3,626
0
-7,041
7,375

101
0
949
2,294

1,080
0
-3,500
0

0
0
-2,830
1,588

0
0
-5,149
1,557

548
0
0
0

33
0
-2,181
1,412

411
0
2,073
2,294

220
0
-8,938
0

1,364
0
-10,524

2,007
0
-11,395
3,000

0
0
-4,092

0
0
0
0

0
0
0
1,235

0
0
-1,557
1,557

228
0
0

0
0
0
0

780
0
-5,110
0

36,856
0
0

50,507
0

28,136
0
2,795

3,793
0
1,217

3,730
0
0

2,198
0
3,931

1,869
0
0

2,096
0

3,185
0
3,749

4,562
0
335

36,856

50,507

1,869

2,096

1,522,888
1,518,638

1,887,650

2,083,300

200,750
194,250

182,000
181,500

177,000
178,000

178,000
178,000

128,000
136,750

178,000
169,750

194,500
186,500

4,942,131
4,946,691

5,621,153
5,626,285

6,421,223
6,420,945

531,844
532,338

567,926
572,488

584,190
584,959

642,084
640,413

554,480
557,372

649,172
651,821

665,558
662,802

-310

-15,882

14,028

6,006

-4,061

-1,769

1,671

-11,643

5,601

10,756

36,536

34,626

39,369

8,582

-331

-3,502

3,540

-9,547

5,037

14,983

2,576

FEDERAL AGENCY OBLIGATIONS

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

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

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

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

10
1.18

Federal Reserve Bulletin Statistical Supplement • March 2007
FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements'

Millions of dollars
Wednesday

Consolidated condition statement
ASSETS

11,037
2,200
786
805,738
772,610
772,610
277,019
461,368
30,105
4,118
0
33,000
128
3,088
1,912
35,892
20,581
15,311

11,037
2,200
814
806,481
774,215
774,215
277,019
463,015
30,105
4 077
0
32,000
266
7,427
1,923
36,258
20,828
15,430

11,037
2,200
827
797,790
775,603
775,603
277,019
464,445
30,105
4,035
0
21,250
936
7,585
1,921
36,444
20,584
15,860

11,037
2,200
821
811,229
777,638
777,638
277,019
466,522
30,105
3 993
0
33,500
90
4,814
1,931
36,913
20,497
16,416

11,037
2,200
800
815,426
778,938
778,938
277,019
467,864
30,105
3,951
0
36,000
488
5,137
1,944
37,349
20,426
16,923

11,037
2,200
829
798,400
768,493
768,493
277,019
457,635
29,611
4,229
0
29,750
157
8,048
1,906
38,766
20,157
18,609

11,037
2,200
804
810,456
772,604
772,604
277,019
461,368
30,105
4,112
0
37,750
102
2,769
1,916
35,493
20,743
14,750

860,652

866,140

857,804

868,944

873,894

861,187

864,675

877,140

771,067
30,723
19,242
14,028
4,807
92
316
3,873
5,984

769,657
29,039
26,459
21,575
4,523
94
267
4,832
5,968

771,295
28,302
17,209
12,358
4,500
91
260
4,879
6,011

775,909
29,903
22,272
16,489
5,436
89
258
4,467
5,949

782,733
32,126
17,591
12,772
4,470
92
258
4,727
5,987

758,918
33,805
26,065
20,000
5,617
104
344
5,444
5,580

769,161
31,049
25,122
20,381
4,373
90
278
3,180
6,182

783,019
29,615
24,463
18,699
4,708
98
958

830,890

835,954

827,696

838,499

843,163

829,812

834,695

846,490

30 Capital paid in
31 Surplus
32 Other capital accounts

15,305
10,554
3,904

15,308
10,554
4,323

15,314
10,554
4,240

15,326
10,554
4,565

15,328
10,554
4,848

15,108
12,901
3,366

15,305
10,554
4,122

15,325
15,325
0

33 Total capital

29,762

30,108

30,445

1,738,464
1,162,238
576,225
952

1,744,957
1,155,171
589,787
684

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 currencies'"
All other7

19 Total assets .. .

11,037
2,200
801
819,731

778,915
778,915
277,019
467,864
30,105

3 927
0
40,750
67
3,486
1,953
37,931
20,482
17,449

LIABILITIES

20
21
22
23
24
25
26
27
28

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

29 Total liabilities

3,813
5,581

CAPITAL ACCOUNTS

29,981

MEMO

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

1,707,124
1,146,412
560,712
3,585

1,723,889
1,156,628
567,261
2,447

1,761,941
1,162,198
599,743
3,141

1,693,709
1,143,183
550,526
1,557

1,706,328
1,144,649

1,761,240
1,160,811

561,679
7,787

600,429
6,855

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

948,145

951,597

955,565

959,582

959,287

940,492

948,439

177,078
771,067
771,067
11,037
2,200
757,830
0

181,941
769,657
769,657

183,673

176,554

181,574

775,909
775,909

782,733
782,733

758,918
758,918

11,037
2,200

184,270
771,295
771,295
11,037
2,200

11,037
2,200

11,037
2,200

756,420
0

758,058
0

762,672
0

769,496
0

11,037
2,200
745,681
0

179,277
769,161
769,161
11,037
2,200

805,610

806,215

796,853

811,138

814,938

30,897

29,172

28,396

29,975

32,171

774,712

777,043

768,457

781,163

782,767

958,680
175,661

783,019
783,019
11,037
2,200

755,925
0

769,782
0

798,243

810,354

819,665

34,139

31,094

29,676

764,104

779,260

789,988

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. 13

Dec. 20

Dec. 27

194
72
0

866
71

90
0

488
0
0

129
28

83
19

62
5
0

772,610

774,215

775,603

777,638

778,938

768,493

772,604

778,915

59,795
158.353
188,536
219,202
67,241
79,482

52,305
167,584
186,733
220,125
67,678
79,790

51,484
168,695
186,441
221,541
67,668
79,773

58,550
161,869
186,198
222,856
67,659
80,505

57,557
163,462
185,595
224,185
67,650
80,489

43,132
171,784
193,350
216,899
61,748
81,580

35,217
170,593
200,816
219,258
67,240
79,480

40,588
180,893
185,132
224,177
67,645
80,479

0

0

0

0

0

0

0

0

0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

19 Total repurchase agreements2

33,000

32,000

21,250

33,500

36,000

29,750

37,750

40,750

20 Within 15 days

33,000
0

32,000
0

21,250
0

33,500
0

36,000
0

29,750
0

37,750
0

40,750
0

28,302

29,903

28,302
0

29,903
0

32,126
0

33,805
0

1 Total loans
2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year
5 Total U.S. Treasury 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 agreements"

30,723
30,723

29,039
0

23 Within 15 days
24 16 days to 90 days
NOTE: Components may not sum to totals because of rounding.
1. Includes the original face value of inflation-indexed securities and compensation that
adjusts for the effect of inflation on the original face value of such securities.

31,049
31,049
0

29,615
0

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

12

Federal Reserve Bulletin Statistical Supplement • March 2007

1.20

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

2003
Dec.

2004
Dec.

2005
Dec.

2006
Dec.
Aug.

Sept.

42.88
42.51
41.34
804.69

42.88
42.48
41.12
805.20

42.78
42.55
41.10
806.64

43.20
43.04
41.50
809.75

43.29
43.10
41.48
812.38

Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2

1
2
3
4

Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5

42.70
42.65
41.66
720.52

46.63
46.56
44.72
759.67

45.30
45.13
43.40
788.14

43.29
43.10
41.48
812.38

45.02
44.85
43.22
804.74

45.38
45.13
43.59
804.58

44.18
43.83
42.63
804.07

Not seasonally adjusted
5
6
7
8

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

42.45
42.41
41.41
725.21

46.52
46.46
44.61
764.66

45.15
44.98
43.25
793.38

43.27
43.08
41.46
818.35

45.45
45.28
43.65
804.69

45.07
44.82
43.28
804.88

44.88
44.53
43.33
804.60

42.70
42.33
41.16
802.65

42.63
42.22
40.87
803.09

41.77
41.54
40.09
802.29

42.25
42.09
40.54
808.52

43.27
43.08
41.46
818.35

42.95
42.90
41.91
737.62
1.04
.05

46.85
46.79
44.94
774.77
1.91
.06

45.39
45.23
43.49
802.30
1.90
.17

43.27
43.08
41.46
825.30
1.81
.19

45.43
45.25
43.62
811.88
1.80
.18

45.04
44.78
43.25
812.20
1.79
.25

44.84
44.49
43.29
811.73
1.55
.35

42.66
42.30
41.13
809.72
1.53
.37

42.59
42.19
40.83
809.98
1.76
.40

41.74
41.51
40.06
809.24
1.68
.23

42.22
42.06
40.52
815.39
1.70
.16

43.27
43.08
41.46
825.30
1.81
.19

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9

9
10
11
12
13
14

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

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

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

Monetary and Credit Aggregates
1.21

MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures

2003
Dec.

2004
Dec.

2005
Dec.

2006
Dec.
Sept.
Seasonally adjusted

Measures2
1 Ml
2 M2
3 M3
4
5
6
7

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Nontransaction components
8 In M27
9 In M3 onlys
Commercial banks
10 Savings deposits, including MMDAs . . .
11 Small time deposits9
12 Large time deposits10-"
Thrift

1,305.5
6.062.0
8,872.3

1,375.3
6,411.7
9,433.0

1,373.2
6,669.4
10,154.0

1,365.6
7,021.0
n .a.

1,363.9
6,886.5
n.a.

1,369.1
6,936.2
n .a.

1,370.5
6,977.0
n.a.

1,365.6
7,021.0
n.a.

662.7
7.7
325.4
309.7

697.9
7.6
342.5
327.4

724.5
7.2
324.1
317.5

749.9
6.7
305.9
303.1

742.3
6.8
308.7'
306.2

744.5
6.8
311.9
306.0

747.5
6.8
312.6
303.6

749.9
6.7
305.9
303.1

4,756.5
2,792.7

5,036.4
3,011.1

5,296.2
3,478.5

5,655.4
n .a.

5,522.6
n.a.

5,567.1
n .a.

5,606.6'
n.a.

5,655.4
n.a.

2,337.5
536.7
764.5

2,630.7
545.7
909.3

2,769.6
634.9
1,122.9

2,895.5
765.4
n .a.

2,790.0
724.8
n.a.

2,847.0
744.9'
n .a.

2,863.2
756.9
n.a.

2,895.5
765.4
n.a.

831.4
273.5
120.7

887.0
271.9
161.5

849.3
339.8
230.7

792.3
399.0
n .a.

843.3
397.2
n.a.

802.3
394.1
n .a.

798.7
397.6
n.a.

792.3
399.0
n.a.

777.4
1,123.5

701.0
1,072.7

702.7
1,139.4

803.2
1,334.0

767.3
1,265.9

778.9
1,288.4

790.1
1,304.7

803.2
1,334.0

494.8
295.3

492.6
379.1

564.3
423.9

n .a.
n .a.

n.a.
n.a.

n .a.
n .a.

n.a.
n.a.

n.a.
n.a.

1,367.8

1,387.5
7,061.9

institutions

13 Savings deposits, including MMDAs . . .
14 Small time deposits9
15 Large time deposits10
Money market mutual funds
16 Retail12
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars

Not seasonally adjusted
Measures2
20 Ml
21 M2
22 M3

1,332.0
6,091.8
8,927.8

1,401.5
6,443.4
9,482.2

1,396.5
6,703.3
10,201.4

1,387.5
7,061.9

666.7
7.6
342.6

728.9
7.2
337.7
322.8

754.8
6.7

315.0

702.4
7.5
358.7
332.8

Nontransaction components
27 In M27
28 In M3 onlys

4,759.9
2,815.9

5,042.0
3,025.4

5,306.7
3,488.3

5,674.4

5,530.0

5,559.0
n.a.

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

2,337.9
536.3
760.9

2,633.3
545.2
903.3

2,776.0
634.2

2,908.2
764.9

2,794.0
727.3

2,839.0
747.6

831.5
273.4
120.1

887.9
271.6
160.4

851.2
339.5
228.9

795.8
398.8

844.5
398.6

780.8
1,150.1

704.1
1,095.8

705.7
1,162.6

806.7
1,362.4

765.7
1,259.5

497.6
292.8

494.6
376.6

566.1
422.0

23
24
25
26

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Thrift

1,347.2
6,877.2

1,360.1
6,919.1

n.a.

317.6

739.5
6.8
300.5'

308.5

6,984.4'
n.a.

740.7
6.7

746.2
6.7

754.8
6.7

311.7'
301.0

314.5
300.4

317.6

1,114.4

308.5
5,674.4

2,869.2
758.7
n.a.

2,908.2
764.9

800.4
398.5

795.8
398.8

789.8
1,304.9

806.7
1,362.4

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 appeal on following page.

395.5
n.a.
776.8
1,281.5

n.a.
n.a.

13

14

Federal Reserve Bulletin Statistical Supplement • March 2007

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

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

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks

15

Assets and Liabilities'

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Feb.

Aug.

Sept.

Oct.'

2007

2007

2006

2006

Nov.'

Dec'

Jan.'

Feb.

Feb. 7

Feb. 14

Feb. 21

Feb. 28

Seasonall 1 adjusted

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

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

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

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

27 Total liabilities
28 Residual (assets less liabilities)5

7,647.8
2,107.6
1,181.5
926.1
5,540.2
1,063.0'
2,970.4'
447.3'
2,523.1'
712.4'
263.6
530.9'
289.8
314.9
748.2

8,040.8'
2,206.4
1,221.9
984.5
5,834.4'
1,160.4'
3,130.6'
448.4'
2,682.1'
729.0'
265.5
548.9'
284.4
301.7
794.7

8,060.0'
2,191.1
1,210.5
980.7
5,868.8'
1,164.9'
3,153.4'
450.8'
2,702.6'
727.9'
277.0
545.6'
313.5
295.4
798.2

8,192.8
2,206.2
1,210.5
995.8
5,986.5
1,176.0
3,299.3
466.8
2,832.4
724.7
279.3
507.3
326.0
300.2
821.3

8,233.7
2,219.1
1,207.5
1,011.6
6,014.6
1,181.0
3,306.9
468.4
2,838.6
729.8
287.8
509.1
340.2
297.5
812.9

8,286.5
2,221.2
1,194.2
1,027.0
6,065.3
1,189.7
3,331.3
471.3
2,860.0
736.7
292.2
515.3
356.7
301.1
831.5

8,312.0
2,212.7
1,196.5
1,016.2
6,099.3
1,193.1
3,348.1
472.8
2,875.2
744.1
295.6
518.4
365.6
302.4
842.4

8,379.2
2,230.2
1,199.9
1,030.4
6,149.0
1,200.9
3,372.7
470.4
2,902.3
743.8
308.2
523.4
361.5
304.4
854.7

8,354.6
2,224.8
1,204.9
1,019.9
6,129.8
1,196.0
3,365.3
470.3
2,895.0
746.0
297.4
525.1
357.6
296.1
835.4

8,371.9
2,225.8
1,195.7
1,030.1
6,146.1
1,196.5
3,372.2
470.1
2,902.1
748.0
309.9
519.4
354.9
301.0
841.1

8,377.0
2,223.9
1,191.1
1,032.9
6,153.1
1,200.3
3,378.1
470.6
2,907.5
744.0
307.2
523.5
351.5
309.4
862.4

8,413.2
2,246.3
1,207.8
1,038.6
6,166.9
1,210.8
3,375.2
470.7
2,904.5
737.1
318.4
525.4
382.0
311.2
879.8

8,934.3

9,353.9

9,399.4'

9,571.2

9,615.2

9,704.9

9,752.1

9,830.1

9,773.9

9,799.1

9,830.4

9,916.9

5,826.4
662.5
5,163.9
1,474.8
3,689.1
1 782 2
370.4
1,411.8
46.3
492.9

6,065.2
662.4
5,402.8
1,655.0
3,747.7
1 803 8
332.9
1,470.9
114.8
559.8

6,104.7
636.0
5,468.7
1,694.8
3,773.9
1,853.8'
367.5
1,486.3'
57.5
553.3'

6,204.4
635.8
5,568.6
1,714.0
3,854.6
1,911.4
392.1
1,519.3
24.2
567.8

6,243.7
646.9
5,596.8
1,725.8
3,871.1
1,946.4
397.9
1,548.5
6.5
569.3

6,304.7
630.8
5,673.9
1,726.1
3,947.8
1,959.0
406.0
1,552.9
31.7
574.6

6,340.4
645.5
5,694.9
1,730.1
3,964.8
1,958.1
420.4
1,537.7
19.3
571.7

6,339.9
633.6
5,706.3
1,747.8
3,958.6
1,972.3
420.6
1,551.7
20.1
578.4

6,308.9
624.1
5,684.8
1,738.6
3,946.3
1,957.3
420.9
1,536.4
18.6
575.9

6,327.6
626.3
5,701.3
1,748.2
3,953.1
1,963.8
425.6
1,538.2
1.8
586.7

6,349.1
624.0
5,725.1
1,750.5
3,974.6
1,949.9
400.4
1,549.5
50.6
564.0

6,374.1
660.1
5,714.0
1,753.8
3,960.2
2,018.3
435.6
1,582.7
9.3
586.8

8,147.7

8,543.7

8,569.3

8,707.8

8,766.0

8,870.0

8,889.5

8,910.7

8,860.8

8,879.9

8,913.6

8,988.6

830.1'

863.4

849.2

835.0

862.6

919.3

913.1

919.1

916.8

928.3

786.6

810.2'

Not seasonally adjusted

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

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

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

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

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

7,638.1'
2,103.3
1,177.7
925.6
5,534.8'
1,066.4'
2,967.5'
447.6'
2,519.9'
717.2'
306.2'
410.9'
262.1
521.7'
288.2
313.0
743.2

8,017.6'
2,199.8
1,215.6
984.2
5,817.8
1,154.3'
3,130.9'
449.9'
2,681.0'
726.2'
312.1'
414.1'
258.2
548.1'
282.5
292.0
796.9

8,057.0'
2,184.9
1,200.8
984.1
5,872.1'
1,159.1'
3,160.4'
452.7'
2,707.7'
729.6'
312.7'
417.0'
274.2
548.8'
310.1
296.4
800.4

8,193.0
2,195.9
1,198.3
997.6
5,997.1
1,170.3
3,309.8
468.0
2,841.8
726.6
308.6
418.0
284.7
505.7
328.1
302.9
821.7

8,267.9
2,223.8
1,210.2
1,013.6
6,044.1
1,177.2
3,328.4
468.4
2,860.0
733.4
313.1
420.2
294.8
510.5
347.8
305.4
812.9

8,330.8
2,225.4
1,194.0
1,031.3
6,105.5
1,188.1
3,344.7
470.1
2,874.6
748.0
331.5
416.5
303.6
521.1
362.9
317.0
829.0

8,336.1
2,217.8
1,196.4
1,021.4
6,118.3
1,192.3
3,351.2
470.6
2,880.5
756.5
332.7
423.8
298.6
519.7
364.8
313.7
838.5

8,389.6
2,238.1
1,208.3
1,029.8
6,151.5
1,205.0
3,369.0
470.8
2,898.3
748.6
320.8
427.8
309.0
519.9
359.3
302.8
848.7

8,371.5
2,226.9
1,206.1
1,020.8
6,144.6
1,198.4
3,367.3
470.3
2,897.0
752.9
322.8
430.1
303.3
522.7
352.4
285.6
836.1

8,386.0
2,231.3
1,201.6
1,029.7
6,154.7
1,200.3
3,372.0
471.2
2,900.7
754.4
325.9
428.5
312.4
515.7
360.2
288.8
845.9

8,383.7
2,235.8
1,204.5
1,031.3
6,147.9
1,205.5
3,369.9
471.1
2,898.8
748.9
323.1
425.8
304.2
519.4
344.8
321.9
852.0

8,417.1
2,258.3
1,221.1
1,037.2
6,158.8
1,215.7
3,366.9
470.5
2,896.5
738.4
311.6
426.7
316.0
521.8
380.0
314.8
860.8

8,915.9

9,321.2

9,396.0'

9,576.8

9,664.8

9,768.9

9,783.0

9,830.6

9,775.6

9,811.0

9,832.5

9,903.1

5,829.4
653.9
5,175.5
1,478.3
3,697.3
1,780.1
369.0
1,411.1
53.2
499.5

6,050.4
649.6
5,400.8
1,652.2
3,748.6
1,797.1
333.9
1,463.2
115.7
561.3

6,094.2
630.8
5,463.4
1,685.8
3,777.6
1,863.8'
368.9
1,494.9'
61.1
556.9'

6,190.2
630.9
5,559.3
1,700.0
3,859.3
1,910.5
392.5
1,518.0
30.6
573.1

6,256.5
653.0
5,603.4
1,713.9
3,889.6
1,941.2
398.8
1,542.5
17.9
579.3

6,326.3
665.4
5,661.0
1,719.0
3,941.9
1,947.0
403.5
1,543.5
40.4
582.2

6,328.5
653.6
5,674.9
1,734.6
3,940.3
1,956.3
419.7
1,536.5
27.3
579.2

6,344.0
625.0
5,719.0
1,751.8
3,967.2
1,970.2
419.4
1,550.8
27.4
586.0

6,311.6
578.8
5,732.8
1,748.5
3,984.3
1,961.0
422.3
1,538.7
24.3
581.8

6,335.1
609.9
5,725.3
1,753.4
3,971.8
1,969.3
426.1
1,543.2
9.5
596.0

6,341.4
649.3
5,692.1
1,751.6
3,940.6
1,944.6
397.7
1,546.9
64.6
578.2

6,387.8
662.1
5,725.7
1,753.8
3,972.0
2,006.0
431.6
1,574.4
11.0
588.2

8,162.2

8,524.4

8,576.0

8,704.3

8,794.9

8,896.0

8,891.1

8,927.6

8,878.7

8,909.9

8,928.8

8,993.0

753.8'

796.8

820.0'

872.5

869.9

872.9

891.9

903.0

896.9

901.1

903.7

910.1

16

Federal Reserve Bulletin Statistical Supplement • March 2007

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Feb.

Aug.

Sept.'

Oct.'

2007

2007

2006

2006

Nov.'

Dec'

Jan.'

Feb.

Feb. 7

Feb. 14

Feb. 21

Feb. 28

Seasonall { adjusted

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

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

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

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

27 Total liabilities
28 Residual (assets less liabilities)5

6.828.8
1,763.7
1,103.6
660.2
5.065.1
889.7'
2.949.6'
447.3'
2.502.3'
712.4'
114.6
398.9'
246.1
263.6
709.4

7.126.0'
1,830.3
1,137.4
693.0
5.295.7
953.9'
3.107.4'
448.4'
2.658.9'
729.0'
96.9
408.5'
232.6
248.9
745.4

7.149.5
1,820.5
1,126.0
694.5
5.329.0
955.1
3.129.8
450.8
2.679.0
727.9
111.2
404.9
256.4
247.1
755.2

7,277.3
1,838.7
1.129.3
709.4
5.438.6
961.4
3.275.3
466.8
2.808.5
724.7
112.2
365.1
264.0
252.7
781.8

7.318.3
1,846.9
1,124.7
722.2
5.471.5
965.7
3.283.4
468.4
2.815.0
729.8
120.8
371.8
274.5
245.9
777.7

7.355.9
1,847.1
1,109.8
737.3
5.508.9
973.7
3.306.9
471.3
2.835.6
736.7
118.4
373.2
292.5
250.2
795.7

7.373.2
1,835.9
1,114.4
721.5
5.537.3
976.3
3.323.1
472.8
2.850.3
744.1
119.1
374.6
298.3
251.9
807.8

7.413.2
1,845.6
1,113.7
731.8
5.567.7
982.7
3.348.2
470.4
2.877.8
743.8
118.9
374.1
295.0
253.5
815.9

7.398.1
1,845.4
1,121.6
723.8
5.552.7
978.7
3.340.6
470.3
2.870.4
746.0
111.0
376.3
286.7
244.4
803.8

7.407.4
1,840.3
1,109.0
731.3
5.567.1
978.9
3,347.7
470.1
2.877.6
748.0
121.5
371.1
292.3
249.7
803.7

7.412.9
1,838.4
1,105.1
733.3
5.574.5
983.0
3.353.8
470.6
2.883.2
744.0
119.2
374.6
282.4
259.5
818.2

7.434.5
1,858.2
1,119.2
739.0
5.576.3
990.1
3.350.6
470.7
2.879.9
737.1
124.0
374.5
318.7
260.5
837.9

7,982.2

8,285.6r

8,341.0

8,507.2

8,547.8

8,624.1

8,661.5

8,708.5

8,663.7

8,683.9

8,703.7

8,782.8

5.207.7
649.3
4.558.4
868.0
3.690.4
1,343.3
310.2
1,033.1
255.7
390.2

5.356.1
651.1
4.704.9
966.9
3.738.0
1,376.4
286.3
1,090.1
316.5
432.7

5.363.3
625.3
4.738.0
972.9
3.765.1
1,407.1
313.1
1,094.0
309.6
432.4

5.453.0
625.5
4.827.5
976.2
3.851.3
1,442.7
333.6
1,109.1
292.5
452.3

5.479.7
635.8
4.843.8
974.5
3.869.3
1,457.1
334.8
1,122.3
304.0
456.2

5.543.4
620.1
4.923.3
977.3
3.946.1
1,455.0
343.8
1,111.2
323.7
459.6

5.569.2
635.0
4.934.1
970.9
3.963.2
1,449.0
355.9
1,093.1
323.7
455.0

5.552.3
623.4
4.928.9
971.9
3.957.0
1,455.3
355.5
1,099.8
320.6
458.6

5.527.8
614.6
4.913.3
968.6
3.944.7
1,447.1
362.9
1,084.2
311.9
461.4

5.539.4
615.8
4.923.5
972.0
3.951.5
1,448.7
360.8
1,087.9
311.3
462.2

5.560.0
614.5
4.945.5
972.5
3.973.0
1,448.1
342.4
1,105.7
331.4
445.4

5.582.0
648.9
4.933.1
974.5
3.958.6
1,477.4
355.9
1,121.5
327.7
465.5

7,196.9

7,481.6

7,512.3

7,640.5

7,697.0

7,781.7

7,796.8

7,786.8

7,748.2

7,761.5

7,784.9

7,852.7

828.7

866.7

850.8

842.4

864.7

921.7

915.5

922.4

918.8

930.2

785.3

803.9'

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets56
Other assets

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

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

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

6,816.8'
1,759.3
1.099.7
659.6
5.057.4
890.8'
2.946.7'
447.6'
2.499.1'
1,207.0'
1,292.2'
717.2'
306.2'
410.9'
110.3
392.4'
244.6
262.4
703.4

7,110.8
1,823.8
1,131.1
692.7
5.287.0'
948.3'
3.107.7'
449.9'
2.657.8'
1,282.0'
1,375.8'
726.2'
312.1'
414.1'
95.9
408.9'
230.7
238.8
748.0

7,151.4
1,814.2
1,116.3
698.0
5,337.2
950.8
3.136.9
452.7
2.684.2
1,292.8
1,391.4
729.6
312.7
417.0
111.5
408.4
252.9
247.2
758.0

7,280.8
1,828.4
1,117.1
711.2
5.452.4
958.6
3.285.9
468.0
2.817.9
1,401.5
1,416.4
726.6
308.6
418.0
114.9
366.5
266.1
254.5
783.0

7,351.2
1,851.5
1.127.4
724.1
5.499.7
964.1
3.304.8
468.4
2.836.4
1,408.4
1,428.0
733.4
313.1
420.2
122.9
374.4
282.1
253.2
778.3

7,392.2
1,851.2
1.109.6
741.6
5.541.0
971.3
3.320.3
470.1
2.850.3
1,416.5
1,433.7
748.0
331.5
416.5
123.0
378.4
298.8
264.9
792.3

7,389.0
1,841.0
1,114.3
726.7
5.548.0
973.6
3.326.2
470.6
2.855.6
1,415.4
1,440.2
756.5
332.7
423.8
117.5
374.2
297.5
262.3
802.8

7,418.2
1,853.4
1.122.2
731.2
5.564.8
983.9
3.344.5
470.8
2.873.7
1,419.3
1,454.4
748.6
320.8
427.8
117.9
369.9
292.9
252.6
809.1

7,406.1
1,847.5
1.122.8
724.7
5.558.5
978.5
3.342.6
470.3
2.872.4
1,424.6
1,447.8
752.9
322.8
430.1
111.3
373.2
281.4
234.2
802.5

7,415.5
1,845.8
1,114.9
730.9
5.569.8
979.5
3,347.5
471.2
2.876.2
1,422.2
1,454.0
754.4
325.9
428.5
121.5
366.9
297.6
237.8
807.6

7,415.7
1,850.2
1.118.5
731.8
5.565.4
985.0
3.345.6
471.1
2.874.5
1,417.8
1,456.7
748.9
323.1
425.8
116.3
369.6
275.8
272.9
808.7

7,435.7
1,870.2
1.132.5
737.7
5.565.5
992.5
3.342.3
470.5
2.871.9
1,412.8
1,459.1
738.4
311.6
426.7
122.6
369.7
316.7
265.4
817.7

7,961.3r

8,261.0r

8,342.2

8,516.1

8,596.1

8,677.8

8,682.2

8,703.5

8,654.7

8,689.2

8,703.6

8,766.5

5.209.5
640.2
4.569.3
870.7
3.698.6
1 341 2
308.9
1,032.4
262.8
396.9

5.344.4
638.5
4.705.9
967.0
3.738.9
1 369 6
287.2
1,082.4
318.2
434.8

5.361.2
620.0
4.741.2
972.3
3.769.0
1,417.1
314.4
1,102.6
311.8
435.0

5.454.0
620.6
4.833.3
977.3
3.856.0
1,441.9
334.1
1,107.8
295.1
455.6

5.504.9
642.2
4.862.8
975.0
3.887.8
1,452.0
335.6
1,116.3
309.5
462.7

5.571.1
654.3
4.916.8
976.6
3.940.2
1,443.1
341.3
1,101.7
328.6
464.9

5.554.5
642.9
4.911.6
972.9
3.938.7
1,447.1
355.2
1,091.9
329.6
461.2

5.555.0
614.5
4.940.5
974.9
3.965.6
1,453.2
354.3
1,098.9
328.1
466.4

5.526.0
569.0
4.956.9
974.2
3.982.7
1,450.8
364.3
1,086.5
316.5
466.6

5.545.2
599.2
4.946.0
975.7
3.970.3
1,454.1
361.2
1,092.9
319.3
471.6

5.553.7
639.5
4.914.2
975.2
3.939.0
1,442.8
339.6
1,103.2
345.8
459.8

5.595.1
650.3
4.944.9
974.5
3.970.4
1,465.1
351.9
1,113.2
330.7
467.6

7,210.4

7,467.1

7,525.1

7,646.5

7,729.1

7,807.7

7,792.4

7,802.7

7,759.9

7,790.2

7,802.0

7,858.6

750.9'

793.9'

817.1

869.6

867.0

870.1

889.8

900.8

894.8

898.9

901.6

907.9

Commercial Banking Institutions—Assets and Liabilities
1.26

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

17

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Feb.

Aug.'

Sept.'

Oct.

2007

2007

2006

2006

Nov.'

Dec.

Jan.

Feb.

Feb. 7

Feb. 14

Feb. 21

Feb. 28

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

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

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

3,824.3'
1,065.9'
621.8
40.2
581.7'
501.6'
80.1
444.0
210.4
233.6
41.2
192.4
2,758.4'
529.7'
1,468.8'
321.0
1,147.8'
703.7
444.1'
361.1
104.1

3,984.3
1,142.9
666.8
47.2
619.5
549.0
70.6
476.1
224.3
251.8
42.7
209.1
2,841.4
558.8
1,523.9
326.3
1,197.6
733.3
464.3
373.6
86.0

3,985.2
1,121.3
650.1
44.3
605.8
532.4
73.4
471.2
221.5
249.7
42.6
207.0
2,863.9
556.9
1,538.8
329.2
1,209.5
739.5
470.0
373.7
100.1

4,103.7'
1,130.1
654.0'
51.5
602.5
529.9'
72.6
476.2
222.0
254.2
45.2
209.0
2,973.5'
564.3'
1,677.0'
346.8
1,330.1'
847.3
482.8'
377.4
101.1

4,138.5
1,140.9
651.7
53.3
598.4
526.6
71.8
489.3
233.1
256.2
47.4
208.8
2,997.6
566.4
1,682.2
346.8
1,335.4
847.3
488.1
383.1
109.1

4,150.3'
1,150.5
648.3
49.1
599.3'
529.6
69.6
502.2
245.7
256.5
49.5
207.0
2,999.8'
571.3'
1,683.3'
349.4'
1,333.9'
845.2'
488.7'
381.7'
106.7

4,143.2'
1,137.6
651.6
54.8
596.8'
525.6'
71.2
486.0
228.7
257.3
49.6
207.7
3,005.6'
572.2
1,688.5'
351.7
1,336.8'
845.7
491.1'
383.2'
107.6

4,169.7
1,148.5
654.2
51.7
602.5
533.6
68.9
494.3
231.4
262.9
51.0
211.9
3,021.2
576.3
1,695.6
349.5
1,346.1
844.6
501.5
388.3
107.7

4,157.3
1,148.2
659.9
53.3
606.6
536.1
70.6
488.3
227.6
260.7
50.8
209.9
3,009.2
573.9
1,694.1
350.0
1,344.0
848.9
495.1
386.1
99.9

4,166.8
1,143.2
647.3
45.0
602.3
532.3
69.9
495.9
232.9
263.0
51.0
212.1
3,023.6
573.1
1,699.7
349.7
1,350.0
849.7
500.3
391.0
110.1

4,167.0
1,144.5
646.5
49.2
597.3
529.7
67.6
498.0
234.6
263.4
50.8
212.6
3,022.5
576.3
1,695.4
350.0
1,345.3
840.8
504.6
389.0
107.9

4,187.5
1,158.2
663.2
59.4
603.8
536.3
67.5
495.0
230.6
264.4
51.4
213.0
3,029.3
581.7
1,693.2
348.3
1,344.9
838.9
506.0
386.9
112.8

85.6
18.5
19.3
10.2

69.1
16.9
20.4
10.2

83.0
17.1
20.8
10.2

84.9
16.3
23.4
10.4

90.4
18.8
23.5
10.6

87.6
19.2
23.5'
10.6

88.4
19.2
23.3
10.7

86.2
21.5
23.5
10.8

78.8
21.0
23.3
10.9

89.2
20.9
23.6
10.9

86.2
21.7
23.5
10.8

90.3
22.4
23.6
10.8

19.2
152.7'
93.3
154.3

24.2
150.4
94.0
137.9

25.4
143.9
94.1
162.6

25.6
101.3'
93.0
168.6

29.2
100.8
92.7
166.5

25.3
104.7'
92.7
180.1

28.7
99.7
91.6
182.7

30.5
100.1
88.5
178.6

35.1
97.6
88.4
170.9

28.8
97.8
88.6
176.1

29.5
101.7
88.4
169.2

28.6
103.2
88.4
198.0

82.9
71.5
151.9'
476.6

79.4
58.6
137.3
493.4

101.4
61.2
137.6
506.5

94.8
73.8
143.7
513.3

97.3
69.2
138.6
504.7

109.6
70.6
139.6'
511.6

117.2
65.4
139.5'
515.0'

113.3
65.3
142.9
519.0

102.7
68.2
134.2
508.9

112.0
64.1
141.7
508.7

104.1
65.0
148.2
522.1

134.4
63.7
147.4
536.2

4,575.6'

4,721.1

4,760.2

4,896.0'

4,915.2

4,947.9'

4,947.3'

4,977.2

4,938.4

4,960.4

4,973.6

5,036.5

2,656.6'
305.2'
2,351.3'
420.2
1,931.1'
821.T
146.7
674.4'
236.1
317.2

2,705.5
314.3
2,391.3
470.3
1,921.0
847.6
136.6
711.0
297.2
356.8

2,709.5
301.7
2,407.8
472.4
1,935.4
867.9
150.9
717.0
289.3
353.7

2,778.2'
302.4'
2,475.8'
479.1
1,996.7'
883.4'
148.1
735.3'
271.8
366.2'

2,770.9
307.1
2,463.8
471.8
1,992.0
898.8
153.2
745.6
282.8
369.5

2,799.3'
297.7'
2,501.6'
474.4
2,027.2'
888.2'
151.9
736.3'
300.3
372.6'

2,817.1
307.3'
2,509.8'
472.4'
2,037.4'
876.9'
136.9'
740.1'
299.2
365.0'

2,788.7
299.5
2,489.2
469.6
2,019.6
895.1
139.9
755.1
295.9
366.7

2,769.1
296.4
2,472.7
464.8
2,008.0
883.7
146.7
737.0
288.0
370.8

2,783.0
301.8
2,481.2
470.8
2,010.4
885.7
144.0
741.8
287.9
370.8

2,793.0
293.3
2,499.7
470.4
2,029.3
887.5
127.8
759.6
305.3
353.6

2,809.5
306.3
2,503.1
472.5
2,030.6
923.3
141.2
782.2
302.4
371.8

4,030.9'

4,207.2

4,220.5

4,299.6'

4,322.0

4,360.3'

4,358.3'

4,346.4

4 211.6

4,327.5

4,339.4

4,406.9

544.7'

514.0

539.6

596.5'

593.2

587.5

589.0

630.9

626.8

633.0

634.2

629.5

18

Federal Reserve Bulletin Statistical Supplement • March 2007

1.26

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

Monthly averages
Account

Feb.

Aug.

Sept.

Oct.

2007

2007

2006

2006

Nov.

Dec'

Jan.

Feb.

Feb. 7

Feb. 14

Feb. 21

Feb. 28

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

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

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

3.814.3'
1,062.1'
618.6'
42.5
576.1'
495.4
80.6
443.5
210.2
233.3
41.2
192.2
2,752.2'
530.6'
1,466.2'
321.6
1,144.6'
700.0
444.6'
364.7
117.7
247.0'
99.8

3,972.2'
1,139.1'
663.3'
46.5
616.8'
546.5'
70.3
475.8
224.2
251.6
42.6
209.0
2,833.1'
555.4'
1,523.7'
327.5
1,196.2'
733.6
462.6'
371.5
119.0
252.5
85.0

3,983.4'
1,118.3'
643.6
43.2
600.4'
527.8'
72.6
474.6
223.1
251.5
43.0
208.5
2,865.1'
554.8'
1,539.9'
330.4
1,209.5'
740.1
469.4'
374.3'
120.1
254.2
100.5

4,099.3'
1,122.1'
644.1'
49.0
595.1'
523.8
71.3
478.0
222.8
255.2
45.4
209.8
2,977.2'
562.8'
1,679.7'
347.3
1,332.4'
847.8'
484.6'
377.0
120.5
256.5
103.8

4,154.4'
1,147.4
656.2
55.8
600.4'
527.9'
72.5
491.2
234.0
257.2
47.6
209.7
3,006.9'
565.9'
1,688.4'
347.0'
1,341.5'
850.5'
491.0'
383.0'
124.0
258.9
110.8

4,167.6
1,153.0
646.5
47.2
599.3
529.6
69.6
506.6
247.9
258.7
49.9
208.8
3,014.6
569.6
1,686.7
348.6
1,338.2
847.2
491.0
385.6
130.1
255.5
111.1

4,153.1'
1,143.5
652.3'
52.2
600.1
529.3'
70.8
491.2
231.2
260.0
50.1
209.9
3,009.6'
569.6
1,687.8'
350.0'
1,337.8'
845.3
492.5'
390.1
129.9
260.2'
106.2

4,176.2
1,156.4
662.7
54.8
607.8
538.5
69.4
493.7
231.1
262.6
50.9
211.6
3,019.9
577.3
1,692.2
350.1
1,342.1
840.0
502.1
391.8
126.9
265.0
106.6

4,165.3
1,151.0
661.9
54.7
607.1
536.2
71.0
489.2
228.0
261.1
50.8
210.3
3,014.3
574.0
1,694.7
350.2
1,344.5
847.2
497.3
390.6
125.8
264.8
100.0

4,175.6
1,149.7
654.1
47.7
606.4
535.9
70.5
495.5
232.7
262.9
51.0
211.8
3,025.9
573.8
1,698.7
351.0
1,347.7
846.0
501.8
395.1
129.1
266.0
110.0

4,171.9
1,156.2
659.7
53.2
606.6
538.3
68.3
496.5
234.0
262.5
50.5
212.0
3,015.7
577.9
1,688.3
350.9
1,337.4
833.4
504.0
392.3
127.8
264.6
105.1

4,192.1
1,168.6
674.9
63.7
611.3
543.5
67.8
493.6
229.9
263.7
51.4
212.3
3,023.5
583.6
1,687.1
348.4
1,338.7
833.2
505.4
389.3
124.7
264.6
1112

82.1
17.7
19.3
10.1'

68.0
17.1
20.4
10.3'

83.1
17.4
20.8
10.2

87.0
16.9
23.4
10.4

91.9
19.0
23.5
10.6

91.1
20.0
23.5
10.7

87.2
19.0
23.3
10.8

86.0
20.6
23.5
10.7

79.9
20.1
23.3
10.8

90.0
20.1
23.6
10.8

84.8
20.3
23.5
10.6

89.2
22.1
23.6
10.6

19.2
148.3'
94.0
150.1

24.2
149.2'
93.3
138.5

25.4
145.7'
93.4
161.2

25.6
101.5'
92.9
168.3

29.2
102.8'
92.7
167.6

25.3
109.1
93.0
182.3

28.7
100.4
92.6
183.1

30.5
98.0
89.2
173.3

35.1
96.5
89.3
163.5

28.8
95.9
89.2
175.5

29.5
99.3
89.1
161.2

28.6
100.4
89.2
192.9

80.8
69.3
151.2'
470.6

79.6
58.8
128.9'
496.0

100.5
60.7
136.2
509.3'

94.6
73.7
144.2'
514.5

97.8
69.8
142.4'
505.3

111.0
71.3
150.6
508.3

117.6
65.5
147.9
510.0'

110.0
63.3
142.4
512.2

98.3
65.3
127.1
507.6

111.6
63.9
132.9
512.6

99.2
62.0
157.6
512.6

130.9
62.0
151.8
516.0

4,554.5'

4,703.7'

4,758.3'

4,893.2'

4,936.5'

4,974.9

4,961.2'

4,971.1

4,930.4

4,963.5

4,970.3

5,020.1

2,664.6'
300.5'
2,364.1'
422.9'
1,941.3'
819.0
145.4
673.6
243.2
323.9

2,697.0'
304.2'
2,392.8'
470.4'
1,922.4'
840.9'
137.5
703.4'
299.0
358.9

2,708.2'
297.7'
2,410.5'
471.8
1,938.7'
877.9'
152.3'
725.6'
291.5
356.4'

2,778.9'
297.6'
2,481.3'
480.2'
2,001.1'
882.5'
148.5
734.0'
274.4
369.4'

2,783.3'
310.5'
2,472.8'
472.2
2,000.6'
893.6'
154.0
739.6'
288.4
376.0'

2,815.8
320.3
2,495.5
473.8
2,021.7
876.2
149.4
726.8
305.2
378.0

2,809.6'
313.5'
2,496.1'
474.3'
2,021.8'
875.T
136.2
738.9'
305.1
371.2'

2,797.4
294.4
2,503.0
472.6
2,030.3
892.9
138.7
754.2
303.4
374.5

2,773.5
266.5
2,507.0
470.4
2,036.6
887.5
148.2
739.3
292.6
376.0

2,795.8
291.9
2,503.9
474.6
2,029.3
891.2
144.4
746.8
295.9
380.2

2,795.4
311.1
2,484.3
473.2
2,011.1
882.1
125.1
757.1
319.7
367.9

2,824.9
308.1
2,516.8
472.5
2,044.3
911.0
137.2
773.8
305.4
373.9

4,050.7'

4,195.8'

4,234.0'

4,305.3'

4,341.3'

4,375.2

4,361.0'

4,368.3

4,329.5

4,363.1

4,365.2

4,415.2

503.9'

507.9'

524.3'

588.0'

595.1'

599.7

600.2'

602.8

600.9

600.4

605.1

604.9

Commercial Banking Institutions—Assets and Liabilities
1.26

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

19

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Feb.'

Aug.'

Sept.'

Oct.'

2007

2007

2006

2006

Nov.'

Dec'

Jan.'

Feb.

Feb. 7

Feb. 14

Feb. 21

Feb. 28

Seasonall { adjusted

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

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

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

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

27 Total liabilities
28 Residual (assets less liabilities)5

3,006.0
699.3
483.2
216.1
2,306.7
360.0
1,480.8
126.3
1,354.6
351.2
10.5
104.2
91.8
111.7
232.8

3,140.5
686.2
469.4
216.8
2,454.2
395.1
1,583.5
122.2
1,461.3
355.4
10.9
109.3
94.6
111.6
252.0

3,162.4
697.2
473.9
223.3
2,465.1
398.2
1,591.1
121.6
1,469.5
354.2
11.2
110.5
93.8
109.5
248.7

3,173.8
708.7
475.4
233.2
2,465.1
397.1
1,598.3
120.0
1,478.3
347.3
11.1
111.3
95.4
109.0
268.5

3,178.7
704.8
471.9
232.9
2,473.9
399.3
1,601.2
121.6
1,479.6
346.7
11.7
115.0
108.0
107.3
273.0

3,204.9
695.8
460.7
235.1
2,509.1
402.4
1,623.6
121.9
1,501.7
355.0
11.6
116.4
112.4
110.6
284.0

3,229.4
697.6
462.1
235.5
2,531.7
404.1
1,634.6
121.1
1,513.5
361.0
11.5
120.6
115.6
112.4
292.8

3,244.8
698.3
460.7
237.5
2,546.5
406.4
1,652.6
120.9
1,531.7
355.5
11.3
120.7
116.5
110.7
296.9

3,241.1
697.5
462.0
235.5
2,543.5
404.8
1,646.6
120.3
1,526.3
359.9
11.2
121.1
115.8
110.2
294.9

3,241.1
697.6
462.2
235.3
2,543.5
405.8
1,648.0
120.4
1,527.6
357.0
11.4
121.4
116.2
108.0
295.0

3,247.7
695.8
460.5
235.3
2,552.0
406.7
1,658.4
120.6
1,537.8
355.0
11.3
120.6
113.2
111 .3
296.1

3,249.2
702.2
458.2
244.0
2,547.0
408.3
1,657.4
122.4
1,535.0
350.2
11.2
119.9
120.7
113.2
301.7

3,408.1

3,563.2

3,578.8

3,611.3

3,631.4

3,675.5

3,713.6

3,732.5

3,725.6

3,724.0

3,732.0

3,748.6

2,551.1
344.0
2,207.1
447.8
1,759.3
522.2
163.5
358.7
19.6
73.0

2,650.5
336.9
2,313.6
496.6
1,817.0
528.8
149.7
379.0
19.3
75.9

2,653.8
323.5
2,330.2
500.5
1,829.8
539.2
162.2
377.0
20.3
78.6

2,674.8
323.1
2,351.8
497.1
1,854.6
559.3
185.6
373.8
20.7
86.1

2,708.8
328.8
2,380.1
502.7
1,877.3
558.4
181.7
376.7
21.1
86.7

2,744.1
322.4
2,421.7
502.9
1,918.9
566.8
191.9
374.9
23.4
86.9

2,752.0
327.7
2,424.3
498.5
1,925.8
572.0
219.0
353.0
24.5
90.0

2,763.6
324.0
2,439.7
502.3
1,937.4
560.3
215.6
344.7
24.7
91.9

2,758.7
318.2
2,440.5
503.8
1,936.7
563.4
216.1
347.2
23.9
90.6

2,756.3
314.0
2,442.3
501.2
1,941.1
562.9
216.8
346.1
23.4
91.4

2,767.0
321.2
2,445.8
502.1
1,943.7
560.6
214.5
346.1
26.1
91.9

2,772.6
342.6
2,430.0
502.0
1,928.0
554.1
214.8
339.4
25.4
93.7

3,166.0

3,274.5

3,291.8

3,341.0

3,375.0

3,421.3

3,438.6

3,440.5

3,436.6

3,434.0

3,445.5

3,445.8

242.1

288.8

287.0

270.4

256.4

254.1

275.1

292.1

289.0

289.9

286.5

302.8

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
Treasury and Agency securities2 . .
Other securities
Loans and leases in bank credit3 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
Security4
Other loans and leases
Interbank loans
Cash assets56
Other assets

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

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

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

3,002.5
697.2
481.1
216.1
2,305.2
360.2
1,480.5
126.0
1,354.5
506.9
847.6
352.5
188.5
164.0
10.5
101.6
94.5
111.3
232.8

3,138.6
684.7
467.8
216.8
2,453.9
392.8
1,584.0
122.4
1,461.6
548.3
913.2
354.7
193.1
161.6
10.9
111.5
92.2
110.0
252.0

3,168.0
696.0
472.6
223.3
2,472.1
396.0
1,597.0
122.3
1,474.7
552.7
922.0
355.3
192.6
162.7
11.0
112.7
91.7
111.0
248.7

3,181.5
706.3
473.0
233.2
2,475.2
395.8
1,606.2
120.7
1,485.5
553.7
931.8
349.6
188.1
161.5
11.1
112.6
97.8
110.4
268.5

3,196.9
704.1
471.2
232.9
2,492.8
398.2
1,616.4
121.5
1,495.0
557.9
937.0
350.4
189.1
161.3
12.1
115.6
114.5
110.8
273.0

3,224.6
698.2
463.1
235.1
2,526.4
401.7
1,633.6
121.5
1,512.1
569.3
942.8
362.4
201.3
161.1
11.9
116.8
116.4
114.3
284.0

3,235.9
697.5
462.0
235.5
2,538.4
404.0
1,638.4
120.7
1,517.8
570.1
947.7
366.4
202.8
163.6
11.3
118.4
114.4
114.4
292.8

3,242.0
697.0
459.5
237.5
2,545.0
406.6
1,652.3
120.6
1,531.7
579.4
952.3
356.8
194.0
162.8
11.3
118.0
119.6
110.2
296.9

3,240.7
696.5
460.9
235.5
2,544.3
404.5
1,647.9
120.1
1,527.9
577.4
950.5
362.3
197.0
165.3
11.3
118.3
117.9
107.1
294.9

3,240.0
696.1
460.8
235.3
2,543.8
405.8
1,648.8
120.2
1,528.5
576.3
952.3
359.2
196.7
162.5
11.5
118.6
122.2
104.9
295.0

3,243.7
694.0
458.7
235.3
2,549.7
407.1
1,657.3
120.2
1,537.1
584.4
952.7
356.6
195.3
161.2
11.2
117.6
114.5
115.3
296.1

3,243.6
701.6
457.6
244.0
2,542.0
408.9
1,655.2
122.0
1,533.2
579.5
953.7
349.1
186.9
162.2
11.4
117.4
123.7
113.6
301.7

3,406.7

3,557.3

3,583.9

3,622.9

3,659.6

3,702.9

3,721.0

3,732.4

3,724.2

3,725.7

3,733.3

3,746.5

2,544.9
339.8
2,205.1
447.8
1,757.3
522.2
163.5
358.7
19.6
73.0

2,647.4
334.2
2,313.1
496.6
1,816.5
528.8
149.7
379.0
19.3
75.9

2,653.0
322.3
2,330.8
500.5
1,830.3
539.2
162.2
377.0
20.3
78.6

2,675.1
323.1
2,352.0
497.1
1,854.9
559.3
185.6
373.8
20.7
86.1

2,721.6
331.6
2,390.0
502.7
1,887.3
558.4
181.7
376.7
21.1
86.7

2,755.3
334.0
2,421.4
502.9
1,918.5
566.8
191.9
374.9
23.4
86.9

2,744.9
329.4
2,415.5
498.5
1,917.0
572.0
219.0
353.0
24.5
90.0

2,757.6
320.1
2,437.5
502.3
1,935.2
560.3
215.6
344.7
24.7
91.9

2,752.5
302.6
2,449.9
503.8
1,946.1
563.4
216.1
347.2
23.9
90.6

2,749.4
307.3
2,442.1
501.2
1,941.0
562.9
216.8
346.1
23.4
91.4

2,758.2
328.3
2,429.9
502.1
1,927.9
560.6
214.5
346.1
26.1
91.9

2,770.3
342.2
2,428.1
502.0
1,926.0
554.1
214.8
339.4
25.4
93.7

3,159.8

3,271.3

3,291.1

3,341.2

3,387.8

3,432.5

3,431.4

3,434.5

3,430.4

3,427.1

3,436.8

3,443.4

247.0

286.0

292.8

281.6

271.9

270.3

289.6

298.0

293.9

298.5

296.4

303.0

20

Federal Reserve Bulletin Statistical Supplement • March 2007

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Feb.

Aug.

Sept.

Oct.

2007

2007

2006

2006

Nov.

Dec.

Jan.'

Feb.

Feb. 7

Feb. 14

Feb. 21

Feb. 28

Seasonall 1 adjusted

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

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

13 Total assets7
14
15
16
17
18
19
20
21

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

22 Total liabilities
23 Residual (assets less liabilities)5

819.0
343.9
78.0
265.9
475.1
173.3
20.8
149.0
132.0
43.6
51.3
38.7

914.8
376.1
84.5
291.5
538.8
206.6
23.2
168.6
140.4
51.8
52.9
49.3

910.4
370.6
84.5
286.1
539.8
209.9
23.5
165.8
140.7
57.1
48.3
43.1

915.4
367.5
81.2
286.4
547.9
214.7
23.9
167.1
142.2
62.0
47.5
39.5

915.4
372.3
82.8
289.4
543.1
215.3
23.5
166.9
137.3
65.7
51.6
35.2

930.6'
374.2'
84.5
289.7'
556.4
216.1
24.4'
173.8
142.2
64.1'
50.9
35.8

938.7
376.8
82.1
294.6
562.0
216.7
24.9
176.6
143.8
67.3
50.5
34.6

965.9
384.7
86.1
298.5
581.3
218.2
24.5
189.3
149.2
66.5
50.9
38.8

956.5
379.4
83.3
296.1
577.1
217.3
24.7
186.3
148.9
71.0
51.7
31.6

964.5
385.5
86.7
298.8
578.9
217.6
24.5
188.5
148.4
62.6
51.3
37.4

964.1
385.6
86.0
299.6
578.5
217.3
24.4
188.0
148.9
69.0
49.9
44.2

978.6
388.1
88.6
299.5
590.5
220.7
24.6
194.4
150.8
63.3
50.7
41.9

952.1

1,068.3

1,058.4

1,063.9

1,067.4

1,080.9

1,090.6

1,121.6

1,110.2

1,115.2

1,126.7

1,134.1

618.7
13.2
605.5
438.9
60.2
378.7
-209.4
102.7

709.1
11.3
697.8
427.4
46.6
380.8
-201.6
127.1

741.4
10.8
730.6
446.7
54.4
392.3
-252.1
120.9

751.4
10.4
741.1
468.6
58.4
410.2
-268.3
115.4

764.0
11.0
753.0
489.3
63.1
426.2
-297.5
113.1

761.3
10.7
750.6
504.0'
62.2'
441.8'
-292.1'
115.1

771.2
10.5
760.8
509.2
64.5
444.6
-304.5
116.8

787.6
10.2
777.5
517.0
65.1
451.9
-300.5
119.8

781.1
9.5
771.6
510.2
58.0
452.2
-293.3
114.5

788.2
10.4
777.8
515.2
64.8
450.3
-309.5
124.6

789.1
9.6
779.6
501.8
58.1
443.7
-280.8
118.6

792.1
11.2
780.9
540.9
79.7
461.2
-318.4
121.4

950.8

1,062.0

1,056.9'

1,067.3

1,069.0

1,088.3'

1,092.7

1,123.9

1,112.6

1,118.4

1,128.7

1,135.9

1.3

6.2

-3.3

-1.6

-7.4'

-2.1

-2.4

-2.4

-3.2

-1.9

-1.8

1.4

Not seasona lly adjusted

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

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

40 Total assets7
41
42
43
44
45
46
47
48

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

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

821.3
343.9
78.0
26.7
51.3
265.9
157.1
108.8
477.3
175.6
20.8
151.7
129.3
43.6
50.6
39.7

906.9
376.1
84.5
27.7
56.9
291.5
183.6
108.0
530.8
206.0
23.2
162.3
139.2
51.8
53.2
48.9

905.6
370.6
84.5
27.7
56.8
286.1
178.5
107.6
535.0
208.3
23.5
162.7
140.4
57.1
49.2
42.4

912.2
367.5
81.2
24.0
57.2
286.4
177.9
108.4
544.7
211.8
23.9
169.8
139.2
62.0
48.3
38.7

916.7
372.3
82.8
25.4
57.4
289.4
181.9
107.5
544.4
213.0
23.5
171.8
136.0
65.7
52.2
34.6

938.7
374.2'
84.5
24.5
59.9'
289.7'
181.7
108.0
564.5
216.8
24.4'
180.6
142.8
64.1'
52.1
36.7

947.0
376.8
82.1
21.7
60.4
294.6
183.2
111.5
570.3
218.8
24.9
181.0
145.5
67.3
51.3
35.8

971.4
384.7
86.1
26.0
60.1
298.5
185.8
112.7
586.7
221.1
24.5
191.0
150.0
66.5
50.2
39.6

965.5
379.4
83.3
23.1
60.2
296.1
183.7
112.4
586.1
219.9
24.7
192.0
149.5
71.0
51.4
33.6

970.5
385.5
86.7
25.3
61.4
298.8
186.1
112.7
585.0
220.8
24.5
190.9
148.8
62.6
50.9
38.3

968.0
385.6
86.0
25.9
60.1
299.6
186.5
113.0
582.5
220.5
24.4
187.8
149.7
69.0
49.0
43.3

981.4
388.1
88.6
29.8
58.8
299.5
186.8
112.7
593.3
223.2
24.6
193.4
152.0
63.3
49.4
43.0

954.6

1,060.2

1,053.8

1,060.7

1,068.7

1,091.1

1,100.9

1,127.1

1,121.0

1,121.8

1,128.9

1,136.6

619.9
13.6
606.3
438.9
60.2
378.7
-209.6
102.6

706.0
11.1
694.9
427.4
46.6
380.8
-202.6
126.4

733.0
10.8
722.2
446.7
54.4
392.3
-250.6
121.9

736.2
10.2
726.0
468.6
58.4
410.2
-264.6
117.5

751.5
10.9
740.6
489.3
63.1
426.2
-291.7
116.6

755.2'
11.1
744.1
504.0'
62.2'
441.8'
-288.2'
117.3

774.0
10.7
763.3
509.2
64.5
444.6
-302.4
117.9

789.0
10.5
778.5
517.0
65.1
451.9
-300.7
119.6

785.6
9.8
775.9
510.2
58.0
452.2
-292.2
115.1

789.9
10.7
779.3
515.2
64.8
450.3
-309.8
124.4

787.7
9.8
777.9
501.8
58.1
443.7
-281.2
118.4

792.7
11.8
780.9
540.9
79.7
461.2
-319.7
120.6

951.7

1,057.3

1,051.0

1,057.8

1,065.8

1,088.3'

1,098.7

1,124.9

1,118.8

1,119.6

1,126.8

1,134.4

2.9

2.9

2.9

2.9

2.9

2.8'

2.2

2.2

2.2

2.2

2.2

2.2

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items

21

Assets and Liabilities' —Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2006
Feb.

2006
Aug.

Sept.

Oct.

2007

2007
Nov.

Dec.

Jan.

Feb.

Feb. 7

Feb. 14

Feb. 21

Feb. 28

Not seasonally adjusted
MEMO

1
2
3
4
5
6
7
8
9
10

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

96.8

108.5

104.7

103.7

106.5

116.2

109.5

109.0

107.2

110.3

110.0

108.4

82.5
583.3
449.9
133.4

92.3
641.9
500.6
141.3

91.0
620.4
481.7
138.8

91.5
621.4'
473.6
147.8

90.2
623.6
483.8
139.8

96.2
625.6
491.6
134.0

90.5
628.8
494.8
134.0

91.7
639.6
505.9
133.8

89.2
635.8
501.3
134.5

94.2
635.4
501.6
133.8

93.4
641.5
507.9
133.6

90.0
645.7
512.6
133.1

-11.1
99.1
69.7
29.4
3.0

-10.2'
100.6
68.6
32.0
2.4

-3.0'
102.5
68.7
33.8
2.3

-1.6'
101.8
67.1
34.7
2.2

-2.8'
102.1'
66.6
35.5'
2.2

-4.0'
105.8'
67.2
38.6'
2.2

-6.0'
105.6'
67.3
38.4'
2.2

-5.8
105.2
67.6
37.5
2.2

-6.5
106.3
68.5
37.8
2.2

-6.5
103.0
65.4
37.6
2.2

-6.2
104.7
67.2
37.5
2.2

-4.1
106.7
69.4
37.3
2.2

330.3'
271.7
267.8
3.9

320.8
275.9
272.3
3.5

326.9
278.8
275.3
3.5

330.6
282.9
279.4
3.5

328.8
285.4
281.7
3.7

321.7
286.6
283.0
3.7

323.2
285.7'
282.1
3.7'

324.3
286.4
282.8
3.6

323.6
284.1
280.6
3.6

323.7
284.3
280.6
3.6

323.0
286.1
282.5
3.6

327.0
291.2
287.6
3.6

62.0

72.4

68.6

67.1

66.7

67.0

64.3

64.6

62.3

65.6

65.6

65.1

65.5

78.9

76.1

75.7

73.6

73.6

72.5

71.2

69.7

72.2

72.1

71.0

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

Foreign-related institutions
15 Revaluation gains on off-balancesheet items9
16 Revaluation losses on off-balancesheet items9

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

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

22
1.32

Federal Reserve Bulletin Statistical Supplement • March 2007
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December

2006

Item
2001

2003

2004

2005

June

July

Aug.

Sept.

Oct.

Nov.

1,442,842

1,341,226

1,260,745

1,375,717

1,631,009

1,775,915

1,796,699

1,840,587

1,887,218

1,885,773

1,930,287

563,428
216,448

1 All issuers
2 Financial companies'
3 Nonfinancial companies2

2002

522,863
147,689

519,731
103,982

595,249
119,727

667,321
132,207

704,548
146,789

715,193
142,738

735,897
143,567

750,459
142,143

751,896
126,121

762,428
141,360

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

1.33

PRIME RATE CHARGED BY BANKS

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

Short-Term Business Loans1

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

Rate

4
1
21
19
16
28
22
18
3
7
12

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

2002—Nov. 7

4.25

2003—June 27

4.00

2004—June
Aug.
Sept.
Nov.
Dec.

30
10
21
10
14

4.25
4.50
4.75
5.00
5.25

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

2
22
3
30
9
20
1
13
31
28
10
29

2003
2004
2005
2006

Average
rate

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

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

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

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

Period

Average
rate

7.50
7.75
8.00
8.25

2001

4.12
4.34
6.19
7.96

Period

5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25

2006—Jan.
Mar.
May
June

Period

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

7.26
7.50
7.53
7.75
7.93
8.02
8.25
8.25
8.25
8.25
8.25
8.25

2007—Jan

8.25

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

Financial Markets
1.35

INTEREST RATES

23

Money and Capital Markets

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

2004

2005

2006, week ending

2006
Sept.

Oct.

Nov.

Dec.

Dec. 1

Dec. 8

Dec. 15

Dec. 22

Dec. 29

MONEY MARKET INSTRUMENTS

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

1.35
2.34

3.22
4.19

4.97
5.96

5.25
6.25

5.25
6.25

5.25
6.25

5.24
6.25

5.26
6.25

5.25
6.25

5.24
6.25

5.25
6.25

5.24
6.25

paper3'5'6

Commercial

3
4
5

Nonfinancial
1-month
2-month
3-month

1.38
1.40
1.41

3.22
3.23
3.42

4.98
5.01
5.10

5.21
5.19
5.21

5.20
5.18
5.19

5.21
5.19
5.17

5.23
5.20
5.19

5.21
5.22
5.23

5.20
5.19
n.a.

5.21
5.19
5.19

5.25
5.23
n.a.

5.25
5.23
n.a.

6
7
8

Financial
1-month
2-month
3-month

1.41
1.46
1.52

3.27
3.36
3.44

5.00
5.04
5.07

5.24
5.25
5.25

5.23
5.23
5.24

5.23
5.24
5.24

5.25
5.24
5.24

5.23
5.23
5.24

5.24
5.22
5.23

5.26
5.24
5.24

5.27
5.26
5.25

5.25
5.24
5.24

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

1.45
1.57
1.74

3.34
3.51
3.73

5.06
5.16
5.24

5.29
5.34
5.37

5.28
5.33
5.35

5.29
5.32
5.33

5.31
5.32
5.31

5.29
5.31
5.30

5.30
5.30
5.27

5.31
5.31
5.32

5.33
5.32
5.33

5.32
5.32
5.32

12 Eurodollar deposits, 3-month3>s

1.55

3.51

5.19

5.38

5.36

5.36

5.35

5.36

5.35

5.35

5.35

5.36

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

1.24
1.37
1.58

2.94
3.15
3.39

4.67
4.73
4.81

4.68
4.81
4.89

4.88
4.92
4.92

5.13
4.94
4.95

4.78
4.85
4.88

5.16
4.91
4.91

4.86
4.86
4.86

4.76
4.81
4.88

4.74
4.84
4.89

4.66
4.87
4.91

1.89
2.38
2.78
3.43
3.87
4.27
5.04

3.62
3.85
3.93
4.05
4.15
4.29
4.64

4.94
4.82
4.77
4.75
4.76
4.80
5.00

4.97
4.77
4.69
4.67
4.68
4.72
4.93

5.01
4.80
4.72
4.69
4.69
4.73
4.94

5.01
4.74
4.64
4.58
4.58
4.60
4.78

4.94
4.67
4.58
4.53
4.54
4.56
4.78

4.95
4.64
4.54
4.48
4.48
4.49
4.69

4.90
4.58
4.48
4.44
4.44
4.48
4.69

4.95
4.69
4.58
4.53
4.53
4.56
4.77

4.96
4.70
4.61
4.56
4.57
4.60
4.82

4.99
4.78
4.70
4.65
4.66
4.67
4.88

4.50
5.09
4.68

4.28
4.86
4.40

4.15
4.71
4.40

3.87
4.47
4.27

3.91
4.48
4.30

3.81
4.34
4.14

3.76
4.26
4.11

3.73
4.25
4.04

3.70
4.20
4.03

3.76
4.27
4.12

3.76
4.25
4.12

3.82
4.31
4.17

6.00

5.57

5.98

5.92

5.91

5.72

5.72

5.63

5.64

5.72

5.77

5.83

5.63
5.91
6.08
6.39

5.23
5.37
5.59
6.06

5.59
5.80
6.06
6.48

5.51
5.75
5.98
6.43

5.51
5.74
5.94
6.42

5.33
5.57
5.76
6.20

5.32
5.58
5.78
6.22

5.23
5.48
5.68
6.12

5.24
5.49
5.70
6.13

5.31
5.56
5.77
6.21

5.36
5.62
5.82
6.26

5.43
5.69
5.89
6.32

1.64

1.73

1.82

1.86

1.80

1.79

1.78

1.79

1.77

1.75

1.80

1.78

9
10
11

U.S. TREASURY NOTES AND BONDS

16
17
18
19
20
21
22

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

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

26 Seasoned issues, all industries12
27
28
29
30

Rating group
Aaa13
Aa
A
Baa
MEMO

Dividend-price ratio14
31 Common stocks

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

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

24

Federal Reserve Bulletin Statistical Supplement • March 2007

1.36

STOCK MARKET

Selected Statistics
2006

Indicator

2004

2005

2007

2006
May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

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

6,614.10
741.19
521.11
271.45
657.07

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

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

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

7,985.59
n.a.
n.a.
n.a.
n.a.

8,103.97
n.a.
n.a.
n.a.
n.a.

8,294.89
n.a.
n.a.
n.a.
n.a.

8,383.29
n.a.
n.a.
n.a.
n.a.

8,651.02
n.a.
n.a.
n.a.
n.a.

8,856.30
n.a.
n.a.
n.a.
n.a.

9,089.55
n.a.
n.a.
n.a.
n.a.

9,132.04
n.a.
n.a.
n.a.
n.a.

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

1,130.65

1,207.23

1,310.46

1,290.00

1,253.12

1,260.24

1,287.15

1,317.81

1,363.34

1,388.63

1,416.42

1,424.16

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

1,260.02

1,567.52

1,936.79

1,968.30

1,881.59

1,924.93

1,996.50

1,950.11

1,920.93

2,003.86

2,065.81

2,060.93

3
4
5

Transportation
Utility
Finance

Volume of trading (thousands of shares)
1 403 376 1 542 724 2 254 869 2 510 157 2 501 759 2 351 792 2 201 576 2 446 458 2 544 752 2 613 632 2 366 386 2 851 992
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

9 American Stock Exchange

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

3

203,790

221,660

275,380

230,540

225,780

231,490

226,480

237,120

244,370

270,520

275,380

285,610

117,850
93,580

119,710
88,730

159,040
94,450

126,210
81,090

137,550
84,400

141,000
79,420

139,290
79,460

142,580
80,470

143,400
80,200

155,200
90,980

159,040
94,450

156,190
90,340

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

14 Convertible bonds

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

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

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

Federal Finance
1.40

25

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

Mar. 31
1 Federal debt outstanding

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

7,620.4

7,801.0

7,860.2

7,956.3

8,194.3

8,394.7

8,443.7

8,530.4

8,703.7'

7,776.9
4,572.4
3,204.5

7,836.5
4,527.6
3,308.9

7,932.7
4,601.6
3,331.1

8,170.4
4,714.6
3,455.8

8,371.2
4,872.8
3,498.4

8,420.0
4,797.5
3,622.6

8,507.0
4,843.2
3,663.8

8,680.2'
4,901.2'
3,779.0'

24.3
23.9
.4

24.1
24.1
.0

23.7
23.7
.0

23.6
23.6
.0

23.8
23.8
.0

23.6
23.6
.0

23.6
23.6

23.4
23.4

23.5'
23.5'

8,281.5

8,330.6

8,420.3

8,592.5'

7,535.5
.2

7,715.4
.1

7,778.0
.1

7,870.9
.1

8,106.9
.2

8,281.4
.1

8,330.6

8,184.0

5 Agency securities
6
Held by public
7
Held by agencies

Sept. 30

7,596.1
4.406.4
3,189.8

....

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

June 30

8,184.0

8,184.0

8,184.0

8,184.0

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

8,592.4'

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
Ql
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bom
Nonmarketable2
State and local government serit
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4 ..
Non-interest-bearing
By holder^
U.S. Treasury and other federal agencies and trust funds
Federal Reserve Banks8
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international5
Other miscellaneous investors7'9

Q2

Q3

Q4

8,400.2
4,354.9
916.7
2,427.4

8,455.1
4,354.0
911.5

8,627.5
4,413.9
944.2
2,409.9
530.6
AW 2
4,338.3
257.6
3.0
3.0
.0
187.7
3,839.4
124.6

6,998.0

7,596.1

8,170.4

8,680.2

6,982.0
3,575.1
928.8
1,905.7
564.3
176.2
3,406.9
149.2
9.7
9.7

7,578.5
3,959.7

8,117.0
4,184.0

192.2
3,007.0
16.0

539.5
245.9
3,618.8
160.7
5.9
5.9
.0
191.7
3,230.6
17.6

963.9
2,326.8
516.6
328.7
3,986.5
235.6
3.8
3.8
.0
191.2
3,506.6
53.4

8,627.5
4,413.9
944.2
2,409.9
530.6
AW 2
4,338.3
257.6
3.0
3.0
.0
187.7
3,839.4
124.6

8,351.7
4,340.4

1,003.2
2,157.1

2,955.1
666.7
3,377.9
154.0
279.6
136.5
358.8

3,189.1
717.8
3,667.1
128.1
253.1
149.2
385.8

3,466.9
744.2
3,970.6
117.2
252.2
172.2
454.6

203.8
288.2
140.8
147.4
1,538.1
452.6

204.4
295.7
151.0
144.7
1,942.0
307.8

205.1
306.3
179.9
126.4
2,041.1
455.8

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.

1,042.1

2,409.7
526.7
347.9
4,030.8
234.8
3.4
3.4
.0
192.0

523.1

2,415.5
534.7

19.5

372.8
4,166.0
242.0
3.0
3.0
.0
191.0
3,680.2
120.8

395.6
4,203.9
238.8
3.0
3.0
.0
189.2
3,722.8
102.9

3,783.1
778.9
4,122.1
115.9
249.9
166.0
484.2

3,502.0
758.5
4,114.0
115.4
248.7'
162.9
456.5

3,626.6
766.4
4,030.8
116.8
244.2'
164.4
466.2

4,074.2
114.0'
235.3'
165.4'
463.0'

3,783.1
778.9
4,122.1
115.9
249.9
166.0
484.2

202.4
326.1
193.2
132.9
2,225.0
n.a.

205.9
311.9
183.0
128.9
2,083.6'
528.0'

205.2
320.5
188.4
132.1
2,099.1'
413.7'

203.6
323.3'
191.2
132.1'
2,147.5'
417.0

202.4
326.1
193.2
132.9
2,225.0
n.a.

3,551.2

3,668.0
768.9

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 2007

1.42

U.S. GOVERNMENT SECURITIES DEALERS

Transactions1

Millions of dollars, daily averages
2006
Item

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

7
8
9
10
11
12

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

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

15
16
17
18
19
20
21
22

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

Sept.

Oct.

2006, week end
Nov.

Nov. 1

Nov. 8

Nov. 15

Nov. 22

Nov. 29

Dec. 6

Dec. 13

Dec. 20

Dec. 27

46,730

41,879

54,028

50,019

45,165

55,065

50,394

67,528

62,367

54,129

46,389

51,295

197,902

190,332

189,591

196,850

189,920

196,575

158,542

199,755

267,332

185,099

159,967

116,576

137,394

123,697

106,283

154,094

113,625

102,686

91,804

93,195

160,900

117,727

96,851

74,799

129,230
25,945
8,314

110,855
22,993
9,015

122,619
25,845
6,090

114,198
26,030
7,727

114,507
27,124
5,323

154,911
25,498
4,054

107,347
23,818
8,407

115,058
25,233
5,539

149,034
33,243
7,047

126,669
32,951
6,760

101,242
24,025
8,070

67,077
11,959
4,060

58,437

55,409

55,085

51,647

55,150

51,190

56,861

57,000

57,233

54,235

62,106

66,456

10,182

7,875

7,784

10,260

7,708

9,109

7,455

5,406

11,549

9,716

12,660

4,584

3,382

4,737

3,299

6,401

2,869

2,230

3,196

3,849

4,939

4,610

2,849

1,618

2,985
348

3,208
443

3,533
467

3,225
694

4,003
486

5,026
543

2,717
468

1,849
302

6,344
487

2,991
1,331

3,230
1,121

1,236
434

302,148

278,490

276,363

243,620

430,970

249,983

180,199

197,276

438,754

360,764

190,655

107,204

200,724
24,241

198,955
23,386

188,255
25,054

199,306
26,609

194,117
23,976

190,811
26,246

193,520
25,602

166,156
24,485

199,749
23,655

192,972
25,720

205,947
30,185

177,968
12,984

240,183

214,674

213,643

229,775

211,545

222,725

190,706

213,923

285,233

222,463

186,904

141,070

6,662
78,773
455

6,028
67,369
572

5,282
63,471
503

6,329
69,894
635

6,118
96,797
624

5,101
68,332
521

4,408
38,705
404

4,824
42,504
416

6,988
78,678
539

6,767
80,261
502

6,116
49,675
443

3,746
24,474
170

305,331

284,098

290,813

319,142

284,118

316,065

249,606

292,385

394,689

300,872

249,641

184,696

68,674
223,375
224,509

65,645
211,121
221,769

64,886
212,891
212,806

65,898
173,726
225,280

64,098
334,173
217,469

62,998
181,651
216,537

66,288
141,494
218,717

63,582
154,772
190,225

73,565
360,076
222,865

66,116
280,503
218,191

75,851
140,980
235,689

70,584
82,730
190,782

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

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

Federal Finance
1.43

U.S. GOVERNMENT SECURITIES DEALERS

27

Positions and Financing

Millions of dollars
2006, week ending

2006
Item, by type of security
Sept.

Oct.

Nov.

Nov. 1

Nov. 8

Nov. 15

Nov. 22

Nov. 29

Dec. 6

Dec. 13

Dec. 20

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

7
8
9
10
11

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

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

-3,879

-6,537

1,520

-3,082

3,481

-3,589

-409

7,290

1,257

-799

-2,828

-43,956

-42,455

-46,905

-41,299

-40,255

-42,958

-51,243

-54,059

-46,239

-47,281

-48,596

-40,352

-35,394

-36,583

-35,068

-42,872

-38,258

-36,078

-32,481

-14,589

-18,575

-19,385

-26,468
-16,100
-175

-29,618
-16,023
839

-32,355
-16,750
3,151

-32,787
-15,856
3,514

-30,481
-16,627
3,134

-32,741
-17,564
3,107

-31,456
-16,139
3,481

-33,574
-16,492
3,016

-40,104
-18,877
1,843

-43,222
-19,534
2,587

-47,560
-21,798
2,870

44,102

46,978

45,376

51,953

46,776

44,498

48,978

41,286

38,573

37,973

40,163

31,277

28,776

30,880

26,378

27,897

29,265

31,980

34,485

34,635

30,014

26,675

13,458

14,323

15,421

15,089

14,526

16,921

14,573

15,907

14,041

12,321

12,636

5,781
8,778

6,981
9,311

8,894
9,539

6,504
9,761

8,023
9,717

9,684
9,665

8,785
9,295

9,326
9,437

9,590
9,604

8,880
10,564

8,768
10,029

39,757

43,204

50,649

45,871

47,083

49,232

56,009

50,649

52,789

49,842

41,734

42,782
155,304

44,549
156,427

44,492
165,916

46,115
162,763

42,401
163,360

45,862
170,706

48,777
162,767

40,983
167,275

42,470
165,962

49,143
177,074

43,481
173,313

1 289 963
1,086,395

1 351 334 1 271 843
996,349 1,043,170

1 255 770
1,075,887

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

1 297 903
1,029,197

1 282 638
1,014,288

1 278 567
1,080,195

1 311 857
1,035,667

1 289 307
1,125,507

1 313 491
984,305

1 206 357
1,142,913

191,192
220,135

190,400
223,831

186,480
236,435

183,869
233,967

192,529
234,376

189,477
229,568

181,291
245,658

183,047
236,751

186,111
234,602

193,997
238,185

183,063
235,975

136,852
374,251

131,304
389,408

118,166
400,309

118,698
385,234

118,346
401,232

118,411
390,095

117,445
407,373

118,973
402,859

114,050
413,115

119,436
414,691

113,485
424,497

107,445
93,351

110,511
94,279

110,491
96,524

111,532
96,758

113,206
94,647

112,323
95,941

110,745
99,361

106,048
96,039

106,951
97,048

108,009
97,407

108,139
95,915

833,743
1 333 816

799,840
1 342 730

800,232
1 405 094

819,004
1 362 226

805,049
1 454 917

831,627
1 300 203

736,255
1,482,816

815,738
1,400,055

867,288
1,324,652

802,702
1,381,932

785,742
1,402,769

1,278,848
818,902

1 262 015
816,518

1 276 509
864,018

1 284 776
839,501

1 280 076
928,115

1 305 958
773,068

1 213 585
919,949

1 292 835
851,846

1 363 308
770,194

1 273 170
829,980

1 271 680
845,037

328,304
153,789

331,581
164,197

337,180
170,513

335,853
168,066

345,527
167,389

340,443
159,664

317,013
191,874

344,067
164,684

350,206
162,040

339,257
166,859

320,495
174,634

582,080
224,548

600,543
245,721

601,492
258,298

600,656
245,629

592,749
255,952

615,423
241,574

587,486
274,680

608,753
263,199

613,229
255,485

608,812
270,284

608,528
264,234

283,478
50,943

288,918
56,426

285,345
61,748

301,078
57,462

281,926
62,901

290,227
62,385

280,616
61,400

284,819
61,420

296,164
58,246

297,713
58,518

301,296
53,721

2,195,960
1,162,396

2,193,779
1,199,443

2,204,452
1,273,901

2,226,021
1,229,008

2,197,387
1,331,045

2,248,499
1,160,711

2,106,987
1,366,624

2,244,813
1,258,129

2,323,723
1,172,453

2,221,223
1,260,835

2,198,810
1,269,406

MEMO

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

Repurchase agreements
33 Overnight and continuing
34 Term

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

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

28
1.44

Federal Reserve Bulletin Statistical Supplement • March 2007
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period

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

2^51,039

n.a.
25,412
6
n.a.
290

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

Sept.

n.a.
24,267
6

23,843
6
n.a.
161

23,647
6

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

23,217
6
n.a.
112

n.a.
n.a.
3,509
n.a.

n.a.
n.a.
23,317
n.a.

n.a.
n.a.
3,392
n.a.

n.a.
n.a.
23,211
n.a.

29,996

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

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

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

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

29,565

31,798

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

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

18,515
n.a.
9,810

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

3,398
6
n.a.
112

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

24,261

23,323
6
n.a.
90

28,325

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

3,515
6
n.a.
90

18,903
n.a.
29,565

n.a.
n.a.
31,798

n.a.
n.a.
23,837
n.a.
n.a.
921,793
773,600
754,535
113,021

91,929
8,170
1,261

23,641

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

37,017
n.a.
n.a.
n.a.
n.a.
n.a.

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

n.a.
14,489
22,528

n.a.
16,127
14,684

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

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

July

Sept.

1 All issues, new and refunding1

384,311

357,875

409,649

34,609'

44,710

27,453

31,772

28,036

31,659

43,279

47,019

By type of issue
2 General obligation
3 Revenue

144,056
238,204

130,471
227,404

145,845
263,804

9,630
24,980'

12,195
32,515

6,841
20,612

10,890
20,882

9,319
18,718

10,890
20,769

10,893
32,386

11,082
35,937

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

49,795
253,536
78,962

47,365
234,237
76,273

31,568
298,634
79,447

2,151
26,221
6,238'

3,224
35,811
5,675

2,252
19,742
5,460

2,113
22,223
7,436

2,681
20,040
5,315

3,815
22,470
5,374

2,849
32,020
8,409

2,237
38,256
6,526

7 Issues for new capital

264,697

228,357

223,833

24,069'

34,182

22,496

19,687'

20,996'

19,331

23,689

34,723

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

65,426
20,546
9,242
n.a.
19,050
80,438

70,963
25,427
9,899
n.a.
18,646
60,646

7,307
1,762
274'
n.a.
2,159
6,517'

8,216
3,466
874
n.a.
4,148
11,607

4,451
2,688
799
n.a.
4,012
8,245

7,084
1,506
288
n.a.
2,302'
6,124

5,988
1,857
1,035
n.a.
2,635
5,812'

4,397
4,611
629
n.a.
2,257
3,971

5,860
2,783
814
n.a.
3,114
5,290

9,839
6,006
943
n.a.
6,316
5,731

8
9
10
11
12
13

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

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

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

1.46

NEW SECURITY ISSUES

US. Corporations

Millions of dollars
2006
Type of issue, offering,
or issuer

2003

2004

2005
Apr.

1

May

June

July

Aug.

Sept.

Oct.

Nov.

By type of offering
3 Sold in the United States

1,815,569

2,070,680

2,438,989

180,232

251,880

279,027

132,531

207,338

263,451

202,721

260,310

1,692,260

1 All issues

1,923,094

2,323,735

172,401

239,524

269,135

125,606

202,072

252,866

192,906

242,944

1,579,311
112 949

1,737,342
185 752

2,141,496
182 238

155,724
16 676

213,104
26 420

241,092
28 043

119,315
6 291

178,107
23 964

231,267
21 600

173,165
19 740

190,990
51 954

20,701

21,942

22,221

1,763

2,010

1,627

3,162

1,642

2,102

1,057

2,596

362,340
1,329,920

259,968
1,663,127

216,072
2,107,662

27,064
145,336

33,141
206,383

28,556
240,579

11,624
113,982

20,328
181,743

24,112
228,754

22,166
170,740

59,332
183,612

182,132

147,585

115,255

7,831

12,356

9,892

6,925

5,267

10,585

9,816

17,366

123,309
58,823

147,585
n.a.

115,255
n.a.

7,831
n.a.

12,356
n.a.

9,892
n.a.

6,925
n.a.

5,267
n.a.

10,585
n.a.

9,816
n.a.

17,366
n.a.

44,416
78,893

64,345
83,240

54,713
60,541

3,301
4,530

6,008
6,348

5,341
4,551

1,990
4,934

2,029
3,238

3,710
6,875

3,976
5,839

7,469
9,897

MEMO

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

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

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

30

Federal Reserve Bulletin Statistical Supplement • March 2007

1.47

OPEN-END INVESTMENT COMPANIES

Net Sales and Assets1

Millions of dollars
2006
Item

2005

2007

2006'
June

July

Aug.

Sept.

Oct.

Nov.

Dec'

Jan.

1 Sales of own shares 2

1,755,210

2,018,108

152,341

134,662

150,952

142,528

175,165

160,846

180,876

230,428

2 Redemptions of own shares

1,563,022
192,188

1,790,453
227,655

161,790
-9,449

130,809
3,853

139,022
11,930

130,701
11,827

150,428
24,737

141,223
19,623

160,476
20,400

183,539
46,889

6,864,286

8,058,864

7,228,283

7,235,158

7,395,128

7,517,825

7,768,801

7,971,400

8,058,864

8,211,520

302,923
6,561,363

338,921
7,719,943

348,534
6,879,749

340,109
6,895,049

356,042
7,039,086

353,939
7,163,886

352,610
7,416,191

353,702
7,617,698

338,921
7,719,943

358,240
7,853,280

4 Assets

4

5 Cash5
6 Other

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

1.51

DOMESTIC FINANCE COMPANIES

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

Assets and Liabilities1

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

2006

Q2

Q3

Q4

Ql'

Q2'

Q3'

Q4

ASSETS

2
4

1 494 0
566.5
451.5
476.0

Reserves for unearned income

8 All other
9 Total assets

1 736 2
639.5
498.2
598.5

1 521 9
575.2
455.6
491.1

1 547 5
590.7
451.0
505.8

1 622 4
601.8
479.2
541.4

1 634 7
591.3
482.8
560.6

1 672 2
602.9
497.4
572.0

1 711 3
628.5
490.3
592.6

1 736 2
639.5
498.2
598.5

53.0
26 3

44.7
24 5

49.6
23 9

51.6
24 2

45.4
26 6

44.7
24 5

44.4
23 5

45.3
23 5

48.4
24 7

49.6
23 9

1,553.2
535.7

1,662.7
479.9

1,446.1
664.6

1,475.5
537.4

1,553.2
535.7

1,566.8
527.6

1,603.4
499.6

1,638.2
479.4

1,662.7
479.9

2,088.5

Real estate

5 LESS:

1 622 4
601.8
479.2
541.4

1,414.7
673.8

Consumer

2,088.8

2,142.6

2,110.7

2,012.9

2,088.8

2,094.4

2,103.0

2,117.5

2,142.6

136.9
175.3

142.1
160.0

126.8
164.1

129.9
148.8

138.8
146.0

142.1
160.0

137.4
151.0

137.5
152.7

125.1
164.0

126.8
164.1

257.7
817.4
471.8
229.4

312.2
806.5
423.6
244.4

338.1
854.7
432.7
226.3

260.0
865.1
457.2
249.7

271.0
753.8
497.2
206.2

312.2
806.5
423.6
244.4

318.3
813.3
426.7
247.8

326.6
834.6
414.7
236.9

333.0
830.0
422.4
243.2

338.1
854.7
432.7
226.3

2,088.5

2,088.8

2,142.6

2,110.7

2,012.9

2,088.8

2,094.4

2,103.0

2,117.5

2,142.6

LIABILITIES AND CAPITAL

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

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

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

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

31

Owned and Managed Receivables'

Billions of dollars, amounts outstanding

Type of credit
July

Aug.

Sept.

Seasonally adjusted
1,783.9
2
3
4

Consumer . . .
Real estate . .
Business

679.0
400.2
534.5

1,898.1

736.4
500.5
547.0

773.0
564.1
561.0

2,004.9

2,001.5
800.0'
598.6
578.6

810.8
598.1
582.2

815.2
601.9
584.4

813.5
609.3
582.4

811.1
611.2
579.0

814.2
611.6
579.0

Not seasonally adjusted
1,996.4

1,795.4
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

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

1,910.9

686.1
250.1
79.0
45.3
97.7

743.9
298.3
74.1
50.4
143.7

781.4
278.0
85.3
66.3
172.3

793.1
262.8
97.8
69.5
172.9

804.1
265.1
99.4
70.6
177.1

812.5
270.4
101.3
71.6
181.3

818.2
270.6
102.1
72.2
183.6

822.5
266.1
103.2
74.2
187.0

825.2
261.1
104.1
76.6
189.5

123.7
5.5
33.8
51.0
400.6
320.2
50.0

4.8
23.1
51.3
501.3
422.0
54.0

112.6
4.2
14.9
47.8
565.0
489.8
51.6

116.2'
3.9
15.1
55.1
594.0
517.4
54.6

117.6'
3.8
15.2
55.3
602.0
525.1
55.2

113.2'
3.8
15.4
55.6
609.5
532.7
55.2

114.2
3.7
16.0
55.8
612.7
536.3
55.3

117.4
3.7
16.0
54.8
618.9
542.3
55.7

120.5
3.7
15.9
53.8
621.5
545.0
55.8

26.7
3.8
537.4
69.6
15.7
39.3
14.6
284.3
88.0
196.3
87.8

21.8
3.5
550.2
84.8
15.1
44.9
24.8
273.4
87.8
185.6
93.3

18.9
4.8
564.5
105.5
15.2
61.2
29.0
281.9
93.6
188.3
91.8

17.5
4.3
585.1
112.8
16.7
65.8
30.3
291.7
101.3
190.4
92.9

17.5
4.2
574.6
103.4
16.8
56.4
30.2
292.9
102.1
190.8
93.5

17.3
4.3
574.4
102.7
16.9
55.1
30.7
293.1
101.5
191.6
94.4

17.2
3.9
574.9
102.3
17.0
54.6
30.7
294.1
101.6
192.5
94.1

17.1
3.8
575.0
102.2
16.9
54.4
30.8
293.7
101.3
192.4
94.0

16.9
3.8
578.0
102.4
16.9
54.3
31.2
294.8
101.5
193.3
93.8

48.4
2.2
44.2
2.1
22.1
12.5
9.6
25.1

44.8
2.2
40.6
2.0
23.6
11.5
12.1
30.2

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2

36.7
2.6
34.0
.1
16.8
10.9
5.9
34.3

33.8
2.5
31.2
.1
16.3
10.4
5.9
34.7

33.7
2.6
31.0
.1
16.2
10.3
5.9
34.3

33.6
2.5
31.0
.1
15.7
10.1
5.6
35.2

34.9
2.7
32.1
.1
15.2
9.7
5.6
35.0

36.9
2.8
34.0
.1
15.3
9.8
5.5
34.8

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

2,024.7

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 2007

1.53

MORTGAGE MARKETS

Mortgages on New Homes

Millions of dollars except as noted
2006
Item

2004

2005

2007

2006
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Terms and y elds in primary and secondary markets
PRIMARY MARKETS

1
2
3
4
5

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

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

292.0
215.0
76.0
28.8
.51

326.8
238.5
75.3
29.2
.54

345.7
253.4
75.4
29.5
.66

346.0
253.2
75.5
29.2
.67

343.1
248.9
74.8
29.5
.69

347.6
255.8
75.3
29.7
.76

349.7
257.7
75.7
29.7
.81

354.8
260.6
75.7
29.7
.75

348.6
255.8
74.9
29.3
.73

368.2
267.3
75.4
29.5
.80

5.68
5.75
n.a.

5.86
5.93
n.a.

6.50
6.60
n.a.

6.71
6.81
n.a.

6.77
6.87
n.a.

6.61
6.72
n.a.

6.57
6.69
n.a.

6.44
6.55
n.a.

6.26
6.37
n.a.

6.24
6.35
n.a.

n.a.
5.19

n.a.
5.13

n.a.
5.70

n.a.
6.10

n.a.
5.81

n.a.
5.63

n.a.
5.69

n.a.
5.52

n.a.
5.49

n.a.
5.60

SECONDARY MARKETS

Yield (percent per year)
10 GNMA securities6

Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
11 Total

904,555
n.a.
n.a.

727,545
n.a.
n.a.

724,400'
n.a.
n.a.

731,443'
n.a.
n.a.

726,811'
n.a.
n.a.

725,534'
n.a.
n.a.

720,959'
n.a.
n.a.

717,438'
n.a.
n.a.

724,400'
n.a.
n.a.

721,442
n.a.
n.a.

14 Mortgage transactions purchased (during period)

262,646

146,641

196,017

15,133

15,927

20,180

13,045

13,902

19,606

9,659

Mortgage commitments (during period)
15 Issued7
16 To sells

149,429
8 828

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

652,936
n.a.
n.a.

710,017
n.a.
n.a.

703,629
n.a.
n.a.

711,018
n.a.
n.a.

706,979
n.a.
n.a.

702,448
n.a.
n.a.

704,446
n.a.
n.a.

704,334
n.a.
n.a.

703,629
n.a.
n.a.

706,191
n.a.
n.a.

n.a.
365,148

n.a.
397,867

n.a.
360,023

n.a.
30,857

n.a.
31,893

n.a.
30,584

n.a.
30,904

n.a.
28,395

n.a.
32,748

n.a.
36,709

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

13

Conventional

FEDERAL HOME LOAN MORTGAGE CORPORATION

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

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

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

Real Estate
1.54

33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period

Type of holder and property
Q4
1 All holders .
2
3
4
5

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

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

Q2

Q3

Q4"

12,761,210'

Q1

13,050,000'

13,315,070

9,368,870'

10,672,100'

12,133,840'

7,168,933'
555,697'
1,510,655'
133,586

8,237,910'
609,099'
1,683,373'
141,718

9,367,860'
680,072'
1,937,991'
147,914

9,367,860'
680,072'
1,937,991'
147,914

9,598,815'
694,128'
1,994,452'
150,450

9,841,300'
704,192'
2,061,007'
154,715

10,037,040'
716,013'
2,137,661'
159,284'

10,199,330
731,039
2,221,260
163,440

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

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

4,394,767
2,956,572
1,774,348
140,121
994,513
47,590
1,152,732
954,974
98,168
98,974
616
285,463
4,585
42,440
224,258
14,180

4,394,767
2,956,572
1,774,348
140,121
994,513
47,590
1,152,732
954,974
98,168
98,974
616
285,463
4,585
42,440
224,258
14,180

4,505,599
3,024,873
1,803,974
145,471
1,026,978
48,450
1,192,401
990,190
100,112
101,423
676
288,325
4,632
42,822
226,545
14,326

4,648,130
3,131,845
1,870,924
147,213
1,063,861
49,847
1,221,013
1,013,538
102,197
104,582
696
295,271
4,747
43,852
231,991
14,681

4,730,229'
3,181,309'
1,876,172'
150,081'
1,103,880'
51,176'
1,249,133'
1,035,677'
103,468'
109,222'
767
299,787'
4,821'
44,521'
235,534'
14,911'

4,781,105
3,402,429
2,052,963
160,137
1,137,154
52,176
1,074,535
870,164
95,517
108,115
740
304,141
4,893
45,167
238 947
15,134

537,131
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
2,887
0
0
0

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

554,997
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0
0
0
8
1

554,997
34
34
0
72,937
13,014
11,493
45,213
3,217
4,819
1,370
3,449
0
0
0
0
0
8
1

557,941
31
31
0
75,097
12,975
11,423
47,499
3,200
4,830
1,615
3,215
0
0
0
0
0
4

558,190
29
29
0
75,918
12,935
11,401
48,396
3,186
4,912
1,632
3,280
0
0
0
0
0

561,008
27
27
0
76,448
12,918
11,374
48,945
3,212
5,023
1,625
3,398
0
0
0
0
0

5
0
255,006
219,279
35,727
54,640
3,215
51,425
61,481
20,396
41,085
804
804

5
0
255,006
219,279
35,727
54,640
3,215
51,425
61,481
20,396
41,085
804
804

555,813
32
32
0
73,575
12,976
11,451
45,954
3,193
4,626
1,396
3,231
0
0
0
0
0
6
1
1
4
0
254,989
219,262
35,727
55,233
3,250
51,983
62,935
20,878
42,057
787
787

255,016
219,289
35,727
56,674
3,335
53,339
63,704
21,133
42,571
787
787

255,000
219,273
35,727
57,774
3,399
54,375
64,077
21,257
42,820
770
770

254,997
219,270
35,727
59,897
3,524
56,373
65,847
21,844
44,003
770
770

5,786,344'
405,246
371,484
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,109,389'
1,587,305'
89,503'
432,581'
0
835
835

5,940,037'
403,170
368,757
34,413
1,375,148
1,356,020
19,128
1,972,793
1,893,881
78,912
0
0
0
0
0
2,187,627'
1,648,750'
91,333'
447,545'
0
1,298
1,298

6,084,226'
405,435'
370,469'
34,966
1,400,955
1,381,468
19,487
2,005,027
1,924,826
80,201
0
0
0
0

6,249,902'
409,725'
374,228'
35,497
1,436,525
1,416,544
19,981
2,042,818
1,961,105
81,713
0
0
0
0

6,438,241
410,651
374,517
36,135
1,472,294
1,451,815
20,479
2,079,074
1,995,911
83,163
0
0
0
0

1,423,719'
1,013,876'
73,001'
336,841'
0
938
938

5,786,344'
405,246
371,484
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,109,389'
1,587,305'
89,503'
432,581'
0
835
835

2,270,996'
1,713,815'
93,513'
463,668'
0
1,813
1,813

2,357,727'
1,776,595'
96,269'
484,863'
0
3,107
3,107

2,473,115
1,843,346
102,550
527,219
0
3,107
3,107

1,226,710'
982,293'
84,260'
132,129'
28,028

1,397,730'
1,137,842'
88,193'
142,448'
29,247

1,397,730'
1,137,842'
88,193'
142,448'
29,247

1,436,395'
1,171,200'
89,456'
146,004'
29,736

1,470,915'
1,201,350'
89,811'
149,404'
30,350

1,511,678'
1,233,682'
91,241'
155,763'
30,992

1,534,714
1,248,531
93,376
160,878
31,929

23
4
4
15
0
239,433
219,867
19,566
49,307
2,901
46,406
60,270
27,274
32,996
990
990
4,457,509'
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
968,384'
610,740'
66,623'
291,021'
0
1,003
1,003
987,055'
758,520'
79,426'
122,682'
26,428

2
7
0
249,515
222,535
26,980
52,793
3,106
49,687
61,360
23,389
37,971
887
4,965,892'
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0

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

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

34

Federal Reserve Bulletin Statistical Supplement • March 2007

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

Holder and type of credit
Aug.

Sept/

Seasonally adjusted
2,202,425

771,130
1,316,654

2 Revolving . . .
3 Nonrevolving2

2,295,558

801,261
1,401,164

826,602
1,468,956

2,361,415'

2,374,819'

851,643'
1,509,772'

858,038'
1,516,781'

845,947
1,500,202

2,379,407
861,207
1,517,326

866,538
1,512,869

877,175
1,522,736

Not seasonally adjusted
2,116,081

2,232,229

2,326,549

2,329,263

2,343,840'

2,372,418'

2,385,085

2,387,452

2,409,067

669,386
393,044
205,877
114,658
77,850
58,491
596,776

704,270
492,346
215,384
98,363
91,271
58,525
572,070

707,039
516,534
228,588
102,122
109,078
58,600
604,589

694,749
505,120
230,434
102,635
101,906
52,639
641,780

701,261'
512,739
231,937
101,562
103,358'
51,722'
641,260

715,117'
523,244
234,020
102,417
104,811
52,197'
640,612

710,502
526,335
234,581
105,442
106,216
51,863
650,147

712,214
527,372
234,698
104,590
95,420
51,758
661,401

725,248
529,938
234,779
103,437
95,540
53,066
667,058

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

791,902
285,015
45,266
22,410
n.a.
23,848
14,505
400,859

823,677
314,649
50,382
23,244
n.a.
27,905
11,740
395,757

849,821
311,204
66,307
24,688
n.a.
40,755
10,841
396,026

841,367
291,029
69,467
24,706
n.a.
41,418
7,612
407,135

846,168'
295,830'
70,589
25,113
n.a.
42,031
6,651
405,954

857,204'
301,164'
71,552
25,616
n.a.
42,643
6,737
409,492

859,813
298,860
72,157
25,920
n.a.
43,236
6,727
412,913

863,477
298,182
74,246
26,797
n.a.
42,974
6,697
414,581

879,732
310,250
76,607
27,443
n.a.
42,721
6,799
415,913

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

1,324,178
384,371
347,778
183,467
114,658
54,002
43,986
195,917

1,408,553
389,621
441,964
192,140
98,363
63,366
46,786
176,314

1,476,728
395,835
450,226
203,900
102,122
68,323
47,759
208,564

1,487,897
403,720
435,653
205,728
102,635
60,488
45,027
234,645

1,497,672'
405,431'
442,150
206,824
101,562
61,328
45,072'
235,306

1,515,213'
413,954'
451,692
208,404
102,417
62,167'
45,460'
231,120

1,525,272
411,642
454,178
208,661
105,442
62,980
45,136
237,234

1,523,975
414,032
453,126
207,901
104,590
52,446
45,061
246,820

1,529,335
414,998
453,331
207,336
103,437
52,819
46,268
251,145

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

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.

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.

1.56 TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2006
Item

2003

2004

2005
May

June

July

Aug.

Sept.

Oct.

Nov.

INTEREST RATES

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

6.93
11.95

6.60
11.89

7.08
12.05

7.60
12.58

n.a.
n.a.

n.a.
n.a.

7.95
12.40

n.a.
n.a.

n.a.
n.a.

7.92
12.49

Credit card plan
3 All accounts
4 Accounts assessed interest

12.30
12.73

12.71
13.21

12.51
14.54

13.16
14.77

n.a.
n.a.

n.a.
n.a.

13.06
14.67

n.a.
n.a.

n.a.
n.a.

13.31
15.09

3.40
9 72

4.36
8 96

5.46
9 03

5.96
9 62

5.30
9 56

2.07
9 66

3.69
10 06

3.97
10 28

5.42
10 13

5.52
10 04

61.4
57 5

60.5
56 8

60.0
57 6

61.0
57 6

61.2
57 5

66.5
57 6

62.9
57 3

63.3
57 2

61.9
57 4

62.0
57 5

95
100

89
100

88
98

91
99

89
99

96
100

91
99

92
100

94
99

94
100

26,295
14,613

24,888
15,136

24,133
16,228

24,788
16,645

26,126
16,817

28,052
16,745

26,468
16,627

26,813
16,864

27,239
16,680

26,307
16,596

Auto finance companies
5 New car
OTHER TERMS3

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

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

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

Flow of Funds
1.57

35

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

Transaction category or sector
Q2'

Q3

Q4

Ql'

Q2'

Q3'

Q4

Nonfinancial sectors
1,137.9

1,380.7'

1,684.7'

1,998.7'

2,278.8

1,999.1

2,429.6'

2,434.9'

2,530.6

1,849.4

1,805.1

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

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

-83.0
-5.1
-.5
122.8
347.7
-87.2
4.4
687.9
529.6
40.3
110.2
7.7
151.0

-57.9
257.1
.5
159.4
132.3
-106.6
15.7
867.7'
731.6'
36.8
91.7'
7.5'
112.6'

-35.1
398.4
-2.4
137.6
158.3
-77.7
5.5
996.4'
797.9'
70.4'
120.0'
8.1'
103.9'

16.8
362.5
-.6
130.5
77.7
12.6'
20.4
1,262.7'
1,054.0'
48.8'
151.7'
8.1
116.1'

-7.9
307.3
-.4
194.8
59.9
136.9
45.1
1,448.8
1,128.4
72.9
241.3
6.2
94.3

5.8
26.5
-1.4
147.5
30.1
212.0
33.6
1,431.2
1,129.4
80.7
209.5
11.6
113.9

2.8
264.2
-.4
237.6
99.6
39.5
20.3'
1,661.6'
1,315.7'
65.4'
272.1'
8.5
104.3'

-89.9
368.1
.8
205.8'
75.5
187.6'
50.2'
1,584.6'
1,173.3'
91.9'
320.0'
-.5
52.1'

18.8
532.5
-1.0
73.9
211.0
263.7
71.9
1,303.4
1,021.5
53.9
217.6
10.4
56.5

16.8
-116.4
.2
163.1
204.5
128.5
92.1
1,211.2
908.6
43.6
243.4
15.5
149.4

-37.7
161.0
-1.0
176.4
143.6
155.4
-34.2
1,110.3
734.4
41.1
316.6
18.3
131.3

95.6
157.7
.5
298.6
322.3
143.5
73.3
1,017.5
631.5
58.5
310.7
16.8
107.3

15
16
17
18
19
20
21

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

649.9
387.9
215.2
162.2
10.5
105.7
-5.6

810.6'
168.7'
12.9'
148.0
7.7'
143.9
257.6

980.1'
188.4'
88.6
92.0'
7.7
120.3
396.0

1,100.1'
421.4'
165.2'
244.7'
11.5
115.3
361.9

1,238.8
561.8
245.0
304.2
12.6
171.4
306.9

1,285.5
561.9
208.0
335.9
18.0
126.6
25.1

1,321.2'
627.8'
292.2'
314.0'
21.6
216.8
263.9

1,330.4'
559.9'
197.5'
356.1'
6.4
175.7'
368.9

1,145.9
791.9
462.6
300.5
28.8
61.4
531.5

1,135.7
703.7
404.8
273.9
25.0
126.2
-116.1

928.4
560.1
275.5
260.8
23.8
156.6
160.0

838.0
958.0
604.6
319.8
33.6
262.1
158.2

22 Foreign net borrowing in United States

-13.7

92.9

31.7

123.5

84.7

84.5

84.7

113.3

117.2

114.8

427.2

357.6

23
24
25
26

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

15.8
-18.5
-7.3
-3.8

58.3
31.6
5.3
-2.3

12.9
28.7
-7.7
-2.1

62.8
61.8
2.5
-3.6

38.5
38.0
12.9
-4.6

10.0
84.4
-5.3
-4.6

78.5
8.5
5.2
-7.4

59.1
17.9
39.5
-3.1

68.3
50.6
7.6
-9.3

-53.2
147.8
28.2
-8.0

255.0
180.2
-5.3
-2.7

102.2
229.4
30.3
-4.3

27 Total domestic plus foreign

1,124.2

1,473.7'

2,363.5

2,083.6

2,514.4'

2,548.2'

2,647.8

1,964.2

2,232.3

1 Total net borrowing by domestic nonfinancial sectors

1,716.5'

2,122.2'

Financial sectors
932.8

874.3'

1,008.9'

879.5'

1,039.7

1,172.8

774.5'

1,491.7'

1,384.0

1,630.8

792.9

29
30
31
32
33
34
35

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

-27.4
304.1
338.5
271.1
18.7
25.5
2.2

-63.8
219.8
326.8
352.8'
21.1
6.8
10.9'

-52.9
243.7
330.5
455.3'
-7.2
31.2
8.3

55.1
65.0
53.0
572.8'
33.4'
74.1
25.9'

236.1
-84.2
134.8
686.5
9.3
44.3
12.9

301.5
-84.2
136.6
754.6
-44.1
87.4
20.9

243.5
-243.9
163.4
537.1'
29.3'
25.2
20.0'

219.3
200.9
191.8
831.7'
35.1'
25.9
-13.0'

261.4
144.8
327.3
601.1
9.7
16.7
23.0

308.5
314.3
306.1
685.5
-35.2
44.6
7.1

316.2
-191.1
280.7
399.9
-49.5
29.0
7.8

189.6
-31.3
238.6
573.5
24.4
-9.9
7.8

36
37
38
39
40
41
42
43
44
45
46

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

52.9
-2.0
1.5
.6
304.1
338.5
220.4
10.9
3.2
1.4
1.1

49.7
-23.4
2.0
2.0
219.8
326.8
181.9'
66.2
27.2'
-1.7
23.7

49.2
6.1
2.2
2.9
243.7
330.5
211.0'
111.0
31.6'
6.4
14.4

77.7
64.4
2.3
3.0
65.0
53.0
331.5'
134.3'
98.3'
15.2
34.6

85.1
16.2
3.3
.4
-84.2
134.8
664.0
33.5
58.4
.1
128.1

47.1
49.4
3.1
2.3
-84.2
136.6
691.7
-26.9
91.6
-5.2
267.1

82.8
6.9
.3
.4
-243.9
163.4
721.5'
-150.2
65.9'
28.0
99.4

61.2
13.3
8.1
.6
200.9
191.8
806.2'
202.2
1.8'
-33.4
38.9

62.5
9.6
-.2
2.8
144.8
327.3
572.7
25.5
66.8
35.1
137.0

195.0
-24.7
6.8
1.3
314.3
306.1
621.8
63.4
56.5
6.5
83.7

52.3
41.2
2.0
2.4
-191.1
280.7
410.8
-53.3
32.8
5.0
210.3

399.9
-273.3
8.4
4.3
-31.3
238.6
522.8
109.0
47.5
-20.9
-12.3

28 Total net borrowing by financial sectors

36

Federal Reserve Bulletin Statistical Supplement • March 2007

1.57

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

Transaction category or sector
Q2'

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

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

Q3'

Q4'

Ql'

Q2'

Q3'

Q4

2,057.0

2,348.0'

2,725.4'

3,001.7'

3,403.2

3,256.4

3,288.8

4,039.9

4,031.8

3,595.0

3,025.2

3,566.5

-94.5
-5.1
642.1
122.8
600.3
-75.8
26.1
690.1
151.0

-63.5
257.1
547.2
159.4
516.7'
-80.2
20.2
878.6'
112.6'

-75.1
398.4
571.9
137.6
642.3'
-92.6
34.5
1,004.6'
103.9'

134.7
362.5
117.5
130.5
712.4'
48.5
90.9
1,288.6'
116.1'

266.7
307.3
50.2
194.8
784.4
159.0
84.8
1,461.8
94.3

317.3
26.5
51.1
147.5
869.1
162.6
116.4
1,452.1
113.9

324.8
264.2
-80.9
237.6
645.1
74.0
38.1
1,681.6
104.3

188.5
368.1
393.5
205.8
925.1
262.2
72.9
1,571.6
52.1

348.4
532.5
471.1
73.9
862.7
281.0
79.2
1,326.5
56.5

272.0
-116.4
620.7
163.1
1,037.8
121.5
128.6
1,218.3
149.4

533.4
161.0
88.6
176.4
723.8
100.6
-8.0
1,118.1
131.3

387.4
157.7
207.8
298.6
1,125.2
198.2
59.1
1,025.2
107.3

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

303.2

227.4

427.2'

364.6'

107.5

112.3

-104.0

66.1

113.5

-171.4

-290.5

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

98.3
-48.1
109.1
37.3
204.9

46.4
-41.6
17.0
71.0
181.1

138.6'
-42.0
118.0
62.5'
288.6

66.4'
-126.6
84.8
108.2'
298.2

-152.6
-363.4
142.1
68.6
260.2

-126.9
-300.1
98.5
74.7
239.2

-305.6
-469.9
138.7
25.6
201.6

-144.5
-419.2
171.2
103.5
210.6

-390.6
-569.6
164.2
14.8
504.1

-445.7
-602.4
67.9
88.9
274.3

-524.7
-535.2
31.9
-21.4
234.1

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

43.0

-277.2
-701.2
288.3
135.7
320.3

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

Q1

Q2

Q3'

Q4

NET LENDING IN CREDIT MARKETS2

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

2,057.0

2,348.0'

2,725.4'

3,403.2

3,256.4' 3,288.8' 4,039.9'

4,031.8'

3,595.0' 3,025.2

3,566.5

-104.1
-4.7
7.1
93.9
6.0
302.1
1,756.6
39.9
205.2
191.6
-.6
4.2
10.0
44.4
41.5
9.0
130.9
-36.0
-53.8
9.7
267.3
126.6
3.2
.0
304.7
338.5
208.6
49.8
8.6
92.4
-33.8

171.4'
50.6'
25.8
-.8
86.2
9.5
430.5
1,746.1'
77.7
404.4
393.8
6.2
3.1
1.3
33.4
44.2
39.9
233.0
-8.6
-50.7
12.7
-17.7
138.7
8.6
3.7
224.1
326.8
188.4'
103.7
23.8'
28.4
-68.5

175.6
121.6'
-3.2
1.5'
58.3
-2.7
516.3
2,033.5'
37.2
299.5
323.3
-43.0
8.6
10.6
126.0
51.2
67.0
180.6
69.2
11.2
6.0
-95.9
138.0
35.5'
.7
236.5
330.5
217.5'
122.7
25.7'
79.6
94.8

319.9'
209.5'
31.1'
11.5'
64.5
3.3
772.9
1,908.9'
51.2
582.2
548.0
20.3
.0
13.9
172.8
39.8
73.6
173.0
-.3
27.2
4.7
-124.9
116.6
11.0'
3.8
46.2
53.0
332.6'
214.8'
87.9
-29.2
73.0

364.3
218.6
35.1
12.8
100.5
-2.7
815.6
2,223.4
26.4
646.6
498.5
142.2
-4.2
10.2
131.2
36.2
66.9
110.3
12.5
-2.8
7.7
-5.5
124.1
1.5
6.8
-65.4
134.8
644.9
117.2
66.9
82.3

415.3'
279.1'
36.2'
14.0'
92.2
-6.2
674.6'
2,166.5'
31.8
591.4
428.0
119.7
29.4
14.4
233.6
44.3
49.2
81.3
.7
-23.6
11.4
-118.5
127.3
3.7'
3.5
-88.8
136.6
678.1'
18.5'
120.1
230.6
35.4

573.8'
429.6'
12.3'
13.5'
124.7
-6.3
826.2'
1,888.9'
56.9
649.2
514.9
174.8
-46.0
5.5
150.6
21.4
107.4
94.3
17.4
-54.5
8.1
12.7
83.8
-.8
7.1
-263.5
163.4
700.0'
112.0
89.0'
-215.3
149.8'

499.6'
346.4'
65.2'
14.6'
72.5
.8
966.9'
2,573.4'
14.9
380.4
306.1
56.2
9.4
8.8
138.6
33.2
22.1
66.9
34.7
6.7
3.0
253.4'
92.2
-3.3'
4.8
145.3
191.8
769.0'
256.6'
20.8
238.2'
-96.2'

274.3'
193.6'
50.5'
11. V
10.7
8.3'
768.0'
2,989.4'
63.0
876.8
792.5
73.4
6.8
4.1
82.1
55.5
60.1
134.1
7.5
-9.1
5.4
76.9'
238.3'
9.7'
3.0
64.7
327.3
560.1'
98.1
40.5
-16.5'
312.0'

51.3'
-79.2'
53.9'
8.3'
61.5
6.8'
824.7'
2,719.0'
35.3
813.7
654.6
175.3
-8.0
-8.2
142.4
36.5
48.3
81.1
48.0
59.4
17.8
148.9
156.7'
19.1'
9.1
144.8
306.1'
603.2'
65.4'
57.7
53.9
-128.5'

85.1
72.0
-41.8
9.5
49.7
-4.3
697.7
2,242.4
20.3
120.4
14.7
102.4
6.6
-3.3
260.0
28.6
31.8
33.2
38.9
7.9
in
375.9
135.2
-5.0
2.8
-80.5
280.7
378.0
160.8
44.5
156.4
244.7

-6.0
-191.8
38.5
10.9
129.1
7.5
1,012.4
2,560.1
20.3
1,449.1
1,373.3
75.4
8.0
-7.5
-876.8
43.8
53.2
90.1
46.8
19.9
2.7
279.1
190.4
5.6
7.9
9.8
238.6
485.6
48.6
61.0
230.8
153.5

2,057.0

2,348.0'

2,725.4'

3,001.7'

3,403.2

3,256.4'

3,288.8'

4.3
.0
1.3
6.8
-28.0
156.8
314.6
68.5
428.5
23.7
98.3
204.9
-84.3
3.1
77.2
254.0
14.4
-23.4
764.3

3.2
.0
1.0
21.0
17.4
-8.3
325.4
50.0
-16.7
106.6
46.4
181.1
87.9
-87.0
60.1
186.5
22.2
-82.6'
546.2'

-.9
.0
.6
36.6
-14.2
80.1
305.8
61.8
-207.5
227.2
138.6'
288.6
23.7'
132.5
66.8
200.3
27.2'
554.2'

-3.2
.0
.7
89.9
19.2
89.8
282.9
246.6
-136.5
83.2
66.4'
298.2
179.5'
166.6
33.1
241.4
28.5'
-5.6'
1,625.6'

-9.6
.0
.8
86.8
.9
3.2
314.9
271.1
127.0
352.6
-152.6
260.2
234.0
.3
16.1
152.6
26.4
-60.8
724.8

2.8
.0
1.1
-210.5
73.1
-31.6
259.9
251.1
11.7
387.9
-126.9
239.2
261.4'
73.1
18.1
160.9
6.1'
-71.6'
1,458.4'

-7.2
.0
.9
91.2
-36.7
-44.4
482.8
376.1
216.7
298.3
-305.6'
201.6
298.2'
20.8
20.0
136.8
13.4'
-77.9'
1,030.8'

-19.5
.0
.3
46.6
-34.4'
44.7
283.9
193.7
351.4
163.7'
-144.5'
210.6
167.2'
-96.4'
10.9
223.5
50.0'
-59.9'
61.5'

-2.3
.0
.6
229.1
-13.5'
67.9
227.6
375.5
133.1
521.2'
-390.6'
504.1'
129.4'
212.3'
3.3
62.8
29.4'
-48.8'
1,037.0'

2.0
.0
.8
230.2'
-131.9'
21.9
304.7
300.0
222.6
239.1
-445.7'
274.3'
254.6'
194.1
19.2
167.2
-5.9'
-41.1'
1,078.6'

-4.2
.0
1.0
-36.5
-25.4
-87.6
262.5
390.0
438.5
615.2
-524.7
234.1
46.0
178.3
12.4
154.4
20.8
-.5
1,654.7

6.3
.0
.0
96.1
81.6
-58.3
579.6
30.3
428.6
574.9
-277.2
320.3
133.2
262.2
21.7
232.0
28.6
-56.7
935.8

4,341.9

3,808.3'

4,645.5'

6,307.9'

5,751.9

6,020.9'

6,004.7'

5,493.0'

7,109.8'

6,279.6'

6,354.2

6,905.6

-12.9
17.2
-51.2
20.1
-219.9

-.6
21.5
7.2
36.0
2.3
-55.5'

-.3
53.5
-4.4
-24.0
-42.6
-72.7'

-.3
62.0
15.0
-139.3
-14.5
221.9'

.7
48.2
9.6
128.0
-28.2
-87.3

.8
-243.3
-37.4
162.5
-23.5
434.3'

1.7
22.1'
1.4
-128.1'
9.4
-292.9'

-.1
29.2'
41.0
55.2'
-11.7'
216.1'

-4.8
221.3'
25.3
306.1'
-89.9'
-390.5'

248.2'
10.1
244.4'
-18.0
-275.3'

.6
44.8
-8.8
289.5
3.3
-67.3

-.6
13.7
-77.5
596.6
-46.3
-52.1

-1.6
-.7
165.8

-8.9
.0
39.2'

27.9
7.7'

-6.6
-.1
-22.1

-11.9
-.3
33.4'

-53.0'

-18.7
.0
-128.4'

4.3
.0
75.1'

-15.6
.1
-30.0'

35.3
-.1
-124.8

-35.8
.0
-72.4

6,127.8'

5,709.6

5,706.3'

6,420.7'

5,310.5'

6,963.0'

6,115.5'

6,181.7

6,579.9

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

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

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

54 Total financial sources
55
56
57
58
59
60

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

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

5.7
-.5

4,575.3

3,633.8'

-l.r

4,705.7'

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

2. Excludes corporate equities and mutual fund shares.

38
1.59

Federal Reserve Bulletin Statistical Supplement • March 2007
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING'
Billions of dollars, end of period
2005
Transaction category or sector

2002

2003

2004

2006

2005
Q2

Q3

Q4

Ql'

Q2'

Q3'

Q4

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

20,592.8'

22,310.0'

24,323.5'

26,602.3

25,316.8'

25,940.4'

26,602.3'

27,178.1

27,642.3

28,110.3

28,699.4

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

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

119.9
3 609 8
27.3
1,762.9
2,710.3
1 132 8
949.9
8 267 7'
6.371.1'
464.0
1.307.1'
125.5'
2.012.2'

84.8
4 008 2
24.9
1,900.5
2,868.6
1,087.5
955.4
9,264.1'
7,169.0'
534.3
1.427.1'
133.6
2,116.1'

101.6
4 370 7
24.3
2,031.0
2,946.3
1,100.1'
975.8
10,541.5'
8,237.9'
583.1'
1.578.8'
141.7
2.232.2'

93.8
4,678.0
23.8
2,225.8
3,006.2
1,237.0
1,020.9
11,990.4
9,366.2
656.1
1.820.1
147.9
2.326.5

114.4
4,493.1
23.7
2,134.2
2,962.4
1,170.6
1,008.2'
11,169.3'
8,736.1'
616.7'
1.670.2'
146.3'
2.240.8'

119.6
4,566.0
23.6
2,176.1
2,987.3
1,183.8
1,000.6'
11,594.1'
9,077.0'
633.1'
1,735.7'
148.4'
2.289.2'

93.8
4,678.0
23.8
2,225.8'
3,006.2
1,237.0
1,020.9'
11,990.4'
9,366.2'
656.1'
1.820.1'
147.9
2.326.5'

100.4
4,834.4
23.6
2,254.2
3,058.9
1,293.0
1,028.6
12,288.6
9,598.8
669.5
1.869.8
150.5
2.296.4

115.4
4,759.6
23.6
2,305.6
3,110.1
1,325.0
1,063.5
12,610.4
9,841.3
680.5
1.933.9
154.7
2.329.3

114.2
4,803.2
23.4
2,332.6
3,146.0
1,368.4
1,040.6
12,896.8
10,036.7
690.7
2.010.1
159.3
2.385.1

117.1
4,861.7
23.5
2,403.7
3,226.6
1,409.7
1,068.3
13,151.0
10,190.2
705.3
2.092.2
163.2
2.437.7

15
16
17
18
19
20
21

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

8.460.0'
7,048.5'
4,742.0'
2,106.7
199.8'
1,447.3
3,637.0

9,450.3'
7,259.1'
4,852.7'
2,198.8'
207.6
1,567.6
4,033.1

10.565.1'
7,680.5'
5,018.0'
2,443.4'
219.1
1,682.8
4,395.0

11.803.9
8,242.3
5,263.0
2,747.6
231.7
1,854.2
4,701.9

11.079.5'
7,944.9'
5,140.4'
2,580.4'
224.1
1,775.5
4,516.8

11.453.5'
8,083.7'
5,195.3'
2,657.6'
230.8
1,813.6'
4,589.6

11.803.9'
8,242.3'
5,263.0'
2,747.6'
231.7
1,854.2'
4,701.9

12.017.8
8,422.1
5,364.5
2,822.8
234.8
1,880.2
4,858.0

12.310.3
8,627.1
5,491.3
2,891.5
244.3
1,921.7
4,783.2

12.588.4
8,750.1
5,542.9
2,955.4
251.9
1,945.2
4,826.6

12.815.9
8,992.4
5,696.6
3,036.4
259.5
2,005.8
4,885.3

22 Foreign credit market debt held in
United States

1,072.3

1,244.5

1,424.8

1,466.0

1,462.0

1,482.6

1,466.0

1,498.9

1,522.0

1,628.6

1,720.3

254.2
705.2
68.6
44.3

267.1
874.4
60.9
42.2

329.9
993.0
63.3
38.6

368.4
987.5
76.2
34.0

336.2
1.024.4
65.0
36.4

355.0
1.026.5
66.3
34.7

368.4
987.5
76.2
34.0

389.0
1.000.2
78.1
31.6

370.1
1.037.1
85.1
29.7

433.6
1.082.2
83.8
29.0

461.4
1.139.5
91.4
27.9

28,068.3

26,778.8'

27,423.0'

28,676.9

29,164.4

29,738.9

30,419.6

23
24
25
26

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

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

21,665.2'

23,554.5'

25,748.2'

28,068.3'

Financial sectors
28 Total credit market debt owed by
financial sectors

32
33
34
35

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

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

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

29
30
31

10,057.3'

11,052.2'

11,946.6'

12,931.8

12,384.9'

12,494.7'

12,931.8'

13,246.0

13,650.4

13,835.6

14,129.3

1.133.5
2,350.4

1.080.5
2,594.1

1.135.7
2,659.2

1.371.8
2,575.0

1.218.0
2,585.7

1.269.5
2,524.8

1.371.8
2,575.0

1,411.9
2,611.2

1.475.4
2,689.8

1.542.6
2,642.0

1.637.4
2,634.2

3,158.6
2 705 2'
142.8
470.5
96.4'

3,489.1
3,146.4'
135.6
501.7
104.7'

3,542.2
3,734.1'
169.0'
575.8
130.6'

3,677.0
4,366.1
178.3
620.1
143.5

3,567.9
4,096.4'
163.3
611.9
141.8'

3,616.6
4,148.8'
173.8
614.5
146.7'

3,677.0
4,366.1'
178.3
620.1
143.5'

3,752.4
4,528.1
176.3
616.9
149.2

3,813.2
4,706.5
172.9
641.5
151.0

3,892.2
4,797.9
164.3
643.7
153.0

3,965.1
4,931.9
165.6
640.2
154.9

325.5
286.4
262.3
6.9
5.1
2.350.4
3,158.6
1,878.4'
40.6
884.3
198.4'
660.4

339.3
321.8
268.3
9.1
8.0
2.594.1
3,489.1
2,075.3'
47.0
995.3
230.0'
674.8

357.5
381.3
332.8
11.4
11.1
2.659.2
3,542.2
2,406.9'
62.2
1.129.6'
343.2'
709.4

394.3
429.5
348.9
14.7
11.5
2.575.0
3,677.0
3,070.9
62.4
1.108.6
401.5
837.5

383.4
408.6
344.1
12.5
11.2
2.585.7
3,567.9
2,688.4'
63.7
1.143.9
384.6'
790.7

389.1
421.5
344.3
12.6
11.3
2.524.8
3,616.6
2,860.9'
70.7
1.038.6
401.1'
803.2

394.3
429.5
348.9
14.7
11.5
2.575.0
3,677.0
3,070.9'
62.4
1.108.6
401.5'
837.5

398.4
438.7
343.0
14.6
12.2
2.611.2
3,752.4
3,209.9
71.1
1.101.7
418.2
874.6

422.6
467.0
346.5
16.3
12.5
2.689.8
3,813.2
3,370.4
72.8
1.124.8
432.4
882.1

424.1
476.2
354.0
16.8
13.1
2.642.0
3,892.2
3,464.3
74.0
1,119.0
440.5
919.3

498.2
499.7
287.1
18.9
14.2
2.634.2
3,965.1
3,602.9
68.8
1.145.5
452.4
942.2

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

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

31,722.5'

34,606.6'

37,694.8'

41,000.1

39,163.6'

39,917.7'

41,000.1'

41,922.9

42,814.8

43,574.5

44,548.9

1 507 6
3.609.8
5,536.3
1,762.9
6,120.7'
1,344.2
1.464.7
8 364 T
2.012.2'

1,432.5
4,008.2
6,108.1
1,900.5
6,889.4'
1,283.9
1.499.2
9,368.7'
2,116.1'

1,567.2
4,370.7
6,225.6
2,031.0
7,673.4'
1,332.4
1.590.2
10,672.1'
2,232.2'

1,833.9
4,678.0
6,275.8
2,225.8
8,359.9
1,491.4
1.675.0
12,133.8
2,326.5

1,668.5
4,493.1
6,177.3
2,134.2
8,083.1'
1,398.9
1.656.5'
11,311.0'
2,240.8'

1,744.1
4,566.0
6,165.0
2,176.1
8,162.6'
1,423.9
1.649.8'
11,740.8'
2,289.2'

1,833.9
4,678.0
6,275.8
2,225.8'
8,359.9'
1,491.4
1.675.0'
12,133.8'
2,326.5'

1,901.3
4,834.4
6,387.2
2,254.2
8,587.2
1,547.3
1.677.1
12,437.8
2,296.4

1,960.9
4,759.6
6,526.6
2,305.6
8,853.7
1,583.0
1.734.7
12,761.4
2,329.3

2,090.4
4,803.2
6,557.6
2,332.6
9,026.1
1,616.5
1.713.3
13,049.8
2,385.1

2,215.9
4,861.7
6,622.8
2,403.7
9,298.0
1,666.8
1.736.4
13,305.9
2,437.7

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

Flow of Funds
1.60

39

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

Transaction category or sector
Q2

Q3

Q4

Q1

Q2

Q3'

Q4

CREDIT MARKET DEBT OUTSTANDING2

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

31,722.5'

34,606.6' 37,694.8' 41,000.1

39,163.6"

39,917.7' 41,000.1'

41,922.9' 42,814.8" 43,574.5

44,548.9

3,889.1'
2,191.8'
269.4
72.4
1,067.4
288.2
3,736.8
24,096.5'
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.6
465.4
558.3
2,307.8
577.3
638.7
57.6
1,567.1
1,368.4
117.1
3.7
2,323.2
3,158.6
1,789.9'
1,082.3
71.7'
344.4
254.1

4,274.9'
2,523.6'
266.3
73.9'
1,125.6
285.6
4,169.3
26,162.4'
666.7
5,960.8
5,361.7
485.8
36.4
76.9
1,292.6
516.6
625.2
2,488.3
646.5
649.9
63.6
1,471.3
1,506.4
152.6'
4.5
2,559.7
3,489.1
1,993.4'
1,205.0
97.5
424.1
348.8

4,607.5'
2,745.8'
297.3'
85.4'
1,190.2
288.8
4,981.1
28,106.1'
717.8
6,543.0
5,909.7
506.1
36.4
90.8
1,485.4
556.4
698.8
2,661.4
646.1
677.1
68.2
1,346.3
1,623.0
163.6'
8.2
2,605.9
3,542.2
2,326.0'
1,419.8'
200.1
394.9
421.8

4,715.1'
2,799.7'
294.7'
91.1
1,244.9
284.6
5,351.2'
29,097.3'
724.7
6,909.7
6,178.8
592.1
41.4
97.4
1,550.2
579.0
733.4
2,733.2
645.6
686.2
73.2
1,245.1
1,697.3
166.2'
12.0
2,571.2
3,567.9
2,603.1'
1,441.7
239.5
457.3
460.8'

4,758.8'
2,792.1'
310.2'
94.5
1,273.7
288.3
5,557.3'
29,601.6'
736.4
7,084.1
6,327.3
628.2
29.9
98.8
1,588.8
585.9
760.3
2,760.6
649.9
672.6
75.2
1,241.8
1,719.6
166.0'
13.8
2,503.2
3,616.6
2,770.2'
1,465.2
261.8
432.0
497.8'

5,104.8'
3,092.3'
329.8'
100.9'
1,293.9
287.9'
5,825.1'
30,993.0'
758.5
7,366.0
6,560.7
669.5
33.9
102.0
1,648.8
604.1
780.8
2,803.0
660.5
672.0
77.3
1,347.7
1,805.6'
167.6'
15.7
2,545.2
3,752.4
3,106.8'
1,543.0
277.1
497.2
563.6'

5,133.4'
3,093.5'
337.3'
103.0'
1,312.8
286.9'
6,041.0'
31,640.3'
766.4
7,586.6
6,741.8
713.0
31.9
99.9
1,679.5
615.6
792.9
2,821.6
672.5
686.9
81.8
1,370.9
1,839.8'
172.3'
18.0
2,595.2
3,813.2'
3,262.7'
1,574.4'
291.6
470.0
528.4'

5,129.0
3,069.4
340.0
105.4
1,323.0
291.2
6,213.4
32,232.1
768.9
7,632.3
6,769.7
729.9
33.6
99.1
1,744.5
624.5
800.8
2,833.3
682.2
688.8
83.7
1,452.9
1,874.7
171.1
18.7
2,571.7
3,892.2
3,348.3
1,609.2
302.7
537.3
594.3

5,139.0
3,029.1
357.7
108.1
1,353.4
290.7
6,465.4
32,944.4
778.9
8,001.4
7,113.7
754.9
35.6
97.2
1,518.5
633.7
814.1
2,850.1
693.9
693.8
84.4
1,561.0
1,927.2
172.5
20.7
2,575.2
3,965.1
3,477.6
1,630.3
317.9
583.3
644.7

41,922.9' 42,814.8'

43,574.5

44,548.9

46.5
2.2
28.1
1,150.2
151.3
1,491.9
4,792.8
2,053.9
2,166.5
2,373.6
6,628.6
1,191.0
1,102.0
11,583.1
3,006.0
319.8
14,002.3

46.0
28.1
1,174.2
192.4
1,510.9
4,943.0
2,050.0
2,312.5
2,490.9
7,093.4
1,249.9
1,119.1
12,191.7
3,041.4
313.5
13,699.6

5,037.1
3,029.7
332.4
98.1
1,290.7
286.1
5,639.7
30,323.3
744.2
7,189.6
6,408.2
648.3
32.2
101.0
1,616.6
592.6
765.8
2,765.4
658.6
674.3
76.0
1,340.8
1,747.1
165.1
15.0
2,540.5
3,677.0
2,970.9
1,537.1
267.0
477.2
502.6

5,037.1'
3,029.7'
332.4'
98.1'
1,290.7
286.1
5,639.7'
30,323.3'
744.2
7,189.6
6,408.2
648.3
32.2
101.0
1,616.6
592.6
765.8
2,765.4
658.6
674.3
76.0
1,340.8'
1,747.1
165.1'
15.0
2,540.5
3,677.0
2,970.9'
1,537.1
267.0
477.2'
502.6'

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

41,000.1

34 Total credit market debt
Other liabilities
Official foreign exchange
Special drawing rights certificates .
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency .
Small time and savings deposits . .
Large time deposits
Money market fund shares
Security repurchase agreements . .
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Miscellaneous

55.8
2.2
25.5
831.1
206.0
1,351.9
3,695.9
1,171.0
2,223.9
1,340.3
3,638.4
738.8
920.9
8,068.0
2,460.2
241.4
11,981.5'

62.3
2.2
26.0
867.8
193.3
1,432.0
4,001.7
1,232.8
2,016.4
1,567.5
4,654.2
871.3
1,013.2
9,672.7
2,483.9'
240.4'
12,446.8'

62.2
2.2
26.7
957.7
212.2
1,521.8
4,284.6
1,504.9
1,879.8
1,650.7
5,436.3
1,037.9
1,060.4
10,636.8
2,663.4'
268.9'
13,899.3

27.5
1,044.5
214.6
1,525.0
4,599.4
1,776.0
2,006.9
2,003.3
6,048.9
1,038.2
1,082.6
11,176.7
2,897.4
295.3
14,011.8

27.2
1,010.0
207.6
1,514.6
4,408.5
1,637.1
1,831.5
1,911.3
5,595.7
1,064.5
1,067.2
10,666.5
2,771.8'
287.8'
14,129.1'

52.0
2.2
27.4
1,032.9
204.3
1,481.9
4,523.7
1,738.0
1,876.7
1,983.9
5,874.4
1,068.0
1,077.7
10,954.2
2,852.5'
295.5'
13,896.3'

45.9
2.2
27.5
1,044.5
214.6'
1,525.0
4,599.4
1,776.0
2,006.9
2,003.3'
6,048.9
1,038.2'
1,082.6
11,176.7
2,897.4'
295.3'
14,011.8'

198.1
1,508.6
4,688.7
1,876.1
2,014.1
2,127.7
6,464.0'
1,105.2
1,091.6
11,393.8
2,929.2'
310.7'
13,847.8'

48.3
2.2
27.8
1,159.3'
156.3'
1,538.5
4,733.0
1,949.0
2,067.4
2,221.8
6,419.7'
1,147.9
1,092.6
11,271.4
2,989.1'
310.7'
13,860.4'

52 Total liabilities

70,675.3'

77,390.9'

84,800.5' 90,796.2

87,350.8"

88,859.1'

90,796.2'

92,656.2'

93,810.1'

95,664.2

98,007.9

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

23.2
11,900.5
4,967.3'

23.7
15,618.5
5,403.0'

24.6
17,389.3
6,004.2'

19.3
18,277.8
6,797.1

22.3
17,185.9
6,407.3'

19.3
17,914.7
6,620.8'

19.3
18,277.8'
6,797.1'

19.4
19,143.1'
7,002.5'

19.7
18,675.6'
7,193.2'

19.7
19,308.2
7,296.7

19.9
20,603.3
7,385.5

-9.1
652.5
15.5
426.6
126.3
-3,266.7'

-9.5
705.9
12.6
402.6
69.2'
-3,022.9'

-9.7
767.9
27.3
258.8
97.0'
-2,919.1

-9.1
816.1
38.5
386.8
94.9
-3,465.5

-9.4
803.3
23.3
427.7
97.2'
-3,147.7'

-9.0
808.8'
27.5
413.4'
80.6'
-3,513.2'

-9.1
816.1'
38.5
386.8'
94.9'
-3,465.5'

-10.3
871.4'
44.0
462.1'
92.3'
3,684.0'

-10.2
933.5'
44.4
549.0'
73.2'
-3,908.3'

-10.0
944.7
45.5
641.8
55.4
-4,118.1

-10.2
948.1
25.9
745.9
49.5
-4,695.7

-11.7
20.9
25.3

-17.9
20.8
64.6'

11.2
20.6
72.2'

20.6
50.1

1.7
19.6
-19.9'

12.4
-11.2'

20.6
50.1'

1.5
16.4
-9.3'

1.5
19.7
-53.9'

2.7
12.4
-63.3

20.6
15.3

35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

56
57
58
59
60
61

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

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

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

45.9

117,956.0

54.3

46.0
2.2
27.6
1,101.8

121,037.0' 122,049.7' 124,777.8 128,917.1

2. Excludes corporate equities and mutual fund shares.

40

Federal Reserve Bulletin Statistical Supplement • March 2007

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION'
Seasonally adjusted
2006

2006

2006
Series
Ql

Q2

Q3

Q4'

Q1

Q2

Q3

Q4

Capacity (percent of 2002 output)

Output (2002=100)

Q1

Q2

Q3

Q4'

Capacity utilization rate (percent)2

1 Total industry

109.5

111.2

112.3

112.0

134.9

135.7

136.5

137.3

81.2

82.0

82.3

81.6

2 Manufacturing
3
Manufacturing (NAICS)

111.5
112.3

113.0
113.9

114.2
115.2

113.7
114.6

139.2
140.6

140.2
141.6

141.1
142.6

141.9
143.5

80.1
79.8

80.6
80.4

80.9
80.8

80.1
79.9

4
5

117.9
112.5

120.6
116.4

122.2
114.3

121.7
105.2

150.5
130.0

152.1
129.4

153.6
128.7

155.1
128.0

78.3
86.5

79.3
89.9

79.5
88.8

78.5
82.2

107.4
112.7
156.5

109.0
115.0
166.3

110.4
120.4
174.3

110.0
119.4
180.4

136.1
144.7
210.9

136.4
145.6
218.5

136.8
146.6
225.8

137.2
147.6
233.2

78.9
77.9
74.2

79.9
79.0
76.1

80.7
82.1
77.2

80.1
80.9
77.3

104.6
103.8

106.3
103.8

106.8
101.2

105.9
100.1

124.1
133.0

124.5
133.4

125.1
133.8

125.6
134.0

84.3
78.1

85.3
77.8

85.4
75.6

84.3
74.7

117.0
106.1
109.1
95.6

121.2
106.5
109.2
93.9

124.8
107.6
109.5
92.6

127.7
106.8
111.4
89.0

158.9
129.9
133.9
120.0

159.8
130.3
134.4
119.1

160.8
130.6
135.0
118.3

161.8
130.9
135.6
117.5

73.6
81.7
81.5
79.7

75.8
81.8
81.2
78.9

77.6
82.4
81.1
78.3

78.9
81.6
82.2
75.8

98.6
110.0
109.0
105.2
98.0

98.1
108.8
110.4
106.6
98.4

98.7
113.3
112.0
107.1
97.4

98.6
109.3
109.8
104.6
99.1

115.9
121.7
140.2
120.3
116.5

115.7
121.8
140.6
121.2
116.8

115.5
121.6
140.9
122.3
117.0

115.3
121.3
141.2
123.4
117.3

85.1
90.4
77.8
87.4
84.2

84.8
89.3
78.5
87.9
84.3

85.4
93.1
79.5
87.5
83.2

85.5
90.1
77.7
84.8
84.5

20 Mining
21 Electric and gas utilities

98.6
102.7

100.5
106.1

100.6
107.3

101.5
106.9

110.3
122.9

110.4
123.6

110.7
124.3

111.0
125.1

89.4
83.5

91.0
85.9

90.9
86.4

91.4
85.5

MEMOS
22 Computers, communications equipment, and
semiconductors

179.2

192.7

204.8

216.4

238.4

249.5

260.2

271.4

75.2

77.2

78.7

79.7

23 Total excluding computers, communications
equipment, and semiconductors

106.4

107.7

108.5

107.8

130.4

130.8

131.3

131.8

81.6

82.3

82.6

81.8

24 Manufacturing excluding computers,
communications equipment, and
semiconductors

107.7

108.7

109.5

108.6

133.9

134.3

134.8

135.2

80.5

80.9

81.3

80.3

6
8
9
10
11
12
13
14
15
16
17
18
19

Durable manufacturing
Primary metal
Fabricated metal products
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills
Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)

Selected Measures 41
2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED
Seasonally adjusted
1973

1975

High

Low

High

Latest cycle3

Previous cycle2

2007

2006

2006

Series
Low

High

Low

Feb.

Sept.

Oct.

Nov.'

Dec'

Jan.'

Feb.'

Capacity ut lization rate (percent)4
1 Total Industry

88.9

74.0

86.5

70.8

85.0

78.5

81.1

82.0

81.7

81.3

81.7

81.4

82.0

2 Manufacturing
3
Manufacturing (NAICS)

88.3
88.4

71.6
71.4

86.2
86.2

68.5
67.8

85.4
85.3

77.1
76.9

79.9
79.7

80.9
80.7

80.1
79.8

79.8
79.5

80.5
80.3

79.9
79.7

80.1
79.8

89.4
101.9

69.6
69.6

86.7
90.5

62.9
47.0

84.5
93.8

73.3
74.6

78.1
86.6

79.3
87.8

78.4
85.2

78.2
81.1

78.9
80.2

78.0
83.9

78.3
84.4

91.6
94.6

69.7
74.5

82.8
92.7

61.8
58.0

81.6
85.2

72.6
73.9

78.8
77.4

80.7
82.1

80.6
80.2

80.0
79.7

79.9
82.8

79.6
79.5

79.5
79.2

86.9

66.0

89.9

76.9

81.4

75.9

74.0

77.7

77.7

77.2

77.1

76.9

77.7

99.3
95.6

67.9
54.6

91.9
95.2

64.6
44.9

89.1
89.7

77.0
56.0

83.8
77.4

83.9
75.4

84.1
72.6

83.6
75.1

85.1
76.4

84.5
72.1

84.8
74.6

75.9
87.6

67.9
72.3

87.0
85.8

69.0
75.6

87.1
86.8

81.1
81.6

74.1
81.5

77.7
82.5

78.2
81.6

78.9
81.2

79.7
82.0

80.6
81.8

80.5
81.6

86.3
89.5

77.5
61.8

84.4
89.6

80.6
72.6

85.9
91.2

81.0
77.7

81.3
79.9

81.5
77.4

81.7
76.3

82.3
75.4

82.6
75.5

82.4
74.4

82.7
74.8

96.7
92.2
85.3
96.1
86.0

74.0
80.8
69.1
61.8
75.5

95.4
91.9
83.6
90.1
88.0

81.3
70.7
67.7
71.8
86.3

92.5
89.0
85.1
89.8
91.0

86.1
83.1
80.1
76.4
80.6

84.8
90.7
77.5
87.3
83.8

86.0
94.9
79.2
86.4
83.0

85.2
90.9
78.0
84.8
85.0

84.9
89.5
77.1
84.1
84.7

86.4
89.9
78.2
85.3
83.8

83.3
93.7
77.3
85.9
83.9

84.3
92.0
77.0
84.6
84.8

20 Mining
21 Electric and gas utilities

93.6
96.3

87.6
82.7

94.0
88.2

78.7
77.6

86.1
92.7

83.5
84.0

89.3
84.4

91.2
83.9

91.0
88.0

90.7
85.4

92.5
83.1

91.2
84.8

91.2
90.4

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.3

62.3

89.6

74.6

80.8

74.2

74.7

79.9

80.1

79.6

79.4

79.9

81.2

23 Total excluding computers,
communications equipment,
and semiconductors

89.1

74.4

86.7

70.6

85.4

78.7

81.5

82.3

82.0

81.5

82.0

81.6

82.2

24 Manufacturing excluding computers,
communications
equipment, and semiconductors .

88.4

71.9

86.4

68.1

85.9

77.2

80.3

81.1

80.3

80.0

80.7

80.1

80.2

4
5

Durable manufacturing
Primary metal

6
7
8

14

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

15
16
17
18
19

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

9
10
11
12
13

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

aiuc ui me i1 tact Hi i\.cjct vt utiLLtitn.

2. Monthly highs, 1978-80; monthly lows, 1982.
3. Monthly highs, 1988-89; monthly lows, 1990-91.
4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.

42

Federal Reserve Bulletin Statistical Supplement • March 2007

2.13

INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002
proportion

Apr.

May

June

Aug.

Sept.

Index (2002=100)
MAJOR MARKETS

109.4

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

Market groups
Final products and nonindustrial supplies . .
Consumer goods
Durable
Automotive products
Home electronics
Appliances, furniture, carpeting . . .
Miscellaneous goods
Nondurable
Non-energy
Foods and tobacco
Clothing
Chemical products
Paper products
Energy

110.0

110.9

110.9

111.9

112.3

112.5

112.2

112.0

111.5

112.4

112.1

58.9
31.1
8.9
4.7
0.4
1.5
2.4
22.2
18.3
9.8
0.9
5.0
2.1
3.9

111.2
106.9
105.6
99.4
169.9
104.4
108.1
107.3
107.7
109.5
79.6
110.5
101.5
106.2

09.5
06.0
06.2
00.9
62.2
06.2
07.6
05.8
06.0
08.6
78.8
07.5
99.4
05.5

110.2
106.7
106.8
102.3
162.0
106.4
107.3
106.5
106.7
108.9
79.0
109.2
99.8
106.5

111.0
106.8
107.0
101.2
176.6
106.7
108.0
106.6
107.7
109.7
80.2
110.1
101.7
103.8

110.8
106.4
106.0
99.9
174.3
106.0
107.6
106.4
106.7
108.6
79.9
109.1
100.8
105.8

111.9
107.6
107.4
102.8
177.0
104.5
107.9
107.6
107.1
108.3
80.3
110.7
101.6
109.3

112.2
107.4
105.1
97.9
172.4
104.2
109.1
108.1
107.9
109.1
81.0
111.6
101.6
109.0

112.5
107.8
106.2
99.6
168.2
105.4
109.5
108.2
107.7
108.7
79.5
112.4
101.0
109.8

112.2
107.6
105.4
98.4
174.1
103.4
109.2
108.2
108.3
109.8
79.1
112.1
102.0
108.4

112.0
107.3
102.8
94.5
171.1
102.0
108.3
108.7
108.7
110.2
80.0
111.6
104.7
109.0

111.9
107.6
104.4
98.2
173.1
101.9
107.5
108.5
108.8
111.2
79.1
110.4
103.9
107.8

112.8
108.0
106.2
100.6
180.7
102.2
108.3
108.5
109.7
111.8
79.0
112.5
103.0
105.1

112.4
108.0
103.4
95.5
185.6
100.5
107.8
109.4
109.4
111.8
79.9
111.2
103.5
109.7

113.4
109.6
105.1
98.6
204.0
100.0
106.9
111.0
109.7
112.3
79.1
110.8
105.0
115.5

16
17
18
19
20

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

10.1
1.8
3.0
5.3
1.8

126.0
139.1
137.4
115.4
112.0

19.9
33.4
28.1
10.8
11.7

121.6
134.7
130.5
112.3
109.9

124.6
136.9
135.2
114.7
111.5

124.8
136.6
137.6
114.0
111.8

126.4
139.0
139.8
115.0
112.6

128.1
140.7
140.3
117.4
113.8

128.6
141.2
139.5
118.4
113.0

128.5
140.7
140.8
117.8
113.6

128.4
141.1
141.9
116.9
113.3

129.5
146.0
142.5
117.0
112.0

132.4
148.4
144.0
120.7
112.5

129.6
145.9
144.5
116.4
113.3

130.1
145.7
146.6
116.4
113.5

21
22

Construction supplies
Business supplies

4.3
11.2

110.3
110.3

10.7
08.8

111.4
109.4

111.6
110.1

111.1
109.9

111.1
110.8

111.6
111.2

111.3
111.5

110.3
110.8

108.4
111.9

107.4
110.5

109.5
110.7

108.6
110.8

108.0
111.5

23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33 Energy

41.1
30.7
19.1
4.1
6.7
8.4
11.6
0.8
2.7
4.5
10.4

111.0
115.7
123.4
100.7
159.9
109.6
104.0
86.3
100.5
109.5
99.9

09.3
13.8
20.5
01.0
48.6
09.9
03.5
89.2
99.4
08.5
98.7

109.6
114.3
121.4
102.1
151.4
109.8
103.3
88.3
99.6
108.5
98.5

110.9
115.7
123.4
104.2
154.7
110.9
104.1
87.7
100.0
109.2
99.4

111.0
115.6
123.3
101.4
155.7
111.3
103.9
87.0
99.7
110.0
100.2

111.9
116.4
124.3
102.2
158.0
111.6
104.4
86.9
100.3
110.3
101.1

112.5
117.0
125.2
100.2
163.0
111.4
104.6
87.2
100.6
111.1
101.7

112.6
117.6
125.9
101.1
166.6
110.6
104.9
86.7
100.8
111.7
100.9

112.2
117.4
125.9
100.0
168.5
110.1
104.5
84.8
101.4
110.5
100.0

112.0
116.4
124.9
97.5
169.6
108.6
103.7
83.8
100.9
108.5
101.3

111.0
115.4
123.7
97.6
170.0
106.1
102.9
82.6
100.7
107.3
100.6

111.9
116.5
124.7
98.5
170.9
107.2
104.3
83.3
103.2
108.8
100.8

111.7
116.3
125.3
97.0
172.0
108.4
102.8
80.6
99.7
108.0
100.6

112.8
117.1
126.4
98.5
174.2
108.7
103.2
81.1
100.9
108.0
102.5

94.8
92.5

107.5
111.7

06.3
09.8

106.8
110.3

107.6
111.4

107.4
111.4

108.3
112.3

108.6
113.1

108.7
113.2

108.2
112.9

107.9
113.0

107.4
112.2

108.2
113.1

107.7
113.1

108.6
114.0

SPECIAL AGGREGATES

34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts . .

Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies
37 Final products
38
Consumer goods
39
Equipment total .
Nonindustrial supplies .

3,043.6
43.4
31.1
12.3
15.5

3,025.6

3,033.4

3,069.2

3,080.6

3,067.2

3,053.5

2,302.8 2,273.2 2,286.9 2,291.3 2,292.3 2,323.9 2,321.8 2,331.2 2,329.3 2,309.1 2,320.0 2,339.7 2,328.1 2,353.5
1,606.3 1,599.4 1,606.4 1,598.3 1,599.7 1,625.7 1,614.1 1,623.0 1,621.7 1,604.4 1,612.1 1,618.6 1,621.2 1,643.8
717.3
719.5
702.7
702.2
706.1
680.8
687.9
707.1
718.5
718.6
718.1
715.6
718.9
733.4
741.3

734.6

739.0

742.2

741.4

745.9

749.2

749.8

745.2

746.5

734.7

739.5

740.1

Selected Measures
2.13

INDUSTRIAL PRODUCTION

43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2006

2007

2006
avg.
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.r

Dec.'

Jan.r

Feb.'

Index (2002=100)
INDUSTRY GROUPS

41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52

53
54
55
56
57
58
59
60
61
62
63
64

Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)

65 Mining
66 Utilities
67
Electric
68
Natural gas
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts

83.9
79.0

113.0
113.9

111.2
112.0

111.7
112.6

112.8
113.7

112.6
113.5

113.5
114.5

113.9
114.9

114.3
115.4

114.3
115.3

113.4
114.3

113.2
114.1

114.4
115.4

113.9
114.8

114.3
115.2

321

43.4
1.5

120.4
107.5

117.6
113.4

118.5
112.9

120.3
111.3

120.1
111.1

121.3
109.3

121.7
109.3

122.6
107.4

122.2
104.8

121.2
100.4

121.3
98.0

122.7
99.9

121.7
98.4

122.6
96.7

327
331
332
333

2.3
2.3
5.8
5.3

112.5
112.0
108.9
117.1

114.5
112.6
107.3
112.0

114.1
111.8
108.1
114.0

114.5
114.3
109.4
116.2

113.3
117.1
108.4
114.1

114.0
117.7
109.1
114.8

113.4
115.7
109.9
119.6

113.3
114.5
110.7
121.0

110.6
112.8
110.5
120.6

109.1
109.2
110.5
118.1

109.1
103.8
109.7
117.6

110.8
102.4
109.8
122.5

109.9
107.1
109.4
117.8

109.0
107.9
109.5
117.7

334

8.0

169.1

156.0

158.9

164.0

165.8

169.1

171.6

174.0

177.2

179.3

180.0

181.8

183.4

187.4

335
3361-3

2.2
7.5

105.8
101.9

104.0
102.9

105.1
104.3

106.6
104.3

106.7
102.5

105.6
104.6

107.6
100.3

107.6
102.2

105.1
100.9

105.5
97.3

105.1
100.7

107.1
102.4

106.4
96.5

107.0
99.5

3364-9

3.6

122.4

117.8

117.3

120.1

120.9

122.4

124.5

124.6

125.2

126.3

127.7

129.1

131.0

131.1

337
339

1.8
3.3

104.7
116.9

104.4
115.0

104.9
114.8

105.5
115.9

106.4
115.7

106.6
116.5

104.9
116.9

106.4
118.1

104.7
118.0

104.2
118.8

103.4
120.0

102.7
121.0

102.0
120.3

101.1
120.4

35.6

106.7

105.9

105.9

106.3

106.1

107.0

107.4

107.5

107.8

106.7

106.2

107.4

107.2

107.1

311,2
313,4
315,6
322
323

11.4
1.4
1.0
3.1
2.4

109.8
92.7
80.7
98.5
103.3

108.8
95.8
80.2
98.3
101.8

109.2
94.7
80.3
97.2
102.3

110.2
94.3
81.4
97.6
103.9

108.7
93.8
81.2
97.8
102.7

108.6
93.5
81.4
99.0
103.0

109.4
93.6
82.3
98.0
102.7

108.9
92.8
80.6
98.7
102.7

110.1
91.3
80.2
99.3
103.1

110.6
89.8
80.9
98.3
104.1

111.5
88.6
80.0
97.9
104.3

112.2
88.6
79.8
99.6
106.3

112.1
87.0
80.7
95.9
105.8

112.7
87.3
79.9
97.0
105.8

324
325

1.8
10.8

110.3
110.3

110.4
108.7

108.4
109.4

105.3
110.1

108.9
110.0

112.3
111.1

111.7
111.8

112.8
112.4

115.3
111.7

110.4
110.1

108.5
108.8

108.9
110.4

113.3
109.3

111.3
109.1

326

3.8

105.7

105.0

105.6

106.9

105.9

106.9

108.1

107.1

106.1

104.4

103.9

105.6

106.6

105.3

1133,5111

4.9

98.0

97.6

97.8

99.0

98.0

98.1

98.1

97.0

97.2

99.6

99.4

98.4

98.6

99.7

21
2211,2
2211
2212

6.4
9.7
8.3
1.5

100.2
105.3
108.1
91.8

98.5
103.7
106.6
90.9

98.6
105.5
107.9
94.6

99.7
105.3
108.0
93.1

100.7
105.7
108.5
93.0

101.1
107.4
109.7
97.0

101.0
108.7
111.1
97.7

99.9
108.8
111.0
98.4

101.0
104.5
105.5
100.0

100.9
109.8
110.6
106.0

100.7
106.8
108.8
97.6

102.8
104.2
107.8
87.5

101.4
106.5
108.4
97.4

101.5
113.7
114.8
108.3

78.7

108.6

107.5

107.8

108.7

108.3

109.2

109.5

109.7

109.4

108.4

108.2

109.3

108.6

108.8

76.4

113.9

111.9

112.3

113.5

113.4

114.3

115.1

115.3

115.4

114.8

114.3

115.4

115.3

115.5

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data
are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest
historical revision of the industrial production index and the capacity utilization rates was
released in December 2006. The recent annual revision will be described in an upcoming
issue of the Federal Reserve Bulletin.
2. North American Industry Classification System.

44

Federal Reserve Bulletin Statistical Supplement • March 2007

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

-665,286
-611,296
1,151,942
-1,763,238
27,592
33,635
123,867
-90,232
-6,043
-81,582

-791,508
-716,730
1,275,245
-1,991,975
11,293
17,598
134,417
-116,819
-6,304
-86,072

-856,655
-765,267
1,436,816
-2,202,083
-7,266
-777
150,323
-151,100
-6,489
-84,122

Q1

Q2

Q3'

Q4

-223,109
-194,774
331,165
-525,939
-2,159
-581
32,642
-33,223
-1,578
-26,176

-213,778'
-191,646'
343,445'
-535,091'
-2,587'
-967'
34,233'
-35,200'
-1,620'
-19,545'

-217,713'
-193,633'
354,951'
-548,584'
-2,220'
-599'
38,003'
-38,602'
-1,621'
-21,860'

-229,377
-201,399
364,947
-566,346
-5,480
-3,869
34,247
-38,116
-1,611
-22,498

-195,790
-178,591
373,472
-552,063
3,021
4,658
43,840
-39,182
-1,637
-20,220

11 Change in U.S. government assets other than official
reserve assets, net (increase, - )

1,710

1,570

835

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

2,805
0
-398
3,826
-623

4,511
10,200
-615

-223
3,331
-734

-81
5,050
-173

-67
729
-149

-51
-351
-158

1,006
0
-54
1,275
-215

1,415
0
-51
1,678
-212

-872,317
-361,623
-120,017
-146,549
-244,128

-446,436
-213,018
-44,221
-180,125
-9,072

-1,053,353
-482,372
-44,434
-277,691
-248,856

-15,911
10,368
-4,812
-47,266
25,799

-358,216'
-196,407
-46,190
-53,692
-61,927'

-213,174'
-80,697
-31,199
-53,915
-47,363'

-228,464
-84,582
-24,096
-54,391
-65,395

-253,499
-120,686
57,051
-115,693
-74,171

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

387,809
263,338
41,662
-139
69,245
13,703

199,495
71,749
84,701
-488
24,275
19,258

300,510
118,344
125,450
3,274
19,550
33,892

71,934
37,418
23,786
-255
5,078
5,907

75,697
42,156
24,063
37
-821
10,262

75,869
-8,905
30,458
724
42,241
11,351

78,434
45,044
32,934
1,153
-7,470
6,773

70,510
40,049
37,995
1,360
-14,400
5,506

28 Change in foreign private assets in United States (increase, +)
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
33 Foreign purchases of other U.S. securities, net
34 Foreign direct investments in United States, net

1,062,412
336,740
93,250
102,940
14,827
381,493
133,162

1,012,755
179,849
30,105
199,491
19,416
474,140
109,754

1,464,399
441,178
176,509
29,417
12,570
621,154
183,571

181,416
2,141
-50,305
62,041
9,158
131,871
26,510

452,226'
148,851
74,953
-5,212
1,932
186,009
45,693'

289,674'
79,586
25,082
9,784
1,127
127,285
46,810'

377,164
86,017
70,331
-4,899
1,129
162,953
61,633

345,335
126,724
6,143
29,744
8,382
144,907
29,435

-2,261
85,128

-4,351
10,410

-3,914
141,419

-514
-19,071
9,219
-28,291

-1,756
44,265'
11,268'
32,997

-1,003
65,142'
-2,827'
67,968

-551
218
-13,702
13,920

-604
31,798
5,263
26,535

17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims2
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net

35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
MEMO

Changes in official assets
39 U.S. official reserve assets (increase, - )
40 Foreign official assets in United States, excluding line 25
(increase, +)

2,805

14,096

2,374

4,796

513

-560

1,006

1,415

387,948

199,983

297,236

72,189

75,660

75,145

77,281

69,150

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.

3.12

5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.

U.S. RESERVE ASSETS
Millions of dollars, end of period
2006
Asset

2004

2005

2007

2006
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.'

1 Total

86,824

65,127

65,895

67,559

66,606

66,217

65,588

66,705

65,895

65,063

66,082

2 Gold stock1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,045
13,582

11,043
8,210

11,041
8,870

11,041
8,644

11,041
8,726

11,041
8,655

11,041
8,676

11,041
8,890

11,041
8,870

11,041
8,786

11,041
8,915

19,479
42,718

8,036
37,838

5,040
40,943

7,460
40,414

6,715
40,124

6,619
39,902

5,577
40,294

5,309
41,465

5,040
40,943

4,855
40,381

4,874
41,251

NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of

exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF have also been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

Summary Statistics
3.13

45

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS'
Millions of dollars, end of period
2006
Asset

2004

2005

July
1 Deposits

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.'

80

83

98

88

89

98

104

90

98

90

91

1.041.215
8,967

Held in custody
2 U.S. Treasury sec irities2
3 Earmarked gold3

1.069.014
8,967

1.133.969
8,967

1,095,248
8,967

1,116,941
8,967

1.098.848
8,967

1 111.991
8,967

1.116.038
8,967

1.133.969
8,967

1,146,680
8,967

1 168.109
8,967

NOTE: The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's
website at www.federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.

3.15

2007

2006

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

2005

2006
1

June "
1 Total1

2,166,212

By type
2 Liabilities reported by banks in the United States2

2007

2006

2005
Item

June

8

Dec.

2,109,144

2,312,692' 1,954,620

2,166,212

Oct.

Nov.

Dec.

Jan.p

2,268,630' 2,280,274' 2,312,692' 2,341,610

296.647
201,863

282,494'
176,829

288,792
204,912

288,792
204,912

296.647
201,863

267.276'
178,474

264.711'
186,164

282.494'
176,829

294.590
181,356

1 077 122
948
589,632

1 139 652
1,026
712,691

1 030 763
911
429,242

1 052 742
911
561,787

1 077 122
948
589,632

1 132 544
1,013
689,323

1 133 560
1,019
694,820

1 139 652
1,026
712,691

1 134 377

368,516
7,211
128,006
1,615,757
17,214
29,502

385,832'
6,117
164,429'
1,705,699
15,151
35,458

364,413
7,569
113,245
1,417,229
14,551
37,433

350,973
6,679
122,989
1,575,240
15,247
38,010

368,516
7,211
128,006
1,615,757
17,214
29,502

365,281'
6,536
158,404
1,690,259
15,634
32,510

373,905'
6,956
164,007
1,684,006
17,824
33,570

385,832'
6,117
164,429'
1,705,699
15,151
35,458

379,512
6,527
174,988
1,726,099
17,364
37,114

U.S. Treasury bonds and notes
5
Nonmarketable4
6 U.S. securities other than U.S. Treasury securities5
By area
7 Europe1
9 Latin America and Caribbean
10 Asia
11 Africa

1. For data before June 2006, includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.

3.16

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies

730^254

6. Data in the two columns shown for this date reflect different benchmark bases for
foreigners' holdings of selected U.S. long-term securities. Figures in the first column are
comparable to those for earlier dates; figures in the second column are based in part on a
benchmark survey as of end-June 2005 and are comparable to those shown for the following
dates.
SOURCE: Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Millions of dollars, end of period
2006
Item

2003

2004

2005
Mar.

June

Sept.

Dec.

63,119
36,674
26,445

98,349
52,410
45,939

91,693
59,241
32,452

96,086
60,726
35,360

100,448
64,735
35,713

100,508
67,143
33,365

122,415
81,676
40,739

Deposits

81,669
38,102
43,567

129,544
51,029
78,515

100,144
43,942
56,202

110,770'
49,346'
61,424'

110,665'
48,679'
61,986'

100,180'
39,706'
60,474'

116,740
44,105
72,635

Deposits

21,365
5,064
16,301

32,056
8,519
23,537

56,100
20,931
35,169

67,362
24,110
43,252

88,716
26,928
61,788

88,076
35,110
52,966

71,453
37,886
33,567

2
3

Deposits
Other liabilities

5

8

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 2007

3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period
20 06
Item

2004

2005

2007

2006'
July

Aug.

Sept.

Oct.'

Nov.'

Dec.'

Jan.p

3,390,774

3,368,740

3,401,120

3,475,138

3,607,637

3,512,725

3,623,949

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
12 International and regional organizations5
13
Banks' own liabilities
14
Deposits2
15
Other
16
Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments6
19 Official institutions9
20
Banks' own liabilities
21
Deposits2
22
Other
23
24
25

Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments'"

26 Banks10
27
Banks' own liabilities
28
Deposits2
29
Other
30
Banks' custody liabilities4
31
U.S. Treasury bills and certificates5
32
Other negotiable and readily
transferable instruments6
33
Other

2,911,516

3,080,907

3,512,725

2 082 981 2 299 950 2 597 378 2 501 874 2 475 948 2 518 666 2 582 175 2 699 195 2 597 378 2 685 191
955,072
1,127,909
665,127
828,535

1,043,801
1,256,149
713,327
780,957

318,783

259,843

250,811

254,497

256,627

242,154

246,243

255,711

250,811

252,018

315,169

319,598

371,321

366,152

361,847

357,003

358,520

363,721

371,321

390,004

48,260
152,789
194,583

53,594
136,783
201,516

66,145
113,755
293,215

58,559
136,006
268,251

61,615
121,856
274,318

59,876
116,927
283,297

60,480
104,177
288,200

64,756
105,747
289,010

66,145
113,755
293,215

66,838
108,181
296,736

15,654
10,363
6,098
4,265
5,291
1,879

20,793
15,612
8,361
7,251
5,181
1,085

29,425
25 770
19,021
6,749
3,655
800

29,425
23,096
16,192
6,904
6,329
2,222

28,165
20,350
14,792
5,558
7,815
2,522

30,971
25 655
18,901
6,754
5,316
1,327

30,220
25,570
19,988
5,582
4,650
814

32,845
28,676
18,977
9,699
4,169
1,281

29,425
25,770
19,021
6,749
3,655
800

32,539
28,908
22,234
6,674
3,631
380

1 268 582 1 172 695 1 130 409 1 153 303 1 229 699 1 328 695 1,268,582
1,328,796 1,329,179 1,345,539 1,365,363 1,352,476 1,370,500 1,328,796
779,702
782,552
784,614
805,214
812,945
829,562
779,702
915,347
888,900
892,792
882,454
892,963
908,442
915,347

1,273,668
1,411,523
832,975
938,758

3,412

4,096

2,855

4,107

5,293

3,989

3,836

2,888

2,855

3,251

515,586
145,516
26,613
118,903

498,510
170,984
45,426
125,558

459,323
176,621
50,959
125,662

495,814
188,251
44,788
143,463

479,277
175,873
49,120
126,753

476,153
185,043
50,291
134,752

445,750
166,051
50,595
115,456

450,875
164,617
51,274
113,343

459,323
176,621
50,959
125,662

475,946
192,446
56,066
136,380

370,070
245,199

327,526
201,863

282,702
176,829

307,563
186,321

303,404
189,963

291,110
179,394

279,699
178,474

286,258
186,164

282,702
176,829

283,500
181,356

124,871

125,663

105,873

121,242

113,441

111,716

101,225

100,094

105,873

102,144

1 574 793 1 792 040 2 163 649 2 024 801 2 019 674 2 054 116 2140 756
1 354 437 1 566 967 1 824 737 1 723 308 1 713 031 1 740 369 1,809,310
773,703
841,248 1,022,270
950,065
905,110
917,828
990,425
580,734
725,719
802,467
773,243
807,921
822,541
818,885
220,356
225,073
338,912
301,493
306,643
313,747
331,446
26,978
23,771
31,061
26,598
25,529
24,579
26,561

2 240 688 2 163 649 2,206,837
1,910,086 1,824,737 1,874,206
1,081,806 1,022,270 1,020,022
828,280
802,467
854,184
330,602
338,912
332,631
27,613
31,061
27,131

52,400
140,978

48,776
152,526

66,350
241,501

53,624
221,271

54,027
227,087

53,477
235,691

64,509
240,376

62,682
240,307

66,350
241,501

61,882
243,618

34 Other foreigners''
35
Banks' own liabilities
36
Deposits2
37
Other

805,483
572,665
148,658
424,007

769,564
546,387
148,766
397,621

860,328
570,250
176,332
393,918

840,734
567,219
161,650
405,569

841,624
566,694
161,387
405,307

839,880
567,599
166,283
401,316

858,412
581,244
168,691
412,553

883,229
595,816
176,638
419,178

860,328
570,250
176,332
393,918

908,627
589,631
175,346
414,285

38
39
40

232,818
44,727

223,177
33,124

290,078
42,121

273,515
39,356

274,930
38,613

272,281
36,854

277,168
40,394

287,413
40,653

290,078
42,121

318,996
43,151

136,192
51,899

142,188
47,865

196,345
51,612

187,180
46,979

189,134
47,183

188,110
47,317

189,098
47,676

198,059
48,701

196,345
51,612

222,770
53,075

1,349,777

1,552,323

1,756,925

1,656,589

1,642,920

1,688,010

1,753,045

1,843,091

1,756,925

1,805,598

41

Banks' custodial liabilities
U.S. Treasury bills and certificates5
Other negotiable and readily
transferable instruments'"
Other
MEMO

42 Own foreign offices12

1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund. Beginning with data for June 2006, also
includes the Bank for International Settlements.

9. Foreign central banks and foreign central governments. Before June 2006, also includes
the Bank for International Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) above.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory 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.

AREA OR COUNTRY

43 Total, all foreigners

2,911,516

3,080,907

3,512,725"" 3,390,774

3,368,740

3,401,120

3,475,138" 3,607,637' 3,512,725" 3,623,949

44 Foreign countries ..

2,895,862

3,060,114

3,483,300' 3,361,349

3,340,575

3,370,149

3,444,918' 3,574,792' 3,483,300' 3,591,410

,050,895
4,355
13,512
3,147
1,088
81,852
54,822
1,178
64,050
7,198
50,305
18,170
32,742
1,545
70,186
8,410
6,118
99,224
5,188
470,304
21,262
110
36,129

1,229,338
3,604
16,022
1,537
3,612
71,486
58,960
1,200
68,660
7,075
61,065
14,502
27,921
2,716
101,335
9 535
4,771
140,140
9,895
563,253
29,559
119
32,371

1,213,872'
3,792
14,528
931
3,203
68,898'
60,753'
1,489'
83,091'
7,316
72,861'
24,641
42,289
2,250
62,703'
9,026
3,709
28,481
10,369'
657,672'
32,778
295
22,796

,269,651
5,817
16,760
1,833
1,040
78,134
60,515
1,358
74,665
6,847
67,831
26,300
55,473
3,197
69,530
9,102
3,170
51,769
8,606
675,461
26,909
202
25,133

1,236,687
4,336
15,060
2,233
L243
72,884
55,476
1,135
76,614
7,197
67,185
23,287
53,355
2,320
53,397
8,465
3,753
36,083
10,155
692,700
26,916
236
22,658

1,236,557
3,855
14,940
2,329
942
68,106
57,121
1,565
75,118
5,826
73,581
23,254
57,219
2,441
49,160
7,502
3,838
40,053
9,850
691,747
27,549
249
20,314

1,263,642' 1,291,821'
4,418
15,854
19,340
1,022
1,892
855
1,038
66,783
69,714
58,462'
60,324'
2,293
1,389
75,348
77,023
7,180'
9,845
73,544'
76,047'
33,836'
37,698'
41,057
36,471
2,502
2,641
45,985'
53,169'
9,085
8,187
5,016
3,967
27,463
26,864
10,534
9,159
729,836
737,128
33,200
31,833
307
273
21,880'
21,123'

34,248

33,552

44,182'

41,342

43,684

44,875

48,171

48,075

44,182'

48,715

135,970
10,817
15,186
7,299
6,286
2,687
1,530
50,575
4,513
1,971
4,150
24,573
6,383

133,637
9,674
11,900
8,961
6,477
3,393
1,643
42,532
5,262
3,051
4,939
27,261
8,544

155,868'
10,474
16,408'
16,825
11,630
3,150
1,387
45,341
7,071
4,253
6,102
22,642
10,585

158,993
10,035
18,458
13,987
11,916
2,737
1,616
50,753
5,817
4,120
5,767
22,819
10,968

151,330
10,237
14,915
14,119
10,513
2,626
1,539
50,015
5,906
3,380
5,499
22,361
10,220

152,637
10,292
14,439
15,768
10,642
2,857
1,498
49,399
5,840
3,649
5,623
22,746
9,884

154,205
10,710
16,087
16,189
10,932
3,028
1,489
46,964
5,554
4,072
6,013
23,452
9,715

160,389
10,667
20,362
17,070
11,509
2,846
1,411
46,140
6,802
3,763
5,835
23,779
10,205

155,868'
10,474
16,408'
16,825
11,630
3,150
1,387
45,341
7,071
4,253
6,102
22,642
10,585

164,257
10,530
21,382
18,010
12,197
2,866
1,670
45,824
7,082
3,992
6,424
23,666
10,614

1,212,209
186,097
92,577
n.a.
884,980
110
829
5,863
1,624
40,129

1,214,058
211,459
52,132
n.a.
907,840
120
916
6,396
2,830
32,365

1,604,180' 1,452,444
228,300
250,777
44,701
50,978'
14,596
16,250
1,135,566
1,248,399'
127
83
828
986
8,425
6,419
2,856
3,096
19,051
25,186

1,455,489
237,324
45,782
14,849
1,127,938
127
937
5,947
2,698
19,887

1,485,985
238,602
50,925
15,433
1,151,046
127
1,047
6,154
2,760
19,891

420,635

408,192

420,108'

388,023

400,990

403,659

400,456'

406,200

420,108'

430,777

52,767
42,788
11,154
5,903
11,214
167,008
12,421
2,949
26,496
11,355
38,257
38,323

46,439
33,972
13,702
4,212
9,802
156,245
27,094
3,776
23,252
9,961
49,463
30,274

44,457
43,082
18,791
4,377
7,239
127,392
27,781
3,793
22,912'
8,317
68,124
43,843

38,950
31,607
16,625
4,568
6,768
135,662
21,865
3,565
21,350
11,038
64,742
31,283

50,295
35,300
16,409
4,685
6,359
134,286
21,871
3,069
20,010
10,255
66,736
31,715

55,025
34,808
14,857
5,359
9,553
127,292
3^292
23,181
9,982
68,456
28,823

47,014
32,534
15,692
3,286
8,812
129,031'
23,029
3,454
18,997'
7,882'
71,109
39,616

46,677
39,089
18,344
3,852
6,796
127,192
21,835
3,453
19,454
8,324
70,830
40,354

44,457
43,082
18,791
4,377
7,239
127,392
27,781
3,793
22,912'
8,317
68,124
43,843

53,465
39,047
19,676
3,701
9,314
124,693
29,753
3,530
19,510
8,654
74,391
45,043

106 Africa
107
Egypt
108
Morocco
"
109
South Africa
110
Oil-exporting countries21
Other

14,580
2,711
156
3,284
4,326
4,103

20,095
4,953
138
3,049
6,858
5,097

14,674
2,253
198
1,389
4,438
6,396

19,797
3,409
206
1,610
6,919
7,653

19,688
2,772
198
1,892
7,830
6,996

18,350
2,325
174
1,452
8,277
6,122

13,825
1,576
162
1,357
4,448
6,282

17,274
2,681
168
1,725
5,270
7,430

14,674
2,253
198
1,389
4,438
6,396

16,391
3,510
206
2,417
4,359
5,899

112 Other countries .
113
Australia
114
New Zealand22
115 All other

27,325
23,391
3,429
505

21,242
17,769
3,007
466

30,416
24,878
4,500
1,038

31,099
25,919
4,351
829

32,707
27,033
4,844
830

28,086
5^206
859

28,841
23,482
4,038
1,321

28,820
23,541
4,116
1,163

30,416
24,878
4,500
1,038

31,218
27,645
2,626
947

116 International and regional organizations . . .
117
International23
118
Regional24

15,654
11,542
4,112

20,793
15,684
5,109

29,425'
25,202'
4,223'

29,425
24,388
5,037

28,165
21,970
6,195

30,971
25,746
5,225

30,220
25,095
5,125

32,845
28,566
4,279

29,425'
25,202'
4,223'

32,539
28,180
4,359

45 Europe
46
Austria
47
Belgium13
48
Denmark
49
Finland
50 France
51
Germany
52
Greece
53
Ireland
54
Italy
55 Luxembourg13
56
Netherlands
57
Norway
58 Portugal
59
Russia
60
Spain
61
Sweden
62
Switzerland
63 Turkey
64
United Kingdom
65
Channel Islands and Isle of Man14
66
Yugoslavia15
67
Other Europe and other former U.S.S.R."'

,213,872' 1,283,577
4,264
3,792
16,640
14,528
1,207
931
1,516
3,203
68,898'
71,703
60,753'
60,593
1,696
1,489'
92,040
83,091'
7,664
7,316
72,861'
78,874
24,641
32,890
42,289
46,824
1,902
2,250
62,703'
57,371
9,421
9,026
4,020
3,709
34,406
28,481
13,204
10,369'
694,685
657,672'
33,671
32,778
304
295
18,682
22,796

MEMO

68 European Union17
69 Canada
70 Latin America
Argentina
71
72
Brazil
73
Chile
74
Colombia
75
Ecuador
76
Guatemala
77
Mexico
78 Panama
79
Peru
80
Uruguay
81
Venezuela
82
Other Latin America15
83 Caribbean
84
Bahamas
85
Bermuda
86
British Virgin Islands15
87
Cayman Islands19
88
Cuba
89 Jamaica
90
Netherlands Antilles .
91
Trinidad and Tobago .
92
Other Caribbean15 . . .
93 Asia
Ch
94
Mainland . .
95
Hong Kong .
96
India
97
Indonesia
98
Israel
99 Japan
Korea (South) .
100
Philippines . . .
101
102
Tai«
103 Thailand
104
Middle Eastern oil-exporting countries20
105
Other

1,089,787

1,025,131'

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. For data prior to June 2006, also includes the Bank for International Settlements and
the European Central Bank.
17. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006.

1,535,778' 1,622,213' 1,604,180' 1,616,475
239,301
250,777
264,546
241,822
56,331
50,978'
48,636'
50,119'
15,506
16,250
15,989
16,299'
1,196,705' 1,259,477' 1,248,399' 1,267,242
83
83
81
128
810
986
996
832
7,321
8,425
5,202
6,056
2,905
3,096
2,725
2,832
26,976
25,186
24,561
20,985

18. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean." Before June 2006, data for the British
Virgin Islands were included in "Other Caribbean."
19. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.
20. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
21. Comprises Algeria, Gabon, Libya, and Nigeria.
22. Before January 2001, these data were included in "All other."
23. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006,
also includes the Bank for International Settlements.

48

Federal Reserve Bulletin Statistical Supplement • March 2007

3.18

BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Area or country
Aug.

Sept.

1 Total, all foreigners

1,664,223

1,864,834

2,188,340

2,067,441' 2,056,338' 2,085,412' 2,151,309' 2,267,398' 2,188,340

2,308,932

2 Foreign countries

1,658,247

1,857,584

2,179,166

2,061,089'

2,049,503' 2,076,742' 2,142,996' 2,260,246' 2,179,166

2,300,964

806,546
4.429
7,751
735
11,840
90,941
26,196
94
14,023
16,906
5,864
22,090
25,517
1,576
1,089
8,452
17,027
114,167
2,542
404,844
26,878
3,585

918,660
4,139
11,900
864
9,247
88,873
30,027
97
16,426
18,482
8,201
20,958
14,688
832
1,264
8,372
9,452
143,892
3,270
487,492
32,566
7,618

1,079,186
4,277
13,577
1,032
9,433
112,351
17,836
250
24,711
30,990
7,121
28,997
31,223
921
1,732
9,734
8,905
105,311
3,697
623,808
36,885
6,395

1,000,177
5,156
14,308
773
11,742
103,489
21,397
125
16,110
20,438
9,881
32,078
25,049
799
1,509
7,546
10,187
138,553
3,406
541,784
29,864
5,983

1,079,186
4,277
13,577
1,032
9,433
112,351
17,836
250
24,711
30,990
7,121
28,997
31,223
921
1,732
9,734
8,905
105,311
3,697
623,808
36,885
6,395

1,173,502
4,747
16,824
355
8,946
132,090
20,360
182
28,251
30,935
7,310
26,358
23,549
940
1,682
9,660
7,930
135,679
3,678
668,307
40,053
5,667

3 Europe
4
Austria
5
Belgium2
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Ireland
12
Italy
13 Luxembourg2
14
Netherlands
15
Norway
16 Portugal
17
Russia
18
Spain
19
Sweden
20
Switzerland
21
Turkey
22
United Kingdom
23
Channel Islands and Isle of Man3
24
Other Europe and other former U.S.S.R.4 . .

988,217
6,168
13,198
944
8,495
96,245
19,859
170
19,722
23,705
10,097
22,395
26,840
801
1,656
8,102
10,140
108,507
3,421
572,941
29,790
5,021

1,037,875
4,134
13,788
300
12,739
103,456
16,222
143
18,997
25,425
10,064
24,499
26,988
832
1,669
9,714
10,122
132,205
3,611
586,730
30,272
5,965

1,058,647
5,357
12,916
426
10,230
105,888
18,352
161
21,473
25,978
9,705
27,835
28,146
840
1,598
12,344
11,317
148,223
3,467
578,495
31,249
4,646

1,121,287
4,957
13,099
1,330
10,469
115,018
18,220
129
21,145
28,645
8,029
29,311
27,825
941
2,076
12,019
9,385
153,550
3,359
622,391
34,567
4,822

MEMO

898,763

844,276

816,552

898,763

25 European Union5

n.a.

26 Canada

51.088

64,104

71,267

65,519

74,656

65,427

71,556

73,512

71,267

79,216

27 Latin America
28 Argentina
29
Brazil
30
Chile
31
Colombia
32
Ecuador
33
Guatemala
34
Mexico
35 Panama
36
Peru
37
Uruguay
38 Venezuela
39
Other Latin America1"
40 Caribbean
41
Bahamas
42
Bermuda
43
British Virgin Islands'"
44
Cayman Islands7
45
Jamaica
46
Netherlands Antilles
47
Trinidad and Tobago
48
Other Caribbean1"

49.378
2,220
14,094
6,213
2,645
469
866
13,440
1,939
1,529
403
2,844
2,716

51,170
2,290
15,111
6,642
2,438
582
872
14,601
2,076
1,226
464
2,273
2,595

58,381
2,703
19,836
6,474
2,490
604
1,016
16,530
2,314
1,446
347
2,289
2,332

53,986'
2,570
16,290
6,503
2,549
536
845
16,517'
2,341
1,194
407
2,013
2,221

55,632'
2,193
18,532
6,427
2,597
551
845
16,438'
2,210
1,298
353
1,948
2,240

53,378'
2,170
14,386
6,758
2,671
579
883
17,086'
2,314
1,320
517
2,369
2,325

63,065'
3,326
23,017
6,649
2,645
583
918
17,093'
2,246
1,500
407
2,230
2,451

64,781'
2,627
25,289
6,171
2,644
637
972
17,430'
2,587
1,498
422
2,192
2,312

58,381
2,703
19,836
6,474
2,490
604
1,016
16,530
2,314
1,446
347
2,289
2,332

58,080
2,687
19,760
5,198
3,346
717
1,058
16,582
2,194
1,489
397
2,303
2,349

596,931
80,183
33,294
n.a.
469,166
351
5,554
755
7,628

620,474
113,458
17,846
n.a.
475,227
444
4,444
907
8,148

732,801
120,591
20,813
2,232
579,117
635
2,477
1,055
5,881

735,167
158,311
23,687
2,149
537,352
520
7,127
787
5,234

709,169
156,648
22,208
2,277
513,286
674
8,009
730
5,337

687,262
135,513
21,574
2,179
517,768
665
3,945
745
4,873

725,794
140,932
21,676
3,220
550,503
645
2,417
807
5,594

776,919
157,311
24,149
3,678
582,159
647
2,313
723
5,939

732,801
120,591
20,813
2,232
579,117
635
2,477
1,055
5,881

765,933
120,885
20,881
2,244
612,080
627
2,396
1,093
5,727

142,656

190,610

221,485

190,825'

204,817'

216,152'

206,446'

207,874'

221,485

207,770

9,267
5,622
2,117
555
1,326
82,207
15,531
993
10,589
1,144
7,022
6,283

14,807
8,412
2,518
440
4,288
106,377
17,254
1,790
8,626
7,796
12,330
5,972

15,384
6,735
2,827
518
5,315
140,288
24,463
973
3,166
5,717
10,568
5,531

21,194
9,057
1,985
378
4,077
104,827'
20,639
846
4,558
7,315
10,805
5,144

19,603
9,451
2,174
367
5,199
119,135'
18,658
1,093
4,790
7,016
11,427
5,904

15,223
9,202
2,646
439
4,851
123,334'
28,978
1,094
5,563
7,342
10,585
6,895

8,043
9,055
2,343
506
8,616
127,429'
23,461
847
4,082
5,953
9,672
6,439

9,274
9,803
2,583
464
5,435
133,263'
22,506
803
2,975
5,616
9,868
5,284

15,384
6,735
2,827
518
5,315
140,288
24,463
973
3,166
5,717
10,568
5,531

15,568
6,495
2,966
574
7,021
127,301
20,257
874
3,753
6,375
11,252
5,334

1,262
228
53
318
223
440

1,621
422
63
331
317
488

1,831
597
56
247
403
528

2,073
608
59
576
312
518

1,888
603
69
309
332
575

1,980
601
48
282
323
726

1,837
589
95
259
345
549

1,768
592
53
195
338
590

1,831
597
56
247
403
528

1,854
595
63
333
332
531

10,386
9,695
609
82

10,945
10,226
541
178

14,215
12,816
1,157
242

13,342
12,565
615
162

15,124
14,258
656
210

14,668
13,549
901
218

15,651
14,433
1,004
214

14,105
13,244
647
214

14,215
12,816
1,157
242

14,609
13,428
919
262

5,976

7,250

9,174

6,352

6,835

8,670

8,313

7,152

9,174

7,968

49 Asia
China
50
Mainland
51
Hong Kong
52
India
53
Indonesia
54
Israel
55 Japan
56
Korea (South)
57
Philippines
58 Taiwan
59
Thailand
60
Middle Eastern oil-exporting countries5 . . .
61
Other
62 Africa
63 Egypt
64
Morocco
65
South Africa
66
Oil-exporting countries9
67
Other
68 Other countries
69
Australia
70
New Zealand10
71
Allother
72 International and regional organizations"

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. For data prior to June 2006, also includes the Bank for International Settlements and the
European Central Bank.
5. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006.

6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean." Before June 2006, data for the British
Virgin Islands were included in "Other 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. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

Bank-Reported Data
3.19

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars

49

Reported by Banks in the United States1

Millions of dollars, end of period
2006
Type of claim

2004

2005

July
1 Total claims reported by banks

2007

2006'
Aug.

2 067 441'
85,417
1 554 521
427,503'

2 056 338'
85,329
1 544 333
426,676'

Sept.

Oct.'

Nov.'

2151 309
85,080
1 629 556
436,673

2 267 398
87.201
1 717 403
462.794

2,705,418'

Dec'

Jan.'

2,831,482

Foreign official institutions2

5

Other foreigners4

6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8
Negotiable CDs
9
Other short-term negotiable instruments6 . .
10
Other claims

2,344,155'

2,831,482

1 664 223
71.892
1 187 954
404.377

1 864 834
72,919
1 391 775
400,140

2 188 340
97,479
1 625 245
465,616

362.618
152,520
107.533
88,423
14.142

479,321'
227,685'
91,196
140,863
19,577

643,142
262,105
170,342
188,633
22,062

668,255
3,970

748,320
2,414

938,876
2,733

892,468
2,214

883,383
2,505

900,343
2,790

925,905
2,678

995,845
2,856

938,876
2,733

962,048
3,632

3,888
988,110
1,097,873

7,324
1,106,776
1 304 277

11,369
1,235,362
1 576 925

11,003
1,161,756'
1 440 564

11,054
1,159,396'
1 450 626

7,840
1,174,439'
1 514 185

12,542
1,210,184
1 550 636

12,140
1,256,557
1 648 015

11,369
1,235,362
1 576 925

13,253
1,329,999
1 680 784

479,422

3

2,026,841

482,090

558,538

519,137

523,308

522,664

543,867

572,782

558,538

603,533

2 085 412'
97,221
1 574 174
414,017'
620,006'
263,369'
141,757
191,609
23,271'

2,188,340
97,479
1 625 245
465,616

2,308,932
90,048
1 734478
484,406

643,142
262,105
170,342
188,633
22,062

MEMO

11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
14 Other claims7
15 Own foreign offices5
16 Loans collateralized by repurchase

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) above.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) above.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.

50

Federal Reserve Bulletin Statistical Supplement • March 2007

3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
Sept.

Sept.'

1 Total

67,664

73,700

92,009

71,802

66,468

76,710

81,264'

83,915'

92,438

By type
2 Financial liabilities
3
Short-term negotiable securities'

39,561
n.a.

43,610
14,002

62,847
11,759

35,918
9,576

29,347
5,438

39,249
9,050

39,585'
5,704'

38,445'
6,584'

48,990
7,971

51,088

26,342

30,199

33,881'
8,561
10,099

9,645
19,109

4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
7
8
9
10
11
12
13
14
15
16
17
18
19
20

By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

n.a.
n.a.

n.a.
n.a.

18,844
20,717
n.a.
n.a.
n.a.
n.a.
n.a.

15,515
28,095
1,431
10,372
11,425
2,493
2,374

29,575
33,272
2,399
9,067
18,337
1,564
1,905

21,917
14,001
1,786
4,604
2,202
1,222
4,187

17,794
11,553
1,860
4,017
2,741
1,401
1,534

24,003
15,246
2,354
4,052
3,169
2,018
3,653

24,509'
15,076
1,407
6,242
2,676
1,338
3,413

24,312'
14,133
1,064
3,564
2,963
1,212
5,330

35,594
13,396
2,268
3,708
2,722
1,173
3,525

34,335
144
5,243
2,923
1,825
61
22,531

34,832
709
3,543
3,531
284
517
23,886

38,690
775
1,349
2,911
363
514
29,473

22,474
633
1,087
2,832
128
114
13,091

16,799
547
1,044
2,425
379
53
9,861

22,697
342
761
2,533
406
124
12,712

20,823'
451
1,039'
4,510'
432
237
11,862'

21,115'
340
1,786'
3,816'
453
371
12,997'

28,543
395
1,218
9,897
449
158
14,105

591

1,239

2,433

2,058

2,530

2,671'

2,287'

3,573

1,504
23
990
65
365
n.a.
31

4,235
0
711
242
n.a.
3,114
34
3

16,196
0
8,715
208
n.a.
7,178
26
18

6,679
0
77
69
n.a.
6,489
28
0

7,603
0
991
70
n.a.
6,446
25
1

9,683
0
769
56
n.a.
8,744
23
0

8,590
1
238
69
n.a.
8,189
28
0

10,254
0
16
67
n.a.
10,016
35
0

2,932
1,832
14

2,547
1,826
36

4,724
1,648
36

3,211
1,161

3,640
1,304
35

5,323
1,383
173

5,321
1,083
206

5,612
1,265
647

5,795
1,223
1,200

131
91

123
92

131
94

107
96

122
96

997
97

1,022
98

MEMO:

21
22

Euro area3
Canada

23
24
25
26
27
28
29
30
31
32
33

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

34
35

Africa
Oil-exporting countries'"

36

All other7

8,024'

6,214

11,211

115
240
n.a.
7,569
8
0

Nonbank-Reported Data
3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States—Continued

51

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
Sept.
37 Commercial liabilities
38 Trade payables
39
Advance payments and other liabilities .
40
41
42
43
44
45
46

47
48
49
50
51
52
53

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Commercial liabilities
Europe
Belgium-Luxembourj
France
Germany
Netherlands
Switzerland
United Kingdom . . .

Sept.'

28.103
14,699
13,404

30,090
17,174
12,916

29,162
18,181
10,981

35,884
22,497
13,387

37,121
23,785
13,336

37,461
23,050
14,411

41,679'
26,697'
14,982

45,470'
30,269'
15,201

43,448
28,731
14,717

26,243
1,860
n.a.
n.a.
n.a.
n.a.
n.a.

27,632
2,458
199
787
606
209
657

25,811
3,351
224
1,058
704
296
1,069

33,010
2,874
143
1,028
585
119
999

34,513
2,608
155
1,014
391
284
764

34,725
2,736
171
989
471
308
797

38,731'
2,948
182
1,142
484
300
840

41,995'
3,475
742
1,158
415
304
856

40,203
3,245
710
633
431
387
1,084

8,257
141
765
781
590
433
2,649

9,821
159
900
855
384
1,367
3,025

9,030
123
1,019
1,024
305
564
3,407

10,729
103
1,669
965
402
893
3,203

11,344
124
1,816
1,006
329
1,106
3,442

10,574
109
1,870
1,113
489
1,113
2,882

11,479'
86
2,004
1,092
626'
708
3,627'

11,666'
138
1,921
1,245
423'
911
3,394'

11,701
156
1,538
1,206
619
1,382
3,614

4,200

4,198

3,730

1,588

2,166

2,145

2,179

2,836

2,375

3,114'

4,155'

3,561

3,073
51
538
253
36
n.a.
1,170
177

3,406
14
513
233
n.a.
40
1,298
329

4,276
515
113
n.a.
101
1,942
433

5,360
79
774
127
n.a.
76
2,210
522

5,228
74
621
143
n.a.
100
1,921
738

5,748
70
713
218
n.a.
76
2,209
680

5,771'
82
688
163
n.a.
219
2,751'
499

7,424'
64
851
629
2,798
467

6,595
85
720
215
n.a.
569
2,523
471

13,382
4,292
3,979

13,311
4,370
3,148

12,239
4,221
2,910

16,127
5,671
4,221

16,408
5,892
3,862

17,427
5,971
3,986

20,081'
6,089
5,432'

20,449'
6,182
5,344

20,091
6,031
4,978

827
405

782
372

947
424

1,009
627

851
459

916
493

1,296
755

970
591

MEMO

54
55

Euro area3
Canada

56
57
58
59
60
61
62
63
64
65
66

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

67
68

Africa
Oil-exporting countries'"

69

5,837'

All other7

1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.

714
342

5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

52

Federal Reserve Bulletin Statistical Supplement • March 2007

3.23

CLAIMS ON UNAEFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs1
Other claims
Of which:
Loans'
Repurchase agreements'
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

Sept.'

102,566

100,916

143,232

129,812

135,339

144,950

130,598'

136,141'

149,131

71,389
n.a.
n.a.

67,347
35,465
3,204

110,517
47,270
9,892

97,140
48,354
8,894

104,213
49,477
11,845

111,394
50,149
13,180

94,892'
40,565
12,365

98,948'
42,436
12,787

112,908
34,607
21,642

n.a.
44,064

157
28,678

103
53,355

173
39,892

82
42,891

65
48,065

2
41,962'

18
43,725'

12
56,659

14,453'
7,298

14,443
19,530

n.a.
n.a.

n.a.
n.a.
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.

57,894
9,453
912
2,776
3,242
831
1,692

67,445
43,072
1,329
20,651
9,219
7,345
4,528

61,778
35,362
10,031
9,331
7,527
3,826
4,647

66,405
37,808
10,837
10,256
8,695
3,880
4,140

75,802
35,592
9,348
9,308
7,635
3,537
5,764

60,754'
34,138'
7,823
8,164'
8,332'
3,510
6,309'

75,755'
23,193'
8,549
4,970'
4,726
610
4,338'

87,667
25,241
10,513
6,374
4,467
656
3,231

29,018
722
3,247
4,245
3,648
383
10,663

28,970
391
3,049
2,859
2,789
617
11,438

48,714
2,177
1,452
5,386
7,389
978
23,982

38,627
1,930
4,593
3,040
1,696
1,185
17,414

41,844
784
4,323
1,967
3,271
1,249
21,870

42,736
1,743
2,752
2,729
3,033
1,152

36,038'
1,286
1,639
2,315
3,148
1,449'
20,103'

37,222'
580
2,867
2,453
1,722'
1,417'
22,356'

54,738
697
2,569
9,084
2,712
1,364
31,943

17,012

15,067

MEMO:

23
24

Euro area3
Canada

25
26
27
28
29
30
31
32
33
34
35

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

36
37

Africa
Oil-exporting countries'"

38

All other7

5,013

5,311

6,412

11,905

14,290

13,372

12,056'

13,078'

15,250

29,612
1,038
724
2,286
21,528
2,921
104

26,215
1,049
564
1,832
n.a.
20,015
1,629
131

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

38,915
3,436
1,316
1,480
n.a.
30,437
1,384
62

39,763
3,676
1,113
1,664
n.a.
30,263
1,950
156

45,063
1,590
1,590
1,950
n.a.
36,355
2,019
159

37,353'
2,368
1,583'
1,655
n.a.
29,253'
1,424
163

38,406'
3,802
1,602'
1,703
n.a.
29,156'
1,182
148

32,952
4,463
1,631
1,420
n.a.
23,296
1,244

5,358
1,277
79

5,317
1,194
158

6,840
993
137

6,120
784
114

6,546
610
93

7,223
568
242

6,566
496
251

7,526'
665
705

7,248
779
1,209

395
25

419
12

306
8

282
23

345
55

1,291
37

1,268
36

1,123
36

1,078
34

1,291

1,425

1,115

1,593

Nonbank-Reported Data
3.23

CLAIMS ON UNAEFILIATED FOREIGNERS
the United States—Continued

53

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.

Sept.'

39 Commercial claims
40
Trade receivables
41
Advance payments and other claims .

31.177
26,385
4,792

33,569
28,618
4,951

32,715
29,229
3,486

32,672
28,576
4,096

31,126
27,535
3,591

33,556
29,231
4,325

35,706'
31,234'
4,472

37,193'
32,848'
4,345

36,223
31,595
4,628

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling . .
Japanese yen
All other currencies

26,481
4,696
n.a.
n.a.
n.a.
n.a.
n.a.

25,494
8,075
1,557
1,542
1,187
589
3,200

27,439
5,276
512
1,561
1,586
238
1,379

28,347
4,325
407
1,442
1,098
153
1,225

27,881
3,245
341
1,167
509
196
1,032

29,898
3,658
481
1,335
706
187
949

31,567'
4,139
444
1,777
736
126
1,056

33,540'
3,653
465
1,424
692
150
922

32,330
3,893
601
1,428
618

14,187
269
3,164
1,202
1,490
503
3,727

14,552
247
2,816
1,273
395
1,921
3,928

13,457
257
2,261
1,401
494
1,528
3,742

13,096
402
2,233
1,477
461
1,319
3,119

12,183
396
2,023
1,438
339
1,358
3,053

12,084
470
2,311
1,509
354
724
2,677

14,630'
480
2,308
1,472
654'
743
4,744'

14,131'
421'
2,404
1,681
480
666
4,165'

14,148
480
2,092
1,643
529
1,050
3,834

Euro area3

8,849

7,340

57

Canada

2,790

3,070

2,017

2,139

2,001

2,750

2,803'

3,220'

2,508

58
59
60
61
62
63
64
65

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

4,346
31
287
750
19
n.a.
1,259
288

5,153
26
460
903
n.a.
52
1,339
230

6,477
55
650
935
n.a.
160
2,018
319

6,310
29
581
952
n.a.
143
1,838
393

6,524
27
498
1,028
n.a.
294
1,812
390

6,757
41
648
1,022
n.a.
61
2,089
380

7,062'
35
731
947
n.a.
200
2,252'
409

7,880'
39
1,166
981
n.a.
488
1,902'
378

7,382
31
464
1,053
n.a.
563
2,024
356

66
67
68

Asia
Japan
Middle Eastern oil-exporting countriesf

7,324
2,341
818

7,352
1,757
888

8,943
1,855
1,071

9,245
1,930
1,317

8,561
1,717
1,271

10,073
2,128
1,558

9,197'
2,167
1,419

10,197'
2,159
1,843

10,368
2,204
1,727

69
70

Africa
Oil-exporting countries'"

584
95

636
138

629
154

873
226

788
234

830
258

917
313

964
315

1,040
359

71

All other7

42
43
44
45
46
47
48

49
50
51
52
53
54
55

By area or country
Commercial claims
Europe
Belgium-Luxembourj
France
Germany
Netherlands
Switzerland
United Kingdom . . .

1,013

MEMO

2,806

1. Data available beginning March 2003. For data on loans and repurchase agreements,
data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.

6,739

1,069
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

54
3.24

Federal Reserve Bulletin Statistical Supplement • March 2007
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2007

2006

2007

Transaction, and area or country
Jan.Jan.

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.'

643,028'
616,000'

610,621'
603,658'

573,252
584,852

609,833
589,341

U.S. corporate securities

4,731,749
4,649,799

6,903,944'
6,754,063'

609,833
589,341

3 Net purchases, or sales (-) .

81,950

149,881'

4 Foreign countries

81,993
954

149,837'
5,766

39,592
5,757
7,675
-3,278
1,660
7,924
-2,326
1,334
19,775
350
16,549
-103
15,414
1,789
8,399
-528
1,050
72
281
72

1,097,458
878,202

1 Foreign purchases
2 Foreign sales

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

Of which: by foreign official institutions . .
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters1
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

539,824
525,413

583,110
575,131

562,165
547,526

20,492

14,411

7,979

14,639

6,963

-11,600

20,492

20,502
-571

14,409
1,624

7,977
207

14,636
-682

27,029'
-407

6,963
-2,098

-11,604
-499

20,502
-571

96,588'
1,622
21,738
-8,164
-1,775
11,611
-5,428
1,194
75,500'
96
11,822
2,151
35,021
7,965
-4,486
465
-465
-668
89
687

11,610
144
3,543
-903
38
-384
1,397
589
5,705
229
-123
72
10,341
651
-2,545
-92
155
-1,249
8
488

7,136
-67
206
-87
345
415
17
138
6,113
136
1,955
-133
4,436
1,080
-315
12
482
-310
-4
254

9,501
375
2,239
-819
-182
252
169
513
6,481
-149
14
-208
-1,914
491
48
-50
26
434
1
44

11,290
167
893
865
25
93
267
-222
9,893
-148
355
68
5,463
-300
-2,285
-52
-252
-790
-87
132

15,403'
-399
6,128
1,267
-560
426
-2,005
-379
11,342'
-88
915
200
12,472
418
-1,993
403
-55
-741
-111
-275

3,300
-781
2,889
-7
-287
1,367
-927
-1,156
2,127
74
838
-55
5,938
-487
-2,742
-76
-432
-218
26
145

-10,077
-272
974
-5,300
-1,574
233
-679
228
-1,598
-944
290
343
-1,157
218
-1,316
444
-396
-677
-22
117

11,610
144
3,543
-903
38
-384
1,397
589
5,705
229
-123
72
10,341
651
-2,545
-92
155
-1,249
8
488

1,572,185'
1,281,415

143,449
107,512

123,739
104,202

127,242
93,765

123,864
98,660

127,613'
111,493

140,619
124,852

154,126
126,089

143,449
107,512

35,937

19,537

33,477

25,204

16,120'

15,767

28,037

35,937

35,954
15,751

19,628
11,853

33,611
9,777

25,201

16,065'
5,260

15,792
3,955

28,074
15,506

35,954
15,751

4,578
-70
-66
805
58
-299
13
-171
3,765
694
498
1,920
4,501
-488
4,854
610
1,132
2,534
-23
-48

10,340
-75
857
270
679
187
155
131
6,770
293
1,812
5,289
2,754
1,140
6,771
383
3,599
-578
-36
4

12,086
-30
706
252
-183
-2,156
-361
-78
10,384
31
521
2,150
3,529
2,189
15,389
11,400
2,823
-1,088
10
80

26 International and
regional organizations2
U.S. GOVERNMENT AGENCY BONDS

27 Foreign purchases
28 Foreign sales
29 N e t p u r c h a s e s , o r sales ( - ) . . .

219,256

30 Foreign countries
31
Of which: by foreign official institutions .

218,983
31,629

290,529'
88,770

55,564
-398
500
5,938
3,591
1,583
1,259
-1,971
40,819
54
12,476
15,473
17,304
1,810
115,851
22,986
16,289
59,140
-103
608

88,812'
-193
-261
4,471
4,175
5,045
-648
-181
53,562'
1,530
11,684
14,181
40,343
6,788
127,739
35,605
32,109
45,062
-118
1,100

1,277,006
904,784

1,668,598'
1,165,826'

32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

7,872
-2,863
-44
128
-286
455
655
-62
40
-3,044
-59
1,135
3,465
5,402
925
11,232
4,133
2,207
4,273
-25
357

10,288
-19
344
84
481
323
52
21
5,251
284
400
-267
7,766
1,443
14,062
4,948
3,699
3,214
-19
-62

759
436
819
1,018
-39
21
4,708
13
919
810
3,743
575
10,579
2,545
1,422
5,004
4
17

6,621'
-45
8
190
-583
-149
-368
215
3,487'
501
698
-87
1,964
11
6,784
1,156
2,363
3,857
25
49

155,297

96,550
76,005

131,907
92,142

157,606
98,648

149,072
108,285

176,748'
111,351'

167,469
131,680'

155,297
112,088

706
252
-183
-2,156
-361
-78
10,384
31
521
2,150
3,529
2,189
15,389
11,400
2,823
-1,088
10

8,554

52 International and
regional organizations2
CORPORATE BONDS 3

53 Foreign purchases
54 Foreign sales

43,209

20,545

39,765

58,958

40,787

65,397'

35,789'

43,209

369,370
19,141

501,696'
28,523

43,126
2,383

20,620
1,007

39,327
2,752

58,984
1,830

40,777
2,006

65,193'
3,640

36,190'
2,864

43,126
2,383

241,709
3,625
13,156
6,488
12,184
4,610
2,772
3,742
168,881
16,570
2,279
7,203
40,488
1,022
69,910
26,130
11,012
25,617
394
6,365

305,483'
-635
21,626
-11,919
13,934
4,491'
3,379
9,965
240,658'
10,397
8,182
10,035
92,798
5,282
72,477
31,251
14,802
12,713
-150
7,589

30,788
-1,519
3,723
285
1,991
-722
-217
489
489
650
377
704
3,698
221
7,492
3,401
1,234
1,570
-86
-68

8,517
-344
1,535
-354
788
-141
76
1,220
6,028
-283
-604
440
7,192
633
4,520
1,529
1,411
933
22
-100

18,930
-1,458
2,910
31
423
-386
145
1,015
14,345
-81
440
1,578
10,868
946
6,473
2,319
1,006
2,055
116
-24

45,249
162
3,029
836
3,000
1,968
69
635
30,891
3,107
775
1,024
7,607
-486
3,982
1,869
669
268
63
770

25,083
-138
3,423
-2,948
1,434
-519
1,135
1,139
19,782
883
-158
977
8,876
-56
5,691
1,367
1,776
1,468
31
333

43,229'
-32
2,636
708
2,630
605
61
2,585
33,472'
-660
1,317
762
9,998
827
8,920
3,334
1,403
2,377
56
84

12,907'
-349
3,060
-14,867
25
-12'
608
377
20,747
1,612
1,304
680
12,464
70
8,791
3,639
1,615
2,318
-435
409

30,788
-1,519
3,723
285
1,991
-722
-217
489
27,764
650
377
704
3,698
221
7,492
3,401
1,234
1,570
-86

372,222
55 Net purchases, or sales (-)
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77

Foreign countries
Of which: by foreign official institutions . .
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

78 International and
regional organizations3

2,852

1,076

Securities Holdings and Transactions
3.24

55

FOREIGN TRANSACTIONS IN SECURITIES—Continued
Millions of dollars
2007
Transaction, and area or country

2005

2006

2007

2006'
Jan.Jan.

July

Aug.

Oct.

Sept.

Nov.

Dec.

Jan.p

-12,728
336,154
348,882

Foreign securities
79 Stocks, net purchases or sales (-) 4
-127,296
2.240.104
2,367,400

-106,345
3,699,444
3,805,789

-12,728
336,154
348,882

-3,216
262,693
265,909

6,457
287,599
281,142

-9,241
281,210
290,451

-8,360'
346,245'
354,605

-19,772'
342,698'
362,470'

-18,940
326,212
345,152

-45,095

-142,305

-4,825

-18,537

-9,364

-13,558

-8,191 r

-17,583

-29,588'

^t,825

83 Foreign purchases

1,459,882
1 504 977

1,867,070
2 009 375

216,328
221,153

123,918
142,455

139,924
149,288

145,881
159,439

161,401'
169,592

190,822
208,405

194,633'
224,221'

216,328
221,153

85 Net purchases, or sales (-) of stocks and bonds4

-172,391

-248,650

-17,553

-21,753

-2,907

-22,799

-16,551'

-37,355'

-48,528'

-17,553

86 Foreign countries
87 Europe

-165,403
-81,669
-15,952
-46,382
-4,559
-23,487
5,474
-45,551
-32,842
-1,668
-13,943

-253,097
-218,650
-49,292
-158,028
-18,776
-12,564
25,223
-17,474
2,233
-1,769
-9,087

-17,717
-15,470
-3,995
-12,989
2,779
1,853
-2,550
-3,600
-792
186
-915

-21,382
-24,670
-9,075
-17,103
-1,542
555
-8
2,877
1,091
362
1,044

-5,657
-10,511
698
-8,439
-3,303
1,005
2,017
4,986
1,542
-28
177

-24,840
-20,304
-3,414
-17,127
-839
43
-80
-2,103
-863
96
-1,653

-16,598'
-20,019'
-5,552'
-9,041
-1,297
-2,153
9,176
-1,312
-665
244'
-1,237

-37,436'
-33,019
-6,363
-25,667
691
-2,787
3,539
-2,657
1,816
-86'
-3,117

-48,271'
-36,772
-8,145
-26,691
-2,543
-2,189
1,073
-6,571
-5,495
-349
-920'

-17,717
-15,470
-3,995
-12,989
2,779
1,853
-2,550
-3,600
-792
186
-915

-6,988

4,447

164

-371

2,750

2,041

80 Foreign purchases
82 Bonds, net purchases or sales (-) 4

89

United Kingdom

91 Latin America
93 Asia
95 Africa
97 Nonmonetary international and
regional organizations2

1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
2. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

3.25

MARKETABLE U.S. TREASURY BONDS AND NOTES

47

81

-257

164

3. Includes state and local securities. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investment abroad.
4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign
securities.
5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.

Foreign Transactions1

Millions of dollars; net purchases, or sales (-), during period

Area or country

Jan.Jan.

July

Aug.

Sept.

1 Total reported

338,112

15,312

11,156

44,103

2 Foreign countries
3
Of which: by foreign official institutions

335,160
68,689

197,116'
62,530

15,451
-5,275

10,785
8,239

44,224
16,882

1,668
7,706

25,176'
18,463

32,860'
1,016

10,666
6,092

15,451
-5,275

173,638
500
9,559
14,497
1,246
2,046
-6,095
6,414
1,832
-4,904
134,118
419
14,006
21,452

99,397'
580
-1,600
1,571'
-1,293
-1,290
690
5,129
703
-2,884
92,087'
-96
5,800
18,122'

9,926
-631
2,396
4,041
898
-256
769
-11,683
1,932
-245
10,418
-98
2,386
903

-2,531
147
-2,356
1,200
0
85
-1,089
7,497
191
-289
-11,383
76
3,390
809

14,190
113
-1,803
818
1,475
-550
-830
4,003
32
238
10,626
-128
196
5,801

7,089
-370
-2,430
1,375
-521
593
726
1,922
-547
-438
6,894
-235
120
2,001

21,077'
-91
5,379
62'
655
-265
410
13,370
-908
25
26'
234
2,180
-1,220'

19,980'
-99
2,628
-610
-526
-555
280
6,121
-153
-898
13,986'
-44
-151
-2,624'

8,171
-1
-494
-29
-2,786
-28
1,309
-4,071
174
-1,828
16,705
-258
-521
717

9,926
-631
2,396
4,041
898
-256
769
-11,683
1,932
-245
10,418
-98
2,386
903

3,054
4,476
-1,138
59
-343

-2,202
994
-3,720
211
313

2,354
1,702
631
5
16

33,475'

4
5
6
7
8
9
10
11
12
13
14
15
16
17

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man
Other Europe and former U.S.S.R. . .
Canada

18
19
20
21
22

Latin America
Brazil
Mexico
Venezuela
All other Latin America

23,368
12,269
9,756
518
825

21,869
23,100
-308
242
-1,165

2,354
1,702
631
5
16

-1,447
-1,643
678
-48
-434

10,214
11,244
-1,670
-18
658

3,210
1,990
592
-22
650

491
1,434
-874
43
-112

23

Caribbean

44,997

-9,576

-3,887

11,572

-3,967

-9,779

2,293

15,608

-16,775

-3,887

24
25
26
27
28
29
30

Asia
China, Mainland
Hong Kong
Japan
Korea
Middle East Oil Exporters2
All other Asia

68,317
37,369
12,313
-5,015
1,459
2,063
20,128

66,422
37,709
16,234
2,015
6,768
4,183
-487

5,388
235
2,232
3,286
-3,684
1,399
1,920

2,281
1,741
-182
398
1,220
133
-1,029

16,828
4,953
1,961
11,365
-922
-540
11

-541
1,501
-898
-3,432
2,420
-81
-51

2,073
3,140
260
781
-702
-2,538
1,132

-2,760
-798
678
-256
-833
-1,097
-454

21,131
7,187
1,671
8,645
-825
1,199
3,254

5,388
235
2,232
3,286
-3,684
1,399
1,920

2,222
2,027

3,517'
2,400

179
501

460
417

414
101

163

641
-6

-638'
-744

188

179
501

1,166

-2,635

588

-359

744

-475

-179

240

2,952

1,114

-139

371

-121

-13

-168

615

31

Africa

32

African oil exporters3

33

Other countries

34

International and regional organizations

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).

-4
-564
-85

588
-139

3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

56

Federal Reserve Bulletin Statistical Supplement • March 2007

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
2006
Item

2004

2005

2007

2006
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

0.7544
2.1458
1.1285
7.9018
5.9085
1.2617
7.7849
45.36
118.61
3.6762
10.885
0.6621
6.6591
1.5775
7.6300
952.64
105.718
7.3338
1.2602
33.194
37.281
1.8765
2,144.60

0.7728
2.1555
1.1359
7.8622
5.7858
1.2888
7.7816
44.73
117.32
3.6413
10.913
0.6693
6.3991
1.5558
7.2455
935.41
107.720
7.0612
1.2356
32.808
36.501
1.9125
2,144.60

0.7858
2.1476
1.1532
7.8219
5.6452
1.3205
7.7733
44.48
117.32
3.5477
10.855
0.6933
6.1826
1.5401
7.0345
924.98
107.791
6.8398
1.2099
32.512
35.694
1.9629
2,144.60

0.7826
2.1376
1.1763
7.7876
5.7364
1.2993
7.8000
44.21
120.45
3.5065
10.956
0.6947
6.3656
1.5373
7.1898
936.76
108.522
6.9901
1.2431
32.770
35.189
1.9587
2,144.60

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.RJyuan
Denmark/krone
European Monetary Union/euro3
Hong Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar

0.7365
2.9262
1.3017
8.2768
5.9891
1.2438
7.7891
45.26
108.15
3.8000
11.290
0.6643
6.7399
1.6902
6.4402
1,145.24
101.268
7.3480
1.2428
33.372
40.271
1.8330
1,886.13

0.7627
2.4352
1.2115
8.1936
5.9953
1.2449
7.7775
44.00
110.11
3.7869
10.894
0.7049
6.4412
1.6639
6.3606
1,023.75
100.383
7.4710
1.2459
32.131
40.252
1.8204
2,107.13

0.7535
2.1738
1.1340
7.9723
5.9422
1.2563
7.7681
45.19
116.31
3.6661
10.906
0.6492
6.4095
1.5882
6.7668
954.32
103.940
7.3718
1.2532
32.507
37.876
1.8434
2,144.60

0.7631
2.1553
1.1182
7.9722
5.8236
1.2810
7.7762
46.45
115.92
3.6730
10.874
0.6348
6.2423
1.5754
6.9503
960.95
103.669
7.1890
1.2318
32.761
37.587
1.8941
2,144.60

0.7549
2.1679
1.1161
7.9334
5.8633
1.2722
7.7825
46.01
117.21
3.6699
10.989
0.6551
6.5008
1.5803
7.4465
952.29
102.595
7.2844
1.2455
32.904
37.427
1.8839
2,144.60
Indexes4

NOMINAL

24 Broad (January 1997=100)s
25 Major currencies (March 1973=100)°
26 Other important trading partners (January
1997=100)7

113.63
85.37

110.71
83.71

108.52
82.46

107.64
81.18

107.92
81.59

108.21
82.36

107.34
81.48

106.53
80.89

107.59
82.37

143.38

138.89

135.38

135.39

135.37

134.79

134.06

133.03

133.18

99.54'
91.09'

97.89'
90.89'

96.74'
90.82'

96.93'
90.06'

96.56'
90.22'

96.11'
90.62'

94.82'
89.34'

94.02'
88.65'

95.12
90.45

119.97'

116.27'

113.53'

115.03'

113.89'

112.26'

110.86'

109.83'

110.11

REAL

27 Broad (March 1973=100)s
28 Major currencies (March 1973=100)s
29 Other important trading partners (March
1973=100)7

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at
www.federalreserve.gov/releases.
2. U.S. dollars per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro.
4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a

measure of the importance to U.S. exporters of that country's trade in third country markets.
The source for exchange rates not listed in the table above but used in the calculation of this
index is Reuters Limited.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one. The source for exchange rates not listed in the table above
but used in the calculation of this index is Reuters Limited.

57

Guide to Special Tables
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title, Table Number, and Reporting Date for Data

Issue

Page

Reference

Assets and liabilities of commercial banks, 4.20
March 31,2006
June 30, 2006
September 30, 2006
December 31,2006

June
September
December
March

2006
2006
2006
2007

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Terms of lending at commercial banks, 4.23
February 2006
May 2006
August 2006
November 2006

May
August
November
February

2006
2006
2006
2007

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30
December 31,2005
March 31,2006
June 30, 2006
September 30,2006

May
August
November
February

2006
2006
2006
2007

64
64
64
64

Supplement
Supplement
Supplement
Supplement

August 2001
October 2001
January 2002

A76
A64
A64

Bulletin
Bulletin
Bulletin

September 2002
September 2003
September 2004

A58
A58
58

Bulletin
Bulletin
Supplement

September 2002
September 2003
September 2004

A67
A67
67

Bulletin
Bulletin
Supplement

September
September
September
September

2003
2004
2005
2006

A70
70
60
60

Bulletin
Supplement
Supplement
Supplement

September
September
September
September

2003
2004
2005
2006

A73
73
63
63

Bulletin
Supplement
Supplement
Supplement

Pro forma financial statements for Federal Reserve priced services, 4.31*
March 31,2001
June 30, 2001
September 30, 2001
Residential lending reported under the Home Mortgage Disclosure Act,
1989-2001
1990-2002
1991-2003
Disposition of applications for private mortgage insurance,
1998-2001
1999-2002
2000-2003
Small loans to businesses and farms,
1996-2002
1997-2003
1998-2004
1999-2005

4.34-4.411

4.42-4.45

4.46-4.48

Community development lending reported under the Community Reinvestment Act, 4.49
2002
2003
2004
2005

*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 2007

4.20

DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities
Consolidated Report of Condition, December 31, 2006
Millions of dollars except as noted

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
9 Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value)
10
U.S. Treasury securities
11
U.S. government agency and corporation obligations (excludes mortgage-backed
securities)
12
Issued by U.S. government agencies
13
Issued by U.S. government-sponsored agencies
14
Securities issued by states and political subdivisions in the United States
15
Mortgage-backed securities (MBS)
16
Pass-through securities
17
Guaranteed by GNMA
18
Issued by FNMA and FHLMC
19
Other pass-through securities
20
Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS)
21
Issued or guaranteed by FNMA, FHLMC or GNMA
22
Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA
23
All other mortgage-backed securities
24 Asset-backed securities
25
Credit card receivables
26
Home equity lines
27
Automobile loans
28
Other consumer loans
29
Commercial and industrial loans
30
Other
31
Other debt securities
32
Other domestic debt securities
33
Foreign debt securities
34
Investments in mutual funds and other equity securities with readily determinable
fair value

Banks with foreign offices'

Banks with
domestic
offices only2

9,988,992

8,709,443

7,178,615

5,899,066

2,810,377

429,226

301,346
n. a.
n. a.
n. a.
n. a.
n. a.
n. a.

336,713
156,213

208,834
151,924
117,088
34,836
39,034
5,772
12,104

92,512

n.a.
n.a.
50,107
118,245
12,149

1,632,163
40,142

n. a.
n. a.

242,458
11,075
231,383
134,747
960,408
656,198
25,460
604,808
25,930
304,211
143,254
9,444
151,513
88,692
13,206
32,552
7,988
7,521
3,583
21,200
147,816
35,649
112,167

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

534,990
13,166

1,097,173
26,976
71,461
7,201

64,260
58,231
733,202
547,431
14,661

508,490
24,280
185,771

78,895
8,264
98,612
75,225
6,697
31,949
7,509
7,126

3,084
18,861
118,842
19,260
99,582

17,899

170,996
3,873
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.

167,123

76,516
227,206
108,767
10,800
96,317
1,650
118,439
64,359
1,180

52,900
13,467

6,508
603
479
396
499
2,339
28,974
16,390
12,585
4,664

13,235

527,695
207,711
319,984

354,937
207,711
147,226

427,481
132,892
294,589

254,722
132,892
121,830

100,215
74,819
25,396

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

5,923,274
2,269
238,603
5,682,403
68,168
5,614,235

5,505,077
2,209

4,024,698

3,606,501
1,051
n.a.
n.a.
n.a.
n.a.

1,898,576
1,158

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

3,395,326
n.a.
n.a.
n.a.
n.a.

3,339,002
492,545
52,179
1,890,687
469,640

2,032,824
224,882
8,878
1,387,442
378,675

1,306,178

n.a.
n.a.
n.a.
n.a.
127,958
n.a.
n.a.
n.a.
53,772
1,130,589
n.a.
n.a.

1,253,673
167,374
106,256
797,335
105,906

890,888
117,879
56,514
355,108
91,019
68,097
8,099
14,822
13,850
669,305
655,289

362,785
49,496
49,741
442,227
14,888

849,222
339,257
47,498
462,467

746,790
296,833

37,099
193,357
5,019
188,337
n.a.
n.a.
135,951

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 n on residential 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-U.S. 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

Trading assets
Premises and fixed assets (including capitalized leases)
Other real estate owned
Investments in un con soli dated subsidiaries and associated companies
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

619,771
95,815
5,399
13,213
n.a.
358,156
269,848
88,308
454,716

195351
3,828,236
44,874
3,783,361
2,089,148

113,070

68,720
8,101

36,250
53,211
964,237

14,411

835,658
667,509

43,251
1,854,167

23,293
1,830,873

267,663
43,301

503,246
90,965

39,362
294,931

168,150

14,017

413,957

650,467
257,071
43,292
350,105

548,036
214,647
31,795
301,594

37,093

26,980

26,974

10,119

136,118

172,511

397

4,999

115,271
377

135,720

167,512

20,846
20
20,826

36,001

122,453

595,078
52,897
2,829
12,515

n.a.
310,564
237,172

73,392
364,652

114,894
23,465
91,429
109,221
n.a.
n.a.
n.a.
n.a.
19,522
n.a.
n.a.
n.a.
n.a.

198,755
82,186
4,206
112,363

13,498
24,693
42,918
2,569
698
n.a.
47 592
32,676
14,916
90,064

Special Tables
4.20

59

DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued
Consolidated Report of Condition, December 31, 2006
Millions of dollars except as noted

Domestic
total

Banks with foreign offices'

Banks with
domestic
offices only2

7,178,615

81 Total liabilities, minority interest, and equity capital

9,988,992

82 Total liabilities

8,949,198

7,671,849

6,439,545

5,162,196

2,509,653

83 Total deposits
84
Individuals, partnerships, and corporations (include all certified and official checks) . . . .
85
U.S. government
86
States and political subdivisions in the United States
87
Commercial banks and other depository institutions in the United States
88
Banks in foreign countries
89 Foreign governments and official institutions (including
foreign central banks)

6,673,051
5,990,546

5,480,044
5,095,163
3,725
286,445
66,524
23,371

4,560,370
4,041,944
n.a.
n.a.
94,862
189,616

3,367,362
3,146,561
2,825
147,656
42,404
23,114

2,112,681
1,948,602
901
138,789
24,120
257

90
91
92
93
94
95
96
97
98
99
100
101
102
103
104

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) . . . .

118,982
189,873

4,816

105 Federal funds purchased and securities sold under agreements to repurchase
106
Federal funds purchased in domestic offices
107
Securities sold under agreements to repurchase
108 Trading liabilities
109 Other borrowed money (includes mortgage indebtedness and obligations under capitalized
leases)
110 Subordinated notes and debentures to deposits
111 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs
112 All other liabilities
113 Minority interest in consolidated subsidiaries
114 Total equity capital

4,803

13

319,838
276,500
447
36,470
6,348
64
10

508,088

306,504

201,584

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

4,775,440
4,503,695
1,660
211,217
36,187
18,457
4,224

2,982,597
2,831,593
1,206
108,898
18,415
18,263
4,221

1,792,843
1,672,102
454
102,319
17,772
194

578,934
186,169
392,765
265,288

474,716
186,169
288,547
n.a.

115,469
48,236
67,233
983

630,299
140,070
n.a.
264,584
15,221

520,824
n.a.
399,838
n.a.
n.a.

230,966
9,177
n.a.
40,376
1,471

694,403
234,405
459,998
266,271

590,185
234,405
355,780

861,265
149,248
n.a.
304,960
16,693

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

384,765
314,968
1,618
38,757
23,989
4,851
582

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

Total demand deposits
Total n on 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)

82,924

704,604
591,468
2,066
75,227
30,336
4,914
592

n.a.

1,023,101

299,252

MEMO

115 Trading assets at large banks2
116
U.S. Treasury securities (domestic offices)
117
U.S. government agency obligations (excluding MBS)
118
Securities issued by states and political subdivisions in the United States
119
Mortgage-backed securities
120
Other debt securities
121
Other trading assets
122
Trading assets in foreign offices
123
Revaluation gains on interest rate, foreign exchange rate, and other
commodity and equity contracts
124 Total individual retirement (IRA) and Keogh plan accounts
125 Total brokered deposits
126
Fully insured brokered deposits
127
Issued in denominations of less than $100,000
128
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
129 Money market deposit accounts (MMDAs)
130 Other savings deposits (excluding MMDAs)
131 Total time deposits of less than $100,000
132 Total time deposits of $100,000 or more
133 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.

617,893
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
266,699

290,350
24,849
6,266
8,813
22,281
64,616
70,325
0

154,045
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7,376

267,527
24,652
5,690
8,647
17,885
48,156
70,147
0

22,822
197
575
165
4,396
16,460
179
0

93,200
202,002
389,168
237,214
100,695

92,350
92,321
175,916
77,808
43,753

850
109,681
213,251
159,405
56,942

136,519
2,210,947
685,732
872,443
1,006,318

34,055
1,561,966
423,784
414,072
582,775

102,463
648,981
261,948
458,371
423,542

7,376

266,699

7,265

Foreign offices include branches in foreign countries, Puerto Rico, and U.S.-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, 58-59
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)

Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35-39
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 45, 48^19, 52-53
Liabilities to, 45^17, 50-51, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22
International capital transactions of United States, 44—55
International organizations, 45, 46^17, 48, 50-55
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21, 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, '

Index to Statistical Tables

PRICES
Stock market, 24
Prime rate, 22
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit, 34
SAVING
Flow of funds, 33, 34, 35-39
Savings deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-39
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23

Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21, 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

62

Federal Reserve Bulletin Statistical Supplement • March 2007

Federal Reserve Board Publications
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, Washington, DC 20551, or telephone (202) 452-3245,
or FAX (202) 728-5886. You may also use the publications
order
form
available
on
the
Board's
website
(www.federah-eserve.gov). When a charge is indicated, payment
should accompany request and be made payable to the Board of
Governors of the Federal Reserve System or may be ordered via
MasterCard, VISA, or American Express. Payment from foreign
residents should be drawn on a U.S. bank.

FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL

BOOKS AND MISCELLANEOUS

GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000.

COMPUTERS. CD-ROM; updated monthly.
Standalone PC. $300 per year.
Network, maximum 1 concurrent user. $300 per year.
Network, maximum 10 concurrent users. $750 per year.
Network, maximum 50 concurrent users. $2,000 per year.
Network, maximum 100 concurrent users. $3,000 per year.
Subscribers outside the United States should add $50 to cover
additional airmail costs.
T H E FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS.

2005. 136 pp.
ANNUAL

PERCENTAGE

RATE

PUBLICATIONS

TABLES

(Truth

in

1,186 pp. $20.00 each.

Lending—

Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp.
Vol. II (Irregular Transactions). 1969. 116 pp. Each volume
$5.00.

REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM.
STATISTICAL SUPPLEMENT TO THE FEDERAL RESERVE BULLETIN.

Monthly. $25.00 per year or $2.50 each in the United States,
its possessions, Canada, and Mexico. Elsewhere, $35.00 per
year or $3.50 each.

ANNUAL REPORT, 2003.
ANNUAL REPORT: BUDGET REVIEW, 2004.

ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price.
1981
October 1982
239 pp.
$ 6.50
266 pp.
$ 7.50
1982
December 1983
1983
October 1984
264 pp.
$11.50
254 pp.
$12.50
1984
October 1985
231 pp.
$15.00
1985
October 1986
1986
November 1987
288 pp.
$15.00
272 pp.
$15.00
1987
October 1988
256 pp.
$25.00
1988
November 1989
1980-89
March 1991
712 pp.
$25.00
185 pp.
$25.00
1990
November 1991
215 pp.
$25.00
1991
November 1992
215 pp.
$25.00
1992
December 1993
1993
December 1994
281 pp.
$25.00
190 pp.
$25.00
1994
December 1995
404 pp.
$25.00
1990-95
November 1996
1996-2000
March 2002
352 pp.
$25.00
FEDERAL RESERVE BULLETIN. Quarterly. $10.00 per year or $2.50
each in the United States, its possessions, Canada, and
Mexico. Elsewhere, $15.00 per year or $3.50 each.
FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated

monthly. (Requests must be prepaid.)
Consumer and Community Affairs Handbook. $75.00 per year.
Monetary Policy and Reserve Requirements Handbook. $75.00
per year.
Securities Credit Transactions Handbook. $75.00 per year.
The Payment System Handbook. $75.00 per year.
Federal Reserve Regulatory Service. Four vols. (Contains all
four Handbooks plus substantial additional material.) $200.00
per year.
Rates for subscribers outside the United States are as follows
and include additional airmail costs:
Federal Reserve Regulatory Service, $250.00 per year.
Each Handbook, $90.00 per year.

EDUCATION PAMPHLETS
Short pamphlets suitable for classroom use. Multiple copies are
available without charge.
A
A
A
A

Consumer's Guide to Mortgage Lock-Ins
Consumer's Guide to Mortgage Settlement Costs
Consumer's Guide to Mortgage Refinancings
Guide to Business Credit for Women, Minorities, and Small
Businesses
Choosing a Credit Card
Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish)
Consumer Handbook to Credit Protection Laws
Home Mortgages: Understanding the Process and Your Right
to Fair Lending
How to File a Consumer Complaint about a Bank (also available
in Spanish)
In Plain English: Making Sense of the Federal Reserve
Keys to Vehicle Leasing (also available in Spanish)
Looking for the Best Mortgage (also available in Spanish)
Making Sense of Savings
Privacy Choices for Your Personal Financial Information
Protecting Yourself from Overdraft and Bounced-Check Fees
Putting Your Home on the Loan Line Is Risky Business (also
available in Spanish)
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
What You Should Know About Home Equity Lines of Credit
(also available in Spanish)
When Is Your Check Not a Check? (also available in Spanish)

63

STAFF STUDIES: Only Summaries Printed in the

170.

BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165-176 are available online at www.federalreserve.gov/
pubs/staffstudies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications Fulfillment.

IN SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.
171.
172.

BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by

Gregory E. Elliehausen and John D. Wolken. September
1990. 35 pp.
162.

EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A.

Rhoades. February 1992. 11 pp.
164.

T H E 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by

James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.
167.

A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING
PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES,

by Stephen A. Rhoades. July 1994. 37 pp.

USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR-

KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
69 pp.

N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and

Donald Savage. February 1990. 12 pp.
160.

THE COST OF BANK REGULATION: A REVIEW OF THE EVI-

DENCE, by Gregory Elliehausen. April 1998. 35 pp.

173.
159.

THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH

IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study

Group on Disclosure, Federal Reserve System. March 2000.
35 pp.
174.

BANK MERGERS AND BANKING STRUCTURE IN THE UNITED

STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp.
175.

THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS:
INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve

Staff, for the Payments System Development Committee,
Federal Reserve System. December 2002. 27 pp.
176.

BANK MERGER ACTIVITY IN THE UNITED STATES, 1994—

2003, by Steven J. Pilloff. May 2004. 23 pp.

64

Federal Reserve Bulletin Statistical Supplement • March 2007

ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202)
728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a
charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal
Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be
drawn on a U.S. bank.

Release number and title

Annual
mail
rate

Annual
fax

rate

Approximate
release
days1

which data, refer
V ±±-LW±± U U l u A W-LW-L
V

Corresponding
Bulletin or
Statistical
Supplement 2
table numbers

Weekly Releases
Actions of the Board:
Applications and Reports
Received
H.3. Aggregate Reserves of
Depository Institutions and
the Monetary Base 3
H.4.1. Factors Affecting Reserve Balances
of Depository Institutions and
Condition Statement of
Federal Reserve Banks3
H.6. Money Stock Measures3

$55.00

n.a.

Friday

$20.00

n.a.

Thursday

$20.00

n.a.

Thursday

$35.00

n.a.

Thursday

H.8.

Assets and Liabilities of
Commercial Banks in the
United States3
H. 10. Foreign Exchange Rates 3

$30.00

n.a.

Friday

$20.00

$20.00

Monday

H.15. Selected Interest Rates3

$20.00

$20.00

Monday

$ 5.00

$ 5.00

First of month

Previous month

G.15. Research Library—
Recent Acquisitions
G.17. Industrial Production and
Capacity Utilization3

No charge

n.a.

First of month

Previous month

$15.00

n.a.

Midmonth

Previous month

2.12,2.13

G.19. Consumer Credit3

$ 5.00

$ 5.00

$ 5.00

n.a.

Second month
previous
Second month
previous

1.55, 1.56

G.20. Finance Companies3

Fifth working day
of month
End of month

H.2.

Week ending
previous
Saturday
Week ending
previous
Wednesday
Week ending
previous
Wednesday
Week ending
Monday of
previous week
Week ending
previous
Wednesday
Week ending
previous
Friday
Week ending
previous
Friday

1.20

1.11, 1.18

1.21

1.26A-F

3.28

1.35

Monthly Releases
G.5.

Foreign Exchange Rates3

3.28

1.51, 1.52

65

Release number and title

Annual
mail
rate

Annual
fax
rate

Approximate
release
days 1

Period or date to
which data refer

Corresponding
Bulletin or
Statistical
Supplement
table numbers 2

Quarterly Releases
Survey of Terms of Business
Lending 3

5.00

E. 11. Geographical Distribution of
Assets and Liabilities of
Major Foreign Branches of
U.S. Banks

5.00

E. 16. Country Exposure Lending
Survey 3

E.2.

Z. 1.

Flow of Funds Accounts
of the United States:
Flows and Outstandings3

Midmonth of
March, June,
September, and
December

February, May,
August, and
November

n.a.

15th of March,
June,
September, and
December

Previous quarter

5.00

n.a.

January, April,
July, and
October

Previous quarter

$25.00

n.a.

Second week of
March, June,
September, and
December

Previous quarter

4.23

1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures.
Moreover, for all series unusual circumstances may, from time to time,
result in a release date being later than anticipated.
2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin,
the corresponding table for the statistical release no longer appears in the

1.57, 1.58,
1.59, 1.60

Bulletin. Statistical tables are now published in the Statistical Supplement
to the Federal Reserve Bulletin; the table numbers, however, remain the
same.
3. These releases are also available on the Board's website,
www.federalreserve.gov/releases.
n.a. Not available.

66

Federal Reserve Bulletin Statistical Supplement • March 2007

Publications of Interest
FEDERAL RESERVE REGULATORY SERVICE
To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related
statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin
stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price, which includes additional airmail costs,
is $250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Fulfillment, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

GUIDE TO THE FLOW OF FUNDS ACCOUNTS
A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.I quarterly statistical release),

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Fulfillment, Mail Stop
127, Board of Governors of the Federal Reserve System, Washington, DC 20551.

67

Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical release

Frequency of release

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z.I

Flow of Funds

Quarterly


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102