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Volume 2 • Number 5 • May 2005 Statistical Supplement to the Federal Reserve BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS COMMITTEE Lynn S. Fox, Chair • Scott G. Alvarez • Sandra Braunstein • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • Vincent R. Reinhart • Louise L. Roseman • Richard Spillenkothen • David J. Stockton The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the Economic Editing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members. Preface The Statistical Supplement to the Federal Reserve Bulletin is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin. Starting with the winter 2004 issue, the Bulletin is now published on a quarterly basis. Published monthly, the new Statistical Supplement is designed as a compact source of economic and financial data. All tables that appeared in the Federal Reserve Bulletin, including the annual and quarterly special tables, now appear in the Statistical Supplement. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Separate subscriptions for the quarterly Federal Reserve Bulletin and the monthly Statistical Supplement are available. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog@frbog.frb.gov. If you have questions regarding the tables in the Statistical Supplement, please send a fax to (202) 785-6092 or (202) 728-5886. Financial and Business Statistics: Table of Contents These tables reflect the data available as of the second week of May 2005. 3 SYMBOLS AND ABBREVIATIONS DOMESTIC FINANCIAL STATISTICS Money Stock and Bank Credit 4 Reserves and money stock measures 5 Reserves of depository institutions and Reserve Bank credit 6 Reserves and borrowings—Depository institutions Policy Instruments 7 Federal Reserve Bank interest rates 8 Reserve requirements of depository institutions 9 Federal Reserve open market transactions Federal Finance 25 Federal debt subject to statutory limitation 25 Gross public debt of U.S. TreasuryTypes and ownership 26 U.S. government securities dealers—Tran saction s 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—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 Federal Reserve Banks 10 Condition and Federal Reserve note statements 11 Maturity distribution of loans and securities Monetary and Credit Aggregates Real Estate 32 Mortgage markets—New homes 33 Mortgage debt outstanding 12 Aggregate reserves of depository institutions and monetary base 13 Money stock measures Commercial Banking Institutions— Assets and Liabilities 15 16 17 19 20 21 All commercial banks in the United States Domestically chartered commercial banks Large domestically chartered commercial banks Small domestically chartered commercial banks Foreign-related institutions Memo items Consumer Credit 34 Total outstanding 34 Terms Flow of Funds 35 37 38 39 Funds raised in U.S. credit markets Summary of financial transactions Summary of credit market debt outstanding Summary of financial assets and liabilities Financial Markets 22 Commercial paper outstanding 22 Prime rate charged by banks on short-term business loans 23 Interest rates—Money and capital markets 24 Stock market—Selected statistics DOMESTIC NONFINANCIAL STATISTICS Selected Measures 40 Output, capacity, and capacity utilization 42 Industrial production—Indexes and gross value 2 Federal Reserve Bulletin Statistical Supplement • May 2005 INTERNATIONAL STATISTICS Summary Statistics 44 U.S. international transactions 44 U.S. reserve assets 45 Foreign official assets held at Federal Reserve Banks 45 Selected U.S. liabilities to foreign official institutions Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions Interest and Exchange Rates 56 Foreign exchange rates 57 GUIDE TO SPECIAL TABLES Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners SPECIAL TABLES 58 Terms of lending at commercial banks, February 7-11, 2005 64 Assets and liabilities of U.S. branches and agencies of foreign banks, December 31, 2004 Reported by Nonbanking Business Enterprises in the United States 68 INDEX TO STATISTICAL TABLES 50 Liabilities to foreigners 52 Claims on foreigners Symbols and Abbreviations c e n.a. n.e.c. P r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven G-10 GDP GNMA GSE HUD IMF IOs IPCs IRA MMDA MSA NAICS NOW OCDs OPEC OTS PMI POs REIT REMICs RHS RP RTC SCO SDR SIC TIIS TIPS VA Group of Ten Gross domestic product Government National Mortgage Association Government-sponsored enterprise Department of Housing and Urban Development International Monetary Fund Interest only, stripped, mortgage-backed securities Individuals, partnerships, and corporations Individual retirement account Money market deposit account Metropolitan statistical area North American Industry Classification System Negotiable order of withdrawal Other checkable deposits Organization of Petroleum Exporting Countries Office of Thrift Supervision Private mortgage insurance Principal only, stripped, mortgage-backed securities Real estate investment trust Real estate mortgage investment conduits Rural Housing Service Repurchase agreement Resolution Trust Corporation Securitized credit obligation Special drawing right Standard Industrial Classification See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • May 2005 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 institutions2 Total Required Nonborrowed Monetary base3 5.2 5.7 5.3 4.3 Q2 Q3 Q4 19.0 15.0 18.5 5.6 2.0 3.6 .6 7.3 2.7 1.0 3.9 4.5 -5.9 -9.8 5.5 5.7 .0 5.0 3.7' 1.1' 5.7 -.4' 6.4 -7.2' -2.3 -3.8 -2.4 6.4 16.2 13.0 19.4 .1 26.4 32.1 26.4 4.2 -48.7 -45.0 -48.3 5.7 13.3 -1.3' 4.5 5.9' -8.4 2.5 5.1 6.5 2.6 2.5 6.1' 9.0' 5.5 10.6 Concepts of money* 5 Ml 6 M2 7 M3 6.0 3.5 5.5' 6.0 7.8 9.4' 3.6 3.5 4.3 Nontransaction components 8 In M2S 9 In M3 only1" 2.8 9.8' 8.3 12.7' 3.5 5.8' 13.4 -4.6 30.6 16.2 -3.2 22.4 15.1 11.5 6.9 6.0 15.4 5.8' 6.9' 11.2 7.6' 1.6' 9.5 6.4 18.8 5.5 12.3 69.5 15.5 17.0 2.3 4.2 13.4 -4.1 26.9 8.0 -.9 36.0 1.7 2.9 34.8' -4.0 4.9' 26.8 -.8 .9' 30.2' 3.2 6.7 36.4 4.2 19.9 51.9 -7.8 20.5 46.1 -19.3 -8.8 -9.2 4.1 -11.4 -6.3 -9.5 -12.2 -11.5 -25.8 -8.8 -10.0 -3.7 13.1 -11.1 -20.1 -18.0' 34.4' -37.8' 48.2' -16.5' 12.4' 66.5 22.6 41.0 -41.0 Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time7 Large times>9 Thrift institutions 13 Savings, including MMDAs . . . 14 Small time7 15 Large times 10 11 12 Money market mutual funds 16 Retail10 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars -5.4 14.7 22.2' 8.8' 19.5' 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 ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 7.1 3.0 -1.0' 23.0 7.0 3.7' -14.7' 32.9' 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 INSTITUTIONS' Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated Jan. 19 Jan. 26 Feb. 2 Feb. 9 Feb. 16 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . 785,980 717,058 717,058 262,819 435,977 15,999 2,263 0 27,976 60 9 0 51 717 40,169 11,043 2,200 36,435 783,604 717,826 717,826 262,970 436,332 16,205 2,318 0 25,363 63 40 0 22 766 39,587 11,044 2,200 36,434 781,443 717,850 717,850 263,005 433,417 19,108 2,319 0 22,670 33 18 0 15 223 40,667 11,042 2,200 36,496 780,677 717,822 717,822 262,970 436,429 16,108 2,315 0 22,893 65 45 0 20 639 39,258 11,045 2,200 36,434 783,307 717,825 717,825 262,970 436,429 16,108 2,317 0 24,786 53 35 0 19 941 39,703 11,045 2,200 36,434 780,553 717,827 717,827 262,970 436,429 16,108 2,319 0 21,893 77 55 0 22 1,155 39,602 11,045 2,200 36,434 784,227 717,855 717,855 262,980 435,143 17,394 2,337 0 26,321 61 42 0 19 64 39,927 11,043 2,200 36,434 776,603 717,886 717,886 263,005 433,429 19,108 2,343 0 16,143 37 22 0 15 316 42,221 11,042 2,200 36,462 783,703 717,866 717,866 263,005 433,429 19,108 2,324 0 23,929 23 9 0 14 413 41,473 11,042 2,200 36,490 780,768 717,845 717,845 263,005 433,429 19,108 2,303 0 23,964 753,451 28,609 28,609 0 749,194 28,283 28,283 0 273 751,352 25,613 25,613 0 277 750,039 29,964 29,964 0 273 748,845 27,580 27,580 0 257 746,876 27,453 27,453 0 292 747,011 26,805 26,805 0 272 750,164 26,615 26,615 0 290 751,141 27,044 27,044 0 280 753,243 23,857 23,857 0 269 15,347 5,060 102 9,891 9,888 2 295 26,051 11,932 15,010 5,076 102 9,402 9,401 1 431 26,122 14,400 14,788 5,168 86 9,240 9,240 0 294 27,113 12,038 15,062 5,145 79 9,592 9,592 0 247 25,705 9,313 14,801 4,781 81 9,593 9,592 14,610 5,252 83 8,945 8,943 346 26,279 15,225 330 26,234 14,768 14,429 5,070 97 8,946 8,946 0 316 26,615 18,772 15,065 4,913 89 9,771 9,771 0 292 26,703 7,469 15,073 4,924 82 9,771 9,771 0 296 26,950 12,947 14,297 5,250 81 8,669 8,669 0 296 27,435 11,427 5 0 16 -319 39,256 11,042 2,200 36,518 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 Wednesday figures End-of-month figures Jan. 26 Feb. 2 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements'" Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . 0 41 925 39,978 11,045 2,200 36,434 787,883 717,869 717,869 262,970 433,429 19,108 2,361 0 28,750 71 51 0 20 1,274 39,919 11,042 2,200 36,434 790,947 717,492 717,492 263,005 433,096 19,108 2,283 0 33,750 114 98 0 15 3 39,588 11,042 2,200 36,546 777,133 717,823 717,823 262,970 436,429 16,108 2,316 0 18,250 50 27 0 23 1,266 39,744 11,045 2,200 36,434 782,993 717,825 717,825 262,970 436,429 16,108 2,318 0 22,500 61 42 0 19 3,186 39,421 11,045 2,200 36,434 786,498 717,827 717,827 262,970 436,429 16,108 2,320 0 28,750 69 42 0 26 41 39,811 11,045 2,200 36,434 782,162 717,898 717,898 263,005 433,429 19,108 2,356 0 24,250 83 71 0 12 -13 39,945 11,042 2,200 36,434 777,858 717,879 717,879 263,005 433,429 19,108 2,336 0 14,500 30 17 0 13 3,259 42,191 11,042 2,200 36,462 776,092 717,859 717,859 263,005 433,429 19,108 2,316 0 18,500 27 7 0 19 844 38,863 11,042 2,200 36,490 783,521 717,839 717,839 263,005 433,429 19,108 2,297 0 25,250 24 6 0 19 912 39,495 11,042 2,200 36,518 754,877 30,783 30,783 0 270 746,746 26,726 26,726 0 269 751,631 25,026 25,026 0 263 749,303 27,231 27,231 0 250 748,855 27,594 27,594 0 296 747,377 31,074 31,074 0 269 749,590 27,872 27,872 0 291 752,314 28,355 28,355 0 282 752,761 23,346 23,346 0 270 753,820 23,474 23,474 0 263 17,240 5,912 80 9,963 9,963 0 1,285 26,378 11,897 14,351 4,971 121 8,946 8,946 0 313 26,932 22,535 13,711 4,673 86 8,670 8,670 0 282 27,776 22,327 14,916 4,951 88 9,592 9,592 0 284 26,195 8,918 15,201 5,142 79 9,593 9,592 2 387 25,976 14,749 14,455 5,117 76 8,945 8,943 2 317 26,270 16,733 14,508 5,097 156 8,946 8,946 0 309 26,551 13,028 14,890 4,747 85 9,771 9,771 0 287 26,476 5,247 15,163 5,010 85 9,771 9,771 0 297 26,967 7,317 13,512 4,487 81 8,669 8,669 0 275 27,300 14,911 791,766 717,819 717,819 262,970 436,429 16,108 2,312 0 33,000 43 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 NOTE. Some of the data in this table appears in the Board's H.4.1 (503) weekly statistical release, available at www.federalreserve.gov/releases. 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 7. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • May 2005 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Primary Seasonal Adjustment 2005 2004 2002 2003 2004 Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 9.926 43,363 30,347 13,016 40,272 38,263 2,009 10.861 44,060 32,083 11,976 42,944 41,906 1,038 12.017 47,259 34,795 12,463 46,812 44,901 1,911 12.418 45,042 33,454 11,588 45,872 44,334 1,537 13.044 44,840 33,489 11,352 46,532 44,953 1,579 12.010 46,659 33,736 12,923 45,747 44,028 1,719 12.116 45,570 33,536 12,035 45,652 43,881 1,771 12.017 47,259 34,795 12,463 46,812 44,901 1,911 14.032 47,668 36,365 11,303 50,397 48,656 1,742 12.255 47,640 34,447 13,193 46,703 45,174 1,529 80 46 17 0 29 63 11 0 52 251 18 0 233 335 97 0 238 179 15 0 164 183 105 0 78 63 11 0 52 62 39 0 23 42 26 0 16 45 35 B weekly av erages of daily igures for tw o-week periods ending on dates indie ited 2005 2004 1 2 3 4 5 6 7 8 u 10 12 Reserve balances with Reserve Banks2 Total vault cash3 Applied vault cash4 Surplus vault cash5 Total reserves'" Required reserves Excess reserve balances at Reserve Banks7 Total borrowing at Reserve Banks Secondary Oct. 27 Nov. 10 Nov. 24 Dec. 8 Dec. 22 Jan. 5 Jan. 19 Feb. 2 Feb. 16 Mar. 2 12.945 46,370 35,468 10,902 48,413 46,694 1,719 12.266 45,227 32,784 12,444 45,049 43,144 1,905 11.979 46,097 34,148 11,949 46,127 44,457 1,670 12.188 44,914 33,361 11,554 45,548 43,766 1,782 11.693 47,571 34,327 13,244 46,020 44,159 1,860 12.371 48,858 36,799 12,059 49,170 47,066 2,104 12.278 46,771 34,453 12,319 46,730 44,944 1,786 16.771 48,220 38,417 9,804 55,188 53,649 1,539 10.212 48,295 33,280 15,015 43,491 42,016 1,475 13.888 46,780 35,148 11,632 49,036 47,446 1,590 186 28 0 158 100 7 0 93 294 218 0 76 64 5 0 59 68 12 0 56 54 14 0 40 59 40 0 20 69 49 0 21 30 16 0 15 51 35 0 17 Adjustment 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at: www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta On 5/13/05 Effective date Previous rate On 5/13/05 Effective date Previous rate On 5/13/05 Effective date Previous rate 4.00 5/3/05 5/3/05 5/3/05 5/3/05 5/3/05 5/3/05 3.75 4.50 5/3/05 5/3/05 5/3/05 5/3/05 5/3/05 5/3/05 4.25 3.05 5/12/05 2.95 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 5/3/05 5/4/05 5/3/05 5/3/05 5/3/05 5/3/05 i 4.00 ' 3.75 4.50 1 5/3/05 5/4/05 5/3/05 5/3/05 5/3/05 5/3/05 i 1 1 4.25 3.05 5/12/05 2.95 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 Effective date In effect Jan. 9,2003 (beginning of program) 2 Effective date 2005—Feb. 3 Mar. 22 24 May 3 4 In effect May 13,2005 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 3.50 3.50-3.75 3.75 3.75^1.00 4.00 3.50 3.75 3.75 4.00 4.00 4.00 4.00 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. 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 4.50-4.75 4.50 4.75 4.75 4.50 4.50 1999—Aug. 24 26 Nov. 16 18 4.50-4.75 4.75 4.75-5.00 5.00 4.75 4.75 4.75 5.00 Effective date 2000—Feb. 2 4 Mar. 21 23 May 16 19 2001—Jan. Feb. Mar. Apr. May 3 4 5 31 1 20 21 18 20 15 17 1. Available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. 2. Available in appropriate circumstances to depository institutions that do not qualify for primary credit. 3. Available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intrayearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged on market sources of funds Range(or level)—All F.R. Banks F.R. Bank of N.Y. 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 In effect Jan. 8, 2003 (end of program) and ordinarily is reestablished on the first business day of each two-week reserve maintenance period. 4. Was available until January 8, 2003, to help depository institutions meet temporary needs for funds that could not be met through reasonable alternative sources. For earlier data, see the following publications of the Board of Governors: Banking and Monetary Statistics, 1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and 1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releases and Historical Data webpages (www.federalreserve.gov/releases/H15/data.htm). 8 1.15 Federal Reserve Bulletin Statistical Supplement • May 2005 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$7.0 million2 2 More than $7.0 million-$47.6 million3 3 More than $47.6 million Percentage of liabilities 0 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 consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. Effective date 12/23/04 12/23/04 12/23/04 For a more detailed description of these deposit types, see Form FR 2900 at www.federalreserve.gov/boarddocs/reportforms/. 2. The amount of net transaction accounts subject to a reserve requirement ratio of zero percent (the "exemption amount" ) is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Policy Instruments 1.17 9 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars Type of transaction and maturity July Aug. Sept. 78,894 78,894 66,355 66,355 80,572 80,572 0 17,703 -21,489 0 6,535 -7,652 U.S. TREASURY SECURITIES2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Outright transactions Treasury bills Gross purchases Gross sales Exchanges For new bills Redemptions Others within one year Gross purchases Gross sales Maturity shifts Exchanges Redemptions One to five years Gross purchases Gross sales Maturity shifts Exchanges Five to ten years Gross purchases Gross sales Maturity shifts Exchanges More than ten years Gross purchases Gross sales Maturity shifts Exchanges All maturities Gross purchases Gross sales Redemptions 26 Net change in U.S. Treasury securities . . . 21,421 0 657,931 657,931 0 738,886 738,886 18,138 0 821,685 821,685 0 60,682 60,682 512 0 73,029 73,029 0 62,448 62,448 12,720 0 89,108 -92,075 0 6,565 0 96,433 -103,153 7,994 0 103,380 -118,373 0 1,898 0 0 19,781 -23,125 1,499 0 7,987 -7,948 0 0 6,928 -8,000 12,748 0 -73,093 88,276 7,814 0 -76,364 97,256 17,249 0 -84,844 110,819 3,078 0 0 0 428 0 -10,029 19,771 899 0 -6,535 7,652 2,765 0 0 0 2,284 0 -16,031 20,655 2,404 0 -7,987 7,948 0 -6,928 5,000 5,074 0 -11,588 3,800 4,107 0 -11,131 5,897 5,763 0 -8,012 7,554 244 0 0 0 568 0 -5,051 1,718 695 0 0 0 1,225 0 0 0 453 0 -84 2,471 340 0 0 0 2,280 0 -4,427 0 220 0 -8,938 1,364 0 -10,524 0 29 0 0 0 0 -2,624 405 0 0 400 0 0 54,242 0 0 36,856 0 50,507 0 0 6,202 0 1,078 0 5,473 0 6,484 0 5,977 0 54,242 36,856 5,473 6,484 5,977 1,153,876 1,518,638 1,887,650 173,500 182,250 179,500 172,000 180,000 183,000 153,500 157,500 166,750 158,250 155,250 156,000 148,500 152,750 4,942,131 4,946,691 5,621,153 5,626,285 416,602 417,540 465,642 468,417 510,205 512,957 510,553 511,896 547,160 548,325 655,872 658,454 563,559 559,501 59,837 59,837 1,593 0 85 0 0 0 0 3,000 4,840 0 0 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 4,981,624 4,958,437 231,272 252,363 37 Net change in temporary transactions -8,653 -310 -15,882 -9,688 4,725 -5,752 -5,343 7,335 -3,332 -193 38 Total net change in System Open Market Account 45,589 36,536 34,626 -3,487 5,804 -280 1,140 13,312 1,508 -193 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings. 2. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. 3. Cash value of agreements, which are collateralized by U.S. government and federal agency obligations. 4. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10 1.18 Federal Reserve Bulletin Statistical Supplement • May 2005 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Feb. 16 Feb. 23 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 currencies'" All other7 19 Total assets .. . 11,041 2,200 785 746,646 717,827 717,827 262,970 436,429 16,108 2,320 0 28,750 69 6,204 1,778 40,209 20,958 19,251 11,038 2,200 806 742,231 717,898 717,898 263,005 433,429 19,108 2,356 0 24,250 83 7,946 1,781 40,366 20,803 19,563 11,038 2,200 831 732,408 717,879 717,879 263,005 433,429 19,108 2,336 0 14,500 30 10,312 1,783 40,369 20,459 19,911 11,038 2,200 828 736,385 717,859 717,859 263,005 433,429 19,108 2,316 0 18,500 27 8,003 1,783 37,049 20,661 16,388 11,038 2,200 810 743,114 717,839 717,839 263,005 433,429 19,108 2,297 0 25,250 24 9,655 1,784 37,671 20,916 16,755 11,041 2,200 728 750,863 717,819 717,819 262,970 436,429 16,108 2,312 0 33,000 43 6,233 1,780 40,381 21,368 19,013 11,038 2,200 812 746,690 717,869 717,869 262,970 433,429 19,108 2,361 0 28,750 71 3,220 1,784 40,310 20,876 19,434 11,037 2,200 819 751,356 717,492 717,492 263,005 433,096 19,108 2,283 0 33,750 114 2,252 1,794 37,753 21,040 16,713 808,862 806,368 798,942 797,286 806,272 813,225 806,054 807,212 711,992 31,074 33,368 27,858 5,117 76 317 6,160 2,836 714,249 27,872 29,741 24,179 5,097 156 309 7,956 2,834 716,961 28,355 20,097 14,979 4,747 85 287 7,053 2,930 717,365 23,346 22,459 17,067 5,010 85 297 7,149 2,926 718,371 23,474 28,345 23,502 4,487 81 275 8,781 3,011 719,436 30,783 31,321 24,043 5,912 80 1,285 5,306 2,834 711,389 26,726 39,064 33,659 4,971 121 313 1,942 2,881 716,163 25,026 35,997 30,956 4,673 86 282 2,249 3,065 785,429 782,652 775,396 773,245 781,982 789,680 782,002 782,500 12,020 10,994 420 12,437 10,996 283 12,438 10,906 201 12,444 11,029 568 12,508 11,114 668 11,914 11,630 12,432 10,991 629 12,517 11,110 1,085 23,546 24,041 1,339,388 1,053,934 285,454 4,986 1,353,202 1,069,207 283,995 8,247 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities CAPITAL ACCOUNTS 30 Capital paid in 31 Surplus 32 Other capital accounts 23,433 24,051 33 Total capital MEMO 34 Marketable securities held in custody for foreign offic and international accounts3'10 35 U.S. Treasuiy 36 Federal agency 37 Securities lent to dealers 1,353,463 1,071,495 281,968 700 1,344,370 1,058,594 285,776 5,641 1,370,033 1,080,307 289,726 3,508 1,343,277 1,067,083 276,194 6,609 1,347,405 1,060,435 286,970 6,901 1,381,948 1,079,496 302,453 1,678 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 852,819 852,862 854,576 856,087 855,791 848,369 852,897 855,617 140,827 711,992 711,992 11,041 2,200 698,751 0 138,613 714,249 714,249 11,038 2,200 701,011 0 137,616 716,961 716,961 11,038 2,200 703,723 0 138,722 717,365 717,365 11,038 2,200 704,127 0 137,420 718,371 718,371 11,038 2,200 705,133 0 128,933 719,436 719,436 11,041 2,200 706,196 0 141,509 711,389 711,389 11,038 2,200 698,151 0 139,454 716,163 716,163 11,037 2,200 702,926 0 746,577 742,148 732,379 736,359 743,089 750,819 746,619 751,242 31,093 27,888 28,374 23,361 23,489 30,808 26,743 25,046 715,485 714,260 704,005 712,998 719,600 720,011 719,876 726,196 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 71 30 1 Total loans 69 0 0 74 8 0 19 27 0 24 0 0 39 4 70 114 0 0 717,827 717,898 717,879 717,859 717,839 717,819 717,869 717,492 57,750 153.159 169,681 209,684 51,786 75,768 55,168 156,730 167,654 207,754 51,786 78,806 54,759 157,604 167,189 207,747 51,782 78,797 57,692 161,489 158,651 212,802 47,225 80,000 56,852 163,184 157,795 212,794 50,279 76,934 30,647 178,355 170,411 208,269 54,372 75,765 38,235 173,628 167,654 207,757 51,787 78,808 32,235 179,319 165,944 212,789 50,277 76,928 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 28,750 24,250 14,500 18,500 25,250 33,000 28,750 33,750 20 Within 15 days 28,750 0 24,250 0 14,500 0 18,500 0 25,250 0 33,000 0 28,750 0 33,750 0 28,355 23,346 28,355 0 23,346 0 23,474 0 30,783 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 agreements" 31,074 31,074 27,872 0 23 Within 15 days 24 16 days to 90 days NOTE. Components may not sum to totals because of rounding. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 26,726 26,726 0 25,026 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • May 2005 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. Aug. Sept. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 41.41 41.34 39.76 635.32 40.44 40.36 38.43 681.20 42.85 42.80 41.81 719.83 46.64 46.58 44.73 758.26 46.37 46.13 44.67 746.14 45.13 44.88 43.59 747.45 46.33 46.00 44.75 751.65 46.11 45.93 44.39 754.13 46.02 45.84 44.25 758.18 46.64 46.58 44.73 758.26 47.66 47.60 45.92 760.90 45.73 45.69 44.20 764.49 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 41.18 41.11 39.53 639.91 40.13 40.05 38.12 686.23 42.45 42.40 41.41 725.20 46.37 46.31 44.46 764.58 46.50 46.26 44.80 746.54 45.48 45.23 43.94 746.63 46.10 45.76 44.52 750.53 45.27 45.09 43.55 752.78 45.11 44.93 43.34 758.30 46.37 46.31 44.46 764.58 50.31 50.25 48.57 763.73 46.64 46.60 45.11 763.19 41.06 40.99 39.41 648.74 1.65 .07 40.27 40.19 38.26 697.15 2.01 .08 42.94 42.90 41.91 737.62 1.04 .05 46.81 46.75 44.90 774.75 1.91 .06 46.84 46.59 45.13 757.06 1.70 .25 45.87 45.62 44.33 757.18 1.54 .25 46.53 46.20 44.95 760.99 1.58 .34 45.75 45.57 44.03 763.66 1.72 .18 45.65 45.47 43.88 768.80 1.77 .18 46.81 46.75 44.90 774.75 1.91 .06 50.40 50.34 48.66 773.20 1.74 .06 46.70 46.66 45.17 772.47 1.53 .04 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base1' Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the 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 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 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,179.1 5.450.7 8,034.8 1,216.7 5,803.7 8,572.9 1,299.2 6,083.4 8,889.2' 1,367.3' 6,428.4 9,453.4' 1,368.8 6,404.5 9,406.9' 1,367.3' 6,428.4 9,453.4' 1,357.7 6,441.9 9,493.5 1,365.0 6,455.7 9,512.9 581.4 8.0 331.7 258.0 626.4 7.8 302.4 280.2 662.4 7.7 317.6 311.5 697.2 7.6 333.4 329.1 697.2 7.6 332.7 331.3 697.2 7.6 333.4 329.1 699.9 7.5 324.9 325.4 701.9 7.5 333.7 322.0 4.271.6 2,584.2 4.587.0 2,769.2 4.784.2 2,805.8' 5.061.1' 3,025.0' 5.035.7 3,002.4' 5.061.1' 3,025.0' 5.084.1 3,051.7 5.090.7 3,057.2 Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 1,739.9 633.6 686.3 2,061.9 589.9 695.6 2,340.5 536.2 761.8 2,637.9 544.6 906.0 2,617.2 541.7 892.0 2,637.9 544.6 906.0 2,650.0 550.2 958.5 2,657.1 557.3 972.1 Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 574.2 339.1 114.2 719.3 301.9 116.9 834.0 272.7 119.7 892.3 270.7 159.6' 889.9 269.2 154.9' 892.3 270.7 159.6' 895.4 275.2 166.5 889.6 279.9 172.9 984.7 1.196.1 914.0 1.248.5 800.7 1.118.5 715.6 1.068.9 717.7 1.069.0 715.6 1.068.9 713.4 1.057.2 706.8 1.039.5 375.8 211.8 476.8 231.5 508.9 297.0' 508.6' 381.9' 514.9' 371.7' 508.6' 381.9' 480.4 389.1 496.8 375.8 4 5 6 7 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Nontransaction components 8 In M27 9 In M3 onlys Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1.205.1 5,484.5 8,102.3 1.242.6 5,832.8 8,631.6 1.325.9 6,109.8 8,933.2' 1.394.8' 6,451.8 9,483.8' 1.363.9 6,410.5 9,401.9' 1.394.8' 6,451.8 9,483.8' 1.356.2 6,406.6 9,471.0 1.349.0 6,406.8 9,488.0 585.5 7.9 350.4 261.4 630.6 7.7 319.8 284.6 667.0 7.6 335.2 316.1 702.7 7.5 351.1' 333.5' 697.7 7.5 332.3 326.4 702.7 7.5 351.1' 333.5' 697.6 7.5 324.6 326.5 700.9 7.5 324.0 316.7 Nontransaction components 27 In M27 28 In M3 onlys 4.279.3 2,617.9 4.590.2 2,798.8 4.783.9 2,823.3' 5.057.0 3,032.0' 5.046.6 2,991.4' 5.057.0 3,032.0' 5.050.4 3,064.5 5.057.8 3,081.2 Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 1,742.4 634.4 689.6 2,060.9 590.5 697.6 2,337.4 536.7 762.6 2,632.4 545.1 906.0' 2,625.8 542.2' 886.4 2,632.4 545.1 906.0' 2,621.9 550.8 951.0 2,628.4 558.0 962.2 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 575.1 339.6 114.7 718.9 302.3 117.3 832.8 273.0 119.9 890.4 271.0 159.6' 892.9 269.4 153.9 890.4 271.0 159.6' 885.9 275.5 165.2 880.0 280.3 171.2 987.8 1,226.7 917.7 1,278.8 804.0 1,141.6 718.1 1,086.0 716.3 1,072.1 718.1 1,086.0 716.2 1,082.7 711.1 1,062.6 376.5 210.3 476.4 228.8 506.5' 292.8' 504.3' 376.3' 509.5' 369.5' 504.3' 376.3' 475.3 390.2 503.1 382.2 23 24 25 26 Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appear on following page. 14 Federal Reserve Bulletin Statistical Supplement • May 2005 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at: www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 5. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float. 6. Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. 8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and (4) Eurodollars, each seasonally adjusted. 9. Small time deposits are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 11. Large time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. 12. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES A. All commercial banks 15 Assets and Liabilities' Billions of dollars Wednesd ay figures Monthly averages Account Apr. Oct.' Nov.' 2005 2005 2004 2004 Dec' Jan.' Feb.' Mar.' Apr. Apr. 6 Apr. 13 Apr. 20 Apr. 27 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 6.535.3 1,951.3 1,199.8 751.5 4.584.0 887.9' 2.362.3' 318.1 2.044.2' 658.5' 237.6 437.7' 318.0 329.4 579.4 6.705.2 1,912.2 1,147.1 765.1 4.793.0 909.1 2.496.1 383.3 2.112.8 689.6 240.6 457.5 369.4 321.1 630.8 6.743.5 1,917.2 1,143.7 773.4 4.826.4 915.6 2.518.4 393.0 2.125.4 684.2 235.8 472.3 357.8 323.9 645.4 6.769.0 1,926.1 1,147.8 778.3 4.842.9 923.9 2.538.6 398.5 2,140.1 693.0 214.7 472.8 333.0 325.8 650.6 6.837.4 1,957.0 1,177.0 780.0 4.880.4 940.5 2.562.8 405.7 2.157.1 699.4 199.0 478.7 293.5 342.5 654.1 6.941.7 2,004.8 1,210.2 794.6 4.936.9 949.8 2.589.2 407.3 2.181.9 698.6 218.8 480.5 298.7 340.6 660.4 7.024.8 2,026.2 1,209.5 816.7 4.998.7 955.5 2.640.9 415.1 2.225.8 704.4 224.8 473.0 282.0 354.6 680.7 7.047.8 2,015.3 1,185.5 829.9 5.032.4 967.7 2.666.2 419.3 2.246.9 706.0 219.3 473.3 293.0 335.1 670.8 7.037.1 2,011.9 1,184.9 827.0 5.025.2 961.4 2.664.7 418.2 2.246.5 706.0 228.1 465.1 289.2 332.5 663.6 7.028.7 1,999.0 1,173.6 825.5 5.029.7 966.7 2.663.2 418.8 2.244.4 704.0 221.0 474.8 293.1 336.3 683.5 7.055.0 2,024.3 1,192.3 832.1 5.030.7 967.9 2.669.0 418.7 2.250.3 708.0 207.0 478.9 291.8 328.5 677.3 7.059.5 2,017.3 1,189.8 827.5 5.042.1 973.3 2.666.4 420.6 2.245.8 708.4 220.5 473.7 297.2 343.3 662.4 7,689.6 7,955.1 7,999.3 8,007.1 8,057.2 8,171.5 8,272.6 8,277.2 8,253.1 8,272.5 8,282.9 8,292.9 4.983.6 671.5 4.312.1 1,070.9 3,241.2 1 575 2 430.2 1,145.1 94.4 431.3 5.226.6 667.1 4.559.5 1,172.9 3,386.6 1 590 2 440.6 1,149.5 38.2 475.7 5.282.3 668.2 4.614.0 1,179.5 3,434.5 1,579.5 426.2 1,153.2 20.8 493.8 5.311.2 674.6 4.636.6 1,192.1 3,444.5 1,554.2 393.1 1,161.1 40.7 485.0 5.343.9 659.4 4.684.6 1,218.2 3,466.4 1,489.6 353.9 1,135.7 92.8 479.8 5.357.3 671.1 4.686.2 1,219.1 3,467.1 1,529.0 365.5 1,163.5 92.5 485.2 5.410.9 697.8 4.713.1 1,237.9 3,475.2 1,556.8 350.8 1,206.0 104.5 496.4 5.450.3 671.0 4.779.4 1,276.5 3,502.9 1,550.0 360.2 1,189.8 74.1 513.3 5.440.2 632.4 4.807.8 1,271.2 3,536.5 1,526.2 351.4 1,174.8 72.7 506.6 5.467.0 635.7 4.831.3 1,287.3 3,544.0 1,539.9 354.5 1,185.4 47.6 530.9 5.459.9 690.0 4.769.9 1,274.9 3,495.0 1,537.6 364.4 1,173.2 85.9 527.5 5,435.3 722.0 4.713.3 1,273.4 3,440.0 1,575.8 365.8 1,210.0 93.4 496.1 7,084.5 7,330.6 7,376.3 7,391.0 7,406.2 7,464.0 7,568.6 7,587.7 7,545.6 7,585.4 7,610.8 7,600.6 605.1 624.4 623.0 616.1 651.0 707.5 704.1 689.5 707.5 687.1 672.1 692.2 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. A21. 6,517.7 1,948.2 1.203.2 744.9 4.569.5 892.2' 2.351.0' 317.0 2.033.9' 650.7' 255.1' 395.6' 239.9 435.7' 327.7 324.8 577.8 6,716.9 1,910.0 1.142.3 767.8 4.806.9 907.8 2.504.3 384.3 2.120.0 692.1 296.0 396.1 242.7 460.1 363.5 326.6 633.8 6,778.5 1,925.8 1.151.5 774.4 4.852.7 915.5 2.534.9 393.0 2.141.9 688.7 294.1 394.6 241.0 472.6 361.6 334.0 647.8 6,812.1 1,933.9 1.151.4 782.5 4.878.2 924.2 2.547.5 397.4 2.150.1 704.7 311.1 393.6 224.8 477.1 337.0 344.8 652.0 6,847.7 1,959.5 1.172.4 787.1 4.888.2 936.3 2.561.9 403.9 2.158.1 712.8 317.9 394.8 201.1 476.1 289.6 352.2 654.8 6,927.1 2,001.5 1.205.5 796.0 4.925.6 949.5 2.583.9 407.5 2.176.3 703.6 307.0 396.6 216.8 471.8 293.8 337.6 655.4 6,990.6 2,016.8 1.204.8 812.1 4.973.8 958.5 2.625.3 412.1 2.213.2 698.0 303.2 394.8 223.7 468.3 285.6 341.2 675.9 7,026.8 2,011.3 1.188.6 822.7 5.015.6 972.5 2.653.9 417.9 2.235.9 697.5 304.2 393.3 220.7 471.0 301.4 330.4 669.0 6,994.3 2,004.9 1.186.5 818.4 4.989.4 964.7 2.647.3 414.1 2.233.3 694.7 301.6 393.1 217.1 465.5 304.0 322.5 667.3 7,001.0 1,992.6 1.174.4 818.2 5.008.4 969.3 2.649.0 415.7 2.233.3 693.8 300.4 393.4 225.0 471.3 307.0 333.1 680.9 7,044.4 2,019.7 1.194.6 825.1 5.024.7 974.8 2.656.4 418.1 2.238.3 700.4 307.0 393.4 216.0 477.0 300.4 326.6 673.4 7,044.7 2,015.2 1.195.3 819.9 5.029.6 977.9 2.656.8 421.4 2.235.4 702.4 308.5 394.0 223.3 469.1 295.3 337.2 656.5 7,675.6 7,970.0 8,050.6 8,074.6 8,073.9 8,143.7 8,223.6 8,258.3 8,218.9 8,253.0 8,275.3 8,264.5 5.000.9 678.6 4.322.3 1,076.8 3,245.6 1,582.3 435.2 1,147.1 77.2 414.7 5.220.8 665.9 4.554.9 1,157.2 3,397.7 1,587.8 440.8 1,147.0 43.6 482.2 5.293.1 674.1 4.619.1 1,169.9 3,449.2 1,572.4 423.6 1,148.8 30.1 506.4 5.340.1 711.8 4.628.3 1,189.9 3,438.4 1,540.7 391.5 1,149.3 48.2 494.8 5.345.0 671.9 4.673.2 1,228.8 3,444.3 1,486.3 351.0 1,135.3 97.9 485.4 5.359.7 663.0 4.696.8 1,229.8 3,467.0 1,527.1 363.0 1,164.1 97.3 491.6 5.404.1 688.5 4.715.5 1,241.2 3.474.4 1,544.7 352.0 1,192.7 97.6 488.0 5.469.0 677.7 4.791.4 1,282.8 3,508.5 1,556.6 364.7 1,191.9 57.1 491.9 5.484.4 635.6 4.848.8 1,274.8 3,574.0 1,513.4 354.9 1,158.5 52.9 482.8 5.513.8 650.7 4.863.0 1,291.3 3,571.7 1,530.1 357.6 1,172.5 24.6 499.8 5.476.8 702.9 4.773.9 1,280.9 3,492.9 1,550.7 370.3 1,180.5 65.3 502.1 5.411.2 720.5 4.690.7 1,283.3 3,407.4 1,599.0 370.7 1,228.2 85.1 485.9 7,075.1 7,334.4 7,402.1 7,423.8 7,414.6 7,475.7 7,534.5 7,574.6 7,533.5 7,568.3 7,595.0 7,581.1 600.5 635.6 648.5 650.8 659.3 668.0 689.1 683.8 685.3 684.7 680.3 683.4 16 Federal Reserve Bulletin Statistical Supplement • May 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Apr. Oct.' Nov. 2005 2005 2004 2004 Dec' Jan.' Feb.' Mar.' Apr. Apr. 6 Apr. 13 Apr. 20 Apr. 27 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 5,893.2 1,687.7 1,104.4 583.3 4,205.5 758.0 2,343.7 318.1 2,025.6 658.5' 96.6 348.7' 286.0 271.5 546.1 6,048.6 1,644.2 1,054.6 589.6 4,404.4 774.8 2,478.6 383.3 2,095.3 689.6 94.7 366.7 325.8 260.0 594.5 6,068.5' 1,640.1 1,053.5 586.6 4,428.4' 780.4' 2,500.3' 393.0 2,107.3' 684.2' 88.6 374.9' 305.0 261.1 609.4 6,134.8 1,660.6 1,064.5 596.1 4,474.2 785.9 2,520.2 398.5 2,121.8 693.0 97.7 377.4 280.4 264.9 612.8 6,200.7 1,679.6 1,091.7 587.9 4,521.1 798.4 2,544.7 405.7 2,139.0 699.4 98.7 379.8 245.1 278.6 623.7 6,281.7 1,718.4 1,115.8 602.6 4,563.3 806.3 2,571.5 407.3 2,164.2 698.6 107.4 379.6 253.7 279.0 630.3 6,355.8 1,735.0 1,117.5 617.5 4,620.8 812.7 2,623.3 415.1 2,208.2 704.4 107.4 373.0 235.1 294.0 648.6 6,376.0 1,727.4 1,101.3 626.2 4,648.6 819.5 2,648.4 419.3 2,229.1 706.0 103.8 370.9 243.6 276.5 636.7 6,359.6 1,723.0 1,100.6 622.4 4,636.6 816.1 2,646.7 418.2 2,228.6 706.0 105.4 362.5 243.5 274.5 628.2 6,356.6 1,712.3 1,088.0 624.3 4,644.2 819.8 2,645.3 418.8 2,226.5 704.0 103.7 371.6 244.6 277.5 650.9 6,389.6 1,736.7 1,106.7 630.0 4,652.8 819.3 2,651.1 418.7 2,232.5 708.0 98.8 375.6 247.3 270.5 640.5 6,392.6 1,732.3 1,107.0 625.3 4,660.2 821.8 2,648.6 420.6 2,228.0 708.4 108.3 373.1 241.0 284.1 630.0 6,924.6 7,157.9 7,173. l r 7,222.1 7,278.2 7,375.1 7,464.5 7,463.8 7,436.9 7,460.7 7,478.6 7,478.6 4,501.3 659.9 3,841.4 602.6 3,238.8 1 225 8 385.1 840.8 264.8 329.9 4,680.9 655.0 4,025.9 653.6 3,372.3 1 254 9 394.7 860.3 203.1 387.0 4,739.9 656.5 4,083.4 658.3' 3,425.1' 1,218.3 374.9 843.4 190.3 395.2 4,770.7 662.4 4,108.3 667.9 3,440.4 1,220.5 342.2 878.3 216.0 393.3 4,795.2 647.5 4,147.7 684.5 3,463.1 1,185.9 315.6 870.3 264.1 390.1 4,823.8 658.9 4,164.9 703.4 3,461.5 1,212.2 323.4 888.8 247.6 391.3 4,873.8 685.2 4,188.5 715.1 3,473.4 1,234.7 309.1 925.6 252.0 406.6 4,888.9 659.3 4,229.6 728.4 3,501.1 1,228.3 318.1 910.2 242.6 421.2 4,881.0 620.2 4,260.8 726.1 3,534.8 1,206.6 305.7 900.9 236.6 414.9 4,897.6 624.3 4,273.3 731.0 3,542.2 1,212.2 309.7 902.5 229.5 437.4 4,899.3 678.3 4,221.0 727.8 3,493.3 1,221.1 319.6 901.5 252.1 434.1 4,874.0 710.8 4,163.2 725.0 3,438.2 1,265.1 331.5 933.6 256.2 404.1 6,321.9 6,526.0 6,543.7 6,600.5 6,635.2 6,674.9 6,767.0 6,780.9 6,739.1 6,776.8 6,806.5 6,799.4 602.7 632.0 629.4' 621.6 642.9 700.2 697.5 682.8 697.8 684.0 672.0 679.2 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. A21. 5,869.9 1,684.5 1,107.8 576.7 4,185.3 761.4 2,332.4 317.0 2,015.4 n.a. n.a. 650.7' 255.1' 395.6' 95.1 345.7' 295.7 267.4 545.8 6,063.8 1,642.0 1,049.7 592.2 4,421.8 775.1 2,486.8 384.3 2,102.5 1,073.6 1,028.9 692.1 296.0 396.1 98.0 369.8 319.9 264.3 598.7 6,102.0' 1,648.8' 1,061.2 587.5 4,453.2' 780.9' 2,516.7' 393.0 2,123.7' 1,084.0' 1,039.7' 688.7' 294.1' 394.6' 89.7 377.2' 308.8 271.2 612.5 6,172.2 1,668.4 1,068.1 600.3 4,503.7 785.2 2,529.2 397.4 2,131.7 1,084.8 1,046.9 704.7 311.1 393.6 101.9 382.7 284.5 281.7 613.7 6,208.5 1,682.1 1,087.1 595.0 4,526.4 793.6 2,543.9 403.9 2,140.0 1,084.2 1,055.8 712.8 317.9 394.8 97.8 378.4 241.2 288.7 622.4 6,265.4 1,715.0 1,111.1 604.0 4,550.3 804.3 2,566.2 407.5 2,158.6 1,094.0 1,064.7 703.6 307.0 396.6 103.3 373.0 248.7 276.9 623.6 6,318.5 1,725.7 1,112.8 612.9 4,592.8 813.7 2,607.7 412.1 2,195.6 1,117.7 1,077.9 698.0 303.2 394.8 104.9 368.6 238.7 282.6 643.9 6,349.8 1,723.4 1,104.4 619.0 4,626.4 823.2 2,636.0 417.9 2,218.1 1,129.7 1,088.4 697.5 304.2 393.3 102.1 367.5 252.0 272.3 636.3 6,320.4 1,716.0 1,102.2 613.8 4,604.4 817.9 2,629.4 414.1 2,215.3 1,135.1 1,080.2 694.7 301.6 393.1 100.0 362.4 258.3 265.8 633.0 6,323.1 1,705.9 1,088.9 617.0 4,617.3 821.4 2,631.1 415.7 2,215.4 1,131.4 1,084.0 693.8 300.4 393.4 103.8 367.1 258.5 274.8 649.9 6,367.6 1,732.1 1,109.1 623.1 4,635.4 824.7 2,638.6 418.1 2,220.4 1,131.4 1,089.1 700.4 307.0 393.4 99.8 371.9 255.9 268.7 638.5 6,370.4 1,730.1 1,112.5 617.7 4,640.2 825.9 2,639.1 421.4 2,217.6 1,122.4 1,095.3 702.4 308.5 394.0 105.6 367.3 239.2 278.3 625.4 6,906.7 7,176.1 7,223.5 7,281.2 7,290.9 7,344.7 7,414.3 7,441.5 7,408.7 7,437.7 7,461.6 7,444.4 4,509.0 667.2 3,841.8 598.6 3,243.2 1,232.9 390.1 842.8 249.8 315.3 4,693.1 653.7 4,039.3 655.4 3,383.9 1,252.5 394.8 857.7 206.0 391.8 4,763.9 662.4 4,101.5 661.5' 3,440.0' 1,211.2 372.3 839.0 197.0 405.8 4,802.7 699.2 4,103.6 669.3 3,434.2 1,207.1 340.6 866.6 222.1 402.2 4,789.1 659.6 4,129.5 688.4 3,441.0 1,182.6 312.7 870.0 268.3 395.1 4,819.2 650.7 4,168.5 707.1 3,461.4 1,210.3 320.9 889.4 252.9 398.0 4,861.6 676.4 4,185.2 712.6 3,472.6 1,222.6 310.3 912.3 245.9 398.7 4,896.3 666.3 4,230.0 723.3 3,506.7 1,234.9 322.6 912.3 228.3 401.6 4,918.8 623.7 4,295.1 722.9 3,572.2 1,193.8 309.1 884.7 220.6 393.7 4,935.4 639.6 4,295.8 725.9 3,569.9 1,202.4 312.9 889.6 209.9 408.8 4,904.4 691.5 4,212.9 721.7 3,491.2 1,234.2 325.5 908.8 235.1 411.1 4,833.9 709.4 4,124.5 718.8 3,405.7 1,288.3 336.4 951.9 248.3 394.1 6,307.0 6,543.3 6,578.0 6,634.1 6,635.2 6,680.3 6,728.8 6,761.1 6,727.0 6,756.5 6,784.8 6,764.5 599.7 632.8 645.6' 647.0 655.7 664.4 685.5 680.4 681.8 681.2 676.8 679.9 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Apr.' Oct.' Nov.' 2005 2005 2004 2004 Dec' Jan.' Feb.' Mar.' Apr. Apr. 6 Apr. 13 Apr. 20 Apr. 27 Seasonall { adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 State and local government 25 Agricultural 26 Federal funds sold to and repurchase agreements with others 27 All other loans 28 Lease-financing receivables 29 Interbank loans 30 Federal funds sold to and repurchase agreements with commercial banks 31 Other 32 Cash assets56 33 Other assets 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 45 Total liabilities 46 Residual (assets less liabilities)5 Footnotes appear on p. A21. 3,295.2 972.2 605.6 45.3 560.2 452.7 107.5 366.6 181.5 185.1 33.8 151.2 2,323.0 452.4 1,166.7 221.2 945.4 595.4 350.1 364.2 89.4 3,373.0 939.8 562.0 41.3 520.7 415.1 105.6 377.8 210.7 167.1 33.6 133.6 2,433.2 456.5 1,238.8 269.0 969.8 609.0 360.9 386.6 87.2 3,374.8 929.1 559.7 45.9 513.8 408.9 104.8 369.5 202.1 167.3 33.5 133.9 2,445.6 458.7 1,251.8 276.1 975.7 611.6 364.1 382.1 80.7 3,424.5 950.3 573.8 35.3 538.5 435.3 103.3 376.5 211.0 165.6 33.0 132.6 2,474.2 462.3 1,263.7 281.2 982.5 616.9 365.6 383.4 90.0 3,478.8 965.4 597.7 34.3 563.5 458.7 104.8 367.7 201.1 166.6 33.2 133.4 2,513.4 470.5 1,288.0 286.8 1,001.2 632.3 368.9 387.8 90.9 3,531.7 1,003.7 623.1 51.6 571.5 465.9 105.6 380.6 203.3 177.4 34.3 143.1 2,527.9 476.8 1,286.4 287.9 998.5 626.2 372.3 388.9 99.7 3,556.9 1,023.2 631.1 52.4 578.7 470.8 107.9 392.1 204.9 187.2 35.2 152.0 2,533.7 479.6 1,296.8 292.8 1,003.9 630.8 373.1 387.6 99.9 3,546.0 1,009.3 609.5 48.1 561.4 462.7 98.8 399.8 207.9 191.8 36.1 155.7 2,536.7 483.1 1,304.0 294.4 1,009.7 635.6 374.1 385.8 96.4 3,542.1 1,007.4 611.0 45.7 565.2 466.0 99.2 396.4 205.9 190.5 35.8 154.8 2,534.7 481.1 1,308.5 294.5 1,013.9 641.8 372.1 386.7 98.3 3,538.3 995.6 597.6 42.1 555.5 456.6 98.9 398.0 206.8 191.1 35.9 155.2 2,542.8 485.4 1,306.4 294.8 1,011.6 638.8 372.8 386.1 96.4 3,559.3 1,018.3 615.6 50.3 565.3 468.0 97.3 402.7 211.9 190.8 36.0 154.8 2,541.0 482.6 1,307.9 294.9 1,013.1 638.8 374.2 387.4 91.3 3,551.7 1,013.3 614.2 52.9 561.4 462.2 99.2 399.1 207.1 192.0 36.5 155.5 2,538.4 483.6 1,299.1 293.6 1,005.5 629.0 376.5 386.3 100.7 67.1 22.3 15.0 9.4 67.7 19.5 16.2 9.5 59.9 20.9 16.3 9.6 69.5 20.5 16.6 9.6 69.1 21.8 16.6 9.4 77.9 21.8 16.4 9.3 77.3 22.6 16.5 9.2 81.4 15.0 16.6 9.2 83.2 15.1 16.6 9.2 82.1 14.3 16.6 9.2 76.6 14.7 16.6 9.1 85.1 15.7 16.7 9.2 21.1 103.5 101.4 209.6 24.7 120.2 93.5 246.3 27.2 125.2 94.0 219.0 27.1 125.8 95.8 198.1 27.3 127.0 95.7 163.3 27.1 127.7 95.6 170.9 27.9 121.6 94.7 156.8 22.0 125.7 93.9 170.6 18.3 122.1 94.0 172.4 23.0 125.9 93.9 173.3 22.3 129.1 94.7 174.1 24.1 124.9 93.7 166.3 99.4 110.3 155.7 402.7 123.1 123.3 143.3 424.3 122.2 96.8 144.8 438.8 124.2 73.9 149.8 444.7 103.8 59.5 158.1 446.3 105.9 65.0 155.9 449.8 91.7 65.1 170.0 462.1 107.0 63.7 156.1 452.7 108.5 63.9 153.0 441.3 111.4 61.9 155.3 463.5 109.2 64.8 151.6 456.3 103.3 63.0 163.6 452.5 4,023.4 4,148.4 4,139.2 4,179.6 4,209.9 4,272.2 4,310.7 4,290.7 4,274.0 4,295.7 4,306.4 4,299.5 2,314.9 320.0 1,994.9 270.1 1,724.8 752.9 192.1 560.8 241.3 258.9 2,388.5 316.1 2,072.4 303.4 1,769.0 773.2 217.8 555.4 193.2 314.9 2,431.1 320.3 2,110.7 305.0 1,805.7 734.9 195.3 539.6 183.0 320.6 2,447.6 324.5 2,123.1 313.6 1,809.6 742.7 173.9 568.8 207.3 318.1 2,450.8 313.2 2,137.6 322.9 1,814.8 716.1 161.8 554.4 252.5 313.7 2,457.6 319.9 2,137.7 335.4 1,802.3 733.3 165.5 567.8 238.9 316.2 2,486.0 332.7 2,153.3 339.4 1,814.0 757.2 152.8 604.4 246.2 328.7 2,488.5 310.6 2,177.9 346.7 1,831.2 748.2 162.1 586.1 237.1 344.9 2,489.9 289.0 2,201.0 345.8 1,855.1 740.9 153.3 587.6 230.1 337.9 2,498.7 291.0 2,207.7 349.4 1,858.3 743.0 156.9 586.1 225.7 360.8 2,498.9 327.5 2,171.3 347.9 1,823.5 736.3 162.7 573.6 247.7 357.8 2,467.5 341.9 2,125.6 341.2 1,784.5 772.1 172.4 599.6 249.7 329.2 3,568.0 3,669.8 3,669.7 3,715.7 3,733.1 3,746.1 3,818.1 3,818.7 3,798.9 3,828.2 3,840.6 3,818.5 455.4 478.6 469.5 463.9 476.7 526.1 492.6 472.0 475.2 467.5 465.7 480.9 18 Federal Reserve Bulletin Statistical Supplement • May 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ay figures Monthly averages Account Apr.' Oct.' Nov.' 2005 2005 2004 2004 Dec' Jan.' Feb.' Mar.' Apr. Apr. 6 Apr. 13 Apr. 20 Apr. 27 Not seasona lly adjusted Assets 47 Bank credit 48 Securities in bank credit 49 Treasury and Agency securities2 . 50 Trading account 51 Investment account 52 Mortgage-backed 53 Other 54 Other securities 55 Trading account 56 Investment account 57 State and local government . 58 Other 59 Loans and leases in bank credit3 . . . 60 Commercial and industrial 61 Real estate 62 Revolving home equity 63 Other 64 Other residential 65 Commercial 66 Consumer 67 Credit cards and related plans . 68 Other 69 Security4 70 Federal funds sold to and repurchase agreements with broker-dealers 71 Other 72 State and local government 73 Agricultural 74 Federal funds sold to and repurchase agreements with others 75 All other loans 76 Lease-financing receivables 77 Interbank loans 78 Federal funds sold to and repurchase agreements with commercial banks 79 Other 80 Cash assets5 81 Other assets8 82 Total assets7 83 84 85 86 87 88 89 90 91 92 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 93 Total liabilities 94 Residual (assets less liabilities)5 Footnotes appear on p. A21. 3.281.2 965.3 605.3 45.6 559.7 451.5 108.2 360.0 178.3 181.7 33.2 148.5 2,315.9 454.4 1,164.0 220.5 943.6 594.2 349.4 361.0 113.5 247.5 88.0 3,379.5 938.8 558.3 40.5 517.8 414.2 103.6 380.4 212.1 168.3 33.8 134.5 2,440.7 457.6 1,239.6 269.3 970.3 609.3 361.0 387.0 145.4 241.6 90.5 3,393.6 939.3 568.9 46.3 522.5 416.6 105.9 370.4 202.7 167.8 33.6 134.2 2,454.3 460.4 1,255.4 276.3 979.2 613.8 365.4 382.7 142.7 240.0 81.7 3,443.9 955.3 574.5 35.3 539.2 436.0 103.3 380.8 213.3 167.5 33.4 134.1 2,488.6 461.5 1,265.5 280.5 985.0 618.4 366.5 387.6 149.0 238.6 94.2 3,483.2 968.8 594.0 34.1 559.9 455.7 104.2 374.8 205.0 169.8 33.8 136.0 2,514.4 466.4 1,286.3 285.4 1,001.0 632.2 368.8 394.7 156.6 238.1 90.2 3,516.7 1,000.6 618.5 51.9 566.6 460.3 106.3 382.0 204.0 178.0 34.4 143.6 2,516.2 474.9 1,281.8 288.4 993.3 623.0 370.4 392.0 152.1 239.9 95.6 3,524.7 1,006.7 619.2 51.9 567.3 460.4 106.9 387.5 202.5 185.0 34.8 150.1 2,518.1 480.0 1,288.5 290.4 998.1 627.2 370.9 385.4 145.5 239.9 97.2 3,530.4 1,001.7 609.1 48.4 560.7 461.4 99.4 392.6 204.2 188.4 35.4 152.9 2,528.7 485.3 1,301.0 293.4 1,007.6 634.3 373.3 382.5 145.1 237.4 94.8 3,514.7 994.6 606.8 46.0 560.8 461.1 99.7 387.8 201.4 186.4 35.0 151.4 2,520.1 482.8 1,302.0 291.3 1,010.6 639.7 370.9 382.3 144.3 238.0 92.4 3,515.5 984.1 593.5 42.3 551.1 451.7 99.4 390.6 203.0 187.6 35.3 152.4 2,531.4 486.1 1,302.1 292.4 1,009.7 637.6 372.1 382.1 144.1 238.0 96.1 3,546.9 1,010.3 614.5 50.6 563.9 466.0 97.9 395.7 208.2 187.5 35.4 152.1 2,536.6 485.9 1,304.7 294.6 1,010.1 637.0 373.1 384.3 146.3 238.0 92.4 3,539.9 1,008.9 617.4 53.2 564.2 464.4 99.8 391.5 203.1 188.3 35.8 152.5 2,530.9 485.4 1,298.0 294.3 1,003.7 627.9 375.8 383.9 147.0 236.8 98.6 66.0 21.9 15.0 9.3 70.2 20.2 16.2 9.5 60.6 21.1 16.3 9.6 72.7 21.4 16.6 9.7 68.5 21.7 16.6 9.5 74.7 20.9 16.4 9.2 75.2 22.0 16.5 9.1 80.0 14.7 16.6 9.1 78.2 14.2 16.6 9.0 81.9 14.2 16.6 9.0 77.6 14.9 16.6 9.0 83.3 15.3 16.7 9.1 21.1 101.9 101.3 215.5 24.7 121.6 94.0 239.5 27.2 126.6 94.3 221.3 27.1 130.7 95.7 202.3 27.3 127.3 96.1 162.8 27.1 124.0 95.3 165.8 27.9 119.0 94.5 156.3 22.0 123.7 93.8 175.4 18.3 122.7 94.0 176.1 23.0 122.5 93.8 177.8 22.3 127.0 94.5 180.2 24.1 121.7 93.5 170.1 102.1 113.3 154.6 402.4 119.7 119.8 146.1 428.4 123.4 97.8 150.8 441.9 127.0 75.4 162.0 445.6 103.5 59.3 167.0 445.0 102.7 63.1 155.9 443.1 91.5 64.8 163.7 457.3 110.0 65.5 154.9 452.4 110.8 65.2 147.5 446.0 114.3 63.5 154.7 462.4 113.1 67.1 153.6 454.2 105.6 64.5 162.2 447.9 4,014.1 4,155.6 4,169.5 4,216.2 4,221.4 4,245.1 4,266.6 4,278.5 4,249.6 4,275.9 4,300.2 4,285.6 2,318.6 326.5 1,992.1 266.1 1,726.0 760.0 197.2 562.8 226.4 244.3 2,398.5 313.5 2,085.0 305.3 1,779.7 770.8 217.9 552.9 196.1 319.6 2,443.8 323.1 2,120.8 308.3 1,812.5 727.9 192.8 535.1 189.6 331.3 2,466.6 348.4 2,118.2 315.0 1,803.2 729.3 172.2 557.1 213.4 327.0 2,449.8 321.6 2,128.3 326.8 1,801.5 712.9 158.8 554.1 256.7 318.8 2,463.2 316.2 2,147.0 339.1 1,807.9 731.4 163.0 568.4 244.2 322.9 2,475.6 328.0 2,147.5 336.9 1,810.6 745.2 154.0 591.1 240.0 320.7 2,491.7 316.8 2,174.9 341.6 1,833.2 754.7 166.6 588.2 222.8 325.4 2,506.9 290.7 2,216.1 342.7 1,873.5 728.1 156.8 571.3 214.2 316.7 2,518.8 301.1 2,217.7 344.3 1,873.4 733.2 160.0 573.2 206.0 332.2 2,502.9 338.8 2,164.0 341.8 1,822.2 749.4 168.6 580.9 230.7 334.8 2,444.8 345.4 2,099.4 335.0 1,764.4 795.2 177.3 617.9 241.8 319.2 3,549.2 3,685.0 3,692.6 3,736.2 3,738.2 3,761.7 3,781.5 3,794.6 3,765.8 3,790.2 3,817.8 3,801.0 464.9 470.6 476.8 479.9 483.2 483.4 485.1 483.9 483.8 485.7 482.4 484.6 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Apr.' Oct.' Nov.' 2005 2005 2004 2004 Dec' Jan.' Feb.' Mar.' Apr. Apr. 6 Apr. 13 Apr. 20 Apr. 27 2,831.3 719.5 493.1 226.4 2,111.8 336.4 1,344.4 124.9 1,219.5 320.1 2,820.6 718.7 492.7 225.9 2,101.9 334.9 1,338.3 123.7 1,214.6 319.2 2,820.7 719.3 492.9 226.4 2,101.5 334.4 1,338.9 124.0 1,214.9 317.9 2,831.5 719.6 492.3 227.3 2,111.9 336.7 1,343.2 123.8 1,219.4 320.6 2,840.9 719.1 492.9 226.2 2,121.9 338.2 1,349.5 127.0 1,222.5 322.1 Seasonall { adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 2,599.5 717.0 500.3 216.7 1,882.5 305.6 1,177.0 96.9 1,080.2 294.4 2,675.8 704.6 492.8 211.8 1,971.2 318.3 1,239.8 114.3 1,125.4 303.0 2,692.0 709.2 492.1 217.1 1,982.8 321.6 1,248.5 116.9 1,131.6 302.2 2,709.2 709.2 489.6 219.6 2,000.0 323.6 1,256.6 117.3 1,139.3 309.5 2,720.9 713.2 493.0 220.2 2,007.7 327.9 1,256.8 119.0 1,137.8 311.6 2,752.0 716.6 494.6 221.9 2,035.4 329.4 1,285.1 119.4 1,165.7 309.7 2,804.7 717.6 492.1 225.5 2,087.1 333.2 1,326.6 122.3 1,204.3 316.9 7.1 7.6 7.9 7.7 7.8 7.7 7.4 7.4 7.1 7.3 7.5 7.6 98.3 76.4 115.8 143.5 102.6 79.5 116.7 170.2 102.6 86.0 116.4 170.6 102.5 82.4 115.1 168.1 103.7 81.8 120.5 177.4 103.5 82.8 123.1 180.5 103.1 78.3 124.1 186.6 103.5 72.9 120.5 184.0 102.4 71.1 121.5 187.0 103.0 71.2 122.2 187.5 103.9 73.2 118.9 184.3 104.5 74.8 120.5 177.5 2,902.7 3,009.7 3,032.2 3,041.5 3,067.3 3,104.9 3,159.7 3,174.4 3,166.0 3,167.6 3,173.4 3,179.2 2,186.5 340.0 1,846.5 332.5 1,514.0 472.9 192.9 280.0 23.5 71.0 2,292.5 339.0 1,953.5 350.2 1,603.3 481.7 176.9 304.8 2,308.8 336.1 1,972.7 353.3 1,619.4 483.3 179.5 303.8 2,323.1 337.9 1,985.2 354.4 1,630.8 477.8 168.4 309.5 2,366.1 339.0 2,027.2 368.0 1,659.1 478.9 157.9 321.0 2,387.8 352.6 2,035.2 375.7 1,659.5 477.4 156.3 321.2 2,400.4 348.7 2,051.6 381.7 1,669.9 480.2 156.0 324.2 2,391.1 331.2 2,059.9 380.2 1,679.7 465.7 152.3 313.4 2,398.9 333.3 2,065.5 381.6 1,684.0 469.3 152.9 316.4 2,400.4 350.7 2,049.7 379.9 1,669.8 484.8 156.9 327.9 2,406.4 368.8 2,037.6 383.8 1,653.8 493.1 159.0 334.0 9.9 7.3 8.7 8.7 5.8 5.5 6.4 3.9 4.4 6.5 72.1 74.6 75.2 2,344.3 334.3 2,010.0 361.6 1,648.4 469.8 153.9 315.9 11.6 76.4 75.1 78.0 76.2 77.0 76.6 76.3 74.9 2,753.8 2,856.2 2,874.0 2,884.8 2,902.1 2,928.8 2,949.0 2,962.2 2,940.2 2,948.6 2,965.9 2,980.9 148.8 153.5 158.1 156.6 165.3 176.1 210.7 212.2 225.7 219.0 207.5 198.4 2,819.4 721.7 495.3 226.4 2,097.7 337.9 1,335.1 124.6 1,210.5 495.4 715.1 315.1 159.1 156.0 2,805.7 721.4 495.4 225.9 2,084.3 335.1 1,327.5 122.7 1,204.7 495.4 709.3 312.4 157.2 155.2 2,807.6 721.8 495.4 226.4 2,085.9 335.3 1,329.0 123.4 1,205.6 493.8 711.9 311.7 156.3 155.4 2,820.7 721.9 494.5 227.3 2,098.8 338.8 1,333.9 123.6 1,210.4 494.4 715.9 316.1 160.7 155.4 2,830.5 721.2 495.0 226.2 2,109.3 340.4 1,341.1 127.2 1,213.9 494.4 719.4 318.6 161.4 157.1 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets6 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. A21. 2,588.6 719.3 502.5 216.7 1,869.4 307.0 1,168.4 96.6 1,071.8 n.a. n.a. 289.7 141.6 148.0 2,684.3 703.2 491.4 211.8 1,981.1 317.6 1,247.1 115.0 1,132.1 464.3 667.9 305.1 150.6 154.6 2,708.4 709.5 492.3 217.1 1,998.9 320.5 1,261.3 116.8 1,144.5 470.2 674.3 306.0 151.4 154.6 2,728.3 713.2 493.6 219.6 2,015.1 323.7 1,263.7 116.9 1,146.8 466.4 680.4 317.1 162.1 155.0 2,725.3 713.3 493.1 220.2 2,012.0 327.2 1,257.5 118.5 1,139.0 452.0 687.0 318.1 161.4 156.7 2,748.6 714.5 492.5 221.9 2,034.2 329.4 1,284.4 119.1 1,165.3 471.0 694.3 311.6 155.0 156.7 2,793.8 719.0 493.5 225.5 2,074.8 333.8 1,319.2 121.7 1,197.6 490.6 707.0 312.6 157.6 154.9 7.2 7.5 8.0 7.7 7.5 7.7 7.6 7.4 7.6 7.7 7.4 7.0 97.2 80.2 112.7 143.5 103.7 80.4 118.2 170.2 103.2 87.5 120.4 170.6 102.9 82.2 119.7 168.1 101.6 78.4 121.7 177.4 101.1 83.0 121.0 180.5 101.5 82.5 119.0 186.6 102.3 76.6 117.4 184.0 101.8 82.2 118.3 187.0 102.2 80.7 120.1 187.5 102.6 75.7 115.1 184.3 102.2 69.1 116.1 177.5 2,892.6 3,020.6 3,054.1 3,065.0 3,069.5 3,099.6 3,147.7 3,163.0 3,159.1 3,161.8 3,161.4 3,158.8 2,190.4 340.7 1,849.7 332.5 1,517.2 472.9 192.9 280.0 23.5 71.0 2,294.6 340.3 1,954.3 350.2 1,604.1 481.7 176.9 304.8 2,320.1 339.3 1,980.8 353.3 1,627.5 483.3 179.5 303.8 2,336.2 350.8 1,985.4 354.4 1,631.0 477.8 168.4 309.5 2,356.0 334.5 2,021.5 368.0 1,653.4 478.9 157.9 321.0 2,386.0 348.3 2,037.7 375.7 1,662.0 477.4 156.3 321.2 2,404.6 349.5 2,055.2 381.7 1,673.5 480.2 156.0 324.2 2,412.0 333.0 2,079.0 380.2 1,698.7 465.7 152.3 313.4 2,416.6 338.5 2,078.1 381.6 1,696.5 469.3 152.9 316.4 2,401.5 352.7 2,048.9 379.9 1,669.0 484.8 156.9 327.9 2,389.1 364.0 2,025.1 383.8 1,641.3 493.1 159.0 334.0 9.9 7.3 8.7 8.7 5.8 5.5 6.4 3.9 4.4 6.5 72.1 74.6 75.2 2,339.3 338.1 2,001.2 361.6 1,639.6 469.8 153.9 315.9 11.6 76.4 75.1 78.0 76.2 77.0 76.6 76.3 74.9 2,757.8 2,858.3 2,885.3 2,897.9 2,897.0 2,918.7 2,947.3 2,966.5 2,961.1 2,966.3 2,967.0 2,963.6 134.8 162.3 168.8 167.1 172.5 181.0 200.5 196.5 198.0 195.5 194.3 195.2 20 Federal Reserve Bulletin Statistical Supplement • May 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Apr. Oct. Nov. 2005 2005 2004 2004 Dec. Jan.' Feb. Mar.' Apr. Apr. 6 Apr. 13 Apr. 20 Apr. 27 Seasonall) adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)5 642.2r 263.6 95.4 168.2 378.5 129.9' 18.6' 141.0 89.0 32.1 57.9 33.3 656.6 268.0 92.5 175.5 388.5 134.3' 17.5' 145.9 90.8 43.6 61.1 36.2 675.0' 277.1' 90.3 186.8' 398.0 135.2' 18.1' 147.2 97.4 52.8 62.8 36.0 634.2' 265.5' 83.3 182.2' 368.7' 138.0' 18.3' 117.1 95.4 52.5 60.9 37.8' 636.7 277.4 85.3 192.1 359.3 142.0 18.1 100.3 98.9 48.4 63.9 30.4 660.0' 286.4' 94.4 192.0' 373.6' 143.6' 17.7' 111.5 100.9 45.0 61.6 30.1' 669.0 291.1 92.0 199.1 377.8 142.8 17.6 117.4 100.1 46.9 60.6 32.1 671.8 287.9 84.2 203.7 383.9 148.2 17.8 115.5 102.3 49.5 58.6 34.0 677.5 288.9 84.3 204.6 388.6 145.4 17.9 122.7 102.6 45.7 58.0 35.4 672.2 286.7 85.6 201.1 385.4 146.9 17.9 117.4 103.2 48.5 58.8 32.6 665.5 287.6 85.5 202.1 377.9 148.5 17.8 108.2 103.3 44.5 58.0 36.8 666.9 285.0 82.8 202.2 381.9 151.5 17.7 112.2 100.5 56.2 59.3 32.3 765.0 797.1' 826.2r 785.0' 779.1 796.4' 808.1 813.4 816.2 811.7 804.4 814.3 482.3 11.6 470.6 349.4 45.1 304.3 -170.4 101.4 545.7 12.1 533.6 335.2 46.0 289.3 -164.9 88.7 542.4 11.8 530.6 361.2 51.4 309.8 -169.5 98.6 540.5 12.2 528.3 333.6 50.9 282.7 -175.3 91.7 548.8 11.9 536.9 303.7 38.3 265.4 -171.3 89.8 533.5 12.3 521.3 316.8 42.1 274.7 -155.2 93.9 537.2 12.6 524.6 322.1 41.7 280.4 -147.5 89.8 561.4 11.6 549.8 321.7 42.1 279.6 -168.5 92.1 559.1 12.2 546.9 319.6 45.8 273.8 -163.9 91.7 569.4 11.4 558.0 327.6 44.7 282.9 -181.9 93.4 560.6 11.7 548.9 316.5 44.8 271.7 -166.2 93.4 561.3 11.2 550.1 310.7 34.3 276.4 -162.8 92.0 762.7 804.7 832.6 790.5 771.0 789.1 801.5 806.8 806.5 808.6 804.3 801.2 2.3 -7.5 -6.4' -5.5' 8.1 7.3' 6.6 6.7 9.7 3.2 .1 13.0 Not seasonally adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assetss Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. A21. 647.9 263.6 95.4 35.0 60.4 168.2 98.1 70.1 384.2 130.9' 18.6' 144.8 90.0 32.1 57.4 32.0 653.2 268.0 92.5 34.3 58.2 175.5 108.8 66.7 385.2 132.7' 17.5' 144.6 90.3 43.6 62.3 35.2 676.5' 277.1' 90.3 32.1 58.1 186.8' 118.2 68.7' 399.5 134.6' 18.1' 151.3 95.4 52.8 62.8 35.3 639.9' 265.5' 83.3 27.1 56.2 182.2' 114.2 68.0' 374.4' 138.9' 18.3' 122.9 94.3 52.5 63.1 38.3 639.2 277.4 85.3 30.0 55.3 192.1 112.5 79.7 361.8 142.6 18.1 103.3 97.7 48.4 63.5 32.4 661.7' 286.4' 94.4 37.4 57.0 192.0' 113.1 79.0' 375.3' 145.3' 17.7' 113.5 98.8 45.0 60.8 31.8' 672.1 291.1 92.0 37.7 54.3 199.1 120.0 79.1 381.0 144.8 17.6 118.9 99.8 46.9 58.6 32.0 677.0 287.9 84.2 29.7 54.5 203.7 123.5 80.2 389.2 149.3 17.8 118.6 103.5 49.5 58.0 32.7 673.9 288.9 84.3 31.4 52.9 204.6 124.9 79.7 385.0 146.8 17.9 117.1 103.1 45.7 56.7 34.2 677.9 286.7 85.6 29.4 56.2 201.1 121.5 79.6 391.2 147.9 17.9 121.2 104.2 48.5 58.2 31.0 676.8 287.6 85.5 31.2 54.3 202.1 123.6 78.5 389.2 150.2 17.8 116.1 105.1 44.5 57.8 34.9 674.3 285.0 82.8 28.1 54.7 202.2 123.9 78.3 389.3 152.0 17.7 117.7 101.9 56.2 58.9 31.1 768.9 793.8 827.1' 793.4' 783.1 799.0' 809.3 816.9 810.1 815.3 813.7 820.1 491.9 11.4 480.5 349.4 45.1 304.3 -172.7 99.4 527.7 12.2 515.6 335.2 46.0 289.3 -162.4 90.5 529.2 11.7 517.5 361.2 51.4 309.8 -166.9 100.6 537.3 12.6 524.7 333.6 50.9 282.7 -173.9 92.6 555.9 12.2 543.7 303.7 38.3 265.4 -170.4 90.3 540.6 12.3 528.3 316.8 42.1 274.7 -155.6 93.6 542.5 12.1 530.3 322.1 41.7 280.4 -148.2 89.3 572.7 11.4 561.3 321.7 42.1 279.6 -171.2 90.3 565.5 11.9 553.7 319.6 45.8 273.8 -167.7 89.1 578.4 11.1 567.2 327.6 44.7 282.9 -185.3 91.0 572.4 11.4 561.0 316.5 44.8 271.7 -169.7 91.0 577.3 11.1 566.2 310.7 34.3 276.4 -163.1 91.8 768.1 791.1 824.1 789.7 779.4 795.4 805.7 813.5 806.6 811.7 810.2 816.6 .8 2.8 3.0' 3.7' 3.6 3.6' 3.6 3.4 3.6 3.6 3.6 3.6 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES F. Memo items 21 Assets and Liabilities' —Continued Billions of dollars Wednesday figures Monthly averages Account 2004 Apr. 2004 Oct. Nov. 2005 2005 Dec. Jan. Feb. Mar. Apr. Apr. 6 Apr. 13 Apr. 20 Apr. 27 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized business loans12 103.9 108.0' 95.7 103.7 93.1 89.3 88.4 89.3 88.0 89.2 93.1 87.4 89.8 506.8' 386.4' 120.3' 96.5' 482.9' 365.9' 117.0' 90.5 486.6' 368.5' 118.1' 95.1 503.2' 386.9' 116.3' 83.7 524.1' 408.7' 115.4' 78.8 536.7' 417.6' 119.2' 78.8 539.8' 420.7' 119.0' 80.3 542.3 425.5 116.8 78.0 540.3 422.9 117.4 83.3 531.5 414.7 116.7 84.1 546.2 429.5 116.7 77.1 546.1 431.0 115.2 2.0 151.7 131.6 20.2 7.4 4.7 149.7 128.0 21.7 6.5 4.3 151.9 130.3 21.6 6.5 4.6 155.6' 133.2' 22.4 6.4 2.6 158.6' 136.6' 22.0 6.4 1.3 155.8' 134.3' 21.6 6.4 -5.8 148.8 127.7 21.0 6.4 -3.1 147.6 127.0 20.6 6.2 -4.9 147.2 126.5 20.7 6.4 -4.4 147.7 127.1 20.7 6.4 -2.1 147.0 126.4 20.6 6.1 -2.7 147.1 126.6 20.5 6.1 326.2' 217.3 210.1 7.1 320.4' 220.0 212.6 7.3 326.8' 221.1 213.8 7.3 332.0' 221.3 214.0 7.3 333.4' 222.0 214.7 7.3 335.6' 208.3 201.1 7.2 339.8' 211.0 203.8 7.2 338.9 210.7 203.5 7.2 340.0 211.2 204.0 7.1 339.7 212.3 205.2 7.2 338.8 209.8 202.6 7.2 337.1 210.2 203.0 7.2 58.4 59.7 64.2 58.7 53.9' 53.1 51.8' 51.9 53.3 51.4 52.2 51.5 64.8 .3 64.1 .3 71.3 .3 64.9 .3 61.6' 64.5 .2 62.7 62.4 63.9 .2 62.1 62.8 62.3 .2 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Credit cards and related plans 14 Other Foreign-related institutions 15 Revaluation gains on off-balancesheet items9 16 Revaluation losses on off-balancesheet items9 17 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. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes International Banking Facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2 2 2 2 2 2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities of U.S. government agencies and U.S. government-sponsored enterprises. 3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." 4. Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. 5. Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. 6. Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." 7. Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. 8. This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. 9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. The fair market value of derivative contracts in a gain position is included in "Other securities, trading account." The fair value of derivative contracts in a loss position is included in "Other liabilities." 10. Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. 11. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are restated to include an estimate of these tax effects. 12. Total amount outstanding. 22 1.32 Federal Reserve Bulletin Statistical Supplement • May 2005 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2004 2005 Item 2000 2001 2002 2003 2004 Aug. Sept. Oct. Nov. Dec. 1 All issuers 1,619,274 1,458,870 1,347,997 1,265,351 1,387,807 1,367,708 1,343,165 1,379,694 1,375,074 1,387,807 1,411,471 2 Financial companies' 3 Nonfinancial companies2 1,275,841 343,433 1,234,023 224,847 1,193,950 154,047 1,160,317 105,034 1,268,158 119,649 1,242,937 124,771 1,218,050 125,115 1,237,213 142,481 1,244,571 130,503 1,268,158 119,649 1,274,507 136,964 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 Jan. 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 2001—Jan. Feb Mar. Apr May June Aug. Sept. Oct. Nov. Dec. Rate 4 1 21 19 16 28 22 18 3 7 12 9.00 8 50 8.00 7 50 7.00 6 75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 30 10 21 10 14 4.25 4.50 4.75 5.00 5.25 2005—Feb. 2 Mar. 22 5.50 5.75 Period 2001 2002 2003 2004 2002 Average rate 6.91 4.67 4.12 4.34 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 Period Average rate 2004—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 2005—Jan Feb Mar 5.25 5.49 5.58 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, at www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2004 Item 2002 2003 2005, week ending 2005 2004 Nov. Dec. Jan. Feb. Jan. 28 Feb. 4 Feb. 11 Feb. 18 Feb. 25 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 1.67 n.a. 1.13 n.a. 1.35 2.34 1.93 2.93 2.16 3.15 2.28 3.25 2.50 3.49 2.27 3.25 2.43 3.29 2.50 3.50 2.50 3.50 2.52 3.50 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 1.67 1.67 1.69 1.11 1.11 1.11 1.38 1.40 1.41 2.01 2.09 2.18 2.22 2.26 2.34 2.33 2.40 2.53 2.49 2.56 n.a. 2.42 2.48 2.56 2.48 2.53 2.60 2.48 2.55 n.a. 2.48 2.56 n.a. 2.50 2.62 n.a. 6 7 8 Financial 1-month 2-month 3-month 1.68 1.69 1.70 1.12 1.13 1.13 1.41 1.46 1.52 2.03 2.13 2.20 2.26 2.32 2.38 2.37 2.46 2.56 2.52 2.61 2.71 2.44 2.52 2.63 2.52 2.57 2.67 2.52 2.59 2.69 2.50 2.62 2.72 2.53 2.66 2.74 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 1.72 1.73 1.81 1.15 1.15 1.17 1.45 1.57 1.74 2.09 2.26 2.46 2.34 2.45 2.66 2.44 2.61 2.85 2.57 2.77 3.00 2.51 2.67 2.89 2.55 2.72 2.95 2.55 2.74 2.96 2.55 2.77 3.01 2.60 2.83 3.08 12 Eurodollar deposits, 3-month3>s 1.73 1.14 1.55 2.23 2.43 2.60 2.75 2.65 2.69 2.72 2.76 2.82 US Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 1.60 1.61 1.68 1.00 1.01 1.05 1.24 1.37 1.58 1.88 2.07 2.27 1.92 2.19 2.43 1.99 2.33 2.61 2.32 2.54 2.77 2.07 2.38 2.64 2.14 2.46 2.70 2.29 2.48 2.72 2.35 2.54 2.78 2.43 2.65 2.86 2.00 2.64 3.10 3.82 4.30 4.61 5.43 1.24 1.65 2.10 2.97 3.52 4.01 4.96 1.89 2.38 2.78 3.43 3.87 4.27 5.04 2.50 2.85 3.09 3.53 3.88 4.19 4.89 2.67 3.01 3.21 3.60 3.93 4.23 4.88 2.86 3.22 3.39 3.71 3.97 4.22 4.77 3.38 3.54 3.77 3.97 4.17 4.61 2.89 3.25 3.41 3.71 3.96 4.19 4.70 2.95 3.31 3.46 3.72 3.93 4.14 4.62 2.96 3.30 3.44 3.66 3.86 4.06 4.49 3.05 3.40 3.55 3.77 3.96 4.16 4.61 3.13 3.50 3.65 3.89 4.09 4.28 4.74 4.87 5.64 5.04 4.52 5.20 4.75 4.50 5.09 4.68 4.45 4.99 4.52 4.35 4.91 4.48 4.24 4.80 4.41 4.16 4.71 4.35 4.22 4.78 4.37 4.18 4.74 4.37 4.03 4.62 4.27 4.11 4.70 4.35 4.33 4.76 4.42 7.10 6.24 6.00 5.83 5.78 5.66 5.49 5.59 5.51 5.38 5.48 5.59 6.49 6.93 7.18 7.80 5.66 6.14 6.38 6.76 5.63 5.91 6.08 6.39 5.52 5.72 5.87 6.20 5.47 5.69 5.82 6.15 5.36 5.58 5.68 6.02 5.20 5.44 5.51 5.82 5.28 5.52 5.61 5.95 5.20 5.45 5.52 5.86 5.09 5.33 5.39 5.71 5.20 5.43 5.50 5.79 5.30 5.54 5.62 5.91 1.61 1.72 1.66 1.70 1.75 1.80 1.80 1.83 1.81 1.80 1.79 1.79 9 10 11 U.S. TREASURY NOTES AND BONDS 16 17 18 19 20 21 22 Constant maturities'' 1 -year 2-year 3-year 5-year 7-year 10-year 20-year STATE AND LOCAL NOTES AND BONDS Moody's series10 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend-price ratio14 31 Common stocks NOTE. Some of the data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available at: www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/ 200210312/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at: 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 webpages (http://www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • May 2005 1.36 STOCK MARKET Selected Statistics 2004 Indicator 2002 2003 2005 2004 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Pr ces and trac ng volume (averages of daily figures) Common stock prices (indexes) 1 New York Stock Exchange (Dec. 31.1965 = 50) 5.571.46 656.44 430.63 260.50 554.88 5,456.48 634.11 437.37 238.05 566.74 6,614.10 n.a. n.a. n.a. n.a. 6,443.45 n.a. n.a. n.a. n.a. 6,352.83 n.a. n.a. n.a. n.a. 6,551.90 n.a. n.a. n.a. n.a. 6,608.98 n.a. n.a. n.a. n.a. 6,933.75 n.a. n.a. n.a. n.a. 7,134.42 n.a. n.a. n.a. n.a. 7,056.84 n.a. n.a. n.a. n.a. 7,241.89 n.a. n.a. n.a. n.a. 7,275.51 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 993.94 965.23 1,130.65 1,105.85 1,088.94 1,117.66 1,118.07 1,168.94 1,199.21 1,181.41 1,199.63 1,194.90 7 American Stock Exchange (Aug. 31, 1973 = 50)2 860.11 943.44 1,260.02 1,248.23 1,222.33 1,251.26 1,291.67 1,353.08 1,410.28 1,406.85 1,483.76 1,483.97 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 9 American Stock Exchange 1 411 689 1 361 043 1 403 376 1 386 189 1 202 885 1 253 362 1 477 745 1 422 498 1 397 797 1 569 946 1 549 991 1 600 618 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 134,380 173,220 203,790 177,030 177,100 180,100 185,700 196,990 203,790 203,320 199,480 201,690 95,690 73,340 92,560 84,920 117,850 93,580 114,720 83,530 114,330 80,280 110,720 83,400 110,870 81,610 110,960 85,740 117,850 93,580 115,350 87,260 94,330 77,960 100,200 80,200 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group, 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. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2002 1 Federal debt outstanding .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 6,433.0 6,487.7 6,697.1 6,810.3 7,023.4 7,156.2 7,298.6 7,403.2 7,620.4 6,405.7 3.647.4 2,758.3 6,460.8 3,710.8 2,750.0 6,670.1 3,816.3 2,853.8 6,783.2 3,923.9 2,859.3 6,998.0 4,044.1 2,954.5 7,131.1 4,176.7 2,954.4 7,274.3 4,218.7 3,055.6 7,379.0 4,303.4 3,075.7 7,596.1 4,407.1 3,189.1 27.3 27.3 .0 26.9 26.9 .0 27.0 27.0 .0 27.0 27.0 .0 25.4 24.9 .5 25.1 25.1 .0 24.2 24.2 24.2 23.7 .4 24.3 23.9 .4 7,088.6 7,229.3 7,333.4 7,535.6 6,359.1 .3 6,399.8 .2 6,625.3 .2 6,737.3 .3 6,952.6 .3 7,088.5 .1 7,229.2 7,333.2 6,400.0 6,400.0 7,384.0 7,384.0 7,384.0 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 By type Interest-bearing Marketable Bills Notes Bonds Inflation-indexed notes and bonds' Nonmarketable2 State and local government series . Foreign issues3 Government Public Savings bonds and notes Government account series4 Non-interest-bearing By holder^ U.S. Treasury and other federal agencies and trust funds Federal Reserve Banks8 Private investors Depository institutions Mutual funds Insurance companies State and local treasuries7 Individuals Savings bonds Pension funds Private State and Local Foreign and international5 Other miscellaneous investors7'9 Ql Q2 Q3 Q4 7,364.2 3,846.0 961.5 2,109.5 552.0 223.0 3,518.2 158.2 5.9 5.9 .0 7,578.5 3,959.7 5,943.4 6,405.7 6,998.0 7,596.1 5,930.8 2,982.9 6,391.4 6,982.0 3,205.1 3,575.1 7,578.5 3,959.7 7,115.6 3,721.1 811.3 1,413.9 888.8 1,580.8 588.7 146.9 3,186.3 928.8 1,905.7 564.3 1,003.2 2,157.1 539.5 245.9 3,618.8 985.0 1,983.4 564.3 188.4 3,394.5 7,259.1 3,755.4 946.8 2,052.2 556.0 200.4 3,503.7 160.7 155.7 161.5 5.9 5.9 .0 6.4 6.4 .0 602.7 140.1 2,947.9 176.2 1,003.2 2,157.1 539.5 245.9 3,618.8 2,574.8 11.2 11.2 .0 184.8 2,806.9 3,406.9 149.2 9.7 9.7 .0 192.2 3,007.0 3,230.6 6.7 6.7 .0 193.5 3,008.6 3,230.6 14.3 16.0 17.6 15.4 194.1 3,111.7 15.3 194.1 3,130.0 12.7 14.9 17.6 2,564.3' 551.7 2,819.5 181.5 257.5 105.7 339.4 2 757.8 629.4 3,018.5 222.8 278.8 139.7 351.5 2,955.1 666.7 3,377.9 154.0 279.6 136.5 358.8 3,189.1 717.8 3,667.1 127.8 254.3 147.6 382.1 2,954.4 674.1 3,502.8 165.0 281.3 140.7 365.4 3,055.6 687.4 3,531.5 161.6 258.8 143.6 374.7 3,075.7 700.3 3,607.0 141.0 254.5 146.6 374.3 3,189.1 717.8 3,667.1 127.8 254.3 147.6 382.1 190.3 273.1 120.6 152.4 1,051.2 420.9' 194.9 278.8 134.7 144.1 1,246.8 323.4 203.8 288.2 140.8 147.4 1,538.1 452.6 204.4 299.0 152.3 146.7 1,942.0 n.a. 204.4 291.1 142.9 148.2 1,680.8 366.4 204.6 299.4 146.0 153.4 1,828.3 251.7 204.1 298.1 150.4 147.7 1,886.2 276.2 204.4 299.0 152.3 146.7 1,942.0 n.a. 146.3 15.4 15.4 181.5 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. 153.4 191.7 160.7 5.9 5.9 .0 191.7 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 2005 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2004 2005 2004 Jan. Dec. 29 2005, 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 eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate Dec. Jan. 5 Jan.12 Jan. 19 Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 60,262 54,098 53,882 47,213 61,880 52,179 54,446 51,158 51,602 50,392 50,689 54,967 193,958 147,780 179,412 108,584 164,184 180,205 149,881 210,256 191,569 200,292 185,602 206,371 141,274 129,830 143,456 52,134 94,987 176,736 151,200 145,793 123,019 150,125 158,580 143,558 125,280 28,322 7,390 104,716 25,191 5,168 108,399 30,726 10,962 52,259 16,448 1,856 79,290 23,283 5,732 103,772 29,847 7,836 109,084 35,394 16,510 126,992 31,371 11,302 119,514 32,551 13,552 138,164 44,483 9,579 164,351 35,970 8,871 141,452 36,179 9,334 60,816 58,623 58,929 61,672 58,538 57,703 60,548 58,372 59,950 61,807 65,547 56,078 8,231 5,565 9,848 3,720 6,349 10,834 8,124 11,657 11,593 6,022 8,665 10,320 6,654 6,654 8,758 2,055 7,850 7,849 11,996 8,829 6,768 4,880 7,336 10,381 5,317 612 3,761 600 4,915 435 1,401 457 3,053 345 4,858 382 3,444 310 8,371 614 4,228 542 5,590 576 4,572 620 4,856 734 227,382 198,011 260,457 47,246 199,789 409,697 202,196 191,911 241,467 382,979 195,949 174,576 137,987 23,540 149,183 19,700 143,522 23,435 132,709 9,067 129,369 14,369 135,472 24,685 164,226 25,082 145,066 26,432 141,425 24,226 149,717 21,032 141,937 22,155 151,100 18,757 240,558 210,185 237,509 127,015 187,877 250,653 230,522 263,492 239,907 272,259 273,077 259,968 7,795 61,398 837 6,861 54,134 638 8,668 67,620 763 4,486 15,940 124 6,827 50,113 444 9,209 106,131 741 8,761 52,956 766 9,373 54,564 921 8,545 57,901 907 8,756 97,447 626 8,078 62,098 759 7,482 42,944 652 315,927 256,597 289,329 151,478 241,479 299,923 285,994 313,379 291,900 320,776 330,986 331,891 73,836 165,984 160,690 68,342 143,877 168,246 74,218 192,837 166,193 64,821 31,305 141,652 69,309 149,677 143,293 72,418 303,566 159,416 75,660 149,240 188,542 78,470 137,347 170,577 74,536 183,565 164,744 70,119 285,532 170,123 78,662 133,851 163,332 74,886 131,633 169,204 NOTE. Major changes in the report form filed by primary dealers induced a break in the dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. The figures represent purchases and sales in the market by the primary U.S. government securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions include all U.S. government, federal agency, government-sponsored enterprise, mortgage- backed, and corporate securities scheduled for immediate and forward delivery, as well as all U.S. government securities traded on a when-issued basis between the announcement and issue date. Data do not include transactions under repurchase and reverse repurchase (resale) agreements. Averages are based on the number of trading days in the week. 2. Outright Treasury inflation-protected securities (TIPS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par amount (unadjusted for inflation) times the price times the index ratio. Federal Finance 1.43 U.S. GOVERNMENT SECURITIES DEALERS 27 Positions and Financing Millions of dollars 2004 2005 2004, week ending Jan. Dec. 29 2005, week ending Item, by type of security Nov. Dec. Jan. 5 Jan.12 Jan. 19 Jan. 26 Feb. 2 Feb. 9 Feb. 16 Net outright positions2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year 30,981 24,380 5,443 3,711 8,444 8,734 -124 5,125 6,076 14,638 13,237 -40,191 -42,155 -44,751 -38,772 -38,217 -43,063 -48,527 -44,039 -49,360 -52,413 -57,345 -36,058 -49,425 -43,954 -56,732 -52,402 -41,695 -41,648 -43,525 -42,499 -44,433 -49,362 -17,305 -4,711 -331 -14,165 -11,653 -321 -18,881 -11,807 832 -11,073 -13,587 -232 -14,329 -13,576 418 -18,456 -10,556 -61 -19,263 -9,714 1,304 -20,945 -12,646 1,558 -20,602 -13,543 818 -18,164 -12,174 -611 -11,272 -12,714 497 51,977 50,345 51,492 40,834 50,495 52,497 50,402 52,142 51,700 48,688 51,506 26,806 21,313 17,104 18,979 19,568 16,909 14,965 16,228 19,135 18,912 19,846 6,574 9,115 11,094 9,469 9,277 10,411 11,289 11,852 12,536 11,672 10,160 3,590 3,377 1,738 3,495 2,271 3,313 1,405 3,654 1,572 3,647 1,393 3,232 1,535 3,392 3,673 3,419 3,267 2,836 3,627 3,232 1,282 3,266 16,193 29,702 12,448 32,925 30,294 -778 8,029 15,409 15,162 24,125 22,632 33,343 105,708 35,890 115,503 31,342 109,436 28,965 115,313 28,821 110,490 29,634 107,791 32,180 108,994 30,244 107,227 36,617 114,395 32,921 110,316 28,107 109,430 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 16 Term Federal agency and governmentsponsored enterprises 17 Overnight and continuing 18 Term Mortgage-backed securities 19 Overnight and continuing 20 Term Corporate securities 21 Overnight and continuing 22 Term 1,023,884 1 194754 1,063,604 1 232 744 1,104,595 1 024 165 1,075,515 1 305 720 1,087,709 930,318 1,103,721 1 007 772 1,110,182 1 006 599 1,084,075 1 108 074 1,143,610 1 048 081 1,095,263 1 171 989 1,149,267 1 090 303 163,629 209,250 166,623 218,874 178,624 199,542 169,706 220,329 163,240 197,209 181,035 203,743 180,110 198,620 175,382 206,637 193,090 187,353 168,941 201,378 175,289 199,719 59,405 348,098 58,518 377,053 54,562 365,405 51,461 392,264 51,260 357,018 55,753 370,133 52,380 361,856 54,719 366,141 59,033 371,109 64,229 377,423 57,611 376,319 117,905 59,335 111,086 59,994 112,388 64,589 109,313 60,739 110,480 64,516 112,540 65,001 111,302 65,587 113,847 64,067 113,564 63,420 114,919 63,419 111,219 62,873 677,897 1 566 035 687,473 1 654 584 694,580 1 413 250 684,421 1 744 690 659,068 1 318 358 688,335 1 410 762 702,266 1 392 293 676,988 1 495 392 752,706 1 425 968 703,892 1,550,891 764,711 1,470,293 942,410 1 103 458 965,551 1 152714 989,138 918,214 942,306 1,242,838 942,246 862,011 991,125 908,569 997,180 905,390 958,992 990,002 1,064,194 905,370 1,002,575 1,028,448 1,073,386 945,566 295,313 153,969 296,069 155,732 301,742 138,155 278,017 160,053 287,817 137,367 303,346 140,970 302,765 139,250 301,129 142,188 312,846 127,823 309,041 134,882 308,309 132,437 430,005 239,220 451,632 242,723 453,470 237,830 448,547 249,825 449,381 225,443 447,148 237,902 442,381 246,790 468,141 239,208 461,396 235,644 447,777 246,622 461,742 247,375 187,883 49,767 198,168 45,417 196,691 51,066 194,142 48,596 193,213 50,144 191,448 53,441 197,192 51,887 198,386 51,333 204,433 47,137 204,704 47,183 196,819 44,386 1,608,532 1,476,093 1,652,764 1,520,691 1,682,474 1,271,973 1,601,313 1,623,205 1,615,736 1,201,362 1,672,668 1,267,655 1,682,881 1,269,155 1,669,855 1,349,261 1,780,036 1,244,372 1,706,606 1,380,171 1,786,539 1,301,646 MEMO Reverse repurchase agreements 23 Overnight and continuing 24 Term Securities out, U.S. Treasury 25 Overnight and continuing 26 Term Federal agency and governmentsponsored enterprises 27 Overnight and continuing 28 Term Mortgage-backed securities 29 Overnight and continuing 30 Term Corporate securities 31 Overnight and continuing 32 Term MEMO Repurchase agreements 33 Overnight and continuing 34 Term NOTE. Major changes in the report form filed by primary dealers included a break in many series as of the week ending July 4, 2001. Current weekly data may be found at the Federal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under the Primary Dealer heading. 1. Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. 2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and forward delivery, as well as U.S. government securities traded on a when-issued basis between the announcement and issue date. 3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury inflation-protected securities (TIPS) are reported in actual funds paid or received, except for pledged securities. TIPS that are issued as pledged securities are reported at par value, which is the value of the security at original issuance (unadjusted for inflation). 28 1.44 Federal Reserve Bulletin Statistical Supplement • May 2005 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 Service1" 8 Tennessee Valley Authority 9 United States Railway Association1" 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation . . 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation'' 18 Resolution Funding Corporation12 2,121,057 276 6 2,351,039 6 n.a. 26,828 n.a. 25.412 6 n.a. n.a. n.a. >,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 24,267 6 n.a. 207 2,768,452 23,801 6 Sept. n.a. n.a. 24,189 6 n.a. 200 n.a. n.a. 24,183 n.a. 24,128 6 24,170 6 n.a. 207 n.a. n.a. 24,164 n.a. n.a. n.a. n.a. 24,261 n.a. 1,645,667 745,226 744,800 961,732 92,151 58,500 8,170 1,261 29,996 n.a. 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 1,744,651 822,161 764,400 951,583 94,913 68,700 8,170 1,261 29,996 n.a. 836,725 756,900 961,434 95,714 65,439 8,170 1,261 29,996 30,811 27,948 29,145 29,256 27,803 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24,122 833,135 747,600 962,793 95,250 75,464 8,170 1,261 29,996 n.a. 837,220 740,300 961,527 95,639 76,543 8,170 1,261 29,996 24,267 6 24,261 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 MEMO 19 Federal Financing Bank debt" 20 21 22 23 24 39,096 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service1" Student Loan Marketing Association Tennessee Valley Authority United States Railway Association1" Other lending*4 25 Farmers Home Administration . . . . 26 Rural Electrification Administration 27 Other n.a. n.a. n.a. n.a. n.a. 13,876 25,220 n.a. 14,489 22,528 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. n.a. n.a. n.a. n.a. n.a. 16,127 14,684 16,961 n.a. 10,987 16,869 12,276 n.a. 16,985 12,271 16,961 11,393 17,059 n.a. 10,744 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 Sept. 1 All issues, new and refunding1 363,888 384,311 357,626 24,801' 27,895 24,907 31,965' 24,776' 32,926 22,499 31,254 By type of issue 2 General obligation 3 Revenue 145,323 214,788 144,056 238,204 130,319 227,307 8,915' 15,886' 11,542 16,353 10,253 14,654 11,868' 20,097 7,115' 17,661 12,810 20,116 9,788 12,710 14,015 17,239 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township . . . 33,931 259,070 67,121 49,795 253,536 78,962 47,329 234,060 76,236 2,310 16,723' 5,768 1,694 19,224 6,977 3,396 15,917 5,594 4,477 22,521' 4,966' 912 16,791 7,073' 3,724 22,563 6,638 2,268 16,259 3,972 1,786 22,790 6,679 7 Issues for new capital 242,882 264,697 228,779 17,035' 17,782 13,313' 20,307' 15,301' 23,198 12,138 57,894 22,093 33,404 n.a. 7,227 73,033 70,394 23,809 10,251 n.a. 22,339 97,736 65,374 20,546 8,334 n.a. 19,503 81,652 5,188' 2,200 737 n.a. 1,523 5,324 5,143 2,946 1,154 n.a. 1,340 4,998 3,886 1,411 242 n.a. 2,238 3,764' 4,635 1,550 685 n.a. 2,013 3,572 1,325 664 n.a. 2,907' 4,006' 7,566 1,895 1,736 n.a. 859 6,887 4,067 1,299 447 n.a. 635 2,844 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes NEW SECURITY ISSUES 602 4,383 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 5,031 U.S. Corporations Millions of dollars 2004 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2002 2003 2005 2004 June July Aug. Sept. Oct. Nov. Dec. Jan. 1,432,548 1,819,401 2,067,697 191,476 158,714 174,460 214,381 158,646 196,768 167,487 183,455 1,322,113 1,692,260 1,923,094 183,475 149,980 166,054 204,705 146,254 188,189 155,071 177,157 1,235,868 86 246 1,579,311 112 949 1,737,342 185 752 170,210 13 265 138,152 11 828 152,816 13 239 179,758 24 948 133,354 12 900 166,052 22 137 142,165 12 906 159,207 17 950 18,870 20,701 22,328 1,616 3,242 1,969 2,146 2,070 1,743 893 282,484 1,039,629 362,340 1,329,920 259,968 1,663,127 17,940 165,535 11,666 138,314 21,961 144,094 23,136 181,570 17,591 128,663 32,724 155,465 21,858 133,213 15,981 161,176 170,904 185,964 144,603 8,001 8,734 8,406 9,676 12,392 8,579 12,416 6,298 110,435 60,469 127,141 58,823 144,603 n.a. 8,001 n.a. 8,734 n.a. 8,406 n.a. 9,676 n.a. 12,392 n.a. 8,579 n.a. 12,416 n.a. 6,298 n.a. 62,115 48,320 44,389 82,752 64,162 80,441 4,711 3,290 5,524 3,210 5,099 3,307 3,423 6,253 4,209 8,183 4,757 3,822 6,676 5,740 2,071 4,227 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 11 Nonfinancial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. n.a. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • May 2005 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2004 Item 2003 2005 2004' Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar. 1 Sales of own shares2 1,710,931 1,660,570 113,400 117,130 119,589 144,989 162,418 161,730 149,629 166,538 2 Redemptions of own shares 1,495,077 215,854 1,450,522 210,048 105,445 7,955 101,115 16,015 105,371 14,218 117,437 27,552 149,425 12,993 141,844 19,886 120,461 29,168 148,488 18,050 5,362,397 6,193,664 5,526,306 5,659,364 5,759,166 6,003,264 6,193,664 6,107,862 6,251,261 6,169,936 258,594 5,103,803 304,816 5,888,848 279,831 5,246,475 289,286 5,370,078 301,153 5,458,013 328,693 5,674,571 304,816 5,888,848 317,491 5,790,371 354,861 5,896,400 330,299 5,839,637 4 Assets 4 5 Cash5 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE. Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2004 2003 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 951.2 321.4 455.3 174.5 1,022.2 365.8 457.4 198.9 1,144.0 429.2 471.9 243.0 960.6 321.4 455.8 183.4 1,000.0 359.7 445.6 194.7 1,022.2 365.8 457.4 198.9 1,056.2 374.4 475.6 206.2 1,075.4 390.1 471.3 213.9 1,097.3 416.5 456.3 224.5 1,144.0 429.2 471.9 243.0 57.0 23 8 50.8 24 6 46.2 24 8 53.8 24 5 52.0 24 5 50.8 24 6 49.6 24 1 47.3 24 0 46.5 24 1 46.2 24 8 870.3 586.4 946.8 753.9 1,072.9 767.1 882.3 662.7 923.5 719.3 946.8 753.9 982.5 750.4 1,004.1 732.2 1,026.6 746.7 1,072.9 767.1 1,456.8 1,700.8 1,840.0 1,545.1 1,642.8 1,700.8 1,732.9 1,736.4 1,773.3 1,840.0 48.0 141.5 56.2 136.3 65.2 163.9 53.2 145.3 57.6 132.9 56.2 136.3 59.8 138.6 52.6 141.4 64.1 154.3 65.2 163.9 88.2 631.9 339.8 207.3 99.9 747.1 424.7 236.6 118.2 828.1 416.4 248.2 96.6 676.6 360.5 212.9 95.9 706.6 423.0 226.8 99.9 747.1 424.7 236.6 104.9 760.6 435.6 233.4 108.1 769.1 426.6 238.5 112.7 776.7 422.6 242.9 118.2 828.1 416.4 248.2 1,456.8 1,700.8 1,840.0 1,545.1 1,642.8 1,700.8 1,732.9 1,736.4 1,773.3 1,840.0 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE. Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at: www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables' Billions of dollars, amounts outstanding Type of credit Aug. Sept. Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 519.1 217.4 540.9 1,333.1 1,420.7 542.5 239.6 551.0 571.8 280.6 568.3 1,422.6 1,403.0 559.0 257.6 560.8 567.2 261.9 562.0 574.5 267.1 561.4 578.7 274.0 566.3 571.8 280.6 568.3 574.4 280.6 567.6 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 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables6 . . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables6 . 1,402.9 1,425.0 1,340.4 1,428.2 523.9 160.2 83.3 38.9 38.7 547.7 197.0 70.0 37.6 60.9 577.2 227.6 62.5 43.3 94.7 559.4 215.3 63.5 41.3 82.4 568.1 224.0 62.9 45.5 83.2 577.4 228.6 62.5 47.7 87.4 582.8 231.2 62.4 49.9 92.4 577.2 227.6 62.5 43.3 94.7 577.3 219.1 62.9 43.5 96.3 151.9 5.7 31.1 14.0 217.4 135.0 39.5 132.8 5.5 31.6 12.2 239.6 152.2 46.7 112.5 4.8 22.2 9.5 280.6 190.2 52.7 116.5 5.0 25.0 10.4 257.6 172.4 47.4 113.5 5.0 24.0 10.1 261.9 176.2 48.3 113.1 4.9 23.1 10.0 267.1 181.6 48.3 110.2 4.8 22.3 9.6 274.0 188.5 48.6 112.5 4.8 22.2 9.5 280.6 190.2 52.7 119.0 4.7 22.2 9.4 280.6 191.0 52.3 39.7 3.2 543.0 60.7 15.4 29.3 16.0 292.1 83.3 208.8 102.5 36.9 3.8 553.1 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 34.1 3.5 570.5 91.6 18.4 46.2 27.0 264.9 70.6 194.3 115.4 35.0 2.8 551.4 87.2 19.3 43.0 24.8 259.7 68.2 191.5 110.9 34.8 2.7 555.8 84.1 19.7 38.1 26.2 260.9 68.6 192.3 111.4 34.6 2.7 558.4 86.5 19.3 41.0 26.2 262.6 69.7 192.9 110.7 34.3 2.7 564.2 89.0 18.8 44.0 26.2 262.4 69.7 192.8 116.9 34.1 3.5 570.5 91.6 18.4 46.2 27.0 264.9 70.6 194.3 115.4 33.9 3.5 567.1 90.3 17.9 45.4 26.9 263.6 70.1 193.5 115.6 50.2 2.4 45.9 1.9 20.2 13.0 7.2 17.4 48.4 2.2 44.2 2.1 22.1 12.5 9.6 25.1 44.8 2.2 40.6 2.0 23.6 11.5 12.1 30.2 45.6 2.2 41.4 2.1 22.0 11.6 10.4 25.9 48.4 2.2 44.2 2.1 24.2 11.7 12.5 26.8 47.4 2.2 43.2 2.1 24.2 11.7 12.5 26.9 44.9 44.8 2.2 40.6 2.0 23.6 11.5 12.1 30.2 44.4 2.2 40.2 2.0 22.9 10.8 12.0 30.2 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 40.6 2.0 24.0 11.5 12.5 27.0 before deductions for unearned income and losses. Components may not sum to totals because of rounding. 2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods, such as appliances, apparel, boats, and recreation vehicles. 4. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 5. Credit arising from transactions between manufacturers and dealers, that is, floor plan financing. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 32 Federal Reserve Bulletin Statistical Supplement • May 2005 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2004 Item 2002 2003 2005 2004 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Terms and y elds in primary and secondary markets PRIMARY MARKETS 1 2 3 4 5 Terms] Purchase price (thousands of dollars) Amount of loan (thousands of dollars) Loan-to-price ratio (percent) Maturity (years) Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 261.1 197.0 77.8 28.9 .62 272.1 205.3 77.9 28.7 .61 292.0 215.0 76.0 28.8 .51 301.5 225.1 77.0 29.2 .57 297.6 218.7 76.0 29.0 .47 304.8 224.3 75.7 29.2 .49 305.5 227.0 76.6 28.8 .50 303.0 223.1 76.3 29.2 .48 317.1 232.2 75.5 28.9 .48 315.2 231.1 75.6 28.9 .47 6.35 6.44 n.a. 5.71 5.80 n.a. 5.68 5.75 n.a. 5.63 5.72 n.a. 5.75 5.82 n.a. 5.84 5.91 n.a. 5.94 6.02 n.a. 5.95 6.01 n.a. 5.68 5.75 n.a. 5.75 5.82 n.a. n.a. 5.81 n.a. 5.03 n.a. 5.19 n.a. 5.09 n.a. 5.02 n.a. 5.01 n.a. 5.04 n.a. 4.91 n.a. 4.89 n.a. 5.27 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 794,253 n.a. n.a. 898,445 n.a. n.a. 904,555 n.a. n.a. 904,543 n.a. n.a. 913,246 n.a. n.a. 912,608 n.a. n.a. 904,555 n.a. n.a. 890,834 n.a. n.a. 875,245 n.a. n.a. 864,648 n.a. n.a. 14 Mortgage transactions purchased (during period) 370,641 572,852 262,646 27,661 27,142 19,121 13,016 11,095 9,446 11,206 Mortgage commitments (during period) 15 Issued7 16 To sells 400,327 12 268 522,083 33 010 149,429 8 828 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 568,173 4,573 563,600 644,436 n.a. n.a. 653,641 n.a. n.a. 660,713 n.a. n.a. 660,301 n.a. n.a. 656,982 n.a. n.a. 653,641 n.a. n.a. 646,925' n.a. n.a. 654,182' n.a. n.a. 656,720 n.a. n.a. 21 Sales n.a. 547,046 n.a. 713,260 n.a. 365,148 n.a. 23,586 n.a. 26,541 n.a. 23,207 n.a. 27,953 n.a. 26,135 n.a. 25,081 n.a. 25,912 22 Mortgage commitments contracted (during period)9 620,981 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiod)* 17 Total 18 FHA/VA insured 19 Conventional Mortgage transactions (during period) 1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. 3. Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month. 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. 6. Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. 7. Does not include standby commitments issued, but includes standby commitments converted. 8. Includes participation loans as well as whole loans. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for the Federal National Mortgage Association exclude swap activity. Real Estate 1.54 33 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period Type of holder and property Q4 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm 55 Mortgage pools or trusts5 56 Government National Mortgage Association One- to four-family 57 58 Multifamily 59 Federal Home Loan Mortgage Corporation 60 One- to four-family 61 Multifamily 62 Federal National Mortgage Association . . . 63 One- to four-family 64 Multifamily 65 Farmers Home Administration4 66 One- to four-family 67 Multifamily 68 Nonfarm, nonresidential 69 Farm 70 Private mortgage conduits 71 One- to four-family6 72 Multifamily 73 Nonfarm, nonresidential 74 Farm 75 Federal Agricultural Mortgage Corporation 76 Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q1 Q2 Q3 Q4" 9,570,093 9,846,775 10,217,640 10,507,440 7,485,998 8,308,833 5,635,790 447,858 1,284,504 117,847 6,309,604 486,345 1,387,388 125,496 7,104,932 557,254 1,517,444 133,583 7,104,932 557,254 1,517,444 133,583 7,316,593 563,682 1,554,505 135,313 7,541,056 580,021 1,587,361 138,338 7,851,722 589,211 1,636,146 140,558 8,071,085 601,312 1,692,604 142,441 2,791,076 1,789,819 1,023,851 84,851 645,619 35,498 758,236 620,579 64,592 72,534 531 243,021 4,931 35,631 188,376 14,083 3,089,824 2,058,426 1,222,126 94,178 704,097 38,025 781,378 631,392 68,679 80,730 577 250,019 4,657 36,816 195,040 13,506 3,387,865 2,256,037 1,346,908 104,901 763,579 40,649 870,884 703,374 77,994 88,884 632 260,944 4,403 38,556 203,946 14,039 3,387,865 2,256,037 1,346,908 104,901 763,579 40,649 870,884 703,374 77,994 632 260,944 4,403 38,556 203,946 14,039 3,518,918 2,329,270 1,394,747 107,440 785,660 41,422 927,658 753,855 81,705 91,449 648 261,990 4,583 38,685 204,643 14,079 3,666,087 2,435,903 1,473,532 110,832 808,610 42,928 966,533 789,486 83,952 92,455 639 263,652 4,603 38,933 205 937 14,179 3,793,873 2,517,411 1,522,198 114,986 836,332 43,894 1,009,323 830,379 85,808 92,508 628 267,139 4,653 39,464 208,743 14,279 3,922,841 2,594,408 1,567,545 119,294 863,012 44,557 1,058,435 875,835 87,524 94,477 598 269,998 4,719 39,879 210,934 14,466 373,240 8 433,565 5 5 0 72,377 14,908 11,669 42,101 3,700 3,854 1,262 2,592 0 0 0 0 0 46 7 9 30 0 185,801 172,230 13,571 46,257 2,722 43,535 63,887 35,851 28,036 966 966 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 543,418 48 48 0 71,271 13,820 11,588 42,476 3,387 4,460 1,315 3,144 0 0 0 0 0 37 6 7 24 0 240,710 220,331 20,379 50,007 2,942 47,065 60,819 27,522 33,297 980 980 543,990 45 45 0 69,681 13,668 11,581 41,172 3,260 4,550 1,324 3,226 0 0 0 0 0 42 7 8 27 0 241,510 218,845 22,665 51,070 3,005 48,065 60,315 27,294 33,021 944 944 548,298 45 45 0 69,935 13,557 11,565 41,520 3,294 4,498 1,328 3,169 0 0 0 0 0 23 4 4 15 0 245,183 222,173 23,010 51,849 3,051 48,798 61,307 27,743 33,564 910 910 550,589 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 15 0 239,433 219,867 19,566 49,307 2,901 46,406 60,270 27,274 32,996 990 990 537,131 50 50 0 69,546 13,964 11,613 40,529 3,439 4,192 1,304 2,887 0 0 0 0 0 23 4 4 15 0 239,433 219,867 19,566 49,307 2,901 46,406 60,270 27,274 32,996 990 990 0 0 0 774,848 496,101 53,759 224,988 0 1,656 1,656 4,020,446 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 0 0 0 0 861,842 551,806 59,225 250,811 0 367 367 4,534,104 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 0 0 0 0 1,044,979 683,231 67,288 294,460 0 1,003 1,003 4,534,104 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 0 0 0 0 1,044,979 683,231 67,288 294,460 0 1,003 1,003 4,631,386 464,306 438,300 26,007 1,166,862 1,150,632 16,230 1,878,030 1,802,301 75,729 0 0 0 0 0 1,121,222 750,095 69,108 302,019 0 966 966 4,731,042 458,524 427,943 30,581 1,184,976 1,168,494 16,482 1,879,009 1,803,584 75,425 0 0 0 0 0 1,207,566 819,080 70,688 317,798 0 967 967 4,914,666 452,622 421,431 31,191 1,197,412 1,180,757 16,655 1,892,680 1,816,973 75,707 0 0 0 0 0 1,370,988 969,921 71,953 329,114 0 964 964 5,037,544 441,389 409,242 32,147 1,204,476 1,187,722 16,754 1,895,761 1,819,931 75,830 0 0 0 0 0 1,494,932 1,071,894 75,149 347,889 715,051 499,098 80,493 112,014 23,446 764,998 548,645 76,953 114,580 24,819 854,114 621,438 80,219 126,032 26,424 854,114 621,438 80,219 126,032 26,424 876,371 641,060 80,313 128,233 26,766 905,656 674,355 82,583 121,361 27,356 960,801 722,977 82,118 127,914 27,791 996,468 751,530 82,862 133,916 28,160 72,452 15,824 11,712 40,965 3,952 3,290 1,260 2,031 0 0 0 13 2 3 8 0 165,957 155,419 10,538 40,885 2,406 38,479 62,792 40,309 22,483 202 202 3,606,632 591,368 569,460 21,908 948,409 940,933 7,476 1,290,351 1,238,125 52,226 0 1. Multifamily debt refers to loans on structures of five or more units. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust departments. 3. Includes savings banks and savings and loan associations. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. 2 7 0 245,183 222,173 23,010 52,616 3,096 49,520 61,912 28,017 33,895 918 918 986 6. Includes securitized home equity loans. 7. Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE. Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 70 from LoanPerformance Corporation and other sources. 34 Federal Reserve Bulletin Statistical Supplement • May 2005 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2004 Holder and type of credit 2002 2003 2005 2004' Aug.' Sept.' Oct.' Nov.' Dec' Jan. Seasonally adjusted 1 Total 1,922,805' 2,013,323' 2,104,206 2,071,683 2,084,695 2,096,983 2,097,373 2,104,206 2,115,652 2 Revolving 736,944' 1,185,861 760,717' 1,252,605 792,711 1,311,494 777,834 1,293,850 785,402 1,299,294 788,052 1,308,931 787,552 1,309,820 792,711 1,311,494 796,860 1,318,792 Not seasonally adjusted 4 Total By major holder 5 Commercial banks 6 Finance companies 8 Federal government and Sallie Mae 10 Nonfinancial business 11 Pools of securitized assets3 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 16 Federal government and Sallie Mae 18 19 Nonfinancial business Pools of securitized assets3 21 22 Commercial banks Finance companies 24 25 26 27 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 1,954,376' 2,046,874' 2,140,433 2,066,494 2,085,797 2,101,063 2,109,646 2,140,433 2,134,146 606,372 237,790 195,744 129,576 68,705 79,108' 637,082 661,038 295,424 205,877 114,629 77,850 67,071' 624,986 697,352 365,594 215,384 98,363 91,279 65,906 606,555 666,115 338,995 213,880 94,204 88,818 62,058 602,425 668,777 352,691 214,471 99,185 89,158 60,311 601,205 669,626 363,794 215,675 99,336 89,873 60,432 602,328 667,380 373,495 216,095 98,579 90,564 61,332 602,202 697,352 365,594 215,384 98,363 91,279 65,906 606,555 686,475 358,949 214,838 100,825 91,825 63,853 617,381 759,331' 250,197 38,948 22,228 n.a. 16,260 41,435' 390,263 784,403' 284,667 37,576 22,410 n.a. 23,848 23,226' 392,676 818,609 315,782 43,314 23,244 n.a. 27,905 19,233 389,131 774,868 286,391 41,322 22,235 n.a. 25,365 19,894 379,661 779,783 286,659 45,466 22,166 n.a. 25,478 18,317 381,697 782,949 286,070 47,738 22,057 n.a. 26,296 18,333 382,455 789,941 285,753 49,901 22,336 n.a. 27,087 18,552 386,312 818,609 315,782 43,314 23,244 n.a. 27,905 19,233 389,131 807,839 302,116 43,505 22,909 n.a. 27,523 18,798 392,987 1 195 045 356,175 198,842 173,516 129,576 52,445 37,673 246,819 1,262,471 376,371 257,847 183,467 114,629 54,002 43,845 232,310 1,321,824 381,570 322,279 192,140 98,363 63,374 46,674 217,424 1,291,626 379,723 297,673 191,645 94,204 63,453 42,164 222,764 1,306,014 382,118 307,226 192,305 99,185 63,680 41,994 219,508 1,318,114 383,556 316,056 193,618 99,336 63,577 42,099 219,873 1,319,705 381,627 323,594 193,759 98,579 63,477 42,780 215,890 1,321,824 381,570 322,279 192,140 98,363 63,374 46,674 217,424 1,326,307 384,359 315,445 191,929 100,825 64,302 45,054 224,393 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at: www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2004 Item 2002 2003 2005 2004 July Aug. Sept. Oct. Nov. Dec. Jan. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 7.62 12.54 6.93 11.95 6.60 11.89 n.a. n.a. 6.55 12.02 n.a. n.a. n.a. n.a. 6.71 11.84 n.a. n.a. n.a. n.a. Credit card plan 3 All accounts 4 Accounts assessed interest 13.40 13.11 12.30 12.73 12.71 13.21 n.a. n.a. 13.01 13.60 n.a. n.a. n.a. n.a. 12.50 13.92 n.a. n.a. n.a. n.a. 4.29 10 74 3.40 9 72 4.36 8 96 5.25 8 90 5.62 8 96 5.74 8 92 4.42 8 94 5.64 8 82 4.97 8 86 5.56 8 95 56.8 57 5 61.4 57 5 60.5 56 8 60.9 56 9 60.8 57 1 60.9 57 2 63.4 57 1 60.5 56 8 60.2 56 7 59.3 57 6 94 100 95 100 89 100 89 100 84 100 81 99 85 99 83 98 85 99 83 98 24,747 14,532 26,295 14,613 24,888 15,136 23,821 15,361 22,951 15,197 22,765 15,490 24,711 15,547 23,984 15,632 24,434 15,964 23,939 15,673 Auto finance companies 5 New car OTHER TERMS3 Maturity (months) 7 New car Loan-to-value ratio 9 New car 10 Used car Amount financed (dollars) 11 New car 12 Used car 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at: www.federalreserve.gov/releases. 2. Data are available for only the second month of each quarter. 3. At auto finance companies. Flow of Funds 1.57 35 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates Transaction category or sector Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nonfinancial sectors 1,030.0 836.6 1,115.3 1,315.6 1,661.7 2,216.6 1,581.5 1,388.2 2,076.7 1,696.2 1,924.7 By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages -71.2 -71.0 -.2 -295.9 -294.9 -1.0 -5.6 -5.1 -.5 257.6 257.1 .5 396.0 398.4 -2.4 723.0 722.5 .5 317.1 317.0 .1 360.0 368.6 -8.6 483.9 482.9 1.1 444.9 448.6 -3.6 207.0 208.9 -1.9 5 Nonfederal 1 Total net borrowing by domestic nonfinancial sectors 314.6 314.0 .6 ,101.2 1,132.5 1,120.9 1,058.1 1,265.7 1,493.6 1,264.4 1,028.1 1,592.7 1,251.2 1,717.7 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 37.4 54.4 221.7 81.4 26.1 567.3 424.1 38.9 97.9 6.5 113.0 48.1 23.6 162.6 97.7 79.6 553.5 409.8 28.0 109.2 6.6 167.4 -88.3 122.9 348.5 -82.0 8.9 671.4 509.5 40.2 114.1 7.7 139.5 -64.2 159.4 132.3 -87.4 20.3 814.5 673.8 36.8 96.2 7.6 83.2 -40.0 135.1 158.3 -82.0 10.0 996.0 795.4 70.3 122.2 8.1 88.4 -81.4 182.6 297.0 -42.2 -9.9 1,038.7 825.0 72.3 134.4 6.9 108.8 4.8 130.0 96.1 -110.9 -22.9 1,058.4 833.7 72.8 143.5 8.5 108.9 -74.3 107.7 70.6 -90.8 68.7 900.0 691.4 94.1 105.9 8.6 46.1 33.8 180.3 114.2 -46.5 23.2 1,157.9 978.9 19.0 153.1 6.9 129.7 32.3 75.6 6.7 91.7 -30.7 1,034.3 846.9 64.1 112.8 10.6 41.4 22.4 164.1 52.8 -12.5 26.7 1,331.6 1,097.2 31.1 194.2 9.2 132.7 -25.4 101.6 138.5 90.2 115.1 1,132.3 882.0 48.3 193.2 8.9 101.3 17 18 19 20 21 22 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 492.8 569.9 370.2 194.3 5.3 38.5 558.6 558.5 350.5 197.1 10.9 15.5 620.7 394.4 221.2 162.7 10.5 105.8 730.2 184.0 27.7 148.5 7.8 143.9 839.4 308.6 144.7 156.1 7.7 117.8 906.2 421.2 274.6 143.8 2.9 166.1 900.0 255.3 74.6 168.8 12.0 109.1 660.6 271.2 76.7 184.7 9.8 96.3 1,089.1 342.6 199.3 138.7 4.5 161.1 918.6 275.8 95.3 167.6 12.9 56.8 1,120.3 445.6 237.3 187.5 20.9 151.8 943.4 618.2 428.5 178.9 10.8 92.0 13.0 16.3 1.9 .5 -5.7 57.0 31.7 15.2 11.4 -1.3 -49.8 -14.2 -24.5 -7.3 -3.8 5.6 36.1 -33.5 5.3 -2.3 -15.7 22.3 -28.1 -7.7 -2.1 -61.8 72.9 -100.2 -31.4 -3.0 -64.7 -56.0 -8.8 5.3 -5.3 46.0 20.2 26.5 -.7 .0 70.3 99.6 -19.6 -6.7 -2.9 -78.3 -30.1 -54.2 7.0 -1.1 33.3 24.4 24.1 -9.0 -6.3 233.4 160.7 56.6 18.7 -2.5 1,043.0 893.6 1,065.5 1,321.3 1,646.1 2,154.8 1,516.8 1,434.1 2,147.0 1,617.8 1,958.0 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 Financial sectors 29 Total net borrowing by financial sectors . .. 1,059.5 805.4 903.2 865.9 1,056.4 915.4 1,098.0 1,153.7 757.3 923.9 770.6 By instrument Federal government-related Government-sponsored enterprise securities Mortgage pool securities Loans from U.S. government 593.3 318.8 274.6 .0 434.9 235.2 199.7 .0 642.7 304.1 338.5 .0 546.7 219.8 326.8 .0 574.3 243.7 330.5 .0 459.4 192.4 266.9 .0 767.5 459.9 307.6 .0 572.2 96.9 475.3 .0 98.2 18.2 80.1 .0 307.7 234.4 73.4 .0 167.7 108.0 59.7 .0 38.0 37.1 .8 .0 466.2 176.2 188.8 -12.8 107.1 6.9 370.5 131.7 187.7 3.8 42.5 4.9 260.5 -45.3 265.1 13.0 25.5 2.2 319.3 -63.5 366.3 1.5 6.8 8.2 482.1 -63.8 511.2 -4.8 31.2 8.3 456.1 -50.6 451.9 12.2 38.2 4.4 330.5 -62.5 364.2 14.5 .7 13.5 581.4 -114.3 641.3 -6.5 41.9 19.1 659.1 149.6 381.7 25.3 76.0 26.5 616.2 10.8 457.7 -34.4 166.1 15.9 602.9 -64.4 637.4 51.2 -30.9 9.7 719.2 40.8 571.7 9.1 87.2 10.5 67.2 48.0 2.2 .7 318.8 274.6 192.6 70.7 .0 10.4 -17.2 91.6 60.0 27.3 .0 -.7 235.2 199.7 182.3 81.9 .0 4.5 15.6 -.3 52.9 -2.0 1.5 .6 304.1 338.5 256.2 1.3 .0 3.2 1.4 -54.6 49.7 -23.4 2.0 2.0 219.8 326.8 224.4 42.2 .0 24.5 -1.7 -.5 49.2 6.1 2.2 2.9 243.7 330.5 266.7 118.2 .0 31.9 6.4 -1.4 28.0 16.9 1.6 1.5 192.4 266.9 295.1 172.0 .0 14.3 -16.2 -57.0 2.8 .4 3.3 3.1 459.9 307.6 224.0 91.2 .0 43.8 9.9 -48.0 85.2 25.0 1.0 2.5 96.9 475.3 216.3 148.4 .0 56.3 -6.6 53.3 187.6 -7.0 -2.7 -.4 18.2 80.1 212.4 133.9 .0 67.1 51.9 16.2 7.1 184.4 4.9 2.7 234.4 73.4 351.4 -19.8 .0 43.6 2.5 39.5 58.9 -21.1 .9 .1 108.0 59.7 416.7 127.5 .0 84.3 33.2 -97.6 57.1 103.5 6.1 9.7 37.1 .8 340.6 230.9 .0 31.7 -26.6 -33.8 30 31 32 33 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 36 Federal Reserve Bulletin Statistical Supplement • May 2005 1.57 FUNDS RAISED IN U.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 2,102.5 1,699.0 1,968.7 2,187.2 2,702.5 3,070.2 2,614.7 2,587.8 2,904.3 2,541.7 2,728.6 2,958.7 229.9 522.1 54.4 412.4 69.0 127.5 574.2 113.0 211.6 139.0 23.6 365.5 112.8 120.8 558.4 167.4 -147.8 637.1 122.9 589.1 -76.2 30.6 673.6 139.5 -91.5 804.2 159.4 465.0 -80.6 24.7 822.7 83.2 -81.6 970.3 135.1 641.4 -94.5 39.1 1,004.3 88.4 -59.2 1,182.4 182.6 648.6 -61.4 25.4 1,043.1 108.8 -113.7 1,084.5 130.0 451.6 -91.1 -27.4 1,071.9 108.9 -168.5 932.3 107.7 738.4 -98.0 110.6 919.1 46.1 283.1 582.1 180.3 476.3 -28.0 96.3 1,184.4 129.7 13.0 752.7 75.6 410.2 64.3 134.3 1,050.3 41.4 -17.6 374.7 164.1 714.3 29.7 -10.6 1,341.2 132.7 176.0 352.6 101.6 766.8 117.9 199.7 1,142.8 101.3 Funds raised through mutual funds and corporate equities 61 Total net issues 192.7 244.7 300.2 229.4 393.6 472.2 389.7 412.5 551.2 204.5 295.5 190.9 62 Corporate equities 63 Nonfmancial corporations 64 Foreign shares purchased by U.S. residents . 65 Financial corporations 66 Mutual fund shares 1.5 10.4 14.3 -2.4 191.2 5.3 -118.2 106.7 16.8 239.4 99.0 -47.4 109.1 37.3 201.2 47.0 -41.6 17.6 71.0 182.4 105.6 -57.8 100.4 63.0 288.0 106.5 -50.2 66.5 90.2 365.7 129.9 -44.9 122.0 52.8 259.8 75.1 -69.0 76.8 67.3 337.4 120.7 -82.2 85.7 117.2 430.5 91.8 -159.5 161.6 89.7 112.8 -33.0 -203.2 35.9 134.3 328.4 -114.0 -395.2 146.1 135.1 304.9 1. Data in this table also appear in the Board's Z.I (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 Q1 Q2 Q3 Q4 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Domestic nonfederal nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered 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 2,102.5 1,699.0 1,968.7 2,187.2 2,702.5 3,070.2 2,614.7 2,587.8 2,904.3 2,541.7 2,728.6 2,958.7 125.4 49.9 -22.8 -2.4 100.6 6.4 171.2 1,799.5 25.7 312.2 318.6 -17.0 6.2 4.4 67.2 27.5 27.8 53.5 -3.0 99.3 45.5 182.0 48.4 9.6 287.3 274.6 174.5 97.1 .0 -1.2 -34.7 103.4 13.9 -23.5 25.1 .0 12.3 11.6 241.9 1,431.5 33.7 357.9 339.5 23.9 -12.2 6.7 56.2 28.0 .8 57.9 -8.7 -96.4 45.8 143.0 20.9 -5.6 246.0 199.7 152.5 108.6 .0 -4.4 68.9 24.4 -23.3 -139.3 1.8 6.4 107.8 6.0 305.3 1,680.7 39.9 205.2 191.6 -.6 4.2 10.0 44.6 41.5 -28.1 130.9 9.0 13.3 -41.1 246.0 126.1 3.2 304.7 338.5 230.0 -4.8 .0 8.7 92.4 -89.2 -2.4 -46.4 21.6 -.4 22.8 9.6 422.8 1,757.2 77.7 404.4 393.8 6.2 3.1 1.3 33.6 42.7 .9 233.0 39.9 25.7 -14.0 -25.3 144.2 8.6 224.1 326.8 201.8 21.2 .0 25.4 28.4 -58.4 228.8 132.3 36.3 3.2 56.8 -2.5 538.2 1,938.0 37.2 299.5 323.3 -43.0 8.6 10.6 126.3 50.7 -2.4 180.6 67.0 14.2 9.0 -113.1 137.7 36.2 236.5 330.5 245.8 84.2 .0 23.5 79.6 87.9 -2.0 -131.1 71.6 3.1 54.4 -8.1 746.8 2,333.5 40.3 591.4 524.6 11.6 39.7 15.5 107.9 79.4 -2.5 236.4 49.7 -18.7 55.4 158.4 258.4 60.1 106.9 266.9 274.5 56.5 .0 34.0 -73.8 49.1 754.2 624.9 32.5 3.8 92.9 20.1 321.4 1,519.0 37.6 -6.1 100.5 -100.0 -26.1 19.4 66.4 83.6 -2.5 117.1 68.7 42.3 -16.4 -220.2 -14.5 42.5 506.6 307.6 204.1 164.4 .0 28.1 21.1 87.8 319.1 279.1 -32.8 3.9 69.0 -4.3 682.3 1,590.7 33.8 206.1 283.0 -85.3 .2 8.1 143.9 -5.3 -2.0 85.9 93.3 47.1 39.9 -262.4 93.9 16.1 34.0 475.3 196.9 107.5 .0 38.0 306.5 -55.1 -229.0 -382.5 96.7 3.1 53.7 4.7 952.7 2,175.9 16.2 880.8 849.5 18.3 1.2 11.9 225.3 44.3 1.0 235.1 105.3 45.1 6.6 -228.9 208.7 9.9 -2.3 80.1 193.6 187.3 .0 94.3 -185.3 252.8 226.9 88.1 53.4 3.0 82.3 -11.9 761.3 1,565.5 53.0 491.8 491.5 -15.9 -2.3 18.5 163.3 63.2 1.0 176.0 65.1 22.5 40.8 -121.9 21.1 21.7 193.7 73.4 333.2 44.8 .0 27.9 -177.0 61.5 401.5 356.2 -8.2 2.5 50.9 23.9 574.9 1,728.3 74.1 253.2 249.9 -10.2 3.0 10.5 152.4 18.5 1.0 168.2 73.5 45.5 -41.2 -153.1 111.5 .3 125.0 59.7 399.1 91.7 .0 63.5 362.9 -90.6 140.5 50.1 8.2 1.5 80.7 -1.6 937.1 1,882.7 61.3 694.8 601.3 89.1 -2.1 6.4 264.7 43.6 .9 168.1 61.6 26.0 .0 -46.6 132.9 13.7 39.1 .8 322.6 197.8 .0 37.2 -108.2 -31.9 2,102.5 1,699.0 1,968.7 2,187.2 2,702.5 3,070.2 2,614.7 -8.7 -3.0 1.0 48.9 15.0 151.2 45.1 131.1 249.1 169.0 1.5 191.2 262.5 104.4 50.8 123.1 22.9 -8.1 -88.3 1,112.1 -.4 -4.0 2.4 126.9 15.1 -71.4 188.8 116.2 233.3 114.5 5.3 239.4 402.3 146.1 50.2 133.0 25.9 56.6 -53.8 1,398.1 4.3 .0 1.3 6.8 -28.0 204.3 267.2 68.6 428.6 23.7 99.0 201.2 -83.4 3.1 77.2 128.5 14.5 -59.9 -21.5 663.4 3.2 .0 1.0 21.0 17.3 43.5 270.9 50.1 -16.8 106.6 47.0 182.4 75.8 -87.0 60.1 169.5 22.2 -2.4 -102.7 490.2 -.9 .0 .6 .0 -3.8 133.8 229.4 62.0 -207.8 227.2 105.6 288.0 197.1 132.5 66.8 195.2 12.4 -26.3 -98.6 651.6 .0 1.6 143.1 -190.0 182.0 427.2 45.1 107.4 335.7 106.5 365.7 231.0 720.9 41.1 157.1 31.4 -26.4 -79.0 435.6 2.1 .0 .1 -306.0 80.8 46.1 120.2 -23.3 -227.3 39.5 129.9 259.8 173.3 -109.7 42.2 236.2 4.1 -26.4 -111.9 1,374.9 -9.3 .0 .0 128.1 98.2 186.0 102.1 64.6 -467.7 379.9 75.1 337.4 221.8 -278.1 110.1 194.1 -6.2 -25.5 -128.8 38.1 -2.6 .0 .8 132.4 -213.3 172.0 226.2 301.0 -122.4 370.8 120.7 430.5 307.7 287.2 70.8 233.3 19.0 -23.3 -61.7 1,952.1 -4.8 .0 1.2 14.8 87.5 134.5 429.9 177.6 -176.6 91.8 112.8 228.8 168.0 70.4 143.1 39.4 -23.3 -48.1 531.7 -2.1 .0 .7 86.5 -222.4 100.0 167.1 207.2 -154.3 314.3 -33.0 328.4 257.4 5.5 81.1 192.3 25.0 -23.3 -87.0 1,344.2 -2.6 .0 .1 76.5 96.2 190.1 187.2 282.3 -268.3 -173.0 -114.0 304.9 314.7 176.9 92.2 206.9 9.8 -23.8 -46.2 1,059.5 4,673.3 4,823.4 3,967.5 3,539.1 4,667.2 6,106.3 4,319.0 3,607.8 7,105.3 4,520.5 5,316.2 5,328.1 -.7 30.5 .1 38.6 10.8 -230.1 -1.2 66.1 20.4 110.8 32.6 -442.5 -12.8 17.2 -61.2 21.4 -312.6 -.6 11.0 7.1 22.5 27.8 -.3 27.7 -4.2 -19.0 -31.6 -131.6 .5 198.3 -28.2 264.3 -3.4 -28.6 -276.5 34.2 -46.3 -29.5 34.9 -.7 158.2 -31.3 138.8 -46.0 -744.7 -.4 43.1 15.4 -17.7 -12.5 256.4 .0 -76.5 64.4 -181.2 44.1 318.1 -.3 175.1 -44.0 -52.9 36.0 -55.0 6.0 22.1 -192.7 33.5 566.3 -7.4 -.8 -15.7 9.0 -.3 5.7 -.5 2.9 -1.6 -.7 107.1 -8.9 .0 -32.1 -3.4 -.3 -39.1 .3 -20.8 29.3 1.0 -35.1 41.1 1.7 -4.6 2.4 -60.8 6.4 3.1 -14.7 75.8 3.8 54.2 4,848.1 5,025.4 4,307.5 3,389.4 4,867.1 5,709.2 4,662.6 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.I (780) quarterly statistical release, tables F.I andF.5, available at: www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 38 Federal Reserve Bulletin Statistical Supplement • May 2005 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period Transaction category or sector Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages . 5 Nonfederal 18,109.9 19,225.7 20,541.4 22,249.5 21,348.3 21,775.1 22,249.5 22,679.5 23,075.1 23,608.0 24,180.7 3,385.1 3,357.8 27.3 3,379.5 3,352.7 26.8 3,637.0 3,609.8 27.3 4,033.1 4,008.2 24.9 3,806.9 3,779.9 27.0 3,914.5 3,887.5 27.0 4,033.1 4,008.2 24.9 4,168.9 4,143.8 25.1 4,209.6 4,185.4 24.2 4,293.0 4,269.2 23.7 4,395.7 4,371.8 23.9 14,724.8 17,541.4 16,904.3 18,216.4 18,865.5 19,785.0 6 7 8 9 10 11 12 13 14 15 16 By instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit 278.4 1,480.9 2,230.3 1,335.0 932.1 6,729.0 5,126.3 388.6 1,103.9 110.2 1,739.1 190.1 1,603.7 2,578.8 1,253.6 941.0 7,400.4 5,635.8 428.8 1,218.0 117.8 1,878.6 126.0 1,763.1 2,711.0 1,166.2 961.3 8,214.9 6,309.6 465.7 1,314.2 125.5 1,961.8 85.9 .,898.2 2,869.3 1,130.6 971.3 9,210.9 7,105.1 535.9 .,436.3 133.6 2,050.1 107.5 1,850.7 2,827.7 1,128.4 966.8 8,697.2 6,703.7 494.2 1,369.6 129.7 1,963.2 108.4 1,863.5 2,851.7 1,096.0 958.0 8,981.1 6,932.6 512.4 1,404.4 131.7 2,001.9 85.9 .,898.2 2,869.3 1,130.6 971.3 9,210.9 7,105.1 535.9 .,436.3 133.6 2,050.1 95.5 1,940.4 2,897.9 1,115.4 969.5 9,461.3 7,316.3 540.7 1,469.0 135.3 2,030.5 102.5 1,974.6 2,899.6 1,135.6 976.8 9,734.2 7,541.1 556.7 1,498.0 138.3 2,042.2 109.3 1,994.3 2,912.8 1,128.3 981.0 10,102.5 7,851.7 564.5 1,545.8 140.5 2,086.8 101.7 2,028.6 2,947.4 1,161.3 1,004.9 10,389.7 8,071.1 576.6 1,599.6 142.5 2,151.4 17 18 19 20 21 22 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 7,018.0 6,514.4 4,536.2 1,796.7 181.5 1,192.3 7,638.7 6,909.4 4,758.1 1,959.3 192.0 1,298.1 8,368.9 7,093.4 4,785.7 2,107.8 199.8 1,442.0 9,231.5 7,425.2 4,953.6 2,264.0 207.6 1,559.7 8,749.5 7,270.9 4,892.0 2,176.1 202.8 1,521.0 9,000.8 7,330.1 4,907.2 2,217.2 205.6 1,529.8 9,231.5 7,425.2 4,953.6 2,264.0 207.6 1,559.7 9,413.8 7,498.2 4,993.9 2,298.7 205.6 1,598.6 9,662.5 7,575.5 5,021.9 2,341.1 212.6 1,627.5 9,984.4 7,685.2 5,080.8 2,386.9 217.5 1,645.4 10,264.2 7,845.7 5,193.7 2,432.2 219.9 1,675.2 23 Foreign credit market debt held in United States 709.6 659.9 665.5 649.8 653.2 638.7 649.8 666.9 648.3 656.8 714.5 24 25 26 27 120.9 468.0 70.5 50.2 106.7 443.5 63.2 46.4 142.8 410.0 68.6 44.1 165.1 381.9 60.9 42.0 173.1 377.5 59.7 42.9 160.4 375.3 61.0 42.0 165.1 381.9 60.9 42.0 190.0 377.0 59.2 40.8 183.4 363.5 60.9 40.5 189.2 369.5 58.7 39.5 228.7 383.6 63.4 38.8 22,899.3 22,001.5 22,413.8 22,899.3 23,346.4 Commercial paper Bonds Bank loans n.e.c Other loans and advances 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 19,885.6 24,264.8 Financial sectors 29 Total credit market debt owed by financial sectors 8,373.7 9,276.9 10,142.8 11,199.2 10,594.6 10,873.9 11,199.2 11,366.7 11,575.9 11,790.9 12,016.3 30 31 32 33 34 35 36 37 38 39 By instrument Federal government-related Government-sponsored enterprise securi Mortgage pool securities Loans from U.S. government Private Open market paper Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 4,319.7 1,826.4 2,493.2 .0 4,054.0 1,214.7 2,226.6 91.1 438.3 83.4 4,962.3 2,130.6 2,831.8 .0 4,314.5 1,169.4 2,491.8 104.1 463.7 85.6 5,509.0 2,350.4 3,158.6 .0 4,633.8 1,105.9 2,858.0 105.6 470.5 93.8 6,083.3 2,594.1 3,489.1 .0 5,115.9 1,042.1 3,369.2 100.8 501.7 102.1 5,744.1 2,454.9 3,289.1 .0 4,850.6 1,036.5 3,135.0 99.1 486.0 93.9 5,941.2 2,569.9 3,371.3 .0 4,932.7 1,025.7 3,216.3 103.1 490.3 97.3 6,083.3 2,594.1 3,489.1 .0 5,115.9 1,042.1 3,369.2 100.8 501.7 102.1 6,108.8 2,598.7 3,510.2 .0 5,257.9 1,055.0 3,472.8 104.8 516.6 108.7 6,180.7 2,657.3 3,523.5 .0 5,395.2 1,028.2 3,597.0 99.2 558.1 112.7 6,227.9 2,684.3 3,543.7 .0 5,563.0 1,022.0 3,759.3 112.3 554.3 115.1 6,236.2 2,693.6 3,542.6 .0 5,780.1 1,076.3 3,896.2 113.6 576.3 117.7 40 41 42 43 44 45 46 47 48 49 50 51 52 By borrowing sector Commercial banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Federally related mortgage pools Issuers of asset-backed securities (ABSs) . Brokers and dealers Finance companies Mortgage companies Real estate investment trusts (REITs) . . . . Funding corporations 266.7 242.5 287.7 3.4 2.5 1,826.4 2,493.2 1,744.4 40.9 778.0 16.0 168.0 503.9 296.0 266.1 285.7 4.9 3.1 2,130.6 2,831.8 2,000.6 42.3 779.2 16.0 171.2 449.3 325.5 286.4 262.3 6.9 5.1 2,350.4 3,158.6 2,225.0 40.6 821.4 16.0 195.7 448.8 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,491.7 47.0 939.6 16.0 227.7 447.4 336.7 302.7 256.7 8.0 6.6 2,454.9 3,289.1 2,372.8 46.2 875.1 16.0 202.6 427.2 333.8 304.8 262.3 8.8 7.4 2,569.9 3,371.3 2,422.9 48.6 897.2 16.0 213.6 417.2 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,491.7 47.0 939.6 16.0 227.7 447.4 355.8 347.5 267.2 8.4 7.9 2,598.7 3,510.2 2,535.5 60.0 959.0 16.0 244.4 456.1 358.7 351.5 308.0 9.6 8.6 2,657.3 3,523.5 2,622.9 60.6 963.1 16.0 255.3 440.8 356.8 366.6 308.2 9.9 8.6 2,684.3 3,543.7 2,720.3 68.9 995.1 16.0 291.2 421.3 357.4 381.4 333.3 11.4 11.1 2,693.6 3,542.6 2,822.0 62.2 1,057.7 16.0 299.2 428.5 29,162.5 31,349.6 34,098.5 32,596.1 33,287.8 34,098.5 34,713.1 35,299.4 36,055.8 36,911.5 1,466.2 8,341.8 1,603.7 5,514.1 1,421.0 1,451.1 7,486.0 1,878.6 1,374.7 9,146.0 1,763.1 5,979.1 1,340.4 1,475.9 8,308.7 1,961.8 1,293.1 10,116.3 1,898.2 6,620.5 1,292.3 1,515.0 9,313.0 2,050.1 1,317.1 9,551.0 1,850.7 6,340.1 1,287.2 1,495.7 8,791.1 1,963.2 1,294.5 9,855.7 1,863.5 6,443.3 1,260.2 1,490.3 9,078.4 2,001.9 1,293.1 10,116.3 1,898.2 6,620.5 1,292.3 1,515.0 9,313.0 2,050.1 1,340.4 10,277.8 1,940.4 6,747.7 1,279.3 1,527.0 9,570.0 2,030.5 1,314.2 10,390.4 1,974.6 6,860.0 1,295.8 1,575.4 9,846.8 2,042.2 1,320.5 10,520.9 1,994.3 7,041.5 1,299.3 1,574.8 10,217.6 2,086.8 1,406.7 10,631.8 2,028.6 7,227.2 1,338.3 1,619.9 10,507.5 2,151.4 53 Total credit market debt, domestic and foreign 54 55 56 57 58 59 60 61 Open market paper U.S. government securities . Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances . . Mortgages Consumer credit 1,614.0 7,704.8 1,480.9 4,924.9 1,496.6 1,420.5 6,812.4 1,739.1 1. Data in this table appear in the Board's Z.I (780) quarterly statistical release, tables L.2 through L.4, available at: www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Q2 Q3 Q4 Q1 Q2 Q3 Q4 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Domestic nonfederal nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered 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 (ABSs) issuers Finance companies Mortgage companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 27,193.1 29,162.5 31,349.6 34,098.5 32,596.1 33,287.8 34,098.5 34,713.1 35,299.4 36,055.8 36,911.5 3,479.1 2,336.5 256.8 63.2 822.6 272.6 2,590.8 20,850.6 511.8 5,006.3 4,419.5 511.3 20.5 55.0 1,088.8 379.7 222.8 1,943.9 509.4 624.0 752.8 1,290.9 1,097.7 105.3 1,794.4 2,493.2 1,517.8 851.2 32.1 37.5 223.6 332.2 3,435.1 2,176.4 258.5 69.7 930.5 278.6 2,916.9 22,531.8 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.4 421.2 194.7 2,074.8 518.4 637.3 711.7 1,536.9 1,223.8 108.5 2,099.1 2,831.8 1,747.9 846.4 32.1 46.2 316.0 244.5 3,377.6 2,074.8 280.1 69.3 953.3 288.2 3,394.8 24,289.1 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,167.0 463.9 195.6 2,307.8 558.3 663.0 697.7 1,511.6 1,368.0 117.1 2,323.2 3,158.6 1,949.6 867.6 32.1 71.7 344.4 186.1 3,641.3 2,242.1 316.5 72.6 1,010.1 285.6 3,898.1 26,273.5 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 193.2 2,488.3 625.2 677.2 706.7 1,398.5 1,505.7 153.3 2,559.7 3,489.1 2,195.4 951.8 32.1 95.2 424.1 274.0 3,317.1 1,983.6 293.6 70.6 969.2 281.7 3,683.8 25,313.5 652.1 5,831.3 5,200.8 517.6 42.9 70.0 1,239.0 495.3 194.3 2,436.5 584.7 654.9 700.8 1,479.6 1,480.9 138.6 2,419.4 3,289.1 2,086.3 883.5 32.1 78.7 341.1 225.9 3,474.0 2,100.3 312.6 71.6 989.5 286.7 3,772.2 25,754.9 656.1 5,831.8 5,230.3 490.3 36.4 74.9 1,261.5 517.7 193.7 2,471.6 601.9 665.5 696.7 1,436.8 1,478.5 149.3 2,549.7 3,371.3 2,131.5 924.2 32.1 85.7 375.0 254.8 3,641.3 2,242.1 316.5 72.6 1,010.1 285.6 3,898.1 26,273.5 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 193.2 2,488.3 625.2 677.2 706.7 1,398.5 1,505.7 153.3 2,559.7 3,489.1 2,195.4 951.8 32.1 95.2 424.1 274.0 3,522.9 2,111.8 316.1 73.3 1,021.7 286.8 4,128.4 26,775.0 674.1 6,135.3 5,525.9 492.9 36.7 79.9 1,370.8 524.2 193.4 2,546.1 651.5 688.5 708.3 1,344.7 1,552.2 155.8 2,552.0 3,510.2 2,234.4 989.2 32.1 118.8 410.6 312.5 3,598.9 2,152.2 329.5 74.1 1,043.1 283.8 4,328.4 27,088.3 687.4 6,270.2 5,665.7 484.0 36.1 84.5 1,408.6 541.5 193.7 2,590.5 667.8 694.2 718.5 1,271.3 1,557.6 161.2 2,603.3 3,523.5 2,317.3 1,009.9 32.1 125.8 334.2 307.0 3,679.0 2,212.6 338.7 74.7 1,053.0 289.8 4,480.9 27,606.0 700.3 6,336.9 5,734.3 478.6 36.9 87.1 1,453.0 547.9 193.9 2,638.9 686.2 705.5 708.2 1,247.1 1,586.6 161.3 2,638.0 3,543.7 2,410.4 1,033.5 32.1 156.5 453.5 296.5 3,771.1 2,265.0 354.0 75.1 1,077.0 289.4 4,704.6 28,146.4 717.8 6,541.0 5,909.7 506.1 36.4 88.7 1,514.7 557.0 194.2 2,675.2 701.6 712.0 708.2 1,260.8 1,624.2 164.7 2,648.6 3,542.6 2,507.5 1,082.2 32.1 165.8 397.2 322.0 32,596.1 33,287.8 34,098.5 34,713.1 35,299.4 36,055.8 36,911.5 62.2 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Investment in bank personal trusts Miscellaneous 46.1 2.2 23.2 803.4 221.2 1,413.1 2,860.4 1,052.6 1,812.1 1,197.3 4,435.3 822.7 819.1 8,831.3 2,747.7 204.8 1,095.8 10,532.6 46.8 2.2 24.5 810.1 191.4 1,603.2 3,127.6 1,121.1 2,240.7 1,233.7 4,135.5 825.9 880.0 8,330.2 2,664.3 219.2 960.7 11,314.2 55.8 2.2 25.5 831.1 205.9 1,646.7 3,398.5 1,171.3 2,223.9 1,340.3 3,638.4 738.8 920.9 7,611.6 2,740.1 241.4 840.9 11,951.6 62.3 2.2 26.0 831.1 203.5 1,780.6 3,627.9 1,233.2 2,016.0 1,567.5 4,653.2 871.3 1,013.2 8,834.8 2,937.2 253.8 932.4 12,499.9 58.9 2.2 26.0 875.6 123.3 1,712.2 3,575.0 1,222.2 2,120.1 1,444.9 4,071.6 971.9 959.7 8,105.9 2,816.7 257.6 877.0 12,112.4 61.3 2.2 26.0 799.1 163.7 1,707.2 3,600.9 1,221.8 2,057.3 1,452.4 4,242.6 940.2 973.0 8,296.9 2,869.5 264.4 885.0 12,323.6 62.3 2.2 26.0 831.1 203.5 1,780.6 3,627.9 1,233.2 2,016.0 1,567.5 4,653.2 871.3 1,013.2 8,834.8 2,937.2 253.8 932.4 12,499.9 61.5 2.2 26.2 864.2 117.8 1,791.8 3,721.5 1,332.2 1,971.9 1,642.8 4,900.8 953.3 1,034.3 9,005.8 2,988.7 265.2 936.9 12,786.7 58.9 2.2 26.5 867.9 135.9 1,847.9 3,793.9 1,379.3 1,912.3 1,597.4 4,959.4 988.9 1,052.7 9,099.1 3,050.0 271.9 935.4 12,866.6 58.7 2.2 26.7 889.5 102.6 1,857.4 3,831.0 1,437.2 1,866.3 1,673.5 4,981.3 985.5 1,069.6 9,086.1 3,123.0 284.4 919.2 13,077.3 26.7 908.6 140.3 1,929.7 3,880.5 1,500.7 1,879.9 1,651.4 5,435.3 1,030.7 1,108.8 9,637.8 3,214.3 277.1 958.6 12,837.1 53 Total liabilities 66,114.0 68,893.9 70,934.5 77,444.7 73,929.3 75,174.9 77,444.7 79,116.9 80,145.6 81,327.2 83,393.5 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 55 Corporate equities 56 Household equity in noncorporate business . . . 21.6 17,627.0 4,834.2 15,310.6 4,949.2 23.2 11,871.0 5,139.7 23.7 15,497.0 5,495.8 22.8 13,278.7 5,269.8 23.1 13,755.1 5,368.3 23.7 15,497.0 5,495.8 23.7 15,832.8 5,581.2 23.7 15,982.7 5,683.1 23.8 15,627.1 5,828.2 24.6 17,204.4 5,929.9 -8.5 624.7 -4.3 396.6 120.0 -3,615.3 -8.6 611.9 11.1 348.1 93.4 -3,665.9 -9.1 622.9 15.3 370.6 120.7 -3,516.4 -9.5 650.6 12.6 351.6 77.5 -3,469.7 -9.1 680.1 6.3 324.3 106.1 -3,503.4 -9.3 611.0 18.1 314.4 91.4 -3,358.0 -9.5 650.6 12.6 351.6 77.5 -3,469.7 -9.6 661.3 16.5 337.2 63.4 -3,617.0 -9.5 642.2 27.5 296.3 83.5 -3,466.3 -9.6 686.0 20.5 284.7 94.1 -3,366.7 -9.8 687.5 26.9 240.4 100.3 -3,785.6 -2.3 22.0 3.7 -12.3 21.6 6.6 -11.7 20.9 113.7 -17.9 20.8 81.6 -7.9 20.1 14.4 -15.9 12.7 21.0 -17.9 20.8 81.6 1.1 17.4 29.2 .1 21.5 -18.2 3.1 14.7 -9.5 11.2 23.6 75.1 91,060.0 91,769.8 90,241.7 100,763.5 94,869.6 96,635.9 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 57 58 59 60 61 62 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 1. Data in this table also appear in the Board's Z.I (780) quarterly statistical release, tables L.I and L.5, available at: www.federalreserve.gov/releases. 100,763.5 103,055.1 104,258.1 105,089.1 109,182.6 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • May 2005 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2004 2004 2005 2005 2004 2005 Series Q2 Q3 Q4 Ql' Output (1997=100) Q2 Q3 Q4 Q1 Capacity (percent of 1997 output) Q2 Q3 Q4 Ql' Capacity utilization rate (percent)2 1 Total industry 115.1 115.9 117.2 118.2 147.8 148.2 148.7 149.1 77.9 78.2 78.8 79.3 2 Manufacturing 3 Manufacturing (NAICS) 116.8 117.6 117.9 118.8 119.3 120.2 120.4 121.3 152.6 154.9 153.1 155.4 153.6 155.9 154.1 156.4 76.5 75.9 77.0 76.4 77.6 77.1 78.1 77.5 4 5 132.1 91.0 134.0 93.6 136.1 94.2 137.9 92.4 179.1 114.6 180.1 114.3 181.1 114.0 182.3 113.9 73.8 79.4 74.4 81.9 75.2 82.6 75.6 81.1 96.6 96.0 284.1 97.2 97.7 295.5 97.1 98.8 304.2 97.0 100.1 320.5 138.7 125.9 407.1 138.7 126.0 417.0 138.6 126.1 427.6 138.7 126.2 438.8 69.6 76.3 69.8 70.1 77.5 70.9 70.1 78.4 71.1 69.9 79.4 73.0 93.4 123.0 95.9 122.7 95.8 127.4 95.0 128.7 120.1 153.0 119.7 153.7 119.3 154.3 119.0 155.1 77.8 80.4 80.1 79.8 80.2 82.6 79.8 82.9 99.5 100.1 104.0 75.3 100.6 100.5 104.5 76.2 101.9 101.3 105.5 75.2 103.9 101.6 106.0 75.6 154.8 126.9 129.1 102.9 155.1 126.9 129.2 101.9 155.5 126.8 129.3 100.9 156.0 126.8 129.3 99.9 64.3 78.9 80.6 73.2 64.9 79.3 80.9 74.8 65.5 79.8 81.6 74.5 66.6 80.2 82.0 75.7 95.0 108.6 110.2 104.7 103.8 95.7 110.3 111.0 104.2 104.7 95.5 111.9 112.3 104.3 104.8 96.5 112.5 112.3 104.9 107.5 110.3 121.9 146.0 125.6 119.3 110.3 122.3 146.4 125.3 119.4 110.2 122.5 146.7 125.0 119.7 110.2 122.8 146.9 124.8 119.9 86.1 89.1 75.4 83.4 87.0 86.8 90.2 75.9 83.2 87.6 86.6 91.3 76.6 83.5 87.6 87.6 91.6 76.4 84.1 89.7 20 Mining 21 Electric and gas utilities 91.7 114.4 91.2 113.1 90.4 115.9 92.4 114.5 105.8 134.5 105.7 135.1 105.6 135.7 105.4 136.2 86.6 85.1 86.3 83.7 85.6 85.4 87.7 84.1 MEMOS 22 Computers, communications equipment, and semiconductors 400.4 415.2 429.5 459.1 574.5 593.8 615.3 638.2 69.7 69.9 69.8 71.9 23 Total excluding computers, communications equipment, and semiconductors 103.1 103.6 104.6 105.2 131.2 131.3 131.4 131.5 78.6 78.9 79.6 80.0 24 Manufacturing excluding computers, communications equipment, and semiconductors 102.6 103.5 104.5 105.1 132.9 133.0 133.0 133.1 77.2 77.8 78.5 79.0 6 8 9 10 11 12 13 14 15 16 17 18 19 Durable manufacturing Primary metal Fabricated metal products Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2004 2005 2004 Series Low High Low Apr. Nov. Dec. Jan.' Feb.' Mar.' Apr.- Capacity ut lization rate (percent)4 1 Total Industry 88.7 73.9 86.6 70.8 85.1 78.6 77.7 78.7 79.2 79.1 79.4 79.4 79.2 2 Manufacturing 3 Manufacturing (NAICS) 88.1 88.2 71.4 71.2 86.3 86.4 68.5 67.9 85.6 85.5 77.2 77.0 76.3 75.8 77.5 77.0 77.9 77.3 78.1 77.4 78.3 77.7 78.0 77.4 77.9 77.3 89.1 100.9 69.3 69.2 86.9 91.2 62.9 47.2 84.5 94.3 73.4 74.6 73.7 78.5 75.0 83.5 75.4 81.8 75.5 81.8 76.0 80.1 75.5 81.2 75.3 80.8 91.7 94.3 70.0 73.9 83.1 93.0 62.0 58.6 80.2 84.8 71.6 73.0 69.3 75.6 70.0 78.3 70.1 78.5 70.1 79.5 69.9 79.5 69.8 79.1 70.0 80.2 87.0 66.1 89.3 76.2 81.7 76.6 69.0 71.0 71.4 72.7 73.2 73.2 73.9 99.3 95.4 68.4 54.7 92.0 96.1 64.4 45.2 87.5 90.3 75.1 56.0 77.6 81.8 79.9 82.1 81.4 82.9 80.5 81.4 79.1 85.5 79.9 81.9 80.1 78.9 74.2 87.5 65.3 72.3 84.2 85.7 69.3 75.6 88.7 87.1 82.1 81.7 64.3 78.6 65.4 79.8 65.9 80.0 65.9 80.2 66.9 80.2 67.1 80.1 67.8 80.3 86.2 89.4 77.6 62.2 84.4 90.4 80.6 72.4 85.6 91.5 81.0 77.2 80.2 72.4 81.6 74.5 81.7 73.6 82.2 75.8 81.8 75.6 82.0 75.7 82.1 75.3 97.3 92.6 85.2 96.0 86.0 74.4 81.1 68.9 61.5 75.4 95.4 92.0 83.1 90.2 88.5 81.3 71.0 68.0 70.8 86.1 93.7 88.9 85.7 91.1 90.5 85.2 82.9 80.9 77.1 80.4 85.8 88.4 75.4 82.9 86.7 86.4 91.4 76.5 83.3 87.3 86.6 92.6 76.8 83.5 88.6 88.2 90.3 76.2 84.5 90.0 87.4 92.9 76.9 83.7 89.4 87.1 91.7 76.3 84.0 89.7 87.6 92.2 76.5 83.5 88.9 20 Mining 21 Electric and gas utilities 93.6 96.4 87.6 82.8 94.0 88.2 78.6 77.7 85.8 92.8 83.5 84.2 87.1 84.4 85.9 84.7 86.7 87.2 86.1 83.8 88.2 82.8 88.8 85.7 88.9 83.7 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.5 89.1 74.1 81.0 74.3 69.1 69.9 70.1 71.9 72.1 71.8 72.3 23 Total excluding computers, communications equipment, and semiconductors 89.0 74.2 86.7 70.6 85.5 78.8 78.4 79.5 80.1 79.8 80.1 80.2 79.9 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.2 71.7 86.4 68.2 86.0 77.3 77.0 78.4 78.8 78.9 79.2 78.9 78.8 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE. The statistics in the G.I 7 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines as manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The data are also available on the Board's website http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2004. The recent annual revision is described in the Winter 2005 issue of the Bulletin. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • May 2005 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion Apr. May July Aug. Sept. Oct. Nov Apr.' Index (1997=100) MAJOR MARKETS 114.7 115.5 115.1 115.9 116.0 115.7 116.6 116.9 117.9 117.8 118.3 118.5 18.1 9.7 1.0 4.9 2.0 3.9 124.9 134.8 231.6 113.6 102.7 106.2 104.4 103.6 49.0 125.3 109.3 114.7 112.3 110.7 125.6 135.9 237.8 113.6 102.8 105.1 103.9 102.8 51.1 124.7 108.4 111.2 113.0 111.3 124.8 133.8 236.1 114.5 103.2 106.2 104.7 103.9 50.1 125.1 109.8 113.9 112.5 110.2 123.1 130.6 231.9 113.7 103.5 105.3 104.0 103.3 49.3 124.4 108.9 112.0 113.5 110.8 123.0 130.9 213.7 113.7 104.1 106.1 104.7 104.1 48.1 125.4 109.4 113.3 113.6 111.4 125.4 135.3 225.2 114.4 103.6 106.1 105.1 103.9 47.5 126.9 111.5 111.2 113.3 110.7 123.5 133.1 221.2 112.8 102.3 105.8 104.7 104.0 47.8 125.7 109.7 111.5 114.6 112.3 126.2 137.8 234.9 113.3 102.4 107.0 105.9 104.9 47.6 128.3 110.5 112.7 114.6 112.3 125.7 136.8 225.2 114.0 102.5 107.2 105.8 105.1 48.0 126.9 111.5 114.2 115.6 113.1 126.1 137.9 210.1 114.7 102.5 108.2 106.2 105.2 47.4 127.5 113.5 118.1 115.5 112.4 124.3 134.3 217.0 113.9 102.7 107.8 106.7 105.5 47.1 127.5 115.9 113.4 116.2 113.4 128.8 142.5 230.8 114.6 102.6 107.6 106.7 104.8 46.5 130.1 115.1 112.3 116.3 113.2 126.2 137.8 224.6 115.3 101.9 108.3 106.7 105.0 46.0 129.1 115.5 116.3 116.0 112.2 123.6 133.6 226.4 112.4 101.7 107.8 106.7 105.1 46.4 129.2 114.8 113.4 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 58.8 30.9 8.9 4.6 0.3 1.5 2.4 113.2 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.3 1.9 3.0 5.3 1.8 119.2 89.9 174.8 99.6 111.2 116.7 89.0 167.7 98.2 109.9 118.2 88.8 171.0 99.6 111.1 118.7 88.9 172.8 99.7 110.7 121.9 90.7 176.7 103.0 112.8 120.7 90.5 177.7 100.7 112.7 121.1 90.7 179.3 100.9 113.5 122.7 93.5 180.8 101.8 113.8 122.1 92.8 182.3 100.7 114.5 123.7 94.0 185.3 101.9 115.1 125.2 95.6 188.6 102.6 115.6 125.6 97.6 190.1 101.9 117.4 125.5 95.6 191.1 102.2 118.0 126.5 95.2 193.2 103.3 119.9 21 22 Construction supplies Business supplies 4.3 11.2 106.9 114.8 106.5 114.3 107.3 114.9 107.0 114.7 107.9 114.9 108.3 114.8 107.6 114.9 108.3 115.3 107.8 115.9 107.8 117.2 108.5 117.1 109.5 116.7 109.6 117.7 110.1 117.5 23 Materials 24 Non-energy 25 Durable 26 Consumer parts 27 Equipment parts 28 Other 29 Nondurable 30 Textile 31 Paper 32 Chemical 33 Energy 41.2 30.9 19.3 4.1 6.7 8.5 11.7 0.8 2.8 4.5 10.3 118.7 124.6 142.1 109.6 235.1 98.0 97.5 67.5 93.2 104.3 99.3 118.1 123.6 140.5 109.5 229.3 97.4 97.1 66.4 92.8 103.8 99.8 118.9 124.3 141.5 109.1 233.5 97.9 97.4 66.4 93.0 104.0 100.8 118.8 124.6 141.9 108.0 236.0 98.1 97.6 67.0 93.7 104.7 99.6 119.2 125.2 142.6 106.5 239.6 98.7 98.2 67.7 94.3 105.2 99.6 119.3 125.8 143.6 109.2 240.0 98.9 98.3 68.0 93.5 106.0 98.6 118.9 125.5 143.3 108.5 241.5 98.3 97.8 67.6 94.2 104.9 98.2 119.4 126.4 144.8 110.7 243.9 98.9 98.1 67.1 93.3 105.1 97.6 120.1 127.1 145.8 110.6 247.2 99.5 98.4 67.0 94.0 106.4 98.2 121.0 127.5 146.2 110.9 250.4 99.1 98.8 67.1 94.4 107.1 100.1 120.8 128.1 147.2 110.6 255.2 99.2 98.7 67.3 94.7 104.5 98.4 121.3 128.2 147.7 113.2 257.2 98.3 98.5 66.1 94.6 105.2 99.5 121.5 127.9 147.5 111.1 257.5 98.7 98.1 65.4 94.7 104.4 100.8 121.4 128.0 147.3 108.5 261.7 98.4 98.6 64.3 95.5 105.0 100.2 94.9 92.6 103.4 114.8 102.8 113.9 103.4 114.9 103.0 114.7 103.7 115.6 103.7 115.4 103.4 115.1 104.2 115.8 104.4 116.2 105.2 117.1 104.9 117.1 105.3 117.3 105.5 117.8 105.1 117.9 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies . 2,859.0 43.3 30.9 12.4 15.5 2,852.7 2,868.5 2,894.8 2,937.5 2,915.9 2,163.9 2,146.0 2,156.6 2,144.0 2,169.2 2,172.6 2,160.7 2,195.3 2,192.2 2,216.3 2,210.3 2,232.5 2,225.4 2,212.4 1,542.9 1,536.3 1,541.3 1,527.2 1,534.7 1,545.1 1,530.2 1,555.1 1,554.0 1,571.2 1,557.0 1,577.1 1,572.2 1,555.8 661.8 657.2 623.2 617.0 619.1 638.1 630.2 634.0 643.6 641.5 648.4 658.1 659.5 611.2 695.3 691.5 696.2 694.4 697.8 696.1 695.8 699.9 703.7 708.4 705.9 707.7 712.4 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2004 2005 2004 avg. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.' Mar.' Apr.- Index (1997=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.8 79.0 117.2 118.1 116.4 117.2 117.1 117.9 116.9 117.8 117.8 118.7 118.3 119.0 117.7 118.6 119.0 120.0 119.1 120.0 119.7 120.6 120.2 120.9 120.8 121.6 120.4 121.2 120.5 121.3 321 43.7 1.5 133.0 104.6 131.6 105.3 132.4 106.4 132.3 103.8 133.7 106.3 134.4 104.7 134.1 102.8 135.7 106.2 135.9 104.2 136.8 104.1 137.3 105.4 138.6 101.3 138.0 101.8 137.9 100.6 327 331 332 333 2.3 2.4 5.8 5.4 105.6 92.3 96.5 96.4 105.3 90.0 96.2 95.2 104.5 90.8 96.6 96.5 104.7 92.1 96.9 96.4 105.5 93.4 97.1 99.1 106.9 93.2 97.6 96.6 106.4 94.2 96.9 97.3 106.5 94.3 97.2 98.6 106.7 95.2 97.0 98.7 108.8 93.1 97.2 99.0 108.0 93.2 97.2 100.2 109.8 91.3 96.9 100.3 108.6 92.5 96.8 99.9 109.1 92.1 97.2 101.2 334 8.0 288.2 278.5 285.1 288.7 292.9 295.4 298.0 301.0 303.5 308.0 316.2 321.2 323.9 329.8 335 3361-3 2.2 7.4 94.4 124.5 93.3 125.0 92.9 123.1 94.2 121.0 95.4 120.5 96.3 124.5 96.1 123.1 94.9 127.4 95.3 126.7 97.1 128.2 95.9 126.0 94.1 132.6 95.0 127.3 95.2 122.9 3364-9 3.6 99.9 99.4 99.7 99.3 100.8 100.8 100.3 101.3 101.7 102.6 102.7 104.3 104.7 106.0 337 339 1.8 3.3 108.9 121.3 108.7 120.7 110.3 121.8 109.5 121.1 109.6 121.7 109.7 122.1 108.1 120.9 108.7 122.4 108.5 122.9 109.4 123.1 108.3 124.2 107.2 124.6 107.6 124.6 105.6 124.7 35.3 100.2 99.8 100.3 100.2 100.7 100.7 100.2 101.2 101.2 101.4 101.6 101.7 101.5 101.7 311,2 313,4 315,6 322 323 11.3 1.3 1.0 3.2 2.5 104.2 75.8 49.5 94.8 87.8 103.5 74.7 51.5 94.6 87.8 104.6 75.8 50.6 95.2 87.1 103.9 75.3 49.9 95.2 87.9 104.6 76.8 48.8 96.5 87.0 104.4 76.4 48.1 95.2 86.9 104.5 75.5 48.5 95.2 88.8 105.6 76.5 48.2 95.8 87.8 105.4 75.1 48.7 95.2 88.0 105.6 74.0 48.1 95.5 87.8 106.3 76.0 47.6 97.2 88.4 105.7 75.5 47.1 96.3 88.2 106.0 75.4 46.5 96.0 89.0 106.2 74.7 46.9 96.5 89.4 324 325 1.6 10.6 109.7 110.3 107.6 110.0 108.4 110.3 109.7 110.3 111.2 110.9 111.6 111.8 108.0 110.5 110.1 112.1 112.0 112.2 113.6 112.7 110.7 111.8 114.1 112.9 112.6 112.1 113.3 112.6 326 3.8 104.0 104.2 105.0 104.9 105.0 104.4 103.2 104.6 104.1 104.3 105.5 104.5 104.8 104.1 1133,5111 4.8 103.4 103.4 104.5 103.5 104.0 105.9 104.0 103.8 104.4 106.1 107.8 107.2 107.6 106.7 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 91.4 115.0 117.7 98.1 92.2 113.3 116.7 95.3 91.6 116.2 120.3 95.5 91.2 113.8 117.4 95.1 92.3 113.3 116.4 97.1 91.9 111.1 113.4 98.5 89.4 114.8 117.9 98.1 89.0 114.3 118.5 93.4 90.6 114.9 118.2 97.3 91.4 118.5 121.7 101.4 90.8 114.0 117.2 97.3 93.0 112.7 116.1 95.2 93.5 116.8 119.6 101.6 93.5 114.1 117.1 98.3 78.7 102.9 102.4 102.9 102.6 103.4 103.7 103.2 104.3 104.3 104.8 105.0 105.4 105.0 104.9 76.4 116.5 115.6 116.5 116.5 117.6 117.7 117.2 118.2 118.4 118.9 119.6 119.7 119.8 120.2 NOTE. The statistics in the G.I 7 release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines as manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table appear in the Board's G.I7 (419) monthly statistical release. The data are also available on the Board's website http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in December 2004. The recent annual revision is described in the Winter 2005 issue of the Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • May 2005 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -473,944 -421,735 975,940 -1,397,675 7,173 12,615 100,831 -88,216 -5,442 -59,382 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) -530,668 -496,508 1,020,503 -1,517,011 33,279 38,781 118,865 -80,084 -5,502 -67,439 -665,940 -617,075 1,147,181 -1,764,256 24,063 29,822 132,312 -102,490 -5,759 -72,928 Q4 Q1 Q2 Q3 Q4 -126,960 -125,494 268,306 -393,800 16,151 17,526 38,554 -21,028 -1,375 -17,617 -147,478 -138,839 276,620 -415,459 12,081 13,473 34,673 -21,200 -1,392 -20,720 -164,708 -151,322 284,587 -435,909 4,946 6,477 31,163 -24,686 -1,531 -18,332 -165,858 -155,864 290,089 -445,953 4,903 6,326 31,368 -25,042 -1,423 -14,897 -187,898 -171,051 295,885 -466,936 2,136 3,549 35,112 -31,563 -1,413 -18,983 345 -10 554 -3,681 0 -475 -2,632 -574 601 1,494 -572 -398 3,826 -623 -97 2,435 -117 -100 815 -158 -90 1,345 -133 429 0 -98 676 -149 697 0 -110 990 -183 -194,678 -30,307 -45,425 15,889 -134,835 -285,474 -10,406 -28,932 -72,337 -173,799 -821,750 -353,813 -128,589 -90,840 -248,508 -63,559 47,071 -31,090 -25,835 -53,705 -308,454 -187,120 -56,761 -16,524 -48,049 -107,592 -36,951 12,122 -26,844 -55,919 -128,000 -55,010 -9,447 -20,290 -43,253 -277,704 -74,732 -74,503 -27,182 -101,287 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 113,990 60,466 28,550 137 21,221 3,616 248,573 169,685 24,883 -564 49,420 5,149 355,252 261,540 25,955 -314 55,442 12,629 83,679 72,787 8,685 -70 524 1,753 127,864 101,692 13,016 -140 11,854 1,442 73,349 62,979 2,261 -89 6,189 2,009 72,004 54,693 7,140 501 6,354 3,316 82,035 42,176 3,538 -586 31,045 5,862 28 Change in foreign private assets in United States (increase, +) 29 U.S. bank-reported liabilities4 30 U.S. nonbank-reported liabilities 31 Foreign private purchases of U.S. Treasury securities, net 32 U.S. currency flows 33 Foreign purchases of other U.S. securities, net 34 Foreign direct investments in United States, net 654,256 96,410 77,990 100,432 21,513 285,500 72,411 580,600 75,643 84,014 113,432 16,640 250,981 39,890 1,077,919 338,227 87,113 108,138 14,827 414,084 115,530 146,632 35,811 4,140 4,714 7,487 83,761 10,719 317,744 140,834 40,723 65,438 -1,800 62,064 10,485 197,682 41,150 -3,603 29,684 8,754 88,843 32,854 184,279 38,654 13,275 908 2,560 93,021 35,861 378,211 117,589 36,718 12,108 5,313 170,156 36,327 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -1,260 -95,028 -3,079 -12,012 -1,477 51,922 -396 9,436 12,334 -324 473 -4,865 5,338 -374 37,530 -13,938 51,468 -383 4,488 6,474 -1,986 12 Change in U.S. official reserve assets (increase, - ) 13 Gold 14 Special drawing rights (SDRs) 15 Reserve position in International Monetary Fund 16 Foreign currencies 17 Change in U.S. private assets abroad (increase, - ) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net -41,404 5,449 -46,853 MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) -3,681 1,523 2,805 2,221 557 1,122 429 697 113,853 249,137 355,566 83,749 128,004 73,438 71,503 82,621 -8,132 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2004 Asset 2001 2002 2005 2003 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.p 1 Total 68,654 79,006 85,938 82,578 84,232 86,702 86,824 81,366 80,168 78,942 79,525 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,045 10,774 11,043 12,166 11,043 12,638 11,043 12,782 11,043 13,041 11,043 13,478 11,045 13,582 11,042 13,342 11,042 11,727 11,041 11,564 11,041 11,610 17,854 28,981 21,979 33,818 22,535 39,722 19,433 39,310 19,530 40,618 20,079 42,102 19,479 42,718 15,247 41,735 15,336 42,063 15,276 41,061 15,422 41,452 NOTE. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at: www. federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF also have been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2004 Asset 2001 2002 Sept. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 Oct. Nov. Dec. Jan. Feb. Mar. Apr.- 61 136 162 128 91 88 80 121 86 139 126 592,630 9,099 678,106 9,045 845,080 8,971 1,031,322 8,967 1,028,945 8,967 1,044,531 8,967 1,041,215 8,967 1,039,348 8,967 1 058,929 8,967 1,062,861 8,967 1,057,109 8,967 NOTE. The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at: www. federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 2005 2003 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 1 Total1 2 3 4 5 6 7 8 9 10 11 12 By type Liabilities reported by banks in the United States2 . U.S. Treasury bills and certificates3 U.S. Treasury bonds and notes Marketable Nonmarketable4 U.S. securities other than U.S. Treasury securities5 . By area Europe1 Canada Latin America and Caribbean Asia Africa Other countries 984,713 1,161,907 1,261,131 1,338,672 1,449,153 1,796,526' 1,807,245 1,796,888 1,789,677 120,571 161,719 144,646 190,444 168,089 211,025 168,089 211,025 189,824 212,032 271,471' 244,573 269,978 242,250 247,956 235,233 254,190 236,153 454,306 3,411 244,706 569,891 2,769 254,157 610,122 2,876 269,019 650,336 2,876 306,346 723,591 2,613 321,093 924,726 1,630 354,126' 932,356 1,640 361,021 943,629 1,650 368,420 928,646 1,661 369,027 243,307 13,440 71,103 632,466 15,167 9,228 283,512 5,962 87,261 760,012 9,355 15,835 295,606 4,845 95,110 838,270 9,846 17,484 313,357 5,840 71,936 922,936 9,194 15,396 310,748 5,112 72,869 1,033,872 8,887 17,652 354,779' 6,759 105,709' 1,291,438 11,141 26,687 359,499 6,585 101,045 1,300,185 13,022 26,896 360,859 6,287 103,232 1,294,118 12,745 19,634 348,154 6,095 104,512 1,292,687 12,965 25,251 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 2004 Item 2001 2002 2003 Mar. June Sept. Dec. Deposits Other liabilities 79,363 n.a. n.a. 80,543 n.a. n.a. 63,119 36,674 26 ,AAi 64,862 38,892 25,970 62,126 2 3 3U103 64,522 36,774 27,748 67,998 38,100 29,898 5 Deposits 74,640 44,094 30,546 71,724 34,287 37,437 81,669 38,102 43,567 87,264 37,726 49,538 92,427 38,625 53,802 92,119 37,488 54,631 93,593 38,025 55,568 8 Deposits 17,631 n.a. n.a. 35,923 n.a. n.a. 21,365 5,064 16,301 20,872 5,510 15,362 21,464 9,948 11,516 25,904 7,688 18,216 33,430 7,364 26,066 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 2005 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Sept. BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners . . 2,812,297 2,684,504 2,771,880 2,813,283 2,812,297 2,727,445 2,764,315 2,707,395 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 instruments'" 9 Of which: negotiable time certificates of deposit held in custody for foreigners 10 Of which: short-term agency securities7 . . . 11 Other ,363,270 1,677,193 2,000,386 1,896,691 1,963,602 2,019,609 2,000,386 1,927,251 1,958,936 1,911,549 175,231 246,623 190,134 622,318 852,803 824,390 460,191 638,413 942,244 1,058,142 647,140 902,800 993,891 600,689 787,813 943,501 1,020,101 608,282 976,961 1,042,648 619,219 942,244 1,058,142 647,140 931,872 995,379 575,183 800,194 931,617 1,027,319 598,852 882,605 1,028,944 605,436 236,796 258,797 808,278 793,674 811,911 805,379 795,846 319,071 319,211 317,177 305,697 309,158 309,476 299,331 314,727 310,326 301,744 37,761 74,513 195,949 34,394 83,633 176,842 48,584 150,997 180,007 52,784 124,023 188,200 56,954 138,845 179,731 52,309 133,570 175,132 48,584 150,997 180,007 47,367 144,839 172,940 52,504 129,498 189,356 55,994 131,167 184,944 12 Nonmonetary international and regional organizations5 13 Banks' own liabilities 14 Deposits2 15 Other 16 Banks' custody liabilities4 17 U.S. Treasury bills and certificates5 18 Other negotiable and readily transferable instruments'" Other 19 13,467 12,362 5,769 6,593 1,105 14,149 12,577 6,134 6,443 1,572 110 13,315 9,829 6,085 3,744 3,486 1,339 13,221 10,078 5,275 4,803 3,143 1,276 15,590 11,998 6,594 5,404 3,592 1,617 13,580 10,319 6,328 3,991 3,261 1,402 13,315 9,829 6,085 3,744 3,486 1,339 15,773 12,543 5,092 7,451 3,230 1,107 17,848 13,800 5,583 8,217 4,048 1,116 15,497 11,173 5,328 5,845 4,324 586 16 0 1,462 2,147 0 1,867 1,969 6 1,859 0 2,147 2,119 2,930 3,736 2 335,090 93,884 20,733 73,151 401,856 117,737 24,208 93,529 516,044 146,612 27,717 118,895 499,338 141,386 23,656 117,730 515,265 139,457 24,124 115,333 503,347 136,192 26,302 109,890 516,044 146,612 27,717 118,895 512,228 151,845 31,678 120,167 483,189 141,412 28,859 112,553 490,343 146,358 31,937 114,421 241,206 190,444 284,119 212,032 369,432 244,573 357,952 259,921 375,808 259,509 367,155 255,968 369,432 244,573 360,383 242,250 341,777 235,233 343,985 236,153 50,698 64 69,638 2,449 123,153 1,706 96,831 1,200 115,333 966 110,530 657 123,153 1,706 117,432 701 105,900 644 107,460 372 1,311,267 1,055,858 56,020 58,422 255,409 25,916 1,380,639 1,163,309 706,536 456,773 217,330 18,267 1,485,213 1,269,146 761,990 507,156 216,067 26,331 1,472,868 1,240,750 739,665 501,085 232,118 20,776 1,528,499 1,302,492 777,588 524,904 226,007 20,478 1,540,282 1,320,716 804,799 515,917 219,566 20,826 1,485,213 1,269,146 761,990 507,156 216,067 26,331 1,445,091 1,234,744 751,902 482,842 210,347 23,639 1,467,248 1,239,334 750,419 488,915 227,914 25,257 1,419,325 1,197,512 696,725 500,787 221,813 25,113 57,605 171,888 49,311 149,752 53,319 136,417 54,376 156,966 57,046 148,483 54,965 143,775 53,319 136,417 54,336 132,372 54,994 147,663 52,890 143,810 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 325,764 201,166 92,709 108,457 518,962 383,570 115,925 267,645 797,725 574,799 146,452 428,347 699,077 504,477 134,204 370,273 712,526 509,655 135,195 374,460 756,074 552,382 139,532 412,850 797,725 574,799 146,452 428,347 754,353 528,119 143,200 384,919 796,030 564,390 146,756 417,634 782,230 556,506 148,615 407,891 40 41 42 124,598 19,347 135,392 28,388 222,926 44,934 194,600 36,732 202,871 37,467 203,692 41,015 222,926 44,934 226,234 43,680 231,640 44,091 225,724 47,306 81,254 23,997 82,363 24,641 136,108 41,884 127,834 30,034 135,128 30,276 131,977 30,700 136,108 41,884 142,691 39,863 146,502 41,047 137,658 40,760 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 instruments'' Other 28 tanks10 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 instruments'" 35 Other 43 Banks' custodial liabilities U.S. Treasury bills and certificates5 . Other negotiable and readily transferable instruments'' Other 1,985,588 189,573 202,774 811,911 317,177 318,705 314,727 310,676 316,578 MEMO 44 Own foreign offices12 941,416 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) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. Bank-Reported Data 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars 47 Reported by Banks in the United States1—Continued Millions of dollars, end of period Sept. AREA OR COUNTRY 45 Total, all foreigners 1,985,588 2,315,606 2,812,297"" 2,684,504 2,771,880 2,813,283 2,812,297" 2,727,445' 2,764,315' 2,707,395 46 Foreign countries 1,972,121 2,301,457 2,798,982' 2,671,283 2,756,290 2,799,703 2,798,982' 2,711,672' 2,746,467' 2,691,898 1,006,057 4,999 15,361 4,071 1,373 55,783 58,224 1,529 8,112 51,306 17,146 34,755 1,174 64,621 8,504 6,217 120,688 9,114 433,283 22,097 141 87,559 1,011,392 4,539 13,600 3,613 1,299 57,679 53,398 1,555 8,274 51,961 17,065 25,773 2,029 63,859 10,100 5,946 116,224 7,980 450,760 22,024 101 93,613 47 Europe 48 Austria 49 Belgium13 50 Denmark 51 Finland 52 France 53 Germany 54 Greece 55 Italy 56 Luxembourg13 57 Netherlands 58 Norway 59 Portugal 60 Russia 61 Spain 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom 66 Channel Islands and Isle of Man14 67 Yugoslavia15 68 Other Europe and other former U.S.S.R."' 653,988 2,818 9,536 5,106 1,693 40,399 34,650 2,975 5,568 31,945 10,839 18,879 3,574 23,146 14,039 4,647 132,895 12,131 185,970 47,594 301 65,283 781,550 4,826 9,359 3,631 1,783 40,719 46,806 1,264 6,215 35,855 15,857 22,429 952 41,673 9,902 7,082 110,626 13,748 332,528 20,802 162 55,331 970,765' 4,277 13,815 3,202 1,418 57,243 50,801 1,205 7,247 50,713 20,175' 32,749 1,607 70,358 8,483 6,582 99,925 5,190 415,208 20,710 110 99,747' 985,099 5,430 13,355 4,506 1,220 48,134 55,623 1,527 7,693 51,935 13,795 38,714 1,071 58,790 9,321 6,745 111,854 9,512 436,672 21,389 96 87,717 970,765' 4,277 13,815 3,202 1,418 57,243 50,801 1,205 7,247 50,713 20,175' 32,749 1,607 70,358 8,483 6,582 99,925 5,190 415,208 20,710 110 99,747' 957,701' 1,028,327' 4,103 3,706 13,735 14,665 3,584 4,221 3,197 3,022 64,533' 63,622' 52,044 48,210 1,540 2,040 7,928 8,013 54,358 52,278 22,777 20,708 23,187 27,044 1,647 3,353 76,440 70,254 9,571 10,281 5,519 6,372 119,981 91,842 3,705 6,997 434,256' 402,267' 20,832 20,916 100 91 105,290' 97,799' 989,993 5,129 15,627 3,107 965 57,129 59,393 1,048 8,035 52,311 23,629 26,062 2,227 75,814 5,981 5,178 83,002 4,873 432,668 21,776 187 105,852 27,323 35,590 32,993' 34,376 34,316 33,124 32,993' 32,558' 34,475' 31,946 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America17 107,357 10,878 10,040 6,146 4,158 2,299 1,379 36,109 3,864 1,363 2,815 21,939 6,367 110,566 9,758 16,283 4,438 4,235 2,567 1,547 35,389 4,093 1,401 3,670 21,222 5,963 136,228' 10,817 15,227 7,306' 6,263 2,676 1,526 50,760 4,512 1,968 4,152 24,599 6,422 130,434 11,452 15,827 6,098 5,169 2,597 1,543 48,532 3,857 1,537 3,931 23,544 6,347 134,375 11,906 15,966 8,196 5,372 2,507 1,486 47,818 4,128 1,866 4,076 24,513 6,541 136,137 11,025 15,495 8,356 5,380 2,600 1,472 51,029 4,295 1,727 4,187 24,163 6,408 136,228' 10,817 15,227 7,306' 6,263 2,676 1,526 50,760 4,512 1,968 4,152 24,599 6,422 126,249' 10,963' 17,265 7,362 6,204 2,665 1,492 37,643' 4,500 2,301 4,020 25,360 6,474 127,812' 9,322' 20,864 7,077 6,179 2,586 1,466 37,973' 4,659 1,551 3,898 25,507' 6,730 133,056 9,414 23,641 6,611 6,304 2,469 1,308 40,651 4,967 1,769 3,951 24,972 6,999 83 Caribbean 84 Bahamas 85 Bermuda 86 Cayman Islands15 87 Cuba 88 Jamaica 89 Netherlands Antilles 90 Trinidad and Tobago 91 Other Caribbean" 837,666 163,543 24,674 630,446 91 829 5,004 1,405 11,674 969,986 153,554 38,964 739,204 96 669 8,689 1,253 27,557 1,197,819' 1,072,811 144,887 185,258 59,574 93,680' 870,784' 826,489 108 97 806 829 5,860 3,861 1,624 1,383 39,676 35,714 1,121,401 146,698 70,184 862,677 107 872 4,627 1,355 34,881 1,163,422 171,301 78,937 864,486 107 873 4,787 1,341 41,590 92 Asia China Mainland Taiwan Hong Kong India Indonesia Israel Japan Korea (South) Philippines Thailand Middle Eastern oil-exporting countries19 Other 319,487 373,024 418,423' 416,500 419,675 415,461 418,423' 409,821' 382,153' 371,859 15,483 18,693 33,066 7,951 14,123 7,477 161,667 8,968 1,811 7,605 16,365 26,278 13,236 26,808 49,557 14,534 14,373 12,223 162,003 12,647 1,683 7,226 23,626 35,108 53,131 26,583 42,745' 11,270 5,931 11,237 163,567 12,495 2,969 11,441 38,535' 38,519 57,398 22,002 40,244 10,959 8,266 12,993 170,871 10,918 2,101 9,491 39,097 32,160 65,643 21,384 37,202 11,650 7,662 9,659 171,972 10,319 2,109 10,499 38,182 33,394 52,768 24,678 36,532 11,818 6,560 11,057 166,701 12,804 2,343 11,417 41,958 36,825 53,131 26,583 42,745' 11,270 5,931 11,237 163,567 12,495 2,969 11,441 38,535' 38,519 58,299 26,189 37,155' 12,425 7,191 11,989 153,106 15,775 2,496 12,376 41,791 31,029 36,647 27,399 38,732' 14,312 5,706 12,484 149,752 14,475 2,515 12,123 40,989 27,019 36,036 23,788 37,450 14,522 2,864 10,991 147,982 20,117 2,432 11,136 36,899 27,642 105 Africa 106 Egypt 107 Morocco 108 South Africa 109 Congo (formerly Zaire) 110 Oil-exporting countries20 111 Other 12,251 2,655 306 1,114 15,613 2,755 169 3,381 4 5,220 4,084 16,559 2,561 95 3,942 4 6,206 3,751 17,695 2,349 99 4,001 6 7,373 3,867 14,265 2,256 124 3,571 4,370 3,804 13,828 2,336 376 3,715 18 3,498 3,885 4,331 3,980 15,613 2,755 169 3,381 4 5,220 4,084 17,547 4,272 166 3,758 21 5,780 3,550 16,597 4,156 124 3,105 49 5,417 3,746 16,617 4,180 172 3,299 10 5,266 3,690 112 Other countries 113 Australia 114 New Zealand21 115 All other 14,049 11,991 1,796 262 16,913 14,020 2,465 428 27,141 23,199 3,437 505 15,504 11,897 2,967 640 22,771 19,057 3,035 679 25,902 21,616 3,748 538 27,141 23,199 3,437 505 27,181 22,586 4,116 479 19,613 16,685 2,418 510 24,741 21,726 2,627 388 116 Nonmonetary international and regional organizations 117 International22 118 Latin American regional23 119 Other regional24 13,467 11,282 507 1,611 14,149 10,500 420 3,166 13,315 10,909 345 1,948 13,221 10,938 343 1,870 15,590 13,431 345 1,731 13,580 11,549 357 1,575 13,315 10,909 345 1,948 15,773' 13,423' 373 1,863 17,848' 15,337' 486 1,929 15,497 13,233 308 1,883 69 Canada 93 94 95 96 97 98 99 100 101 102 103 104 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. 1,197,819' 1,140,615' 1,137,490' 1,123,686 177,476 184,432' 177,258' 185,258 56,031 69,766' 70,894' 93,680' 845,940 841,716' 870,784' 852,859' 112 110 108 109 818 776 815 829 5,875 4,511' 5,860 5,501 1,953 1,785 1,624 1,773 35,481 34,394' 39,676 31,406' 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 2005 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Area or country Sept. 1 Total, all foreigners 1,185,445 1,322,363 1,668,435' 1,587,605 1,642,355 1,699,886 1,668,435' 1,652,169' 1,708,466' 1,606,744 2 Foreign countries 1,181,768 1,317,292 1,662,667' 1,582,262 1,637,427 1,693,464 1,662,667' 1,647,580' 1,702,903' 1,600,877 487,004 3,603 6,044 1,109 8,518 47,705 22,481 477 3,753 3,407 23,133 13,885 2,226 877 5,371 15,889 126,958 2,112 176,953 17,457 0 5,046 591,018 4,819 6,910 2,814 8,160 63,719 25,811 238 7,310 5,512 21,415 17,666 2,106 1,233 2,295 15,269 78,716 2,149 268,822 43,099 0 12,955 804,920' 4,591 7,888 912 11,839 90,066 25,863' 94 16,904 5,866 22,102' 25,516 1,576 1,089 8,451 17,021 114,167 2,542 403,945' 26,878 0 17,610 767,764 5,025 11,659 2,148 11,280 66,207 29,219 236 14,457 6,301 22,644 25,274 1,409 974 6,684 15,008 108,359 2,324 381,281 44,692 0 12,583 765,759 4,745 9,800 3,895 8,458 68,591 27,503 185 13,772 6,340 20,412 29,101 1,525 1,188 9,758 15,291 97,686 2,444 387,656 44,831 0 12,578 813,075 4,714 10,233 2,531 9,772 84,113 33,096 174 14,190 6,300 18,971 18,866 1,395 1,119 9,784 17,588 117,757 2,465 414,503 29,409 0 16,095 804,920' 4,591 7,888 912 11,839 90,066 25,863' 94 16,904 5,866 22,102' 25,516 1,576 1,089 8,451 17,021 114,167 2,542 403,945' 26,878 0 17,610 783,318' 4,831 6,857 698 9,720 94,219 25,916' 116 16,129 6,638 17,983' 22,080 1,697 1,025 13,218 15,121 104,535 2,649 396,007' 24,962 0 18,917 823,474' 4,623 12,639 2,500 9,139 90,869 29,800' 127 15,409 3,567 17,537' 20,452 1,773 1,108 12,623 14,653 119,622 2,487 420,921' 25,571' 0 18,051 753,720 5,027 12,155 409 12,553 83,606 31,284 88 18,199 3,736 17,316 12,401 1,290 1,162 14,747 14,638 87,231 2,561 387,416 28,860 0 19,041 60,521 52,140 51,033' 51,748 46,395 45,224 51,033' 49,939' 48,117 47,236 49,225 2,498 15,232 5,972 2,590 424 765 12,828 1,850 1,563 402 2,600 2,501 49,609' 2,275 14,128 6,213 2,648 469 871 13,513' 1,939 1,530 403 2,890 2,730 48,326' 2,136 14,776' 5,449 2,434 450 831 13,520' 1,852 1,402 291 2,776 2,409 47,895' 2,116 15,938' 5,088 2,347 445 789 13,340' 1,520 1,212 279 2,477 2,344 50,255 2,009 16,628 5,681 2,282 485 810 13,852 1,843 1,333 278 2,692 2,362 3 Europe 4 Austria 5 Belgium2 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Italy 12 Luxembourg2 13 Netherlands 14 Norway 15 Portugal 16 Russia 17 Spain 18 Sweden 19 Switzerland 20 Turkey 21 United Kingdom 22 Channel Islands and Isle of Man3 23 Yugoslavia4 24 Other Europe and other former U.S.S.R.5 25 Canada 26 Latin America 27 Argentina 28 Brazil 29 Chile 30 Colombia 31 Ecuador 32 Guatemala 33 Mexico 34 Panama 35 Peru 36 Uruguay 37 Venezuela 38 Other Latin America1" 56,642 6,783 15,419 5,250 2,614 457 892 15,658 1,915 1,411 255 3,254 2,734 51,517 3,819 15,825 6,094 2,026 404 781 13,583 1,844 1,370 465 2,911 2,395 49,609' 2,275 14,128 6,213 2,648 469 871 13,513' 1,939 1,530 403 2,890 2,730 49,319 2,502 16,128 5,751 2,494 426 749 12,840 1,489 1,635 364 2,596 2,345 49,514 2,550 15,844 6,029 2,598 437 775 12,835 1,616 1,568 384 2,539 2,339 39 Caribbean 40 Bahamas 41 Bermuda 42 Cayman Islands7 43 Cuba 44 Jamaica 45 Netherlands Antilles 46 Trinidad and Tobago 47 Other Caribbean8 475,896 95,584 9,902 359,259 0 321 6,690 889 3,251 492,705 73,709 14,889 391,524 0 377 6,629 665 4,912 602,690' 80,207' 33,301 474,888' 0 351 5,554 755 7,634 570,610 66,305 25,412 465,729 0 378 5,253 658 6,875 646,504 79,058 30,347 523,154 0 375 5,234 677 7,659 645,084 84,806 27,421 517,546 0 342 5,488 714 8,767 602,690' 80,207' 33,301 474,888' 0 351 5,554 755 7,634 604,593' 79,874' 25,793 483,662 0 305 5,970 657 8,332 630,648' 96,860' 31,005 486,760 0 274' 5,680 666' 9,403 594,130 85,023 28,042 465,013 0 391 5,684 684 9,293 93,551 119,562 142,762 132,519 118,962 128,264 142,762 150,406 142,292 145,863 1,057 3,766 7,258 1,235 1,270 4,660 47,600 11,118 2,137 1,167 7,952 4,331 4,134 9,659 7,190 1,588 838 5,122 62,059 11,395 1,693 989 6,782 8,113 9,265 10,614 5,545 2,117 555 1,333 82,280 15,531 973 1,144 7,020 6,385 11,827 9,869 3,812 2,214 606 3,952 72,530 13,170 905 676 6,414 6,544 7,708 9,398 3,864 2,067 547 1,893 65,974 14,053 848 782 6,151 5,677 10,822 10,220 4,779 2,015 551 1,313 74,553 10,256 1,062 987 6,393 5,313 9,265 10,614 5,545 2,117 555 1,333 82,280 15,531 973 1,144 7,020 6,385 11,985 12,132 6,859 2,085 490 2,729 87,067 13,894 944 1,268 5,032 5,921 12,191 11,417 3,557 2,117 525 4,732 84,111 12,625 854 1,332 4,259 4,572 13,184 12,226 2,981 2,379 506 4,029 80,881 15,647 829 1,316 5,177 6,708 61 Africa 62 Egypt 63 Morocco 64 South Africa 65 Congo (formerly Zaire) 66 Oil-exporting countries9 67 Other 1,977 487 53 617 0 222 598 1,453 236 46 453 0 147 571 1,260 228 53 316 0 223 430 1,175 174 69 301 0 193 438 1,238 167 59 376 0 188 448 1,388 203 51 398 0 274 462 1,260 228 53 316 0 223 430 1,286 232 36 324 0 243 451 1,445 260 38 376 0 260 511 1,302 288 53 231 0 310 420 68 Other countries 69 Australia 70 New Zealand10 71 Allother 6,177 5,566 569 42 8,897 8,037 819 41 10,393 9,709 602 82 9,127 8,295 753 79 9,055 8,301 656 98 11,204 10,459 650 95 10,393 9,709 602 82 9,712 9,038 601 73 9,032' 7,885' 1,024 123 8,371 7,613 537 221 72 Nonmonetary international and regional organizations" 3,677 5,071 5,768 5,343 4,928 6,422 5,768 4,589' 5,563' 5,867 48 Asia China 49 Mainland 50 Taiwan 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Thailand 59 Middle Eastern oil-exporting countries5 60 Other 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 5. Includes the Bank for International Settlements and the European Central Bank. 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Excludes the Bank for International Settlements, which is included in "Other Europe." Bank-Reported Data 3.19 49 Reported by Banks in the United States1 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars Millions of dollars, end of period 2004 Type of claim 2002 2003 Sept. 1 Total claims reported by banks 3 Foreign official institutions2 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims 2005 2004 Oct. Nov. 1 642 355 70,181 1,208,412 363,762 1 699 886 62.723 1,255,715 381,448 Dec. Jan.' Feb.' Mar.' 1 652 169 79.382 1,186,317 386,470 1,708,466 76,024 1,217,356 415,086 1,606,744 73,623 1,143,980 389,141 1,409,095 1,603,404 1,984,497' 1,884,705 1 185 445 52,198 970,357 162,890 1 322 363 57,897 980,099 284,367 1 668 435r 77,399' 1,192,868' 398,168 1 587 605 70,000 1,169,675 347,930 223,650 80,269 281,041 135,939 72,196 63,107 9,799 316,062 133,457 90,087 78,604 13,914 297,100 141,767 89,020 58,533 7,780 500,085 376 633,153' 3,970 583,954 3,016 638,305 3,110 650,481 2,864 633,153' 3,970 636,296 3,641 653,660 3,781 621,437 3,332 n .a. 892,340 5,328 816,574 934,166 4,758 1,026,554' 1 154 782' 5,133 995,502 1 099 213 6,512 994,428 1 130 260 6,177 1,040,364 1 181 833 4,758 1,026,554' 1 154782' 6,552 1,005,680 1 155136 6,404 1,044,621 1 178 246 6,540 975,435 1 124 613 161,585 344,753 473,671 438,527 445,521 458,073 473,671 466,685 498,555 469,947 137,289 6,092 1,984,497' 1 668 435' 77.399' 1,192,868' 398,168 316,062 133,457 90,087 78,604 13,914 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • May 2005 3.22 LIABILITIES TO FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of liability, and area or country 2002 Sept. Sept. 1 Total 66,679 67,664 83,475 83,956 83,475 88,728 105,176 103,419 108,602 By type 2 Financial liabilities 3 Short-term negotiable securities' . . 41,034 n.a. 39,561 53,385 14,002 56,330 17,410 53,385 14,002 58,296 9,859 73,034 10,868 74,043 11,415 79,455 11,759 39,383 38,920 48,437 62,166 8,498 22,946 7,081 21,588 8,498 22,946 8,402 32,449 5,949 45,495 3,558 45,766 6,315 49,882 42,406 30,628 1,730 7,998 17,883 1,660 1,357 43,842 30,201 1,981 7,678 17,420 1,642 1,480 46,173 33,282 2,399 9,069 18,343 1,564 1,907 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 14 Financial liabilities to unaffiliated foreigners Byy area or country 15 Europe 16 Belgium-Luxembourg 17 France 18 Germany 19 Netherlands 20 Switzerland 21 United Kingdom n.a. n.a. 18,763 22,271 n.a. n.a. n.a. n.a. n.a. 18,844 20,717 25,290 28,095 1,431 10,372 11,425 2,493 2,374 28,781 27,549 1,266 13,731 7,987 1,945 2,620 25,290 28,095 1,431 10,372 11,425 2,493 2,374 34,150 24,146 1,149 7,147 12,894 1,330 1,626 41,034 39,561 43,845 45,364 43,845 45,349 58,319 57,367 63,125 31,806 154 2,841 2,344 1,954 94 22,852 34,335 144 5,243 2,923 1,825 61 22,531 34,832 709 3,543 3,531 284 517 23,886 33,575 675 2,743 3,366 285 17 24,733 34,832 709 3,543 3,531 284 517 23,886 30,976 528 2,133 3,015 284 524 22,004 45,810 539 2,092 3,699 320 298 28,992 43,134 677 2,290 3,335 340 431 28,166 38,699 775 1,351 2,911 363 514 29,231 7,768 8,554 MEMO: 22 Euro area3 . . . 8,798 9,855 8,496 955 591 1,474 1,386 1,474 1,542 1,762 2,701 1,504 23 990 65 365 n.a. 31 4,235 0 711 242 n.a. 3,114 34 3 5,579 26 2,862 155 n.a. 2,426 31 0 4,235 0 711 242 n.a. 3,114 34 3 8,115 0 3,604 291 n.a. 3,910 28 0 6,093 0 2,300 200 n.a. 3,483 25 0 16,196 0 8,715 208 n.a. 7,178 26 18 24 25 26 27 28 29 30 31 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 2,858 157 960 35 1,627 32 33 34 Asia Japan Middle Eastern oil-exporting countriesf 5,042 3,269 10 2,932 1,832 14 2,547 1,826 36 4,116 2,210 67 2,547 1,826 36 4,519 1,431 29 4,487 1,612 24 4,589 1,664 30 4,725 1,648 36 35 36 Africa Oil-exporting countries'" 53 5 131 91 123 92 119 91 123 92 126 93 118 93 119 93 131 94 37 All other7 36 2 2,382 185 4,591 24 Nonbank-Reported Data 3.22 LIABILITIES TO 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. 38 Commercial liabilities 39 Trade payables 40 Advance payments and other liabilities . 41 42 43 44 45 46 47 48 49 50 51 52 53 54 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial liabilities Europe Belgium-Luxembourj France Germany Netherlands Switzerland United Kingdom . . . Sept. 25.645 11,781 13,864 28,103 14,699 13,404 30,090 17 13 27,626 16 11 30,090 17 13 30,432 17 13 32,142 18 14 29,376 18 11 29,147 18 11 24,162 1,483 n.a. n.a. n.a. n.a. n.a. 26,243 1,860 27,632 2,458 199 787 606 209 657 25,615 2,011 165 490 542 154 660 27,632 2,458 199 787 606 209 657 28,178 2,254 196 699 513 223 623 29,663 2,479 183 729 593 255 719 26,080 3,296 241 1,030 600 302 1,123 25,796 3,351 224 1,058 704 296 1,069 9,219 99 734 905 1,163 790 2,279 8,257 141 765 781 590 433 2,649 9,821 159 900 855 384 1,367 3,025 8,744 178 779 764 1,326 383 2,911 9,821 159 900 855 384 1,367 3,025 8,943 145 1,017 1,018 303 543 3,023 9,719 135 1,092 1,275 289 638 3,035 8,840 133 1,050 1,021 316 616 3,126 9,019 123 1,019 1,024 305 564 3,399 MEMO Euro area3 5,141 4,198 4,440 4,198 56 Canada 1,622 1,588 2,166 2,032 2,166 2,337 2,533 1,990 2,142 57 58 59 60 61 62 63 64 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 2,727 52 591 290 45 n.a. 899 166 3,073 51 538 253 36 n.a. 1,170 177 3,406 14 513 233 n.a. 40 1,298 329 3,667 25 631 3,916 16 647 226 n.a. 77 1,362 389 4,389 39 801 167 n.a. 32 1,274 517 3,406 14 513 233 n.a. 40 1,298 329 1,755 481 4,317 35 635 98 n.a. 29 1,925 477 4,276 32 515 113 n.a. 101 1,942 433 65 66 67 Asia Japan Middle Eastern oil-exporting countries- 10,517 2,581 2,639 13,382 4,292 3,979 13,311 4,370 3,148 11,702 4,175 2,934 13,311 4,370 3,148 13,540 4,973 2,553 13,484 4,755 2,311 12,705 4,288 3,312 12,238 4,221 2,910 68 Africa 836 436 827 405 782 372 884 373 782 372 1,009 548 1,082 567 956 488 947 424 69 70 Oil-exporting countries'" 3,832 All other7 MEMO 71 Financial liabilities to foreign affiliates5 . . . 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 included in lines 1-6 above. 52 Federal Reserve Bulletin Statistical Supplement • May 2005 3.23 CLAIMS ON FOREIGNERS the United States Reported by Nonbanking Business Enterprises in Millions of dollars, end of period Type of claim, and area or country Sept. 102,566 165,934 181,821 165,934 176,473 188,543 192,347 197,865 71,389 27,064 44,325 132,332 35,920 3,211 150,561 46,742 3,174 132,332 35,920 3,211 142,632 45,415 2,502 154,096 42,974 5,468 160,552 50,314 7,595 165,107 47,973 9,892 n.a. 51,486 157 93,201 158 100,645 157 93,201 6 94,715 129 105,654 70 102,643 103 107,242 n.a. n.a. 69,208 3,253 71,488 4,729 69,208 3,253 67,343 5,602 66,849 19,073 64,968 17,685 59,683 24,034 122,879 9,453 912 2,776 3,242 831 1,692 140,249 10,312 1,371 3,677 2,704 982 1,578 122,879 9,453 912 2,776 3,242 831 1,692 132,701 9,931 1,254 2,425 3,722 892 1,638 117,735 36,361 1,400 8,534 13,992 7,952 4,483 124,592 35,960 1,278 13,129 9,618 7,829 4,106 121,979 43,128 1,332 20,659 9,222 7,345 4,570 67,347 83,450 67,347 80,256 92,499 101,867 110,643 28,970 391 3,049 2,859 2,789 617 11,438 36,125 226 3,541 6,061 4,476 1,767 11,660 28,970 391 3,049 2,859 2,789 617 11,438 32,331 1,256 3,113 4,573 2,293 618 13,193 46,343 1,206 4,375 3,151 2,974 453 23,575 47,040 292 3,620 2,299 3,149 585 26,641 48,634 2,177 1,391 5,389 7,389 978 23,953 1 Total 2 3 4 5 6 7 8 9 10 11 12 13 14 15 By type Financial claims Non-negotiable deposits Negotiable securities Of which: Negotiable CDs' Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 16 Financial claims on unaffiliated foreigners By area or country 17 Europe 18 Belgium-Luxembourg 19 France 20 Germany 21 Netherlands 22 Switzerland 23 United Kingdom Sept. 81,287 29,801 51,486 74,471 6,816 n.a. n.a. n.a. n.a. n.a. 65,070 6,319 26,118 625 1,450 1,068 2,138 589 16,510 29,018 722 3,247 4,245 3,648 383 10,663 MEMO: 24 25 17,281 Euro area3 Canada 26 27 28 29 30 31 32 33 34 35 36 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 . 37 38 Africa Oil-exporting countries6 39 All other7 6,193 5,013 5,311 4,942 5,311 5,278 4,533 5,825 6,485 41,201 976 918 2,127 32,965 n.a. 3,075 83 29,612 1,038 724 2,286 21,528 n.a. 2,921 104 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 33,805 412 533 2,592 n.a. 26,936 2,136 123 26,215 1,049 564 1,832 n.a. 20,015 1,629 131 35,284 646 1,034 1,967 n.a. 28,577 1,723 174 34,256 801 1,410 1,749 n.a. 27,613 1,706 135 42,091 1,346 1,063 1,833 n.a. 35,188 1,527 139 47,219 1,576 4,708 1,823 n.a. 36,226 1,742 155 6,430 1,604 135 5,358 1,277 79 5,317 1,194 158 7,017 1,496 275 5,317 1,194 158 5,650 978 138 5,976 1,011 121 5,633 1,050 138 6,898 993 137 414 49 395 25 419 12 565 34 419 12 391 13 238 8 1,993 1,115 306 8 1,020 1,101 International Statistics 3.23 53 CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period Type of claim, and area or country Sept. 40 Commercial claims 41 Trade receivables 42 Advance payments and other claims 43 44 45 46 47 48 49 50 51 52 53 54 55 56 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom Sept. 31.795 27,513 4,282 31,177 26,385 4,792 33,602 28,651 4,951 31,260 25,749 5,511 33,602 28,651 4,951 33,841 28,623 5,218 34,447 29,921 4,526 31,795 27,357 4,438 32,758 29,272 3,486 29,393 2,402 26,481 4,696 n.a. 25,527 8,075 1,557 1,542 1,187 589 3,200 24,327 6,933 1,262 1,216 1,123 547 2,785 25,527 8,075 1,557 1,542 1,187 589 3,200 26,165 7,676 1,518 1,255 1,299 478 3,126 27,417 7,030 649 1,196 1,204 598 3,383 27,919 3,876 446 1,026 1,169 191 1,044 27,482 5,276 512 1,561 1,586 238 1,379 14,022 268 2,921 1,658 529 611 3,833 14,187 269 3,164 1,202 1,490 503 3,727 14,576 247 2,816 1,284 397 1,921 3,928 14,087 208 3,093 1,196 1,300 652 4,007 14,576 247 2,816 1,284 397 1,921 3,928 14,332 209 2,740 1,494 421 1,248 3,964 13,554 238 2,603 1,529 345 1,257 3,903 13,010 298 2,582 1,337 396 1,218 3,819 13,483 257 2,261 1,419 494 1,528 3,750 MEMO 57 58 Canada 59 60 61 62 63 64 65 66 67 68 69 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries5 70 Africa 71 72 8,580 Euro area3 Oil-exporting countries6 8,255 2,818 2,790 3,070 2,673 3,070 3,272 2,293 2,261 2,018 4,859 42 369 954 95 n.a. 1,391 4,346 31 287 750 19 n.a. 1,259 288 5,153 26 460 903 n.a. 52 1,339 4,813 25 447 808 n.a. 50 1,181 233 5,153 26 460 903 n.a. 52 1,339 230 5,516 35 739 1,002 n.a. 67 1,149 228 5,636 26 690 1,024 n.a. 66 1,245 251 6,140 61 766 903 n.a. 124 1,766 261 6,477 55 650 935 n.a. 160 2,018 319 7,849 2,006 850 7,324 2,341 818 7,356 1,761 888 6,452 1,734 738 7,356 1,761 888 7,250 1,589 980 8,166 1,784 1,085 8,602 1,847 961 8,948 1,857 1,071 645 88 584 95 636 138 548 136 636 138 621 183 711 224 783 209 629 154 2,811 2,687 2,850 4,087 All other7 MEMO 73 Financial claims on foreign affiliates5 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 claims on foreign affiliates of insurance underwriting subsidiaries of bank/financial holding companies and other financial intermediaries. These data are included in lines 1-8 above. 54 Federal Reserve Bulletin Statistical Supplement • May 2005 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Mar. Sept. U.S. corporate securities STOCKS 3,107,102 3,071,529 1 Foreign purchases 2 Foreign sales 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 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 Nonmonetary international and regional organizations 1,076,218 1,050,638 280,405 283,690 331,794 328,867 366,837 352,845 362,886 355,239 338,673 322,262' 341,344 333,898 396,201 394,478 1,723 2,927 13,992 35,606 27,946 25,679 -3,165 2,900 14,077 7,651 16,407' 7,422 1,850 21,996 6,224 -3,349 59 -2,194 889 91 11,628 -371 485 2,123 -2,232 257 -512 20,257 -871 -2,355 2,233 -1,178 15,341 -177 1,359 -804 6,474 -297 2,837 -44 1,001 17,915 326 270 248 -627 12,327 51 -571 6,493 775 1,214 -68 148 -295 -2,535 -1,411 -195 231 -764 42 -26 -96 -877 -186 402 248 112 15 4,536 1,151 232 163 -666 3,851 132 -324 -596 -45 -935 776 1 263 10,587 2,467 374 1,535 -978 5,787 -1 -234 2,143 1,793 -281 965 7 62 3,603 -6,070 -38 -603 659 8,404 -612 -849 4,154 594 521 -41 11,196 2,316 113 -266 472 6,164 6 -685' 4,423 464 1,031 334 71 -93 5,522 -994 -499 156 -12 5,462 49 320 969 220 500 382 22 -131 1,197 -996 656 358 -1,087 701 -4 -206 1,101 91 -317 -784 55 -71 2,950,232 2,523,762 2,368,623' 1,844,375' 579,648 456,442 187,644 135,842 172,571 131,717 198,935 145,642 192,086' 124,622' 177,981 133,383' 196,449 148,346 205,218 174,713 27,806 3 Net purchases, or sales (-) 4 Foreign countries 3,966,052 3,938,246 16,411' -369 BONDS 3 20 Foreign purchases 21 Foreign sales 524,248' 2 3 Foreign countries 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Mar Canada Latin America and Caribbean . Middle East2 Other Asia Japan Africa Other countries Nonmonetary international and regional organizations 30,505 40,854 53,293 426,725 521,858' 122,699 51,482 40,948 53,778 66,346' 44,609' 47,802 30,288 210,463 4,859 2,275 2,675 7,525 132,476 20,138 4,325 97,135 3,774 108,230 32,786 1,646 1,152 246,550' 7,274 11,500 1,929 6,973 151,502' 6,477 12,095 106,990' 4,702 149,010' 74,983 512 1,999 65,398 2,976 5,147 737 -453 42,749 1,109 3,264 20,244 738 31,610 7,546 -3 1,448 34,188 1,181 3,929 182 574 22,278 1,230 1,041 8,503 134 7,682 142 -128 62 18,634 156 -1,289 210 320 12,569 370 799 6,424 30 14,708 7,850 86 267 23,237 1,122 820 138 -31 15,924 658 575 8,683 630 20,811 11,103 -199 41 35,944' 1,548 118 169 959 25,179' 745 1,958 13,937' -72 14,916' 10,599 75 -412 14,207' -806' 2,303 237 -296 8,369 693 935 14,608' 55 14,736' 6,163 33 35 27,938 2,168 1,489 298 -977 18,576 -251 1,045 5,356 423 11,611 -72 55 1,374 23,253 1,614 1,355 202 820 15,804 667 1,284 280 260 5,263 1,455 -91 39 -5,032' 134,252' 139,284' 5,635' 116,423' 110,788' -15,341 152,465 167,806 1,380 128,753 127,373 -14,430 195,496 209,926 25 141,697 141,672 -14,405 22 N e t p u r c h a s e s , or sales ( - ) . . . 2,390' 44,598' 1,118' Foreign securities -14,097' 143,459' 157,556' -6,414' 118,719' 125,133' -84,754 1,333,772 1,418,526 18,864 1,560,060 1,541,196 -83,406' 1,663,824' 1,747,230' -25,479' 1,455,934' 1,481,413' -34,803 482,213 517,016 7,040 386,873 379,833 -4,483 113,318 117,801 -22,116 114,836 136,952 -10,148 131,759 141,907 -2,026 121,501 123,527 -7,745 151,367 159,112 2,013 120,811 118,798 45 Net purchases, or sales (-), of stocks and bonds . . -65,890 -108,885' -27,763 -26,599 -12,174 -5,732 -20,511' 603' -13,961 46 Foreign countries -65,354 -108,030' -27,602 -26,590 -12,083 -5,750 -20,250' 733' -14,024 -14,311 47 48 49 50 51 52 53 -10,306 6,345 -8,457 -51,650 -34,240 252 -1,538 -113,896' -1,136 14,977' -6,112 -20,641 1,593 -3,456 -19,331 1,804 -3,168 -4,970 -4,123 88 -2,025 -21,966 -927 4,102 -6,323 -5,643 44 -1,520 -14,264 -1,411 3,376 543 -1,077 288 -615 -5,121 -1,435 2,587 -2,823 -777 272 770 -9,034' -796 -4,115' -5,754 -2,597 -55 -496 -6,726 636 -2,600 -4,235 -3,199 -107 -992 -10,311 363 -1,733 -1,883 -1,193 80 -827 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 -2,294' 805' 1,165 1,148' 269 115 -206 54 Nonmonetary international and regional organizations 1. Before January 2001, data included in United Kingdom. 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 3. Includes state and local government securities and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Securities Holdings and Transactions 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES 55 Foreign Transactions1 Millions of dollars; net purchases, or sales (-) during period Area or country Jan.Mar. Sept. 1 Total estimated 276,713 351,985 101,158 16,993 19,204 33,720 8,357 2 Foreign countries 277,496 351,266 100,946 17,757 18,735 33,433 8,531 57,219 1,721 10,776 884 -297 407 4,894 35,603 1,670 1,561 10,348 88,334 118 8,804 -575 -3,152 3,236 5,342 78,662 1,176 -5,277 16,098 17,908 -886 5,343 423 -1,057 103 2,522 19,536 2,374 -10,450 6,192 5,230 294 2,273 -616 3,048 -365 376 444 -191 1,800 14,350 30 1,544 1,075 -1,421 995 1,720 3,566 183 6,658 1,090 18,567 192 2,233 -35 -285 702 -333 17,089 33 -1,029 5,322 9,037 236 141 -1,120 1,095 1,149 812 11,293 33 -4,602 1,108 19,541 293 11,264 7,984 183,084 147,635 57 7,247 33,557 -15 21,976 11,596 214,779 166,378 677 -2,179 65,377 7 64,058 1,312 10,880 -5,031 1,021 -432 3,991 3 5,261 -1,273 6,730 434 107 -101 -2,601 -28 -4,315 1,742 5,552 -2,051 -11 355 -19,348 -8,169 -47 -8,698 576 6,244 1,482 283 -783 -503 -53 719 2 -26 212 250 -22 -764 -328 0 469 66 0 287 -82 -9 -174 -517 0 277,496 113,486 164,010 351,266 201,135 150,131 100,946 3,920 97,026 17,757 10,874 6,883 18,735 15,649 3,086 33,433 21,049 12,384 8,531 6,976 1,555 -7,134 52 9,041 249 401 755 343 0 3,831 0 3,977 0 510 250 3 4 5 6 7 8 9 10 11 12 13 Europe Belgium2 Germany Luxembourg2 Netherlands Sweden Switzerland United Kingdom Channel Islands and Isle of Man3 Other Europe and former U.S.S.R Canada 14 15 16 17 18 19 20 21 Latin America and Caribbean Venezuela Other Latin America and Caribbean Netherlands Antilles Asia Japan Africa Other 22 Nonmonetary international and regional organizations 23 International 24 Latin American Caribbean regional -17,715 -1,745 27,187 9,292 10 1,695 30,741' 42,505' 27,912 42,821' 27,851 3,541 436 -1,602' -1,129 87 -1,557 264 7,095 2,478 15,478' 16 -942 534 -444' 570 2,277 10,464 361 2,642' 3,135 -4,707 -904 2,744 -547 989 662 158 10,629 1,749 -20,187 579 29,832' -51 29,937 -54' -8,681 -5,561 -217 -275 8,811' -18 8,152 677' 15,002 2,345 497 -102 26,734 76 25,969 689 4,559 -1,815 741 -55 467 452 -14 -316 -282 -4 61 80 -4 7,137' MEMO 25 Foreign countries 26 Official institutions 27 Other foreign Oil-exporting countries 28 Middle East4 29 Africas 1. Official and private transactions in marketable U.S. Treasury securities having an original maturity of more than one year. Data are based on monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries. 2. Before January 2001, combined data reported for Belgium and Luxembourg. 30,274' 7,630 22,644' -699 -204 42,821' 11,273 31,548' 27,851 -14,983 42,834 713 249 387 710 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 2005 3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1 Currency units per U.S. dollar except as noted 2004 Item 2002 2003 2005 2004 Oct. Nov. Dec. Jan. Feb. Mar. 76.75 2.7150 1.2189 8.2765 5.5449 1.3406 7.7760 43.85 103.81 3.8000 11.201 71.49 6.1355 1.6402 5.7235 1,050.37 104.748 6.6969 1.1465 32.170 39.184 192.86 1,915.20 76.68 2.6895 1.2248 8.2765 5.6699 1.3123 7.7948 43.62 103.34 3.8000 11.263 70.65 6.2672 1.6377 5.9587 1,037.98 98.929 6.8991 1.1792 31.847 38.739 187.97 1,915.20 78.12 2.5971 1.2401 8.2765 5.7195 1.3013 7.7994 43.58 104.94 3.8000 11.137 71.55 6.3960 1.6381 6.0001 1,023.11 99.273 6.9800 1.1918 31.498 38.446 188.71 1,915.20 78.48 2.7061 1.2160 8.2765 5.6488 1.3185 7.7994 43.59 105.25 3.8000 11.155 73.00 6.2116 1.6308 6.0328 1,007.78 99.390 6.8954 1.1756 31.106 38.594 190.43 2,124.65 Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 Hong Kong/dollar India/rupee Japan/yen Malaysia/ringgit Mexico/peso New Zealand/dollar2 Norway/krone Singapore/dollar South Africa/rand South Korea/won Sri Lanka/rupee Sweden/krona Switzerland/franc Taiwan/dollar Thailand/baht United Kingdom/pound2 Venezuela/bolivar 54.37 2.9213 1.5704 8.2771 7.8862 0.9454 7.7996 48.63 125.22 3.8000 9.663 46.45 7.9839 1.7908 10.5176 1,250.31 95.773 9.7233 1.5567 34.536 43.019 150.25 1,161.19 65.24 3.0750 1.4008 8.2772 6.5774 1.1321 7.7875 46.59 115.94 3.8000 10.793 58.22 7.0803 1.7429 7.5550 1,192.08 96.541 8.0787 1.3450 34.405 41.556 163.47 1,613.43 73.65 2.9262 1.3017 8.2768 5.9891 1.2438 7.7891 45.26 108.15 3.8000 11.290 66.43 6.7399 1.6902 6.4402 1,145.24 101.268 7.3480 1.2428 33.372 40.271 183.30 1,886.13 73.37 2.8520 1.2469 8.2765 5.9486 1.2507 7.7889 45.74 108.78 3.8000 11.404 68.46 6.5809 1.6767 6.3815 1,141.57 103.885 7.2453 1.2330 33.775 41.294 180.77 1,918.08 77.04 2.7877 1.1968 8.2765 5.7178 1.2997 7.7755 45.03 104.70 3.8000 11.371 70.09 6.2700 1.6505 6.0305 1,086.44 104.632 6.9257 1.1711 32.777 40.282 186.07 1,915.20 Indexes4 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)° 26 Other important trading partners (January 1997=100)7 126.66 105.98 119.08 93.00 113.55 85.36 112.90 84.25 109.97 81.03 108.72 80.11 109.35 81.06 109.59 81.81 108.93 80.89 140.32 143.49 143.31 143.74 142.18 140.57 140.36 139.44 139.52 111.15' 110.57' 104.41' 97.56' 99.78' 90.60' 99.40' 89.86' 96.67' 86.39' 95.25' 85.08' 96.11' 86.59' 96.26' 87.68' 96.18 86.94 121.43' 123.08' 121.75' 121.93' 120.27' 118.57' 118.41' 117.01' 118.01 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at: www.federalreserve.gov/releases. 2. U.S. 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 Italian lire 40.3399 Luxembourg francs 2.20371 Netherlands guilders 200.482 Portuguese escudos 166.386 Spanish pesetas 4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin, revised index values resulting from the periodic revision of data that underlie the calculated trade weights are reported. For more information on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818. 5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average of U.S. bilateral import shares from and export shares to the issuing country and of a measure of the importance to U.S. exporters of that country's trade in third country markets. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. 7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. The source for exchange rates not listed in the table above but used in the calculation of this index is Reuters Limited. 57 Guide to Special Tables SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference Title and Date Issue Page Reference Assets and liabilities of commercial banks March 31,2004 June 30, 2004 September 30,2004 December 31,2004 August November February March 2004 2004 2005 2005 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks May 2004 August 2004 November 2004 February 2005 August November February May 2004 2004 2005 2005 60 60 60 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks March 31,2004 June 30, 2004 September 30,2004 December 31,2004 August November February May 2004 2004 2005 2005 66 66 66 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin Residential lending reported under the Home Mortgage Disclosure Act 1989-2001 1990-2002 1991-2003 September 2002 September 2003 September 2004 A58 A58 58 Bulletin Bulletin Supplement Disposition of applications for private mortgage insurance 1998-2001 1999-2002 2000-2003 September 2002 September 2003 September 2004 A67 A67 67 Bulletin Bulletin Supplement Small loans to businesses and farms 1996-2001 1996-2002 1997-2003 September 2002 September 2003 September 2004 A70 A70 70 Bulletin Bulletin Supplement Community development lending reported under the Community Reinvestment Act 2001 2002 2003 September 2002 September 2003 September 2004 A73 A73 73 Bulletin Bulletin Supplement Pro forma financial statements for Federal Reserve priced services* 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 2005 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 7-11, 2005 A. Commercial and industrial loans made by all commercial banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.26 3.68 3.93 4.19 4.71 59,835 1,839 10,797 25,026 14,677 383 507 516 467 304 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.32 4.48 4.33 5.25 5.96 14,840 212 2,660 5,844 4,040 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.53 3.71 3.45 3.47 3.70 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 27.9 17.7 27.5 25.6 34.2 77.6 89.5 82.4 74.5 77.4 10.2 4.9 8.7 10.3 14.3 9.4 4.0 11.7 4.4 1.0 75.4 52.0 69.9 71.9 87.8 93.4 96.2 94.0 95.2 89.2 11.4 4.9 9.0 12.2 13.0 48.4 11.6 26.4 11.6 27.7 .0 27.8 25.8 23.9 in 36.9 6.9 6.3 8.3 61.6 99.0 70.0 57.4 69.1 9.7 3.5 7.5 6.0 17.6 402 349 453 389 317 41.3 36.3 32.6 47.7 46.0 27.7 .5 13.8 35.4 34.4 9.6 .3 11.0 8.8 10.4 78.2 92.6 87.3 75.5 75.9 12.8 5.7 9.6 15.3 16.3 833 462 406 1105 666 51.4 52.2 37.6 53.8 58.4 23.4 18.5 16.9 22.8 28.7 21.6 28.4 31.4 20.9 12.2 85.6 57.5 89.4 92.0 82.7 7.6 2.6 11.3 6.4 7.3 254 60 226 320 320 52 42 77 48 50 53.7 70.9 87.8 42.8 44.3 17.9 40.7 59.3 40.1 25.7 47.0 33.1 80.7 70.0 49.3 62.1 68.0 69.0 8.4 3.4 2.2 14.9 1.3 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 86.7 71.5 38.3 23.6 8.7 11.9 22.2 27.7 71.1 65.9 29.9 7.9 83.0 68.8 Secured by collateral Subject to prepayment penalty 477 375 426 540 371 39.5 46.5 34.0 40.2 43.4 22.3 3.3 18.5 22.9 21.9 173 159 253 212 143 593 427 542 630 585 61.5 58.2 56.4 48.6 78.1 20,398 368 3,744 10,084 5,340 1,139 1 104 1,232 1,377 928 194 306 150 279 78 3.94 3.24 3.73 3.82 4.41 13,211 914 2,993 4,694 3,607 652 2 707 1,192 734 391 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.77 4.42 4.49 4.82 4.82 5,309 253 930 2,836 936 323 180 390 424 429 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.54 6.58 6.07 4.91 6.77 2,994 11 353 1,375 650 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 6.07 5.50 4.38 3.52 2,905 9,922 19,956 27,052 3.3 3.1 2.9 3.1 161 156 7.5 10.3 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 5.78 3.66 16,722 43,113 3.1 3.0 129 76 64.3 29.9 11.6 26.5 154 902 90.1 72.7 10.3 10.1 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 59 Survey of Loans Made, February 7-11, 2005—Continued B. Commercial and industrial loans made by all domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.88 3.90 4.15 4.80 5.71 34,436 929 7,913 14,593 7,192 279 391 282 156 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.28 5.11 4.32 5.17 5.93 14,291 132 2,648 5,498 3,932 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.28 3.79 3.68 4.33 5.41 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 set* 45.0 32.0 36.6 39.9 62.9 84.7 86.4 83.8 81.2 90.5 11.9 7.0 11.0 13.0 13.0 9.8 6.5 11.7 4.7 1.0 75.0 73.4 69.8 70.1 87.5 93.1 93.9 94.0 94.9 88.9 11.4 7.8 8.9 12.3 12.9 .6 .0 1.5 23.1 90.5 12.4 18.6 44.9 63.8 97.6 70.9 50.0 89.1 15.0 5.1 13.2 17.4 16.1 15.7 .8 16.6 13.6 17.9 99.7 85.6 83.4 95.8 14.2 8.4 12.6 16.6 17.9 18.7 22.6 17.4 21.0 25.5 28.6 31.9 25.3 13.3 89.0 45.9 88.0 96.8 92.1 3.4 13.6 7.3 7.1 51.4 70.9 88.3 42.5 28.9 48.3 .0 17.4 40.5 75.3 37.3 25.7 46.6 33.3 75.7 73.3 49.3 61.9 67.9 87.7 8.3 3.4 2.2 14.7 1.3 86.9 75.4 49.2 40.8 8.6 9.0 13.1 11.5 71.2 69.7 41.3 19.2 85.6 89.3 90.2 72.7 7.5 10.2 12.4 14.5 90.5 79.9 10.5 13.2 Secured by collateral Subject to prepayment penalty 747 509 556 875 673 56.8 76.8 44.7 51.8 72.9 11.2 5.8 7.9 9.1 6.5 168 101 252 201 141 578 585 541 593 578 62.3 83.5 56.2 49.3 78.7 6,341 150 2,079 3,137 858 389 647 716 468 168 557 138 201 814 477 40.6 89.7 19.2 43.4 68.3 4.19 3.12 3.87 4.10 4.92 6,634 356 1,984 2,313 1,390 365 1,620 935 406 164 697 700 632 730 582 53.8 70.2 46.3 53.4 67.5 21 31 to 365 days . . 22 Minimal risk . . 23 Low risk 24 Moderate risk . 25 Other 5.09 4.52 4.60 5.21 5.37 3,711 199 733 2,084 399 238 147 327 325 221 1,016 279 467 1,420 644 66.5 65.4 43.3 70.8 92.8 26 More than 365 days . . . 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.54 6.58 6.07 4.92 7.10 2,845 11 351 1,369 510 53 42 77 48 58 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 242 60 225 319 253 Weightedaverage risk Weightedaverage maturity/ repricing interval2 3.3 3.1 2.8 2.9 162 169 142 115 4.0 3.7 2.8 SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 .. . 10,000 or more . 6.07 5.59 4.67 4.15 2,888 8,992 12,859 9,696 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 5.76 4.16 15,490 18,946 3.1 2.8 133 151 66.6 48.8 11.7 10.8 144 433 60 Federal Reserve Bulletin Statistical Supplement • May 2005 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 7-11, 2005—Continued C. Commercial and industrial loans made by large domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 4.72 3.41 4.10 4.55 5.63 29,542 692 6,576 12,664 6,391 322 924 513 487 189 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.16 4.09 4.24 5.04 5.87 12,811 76 2,533 4,855 3,510 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.33 3.95 4.12 4.15 5.25 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 42.0 15.1 38.7 34.1 60.4 85.5 93.1 83.2 81.1 91.1 13.1 7.6 12.9 14.1 13.9 10.6 11.2 12.2 5.0 .9 73.4 56.4 69.1 67.9 86.3 94.0 90.6 94.0 96.2 89.3 11.7 5.0 8.8 12.6 13.5 40.6 77.9 26.8 39.1 63.5 .7 .0 2.3 .0 .7 19.5 79.6 16.3 12.3 38.3 58.3 99.9 55.9 50.1 87.9 19.9 10.7 25.4 18.7 18.4 664 704 631 670 527 52.1 70.0 45.9 50.5 65.4 4.5 .0 3.8 2.5 11.4 .7 16.1 5.8 11.9 87.9 99.7 85.6 82.0 97.0 14.8 8.4 12.7 18.1 18.8 1,132 1,144 1,662 1,753 515 1,109 371 584 1,478 741 55.5 40.9 23.9 61.9 91.7 13.1 41.3 21.5 7.3 .2 11.4 1.2 23.6 94.1 63.6 91.3 98.7 91.1 10.6 3.3 17.5 8.9 7.4 448 1,021 622 56 36 57 60.0 28.8 18.9 7.0 49.1 84.7 70.4 29.4 81.7 84.7 66.1 91.5 3.4 17.4 1.3 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 85.9 70.4 48.5 40.8 11.9 10.1 11.8 11.5 71.4 69.6 40.0 19.2 92.3 93.8 90.4 72.7 8.4 11.3 14.0 14.5 Secured by collateral Subject to prepayment penalty 712 571 549 804 647 53.3 70.9 44.8 46.0 70.4 11.3 7.7 8.3 7.4 6.9 218 195 305 318 169 585 791 551 576 598 59.6 79.9 55.0 45.0 77.4 5,158 70 1,360 2,896 721 505 779 1,041 704 200 593 129 317 799 260 4.09 3.12 3.86 3.94 4.81 6,227 354 1,965 2,091 1,293 446 2,554 1,078 601 176 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.51 3.27 3.86 4.66 5.36 2,647 109 499 1,540 321 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 5.34 4.40 7.12 102 1,089 445 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 5.67 5.35 4.67 4.15 1,782 6,891 11,174 9,696 3.4 3.2 2.9 2.9 46 81 124 115 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 5.59 4.09 12,398 17,144 3.2 2.8 95 116 60.4 48.2 11.1 11.5 188 666 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 61 Survey of Loans Made, February 7-11, 2005—Continued D. Commercial and industrial loans made by small domestic banks' Maturity/repricing interval2 and risk of loans3 Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 5.84 5.35 4.41 6.43 6.36 4,894 237 1,338 1,929 801 83 92 181 75 65 6.33 6.49 6.12 6.17 6.48 1,480 56 115 643 422 4.06 1,183 2.85 6.50 6.23 719 241 137 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Secured by collateral Subject to prepayment penalty 954 312 584 1,373 864 77.9 94.1 44.7 89.4 92.3 10.6 .0 5.9 20.4 3.5 56 61 53 53 59 509 379 282 780 416 85.9 88.3 82.6 81.8 89.7 2.4 .0 .6 2.4 1.5 450 93 91 13 980 1,655 Days Commitment status Percent made under commitment Average months since loan terms 63.2 81.4 26.4 78.5 82.4 79.6 67.0 86.7 82.2 85.8 4.1 4.6 2.0 5.6 5.1 96.7 84.1 86.7 97.6 85.6 98.4 94.6 85.6 86.0 8.0 11.2 9.8 9.8 7.2 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 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 38.5 87.7 5.0 95.2 93.6 .1 .6 1.7 4.9 93.6 79.4 99.4 48.1 95.3 .1 .5 1.5 40.5 407 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 5.65 5.60 6.37 19 63 100 84 706 1,306 1,239 90.9 80.1 94.5 20.1 14.4 12.2 63.9 86.9 96.8 79.6 96.6 80.2 7.7 5.2 1.2 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 6.52 6.04 6.18 6.78 5.44 1,064 90 234 543 77 80 71 120 793 168 259 1,259 241 93.7 95.1 84.8 96.2 97.2 32.6 .0 8.6 60.1 60.7 61.8 49.7 74.1 27.0 76.3 24.5 81.1 91.2 96.3 3.1 3.6 4.2 2.4 5.5 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.36 6.93 6.95 249 280 65 187 87 50 94 71 99.9 96.1 97.5 21.6 6.8 11.1 36.9 48.3 34.5 52.6 75.0 61.2 1.4 5.2 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 88.5 91.8 53.7 3.4 5.5 21.9 70.9 70.0 49.5 74.7 74.5 89.1 5.7 5.6 1.8 79.9 79.0 4.4 3.7 1,157 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 6.73 6.35 4.62 1,106 2,102 1,686 3.1 3.0 2.4 338 448 257 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 6.42 4.84 3,091 1,803 3.0 2.4 285 479 91.6 54.5 14.5 4.1 75 100 62 4.23 Federal Reserve Bulletin Statistical Supplement • May 2005 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 7-11, 2005—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) 3.41 3.45 3.34 3.35 3.76 25,400 910 2,884 10,433 7,484 4.731 3.117 4.185 5.651 3.598 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 6.43 7.19 346 108 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 3.19 3.65 3.17 3.08 3.37 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) Percent made under commitment Average months since loan terms 4.9 3.1 2.5 5.4 6.6 68.0 92.7 78.4 65.0 64.8 7.2 2.9 2.2 5.2 16.1 100.0 99.9 100.0 100.0 11.0 15.6 60.6 100.0 68.9 60.8 65.3 7.2 2.4 .3 1.4 17.9 68.2 88.1 90.6 67.8 63.5 11.0 3.7 3.9 13.8 14.8 77.7 4.6 94.8 78.8 75.7 3.2 3.2 7.5 98.0 78.7 70.0 66.6 9.7 11.3 8.3 6.4 Secured by collateral Subject to prepayment penalty 112 274 117 94 123 16.0 15.5 4.7 23.9 15.2 47.6 42.1 36.6 1.370 378 1,260 783 37.4 54.5 .9 .0 14,057 218 1,665 6,947 4,481 8.679 2.156 2.350 1.209 6.818 47 359 91 52 15 11.1 19.9 2.0 18.8 .8 39.9 .0 60.5 37.4 28.3 3.68 3.32 3.44 3.55 4.09 6,577 558 1,008 2,381 2,216 3.139 4.731 2.601 3.446 3.012 119 173 148 47 162 28.6 14.7 5.7 42.1 32.6 50.6 .9 3.5 .0 66.3 54.3 4.2 5.7 4.02 1,598 1.827 373 16.3 4.07 3.74 4.41 197 753 538 1.419 2.716 1.414 128 167 684 16.2 6.7 33.0 15.2 27.6 49.9 29.4 8.6 11.3 60.0 33.7 18.6 14.0 28.9 39.5 38.7 36.8 51.6 29.4 9.5 1.6 Days Commitment status LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 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 5.41 4.67 3.85 3.16 17 930 7,097 17,356 3.4 3.2 3.2 3.2 18 12 Average size (thousands of dollars) Footnotes appear at end of table. Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 63 Survey of Loans Made, February 7-11, 2005—Continued F. Commercial and industrial loans by date pricing terms were set and commitment status Weighted- Date pricing terms were set and commitment status Weightedaverage effective loan rate4 (percent) Amount of loans (millions of dollars) Average loan size (thousands of dollars) Weightedaverage risk rating3 maturity repricing interval2 Percent of amount of loans 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 3.80 3.70 3.51 4.45 29,203 13,410 9,400 6,394 557 541 489 757 3.1 3.2 3.0 2.9 114 98 45 308 26.7 30.7 12.4 39.2 31.6 52.9 14.2 12.3 15.5 12.4 12.9 25.8 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 4.81 4.67 4.67 6,749 11,709 11,759 268 209 542 2.9 2.8 3.2 115 58 60 47.9 55.9 51.2 14.6 18.0 8.8 43.0 44.6 34.3 Domestic banks 8 During survey week 9 Not under commitment 10 Informal commitment 11 Formal commitment 4.83 4.38 4.67 5.74 10,505 5,283 2,157 3,064 212 225 120 377 2.9 2.8 2.6 3.3 274 224 164 435 52.0 38.2 52.6 75.5 11.9 9.2 2.9 22.9 37.7 27.8 49.3 46.6 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.10 4.76 4.93 5,178 9,832 8,870 209 178 427 2.9 2.9 3.1 135 65 75 55.9 61.6 57.7 15.3 13.0 6.1 52.8 50.4 42.8 Large domestic banks 15 During survey week 16 Not under commitment 17 Informal commitment 18 Formal commitment 4.48 3.82 4.81 5.53 7,357 4,284 609 2,464 556 555 168 1,303 3.0 2.9 3.1 3.4 225 126 81 432 43.3 25.3 55.1 71.7 15.2 10.8 5.3 25.4 30.7 19.8 55.1 43.5 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 4.85 4.69 4.90 4,442 9,173 8,563 232 213 534 2.9 2.9 3.1 100 59 58 49.3 60.2 56.6 10.5 13.3 6.2 46.3 48.7 42.3 Small domestic banks 22 During survey week 23 Not under commitment 24 Informal commitment 25 Formal commitment 5.67 6.77 4.61 6.59 3,148 999 1,548 600 87 63 108 96 2.7 2.7 2.5 3.0 388 661 196 448 72.2 93.2 51.5 90.7 4.0 2.2 1.9 12.6 54.1 62.1 47.0 59.1 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 6.60 5.77 5.82 735 659 308 132 55 65 2.9 3.1 2.9 343 144 544 95.9 80.6 88.3 44.7 8.6 2.9 92.0 74.8 57.3 Foreign banks 29 During survey week 30 Not under commitment 31 Informal commitment 32 Formal commitment 3.22 3.26 3.17 3.25 18,699 8,127 7,242 3,329 6,405 6,354 5,510 10,219 3.2 3.4 3.1 2.1 14 17 10 13 12.5 25.9 .4 5.9 42.6 81.3 17.6 2.5 3.0 2.3 2.1 6.7 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 3.86 4.18 3.87 1,571 1,877 2,889 3,214 1,965 3,061 3.0 2.7 3.7 30 21 14 21.4 26.2 31.3 12.3 44.4 17.3 10.9 14.3 8.1 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. The data in this table also appear in the Board's E.2 statistical release, available on the Board's website at: www.federalreserve.gov/releases. 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 on the Board's website at "http://www.federalreserve.gov/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 0.22 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. 64 Federal Reserve Bulletin Statistical Supplement • May 2005 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20041 Millions of dollars except as noted Total including IBFs3 Total assets4 . IBFs only3 796,777 88,293 3,422 9 59,844 14 Total securities and loans 409,982 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 131,705 10,662 24,177 Total including IBFs IBFs only 60,199 27,026 0 710,470 83,409 3,393 5 IBFs only 57,665 25,776 0 14,749 1,624 1 2,049 1,204 0 56,159 47,285 11,971 IBFs only 41,844 152 19 0 83 10 0 10 44,188 272 Total including IBFs 45,913 16,413 1,017,688 1,153,200 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 Total including IBFs 209 16,046 712 3,675 11,659 443 0 280 162 19 23,575 23,430 807 4,909 17,714 421 351,947 22,441 12,537 6,129 n.a. n.a. 127,578 9,105 23,609 5,778 n.a. n.a. 1,447 37 172 342 n.a. n.a. 2,227 1,485 244 96,866 8,157 23,794 22,540 1,254 21,321 43,595 6,129 4,306 5,778 4,260 1,238 56 228 228 0 0 954 342 44 0 0 0 0 298 498 128 4 1,818 94,864 7,920 23,565 22,311 1,254 21,321 42,057 22,960 16,471 6,489 7,691 4,292 3,399 21,778 15,321 6,457 7,600 4,218 3,382 161 161 74 74 0 0 0 0 28 Securities purchased under agreements to resell 29 With depository institutions in the U.S 30 With others 107,362 24,144 83,218 16 0 16 107,362 24,144 83,218 16 0 16 0 0 0 0 0 0 31 Total loans, gross 32 LESS: Unearned income on loans 278,665 388 278,277 17,463 17 17,446 224,690 321 224,369 16,679 16 16,663 11,113 24 11,089 422 0 422 31,127 7 31,120 0 0 0 16,894 88 978 4,454 3 161 1,293 400 12,571 5 12,566 71,554 23 6,753 988 976 12 0 5,632 0 5,632 133 12,972 71,236 3,204 2,039 1,165 400 10,657 5 10,653 56,975 23 6,178 635 623 12 0 5,409 0 5,409 133 2,990 2,833 754 750 4 0 279 0 279 1,800 0 326 296 296 0 0 30 0 30 0 52 13,775 0 0 0 0 1,085 0 1,085 12,690 0 0 0 0 0 0 0 0 0 0 149,720 117,693 32,027 9,234 86 9,149 119,333 91,384 27,949 9,050 86 8,964 5,230 4,854 376 97 0 97 16,242 15,381 860 0 0 0 3,205 7 325 11,985 1,175 256 21 2,817 6,335 11,535 1,152 256 19 0 60 0 0 0 236 635 93 0 0 0 462 462 0 0 0 0 0 0 94 58 36 0 0 0 25 Federal funds sold 26 With depository institutions in the U.S 27 With others 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) 37 U.S. branches and agencies of other foreign banks 38 Other commercial banks in United States 39 Other depository institutions in United States (including their IBFs) 40 Banks in foreign countries 41 Foreign branches of U.S. banks 42 Other banks in foreign countries 43 Loans to other financial institutions 44 Commercial and industrial loans 45 U.S. addressees (domicile) 46 Non-U.S. 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-U.S. addressees (domicile) 5,190 18,448 572 16,508 712 3,955 11,841 557 520 36 4 1,514 280 158 35 0 0 35 14 33,347 0 371 n.a. n.a. 1 1 0 0 0 0 0 53 Trading assets 54 U.S. Treasury and agency securities 55 Other trading assets 135,702 22,688 113,014 1,212 0 1,212 115,822 22,661 93,160 1,164 0 1,164 60 0 60 0 0 0 7,499 0 7,499 0 0 0 56 All other assets 57 Customers' liabilities on acceptances outstanding 58 U.S. addressees (domicile) 59 Non-U.S. 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 32,479 693 448 246 31,786 356,423 356,423 679 n.a. n.a. n.a. 679 75,938 n.a. 30,153 562 363 199 29,592 307,218 307,218 669 n.a. n.a. n.a. 669 48,153 n.a. 368 72 71 1 295 1,664 1,664 7 n.a. n.a. n.a. 7 3,746 n.a. 847 38 13 25 809 4,068 0 n.a. n.a. n.a. 0 3,520 n.a. 48,153 n.a. 3,746 75,938 64 Total liabilities4 1,153,200 136,138 1,017,688 105,818 16,413 5,795 65 Liabilities to nonrelated parties 1,057,888 118,520 937,072 88,438 10,915 5,668 Footnotes appear at end of table. 4,068 n.a. 45,913 44,381 3,520 3,532 3,530 U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20041—Continued Millions of dollars except as noted 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 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 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 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. Total excluding IBFs3 IBFs only3 Total excluding IBFs IBFs only Total excluding IBFs IBFs only Total excluding IBFs IBFs only 522,994 83,438 479,145 61,373 3,822 4,090 9,361 1,793 420,631 403,281 17,350 74,353 22,106 52,247 8,653 3,279 5,374 8,059 161 7,899 12,079 10,212 1,867 37,699 990 36,709 379,464 369,108 10,357 72,928 21,661 51,267 8,255 3,279 4,976 4,861 161 4,701 11,031 9,321 1,711 26,318 878 25,440 2,720 1,468 1,253 520 184 336 20 0 20 103 0 103 805 749 56 2,099 112 1,987 9,096 9,018 77 176 8 168 89 0 89 210 0 210 0 0 0 393 0 393 2,392 16,965 25,322 279 2,331 16,167 18,884 279 7 554 1,083 1 0 8,963 11,054 10,026 6,639 3,387 53 4 49 668 0 667 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8,053 6,244 1,809 53 4 49 590 0 590 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 132 95 37 0 0 0 20 0 20 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 223 84 n.a. n.a. 188 n.a. n.a. 3 4 n.a. n.a. 511,941 79 3,663 470,182 410,606 396,643 13,963 74,300 22,102 52,198 7,985 3,279 4,706 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,169 16,882 n.a. n.a. 371,412 362,864 8,548 72,875 21,657 51,218 7,665 3,279 4,387 2,142 16,087 215 171 44 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9,145 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,588 1,373 1,215 520 184 336 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4 550 n.a. n.a. 8,881 8,847 34 176 8 168 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 83,438 61,373 4,090 8,059 161 7,899 12,079 10,212 1,867 37,699 990 36,709 4,861 161 4,701 11,031 9,321 1,711 26,318 878 25,440 103 0 103 805 749 56 2,099 112 1,987 210 0 210 0 0 0 393 0 393 25,322 279 18,884 279 1,083 0 1,190 0 65 66 Federal Reserve Bulletin Statistical Supplement • May 2005 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20041—Continued Millions of dollars except as noted Total including IBFs3 IBFs only3 Total including IBFs IBFs only 57,986 23,399 34,587 14,347 1,971 12,376 40,438 15,949 24,488 8,785 1,431 7,353 419 419 0 117 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 152,631 14,756 137,874 131,636 3,317 15,775 151,870 14,728 137,141 106,491 3,317 13,362 13,072 6,587 3,552 636 11,809 6,483 6,486 12,570 679 11,891 105,994 2,916 9,885 302 9,583 2,338 128 All other liabilities 129 Branch or agency liability on acceptances executed and outstanding 130 Trading liabilities 131 Other liabilities to nonrelated parties 109,204 720 84,980 23,504 95,311 95,311 114 Federal funds purchased 115 With depository institutions in the U.S 116 With others 132 Net due to related depository institutions5 133 Net due to head office and other related depository institutions5 134 Net due to establishing entity, head office, and other related depository institutions5 Total including IBFs Total including IBFs IBFs only 47 47 0 6,672 4,637 2,035 963 343 620 154 28 126 2,079 0 1,514 130 0 130 20,479 0 0 0 772 2,640 631 357 52 305 5 787 47 554 0 5,326 11,555 587 10,968 83,127 2,009 9,087 260 8,827 1,635 305 581 62 519 1,141 300 506 42 464 703 741 269 0 269 19,422 554 218 0 218 0 1,643 97,755 1,601 351 n.a. 36 1,607 586 76,549 20,619 n.a. 36 1,565 72 47 231 n.a. 0 17 38 5,443 465 17,618 n.a. 80,616 80,616 17,380 n.a. 5,498 5,498 127 n.a. 1,531 1,531 IBFs only 5,946 n.a. 0 2 MEMO 135 Holdings of own acceptances included in commercial and industrial loans 136 Commercial and industrial loans with remaining maturity of one ye 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. 68,444 22,391 46,053 n.a. 48,401 16,076 32,326 n.a. 77,431 11,337 66,094 n.a. n.a. n.a. 67,560 9,770 57,790 n.a. n.a. n.a. n.a. 1,034 1,854 2,262 254 2,008 n.a. 12,575 2,742 9,834 n.a. n.a. n.a. 3,455 296 3,158 n.a. n.a. n.a. U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES 67 of U.S. Branches and Agencies of Foreign Banks, December 31, 20041—Continued Millions of dollars except as noted All states2 Item 142 Components of total n on transaction 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 584,762 504,622 n.a. n.a. 541,878 464,499 n.a. n.a. 3,536 3,528 n.a. n.a. 8,776 8,775 n.a. n.a. 80,140 n.a. 77,379 n.a. 8 n.a. 1 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 59,479 266 n.a. 0 57,032 141 n.a. 0 1,574 51 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 31, 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.I 1, last issued on July 10,1980. Data in this table and in the G.I 1 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 259 15 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 and total liability figures in this table are not comparable to those in the G.I 1 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. 68 Index to Statistical Tables ACCEPTANCES, bankers (See Bankers acceptances) Assets and liabilities (See also Foreigners) Commercial banks, 15-21 Domestic finance companies, 30, 31 Federal Reserve Banks, 10 Foreign banks, U.S. branches and agencies, 64—67 Foreign-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21, 64—67 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21, 64-67 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21, 58-63 Consumer loans held, by type and terms, 34, 58-63 Real estate mortgages held, by holder and property, 33 Terms of lending, 58-63 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) 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, 64—67 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Commercial banks, 58-63 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22, 58-63 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21, 58-63 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21, 58-63 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Foreign banks, U.S. branches and agencies, 64-67 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, 58-63 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 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) 69