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Volume 1 • Number 5 • May 2004
Statistical Supplement
to the Federal Reserve
# ' • • •
BULLETIN
Board of Governors of the Federal Reserve System, Washington, D.C.
PUBLICATIONS COMMITTEE
Lynn S. Fox, Chair • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson
• Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Louise L. Roseman
• Dolores S. Smith • Richard Spillenkothen • David J. Stockton
The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by Economic Editing
and the Publications Department.
Preface
The Statistical Supplement to the Federal Reserve
Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's
issue of the Federal Reserve Bulletin. Starting with
the winter 2004 issue, the Bulletin is now published
on a quarterly basis.
Published monthly, the new Statistical Supplement
is designed as a compact source of economic and
financial data. All tables that appeared in the Federal
Reserve Bulletin, including the annual and quarterly
special tables, now appear in the Statistical Supplement. All statistical series are published with the
same frequency that they had in the Bulletin, and the
numbering system for the tables remains the same.
Separate subscriptions for the quarterly Federal
Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for
the Statistical Supplement is on the inside front cover.
For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or
send an e-mail to publications-bog@frbog.frb.gov.
If you have questions regarding the tables in
the Statistical Supplement, please send a fax to
(202) 785-6092 or (202) 728-5886.
Financial and Business Statistics
These tables reflect data available as of the last week of
April 2004.
3 SYMBOLS AND ABBREVIATIONS
DOMESTIC FINANCIAL STATISTICS
Money Stock and Bank Credit
4 Reserves and money stock measures
5 Reserves of depository institutions and Reserve Bank
credit
6 Reserves and borrowings—Depository
institutions
Policy
Instruments
7 Federal Reserve Bank interest rates
8 Reserve requirements of depository institutions
9 Federal Reserve open market transactions
Federal Reserve
Federal Finance
25 Federal debt subject to statutory limitation
25 Gross public debt of U.S. Treasury—
Types and ownership
26 U.S. government securities
dealers—Transactions
27 U.S. government securities dealers—
Positions and financing
28 Federal and federally sponsored credit
agencies—Debt outstanding
Securities Markets and Corporate
Finance
29 New security issues—Tax-exempt state and local
governments and U.S. corporations
30 Open-end investment companies—Net sales
and assets
30 Domestic finance companies—Assets and liabilities
31 Domestic finance companies—Owned and managed
receivables
Banks
10 Condition and Federal Reserve note statements
11 Maturity distribution of loans and securities
Real Estate
32 Mortgage markets—New homes
33 Mortgage debt outstanding
Monetary and Credit Aggregates
12 Aggregate reserves of depository institutions
and monetary base
13 Money stock measures
Consumer Credit
34 Total outstanding
34 Terms
Commercial Banking Institutions—
Assets and Liabilities
15
16
17
19
20
All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
Flow of Funds
35
37
38
39
Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities
Financial Markets
22 Commercial paper outstanding
22 Prime rate charged by banks on short-term
business loans
23 Interest rates—Money and capital markets
24 Stock market—Selected statistics
DOMESTIC
NONFINANCIAL
STATISTICS
Selected Measures
40 Output, capacity, and capacity utilization
42 Industrial production—Indexes and gross value
2
Federal Reserve Bulletin Statistical Supplement • May 2004
INTERNATIONAL STATISTICS
Summary Statistics
44 U.S. international transactions
44 U.S. reserve assets
45 Foreign official assets held at Federal Reserve
Banks
45 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
45
46
48
49
Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
Reported by Nonbanking Business
Enterprises in the United States
50 Liabilities to unaffiliated foreigners
52 Claims on unaffiliated foreigners
Securities Holdings and Transactions
54 Foreign transactions in securities
55 Marketable U.S. Treasury bonds and
notes—Foreign transactions
Interest and Exchange Rates
56 Foreign exchange rates
57 GUIDE TO SPECIAL TABLES AND
STATISTICAL
RELEASES
SPECIAL
TABLES
58 Assets and liabilities of commercial banks,
December 31, 2003
60 Terms of lending at commercial banks,
February 2-6, 2004
66 Assets and liabilities of U.S. branches and
agencies of foreign banks, December 31, 2003
70 INDEX TO STATISTICAL TABLES
Symbols and Abbreviations
c
e
n.a.
n.e.c.
p
r
*
0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FFIEC
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agricultural Mortgage Corporation
Federal Financing Bank
Federal Financial Institutions Examination Council
Federal Housing Administration
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
G-7
G-10
GDP
GNMA
GSE
HUD
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
TIIS
VA
Group of Seven
Group of Ten
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Treasury inflation-indexed securities
Department of Veterans Affairs
GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the U S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.
4
Federal Reserve Bulletin Statistical Supplement • May 2004
1.10
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted1
Monetary or credit aggregate
Ql
1
2
3
4
Reserves of depository institutions1
Total
Required
Nonborrowed
Monetary base3
Q2
Q3
Q4
11.3
11.4
12.8
7.1
6.1
5.8
34.2
28.3
33.0
5.5
14.0
7.2
12.9
5.2
26.1
27.9
24.2
5.9
Concepts of money*
5 Ml
6 M2
7 M3
7.2
6.5
8.5
8.1
5.8
7.5
6.9
6.9
2.4
1.5
1.5
2.2'
3.1
3.9
Nontransaction components
8 In M2 5
9 In M3 only6
7.0
5.1
8.0
.6
6.7
6.9
2.5
1.6'
4.6
14.7
7.6
8.4
15.9
8.7
3.6
17.6
13.9
23.0
24.2
9.3
1.6
17.9
12.4
15.1
Time and savings deposits
Commercial banks
Savings, including MMDAs
Smalltime7
Large time8'9
Thrift institutions
13
Savings, including MMDAs
14
Smalltime7
15 Large time8
10
11
12
Money market mutual funds
16 Retail10
17 Institution-only
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
6.6
6.7
8.1
.2
31.8
20.6
20.5
31.1
1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.
15.5
16.5
14.5
5.3
11.5
14.6
10.9
3.2
2.0
6.0
.4
2.1
12.2
21.6
10.5
2.9
8.6
1.0
.6'
5.5'
1.0'
7.3'
23.2
10.4
9.0
5.6'
.9'
3.6
7.0
5.9
5.1
9.2
10.4
5.1
8.4
6.9'
10.8
8.2'
16.0'
3.3
3.8'
39.4
5.3
10.7'
8.5
10.3'
4.9
7.7
11.3'
10.4
7.8
38.5
22.3
11.0
30.0
18.1
23.8
64.6'
18.0
3.8'
16.9
3.6
11.6
5.5
9.6'
5.1
6.6
7.0
15.2
3.5
6.0
17.8
24.1
18.7
20.5
25.5
3.2
20.3
13.2
16.7
3.0
14.1'
13.6'
7.6'
33.6'
45.2
4.9
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted separately.
7. Small time deposits are those issued in amounts of less than $100,000. All IRA and
Keogh account balances at commercial banks and thrift institutions are subtracted from small
time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
10. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.
Money Stock and Bank Credit
1.11
5
RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1
Millions of dollars
Average of
daily figures
Average of daily figures for week ending on date indicated
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
728,183
667,029
667,029
245,23 1
406,173
13,994
1,630
0
19,143
197
184
0
14
524
41,289
11,043
2,200
35,531
732,240
667,262
667,262
729,538
732,055
670,909
670,909
245,473
406,173
13,994
1,622
0
23,214
23
10
0
13
334
41,407
11,043
2,200
35,545
245,632
407,458
13,994
1,617
0
17,286
28
19
739,689
670,117
670,117
245,906
408,603
1,542
41,981
11,043
2,200
35,559
13,994
1,613
0
28,429
23
11
0
11
273
41,394
11,043
2,200
35,573
409,218
13,994
1,609
0
23,000
52
37
0
16
541
38,635
11,043
2,200
35,587
710,138
20,581
20,581
0
356
712,486
20,451
20,451
0
352
716,082
22,837
22,837
0
334
714,167
16,348
4,901
83
10,944
10,614
330
421
20,385
13,220
17,080
5,352
80
11,240
10,937
303
408
20,550
7,421
16,706
16,264
4,984
80
11,323
10,937
5,147
85
10,717
10,080
SUPPLYING RESERVE FUNDS
Reserve Bank credit outstanding
Securities held outright
U.S. Treasury2
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
734,606
666,878
666,878
734,144
729,486
738,252
665,846
665,843
669,776
669,776
666,798
666,798
666,827
666,827
244,041
406,173
13,960
1,670
3
30,500
51
20
0
30
872
39,528
11,043
2,200
35,451
245,068
406,173
13,994
1,642
0
26,177
112
101
0
11
451
40,987
11,043
2,200
35,514
245,865
408,303
13,994
1,613
0
23,526
31
18
0
13
244,981
406,173
13,994
1,649
0
21,143
45
39
0
245,020
406,173
13,994
1,639
0
306
40,505
11,043
2,200
35,573
329
41,172
11,043
2,200
35,503
212
0
11
176
40,771
11,043
2,200
35,517
716,589
19,600
19,544
56
322
713,313
20,798
20,499
298
333
713,575
21,137
21,137
0
713,146
20,443
19,479
964
324
711,194
19,997
19,997
0
334
709,477
17,708
5,257
91
12,086
11,843
243
274
20,733
10,540
17,181
5,587
87
11,070
10,695
375
437
20,374
11,363
16,653
5,269
83
10,950
10,567
383
351
20,425
10,834
15,805
18,606
7,374
86
16,677
736,797
6
30,607
223
668,702
668,702
246,087
ABSORBING RESERVE FUNDS
Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 .
336
4,886
87
10,535
10,182
352
298
20,682
7,831
10,732
10,184
548
414
20,120
16,761
20^225
0
345
5,153
82
11,046
10,619
427
396
20,590
9,644
20,426
20,426
0
322
386
637
319
20,738
11,809
315
20,225
9,481
734,404
670,786
670,786
730,266
Wednesday figures
End-of-month figures
Jan. 28
Feb. 4
Feb. 11
732,359
667,292
667,292
245,505
406,173
13,994
1,620
0
23,250
23
13
0
10
298
41,497
11,043
2,200
35,545
730,264
SUPPLYING RESERVE FUNDS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Reserve Bank credit outstanding
Securities
"
held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3 . . . .
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans to depository institutions
Primary credit
Secondary credit
Seasonal credit
Float
Other Federal Reserve assets
Gold stock
Special drawing rights certificate account
Treasury currency outstanding
19
20
21
22
23
24
Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts . . .
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 .
750,173
732,175
666,665
667,241
667,241
666,665
244,833
406,173
13,994
1,665
0
43,750
731,819
751,273
734,460
666,798
666,798
666,832
666,832
667,060
244,985
406,173
13,994
245,028
406,173
13,994
1,646
0
1,626
0
23,000
11,045
2,200
35,601
24,000
14
7
0
7
331
41,337
11,043
2,200
35,503
1,636
0
42,000
132
120
0
12
1,316
40,994
11,043
2,200
35,517
25
11
0
14
2,924
41,452
11,043
2,200
35,531
739,634
671,583
671,583
246,199
409,784
13,994
1,605
0
28,750
23
3
0
21
518
667,060
245,266
406,173
669,851
669,851
245,847
408,394
13,994
1,616
0
18,750
18
7
0
10
246,055
409,124
13,994
1,612
0
23,500
20
6
0
14
1,363
38,735
11,043
2,200
35,573
671,527
671,527
246,141
409,784
13,994
1,608
0
20,000
270
251
0
19
176
38,645
11,043
2,200
35,587
62
245,452
406,173
13,994
1,622
0
23,500
19
41
0
22
319
40,015
11,043
2,200
35,475
14
38
41,454
11,043
2,200
35,545
724,194
25,652
25,652
0
321
708,931
20,129
20,129
0
356
712,565
21,762
21,762
0
318
711,863
20,721
20,721
0
332
711,024
19,735
19,735
0
343
710,631
20,694
20,694
0
356
712,636
20,426
20,426
0
355
336
18,712
5,723
162
12,110
11,831
278
717
19,793
10,220
15,638
4,184
84
10,943
10,614
330
17,103
6,513
82
10,207
10,079
128
302
20,033
16,699
16,341
5,398
81
10,535
10,182
352
328
20,321
10,986
19,004
7,740
116
10,732
10,184
548
416
20,134
29,794
16,752
5,247
82
11,046
10,619
427
378
20,521
14,281
17,169
5,728
80
10,944
10,614
330
418
16,959
5,247
82
11,240
10,937
303
390
16,716
5,004
82
11,323
10,937
386
308
637
330
20,226
20,637
10,335
6,451
20,321
9,294
19,928
9,096
38,760
13,994
636
42,281
11,043
2,200
35,559
ABSORBING RESERVE FUNDS
25
26
27
28
29
30
31
32
426
20,365
15,544
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.
714,623
20,059
20,059
0
716,616
19,951
19,951
0
323
714,546
18,872
18,872
0
318
16,336
5,209
80
10,717
10,080
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 • May 2004
1.12
RESERVES AND BORROWINGS
Depository Institutions1
Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification
Sept.
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment
9,053
43,918
32,024
11,894
41,077
39,428
1,649
67
33
34
9,926
43,386
30,346
13,039
40,272
38,263
2,008
10,860
44,077
32,084
11,993
42,944
41,286
1,658
14,142
43,008
31,963
11,045
46,105
42,338
46
329
168
15
146
17
0
29
45
35
3,767
12,485
43,063
31,946
11,117
44,43 1
42,915
1,515
181
23
0
158
11,672
43,318
31,535
11,783
43,207
41,658
1,549
107
13
0
94
11,531
41,105
1,563
10,860
44,077
32,084
11,993
42,944
41,286
1,658
68
46
25
0
43
17
0
29
42,608
31,137
11,472
42,667
11,560
46,572
33,874
12,698
45,433
43,908
1,525
106
93
0
13
10,864
46,426
32,966
13,461
43,829
41,994
1,835
42
28
0
14
weekly averages of daily figures for two-week periods ending on dates indicated
1
2
3
4
5
6
7
8
9
10
11
12
Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Primary
Secondary
Seasonal
Adjustment
13,414
42,239
31,721
10,518
45,135
43,589
1,546
95
17
0
79
10,844
41,876
30,064
11,812
40,908
39,224
1,684
94
43
0
51
12,154
43,246
31,850
11,396
44,004
42,476
1,527
56
14
0
43
1. Data in this table also appear in the Board's H.3 (502) weekly statistical release,
available at: www.federalreserve.gov/releases. Data are not break-adjusted or seasonally
adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of" adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates
refer to the maintenance periods in which the vault cash can be used to satisfy reserve
requirements.
11,411
42,578
31,860
10,718
43,271
41,949
1,322
36
11
0
25
10,770
44,286
31,848
12,438
42,618
40,697
1,921
54
19
0
35
10,254
45,803
32,877
12,926
43,130
41,520
1,610
45
22
0
22
12,297
44,555
32,399
12,156
44,696
43,227
1,468
134
126
11,443
49,936
36,637
13,299
48,079
46,534
1,545
110
97
0
14
9,641
47,096
32,241
14,855
41,881
39,827
2,054
26
15
0
10
12,211
44,298
32,554
11,745
44,764
43,102
1,662
38
20
0
19
4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.
5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).
Domestic Financial Statistics
1.14
1
FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
1
Secondary credit2
Primary credit
Seasona credit3
T7 a|-| pi'n 1 D P CPTVP
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
VTinneapolis
Kansas City
Dallas
San Francisco
On
5/14/04
Effective date
Previous rate
On
5/14/04
Effective date
Previous rate
On
5/14/04
Effective date
Previous rate
2.00
6/25/03
6/25/03
6/26/03
6/26/03
6/26/03
6/26/03
2.25
i
2.50
6/25/03
6/25/03
6/26/03
6/26/03
6/26/03
6/26/03
2.75
i
1.05
4/15/04
1.00
i
6/26/03
6/26/03
6/26/03
6/25/03
6/26/03
6/25/03
2.00
1
2.25
2.50
6/26/03
6/26/03
6/26/03
6/25/03
6/26/03
6/25/03
i
1
2.75
1
1.05
4/15/04
1.00
Range of rates for primary credit
Effective date
In effect Jan. 9, 2003
(beginning of program)
2003—June 25
26
In effect May 14, 2004
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2.25
2.25
2.00-2.25
2.00
2.00
2.00
2.00
2.00
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
Effective date
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
2001—June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13
3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50
1.25-1.50
1.25
3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25
2002—Nov. 6
7
0.75-1.25
0.75
0.75
0.75
0.75
0.75
Range of rates for adjustment credit in recent years4
Effective date
In effect Dec. 31, 1995
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.25
5.25
1996—Jan. 31
Feb. 3
5.00-5.25
5.00
5.00
5.00
1998—Oct. 15
16
Nov. 17
19
4.75-5.00
4.75
4.50^1.75
4.50
4.75
4.75
4.50
4.50
1999—Aug. 24
26
Nov. 16
18
4.50^1.75
4.75
4.75-5.00
5.00
4.75
4.75
4.75
5.00
Effective date
2000—Feb.
2
4
Mar. 21
23
May 16
19
2001—Jan.
Feb.
Mar.
Apr.
2001—May
3
4
5
31
1
20
21
18
20
15
17
1. Available for very short terms as a backup source of liquidity to depository institutions
that are in generally sound financial condition in the judgment of the lending Federal Reserve
Bank.
2. Available in appropriate circumstances to depository institutions that do not qualify for
primary credit.
3. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans and
that cannot be met through special industry lenders. The discount rate on seasonal credit
Range (or
level)—All
F.R. Banks
F.R. Bank
of
N.Y.
5.00-5.25
5.25
5.25-5.50
5.50
5.50-6.00
6.00
5.25
5.25
5.50
5.50
5.50
6.00
5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00^1.50
4.00
3.50^1.00
3.50
5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50
In effect Jan. 8, 2003
(end of program)
takes into account rates charged by market sources of funds and ordinarily is reestablished on
the first business day of each two-week reserve maintenance period.
4. Was available until January 8, 2003, to help depository institutions meet temporary
needs for funds that could not be met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors: Banking and Monetary Statistics,
1914-1941, and 1941-1970; and the Statistical Digest, 1970-1979, 1980-1989, and
1990-1995. See also the Board's Statistics: Releases and Historical Data web pages
(http://www.federalreserve.gov/releases/H15/data.htm).
8
1.15
Federal Reserve Bulletin Statistical Supplement • May 2004
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
Requirem ent
Type of liability
Net transaction accounts^
1 $0 million-$6.6 million2
2 More than $6.6 million-$45.4 million3 . . . .
3 More than $45.4 million
Percentage of
liabilities
0
3
10
4 Nonpersonal time deposits
0
5 Eurocurrency liabilities
0
NOTE. Required reserves must be held in the form of vault cash and, if vault cash is
insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is a
member of the Federal Reserve System must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can maintain that deposit directly with a
Reserve Bank or with another institution in a pass-through relationship. Reserve requirements
are imposed on commercial banks, savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement
corporations.
1. Total transaction accounts consists of demand deposits, automatic transfer service
(ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer
accounts, ineligible bankers acceptances, and obligations issued by affiliates maturing in
seven days or less. Net transaction accounts are total transaction accounts less amounts due
from other depository institutions and less cash items in the process of collection.
12/25/03
12/25/03
12/25/03
For a more detailed description of these deposit types, see Form FR 2900 at
www. federalres erve. gov/bo arddoc s/reportform s/.
2. The amount of net transaction accounts subject to a reserve requirement ratio of zero
percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is
adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions. No adjustment is made in the event of
a decrease in such liabilities.
3. The amount of net transaction accounts subject to a reserve requirement ratio of 3
percent is the "low-reserve tranche." By statute, the upper limit of the low-reserve tranche is
adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository institutions.
Policy Instruments
1.17
9
FEDERAL RESERVE OPEN MARKET TRANSACTIONS'
Millions of dollars
Type of transaction
and maturity
July
Aug.
Sept.
U.S. TREASURY SECURITIES
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
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
0
68,544
68,544
0
981
0
56,098
56,098
0
0
60,835
60,835
0
0
75,566
75,566
0
925
0
56,871
56,871
0
1,494
0
59,719
59,719
0
619
0
80,276
80,276
0
12,720
0
89,108
92,075
6,565
0
96,433
103,153
0
0
0
6,662
4,996
0
0
0
0
0
0
0
0
20,174
21,901
0
0
0
5,435
6,368
0
2,561
0
0
0
0
0
0
23,307
20,538
0
0
0
0
0
0
22,814
0
45,211
64,519
12,748
0
73,093
88,276
7,814
0
76,364
97,256
0
0
6,662
4,996
0
0
0
0
0
0
16,820
19,386
1,447
0
5,435
6,368
1,503
0
0
0
237
0
17,681
18,905
0
0
0
0
6,003
0
21,063
6,063
5,074
0
11,588
3,800
4,107
0
11,131
5,897
0
0
0
0
1,232
0
2,202
2,515
280
0
0
0
787
0
283
0
3,993
1,634
8,531
0
4,062
1,423
2,280
0
4,427
0
220
0
8,938
0
0
0
0
0
0
0
0
150
0
5,556
0
0
0
0
0
68,513
0
26,897
54,242
0
0
36,856
0
0
981
0
0
2,162
0
0
41,616
54,242
542,736
542,736
10,095
657,931
657,931
15,663
0
70,336
72,004
16,802
0
0
0
20
0
1,634
0
0
0
0
5,775
0
0
2,034
0
0
619
0
0
FEDERAL AGENCY OBLIGATIONS
Outright transactions
Gross purchases
Gross sales
Redemptions
0
0
120
Net change in federal agency obligations
TEMPORARY TRANSACTIONS
Repurchase agreements^
Gross purchases
Gross sales
1,497,713
1,490,838
1,143,126
1,153,876
Matched sale-purchase agreements
Gross purchases
Gross sales
4,722,667
4,724,743
4,981,624
4,958,437
Reverse repurchase agreements*
Gross purchases
Gross sales
Net change in temporary transactions
Total net change in System Open Market Account
231,272
252,363
1,522,
145,750
148,500
156,250
150,250
122,500
120,000
157,750
169,250
122,500
115,500
138,000
127,250
138,250
158,500
4,942,131
4,946,691
445,346
443,093
410,913
411,276
421,973
426,766
427,913
422,259
336,765
336,216
425,519
432,390
416,239
410,716
4,800
8,653
310
497
5,637
2,293
5,846
7,549
3,879
14,727
46,295
45,589
36,536
311
6,617
131
3,238
13,324
5,903
14,108
1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.
2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities.
3. Cash value of agreements, which are collateralized by U.S. government and federal
agency obligations.
4. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10
Federal Reserve Bulletin Statistical Supplement • May 2004
1.18
FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements1
Millions of dollars
Wednesday
Consolidated condition statement
ASSETS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Gold certificate account
Special drawing rights certificate account
Coin
Securities, repurchase agreements, and loans
Securities held outright
U.S. Treasury2
Bills3
Notes and bonds, nominal3
Notes and bonds, inflation-indexed3
Inflation compensation4
Federal agency3
Repurchase agreements5
Loans
Items in process of collection
Bank premises
Other assets
Denominated in foreign currencies6
All other7
19 Total assets
18,717
11,038
2,200
855
690,760
667,241
667,241
245,452
406,173
13,994
1,622
0
23,500
19
5,538
1,648
39,808
19,871
19,937
11,041
2,200
896
700,356
671,583
671,583
246,199
409,784
13,994
1,605
0
28,750
23
5,704
1,654
37,100
19,602
17,498
772,444
751,848
758,950
10,806
2,244
680,151
18,872
25,434
19,815
5,209
80
330
7,170
2,239
689,757
25,652
29,660
23,058
5,723
162
717
7,582
2,100
674,592
20,129
31,198
26,503
4,184
84
426
5,564
2,201
678,173
21,762
33,798
26,901
6,513
82
302
5,184
2,224
733,503
741,575
733,866
754,750
733,683
741,141
8,847
280
8,894
8,847
639
8,847
332
8,905
8,700
84
8,847
8,847
8,895
8,847
423
8,902
8,693
215
18,016
18,380
18,076
17,689
17,694
18,165
17,809
1,121,982
894,193
227,789
581
1,126,346
893,961
232,385
2,936
1,142,538
907,903
234,634
1,480
1,144,740
908,548
236,192
1,081
1,072,420
862,355
210,065
4,426
1,112,264
886,555
225,710
128
1,149,324
915,509
233,815
1,116
11,039
2,200
813
690,085
667,060
667,060
245,266
406,173
13,994
1,626
0
23,000
25
10,572
1,644
39,809
20,043
19,766
11,038
2,200
858
690,565
667,292
667,292
245,505
406,173
13,994
1,620
0
23,250
23
8,881
1,644
39,855
11,038
2,200
881
694,306
670,786
670,786
246,055
409,124
13,994
1,612
0
23,500
20
12,496
1,646
37,084
20,156
16,928
11,038
2,200
878
691,798
671,527
671,527
246,141
409,784
13,994
1,608
0
20,000
270
6,996
1,650
36,995
19,676
17,320
11,039
2,200
722
710,477
666,665
666,665
244,833
406,173
13,994
1,665
0
43,750
62
7,793
1,628
38,586
19,868
11,038
2,200
875
688,619
669,851
669,851
245,847
408,394
13,994
1,616
0
18,750
18
6,874
1,645
40,631
20,238
20,394
756,161
755,041
751,883
759,651
751,555
676,265
20,694
31,035
25,329
5,247
82
378
7,647
2,286
678,300
20,426
27,507
21,282
5,728
80
418
8,582
2,210
680,270
20,059
23,408
17,688
5,247
82
390
7,509
2,257
682,243
19,951
26,33 1
20,938
5,004
737,927
737,025
8,886
8,847
502
LIABILITIES
20
21
22
23
24
25
26
27
28
Federal Reserve notes, net of F.R. Bank holdings . . . .
Reverse repurchase agreements8
Deposits
Depository institutions
U.S. Treasury, general account
Foreign official
Other
Deferred availability cash items
Other liabilities and accrued dividends9
29 Total liabilities
CAPITAL ACCOUNTS
30 Capital paid in
3 1 Surplus
32 Other capital accounts
33 Total capital
MEMO
34 Marketable securities held in custody for foreign offici:
and international accounts3'10
35 U.S. Treasury
36
Federal agency
37 Securities lent to dealers
1,114,004
884,578
229,427
783
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
799,230
798,664
799,558
801,092
801,978
799,932
798,727
801,810
122,965
676,265
676,265
11,039
2,200
663,026
0
120,364
11,038
2,200
665,061
0
119,289
680,270
680,270
11,038
2,200
667,031
0
118,849
682,243
682,243
11,038
2,200
669,004
0
121,827
680,151
680,151
11,038
2,200
666,912
0
110,176
689,757
689,757
11,039
2,200
676,518
0
124,135
674,592
674,592
11,038
2,200
661,353
0
123,637
678,173
678,173
11,041
2,200
664,932
0
690,060
690,542
688,601
694,286
691,527
710,415
690,741
700,333
20,698
20,430
20,064
19,955
18,877
25,658
20,135
21,771
669,362
670,112
668,538
674,331
672,651
684,757
670,606
678,562
678,300
678,300
MEMO
46 Total U.S. Treasury and agency securities"
47
Less: face value of securities under reverse repurchase
agreements12
48
U.S. Treasury and agency securities
eligible to be pledged
1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release, which is available at: www.federalreserve.gov/releases.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Valued daily at market exchange rates.
7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
9. Includes exchange-translation account reflecting the daily revaluation at market
exchange rates of foreign exchange commitments.
10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
11. Includes face value of U.S. Treasury and agency securities held outright, compensation
to adjust for the effect of inflation on the original face value of inflation-indexed securities,
and cash value of repurchase agreements.
12. Face value of agreements, which are fully collateralized by U.S. Treasury securities.
Federal Reserve Banks
1.19
FEDERAL RESERVE BANKS
11
Maturity Distribution of Loans and Securities
Millions of dollars
Wednesday
Type of holding and maturity
1 Total loans
25
0
0
11
11
0
7
10
20
0
267
3
0
60
3
667,060
667,292
669,851
670,786
671,527
666,665
667,241
671,583
53,516
143,126
163,330
182,295
47,661
77,131
50,388
148,245
162,763
181,106
47,660
77,129
50,035
148,893
164,122
181,930
47,744
77,127
53,103
150,375
158,686
182,680
48,816
77,126
51,729
151,629
158,892
182,678
49,240
77,359
47,733
139,347
164,071
187,056
51,312
77,146
37,350
159,481
163,327
182,293
47,660
77,130
36,560
166,646
159,102
182,678
49,239
77,358
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
23,000
23,250
18,750
23,500
20 Within 15 days
23,000
0
23,250
0
18,750
0
23,500
0
20,000
0
43,750
0
23,500
0
28,750
0
20,694
20,426
20,059
19,951
18,872
25,652
20,129
21,762
20,694
20,426
0
20,059
0
19,951
0
18,872
0
25,652
0
20,129
0
21,762
0
2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year
5 Total U.S. Treasury securities'
6
7
8
9
10
11
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
12 Total federal agency securities
13
14
15
16
17
18
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
21 16 days to 90 days
22 Total reverse repurchase agreements2
23 Within 15 days
24 16 days to 90 days
Note. Components may not sum to totals because of rounding.
1. Includes the original face value of inflation-indexed securities and compensation that
adjusts for the effect of inflation on the original face value of such securities.
20
3
0
23,500
2. Cash value of agreements classified by remaining maturity of the agreements.
12
Federal Reserve Bulletin Statistical Supplement • May 2004
1.20
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
2000
Dec.
2001
Dec.
2002
Dec.
2003
Dec.
July
Aug.
Sept.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2
1
2
3
4
Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5
38.54
38.33
37.11
584.78
41.24
41.18
39.60
635.67
40.22
40.14
38.21
681.97
43.02
42.98
41.36
721.12
43.93
43.80
41.99
705.34
46.30
45.98
42.54
710.85
44.98
44.80
43.47
712.51
44.01
43.90
42.46
716.02
43.44
43.37
41.88
719.21
43.02
42.98
41.36
721.12
43.10
42.99
41.57
722.38
42.66
42.61
40.82
724.10
Not seasonally adjusted
5
6
7
8
Total reserves
Nonborrowed reserves
Required reserves7
Monetary base8
38.53
38.32
37.10
590.06
41.20
41.13
39.55
639.91
40.13
40.05
38.12
38.47
38.26
41.08
41.01
39.43
40.27
40.19
648.74
697.15
2.01
686.23
42.90
42.85
41.24
725.49
43.57
43.44
41.64
705.82
46.08
45.75
42.31
709.24
44.40
44.22
42.89
709.25
43.17
43.06
41.62
712.98
42.62
42.55
41.06
717.49
42.90
42.85
41.24
725.49
45.42
45.31
43.89
725.14
43.83
43.79
41.99
723.92
42.94
42.90
41.29
43.59
43.46
41.66
717.04
1.94
.13
46.11
45.78
42.34
720.54
3.77
44.43
44.25
42.92
720.73
1.52
.18
43.21
43.10
41.66
724.47
1.55
.11
42.67
42.60
42.94
42.90
41.29
45.43
45.33
43.91
737.62
736.23
1.66
.05
1.53
.11
43.83
43.79
41.99
734.85
1.84
.04
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS9
9
10
11
12
13
14
Total reserves10
Nonborrowed reserves
Required reserves
Monetary base"
Excess reserves12
Borrowings from the Federal Reserve
37.05
596.98
1.43
.21
1.65
.07
38.26
1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release, available at: www.federalreserve.gov/releases. Historical data starting in
1959 and estimates of the effect on required reserves of changes in reserve requirements are
available from the Money and Reserves Projections Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 17).
5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).
7. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves
737.62
1.66
.05
41.11
729.50
1.56
.07
would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).
Monetary and Credit Aggregates
1.21
MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures
2000
Dec.
2001
Dec.
2002
Dec.
2003
Dec.
Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3
1,087.9
4,933.3
7,102.3
1,177.2
5,452.8
8,012.2
1,215.0
5,805.8
8,540.6
1,293.0
6,071.0'
8,819.4'
1,283.8
6,076.1
8,823.9'
1,293.0
6,071.0'
8,819.4'
1,287.1
6,076.2
8,872.9
1,312.0
6,129.1
8,939.5
531.6
8.3
310.2
237.8
582.0
8.0
330.3
256.9
627.4
7.8
301.2
278.6
663.9
7.7
311.7'
309.8'
661.3
7.7
308.4
306.4
663.9
7.7
311.7'
309.8'
664.8
7.8
301.2
313.3
665.7
7.8
319.2
319.2
3,845.4
2,169.0
4,275.6
2,559.3
4,590.8
2,734.8
4,777.9
2,748.5'
4,792.3'
2,747.8'
4,777.9
2,748.5'
4,789.1
2,796.7
4,817.1
2,810.4
Commercial banks
10 Savings deposits, including MMDAs . . ,
11 Small time deposits9
12 Large time deposits10'"
1,422.1
699.5
717.4
1,736.0
634.3
670.2
2,053.2
591.3
676.6
2,328.2
536.2
739.1'
2,321.9
537.9'
715.6'
2,328.2
536.2
739.1'
2,363.2
534.5
778.9
2,396.4
532.9
786.4
Thrift institutions
13 Savings deposits, including MMDAs . . ,
14 Small time deposits9
15 Large time deposits10
454.1
344.8
102.9
572.9
339.1
114.8
716.2
302.3
117.2
830.9
272.5'
119.9
834.7
274.7
120.8
830.9
272.5'
119.9
827.4
271.0
120.6
837.9
270.2
121.2
Money market mutual funds
16 Retail12
17 institution-only
925.0
788.2
993.3
1,186.6
927.7
1,231.8
810.3
1,098.8
823.1
1,117.9
810.3
1,098.8
793.1
1,101.7
779.7
1,089.6
Repurchase agreements and Eurodollars
18 Repurchase agreements
19 Eurodollars
366.0
194.5
378.9
208.9
480.9
228.3
505.3'
285.4'
511.3
282.2
505.3'
285.4'
502.1
293.4
521.0
292.2
1,318.7'
6,111.1
8,877.6'
1,288.4
6,067.2
1,298.3
6,099.3
8,938.4
4
5
6
7
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6
Nontransaction components
8 In M27
9 In M3 only8
Not seasons lly adjusted
Measures2
20 Ml
21 M2
22 M3
1,112.1
4,967.8
7,155.4
1,202.9
5,490.8
8,078.5
1,240.3
5,844.2
8,604.5
1,318.7'
6,111.1
8,877.6'
1,281.1
6,097.4
8,847.5'
535.6
8.1
585.4
7.9
348.1
261.5
630.5
7.7
317.5
667.0
7.6
662.7
7.7
284.6
667.0
7.6
327.5'
316.6
660.2
7.6
326.7
241.6
310.2
303.2
327.5'
316.6
301.7
316.3
665.9
7.8
310.8
313.8
Nontrans action componen
27 In M27
28 In M3 only8
3,855.7
2,187.6
4,287.8
2,587.7
4,603.9
2,760.3
4,792.5
2,766.5'
4,816.2
2,750.1'
4,792.5
2,766.5'
4,778.8
2,811.6
4,801.0
2,839.1
Commercial banks
29 Savings deposits, including MMDAs
30 Small time deposits9
3 1 Large time deposits10'"
1,427.5
700.6
718.4
1,742.4
635.1
670.0
2,060.9
591.7
675.4
2,337.7
536.2'
737.1'
2,339.0
538.3'
714.3
2,337.7
536.2'
737.1'
2,353.0
534.5
771.6
2,380.1
532.7
783.0
Thrift institutions
32 Savings deposits, including MMDAs . .
33 Small time deposits9
34 Large time deposits10
455.8
345.4
103.0
575.0
339.6
114.7
718.9
302.5
117.0
834.3
272.5
119.5
840.8
275.0'
120.6
834.3
272.5
119.5
823.9
271.0
119.5
832.2
270.2
120.7
Money market mutual funds
35 Retail12
36 Institution-only
926.4
806.8
995.7
1,217.4
930.0
1,263.0
811.7
1,125.0
823.0
1,128.0
811.7
1,125.0
796.3
1,128.0
785.8
1,113.1
Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars
364.2
195.2
376.5
209.1
476.4
228.5
499.0'
285.9'
503.9
283.3
499.0'
285.9'
498.3
294.2
527.1
295.2
23
24
25
26
Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits
Footnotes appear on following page.
13
14
Federal Reserve Bulletin Statistical Supplement • May 2004
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release, available at: www.federalreserve.gov/releases. Historical data starting in
1959 are available from the Money and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the
vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits
at commercial banks (excluding those amounts held by depository institutions, the U.S.
government, and foreign banks and official institutions) less cash items in the process of
collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand deposits at thrift
institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,
demand deposits, and OCDs, each seasonally adjusted separately.
M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);
(2) small-denomination time deposits (time deposits in amounts of less than $100,000), less
individual retirement account (IRA) and Keogh balances at depository institutions; and (3)
balances in retail money market mutual funds, less IRA and Keogh balances at money market
mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted
separately, and adding this result to seasonally adjusted M1.
M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)
large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)
repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000
or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.
addressees at foreign branches of U.S. banks worldwide and at all banking offices in the
United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars
exclude those amounts held by depository institutions, the U.S. government, foreign banks
and official institutions, and money market funds. Seasonally adjusted M3 is constructed by
summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars,
each seasonally adjusted separately, and adding the result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at domesticaly chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash
items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and
(4) Eurodollars, each seasonally adjusted.
9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and
Keogh accounts at commercial banks and thrift institutions are subtracted from small time
deposits.
10. Large time deposits are those issued in amounts of $ 100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at domestically chartered commercial banks, U.S. branches and
agencies of foreign banks, and Edge Act corporations, excluding those amounts held by
depository institutions, the U.S. government, foreign banks and official institutions, and
money market mutual funds.
12. IRA and Keogh account balances at money market mutual funds are subtracted from
retail money funds.
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks
15
Assets and Liabilities1
Billions of dollars
Wednesday figures
Monthly averages
Account
Feb.1
Aug.7
Sept.'
Oct.1
2004
2004
2003
2003
Nov.1
Dec.1
Jan.7
Feb.
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
....
16 Total assets'
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)7
5,971.9
1,769.8
1,066.6
703.2
4,202.1
949.0
2,078.5
223.1
1,855.4
588.9
184.2
401.6
308.8
313.0
531.5
6,181.6
1,779.9
1,079.0
700.9
4,401.8
916.8
2,234.2
252.7
1,981.5
601.4
214.6
434.8
325.3
335.1
562.0
6,187.2
1,791.6
1,070.0
721.6
4,395.5
906.3
2,245.4
258.5
1,986.9
602.3
212.2
429.4
308.7
323.0
557.8
6,165.8
1,809.1
1,080.1
729.0
4,356.7
895.1
2,227.6
265.5
1,962.1
597.6
220.0
416.5
324.1
309.3
545.3
6,202.9
1,836.8
1,095.7
741.1
4,366.2
888.4
2,206.7
273.2
1,933.5
626.6
228.6
415.8
305.2
318.5
538.8
6,255.4
1,856.1
1,103.6
752.4
4,399.3
890.0
2,215.4
280.7
1,934.7
630.1
214.9
448.8
296.4
304.2
539.8
6,322.3
1,862.4
1,107.8
754.7
4,459.9
888.2
2,238.9
291.3
1,947.6
632.7
233.0
467.1
315.0
320.1
540.1
6,439.5
1,938.5
1,174.8
763.7
4,500.9
888.7
2,258.1
297.8
1,960.4
635.0
241.4
477.7
339.4
323.8
541.7
6,368.0
1,885.5
1,126.5
759.0
4,482.5
889.8
2,246.8
295.1
1,951.7
632.3
239.9
473.7
354.8
322.2
539.1
6,415.6
1,900.2
1,135.7
764.5
4,515.4
888.8
2,251.7
296.1
1,955.7
632.0
257.2
485.7
365.4
323.4
547.9
6,477.6
1,968.3
1,205.2
763.0
4,509.4
890.7
2,259.0
297.2
1,961.7
637.4
242.0
480.3
367.4
339.1
539.0
6,463.5
1,965.5
1,197.7
767.9
4,498.0
887.9
2,264.1
299.6
1,964.5
637.2
234.6
474.2
302.3
303.9
536.0
7,048.9
7,328.1
7,300.8
7,269.6
7,290.6
7,319.7
7,423.6
7,571.4
7,511.1
7,579.4
7,650.0
7,532.6
4,548.5
613.4
3,935.1
997.9
2,937.1
1,381.7
395.9
985.9
144.4
442.6
4,763.0
656.8
4,106.1
999.5
3,106.6
1,523.4
415.5
1,107.9
123.4
394.8
4,742.9
638.0
4,104.9
1,007.4
3,097.5
1,498.5
401.0
1,097.5
126.3
408.9
4,701.0
633.0
4,068.1
994.3
3,073.7
1,458.9
389.1
1,069.8
160.1
418.5
4,741.2
635.8
4,105.5
996.3
3,109.1
1,457.0
386.7
1,070.4
169.5
398.5
4,759.0
642.5
4,116.5
1,000.2
3,116.2
1,479.7
389.1
1,090.7
142.8
408.7
4,795.3
630.8
4,164.5
1,019.3
3,145.2
1,518.6
401.9
1,116.6
131.2
425.9
4,825.9
644.4
4,181.5
1,024.3
3,157.2
1,568.8
429.2
1,139.7
106.0
459.5
4,813.2
621.2
4,192.0
1,020.6
3,171.4
1,564.8
438.0
1,126.8
113.3
435.6
4,797.2
626.9
4,170.3
1,015.7
3,154.5
1,604.6
443.2
1,161.3
110.3
456.8
4,834.3
657.8
4,176.5
1,022.0
3,154.5
1,612.6
448.8
1,163.8
112.6
472.3
4,824.8
671.8
4,153.1
1,029.3
3,123.7
1,515.6
402.5
1,113.1
105.1
463.1
6,517.3
6,804.6
6,776.7
6,738.5
6,766.3
6,790.2
6,871.0
6,960.2
6,926.8
6,968.7
7,031.8
6,908.6
531.6
523.5
524.2
531.1
524.3
529.5
552.6
611.2
584.3
610.6
618.3
624.0
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
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans ..
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets'
47
48
49
50
51
52
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)7
Footnotes appear on p. A21.
5,966.5
1,768.0
1,064.0
704.1
4,198.4
949.7
2,076.7
223.1
1,853.6
593.1
223.9
369.2
183.3
395.6
304.8
310.8
528.2
6,171.7
1,777.9
1,075.3
702.7
4,393.8
912.0
2,238.4
253.5
1,984.8
598.6
222.4
376.2
208.4
436.5
325.0
325.3
563.6
6,194.6
1,788.5
1,064.0
724.5
4,406.0
903.3
2,258.6
259.6
1,999.0
603.5
224.5
379.0
208.0
432.7
302.8
324.8
559.9
6,182.0
1,807.2
1,075.7
731.5
4,374.8
893.7
2,240.1
266.2
1,973.9
599.9
219.9
380.0
222.2
418.9
320.2
314.7
547.8
6,244.1
1,844.3
1,102.3
742.0
4,399.8
888.4
2,230.9
273.2
1,957.7
630.9
251.7
379.2
233.4
416.2
308.7
329.0
540.8
6,298.1
1,860.2
1,104.6
755.7
4,437.8
890.7
2,228.3
280.3
1,948.0
641.0
262.7
378.4
223.7
454.2
301.1
322.3
542.5
6,335.8
1,865.8
1,103.7
762.1
4,470.0
884.3
2,240.2
289.9
1,950.3
644.8
259.9
384.9
236.0
464.6
309.9
329.0
540.7
6,430.0
1,935.7
1,170.5
765.2
4,494.3
888.5
2,256.9
297.9
1,959.0
639.6
253.2
386.3
240.0
469.4
333.6
321.2
537.5
6,376.4
1,889.1
1,125.3
763.8
4,487.3
887.4
2,248.6
294.5
1,954.1
642.1
253.0
389.0
242.3
467.0
350.8
315.4
539.0
6,413.9
1,898.2
1,131.7
766.6
4,515.7
887.1
2,259.2
296.5
1,962.7
638.5
250.0
388.4
255.6
475.4
358.0
308.4
544.8
6,463.0
1,965.2
1,200.7
764.5
4,497.8
890.9
2,256.6
297.8
1,958.7
642.6
256.3
386.3
235.4
472.4
362.2
352.2
533.3
6,440.0
1,960.2
1,191.9
768.3
4,479.8
888.1
2,254.9
299.7
1,955.2
639.7
255.6
384.1
233.1
464.0
290.0
304.1
527.4
7,033.6
7,309.6
7,306.3
7,290.5
7,347.9
7,387.9
7,441.5
7,549.0
7,508.2
7,551.8
7,637.3
7,488.1
4,551.7
605.9
3,945.8
1,006.6
2,939.1
1,379.5
394.0
985.5
149.2
448.7
4,743.3
639.0
4,104.2
993.3
3,110.9
1,519.6
417.9
1,101.7
123.4
394.9
4,734.9
630.4
4,104.5
998.1
3,106.4
1,502.2
401.5
1,100.7
130.3
412.8
4,697.9
632.3
4,065.5
981.7
3,083.8
1,456.7
389.3
1,067.4
166.5
424.2
4,752.8
641.6
4,111.2
988.6
3,122.6
1,450.0
384.0
1,066.0
180.6
408.2
4,788.6
676.5
4,112.1
999.8
3,112.3
1,469.3
387.8
1,081.5
150.7
416.3
4,796.6
642.8
4,153.8
1,028.0
3,125.8
1,514.8
398.4
1,116.4
136.0
430.7
4,827.0
636.5
4,190.5
1,033.2
3,157.4
1,566.4
426.1
1,140.3
111.0
465.2
4,817.2
616.6
4,200.7
1,031.9
3,168.8
1,564.1
434.1
1,130.0
116.2
439.1
4,796.8
606.9
4,189.9
1,027.3
3,162.6
1,598.7
438.7
1,160.1
115.4
462.3
4,842.6
659.5
4,183.1
1,028.5
3,154.5
1,617.4
446.8
1,170.6
118.6
479.4
4,811.1
663.3
4,147.7
1,037.7
3,110.0
1,508.5
398.6
1,109.9
113.0
472.0
6,529.1
6,781.2
6,780.3
6,745.3
6,791.6
6,824.8
6,878.1
6,969.6
6,936.6
6,973.2
7,058.0
6,904.6
504.4
528.4
526.1
545.1
556.3
563.1
563.5
579.3
571.6
578.6
579.3
583.5
16
Federal Reserve Bulletin Statistical Supplement • May 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
B. Domestically chartered commercial banks
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Feb.1
Aug.7
Sept.'
Oct.1
2004
2004
2003
2003
Nov.1
Dec.1
Jan.7
Feb.
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
....
16 Total assets'
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)7
5,323.3
1,493.0
951.8
541.2
3,830.3
776.9
2,058.8
223.1
1,835.8
588.9
74.7
331.0
279.4
274.0
499.9
5,559.0
1,521.7
973.1
548.6
4,037.4
768.7
2,216.8
252.7
1,964.1
601.4
92.7
357.8
286.4
282.6
525.3
5,565.0
1,529.3
962.9
566.4
4,035.7
762.1
2,228.0
258.5
1,969.5
602.3
88.2
355.1
271.4
270.0
523.1
5,540.1
1,545.1
976.8
568.3
3,995.0
756.1
2,205.6
265.5
1,940.1
597.6
93.3
342.5
288.3
258.0
512.1
5,572.2
1,573.0
998.0
575.0
3,999.2
756.0
2,184.6
273.2
1,911.4
626.6
92.5
339.5
268.4
267.1
510.3
5,627.5
1,590.2
1,004.5
585.7
4,037.3
753.9
2,197.6
280.7
1,916.8
630.1
90.0
365.8
264.7
254.4
512.9
5,683.8
1,601.1
1,009.5
591.6
4,082.7
750.9
2,221.8
291.3
1,930.5
632.7
102.0
375.3
279.5
264.8
514.7
5,789.7
1,673.0
1,075.3
597.7
4,116.7
752.1
2,241.1
297.8
1,943.3
635.0
102.6
385.9
306.9
266.7
521.7
5,722.4
1,620.7
1,025.5
595.2
4,101.8
752.4
2,229.9
295.1
1,934.8
632.3
103.6
383.5
321.4
267.1
515.6
5,767.1
1,630.9
1,033.7
597.2
4,136.2
752.2
2,234.5
296.1
1,938.4
632.0
122.5
394.9
333.4
266.4
528.4
5,823.3
1,704.4
1,106.6
597.8
4,119.0
754.2
2,241.7
297.2
1,944.5
637.4
98.5
387.1
334.5
282.0
519.0
5,810.9
1,702.5
1,101.2
601.3
4,108.4
751.0
2,247.2
299.6
1,947.6
637.2
92.9
380.2
268.0
247.0
518.0
6,300.8
6,577.8
6,554.2
6,524.1
6,543.6
6,583.9
6,669.4
6,812.3
6,754.0
6,822.7
6,886.1
6,771.2
4,106.4
603.3
3,503.1
581.5
2,921.6
1,099.2
361.8
737.4
221.8
344.7
4,326.4
645.8
3,680.6
580.0
3,100.5
1,215.4
377.0
838.4
230.3
286.3
4,309.1
627.4
3,681.7
587.1
3,094.6
1,190.6
362.6
828.0
228.9
304.7
4,268.0
622.8
3,645.2
573.6
3,071.6
1,144.8
348.7
796.1
259.4
315.6
4,303.7
624.9
3,678.8
571.9
3,106.9
1,150.4
351.9
798.5
262.3
296.7
4,323.2
631.6
3,691.6
577.8
3,113.8
1,162.4
345.9
816.4
253.1
309.5
4,342.5
618.9
3,723.6
585.3
3,138.3
1,191.9
362.5
829.4
261.8
324.2
4,362.3
632.6
3,729.7
576.3
3,153.4
1,231.5
387.1
844.4
256.7
354.5
4,354.4
609.0
3,745.4
578.3
3,167.1
1,228.5
394.4
834.1
256.0
333.2
4,336.3
615.3
3,721.0
570.8
3,150.2
1,271.2
402.7
868.5
261.4
348.0
4,371.4
646.3
3,725.1
574.4
3,150.7
1,271.4
407.6
863.8
262.5
367.3
4,359.2
659.9
3,699.3
578.8
3,120.5
1,182.5
361.1
821.5
254.0
358.0
5,772.2
6,058.3
6,033.3
5,987.9
6,013.2
6,048.1
6,120.4
6,205.1
6,172.1
6,216.9
6,272.5
6,153.6
528.6
519.5
520.9
536.2
530.4
535.8
549.0
607.2
581.9
605.9
613.5
617.6
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
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans ..
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets'
47
48
49
50
51
52
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)7
Footnotes appear on p. A21.
5,315.1
1,491.2
949.2
542.0
3,823.8
775.5
2,057.1
223.1
1,834.0
593.1
223.9
369.2
72.0
326.2
275.4
271.9
494.6
5,556.9
1,519.7
969.4
550.4
4,037.1
765.4
2,221.0
253.5
1,967.5
598.6
222.4
376.2
93.6
358.6
286.1
272.8
527.3
5,578.6
1,526.2
956.9
569.3
4,052.5
760.4
2,241.2
259.6
1,981.6
603.5
224.5
379.0
89.4
357.9
265.5
270.9
526.6
5,559.5
1,543.2
972.4
570.8
4,016.3
756.4
2,218.2
266.2
1,951.9
599.9
219.9
380.0
96.6
345.2
284.5
262.4
515.6
5,611.8
1,580.6
1,004.6
576.0
4,031.2
756.6
2,208.8
273.2
1,935.6
630.9
251.7
379.2
93.6
341.4
272.0
277.6
512.8
5,663.2
1,594.3
1,005.4
588.9
4,068.9
753.4
2,210.4
280.3
1,930.2
641.0
262.7
378.4
93.0
371.0
269.4
270.9
515.1
5,693.8
1,604.5
1,005.4
599.0
4,089.4
746.4
2,223.2
289.9
1,933.2
644.8
259.9
384.9
101.1
373.9
274.4
274.1
513.6
5,777.9
1,670.1
1,071.0
599.1
4,107.8
750.3
2,239.9
297.9
1,942.0
639.6
253.2
386.3
98.7
379.4
301.1
264.9
516.3
5,727.7
1,624.2
1,024.3
599.9
4,103.5
749.5
2,231.7
294.5
1,937.2
642.1
253.0
389.0
101.4
378.7
317.4
261.3
513.5
5,762.4
1,629.0
1,029.7
599.3
4,133.4
749.0
2,241.9
296.5
1,945.5
638.5
250.0
388.4
117.4
386.6
326.0
251.8
523.8
5,810.1
1,701.3
1,102.0
599.3
4,108.8
752.3
2,239.3
297.8
1,941.4
642.6
256.3
386.3
93.3
381.4
329.3
295.5
512.4
5,784.2
1,697.2
1,095.4
601.8
4,087.0
749.3
2,237.9
299.7
1,938.2
639.7
255.6
384.1
87.9
372.1
255.8
248.0
508.7
6,280.8
6,567.4
6,566.3
6,548.2
6,599.9
6,643.1
6,682.6
6,787.3
6,747.0
6,791.2
6,874.3
6,723.7
4,103.6
595.8
3,507.8
584.5
2,923.3
1,097.0
360.0
737.0
226.7
350.9
4,312.8
628.2
3,684.6
579.7
3,104.9
1,211.6
379.5
832.1
229.9
285.9
4,308.9
619.7
3,689.2
585.6
3,103.6
1,194.2
363.0
831.2
231.3
307.3
4,279.1
622.1
3,657.0
575.2
3,081.8
1,142.7
348.9
793.8
263.2
319.3
4,325.9
630.8
3,695.1
574.6
3,120.4
1,143.4
349.2
794.2
270.8
304.3
4,353.6
665.2
3,688.5
578.6
3,109.9
1,151.9
344.7
807.2
259.4
315.7
4,337.9
630.6
3,707.3
588.5
3,118.8
1,188.2
359.0
829.1
265.8
328.4
4,357.4
624.7
3,732.7
579.1
3,153.6
1,229.1
384.1
845.1
262.0
360.5
4,350.7
604.0
3,746.7
582.2
3,164.5
1,227.8
390.5
837.3
260.2
337.8
4,327.9
595.3
3,732.6
574.5
3,158.1
1,265.3
398.1
867.2
266.7
353.7
4,376.0
647.8
3,728.1
577.4
3,150.7
1,276.2
405.5
870.6
269.1
374.9
4,338.4
651.5
3,686.9
580.1
3,106.7
1,175.5
357.2
818.2
261.2
366.3
5,778.2
6,040.2
6,041.7
6,004.3
6,044.4
6,080.7
6,120.2
6,209.0
6,176.5
6,213.7
6,296.1
6,141.3
502.6
527.2
524.6
543.9
555.5
562.4
562.3
578.2
570.5
577.5
578.2
582.4
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
C. Large domestically chartered commercial banks
17
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Feb.1
Aug.7
Sept.7
Oct.7
2004
2004
2003
2003
Nov.7
Dec.7
Jan.7
Feb.
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Seasonall f adjusted
Assets
3,001.5
1 Bank credit
829.9
2
Securities in bank credit
496.0
3
U.S. government securities
54.6
4
Trading account
441.3
5
Investment account
333.9
6
Other securities
179.9
7
Trading account
154.0
8
Investment account
29.8
9
State and local government . .
124.3
10
Other
11 Loans and leases in bank credit2 . . . . 2,171.6
487.7
12
Commercial and industrial
.0
13
Bankers acceptances
487.7
14
Other
1,050.0
15
Real estate
146.6
16
Revolving home equity
903.4
17
Other
335 4
18
Consumer
67.4
19
Security3
20
Federal funds sold to and
repurchase agreements
56.3
with broker-dealers
11.1
21
Other
12.5
22
State and local government
9.1
23
Agricultural
24
Federal funds sold to and
repurchase agreements with
24.5
others
74.9
25
All other loans
110.3
26
Lease-financing receivables
181.2
27 Interbank loans
28
Federal funds sold to and
repurchase agreements with
107.2
commercial banks
74.0
29
Other
157.6
30 Cash assets'*
359.4
3 1 Other assets5
32 Total assets'
33
34
35
36
37
38
39
40
41
42
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
43 Total liabilities
44 Residual (assets less liabilities)7
Footnotes appear on p. A21.
3,101.8
820.7
475.9
34.7
441.2
344.8
165.5
179.3
30.9
148.4
2,281.1
467.6
.0
467.6
1,144.8
168.3
976.4
328.5
84.9
3,106.9
829.8
467.8
38.5
429.4
362.0
182.6
179.4
31.1
148.3
2,277.1
459.1
.0
459.1
1,156.9
172.9
984.0
326.9
80.5
3,081.4
844.9
483.4
34.3
449.1
361.5
187.1
174.4
31.5
142.9
2,236.5
452.6
.0
452.6
1,132.9
178.4
954.5
324.1
85.6
3,092.4
864.9
499.0
40.3
458.8
365.9
189.6
176.2
31.8
144.5
2,227.5
449.6
.0
449.6
1,109.2
183.6
925.6
344.0
84.8
3,116.5
876.6
502.4
39.6
462.8
374.2
194.8
179.4
31.7
147.8
2,239.9
446.0
.0
446.0
1,105.6
188.4
917.2
340.1
82.2
3,145.3
882.7
503.8
41.1
462.6
378.9
196.8
182.1
31.8
150.4
2,262.6
438.0
.0
438.0
1,116.8
196.6
920.1
339.7
93.8
3,235.0
954.2
569.8
46.1
523.7
384.5
200.4
184.1
32.6
151.5
2,280.8
438.2
.0
438.2
1,124.7
201.3
923.3
339.1
94.4
3,178.3
904.1
522.1
47.6
474.6
382.0
199.6
182.4
32.0
150.4
2,274.3
439.1
n.a.
439.1
1,120.8
199.5
921.3
337.8
95.1
3,218.6
913.4
527.8
52.2
475.6
385.6
201.6
184.0
32.3
151.7
2,305.2
438.9
n.a.
438.9
1,121.0
200.0
921.0
337.6
114.2
3,266.4
986.5
603.2
45.1
558.1
383.3
199.5
183.9
32.3
151.6
2,279.9
440.2
n.a.
440.2
1,125.0
200.8
924.2
339.8
89.9
3,249.4
981.3
593.6
42.9
550.7
387.7
203.6
184.1
33.0
151.1
2,268.1
436.7
n.a.
436.7
1,126.9
202.5
924.4
340.2
85.0
66.1
18.8
13.5
8.5
62.8
17.6
13.6
8.5
67.5
18.1
13.9
8.5
66.7
18.1
14.0
8.4
63.6
18.6
14.1
8.4
74.7
19.1
14.1
8.1
73.8
20.6
14.2
8.2
76.2
18.9
14.1
8.2
94.3
19.9
14.2
8.2
66.5
23.4
14.2
8.2
64.4
20.6
14.2
8.3
25.6
100.3
107.3
190.5
28.0
97.2
106.4
179.8
26.1
88.5
104.4
198.3
26.2
87.6
103.7
179.8
29.5
111.0
103.0
178.4
27.1
124.7
100.4
187.7
32.5
127.4
102.2
213.6
29.2
127.5
102.5
223.4
39.2
129.5
102.4
237.9
33.4
127.1
102.0
236.0
28.9
125.9
102.0
180.1
111.5
79.0
158.0
366.2
109.8
70.0
150.1
362.0
117.9
80.4
139.6
357.2
101.7
78.0
149.8
355.3
98.6
79.8
140.7
352.2
95.7
92.1
148.4
357.5
105.0
108.5
147.9
360.1
104.6
118.8
146.6
356.3
114.4
123.5
144.2
360.6
114.3
121.7
164.2
361.4
92.6
87.4
133.2
359.6
3,653.8
3,771.3
3,753.8
3,732.3
3,733.3
3,743.3
3,796.7
3,915.2
3,863.2
3,919.9
3,986.6
3,881.0
2,060.3
295 5
1,764.7
274.1
1,490.6
711.9
209.0
502.9
209.3
272.6
2,189.6
311.1
1,878.5
265.4
1,613.1
787.6
210.5
577.1
218.3
213.8
2,172.1
297.7
1,874.4
271.2
1,603.3
761.0
201.5
559.5
214.9
235.4
2,132.6
292.5
1,840.0
259.2
1,580.9
715.7
192.0
523.7
245.9
247.9
2,156.3
294.0
1,862.2
254.3
1,608.0
717.7
190.2
527.5
247.7
229.5
2,164.6
296.7
1,867.9
256.1
1,611.8
722.5
179.5
543.0
232.6
240.1
2,167.9
289.1
1,878.8
257.4
1,621.4
739.5
186.3
553.2
238.5
256.7
2,179.8
296.0
1,883.8
249.4
1,634.4
777.0
204.8
572.1
232.2
284.6
2,172.0
281.8
1,890.2
251.9
1,638.3
772.0
212.8
559.2
232.0
265.0
2,153.6
284.4
1,869.3
243.6
1,625.6
816.7
218.7
598.1
236.7
277.0
2,182.3
305.5
1,876.7
249.2
1,627.6
814.4
222.5
591.9
236.2
298.8
2,185.4
312.3
1,873.1
251.7
1,621.3
726.8
180.0
546.8
230.4
287.1
3,254.0
3,409.4
3,383.4
3,342.0
3,351.2
3,359.8
3,402.6
3,473.6
3,441.0
3,484.1
3,531.7
3,429.6
399.8
361.9
370.4
390.3
382.1
383.5
394.0
441.6
422.2
435.8
454.9
451.4
18
Federal Reserve Bulletin Statistical Supplement • May 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued
C. Large domestically chartered commercial banks—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
2003
2003
Feb.1
Aug.7
Sept.7
Oct.7
2004
2004
Nov.7
Dec.7
Jan.7
Feb.
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Not seasona lly adjusted
Assets
2,995.8
45 Bank credit
828.7
46
Securities in bank credit
493.9
47
U.S. government securities
55.1
48
Trading account
438.8
49
Investment account
339.5
50
Mortgage-backed securities .
99.3
51
Other
23.0
52
One year or less
57.6
53
One to five years
18.7
54
More than five years . . . .
334.8
55
Other securities
180.3
56
Trading account
154.4
57
Investment account
29.8
58
State and local government .
124.6
59
Other
2
60 Loans and leases in bank credit . . . 2,167.1
486.3
61
Commercial and industrial
.0
62
Bankers acceptances
486.3
63
Other
1,049.0
64
Real estate
146.8
65
Revolving home equity
570.3
66
Other
331.9
67
Commercial
338.4
68
Consumer
115.6
69
Credit cards and related plans .
222.8
70
Other
3
64.6
71
Security
72
Federal funds sold to and
repurchase agreements
54.0
with broker-dealers
10.6
73
Other
12.5
74
State and local government
9.0
75
Agricultural
76
Federal funds sold to and
repurchase agreements
24.5
with others
72.8
77
All other loans
110.1
78
Lease-financing receivables
176.9
79 Interbank loans
80 Federal funds sold to and
repurchase agreements
104.9
with commercial banks
72.0
81
Other
157.6
82 Cash assets4
354.1
83 Other assets5
84 Total assets6
85
86
87
88
89
90
91
92
93
94
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the US
From nonbanks in the U. S
Net due to related foreign offices
Other liabilities
95 Total liabilities
96 Residual (assets less liabilities)7
Footnotes appear on p. A21.
3,103.5
822.1
475.4
34.6
440.9
343.8
97.0
24.5
52.8
19.8
346.6
166.4
180.3
31.1
149.2
2,281.4
466.1
.0
466.1
1,148.3
169.0
646.0
333.3
327.3
103.0
224.3
85.7
3,117.9
829.7
464.8
38.1
426.7
329.0
97.7
24.1
53.1
20.5
364.9
184.1
180.9
31.4
149.5
2,288.2
459.2
.0
459.2
1,164.9
173.5
657.4
333.9
327.6
102.5
225.1
81.8
3,093.1
844.2
480.2
33.7
446.5
344.1
102.4
24.9
56.8
20.7
364.0
188.4
175.6
31.7
143.9
2,249.0
453.7
.0
453.7
1,139.0
178.7
626.1
334.2
324.4
98.1
226.3
88.9
3,118.5
873.9
507.1
40.7
466.5
360.0
106.4
25.3
58.1
23.1
366.8
190.1
176.7
31.8
144.8
2,244.6
451.2
.0
451.2
1,121.9
183.7
602.9
335.3
344.6
120.3
224.3
85.7
3,136.5
878.7
501.2
39.6
461.6
355.4
106.2
25.9
57.7
22.6
377.4
196.4
181.0
31.9
149.0
2,257.9
445.6
.0
445.6
1,112.6
188.1
591.1
333.4
343.8
123.0
220.9
85.1
3,152.1
886.9
500.6
40.9
459.7
353.1
106.6
24.7
58.5
23.4
386.3
200.6
185.7
32.4
153.3
2,265.2
434.1
.0
434.1
1,117.3
195.6
589.3
332.4
345.5
120.9
224.6
93.2
3,224.5
951.5
565.6
46.4
519.2
408.3
110.9
23.9
62.2
24.8
385.9
201.2
184.7
32.7
152.0
2,272.9
436.4
.0
436.4
1,124.1
201.7
590.4
332.0
341.8
115.3
226.4
90.5
3,179.7
908.0
521.3
47.8
473.6
362.9
110.6
23.9
60.8
25.9
386.7
202.0
184.7
32.4
152.2
2,271.6
436.4
n.a.
436.4
1,121.4
199.2
588.6
333.6
342.1
115.4
226.7
92.9
3,212.9
912.0
524.3
52.4
471.9
359.8
112.1
24.1
61.6
26.5
387.7
202.7
185.0
32.5
152.5
2,300.9
436.0
n.a.
436.0
1,127.2
200.5
592.8
333.9
341.0
114.2
226.8
109.1
3,255.3
984.7
599.9
45.6
554.3
441.4
112.9
24.0
64.9
24.0
384.8
200.2
184.6
32.4
152.1
2,270.7
438.5
n.a.
438.5
1,123.3
201.6
591.4
330.3
342.6
116.4
226.1
84.6
3,226.4
975.4
587.2
43.2
544.0
433.6
110.4
24.3
62.4
23.8
388.2
203.8
184.3
33.1
151.2
2,251.0
435.0
n.a.
435.0
1,119.6
202.9
585.3
331.3
342.3
116.0
226.3
80.1
66.7
19.0
13.5
8.5
63.9
17.9
13.6
8.5
70.1
18.7
13.9
8.4
67.5
18.3
14.0
8.4
65.9
19.2
14.1
8.4
74.2
19.0
14.1
8.2
70.7
19.7
14.2
8.1
74.4
18.5
14.1
8.1
90.1
19.0
14.2
8.1
62.6
22.0
14.2
8.1
60.7
19.4
14.2
8.1
25.6
99.4
107.1
190.9
28.0
98.2
106.3
175.6
26.1
89.5
105.0
193.2
26.2
88.6
104.0
181.6
29.5
115.8
102.9
182.4
27.1
124.9
100.8
187.1
32.5
123.6
101.9
207.7
29.2
125.0
102.3
220.8
39.2
124.1
102.1
230.4
33.4
124.3
101.7
231.4
28.9
121.1
101.7
170.0
111.8
79.0
150.2
368.2
107.4
68.2
149.5
365.5
115.1
78.2
142.3
360.7
102.7
78.9
155.9
357.8
100.6
81.7
152.0
354.5
95.4
91.7
156.5
356.4
102.2
105.5
148.3
354.7
103.5
117.3
144.2
354.2
110.9
119.5
137.0
356.1
112.2
119.3
175.2
354.8
87.4
82.5
134.6
350.3
3,638.2
3,767.4
3,763.5
3,745.9
3,770.1
3,780.7
3,809.9
3,893.3
3,857.2
3,894.5
3,975.1
3,839.6
2 065 0
292.1
1,772.9
277.0
1,495.9
709.7
207.1
502.5
214.1
278.8
2,179.9
297.6
1,882.3
265.1
1,617.2
783.8
213.0
570.8
218.0
213.4
2,173.0
291.6
1,881.4
269.7
1,611.7
764.6
201.9
562.7
217.3
238.0
2,141.5
290.5
1,851.0
260.8
1,590.3
713.5
192.2
521.4
249.7
251.5
2,167.7
296.7
1,871.0
257.0
1,613.9
710.7
187.5
523.2
256.1
237.1
2,182.1
317.6
1,864.5
256.8
1,607.7
712.0
178.2
533.8
238.9
246.4
2,167.7
297.1
1,870.6
260.6
1,610.0
735.8
182.8
553.0
242.5
260.9
2,184.4
292.5
1,891.9
252.2
1,639.7
774.6
201.8
572.8
237.5
290.6
2,174.4
278.4
1,896.0
255.9
1,640.1
771.4
208.9
562.4
236.2
269.6
2,156.3
273.0
1,883.3
247.3
1,636.0
810.9
214.1
596.8
242.0
282.8
2,195.6
309.7
1,885.9
252.1
1,633.8
819.2
220.4
598.7
242.7
306.5
2,180.5
309.2
1,871.4
253.0
1,618.3
719.7
176.2
543.5
237.6
295.4
3,267.5
3,395.1
3,392.9
3,356.3
3,371.7
3,379.4
3,406.9
3,487.1
3,451.5
3,491.9
3,564.1
3,433.2
370.6
372.3
370.6
389.6
398.5
401.3
403.0
406.2
405.6
402.6
411.1
406.4
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
D. Small domestically chartered commercial banks
19
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Feb.'
Aug.7
Sept.'
Oct.'
2004
2004
2003
2003
Nov.'
Dec.'
Jan.7
Feb.
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Seasonall f adjusted
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
....
16 Total assets'
17
18
19
20
21
22
23
24
25
26
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U. S
From others
Net due to related foreign offices
Other liabilities
27 Total liabilities
28 Residual (assets less liabilities)7
2,323.2
664.5
457.2
207.3
1,658.7
289.2
1,008.8
76.5
932.4
253.5
7.4
99.8
98.2
116.4
140.5
2,455.6
699.3
495.6
203.7
1,756.3
301.0
1,072.0
84.4
987.7
272.9
7.8
102.5
95.9
124.6
159.1
2,455.5
696.8
492.4
204.4
1,758.6
303.0
1,071.1
85.5
985.6
275.4
7.8
101.4
91.6
119.9
161.1
2,458.9
700.4
493.6
206.8
1,758.5
303.4
1,072.7
87.1
985.6
273.4
7.7
101.1
90.0
118.5
154.9
2,478.2
706.5
497.3
209.2
1,771.7
306.4
1,075.4
89.6
985.8
282.6
7.7
99.6
88.6
117.3
155.0
2,510.0
712.6
501.1
211.5
1,797.4
307.8
1,091.9
92.3
999.6
290.0
7.8
99.9
86.3
113.7
160.7
2,537.5
717.5
504.8
212.7
1,820.0
313.0
1,105.1
94.7
1,010.4
293.0
8.2
100.9
91.8
116.3
157.2
2,556.6
720.7
507.5
213.2
1,835.9
313.9
1,116.4
96.4
1,019.9
295.9
8.3
101.4
93.4
118.7
161.6
2,544.7
717.2
504.0
213.2
1,827.5
313.3
1,109.1
95.6
1,013.5
294.5
8.6
102.0
98.0
120.5
159.3
2,548.9
717.9
506.3
211.6
1,830.9
313.3
1,113.5
96.1
1,017.4
294.4
8.3
101.4
95.5
122.2
167.7
2,558.9
719.8
505.3
214.5
1,839.1
314.0
1,116.7
96.4
1,020.2
297.6
8.7
102.1
98.5
117.8
157.6
2,564.9
724.7
511.1
213.6
1,840.2
314.2
1,120.3
97.1
1,023.2
297.0
7.9
100.8
88.0
113.7
158.4
2,648.3
2,804.9
2,797.7
2,791.9
2,808.6
2,839.6
2,871.7
2,899.1
2,891.4
2,903.2
2,901.4
2,893.7
2,046.1
307.8
1,738.4
307.4
1,430.9
387.4
152.9
234.5
12.6
72.2
2,136.8
334.7
1,802.1
314.6
1,487.5
427.8
166.5
261.3
11.9
72.5
2,137.0
329.7
1,807.3
315.9
1,491.4
429.6
161.0
268.5
14.1
69.3
2,135.5
330.3
1,805.2
314.4
1,490.8
429.1
156.7
272.4
13.5
67.8
2,147.4
330.9
1,816.5
317.6
1,498.9
432.7
161.7
271.1
14.6
67.2
2,158.5
334.8
1,823.7
321.7
1,502.0
439.9
166.5
273.4
20.6
69.3
2,174.5
329.7
1,844.8
327.9
1,516.9
452.4
176.2
276.2
23.3
67.5
2,182.5
336.6
1,845.9
326.9
1,519.0
454.6
182.3
272.3
24.5
69.9
2,182.4
327.3
1,855.2
326.4
1,528.8
456.5
181.6
274.9
24.0
68.2
2,182.7
330.9
1,851.8
327.2
1,524.6
454.4
184.0
270.4
24.7
71.0
2,189.1
340.7
1,848.4
325.2
1,523.2
457.0
185.1
271.9
26.3
68.4
2,173.8
347.5
1,826.3
327.1
1,499.1
455.7
181.0
274.7
23.6
70.9
2,518.2
2,649.0
2,649.9
2,645.9
2,661.9
2,688.4
2,717.8
2,731.5
2,731.1
2,732.8
2,740.9
2,724.0
130.1
155.9
147.8
146.0
146.6
151.3
154.0
167.6
160.3
170.4
160.6
169.7
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
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans ..
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
46 Total assets'
47
48
49
50
51
52
53
54
55
56
Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
57 Total liabilities
58 Residual (assets less liabilities)7
Footnotes appear on p. A21.
2,319.2
662.5
455.3
207.3
1,656.7
289.1
1,008.1
76.3
931.8
254.7
108.3
146.4
7.4
97.4
98.4
114.4
140.5
2,453.4
697.7
494.0
203.7
1,755.7
299.3
1,072.7
84.5
988.2
271.3
119.4
151.9
7.9
104.5
95.2
122.6
159.1
2,460.7
696.5
492.1
204.4
1,764.2
301.2
1,076.4
86.1
990.3
275.9
122.0
153.9
7.7
103.1
89.9
121.4
161.1
2,466.3
699.0
492.2
206.8
1,767.3
302.7
1,079.2
87.6
991.6
275.5
121.8
153.7
7.7
102.2
91.3
120.1
154.9
2,493.3
706.7
497.5
209.2
1,786.6
305.3
1,086.9
89.5
997.3
286.3
131.4
154.9
7.9
100.2
90.4
121.7
155.0
2,526.7
715.7
504.2
211.5
1,811.0
307.8
1,097.8
92.2
1,005.7
297.2
139.7
157.5
7.9
100.3
87.1
118.9
160.7
2,541.8
717.6
504.9
212.7
1,824.2
312.4
1,105.9
94.3
1,011.6
299.3
139.0
160.2
7.9
98.7
87.3
117.5
157.2
2,553.5
718.6
505.4
213.2
1,834.9
313.9
1,115.8
96.2
1,019.6
297.8
137.9
159.9
8.3
99.1
93.4
116.6
161.6
2,548.0
716.2
503.0
213.2
1,831.9
313.1
1,110.4
95.3
1,015.1
299.9
137.6
162.3
8.5
99.9
96.6
117.1
159.3
2,549.5
717.0
505.3
211.6
1,832.6
313.0
1,114.7
96.0
1,018.8
297.5
135.8
161.7
8.3
99.0
95.6
114.9
167.7
2,554.8
716.6
502.1
214.5
1,838.2
313.9
1,116.0
96.2
1,019.8
300.0
139.8
160.2
8.6
99.7
97.9
120.2
157.6
2,557.8
721.8
508.2
213.6
1,836.0
314.4
1,118.3
96.8
1,021.6
297.5
139.6
157.8
7.8
98.1
85.9
113.4
158.4
2,642.7
2,800.0
2,802.8
2,802.3
2,829.8
2,862.4
2,872.7
2,894.0
2,889.8
2,896.6
2,899.2
2,884.2
2,038.6
303.7
1,734.9
307.4
1,427.4
387.4
152.9
234.5
12.6
72.2
2,132.9
330.6
1,802.3
314.6
1,487.7
427.8
166.5
261.3
11.9
72.5
2,135.9
328.1
1,807.8
315.9
1,491.9
429.6
161.0
268.5
14.1
69.3
2,137.6
331.6
1,806.0
314.4
1,491.5
429.1
156.7
272.4
13.5
67.8
2,158.2
334.1
1,824.1
317.6
1,506.5
432.7
161.7
271.1
14.6
67.2
2,171.5
347.5
1,824.0
321.7
1,502.2
439.9
166.5
273.4
20.6
69.3
2,170.1
333.5
1,836.7
327.9
1,508.8
452.4
176.2
276.2
23.3
67.5
2,172.9
332.2
1,840.8
326.9
1,513.9
454.6
182.3
272.3
24.5
69.9
2,176.4
325.6
1,850.7
326.4
1,524.4
456.5
181.6
274.9
24.0
68.2
2,171.7
322.4
1,849.3
327.2
1,522.1
454.4
184.0
270.4
24.7
71.0
2,180.3
338.1
1,842.2
325.2
1,517.0
457.0
185.1
271.9
26.3
68.4
2,157.9
342.4
1,815.5
327.1
1,488.4
455.7
181.0
274.7
23.6
70.9
2,510.7
2,645.1
2,648.8
2,648.0
2,672.8
2,701.3
2,713.4
2,721.9
2,725.0
2,721.7
2,732.0
2,708.1
132.0
154.9
154.0
154.3
157.0
161.1
159.3
172.0
164.8
174.9
167.1
176.0
20
Federal Reserve Bulletin Statistical Supplement • May 2004
1.26
COMMERCIAL BANKS IN THE UNITED STATES
E. Foreign-related institutions
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
2003
2003
Feb.7
Aug.7
Sept.7
Oct.7
2004
2004
Nov.7
Dec.7
Jan.7
Feb.
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Seasonally adjusted
1
2
3
4
5
6
7
8
9
10
11
12
Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
13 Total assets6
14
15
16
17
18
19
20
21
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
22 Total liabilities
23 Residual (assets less liabilities)7
648.6
276.8
114.8
162.0
371.7
172.1
19.6
109.4
70.6
29.4
39.0
31.5
622.6
258.2
105.9
152.3
364.4
148.2
17.4
121.9
77.0
38.9
52.5
36.7
622.2
262.4
107.1
155.2
359.8
144.3
17.3
124.0
74.2
37.3
52.9
34.7
625.7
264.0
103.3
160.7
361.7
139.0
22.0
126.7
74.0
35.8
51.2
33.2
630.7
263.7
97.7
166.0
367.0
132.5
22.1
136.1
76.3
36.7
51.4
28.5
627.9
265.9
99.2
166.7
362.0
136.2
17.8
124.9
83.1
31.7
49.8
26.9
638.5
261.3
98.3
163.0
377.2
137.2
17.1
131.1
91.8
35.5
55.3
25.3
649.8
265.6
99.5
166.1
384.2
136.6
17.1
138.8
91.8
32.5
57.1
20.1
645.6
264.9
101.0
163.9
380.7
137.4
16.9
136.3
90.2
33.4
55.0
23.5
648.5
269.3
102.0
167.3
379.2
136.6
17.2
134.7
90.8
32.0
57.0
19.5
654.3
263.9
98.7
165.2
390.4
136.4
17.3
143.5
93.2
32.9
57.1
20.0
652.7
263.1
96.5
166.5
389.6
136.9
17.0
141.8
94.0
34.2
56.9
18.0
748.1
750.3
746.7
745.5
747.0
735.8
754.2
759.0
757.1
756.6
764.0
761.4
442.1
10.1
432.0
282.5
34.1
248.4
77.4
97.9
436.6
11.0
425.6
308.0
38.5
269.6
106.9
108.6
433.8
10.6
423.2
308.0
38.5
269.5
102.6
104.2
433.0
10.2
422.8
314.0
40.4
273.7
99.3
102.9
437.6
10.9
426.7
306.6
34.8
271.8
92.8
101.8
435.8
11.0
424.8
317.4
43.1
274.3
110.4
99.3
452.8
11.9
440.9
326.7
39.4
287.3
130.6
101.7
463.6
11.8
451.8
337.3
42.0
295.3
150.7
105.0
458.8
12.2
446.6
336.3
43.6
292.7
142.7
102.5
460.8
11.6
449.3
333.4
40.5
292.8
151.1
108.8
462.9
11.5
451.3
341.2
41.3
300.0
149.9
105.0
465.6
11.9
453.7
333.0
41.4
291.6
148.8
105.1
745.1
746.3
743.4
750.6
753.1
742.1
750.6
755.1
754.7
751.9
759.2
755.0
3.0
4.0
3.3
5.1
6.2
6.3
3.7
3.9
2.4
4.7
4.7
6.4
Not seasonally adjusted
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Assets
Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5
40 Total assets6
41
42
43
44
45
46
47
48
Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U S
From others
Net due to related foreign offices
Other liabilities
49 Total liabilities
50 Residual (assets less liabilities)7
Footnotes appear on p. A21.
651.4
276.8
114.8
36.1
78.6
162.0
101.2
60.8
374.6
174.2
19.6
111.4
69.4
29.4
38.8
33.5
614.8
258.2
105.9
38.4
67.5
152.3
99.6
52.8
356.6
146.6
17.4
114.8
77.9
38.9
52.5
36.3
615.9
262.4
107.1
39.4
67.7
155.2
102.5
52.7
353.6
142.8
17.3
118.6
74.8
37.3
53.9
33.3
622.5
264.0
103.3
38.2
65.1
160.7
101.7
59.1
358.5
137.3
22.0
125.6
73.7
35.8
52.2
32.2
632.3
263.7
97.7
32.7
65.0
166.0
103.4
62.6
368.6
131.9
22.1
139.8
74.8
36.7
51.4
28.0
634.9
265.9
99.2
35.2
64.0
166.7
101.9
64.8
369.0
137.3
17.8
130.6
83.2
31.7
51.3
27.3
641.9
261.3
98.3
33.6
64.7
163.0
96.4
66.6
380.6
137.9
17.1
134.9
90.8
35.5
54.9
27.0
652.1
265.6
99.5
35.5
64.0
166.1
98.3
67.7
386.5
138.2
17.1
141.3
90.0
32.5
56.3
21.2
648.7
264.9
101.0
36.1
64.9
163.9
95.9
67.9
383.8
137.9
16.9
140.9
88.2
33.4
54.1
25.5
651.5
269.3
102.0
36.6
65.4
167.3
100.3
67.0
382.2
138.0
17.2
138.2
88.7
32.0
56.5
21.0
652.9
263.9
98.7
34.7
64.0
165.2
98.9
66.3
389.0
138.5
17.3
142.1
91.1
32.9
56.8
20.9
655.8
263.1
96.5
34.7
61.9
166.5
97.4
69.1
392.8
138.8
17.0
145.2
91.9
34.2
56.0
18.7
752.7
742.2
740.0
742.3
748.0
744.8
759.0
761.7
761.2
760.6
763.0
764.4
448.1
10.1
438.0
282.5
34.1
248.4
77.5
97.8
430.5
10.9
419.6
308.0
38.5
269.6
106.5
109.0
426.0
10.8
415.3
308.0
38.5
269.5
101.0
105.5
418.8
10.2
408.5
314.0
40.4
273.7
96.7
104.9
426.9
10.8
416.2
306.6
34.8
271.8
90.2
103.9
435.0
11.3
423.6
317.4
43.1
274.3
108.8
100.6
458.7
12.2
446.5
326.7
39.4
287.3
129.9
102.3
469.7
11.8
457.8
337.3
42.0
295.3
151.1
104.7
466.5
12.5
454.0
336.3
43.6
292.7
144.0
101.3
468.8
11.6
457.3
333.4
40.5
292.8
151.3
108.6
466.7
11.7
454.9
341.2
41.3
300.0
150.5
104.5
472.7
11.8
460.9
333.0
41.4
291.6
148.2
105.7
750.9
741.0
738.5
741.0
747.2
744.1
757.9
760.6
760.1
759.5
761.9
763.3
1.8
1.2
1.5
1.3
.8
.7
1.1
1.1
1.1
1.1
1.1
1.1
Commercial Banking Institutions—Assets and Liabilities
1.26
COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items
21
Assets and Liabilities1—Continued
Billions of dollars
Wednesday figures
Monthly averages
Account
Feb.
Aug.'
Sept.'
Oct.
2004
2004
2003
2003
Nov.'
Dec'
Jan.'
Feb.
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Not seasona lly adjusted
MEMO
1
2
3
4
5
6
7
8
9
10
11
Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items8
Revaluation losses on off-balancesheet items8
Mortgage-backed securities9
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities10
Off-shorecredittoU.S.residents" . . . .
Securitized consumer loans12
Credit cards and related plans
Other
Securitized business loans12
116.8
93.2
112.6
114.1
112.4
120.0
125.7
125.6
124.8
129.1
126.8
125.2
94.9
384.9'
283.0'
101.9'
79.5
395.7
280.0
115.7
96.1
381.1
268.6
112.5
97.3
396.1'
284.9'
111.2'
94.5
413.7
298.4
115.4
103.7
411.9
294.1
117.8
110.5
411.4
293.0
118.5
114.7
468.2
347.5
120.7
109.0
422.4
301.4
121.0
120.6
419.7
298.6
121.2
116.9
501.6
380.8
120.9
113.6
493.2
373.5
119.7
11.5
18.2
151.3
134.8
16.5
10.9
1.1
14.7
162.5
144.5
18.0
7.2
4.8
14.3
162.7
144.3
18.4
7.9
4.2
13.8
165.1
146.8
18.3
8.0
3.1
13.5
166.3
147.5
18.9
7.5
3.6
13.3
167.3
148.0
19.3
7.2
5.0
13.4
169.1
149.9
19.2
7.2
8.6
13.0
168.4
149.5
18.9
7.1
5.5
12.8
169.7
150.6
19.0
7.1
6.1
13.1
169.4
150.6
18.8
7.1
9.9
13.2
167.5
148.8
18.7
7.1
10.3
13.1
167.8
148.6
19.1
7.0
306.7'
200.4'
192.7'
7.7
323.1
201.6
194.3
7.3
321.7
203.1
195.9
7.2
319.5'
204.4
197.2
7.2
323.9
202.8
195.4
7.4
330.4
203.4
196.0
7.4
327.3
205.2
197.6
7.6
326.8
202.5
195.1
7.4
324.5
204.4
196.8
7.6
325.2
204.4
196.8
7.6
324.8
200.3
192.8
7.6
329.2
201.0
193.7
7.3
66.6'
65.1
66.9
67.5'
63.9
63.9
63.7
62.9
61.6
65.0
63.0
61.9
64.9
4.6
64.7
1.4
66.6
1.2
67.7
1.3
66.3
1.3
66.9
1.2
68.4
.9
69.2
.4
66.5
.4
70.4
.4
70.4
.4
68.6
.4
Small domestically chartered
commercial banks, adjusted for
m enters
9
12
securities
13 Mortgage-backed
Securitized consumer
loans12
14 Credit cards and related plans
15 Other
Foreign-related institutions
16 Revaluation gains on off-balancesheet items8
17 Revaluation losses on off-balancesheet items8
18 Securitized business loans12
NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States," which
is available at: www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large
Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S.
Branches and Agencies of Foreign Banks," are no longer being published in the Statistical
Supplement. Instead, abbreviated balance sheets for both large and small domestically
chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and
agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related
institutions and are included in table 1.26, part E. These data are break-adjusted.
The not-seas on ally- adjusted data for all tables now contain additional balance sheet items,
which were available as of October 2, 1996.
1. Covers the following types of institutions in the fifty states and the District of Columbia:
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and agreement corporations (foreign-related institutions). Excludes International Banking Facilities. Data are Wednesday values or pro rata
averages of Wednesday values. Large domestic banks constitute a universe; data for small
domestic banks and foreign-related institutions are estimates based on weekly samples and on
quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of
assets and liabilities.
The data for large and small domestic banks presented on pp. A17-19 are adjusted to
remove the estimated effects of mergers between these two groups. The adjustment for
mergers changes past levels to make them comparable with current levels. Estimated
quantities of balance sheet items acquired in mergers are removed from past data for the bank
group that contained the acquired bank and put into past data for the group containing the
acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a
ratio procedure is used to adjust past levels.
2. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
4. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
5. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
6. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
7. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
9. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
10. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
11. Mainly commercial and industrial loans but also includes an unknown amount of credit
extended to other than nonfinancial businesses.
12. Total amount outstanding.
22
1.32
Federal Reserve Bulletin Statistical Supplement • May 2004
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December
2003
2004
Item
2
3 Nonfinancial companies
1999
2000
2001
2002
2003
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
1,403,023
1,619,274
1,458,870
1,347,997
1,265,351
1,336,910
1,313,775
1,324,745
1,306,025
1,265,351
1,296,647
1,123,883
279,140
1,275,841
343,433
1,234,023
224,847
1,193,950
154,047
1,160,317
105,034
1,203,483
133,427
1,187,988
125,787
1,198,571
126,174
1,179,163
126,862
1,160,317
105,034
1,182,719
113,928
1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.
1.33
PRIME RATE CHARGED BY BANKS
2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.
Short-Term Business Loans1
Percent per year
Date of change
1
Rate
2001—Jan.
4
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
Nov.
Dec.
1
21
19
16
28
22
18
3
7
12
9.50
9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50
5.00
4.75
2002—Nov.
7
4.25
2003—June 27
4.00
Period
Average
rate
2001
2002
2003
6 91
4.67
4.12
2001—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53
5.10
4.84
1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call
Period
2002 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Average
rate
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.35
4.25
Period
Average
rate
2003—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
4.25
4.25
4.25
4.25
4.25
4.22
4.00
4.00
4.00
4.00
4.00
4.00
2004—Jan
Feb
Mar
4.00
4.00
4.00
Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415)
monthly statistical releases, available at www.federalreserve.gov/releases.
Financial Markets
1.35
INTEREST RATES
23
Money and Capital Markets
Percent per year; figures are averages of business day data unless otherwise noted
2003
Item
2001
2002
2004
2004, week ending
2003
Nov.
Dec.
Jan.
Feb.
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
MONEY MARKET INSTRUMENTS
1 Federal funds'^ 3
2 Discount window primary credit2'4
3.88
n.a.
1.67
n.a.
1.13
n.a.
1.00
2.00
0.98
2.00
1.00
2.00
1.01
2.00
1.02
2.00
1.01
2.00
1.00
2.00
1.01
2.00
1.00
2.00
3.78
3.68
3.65
1.67
1.67
1.69
1.11
1.11
1.11
1.02
1.05
1.06
1.03
1.05
1.05
0.99
1.01
1.01
0.99
1.01
1.01
1.00
1.01
1.00
0.99
1.01
1.01
1.00
1.00
1.01
0.98
1.00
1.00
1.01
3.80
3.71
3 65
1.68
1.69
1 70
1.12
1.13
1 13
1.03
1.06
1 08
1.05
1.07
1 07
1.01
1.02
1 04
1.01
1.02
1 03
1.01
1.03
1 04
1.01
1.03
1 04
1.01
1.02
1 03
1.01
1.02
1 03
1.01
1.02
1 03
3.84
3.71
3.66
1.72
1.73
1.81
1.15
1.15
1.17
1.06
1.11
1.17
1.09
1.10
1.17
1.04
1.06
1.12
1.03
1.05
1.11
1.03
1.05
1.11
1.04
1.06
1.12
1.03
1.06
1.11
1.03
1.05
1.10
1.03
1.05
1.10
3.70
1.73
1.14
1.10
1.09
1.05
1.04
1.05
1.05
1.05
1.04
1.04
2.43
3.40
3 34
1.60
1.61
1 68
1.00
1.01
1 05
0.92
0.93
1 02
0.87
0.90
0 99
0.83
0.88
0 97
0.90
0.93
0 99
0.84
0.90
0 98
0.88
0.92
1 00
0.88
0.92
0 98
0.90
0.92
0 98
0.94
0.94
1 00
3.49
3.83
4.09
4.56
4.88
5.02
5.63
2.00
2.64
3.10
3.82
4.30
4.61
5.43
1.24
1.65
2.10
2.97
3.52
4.01
4.96
1.34
1.93
2.45
3.29
3.81
4.30
5.17
1.31
1.91
2.44
3.27
3.79
4.27
5.11
1.24
1.76
2.27
3.12
3.65
4.15
5.01
1.24
1.74
2.25
3.07
3.59
4.08
4.94
1.25
1.81
2.32
3.16
3.68
4.17
5.02
1.28
1.81
2.33
3.16
3.67
4.16
4.99
1.24
1.75
2.25
3.06
3.58
4.08
4.93
1.23
1.72
2.22
3.04
3.56
4.06
4.92
1.22
1.68
2.18
3.01
3.52
4.03
4.90
n.a.
5.41
5.02
5.20
5.15
5.05
4.99
5.06
5.04
4.99
4.98
4.96
5.01
5.75
5.15
4.87
5.64
5.04
4.52
5.20
4.75
4.50
5.10
4.73
4.41
4.97
4.65
4.42
5.01
4.61
4.26
4.92
4.55
4.49
5.17
4.71
4.47
5.15
4.68
4.31
4.99
4.52
4.13
4.79
4.50
4.13
4.76
4.49
7.49
7.10
6.24
6.17
6.11
5.99
5.92
5.98
5.96
5.92
5.92
5.89
7.08
7.26
7.67
7 95
6.49
6.93
7.18
7 80
5.66
6.14
6.38
6 76
5.65
6.09
6.27
6 66
5.62
6.02
6.19
6 60
5.54
5.91
6.08
6 44
5.50
5.87
6.04
6 27
5.55
5.90
6.07
6 40
5.53
5.91
6.07
6 32
5.50
5.87
6.04
6 26
5.50
5.87
6.04
6 25
5.47
5.85
6.01
6 23
1.32
1.61
1.72
1.63
1.60
1.53
1.53
1.52
1.53
1.53
1.53
1.52
Commercial paper3'5'6
Non financial
Financial
Certificates of deposit, secondary market-''1
12 Eurodollar deposits, 3-month3'8
US Treasury bills
Secondary market3'5
13
4-week
U.S. TREASURY NOTES AND BONDS
Constant maturities^1
18
3-year
20
7-year
22
20-year
Treasury long-term average1®'11
23
25 years and above
STATE AND LOCAL NOTES AND BONDS
Moody's series12
24 Aaa
25 Baa
26 Bond Buyer series13
CORPORATE BONDS
27 Seasoned issues, all industries14
Rating group
29 Aa
30 A
31 Baa
MEMO
Dividend—price ratio16
NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly
statistical release, available at: www.federalreserve.gov/releases.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003.
This rate replaces that for adjustment credit, which was discontinued after January 8, 2003.
For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/
2002103 12/default.htm. The rate reported is that for the Federal Reserve Bank of New York.
Historical series for the rate on adjustment credit is available at: http://
www.federalreserve.gov/releases/hl5/data.htm.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web
pages (http://www.federalreserve.gov/releases/cp) for more information.
7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.
10. Based on the unweighted average of the bid yields for all Treasury fixed-coupon
securities with remaining terms to maturity of 25 years and over.
11. A factor for adjusting the daily long-term average in order to estimate a 30-year rate
can be found at http://www.treas.gov/offjces/domestic-finance/debt-management/interest-rate/
ltcompositeindex.html.
12. General obligation bonds based on Thursday figures; Moody's Investors Service.
13. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's
Al rating. Based on Thursday figures.
14. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
15. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
16. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.
SOURCE: U.S. Department of the Treasury.
24
Federal Reserve Bulletin Statistical Supplement • May 2004
1.36
STOCK MARKET
Selected Statistics
June
July
Aug.
Sept.
Oct.
Nov.
Prices and trading volume (averages of daily figures)
Common stockprices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6,407.95
749.46
444.45
377.72
596.61
5,571.46
656.44
430.63
260.50
554.88
5,456.48
634.11
437.37
238.05
566.74
5,583.60
649.25
441.81
254.16
579.48
5,567.94
648.00
445.29
244.67
5,580.87
651.19
451.31
238.06
582.20
5,748.80
670.18
464.61
243.37
593.10
5,894.38
678.51
477.98
245.96
616.46
5,989.42
689.30
497.44
248.01
624.02
6,244.68
714.93
509.35
257.12
638.41
6,569.76
n.a.
n.a.
n.a.
n.a.
6,661.38
n.a.
n.a.
n.a.
n.a.
1,024.69
1,071.66
1,136.44
1,201.35
1,233.36
6 Standard & Poor's Corporation
(1941-43= 10)'
7 American Stock Exchange
(Aug. 31, 1973 = 50)2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
1,361,043
n.a.
68,074
1,438,593
n.a.
Customer financing (millions of dollars, end-of-period balances)
3
10 Margin credit at broker-dealers . . . .
Free credit balances at brokers*
11 Margin accounts5
12 Cash accounts
101,640
78,040
134,380
173,220
95,690
73,340
92,560
84,920
87,920
74,350
91,210
76,170
149,660
155,870
88,040
72,000
88,620
74,760
89,360
79,530
87,440
77,130
173,220
178,820
92,560
84,920
92,570
82,740
93,840
84,540
Margin requirements (percent of market value and effective date)6
13 Margin stocks
14 Convertible bonds
15 Short sales
Mar. 11, 1968
May 6, 1970
70
50
70
65
50
65
1. In July 1976 a financial group, one made up of banks and insurance companies, was
added to the group of stocks on which the index is based. The index is now based on 400
industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility
(formerly 60), and 40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in
April 1984.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.
Dec. 6, 1971
Nov. 24, 1972
Jan.3, 1974
65
50
65
50
50
50
6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.
Federal Finance
1.40
25
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2001
Mar. 3 1
June 30
Sept. 30
Dec. 3 1
Mar. 31
June 30
Sept. 30
Dec. 31
1 Federal debt outstanding
5,970.3
6,032.4
6,153.3
6,255.4
6,433.0
6,487.7
6,697.1
6,810.3
7,023.4
2 Public debt securities
3
Held by public
4
Held by agencies
5,943.4
3,393.8
2,549.7
6,006.0
3,443.7
2,562.4
6,126.5
3,463.5
2,662.9
6,228.2
3,552.6
2,675.6
6,405.7
3,647.4
2,758.3
6,460.8
3,710.8
2,750.0
6,670.1
3,816.3
2,853.8
6,783.2
3,923.9
2,859.4
6,998.0
4,043.5
2,954.5
26.8
26.8
.0
26.4
26.4
.0
26.8
26.8
.0
27.2
27.2
.0
27.3
27.3
.0
26.9
26.9
.0
27.0
27.0
.0
27.0
27.0
25.4
25.4
.0
6,400.0
6,625.5
5 Agency securities
6
Held by public
7
Held by agencies . . .
: Debt subject to statutory limit
9 Public debt securities . .
10 Other debt1
.0
6,952.9
6,737.6
5,871.2
.3
5,935.0
.2
6,058.1
.2
6,161.1
.3
6,359.1
.3
6,399.8
.2
6,625.3
.2
6,952.6
6,736.3
MEMO
Statutory debt limit
1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.
1.41
GROSS PUBLIC DEBT OF U.S. TREASURY
SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Monthly Treasury Statement.
Types and Ownership
Billions of dollars, end of period
Type and holder
1 Total gross public debt
By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds' .
Nonmarketable2
State and local government series . .
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing
By holder1
U.S. Treasury and other federal agencies and trust funds
Federal Reserve Banks6
Private investors
Depository institutions
Mutual funds
Insurance companies
State and local treasuries7
Individuals
Savings bonds
Pension funds
Private
State and Local
Foreign and international8
Other miscellaneous investors7'9
Ql
Q2
Q3
Q4
6,754.8
3,460.6
6,963.1
5,662.2
5,943.4
6,405.7
6,998.0
5,618.1
2,966.9
5,930.8
2,982.9
811.3
1,413.9
6,391.4
3,205.1
888.8
1,580.8
588.7
146.9
6,963.1
6,474.0
6,656.5
3,575.1
928.8
1,905.8
3,379.0
927.8
1,713.7
582.4
155.0
3,186.3
3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0
3,331.8
955.0
1,622.9
585.7
153.2
3,142.2
148.8
12.2
12.2
.0
187.3
646.9
1,557.3
626.5
602.7
121.2
140.1
2,947.9
2,651.2
564.4
176.2
3,388.1
149.2
9.7
9.7
.0
192.2
3,007.0
n.a.
666.7
n.a.
n.a.
n.a.
n.a.
n.a.
13.8
13.6
2,757.8
629.4
3,018.5
222.6
279.0
133.9
274.2
n.a.
666.7
n.a.
n.a.
n.a.
n.a.
n.a.
2,764.6
641.5
2,854.8
652.1
3,164.7
145.9
312.4
147.5
323.5
2,860.7
656.1
194.9
289.9
113.6
176.3
1,212.7
433.8
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
199.1
286.6
67.8
218.8
1,355.5
378.2
201.5
279.2
2,572.2
551.7
2,819.5
181.5
257.5
105.7
256.5
184.8
304.1
108.4
195.7
1,034.2
588.7
190.3
281.6
104.2
177.4
1,053.1
493.3
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.
576.8
166.1
2,763.8
2,270.1
511.7
2,880.4
201.5
220.8
110.2
236.2
3,056.0
153.1
296.4
144.1
311.2
196.9
280.4
66.9
213.5
1,254.6
443.4
3,575.1
928.8
1,905.8
3,294.2
148.4
11.0
11.0
.0
192.6
2,912.2
13.4
16.0
2,266.1
44.2
153.4
11.2
11.2
.0
184.8
2,806.9
14.3
146.3
3,277.6
140.5
11.7
11.7
.0
189.9
2,905.5
15.4
15.4
.0
181.5
2,574.8
12.7
151.0
27.2
27.2
.0
176.9
564.4
176.2
918.2
1,799.4
3,268.0
147.7
295.9
150.6
325.9
16.0
65.8
213.3
1,427.9
n.a.
n.a.
n.a.
n.a.
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 • May 2004
1.42
U.S. GOVERNMENT SECURITIES DEALERS
Transactions1
Millions of dollars, daily averages
2003
2004
2003
Jan.
Dec. 31
2004, week ending
Item
Nov.
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven2
6
Inflation-indexed
7
8
9
10
11
12
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed
Corporate securities
13 One year or less
14 More than one year
15
16
17
18
19
20
21
22
By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
"\X7"-it'll /-it'll *i-tw itn otner
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
Dec.
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
40,704
45,512
39,597
43,511
46,096
37,576
36,992
39,658
36,707
40,426
44,050
41,364
152,884
130,936
166,458
70,988
147,999
171,680
142,156
180,163
204,662
201,492
131,044
174,956
130,002
107,235
141,009
41,326
122,593
162,109
134,866
140,129
139,580
156,366
124,522
118,072
101,743
22,049
4,003
74,910
19,046
2,502
107,705
24,134
6,813
36,505
11,817
1,136
80,714
24,694
7,159
123,048
26,763
8,850
112,439
23,720
5,504
113,026
22,428
5,629
100,555
21,538
6,609
102,853
27,689
5,675
124,064
20,459
3,742
89,586
20,895
4,503
52,996
50,790
53,660
51,153
57,971
52,097
57,084
49,232
53,166
49,156
57,540
50,149
8,513
7,800
12,122
3,013
11,857
11,360
13,420
12,542
10,906
15,200
11,833
14,134
7,404
5,200
8,527
1,668
5,042
11,259
6,015
11,237
6,911
7,508
5,032
6,527
4,596
562
3,567
696
5,965
831
1,386
176
5,544
746
8,184
627
6,767
716
4,211
1,270
4,042
640
4,831
713
3,393
441
5,294
445
170,861
137,090
203,546
59,397
195,932
301,185
155,550
147,232
211,455
316,448
191,696
191,038
119,434
20,408
110,721
16,772
119,205
24,908
90,494
4,960
117,395
22,096
121,781
26,912
132,074
22,804
115,389
28,326
100,188
21,185
110,160
20,617
138,487
23,625
122,994
22,521
212,698
180,172
225,938
91,424
195,748
247,245
211,021
235,213
239,693
248,598
210,315
210,962
6,735
45,384
780
6,267
36,874
576
8,095
61,185
754
2,873
16,107
237
8,266
57,180
805
7,796
84,008
782
8,440
46,979
548
8,513
48,973
833
6,768
71,082
800
8,663
72,967
890
6,282
51,536
493
8,284
49,529
639
238,687
199,969
259,779
113,859
233,506
282,781
244,656
265,821
269,958
285,903
237,566
238,414
67,336
125,478
139,062
61,786
100,216
126,917
73,008
142,361
143,359
54,523
43,290
95,216
72,895
138,752
138,686
75,731
217,176
147,910
75,562
108,571
154,330
69,977
98,259
142,883
68,897
140,373
120,574
68,745
243,481
129,886
71,956
140,160
161,619
68,265
141,510
144,875
NOTE. Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.
1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgage-
backed, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.
2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index ratio.
Federal Finance
1.43
U.S. GOVERNMENT SECURITIES DEALERS
27
Positions and Financing1
Millions of dollars
2003, week
ending
2004, week ending
Item, by type of security
Net outright positions2
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
6
Inflation-indexed
2
3
7
8
9
10
11
Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven
14,434
14,529
161
7,674
5,484
5,326
2,691
4,114
7,849
10,845
16,339
25,700
19,775
21,456
21,972
24,358
32,670
31,173
23,760
23,826
30,211
38,879
40,146
38,863
38,380
32,635
41,367
38,406
41,930
41,460
37,162
40,565
8,485
3,953
2,491
10,140
4,080
1,348
14,115
1,723
953
8,664
44
937
9,532
1,318
126
11,211
777
1,129
16,918
2,707
557
16,678
2,561
1,630
19,067
629
2,408
9,738
1,116
1,354
2,184
2,472
1,232
57,564
47,439
51,532
35,963
47,579
54,913
49,947
54,739
49,079
43,854
39,844
11,451
13,924
14,174
13,973
13,110
16,087
14,658
12,897
14,044
12,151
14,907
3,580
7,134
5,054
6,603
5,919
6,735
5,694
3,375
1,536
131
1,788
4,248
1,810
3,754
1,871
5,705
2,072
3,940
1,731
4,539
1,582
7,254
1,927
5,207
2,295
5,747
2,267
5,877
2,579
4,431
2,992
4,690
3,119
27,687
91,940
32,585
98,753
31,990
96,418
23,672
99,002
26,525
98,233
36,202
96,705
34,086
95,779
30,819
96,145
32,753
93,644
12 Mortgage-backed
13
14
Corporate securities
One year or less
More than one year
31,874
91,809
Financing3
Securities in, US. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term
754,064
1,007,664
752,363
1,108,894
841,589
914,913
774,129
843,134
816,615
806,460
816,671
902,554
875,103
917,603
847,582
989,555
1,016,369
1,074,838
904,014
927,567
154,090
230,118
157,823
215,005
169,555
208,761
166,316
180,483
172,552
193,228
160,514
202,647
173,102
203,821
161,422
229,858
194,358
221,567
170,899
231,052
171,185
228,199
39,127
233,281
37,318
236,378
42,427
241,237
34,312
225,884
43,290
236,458
47,100
239,517
44,623
243,857
36,175
246,260
38,976
238,567
46,639
256,214
47,373
263,315
79,994
34,380
79,755
34,828
82,358
39,942
80,384
35,484
82,276
35,341
81,989
36,825
82,451
41,535
82,516
43,939
82,822
44,909
85,240
45,695
86,430
45,345
479,469
1,293,786
484,304
1,360,405
544,161
1,176,768
546,306
1,008,399
527,592
1,055,278
511,808
1,150,383
582,580
1,180,742
538,257
1,274,886
1,283,592
1,360,667
1,222,756
727,627
904,894
725,799
997,386
787,675
811,726
746,629
727,930
765,934
723,174
770,253
799,894
817,660
816,581
787,902
867,902
808,563
903,554
972,158
871,458
821,156
293,906
165,645
296,060
149,108
313,473
135,981
296,255
113,216
315,632
121,830
302,222
129,234
314,924
132,140
321,133
149,727
313,427
161,634
302,772
150,778
293,526
152,725
355,734
149,985
364,889
160,621
416,161
158,587
368,553
156,713
378,822
159,796
420,399
159,152
427,057
162,762
442,783
154,091
405,859
155,195
415,353
161,586
402,548
160,496
157,422
29,886
168,128
28,048
176,655
27,643
161,690
24,350
166,887
25,802
178,340
27,092
179,277
27,944
180,948
28,997
179,378
29,359
182,015
30,290
178,218
29,562
1,301,413
1,195,931
1,308,896
1,278,407
1,443,462
1,079,304
1,320,847
967,126
1,381,042
983,196
1,429,353
1,055,566
1,489,350
1,080,108
1,469,741
1,147,895
1,197,023
1,254,956
1,490,469
1,100,575
MEMO
Reverse repurchase agreements
23 Overnight and continuing
24 Term
25
26
27
28
29
30
31
32
Securities out, U.S. Treasury
Overnight and continuing
Term
Federal agency and governmentsponsored enterprises
Overnight and continuing
Term
Mortgage-backed securities
Overnight and continuing
Term
Corporate securities
Overnight and continuing
Term
MEMO
Repurchase agreements
33 Overnight and continuing . . .
34 Term
NOTE. Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).
28
1.44
Federal Reserve Bulletin Statistical Supplement • May 2004
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 Bank2'3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service6
8
Tennessee Valley Authority
9
United States Railway Association6
10 Federally sponsored agencies7
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Farm Credit Banks8
15
Student Loan Marketing Association9
16 Financing Corporation
17 Farm Credit Financial Assistance Corporation "
18 Resolution Funding Corporation12
1,851,632
2,121,057
25,666
6
n.a.
255
276
6
n.a.
26,828
2,351,039
n.a.
26,828
n.a.
n.a.
25,660
n.a.
n.a.
n.a.
1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996
40,575
Sept.
Nov.
Dec.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
27,136
6
n.a.
261
27,029
6
n.a.
279
n.a.
282
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
27,130
n.a.
n.a.
n.a.
27,023
n.a.
n.a.
n.a.
26,826
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996
2,351,037
674,841
648,894
851,000
85,088
47,900
8,170
1,261
29,996
n.a.
745,226
n.a.
961,732
92,151
58,500
8,170
1,261
29,996
n.a.
700,924
n.a.
915,991
89,893
54,500
8,170
1,261
29,996
n.a.
718,709
n.a.
975,734
90,086
54,300
8,170
1,261
29,996
n.a.
721,986
n.a.
967,300
90,817
56,400
8,170
1,261
29,996
n.a.
722,373
n.a.
955,556
91,489
56,800
8,170
1,261
29,996
n.a.
745,226
n.a.
961,732
92,151
58,500
8,170
1,261
29,996
39,096
37,017
36,420
35,545
35,545
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13,876
25,220
n.a.
14,48'
22,52:
n.a.
n.a.
n.a.
n.a.
15,697
20,723
n.a.
15,721
19,824
n.a.
15,618
19,927
n.a.
n.a.
n.a.
MEMO
19 Federal Financing Bank debt13
20
21
22
23
24
Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6
Other lending14
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other
5,275
13,126
22,174
1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.
10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.
Securities Markets and Corporate Finance
1.45
NEW SECURITY ISSUES
29
State and Local Governments
Millions of dollars
Type of issue or issuer,
or use
July
Aug.
Sept.
25,919
26,139'
34,753
26,026'
31,766
20,848
26,330
6,505
19,633
16,379
18,374
8,237
17,789
9,017
22,750
9,171
11,677
13,967
12,362
1 All issues, new and refunding1
292,027
363,867'
385,101
33,471'
By type of issue
2 General obligation . . . .
3 Revenue
118,554
170,047
145,323
214,788
143,856
239,193
20,702
By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township . . .
30,099
197,462
61,040
33,931
259,070
67,121
49,849
254,445
78,790
2,922
22,247'
8,302
2,202
17,225
6,492
555
21,026
4,558'
7,893
20,486
6,374
2,343
17,537
6,146
2,930
23,682
5,154
1,926
15,479
3,443
5,262
15,997
5,071
7 Issues for new capital
200,363
242,861
266,812
22,158
18,171
19,963
22,923
20,455'
25,792
13,867
17,714
50,054
21,411
21,917
57,894
22,093
33,404
n.a.
7,227
73,033
71,064
23,790
10,657
n.a.
22,571
97,656
4,961
3,011
495
n.a.
2,317
6,454
6,680
2,892
753
n.a.
1,666
3,723
4,840
1,520
183
n.a.
2,241
8,238
5,739
1,163
658
n.a.
1,988
10,667
3,718
6,672
867
849
6,682
148
132
n.a.
1,703
8,503
4,486
5,159
1,247
139
n.a.
1,034
8,072
8
9
10
11
12
13
By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
n.a.
6,607
55,733
NEW SECURITY ISSUES
1,100
n.a.
2,700
6,833
n.a.
1,127
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
2,625
US. Corporations
Millions of dollars
2003
Type of issue, offering,
or issuer
2001
2002
2004
2003
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
1 All issues'
1,543,981
1,432,548
1,819,401
199,453
130,576
123,727
174,321
146,965
162,527
139,428
150,136
2 Bonds2
1,415,427
1,322,113
1,692,260
183,564
121,268
114,045
159,112
137,298
145,558
126,270
136,400
1,359,039
56,389
1,235,868
86,246
1,579,311
112,949
167,673
15,890
109,337
11,931
107,570
6,475
144,129
14,984
125,950
11,349
135,493
10,065
119,516
6,753
122,499
13,902
24,415
18,870
24,790
4,140
429
1,636
1,634
1,603
2,271
2,684
459,610
955,817
282,484
1,039,629
362,340
1,329,920
52,204
131,360
28,435
92,833
17,937
96,108
32,248
126,864
29,058
108,240
22,877
122,680
25,365
100,904
22,542
113,858
230,049
170,904
185,964
15,889
9,308
9,682
15,209
9,667
16,969
13,158
13,736
128,554
101,495
110,435
60,469
127,141
58,823
15,889
n.a.
9,308
n.a.
9,682
n.a.
15,209
n.a.
9,667
n.a.
16,969
n.a.
13,158
n.a.
13,736
n.a.
77,577
50,977
62,115
48,320
44,389
82,752
4,727
11,162
3,333
5,975
1,988
7,694
6,474
8,735
3,748
5,919
8,233
8,736
3,694
9,464
4,900
8,836
By type of offering
3 Sold in the United States
MEMO
5 Private placements, domestic
n.a.
By industry group
8 Stocks3
By type of offering
9 Public
10 Private placement4
By industry group
1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data
include ownership securities issued by limited partnerships.
2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data for private placements are not available at a monthly frequency.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.
30
1.47
Federal Reserve Bulletin Statistical Supplement • May 2004
OPEN-END INVESTMENT COMPANIES
Net Sales and Assets1
Millions of dollars
2004
2003
Item
2002
2003'
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
1,823,569
1,711,723
153,832
139,162
138,679
147,682
125,127
149,600
181,507
3 Net sales
1,702,368
121,201
1,495,366
216,357
139,690
14,142
125,013
14,149
123,556
15,123
119,565
28,117
109,819
15,308
135,040
14,560
133,323
48,184
32,749
4 Assets4
4,118,926
5,362,397
4,714,516
4,830,159
4,847,937
5,072,817
5,162,420
5,362,397
5,502,747
5,617,297
5 Cash5
6 Other
208,450
3,910,476
258,594
5,103,803
220,372
4,494,144
226,089
4,604,070
231,571
4,616,366
245,016
4,827,801
261,641
4,900,779
258,594
5,103,803
271,952
5,230,795
277,245
5,340,052
3
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
144,567
4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE. Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.
Assets and Liabilities1
Billions of dollars, end of period; not seasonally adjusted
2002
2003
Q2
Q3
Q4
Ql
Q2
Q3
Q4
ASSETS
5 LESS:
Reserves for unearned income
8 All other
9 Total assets
951.7
343.5
447.0
161.3
956.7
326.9
455.3
174.5
1,037.2
378.3
457.4
201.4
947.2
337.3
449.4
160.5
952.8
341.8
445.5
165.5
956.7
326.9
455.3
174.5
951.3
323.4
453.9
173.9
972.4
333.1
455.8
183.4
1,018.5
378.2
445.6
194.7
1,037.2
378.3
457.4
201.4
60.7
21 0
57.3
24 0
51.5
24 9
58.6
21 6
58.2
22 1
57.3
24 0
53.6
23 8
53.4
24 3
52.5
24 8
51.5
24 9
870.0
524.2
875.5
584.1
960.8
736.1
866.9
531.1
872.6
558.8
875.5
584.1
873.9
601.3
894.7
647.9
941.2
709.1
960.8
736.1
1,394.2
1,459.5
1,696.9
1,398.1
1,431.4
1,459.5
1,475.1
1,542.6
1,650.3
1,696.9
50.8
158 6
48.0
141 5
56.2
137 2
56.9
130 8
74.9
143 1
48.0
141 5
47.3
127 3
53.2
145 3
57.6
1329
56.2
137 2
99.3
570.2
326.4
188.9
88.4
633.2
340.5
207.8
101.2
740.0
425.5
236.8
83.4
601.8
332.1
193.1
83.0
590.9
344.8
194.7
88.4
633.2
340.5
207.8
87.5
647.4
344.7
221.0
96.5
675.5
359.8
212.4
96.4
710.2
425.2
228.0
101.2
740.0
425.5
236.8
1,394.2
1,459.5
1,696.9
1,398.1
1,431.4
1,459.5
1,475.1
1,542.6
1,650.3
1,696.9
LIABILITIES AND CAPITAL
Debt
15 Capital, surplus, and undivided profits
16 Total liabilities and capital
Note. Some of the data presented in the table is available in the the Board's monthly G.20
(422) statistical release, which is available at: www.federalreserve.gov/releases.
1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.
2. Before deduction for unearned income and losses. Excludes pools of securitized assets.
Securities Markets and Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
31
Owned and Managed Receivables1
Billions of dollars, amounts outstanding
Type of credit
Aug.
Sept.
Seasonally adjusted
1 Total
2
3
4
Consumer . .
Real estate .
Business . . .
r,248.7
r,277.5
r,324.rr
515.2
207.7
525.8
519.1
217.4
541.0
533.3'
239.6
551.3
526.7
233.7
545.6
r,3r3.7
r,329.(F
535.7
234.0
543.9
541.0'
238.0
550.0
532.1'
240.9
554.7
1,331.9
533.3'
239.6
551.3
537.1
243.8
551.0
Not seasonally adjusted
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
29
30
31
32
33
34
35
36
Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
Securitized assets4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables6 . . . .
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6 . .
r, 284.3
1,331.1'
1,297.5
1,309.3
1,326.0'
1,327.6'
519.7
173.9
103.5
31.5
32.7
523.9
160.2
83.3
38.9
38.7
538.3'
197.0
70.0
37.6'
51.6
526.6
190.0
73.2
37.4
48.9
536.3
196.7
75.4
37.3
50.1
541.3'
198.4
73.2
37.7'
50.7
536.9'
195.2
70.0
40.0'
51.1
538.3'
197.0
70.0
37.6'
51.6
537.8
199.0
68.9
39.9
51.8
131.9
6.8
25.0
14.3
207.7
120.1
41.2
151.9
5.7
31.1
14.0
217.4
135.0
39.5
132.8
5.5
31.6
12.2
239.6
152.2
129.8
5.8
28.8
12.6
233.7
152.0
42.0
129.6
5.7
28.9
12.7
234.0
151.8
42.8
134.5
5.7
28.7
12.4
238.0
152.9
132.8
5.5
31.6
12.2
239.6
152.2
129.8
5.4
31.1
12.0
243.8
156.5
46.0
133.2
5.6
29.4
12.4
240.9
154.7
47.2
46.7
46.8
40.7
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5
39.7
3.2
543.0
60.7
15.4
29.3
16.0
292.1
83.3
208.8
102.5
36.9
3.8
553.2
74.9
18.2
40.3
16.3
37.6
1.8
539.0
62.2
18.1
30.5
13.6
278.2
73.1
205.1
105.1
37.4
1.8
546.7
62.1
16.1
32.8
13.2
279.3
73.7
205.6
112.2
37.2
1.8
549.8
74.8
18.2
40.3
16.3
277.3
74.5
202.9
104.2
36.9
3.8
553.2
74.9
18.2
40.3
16.3
551.2
72.7
17.7
38.7
16.3
277.6
74.6
276.4
74.8
203.1
105.0
37.8
1.8
537.2
61.2
17.9
29.1
14.2
278.9
74.5
204.4
102.8
203.1
105.0
201.6
104.9
50.1
5.1
42.5
2.5
23.2
50.2
2.4
45.9
1.9
20.2
13.0
7.2
17.4
48.5
2.2
44.2
2.1
22.1
12.5
9.6
25.1
47.0
2.2
42.7
2.1
23.4
12.8
10.6
23.8
47.2
2.2
42.8
2.1
47.2
2.2
42.8
2.1
22.5
13.1
9.5
23.4
47.2
2.2
42.8
2.1
22.5
13.0
9.4
23.8
48.5
2.2
44.2
2.1
50.5
2.2
46.2
2.1
21.7
12.1
9.6
25.0
16.4
6.8
7.7
NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,
available at: www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown
46.7
277.6
74.6
13.2
9.1
23.9
1,332.8
12.5
9.6
25.1
36.6
3.8
before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers, that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.
32
1.53
Federal Reserve Bulletin Statistical Supplement • May 2004
MORTGAGE MARKETS
Mortgages on New Homes
Millions of dollars except as noted
Aug.
Sept.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars) . . . .
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2
Yield {percent per year)
6 Contract rate1
7 Effective rate1'3
8 Contract rate (HUD series)4
245.0
184.2
77.3
28.8
.67
261.1
197.0
77.8
28.9
.62
6.90
7.00
6.35
6.44
n.a.
n.a.
6.36
n.a.
5.81
272.1
205.3
77.9
28.7
.61
273.7
200.8
75.8
28.5
.62
284.6
214.5
78.0
29.0
.69
275.9
206.3
77.6
263.2
199.0
78.1
29.2
.54
288.0
211.0
75.6
5.87
5.97
5.83
5.92
n.a.
5.82
5.92
5.49
5.59
n.a.
5.40
5.48
5.63
5.72
n.a.
n.a.
5.27
n.a.
5.27
n.a.
5.21
n.a.
5.16
n.a.
5.07
n.a.
5.02
886,665
n.a.
n.a.
882,108
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
280.1
212.1
78.0
28.5
275.6
208.1
77.8
28.8
.66
.68
5.68
5.77
n.a.
n.a.
5.48
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203)5 ..
10 GNMA securities6
n.a.
5.03
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of period)
11 Total
12 FHA/VA insured
13 Conventional
707,015
n.a.
n.a.
794,253
n.a.
n.a.
898,438
n.a.
n.a.
865,461
n.a.
n.a.
917,123
n.a.
n.a.
912,658
n.a.
n.a.
906,380
n.a.
n.a.
898,438
n.a.
n.a.
304,084
7,586
400,327
12,268
522,083
33,010
46,436
3,085
32,701
4,740
17,455
5,142
14,390
1,286
11,562
3,506
Mortgage holdings (end of period)*
17 Total
18 FHA/VA insured
19 Conventional
491,719
3,506
488,213
568,173
4,573
563,600
644,436
n.a.
n.a.
615,085
n.a.
n.a.
641,040
n.a.
n.a.
655,458
n.a.
n.a.
646,636
n.a.
n.a.
644,436
n.a.
n.a.
639,630
n.a.
n.a.
637,004
n.a.
n.a.
Mortgage transactions (duringperiod)
20 Purchases
21 Sales
n.a.
389,611
n.a.
547,046
n.a.
713,260
n.a.
91,196
n.a.
83,982
n.a.
69,868
n.a.
39,028
n.a.
33,871
n.a.
31,653
n.a.
26,368
22 Mortgage commitments contracted (during period)9
417,434
620,981
14 Mortgage transactions purchased (during period)
Mortgage commitments (duringperiod)
15 Issued7
16 To sell8
FEDERAL HOME LOAN MORTGAGE CORPORATION
1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end often years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.
6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.
Real Estate
1.54
33
MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period
Type of holder and property
Q4
Ql
Q2
Q3
Q4
6,887,345
7,594,179
8,485,317
8,485,317
8,697,255
8,997,166
9,260,658
9,509,846
By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm
5,209,688
400,609
1,168,191
108,858
5,751,281
445,394
1,281,168
116,336
6,485,009
488,439
1,387,110
124,759
6,485,009
488,439
1,387,110
124,759
6,665,127
496,474
1,408,651
127,003
6,915,470
509,908
1,442,634
129,155
7,128,942
522,896
1,478,444
130,377
7,324,961
537,100
1,515,639
132,147
By type of holder
6 Major financial institutions
Commercial banks2
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Savings institutions3
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
Life insurance companies .
One- to four-family . . . .
Multifamily
Nonfarm, nonresidential
Farm
2,618,969
1,660,054
965,635
77,803
582,577
34,039
722,974
594,221
61,258
66,965
529
235,941
4,903
33,681
183,757
13,600
2,791,076
1,789,819
1,023,851
84,851
645,619
35,498
758,236
620,579
64,592
72,534
531
243,021
4,931
35,631
188,376
14,083
3,089,824
2,058,426
1,222,056
94,178
704,167
38,025
781,378
631,392
68,679
80,730
577
250,019
4,657
36,816
195,040
13,506
3,089,824
2,058,426
1,222,056
94,178
704,167
38,025
781,378
631,392
68,679
80,730
577
250,019
4,657
36,816
195,040
13,506
3,166,373
2,099,352
1,244,823
96,830
718,996
38,704
815,873
662,858
69,757
82,669
589
251,148
3,985
36,958
196,142
14,063
3,280,858
2,192,983
1,320,685
100,130
732,508
39,660
833,625
676,163
72,715
84,152
595
254,251
3,839
37,567
199,368
13,477
3,373,077
2,263,880
1,368,871
102,841
751,963
40,205
852,054
690,404
74,928
86,095
626
257,143
3,805
38,026
201,795
13,517
3,386,590
2,256,032
1,347,082
104,868
763,434
40,649
870,664
703,202
77,990
88,840
632
259,894
3,855
38,428
203,920
13,691
341,110
6
372,689
436,140
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
0
0
46
7
9
30
0
189,147
175,576
13,571
46,257
2,722
43,535
63,887
35,851
28,036
455,076
6
6
0
69,988
14,652
11,654
40,093
3,590
3,824
1,255
2,569
0
0
0
0
0
118
19
23
76
0
195,633
180,829
14,804
46,974
2,764
44,210
63,858
35,824
28,034
489,252
7
7
0
69,930
14,413
11,641
40,352
3,525
4,006
1,247
2,760
0
0
0
0
0
47
165,598
155,060
10,538
40,885
2,406
38,479
62,792
40,309
22,483
436,140
5
5
0
72,377
14,908
11,669
42,101
3,700
3,854
1,262
2,592
0
0
0
0
0
46
7
9
30
0
189,147
175,576
13,571
46,257
2,722
43,535
63,887
35,851
28,036
30
0
211,146
195,079
16,067
48,490
2,853
45,637
65,249
36,605
28,644
519,314
52
52
0
69,474
14,127
11,632
40,161
3,554
4,061
1,285
2,776
0
0
0
0
0
24
4
5
15
0
227,658
209,977
17,681
48,852
2,874
45,978
61,080
34,266
26,814
531,569
50
50
0
69,546
13,964
11,613
40,529
3,439
4,192
1,304
2,887
0
0
0
0
0
23
4
4
15
0
234,699
215,133
19,566
49,830
2,932
46,898
59,776
33,534
26,242
3,226,058
611,553
592,624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
734,445
499,834
47,529
187,082
3,700,582
591,368
569,460
21,908
948,409
940,933
7,476
1,290,351
1,238,125
52,226
0
0
0
0
0
870,454
591,200
53,537
225,717
0
4,161,020
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0
0
0
0
0
1,002,783
691,600
59,034
252,149
0
4,161,020
537,888
512,098
25,790
1,082,062
1,072,990
9,072
1,538,287
1,478,610
59,677
0
0
0
0
0
1,002,783
691,600
59,034
252,149
0
4,267,235
515,815
489,056
26,759
1,073,016
1,064,114
8,902
1,637,474
1,576,495
60,979
0
0
0
0
0
1,040,930
725,100
59,638
256,192
0
4,388,680
487,753
460,254
27,499
1,051,141
1,042,417
8,724
1,749,896
1,687,263
62,633
0
0
0
0
0
1,099,890
768,700
61,684
269,506
0
4,496,997
472,955
444,855
28,100
1,095,873
1,086,777
9,096
1,801,528
1,733,853
67,675
0
0
0
0
0
1,126,641
785,100
63,357
278,184
0
4,691,847
474,074
445,156
28,918
1,157,186
1,147,581
9,605
1,857,166
1,787,401
69,765
0
0
0
0
0
1,203,421
842,800
67,074
293,547
0
701,208
496,688
75,457
106,711
22,352
729,831
519,839
78,252
107,949
23,792
798,333
580,785
79,239
112,894
25,415
798,333
580,785
79,239
112,894
25,415
808,571
588,741
79,499
114,484
25,847
838,376
615,621
79,775
116,719
26,262
871,271
644,636
79,907
120,230
26,497
899,840
667,562
80,086
125,354
26,838
1 All holders
2
3
4
5
Federal and related agencies
Government National Mortgage Association
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Housing Admin, and Dept. of Veterans Affairs
One- to four-family
Multifamily
Resolution Trust Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal Deposit Insurance Corporation
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Federal National Mortgage Association
One- to four-family
Multifamily
Federal Land Banks
One- to four-family
Farm
Federal Home Loan Mortgage Corporation
One- to four-family
Multifamily
53 Mortgage pools or trusts5
54
Government National Mortgage Association
One- to four-family
Multifamily
Federal Home Loan Mortgage Corporation
One- to four-family
Multifamily
Federal National Mortgage Association
One- to four-family
Multifamily
Farmers Home Administration4
One- to four-family
Multifamily
Nonfarm, nonresidential
Farm
Private mortgage conduits
One- to four-family6
Multifamily
Nonfarm, nonresidential
Farm
73 Individuals and others7 . . .
74
One- to four-family . . . .
75 Multifamily
76
Nonfarm, nonresidential
77
Farm
0
72,452
15,824
11,712
40,965
3,952
3,290
1,260
2,031
0
0
0
0
0
13
2
73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
45
7
9
29
0
152,511
144,150
8,361
36,326
2,137
34,189
59,240
42,871
16,369
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 69 from Inside Mortgage Securities and other sources.
34
Federal Reserve Bulletin Statistical Supplement • May 2004
CONSUMERCREDIT1
1.55
Millions of dollars, amounts outstanding, end of period
2003
Holder and type of credit
2001
2002
2004
2003'
Aug.
Sept.
Oct.'
Nov.'
Dec'
Jan.
Seasonally adjusted
1 Total
1,822,183
1,902,729
1,998,497
1,971,945'
1,982,378'
1,990,807
1,991,134
1,998,497
2,015,915
2 Revolving
3 Nonrevolving2
703,882
1,118,302
716,702
1,186,027
744,917
1,253,581
733,035'
1,238,910'
737,242'
1,245,136'
740,489
1,250,318
743,541
1,247,593
744,917
1,253,581
753,009
1,262,907
Not seasonally adjusted
4 Total
1,856,685
1,938,056
2,035,297
1,967,167'
1,983,299'
1,992,795
2,000,592
2,035,297
2,034,837
By major holder
Commercial banks
Finance companies
Credit unions
Federal government and Sallie Mae
Savings institutions
Nonfinancial business
Pools of securitized assets3
558,421
238,133
189,570
119,521
69,070
82,287
599,684
587,165
237,790
195,744
129,576
68,494
82,205
637,082
638,037
295,424
205,877
114,629
77,653
73,868
629,810
590,258
276,350
202,875
118,054
72,850
77,263'
629,517'
593,658
283,995
203,426
122,502
72,502
76,545'
630,670'
589,513
289,991
204,098
120,319
74,238
76,869
637,767
621,272
292,440
204,437
117,402
75,918
65,087
624,037
638,037
295,424
205,877
114,629
77,653
73,868
629,810
637,109
300,579
206,289
117,813
77,807
70,213
625,028
By major type of credit*
12 Revolving
13 Commercial banks
14 Finance companies
15 Credit unions
16 Federal government and Sallie Mae
17
Savings institutions
18 Nonfinancial business
19 Pools of securitized assets3
730,307
224,878
31,538
22,265
n.a.
17,767
44,122
389,737
743,187
230,990
38,948
22,228
n.a.
16,225
44,532
390,263
772,224
261,666
37,576
22,410
n.a.
23,842
29,959
396,771
731,548'
216,340
37,400
21,390
n.a.
19,395
38,297'
398,726'
732,046'
215,546
37,284
21,291
n.a.
19,518
37,817'
400,590'
733,837
211,881
37,703
21,261
n.a.
20,975
38,137
403,881
744,319
245,942
39,967
21,379
n.a.
22,385
24,353
390,293
772,224
261,666
37,576
22,410
n.a.
23,842
29,959
396,771
762,782
253,012
39,900
21,999
n.a.
23,738
27,676
396,457
20 Nonrevolving
21
Commercial banks
22 Finance companies
23
Credit unions
24
Federal government and Sallie Mae
25
Savings institutions
26
Nonfinancial business
27
Pools of securitized assets3
1,126,378
333,543
206,595
167,305
119,521
51,303
38,165
209,947
1,194,869
356,175
198,842
173,516
129,576
52,269
37,673
246,819
1,263,073
376,371
257,847
183,467
114,629
53,812
43,909
233,038
1,235,619'
373,918
238,950
181,485
118,054
53,455
38,966'
230,791
1,251,253'
378,112
246,711
182,135
122,502
52,984
38,728'
230,080'
1,258,957
377,632
252,289
182,837
120,319
53,263
38,732
233,886
1,256,273
375,330
252,473
183,058
117,402
53,533
40,734
233,744
1,263,073
376,371
257,847
183,467
114,629
53,812
43,909
233,038
1,272,055
384,097
260,679
184,290
117,813
54,069
42,537
228,571
5
6
7
8
9
10
11
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board's G.19 (421) monthly statistical release, available at: www.federalreserve.gov/
releases.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.
1.56
3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.
TERMS OF CONSUMER CREDIT1
Percent per year except as noted
2003
Item
2001
2002
2004
2003
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
INTEREST RATES
Commercial banks
1 48-month new car
2 24-month personal
8.50
7.62
12.54
6.93
11.95
n.a.
n.a.
6.75
11.95
n.a.
n.a.
n.a.
n.a.
6.82
11.97
n.a.
n.a.
n.a.
n.a.
14.89
14.44
13.42
13.09
12.74
12.92
n.a.
n.a.
12.49
13.11
n.a.
n.a.
n.a.
n.a.
12.36
12.91
n.a.
n.a.
n.a.
n.a.
5.65
12 18
4.29
10 74
3.40
9 72
3.28
9 77
3.56
9 57
3.81
9 36
3.92
9 17
3.93
9 08
3.56
9 18
3.20
9 22
55.1
57 5
56.8
57 5
61.4
57 5
62.7
57 8
63.0
57 9
63.2
57 8
63.5
57 5
62.9
57 1
61.3
56 2
59.9
56 4
91
100
94
100
95
100
95
100
93
100
94
101
94
101
94
100
94
100
94
99
22,822
14,416
24,747
14,532
26,295
14,613
26,129
14,632
25,407
14,623
25,663
14,708
26,067
14,904
26,306
14,951
27,105
14,949
27,240
14,535
Credit card plan
4 Accounts assessed interest
Auto finance companies
OTHER TERMS3
Maturity (months)
Loan-to-value ratio
9 New car
Amount financed (dollars)
1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release, available at: www.federalreserve.gov/releases.
2. Data are available for only the second month of each quarter.
3. At auto finance companies.
Flow of Funds
1.57
35
FUNDS RAISED INU.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q2
Q3
Q4
Ql
Q2
Q3
Q4
Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
1,051.8
1,026.6
852.2
1,135.9
1,373.3
1,468.1
1,285.6
1,660.9
1,343.3
2,375.8
1,515.6
1,450.7
52.6
54.6
2.0
71.2
71.0
295.9
294.9
1.0
5.6
5.0
.5
257.5
257.0
.5
421.4
419.6
1.8
261.5
259.9
1.6
244.4
244.0
.4
164.2
165.8
1.6
749.0
748.5
.5
317.5
317.5
.1
353.4
•2
362.0
8.6
1,104.4
1,097.8
1,148.1
1,141.5
1,115.8
1,046.7
1,024.2
1,416.5
1,179.0
1,626.7
1,198.1
6
7
8
9
10
11
12
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
24.4
84.2
235.2
109.8
68.5
485.5
384.6
23.1
71.3
6.5
96.8
37.4
54.4
221.7
82.9
26.1
563.3
424.4
35.2
98.0
5.8
112.1
48.1
23.6
162.6
101.8
84.5
562.4
418.2
30.1
107.5
6.5
165.2
88.3
122.9
348.5
82.0
5.6
697.1
533.2
44.4
112.1
7.5
137.7
64.2
159.4
132.3
87.1
18.6
875.5
724.0
41.1
101.9
8.4
81.4
81.7
175.1
185.1
175.6
39.8
799.9
633.9
40.4
116.5
9.1
104.1
17.4
160.0
20.3
106.2
38.7
889.5
750.3
31.0
95.2
13.0
79.9
13.2
215.4
99.8
28.4
35.4
1,081.3
880.3
65.5
130.8
4.7
26.2
9.3
103.5
186.8
83.1
24.1
923.2
792.0
33.3
89.2
8.7
82.0
81.4
193.7
297.0
43.3
17.7
1,124.0
929.0
52.8
133.6
8.5
119.2
4.8
112.1
96.1
105.2
26.4
995.0
802.2
49.3
138.1
5.4
121.6
74.3
135.8
69.2
87.2
25.2
950.7
17
18
19
20
21
22
By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
454.3
582.5
392.4
182.0
8.0
67.7
492.8
566.4
371.6
189.4
5.5
38.5
566.9
565.7
362.0
192.9
10.9
15.5
645.4
390.3
223.6
159.2
7.5
105.8
775.7
196.2
39.3
149.0
7.9
143.9
688.4
194.2
27.8
157.3
9.2
164.1
757.4
121.2
30.9
137.6
14.4
145.5
914.5
310.7
129.9
178.6
2.2
191.4
845.3
251.9
145.1
99.4
7.4
81.9
1,024.4
422.4
279.2
142.7
.6
179.9
885.1
221.4
62.3
153.0
6.1
91.6
758.9
31.2
7.8
22.8
6.6
6.0
13.0
16.3
1.9
.5
5.7
57.0
31.7
15.2
11.4
1.3
49.7
14.2
24.5
7.3
3.8
5.9
36.1
33.5
5.3
2.1
3.1
36.5
54.0
22.0
1.3
45.9
3.9
35.3
11.7
2.9
1.0
37.3
30.1
2.9
3.3
19.3
52.0
28.9
4.0
.2
63.9
72.9
102.2
31.4
3.1
61.0
56.0
4.9
5.3
5.4
49.7
20.2
1,083.0
1,039.6
909.2
1,086.2
1,379.2
1,471.2
1,239.7
1,661.9
1,362.6
2,311.9
1,454.6
1,500.4
5 Nonfederal
23 Foreign net borrowing in United States
24
Commercial paper
25 Bonds
26
Bank loans n.e.c
27
Other loans and advances
28 Total domestic plus foreign
756.7
44.8
142.2
7.1
77.9
216.8
80.6
128.5
7.8
121.6
35.6
.7
5.3
Financial sectors
29 Total net borrowing by financial sectors . . .
30
31
32
33
By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government
34 Private
35
Open market paper
36
Corporate bonds
37
Bank loans n.e.c
38
Other loans and advances
39
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs) . . . .
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
1,094.4
r,068.5
8r5.3
935.4
911.2
862.4
823.2
r,040.4
1,142.7
858.1
1,122.6
1,055.4
470.9
278.3
192.6
.0
592.0
318.2
273.8
.0
433.5
234.1
199.4
.0
629.3
290.8
338.5
.0
554.0
225.9
328.1
.0
484.0
141.7
342.3
.0
425.6
249.1
176.5
.0
603.3
321.5
281.8
.0
478.9
195.4
283.5
.0
445.9
199.9
246.0
.0
770.9
437.5
333.4
.0
596.2
138.3
457.9
623.5
161.0
319.0
28.5
90.2
24.8
476.5
176.2
202.4
14.4
107.1
5.1
381.8
131.7
201.8
.4
42.5
6.2
306.1
45.3
302.1
13.1
34.9
1.3
357.2
63.5
397.0
1.1
16.6
5.9
378.4
85.0
400.9
26.2
29.3
7.0
397.6
32.7
226.5
76.2
57.0
5.3
437.1
83.9
638.0
103.7
18.1
4.7
663.9
1.3
592.9
35.3
108.4
3.5
412.2
67.5
462.6
15.4
1.7
3.3
351.8
30.4
389.9
13.4
28.9
7.8
459.1
158.6
608.5
21.3
21.0
9.6
72.9
52.2
.6
.7
278.3
192.6
330.2
57.1
.0
62.7
7.2
40.0
67.2
48.0
2.2
.7
318.2
273.8
207.2
70.7
.0
6.3
17.2
91.5
60.0
27.3
.0
.7
234.1
199.4
195.3
82.0
.0
2.7
15.6
.4
52.9
7.4
1.5
.6
290.8
338.5
293.5
1.5
.0
2.5
1.4
55.2
49.9
13.7
2.0
2.0
225.9
328.1
256.4
43.1
.0
19.8
1.7
.6
22.1
8.0
2.0
1.2
141.7
342.3
219.3
86.7
.0
25.3
17.5
12.4
68.7
15.8
3.1
2.0
249.1
176.5
204.7
80.4
.0
27.7
15.2
20.0
82.3
29.6
.4
2.5
321.5
281.8
353.3
29.6
.0
18.6
24.0
4.0
78.6
48.8
2.8
4.4
195.4
283.5
334.9
37.4
.0
17.5
38.4
101.0
30.5
25.6
1.6
1.5
199.9
246.0
306.9
192.6
.0
12.9
16.2
92.0
1.8
28.4
3.3
3.1
437.5
333.4
237.7
107.5
.0
36.4
9.9
19.5
86.6
2.9
1.0
2.5
138.3
457.9
243.0
100.8
.0
26.9
6.6
2.1
36
1.57
Federal Reserve Bulletin Statistical Supplement • May 2004
FUNDS RAISED INU.S. CREDIT MARKETS1—Continued
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector
52 Total net borrowing, all sectors
53
54
55
56
57
58
59
60
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds . . . ,
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
Q2
Q3
Q4
Ql
Q2
Q3
Q4
2,177.4
2,108.0
1,724.5
2,021.6
2,290.4
2,333.6
2,062.9
2,702.3
2,505.3
3,170.0
2,577.3
2,555.8
193.1
418.3
84.2
577.0
145.0
152.7
510.3
96.8
229.9
520.7
54.4
426.1
69.0
127.5
568.4
112.1
211.6
137.6
23.6
379.5
112.8
125.6
568.6
165.2
147.8
623.8
122.9
626.2
76.2
36.7
698.4
137.7
91.5
811.5
159.4
495.8
80.6
33.1
881.3
81.4
130.2
905.3
175.1
532.0
127.4
67.8
806.9
104.1
19.2
687.1
160.0
170.9
41.7
92.8
894.7
79.9
59.8
847.7
215.4
707.7
134.9
14.1
1,085.9
26.2
44.1
643.1
103.5
750.8
122.4
84.6
919.8
82.0
76.0
1,194.9
193.7
657.4
59.3
12.9
1,127.3
119.2
81.6
1,088.4
112.1
481.1
86.5
60.7
1,002.7
121.6
212.7
949.6
135.8
713.3
109.3
40.9
960.3
77.9
Funds raised through mutual funds and corporate equities
61 Total net issues
166.2
192.7
240.3
300.4
229.7
271.0
54.6
289.0
287.7
440.8
4I5.I
440.4
62 Corporate equities
63
Nonfinancial corporations
64
Foreign shares purchased by U.S. residents
65 Financial corporations
66 Mutual fund shares
113.3
215.5
01.4
.9
279.5
1.5
110.4
114.3
2.4
191.2
5.3
118.2
106.7
16.8
235.0
99.0
47.4
109.1
37.3
201.4
47.0
41.6
17.7
70.9
182.7
180.4
15.5
77.4
87.6
90.6
120.3
140.8
51.3
71.8
65.7
87.8
30.5
51.6
66.7
201.2
112.1
67.0
137.5
41.6
175.6
107.5
50.2
67.6
90.1
333.3
127.8
44.9
120.2
52.5
287.3
83.6
34.2
17.7
100.1
356.8
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.2 through F4, available at: www.federalreserve.gov/releases.
Flow of Funds
1.58
37
SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or sector
Q2
Q3
Q4
Ql
Q2
Q3
Q4
NET LENDING IN CREDIT MARKETS
1 Total net lending in credit markets
2,177.4
2,108.0
1,724.5
2,021.6
2,290.4
2,333.6
2,062.9
2,702.3
2,505.3
3,170.0
2,577.3
2,555.8
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government
Rest of the world
Financial sectors
Monetary authority
Commercial banking
U.S.-chartered banks
Foreign banking offices in United States
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local government retirement funds
Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
Asset-backed securities issuers (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations
261.3
128.2
14.7
13.3
134.5
11.6
167.7
1,736.7
21.1
305.6
312.1
11.6
.9
6.0
36.2
18.9
12.8
76.9
5.8
26.1
72.1
244.0
127.3
4.9
313.8
192.6
290.5
77.3
.0
5.1
6.8
15.8
251.8
244.8
18.5
2.9
28.4
6.4
96.6
1,753.2
25.7
312.2
318.6
17.0
6.2
4.4
67.7
27.5
27.8
53.5
3.0
14.1
46.9
182.0
48.4
9.6
291.2
273.8
189.0
97.1
.0
2.6
34.7
124.0
48.4
25.1
1.3
.8
11.6
129.5
1,606.2
33.7
357.9
339.5
23.9
12.2
6.7
56.2
28.0
.8
57.9
8.7
31.3
54.6
143.0
21.0
5.6
253.6
199.4
165.5
108.6
.0
7.1
68.9
45.1
44.0
26.3
2.6
7.1
60.6
6.0
234.6
1,737.0
39.9
205.2
191.6
.6
4.2
10.0
42.8
41.5
28.1
130.9
9.0
6.7
17.7
246.0
126.0
3.2
307.8
338.5
267.4
4.8
.0
6.7
92.4
86.1
95.2
43.6
22.1
3.7
25.8
9.8
362.7
1,822.7
77.7
404.4
393.8
6.2
3.1
1.3
35.4
42.7
.9
233.0
39.9
27.4
14.1
25.3
141.6
8.6
214.3
328.1
233.7
21.2
.0
23.1
28.4
43.1
190.6
134.9
6.9
3.3
45.5
3.7
440.9
1,705.8
52.4
371.3
326.1
38.3
1.9
4.9
16.9
63.3
.9
204.3
35.4
22.1
54.5
52.2
48.4
5.1
137.8
342.3
197.0
30.3
.0
31.8
326.1
46.2
106.7
149.1
14.4
2.8
25.1
31.1
378.9
1,759.6
76.5
592.8
559.3
31.2
1.6
4.0
65.0
6.5
.8
270.0
21.7
40.2
10.4
92.4
165.5
3.3
190.6
176.5
182.1
69.3
.0
27.7
181.9
129.1
172.5
120.9
14.8
4.0
32.8
2.4
371.5
2,156.0
107.3
460.8
501.7
30.9
174.2
125.1
32.3
10.2
76.2
43.1
.8
172.0
65.6
.2
50.7
264.9
117.7
17.8
284.1
281.8
331.5
9.9
.0
6.7
140.8
296.6
81.2
17.4
406.7
2,290.2
23.7
351.5
327.1
4.4
20.8
.7
195.0
44.2
2.7
302.1
56.2
7.3
.1
164.1
211.8
26.2
300.0
283.5
311.1
.4
.0
8.6
65.9
259.9
77.2
37.3
57.7
4.1
52.7
8.8
745.1
2,356.4
36.3
613.9
540.3
17.1
39.7
16.8
95.3
75.9
2.5
238.0
49.7
24.3
22.4
250.9
253.5
60.1
122.3
246.0
286.3
59.5
.0
31.0
85.2
24.0
325.5
314.2
15.5
.8
5.0
20.1
445.0
1,786.7
39.8
2.1
116.5
113.2
26.1
20.6
62.3
92.5
2.5
115.4
68.7
31.8
11.4
242.9
4.1
42.5
617.8
333.4
217.8
180.4
.0
18.6
24.1
244.2
204.8
156.8
12.3
.9
59.4
9.1
848.0
1,512.0
49.2
237.3
309.1
80.4
.2
8.4
154.4
.7
2.0
136.7
42.0
3.4
18.3
296.5
102.4
51.3
8.4
457.9
223.8
63.5
.0
16.2
303.4
55.2
2,177.4
2,108.0
1,724.5
2,021.6
2,290.4
2,062.9
2,702.3
2,505.3
3,170.0
2,577.3
2,555.8
.6
6.5
31.8
47.3
152.4
91.8
287.2
91.3
113.3
279.5
115.5
103.2
48.0
217.4
14.7
46.1
87.3
969.2
8.7
3.0
1.0
61.1
15.0
151.2
45.1
131.1
249.1
169.8
1.5
191.2
262.5
104.4
50.8
181.8
22.9
8.1
72.8
1,133.4
.4
4.0
2.4
134.2
15.1
71.4
188.8
116.2
233.3
113.2
5.3
235.0
402.3
146.1
50.2
209.1
25.9
56.6
.5
1,419.7
4.3
.0
1.3
30.7
28.0
204.3
267.2
68.6
428.6
22.3
99.0
201.4
83.8
3.1
77.2
210.9
14.5
59.9
9.3
610.3
9.9
.0
1.0
23.9
17.3
43.5
271.1
50.4
16.8
105.0
47.0
182.7
63.1
87.0
60.1
215.2
29.1
2.4
55.6
512.4
12.9
.0
.6
66.1
102.8
197.4
229.2
37.8
131.2
341.8
180.4
90.6
87.3
133.5
71.4
189.4
47.7
2.4
61.8
483.5
67.7
2.1
97.6
1,088.9
4.9
.0
.0
20.3
132.9
39.7
258.1
120.9
201.5
2.1
87.8
201.2
135.0
46.1
54.2
233.4
4.4
1.3
50.7
404.1
4.9
.0
.6
16.9
12.6
220.2
258.9
176.5
394.2
39.6
112.1
175.6
323.9
220.6
73.8
213.3
69.2
26.6
50.0
961.7
.6
.0
1.6
159.7
180.2
79.7
456.8
49.1
213.5
526.2
107.5
333.3
262.2
698.8
56.9
218.8
34.5
26.4
10.0
501.9
7.1
.0
.1
242.1
102.5
110.9
84.4
22.0
223.1
126.2
127.8
287.3
350.1
108.4
44.7
214.1
17.0
26.4
49.4
1,741.7
8.2
.0
.0
13.4
65.5
51.8
118.0
44.6
427.7
612.3
83.6
356.8
326.6
324.6
51.4
284.7
16.1
25.5
31.0
4,330.0
4,787.3
5,001.5
4,084.3
3,760.1
4,200.5
3,793.1
4,072.2
4,881.0
6,654.8
4,898.0
4,222.1
.1
8.5
3.8
57.7
20.8
199.7
.7
42.8
.1
35.7
10.8
279.8
1.2
78.5
20.4
122.6
32.6
506.8
.1
11.1
17.2
59.0
24.2
525.2
18.2
7.1
6.0
15.9
17.5
.9
99.3
1.1
254.7
19.7
110.2
1.1
23.5
1.2
335.7
44.8
103.3
1.1
37.3
26.4
139.4
23.0
407.2
11.8
32.8
198.9
3.9
501.7
.5
214.7
31.2
333.7
16.2
304.2
203.0
39.2
17.2
12.6
504.6
.7
11.1
60.1
274.9
1.9
49.2
2.6
3.1
32.2
7.4
.8
2.9
9.0
1.7
10.8
5.7
4.5
4.6
.1
7.3
17.4
67.5
7.0
36.7
47.1
7.6
41.7
42.1
8.5
10.9
70.5
8.9
29.9
113.0
9.7
33.3
171.4
10.4
55.4
216.1
11.0
28.1
4,488.7
4,989.7
5,234.2
4,610.5
3,741.0
3,940.7
4,038.6
3,756.2
5,049.9
6,495.0
4,659.0
4,148.8
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Netflowsthrough credit markets
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous
55 Total financial sources .
56
57
58
59
60
61
Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements . . . .
Taxes payable
Miscellaneous
Floats not included in assets ( )
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F. 1 and F.5, available at: www.federalreserve.gov/releases.
24.6
.0
2.4
53.0
28.5
178.6
309.5
26.5
124.0
122.4
120.3
65.7
64.2
62.4
2. Excludes corporate equities and mutual fund shares.
38
Federal Reserve Bulletin Statistical Supplement • May 2004
1.59
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
Transaction category or sector
Q3
Q2
Q4
Ql
Q2
Q3
Q4
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonflnancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
18,165.7
3,652.7
28.3
5 Nonfederal
20,675.5
20,198.6
20,970.0
21,919.5
3,385.1
3,357.8
27.3
3,379.5
3,352.7
3,637.0
3,609.8
27.3
3,451.4
3,424.6
26.8
3,540.8
3,513.6
27.2
3,637.0
3,609.8
27.3
3,700.6
3,673.7
26.8
26.9
3,806.9
3,779.9
27.0
3,914.5
3,887.5
27.0
4,033.1
4,008.2
24.9
14,780.6
15,922.6
17,038.4
16,405.1
16,657.8
17,038.4
17,269.5
17,706.5
18,005.0
18,361.6
6
7
8
9
10
11
12
13
14
15
16
By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
230.3
1,457.2
2,067.7
1,233.2
852.4
6,237.8
4,787.2
343.1
1,005.1
102.3
1,542.7
278.4
1,480.9
2,230.3
1,335.0
936.9
6,800.2
5,205.4
373.2
1,112.6
108.9
1,719.0
190.1
1,603.7
2,578.8
1,253.5
942.5
7,497.3
5,738.6
417.6
1,224.7
116.3
1,856.7
126.0
1,763.1
2,711.0
1,166.5
961.1
8,372.8
6,462.6
458.8
1,326.6
124.8
1,938.1
148.4
1,681.5
2,691.2
1,195.0
948.8
7,874.8
6,049.6
434.6
1,270.1
120.4
1,865.5
142.2
1,706.9
2,686.1
1,162.2
955.6
8,107.6
6,247.7
442.4
1,293.9
123.6
1,897.2
126.0
1,763.1
2,711.0
1,166.5
961.1
8,372.8
6,462.6
458.8
1,326.6
124.8
1,938.1
127.1
1,791.1
2,757.7
1,141.8
957.1
8,583.2
6,640.2
467.1
1,348.9
127.0
1,911.5
107.5
1,850.4
2,832.0
1,128.8
966.7
8,879.7
6,887.9
480.3
1,382.3
129.2
1,941.4
108.4
1,863.2
2,856.0
1,096.5
958.0
9,138.6
7,098.7
492.6
1,416.8
130.4
1,984.3
85.9
1,899.4
2,873.3
1,133.2
959.2
9,371.0
7,282.6
503.8
1,452.4
132.2
2,039.7
17
18
19
20
21
22
By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government
6,499.0
5,945.5
4,180.7
1,595.4
169.4
1,176.9
7,077.0
6,511.2
4,542.7
1,788.3
180.2
1,192.3
7,722.4
6,902.1
4,766.9
1,947.5
187.7
1,298.1
8,498.1
7,098.3
4,806.2
2,096.5
195.6
1,442.0
8,027.3
7,007.7
4,797.9
2,018.0
191.8
1,370.1
8,232.8
7,032.0
4,785.8
2,051.4
194.9
1,393.0
8,498.1
7,098.3
4,806.2
2,096.5
195.6
1,442.0
8,637.9
7,165.5
4,848.4
2,121.6
195.5
1,466.1
8,912.1
7,273.7
4,918.2
2,157.6
197.9
1,520.7
9,149.5
7,326.1
4,932.4
2,194.9
198.8
1,529.5
9,401.2
7,399.7
4,971.2
2,227.4
201.0
1,560.7
709.5
659.7
665.6
674.1
665.7
665.6
669.9
653.0
639.5
651.6
120.9
142.8
409.8
134.0
417.3
69.3
45.1
142.8
409.8
155.7
402.5
68.6
44.4
67.6
44.1
173.1
377.0
59.7
43.2
160.4
375.7
61.0
42.3
165.1
384.6
60.9
41.1
20,864.3
21,341.1
21,639.9
22,166.4
22,559.0
23,046.3
23 Foreign credit market debt held in
United States
24
25
26
27
Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances
28 Total credit market debt owed by nonflnancial
sectors, domestic and foreign
452.5
59.2
51.6
467.7
106.7
443.2
70.5
50.3
63.2
46.6
68.6
44.4
130.2
426.1
72.2
45.5
17,954.8
18,875.1
19,961.9
21,341.1
20,530.6
Financial sectors
29 Total credit market debt owed by
financial sectors
30
31
32
33
34
35
36
37
38
39
By instrument
Federal government-related
Government-sponsored enterprise securities .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
40
41
42
43
44
45
46
47
48
49
50
51
52
By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations
53 Total credit market debt, domestic and foreign
54
55
56
57
58
59
60
61
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit
8,514.2
10,049.2
4,196.7
1,214.7
2,369.8
91.1
438.3
82.9
4,944.1
2,114.0
2,830.1
.0
4,502.8
1,169.4
2,671.9
104.2
473.2
84.2
5,498.1
2,339.9
3,158.2
.0
4,860.1
1,105.9
3,068.9
105.3
489.8
90.1
266.7
296.0
325.6
310.2
266.1
286.4
264.2
295.1
4.9
3.1
2,114.0
2,830.1
2,180.8
42.3
779.6
16.0
170.2
448.4
281.4
6.9
5.1
2,339.9
3,158.2
2,437.3
275.3
1,591.7
2,292.2
1,688.0
25.3
696.1
16.0
165.1
504.0
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,887.3
40.9
778.1
16.0
167.8
503.7
16.0
190.0
447.9
2,197.2
3,041.6
2,288.7
42.8
789.5
16.0
178.4
432.8
25,649.7
27,389.3
29,408.8
31,699.2
1,402.4
7,564.9
1,457.2
4,684.2
1,383.8
1,299.9
6,314.5
1,542.7
1,614.0
7,702.5
1,480.9
5,067.8
1,496.6
1,425.5
6,883.1
1,719.0
1,466.2
8,323.6
1,603.7
5,693.9
1,421.0
1,462.2
7,581.5
1,856.7
1,374.7
9,135.1
1,763.1
6,189.7
1,340.4
1,495.3
8,462.9
1,938.1
3,884.0
1,591.7
2,292.2
.0
3,810.9
1,082.9
2,164.0
91.5
395.8
76.7
230.0
219.3
260.4
3.4
3.2
4,317.4
1,825.8
2,491.6
10,358.2
1. Data in this table appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2
through L.4, available at: www.federalreserve.gov/releases.
40.6
822.8
5,238.8
2,197.2
3,041.6
.0
4,608.0
1,072.4
2,866.8
110.6
470.6
87.6
6.0
4.0
5,344.0
2,259.5
3,084.5
.0
4,705.2
1,075.0
2,920.1
130.3
491.0
5,498.1
2,339.9
3,158.2
.0
4,860.1
1,105.9
3,068.9
105.3
489.8
90.1
318.7
271.8
325.6
286.3
6.8
281.4
6.9
5.1
2,339.9
3,158.2
2,437.3
4.5
2,259.5
3,084.5
2,338.6
46.6
11,085.4
10,600.0
286.4
40.6
822.8
5,727.5
2,438.7
3,288.8
.0
5,079.8
1,036.5
3,348.1
98.7
506.5
90.1
5,918.4
2,548.1
3,370.4
.0
5,167.0
1,025.7
3,440.4
102.8
506.2
92.0
6,071.1
2,582.7
3,488.4
.0
5,331.8
1,042.1
3,582.4
98.4
514.5
94.4
324.8
302.8
287.2
7.6
6.3
2,388.7
3,226.3
336.8
302.7
277.0
8.0
6.6
2,438.7
3,288.8
2,511.0
50.2
822.0
16.0
194.4
2,588.2
334.0
304.8
277.9
8.8
7.4
2,548.1
3,370.4
2,645.3
46.2
48.6
873.9
16.0
197.6
900.7
16.0
462.7
426.8
416.5
339.5
321.9
280.9
9.1
8.0
2,582.7
3,488.4
2,717.9
47.0
932.3
16.0
213.4
445.8
5,615.0
2,388.7
3,226.3
.0
4,985.0
1,076.5
3,219.9
92.9
506.5
808.9
16.0
185.3
421.5
16.0
190.0
447.9
30,377.4
30,913.5
31,699.2
32,239.9
32,973.7
33,644.4
34,449.2
1,351.0
8,690.2
1,681.5
5,984.1
1,377.8
1,465.0
7,962.4
1,865.5
1,351.2
1,374.7
9,135.1
1,763.1
6,189.7
1,340.4
1,495.3
8,462.9
1,938.1
1,359.2
9,315.6
1,791.1
6,380.2
1,302.3
1,507.6
8,672.4
1,911.5
1,317.1
9,534.4
1,850.4
6,557.1
1,287.2
1,516.3
8,969.8
1,941.4
1,294.5
9,832.9
1,863.2
6,672.1
1,260.3
1,506.5
9,230.6
1,984.3
1,293.1
10,104.2
1,899.4
6,840.4
1,292.4
1,514.7
9,465.4
2,039.7
1,706.9
6,023.4
1,361.7
1,491.7
8,196.5
1,897.2
206.7
Flow of Funds
1.60
39
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1
Billions of dollars except as noted, end of period
Transaction category or sector
Q2
Q3
Q4
Ql
Q2
Q3
Q4
CREDIT MARKET DEBT OUTSTANDING
25,649.7
27,389.3
29,408.8
31,699.2
30,377.4
30,913.5
31,699.2
32,239.9
32,973.7
33,644.4
34,449.2
3,615.0
2,558.3
224.3
64.6
767.8
261.1
2,306.8
19,466.8
478.1
4,648.3
4,080.0
487.4
32.7
48.3
1,032.4
351.7
222.0
1,886.0
518.2
635.2
751.4
1,147.8
1,076.8
110.8
1,543.2
2,292.2
1,491.3
742.6
32.1
42.9
154.7
276.0
3,555.6
2,473.2
249.4
65.9
767.0
272.7
2,476.9
21,084.1
511.8
5,006.3
4,419.5
511.3
20.5
55.0
1,088.6
379.7
222.8
1,943.9
509.4
666.5
806.0
1,290.9
1,097.8
105.3
1,803.9
2,491.6
1,660.8
851.2
32.1
35.8
223.6
321.1
3,585.9
2,433.3
252.1
73.0
827.6
278.7
2,724.3
22,819.9
551.7
5,210.5
4,610.1
510.7
24.7
65.0
1,131.4
421.2
194.7
2,074.8
518.4
673.1
788.4
1,536.9
1,223.8
108.5
2,110.0
2,830.1
1,928.1
846.4
32.1
42.5
316.0
236.5
3,637.1
2,432.8
274.2
76.7
853.4
288.5
3,131.0
24,642.6
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
700.5
802.4
1,511.6
1,365.4
117.1
2,324.2
3,158.2
2,161.9
867.6
32.1
65.6
344.4
193.5
3,646.8
2,479.3
250.3
74.9
842.2
280.1
2,900.9
23,549.6
590.7
3,593.2
2,411.5
261.0
75.7
845.1
287.9
3,003.2
24,029.3
604.2
5,476.2
4,858.4
521.2
27.7
1,153.8
455.1
195.4
2,265.7
541.9
700.5
789.8
1,411.2
1,334.5
112.6
2,248.0
3,084.5
2,068.6
860.8
32.1
63.9
335.2
239.0
3,637.1
2,432.8
274.2
76.7
853.4
288.5
3,131.0
24,642.6
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.8
463.9
195.6
2,307.8
558.3
700.5
802.4
1,511.6
1,365.4
117.1
2,324.2
3,158.2
2,161.9
867.6
32.1
65.6
344.4
193.5
3,563.1
2,387.8
265.0
76.6
833.7
284.1
3,231.9
25,160.8
641.5
5,673.6
5,055.6
519.0
33.0
66.1
1,214.4
473.7
194.9
2,377.6
572.3
702.3
802.5
1,485.5
1,412.1
123.6
2,387.0
3,226.3
2,229.6
861.1
32.1
63.5
390.9
227.9
3,595.9
2,388.1
280.6
77.6
849.7
281.9
3,420.7
25,675.2
652.1
5,831.6
5,200.8
517.6
42.9
70.3
1,238.8
495.3
194.3
2,437.4
584.7
708.4
808.1
1,480.3
1,478.3
138.7
2,419.0
3,288.8
2,301.7
883.5
32.1
71.2
341.1
220.8
3,648.8
2,433.6
292.5
77.8
844.9
286.9
3,540.4
26,168.3
656.1
5,832.4
5,230.3
490.3
36.4
75.5
1,,261.4
519.1
193.7
2,472.8
601.9
700.5
810.9
1,438.1
1,478.6
149.3
2,579.0
3,370.4
2,353.9
924.2
32.1
75.9
375.0
273.7
3,746.9
2,510.0
299.0
78.1
859.9
284.7
3,742.3
26,675.3
666.7
5,961.5
5,361.7
485.8
36.4
77.6
1,293.6
516.8
193.2
2,505.8
612.4
701.3
815.5
1,398.5
1,506.3
162.1
2,586.3
3,488.4
2,421.6
943.3
32.1
79.9
421.5
299.7
25,649.7
27,389.3
29,408.8
31,699.2
30,913.5
31,699.2
32,239.9
32,973.7
33,644.4
34,449.2
50.1
6.2
20.9
686.1
202.4
1,484.5
2,671.6
936.4
1,578.8
1,083.6
4,538.5
676.6
783.9
9,067.6
2,345.4
178.9
1,130.4
9,321.5
46.1
2.2
23.2
820.3
221.2
1,413.1
2,860.4
1,052.6
1,812.1
1,196.8
4,434.6
822.7
819.1
9,070.9
2,747.7
204.8
1,095.8
10,542.9
53 Total liabilities
62,413.0
Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business . .
21.4
19,522.8
4,571.3
1 Total credit market assets
2 Domestic nonfederal nonfinajicial sectors
3
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10 Monetary authority
11 Commercial banking
12
U.S.-chartered banks
13
Foreign banking offices in United States
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17 Credit unions
18 Bank personal trusts and estates
19 Life insurance companies
20
Other insurance companies
21
Private pension funds
22
State and local government retirement funds
23
Money market mutual funds
24
Mutual funds
25
Closed-end funds
26
Government-sponsored enterprises
27
Federally related mortgage pools
28
Asset-backed securities (ABSs) issuers
29
Finance companies
30
Mortgage companies
3 1 Real estate investment trusts (REITs)
32 Brokers and dealers
33
Funding corporations
4/719.7
512.6
28.1
67.9
1,130.9
452.9
195.2
2,192.3
536.4
690.4
792.4
1,419.6
1,291.6
113.4
2,195.3
3,041.6
2,024.4
848.2
32.1
57.0
352.6
216.1
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
57
58
59
60
61
62
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous
Liabilities not identified as assets ( )
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous
Floats not included in assets ( )
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Totals identified to sectors as assets . . .
47.2
2.2
24.8
856.6
131.4
1,571.9
3,256.4
1,188.7
2,151.2
1,343.1
3,926.6
745.6
901.2
8,329.4
2,725.1
233.8
893.5
11,507.3
53.1
2.2
25.5
869.8
150.7
1,610.7
3,336.8
1,199.9
2,114.8
1,313.7
3,452.3
726.3
902.9
7,718.7
2,753.9
254.2
811.6
12,009.8
55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,639.4
738.8
920.9
8,003.0
2,727.0
248.3
840.9
11,761.8
57.6
2.2
25.6
870.7
175.5
1,680.4
3,502.5
1,209.1
2,156.2
1,323.1
3,591.0
796.6
936.3
7,923.5
2,784.9
270.3
819.6
12,050.8
58.9
61.3
62.3
8,681.1
2,663.9
219.2
960.7
11,172.8
55.8
2.2
25.5
874.9
205.9
1,646.7
3,398.7
1,171.5
2,223.9
1,336.8
3,639.4
738.8
920.9
8,003.0
2,727.0
248.3
840.9
11,761.8
26.0
910.6
123.8
1,703.1
3,575.2
1,222.5
2,120.8
1,450.0
4,068.9
971.9
963.7
8,525.3
2,854.8
275.6
877.0
11,991.2
26.0
850.1
163.7
1,670.6
3,601.2
1,222.1
2,058.0
1,483.2
4,242.7
940.2
978.0
8,717.8
2,955.8
283.3
885.0
12,261.1
26.0
846.7
207.4
1,681.0
3,628.3
1,233.5
2,016.0
1,662.9
4,664.9
860.4
1,005.0
9,303.6
3,042.7
282.5
932.4
12,195.2
66,575.7
69,388.3
71,521.1
70,213.6
70,220.4
71,521.1
72,415.7
74,695.2
76,046.8
78,102.4
21.6
17,627.0
4,847.1
21.8
15,310.6
4,964.6
23.2
11,870.9
5,177.8
22.3
13,338.5
5,053.7
22.8
10,946.9
5,129.0
23.2
11,870.9
5,177.8
22.4
11,424.5
5,232.3
22.8
13,274.7
5,275.4
23.1
13,749.1
5,329.2
23.7
15,497.9
5,414.3
646.6
4.3
8.6
657.7
11.1
343.5
9.1
676.0
15.3
349.5
124.4
3,643.1
9.1
660.8
17.5
458.8
131.6
3,718.2
8.9
666.7
16.5
375.5
127.5
3,602.1
9.1
676.0
15.3
349.5
124.4
3,643.1
9.2
673.0
19.3
388.2
116.6
3,719.1
9.1
726.7
6.8
293.1
121.6
3,669.2
9.3
676.0
18.1
296.9
105.8
3,453.5
9.5
673.2
12.0
379.4
99.7
3,570.9
11.7
35.9
9.3
31.4
23.0
14.8
25.8
17.5
11.7
35.9
85.8
27.4
34.2
45.3
17.1
40.1
31.0
52.5
35.2
51.0
117.6
45.8
123.9
95,744.2
97,480.6
101,402.1
2.2
24.5
851.0
191.4
1,603.2
3,127.6
1,121.1
2,240.7
1,231.8
4,135.5
825.9
7.1
568.2
28.5
266.4
106.9
2,334.1
116.9
3,397.9
9.8
22.3
97.0
2.3
24.0
107.8
12.3
28.6
103.2
87,847.2
91,200.0
92,227.7
1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
L.I and L.5, available at: www.federalreserve.gov/releases.
2. Excludes corporate equities and mutual fund shares.
40
Federal Reserve Bulletin Statistical Supplement • May 2004
2.12
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
2003
2003
2003
Series
Ql
Q2
Q3
Q4'
Ql
Q2
Q3
Q4
Capacity (percent of 1997 output)
Output (1997=100)
Ql
Q2
Q3
Q4'
Capacity utilization rate (percent)2
1 Total industry
111.2
110.0
111.1
112.6
148.0
148.4
148.8
149.1
75.1
74.1
74.6
75.5
2 Manufacturing
3
Manufacturing (NAICS)
112.0
112.3
111.1
111.3
112.1
112.5
113.8
114.2
152.4
154.0
152.8
154.5
153.2
154.9
153.5
155.2
73.5
72.9
72.7
72.0
73.2
72.6
74.1
73.6
4
5
Durable manufacturing
Primary metal
124.3
86.6
123.1
82.9
125.6
82.8
128.5
86.5
176.9
112.8
178.0
112.9
179.1
113.0
180.0
113.1
70.3
76.8
69.1
73.4
70.1
73.3
71.4
76.5
6
7
8
9
Fabricated metal products
Machinery
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills
95.6
86.0
253.1
93.5
86.0
257.7
93.9
86.6
272.5
95.2
88.5
284.5
139.1
128.7
400.5
139.3
128.3
409.7
139.5
128.0
417.9
139.7
127.7
425.8
68.8
66.8
63.2
67.2
67.0
62.9
67.3
67.6
65.2
68.1
69.3
66.8
93.7
116.4
92.9
113.0
93.3
118.1
95.7
120.6
127.4
143.9
127.1
145.0
126.8
146.2
126.5
147.5
73.5
80.9
73.1
77.9
73.5
80.7
75.6
81.7
94.4
97.5
98.3
80.1
94.0
96.7
98.0
77.8
94.6
96.6
97.6
75.9
95.6
97.2
97.2
76.9
147.8
127.4
127.0
109.5
147.8
127.1
126.7
108.6
147.8
126.9
126.4
107.7
147.7
126.7
126.2
106.8
63.8
76.5
77.4
73.2
63.6
76.1
77.3
71.7
64.0
76.1
77.2
70.4
64.7
76.8
77.0
72.1
92.8
101.1
104.9
103.7
105.6
92.7
100.4
104.5
102.6
106.4
92.0
101.2
105.4
103.0
104.9
92.0
103.0
107.5
103.6
105.9
111.0
114.3
143.6
130.3
128.3
110.6
114.7
144.0
129.6
127.8
110.3
115.1
144.4
128.9
127.4
110.1
115.6
144.8
128.1
127.0
83.6
88.4
73.1
79.6
82.3
83.8
87.6
72.6
79.1
83.2
83.4
87.9
73.0
79.9
82.4
83.6
89.1
74.2
80.9
83.4
20 Mining
21 Electric and gas utilities
93.3
113.1
93.1
109.2
93.3
111.0
93.6
112.4
110.1
131.2
110.0
132.6
109.8
133.9
109.7
135.2
84.7
86.3
84.7
82.4
85.0
82.9
85.3
83.1
MEMOS
22 Computers, communications equipment, and
semiconductors
341.9
353.6
379.9
401.6
554.2
570.2
584.8
599.5
61.7
62.0
65.0
67.0
23 Total excluding computers, communications
equipment, and semiconductors
100.2
98.9
99.5
100.6
131.3
131.4
131.4
131.5
76.3
75.3
75.7
76.5
99.1
98.0
98.5
99.7
132.8
132.7
132.6
132.6
74.7
73.9
74.3
75.2
10
11
12
13
14
15
16
17
18
19
Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)
24 Manufacturing excluding computers,
communications equipment, and
semiconductors
Selected Measures
2.12
41
OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued
Seasonally adjusted
1973
1975
Previous cycle3
Latest cycle4
2003
2003
2004
Series
High
Low
High
Low
High
Low
Feb.
Sept.
7
7
Oct.
Nov.
Dec.
7
Jan.
Feb.7*
Capacity utilization rate (percent)2
1 Total industry
88.8
74.0
86.6
70.9
85.2
78.6
75.4
74.9
75.0
75.7
75.8
76.2
76.7
2 Manufacturing
3
Manufacturing (NAICS)
88.1
88.1
71.5
71.3
86.3
86.3
68.7
68.0
85.6
85.5
77.2
77.0
73.5
73.0
73.6
73.0
73.6
73.1
74.4
73.8
74.4
73.9
74.5
74.0
75.3
74.7
89.0
100.8
69.6
69.0
86.9
91.1
63.2
47.2
84.5
95.3
73.4
75.2
70.4
78.0
70.8
73.4
70.8
74.9
71.6
76.7
71.7
77.8
72.0
77.6
72.8
78.2
4
5
Durable manufacturing
Primary metal
6
7
8
91.8
94.3
70.3
74.4
83.3
93.1
62.0
58.4
80.3
84.6
71.1
72.8
68.8
67.2
67.6
68.2
67.7
67.5
68.2
70.2
68.4
70.2
68.4
71.4
69.0
73.4
86.9
66.7
89.5
77.3
81.1
76.3
63.3
65.9
66.9
67.0
66.6
67.1
67.8
99.2
95.7
68.5
55.6
91.9
96.3
64.5
45.3
87.4
89.7
75.0
56.5
74.2
80.6
74.1
83.7
74.6
81.5
75.8
81.7
76.5
82.0
76.5
82.4
76.9
83.9
74.9
87.5
65.9
72.4
84.2
85.7
69.6
75.6
88.9
87.0
81.9
81.8
63.7
76.5
64.3
76.2
64.3
76.3
64.8
77.0
65.1
76.9
65.3
76.9
65.8
77.3
14
Fabricated metal products . . . .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts
Aerospace and
miscellaneous
transportation equipment .
Nondurable manufacturing
Food, beverage, and tobacco
products
Textile and product mills . . . .
85.9
89.8
77.9
62.7
84.3
90.2
80.4
72.4
85.5
91.4
81.3
77.2
77.2
73.4
77.0
69.8
76.7
71.2
77.2
73.0
77.1
72.0
76.9
73.8
76.9
72.6
15
16
17
18
19
Paper
Petroleum and coal products . .
Chemical
Plastics and rubber products . .
Other manufacturing (non-NAICS) .
97.3
93.2
84.8
96.4
85.5
74.4
81.0
68.8
61.6
75.0
95.4
92.3
83.1
89.9
88.2
81.3
71.2
68.1
70.5
85.7
93.7
88.9
85.6
91.3
90.7
85.2
82.5
80.8
77.2
79.1
83.3
87.8
73.3
79.6
82.7
82.8
88.4
73.4
80.1
82.3
82.9
88.4
73.5
80.6
83.2
83.6
88.9
74.8
81.4
84.0
84.3
90.0
74.4
80.7
83.1
83.9
87.9
74.4
81.2
84.1
84.6
89.2
75.2
81.9
85.8
20 Mining
21 Electric and gas utilities
93.6
96.3
87.6
82.7
94.2
88.1
78.6
77.6
85.6
92.8
83.4
84.1
84.7
88.7
85.2
81.8
85.4
82.4
85.3
82.8
85.3
84.2
85.6
87.1
85.6
86.2
MEMOS
22 Computers, communications
equipment, and semiconductors .
84.4
63.1
89.4
75.4
79.9
74.5
62.1
65.8
66.8
67.2
66.9
68.5
70.0
23 Total excluding computers,
communications equipment,
and semiconductors
89.1
74.3
86.7
70.7
85.6
78.8
76.5
75.9
76.0
76.7
76.8
77.2
77.7
24 Manufacturing excluding computers
communications
equipment, and semiconductors .
88.4
71.8
86.3
68.2
86.1
77.3
74.7
74.6
74.6
75.4
75.5
75.6
76.3
9
10
11
12
13
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in November 2003. The recent annual revision is described in the Winter
2004 issue of the Bulletin.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.
3. Monthly highs, 1978-80; monthly lows, 1982.
4. Monthly highs, 1988-89; monthly lows, 1990-91.
42
Federal Reserve Bulletin Statistical Supplement • May 2004
2.13
INDUSTRIAL PRODUCTION
Indexes and Gross Value1
Monthly data seasonally adjusted
Group
2002
proportion
2003
avg.
Apr.
July
May
Aug.
Sept.
Oct.
Nov.7
Dec.1
Jan.'
Feb.P
108.2
106.0
119.8
131.8
196.2
110.6
97.6
101.0
99.5
95.7
60.7
117.4
109.7
109.0
109.3
107.1
121.3
133.0
202.8
112.3
98.9
102.1
100.5
96.4
61.1
120.0
110.6
109.9
109.5
107.3
121.2
133.1
202.7
111.4
99.0
102.3
100.1
96.1
61.2
118.7
109.7
113.0
110.1
107.9
121.9
134.6
187.2
113.1
99.4
102.9
99.8
95.7
61.3
118.0
111.1
117.2
111.0
108.5
123.1
136.8
190.8
113.0
99.7
103.3
100.6
95.6
62.0
119.8
113.9
116.4
110.8
75.9
178.5
112.7
76.7
178.4
92.0
113.3
113.2
77.8
177.6
92.5
112.4
114.3
78.3
179.1
93.6
112.1
116.1
79.4
180.3
95.6
112.1
Index (1997=100)
MAJOR MARKETS
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
21
22
58.9
31.1
8.1
4.0
0.3
1.4
2.3
23.0
18.6
10.4
1.0
4.6
2.1
4.4
107.9
106.1
118.3
129.5
172.1
111.0
98.1
101.6
99.9
96.7
62.9
116.4
109.1
111.1
108.6
107.0
117.2
127.1
167.2
110.4
99.2
103.2
100.2
97.1
66.6
115.3
108.5
117.6
107.9
106.3
116.4
125.7
170.8
109.8
98.6
102.6
100.6
97.6
65.7
115.7
109.6
112.1
106.9
105.3
115.5
124.4
172.7
110.0
97.5
101.4
100.1
96.9
64.0
116.3
108.6
108.5
107.1
105.5
115.3
123.5
168.8
111.7
97.5
101.8
100.0
97.1
64.1
115.6
109.0
110.4
106.8
105.0
116.2
125.7
169.4
110.8
97.7
100.9
99.8
97.1
62.2
114.4
110.2
107.1
107.5
105.8
118.2
129.1
170.7
112.2
97.8
101.3
99.6
97.3
61.6
114.4
108.4
109.8
107.6
105.7
117.4
127.3
179.2
112.0
97.4
101.4
99.3
96.2
59.7
116.5
108.8
111.1
108.0
106.1
120.8
135.0
183.2
110.6
97.1
100.9
99.1
96.0
59.7
116.3
108.2
109.4
Business equipment
Transit
Information processing . . .
Industrial and other
Defense and space equipment
10.0
1.8
3.2
5.1
1.9
110.4
76.0
173.7
90.0
111.9
110.6
76.7
172.1
90.6
111.0
110.0
76.2
172.3
108.7
75.0
170.0
108.6
74.3
170.8
109.0
74.0
170.9
89.4
109.3
73.9
172.5
89.5
112.1
110.0
74.5
174.7
89.6
113.0
77.1
175.4
90.3
113.7
Construction supplies
Business supplies
4.3
11.2
102.0
111.7
101.9
112.6
101.2
111.9
100.6
111.1
100.8
110.6
101.5
111.5
101.9
102.3
111.3
103.1
112.1
104.4
104.1
113.4
104.1
114.2
104.6
115.1
Materials
Non-energy
Durable
Consumer parts .
Equipment parts .
Other
Nondurable
Textile
Paper
Chemical
Energy
41.1
30.5
19.2
4.0
6.8
8.4
11.3
0.8
2.7
4.2
10.6
115.7
119.8
135.2
106.7
214.7
95.0
95.3
70.1
90.2
99.9
100.4
115.8
119.3
133.7
107.1
205.2
96.0
96.0
74.3
91.3
100.1
101.7
114.7
118.7
132.7
106.0
205.1
94.9
95.9
73.2
91.8
99.6
99.8
114.5
118.3
132.2
104.8
206.0
94.1
95.5
71.8
90.6
100.2
100.2
114.4
118.3
133.1
105.0
210.5
94.0
94.5
69.9
90.7
97.0
99.6
115.4
119.2
134.6
105.9
214.2
94.6
94.8
67.8
90.9
98.5
100.9
115.5
119.2
134.9
104.8
218.2
94.1
94.4
67.0
89.3
99.1
101.0
116.4
120.8
137.0
109.2
221.6
94.4
95.1
67.5
89.6
100.8
100.4
116.9
121.3
138.2
108.4
224.2
95.7
95.0
68.3
88.7
100.4
100.9
117.9
122.7
139.8
109.2
227.7
96.8
96.0
69.3
89.1
102.5
100.9
118.2
123.0
140.2
109.9
228.8
96.7
96.2
68.8
89.7
102.8
101.4
119.1
123.6
141.3
110.4
233.3
96.7
96.2
68.9
89.6
102.7
102.8
120.2
125.3
143.5
112.6
239.1
97.3
97.0
68.2
89.7
104.1
102.6
94.8
93.3
99.7
110.7
100.5
111.3
99.7
110.5
99.0
109.9
98.7
109.7
99.4
110.4
99.2
110.6
99.9
111.2
100.8
112.3
101.1
112.6
101.6
113.3
102.3
114.1
114.1
117.9
132.1
103.9
207.9
93.8
94.8
70.4
90.5
98.1
99.6
SPECIAL AGGREGATES
34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts ..
Gross value (billions of 1996 dollars, annual rates)
36 Final products and nonindustrial
supplies
2,736.0
37 Final products
38
Consumer goods
39
Equipment total
43.4
31.1
12.3
40 Nonindustrial supplies
15.5
2,749.6
2,730.1
2,704.8 2,708.8 2,700.9 2,729.6 2,728.7 2,752.3 2,748.5 2,777.3 2,789.3 2,807.2 2,829.3
2,063.7 2,072.7 2,058.7 2,038.0 2,041.0 2,037.6 2,059.6 2,058.6 2,080.6 2,071.0 2,093.3 2,102.7 2,117.8 2,135.6
1,401.0 1,410.6 1,400.6 1,386.5 1,388.5 1,383.9 1,401.2 1,396.8 1,409.9 1,402.6 1,414.8 1,421.4 1,429.3 1,439.8
696.2
659.0
656.7
652.8
646.3
647.4
649.6
653.2
658.2
667.8
666.0
677.3
680.0
672.3
676.8
671.3
666.8
667.7
663.3
669.9
670.1
671.6
677.4
684.0
686.5
Selected Measures
2.13
INDUSTRIAL PRODUCTION
43
Indexes and Gross Value1—Continued
Monthly data seasonally adjusted
Group
NAICS
code2
2002
proportion
2003
2004
2003
avg.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.7
Dec.7
Jan.7
Feb.7*
Index (1997=100)
INDUSTRY GROUPS
41 Manufacturing
42
Manufacturing (NAICS)
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
Durable manufacturing
Wood products
Nonmetallic mineral
products
Primary metal
Fabricated metal products .
Machinery
Computer and electronic
products
Electrical equipment,
appliances, and
components
Motor vehicles and parts . .
Aerospace and
miscellaneous
transportation
equipment
Furniture and related
products
Miscellaneous
Nondurable manufacturing . .
Food, beverage, and
tobacco products . . . .
Textile and product mills . .
Apparel and leather
Paper
Printing and support
Petroleum and coal
products
Chemical
Plastics and rubber
products
Other manufacturing
(non-NAICS)
65 Mining
66 Utilities
67
Electric
68
Natural gas
69 Manufacturing excluding
computers, communications
equipment, and
semiconductors
70 Manufacturing excluding motor
vehicles and parts
83.5
78.4
112.2
112.6
112.1
112.4
111.8
112.0
111.1
111.3
111.0
111.2
111.2
111.4
111.8
112.2
111.8
112.1
112.7
113.2
112.9
113.3
114.2
114.6
114.2
114.7
114.6
115.0
115.8
116.2
42.6
321
1.4
125.3
99.1
124.5
98.4
123.6
97.0
122.8
97.1
122.8
97.0
123.6
97.7
124.8
99.6
124.9
98.7
127.1
98.7
127.2
101.2
128.8
103.8
129.3
102.0
130.1
103.1
131.9
103.4
327
331
332
333
2.3
2.2
5.9
5.2
100.8
84.6
94.4
86.7
99.8
88.0
95.7
86.5
100.3
83.5
95.0
86.3
99.9
83.8
94.0
85.4
99.3
82.2
93.2
86.2
100.0
82.7
93.3
86.3
100.8
82.9
94.2
85.9
100.9
82.5
93.2
86.7
100.4
83.0
94.4
87.3
101.5
84.7
94.6
86.3
102.5
86.7
95.3
89.7
102.6
88.0
95.6
89.6
101.6
87.8
95.7
91.0
101.2
88.5
96.7
93.6
334
8.1
266.5
253.6
254.6
254.6
258.0
260.5
266.7
273.7
277.1
282.9
285.3
285.3
289.2
294.9
335
3361 3
2.3
6.7
93.8
117.5
94.6
116.0
93.0
114.4
92.8
113.0
92.4
112.0
93.6
113.8
92.9
116.6
93.0
114.9
93.9
122.7
94.4
119.9
95.9
120.5
96.7
121.3
96.6
122.3
97.1
124.9
3364 9
3.6
94.6
94.1
94.3
93.7
94.2
94.0
93.8
94.9
95.0
95.0
95.6
96.2
96.4
97.1
337
339
1.7
3.2
101.0
116.7
103.1
118.9
101.5
118.8
101.0
117.1
100.8
116.6
100.3
in.2
101.2
116.6
100.1
114.8
100.5
115.3
100.0
114.8
100.4
115.1
100.0
117.6
100.1
117.1
100.2
118.7
35.8
97.0
97.5
97.5
97.0
96.8
96.3
96.7
96.5
96.6
96.7
97.6
97.4
97.3
97.8
11.9
97.7
77.6
63.2
92.3
89.3
98.0
80.4
66.7
92.5
92.3
98.4
80.1
65.9
93.4
90.3
97.8
78.5
64.2
92.2
90.3
98.0
77.7
64.2
92.7
88.8
98.0
77.2
62.5
93.1
88.8
98.3
76.7
62.0
93.0
89.0
97.3
75.9
60.2
91.6
88.5
97.3
74.9
60.2
91.3
88.7
96.8
76.2
61.2
91.4
88.3
97.5
77.9
61.7
92.0
87.0
97.2
76.6
61.8
92.7
87.6
96.9
78.4
61.8
92.2
88.1
96.8
76.8
62.4
92.8
88.2
311,2
313,4
315,6
322
323
1.3
1.1
3.1
2.5
324
325
10.0
101.4
105.5
100.4
105.3
102.1
105.0
100.5
105.6
101.6
104.4
99.1
103.5
100.0
104.5
101.8
105.5
101.9
106.1
102.1
106.4
102.8
108.3
104.2
107.8
101.9
107.9
103.5
109.2
326
3.8
103.1
103.8
103.9
102.2
103.0
102.5
102.8
103.1
103.0
103.4
104.2
103.1
103.6
104.3
1133,5111
5.1
105.8
106.0
107.0
106.0
106.1
107.0
105.0
105.2
104.7
105.8
106.6
105.4
106.5
108.6
21
6.8
9.8
8.3
1.5
93.1
110.9
113.8
101.6
93.3
116.4
117.2
110.8
93.1
110.8
112.9
99.4
93.4
109.4
111.9
96.5
92.7
110.2
112.4
98.0
93.2
107.9
109.8
97.5
93.4
111.3
114.1
96.7
93.1
111.8
115.0
95.9
93.5
109.9
112.4
96.8
93.7
111.0
113.9
96.6
93.6
111.9
114.6
98.3
93.5
114.2
116.9
100.0
93.9
118.4
120.5
106.8
94.0
117.5
119.7
105.4
2211,2
2211
2212
2.2
78.2
98.8
99.2
98.8
98.1
97.9
98.0
98.4
98.1
99.0
99.0
100.0
100.1
100.2
101.1
76.8
111.8
111.8
111.6
110.9
110.9
110.9
111.4
111.5
111.9
112.3
113.6
113.6
113.9
115.0
Note. The statistics in the G. 17 release cover output, capacity, and capacity utilization in the
industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries included in the North American
Industry Classification System, or NAICS, manufacturing plus those industries—logging and
newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector.
1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data
are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2003. The recent annual revision is described in the Winter 2004
issue of the Bulletin.
2. North American Industry Classification System.
44
Federal Reserve Bulletin Statistical Supplement • May 2004
3.10
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data seasonally adjusted except as noted1
Item credits or debits
Q4
1 Balance on current account
2 Balance on goods and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
7
Direct
8
Portfolio
9
Compensation of employees
10 Unilateral current transfers, net
393,745
357,819
1,007,580
1,365,399
10,689
15,701
106,485
90,784
5,012
46,615
11 Change in U.S. government assets other than official
reserve assets, net (increase, )
480,861
418,038
974,107
1,392,145
3,970
1,271
93,475
92,204
5,241
58,853
541,830
490,164
1,018,693
1,508,857
16,625
21,886
103,949
Ql
128,586
116,116
246,151
139,156
121,548
247,388
368,936
217
1,159
21,657
20,498
1,376
17,391
362,267
2,966
4,306
26,225
21,919
1,340
15,436
82,063
5,261
68,291
Q2
Q3
Q4P
139,840
124,100
247,497
371,597
1,322
135,292
121,646
254,848
376,494
3,005
2,627
4,262
24,670
20,408
1,257
16,651
127,541
122,870
268,958
391,828
12,517
13,839
35,834
21,995
1,322
17,188
2,221
0
97
2,435
117
21,789
19,162
1,305
17,062
140
486
12 Change in U.S. official reserve assets (increase, )
13 Gold
14
Special drawing rights (SDRs)
15 Reserve position in International Monetary Fund
16 Foreign currencies
4,911
0
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
630
3,600
2,632
681
574
601
1,494
572
127
541
144
897
644
170
102
86
154
611
0
97
383
131
344,542
134,945
4,997
175,272
21,357
31,880
15,801
137,836
279,927
24,696
36,349
64,121
154,761
43,910
4,954
1,922
5,364
31,670
100,723
27,795
11,998
27,146
33,784
112,454
72,765
19,101
8,654
29,242
13,568
36,403
20,805
28,616
42,160
53,186
39,461
26,055
17,013
49,579
32,210
5,628
95
2,094
1,141
40,978
22,288
9,480
437
8,321
1,326
57,000
35,349
3,290
16
17,628
749
45,289
17,378
3,340
41
23,166
1,446
64,398
53,451
8,685
201,118
16,723
74,848
14,568
4,927
55,574
34,478
205,911
36,822
4,147
55,037
1,458
85,964
74,337
4,759
5,140
50,203
2,768
9,628
1,839
167,633
36,202
6,783
20,055
7,487
87,486
23,186
1,842
9,215
11,057
1,553
9,321
1,187
10,508
30,180
12,539
42,719
291
53,094
2,136
55,230
475
84,637
119,963
22 Change in foreign official assets in United States (increase, +) . . . ,
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities2
26
Other U.S. liabilities reported by U.S. banks2
27
Other foreign official assets3
5,104
10,745
20,920
2,309
29,978
5,726
43,144
30,377
137
17,594
3,608
207,665
128,466
24,795
562
49,633
5,333
28 Change in foreign private assets in United States (increase, +) . . . ,
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
3 1 Foreign private purchases of U.S. Treasury securities, net
32 U.S. currency flows
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net
760,427
118,379
67,489
7,438
23,783
406,633
151,581
612,123
91,126
72,142
96,217
21,513
291,492
39,633
648,995
94,506
77,352
139,863
16,640
238,652
81,982
165,238
54,176
8,863
12,705
7,249
66,964
15,281
1,062
20,785
1,285
45,852
3,050
34,076
23,602
35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
27,630
358
1,744
25,346
68
518
1,812
MEMO
Changes in official assets
39 U.S. official reserve assets (increase, )
40 Foreign official assets in United States, excluding line 25
(increase, +)
4,911
3,681
1,523
812
83
170
611
2,221
7,413
94,723
208,227
32,305
41,415
57,016
45,330
64,466
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)
1,725
8,132
1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38—41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.
3.12
5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.
U.S. RESERVE ASSETS
Millions of dollars, end of period
2003
Asset
7000
2001
2004
2002
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.P
1 Total
67,647
68,654
79,006
80,422
84,43 r
84,150
85,r4r
85,938
85,255
84,741
85,192
2 Gold stock1
3 Special drawing rights2'3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4
11,046
10,539
11,045
10,774
11,043
12,166
11,043
11,619
11,043
12,062
11,043
12,079
11,043
12,243
11,043
12,638
11,043
12,598
11,045
12,687
11,045
12,691
14,824
31,238
17,854
28,981
21,979
33,818
22,463
35,297
24,067
37,259
23,595
37,433
23,618
38,237
22,535
39,722
21,887
39,727
21,819
39,190
21,642
39,814
Note. The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web
site at: www. federalreserve.gov/releases.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.
SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.
Summary Statistics
3.13
45
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1
Millions of dollars, end of period
2003
Asset
2000
2001
Aug.
1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.P
215
61
136
81
82
155
81
162
84
82
93
594,094
9,451
592,630
9,099
678,106
9,045
754,469
8,977
772,222
8,971
788,734
8,971
810,572
8,971
845,080
8,971
869,829
8,971
898,244
8,971
908,656
8,971
Note. The data presented in this table are available in the monthly statistical release "U.S.
Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's web
site at: www. federalreserve.gov/releases.
1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations.
3.15
2004
2002
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.
3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2003
2003
2002
2002
Item
2001
June
1
6
June
6
Dec.
Sept.
Oct.'
Nov.'
Dec'
Jan.P
1 Total
984,713
r,04r,076
U26,797
1,161,907
1,304,316
1,325,136'
1,349,668'
1,368,767
1,417,222
By type
2 Liabilities reported by banks in the United States
3 U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
120,571
161,719
151,859
176,231
151,859
176,231
144,646
190,444
190,087
207,918
188,050'
207,871'
184,288'
215,580'
190,589
212,025
208,053
213,135
454,306
3,411
244,706
451,163
3,000
258,823
559,599
3,000
236,108
569,891
2,769
254,157
629,573
2,931
273,807
649,024'
2,951'
277,240'
667,907'
2,640'
279,253'
679,236
2,613
284,304
706,146
1,521
288,367
243,307
13,440
71,103
632,466
15,167
9,228
254,868
11,135
65,190
683,692
15,102
11,087
270,174
5,977
88,918
739,078
9,119
13,531
283,512
5,962
87,261
760,012
9,355
15,805
296,061
5,265
95,597
882,365
8,948
16,080
291,295'
5,176'
95,180'
904,007'
8,817'
20,661'
290,515'
4,536'
94,912'
931,228'
8,927'
19,550'
289,265
4,896
96,003
949,353
9,540
19,710
298,822
6,430
99,331
985,401
9,575
17,663
6 U.S. securities other than U.S. Treasury securities5
By area
10 Asia
11 Africa
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
3.16
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies
6. Data in the two columns shown for this date reflect different benchmark bases for
foreigners' holdings of selected U.S. long-term securities. Figures in the first column are
comparable to those for earlier dates; figures in the second column are based in part on a
benchmark survey as of end-June 2002 and are comparable to those shown for the following
dates.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.
Reported by Banks in the United States1
Millions of dollars, end of period
Sept.'
1 Banks' own liabilities
2 Deposits
3
Other liabilities
77,779
n.a.
n.a.
79,363
n.a.
n.a.
80,543
n.a.
n.a.
86,741
51,547
35,194
72,310
44,718
27,592
67,157
40,935
26,222
61,158
36,397
24,761
4 Banks' own claims
5
Deposits
6
Other claims
56,912
23,315
33,597
74,640
44,094
30,546
71,724
34,287
37,437
77,520'
37,709
39,811'
84,797'
43,080
41,717'
77,050
36,632
40,418
77,883
38,107
39,776
24,411
n.a.
n.a.
17,631
n.a.
n.a.
35,923
n.a.
n.a.
26,526
4,439
22,087
26,242
4,745
21,497
24,564
4,347
20,217
26,478
7,036
19,442
7 Claims of banks' domestic customers
8 Deposits
9
Other claims
..
1. Data on claims exclude foreign currencies held by U.S. monetary authorities.
2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.
46
Federal Reserve Bulletin Statistical Supplement • May 2004
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
July
Aug.
Sept.
Nov.7
Dec.1
BY HOLDER AND TYPE OF LIABILITY
1 Total, all foreigners
r,630,4r7
r,985,588
2,329,337
2,306,308
2,285,993
2,263,617
2,240,586
2,323,218
2,329,337
2,398,496
1,174,976
1,363,270
1,669,535
1,642,265
1,612,468
1,624,668
1,595,925
1,671,822
1,669,535
1,735,354
188,005
194,680
151,071
455,441
175,231
246,623
190,134
622,318
861,040
808,495
460,343
659,802
887,071
755,194
409,301
664,043
848,884
763,584
417,367
673,525
845,910
778,758
419,087
638,949
786,399
809,526
450,593
644,661
825,906
845,916
480,495
651,396
861,040
808,495
460,343
659,802
843,154
892,200
528,201
663,142
186,115
236,796
256,438
250,657
258,890
251,518
249,653
260,652
256,438
256,170
139,807
189,573
210,607
211,195
209,478
199,639
211,135
210,550
210,607
216,022
20,440
59,781
129,519
37,761
74,513
195,949
38,244
82,159
192,757
202,191
45,181
81,122
205,157
38,541
82,781
187,792
82,378
183,873
37,910
83,655
180,194
38,244
82,159
192,757
37,400
92,271
190,950
10,830
10,169
3,791
6,378
661
600
13,467
12,362
5,769
6,593
1,105
1,089
14,014
12,269
5,784
6,485
1,745
63
15,387
15,169
5,515
9,654
218
13
12,064
11,815
5,367
6,448
249
11
15,117
13,055
6,922
6,133
2,062
13
13,959
12,995
6,481
6,514
964
13
12,465
10,529
4,978
5,551
1,936
60
14,014
12,269
5,784
6,485
1,745
14,813
12,981
7,500
5,481
1,832
62
61
0
16
1,682
0
205
238
2,049
0
921
30
1,876
0
1,682
0
1,770
282,290
80,970
21,987
58,983
335,090
93,884
20,733
73,151
402,614
117,743
24,014
93,729
371,192
107,412
23,633
83,779
379,848
105,789
22,051
83,738
398,005
119,528
22,680
96,848
395,921
117,470
24,590
92,880
399,868
112,167
22,321
89,846
402,614
117,743
24,014
93,729
421,188
127,340
23,755
103,585
201,320
161,719
241,206
190,444
284,871
212,025
263,780
205,897
274,059
214,275
278,477
207,918
278,451
207,871
287,701
215,580
284,871
212,025
293,848
213,135
38,531
1,070
50,698
64
70,397
2,449
55,667
2,216
57,137
2,647
63,865
6,694
69,499
1,081
71,972
149
70,397
2,449
80,475
238
1,052,626
914,034
68,218
53,525
138,592
11,541
1,311,267
1,055,858
56,020
58,422
255,409
25,916
1,392,793
1,160,608
718,902
441,706
232,185
18,232
1,442,310
1,181,281
1,358,220
1,139,868
1,301,235
1,078,277
704,186
435,682
218,352
18,792
640,515
22,673
1,403,878
1,142,096
706,375
435,721
261,782
23,651
222,958
16,665
1,371,649
1,151,086
686,146
464,940
220,563
17,031
1,392,793
1,160,608
718,902
441,706
232,185
18,232
1,408,766
1,177,079
697,244
479,835
231,687
18,429
24,059
102,992
57,605
171,888
47,627
166,326
68,171
170,185
65,951
172,180
44,140
155,420
46,939
159,354
47,167
156,365
47,627
166,326
47,324
165,934
36 Other foreigners''
37
Banks' own liabilities
38
Deposits2
39
Other
284,671
169,803
94,009
75,794
325,764
201,166
92,709
108,457
519,916
378,915
112,340
266,575
477,419
338,403
114,036
224,367
490,203
352,768
115,091
237,677
492,275
352,217
112,122
240,095
529,471
387,183
114,813
272,370
539,236
398,040
112,461
285,579
519,916
378,915
112,340
266,575
553,729
417,954
114,655
303,299
40
41
42
114,868
12,255
124,598
19,347
141,001
26,118
139,016
22,074
137,435
20,953
140,058
24,795
142,288
25,104
141,196
27,981
141,001
26,118
135,775
24,544
77,156
25,457
81,254
23,997
90,901
23,982
87,152
29,790
86,152
30,330
89,585
25,678
93,776
23,408
89,535
23,680
90,901
23,982
86,453
24,778
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments6
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7
11
Other
12 Nonmonetary international and regional organizations8
13 Banks' own liabilities
14
Deposits2
15
Other
16 Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments6
19
Other
20 Official institutions9
21
Banks' own liabilities
22
Deposits2
23
Other
24
25
26
27
Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments6
Other
28 Banks'"
29
Banks' own liabilities
30
Deposits2
31
Other
32 Banks' custody liabilities4
33
U.S. Treasury bills and certificates5
34
Other negotiable and readily
transferable instruments6
35
Other
43
Banks' custodial liabilities
U.S. Treasury bills and certificates5
Other negotiable and readily
transferable instruments6
Other
743,887
437,394
261,029
437,762
63
MEMO
44 Own foreign offices'2
1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
9. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) below.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) below.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank
regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign
banks, consists principally of amounts owed to the head office or parent foreign office, and to
foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign
bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S.
brokers and dealers.
Bank-Reported Data
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
47
Reported by Banks in the United States1—Continued
Millions of dollars, end of period
July
Aug.
Sept.
Nov.
Dec.1
AREA OR COUNTRY
45 Total, all foreigners .
1,630,417
1,985,588 2,329,337
2,306,308
2,285,993
2,263,617
2,240,586' 2,323,218' 2,329,337
2,398,496
46 Foreign countries . . .
1,619,587
1,972,121
4,630,646
4,581,842
4,547,858
4,497,000
4,453,254' 4,621,506' 4,630,646
4,767,366
520,438
2,922
6,546
3,618
1,446
49,056
22,318
2,307
6,215
16,667
12,363
3,727
4,033
20,800
8,811
3,375
66,382
7,474
204,107
36,024
309
41,938
653,988
2,818
9,536
5,106
1,693
40,399
34,650
2,975
5,568
31,945
10,839
18,879
3,574
23,146
14,039
4,647
132,895
12,131
185,970
47,594
301
65,283
778,429
4,820
9,354
3,629
1,780
40,740
46,719
1,260
5,865
33,751
15,062
22,424
924
41,672
9,899
7,077
111,101
13,746
333,110
20,790
160
54,546
785,822
4,330
5,728
2,693
3,315
45,154
51,707
1,965
6,896
37,938
13,244
20,945
2,145
33,505
8,878
4,088
126,302
13,937
323,139
21,689
200
58,024
761,836
4,988
6,848
1,512
3,641
48,427
50,572
1,740
5,840
37,451
13,306
17,884
1,834
31,282
8,634
5,120
109,340
15,598
310,870
23,375
182
63,392
757,386
4,822
7,287
1,845
3,532
39,519
50,625
1,725
5,532
31,639
13,110
20,439
1,738
30,275
7,978
4,609
103,512
18,469
323,845
23,474
155
63,256
778,429
4,820
9,354
3,629
1,780
40,740
46,719
1,260
5,865
33,751
15,062
22,424
924
41,672
9,899
7,077
111,101
13,746
333,110
20,790
160
54,546
809,245
4,296
6,513
2,676
2,777
49,920
49,840
1,336
7,242
35,483
14,451
27,426
1,328
47,501
9,677
6,231
106,241
8,637
348,794
20,304
169
58,403
47 Europe
48
Austria
49
Belgium13
50 Denmark
Finland
France
Germany
Greece
Italy
56 Luxembourg13
57 Netherlands
58 Norway
59 Portugal
60 Russia
61
Spain
62
Sweden
63
Switzerland
64
Turkey
65 United Kingdom
66
Channel Islands and Isle of Man14
67 Yugoslavia15
68
Other Europe and other former U.S.S.R.1
755,078'
6,077
5,392
2,855
1,062
44,650'
47,998'
1,654
5,891
31,654
14,805
22,518'
1,959
35,902
11,279
4,295
88,716
14,988
330,945'
21,507
147'
60,784'
796,610'
4,429
6,751
2,889
5,904
44,908'
48,010
1,467
5,612
31,165
15,789
19,482'
2,014
37,617
9,002
5,439
105,560
13,356
353,960'
21,175
180'
61,901'
27,240
27,323
35,849
37,419
34,121
34,600
35,867
37,412'
35,849
35,426
Latin America
Argentina
g
Brazilil
Chile
Colombia
Ecuador
Guatemala
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin America17
118,025
10,704
14,169
4,939
4,695
2,390
1,882
39,871
3,610
1,359
3,172
24,974
6,260
107,357
10,878
10,040
6,146
4,158
2,299
1,379
36,109
3,864
1,363
2,815
21,939
6,367
110,251
9,828
16,286
4,411
4,232
2,569
1,540
34,948
4,145
1,396
3,706
21,241
5,949
107,804
10,443
16,332
4,624
4,539
2,379
1,399
32,751
4,152
1,533
3,241
20,448
5,963
106,803
9,858
20,743
4,788
4,424
2,393
1,499
28,904
3,954
1,432
3,051
19,902
5,855
105,686
9,486
19,710
4,318
4,369
2,316
1,593
29,631
3,835
1,347
3,046
19,985
6,050
106,739'
9,249
18,182'
4,704
4,314
2,568
1,572
30,934'
3,676
1,455
3,440
20,866'
5,779
110,843'
9,565
20,441'
4,090
3,944
2,602
1,574
32,748'
3,858
1,243
3,501
21,282'
5,995
110,251
9,828
16,286
4,411
4,232
2,569
1,540
34,948
4,145
1,396
3,706
21,241
5,949
111,064
9,988
19,214
5,407
4,001
2,511
1,475
32,738
3,914
1,379
3,272
21,447
5,718
Caribbean
Bahamas
Bermuda
British West Indies18
Cayman Islands18
Cuba
Jamaica
Netherlands Antilles
Trinidad and Tobago
Other Caribbean17
646,047'
178,472
10,469
0
439,190
88
1,182
3,264
1,269
12,113
837,666'
163,543
24,674
0
630,446
91
829
5,004
1,405
11,674
989,713
168,355
38,522
0
747,576
96
670
8,427
1,254
24,813
997,849'
155,726
43,796
0
765,973
93
707
8,989
961
21,604
997,702'
156,169
39,131
0
771,045
94
680
8,164
1,195
21,224
954,885'
154,378
37,152
0
729,734
94
799
8,571
1,290
22,867
947,328'
145,800
40,514
0
726,715'
93
730
7,683
1,284
24,509
969,169'
159,350
43,473
0
736,169'
93
667
6,873
1,244
21,300
989,713
168,355
38,522
0
747,576
96
670
8,427
1,254
24,813
1,023,669
168,171
45,565
0
773,925
95
694
7,133
1,292
26,794
290,923
319,487
370,390
333,426
343,800
370,375
350,784'
366,040'
370,390
374,245
10,486
17,561
26,003
3,676
12,383
7,870
154,887
8,997
1,772
4,743
18,095
24,450
15,483
18,693
33,066
7,951
14,123
7,477
161,667
8,968
1,811
7,605
16,365
26,278
13,182
26,382
49,355
14,522
14,381
12,219
160,533
12,618
1,602
7,196
23,469
34,93 1
19,287
20,839
35,799
8,347
8,857
10,030
173,988
9,394
1,980
4,729
13,763
26,413
20,879
21,311
39,543
10,773
9,647
10,122
173,451
12,811
1,491
4,575
14,381
24,816
26,444
28,119
35,296
16,942
10,596
10,795
176,707
12,797
1,513
5,194
16,314
29,658
22,242'
27,581'
36,536'
11,921
12,282'
10,095
163,864'
12,313'
1,941'
5,768'
17,599
28,642'
21,001'
24,362'
42,171'
13,581
13,823'
10,324
163,670'
14,750'
1,542'
7,115'
24,123
29,578'
13,182
26,382
49,355
14,522
14,381
12,219
160,533
12,618
1,602
7,196
23,469
34,931
12,343
27,766
50,702
13,136
14,136
11,333
162,826
14,666
1,627
8,972
25,847
30,891
11,233
2,778
274
711
4
4,377
12,251
2,655
306
1,114
2
4,370
3,804
13,828
2,350
376
3,697
18
3,503
12,849
2,966
350
2,067
7
3,577
12,853
2,966
305
2,178
5
3,358
4,041
12,062
2,692
293
2,125
4
3,195
3,753
12,338
2,403
287
2,838
3
3,075
3,732
13,396
2,535
333
3,645
5
3,287
3,591
13,828
2,350
376
3,697
18
3,503
14,110
2,162
179
3,928
37
4,254
3,550
5,681
5,037
232
412
14,049
11,991
1,796
262
16,863
13,978
2,457
428
15,752
13,199
2,252
301
16,814
14,631
1,889
294
13,506
11,592
1,536
378
18,493'
16,267'
1,823
403
17,283'
13,975'
2,865
443
16,863
13,978
2,457
428
15,924
13,037
2,324
563
10,830
9,331
13,467
11,282
507
1,611
14,014
10,365
420
3,166
15,387
13,168
1,616
553
12,064
10,556
538
836
15,117
13,686
647
752
13,959'
12,010'
553
1,343
12,465
10,817
323
1,264
14,014
10,365
420
3,166
14,813
12,639
708
1,406
69 Canada
93 Asia
China
94
Mainland
95
Taiwan
96
Hong Kong
97
India
98
Indonesia
99
Israel
100 Japan
101 Korea (South)
102 Philippines
103
Thailand
104 Middle Eastern oil-exporting countries19
105 Other
106 Africa
107
Egypt
108 Morocco
109
South Africa
110
Congo (formerly Zaire)
111
Oil-exporting countries20 . . . .
112 Other
113 Other countries . .
114 Australia
115 New Zealand21
116 All other
117 Nonmonetary international and regional organizations
118
International22
119 Latin American regional23
120
Other regional24
935
13. Before January 2001, data for Belgium-Luxembourg were combined.
14. Before January 2001, these data were included in data reported for the United
Kingdom.
15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
16. Includes the Bank for International Settlements and the European Central Bank.
17. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean."
18. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.
19. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
20. Comprises Algeria, Gabon, Libya, and Nigeria.
21. Before January 2001, these data were included in "All other."
22. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
23. Principally the Inter-American Development Bank.
24. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."
48
Federal Reserve Bulletin Statistical Supplement • May 2004
3.18
BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
Area or country
July
Aug.
Sept.
1 Total, all foreigners . .
r,052,066
U85,445
r,320,r57
r,384,860
r,343,622
r,355,03r
r,283,r66r
r,320,885r
r,320,r57
r,3 40,402
2 Foreign countries . . . .
r,047,r20
U8r,768
2,630,146
2,762,680
2,68U34
2,697,rro
2,558,046
2,635,632' 2,630,146
2,671,952
462,418
5,280
6,491
1,105
10,350
60,866
30,044
367
4,205
1,323
16,039
6,236
1,603
594
3,260
12,756
87,350
2,124
201,185
4,478
0
6,762
487,004
3,603
6,044
1,109
8,518
47,705
22,481
477
3,753
3,407
23,133
13,885
2,226
877
5,371
15,889
126,958
2,112
176,953
17,457
0
5,046
590,591
4,714
6,837
2,764
8,125
63,694
25,519
237
7,308
5,512
21,253
17,666
2,018
1,232
2,291
15,375
78,504
2,148
268,848
43,098
0
13,448
611,974
5,898
7,002
1,314
7,447
56,055
27,265
190
6,101
6,132
20,556
21,058
2,331
863
1,627
14,721
102,533
2,379
274,766
45,857
0
7,879
609,957
6,221
7,415
1,993
7,136
58,406
28,402
214
6,199
5,801
22,903
8,716
2,150
829
1,885
18,753
91,297
3,085
278,783
47,778
0
11,991
607,894
5,460
8,272
1,795
6,927
54,635
27,855
234
6,222
4,933
19,965
12,702
2,314
993
2,219
17,308
94,980
2,951
276,715
47,273
0
14,138
576,466
6,148
8,037
977
7,899
57,638
25,740
229
7,066
6,092
18,937
13,619
2,538
926
1,710
15,675
75,492
2,571
266,219
44,434
0
14,518
595,520
4,793
5,452
1,281
6,782
65,630
25,490
192
5,488
6,506
19,035
16,146
2,360
908
1,786
14,709
87,580
2,188
270,019
44,050
0
15,125
590,591
4,714
6,837
2,764
8,125
63,694
25,519
237
7,308
5,512
21,253
17,666
2,018
1,232
2,291
15,375
78,504
2,148
268,848
43,098
0
13,448
602,615
4,760
6,632
947
7,454
74,135
27,679
157
6,225
5,564
19,188
20,695
2,054
1,006
2,168
14,530
59,140
2,685
288,722
43,401
0
15,473
25 Canada
54,421
60,521
51,974
53,346
51,073
52,598
52,494
56,928
51,974
56,763
26 Latin America
27 Argentina
28 Brazil
29 Chile
30 Colombia
31 Ecuador
32 Guatemala
33 Mexico
34 Panama
35 Peru
36 Uruguay
37 Venezuela
38 Other Latin America6
69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,061
2,185
447
3,077
3,364
56,642
6,783
15,419
5,250
2,614
457
892
15,658
1,915
1,411
255
3,254
2,734
51,438
3,809
15,818
6,092
2,011
400
779
13,612
1,874
1,363
464
2,862
2,354
54,833
5,494
16,623
5,752
2,310
443
770
14,332
1,696
1,479
328
3,061
2,545
55,669
5,342
17,388
5,845
2,410
436
781
14,270
1,793
1,447
416
3,053
2,488
54,150
5,042
16,790
5,833
2,447
407
792
13,615
1,882
1,388
426
3,020
2,508
53,800
4,860
17,222
5,957
2,057
443
793
13,554
1,857
1,417
436
2,950
2,254
54,077'
4,690
17,762
5,828
2,054
437
790
13,592'
1,888
1,386
427
2,973
2,250
51,438
3,809
15,818
6,092
2,011
400
779
13,612
1,874
1,363
464
2,862
2,354
54,018
3,847
18,353
6,135
2,021
397
780
13,577
1,806
1,466
402
2,874
2,360
366,319
101,034
7,900
0
245,750
0
418
6,729
931
3,557
475,896
95,584
9,902
0
359,259
0
321
6,690
889
3,251
492,905
73,707
14,889
0
391,760
0
375
6,624
664
4,886
542,071
89,217
23,973
0
415,611
0
377
6,736
796
5,361
503,338
74,036
20,649
0
396,696
0
385
7,204
772
3,596
512,716
83,236
12,917
0
404,833
0
399
7,093
760
3,478
473,721
75,213
16,430
0
369,785
0
407
6,660
769
4,457
489,911'
83,135
19,035
0
376,183'
0
396
7,006
798
3,358
492,905
73,707
14,889
0
391,760
0
375
6,624
664
4,886
493,412
69,771
18,265
0
390,283
0
405
7,543
693
6,452
85,990
93,551
117,961
110,769
111,363
111,551
112,804
112,252
117,961
119,875
2,073
4,433
10,035
1,348
1,752
4,396
34,136
10,653
2,587
2,499
7,882
4,196
1,057
3,766
7,258
1,235
1,270
4,660
47,600
11,118
2,137
1,167
7,952
4,331
4,133
9,659
7,190
1,588
838
5,122
60,461
11,395
1,693
989
6,780
8,113
10,860
6,452
5,075
1,432
979
4,722
54,788
12,988
1,345
1,318
5,535
5,275
11,635
6,150
6,509
1,410
917
4,604
51,970
12,437
1,298
1,602
6,693
6,138
8,412
7,254
6,604
1,608
848
3,189
58,578
7,197
1,295
1,828
6,269
8,469
9,456
5,918
6,877
1,560
807
4,737
52,938
13,089
1,175
1,934
6,414
7,899
6,572
8,210
6,663
1,584
810
3,623
54,618
13,198
1,048
1,128
6,229
8,569
4,133
9,659
7,190
1,588
838
5,122
60,461
11,395
1,693
989
6,780
8,113
5,349
10,195
6,887
2,333
764
5,228
58,151
15,533
981
604
5,425
8,425
62 Africa
63
Egypt
64
Morocco
65
South Africa . . .
66
Congo (formerly Zaire) . .
67
Oil-exporting countries9 . .
Other
2,146
416
106
761
0
167
696
1,977
487
53
617
0
222
598
1,447
233
46
453
0
146
569
1,565
411
43
381
0
182
548
1,688
369
37
534
0
170
578
1,620
351
35
439
0
209
586
1,608
326
39
452
0
163
627
1,572
293
36
330
0
168
745
1,447
233
46
453
0
146
569
1,477
219
32
486
0
181
559
69 Other countries . . .
70
Australia
71
New Zealand10 .
72 All other
6,064
5,677
349
38
6,177
5,566
569
42
8,757
7,897
819
41
6,782
6,023
641
118
7,479
6,790
587
102
8,026
7,181
766
79
8,130
7,270
767
93
7,556
6,859
662
35
8,757
7,897
819
41
7,816
73 Nonmonetary international and regional organizations''
4,946
3,677
5,084
3,520
3,055
6,476
4,143'
3,069'
5,084
4,426
Europe
Austria
Belgium2
Denmark
Finland
France
Germany
Greece
Italy
Luxembourg^
Netherlands
Norway
Portugal
Russia
Spain
Sweden
Switzerland
Turkey
United Kingdom
Channel Islands and Isle of Man3
Yugoslavia4
Other Europe and other former U.S.S.R.5
39 Caribbean
40
Bahamas
41
Bermuda
42
British West Indies7
43
Cayman Islands7
44
Cuba
45
Jamaica
46
Netherlands Antilles . . . .
47
Trinidad and Tobago . . . .
48
Other Caribbean'
49 Asia . .
China
50
Mainland
51
Taiwan
52
Hong Kong
53
India
54
Indonesia
55
Israel
56
Japan
57
Korea (South)
58
Philippines
59
Thailand
60
Middle Eastern oil-exporting countries8
61
Other
1. Reporting banks include all types of depository institutions as well as bank/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage
balances.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for
other entities of the former Yugoslavia recognized as independent states by the United States
are reported under "Other Europe."
47
5. Includes the Bank for International Settlements and the European Central Bank.
6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."
Bank-Reported Data
3.19
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars
49
Reported by Banks in the United States1
Millions of dollars, end of period
2003
Type of claim
2001
2002
1 Total claims reported by banks
1 259,328
1,409,095
1,603,582
2 Banks' own claims on foreigners
3
Foreign official institutions2
4
Foreign banks3
5
Other foreigners4
1,052,066
50,618
844,865
156,583
1,185,445
52,198
970,357
162,890
1,320,157
55,199
977,23 1
287,727
207,262
82,566
223,650
80,269
114,287
10,409
137,289
6,092
283,425
132,900
67,987
68,129
14,409
6 Claims on banks' domestic customers5
7
Non-negotiable deposits
8 Negotiable CDs
9
Other short-term negotiable instruments6 . .
10 Other claims
2004
2003'
July
Aug.
1,384,860
60,165
1,025,207
299,488
1,343,622
57,850
967,247
318,525
Sept.
Oct.'
Nov.'
1,283,166
58,093
933,958
291,115
1,320,885
60,215
963,664
297,006
1,651,124'
1,355,031
51,689
1,022,887
280,455
Dec'
Jan.P
1,603,582
296,093'
134,550'
79,514'
69,122'
12,907'
1,320,157
55,199
977,231
287,727
1,340,402
65,471
973,676
301,255
283,425
132,900
67,987
68,129
14,409
MEMO
11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices8
n.a.
744,498
16 Loans collateralized by repurchase
agreements9
137,979
496,285
1,085
504,140
1,456
487,838
1,368
496,418
1,010
457,750
1,132
470,282
786
496,285
1,085
504,990
203
n.a.
892,340
6,370
816,417
933,901
9,469
869,795
981,118
10,164
844,252
946,208
7,285
850,318
962,510
8,718
815,566
888,126
7,784
842,033
925,706
6,370
816,417
933,901
7,619
827,590
927,826
161,585
344,753
344,874
359,656
344,085
351,649
349,546
344,753
365,789
1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for the quarter ending with the month indicated.
Reporting banks include all types of depository institutions as well as banks/financial
holding companies and brokers and dealers. Effective February 2003, coverage is expanded to
include claims of brokers and dealers on affiliated foreign offices and cross-border balances,
dealers.
2. Prior to February 2003, reflects claims on all foreign public borrowers.
3. Includes positions with affiliated banking offices also included in memo line (15) below.
4. As of February 2003, includes positions with affiliated non-banking offices also included
in memo line (15) below.
5. Assets held by reporting banks in the accounts of their domestic customers. Effective
March 2003, includes balances in off-shore sweep accounts.
6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also
includes negotiable certificates of deposit.
7. Data available beginning February 2003.
8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists
principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers
and dealers.
9. Data available beginning January 2001.
50
Federal Reserve Bulletin Statistical Supplement • May 2004
3.22
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
Sept.
68,225
1 Total
53,020
73,904
By type
2 Financial liabilities
3
Short-term negotiable securities'
27,980
n.a.
47,419
n.a.
41,034
n.a.
42,826
n.a.
41,311
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.
25,246
22,173
n.a.
n.a.
n.a.
n.a.
n.a.
18,763
22,271
n.a.
n.a.
n.a.
n.a.
n.a.
22,050
20,776
n.a.
n.a.
n.a.
n.a.
n.a.
18,913
22,398
n.a.
n.a.
n.a.
n.a.
n.a.
18,844
20,717
23,241
31
1,659
1,974
1,996
147
16,521
34,172
147
1,480
2,168
2,016
104
26,362
31,806
154
2,841
2,344
1,954
35,004
120
4,071
2,622
1,935
61
24,338
7,587
8,798
411
955
892
1
5
126
492
n.a.
25
0
4,125
6
1,739
148
406
n.a.
26
3,437
3,142
4
4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
By currency
7 U.S. dollars
8 Foreign currency2
9
Canadian dollars
10 Euros
11 United Kingdom pounds sterling
12 Japanese yen
13 All other currencies
14
15
16
17
18
19
20
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switerzerland
United Kingdom
70,753'
72,279
45,460'
21,428
42,256'
18,242
45,364
17,410
24,032'
24,014'
27,954
5,502
23,276
5,532
22,397
7,081
21,588
n.a.
n.a.
18,703'
26,757
527
12,337
7,209
2,880
3,804
17,914'
24,342'
738
10,019
6,919
2,745
3,921'
17,815
27,549
1,266
13,731
7,987
1,945
2,620
34,809
232
3,517
2,865
1,915
61
24,303
34,335
144
5,243
2,923
1,825
61
22,53 1
36,138
1,261'
2,685'
3,343
1,797
19
25,878
32,639
546'
3,240'
2,901
1,790
167
22,903
33,575
675
2,743
3,366
285
17
24,733
10,107
10,369
11,211
10,100
9,485
8,496
1,078
583
591
493
1,012
1,386
2,858
157
960
35
1,627
n.a.
36
2
1,832
5
626
38
1,000
n.a.
1,088
0
588
65
377
n.a.
26
1
1,504
23
990
65
365
n.a.
31
1
3,816
334
3,046
127
n.a.
25
29
0
4,495
4
4,244
129
n.a.
37
27
5,579
26
2,862
155
n.a.
2,426
31
7,965
6,216
12
5,042
3,269
10
4,498
2,387
14
4,450
2,447
16
2,932
1,832
14
4,307'
2,043
17
3,417'
1,909
32
4,116
2,210
67
52
0
53
5
120
91
128
91
131
91
114
91
112
91
119
91
39,561
n.a.
MEMO:
21
22
Euro area3
Canada
23
24
25
26
27
28
29
30
31
32
33
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
34
35
Africa
Oil-exporting countries6
36
All other7
Nonbank-Reported Data
3.22
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States—Continued
51
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of liability, and area or country
Sept.
Sept.P
37 Commercial liabilities
3 8 Trade payables
39
Advance payments and other liabilities
25,040
12,834
n.a.
26,485
14,293
12,192
25,645
11,781
13,864
27,605
14,205
13,400
26,914
13,819
13,095
28,103
14,699
13,404
28,515
15
14
28,497
15
13
26,915
16
11
By currency
40 Payable in U.S. dollars
41 Payable in foreign currencies2
42
Canadian dollars
43
Euros
44
United Kingdom pounds sterling
45
Japanese yen
46
All other currencies
23,722
1,318
n.a.
n.a.
n.a.
n.a.
n.a.
23,685
2,800
n.a.
n.a.
n.a.
n.a.
n.a.
24,162
1,483
n.a.
n.a.
n.a.
n.a.
n.a.
26,004
1,601
n.a.
n.a.
n.a.
n.a.
n.a.
25,621
1,293
n.a.
n.a.
n.a.
n.a.
n.a.
26,243
1,860
n.a.
24,955
3,560
114
1,074
661
242
1,469
25,238
3,259
146
940
668
154
1,351
24,904
2,011
165
490
542
154
660
9,262
140
672
1,131
507
626
3,071
9,629
293
979
1,047
300
502
2,847
9,219
99
734
905
1,163
790
2,279
8,015
94
827
570
312
749
2,551
8,065
134
718
855
506
592
2,317
8,257
141
765
781'
590
433
2,649
8,786
186
873
747
729
521
2,905
9,914
197
1,030
711
1,335
465
3,354
8,037
177
779
764
615
388
2,911
5,054
3,728
1,933
1,622
2,027
1,570
1,588
1,794
1,919
2,032
2,381
31
281
114
76
n.a.
841
284
2,727
52
591
290
45
n.a.
899
166
2,817
12
422
320
46
n.a.
1,015
204
2,923
14
468
290
47
n.a.
1,070
327
3,073
51
538
253
36
n.a.
1,170
177
3,036
59
525
242
n.a.
80
1,091
142
3,247
8
575
255
n.a.
19
937
457
3,667
25
631
220
n.a.
9,886
2,609
2,493
10,983
2,757
2,832
10,517
2,581
2,639
12,866
4,143
3,432
12,462
4,031
3,857
13,382
4,292
3,979
13,185
4,133
3,546
12,165
3,973
3,059
11,698
4,171
2,935
950
499
948
483
836
436
916
349
876
445
827
405
927
423
598
185
884
373
47
48
49
50
51
52
53
By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO
54
55
Canada
56
57
58
59
60
61
62
63
64
65
66
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5
67
Africa
68
4,518
Euro area3
Oil-exporting countries6
69
All other7
70
Financial liabilities to foreign affiliates8
2,310
22
152
145
1,274
517
1,018
MEMO
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other
financial intermediaries. These data are not included in lines 1-6 above.
52
Federal Reserve Bulletin Statistical Supplement • May 2004
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of claim, and area or country
1 Total
2
3
4
5
6
7
8
By type
Financial claims
Non-negotiable deposits
Negotiable securities
Ofwhich:
Negotiable CDs1
Other claims
Ofwhich:
Loans'
Repurchase agreements'
By currency
9 U.S. dollars
10 Foreign currency2
11 Canadian dollars
12 Euros
13 United Kingdom pounds sterling .
14 Japanese yen
15 All other currencies
16
17
18
19
20
21
22
By area or country
Financial claims
Europe
Belgium-Luxembourg .
France
Germany
Netherlands
Switerzerland
United Kingdom
Sept.
Sept.
112,784
114,359
76,642
90,157
113,082
40,23 1
n.a.
n.a.
53,031
23,374
29,657
81,287
29,801
51,486
87,331
42,136
45,195
84,038
38,074
45,964
71,389
27,064
44,325
83,215
45,828
3,767
49,490
3,197
83,450
46,155
3,154
n.a.
21,665
n.a.
29,657
n.a.
51,486
n.a.
45,188
n.a.
45,959
n.a.
44,064
241
33,620
133
30,939
158
34,141
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
12,766
6,599
15,638
3,010
15,830
4,729
n.a.
n.a.
n.a.
n.a.
n.a.
46,157
6,874
n.a.
n.a.
n.a.
n.a.
n.a.
74,471
6,816
n.a.
n.a.
n.a.
n.a.
n.a.
82,353
4,978
n.a.
n.a.
n.a.
n.a.
n.a.
79,307
4,731
n.a.
n.a.
n.a.
n.a.
n.a.
65,070
6,319
n.a.
n.a.
n.a.
n.a.
n.a.
76,087'
76,073'
7,128'
605
3,054
2,083
880
506'
7,553'
597
2,383
2,561'
875
1,137'
73,138'
10,312'
1,371
13,023
529
967
504
1,229
23,136
296
1,206
848
1,396
699
15,900
26,118
625
1,450
1,068
2,138
589
16,510
37,003
797
3,921
3,972
3,995
1,010
16,133
32,139
656
3,854
4,292
4,024
1,135
11,454
29,018
722
3,247
4,245
3,648
383
10,663
34,806
1,494
3,402
6,244
4,355
1,516
11,237'
33,440
352
4,445
4,427
3,655
1,196
13,469'
36,125
226
3,541
6,061
4,476
1,767
11,660'
643
7,561
83,626
3,677
2,704
982
1,578'
MEMO:
23
Euro area3
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
33
34
35
Asia
Japan
Middle Eastern oil-exporting countries5
Africa
Oil-exporting countries6 . .
38
All other7 . . .
n.a.
5,580
8,626
18,689
18,542
17,281
20,499'
17,305'
20,878'
2,553
4,576
6,193
5,537
5,485
5,013
5,643
5,879
4,942
18,206
1,593
19,317
1,353
19
1,827
12,596
n.a.
2,448
87
41,201
976
918
2,127
32,965
n.a.
3,075
37,489
1,332
704
715
1,157
29,612
1,038
724
2,036
2,226
30,837
2,286
32,511
757
387
2,396
n.a.
25,848
1,786
171
37,420
598
699
2,158
n.a.
30,734
1,912
173
412
533
2,592
n.a.
26,936
2,136
123
5,457
3,262
23
4,697
1,631
6,430
286
15
411
57
1,476
12,099
n.a.
1,798
48
29,569
n.a.
2,823
n.a.
2,871
71
21,528
n.a.
2,921
104
1,604
135
5,754
1,146
78
6,041
1,481
5,358
1,277
79
7,625
1,226
5,389
1,246
183
7,017
1,496
275
414
49
431
64
379
29
395
25
358
486
35
565
34
60
26
International Statistics
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
the United States—Continued
53
Reported by Nonbanking Business Enterprises in
Millions of dollars, end of period
Type of claim, and area or country
Sept.
Sept.P
39 Commercial claims
40
Trade receivables
41
Advance payments and other claims
36,411
32,602
3,809
37,126
33,104
4,022
31,795
27,513
4,282
29,277
24,716
4,561
28,746
24,171
4,575
31,177
26,385
4,792
29,496
24,787
4,709
32,308
26,075
6,233
30,909
25,398
5,511
By currency
42 Payable in U.S. dollars
43 Payable in foreign currencies2
44
Canadian dollars
45
Euros
46
United Kingdom pounds sterling
47
Japanese yen
48
All other currencies
34,204
2,207
n.a.
n.a.
n.a.
n.a.
n.a.
33,401
3,725
n.a.
n.a.
n.a.
n.a.
n.a.
29,393
2,402
n.a.
n.a.
n.a.
n.a.
n.a.
25,361
3,916
n.a.
n.a.
n.a.
n.a.
n.a.
25,441
3,305
n.a.
n.a.
n.a.
n.a.
n.a.
26,481
4,696
n.a.
19,853
9,643
1,351
1,803
1,451
545
4,493
22,136
10,172
1,279
1,753
1,549
537
5,054
23,016
7,893
1,262
1,216
1,123
547
3,745
16,389
316
2,236
1,960
1,429
610
5,827
15,938
452
3,095
1,982
1,729
763
4,502
14,022
268
2,921
1,658
529
611
3,833
12,314
207
12,680
254
2,972
1,158
1,089
404
3,236
14,187
269
3,164
1,202
1,490
503
3,727
13,330
228
2,804
1,305
1,136
453
3,720
15,272
244
3,066
1,202
1,381
537
4,489
13,744
207
3,092
1,196
1,300
652
3,672
8,114
9,015
8,247
2,757
3,502
2,818
2,752
2,623
2,790
2,564
2,905
2,673
By area or country
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
M63
832
472
3,387
MEMO
56
Euro area3
7,106
58
59
60
61
62
63
64
65
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
5,959
20
390
905
181
n.a.
1,678
439
5,851
37
376
957
137
n.a.
1,507
328
4,859
42
369
954
95
n.a.
1,391
4,530
28
214
829
26
n.a.
1,283
316
4,324
35
270
862
12
n.a.
1,184
340
4,346
31
287
750
19
n.a.
1,259
4,810
61
551
737
n.a.
59
1,099
234
4,693
28
463
782
n.a.
16
1,128
243
4,813
25
447
808
n.a.
50
1,181
233
66
67
68
Asia
Japan
Middle Eastern oil-exporting countries5
9,165
2,074
1,573
9,630
2,796
1,024
7,849
2,006
850
7,309
2,064
6,778
2,083
819
7,324
2,341
6,010
1,441
617
6,484
1,730
770
6,445
1,732
757
69
70
Africa
Oil-exporting countries6
631
171
672
180
605
94
637
107
584
95
636
139
444
97
547
136
71
All other7
1,767
1,704
1,946
2,510
2,687
72
Financial claims on foreign affiliates8
1,533
1. Data available beginning March 2003.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.
5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
1,602
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes nonmonetary international and regional organizations.
8. Data available beginning March 2003. Includes financial liabilities to foreign affiliates
of insurance underwriting subsidiaries of Bank/Financial Holding Companies and other
financial intermediaries. These data are not included in lines 1-8 above.
54
3.24
Federal Reserve Bulletin Statistical Supplement • May 2004
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
Transaction, and area or country
Jan.Jan.
July
Aug.
Sept.
U.S. corporate securities
262,481
253,702
288,874
275,544
323,391
310,604
1,243'
8,779
13,330
12,787
1,231'
8,772
13,312
12,732
5,062
143
84
207
510
4,288
12
5,345
1,151
19
116
0
359
6,099
1,660
196
176
47
2,521
55
2,630
3,066
770
292
429'
164
291
8,981
1,252
75
2,576
2,095
78
224
456
3,395
10
883
1,113'
96
1,838
331
2
125
569
442
5,181
19
1,393
4,711
94
2,580
950
17
304
229,162
188,940
225,079
187,353
253,721
213,187
3,209,760
3,159,571
3,115,245'
3,077,713
323,391
310,604
267,042
274,899
252,368
240,816
262,829
269,103
3 Net purchases, or sales ( ) .
50,189
37,532'
12,787
7,857
11,552
6,274
4 Foreign countries
50,253
37,565'
12,732
7,867
11,547
6,278
32,909
2,127
129
4,307
2,787
15,172
255
8,207
15,419
1,309
24,355
6,239
934
69
2,123
5,502
1,555
830
31
238
9,416
2,107
832
222
136
4,761
118
4,275
1,440
2,248
553
409
78
91
123
941
252
1,506
423
1 Foreign purchases
2 Foreign sales . . . .
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean . .
Middle East2
Other Asia
Japan
Africa
Other countries
1,252
368
368
35
4,440
869
150
12,336
72
3,261
97
11,723
913'
494
2,127
2,334'
270
491
569
442
5,181
19
1,393
4,711
94
2,580
950
17
304
35
591
2,195
625
110
608
1,067
17
12
2,548,719
2,171,264
3,366,198
2,932,262
253,721
213,187
323,933
285,686
296,786
271,013
256,904
240,392
253,153
222,807
22 Net purchases, or sales ( ) .
377,455
433,936
40,534
38,247
25,773
16,512
30,346
40,222
37,726
40,534
23 Foreign countries
377,192
434,221
40,379
37,983
25,789
17,025
29,804
39,987
37,824
40,379
24
25
26
27
28
29
30
31
32
33
34
35
36
37
167,168
210,653
4,519
2,725
1,168
7,698
133,144'
19,863
5,441
99,964
3,743
110,994
34,566
2,356
1,070
12,250
1,324
13
443
705
6,756
245
771
13,874
134
13,083
5,928
90
177
16,969
7,410
437
244
48
907
2,135
1,251
797
12,704
289
3,393
2,843
302
19,551
1,241
696
834
247
12,638
284
11,106
1,347
28
130
370
7,119
698
2,162
6,939
415
9,038
5,234
41
103
20,053
271
565
201
266
14,176
714
823
12,287
248
6,056
1,707
288
232
19,286
12,250
1,324
13
443
705
6,756
245
771
13,874
134
13,083
5,928
90
177
22,676
676
7,864
6
862
19 Nonmonetary international and
regional organizations
20 Foreign purchases
21 Foreign sales . . . .
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean . .
Middle East2
Other Asia
Japan
Africa
Other countries
3,762
5,125
421
8,621
109,913
11,173
1,040
83,002
2,263
121,440
48,578
860
3,499
306
263
1,133
884
344
16,860
510
3,440
1,268
143
283
624
6,812
1,525
2,396
1,033
202
461
346
1,733
491
143
12,683'
485
122
7,415
220
10,987
3,785
30
68
3 8 Nonmonetary international and
regional organizations
Foreign securities
1,493
1,267,794
1,269,287
28,492
1,372,239
1,343,747
71,170'
1,373,663'
1,444,833'
25,687'
2,153,123
2,127,436'
13,062
137,824
150,886
4,855
252,495
247,640
4,703
129,562
134,265
3,124
207,886
204,762
13,557
112,478
126,035
1,038
159,290
158,252
8,852
134,348
143,200
2,694
211,329
214,023
7,501'
154,810'
162,311'
5,131
211,550
216,681
794'
132,448'
133,242'
3,692
182,732
186,424
5,021
123,630
128,651
39'
186,484
186,523'
13,062
137,824
150,886
4,855
252,495
247,640
45 Net purchases, or sales ( ), of stocks and bonds . . . .
26,999
45,483'
8,207
1,579
12,519
11,546
12,632'
4,486'
5,060'
8,207
46 Foreign countries
27,029
44,922'
8,001
1,543
12,499
11,508
12,678'
4,375'
4,646'
8,001
47
48
49
50
51
52
53
14,562
4,857
4,578
6,926
4,806
6,084
241
4,829
7,922
7,661
23
366
1,759
1,842
221
8,412
2,582
47
331
5,590
3,249
1,611
16,401'
8,908
73
156
8,935
330
603
13,862'
6,756
82
197
4,235
2,491'
1,297
4,205
4,501
4,806
7,463'
4,381
3,319
4,642
3,310
2,776
153
39 Stocks, net purchases, or sales ( )
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales ( )
43
Foreign purchases
44
Foreign sales
Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries
2,632
10,060
380
780
9,008
50,102'
31,850
181
382
719
3,966
10,841
4,922
72
187
67
61
241
4,829
7,922
7,661
23
366
54 Nonmonetary international and
regional organizations
1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.
Securities Holdings and Transactions
3.25
MARKETABLE U.S. TREASURY BONDS AND NOTES
55
Foreign Transactions1
Millions of dollars; net purchases, or sales ( ) during period
Area or country
Jan.Jan.
July
Aug.
Sept.
1 Total estimated . .
119,921
273,016
46,903
44,703
25,125
5,563
12,038
33,438
29,760
46,903
2 Foreign countries . .
117,910
273,742'
46,779
45,643
24,728
5,773
12,341
33,367
29,756'
46,779
Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man3 .
Other Europe and former U.S.S.R.
Canada
43,678
2,046
46,933'
1,736
7,885
913
153
432
4,900
30,551'
1,555
1,192
10,783
19,595
161
2,104
301
903
60
53
9,206
1,070
5,843
664
21,886
267
3,124
482
364
163
1,382
19,554
124
3,248
4,011
15,734
1,565
2,422
355
474
393
1,603
8,288
69
1,513
1,260
15,679
239
95
605
275
449
1,877
966
495
5,483
226
2,445
8,509'
754
873
359
558
176
925
1,824'
18
8,908
19,595
161
2,104
301
903
1,063
3,606
2,008
331
794
61
592
623
562
2,126
80
5,209
1,577
3,660
664
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other
20,023
59
1,094
7,987
34
6,027
1,926
9,591
1,444
841
2,909
24,308
321
17,146
6,841
184,641
148,932
55
7,022
165
9
1,249
1,405
7,972
9,721
47
356
439
44
3,300
2,817
20,657
21,540
157
328
9,600
32
9,882
250
25,114
21,534
37
491
2,018
7
1,769
242
27,444
24,325
43
277
4
4,869
2,015
26,358
20,659
80
1,447
1,094
6
91
1,191
26,999
26,590
16
1,557
2,011
1,642
726'
446'
22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional
3,931
1,609
17,020
2,923
448
61,606
724
613
5,197
20,862
780
55,656
6
91
1,191
26,999
26,590
16
1,557
86
149
3,428
369
451
12,268
45
60
53
9,206
1,070
5,843
124
341
1
940
1,128
397
380
16
210
185
44
303
562
0
71
150
10
4'
325'
53
124
341
1
117,910
7,149
110,761
273,742'
109,345
164,397'
46,779
26,910
19,869
45,643
12,338
33,305
24,728
963
25,691
5,773
8,076
2,303
12,341
19,451
7,110
33,367
18,883
14,484
29,756'
11,329
18,427'
46,779
26,910
19,869
3,880
29
6,910
52
837
0
395
0
271
51
561
0
806
0
MEMO
25 Foreign countries
26
Official institutions . . .
27
Other foreign
Oil-exporting countries
28 Middle East*
29 Africa5
1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds andnotes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.
3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
56
Federal Reserve Bulletin Statistical Supplement • May 2004
3.28
FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2003
Exchange rates
COUNTRY/CURRENCY UNIT
1
2
3
4
5
6
7
8
9
10
11
12
Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3
Greece/drachma
Hong Kong/dollar
India/rupee
Japan/yen
Malays ia/ringgit
Mexico/peso
13
14
15
16
17
18
19
20
21
21
23
24
New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/bant
United Kingdom/pound2
Venezuela/bolivar
51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337
54.37
2.9213
1.5704
8.2770
7.8862
0.9454
n.a.
7.7997
48.63
125.22
3.8000
9.663
65.24
3.0750
1.4008
8.2772
6.5774
1.1321
n.a.
7.7875
46.59
115.94
3.8000
10.793
69.48
2.8628
1.3221
8.2768
6.3449
1.1714
n.a.
7.7427
45.40
109.50
3.8000
11.180
71.58
2.9150
1.3130
8.2769
6.3526
1.1710
n.a.
7.7637
45.55
109.18
3.8000
11.149
73.91
2.9255
1.3128
8.2770
6.0537
1.2298
n.a.
7.7645
45.57
107.74
3.8000
11.252
77.17
2.8533
1.2958
8.2770
5.8952
1.2638
n.a.
7.7663
45.46
106.27
3.8000
10.920
77.70
2.9342
1.3299
8.2771
5.8956
1.2640
n.a.
7.7748
45.27
106.71
3.8000
11.032
74.96
2.9067
1.3286
8.2771
6.0757
1.2261
n.a.
7.7930
44.97
108.52
3.8000
11.019
42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10
46.45
7.9839
1.7908
10.5176
1,250.31
95.773
9.7233
1.5567
34.536
43.019
150.25
1,161.19
58.22
7.0803
1.7429
7.5550
1,192.08
96.541
8.0787
1.3450
34.405
41.556
163.47
1,613.43
60.20
7.0331
1.7345
6.9644
1,169.34
94.560
7.6957
1.3222
33.875
39.761
167.92
1,600.00
62.85
7.0054
1.7282
6.7205
1,186.39
96.011
7.6799
1.3318
34.036
39.935
168.97
1,600.00
64.71
6.7128
1.7107
6.5374
1,192.34
96.413
7.3395
1.2643
34.056
39.745
175.16
1,599.86
67.38
6.8117
1.6965
6.9398
1,183.35
98.009
7.2334
1.2391
33.669
39.124
182.55
1,600.00
69.16
6.9508
1.6869
6.7542
1,167.53
98.507
7.2630
1.2448
33.214
39.116
186.73
1,818.95
66.07
6.9598
1.6996
6.6140
1,166.29
97.522
7.5322
1.2778
33.252
39.470
182.61
1,920.00
116.07
88.51
114.51
86.27
112.54
84.43
113.10
84.97
114.26
86.48
101.53r
92.87r
99.90r
90.27
Indexes4
NOMINAL
25 Broad (January 1997=100)5
26 Major currencies (March 1973=100)6
27 Other important trading partners (January
1997= 100)7
125.91
107.66
126.75
105.98
119.28
93.04
28 Broad (March 1973=100)5
29 Major currencies (March 1973=100)6
30 Other important trading partners (March
1973=100)7
111.38r
112.18
111.59r
110.60
104.88r
97.66
1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at:
www.federalreserve.gov/releases.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564
Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds
1,936.27
40.3399
2.20371
200.482
166.386
340.750
Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas
102.287
93.49r
100.52
91.60
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 and Statistical Releases
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title and Date
Issue
Page
Reference
Assets and liabilities of commercial banks
September 30,2003
December 31,2003
March 31,2003
June 30, 2003
February
May
August
November
2004
2004
2003
2003
58
58
A58
A58
Supplement
Supplement
Bulletin
Bulletin
Terms of lending at commercial banks
November 2003
February 2004
May 2003
August 2003
February
May
August
November
2004
2004
2003
2003
60
60
A60
A60
Supplement
Supplement
Bulletin
Bulletin
Assets and liabilities of US. branches and agencies of foreign banks
September 30,2003
December 31,2003
March 31,2003
June 30, 2003
February
May
August
November
2004
2004
2003
2003
66
66
A66
A66
Supplement
Supplement
Bulletin
Bulletin
August 2001
October 2001
January 2002
A76
A64
A64
Bulletin
Bulletin
Bulletin
Residential lending reported under the Home Mortgage Disclosure Act
1989-2001
1990-2002
September 2002
September 2003
A58
A58
Bulletin
Bulletin
Disposition of applications for private mortgage insurance
1998-2001
1999-2002
September 2002
September 2003
A67
A67
Bulletin
Bulletin
Small loans to businesses and farms
1996-2001
1996-2002
September 2002
September 2003
A70
A70
Bulletin
Bulletin
Community development lending reported under the Community Reinvestment Act
2001
2002
September 2002
September 2003
A73
A73
Bulletin
Bulletin
Pro forma financial statements for Federal Reserve priced services *
March 31,2001
June 30, 2001
September 30, 2001
*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.
The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).
58
Federal Reserve Bulletin Statistical Supplement • May 2004
4.20
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities
Consolidated Report of Condition, December 31, 2003
Millions of dollars except as noted
Banks with foreign offices'
Domestic
total
1 Total assets . .
2 Cash and balances due from depository institutions
3
Cash items in process of collection, unposted debits, and currency and coin
4
Cash items in process of collection and unposted debits
5
Currency and coin
6
Balances due from depository institutions in the United States
7
Balances due from banks in foreign countries and foreign central banks
8 Balances due from Federal Reserve Banks
Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value)
U.S. Treasury securities
U.S. government agency and corporation obligations (excludes mortgage-backed
securities)
Issued by U.S. government agencies
Issued by U.S. government-sponsored agencies
Securities issued by states and political subdivisions in the United States
Mortgage-backed securities (MBS)
Pass-through securities
Guaranteed by GNMA
Issued by FNMA and FHLMC
Other pass-through securities
Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS)
Issued or guaranteed by FNMA, FHLMC or GNMA
Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA
All other mortgage-backed securities
Asset-backed securities
Credit card receivables
Home equity lines
Automobile loans
Other consumer loans
Commercial and industrial loans
Other
Other debt securities
Other domestic debt securities
Foreign debt securities
Investments in mutual funds and other equity securities with readily determinable
fair value
380,638
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
278,126
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
5,025,475
4,225,258
283,610
128,850
n.a.
n.a.
37,871
104,384
12,504
181,097
126,012
96,807
29,205
32,289
10,379
12,417
1,421,693
71,905
n.a.
n.a.
845,938
47,221
247,630
9,322
238,308
109,680
761,463
503,296
66,779
427,860
8,657
258,167
160,696
7,128
90,343
102,651
44,764
23,351
12,270
2,799
7,121
12,346
111,911
41,700
70,212
n.a.
n.a.
n.a.
n.a.
n.a.
90,985
6,209
84,775
36,885
510,798
355,204
48,326
300,423
6,455
155,594
88,467
2,851
64,275
66,066
28,863
16,261
6,871
2,448
4,477
7,146
83,875
20,003
63,872
n.a.
n.a.
n.a.
97,029
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
575,755
24,685
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.
156,646
3,113
153,533
72,795
250,665
148,092
18,453
127,436
2,202
102,573
72,229
4,277
26,068
36,585
15,901
7,090
5,399
351
2,645
5,200
28,036
21,697
6,339
6,343
10,109
16,452
Banks with
domestic
offices only2
330,146
150,246
179,900
275,449
150,246
125,203
261,822
88,248
173,573
207,125
88,248
118,877
68,324
61,998
6,326
38 Total loans and leases (gross) and lease-financing receivables (net)
39
LESS: Unearned income on loans
40
LESS: Loans and leases held for sale
41 Total loans and leases (net of unearned income)
42
LESS: Allowance for loan and lease losses
43 Loans and leases, net of unearned income and allowance
4,334,649
2,836
179,186
4,152,627
73,233
4,079,394
4,049,340
1,692
2,781,885
1,763
144,932
2,635,191
48,760
2,586,431
2,496,577
619
n.a.
n.a.
n.a.
n.a.
1,552,764
1,073
34,255
1,517,436
24,473
1,492,963
Total loans and leases, gross, by category
44 Loans secured by real estate
45
Construction and land development
46
Farmland
47
One- to four-family residential properties
48
Revolving, open-end loans, extended under lines of credit
2,249,291
n.a.
n.a.
n.a.
n.a.
2,213,699
229,175
40,655
1,267,245
284,443
1,266,486
n.a.
n.a.
n.a.
n.a.
1,230,894
105,073
6,555
83 1,228
197,917
982,804
124,102
34,100
436,017
86,526
n.a.
n.a.
n.a.
n.a.
139,818
n.a.
n.a.
n.a.
46,025
862,552
n.a.
n.a.
901,238
81,563
79,786
596,838
n.a.
n.a.
n.a.
n.a.
134,235
88,100
28,136
17,999
11,475
614,117
499,205
114,912
585,566
47,745
39,367
248,672
118,653
87,169
28,083
3,401
10,983
496,869
488,434
8,435
315,672
33,819
40,419
348,166
5,583
n.a.
n.a.
n.a.
34,551
248,436
n.a.
n.a.
709,893
260,516
37,393
411,984
636,442
234,957
25,099
376,386
463,517
168,706
32,457
262,354
390,065
143,147
20,162
226,756
246,376
91,810
4,937
149,630
24,937
154,501
5,918
148,583
n.a.
n.a.
147,632
24,862
126,563
2,941
123,622
n.a.
n.a.
132,700
15,450
142,294
5,888
136,406
n.a.
n.a.
134,313
15,375
114,356
2,911
111,445
20,341
91,105
119,381
9,487
12,207
30
12,177
n.a.
n.a.
13,319
437,331
47,449
1,801
9,942
5,727
n.a.
120,530
76,700
43,830
279,963
n.a.
n.a.
n.a.
n.a.
n.a.
22,450
n.a.
n.a.
n.a.
n.a.
10,693
35,044
2,708
491
228
n.a.
29,971
20,383
9,588
77,335
35 Federal funds sold and securities purchased under agreements to resell
36.
Federal funds sold in domestic offices
37
Securities purchased under agreements to resell
66
67
68
69
70
71
Closed-end loans secured by one- to four-family residential properties
Secured by first liens
Secured by junior liens
Multifamily (five or more) residential properties
Nonfarm nonresidential properties
Loans to depository institutions and acceptances of other banks
Commercial banks in the United States
Other depository institutions in the United States
Banks in foreign countries
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans
U.S. addressees (domicile)
Non-US, addressees (domicile)
Loans to individuals for household, family, and other personal expenditures (includes
purchased paper)
Credit cards
Other revolving credit plans
Other consumer loans (including single-payment, installment, and all student loans)
Obligations (other than securities) of states and political subdivisions in the United States
(includes nonrated industrial development obligations)
All other loans
Loans to foreign governments and official institutions
Other loans
Loans for purchasing and carrying securities
All other loans (excludes consumer loans)
Lease-financing receivables
72
73
74
75
76
77
78
79
80
81
Trading assets
Premises and fixed assets (including capitalized leases)
Other real estate owned
Investments in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs
Intangible assets
Goodwill
Other intangible assets
All other assets
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
448,025
82,493
4,509
10,433
5,955
n.a.
150,501
97,083
53,418
357,298
124,236
n.a.
n.a.
n.a.
45,534
745,305
n.a.
Special Tables
4.20
59
DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued
Consolidated Report of Condition, December 31, 2003
Millions of dollars except as noted
Banks with foreign offices'
Domestic
total
Banks with
domestic
offices only2
82 Total liabilities, minority interest, and equity capital . .
7,450,271
n.a.
5,025,475
n.a.
2,424,795
83 Total liabilities
6,763,956
5,963,738
4,582,431
3,782,214
2,181,524
84 Total deposits
85
Individuals, partnerships, and corporations (include all certified and official checks) . . .
86 U.S. government
87
States and political subdivisions in the United States
88
Commercial banks and other depository institutions in the United States
89 Banks in foreign countries
90
Foreign governments and official institutions (including
foreign central banks)
4,984,707
4,478,872
n.a.
n.a.
108,148
130,171
4,244,059
3,939,927
5,112
227,174
57,776
12,893
3,224,384
2,862,43 1
n.a.
n.a.
85,902
129,875
2,483,736
2,323,487
3,683
107,275
35,530
12,598
1,760,323
1,616,441
1,429
119,899
22,246
296
91
92
93
94
95
96
97
Total transaction accounts
Individuals, partnerships, and corporations (include all certified and official checks) .
U.S. government
States and political subdivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks) . . .
98
Total demand deposits
99
100
101
102
103
104
105
Total nontransaction accounts
Individuals, partnerships, and corporations (include all certified and official checks) . .
U.S. government
States and political subdivisions in the United States
Commercial banks and other depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions (including foreign central banks)
34,938
1,177
1,163
14
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
371,139
303,048
1,717
32,339
27,117
6,514
404
344,320
300,213
983
35,214
7,809
90
11
515,595
307,729
207,866
3,528,600
3,336,667
2,412
159,621
22,850
6,289
762
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,112,597
2,020,439
1,966
74,936
8,414
6,083
759
1,416,003
1,316,228
446
84,684
14,436
206
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
715,459
603,261
2,700
67,553
34,926
6,604
415
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
34,924
106 Federal funds purchased and securities sold under agreements to repurchase
107 Federal funds purchased in domestic offices
108
Securities sold under agreements to repurchase
109 Trading liabilities
110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized
leases)
111 Banks' liability on acceptances executed and outstanding
112 Subordinated notes and debentures to deposits
113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs
114 All other liabilities
115 Minority interest in consolidated subsidiaries
506,030
197,780
308,251
274,267
477,233
197,780
279,454
369,222
138,430
230,791
273,925
340,425
138,430
201,994
n.a.
136,808
59,349
77,459
341
678,948
5,978
99,605
n.a.
214,420
13,817
623,944
3,775
n.a.
439,374
5,750
89,781
n.a.
179,995
11,976
384,370
3,547
n.a.
196,916
n.a.
n.a.
239,575
228
9,824
n.a.
34,425
1,841
116 Total equity capital
672,498
431,068
n.a.
241,430
MEMO
117 Trading assets at large banks2
118 U.S. Treasury securities (domestic offices)
119 U.S. government agency obligations (excluding MBS)
120
Securities issued by states and political subdivisions in the United States
121 Mortgage-backed securities
122
Other debt securities
123
Other trading assets
124
Trading assets in foreign offices
125 Revaluation gains on interest rate, foreign exchange rate, and other
commodity and equity contracts
126 Total individual retirement (IRA) andKeogh plan accounts
127 Total brokered deposits
128 Fully insured brokered deposits
129
Issued in denominations ofless than $100,000
130
Issued in denominations of $100,000, or in denominations greater than $100,000 and
participated out by the broker in shares of $100,000 or less
131 Money market deposit accounts (MMDAs)
132 Other savings deposits (excluding MMDAs)
133 Total time deposits ofless than $100,000
134 Total time deposits of $100,000 or more
135 Number of banks . .
NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have
foreign offices, the inapplicability of certain items to banks that have only domestic offices, or
the absence of detail on a fully consolidated basis for banks that have foreign offices.
1. All transactions between domestic and foreign offices of a bank are reported in "net due
from" and "net due to" lines. All other lines represent transactions with parties other than the
domestic and foreign offices of each bank. Because these intra-office transactions are nullified
by consolidation, total assets and total liabilities for the entire bank may not equal the sum of
assets and liabilities, respectively, of the domestic and foreign offices.
447,724
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
123,799
229,125
23,146
9,846
1,132
6,522
49,940
25,049
0
437,115
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
123,799
218,516
23,082
9,616
1,096
3,833
42,799
24,775
10,609
63
230
36
2,689
7,142
274
0
208,290
n.a.
n.a.
n.a.
n.a.
113,490
166,021
280,172
171,603
98,609
208,115
n.a.
n.a.
n.a.
n.a.
113,316
73,308
138,210
70,119
40,981
175
92,713
141,961
101,484
57,628
29,137
1,144,652
384,416
266,362
317,167
43,857
522,533
246,589
385,527
261,355
n.a.
n.a.
n.a.
n.a.
n.a.
7,750
72,994
1,667,184
631,005
651,889
578,522
7,750
n.a.
n.a.
n.a.
n.a.
n.a.
122
7,628
Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated
insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement
corporations wherever located; and international banking facility (IBF).
2. Components of "Trading Assets at Large Banks" are reported only by banks that
reported trading assets of $2 million or more any quarter of the preceding calendar year.
60
Federal Reserve Bulletin Statistical Supplement • May 2004
4.23
TERMS OF LENDING AT COMMERCIAL BANKS SURVEY OF LOANS MADE, FEBRUARY 2-6, 2004
A. Commercial and industrial loans made by all commercial banks'
Maturity/repricing
interval2 and
risk of loans3
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Secured by
collateral
Days
Subject to
prepayment
penalty
Commitment status
Percent made
under
commitment
Average
months since
loan terms
LOAN RISK
2.99
2.03
1.99
3.06
3.72
63,599
1,877
13,808
19,862
19,941
411
539
1,054
420
393
401
286
252
555
369
47.6
63.3
41.7
52.4
49.6
36.2
44.7
33.5
13.6
31.2
15.7
10.2
34.7
42.6
76.4
90.5
66.9
82.6
84.3
18.2
15.7
20.2
15.9
17.8
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.79
1.78
2.09
4.10
4.86
14,534
435
3,937
3,928
5,293
206
431
77 8
173
187
533
238
158
743
648
64.4
89.9
43.5
65.0
73.3
8.1
53.0
1.0
6.6
1.9
57.4
34.8
17.9
74.2
73.5
76.9
95.8
34.9
92.8
92.5
14.7
12.8
15.0
13.8
16.7
11 Daily
12
Minimal risk
13
Low risk
14
Moderate risk
15
Other
2.29
1.66
1.56
2.51
2.66
21,400
411
6,341
5,409
5,415
756
1 491
3,202
720
918
202
79
190
366
39
32.5
25.7
38.7
46.6
13.4
39.6
.2
71.6
30.4
16.4
18.8
24.4
3.9
25.7
11.9
66.4
96.8
75.2
71.7
62.4
20.8
.2
23.6
13.9
19.5
16 2 to 30 days
17
Minimal risk
18
Low risk
19
Moderate risk
20
Other
2.72
1.59
2.38
2.54
3.62
14,659
658
2,258
5,744
4,118
702
2,133
1,290
1,155
400
348
302
438
369
319
47.9
62.1
34.0
54.6
53.8
43.6
58.7
51.1
51.4
30.1
22.8
1.4
8.8
20.5
40.0
79.9
90.9
85.5
79.4
90.1
17.9
29.8
16.8
16.4
14.5
21 31 to 365 days
22
Minimal risk
23
Low risk
24
Moderate risk
25
Other
3.35
1.81
2.69
3.34
3.88
7,968
199
958
2,894
2,912
440
182
410
420
945
172
285
320
355
56.1
58.4
64.6
51.2
70.3
27.1
30.9
42.7
30.1
15.8
31.8
10.6
12.5
35.2
45.2
88.1
68.6
93.5
89.9
95.8
22.8
24.4
18.2
24.2
25.2
26 More than 365 days
27
Minimal risk
28
Low risk
28
Moderate risk
30
Other
5.50
4.54
3.61
3.61
4,840
171
308
1,819
2,095
318
223
158
391
916
39
29
31
55
23
47.3
95.2
65.2
36.0
45.5
7.2
51.1
1.2
31.0
7.0
45.4
19.0
44.3
85.4
84.4
91.0
92.5
12.4
.6
17.0
10.6
13.9
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
85.5
70.5
48.0
37.1
6.7
9.9
26.5
41.0
74.0
69.7
35.7
13.1
83.9
90.4
82.9
67.4
12.9
15.3
18.3
19.9
91.6
69.5
18.6
18.0
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
5.08
4.20
3.23
2.28
9,321
20,077
31,401
3.4
3.4
3.3
3.0
184
106
87
104
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
4.39
2.35
19,850
43,749
3.5
3.0
81
112
72.2
36.4
4.6
42.0
180
992
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
61
SURVEY OF LOANS MADE, FEBRUARY 2-6, 2004—CONTINUED
B. Commercial and industrial loans made by all domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
3.39
2.23
2.07
3.40
4.39
42,415
1,251
8,891
14,677
12,375
282
378
715
320
252
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.73
1.73
1.99
4.06
4.85
13,723
426
3,753
3,737
4,865
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.76
1.89
1.67
2.91
4.03
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
45.0
23.6
15.1
44.8
65.8
83.6
90.4
68.7
86.3
91.7
21.0
20.4
28.0
17.3
19.7
8.3
54.2
1.0
6.7
1.7
57.5
35.6
18.6
73.3
74.3
75.6
95.7
31.7
92.4
91.9
14.8
13.0
16.7
13.3
17.2
64.7
70.8
86.7
59.3
60.7
32.3
.6
83.1
24.1
1.2
39.5
88.1
8.7
37.4
54.0
80.0
88.4
98.9
69.3
76.3
29.0
.6
40.5
16.4
18.9
517
302
608
610
67.1
74.8
55.8
66.8
76.8
20.3
76.8
36.5
21.7
6.6
37.0
2.2
13.6
33.9
59.2
94.5
99.8
94.3
94.4
95.5
19.0
38.8
17.5
17.6
13.2
367
217
318
373
359
68.9
80.9
77.2
61.8
80.5
14.8
.1
37.3
8.4
12.0
42.0
18.2
11.6
45.7
56.6
91.1
44.0
91.1
87.6
97.0
27.7
20.4
19.7
31.0
261
223
154
391
543
44
29
31
55
31
57.6
95.2
64.1
36.0
77.8
7.5
51.1
2.0
37.6
7.0
45.4
19.0
75.4
85.6
85.4
83.9
91.0
87.2
15.5
.6
16.8
10.6
25.1
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
85.6
74.3
62.8
60.4
6.6
7.0
13.3
32.5
74.1
73.0
47.1
24.0
83.8
90.9
89.5
74.8
12.9
15.4
20.5
26.6
91.3
77.4
18.6
23.3
Secured by
collateral
Subject to
prepayment
penalty
569
365
376
734
525
65.7
83.6
63.1
60.0
76.2
19.2
44.8
35.3
20.1
4.6
197
430
753
166
175
530
238
150
739
641
66.5
91.9
45.4
65.1
77.6
10,096
114
2,812
3,622
1,184
374
519
1,604
505
221
450
615
430
564
204
3.07
1.49
2.15
2.92
4.07
8,674
427
1,323
3,298
2,702
448
1 761
893
752
274
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
3.63
2.22
2.89
3.60
4.06
5,763
112
698
2,134
2,290
331
105
310
321
811
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
4.18
5.50
4.59
3.61
4.39
3,961
171
299
1,819
1,225
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
5.08
4.27
3.55
2.52
2,785
8,611
14,321
16,698
3.4
3.4
3.3
2.8
114
159
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
4.36
2.59
19,103
23,312
3.6
2.8
83
180
73.5
59.3
4.4
31.3
174
573
62
Federal Reserve Bulletin Statistical Supplement • May 2004
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
SURVEY OF LOANS MADE, FEBRUARY 2-6, 2004—CONTINUED
C. Commercial and industrial loans made by large domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
3.12
1.49
1.76
3.11
4.29
35,670
853
7,763
12,558
9,878
456
1 402
2,768
604
320
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
3.53
1.45
1.64
3.87
4.84
11,554
383
3,338
2,827
4,338
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
2.57
1.49
1.64
2.67
3.67
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Percent made
under
commitment
Average
months since
loan terms
40.0
19.0
10.7
39.9
59.5
83.6
90.5
66.2
87.9
91.7
22.8
28.5
32.7
18.6
19.7
8.5
59.7
.8
4.5
1.4
53.7
33.6
12.1
72.7
71.5
73.8
95.3
25.8
95.5
92.2
16.7
14.4
21.8
14.8
18.4
62.9
2.2
90.7
56.0
49.3
35.6
1.9
88.1
26.3
1.5
35.5
60.9
7.8
31.7
47.3
78.4
61.0
99.0
67.1
68.0
32.4
2.9
43.0
18.4
26.5
534
305
682
618
398
68.0
85.3
61.6
66.5
76.8
21.5
86.7
41.0
22.5
6.2
34.7
2.4
14.6
32.4
53.8
94.8
99.8
93.8
95.8
95.1
20.3
43.5
19.3
17.9
14.9
1,655
1 318
1,932
2,092
1,516
414
307
377
397
421
61.0
74.0
75.8
56.2
71.8
18.8
.0
51.4
8.9
17.2
32.3
3.0
6.5
40.7
39.1
94.3
14.8
93.1
94.4
96.7
28.6
34.8
24.6
33.3
28.5
1 053
236
47
41
1,862
794
58
32
34.3
8.0
20.5
18.7
60.8
42.7
7.1
5.3
63.2
3.5
22.1
15.4
10.2
6.8
65.9
91.9
69.2
84.8
95.1
94.5
14.4
21.1
41.3
9.7
18.9
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
81.1
69.7
58.4
59.1
9.4
7.4
15.5
33.6
80.1
71.7
42.8
21.8
92.6
94.4
89.9
73.8
18.6
18.4
21.3
27.0
93.5
77.0
20.1
25.1
Secured by
collateral
Subject to
prepayment
penalty
556
289
374
706
549
61.7
85.8
62.6
55.0
71.9
21.9
64.9
39.9
21.9
5.2
317
1,030
4 305
253
252
499
225
109
615
669
62.2
96.7
40.1
57.4
75.6
9,127
34
2,647
3,310
861
418
765
3,770
654
211
460
622
452
565
203
3.02
1.45
2.22
2.86
3.98
7,982
373
1,169
3,163
2,358
592
3 328
1,225
1 241
344
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
3.15
1.75
2.18
3.14
3.68
4,356
55
496
1,794
1,555
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
3.50
3.82
1.89
3.14
4.25
2,458
6
112
1,397
657
Days
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1,000-9,999
10,000 or more
4.31
3.95
3.39
2.48
1,445
6,377
11,811
16,036
3.6
3.5
3.3
2.8
96
155
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
4.14
2.44
14,276
21,394
3.5
2.8
48
159
67.3
57.9
4.7
33.4
235
1,231
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
63
SURVEY OF LOANS MADE, FEBRUARY 2-6, 2004—CONTINUED
D. Commercial and industrial loans made by small domestic banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
4.83
3.80
4.18
5.08
4.79
6,746
398
1,127
2,119
2,497
94
147
117
84
138
4.84
4.20
4.84
4.65
4.93
2,169
43
415
909
527
65
70
99
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
4.53
970
2.19
5.44
5.02
165
312
323
157
148
250
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
3.68
1.76
1.56
4.31
4.64
692
54
154
135
343
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
5.11
2.68
4.64
6.05
4.86
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
5.30
5.57
6.20
5.18
4.55
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Subject to
prepayment
penalty
631
566
389
900
439
87.1
78.9
66.8
90.1
93.4
4.6
1.7
3.9
9.1
2.5
71.6
33.4
45.6
74.4
90.4
84.0
90.1
86.3
76.8
91.6
11.3
3.0
686
353
389
1,151
387
89.1
49.1
88.0
88.9
93.8
7.2
5.6
2.6
13.5
3.7
77.8
53.6
70.6
75.3
97.7
84.9
98.9
78.9
82.8
6.2
.7
3.4
8.0
6.2
350
81.8
76.7
82
557
205
22.5
94.1
90.9
23.2
97.6
71.8
97.1
92.4
98.4
118
412
293
74
115
338
278
70
409
441
56.3
1.6
12.0
74.9
77.0
6.2
7.8
1.7
2.9
9.3
6.0
68.1
96.3
90.7
99.4
98.3
62.9
97.7
3.6
5.9
4.4
5.6
1.9
1,407
56
202
340
735
95
55
101
59
409
221
129
172
244
232
93.5
87.7
80.7
91.6
98.8
2.4
.3
2.6
5.3
1.2
72.1
33.3
24.2
72.3
93.6
81.2
72.8
86.1
51.5
97.8
24.5
17.5
6.6
1,502
165
187
422
569
117
223
102
108
41
28
37
44
29
95.7
98.6
90.1
93.3
97.4
8.7
11.0
.4
63.1
6.7
66.3
59.1
86.4
75.3
86.0
83.4
77.4
78.7
.0
14.4
33.6
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
90.4
87.6
83.3
92.7
3.5
5.9
3.1
7.9
67.6
76.9
67.2
78.2
74.3
80.9
87.6
100.0
5.1
5.4
16.5
19.2
84.8
81.7
13.8
4.7
Days
Percent made
under
commitment
Average
months since
loan terms
Secured by
collateral
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
8.1
19.5
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1.000-9.999
10,000 or more
5.92
5.16
4.28
3.63
1,340
2,234
2,510
662
3.1
3.1
3.4
3.7
336
238
202
274
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime
36 Other
Footnotes appear at end of table.
5.03
4.34
4,827
1,918
3.6
2.5
91.9
74.9
3.4
7.6
99
82
64
4.23
Federal Reserve Bulletin Statistical Supplement • May 2004
TERMS OF LENDING AT COMMERCIAL BANKS
SURVEY OF LOANS MADE, FEBRUARY 2-6, 2004—CONTINUED
E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks'
Weightedaverage
effective
loan rate
(percent)4
Amount of
loans
(millions
of dollars)
2.18
1.64
1.84
2.10
2.62
21,184
626
4,917
5,185
7,566
4.894
3.682
7.384
3.739
4.488
By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other
4.13
4.77
4.97
184
191
428
2.434
11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other
1.87
1.57
1.47
1.71
2.28
16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other
Maturity/repricing
interval2 and
risk of loans3
Average
loan size
(thousands of
dollars)
Weightedaverage
maturity5
Percent of amount of loans (percent)
Commitment status
Subject to
prepayment
penalty
89
139
61
63
130
11.2
22.6
3.0
30.8
6.0
52.7
19.2
61.5
71.7
28.2
3.5
.1
1.4
6.0
4.7
61.9
90.6
63.6
72.2
72.3
10.7
6.5
4.9
11.2
14.0
263
878
763
5.0
1.041
64.4
24.4
.0
5.7
4.5
4.0
91.0
64.8
100.0
100.0
100.0
3.9
22.0
12.3
11,303
298
3,529
1,787
4,231
8.528
5.250
5.569
5.115
8.023
18
3
2
3
1.9
.1
54.3
100.0
56.4
76.7
58.6
10.1
.0
.0
9.3
19.8
2.20
1.76
2.70
2.01
2.76
5,985
231
935
2,446
1,416
3.899
3.498
3.472
4.155
3.113
302
214
47
159
2.4
3.5
58.7
74.7
73.0
59.2
79.8
15.2
7.7
15.7
13.9
17.4
2.60
2,205
3.052
2.14
2.60
3.20
260
760
622
3.055
3.038
2.393
Days
Percent made
under
commitment
Average
months since
loan terms
Secured by
collateral
LOAN RISK
1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other
962
3
no
3.8
8.5
.5
21.1
.2
46.1
.0
62.4
43.1
20.6
38.1
10.0
77.3
25.3
71.8
91.6
74.8
245
22.7
59.2
175
170
339
30.8
21.4
32.6
57.1
91.1
29.8
14.7
5.8
3.2
100.0
96.5
91.0
14.5
6.9
5.0
59.8
23.6
11.3
10.5
26.4
44.7
59.3
50.6
59.7
29.5
7.3
.7
96.1
84.6
66.3
59.1
10.2
14.4
99.2
60.5
18.8
10.2
20.1
38.9
3.1
2.2
.0
80.2
Months
26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other
Weightedaverage risk
rating3
Weightedaverage
maturity/
repricing
interval2
Days
SIZE OF LOAN
(thousands of dollars)
31
32
33
34
1-99
100-999
1.000-9.999
10,000 or more
4.39
3.34
2.44
2.01
16
709
5,756
14,703
3.3
3.3
3.2
3.2
27
32
18
40
Average size
(thousands
of dollars)
BASE RATE OF LOAN 7
35 Prime8
36 Other
Footnotes appear at end of table.
747
20,437
3.4
3.2
37.6
10.2
11.7
54.2
815
5,988
Financial Markets
4.23
TERMS OF LENDING AT COMMERCIAL BANKS
65
SURVEY OF LOANS MADE, FEBRUARY 2-6, 2004—CONTINUED
F. Commercial and industrial loans by date pricing terms were set and commitment status
Date pricing terms were set
and commitment status
Weightedaverage
loan rate4
(percent)
Amount of
loans
(millions
of dollars)
Average loan
size
(thousands of
dollars)
Weighted-
Weightedaverage
maturity
repricing
interval2
Percent of amount of loans
risk rating3
Days
Secured by
collateral
Subject to
prepayment
penalty
Prime
based
All commercial banks
1 During survey week
2
Not under commitment
3
Informal commitment
4
Formal commitment
2.57
2.33
2.29
4.06
26,235
15,011
7,473
3,751
525
603
460
424
3.0
3.0
3.1
3.1
139
68
85
528
29.9
29.7
15.7
59.1
34.0
42.8
19.2
28.3
16.0
11.1
12.6
42.5
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.59
3.57
3.06
4,597
11,268
21,472
222
235
602
3.4
3.3
78
55
87
56.7
66.8
57.0
18.2
26.8
30.4
50.2
50.3
35.6
Domestic banks
8 During survey week
9
Not under commitment
10
Informal commitment
11
Formal commitment
3.38
2.86
3.79
4.36
11,662
6,940
1,752
2,970
244
291
114
345
2.8
2.7
3.0
3.1
264
136
121
646
53.7
49.2
65.2
57.6
9.5
3.0
7.4
26.0
34.9
23.9
53.2
49.8
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.67
3.62
3.20
3,984
9,757
16,984
196
206
492
3.4
3.2
3.2
88
57
105
61.6
75.4
69.3
12.4
20.1
26.9
56.4
56.0
43.0
Large domestic banks
15 During survey week
16
Not under commitment
17
Informal commitment
18 Formal commitment
2.67
2.29
2.95
3.74
8,161
5,857
341
1,963
1,030
978
512
1,547
2.8
2.6
3.1
3.2
239
55
15
825
40.9
41.3
42.7
39.5
10.7
2.1
5.7
37.2
22.9
15.9
45.3
40.0
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.49
3.48
3.07
3,405
8,676
15,426
310
295
516
3.5
3.2
3.1
88
56
88
58.3
73.5
66.7
13.9
22.3
29.4
53.6
53.8
38.3
Small domestic banks
22 During survey week
23
Not under commitment
24
Informal commitment
25 Formal commitment
5.04
5.91
4.00
5.57
3,501
1,082
1,412
1,008
88
61
96
137
2.9
3.0
3.0
2.8
322
574
146
298
83.6
91.7
70.7
92.9
6.8
7.9
7.8
4.3
62.9
67.6
55.1
68.8
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
4.74
4.70
4.47
580
1,081
1,558
62
60
337
2.9
3.4
4.2
83
59
273
81.1
90.5
94.6
3.6
2.2
1.6
72.8
73.2
88.9
Foreign banks
29 During survey week
30
Not under commitment
31
Informal commitment
32
Formal commitment
1.91
1.88
1.83
2.89
14,573
8,072
5,721
781
6,433
7,346
6,212
3,178
3.2
3.3
3.1
3.0
39
10
75
78
10.9
13.0
.6
64.6
53.6
77.0
22.8
37.1
.9
.1
.2
15.1
Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days
3.05
3.24
2.55
613
1,510
4,488
1,582
2,908
3,879
3.2
2.9
3.5
18
47
16
24.8
11.2
10.4
55.9
70.3
43.6
9.5
13.7
7.7
5
6
7
12
13
14
19
20
21
26
27
28
33
34
35
NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions
made during the first full business week in the mid-month of each quarter. The authorized
panel size for the survey is 348 domestically chartered commercial banks and 50 U.S.
branches and agencies of foreign banks. The sample data are used to estimate the terms of
loans extended during that week at all domestic commercial banks and all U.S. branches and
agencies of foreign banks. Note that the terms on loans extended during the survey week may
differ from those extended during other weeks of the quarter. The estimates reported here are
not intended to measure the average terms on all business loans in bank portfolios.
1. As of March 31, 2003, assets of the large banks were at least $3.7 billion. Median total
assets for all insured banks were roughly $93 million. Assets at all U.S. branches and agencies
averaged $3.3 billion.
2. The "maturity/repricing" interval measures the period from the date the loan is made
until it first may be repriced or matures. For floating-rate loans that are subject to repricing at
any time—such as many prime-based loans—the maturity/repricing interval is zero. For
floating-rate loans that have a scheduled repricing interval, the maturity/repricing interval
measures the number of days between the date the loan is made and the date on which it is
next scheduled to reprice. For loans having rates that remain fixed until the loan matures
(fixed-rate loans), the "maturity/repricing" interval measures the number of days between the
date the loan is made and the date on which it matures. Loans that reprice daily mature or
reprice on the business day after they are made. Owing to weekends and holidays, such loans
may have "maturity/repricing" intervals in excess of one day; such loans are not included in
the 2 to 30 day category.
3. A complete description of these risk categories is available at "http://
www.federalreserve.go v/boarddocs/reportforms/ReportDetail.cfm?WhichFormId=FR_2028a/
s." The category "Moderate risk" includes the average loan, under average economic
conditions, at the typical lender. The "Other" category includes loans rated "Acceptable" as
well as special mention or classified loans. The weighted-average risk rating published for
loans in rows 31-36 are calculated by assigning a value of " 1 " to minimal risk loans; " 2 " to
low risk loans; " 3 " to moderate risk loans, "4" to acceptable risk loans; and " 5 " to special
mention and classified loans. These values are weighted by loan amount and exclude loans
with no risk rating. Some of the loans in table rows 1, 6, 11, 16, 21, 26, and 31-36 are not
rated for risk.
4. Effective (compounded) annual interest rates are calculated from the stated rate and
other terms of the loans and weighted by loan amount. The standard error of the loan rate for
all commercial and industrial loans in the current survey (line 1, column 1) is 0.23 percentage
point. The chances are about two out of three that the average rate shown would differ by less
than this amount from the average rate that would be found by a complete survey of the
universe of all banks.
5. Average maturities are weighted by loan amount and exclude loans with no stated
maturities.
6. For loans made under formal commitments, the average time interval between the date
on which the loan pricing was set and the date on which the loan was made, weighted by the
loan amount. For loans under informal commitment, the time interval is zero.
7. Prime-based loans are based on the lending bank's own prime rate, any other lender's
prime rate, a combination of prime rates, or a publicly reported prime rate. Loans with
"other" base rates include loan rates expressed in terms of any other base rate (e.g., the
federal funds rate or LIBOR) and loans for which no base rate is used to determine the loan
rate.
8. For loans made under formal commitments.
* The number of loans was insufficient to provide a meaningful value.
66
Federal Reserve Bulletin Statistical Supplement • May 2004
4.30
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20031
Millions of dollars except as noted
1 Total assets4
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
1,036,819
127,853
914,115
102,432
17,686
5,558
42,925
3,712
2 Claims on nonrelated parties
3 Cash and balances due from depository institutions
4
Cash items in process of collection and unposted debits
5
Currency and coin (U.S. and foreign)
6
Balances with depository institutions in United States
7
U.S. branches and agencies of other foreign banks
(including their IBFs)
8
Other depository institutions in United States (including their
IBFs)
9
Balances with banks in foreign countries and with foreign central
banks
10
Foreign branches of U.S. banks
11
Banks in home country and home-country central banks
12
All other banks in foreign countries and foreign central banks . . .
13 Balances with Federal Reserve Banks
765,296
68,660
2,481
10
53,098
20,825
0
n.a.
10,197
682,573
64,219
2,456
7
50,796
20,013
0
n.a.
9,700
1,363
685
0
n.a.
395
41,763
757
16
0
645
55
42
0
n.a.
41,836
14,930
1,290
1
1
973
35,171
8,851
788
345
622
6,666
849
10,313
56
2,037
8,220
n.a.
14 Total securities and loans
400,552
24,707
339,927
15 Total securities, book value
16 U.S. Treasury
17 Obligations of U.S. government agencies and corporations
18 Other bonds, notes, debentures, and corporate stock (including state
and local securities)
19
Securities of foreign governmental units
20
Mortgage-backed securities
21
Issued or guaranteed by U.S. government agencies
22
Other
23
Other asset-backed securities
24
All other
129,134
15,805
22,241
4,175
n.a.
n.a.
123,771
14,230
21,559
91,088
9,660
25,748
24,449
1,299
15,475
40,205
4,175
2,509
30,456
17,171
13,285
25 Federal funds sold
26
With depository institutions in the U.S. .
27
With others
45,557
38,393
7,165
19,955
129
4,398
15,428
657
9,285
912
10,628
76
2,047
8,505
n.a.
19,414
109
4,248
15,057
506
42
42
50
0
299
20
10
268
16
290
20
10
260
n.a.
0
40
43
13
13
650
23,334
0
0
0
0
n.a.
1
n.a.
n.a.
1,594
84
263
264
n.a.
n.a.
3,373
1,452
318
12
1,654
87,982
9,335
25,177
23,878
1,299
15,475
37,996
2,461
0
0
0
12
1,413
1,247
100
152
152
0
0
995
264
38
0
0
0
0
226
1,604
198
416
416
0
0
6,990
3,293
3,697
29,583
16,357
13,226
6,906
3,258
3,647
154
154
25
25
0
0
0
0
0
0
0
0
0
0
115,027
9,647
105,380
n.a.
n.a.
1
1
0
0
0
0
0
28 Securities purchased under agreements to resell
29
With depository institutions in the US
30
With others
115,027
9,647
105,380
3 1 Total loans, gross
32 LESS: Unearned income on loans . .
271,790
372
271,418
20,540
8
20,532
216,468
313
216,156
19,456
8
19,448
11,577
21
11,556
386
0
386
31,973
5
31,968
12
0
12
17,279
89,262
5,280
3,934
1,346
0
11,796
103
11,693
72,187
9,164
2,115
2,107
8
0
6,656
83
6,572
393
13,430
71,811
4,159
2,873
1,285
0
9,992
93
9,899
57,660
8,400
1,786
1,778
8
0
6,221
73
6,148
393
3,029
2,026
626
622
4
0
194
10
184
1,206
0
313
247
247
0
0
66
10
56
0
56
13,735
31
30
1
0
941
0
941
12,764
0
11
0
0
0
0
11
0
11
0
148,811
117,173
31,639
10,086
178
9,909
116,895
89,437
27,458
9,785
178
9,607
6,161
5,723
439
74
0
74
17,065
16,017
1,048
0
0
0
2,790
6,962
6,126
1,184
2,347
6,317
5,329
1,177
0
46
0
360
0
0
0
271
507
119
0
0
0
0
0
0
220
183
37
0
0
0
25
2
0
0
0
4,625
0
4,625
0
0
0
311
85
84
1
227
2,756
2,756
3
n.a.
n.a.
n.a.
3
4,195
n.a.
1,040
33
15
18
1,007
1,162
1,162
0
n.a.
n.a.
n.a.
0
3,657
n.a.
33
EQUALS: Loans, net
Total loans, gross, by category
34 Real estate loans
35 Loans to depository institutions and acceptances of other banks
36
Commercial banks in United States (including their IBFs)
U.S. branches and agencies of other foreign banks
Other commercial banks in United States
Other depository institutions in United States (including their IBFs) .
Banks in foreign countries
Foreign branches of U.S. banks
Other banks in foreign countries
43 Loans to other financial institutions . .
44 Commercial and industrial loans
45
U.S. addressees (domicile)
46
Non-US, addressees (domicile)
47 Loans to foreign governments and official institutions (including
foreign central banks)
48 Loans for purchasing or carrying securities (secured and unsecured)
49 All other loans
50 Lease financing receivables (net of unearned income)
51
U.S. addressees (domicile)
52 Non-US, addressees (domicile)
339
339
0
559
522
37
53 Trading assets
54
U.S. Treasury and agency securities
55
Other trading assets
120,881
23,212
97,669
173
0
173
106,493
23,186
83,307
56 All other assets
57
Customers' liabilities on acceptances outstanding
58
U.S. addressees (domicile)
59
Non-US, addressees (domicile)
60
Other assets including other claims on nonrelated parties
61 Net due from related depository institutions5
62 Net due from head office and other related depository institutions5
63
Net due from establishing entity, head office, and other related
depository institutions5
29,720
552
400
152
29,169
271,522
402
n.a.
n.a.
n.a.
402
74,755
n.a.
27,326
409
298
64 Total liabilities4
65 Liabilities to nonrelated parties
Footnotes appear at end of table.
271,522
n.a.
1,036,819
939,784
26,917
231,542
231,542
148
396
n.a.
n.a.
n.a.
396
51,636
n.a.
74,755
n.a.
51,636
n.a.
4,195
n.a.
3,657
127,853
914,115
102,432
17,686
5,558
42,925
3,712
112,064
832,795
86,969
11,457
5,487
40,673
3,700
US. Branches and Agencies
4.30
67
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20031—Continued
Millions of dollars except as noted
Total
excluding
IBFs3
IBFs
only3
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
66 Total deposits and credit balances
67
Individuals, partnerships, and corporations (including certified
and official checks)
68
U.S. addressees (domicile)
69
Non-U.S. addressees (domicile)
70
Commercial banks in United States (including their IBFs)
71
U.S. branches and agencies of other foreign banks
72
Other commercial banks in United States
73
Banks in foreign countries
74
Foreign branches of U.S. banks
75
Other banks in foreign countries
76
Foreign governments and official institutions
(including foreign central banks)
77
All other deposits and credit balances
434,183
79,627
392,286
63,456
4,301
3,212
10,677
1,601
352,845
16,243
54,668
15,043
39,624
5,739
1,212
4,526
6,729
298
6,431
11,518
10,037
1,481
32,329
1,872
30,457
313,400
302,965
10,435
52,765
14,840
37,925
5,586
1,204
4,382
3,736
298
3,438
10,059
8,801
1,258
25,329
1,802
23,527
3,825
2,891
934
442
32
410
21
0
21
477
377
100
1,656
68
1,588
10,605
10,503
101
12
0
12
50
0
50
10
0
10
785
785
0
2,915
18,016
28,709
342
2,849
17,686
23,990
342
78 Transaction accounts and credit balances (excluding IBFs)
79
Individuals, partnerships, and corporations (including certified
and official checks)
80
U.S. addressees (domicile)
81
Non-U.S. addressees (domicile)
82
Commercial banks in United States (including their IBFs)
83
U.S. branches and agencies of other foreign banks
84
Other commercial banks in United States
85 Banks in foreign countries
86
Foreign branches of U.S. banks
87
Other banks in foreign countries
88 Foreign governments and official institutions
(including foreign central banks)
89 All other deposits and credit balances
10,709
8,733
9,228
5,841
3,387
257
126
131
829
8
820
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7,383
5,465
1,918
257
126
131
749
0
748
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
132
94
38
0
0
0
21
0
21
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
213
161
52
0
0
0
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
300
96
n.a.
n.a.
257
n.a.
n.a.
4
4
n.a.
n.a.
0
0
n.a.
n.a.
90 Nontransaction accounts (including MMDAs, excluding IBFs)
91
Individuals, partnerships, and corporations (including certified
and official checks)
92
U.S. addressees (domicile)
93
Non-U.S. addressees (domicile)
94
Commercial banks in United States (including their IBFs)
95
U.S. branches and agencies of other foreign banks
96
Other commercial banks in United States
97
Banks in foreign countries
98
Foreign branches of U.S. banks
99
Other banks in foreign countries
100 Foreign governments and official institutions
(including foreign central banks)
101 All other deposits and credit balances
423,474
102 IBF deposit liabilities
103
Individuals, partnerships, and corporations (including certified
and official checks)
104
U.S. addressees (domicile)
105
Non-U.S. addressees (domicile)
106
Commercial banks in United States (including their IBFs)
107
U.S. branches and agencies of other foreign banks
108
Other commercial banks in United States
109 Banks in foreign countries
110
Foreign branches of U.S. banks
111
Other banks in foreign countries
112 Foreign governments and official institutions
(including foreign central banks)
113 All other deposits and credit balances
Footnotes appear at end of table.
336,602
0
10
352
452
10,463
4,139
383,553
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10,391
10,342
49
12
0
12
50
0
50
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.
0
10
n.a.
n.a.
79,627
63,456
3,212
1,601
6,729
298
6,431
11,518
10,037
1,481
32,329
1,872
30,457
3,736
298
3,438
10,059
8,801
1,258
25,329
1,802
23,527
115
0
115
477
377
100
1,656
1,588
10
0
10
785
785
0
354
3
352
28,709
342
23,990
342
965
0
452
0
306,017
297,501
8,517
52,508
14,714
37,794
4,838
1,204
3,706
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3,634
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2,615
17,920
n.a.
n.a.
2,593
17,598
343,617
330,761
12,856
54,411
14,918
39,493
4,910
1,204
965
354
3,692
2,797
896
442
410
0
0
0
68
68
Federal Reserve Bulletin Statistical Supplement • May 2004
4.30
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20031—Continued
Millions of dollars except as noted
114 Federal funds purchased
115 With depository institutions in the U.S. . .
116 With others
117 Securities sold under agreements to repurchase
118 With depository institutions in the U S
119 With others
120 Other borrowed money
121 Owed to nonrelated commercial banks in United States (including
their IBFs)
122 Owed to U.S. offices of nonrelated U.S. banks
123
Owed to U.S. branches and agencies of nonrelated
foreign banks
124 Owed to nonrelated banks in foreign countries
125 Owed to foreign branches of nonrelated U.S. banks
126
Owed to foreign offices of nonrelated foreign banks
127 Owed to others
128 All other liabilities
129 Branch or agency liability on acceptances executed and
outstanding
130
Trading liabilities
131
Other liabilities to nonrelated parties
132 Net due to related depository institutions5
133 Net due to head office and other related depository institutions
134 Net due to establishing entity, head office, and other related
depository institutions5
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
Total
including
IBFs
57,410
19,256
38,154
16,890
3,007
13,883
42,937
13,627
29,310
10,278
1,272
9,006
1,049
1,018
31
153,767
15,065
138,702
103,769
1,488
13,634
153,328
15,051
138,276
79,608
1,488
11,343
224
14
210
2,389
12,363
6,681
2,971
339
10,975
5,857
2,638
332
706
353
5,682
9,325
1,317
8,008
82,081
2,632
7,647
778
6,869
3,016
5,118
7,924
1,208
6,716
60,709
2,307
6,410
732
5,678
2,294
354
960
66
894
723
425
101,179
404
579
86,301
24,148
n.a.
41
385
436
79,219
21,524
n.a.
40
363
85
15
182
97,034
97,034
15,789
n.a.
81,320
81,320
15,463
n.a.
6,229
6,229
Total
including
IBFs
IBFs
only
308
278
31
4,915
1,932
2,984
1,921
387
1,534
0
1,957
203
0
203
18,949
0
177
IBFs
only
107
85
940
46
894
722
190
0
190
18,652
22
155
0
155
0
4,328
3,140
1,156
71
n.a.
2,252
2,252
13
n.a.
MEMO
135 Holdings of own acceptances included in commercial and
industrial loans
136 Commercial and industrial loans with remaining maturity of one year
or less (excluding those in nonaccrual status)
137 Predetermined interest rates
138 Floating interest rates
139 Commercial and industrial loans with remaining maturity of more
than one year (excluding those in nonaccrual status)
140 Predetermined interest rates
141 Floating interest rates
Footnotes appear at end of table.
n.a.
n.a.
67,461
23,128
44,333
n.a.
47,210
15,629
31,580
n.a.
3,543
1,636
1,907
74,713
13,046
61,666
n.a.
n.a.
n.a.
63,987
10,987
53,000
n.a.
n.a.
n.a.
2,592
271
2,321
12,573
3,980
8,593
n.a.
n.a.
n.a.
3,961
441
3,520
n.a.
n.a.
n.a.
US. Branches and Agencies
4.30
69
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20031—Continued
Millions of dollars except as noted
All states2
Item
142 Components of total nontransaction accounts,
included in total deposits and credit balances
143
Time deposits of $100,000 or more
144
Time CDs in denominations of $100,000 or more
with remaining maturity of more than 12 months
Total
excluding
IBFs3
IBFs
only3
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
Total
excluding
IBFs
IBFs
only
473,154
415,425
n.a.
n.a.
431,370
376,849
n.a.
n.a.
4,004
4,004
n.a.
n.a.
10,840
10,285
n.a.
n.a.
57,729
n.a.
54,521
n.a.
0
n.a.
555
n.a.
All states2
145 Immediately available funds with a maturity greater than one day
included in other borrowed money
146 Number of reports filed6
Illinois
California
New York
Illinois
California
New York
Total
including
IBFs3
IBFs
only3
Total
including
IBFs
IBFs
only
Total
including
IBFs
IBFs
only
42,289
275
n.a.
0
39,925
145
n.a.
0
1,488
53
n.a.
0
1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of
Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first
used for reporting data as of June 30, 1980, and was revised as of December 3 1, 1985. From
November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a
monthly FR 886a report. Aggregate data from that report were available through the Federal
Reserve monthly statistical release G. 11, last issued on July 10, 1980. Data in this table and in
the G. 11 tables are not strictly comparable because of differences in reporting panels and in
definitions of balance sheet items.
2. Includes the District of Columbia.
3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to
permit banking offices located in the United States to operate international banking facilities
(IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column.
These data are either included in or excluded from the total columns as indicated in the
headings. The notation "n.a." indicates that no IBF data have been reported for that item,
Total
including
IBFs
72
17
IBFs
only
n.a.
0
either because the item is not an eligible IBF asset or liability or because that level of detail is
not reported for IBFs. From December 1981 through September 1985, IBF data were
included in all applicable items reported.
4. Total assets and total liabilities include net balances, if any, due from or owed to related
banking institutions in the United States and in foreign countries (see note 5). On the former
monthly branch and agency report, available through the G.ll monthly statistical release,
gross balances were included in total assets and total liabilities. Therefore, total asset andtotal
liability figures in this table are not comparable to those in the G. 11 tables.
5. Related depository institutions includes the foreign head office and other U.S. and
foreign branches and agencies of a bank, a bank's parent holding company, and majorityowned banking subsidiaries of the bank and of its parent holding company (including
subsidiaries owned both directly and indirectly).
6. In some cases, two or more offices of a foreign bank within the same metropolitan area
file a consolidated report.
70
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 banks, U.S. branches and agencies, 66-9
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21, 66-9 (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, 66-9
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21, 58-59
Commercial and industrial loans, 15-21, 58-59, 60-5
Consumer loans held, by type and terms, 34, 60-5
Real estate mortgages held, by holder and property, 33
Terms of lending, 60-5
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)
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
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, 35-9
Foreign banks, U.S. branches and agencies, 66-9
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, 45-7, 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
Commercial banks, 60-5
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22, 60-5
International capital transactions of United States, 44—55
International organizations, 45, 46, 48, 50-3
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21, 60-5
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, 60-5
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Foreign banks, U.S. branches and agencies, 66-9
Insured or guaranteed by United States, 32, 33
MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)
OPEN market transactions, 9
Index to Statistical Tables
PRICES
Stock market, 24
Prime rate, 22, 60-5
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4—6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit and retail sales, 34
SAVING
Flow of funds, 33, 34, 35-9
Saving deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-9
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)
71
@FedFRASER