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Volume 2 • Number 11 D November 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 Published monthly, the Statistical Supplement is designed as a compact source of economic and financial data. All statistical series are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. Subscription information for the Statistical Supplement is on the inside front cover. For subscription information about the Bulletin, contact Publications Fulfillment at (202) 452-3245, or send an e-mail to publications-bog @ frb.gov. 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 November 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 • November 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 Interest and Exchange Rates 56 Foreign exchange rates 57 GUIDE TO SPECIAL TABLES SPECIAL TABLES 58 Terms of lending at commercial banks, August 1-5, 2005 64 Assets and liabilities of U.S. branches and agencies of foreign banks, June 30, 2005 Reported by Banks in the United States 45 46 48 49 Liabilities to, and claims on, foreigners Liabilities to foreigners Banks' own claims on foreigners Banks' own and domestic customers' claims on foreigners Reported by Nonbanking Business Enterprises in the United States 50 Liabilities to foreigners 52 Claims on foreigners Securities Holdings and Transactions 54 Foreign transactions in securities 55 Marketable U.S. Treasury bonds and notes—Foreign transactions 68 INDEX TO STATISTICAL TABLES 70 FEDERAL RESERVE BOARD PUBLICATIONS 72 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES 74 PUBLICATIONS OF INTEREST 75 FEDERAL RESERVE STATISTICAL RELEASES AVAILABLE ON THE COMMERCE DEPARTMENT'S ECONOMIC BULLETIN BOARD Symbols and Abbreviations c e n.a. n.e.c. P r * 0 ABS ATS BIF CD CMO CRA FAMC FFB FFIEC FHA FHLBB FHLMC FmHA FNMA FSA FSLIC G-7 G-10 Corrected Estimated Not available Not elsewhere classified Preliminary Revised (Notation appears in column heading when about half the figures in the column have been revised from the most recently published table.) Amount insignificant in terms of the last decimal place shown in the table (for example, less than 500,000 when the smallest unit given is in millions) Calculated to be zero Cell not applicable Asset-backed security Automatic transfer service Bank insurance fund Certificate of deposit Collateralized mortgage obligation Community Reinvestment Act of 1977 Federal Agricultural Mortgage Corporation Federal Financing Bank Federal Financial Institutions Examination Council Federal Housing Administration Federal Home Loan Bank Board Federal Home Loan Mortgage Corporation Farmers Home Administration Federal National Mortgage Association Farm Service Agency Federal Savings and Loan Insurance Corporation Group of Seven Group of Ten 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 STRIPS TIIS TIPS VA 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 Separate trading of registered interest and principal of securities See TIPS Treasury inflation-protected securities (formerly TIIS, or Treasury inflation-indexed securities) Department of Veterans Affairs GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 4 Federal Reserve Bulletin Statistical Supplement • November 2005 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q3 1 2 3 4 Reserves of depository institutions2 Total Required Nonborrowed Monetary base3 Q4 Q1 Q2 Apr. May Aug. 2.7 -5.8 -3.0 -7.9 1.4 -18.0 -14.7 -18.2 1.5 20.8 14.7 18.0 5.1 -14.9 -14.3 -19.5 .9 -40.6 -39.2 -39.3 3.6 -.5 1.7 5.9 -15.2 -.6 6.5 10.9' 5.3 .9' 6.1 10.6 -17.5 1.7 3.5 14.8 5.4 12.5 21.3 -2.6 15.6 7.5 19.8 6.9 7.1 2.9 26.9 1.9 3.4 .6 7.3 3.3 1.9 4.5 4.7 2.1 3.5 2.9 3.7 Concepts of money* 5 M1 6 M2 7 M3 3.4 4.2 5.7 5.8 4.0 .5 4.0 5.5 Nontransaction components 8 In M2S 9 In M3 only1" 3.4 5.9 5.8 .4 4.9 8.8 14.7 7.1 2.5 15.6 11.6 7.2 6.3 6.7 14.5 32.2 21.5 21.2 3.0 19.0 43.4 -11.2 24.3' .8' 8.9 21.9' 27.8' 9.8 18.2 -12.6 .7 14.5 48.2 1.6 3.7 35.1 -1.2 15.0 45.4 -8.7 22.4 44.9 -15.5' 26.2 62.9 -2.8' 25.7 17.2 -1.0 20.7 40.8 -8.2 17.9 26.7 1.1 25.5 39.1 -11.7 -6.3 -9.5 -11.9 -5.0 -1.3 4.0 17.2 -3.6 -3.2 -5.1 19.2 .2 -10.0 10.3 -6.2 16.2 -1.7 23.2 -15.9 34.8 -16.9 25.7 9.3 20.7 -24.3 74.8 30.8 -12.1 30.9 20.2 22.3 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 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. -3.1 -3.1 -4.2 2.3 .7 3.4 7.2 15.2 23.4 1.1 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 July July 20 July 27 Aug. 3 Aug. 10 Aug. 17 Aug. 24 791,426 728,553 728,553 267,329 438,905 19,533 2,785 0 25,107 333 16 0 317 -535 37,969 11,041 2,200 36,429 797,801 730,700 730,700 267,623 440,756 19,533 2,788 0 28,714 332 6 0 326 -364 38,419 11,041 2,200 36,429 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 . 789,190 725,669 725,669 265,015 438,635 19,307 2,713 0 24,275 178 14 0 164 -480 39,548 11,041 2,200 36,580 794,953 724,710 724,710 265,015 437,374 19,533 2,788 0 29,935 419 166 15 237 -287 40,176 11,041 2,200 36,528 794,051 727,297 727,297 266,407 438,573 19,533 2,783 0 27,129 436 139 0 297 -316 39,505 11,041 2,200 36,429 796,266 724,709 724,709 265,015 437,374 19,533 2,787 0 31,643 367 128 0 239 -547 40,095 11,041 2,200 36,522 793,282 724,704 724,704 265,015 437,374 19,533 2,782 0 28,643 344 11 67 266 -812 40,403 11,041 2,200 36,476 799,103 724,700 724,700 265,015 437,374 19,533 2,778 0 33,750 709 448 0 262 -746 40,690 11,041 2,200 36,429 791,663 724,702 724,702 265,015 437,374 19,533 2,780 0 25,964 269 0 267 -355 41,083 11,041 2,200 36,429 793,708 726,345 726,345 266,259 437,771 19,533 2,782 0 26,857 445 155 0 290 22 40,038 11,041 2,200 36,429 760,119 24,042 24,042 0 269 763,598 26,618 26,618 0 240 763,504 24,257 24,257 0 253 762,345 26,631 26,631 0 236 760,818 27,995 27,995 0 244 762,964 25,746 25,746 0 251 764,340 23,111 23,111 0 246 763,818 25,370 25,370 0 250 762,757 24,037 24,037 0 253 762,858 24,971 24,971 0 266 13,936 4,951 99 8,584 8,584 0 302 29,428 11,217 13,940 4,789 110 8,747 8,747 0 295 29,757 10,567 14,266 4,979 89 8,895 8,894 1 304 30,800 10,642 14,852 5,423 119 9,004 9,004 0 307 29,870 12,094 13,965 4,878 111 8,675 8,675 0 301 30,099 9,878 14,092 5,012 95 8,674 8,674 0 311 30,364 15,357 14,507 4,989 92 9,116 9,116 0 310 30,680 8,450 14,333 4,805 94 9,118 9,115 14,305 5,181 87 8,721 8,721 0 316 30,787 8,958 13,974 4,909 87 8,717 8,717 0 261 30,988 14,414 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 316 30,893 8,714 Wednesday figures End-of-month figures Aug. 31 Aug. July 20 July 27 Aug. 3 Aug. 10 Aug. 17 793,751 729,579 729,579 267,508 439,752 19,533 2,786 0 26,000 346 334 -351 38,177 11,041 2,200 36,429 805,144 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 22 0 314 728 38,200 11,041 2,200 36,429 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 . . 798,203 724,722 724,722 265,015 437,374 19,533 2,800 0 34,500 235 17 0 219 -977 39,723 11,041 2,200 36,615 799,982 724,699 724,699 265,015 437,374 19,533 2,777 0 35,500 273 17 0 257 -1,211 40,721 11,041 2,200 36,429 805,144 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 22 0 314 728 38,200 11,041 2,200 36,429 798,596 724,707 724,707 265,015 437,374 19,533 2,785 0 33,750 990 738 0 251 -944 40,093 11,041 2,200 36,522 796,171 724,702 724,702 265,015 437,374 19,533 2,780 0 31,000 748 12 470 266 -719 40,439 11,041 2,200 36,476 799,961 724,700 724,700 265,015 437,374 19,533 2,778 0 32,000 3,330 3,063 0 267 -943 40,874 11,041 2,200 36,429 790,558 724,703 724,703 265,015 437,374 19,533 2,781 0 24,500 285 283 -233 41,303 11,041 2,200 36,429 795,719 727,339 727,339 266,259 438,764 19,533 2,783 0 28,500 1,234 924 0 310 751 37,896 11,041 2,200 36,429 764,713 26,183 26,183 0 237 762,035 27,480 27,480 0 252 765,723 26,487 26,487 0 262 762,478 28,196 28,196 0 243 762,860 27,277 27,277 0 252 765,164 22,575 22,575 0 245 765,570 23,640 23,640 0 250 764,681 23,503 23,503 0 250 763,446 24,114 24,114 0 267 765,723 26,487 26,487 0 262 13,004 4,373 103 8,278 8,278 0 250 29,095 14,827 14,119 5,064 83 8,674 8,674 0 297 30,326 15,442 14,714 5,650 81 8,717 8,717 0 265 30,748 16,880 14,256 4,660 283 9,004 9,004 0 309 29,567 13,619 13,464 4,417 81 8,675 8,675 0 291 29,918 12,116 13,917 4,813 84 8,674 8,674 0 346 30,373 17,358 15,253 5,679 156 9,116 9,116 0 302 30,395 5,121 15,184 5,669 78 9,118 9,115 3 319 30,553 11,217 13,700 4,603 80 8,721 8,721 0 296 30,609 11,285 14,714 5,650 81 8,717 8,717 0 265 30,748 16,880 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 • November 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 9 111 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 2002 2003 2004 Dec. Dec. Dec. Feb. Mar. Apr. May June July Aug. 9.926 43,362 30,347 13,016 40,272 38,263 2,009 10.861 44,063 32,086 11,976 42,947 41,906 1,040 12.047 47,261 34,803 12,458 46,850 44,940 1,909 12.272 47,657 34,445 13,213 46,716 45,221 1,495 12.060 46,740 33,973 12,767 46,033 44,251 1,782 12.965 45,330 33,710 11,620 46,675 45,006 1,669 12,046 45,590 34,431 11,159 46,477 44,955 1,522 11,249 46,238 34,850 11,387 46,100 44,325 1,774 10,882 47,235 35,593 11,642 46,475 44,743 1,732 10.368 48,119 34,495 13,624 44,863 43,240 1,623 80 46 17 0 29 63 11 0 52 42 26 0 16 49 13 0 37 132 52 0 80 139 6 0 133 249 85 0 164 425 176 12 237 362 63 3 297 45 35 B weekly av erages of daily figures for two- A-eek periods ending on d ites indie ited 2005 1 7 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 Apr. 27 May 11 May 25 June 8 June 22 July 6 July 20 Aug. 3 Aug. 17 Aug. 31 15.087 45,242 35,170 10,073 50,257 48,638 1,618 11,267 45,472 33,725 11,748 44,992 43,619 1,372 12,730 45,882 35,156 10,727 47,886 46,375 1,511 11,879 45,124 34,036 11,089 45,914 44,093 1,821 10,901 45,810 34,539 11,272 45,440 43,809 1,630 11,230 48,100 36,211 11,889 47,441 45,461 1,979 9,361 46,924 34,279 12,645 43,639 42,315 1,324 12.628 47,160 36,930 10,231 49,558 47,442 2,116 8.579 49,267 32,862 16,405 41,441 40,118 1,323 11.673 47,177 35,606 11,571 47,278 45,461 1,817 94 6 0 88 123 7 0 117 146 5 0 141 154 7 0 148 171 18 0 153 480 279 0 201 321 90 0 232 527 230 34 264 357 79 0 279 333 0 322 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). 1.14 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 11/11/05 Effective date Previous rate On 11/11/05 Effective date Previous rate On 11/11/05 Effective date Previous rate 5.00 11/1/05 11/1/05 11/1/05 11/1/05 11/1/05 11/1/05 4.75 5.50 11/1/05 11/1/05 11/1/05 11/1/05 11/1/05 11/1/05 4.75 4.10 11/10/05 3.95 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 11/1/05 11/2/05 11/1/05 11/1/05 11/1/05 11/1/05 i 5.00 ' 4.75 5.50 1 11/1/05 11/2/05 11/1/05 11/1/05 11/1/05 11/1/05 i 1 1 4.75 4.10 11/10/05 3.95 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 June 30 July 1 Aug. 9 10 Sept. 20 22 Nov. 1 2 In effect November 11, 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 4.00^1.25 4.25 4.25^1.50 4.50 4.50^1.75 4.75 4.75-5.00 5.00 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 4.50 4.75 4.75 5.00 5.00 5.00 5.00 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 • November 2005 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$7.8 million2 2 More than $7.8 million-$48.3 million3 3 More than $48.3 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 Act corporations, and agreement corporations. 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection. Effective date 12/22/05 12/22/05 12/22/05 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 Apr. May July 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 0 657.931 657,931 738,886 738,886 18,138 0 821,685 821,685 0 62,448 62,448 0 66,741 66,741 78,822 78,822 63,637 63,637 70,894 70,894 250 0 91,408 91,408 0 12,720 0 89,108 -92,075 6,565 0 96,433 -103,153 7,994 0 103,380 -118,373 0 0 0 6,928 -8,000 0 0 2,989 -12,710 0 8,334 -8,000 211 0 0 0 0 0 23,149 -26,036 0 0 7,997 -6,667 1,305 12,748 0 -73,093 88,276 7,814 0 -76,364 97,256 17,249 0 -84,844 110,819 0 0 -6,928 5,000 0 3,180 11,498 0 -8,334 8,000 1,200 0 0 0 2,295 0 -19,402 23,565 0 0 -7,997 6,667 5,074 0 -11,588 3,800 4,107 0 -11,131 5,897 5,763 0 -8,012 7,554 0 0 0 0 -3,112 1,212 470 0 0 0 -1,277 2,471 340 0 0 0 2,280 0 -4,427 220 0 -8,938 1,364 0 -10,524 0 0 0 0 3,000 0 0 -3,058 230 0 0 0 0 -2,471 785 0 0 0 54,242 0 36,856 0 50,507 0 0 0 0 0 1,900 0 4,953 0 1,375 0 1,305 54,242 36,856 1,900 4,953 1,153,876 1,518,638 1,887,650 148,500 152,750 125,250 120,250 201,500 204,250 163,500 167,000 186,250 179,000 173,250 173,500 201,750 200,750 4,942,131 4,946,691 5,621,153 5,626,285 563,559 559,501 490,482 488,781 581,322 580,402 505,211 507,649 547,538 546,380 526,972 527,769 531,351 532,647 0 211 68,438 68,438 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 -193 6,700 -1,831 -5,938 8,408 -1,047 -297 38 Total net change in System Open Market Account 45,589 36,536 34,626 -193 6,402 -2,041 ^1,038 13,361 -977 -297 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 • November 2005 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 June July 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 11,037 2,200 625 760,030 724,700 724,700 265,015 437,374 19,533 2,778 0 32,000 3,330 6,050 1,825 39,143 19,759 19,384 11,037 2,200 636 749,488 724,703 724,703 265,015 437,374 19,533 2,781 0 24,500 285 5,925 1,827 39,526 19,801 19,726 820,910 810,638 729,601 22,575 31,373 26,130 4,813 84 346 6,989 3,332 11,037 2,200 11,037 2,200 11,037 2,200 11,037 2,200 11,037 2,200 11,037 2,200 644 757,073 727,339 727,339 266,259 438,764 19,533 2,783 0 28,500 650 755,925 729,579 729,579 267,508 439,752 19,533 2,786 0 26,000 346 5,488 659 766,216 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 7,080 630 759,457 724,722 724,722 644 760,472 724,699 724,699 265,015 437,374 265,015 437,374 19,533 2,800 0 34,500 235 4,437 659 766,216 730,380 730,380 267,766 440,292 19,533 2,789 0 35,500 336 7,080 1,829 1,832 1,834 1,830 36,107 16,270 36,395 19,739 16,656 36,458 19,790 16,668 37,855 19,526 18,329 19,533 2,777 0 35,500 273 3,774 1,827 38,954 19,476 19,478 815,942 813,527 825,483 817,447 818,908 825,483 730,022 23,640 20,428 14,291 5,679 156 302 6,154 3,412 729,141 23,503 727,930 730,211 26,487 31,698 25,702 5,650 726,497 27,480 29,626 23,108 4,373 103 250 5,374 24,182 3,464 25,048 20,069 4,603 80 296 5,826 3,568 728,961 26,183 27,834 730,211 24,114 26,443 20,377 5,669 78 319 3,561 3,306 5,064 83 297 4,979 3,368 793,870 783,655 788,853 786,487 798,297 791,658 791,950 798,297 30 Capital paid in 31 Surplus 32 Other capital accounts 13,390 11,567 2,083 13,407 11,600 1,977 13,441 11,629 2,019 13,441 11,630 1,969 13,402 11,630 2,155 12,937 11,450 1,402 13,389 11,513 2,056 13,402 11,630 2,155 33 Total capital 27,040 27,089 27,040 26,958 27,186 1,470,140 1,101,010 1,467,743 1,469,799 1,437,623 1,457,526 1,469,799 1,096,406 1,100,713 1,100,713 371,337 3,134 369,086 4,655 1,082,990 354,633 9,479 1,095,695 369,130 361,831 369,086 4,655 19 Total assets .. . 1,234 7,052 19,837 1,834 36,458 19,790 16,668 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 6,301 81 265 6,339 26,487 31,698 25,702 5,650 81 265 6,339 3,561 CAPITAL ACCOUNTS MEMO 34 Marketable securities held in custody for foreign official and international accounts3'10 35 U.S. Treasuiy 36 Federal agency 37 Securities lent to dealers 1,452,707 1,089,716 362,991 7,158 1,465,456 1,096,279 369,178 3,055 3,176 3,827 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 876,274 878,586 882,181 884,274 885,896 867,612 875,153 146,673 729,601 729,601 11,037 2,200 716,364 0 148,564 730,022 730,022 156,344 155,686 727,930 727,930 148,656 726,497 726,497 11,037 2,200 730,211 730,211 11,037 2,200 138,650 728,961 728,961 11,037 2,200 153,040 729,141 729,141 11,037 2,200 885,896 716,785 0 715,904 0 714,693 0 716,974 0 11,037 2,200 715,724 0 11,037 2,200 713,260 0 756,700 749,203 755,839 755,579 765,880 759,222 760,199 22,595 23,662 23,525 24,135 26,513 26,203 27,518 26,513 734,105 725,541 732,314 731,444 739,367 733,019 732,681 739,367 155,686 730,211 730,211 11,037 2,200 716,974 0 MEMO 46 Total U.S. Treasury and agency securities'' 47 Less: face value of securities under reverse repurchase agreements12 48 U.S. Treasury and agency securities eligible to be pledged 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release, which is available at www.federalreserve.gov/releases. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 3. Face value of the securities. 4. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. 6. Valued daily at market exchange rates. 765,880 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 Aug. 3 Aug. 10 1 Total loans 3,330 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 3,101 230 0 241 0 724,700 55,883 159,090 171,106 207,587 52,887 78,148 Aug. 31 July 1,193 41 285 62 278 58 0 196 40 0 225 49 278 58 0 724,703 727,339 729,579 730,380 724,722 724,699 730,380 55,401 158,385 172,293 207,588 52,888 78,149 58,275 158,012 169,507 212,630 51,932 76,983 59,238 156,724 171,081 213,119 52,433 76,984 52,781 155,418 180,980 211,783 52,433 76,985 34,652 161,963 180,546 215,251 54,152 78,158 39,519 174,767 169,655 209,724 52,887 78,148 52,781 155,418 180,980 211,783 52,433 76,985 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 32,000 24,500 28,500 26,000 35,500 34,500 35,500 35,500 20 Within 15 days 32,000 0 24,500 0 28,500 0 26,000 0 35,500 0 34,500 0 35,500 0 35,500 0 26,487 0 26,183 0 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" 22,575 22,575 23,640 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. 23,503 24,114 23,503 0 24,114 0 27,480 27,480 0 26,487 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • November 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. Apr. Aug. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 41.50 41.43 39.85 635.41 40.44 40.36 38.43 681.30 42.77 42.72 41.73 719.85 46.80 46.74 44.89 758.60 47.48 47.42 45.74 761.16 45.96 45.92 44.47 764.31 46.81 46.76 45.03 766.51 46.59 46.45 44.92 767.42 45.89 45.75 44.36 768.40 46.68 46.43 44.91 771.68 46.10 45.68 44.37 772.24 44.54 44.18 42.92 774.59 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 42.41 41.41 725.20 46.52 46.46 44.61 764.66 50.37 50.31 48.63 763.78 46.69 46.65 45.20 763.23 45.99 45.95 44.21 764.70 46.61 46.47 44.94 766.32 46.38 46.24 44.86 766.94 45.99 45.74 44.22 770.91 46.34 45.92 44.61 773.70 44.70 44.34 43.08 773.68 41.06 40.99 39.41 648.74 1.65 .07 40.27 40.19 38.26 697.15 2.01 .08 42.95 42.90 41.91 737.62 1.04 .05 46.85 46.79 44.94 774.77 1.91 .06 50.44 50.38 48.70 773.25 1.74 .06 46.72 46.68 45.22 772.48 1.50 .04 46.03 45.98 44.25 773.85 1.78 .05 46.68 46.54 45.01 775.32 1.67 .13 46.48 46.34 44.96 775.69 1.52 .14 46.10 45.85 44.33 779.56 1.77 .25 46.48 46.05 44.74 782.53 1.73 .43 44.86 44.50 43.24 782.68 1.62 .36 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base1' Excess reserves'2 Borrowings from the Federal Reserve 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 3) plus excess reserves (line 13). 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14). 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13). 7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. 12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11). Monetary and Credit Aggregates 1.21 13 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2001 Dec. 2002 Dec. 2003 Dec. 2004 Dec. July Aug. Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,182.0 5.451.1 8,037.2 1,219.2 5,802.9 8,575.6 1,305.1 6,085.2 8,885.3 1,373.5 6,430.7 9,450.5 1,373.4' 6,482.8' 9,662.8' 1,374.4 6,515.6 9,748.2' 1,354.3' 6,525.1 9,776.7 1,371.0 6,554.4 9,878.7 581.1 8.0 335.3 257.6 626.1 7.8 305.8 279.4 662.1 7.7 324.8 310.4 696.9 7.6 340.7 328.3 706.0 7.5 334.7 325.3 708.9 7.3 339.2 318.9 709.3 7.3 321.2 316.5' 712.4 7.4 331.8 319.4 4,269.1 2,586.1 4,583.7 2,772.7 4,780.1 2,800.1 5,057.2 3,019.8 5,109.3 3,180.0 5,141.2 3,232.6' 5,170.8' 3,251.6 5,183.4 3,324.4 Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 1,740.0 634.4 686.8 2,062.0 589.7 697.0 2,340.5 536.0 761.9 2,638.4 544.1 907.1 2,650.5 590.5' 1,012.8' 2,670.2' 601.3 1,036.3 2,691.9 610.4 1,025.4 2,693.4 617.8 1,066.6 Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 573.6 338.8 114.3 718.5 302.1 117.0 832.6 273.1 120.0 890.9 271.2 160.0 867.4 296.1 191.4 866.7 301.2 197.9 860.8 305.7 202.3 861.6 312.2 208.9 982.4 1,197.4 911.4 1,250.5 798.0 1,120.7 712.6 1,072.7 704.9 1,052.4 701.9 1,069.2 702.0 1,078.4 698.4 1,093.0 375.8 211.8 476.8 231.5 500.6 297.0 497.3 382.6 504.4 419.0 499.3 429.8 507.7 437.8 517.6 438.2 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 1,208.3 5,485.1 8,104.9 1,245.2 5,832.2 8,634.5 1,332.2 6,112.0 8,929.7 1,401.4 6,454.5 9,481.5 1,369.0' 6,471.9 9,674.4' 1,377.7 6,522.8' 9,764.3' 1,357.0' 6,541.8 9,774.7' 1,368.3 6,563.0 9,876.1 585.2 7.9 354.2 261.0 630.3 7.7 323.5 283.8 666.7 7.6 342.8 315.0 702.4 7.5 358.8 332.7 705.3 7.4 331.5 324.8 708.5 7.4 340.0 321.8 711.4 7.5 322.2 315.9' 712.1 7.5 329.7 319.0 Nontransaction components 27 In M27 28 In M3 onlys 4,276.8 2,619.8 4,587.0 2,802.3 4,779.8 2,817.7 5,053.1 3,027.0 5,102.9 3,202.4 5,145.0 3,241.5 5,184.8' 3,232.9 5,194.7 3,313.1 Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" 1,742.5 635.2 690.1 2,061.0 590.4 699.0 2,337.3 536.5 762.7 2,632.8 544.6 907.1 2,650.8 590.2 1,029.1 2,677.9 600.3 1,047.0 2,706.7 609.4 1,030.4 2,701.4 616.8 1,068.3 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 574.4 339.2 114.8 718.2 302.4 117.3 831.5 273.3 120.1 889.0 271.4 160.0 867.5 296.0 194.5 869.2 300.7 200.0 865.6' 305.2 203.3 864.1 311.7 209.3 985.5 1,228.1 915.1 1,280.8 801.2 1,143.8 715.2 1,089.9 698.4 1,038.8 696.9 1,059.0 697.9 1,066.2 700.6 1,087.8 376.5 210.3 476.4 228.8 498.2 292.8 493.1 377.0 511.7 428.3 512.9 422.7 504.8 428.2 515.9 431.8 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 • November 2005 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release, available at www.federalreserve.gov/releases. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted 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 Oct. 2005 2005 2004 Apr. May June July' Aug.' Sept.' Oct. Oct. 5 Oct. 12 Oct. 19 Oct. 26 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 6.713.9' 1,918.3 1,147.5 770.8 4.795.6' 907.3' 2.498.6' 384.5 2,114.1' 689.6' 241.6 458.5' 367.1 318.9 633.5' 7.111.8' 2,043.4 1,193.8 849.7 5.068.3' 975.5' 2.681.1' 421.6 2.259.5' 711.2 224.3 476.3 287.8 322.4' 679.5 7.166.2' 2,071.5 1,199.9 871.6 5.094.8' 986.5' 2.689.7' 425.8 2.263.9' 704.4 237.5 476.7 287.8 329.3' 677.5 7.220.8' 2,055.1 1,172.3 882.9 5.165.7' 992.1' 2.732.8' 430.1 2.302.7' 707.0 248.7 485.2 268.7 333.7' 694.2 7.275.0 2,062.3 1,176.1 886.2 5.212.7 1,006.1 2,781.1 437.7 2.343.3 710.4 232.6 482.6 260.9 327.6 680.6 7.350.3 2,066.7 1,172.5 894.2 5.283.6 1,015.0 2,814.8 439.1 2.375.7 717.0 245.2 491.6 275.9 324.1 688.5 7.395.9 2,079.5 1,164.3 915.1 5.316.4 1,022.3 2,823.8 438.1 2.385.6 719.6 246.2 504.6 283.7 327.3 697.7 7.407.0 2,071.8 1,156.6 915.2 5.335.1 1,029.3 2,846.0 436.3 2.409.8 708.4 241.2 510.2 281.8 316.6 706.7 7.397.1 2,077.7 1,169.6 908.0 5.319.5 1,025.6 2,839.7 435.1 2.404.5 709.3 236.7 508.3 270.1 316.0 687.8 7.398.5 2,070.8 1,160.2 910.6 5.327.7 1,028.9 2,846.6 435.1 2.411.5 706.2 234.8 511.2 285.8 333.2 718.2 7,423.5 2,087.5 1.164.3 923.2 5.336.0 1,030.6 2,843.8 437.0 2.406.9 706.6 241.9 513.0 270.4 303.4 711.2 7.413.9 2,064.3 1,148.8 915.5 5.349.7 1,030.7 2,850.9 437.6 2.413.4 710.3 249.3 508.4 292.0 317.2 702.9 7,962.0' 8,333.3' 8,392.9' 8,449.6' 8,476.2 8,570.7 8,636.1 8,643.7 8,602.9 8,667.3 8,640.1 8,657.7 5.229.4 667.7 4.561.7 1,173.9 3,387.8 1 594 2 442.0 1,152.2 38.3' 475.3 5.500.0 674.3 4.825.7 1,293.7 3,532.0 1 612 7 380.5 1,232.3 34.3' 506.2' 5.517.1 677.6 4.839.5 1,299.4 3.540.1 1 628 3 369.7 1,258.6 58.6' 488.3' 5.561.7 694.9 4.866.8 1,321.0 3,545.8 1 628 1 369.3 1,258.8 41.0' 493.0' 5.583.5 661.6 4.921.9 1,318.5 3,603.4 1 620 2 347.3 1,272.9 98.9 483.1 5.655.2 685.9 4.969.2 1,364.5 3,604.8 1,667.7 350.3 1,317.4 64.7 482.8 5.683.5 671.7 5.011.9 1,387.4 3,624.5 1,674.5 354.7 1,319.8 66.4 499.4 5.695.4 654.0 5.041.4 1,406.8 3,634.6 1,665.7 346.3 1,319.4 88.4 497.2 5.679.7 626.3 5.053.4 1,404.6 3,648.8 1,646.0 337.4 1,308.6 81.9 483.1 5.719.1 628.6 5.090.5 1,410.0 3,680.4 1,662.8 336.2 1,326.6 88.2 496.5 5.674.2 664.7 5.009.5 1,403.5 3,606.0 1,657.2 345.5 1,311.7 99.9 511.6 5.697.5 708.7 4.988.8 1,408.2 3,580.7 1,678.9 353.4 1,325.5 96.4 489.5 7,337.2' 7,653.3' 7,692.3' 7,723.8' 7,785.6 7,870.3 7,923.8 7,946.7 7,890.6 7,966.6 7,942.8 7,962.2 624.9' 680.0' 700.6' 725.8' 690.6 700.4 712.3 697.0 712.3 700.6 697.3 695.4 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 6 725 7' 1,916.1 1.142.6 773.5 4.809.6' 906.0' 2.506.8' 385.5 2.121.3' 692.1' 296.5' 395.6' 243.6 461.1' 361.1 324.3 636.6' 7 091 2' 2,039.4 1,196.9 842.5 5.051.8' 980.3' 2.668.9' 420.2 2.248.6' 702.7 305.0 397.7 225.9 474.1 296.1 317.9' 677.8 7,157.8' 2,074.9 1.208.2 866.8 5.082.9' 990.8' 2.689.4' 426.7 2.262.8' 698.5 303.1 395.3 229.4 474.8 288.3 324.3' 677.2 7,215.0' 2,056.8 1.176.1 880.8 5.158.2' 994.9' 2.726.8' 431.5 2.295.3' 699.8 306.5 393.3 248.7 488.0 269.2 325.8' 690.3 7,255.9 2,056.3 1.174.7 881.6 5.199.6 1,004.7 2,775.8 438.6 2.337.2 702.9 308.0 394.9 229.7 486.6 257.8 322.1 681.8 7,336.0 2,065.1 1.168.7 896.4 5.270.9 1,009.6 2,816.6 440.5 2.376.1 713.6 308.6 405.0 237.6 493.4 275.5 314.5 690.6 7,398.0 2,076.0 1.157.5 918.6 5.321.9 1,018.8 2,831.9 440.0 2.391.9 721.1 311.3 409.8 241.5 508.7 278.3 329.1 700.5 7,420.3 2,069.9 1.151.8 918.1 5.350.4 1,027.7 2,855.3 437.4 2.418.0 711.0 302.7 408.4 243.5 512.9 278.6 322.0 710.2 7,398.7 2,074.8 1,161.3 913.5 5.323.9 1,024.9 2,845.5 436.2 2.409.3 709.2 301.0 408.2 229.9 514.4 268.3 315.5 696.7 7,402.6 2,064.5 1.150.6 913.8 5.338.2 1,026.1 2,856.4 436.3 2.420.1 706.9 299.3 407.6 234.3 514.4 281.0 352.7 721.4 7,436.2 2,080.9 1.156.5 924.4 5.355.3 1,029.3 2,852.1 438.3 2.413.7 710.0 301.7 408.4 246.4 517.5 266.2 313.0 711.6 7,425.2 2,064.8 1.147.2 917.6 5.360.3 1,027.1 2,859.5 438.5 2.421.0 714.6 305.4 409.2 254.0 505.2 281.8 306.2 700.6 7,976.9' 8,315.0' 8,379.7' 8,432.4' 8,449.9 8,548.4 8,637.4 8,663.2 8,611.4 8,689.9 8,659.1 8,646.0 5.223.5 666.5 4.557.0 1,158.2 3,398.8 1,591.8 442.1 1,149.7 43.7' 481.9 5.519.3 681.0 4.838.2 1,300.2 3,538.0 1,619.3 384.9 1,234.4 17.5' 485.0' 5.508.4 668.0 4.840.4 1,309.1 3,531.3 1,646.6 370.3 1,276.2 54.2' 483.8' 5.562.9 687.5 4.875.5 1,328.7 3,546.8 1,639.8 368.8 1,271.0 36.7' 488.5' 5.567.4 659.1 4.908.2 1,315.1 3,593.2 1,621.6 347.1 1,274.5 90.2 474.0 5.632.7 667.3 4.965.4 1,355.7 3,609.7 1,662.1 351.9 1,310.2 64.5 482.7 5.673.1 663.7 5.009.4 1,374.1 3,635.3 1,678.7 355.0 1,323.8 70.8 504.3 5.687.6 652.8 5.034.8 1,388.5 3,646.3 1,662.8 346.3 1,316.4 95.3 504.2 5.695.2 622.5 5.072.6 1,390.7 3,681.9 1,644.4 337.6 1,306.8 82.6 483.9 5.733.3 637.4 5.096.0 1,390.4 3,705.6 1,656.9 337.3 1,319.6 90.0 498.1 5.664.4 665.9 4.998.5 1,380.8 3,617.8 1,657.5 346.1 1,311.4 104.8 516.7 5.640.6 691.1 4.949.5 1,391.2 3,558.3 1,670.7 351.4 1,319.3 111.4 504.3 7,340.8' 7,641.2' 7,693.0' 7,727.9' 7,753.2 7,842.1 7,927.0 7,949.8 7,906.1 7,978.4 7,943.4 7,927.0 686.7' 704.5' 696.6 706.3 710.4 713.4 705.3 711.5 715.7 719.0 636.1' 673.8 16 Federal Reserve Bulletin Statistical Supplement • November 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 Oct. 2005 2005 2004 Apr. May June July' Aug.' Sept.' Oct. Oct. 5 Oct. 12 Oct. 19 Oct. 26 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 6.051.4' 1,645.2 1,054.7 590.5 4.406.2' 772.8' 2.481.1' 384.5 2.096.6' 689.6' 94.7 368.0' 325.7 258.8 597.0' 6.405.4' 1,734.0 1,108.2 625.7 4.671.4' 823.8' 2.662.6' 421.6 2.241.0' 711.2 104.9 368.9 242.9 259.2' 645.6 6.441.5' 1,757.3 1,112.9 644.4 4.684.3' 831.7' 2.671.3' 425.8 2.245.6' 704.4 106.9 369.9 239.6 267.7' 642.4 6.487.6' 1,736.4 1,085.3 651.1 4.751.2' 838.3' 2.714.3' 430.1 2.284.3' 707.0 113.8 377.8 219.0 273.6' 657.2 6.529.5 1,736.1 1,090.2 645.8 4.793.5 845.5 2.764.3 437.7 2.326.5 710.4 103.5 369.8 209.8 267.1 644.1 6.579.2 1,732.1 1,087.4 644.7 4.847.1 850.5 2.798.1 439.1 2.359.0 717.0 103.4 378.1 227.0 262.8 651.8 6.608.6 1,727.5 1,078.7 648.8 4.881.1 858.4 2.807.0 438.1 2.368.9 719.6 107.9 388.2 233.5 267.4 657.5 6.606.2 1,710.8 1,074.0 636.8 4.895.3 865.3 2.824.4 436.3 2.388.2 708.4 103.7 393.5 233.8 260.3 667.5 6.607.1 1,724.5 1,086.7 637.8 4.882.6 862.5 2.818.4 435.1 2.383.3 709.3 101.2 391.2 225.1 258.9 648.7 6.609.3 1,715.2 1,077.5 637.7 4.894.1 864.2 2.825.4 435.1 2.390.3 706.2 101.6 396.7 233.7 274.5 674.3 6.610.1 1,720.0 1,081.2 638.8 4.890.1 865.4 2.822.2 437.0 2.385.2 706.6 99.1 396.8 226.1 248.2 670.0 6.605.9 1,701.0 1,065.9 635.1 4.904.8 866.4 2.829.2 437.6 2.391.6 710.3 107.8 391.0 241.8 261.3 669.8 7,162.0' 7,485.4' 7,523.8' 7,570.1' 7,583.2 7,653.2 7,699.0 7,699.8 7,672.1 7,723.7 7,686.5 7,710.7 4.682.2 655.6 4.026.6 654.2 3.372.4 1,256.9 395.2 861.7 205.3' 386.4 4.911.0 660.2 4.250.8 736.6 3.514.2 1,249.6 329.8 919.8 238.7' 412.9' 4.929.7 664.7 4.265.0 745.5 3.519.5 1,258.7 323.6 935.1 255.2' 394.9' 4.959.6 683.1' 4.276.6 752.0' 3.524.6' 1,266.1 318.3' 947.8 231.3' 394.3' 5.001.3 650.0 4.351.3 768.4 3.582.9 1,251.8 299.1 952.7 254.3 388.2 5.026.3 673.5 4.352.7 770.7 3.582.0 1,278.9 297.6 981.3 265.0 386.6 5.046.6 659.6 4.387.0 788.2 3.598.8 1,290.0 304.6 985.5 258.6 393.2 5.051.7 642.2 4.409.5 797.9 3.611.6 1,279.2 296.7 982.5 278.5 383.9 5.038.3 614.4 4.423.9 800.4 3.623.5 1,266.2 289.1 977.0 277.1 377.5 5.074.0 616.9 4.457.1 800.6 3.656.5 1,271.2 287.4 983.8 282.3 387.2 5.025.2 653.0 4.372.3 791.3 3.581.0 1,280.3 297.0 983.2 277.9 391.5 5.049.1 696.5 4.352.7 793.0 3.559.7 1,297.0 307.4 989.6 285.9 377.0 6,530.9' 6,812.2' 6,838.5' 6,851.5' 6,895.5 6,956.8 6,988.4 6,993.3 6,959.0 7,014.7 6,974.9 7,009.0 631.1' 673.2' 685.3' 718.7' 687.7 696.4 710.6 706.5 713.1 709.0 711.6 701.7 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. 21. 6,066.6' 1,643.0 1.049.8 593.1 4.423.6' 773.1' 2.489.3' 385.5 2.103.8' 1,066.5' 1,037.3' 692.1' 296.5' 395.6' 98.0 371.1' 319.7 263.1 601.2' 6,379.4' 1,730.0 1,111.4 618.5 4.649.4' 827.5' 2.650.4' 420.2 2.230.2' 1,116.6' 1,113.6' 702.7 305.0 397.7 103.3 365.5 251.2 255.3' 645.3 6,435.8' 1,760.7 1.121.2 639.6 4.675.0' 836.0' 2.671.1' 426.7 2.244.4' 1,116.5' 1,127.9' 698.5 303.1 395.3 102.0 367.4 240.1 263.3' 641.5 6,481.6' 1,738.1 1.089.1 649.0 4.743.5' 841.5' 2.708.4' 431.5 2.276.8' 1,133.8' 1,143.1' 699.8 306.5 393.3 114.9 379.0 219.6 266.2' 653.3 6,513.5 1,730.1 1.088.8 641.3 4.783.4 844.9 2.759.0 438.6 2.320.4 1,161.0 1,159.4 702.9 308.0 394.9 104.0 372.6 206.7 262.3 646.4 6,573.8 1,730.5 1.083.6 646.9 4.843.4 846.9 2.799.9 440.5 2.359.4 1,187.9 1,171.5 713.6 308.6 405.0 104.3 378.6 226.6 253.1 654.2 6,617.5 1,724.1 1.071.8 652.3 4.893.4 856.5 2.815.2 440.0 2.375.2 1,191.4 1,183.8 721.1 311.3 409.8 109.3 391.4 228.1 268.1 662.0 6,623.4 1,708.9 1.069.2 639.8 4.914.4 865.7 2.833.7 437.4 2.396.4 1,200.6 1,195.8 711.0 302.7 408.4 107.2 396.7 230.6 264.6 672.2 6,618.8 1,721.6 1.078.4 643.2 4.897.2 863.5 2.824.3 436.2 2.388.1 1,196.9 1,191.2 709.2 301.0 408.2 102.9 397.3 223.3 257.3 659.4 6,619.8 1,708.9 1.067.9 640.9 4.910.9 864.0 2.835.3 436.3 2.398.9 1,204.0 1,195.0 706.9 299.3 407.6 104.2 400.6 228.9 293.0 678.9 6,627.0 1,713.4 1.073.3 640.1 4.913.6 866.5 2.830.4 438.3 2.392.0 1,196.9 1,195.1 710.0 301.7 408.4 105.3 401.4 221.9 256.5 671.6 6,618.9 1,701.6 1.064.4 637.2 4.917.3 865.0 2.837.7 438.5 2.399.2 1,200.1 1,199.1 714.6 305.4 409.2 110.9 389.1 231.5 249.2 668.3 7,180.2' 7,463.5' 7,513.2' 7,553.2' 7,561.6 7,640.1 7,707.6 7,723.3 7,691.3 7,753.1 7,709.6 7,700.7 4.694.4 654.3 4.040.0 656.0 3.384.0 1,254.5 395.4 859.2 208.2' 391.1 4.918.5 667.2 4.251.3 731.5 3.519.8 1,256.2 334.3 921.9 224.3' 393.5' 4.907.5 655.3 4.252.3 742.1 3.510.1 1,277.0 324.2 952.8 252.9' 391.8' 4.952.2 675.7 4.276.6 751.3' 3.525.2 1,277.8 317.8 960.0 229.7' 391.8' 4.986.7 647.5 4.339.2 766.5 3,572.7 1,253.3 298.9 954.3 247.5 380.3 5.012.6 655.0 4.357.6 770.3 3.587.3 1,273.3 299.2 974.1 264.4 386.2 5.047.7 651.4 4.396.3 786.2 3.610.1 1,294.2 304.9 989.4 261.3 396.8 5.065.2 640.9 4.424.3 800.3 3.624.0 1,276.3 296.8 979.5 282.5 388.6 5.069.9 610.7 4.459.2 802.0 3.657.2 1,264.5 289.3 975.2 276.8 377.5 5.110.7 625.7 4.485.0 802.5 3.682.5 1,265.3 288.5 976.9 281.7 386.7 5.040.9 653.9 4.387.0 793.2 3.593.8 1,280.6 297.6 983.0 280.6 394.6 5.011.9 678.8 4,333.0 795.1 3.538.0 1,288.8 305.3 983.4 295.9 387.9 6,548.2' 6,792.5' 6,829.3' 6,851.5' 6,867.7 6,936.6 7,000.0 7,012.7 6,988.8 7,044.4 6,996.7 6,984.4 683.9' 701.7' 693.8 703.6 707.6 710.6 702.5 708.7 712.9 716.2 632.0' 671.0 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 Oct. 2005 2005 2004 Apr. May June July Aug. Sept. Oct. Oct. 5 Oct. 12 Oct. 19 Oct. 26 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 State and local government 25 Agricultural 26 Federal funds sold to and repurchase agreements with others 27 All other loans 28 Lease-financing receivables 29 Interbank loans 30 Federal funds sold to and repurchase agreements with commercial banks 31 Other 32 Cash assets5 33 Other assets6 34 Total assets7 35 36 37 38 39 40 41 42 43 44 Liabilities Deposits Transaction Non transaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 45 Total liabilities 46 Residual (assets less liabilities)5 Footnotes appear on p. 21. 3.388.3' 941.3 563.5 41.1 522.4 416.8 105.6 377.8 210.7 167.1 33.6 133.6 2,447.1' 456.2' 1,248.9 273.1 975.8 612.2 363.6 388.6' 87.3 3,563.5 1,011.0 611.0 47.8 563.1 464.4 98.8 400.0 208.1 192.0 36.1 155.9 2,552.6 485.5 1,315.5 298.9 1,016.6 639.0 377.6 388.6 96.6 3,570.2 1,031.4 611.5 53.9 557.6 458.3 99.3 419.9 218.7 201.1 36.8 164.3 2,538.8 489.2 1,302.4 299.8 1,002.6 623.1 379.5 382.0 98.4 3,588.8' 1,019.4' 591.2 51.0 540.2 440.8 99.3 428.3 224.0 204.3 36.6 167.7 2,569.4 492.2 1,318.2 300.1 1,018.0 634.0 384.0 380.0 105.1 3,608.9' 1,021.6' 597.7 49.4 548.3 449.0 99.3 423.9' 214.9 209.0' 37.6 171.4' 2,587.3 493.0 1,352.0 303.1 1,048.9 658.1 390.8 381.9 94.6 3,640.4' 1,016.3' 594.2 46.7 547.4 447.6 99.8 422.2' 211.9 210.3' 37.8 172.5' 2,624.0 495.3 1,375.8 303.5 1,072.2 677.0 395.2 385.7 94.3 3,663.6' 1,016.0' 588.3 36.8 551.5 449.6 101.9 427.7' 213.2 214.5' 38.1 176.4' 2,647.6 500.1' 1,381.5 303.5 1,078.0 678.8 399.2 386.8 98.3' 3,673.5 1,010.3 588.1 41.6 546.5 444.5 102.0 422.1 203.5 218.7 37.5 181.2 2,663.2 507.1 1,391.4 305.0 1,086.4 684.2 402.2 384.8 93.9 3,675.4 1,022.3 598.7 42.4 556.3 452.4 103.9 423.6 207.0 216.6 37.6 179.0 2,653.0 504.8 1,388.8 304.1 1,084.8 682.7 402.0 382.9 91.8 3,683.0 1,015.1 592.3 37.0 555.3 448.5 106.8 422.7 204.3 218.5 37.7 180.8 2,667.9 507.0 1,396.9 304.1 1,092.8 689.8 403.0 382.9 91.9 3,675.2 1,018.4 595.0 42.4 552.6 447.1 105.5 423.4 204.6 218.8 37.6 181.2 2,656.8 507.3 1,386.3 305.5 1,080.8 678.8 402.0 384.4 89.3 3,672.5 1,002.1 581.5 43.1 538.4 440.3 98.2 420.6 202.4 218.1 37.4 180.7 2,670.4 508.0 1,393.2 306.2 1,087.1 683.1 404.0 389.3 97.5 67.7 19.6 16.6 9.5 81.5 15.0 17.0 9.2 82.7 15.7 17.0 9.1 89.4 15.7 16.8 9.1 79.5' 15.0 17.0 9.1 78.6 15.7 17.6 9.2 82.2 16.2' 18.2 9.4' 77.2 16.7 18.5 9.6 75.4 16.4 18.4 9.5 75.0 16.9 18.5 9.6 73.4 15.9 18.4 9.7 80.4 17.2 18.5 9.6 24.9 120.7' 94.5' 247.6 22.1 124.5 93.7 171.9 20.6 127.5 92.7 164.4 26.2 129.4 92.6 145.7 21.2 125.7 92.8 135.3 24.7 128.9 92.6 150.0 28.3 132.6 92.5 154.9' 31.8 134.3 91.8 150.7 31.9 133.0 92.0 145.1 36.2 133.0 92.0 152.5 39.3 130.7 91.5 144.5 26.3 136.2 91.8 154.9 124.3 123.3 143.6 434.2' 108.2 63.7 147.0' 458.6 98.9 65.5 152.9' 447.1 80.1 65.6 158.2' 452.4 67.3 68.1 150.3 446.1' 83.8 66.2 144.1 453.5' 88.9 66.1 146.7 455.7' 86.2 64.5 141.2 466.7 80.8 64.3 140.4 450.0 87.4 65.1 150.0 468.6 79.8 64.7 133.7 471.9 88.7 66.2 141.5 472.3 4,175.1' 4,306.2' 4,300.2' 4,310.7' 4,306.5 4,354.2 4,386.9' 4,397.7 4,376.6 4,419.5 4,390.9 4,406.9 2,400.5 318.2 2,082.3 305.0 1,777.2 775.0 218.2 556.9 195.2' 315.3 2,501.6 313.0 2,188.6 348.6 1,840.0 750.0 162.6 587.4 233.0' 341.8' 2,505.2 316.3 2,188.9 350.6 1,838.3 742.7 152.3 590.3 244.4' 323.8' 2,518.8 327.7 2,191.1 352.8' 1,838.2 752.9 150.2 602.7 221.4' 320.8' 2,527.9 304.0 2,223.9 361.2 1,862.7 742.4 133.7 608.7 240.8' 317.3' 2,536.2 316.6 2,219.7 358.2 1,861.5 767.9 134.7 633.1 250.9' 314.4' 2,543.3' 311.1' 2,232.3' 372.4 1,859.9' 772.9 139.4 633.4 245.4' 320.7 2,545.8 298.4 2,247.4 374.7 1,872.7 776.6 135.6 641.1 262.9 312.3 2,540.4 280.5 2,259.9 380.3 1,879.6 768.3 132.4 635.9 261.8 306.6 2,566.9 282.0 2,284.8 379.8 1,905.0 770.7 128.3 642.4 265.3 315.8 2,530.2 309.0 2,221.2 369.9 1,851.3 773.5 133.0 640.6 261.5 319.9 2,538.9 330.1 2,208.8 369.6 1,839.2 791.4 144.0 647.3 270.6 304.8 3,686.0' 3,826.4' 3,816.0' 3,813.9' 3,828.4' 3,869.4 3,882.2' 3,897.7 3,877.1 3,918.7 3,885.1 3,905.6 489.1' 479.7' 484.2' 496.8' 478.1' 484.8' 504.6' 500.0 499.6 500.8 505.8 501.2 18 Federal Reserve Bulletin Statistical Supplement • November 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 Oct. 2005 2005 2004 Apr. May June July Aug. Sept. Oct. Oct. 5 Oct. 12 Oct. 19 Oct. 26 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. 21. 3,394.8' 940.2 559.8 40.3 519.5 415.9 103.6 380.4 212.1 168.3 33.8 134.5 2,454.6' 457.3' 1,249.7 273.4 976.3 612.5 363.8 389.0' 146.1' 242.9' 90.6 3,547.9 1,003.4 610.6 48.1 562.4 463.0 99.4 392.8 204.3 188.5 35.4 153.1 2,544.5 487.6 1,312.5 297.9 1,014.5 637.7 376.9 385.2 146.0 239.2 95.0 3,572.8 1,037.0 621.9 54.7 567.2 466.4 100.8 415.0 216.2 198.8 36.4 162.4 2,535.9 491.2 1,306.8 300.6 1,006.2 625.4 380.8 379.3 143.3 235.9 93.6 3,592.4' 1,019.9 593.7 51.4 542.3 442.3 100.0 426.2 222.9 203.3 36.4 166.9 2,572.5 493.6 1,321.0 301.3 1,019.7 635.1 384.6 377.4 144.7 232.7 106.1 3,602.7' 1,017.6' 598.3 49.2 549.0 450.0 99.0 419.4' 212.6 206.8' 37.2 169.6' 2,585.1 492.2 1,352.2 303.8 1,048.5 657.8 390.7 378.4 144.7 233.7 95.1 3,639.6' 1,018.0' 593.6 46.5 547.1 447.6 99.5 424.4' 213.0 211.4' 38.0 173.4' 2,621.6 493.6 1,377.3 304.7 1,072.6 677.3 395.3 384.0 142.8 241.1 95.1 3,669.3' 1,015.6' 584.5 36.4 548.1 447.3 100.8 431.1' 214.9 216.2' 38.4 177.9' 2,653.7 500.3' 1,383.5 304.5 1,078.9 679.4 399.5 387.7 143.2 244.6 99.9' 3,680.9 1,009.5 584.5 40.8 543.6 443.5 100.1 425.1 204.9 220.2 37.8 182.4 2,671.4 508.4 1,392.4 305.4 1,087.0 684.6 402.4 385.2 141.9 243.2 97.5 3,684.6 1,021.9 592.9 41.6 551.3 449.3 102.0 429.0 209.6 219.4 38.1 181.3 2,662.7 507.5 1,390.1 304.6 1,085.5 683.2 402.3 383.0 140.1 242.9 93.3 3,684.3 1,009.1 583.1 36.0 547.2 443.4 103.7 426.0 205.8 220.1 38.0 182.2 2,675.2 507.6 1,399.2 304.5 1,094.7 691.1 403.7 382.5 140.2 242.3 94.5 3,682.0 1,012.9 588.2 41.4 546.8 444.0 102.8 424.7 205.2 219.5 37.7 181.8 2,669.2 508.8 1,386.9 306.1 1,080.7 678.7 402.0 384.9 141.7 243.2 95.6 3,673.0 1,002.8 580.1 42.3 537.9 441.5 96.4 422.7 203.5 219.2 37.6 181.6 2,670.2 507.3 1,391.5 306.2 1,085.3 682.0 403.3 389.8 145.5 244.3 101.0 70.3 20.3 16.6 9.5 80.2 14.8 17.0 9.1 78.7 14.9 17.0 9.1 90.3 15.8 16.8 9.1 80.0 15.1 17.0 9.2 79.3 15.8 17.6 9.2 83.4 16.5' 18.2 9.4 80.2 17.3 18.5 9.6 76.6 16.7 18.4 9.5 77.1 17.4 18.5 9.5 78.6 17.0 18.4 9.6 83.3 17.8 18.5 9.6 24.9 122.1' 95.0' 240.7 22.1 122.6 93.6 176.7 20.6 125.8 92.6 167.2 26.2 130.0 92.4 147.6 21.2 127.1 92.6 134.7 24.7 127.6 92.5 150.1 28.3 134.0 92.5 151.0 31.8 135.9 92.3 146.6 31.9 136.2 92.8 140.5 36.2 134.6 92.7 145.7 39.3 133.7 92.0 139.5 26.3 134.1 92.1 148.4 120.9 119.8 146.4 438.3' 111.2 65.5 145.9' 458.2 100.5 66.7 149.5' 446.2 81.2 66.4 151.3' 448.5 67.0 67.7 145.4 448.3' 83.8 66.3 136.3 456.0' 86.6 64.4 146.0 460.2' 83.9 62.7 144.0 471.4 78.3 62.2 137.6 460.7 83.5 62.2 160.9 473.1 77.0 62.5 140.5 473.5 85.0 63.4 134.4 470.9 4,182.3' 4,294.0' 4,301.2' 4,305.4' 4,297.2 4,348.0 4,392.3 4,408.9 4,389.4 4,430.1 4,401.6 4,393.0 2,410.5 315.6 2,094.9 306.9 1,788.0 772.6 218.3 554.3 198.1' 320.0 2,504.7 319.2 2,185.5 343.4 1,842.1 756.6 167.0 589.6 218.7' 322.5' 2,487.6 311.1 2,176.5 347.2 1,829.3 760.9 152.9 608.0 242.1' 320.7' 2,512.4 324.6 2,187.8 352.2 1,835.6 764.6 149.6 614.9 219.7' 318.3' 2,520.3 301.8 2,218.5 359.3 1,859.2 743.9 133.6 610.3 234.0' 309.4' 2,526.6 302.3 2,224.2 357.7 1,866.5 762.3 136.3 626.0 250.3' 314.0' 2,545.6' 304.7' 2,241.0' 370.4' 1,870.6' 777.1 139.7 637.4' 248.1' 324.2 2,557.2 295.8 2,261.3 377.1 1,884.2 773.7 135.6 638.1 267.0 317.0 2,564.7 275.9 2,288.8 382.0 1,906.8 766.6 132.6 634.0 261.6 306.6 2,592.3 285.4 2,306.9 381.6 1,925.3 764.8 129.4 635.4 264.7 315.4 2,544.3 308.7 2,235.5 371.8 1,863.7 773.8 133.6 640.3 264.2 323.1 2,517.3 317.4 2,199.9 371.7 1,828.3 783.2 142.0 641.1 280.6 315.7 3,701.3' 3,802.5' 3,811.4' 3,815.0' 3,807.6 3,853.2 3,895.0' 3,914.9 3,899.5 3,937.2 3,905.4 3,896.8 481.0' 491.6' 489.8 490.4 489.6 494.8 497.3' 494.1 490.0 492.9 496.2 496.2 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 Oct. 2005 2005 2004 Apr. May June July' Aug.' Sept.' Oct. Oct. 5 Oct. 12 Oct. 19 Oct. 26 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 2,663.3' 704.1 491.4 212.7 1,959.2' 316.6' 1,232.2' 111.4 1,120.8' 301.0 7.5 101.9 78.1 115.1 162.9 2,843.2' 724.4 498.6 225.7 2,118.9' 338.3' 1,347.1' 122.7 1,224.4' 322.7 8.4 102.5 70.9 112.2 187.0 2,869.6' 724.2 499.6 224.5 2,145.5' 342.5' 1,369.0' 126.0 1,242.9' 322.3 8.5 103.1 75.2 114.8 195.3 2,900.0' 718.1 495.3 222.8 2,181.8' 346.1' 1,396.2' 129.9 1,266.2' 327.0 8.8 103.8' 73.4 115.4 204.8 2,920.7 714.5 492.6 221.9 2,206.2 352.5 1,412.2 134.6 1,277.6 328.5 9.0 104.0 74.4 116.9 198.1 2,937.1 714.0 491.5 222.5 2,223.1 355.2 1,422.3 135.6 1,286.8 331.3 9.1 105.1 76.9 118.6 198.3 2,942.3 708.8 487.6 221.1 2,233.5 358.3 1,425.5 134.7 1,290.8 332.8 9.6 107.2 78.5 120.8 201.8 2,932.9 700.7 486.0 214.7 2,232.2 358.2 1,433.0 131.3 1,301.7 323.6 9.8 107.5 83.1 119.0 200.8 2,931.5 701.9 487.7 214.2 2,229.6 357.7 1,429.6 131.1 1,298.6 326.4 9.5 106.4 80.0 118.5 198.7 2,926.9 700.8 485.8 215.0 2,226.1 357.2 1,428.5 131.0 1,297.5 323.2 9.7 107.5 81.2 124.5 205.7 2,935.8 702.6 487.2 215.4 2,233.3 358.1 1,435.9 131.5 1,304.4 322.2 9.8 107.3 81.6 114.6 198.1 2,933.9 699.5 484.9 214.5 2,234.4 358.5 1,436.0 131.4 1,304.5 321.0 10.3 108.7 86.8 119.8 197.5 2,987.1' 3,180.5' 3,221.9' 3,260.6' 3,276.8 3,297.3 3,309.4 3,302.3 3,295.2 3,304.9 3,296.6 3,304.3 2,281.7 337.4 1,944.3 349.1 1,595.2 481.9 177.0 304.9 10.1 71.1 2,409.4 347.2 2,062.2 388.1 1,674.2 499.6 167.2 332.4 5.7 71.0 2,424.5 348.4 2,076.1 394.9 1,681.2 516.1 171.3 344.8 10.8 71.1 2,440.8 355.3 2,085.5 399.2 1,686.3 513.3' 168.2 345.1 10.0 73.5 2,473.4 346.0 2,127.4 407.2 1,720.2 509.4 165.4 344.0 13.5 70.9 2,490.0 357.0 2,133.1 412.6 1,720.5 511.0 162.9 348.2 14.1 72.2 2,503.3 348.5 2,154.7 415.9 1,738.9 517.1 165.1 352.0 13.3 72.5 2,505.9 343.8 2,162.1 423.2 1,738.9 502.6 161.2 341.4 15.5 71.6 2,497.9 333.9 2,164.0 420.0 1,743.9 497.9 156.7 341.2 15.2 71.0 2,507.2 334.9 2,172.3 420.8 1,751.4 500.5 159.1 341.4 17.0 71.4 2,495.1 344.0 2,151.1 421.4 1,729.7 506.7 164.1 342.7 16.4 71.6 2,510.3 366.4 2,143.9 423.4 1,720.5 505.6 163.3 342.3 15.3 72.2 2,844.8 2,985.8 3,022.5 3,037.6 3,067.1 3,087.4 3,106.2 3,095.6 3,081.9 3,096.0 3,089.8 3,103.3 142.2' 194.8' 199.4' 223.0' 209.7 209.9 203.2 206.7 213.3 208.9 206.8 201.0 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. 21. 2,671.7' 702.7 490.0 212.7 1,969.0' 315.8' 1,239.6' 112.1 1,127.5' 454.0' 673.5' 303.1 150.5 152.7 7.4 103.1 79.0 116.6 162.9 2,831.5' 726.6 500.9 225.7 2,104.9' 339.8' 1,337.9' 122.3 1,215.6' 478.9' 736.7' 317.5 159.0 158.5 8.4 101.2 74.5 109.4 187.0 2,862.9' 723.8 499.2 224.5 2,139.2' 344.8' 1,364.3' 126.1 1,238.3' 491.2' 747.1' 319.2 159.8 159.4 8.4 102.4 72.9 113.8 195.3 2,889.2' 718.2 495.4 222.8 2,171.0' 348.0' 1,387.4' 130.3 1,257.1' 498.7' 758.4' 322.4 161.8 160.6 8.7 104.5 72.0 114.9 204.8 2,910.7 712.5 490.5 221.9 2,198.3 352.7 1,406.7 134.8 1,271.9 503.2 768.7 324.5 163.3 161.2 9.0 105.4 72.0 116.9 198.1 2,934.2 712.4 490.0 222.5 2,221.7 353.2 1,422.6 135.8 1,286.8 510.6 776.2 329.6 165.8 163.8 9.2 107.1 76.5 116.8 198.3 2,948.2 708.5 487.3 221.1 2,239.7 356.2 1,431.7 135.4 1,296.2 512.0 784.2 333.4 168.1 165.2 9.5 109.1 77.1 122.1 201.8 2,942.5 699.4 484.7 214.7 2,243.0 357.4 1,441.4 132.0 1,309.4 516.0 793.4 325.8 160.7 165.1 9.8 108.7 84.0 120.6 200.8 2,934.2 699.6 485.5 214.2 2,234.5 356.1 1,434.2 131.6 1,302.5 513.6 788.9 326.2 160.9 165.3 9.6 108.4 82.8 119.7 198.7 2,935.5 699.8 484.8 215.0 2,235.7 356.4 1,436.1 131.8 1,304.2 512.9 791.3 324.4 159.1 165.3 9.8 109.1 83.2 132.1 205.7 2,945.0 700.5 485.2 215.4 2,244.5 357.6 1,443.5 132.2 1,311.3 518.2 793.1 325.2 160.0 165.2 9.7 108.4 82.4 116.0 198.1 2,945.8 698.8 484.3 214.5 2,247.0 357.7 1,446.2 132.3 1,313.9 518.1 795.8 324.8 159.8 165.0 9.8 108.6 83.1 114.8 197.5 2,997.9' 3,169.5' 3,212.0' 3,247.9' 3,264.4 3,292.1 3,315.3 3,314.3 3,301.9 3,323.1 3,308.0 3,307.7 2,283.9 338.7 1,945.2 349.1 1,596.0 481.9 177.0 304.9 10.1 71.1 2,413.8 348.0 2,065.8 388.1 1,677.7 499.6 167.2 332.4 5.7 71.0 2,419.9 344.1 2,075.8 394.9 1,680.9 516.1 171.3 344.8 10.8 71.1 2,439.8 351.0 2,088.8 399.2 1,689.6 513.3' 168.2 345.1 10.0 73.5 2,466.4 345.7 2,120.7 407.2 1,713.5 509.4 165.4 344.0 13.5 70.9 2,486.1 352.7 2,133.3 412.6 1,720.8 511.0 162.9 348.2 14.1 72.2 2,502.1 346.8 2,155.3 415.9 1,739.5 517.1 165.1 352.0 13.3 72.5 2,508.1 345.1 2,163.0 423.2 1,739.8 502.6 161.2 341.4 15.5 71.6 2,505.3 334.9 2,170.4 420.0 1,750.4 497.9 156.7 341.2 15.2 71.0 2,518.4 340.3 2,178.1 420.8 1,757.2 500.5 159.1 341.4 17.0 71.4 2,496.6 345.1 2,151.5 421.4 1,730.1 506.7 164.1 342.7 16.4 71.6 2,494.5 361.4 2,133.1 423.4 1,709.7 505.6 163.3 342.3 15.3 72.2 2,847.0 2,990.1 3,017.9 3,036.6' 3,060.1 3,083.4 3,105.0 3,097.8 3,089.4 3,107.2 3,091.3 3,087.6 151.0' 179.4' 194.1' 211.3' 204.3 208.7 210.2 216.5 212.6 215.9 216.7 220.1 20 Federal Reserve Bulletin Statistical Supplement • November 2005 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Oct. 2005 2005 2004 Apr. May June July Aug. Sept.' Oct. Oct. 5 Oct. 12 Oct. 19 Oct. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)5 662.5 273.1 92.8 180.3 389.4 134.5 17.5 146.8 90.5 41.4 60.1 36.4 706.4 309.5 85.5 224.0 396.9 151.7 18.5 119.4 107.4 44.9 63.2 33.9 724.7 314.2 87.0 227.2 410.5 154.8 18.3 130.5 106.8 48.2 61.6 35.1 733.2 318.7 86.9 231.8 414.5 153.9 18.4 134.8 107.4 49.6 60.1 37.0 745.5 326.2' 85.9 240.3 419.3 160.6' 16.8 129.1 112.7 51.1 60.5 36.4' 771.1 334.6' 85.1 249.6' 436.4' 164.5' 16.7 141.7 113.5' 48.9 61.3 36.7 787.3 351.9 85.6 266.3 435.4 163.9 16.8 138.3 116.4 50.2 59.8 40.2 800.8 361.0 82.6 278.4 439.8 164.0 21.6 137.5 116.7 48.0 56.4 39.2 790.0 353.2 82.9 270.3 436.9 163.1 21.2 135.4 117.1 45.0 57.1 39.1 789.2 355.6 82.7 272.9 433.6 164.7 21.2 133.2 114.5 52.1 58.8 43.9 813.4 367.5 83.1 284.4 445.9 165.2 21.7 142.8 116.2 44.3 55.1 41.3 808.1 363.2 82.8 280.4 444.8 164.3 21.8 141.5 117.4 50.3 55.9 33.2 800.1 847.9 869.1 879.5 893.1 917.6 937.1 943.9 930.8 943.5 953.6 947.0 547.1 12.0 535.1 337.2 46.7 290.5 -167.0 88.9 589.0 14.1 574.9 363.1 50.7 312.4 -204.4 93.4 587.4 12.9 574.5 369.6 46.2 323.4 -196.6 93.4 602.1 11.9 590.2 361.9 50.9 311.0 -190.3 98.7 582.2 11.7 570.6 368.4 48.2 320.2 -155.4 95.0 628.9 12.4 616.5 388.8 52.7 336.1 -200.3 96.2 636.9 12.1 624.9 384.5 50.1 334.4 -192.3 106.1 643.7 11.8 631.9 386.5 49.5 337.0 -190.0 113.3 641.4 11.9 629.5 379.8 48.3 331.6 -195.2 105.6 645.1 11.7 633.4 391.6 48.8 342.8 -194.1 109.3 649.0 11.7 637.2 376.9 48.5 328.4 -178.0 120.1 648.4 12.3 636.2 381.9 46.0 335.9 -189.5 112.5 806.3 841.1 853.8 872.3 913.6 935.3 953.4 931.6 951.9 967.9 953.3 -6.3 6.8 15.3 7.1 4.0 1.7 -9.5 -.8 -8.4 -14.4 -6.3 890.2' 2.9 Not seasona lly adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 659.1 273.1 92.8 34.4 58.4 180.3 108.8p 71.5' 386.0 132.9 17.5 145.6 90.0 41.4 61.3 35.4 711.8 309.5 85.5 30.8 54.7 224.0 127.6 96.4 402.4 152.8 18.5 122.5 108.5 44.9 62.6 32.5 722.1 314.2 87.0 30.9 56.1 227.2 130.1 97.1 407.9 154.8 18.3 127.4 107.4 48.2 61.0 35.7 733.4 318.7 86.9 29.4 57.6 231.8 132.7 99.0 414.7 153.3 18.4 133.8 109.0 49.6 59.6 37.0 742.4 326.2' 85.9 27.0 58.9 240.3 132.8' 107.5' 416.2 159.8 16.8 125.6 114.0 51.1 59.8 35.4 762.1' 334.6' 85.1 26.6 58.5 249.6' 140.1' 109.4' 427.5' 162.8 16.7 133.3 114.8' 48.9 61.4 36.3 780.5 351.9 85.6 26.9 58.7 266.3 156.2 110.1 428.5 162.3 16.8 132.2 117.3 50.2 61.0 38.6 796.9 361.0 82.6 24.5 58.1 278.4 167.7 110.7 436.0 162.0 21.6 136.2 116.2 48.0 57.4 38.0 779.9 353.2 82.9 23.9 59.0 270.3 160.3 110.0 426.7 161.3 21.2 127.0 117.1 45.0 58.3 37.3 782.9 355.6 82.7 24.0 58.7 272.9 160.5 112.4 427.2 162.1 21.2 130.1 113.8 52.1 59.7 42.5 809.2 367.5 83.1 25.4 57.7 284.4 174.4 110.0 441.7 162.8 21.7 141.1 116.0 44.3 56.5 40.0 806.3 363.2 82.8 25.6 57.2 280.4 171.3 109.1 443.0 162.0 21.8 143.2 116.1 50.3 57.0 32.3 796.7 851.5 866.5 879.2 888.3 908.3' 929.8 940.0 920.0 936.8 949.5 945.4 529.1 12.2 516.9 337.2 46.7 290.5 -164.5 90.7 600.8 13.9 586.9 363.1 50.7 312.4 -206.8 91.5 600.8 12.7 588.1 369.6 46.2 323.4 -198.7 91.9 610.7 11.8 598.9 361.9 50.9 311.0 -193.0 96.7 580.7 11.7 569.0 368.4 48.2 320.2 -157.3 93.7 620.1 12.2 607.8 388.8 52.7 336.1 -199.9 96.5 625.4 12.2 613.1 384.5 50.1 334.4 -190.5 107.5 622.4 11.9 610.5 386.5 49.5 337.0 -187.2 115.6 625.2 11.8 613.4 379.8 48.3 331.6 -194.2 106.4 622.6 11.7 611.0 391.6 48.8 342.8 -191.6 111.4 623.6 12.0 611.5 376.9 48.5 328.4 -175.8 122.0 628.7 12.3 616.4 381.9 46.0 335.9 -184.5 116.4 792.6 848.6 863.7 876.3 885.5 927.0 937.2 917.2 934.0 946.7 942.6 4.1 2.9 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 905.5' 2.8 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 Oct. 2005 2005 Apr. May June July Aug. Sept. Oct. Oct. 5 Oct. 12 Oct. 19 Oct. 26 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 108.0 89.3 90.8 93.2 86.8' 89.6' 92.5' 90.0 90.3 90.7 89.3 89.1 96.5 484.1 367.6 116.5 80.3 546.5 427.0 119.5 82.7 557.0 433.8 123.2 85.3 535.9 411.3 124.6 77.2' 544.3 418.8 125.5 79.7' 543.3 416.3 127.0 83.2' 545.4 416.5 128.9 82.1 545.1 414.5 130.6 82.6 550.0 419.4 130.5 81.7 544.7 414.0 130.7 83.1 545.6 415.5 130.1 81.6 541.9 412.8 129.0 4.7 149.7 128.0 21.7 6.5 -2.7 146.8 127.0 19.8 5.7 .5 148.9 129.5 19.4 5.6 3.6 151.1 129.2 21.9 5.5 .3 152.5 129.5 22.9 4.9 -2.1 153.1 130.7 22.4 4.0 -1.7 153.1 130.8 22.2 3.3 -7.6 154.2 131.8 22.4 3.2 -5.7 155.0 132.4 22.7 3.3 -6.4 154.6 132.1 22.6 3.3 -6.7 152.9 130.7 22.3 3.2 -8.4 153.3 131.1 22.2 3.2 319.2 220.0 212.7 7.3 342.6 210.7 203.6 7.2 342.9 209.6 202.5 7.1 339.7 210.5 203.2 7.2 336.9' 212.4 202.5 9.9 336.0 211.7 201.8 9.9 331.2 210.6 200.7 9.9 327.1 199.7 189.9 9.8 327.6 199.2 189.4 9.8 327.9 200.9 191.1 9.8 327.1 200.4 190.6 9.9 326.1 201.3 191.5 9.9 59.9 52.4 53.3 54.6 54.9 56.8 65.9 70.6 67.8 66.9 73.6 71.9 64.1 .3 62.6 62.0 .2 63.6 .2 62.6 62.4 .2 71.2 76.1 73.3 .2 72.3 79.2 77.5 .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 2 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reelassifications of assets and liabilities. The data for large and small domestic banks presented on pp. 17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. 2 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 • November 2005 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2005 Item 2000 2001 2002 2003 2004 Feb. Mar. Apr. May June July 1 All issuers 1,619,274 1,458,870 1,347,997 1,265,351 1,387,807 1,440,644 1,435,879 1,490,359 1,503,470 1,537,820 1,543,702 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 1,300,161 140,483 1,302,219 133,660 1,344,817 145,543 1,353,098 150,373 1,405,057 132,763 1,405,916 137,786 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. 1.33 PRIME RATE CHARGED BY BANKS 2. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. Short-Term Business Loans1 Percent per year Date of change 2001—Jan. Feb. Mar. Apr May June Aug. Sept. Oct. Nov. Dec. Rate 4 1 21 19 16 28 22 18 3 7 12 9.00 8.50 8.00 7 50 7.00 6.75 6.50 6.00 5.50 5.00 4.75 2002—Nov. 7 4.25 2003—June 27 4.00 2004—June Aug. Sept. Nov. Dec. 30 10 21 10 14 4.25 4.50 4.75 5.00 5.25 2005—Feb. Mar. May June Aug. Sept. 2 22 3 30 9 20 5.50 5.75 6.00 6.25 6.50 6.75 Period Average rate 2001 2002 2003 2004 6.91 4.67 4.12 4.34 2002—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.35 4.25 1. The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Period 2003—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 4.25 4.25 4.25 4.25 4.25 4.22 4.00 4.00 4.00 4.00 4.00 4.00 Period Average rate 2004—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 4.00 4.00 4.00 4.00 4.00 4.01 4.25 4.43 4.58 4.75 4.93 5.15 2005—Jan Feb Mar Apr May June July Aug Sept 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2005 Item 2002 2003 2005, week ending 2004 May June July Aug. July 29 Aug. 5 Aug. 12 Aug. 19 Aug. 26 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 3.00 3.98 3.04 4.01 3.26 4.25 3.50 4.44 3.26 4.25 3.29 4.25 3.48 4.32 3.54 4.50 3.52 4.50 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 2.97 3.04 3.09 3.11 3.18 3.27 3.27 3.36 3.47 3.47 3.53 3.64 3.33 3.40 3.52 3.40 3.47 3.59 3.45 3.55 3.62 3.47 3.54 3.65 3.52 3.56 3.67 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 3.00 3.08 3.15 3.15 3.22 3.30 3.31 3.41 3.49 3.50 3.60 3.69 3.39 3.48 3.55 3.44 3.53 3.62 3.50 3.57 3.66 3.49 3.61 3.70 3.54 3.64 3.73 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 3.05 3.22 3.44 3.20 3.38 3.56 3.38 3.57 3.80 3.56 3.77 3.99 3.46 3.63 3.87 3.52 3.70 3.93 3.54 3.74 3.98 3.55 3.77 4.00 3.61 3.81 4.01 12 Eurodollar deposits, 3-month3>s 1.73 1.14 1.55 3.20 3.36 3.55 3.74 3.62 3.68 3.72 3.75 3.80 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 2.59 2.84 3.08 2.78 2.97 3.13 3.04 3.22 3.42 3.28 3.44 3.66 3.17 3.35 3.55 3.27 3.41 3.61 3.29 3.44 3.67 3.24 3.45 3.68 3.28 3.46 3.69 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 3.33 3.64 3.72 3.85 3.94 AAA 4.56 3.36 3.64 3.69 3.77 3.86 4.00 4.35 3.64 3.87 3.91 3.98 4.06 4.18 4.48 3.87 4.04 4.08 4.12 4.18 4.26 4.53 3.77 3.97 4.02 4.07 4.15 4.25 4.53 3.84 4.05 4.10 4.17 4.24 4.34 4.61 3.90 4.11 4.16 4.21 4.27 4.36 4.62 3.89 4.04 4.07 4.11 4.16 4.24 4.50 3.88 4.02 4.04 4.07 4.12 4.20 4.46 4.87 5.64 5.04 4.52 5.20 4.75 4.50 5.09 4.68 4.20 4.86 4.31 4.08 4.76 4.23 4.18 4.86 4.31 4.33 4.94 4.32 4.18 4.86 4.31 4.39 5.07 4.38 4.26 4.94 4.37 4.29 4.84 4.27 4.37 4.92 4.25 7.10 6.24 6.00 5.49 5.30 5.40 5.43 5.42 5.50 5.52 5.42 5.38 6.49 6.93 7.18 7.80 5.66 6.14 6.38 6.76 5.63 5.91 6.08 6.39 5.15 5.29 5.49 6.01 4.96 5.03 5.33 5.86 5.06 5.14 5.44 5.95 5.09 5.20 5.48 5.96 5.08 5.20 5.46 5.95 5.16 5.27 5.55 6.02 5.17 5.28 5.57 6.04 5.09 5.19 5.47 5.96 5.04 5.14 5.42 5.91 1.61 1.72 1.66 1.99 1.98 1.99 2.00 2.01 2.00 2.00 2.00 2.01 9 10 11 U.S. TREASURY NOTES AND BONDS 16 17 18 19 20 21 22 Constant maturities'' 1 -year 2-year 3-year 5-year 7-year 10-year 20-year STATE AND LOCAL NOTES AND BONDS Moody's series10 23 Aaa 24 Baa 25 Bond Buyer series" CORPORATE BONDS 26 Seasoned issues, all industries12 27 28 29 30 Rating group Aaa13 Aa A Baa MEMO Dividend-price ratio14 31 Common stocks NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available at www.federalreserve.gov/releases. 1. The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the current week; monthly figures include each calendar day in the month. 3. Annualized using a 360-day year or bank interest. 4. The rate charged for discounts made and advances extended under the Federal Reserve's primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/ default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/ data.htm. 5. Quoted on a discount basis. 6. Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See the Board's Commercial Paper webpages (www.federalreserve.gov/releases/cp) for more information. 7. An average of dealer offering rates on nationally traded certificates of deposit. 8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. 9. Yields on actively traded issues adjusted to constant maturities. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's Al rating. Based on Thursday figures. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. SOURCE: U.S. Department of the Treasury. 24 Federal Reserve Bulletin Statistical Supplement • November 2005 1.36 STOCK MARKET Selected Statistics 2005 Indicator 2002 2003 2004 Jan. Feb. Mar. Apr. May June July Aug. Sept. 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 6,614.10 741.19 521.11 271.45 657.07 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. 7,077.97 n.a. n.a. n.a. n.a. 7,094.02 n.a. n.a. n.a. n.a. 7,238.96 n.a. n.a. n.a. n.a. 7,389.23 n.a. n.a. n.a. n.a. 7,482.93 n.a. n.a. n.a. n.a. 7,584.49 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 993.94 965.23 1,130.65 1,181.41 1,199.63 1,194.90 1,164.42 1,178.28 1,202.25 1,222.24 1,224.27 1,225.91 7 American Stock Exchange (Aug. 31, 1973 = 50)2 860.11 943.44 1,260.02 1,406.85 1,483.76 1,483.97 1,453.79 1,455.72 1,519.42 1,556.30 1,625.17 1,711.66 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1,411,689 1,361,043 1,403,376 1,569,946 1,549,991 1,600,618 1,643,376 1,452,615 1,405,330 1,430,294 1,387,088 1,626,430 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 American Stock Exchange Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 134,380 173,220 203,790 203,320 199,480 201,690 194,160 196,270 200,500 210,940 208,660 217,760 95,690 73,340 92,560 84,920 117,850 93,580 115,350 87,260 94,330 77,960 100,200 80,200 97,450 74,720 99,480 72,690 105,550 76,380 99,000 74,130 99,050 75,910 106,730 79,310 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 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 2003 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 1 Federal debt outstanding 6,697.1 6,810.3 7,023.4 7,156.2 7,298.6 7,403.2 7,620.4 7,801.0 7,860.2 2 Public debt securities 3 Held by public 4 Held by agencies 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 4,406.4 3,189.8 7,776.9 4,572.4 3,204.5 7,836.5 4,527.6 3,308.9 27.0 27.0 .0 27.0 27.0 .0 25.4 24.9 .5 25.1 25.1 .0 24.2 24.2 .0 24.2 23.7 .4 24.3 23.9 .4 24.1 24.1 23.7 23.7 7,535.6 7,715.5 7,778.1 6,625.3 .2 6,737.3 .3 6,952.6 .3 7,088.5 .1 7,229.2 .1 7,333.2 .2 7,535.5 .2 7,715.4 7,778.0 7,384.0 7,384.0 7,384.0 7,384.0 7,384.0 7,384.0 5 Agency securities 6 Held by public 7 Held by agencies 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 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 3,959.7 811.3 1,413.9 888.8 1,580.8 588.7 146.9 3,186.3 928.8 1,905.7 564.3 602.7 140.1 2,947.9 176.2 1,003.2 2,157.1 539.5 245.9 3,618.8 Q3 Q4 Ql Q2 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 7,759.9 7,818.0 4,103.7 1,059.1 4,031.0 160.7 5.9 5.9 .0 6.1 6.1 .0 191.7 3,230.6 192.2 3,248.9 17.6 17.0 3 075.7 700.3 3,607.0 141.0 254.5 146.6 376.8 3,189.1 717.8 3,667.1 128.1 253.1 149.2 385.8 3,206.6 717.3 3,855.4 142.9 262.3 153.4 407.1 3,311.6 724.7 204.1 298.1 150.4 147.7 1,886.2 276.2 204.4 295.7 151.0 144.7 1,942.0 307.8 204.2 312.4 153.8 158.6 1,982.2 407.4 204.2 316.9 157.6 159.3 2,030.0 n.a. 2,574.8 11.2 11.2 .0 184.8 2,806.9 3,230.6 194.1 3,130.0 12.7 14.3 16.0 17.6 14.9 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 3,667.1 128.1 253.1 149.2 385.8 190.3 273.1 120.6 152.4 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 1,538.1 452.6 204.4 295.7 151.0 144.7 1,942.0 307.8 181.5 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. 153.4 160.7 5.9 5.9 .0 191.7 923.4 2,273.0 529.9 290.6 3,787.0 206.7 3.0 3.0 .0 190.9 3,356.3 18.5 2,226.6 537.2 266.8 3,656.2 179.0 3,406.9 149.2 9.7 9.7 .0 192.2 3,007.0 146.3 15.4 15.4 1,003.2 2,157.1 539.5 245.9 3,618.8 3,803.0 127.9 249.1 154.6 430.6 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors. SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin, unless otherwise noted. 26 Federal Reserve Bulletin Statistical Supplement • November 2005 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2005 Item By type of security 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 More than three but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected2 7 8 9 10 11 12 Federal agency and governmentsponsored enterprises Discount notes Coupon securities by maturity Three years or less More than three years but less than or equal to six years More than six years but less than or equal to eleven years . . . . More than eleven years Mortgage-backed Corporate securities 13 One year or less 14 More than one year 15 16 17 18 19 20 21 22 By type of counterparty With interdealer broker U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate With other U.S. Treasury Federal agency and governmentsponsored enterprises Mortgage-backed Corporate May June 2005, week end July July 6 July 13 July 20 July 27 Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 46,818 48,712 44,369 52,616 43,947 42,476 44,054 38,576 46,069 44,000 50,785 50,782 225,682 187,712 167,459 189,930 172,380 151,549 158,914 182,589 188,465 147,619 154,118 205,762 153,602 145,337 135,097 122,240 131,930 140,222 136,370 146,304 148,402 164,510 108,639 136,728 144,941 31,605 8,163 131,238 31,508 8,247 120,093 24,378 9,086 132,699 26,801 6,136 120,090 22,661 5,937 120,387 21,851 11,377 111,667 25,598 10,961 121,517 28,305 10,970 118,030 27,266 6,909 151,979 29,450 6,058 96,847 21,262 5,257 115,949 32,680 8,543 63,491 58,061 60,599 77,626 59,941 57,675 55,369 57,085 65,417 64,079 58,427 58,803 6,618 8,294 7,410 5,668 8,549 7,808 6,890 7,478 7,772 7,875 6,424 5,032 5,115 6,330 5,412 3,338 7,014 5,919 4,100 6,533 6,230 4,408 2,073 2,837 2,522 500 3,093 697 3,386 408 2,856 543 4,853 273 3,235 399 2,332 479 3,530 387 1,993 285 1,594 906 1,229 390 1,823 356 273,983 269,242 242,122 187,044 375,333 183,617 200,487 242,065 383,987 225,573 171,486 187,078 155,846 20,203 158,670 21,548 162,124 20,917 173,606 15,521 165,881 18,312 157,224 21,444 159,178 26,463 155,123 20,338 184,931 21,691 181,981 20,740 167,206 18,451 150,352 19,575 253,229 228,874 203,082 215,058 196,793 200,539 196,924 222,590 221,017 215,791 184,554 231,160 5,914 66,119 561 6,109 67,102 581 5,595 63,481 519 6,551 43,737 398 6,179 99,736 495 5,711 52,745 462 4,189 53,492 685 5,922 54,269 488 5,594 81,992 431 4,853 64,474 413 3,354 46,870 347 4,171 45,108 352 357,582 323,880 297,400 315,364 300,153 287,323 290,639 305,671 314,125 327,826 252,354 319,285 72,331 207,863 175,488 70,366 202,141 179,637 71,621 178,642 182,522 83,479 143,307 188,730 74,451 275,597 183,698 69,326 130,872 178,206 64,982 146,995 184,957 69,090 187,796 174,973 76,103 301,995 206,191 74,010 161,099 202,308 65,189 124,617 185,310 64,680 141,970 169,575 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 2005 2005, week ending Item, by type of security May June July July 6 July 13 July 20 July 27 Aug. 3 Aug. 10 Aug. 17 Aug. 24 Net outright posit ons2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year -7,905 4,968 -1,304 -5,895 -2,078 2,507 -1,110 -72 208 -4,479 -4,410 -46,616 -53,308 -50,908 -55,253 -53,792 -56,129 -41,042 -47,476 -44,116 -43,717 -36,684 -43,956 -35,096 -44,176 -41,776 -42,806 -43,545 -45,527 -48,914 -46,197 -47,177 -51,027 -22,155 -5,639 -373 -27,731 -4,487 -480 -38,222 -5,395 -328 -30,730 -6,682 561 -32,899 -5,276 -17 -41,162 -4,147 -653 -44,121 -5,226 -877 -43,307 -6,153 -679 -42,631 -7,500 -592 -25,617 -6,618 -519 -26,504 -8,499 -830 58,258 54,844 47,540 47,050 45,487 51,249 47,253 45,877 46,749 51,323 50,756 28,161 30,393 30,547 30,406 32,215 30,655 29,682 29,166 29,896 27,790 29,344 8,285 9,618 9,375 9,103 9,945 9,906 8,665 9,100 9,941 10,791 11,133 3,565 5,031 2,955 4,748 1,930 3,907 3,127 4,402 2,482 4,087 1,896 3,779 1,068 3,611 739 3,590 -161 3,472 401 4,020 1,888 3,724 21,845 38,385 27,977 36,320 25,365 22,041 27,968 30,439 33,462 30,429 32,020 34,636 122,514 37,037 133,983 33,175 124,537 30,954 130,866 33,586 123,231 33,802 121,846 33,396 124,277 34,303 122,490 36,175 119,717 34,445 123,915 31,864 118,348 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 1 132 990 1,241,818 1 094 028 1,376,656 1 107 551 1,147,434 1 131 389 1,052,492 1 120 226 1,138,704 1 083 799 1,151,920 1 082 771 1,205,093 1 134 542 1,196,372 1 104 494 1,287,211 1 104 333 1,228,024 1,068,559 1,258,810 169,023 209,542 163,283 207,880 168,581 205,433 170,569 200,386 164,738 208,538 167,862 207,640 173,500 210,258 164,977 195,267 163,433 205,203 155,790 209,632 154,544 210,048 87,160 405,065 72,729 414,637 70,282 405,031 60,501 410,135 73,368 73,495 401,309 64,156 407,597 84,653 388,476 85,672 404,763 86,292 405,336 80,407 413,970 109,852 70,625 108,228 71,655 108,236 75,899 107,530 74,325 108,953 74,114 109,428 75,563 107,370 77,679 107,468 78,854 107,730 78,576 107,891 77,872 108,545 79,860 776,108 1 627 924 736,728 1 750 953 725,844 1 507 834 746,770 1 421 036 735,367 1 507 263 707,817 1 509 914 702,676 1 568 175 749,883 1 529 791 725,414 1 655 653 729,253 1 599 131 695,774 1 635 497 1 085 400 1,077,139 1 072 376 1,200,438 1 053 779 980,179 1 074 678 895,202 1 072 811 964,521 1 012137 988,632 1 035 638 1,042,026 1 093 744 1,012,021 1 071 365 1,081,696 1 075 262 1,017,051 1 027 799 1,079,591 313,829 143,234 300,917 156,523 305,954 145,230 297,502 142,207 306,865 144,766 318,316 143,100 304,080 154,268 298,684 138,484 299,206 142,621 295,028 146,742 298,415 142,799 497,919 232,151 519,186 251,754 488,457 260,845 498,547 255,383 487,794 257,154 486,925 268,944 486,709 264,526 480,224 254,885 500,646 232,843 489,337 251,261 504,917 253,832 213,298 50,094 218,467 48,611 217,694 44,892 219,660 44,331 216,640 46,405 219,008 44,964 213,215 44,268 222,130 44,049 217,627 45,156 218,945 46,310 216,031 45,764 1,877,649 1,420,720 1,875,373 1,581,672 1,836,827 1,352,550 1,859,547 1,257,310 1,857,443 1,330,673 1,808,485 1,367,621 1,812,847 1,428,526 1,858,231 1,374,362 1,857,455 1,424,473 1,849,072 1,382,200 1,818,984 1,441,608 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 • November 2005 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Apr. 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank^3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation . . 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation" 18 Resolution Funding Corporation12 2,121,057 276 6 2^51,039 6 n.a. 26,828 n.a. 25,412 6 n.a. n.a. n.a. 2,120,781 623,740 565,071 763,500 76,673 48,350 8,170 1,261 29,996 2,351,037 674,841 648,894 851,000 85,088 47,900 8,170 1,261 29,996 24,267 6 n.a. 207 n.a. 23,915 6 24,083 6 n.a. 139 23,978 6 n.a. 143 n.a. n.a. n.a. 24,261 n.a. 2,645,667 745,226 744,800 961,732 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 30,811 27,948 27,408 27,543 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23,909 850,518 712,900 907,147 99,275 78,037 n.a. n.a. 24,077 n.a. n.a. 23,894 6 n.a. 856,756 727,000 898,910 100,893 77,757 n.a. n.a. n.a. 23,888 881,584 726,700 884,540 101,645 77,333 n.a. n.a. 23,972 n.a. n.a. 879,010 735,200 857,754 102,655 77,074 n.a. n.a. n.a. 23,744 6 23,738 896,220 739,600 836,975 104,218 79,697 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 39,096 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending^ 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 Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 16,127 14,684 16,961 n.a. 10,987 17,860 n.a. 9,548 17,824 n.a. 9,719 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 Apr/ Mayr July' 1 All issues, new and refunding1 363,888 384,311 360,497 22,559' 30,948' 44,832 31,325 35,934 44,737 33,653 34,178 By type of issue 2 General obligation 3 Revenue 145,323 214,788 144,056 238,204 133,328 227,169 9,783 12,776' 14,012' 16,936 19,726 25,106 13,063 18,262 13,675 22,259 16,730 28,007 10,623 23,031 11,112 23,065 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 50,365 233,884 76,248 2,223 16,345' 3,992 1,786 22,515' 6,647 5,464 31,911 7,457 2,664 20,628 8,033 1,942 25,158 8,834 3,275 33,315 8,147 1,727 25,880 6,046 1,853 24,296 8,029 7 Issues for new capital 242,882 264,697 231,099 11,914r 15,774 20,383 16,030 17,964 26,013 16,959 20,390 57,894 22,093 33,404 n.a. 7,227 73,033 70,394 23,809 10,251 n.a. 22,339 97,736 65,432 20,546 9,377 n.a. 18,998 83,477 3,917 1,299 444 n.a. 575 2,797' 4,948 1,981 438 n.a. 618 4,272 6,784 2,606 1,248 n.a. 2,475 4,743 5,268 1,266 598 n.a. 2,212 3,822 4,565 1,027 805 n.a. 1,719 6,159 9,217 3,947 732 n.a. 1,518 6,360 8,626 979 455 n.a. 1,307 3,542 5,818 4,359 1,428 n.a. 897 5,483 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2004 Type of issue, offering, or issuer 2002 2003 2005 2004 Dec. 1 1 All issues By type of offering 3 Sold in the United States Jan. Feb. Mar. Apr. May June July 1,432,548 1,819,401 2,070,680' 167,671' 183,455 158,779 223,777 144,987 182,464 264,144 172,969 1,322,113 1,692,260 1,923,094 155,071 177,157 146,154 213,440 139,849 176,510 250,164 168,045 1,235,868 86 246 1,579,311 112 949 1,737,342 185 752 142,165 12 906 159,207 17 950 125,762 20 392 204,222 9 218 130,985 8 864 169,998 6 512 230,843 19 321 152,735 15 310 18,870 20,701 21,942 677 830 914 1,673 987 2,209 2,016 282,484 1,039,629 362,340 1,329,920 259,968 1,663,127 21,858 133,213 15,981 161,176 16,837 129,317 17,775 195,665 11,711 128,138 9,496 167,014 31,342 218,822 17,969 150,076 170,904 185,964 147,585' 12,600' 6,298 12,625 10,337 5,138 5,954 13,980 4,924 110,435 60,469 127,141 58,823 147,585' n.a. 12,600' n.a. 6,298 n.a. 12,625 n.a. 10,337 n.a. 5,138 n.a. 5,954 n.a. 13,980 n.a. 4,924 n.a. 62,115 48,320 44,389 82,752 64,346' 83,240' 6,860' 5,740 2,071 4,227 7,964 4,661 3,129 7,208 2,595 2,543 2,427 3,527 4,448 9,532 1,953 2,971 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 • November 2005 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2005 Item 2003 2004' Feb. Apr. Mar. May June July Aug.r Sept. 1 Sales of own shares2 1,710,931 1,658,969 149,629 165,785 144,492 136,078 134,943 134,584 149,375 138,775 2 Redemptions of own shares 1,495,077 215,854 1,448,991 209,978 120,461 29,168 148,026 17,759 132,057 12,435 119,075 17,003 122,673 12,270 115,906 18,678 133,891 15,484 125,796 12,979 5,362,397 6,193,664 6,251,261 6,169,231 6,076,485 6,264,465 6,350,829 6,563,380 6,597,170 6,675,854 258,594 5,103,803 304,816 5,888,848 354,861 5,896,400 328,885 5 840 346 315,830 5 760 655 318,691 5 945 774 315,528 6 035 301 296,235 6 267 145 301,663 6 295 507 295,382 6 380 472 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 2005 Q4 Ql Q2 Q3' Q4r Ql r Q2' 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 1,145.0 430.4 471.7 242.9 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 1,097.2 416.4 456.3 224.5 1,145.0 430.4 471.7 242.9 1,141.6 425.7 469.2 246.7 1,153.6 423.8 478.1 251.7 57.0 23 8 50.8 24 6 46.3 24 8 50.8 24 6 49.6 24 1 47.3 24 0 46.5 24 1 46.3 24 8 45.4 23 4 44.8 23 1 870.3 586.4 946.8 753.9 1,073.9 765.4 946.8 753.9 982.5 750.4 1,004.1 732.2 1,026.5 746.8 1,073.9 765.4 1,072.9 747.9 1,085.7 764.4 1,456.8 1,700.8 1,839.3 1,700.8 1,732.9 1,736.4 1,773.3 1,839.3 1,820.9 1,850.0 48.0 141 5 56.2 136 3 65.2 163 9 56.2 136 3 59.8 138 6 52.6 141 4 64.1 154 3 65.2 163 9 63.1 149 2 60.0 136 2 88.2 631.9 339.8 207.3 99.9 747.1 424.7 236.6 118.2 828.3 415.3 248.3 99.9 747.1 424.7 236.6 104.9 760.6 435.6 233.4 108.1 769.1 426.6 238.5 112.7 776.7 422.6 242.9 118.2 828.3 415.3 248.3 114.7 855.5 388.0 250.5 116.8 872.1 398.6 266.3 1,456.8 1,700.8 1,839.3 1,700.8 1,732.9 1,736.4 1,773.3 1,839.3 1,820.9 1,850.0 LIABILITIES AND CAPITAL 10 Bank loans 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 Apr. July Seasonally adjusted 1 Total 2 3 4 Consumer Real estate Business . 1,271.6 1,323.8 1,405.2' 519.8 210.5 541.3 543.3 229.2 551.4 568.6' 267.8' 568.8' 572.4' 272.0' 575.4' 1,426.1' 1,427.2' 578.4' 278.1' 569.7' 579.3' 277.2' 570.7' 1,423.4' 1,425.1' 577.5' 278.1' 563.2' 1,427.0 581.5' 280.1' 564.1' 580.0 281.8 565.2 Not seasonally adjusted 5 Total 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases . . . . Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables'" . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables' 1,422.2 1,277.5 1,330.2 1,411.8' 523.9 160.2 83.3 38.9 38.7 547.7 197.0 70.0 37.6 60.9 573.3' 230.0' 62.5 40.5' 96.3' 571.5' 220.7' 62.9 42.2' 98.4' 573.3' 219.5' 63.7 41.6' 99.7' 574.5' 216.1' 64.5 42.6' 101.0' 574.3 212.3 64.9 43.5 102.0 578.6' 208.2' 67.3 44.5' 102.9' 578.4 203.0 68.1 45.5 106.1 151.9 5.7 31.1 14.0 210.6 135.0 39.5 132.8 5.5 31.6 12.2 229.4 152.2 46.7 109.9 4.8 19.3 9.8 268.2' 190.1' 52.7 115.5 4.7 17.8 9.4 270.9' 193.5' 52.5 117.0 4.6 18.0 9.1 271.3' 194.5' 52.3 119.5 4.6 17.3 8.9 274.4' 198.0' 52.0 121.7 4.5 16.5 8.7 275.3 198.9 52.3 125.9 4.5 16.9 8.5 277.9' 199.7' 52.0 126.9 4.4 16.1 8.3 283.6 206.1 51.6 3.2 543.0 60.7 15.4 29.3 16.0 292.1 83.3 208.8 102.5 26.7 3.8 553.1 74.9 18.2 40.3 16.3 277.6 74.6 203.1 105.0 3.5 570.4' 91.6 18.4 46.2 27.0 264.8' 70.6 194.3' 115.3' 21.4 3.5 575.1' 98.9 28.3 43.8 26.9 259.9' 69.9 190.1' 114.3' 21.1 3.5 569.7' 91.9 21.5 42.8 27.5 260.8' 69.6 191.2' 116.5' 20.8 3.5 574.6' 94.0 21.6 45.0 27.5 262.9' 70.6 192.3' 116.5' 20.6 3.5 575.5 97.4 21.7 47.8 27.9 265.2 71.3 193.9 117.1 20.3 5.9 572.1' 99.1 21.9 48.1 29.2 264.5' 70.0 194.5' 114.5' 20.1 5.9 560.2 88.9 22.0 37.7 29.3 265.0 70.8 194.2 116.3 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 49.4 2.2 45.2 2.0 22.1 10.1 12.0 30.4 48.8 49.0 2.2 44.8 2.0 22.1 10.5 11.7 30.1 43.9 2.2 39.7 2.0 21.7 10.0 11.7 30.2 43.2 2.8 40.2 .1 23.4 11.7 11.6 27.5 39.5 2.8 36.6 .1 23.0 11.4 11.6 27.5 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 reelassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release, available at www.federalreserve.gov/releases. 1. Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown 44.6 2.0 21.6 9.9 11.7 30.2 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 • November 2005 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2005 Item 2002 2003 2004 Mar. Apr. May June July Aug. Sept. Terms and y elds in primary and secondary markets PRIMARY MARKETS Terms] 1 Purchase price (thousands of dollars) 2 Amount of loan (thousands of dollars) 4 Maturity (years) 5 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 .51 315.2 231.1 75.6 28.9 .47 307.0 223.8 75.3 29.1 .50 320.8 235.6 75.5 29.1 .51 329.9 238.6 74.4 29.2 .52 330.7 240.4 75.1 29.2 .48 323.1 237.7 75.9 29.1 .52 332.3 243.3 75.5 29.2 .58 6.35 6.44 n.a. 5.71 5.80 n.a. 5.68 5.75 n.a. 5.75 5.82 n.a. 5.77 5.84 n.a. 5.75 5.82 n.a. 5.69 5.76 n.a. 5.69 5.76 n.a. 5.75 5.83 n.a. 5.91 5.99 n.a. n.a. 5.81 n.a. 5.03 n.a. 5.19 n.a. 5.27 n.a. 5.12 n.a. 4.97 n.a. 4.81 n.a. 5.03 n.a. 5.14 n.a. 5.06 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. 864,648 n.a. n.a. 851,936 n.a. n.a. 828,079 n.a. n.a. 808,225 n.a. n.a. 788,786 n.a. n.a. 768,280 n.a. n.a. 727,824 n.a. n.a. 14 Mortgage transactions purchased (during period) 370,641 572,852 262,646 11,206 8,865 11,198 8,964 9,365 11,564 10,021 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. 652,936 n.a. n.a. 656,720 n.a. n.a. 662,063 n.a. n.a. 668,137 n.a. n.a. 665,003 n.a. n.a. 660,035 n.a. n.a. 677,764 n.a. n.a. 684,530 n.a. n.a. 21 Sales n.a. 547,046 n.a. 713,260 n.a. 365,148 n.a. 25,912 n.a. 32,043 n.a. 33,654 n.a. 29,917 n.a. 28,633 n.a. 40,883 n.a. 43,002 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 Q2 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 Q3 Q4 Q1 10,528,910 10,782,720 Q2 7,481,468 8,316,890 5,631,763 447,824 1,284,035 117,846 6,317,394 486,722 1,387,267 125,507 7,120,155 557,262 1,520,260 133,583 7,551,748 582,074 1,590,441 138,320 7,855,714 594,057 1,640,386 140,528 8,079,958 608,519 1,698,721 141,708 8,277,652 617,017 1,745,092 142,960 8,528,458 630,429 1,804,206 146,204 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 3,666,583 2,435,903 1,473,532 110,832 808,610 42,928 966,533 789,486 83,952 92,455 639 264,148 4,603 38,933 206,433 14,179 3,794,619 2,517,411 1,522,198 114,986 836,332 43,894 1,009,323 830,379 85,808 92,508 628 267,885 4,653 39,464 209,489 14,279 3,927,099 2,595,318 1,568,000 119,294 863,467 44,557 1,058,457 875,864 87,526 94,467 598 273,324 4,998 40,453 214,085 13,788 4,033,528 2,689,241 1,633,240 122,807 888,164 45,030 1,069,595 884,854 90,382 93,763 597 274,692 5,024 40,655 215,154 13,859 4,182,828 2,790,446 1,696,037 129,021 919,168 46,220 1,114,589 923,271 95,093 95,620 604 277,793 5,082 41,114 217,578 14,019 373,240 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 0 548,489 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 0 245,883 221,267 24,616 51,849 3,051 48,798 60,808 23,403 37,405 900 900 553,821 44 44 0 70,624 13,464 11,556 42,370 3,235 4,733 1,338 3,394 0 0 0 0 0 11 554,442 42 42 0 70,690 13,338 11,537 42,559 3,255 4,733 1,338 3,394 0 0 0 0 0 11 552,927 39 39 0 70,995 13,274 11,527 42,957 3,237 4,733 1,338 3,394 0 0 0 0 0 9 2 15 0 239,433 219,867 19,566 49,307 2,901 46,406 60,270 27,274 32,996 990 990 543,492 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 59,817 24,147 35,670 944 944 2 7 0 249,515 222,535 26,980 52,793 3,106 49,687 61,360 23,389 37,971 887 887 2 7 0 249,397 222,417 26,980 53,341 3,139 50,202 61,736 23,532 38,204 865 865 6 0 249,230 222,250 26,980 54,769 3,223 51,546 60,986 23,246 37,740 838 838 0 0 0 773,405 494,658 53,759 224,988 0 1,656 1,656 4,029,159 537,888 512,098 25,790 1,082,062 1,072,990 9,072 1,538,287 1,478,610 59,677 0 0 0 0 0 870,555 560,519 59,225 250,811 0 367 367 4,549,742 473,738 444,820 28,918 1,157,339 1,141,241 16,098 1,857,045 1,780,884 76,161 0 0 0 0 0 1,060,617 698,869 67,288 294,460 0 1,003 1,003 4,745,848 458,524 427,943 30,581 1,184,976 1,168,494 16,482 1,879,009 1,803,584 75,425 0 0 0 0 0 1,222,372 833,886 70,688 317,798 0 967 967 4,924,405 452,555 421,364 31,191 1,197,412 1,180,757 16,655 1,892,680 1,816,973 75,707 0 0 0 0 0 1,380,794 979,727 71,953 329,114 0 964 964 5,041,932 441,250 409,103 32,147 1,204,239 1,187,489 16,750 1,895,761 1,819,931 75,830 0 0 0 0 0 1,499,745 1,076,398 75,170 348,177 0 938 938 5,171,334 431,626 399,052 32,574 1,218,978 1,202,023 16,955 1,896,003 1,820,163 75,840 0 0 0 0 0 1,623,845 1,179,834 77,410 366,601 0 882 882 5,324,744 421,223 388,365 32,858 1,245,930 1,228,600 17,330 1,900,149 1,824,143 76,006 0 0 0 0 0 1,756,567 1,289,307 81,555 385,705 0 875 875 711,963 496,514 80,459 111,545 23,445 764,342 547,722 77,330 114,459 24,830 856,522 621,022 80,227 128,848 26,424 906,660 673,389 81,987 123,945 27,338 963,171 722,476 81,517 131,408 27,770 1,006,054 760,459 81,429 136,148 28,018 1,023,416 776,042 80,260 138,844 28,270 1,048,797 798,968 77,794 143,172 28,863 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 3,605,189 591,368 569,460 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. 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 • November 2005 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Apr. May Seasonally adjusted 736,357 1,189,187 2 Revolving . . . 3 Nonrevolving2 2,015,336 2,106,286' 2,114,834' 2,121,240' 2,127,218' 758,278 1,257,058 787,461 1,318,826' 787,665' 1,327,169' 787,151' 1,334,090' 787,719' 1,339,499' 2,142,282' 2,152,246 789,024' 1,338,214' 796,155' 1,346,128' 795,649 1,356,598 Not seasonally adjusted 1,952,788 2,043,170 2,135,930' 2,117,041' 2,111,301' 2,114,710' 2,115,579' 2,128,246' 2,136,678 606,372 237,790 195,744 129,576 68,705 77,520 637,082 675,038 295,424 205,877 114,658 77,850 63,348 610,976 711,386 367,083 215,384 98,363 91,281 64,799 587,634' 696,695 361,538' 215,400' 100,868 90,941 61,595 590,004 690,478 361,170' 216,691' 100,647 90,762 61,007 590,546 693,036 359,787' 219,057' 99,039 91,833 61,056 590,903 690,293 357,828' 221,148' 98,795 92,939 61,022 593,553 691,589 355,666' 221,367' 98,647 94,010 61,228 605,739' 701,181 354,606 225,516 98,128 94,235 61,182 601,828 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 15 Credit unions 16 Federal government and Sallie Mae 17 Savings institutions 18 Nonfinancial business 19 Pools of securitized assets3 757,744 250,197 38,948 22,228 n.a. 16,260 39,848 390,263 780,539 290,667 37,576 22,410 n.a. 23,848 19,363 386,675 811,552 321,765 39,980 23,244 n.a. 27,905 17,899 380,760 787,936' 301,907 41,606 22,511' n.a. 27,438 17,372 377,103 780,168' 295,233 41,023 22,310' n.a. 27,192 17,184 377,225 783,739' 298,478 41,984 22,431' n.a. 27,538 17,262 376,045 784,632' 297,550 42,762 22,622' n.a. 27,896 17,252 376,550 792,297' 301,255 43,766 22,816' n.a. 28,242 17,266 378,951 790,768 303,399 44,712 23,130 n.a. 27,992 17,240 374,295 20 Nonrevolving 21 Commercial banks 22 Finance companies 23 Credit unions 24 Federal government and Sallie Mae 25 Savings institutions 26 Nonfinancial business 27 Pools of securitized assets3 1,195,045 356,175 198,842 173,516 129,576 52,445 37,673 246,819 1,262,632 384,371 257,847 183,467 114,658 54,002 43,986 224,301 1,324,377' 389,621 327,103 192,140 98,363 63,376 46,900 206,874' 1,329,105' 394,789 319,933' 192,889' 100,868 63,503 44,223 212,901 1,331,134' 395,245 320,147' 194,381' 100,647 63,570 43,823 213,321 1,330,971' 394,558 317,803' 196,626' 99,039 64,295 43,794 214,857 1,330,947' 392,744 315,065' 198,526' 98,795 65,043 43,771 217,003 1,335,950' 390,334 311,899' 198,551' 98,647 65,768 43,962 226,788' 1,345,909 397,782 309,894 202,386 98,128 66,243 43,942 227,533 4 Total 5 6 7 8 9 10 11 By major holder Commercial banks Finance companies Credit unions Federal government and Sallie Mae .. Savings institutions Nonfinancial business Pools of securitized assets3 1. The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. Data in this table also appear in the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/ releases. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 3. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 4. Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2005 Item 2002 2003 2004 Jan. Feb. Mar. Apr. May June July 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. 6.86 12.01 n.a. n.a. n.a. n.a. 6.93 12.03 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. 12.21 14.13 n.a. n.a. n.a. n.a. 12.76 14.81 n.a. n.a. n.a. n.a. 4.29 10 74 3.40 9 72 4.36 8 96 5.56 8 95 4.68 9 36 4.35 9 38 4.76 9 41 5.25 9 34 5.55 8 93 5.71 8 55 56.8 57 5 61.4 57 5 60.5 56 8 59.3 57 6 59.1 57 9 59.7 57 9 59.5 57 9 59.2 57 5 59.9 57 5 60.4 57 5 94 100 95 100 89 100 83 98 89 98 88 99 87 99 88 98 88 98 89 97 24,747 14,532 26,295 14,613 24,888 15,136 23,939 15,673 24,290 15,453 24,118 15,395 23,725 15,750 22,989 16,011 23,717 16,316 25,086 16,509 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages -71.2 -71.0 -.2 5 Nonfederal 834.3 1,107.8 1,332.4 1,673.7 1,407.3 2,064.5 1,631.1 1,973.2 1,944.3 2,384.8 -295.9 -294.9 -1.0 -5.6 -5.1 -.5 257.6 257.1 .5 396.0 398.4 -2.4 376.1 384.7 -8.6 502.9 501.9 1.1 367.2 370.8 -3.6 266.3 266.5 -.2 311.2 310.9 .3 630.7 631.5 -.7 1,130.2 1,113.4 1,074.8 1,277.7 1,031.3 1,561.6 1,263.9 1,706.8 1,633.1 1,754.0 5.8 7.2 -1.4 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 26.1 568.4 424.9 39.1 97.9 6.5 114.1 48.1 23.6 162.6 97.7 79.6 550.2 408.0 26.8 108.8 6.5 168.4 -88.3 122.9 347.7 -82.0 8.9 671.6 509.4 40.6 113.8 7.7 132.7 -64.2 159.4 132.3 -87.4 20.3 827.1 685.6 37.2 96.5 7.7 87.4 -40.0 135.1 158.3 -82.0 10.0 1,006.0 802.8 69.9 125.1 8.1 90.4 -74.3 118.8 70.6 -70.7 52.8 883.3 658.2 93.4 123.1 8.6 50.8 33.8 174.0 114.2 -38.6 14.3 1,172.7 989.4 23.7 152.6 7.1 91.0 32.3 70.2 6.7 83.6 -15.2 1,022.8 832.4 67.5 112.5 10.4 63.5 22.4 156.9 51.7 -32.9 39.8 1,345.0 1,104.0 42.3 189.6 9.1 123.9 -25.4 118.3 138.3 116.5 87.7 1,089.2 853.7 55.4 174.2 5.9 108.5 53.7 224.7 34.3 92.0 116.8 1,145.1 925.7 30.3 183.9 5.1 87.4 9.2 123.3 28.1 235.5 82.2 1,247.9 971.2 58.9 206.4 11.4 80.9 17 18 19 20 21 22 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 494.6 570.3 370.6 194.3 5.3 38.5 557.8 556.9 348.9 197.1 10.9 15.5 613.8 393.8 220.6 162.7 10.5 105.8 746.2 184.8 28.4 148.5 7.9 143.9 848.8 311.1 147.3 156.1 7.7 117.8 652.8 271.3 77.2 184.3 9.8 107.2 1,059.5 346.1 202.4 137.5 6.2 156.0 931.7 281.1 98.9 169.0 13.1 51.1 1,091.7 470.2 264.1 187.8 18.3 144.9 945.3 579.3 393.7 177.1 8.5 108.6 985.2 567.0 370.5 193.5 3.1 201.8 1,037.8 672.0 360.6 294.4 16.9 97.4 19.0 16.3 7.9 .5 -5.7 63.0 31.7 21.2 11.4 -1.3 -43.8 -14.2 -18.5 -7.3 -3.8 70.8 36.1 31.6 5.3 -2.3 54.3 22.3 41.9 -7.7 -2.1 105.9 20.2 86.3 -.7 .1 84.2 99.6 -4.3 -6.7 -4.3 -63.6 -30.1 -40.1 7.0 -.4 97.5 24.4 86.8 -9.0 -4.8 210.7 160.7 34.4 18.5 -2.9 17.7 13.7 -4.6 12.1 -3.5 87.6 33.6 60.7 -5.2 -1.6 897.3 1,064.1 1,403.2 1,728.0 1,513.2 2,148.7 1,567.5 2,070.6 2,155.0 2,402.4 1,900.6 23 Foreign net borrowing in United States 24 Commercial paper 25 Bonds 26 Bank loans n.e.c 27 Other loans and advances 28 Total domestic plus foreign Financial sectors 29 Total net borrowing by financial sectors . .. 1,020.6 788.6 890.5 835.5 1,029.0 1,096.6 732.8 859.4 763.5 771.1 648.8 1,124.8 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 .0 513.2 96.9 416.3 .0 127.2 .6 126.7 .0 299.9 211.9 88.0 .0 155.3 93.1 62.1 .0 -110.0 -45.5 -64.6 .0 -143.2 -209.6 66.3 .0 37.9 -84.2 122.1 .0 427.3 176.2 149.9 -12.8 107.1 6.9 353.7 131.7 170.9 3.8 42.5 4.9 247.8 -45.3 252.5 13.0 25.5 2.2 288.8 -63.5 335.8 1.5 6.8 8.2 454.7 -63.8 483.8 -4.8 31.2 8.3 583.4 -110.6 632.9 .1 42.0 19.1 605.5 129.6 352.9 17.5 79.1 26.5 559.5 -2.5 423.7 -25.8 148.1 15.9 608.3 -31.4 590.6 44.2 -15.7 20.6 881.1 41.1 701.6 13.6 85.1 39.6 792.1 122.1 611.9 5.9 27.0 25.2 1,086.9 473.2 501.1 -23.6 114.5 21.7 67.2 48.0 2.2 .7 318.8 274.6 153.8 70.7 .0 10.4 -17.2 91.6 60.0 27.3 .0 -.7 235.2 199.7 165.5 81.9 .0 4.5 15.6 -.3 52.9 -2.0 1.5 .6 304.1 338.5 243.5 1.3 .0 3.2 1.4 -54.6 49.7 -23.4 2.0 2.0 219.8 326.8 194.0 42.2 .0 24.5 -1.7 -.5 49.2 6.1 2.2 2.9 243.7 330.5 239.3 118.2 .0 31.9 6.4 -1.4 89.3 20.8 1.0 2.5 96.9 416.3 200.5 166.9 .0 56.3 -6.6 52.7 182.7 1.1 -2.7 -.4 .6 126.7 169.0 111.2 .0 67.1 51.9 25.6 6.8 166.6 4.9 2.7 211.9 88.0 308.8 -8.4 .0 43.6 2.5 32.1 60.1 -7.0 .9 .1 93.1 62.1 392.5 115.6 .0 102.5 33.2 -89.6 61.2 96.9 6.1 9.7 -45.5 -64.6 365.1 254.6 .0 157.8 -26.6 -43.6 163.0 -30.5 1.5 -1.6 -209.6 66.3 481.2 88.4 .0 61.3 11.2 17.6 41.5 82.4 3.1 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 -84.2 122.1 507.6 -7.2 .0 84.3 -5.2 378.2 36 Federal Reserve Bulletin Statistical Supplement • November 2005 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS '—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 2003 Transaction category or sector 1999 2000 2001 2002 2004 2005 2003 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2,426.9 2,834.2 2,926.0 3,051.2 3,025.4 667.1 70.2 390.2 64.9 132.5 1,038.7 63.5 15.4 421.6 156.9 729.1 2.4 19.3 1,365.6 123.9 176.4 201.1 118.3 874.4 148.6 169.9 1,128.8 108.5 189.4 487.5 224.7 641.7 110.0 140.3 1,170.3 87.4 516.0 43.7 123.3 590.0 206.8 195.0 1,269.6 80.9 All sectors 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 2,071.8 1,685.9 1,954.6 2,238.6 2,757.0 2,609.9 2,881.5 229.9 522.1 54.4 379.5 69.0 127.5 575.3 114.1 211.6 139.0 23.6 354.7 112.8 120.8 555.0 168.4 -147.8 637.1 122.9 581.7 -76.2 30.6 673.8 132.7 -91.5 804.2 159.4 499.7 -80.6 24.7 835.3 87.4 -81.6 970.3 135.1 683.9 -94.5 39.1 1,014.3 90.4 -164.8 889.3 118.8 789.9 -71.3 94.9 902.3 50.8 263.0 630.2 174.0 462.8 -27.8 89.1 1,199.2 91.0 Funds raised thro igh mutual funds and corporate equities 61 Total net issues 62 Corporate equities 63 Nonfinancial corporations 64 Foreign shares purchased by U.S. residents 65 Financial corporations 66 Mutual fund shares 192.7 244.7 299.5 228.8 407.1 436.4 553.9 214.9 301.3 264.3 404.1 88.4 1.5 -110.4 114.3 -2.4 191.2 5.3 -118.2 106.7 16.8 239.4 98.3 -48.1 109.1 37.3 201.2 46.3 -41.6 17.0 71.0 182.4 119.1 -57.8 114.2 62.7 288.0 106.2 -69.0 108.0 67.3 330.1 89.8 -82.2 66.5 105.5 464.1 99.3 -159.5 160.9 97.9 115.6 -7.9 -203.2 67.0 128.4 309.2 -43.3 -183.2 38.5 101.4 307.6 3.9 -226.0 159.3 70.6 400.2 -140.6 -294.4 83.3 70.6 228.9 1. Data in this table also appear in the Board's Z.I 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 NET LENDING IN CREDIT MARKETS 2 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 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 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 2,071.8 1,685.9 1,954.6 2,238.6 2,757.0 2,609.9 2,881.5 2,426.9 2,834.2 2,926.0 3,051.2 3,025.4 125.7 45.0 -21.7 -2.4 104.8 6.4 171.2 1,768.5 25.7 312.2 318.6 -17.0 6.2 4.4 67.2 27.5 53.5 -3.0 99.3 45.5 184.9 48.4 9.6 287.3 274.6 174.5 97.1 .0 -1.2 -34.7 97.3 23.1 -75.2 26.1 .0 72.1 11.6 241.9 1,409.2 33.7 357.9 339.5 23.9 -12.2 6.7 56.2 28.0 57.9 -8.7 -96.4 36.3 138.3 20.9 -5.6 246.0 199.7 152.5 108.6 .0 -4.4 68.9 17.3 -66.6 -162.2 -4.3 6.4 93.4 6.0 305.3 1,709.9 39.9 205.2 191.6 -.6 4.2 10.0 44.6 41.5 130.9 9.0 13.3 -53.8 267.3 126.1 3.2 304.7 338.5 230.1 -4.8 .0 8.7 92.4 -96.6 105.6 -6.5 26.0 -.4 86.5 9.6 422.7 1,700.7 77.7 404.4 393.8 6.2 3.1 1.3 33.6 42.7 233.0 39.9 25.7 -50.7 -17.7 144.2 8.6 224.1 326.8 202.0 21.2 .0 25.4 28.4 -85.1 314.0 259.0 -.8 3.2 52.5 -2.5 531.6 1,914.0 37.2 299.5 323.3 -43.0 8.6 10.6 126.3 50.7 180.6 67.0 14.2 -33.4 -95.9 137.7 36.2 236.5 330.5 245.9 84.2 .0 23.5 79.6 86.5 333.7 356.3 -103.6 3.9 77.1 -4.3 644.6 1,635.8 32.9 221.0 300.6 -88.0 .2 8.1 152.6 -4.8 102.0 93.3 47.4 11.0 -223.4 90.8 16.1 32.8 416.3 219.4 106.5 .0 38.0 320.0 -33.2 -134.7 -255.5 23.5 3.1 94.2 4.7 814.0 2,197.5 22.1 863.9 828.1 22.7 1.2 11.9 202.2 47.0 216.7 105.3 44.7 21.3 -212.1 231.7 9.9 18.8 126.7 181.6 172.1 .0 94.3 -190.0 235.3 157.5 85.7 42.6 3.0 26.2 -11.9 793.6 1,487.7 53.5 486.6 495.7 -25.3 -2.3 18.5 168.4 58.8 162.2 65.1 22.9 -22.7 -151.8 8.1 21.7 168.0 88.0 326.1 64.9 .0 27.9 -118.8 48.4 487.7 468.5 -37.4 2.5 54.0 24.6 593.0 1,728.9 71.3 263.5 252.7 -2.7 3.0 10.5 162.9 18.9 158.2 73.5 44.9 -64.8 -155.6 103.4 .3 104.3 62.1 400.1 90.7 .0 64.4 302.8 14.9 348.6 219.5 61.7 1.5 65.9 -1.9 817.0 1,762.3 57.6 714.7 615.5 86.5 -2.0 14.8 272.3 43.3 154.9 50.6 27.0 -8.5 19.6 125.2 12.7 -106.0 -64.6 329.8 197.0 .0 78.0 -110.7 -34.9 66.0 -74.8 9.0 1.2 130.5 -.7 788.1 2,197.8 -10.5 1,008.7 792.5 213.6 -9.4 12.0 1.4 42.4 205.1 88.9 7.5 -.6 -198.5 206.9 6.4 -65.5 66.3 471.9 53.6 .0 23.0 67.3 203.5 -69.4 -212.0 39.3 .3 102.9 -13.5 750.1 2,358.2 32.0 605.6 429.2 132.8 29.4 14.2 247.1 37.2 63.0 49.2 46.5 36.9 -78.5 117.5 1.7 -66.5 122.1 488.2 16.1 .0 49.6 316.0 259.8 2,071.8 1,685.9 1,954.6 2,238.6 2,757.0 2,609.9 2,881.5 2,426.9 2,834.2 2,926.0 3,051.2 3,025.4 -8.7 -3.0 1.0 48.9 18.1 151.2 45.1 131.1 251.7 169.0 1.5 191.2 262.5 104.4 50.8 113.5 22.9 -88.3 1,179.7 -.4 -4.0 2.4 126.9 12.0 -71.4 188.8 116.2 232.5 114.5 5.3 239.4 402.3 146.1 50.2 189.8 25.9 -53.8 1,376.7 4.3 .0 1.3 6.8 -28.0 204.3 267.2 68.6 428.5 23.7 98.3 201.2 -80.4 3.1 77.2 213.2 14.5 -24.5 681.6 3.2 .0 1.0 21.0 17.4 43.5 270.9 50.1 -16.7 106.6 46.3 182.4 70.8 -87.0 60.1 181.4 22.2 -81.7 477.1 -.9 .0 .6 22.3 -4.0 133.8 229.4 62.0 -207.5 227.2 119.1 288.0 102.4 132.5 66.8 191.9 8.8 -76.0 511.6 -9.3 .0 .0 92.0 70.8 230.8 135.8 88.9 -387.8 490.5 106.2 330.1 115.0 -272.2 110.1 169.7 -11.6 -108.3 -246.1 152.4 -230.0 180.6 196.5 279.1 -132.4 259.9 89.8 464.1 305.0 285.2 25.5 254.1 37.9 -46.5 1,738.8 -4.8 .0 1.2 16.2 96.2 115.1 403.1 178.3 -85.9 -278.2 99.3 115.6 170.2 177.1 34.7 163.7 23.1 -14.6 921.0 .7 79.8 -183.6 77.6 183.0 207.5 -157.9 396.8 -7.9 309.2 217.5 -10.2 37.9 213.5 22.0 -82.7 1,285.5 196.6 10.7 224.1 215.0 323.0 -169.9 -47.4 -43.3 307.6 248.2 214.3 34.4 208.2 15.8 -57.4 1,241.9 371.2 348.6 110.9 72.4 259.6 -71.4 597.9 3.9 400.2 186.9 9.8 56.0 232.5 36.7 -24.9 666.9 .0 1.1 49.8 -26.1 4.3 225.9 237.5 60.7 425.7 -140.6 228.9 237.1 73.2 54.6 224.6 3.5 -83.2 1,338.2 3,607.4 4,564.9 3,514.6 6,739.5 4,558.1 5,420.7 5,844.8 6,294.9 5,943.5 -.5 82.3 22.2 -162.3 15.7 357.8 .4 339.6 10.1 612.4 -54.8 -462.3 -55.2 -10.7 170.1 -.6 178.9 -18.3 5.0 -56.0 -35.5 5.4 -25.9 5,918.9 5,716.2 RELATION OF LIABILITIES TO FINANCIAL ASSETS 33 Net flows through credit markets 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Other financial sources Official foreign exchange Special drawing rights certificates . Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency . Small time and savings deposits . . Large time deposits Money market fund shares Security repurchase agreements . . Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors' equity . Miscellaneous 4,785.3 53 Total financial sources . 54 55 56 57 58 59 Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements . . . . Taxes payable Miscellaneous Floats not included in assets (-) 60 Federal government checkable deposits 61 Other checkable deposits 62 Trade credit 63 Total identified to sectors as assets . .. 36.3 10.8 -242.2 -1.2 64.1 17.3 133.9 32.6 -379.2 -7.5 17.2 -65.2 21.4 -294.2 -.6 7.9 7.2 40.1 19.7 -43.5 -.3 49.6 -4.4 -25.9 -31.5 -65.6 -.7 108.9 -34.2 253.2 -42.7 -918.8 -.4 92.4 .7 -139.1 1.6 424.1 .0 -53.1 70.4 -285.0 12.5 550.9 -.3 124.9 -33.4 84.7 21.4 -92.9 -7.4 -.8 23.6 9.0 -.3 23.5 5.7 -.5 10.9 -1.6 -.7 149.9 -8.9 .0 38.7 2.7 .4 -3.0 70.3 2.2 38.6 -15.3 2.6 -41.8 23.9 2.9 46.2 4,427.6 3,428.8 4,613.2 4,148.9 6,249.1 4,316.9 5,243.2 -.7 31.8 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.I and F.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 5,433.8 38 1.59 Federal Reserve Bulletin Statistical Supplement • November 2005 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2003 Transaction category or sector 2000 2001 2002 2004 2005 2003 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nonfinancial sectors 1 Total credit market debt owed by domestic nonflnancial sectors By sector and instrument 2 Federal government 3 Treasury securities 4 Budget agency securities and mortgages 18,098.8 19,207.2 20,539.7 22,245.8 22,245.8 22,685.7 23,073.1 23,600.1 24,163.8 24,674.6 25,115.1 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 4,033.1 4,008.2 24.9 4,168.9 4,143.8 25.1 4,209.6 4,185.4 24.2 4,292.9 4,268.7 24.2 4,395.0 4,370.7 24.3 4,559.7 4,535.6 24.1 4,516.8 4,493.1 23.7 14.713.8 15,827.8 16,902.6 18,212.7 18,212.7 18,516.7 18,863.5 19,307.2 19,768.9 20,114.9 20,598.2 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 6.724.4 5 122 3 388.2 1.103.7 110.2 1.732.7 190.1 1,603.7 2,578.0 1,253.6 941.0 7,395.9 5 631 8 428.8 1,217.5 117.8 1,865.4 126.0 1,763.1 2,710.3 1,166.2 961.3 8,223.0 6,317.4 466.0 1,314.1 125.5 1,952.8 85.9 1,898.2 2,868.6 1,116.6 971.3 9,229.0 7,120.2 536.0 1,439.2 133.6 2,043.2 85.9 1,898.2 2,868.6 1,116.6 971.3 9,229.0 7,120.2 536.0 1,439.2 133.6 2,043.2 95.5 1,940.4 2,897.1 1,101.4 969.5 9,484.8 7,335.2 541.9 1,472.3 135.3 2,028.0 102.5 1,974.0 2,898.8 1,121.6 976.8 9,750.0 7,551.8 558.8 1,501.1 138.3 2,039.8 109.3 1,993.6 2,911.7 1,114.1 981.0 10,112.9 7,855.7 569.3 1,547.3 140.5 2,084.6 101.7 2,028.0 2,946.3 1,148.8 1,003.0 10,401.2 8,079.9 583.2 1,596.4 141.7 2,139.9 115.6 2,082.6 2,954.9 1,166.3 1,025.2 10,648.5 8,277.6 590.8 1,637.2 142.9 2,121.9 114.6 2,130.6 2,961.9 1,224.5 1,058.9 10,969.6 8,528.4 605.5 1,689.5 146.2 2,138.1 17 18 19 20 21 22 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government 7,007.7 6,513.7 4,535.6 1,796.7 181.5 1,192.3 7,621.5 6,908.1 4,756.8 1,959.3 192.0 1,298.1 8,367.7 7,092.9 4,785.2 2,107.8 199.8 1,442.0 9,236.9 7,416.0 4,944.5 2,264.0 207.6 1,559.7 9,236.9 7,416.0 4,944.5 2,264.0 207.6 1,559.7 9,427.4 7,490.8 4,986.4 2,298.7 205.6 1,598.6 9,667.9 7,568.7 5,015.0 2,341.1 212.5 1,626.9 9,983.2 7,679.2 5,074.8 2,386.9 217.5 1,644.8 10,258.8 7,835.2 5,184.2 2,431.9 219.1 1,674.9 10,427.2 7,962.7 5,265.9 2,480.6 216.2 1,724.9 10,694.3 8,138.0 5,359.6 2,554.3 224.1 1,766.0 23 Foreign credit market debt held in United States 727.6 683.9 754.6 808.9 808.9 829.9 814.7 839.1 891.1 895.9 918.7 24 25 26 27 120.9 486.0 70.5 50.2 106.7 467.5 63.2 46.4 142.8 499.1 68.6 44.1 165.1 541.0 60.9 42.0 165.1 541.0 60.9 42.0 190.0 539.9 59.2 40.8 183.4 529.9 60.9 40.5 189.2 551.6 58.7 39.7 228.7 560.2 63.3 38.9 232.6 559.0 66.3 38.0 242.1 574.2 65.1 37.3 18,826.5 19,891.1 21,294.3 23,054.7 23,054.7 23,515.5 23,887.8 24,439.2 25,054.9 25,570.5 26,033.8 5 Nonfederal Commercial paper Bonds Bank loans n.e.c Other loans and advances 28 Total credit market debt owed by nonflnancial sectors, domestic and foreign Financial sectors 29 Total credit market debt owed by financial sectors 8,153.3 9,043.8 9,879.3 10,894.2 10,894.2 11,049.6 11,244.5 11,456.6 11,690.8 11,826.5 12,084.8 30 31 32 33 34 35 36 37 38 39 By instrument Federal government-related Government-sponsored enterprise securities . . . Mortgage pool securities Loans from U.S. government Private Open market paper Corporate bonds Bank loans n.e.c Other loans and advances Mortgages 4,319.7 1,826.4 2,493.2 .0 3,833.6 1,214.7 2,006.2 91.1 438.3 83.4 4,962.3 2,130.6 2,831.8 .0 4,081.5 1,169.4 2,258.7 104.1 463.7 85.6 5,509.0 2,350.4 3,158.6 .0 4,370.3 1,105.9 2,594.5 105.6 470.5 93.8 6,083.3 2,594.1 3,489.1 .0 4,811.0 1,042.1 3,064.3 100.8 501.7 102.1 6,083.3 2,594.1 3,489.1 .0 4,811.0 1,042.1 3,064.3 100.8 501.7 102.1 6,104.4 2,594.3 3,510.2 .0 4,945.1 1,055.0 3,160.1 104.8 516.6 108.7 6,170.7 2,647.3 3,523.5 .0 5,073.8 1,028.2 3,275.5 99.2 558.1 112.7 6,214.1 2,670.5 3,543.6 .0 5,242.5 1,022.0 3,435.9 112.5 554.3 117.8 6,201.4 2,659.2 3,542.2 .0 5,489.4 1,076.3 3,596.3 113.2 575.8 127.7 6,154.3 2,606.8 3,547.5 .0 5,672.2 1,087.9 3,757.1 114.6 578.6 134.0 6,153.9 2,585.7 3,568.2 .0 5,930.9 1,179.2 3,890.7 109.6 611.9 139.4 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 1,524.0 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 1,767.5 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 1,961.5 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 2,186.8 47.0 939.6 16.0 227.7 447.4 339.3 321.8 268.3 9.1 8.0 2,594.1 3,489.1 2,186.8 47.0 939.6 16.0 227.7 447.4 355.8 347.5 267.2 8.4 7.9 2,594.3 3,510.2 2,222.7 60.0 959.0 16.0 244.4 456.1 358.7 351.5 308.0 9.6 8.6 2,647.3 3,523.5 2,301.5 60.6 963.1 16.0 255.3 440.8 356.8 366.6 308.2 9.9 8.6 2,670.5 3,543.6 2,395.3 68.9 995.1 16.0 295.8 421.3 357.5 381.3 332.8 11.4 11.1 2,659.2 3,542.2 2,495.6 62.2 1,057.8 16.0 335.3 428.5 373.0 403.3 324.3 11.8 10.7 2,606.8 3,547.5 2,609.8 65.0 1,071.3 16.0 350.6 436.5 383.4 408.6 344.1 12.5 11.2 2,585.7 3,568.2 2,738.2 63.7 1,075.9 16.0 371.6 505.4 All sectors 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 26,979.7 28,934.9 31,173.5 33,948.9 33,948.9 34,565.1 35,132.3 35,895.8 36,745.7 37,397.0 38,118.6 1,614.0 7,704.8 1,480.9 4,722.5 1,496.6 1,420.5 6,807.7 1,732.7 1,466.2 8,341.8 1,603.7 5,304.2 1,421.0 1,451.1 7,481.5 1,865.4 1,374.7 9,146.0 1,763.1 5,803.9 1,340.4 1,475.9 8,316.8 1,952.8 1,293.1 10,116.3 1,898.2 6,473.8 1,278.3 1,515.0 9,331.0 2,043.2 1,293.1 10,116.3 1,898.2 6,473.8 1,278.3 1,515.0 9,331.0 2,043.2 1,340.4 10,273.4 1,940.4 6,597.1 1,265.3 1,527.0 9,593.5 2,028.0 1,314.2 10,380.3 1,974.0 6,704.2 1,281.8 1,575.4 9,862.6 2,039.8 1,320.5 10,507.1 1,993.6 6,899.2 1,285.3 1,575.0 10,230.7 2,084.6 1,406.7 10,596.3 2,028.0 7,102.8 1,325.3 1,617.7 10,528.9 2,139.9 1,436.1 10,713.9 2,082.6 7,271.0 1,347.2 1,641.7 10,782.6 2,121.9 1,535.9 10,670.8 2,130.6 7,426.9 1,399.1 1,708.2 11,109.1 2,138.1 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.l 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 26,979.7 28,934.9 31,173.5 33,948.9 33,948.9 34,565.1 35,132.3 35,895.8 36,745.7 37,397.0 38,118.6 3,568.4 2,363.2 250.4 63.2 891.5 272.6 2,590.8 20,547.9 511.8 5,006.3 4,419.5 511.3 20.5 55.0 1,088.8 379.7 1,943.9 509.4 624.0 743.2 1,317.5 1,097.7 105.3 1,794.4 2,493.2 1,434.1 851.2 32.1 37.5 223.6 318.9 3,448.9 2,148.2 246.1 69.7 985.0 278.6 2,949.0 22,258.3 551.7 5,210.5 4,610.1 510.7 24.7 65.0 1,133.4 421.2 2,074.8 518.4 637.3 689.4 1,584.9 1,223.8 108.5 2,099.1 2,831.8 1,664.2 846.4 32.1 46.2 316.0 223.8 3,502.2 2,089.3 272.1 69.3 1,071.4 288.2 3,424.1 23,959.1 629.4 5,614.9 5,003.9 516.9 27.8 66.3 1,167.0 463.9 2,307.8 558.3 663.0 638.7 1,567.1 1,368.0 117.1 2,323.2 3,158.6 1,866.1 867.6 32.1 71.7 344.4 138.7 3,839.4 2,371.6 271.3 72.6 1,124.0 285.6 3,918.4 25,905.5 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 2,488.3 625.2 677.2 605.3 1,471.3 1,505.7 153.3 2,559.7 3,489.1 2,098.0 951.8 32.1 95.2 424.1 225.2 3,839.4 2,371.6 271.3 72.6 1,124.0 285.6 3,918.4 25,905.5 666.7 5,960.8 5,361.7 485.8 36.4 76.9 1,293.3 514.5 2,488.3 625.2 677.2 605.3 1,471.3 1,505.7 153.3 2,559.7 3,489.1 2,098.0 951.8 32.1 95.2 424.1 225.2 3,749.6 2,264.5 266.0 73.3 1,145.8 286.8 4,113.6 26,415.0 674.1 6,135.3 5,525.9 492.9 36.7 79.9 1,370.8 524.2 2,546.3 651.5 688.4 610.6 1,416.9 1,558.9 155.8 2,555.7 3,510.2 2,137.2 989.2 32.1 118.8 405.0 264.0 3,825.8 2,329.8 269.3 74.1 1,152.6 283.8 4,321.2 26,701.5 687.4 6,270.2 5,665.7 484.0 36.1 84.5 1,408.6 541.5 2,586.1 667.8 694.2 604.9 1,352.0 1,558.9 161.2 2,603.8 3,523.5 2,220.2 1,009.9 32.1 125.8 325.5 255.3 3,909.8 2,403.3 269.4 74.7 1,162.5 289.9 4,475.4 27,220.6 700.3 6,336.9 5,734.3 478.6 36.9 87.1 1,453.0 547.7 2,631.6 686.2 705.4 588.7 1,321.6 1,586.7 161.3 2,631.3 3,543.6 2,315.9 1,033.5 32.1 156.7 453.5 258.7 4,042.2 2,489.1 293.9 75.1 1,184.1 289.5 4,679.7 27,734.4 717.8 6,543.0 5,909.7 506.1 36.4 90.8 1,514.7 556.5 2,661.4 698.8 712.1 586.6 1,346.3 1,622.8 164.5 2,605.9 3,542.2 2,407.4 1,083.0 32.1 176.2 394.9 291.1 4,016.3 2,443.2 283.1 75.4 1,214.6 289.3 4,866.7 28,224.7 717.3 6,751.8 6,062.4 561.6 34.0 93.8 1,523.3 565.0 2,718.2 721.1 714.0 586.4 1,294.3 1,670.0 166.0 2,581.4 3,547.5 2,519.3 1,090.7 32.1 181.9 440.0 322.3 4,043.2 2,442.0 285.5 75.5 1,240.3 285.9 5,065.3 28,724.1 724.7 6,918.3 6,187.4 592.1 41.4 97.4 1,579.5 576.9 2,732.6 733.4 725.6 595.6 1,252.7 1,696.5 166.5 2,571.2 3,568.2 2,642.8 1,099.6 32.1 194.3 466.2 361.6 26,979.7 28,934.9 31,173.5 33,948.9 33,948.9 34,565.1 35,132.3 35,895.8 36,745.7 37,397.0 38,118.6 46.1 2.2 23.2 803.3 221.3 1,413.1 2,860.4 1,052.6 1,812.1 1,197.3 4,435.3 822.7 819.1 9,000.1 2,747.7 204.8 10,582.6 46.8 2.2 24.5 810.1 191.4 1,603.2 3,127.6 1,121.1 2,240.6 1,233.7 4,135.5 825.9 880.0 8,571.8 2,667.3 219.2 11,387.6 55.8 25.5 831.1 206.0 1,646.7 3,398.5 1,171.3 2,223.9 1,340.3 3,638.4 738.8 920.9 7,814.8 2,738.1 241.4 11,999.5 62.3 2.2 26.0 853.4 203.5 1,780.6 3,627.9 1,233.2 2,016.4 1,567.5 4,653.2 871.3 1,013.2 9,193.6 2,840.5 250.2 12,410.2 62.3 2.2 26.0 853.4 203.5 1,780.6 3,627.9 1,233.2 2,016.4 1,567.5 4,653.2 871.3 1,013.2 9,193.6 2,840.5 250.2 12,410.2 61.5 2.2 26.2 891.5 117.8 1,791.8 3,721.5 1,332.2 1,968.9 1,618.4 4,912.0 952.8 1,022.5 9,396.1 2,897.6 264.8 12,673.5 58.9 2.2 26.5 895.6 135.8 1,847.9 3,793.9 1,379.3 1,914.8 1,569.2 4,966.2 987.2 1,031.9 9,497.0 2,942.9 270.1 12,782.6 58.7 2.2 26.7 915.5 102.6 1,857.4 3,831.0 1,437.2 1,866.4 1,673.5 4,983.2 985.5 1,038.2 9,493.9 3,003.9 283.1 12,969.7 62.2 2.2 26.7 964.7 126.6 1,929.9 3,877.3 1,505.6 1,879.8 1,650.3 5,436.0 1,037.9 1,060.4 10,115.3 3,075.7 274.9 13,472.5 56.3 2.2 26.9 1,057.5 186.0 1,922.4 3,941.5 1,576.6 1,841.0 1,786.7 5,471.6 1,051.5 1,069.4 9,922.8 3,103.6 289.3 13,557.3 54.3 2.2 27.2 1,070.0 171.0 1,954.1 3,970.4 1,638.3 1,832.4 1,916.0 5,605.5 1,058.5 1,086.6 10,132.2 3,166.3 290.1 13,774.5 51 Total liabilities 65,023.6 68,023.4 70,166.8 76,554.1 76,554.1 78,216.4 79,234.7 80,424.4 83,243.7 84,259.6 85,868.1 Financial assets not included in liabilities (+) 52 Gold and special drawing rights 53 Corporate equities 54 Household equity in noncorporate business . . . 21.6 17,627.0 4,883.5 21.8 15,310.6 4,990.4 23.2 11,900.5 5,161.3 23.7 15,618.5 5,527.7 23.7 15,618.5 5,527.7 23.7 15,953.0 5,592.6 23.7 16,108.6 5,735.7 23.8 15,771.0 5,935.4 24.6 17,378.0 6,098.3 22.6 16,993.0 6,374.3 22.3 17,157.4 6,564.0 -8.5 628.6 -4.3 417.9 120.0 -3,392.1 -8.6 621.1 11.1 365.3 93.4 -3,477.4 -9.1 629.0 15.5 405.5 120.7 -3,292.6 -9.5 678.6 12.6 379.5 73.9 -3,063.2 -9.5 678.6 12.6 379.5 73.9 -3,063.2 -9.6 701.7 16.5 340.8 63.0 -3,130.0 -9.5 688.4 27.4 290.6 81.7 2,967.0 -9.6 719.6 20.4 324.1 92.8 2,918.3 -9.7 740.2 27.3 254.1 98.1 -2,959.2 -9.6 825.1 35.1 404.1 94.5 -3,196.1 -9.4 811.3 23.3 468.1 99.2 -3,195.4 -2.3 22.0 135.0 -12.3 21.6 145.9 -11.7 20.9 295.8 -17.9 20.8 334.5 -17.9 20.8 334.5 1.1 17.4 314.1 .1 21.5 254.9 3.1 14.7 280.9 11.2 23.6 360.2 4.9 20.9 314.8 1.7 25.6 258.0 89,639.2 90,586.3 89,078.1 99,314.7 99,314.7 101,470.7 102,714.7 103,626.8 108,198.9 109,155.8 111,129.4 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 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 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 RELATION OF LIABILITIES TO FINANCIAL ASSETS 33 Total credit market debt 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 55 56 57 58 59 60 Other liabilities Official foreign exchange Special drawing rights certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous Liabilities not identified as assets (-) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit 64 Totals identilled to sectors as assets 1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.I and L.5, available at www.federalreserve.gov/releases. 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • November 2005 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2004 2004 2005 2004 2005 2005 Series Q4' Ql' Q2' Q3' Q4' Ql' Q2' Q3' Capacity (percent of 2002 output) Output (2002=100) Q4' Ql' Q2' Q3' Capacity utilization rate (percent)2 1 Total Industry 106.2 107.2 107.6 107.9 133.7 134.2 134.7 135.3 79.4 79.9 79.9 79.7 2 Manufacturing 3 Manufacturing (NAICS) 107.1 107.6 108.3 108.7 108.6 109.0 109.2 109.7 137.0 138.3 137.6 138.9 138.3 139.6 139.1 140.4 78.2 77.8 78.7 78.3 78.5 78.1 78.5 78.1 4 5 Durable manufacturing Primary metal 112.4 105.2 114.2 102.7 114.9 98.0 116.8 98.9 147.3 123.7 148.5 123.7 150.0 123.8 151.5 123.9 76.3 85.0 76.9 83.0 76.6 79.1 77.1 79.8 6 7 8 9 Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills 104.7 113.2 137.7 105.2 114.1 146.1 105.6 114.6 151.8 106.5 115.2 159.7 141.7 144.5 188.9 141.9 144.4 194.5 142.2 144.3 201.2 142.6 144.3 208.6 73.9 78.3 72.9 74.2 79.0 75.1 74.3 79.4 75.4 74.6 79.8 76.5 103.4 109.7 103.9 110.6 104.4 109.4 107.5 112.6 127.6 136.2 127.2 137.1 126.8 138.2 126.5 139.5 81.1 80.5 81.7 80.7 82.3 79.1 84.9 80.7 103.3 101.8 102.5 91.8 106.0 102.1 103.2 91.9 110.1 102.0 104.0 90.1 105.6 101.2 104.3 91.8 158.5 127.5 129.2 122.3 159.1 127.4 129.3 121.3 159.8 127.3 129.3 120.3 160.6 127.3 129.4 119.4 65.2 79.9 79.4 75.1 66.6 80.1 79.8 75.8 68.8 80.1 80.4 74.9 65.8 79.5 80.6 76.9 99.1 106.1 104.3 103.3 99.7 99.8 106.2 104.1 103.7 102.1 97.6 106.8 104.0 103.2 102.6 96.3 102.5 101.3 104.7 100.9 116.0 113.6 134.8 121.5 117.4 116.0 113.7 135.1 121.3 117.7 115.9 113.9 135.3 121.1 117.8 115.8 114.0 135.6 120.8 117.9 85.5 93.4 77.4 85.0 84.9 86.0 93.4 77.1 85.5 86.8 84.2 93.8 76.8 85.3 87.1 83.1 89.9 74.7 86.7 85.6 20 Mining 21 Electric and gas utilities 99.4 103.7 100.4 103.1 100.4 104.8 96.4 107.1 112.5 122.8 112.2 123.0 112.0 123.0 111.9 122.9 88.3 84.4 89.4 83.9 89.6 85.2 86.1 87.2 MEMOS 22 Computers, communications equipment, and semiconductors 148.6 159.5 165.7 176.1 204.1 211.9 221.8 233.6 72.8 75.3 74.7 75.4 23 Total excluding computers, communications equipment, and semiconductors 104.1 104.7 104.9 104.8 130.4 130.5 130.7 130.8 79.8 80.2 80.3 80.1 24 Manufacturing excluding computers, communications equipment, and semiconductors 104.6 105.3 105.4 105.5 133.1 133.3 133.5 133.8 78.6 79.0 78.9 78.9 10 11 12 13 14 15 16 17 18 19 Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 2.12 41 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2005 2004 Series Low High Low Oct. May June July' Aug.' Sept.' Oct.p Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.1 86.6 70.7 85.1 78.6 79.2 79.8r 80.3r 80.2 80.2 78.9 79.5 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.6 71.4 86.2 86.3 68.4 67.8 85.5 85.5 77.1 76.9 78.1 77.8 78.6' 78.1' 78.7' 78.2' 78.6 78.2 78.8 78.4 78.1 77.7 79.0 78.7 89.4 101.9 69.7 69.7 86.8 90.4 62.8 46.9 84.6 94.9 73.4 74.6 76.3 85.1 76.7' 79.9' 76.8' 77.1' 76.8 76.9 77.5 79.8 77.1 82.6 78.5 82.3 91.7 94.5 69.7 74.5 82.8 92.6 61.8 58.2 81.7 85.3 72.6 73.9 74.0 78.4 74.4' 79.4' 74.2' 79.7' 74.5 80.6 74.7 79.1 74.8 79.8 76.1 79.6 86.9 66.1 89.4 76.4 81.5 75.9 72.8 75.7' 75.5' 76.0 76.7 76.9 77.2 99.3 95.6 68.0 54.6 91.9 95.2 64.7 45.0 89.0 89.3 77.0 56.0 80.8 80.7 82.3' 78.7' 82.9' 80.4' 83.9 78.5 84.9 81.0 86.0 82.6 88.1 81.8 75.8 87.6 67.5 72.4 86.7 85.8 68.8 75.6 87.3 86.9 81.3 81.5 64.5 79.8 69.1' 80.0' 68.8' 80.2' 69.2 80.2 69.6 79.8 58.5 78.5 70.2 79.0 86.3 89.5 77.6 61.9 84.5 89.9 80.6 72.6 85.9 91.5 81.1 77.6 79.3 76.2 80.7' 74.7' 80.8' 75.7' 81.0 76.8 80.3 76.9 80.6 76.9 80.6 77.3 96.7 92.2 85.3 96.1 86.0 74.3 80.8 69.1 61.8 75.5 95.2 91.7 83.2 90.2 88.5 81.3 70.4 68.0 71.3 86.1 93.6 89.0 85.0 89.5 91.0 85.6 83.0 80.0 76.2 80.7 85.6 92.2 77.5 85.2 84.3 83.5' 92.7' 76.8' 85.1' 87.6' 84.4' 94.7' 76.7' 85.0' 86.6' 83.3 92.6 76.5 85.4 85.7 83.0 91.4 75.8 86.2 85.7 83.0 85.7 71.8 88.5 85.2 83.4 84.1 73.5 88.1 85.9 20 Mining 21 Electric and gas utilities 93.6 96.3 87.6 82.7 93.9 88.2 78.7 77.6 86.1 92.7 83.6 84.1 86.9 83.8 89.1' 83.7' 90.0' 88.0' 89.1 88.0 88.5 87.2 80.9 86.4 80.4 84.8 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.4 88.7 74.0 80.9 74.0 72.8 74.9' 74.5' 74.8 75.6 75.8 75.8 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.5 85.5 78.8 79.6 80.1' 80.7' 80.6 80.6 79.2 79.9 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.3 68.1 86.0 77.3 78.5 79.0 79.1' 79.0 79.2 78.4 79.5 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.17 statistical 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, on the Board's websitewww.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision will be described in an upcoming issue of the Federal Reserve 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 2.13 Federal Reserve Bulletin Statistical Supplement • November 2005 INDUSTRIAL PRODUCTION Indexes and Gross Value' Monthly data seasonally adjusted Group 2002 proportion 2004 Apr.' May' July' Aug.' Sept. Index (2002=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 105.8 106.0 106.7 106.9 107.4 107.3 107.2 107.4 108.3 108.3 108.5 106.9 59.0 31.1 8.9 4.7 0.4 1.5 2.4 22.1 18.3 9.8 1.0 4.9 2.1 3.9 104.8 103.1 106.9 109.3 113.6 103.9 103.2 101.6 101.5 102.7 88.2 102.2 99.6 101.9 06.0 03.6 07.7 10.7 14.3 04.0 03.3 01.9 02.2 02.7 86.7 04.0 00.7 01.0 106.2 103.7 107.3 109.9 112.6 104.4 103.2 102.2 102.3 103.0 87.7 103.3 101.1 102.1 106.9 104.1 107.3 110.1 106.6 104.1 103.4 102.9 102.6 103.0 87.0 103.7 103.4 104.1 107.1 103.9 106.3 108.2 108.2 104.2 103.6 102.9 103.1 103.5 86.0 103.8 105.6 102.0 107.6 104.7 109.7 113.9 115.0 104.5 103.8 102.8 103.2 103.0 85.8 105.5 104.5 101.1 107.7 104.6 107.7 110.3 113.1 105.5 102.9 103.4 103.1 103.2 85.1 104.7 105.2 104.6 107.7 104.1 106.0 107.8 115.2 102.9 103.0 103.3 103.3 103.2 85.4 105.2 105.6 103.1 108.1 104.6 107.1 109.3 124.7 104.0 102.5 103.5 103.9 104.2 83.3 105.4 106.2 102.0 109.0 105.8 108.5 111.7 120.4 105.6 102.5 104.7 104.0 104.7 82.9 105.2 105.6 107.2 109.1 105.2 107.1 109.5 116.1 105.2 102.3 104.4 103.8 104.7 84.7 104.2 104.7 107.1 109.4 105.6 110.1 114.3 114.1 106.8 103.1 103.8 103.3 103.8 85.0 103.9 104.7 106.1 108.7 106.1 112.4 117.5 108.8 108.3 105.0 103.6 103.6 104.3 87.0 104.2 103.8 103.5 110.0 105.7 111.6 116.0 109.7 107.6 105.1 103.4 103.8 104.2 84.8 104.8 104.9 101.9 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.3 1.9 3.1 5.3 1.8 109.4 105.6 113.8 108.2 113.1 12.6 08.7 18.6 10.7 16.7 112.9 110.2 119.9 110.0 117.6 114.1 110.6 122.6 110.8 119.0 115.2 111.8 124.4 111.5 119.4 115.9 114.8 125.5 111.2 121.6 116.3 115.1 126.3 111.4 122.5 116.8 116.4 127.4 111.3 124.5 117.9 118.7 129.2 111.7 124.1 118.4 119.3 131.0 111.6 124.9 120.0 118.5 133.9 113.4 126.8 120.2 119.6 135.8 112.4 127.2 114.7 89.1 137.3 112.7 124.4 122.2 121.9 139.8 113.4 127.3 21 22 Construction supplies Business supplies 4.3 11.2 104.6 103.9 06.1 04.7 105.7 105.0 106.1 106.2 106.0 106.7 106.4 106.1 106.2 106.5 107.3 106.7 107.5 106.7 106.9 107.6 107.5 107.4 108.3 107.5 109.6 107.0 111.1 107.2 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 41.0 30.7 19.1 4.0 6.7 8.4 11.6 0.8 2.7 4.5 10.3 104.6 106.5 110.4 99.9 125.8 103.7 100.1 89.2 96.7 104.2 99.6 05.6 08.3 12.8 00.9 30.3 05.2 01.0 88.0 97.4 05.6 98.5 105.9 108.3 112.8 100.4 130.8 105.2 101.0 87.1 98.0 105.9 99.3 106.5 108.8 113.4 100.8 132.5 105.1 101.3 87.4 98.4 106.3 100.4 106.7 109.6 114.7 100.8 136.4 105.3 101.3 87.6 98.4 104.6 99.4 107.0 109.7 115.2 102.4 138.0 104.6 101.0 85.4 98.6 104.9 99.7 106.8 109.4 114.8 100.4 137.8 104.8 100.7 85.1 98.6 103.9 99.8 106.5 109.2 114.9 99.1 139.7 104.5 100.1 83.5 97.5 103.7 99.2 106.5 109.3 115.2 99.5 141.0 104.1 99.8 83.6 96.4 102.6 99.2 107.3 109.5 115.5 102.4 141.7 103.0 99.7 84.4 97.2 102.9 101.3 107.2 109.8 115.9 101.1 143.4 103.2 100.0 85.3 96.1 103.3 100.3 107.2 110.2 117.1 101.6 145.6 104.3 99.3 84.5 96.0 102.1 99.3 104.4 109.5 118.8 103.2 147.6 105.8 94.8 83.3 95.3 91.4 92.2 105.0 110.8 120.0 103.5 150.3 106.4 96.5 83.0 96.1 94.9 91.3 94.8 92.6 102.9 104.5 03.8 05.5 104.0 105.8 104.6 106.5 104.5 106.8 104.9 106.9 104.8 107.1 104.6 107.1 104.7 107.3 105.5 108.0 105.4 108.2 105.4 108.1 103.7 106.2 104.6 107.3 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts . . Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 37 Final products 38 Consumer goods 39 Equipment total . Nonindustrial supplies 2,877.6 43.5 31.1 12.4 15.5 2,915.1 2,959.2 2,950.2 2,962.7 2,986.5 2,174.0 2,199.5 2,202.4 2,218.7 2,220.4 2,241.9 2,238.6 2,228.2 2,239.3 2,265.9 2,262.5 2,269.4 2,243.1 2,272.0 1,558.7 1,564.9 1,566.1 1,576.6 1,571.0 1,588.6 1,584.7 1,571.5 1,578.3 1,601.0 1,589.7 1,597.2 1,596.3 1,589.7 687.6 648.6 616.3 636.6 638.4 644.4 652.3 656.1 656.8 660.3 664.6 668.2 677.2 676.2 703.7 710.3 712.8 718.4 718.1 717.6 717.2 722.1 721.8 726.5 724.3 725.2 719.9 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. Oct.' Nov.' Dec' Jan.' Feb.' Mar.' Apr.' May' June' July' Aug.' Sept.' Oct.' Index (2002=100) INDUSTRY GROUPS 41 Manufacturing 42 Manufacturing (NAICS) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 Durable manufacturing Wood products Nonmetallic mineral products Primary metal Fabricated metal products . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts . . Aerospace and miscellaneous transportation equipment Furniture and related products Miscellaneous Nondurable manufacturing . . Food, beverage, and tobacco products . . . . Textile and product mills . . Apparel and leather Paper Printing and support Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) 65 Mining 66 Utilities 67 Electric 68 Natural gas 69 Manufacturing excluding computers, communications equipment, and semiconductors 70 Manufacturing excluding motor vehicles and parts 83.9 79.1 105.4 105.8 106.9 107.4 106.9 107.4 107.5 107.9 108.1 108.4 108.6 109.0 108.2 108.6 108.3 108.6 108.7 109.0 109.0 109.4 109.1 109.6 109.6 110.1 108.8 109.3 110.4 110.9 321 43.6 1.5 109.8 104.9 112.1 105.9 112.1 105.3 112.9 105.4 113.7 108.7 114.8 105.7 114.2 104.9 114.3 104.8 115.0 105.9 115.5 104.4 115.9 104.9 117.4 104.2 117.3 106.3 119.8 107.4 327 331 332 333 2.3 2.3 5.7 5.3 105.4 103.4 103.2 110.7 107.0 105.3 104.8 113.3 106.0 105.8 104.6 113.1 107.7 104.4 104.6 113.1 106.3 103.8 105.4 114.1 106.4 101.9 105.3 114.0 105.1 102.3 105.0 114.3 105.7 99.5 105.5 114.3 105.9 98.9 105.7 114.5 106.4 95.5 105.6 115.0 105.9 95.3 106.1 116.3 105.9 98.9 106.5 114.1 107.1 102.3 106.7 115.0 109.0 102.0 108.7 114.7 334 8.0 130.7 136.4 136.9 139.7 144.3 146.8 147.4 149.5 152.2 153.6 156.5 160.0 162.4 165.1 335 3361-3 2.2 7.4 101.5 108.0 103.2 109.8 103.6 109.2 103.6 110.0 104.3 108.6 103.7 113.4 103.6 109.8 103.5 107.9 104.4 108.8 105.1 111.4 106.3 109.2 107.4 113.1 108.8 115.7 111 .3 114.9 3364-9 3.6 100.7 102.2 103.6 104.2 104.2 106.3 107.5 109.5 110.4 110.2 110.9 111.8 94.1 113.0 337 339 1.8 3.3 101.4 105.5 101.5 106.6 102.0 107.0 102.7 107.5 102.5 108.5 102.2 108.9 101.6 108.8 100.0 108.9 100.3 109.0 99.9 109.7 99.8 109.7 100.2 111.6 101.6 112.2 100.3 114.1 35.5 101.0 101.8 101.8 101.9 102.1 102.2 101.9 101.9 101.9 102.1 102.1 101.5 99.9 100.5 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 102.3 93.1 88.4 98.0 96.0 102.4 93.5 87.2 99.2 96.2 102.6 91.4 88.2 99.1 96.8 102.6 90.5 87.4 99.0 97.2 103.4 92.6 86.4 99.9 97.9 103.0 91.6 86.1 99.6 97.0 103.3 91.5 85.5 99.8 96.4 103.2 89.6 85.8 98.2 96.5 104.3 89.8 83.9 96.8 97.0 104.5 90.8 83.6 97.8 96.5 104.8 91.9 85.5 96.6 97.9 103.9 91.9 85.9 96.2 97.3 104.3 91.6 87.9 96.1 97.8 104.3 91.8 85.8 96.6 98.1 324 325 1.7 10.7 103.7 102.8 104.7 104.4 106.4 104.1 107.2 104.5 105.3 103.8 107.6 104.6 105.7 103.8 106.9 104.1 105.5 103.9 107.9 103.9 105.6 103.7 104.2 102.8 97.7 97.5 96.0 99.8 326 3.8 102.5 103.6 102.8 103.3 104.0 103.7 103.5 103.8 103.1 102.9 103.2 104.1 106.8 106.3 1133,5111 4.8 98.8 99.0 99.1 101.1 102.5 101.5 102.4 102.5 103.2 102.0 101.0 101.1 100.5 101.3 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 99.5 103.1 104.1 98.2 97.9 102.8 104.4 94.6 99.9 103.0 104.1 97.1 100.4 105.2 106.2 99.8 99.9 102.9 104.0 97.3 100.9 101.7 102.9 95.6 100.4 104.8 105.5 101.1 100.5 103.1 104.1 98.3 99.8 102.9 103.2 101.1 100.8 108.3 109.7 101.2 99.8 108.1 109.6 100.9 99.0 107.1 108.9 98.3 90.5 106.1 108.2 96.4 90.0 104.1 105.5 97.4 78.7 103.2 104.5 104.5 104.9 105.2 105.6 105.2 105.1 105.4 105.7 105.6 105.9 105.0 106.4 76.5 105.1 106.6 106.7 107.3 108.0 108.1 108.1 108.3 108.7 108.8 109.1 109.2 108.1 109.9 NOTE: The statistics in the G.I 7 statistical release cover output, capacity, and capacity utilization in the industrial sector, which the Federal Reserve defines as manufacturing, mining, and electric and gas utilities. Manufacturing consists of those industries included in the North American Industry Classification System, or NAICS, manufacturing plus those industries—logging and newspaper, periodical, book, and directory publishing—that have traditionally been considered manufacturing and included in the industrial sector. 1. Data in this table appear in the Board's G.17 (419) monthly statistical release, on the Board's website www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 2005. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • November 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 -475,211 -421,181 977,276 -1,398,457 10,016 15,453 99,770 -84,317 -5,437 -64,046 11 Change in U.S. government assets other than official reserve assets, net (increase, - ) -519,679 -494,814 1,022,567 -1,517,381 46,304 51,834 121,842 -70,008 -5,530 -71,169 Q2 Q3 Q4 Q1 Q2 -668,074 -617,583 1,151,448 -1,769,031 30,439 36,234 127,921 -91,687 -5,795 -80,930 -166,635 -152,042 285,099 -437,141 5,922 7,407 29,080 -21,673 -1,485 -20,515 -166,982 -157,465 290,370 -447,835 6,254 7,694 30,343 -22,649 -1,440 -15,771 -188,359 -169,221 298,887 -468,108 3,236 4,691 33,413 -28,722 -1,455 -22,374 -198,668 -173,052 306,444 -479,496 643 2,067 28,377 -26,310 -1,424 -26,259 -195,655 -173,327 317,284 -490,611 -455 969 29,070 -28,101 -1,424 -21,873 345 537 -2 258 -3,681 0 -475 -2,632 -574 1,523 0 601 1,494 -572 -398 3,826 -623 1,122 0 -90 1,345 -133 676 -149 -110 990 -183 1,713 3 763 -145 -797 0 -97 -564 -136 -290,691 -38,260 -49,403 -48,568 -154,460 -330,457 -9,574 -24,240 -156,064 -140,579 -859,529 -356,133 -149,001 -102,383 -252,012 -135,006 -41,010 -5,390 -30,181 -58,425 -137,943 -44,787 -13,490 -38,444 -41,222 -290,155 -97,263 -74,669 -18,226 -99,997 -91,328 49,278 -74,934 -38,675 -26,997 -250,254 -170,999 -9,642 -36,004 -33,609 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 115,945 60,466 30,505 137 21,221 3,616 278,275 184,931 39,943 -517 48,643 5,275 394,710 272,648 38,485 488 70,329 12,760 77,039 62,977 479 45 11,350 2,188 75,792 55,357 11,542 710 4,867 3,316 94,478 41,728 15,040 -158 32,054 5,814 25,277 14,306 24,938 -650 -15,843 2,526 82,324 22,721 21,620 229 33,663 4,091 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 678,398 96,410 95,932 100,403 21,513 283,299 80,841 610,768 96,675 99,676 104,380 16,640 226,306 67,091 1,045,395 322,627 124,358 106,958 14,827 369,793 106,832 227,898 42,116 3,887 60,424 8,754 81,678 31,039 178,436 42,164 14,752 -1,107 2,560 84,401 35,666 363,437 91,458 61,096 15,710 5,313 158,238 31,622 218,174 -67,735 93,897 75,911 1,072 79,973 35,056 310,745 168,948 -548 4,913 4,507 115,335 17,590 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -1,363 -23,742 -3,214 -37,753 -1,648 85,126 -372 -4,044 -3,747 -297 -393 50,672 -12,977 63,649 -455 19,856 5,718 14,138 -4,466 41,193 15,238 25,955 -266 53,645 -6,200 59,845 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 MEMO Changes in official assets 39 U.S. official reserve assets (increase, - ) 40 Foreign official assets in United States, excluding line 25 (increase, +) -3,681 1,523 2,805 1,122 429 697 5,331 -797 115,808 278,792 394,222 76,994 75,082 94,636 25,927 82,095 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 2. Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. 3. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. 3.12 5. Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. U.S. RESERVE ASSETS Millions of dollars, end of period 2005 Asset 2002 2003 2004 Mar. Apr. May June July Aug. Sept. Oct.' 1 Total 79,006 85,938 86,824 78,942 79,526 77,742 76,594 74,620 72,243 71,273 70,218 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 12,166 11,043 12,638 11,045 13,582 11,041 11,564 11,041 11,610 11,041 11,385 11,041 11,243 11,041 11,206 11,041 8,304 11,041 8,245 11,041 8,224 21,979 33,818 22,535 39,722 19,479 42,718 15,276 41,061 15,422 41,452 15,406 39,910 15,274 39,036 13,438 38 935 13,336 39 563 13,245 38,742 12,720 38,234 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www. federalreserve.gov/releases. 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. 2. Special drawing rights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF have also been valued on this basis since July 1974. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. 4. Valued at current market exchange rates. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2005 Asset 2002 2003 2004 Mar. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 May June July Aug. Sept. Oct. 136 162 80 139 126 105 103 83 81 96 88 678.106 9,045 845.080 8,971 1.041.215 8,967 1,062,861 8,967 1,057,109 8,967 1,065,032 8,967 1,058,972 8,967 1,070,625 8,967 1,075,098 8,967 1,056,594 8,967 1,060,857 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 Apr. 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2005 2004 Item 2002 2003 1 1 Total1 By type 2 Liabilities reported by banks in the United States2 June " June 8 Dec. June' July Aug. Sept.p 1,161,907 1,445,526 1,665,335 1,780,503 1,909,030 1,952,812 1,959,813' 1,964,911' 1,963,217 144,646 190,444 189,824 212,032 234,553 248,862 234,553 248,862 270,385 245,197 288,732 204,897 287,083' 203,174 285,539' 205,404 289,558 195,367 569,891 2,769 254,157 719,302 2,613 321,755 844,444 1,569 335,907 910,456 1,569 385,063 986,454 1,630 405,364 1,027,765 911 430,507 1,031,381 923 437,252 1,034,604 924 438,440 1,033,470 929 443,893 283,512 5,962 87,261 760 012 9,355 15,835 306,272 5,112 72,869 1 034 751 8,857 17,652 334,000 6,578 98,106 1 201 702 10,187 14,749 340,412 7,631 104,911 1 296 622 10,812 19,926 357,316 7,806 112,605 1 388 408 10,842 31,864 367,590 7,588 113,229 1 412 259 14,552 37,405 369,912' 8,286 111,236 1 418 150 12,743 39,297 369,059' 8,436' 113,617 1 427 057 11,935 34,618 368,217 7,605 111,872 1 435 694 10,914 28,726 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 11 Africa 1. Includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2004 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 2005 2003 Sept. Dec. Mar. June 2 3 Deposits Other liabilities 79,363 n.a. n.a. 80,543 n.a. n.a. 63,119 36,674 26 ,AAi 85,740 37,042 48,698 84,163 38,892 45,271 79,049 39,977 39,072 89,336 45,772 43,564 5 Deposits 74,640 44,094 30,546 71,724 34,287 37,437 81,669 38,102 43,567 99,897 37,938 61,959 123,880 42,833 81,047 107,109 42,147 64,962 102,985 39,695 63,290 8 Deposits 17,631 n.a. n.a. 35,923 n.a. n.a. 21,365 5,064 16,301 27,458 7,688 19,770 32,056 8,519 23,537 32,087 11,840 20,247 33,539 10,018 23,521 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 • November 2005 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Apr. May Juner July Aug.' Sept. BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 2,821,723 2,863,596 1,677,193 1,004,813 ,927,680 1,982,989 1,016,226 2,149,793 2,175,068' 175,231 246,623 190,134 622,318 852,803 824,390 460,191 638,413 933,744 1,071,069 647,140 827,628 884,343 1,043,337 606,407 818,128 929,099 1,053,890 608,955 948,290 1,067,936 610,755 985,250 1,164,543 649,950 838,734 847,370 794,796 236,796 258,797 318,743 310,085 308,605 308,307 277,532 189,573 202,774 330,571 333,193 308,877 309,740 37,761 74,513 195,949 34,394 83,633 176,842 48,260 152,561 194,583 57,924 131,926 202,939 52,623 147,347 199,558 52,859 147,239 205,870 47,240 144,113 208,387 51,984 132,507 203,636 50,751 126,541 197,904 51,297 132,188 208,872 13,467 12,362 5,769 6,593 1,105 14,149 12,577 6,134 6,443 1,572 110 15,120 9,829 6,098 3,731 5,291 1,879 17,605 11,173 5,343 5,830 6,432 934 15,730 11,030 4,910 6,120 4,700 1,166 19,011 13,005 4,608 8,397 6,006 2,317 16,140 10,231 5,359 4,872 5,909 2,247 15,588 10,016 5,020 4,996 5,572 2,122 16,454 10,540 5,781 4,759 5,914 2,131 17,394 11,093 5,615 5,478 6,301 2,097 16 0 1,462 3,412 0 5,496 2 3,532 2 3,584 105 3,571 91 3,448 3,779 4,197 7 335,090 93,884 20,733 73,151 401,856 117,737 24,208 93,529 515,582 145,516 26,613 118,903 490,385 146,711 32,290 114,421 516,453 165,093 33,267 131,826 509,533 152,055 36,616 115,439 493,629 162,252 39,098 123,154 490,257' 169,936' 38,951' 130,985 490,943 171,532 40,881 130,651 484,925 169,552 39,314 130,238 241,206 190,444 284,119 212,032 370,066 245,197 343,674 235,843 351,360 230,105 357,478 228,961 331,377 204,897 320,321 203,174 319,411 205,404 315,373 195,367 50,698 64 69,638 2,449 123,163 1,706 107,460 371 120,781 474 127,654 863 121,942 4,538 116,789 358 113,466 541 119,019 987 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 1,499,129 1,278,743 755,530 523,213 220,386 27,027 1,444,804 1,215,839 698,315 517,524 228,965 25,947 1,489,070 1,256,663 743,259 513,404 232,407 35,949 1,520,510 1,281,130 753,989 527,141 239,380 35,602 1,669,770 1,663,483' 1,714,669 1,437,218 1,432,992' 1,490,188 786,394 769,070' 822,527 650,824 663,922' 667,661 232,552 230,491 224,481 33,704 28,476 29,867 1,721,786 1,496,084 834,259 661,825 225,702 23,338 57,605 171,888 49,311 149,752 52,381 140,978 54,214 148,804 50,404 146,054 51,769 152,009 43,073 155,775 47,761 154,254 43,303 151,311 40,608 161,756 36 Other foreigners'' 37 Banks' own liabilities 38 Deposits2 39 Other 325,764 201,166 92,709 108,457 518,962 383,570 115,925 267,645 802,610 570,725 145,503 425,222 793,014 553,957 148,395 405,562 800,470 550,203 147,663 402,540 814,542 570,036 153,077 416,959 765,050 540,092 154,399 385,693 789,718' 562,124' 157,404' 404,720' 778,465 561,579 153,822 407,757 786,308 571,816 161,667 410,149 40 41 42 124,598 19,347 135,392 28,388 231,885 44,640 239,057 47,361 250,267 41,385 244,506 41,427 224,958 36,684 227,594 36,830 216,886 33,887 214,492 31,130 81,254 23,997 82,363 24,641 135,346 51,899 137,934 53,762 155,854 53,028 150,186 52,893 140,291 47,983 141,742 49,022 136,951 46,048 137,240 46,122 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 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 10 28 tanks 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 2,959,046' 3,000,531 3,010,413 2,832,441 2,745,808 ,363,270 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 !,233,839 2,248,545 970,445' 1,023,011 1,204,623' 1,210,828 690,068 676,383' 766,692 783,978 271,289 270,602 1,040,855 1,207,690 687,569 761,868 251,932 301,064 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 Apr. May Juner July Aug. Sept. AREA OR COUNTRY 45 Total, all foreigners 1,985,588 2,315,606 2,832,441 2,745,808 2,821,723 2,863,596 2,944,589 2,959,046' 3,000,531' 3,010,413 46 Foreign countries 1,972,121 2,301,457 2,817,321 2,728,203 2,805,993 2,844,585 2,928,449 2,943,458' 2,984,077' 2,993,019 981,660 4,355 13,512 3,147 1,088 57,049 51,427 1,178 7,198 50,105 18,148 32,740 1,545 70,186 8,410 6,118 99,222 5,188 430,018 20,840 110 100,076 1,008,377 5,208 15,628 3,107 1,030 57,119 60,431 1,048 8,011 53,264 24,215 26,076 2,346 75,814 6,777 5,591 83,002 4,873 446,198 21,918 187 106,534 1,056,904 5,424 13,987 2,750 2,599 59,250 60,164 1,972 7,997 56,827 25,982 34,818 2,490 73,980 8,778 5,910 90,717 3,663 474,197 20,583 90 104,726 1,037,611 4,129 14,017 3,927 2,682 60,421 52,499 1,886 8,522 57,461 23,440 18,671 1,917 82,050 8,291 1,944 100,903 4,552 461,711 23,087 106 105,395 1,116,531 4,060 15,810 1,877 1,766 76,471 56,431 1,424 7,977 57,637 17,477 20,740 2,093 85,022 8,357 2,636 106,122 6,787 521,692 26,060 103 95,989 1,126,655' 1,195,522' 1,180,585 4,095 4,473 4,174' 17,892 16,303 15,302' 2,364 5,709 2,010 747 2,398 1,941 74,540 81,888' 87,093' 62,794 59,308' 64,879' 1,063 1,113 1,528 7,741 5,589 8,470 56,386' 58,619 56,683' 20,502 18,729 17,749 21,084 31,499 22,033 2,345 2,680 2,964 85,163' 86,021 83,615' 9,361 12,479 11,962 4,086 3,078 4,909 100,723' 147,006 159,081' 7,998 5,735 6,601 515,155' 533,166 528,250' 23,597' 27,576 25,848' 104 102 111 98,150 87,879 90,319' 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 27,323 35,590 33,658 33,756 34,300 38,312 32,575 37,296' 40,670' 38,215 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 5,963 135,888 10,813 15,186 7,299 6,263 2,676 1,526 50,545 4,506 1,968 4,150 24,573 6,383 133,157 9,421 23,642 6,611 6,304 2,470 1,308 40,695 4,975 1,796 3,951 24,984 7,000 129,145 9,221 19,726 8,318 6,059 2,654 1,361 38,870 4,382 2,484 4,079 24,754 7,237 130,634 9,813 19,077 8,394 5,968 2,749 1,403 38,374 4,848 3,280 4,436 24,996 7,296 133,068 9,662 17,807 7,277 5,575 2,499 2,044 42,142 4,714 3,336 4,931 25,397 7,684 128,075 9,985' 15,139' 6,879 6,029 2,927 1,959 38,055 4,773 3,469 4,879 26,428 7,553 131,701' 9,558' 16,126 7,312 6,048 2,541 1,848 41,718' 4,390 3,679' 4,991 25,913' 7,577 125,601 9,314 12,860 6,987 6,122 2,832 1,638 40,062 4,541 3,183 4,987 25,395 7,680 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 1,204,089 186,080 92,576 877,040 110 829 5,863 1,624 39,967 1,135,552 179,199 56,334 855,589 113 818 5,875 1,953 35,671 1,130,470 184,528 56,358 849,346 114 789 5,555 2,052 31,728 1,172,492 200,821 62,147 868,417 113 792 5,388 1,997 32,817 1,205,229 201,834 60,540 904,466 113 790 4,744 2,017 30,725 92 Asia China Mainland Taiwan Hong Kong India Indonesia Israel Japan Korea (South) Philippines Thailand Middle Eastern oil-exporting countries19 Other 319,487 373,024 420,564 375,961 409,459 419,572 392,902 389,899' 395,792' 399,885 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 52,763 26,488 42,768 11,154 5,903 11,214 166,979 12,421 2,949 11,355 38,247 38,323 36,037 23,796 37,991 14,521 2,864 11,006 151,463 20,127 2,432 11,182 36,900 27,642 67,332 24,554 41,173 14,561 3,673 9,261 149,401 19,422 2,302 10,972 38,334 28,474 71,189 23,596 43,435 13,404 3,406 8,343 151,703 18,279 2,228 13,986 40,423 29,580 59,303 22,089 42,144 12,963 2,445 7,354 148,901 15,576 2,453 10,291 39,131 30,252 51,335 19,938 43,293' 14,176 2,635 8,104 150,801' 17,011 2,420 9,644 40,960 29,582' 52,203 21,918 42,320' 12,717 2,296 7,237 150,205' 19,397' 2,451 9,212 44,001' 31,835' 57,494 19,982 36,873 11,561 2,805 6,675 153,979 20,581 2,420 10,361 46,853 30,301 105 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 4,370 3,804 13,828 2,336 376 3,715 18 3,498 3,885 14,557 2,711 156 3,284 4 4,326 4,076 16,617 4,180 172 3,299 10 5,266 3,690 17,353 3,952 223 3,439 8 6,012 3,719 18,079 3,724 151 3,727 8 6,688 3,781 18,225 3,497 133 3,483 6 7,113 3,993 16,472 3,653 129 3,002 8 5,259 4,421 15,646 3,383 131 3,229 5 4,587 4,311 15,577 2,437 166 3,763 4 5,192 4,015 112 Other countries 113 Australia 114 New Zealand21 115 All other 14,049 11,991 1,796 262 16,913 14,020 2,465 428 26,905 22,971 3,429 505 24,783 21,767 2,627 389 28,362 23,843 4,077 442 27,885 23,574 3,510 801 29,919 26,960 2,485 474 32,249' 27,865' 3,690' 694 28,781' 25,092' 2,898 791 22,384 18,931 2,820 633 116 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 15,120 11,008 1,993 2,006 17,605 13,808 1,792 1,932 15,730 11,792 1,865 2,007 19,011 15,227 1,565 2,146 16,140 12,568 1,749 1,787 15,588 11,911 1,965 1,650 16,454 12,537 2,257 1,601 17,394 12,929 3,004 1,391 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. 1,212,812' 1,175,965' 1,210,772 192,196 185,050' 189,942' 64,971' 63,812' 63,691 885,187' 917,676' 915,664 115 115 116 707 1,230 981 5,835 5,637 4,838 2,381 2,415 2,901 31,985' 30,385 31,719' 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 • November 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 Apr. July' Aug.r Sept.p 1 Total, all foreigners 1,185,445 1,322,363 1,668,538 1,609,340 1,707,113 1,713,617 1,787,702 1,790,300 1,862,782 1,862,178 2 Foreign countries 1,181,768 1,317,292 1,662,782 1,603,473 1,702,633 1,707,934 1,781,607 1,783,035 1,856,218 1,852,507 487,004 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 12,955 804,909 4,591 7,888 912 11,840 90,010 25,841 94 16,906 5,866 22,102 25,517 1,576 1,089 8,452 17,027 114,167 2,542 404,000 26,878 0 17,611 753,635 5,027 12,155 409 12,553 83,570 31,143 88 18,211 3,736 17,317 12,401 1,302 1,162 14,770 14,644 87,232 2,561 387,453 28,860 0 19,041 812,602 5,180 17,239 646 9,989 93,339 36,102 102 22,635 3,741 16,380 22,016 1,359 1,154 15,998 14,418 113,235 2,665 388,146 28,414 0 19,844 810,351 4,425 14,898 734 9,303 99,244 28,114 121 19,940 3,961 15,958 15,664 1,533 1,093 15,662 11,967 110,290 2,713 406,230 28,506 0 19,995 858,217 4,575 13,404 914 10,721 95,454 30,060 121 19,676 3,716 18,702 30 737 1,482 1,001 12,134 13,278 116,868 2,955 438,755 26,723 0 16,941 833,175 5,113 10,830 1,098 9,564 88,219 28,505 110 16,761 4,702 18,813 30,563 1,416 1,235 11,231 12,204 93,502 3,017 452,854 25,725 0 17,713 920,124 4,508 16,270 1,317 9,574 89,658 25,758 154 18,783 5,473 17,903 25,700 1,391 1,017 13,136 12,896 164,245 3,084 461,893 27,669 0 19,695 930,544 4,551 16,304 2,489 9,013 89,653 32,772 108 17,256 7,016 20,300 20,727 1,312 1,013 9,811 10,979 170,288 3,228 462,957 28,273 0 22,494 60,521 52,140 51,089 47,400 47,749 50,876 50,935 54,434 57,971 56,462 51,237 2,089 15,515 6,924 2,670 596 860 13,792 1,931 1,488 412 2,514 2,446 51,201 2,359 15,741 6,716 2,676 544 841 13,624 2,039 1,428 411 2,468 2,354 48,294 2,342 13,652 6,226 2,653 526 731 13,622 1,905 1,331 459 2,502 2,345 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 49,378 2,220 14,094 6,213 2,645 469 866 13,440 1,939 1,529 403 2,844 2,716 52,326 2,018 17,134 6,501 2,604 485 807 14,087 1,955 1,377 341 2,654 2,363 52,804 1,994 17,338 7,017 2,425 527 812 14,196 1,940 1,510 336 2,521 2,188 51,552 2,024 16,051 7,142 2,473 534 811 13,848 1,924 1,465 347 2,585 2,348 50,813 2,011 14,991 6,527 2,533 564 869 14,334 2,099 1,525 433 2,484 2,443 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 4,912 603,081 80,202 33,301 475,290 0 351 5,554 755 7,628 594,288 85,035 28,082 465,679 0 391 5,701 684 8,716 628,174 85,450 30,226 497,201 0 398 5,891 695 8,313 630,874 90,815 31,364 496,224 0 426 4,769 655 6,621 657,213 108,305 26,641 506,849 0 433 4,878 734 9,373 671,297 96,405 27,097 531,734 0 438 4,751 715 10,157 651,780 94,688 28,937 513,244 0 408 4,936 705 8,862 639,858 97,555 21,672 505,275 0 418 5,006 826 9,106 93,551 119,562 142,662 146,146 150,287 153,543 153,314 163,065 165,955 167,173 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 9,267 10,590 5,623 2,117 555 1,326 82,207 15,531 993 1,144 7,022 6,287 13,184 12,227 3,364 2,379 506 4,022 80,805 15,681 829 1,316 5,177 6,656 11,103 11,847 6,787 2,201 536 3,218 85,081 15,841 899 2,416 5,230 5,128 13,210 11,409 7,303 2,420 560 2,750 85,463 13,603 806 2,982 6,540 6,497 10,521 10,497 7,755 2,324 548 1,748 84,966 15,620 907 5,621 6,662 6,145 20,058 8,925 6,116 2,751 559 3,152 83,645 16,780 1,119 6,544 7,869 5,547 16,913 8,605 5,659 2,660 555 4,204 86,600 18,784 1,018 6,720 7,541 6,696 17,420 7,934 6,974 2,738 572 3,186 83,472 16,669 1,085 8,318 11,432 7,373 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 1,262 228 53 318 0 223 430 1,302 288 53 231 0 310 420 1,339 307 42 264 0 271 455 1,269 344 39 172 0 274 440 1,533 395 39 219 0 273 607 1,342 384 38 179 0 334 407 1,629 443 31 387 0 361 407 1,399 453 33 218 0 336 359 68 Other countries 69 Australia 70 New Zealand10 71 Allother 6,177 5,566 569 42 8,897 8,037 819 41 10,401 9,709 610 82 8,376 7,613 542 221 9,678 8,930 662 86 9,469 7,466 1,910 93 9,582 8,906 572 104 8,485 7,833 568 84 7,558 6,830 634 94 8,777 7,836 848 93 72 Nonmonetary international and regional organizations" 3,677 5,071 5,756 5,867 4,480 5,683 6,095 7,265 6,564 9,671 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 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2005 Type of claim 2002 2003 2004 Mar. 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 Apr. May 1 707 113 84.464 1 207 279 415.370 1 713 617 73,975 1 218 100 421,542 Juner July' Aug.' Sept.p 1 790 300 95,520 1 309 044 385,736 1 862 782 89.354 1 365 306 408.122 1 862 178 88.613 1 374 711 398.854 1,409,095 1,603,404 2,017,162 1,984,158 1 185 445 52.198 970,357 162,890 1 322 363 57,897 980,099 284,367 1 668 538 77,648 1 192 156 398,734 1 609 340 74.489 1 144414 390.437 223,650 80,269 281,041 135,939 72,196 63,107 9,799 348,624 152,520 94,183 87,779 14,142 374.818 165,999 87,606 108,213 13,000 500,085 376 632,635 3,970 621,763 4,243 654,870 4,711 643,279 4,313 737,834 4,668 739,266 4,044 732,331 3,260 721,729 3,971 n .a. 892,340 5,328 816,574 934,166 4,750 1,027,183 1 106 491 5,927 977,407 1 070 511 6,845 1,040,687 1 114 452 8,390 1,057,635 1 125149 7,562 1,037,638 1 201757 10,017 1,036,973 1 199 933 11,709 1,115,482 1 249 717 9,012 1,127,466 1 283 642 161,585 344,753 478,239 474,085 510,628 518,212 526,927 527,174 545,372 527,700 137,289 6,092 2,157,694 1 787 702 87,917 1 296 359 403,426 369,992 157,220 82,107 114,929 15,736 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 • November 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. 1 Total 66,679 67,664 83,240 88,474 104,940 103,204 108,339 109,178 105,659 By type 2 Financial liabilities 3 Short-term negotiable securities' . . 41,034 n.a. 39,561 53,150 14,002 58,042 9,859 72,799 10,868 73,818 11,415 79,177 11,759 76,065 10,053 71,795 14,219 39,148 48,183 62,403 67,418 8,498 22,946 8,402 32,449 5,949 45,495 3,558 45,766 6,315 49,882 5,842 45,852 5,613 34,151 42,171 30,628 1,730 7,998 17,883 1,660 1,357 43,617 30,201 1,981 7,678 17,420 1,642 1,480 45,905 33,272 2,399 9,067 18,337 1,564 1,905 42,618 33,447 2,296 11,159 16,548 1,379 2,065 47,792 24,003 1,774 16,183 3,250 1,604 1,192 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 25,055 28,095 1,431 10,372 11,425 2,493 2,374 33,896 24,146 1,149 7,147 12,894 1,330 1,626 41,034 39,561 43,610 45,095 58,084 57,142 62,847 52,835 45,797 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 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 38,690 775 1,349 2,911 363 514 29,225 36,330 590 1,550 5,276 413 282 26,024 31,772 641 1,082 7,591 129 114 17,582 MEMO: 22 Euro area3 . . . 8,798 9,855 955 591 1,239 1,288 1,527 1,956 2,433 2,283 2,080 1,504 23 990 65 365 n.a. 31 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 7,297 0 2,382 185 n.a. 4,591 24 22 16,196 0 8,715 208 n.a. 7,178 26 18 9,076 0 801 263 n.a. 7,871 8,101 0 115 306 n.a. 7,583 20 5 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 4,519 1,431 29 4,487 1,612 24 4,589 1,664 30 4,724 1,648 36 4,347 1,365 33 3,697 1,642 2 35 36 Africa Oil-exporting countries6 53 5 131 91 123 92 126 93 118 93 119 93 131 94 132 95 108 96 37 All other7 36 2 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-Luxembourg France Germany Netherlands Switzerland United Kingdom . . . 25.645 11,781 13,864 28,103 14,699 13,404 30,090 17,174 12,916 30,432 17,484 12,948 32,141 18,386 13,755 29,386 18,362 11,024 29,162 18,181 10,981 33,113 21,678 11,435 33,864 22,851 11,013 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 5,178 2,254 196 699 513 223 623 29,662 2,479 183 729 593 255 719 26,090 3,296 241 1,030 600 302 1,123 25,811 3,351 224 1,058 704 296 1,069 29,890 3,223 200 1,026 634 314 1,049 30,990 2,874 143 1,028 585 119 999 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 8,943 145 1,017 1,018 303 543 3,023 9,719 135 1,092 1,275 289 638 3,035 8,843 133 1,050 1,021 315 616 3,127 9,030 123 1,019 1,024 305 564 3,407 10,087 100 1,600 1,020 322 740 3,576 10,080 103 1,669 949 401 947 3,232 2,143 2,070 5,361 79 774 127 n.a. 76 2,210 522 MEMO Euro area3 5,141 56 Canada 1,622 1,588 2,166 2,337 2,533 1,995 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 3,916 16 647 226 n.a. 77 1,362 389 4,388 39 801 167 n.a. 32 1,755 481 4,317 35 635 98 n.a. 29 1,925 477 4,276 515 113 n.a. 101 1,942 433 4,894 66 511 97 n.a. 29 2,154 640 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 13,540 4,973 2,553 13,484 4,755 2,311 12,707 4,288 3,312 12,239 4,221 2,910 14,470 5,324 3,900 14,865 5,202 4,248 68 Africa 836 436 827 405 782 372 1,009 548 1,082 567 956 488 947 424 935 447 1,010 627 69 70 Oil-exporting countries'" 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 • November 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. 102,566 165,901 176,473 188,506 192,336 197,696 202,046 182,229 71,389 27,064 44,325 132,332 35,920 3,211 142,632 45,415 2,502 154,096 42,974 5,468 160,552 50,314 7,595 164,981 47,883 9,892 168,943 52,316 11,912 148,986 48,966 8,894 n.a. 51,486 157 93,201 6 94,715 129 105,654 70 102,643 103 107,206 94 104,715 173 91,126 n.a. n.a. 69,208 3,253 67,343 5,602 66,849 19,073 64,968 17,685 59,683 24,034 64,386 12,737 57,548 8,069 122,879 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 4,106 121,909 43,072 1,329 20,651 9,219 7,345 4,528 125,119 43,824 7,216 17,593 7,687 6,111 5,217 111,360 37,626 10,030 10,933 7,714 4,007 4,942 67,347 80,256 92,499 101,867 110,517 115,412 101,625 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 48,714 2,177 1,452 5,386 7,389 978 23,982 54,240 2,651 3,177 7,126 7,692 845 25,828 41,761 1,998 4,593 4,534 1,738 1,237 18,014 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 CDs1 Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 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 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 countries'" 39 All other7 6,193 5,013 5,311 5,278 4,533 5,825 6,412 11,361 11,898 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 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 47,149 1,576 4,708 1,823 n.a. 36,160 1,738 155 39,893 1,899 2,128 1,839 n.a. 31,162 1,727 164 38,945 3,436 1,316 1,486 n.a. 30,448 1,392 62 6,430 1,604 135 5,358 1,277 79 5,317 1,194 158 5,650 978 138 5,976 1,011 121 5,633 1,050 138 6,840 993 137 7,990 1,268 133 7,401 1,832 114 414 49 395 25 419 12 391 13 238 8 306 8 290 16 282 23 1,322 1,153 1,638 1,338 1,993 International Statistics 3.23 53 CLAIMS ON FOREIGNERS Reported by Nonbanking Business Enterprises in the United States—Continued Millions of dollars, end of period 2004 Type of claim, and area or country 40 Commercial claims 41 Advance payments and other claims 42 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 France Netherlands United Kingdom 2001 2002 2005 2003 Mar. June Sept. Dec. Mar. June 31,795 27,513 4,282 31,177 26,385 4,792 33,569 28,618 4,951 33,841 28,623 5,218 34,410 29,884 4,526 31,784 27,346 4,438 32,715 29,229 3,486 33,103 28,567 4,536 33,243 29,140 4,103 29,393 2,402 n.a. n.a. n.a. n.a. n.a. 26,481 4,696 n.a. n.a. n.a. n.a. n.a. 25,494 8,075 1,557 1,542 1,187 589 3,200 26,165 7,676 1,518 1,255 1,299 478 3,126 27,380 7,030 649 1,196 1,204 598 3,383 27,908 3,876 446 1,026 1,169 191 1,044 27,439 5,276 512 1,561 1,586 238 1,379 28,299 4,804 499 1,577 239 1,378 28,879 4,364 407 1,483 1,094 153 1,227 14,022 268 2,921 1,658 529 611 3,833 14,187 269 3,164 1,202 1,490 503 3,727 14,552 247 2,816 1,273 395 1,921 3,928 14,332 209 2,740 1,494 421 1,248 3,964 13,531 235 2,603 1,509 345 1,257 3,904 13,000 298 2,582 1,331 396 1,218 3,815 13,457 257 2,261 1,401 494 1,528 3,742 13,914 367 2,895 1,478 490 1,477 3,494 13,423 401 2,258 1,485 460 1,405 3,253 MEMO 57 Euro area3 7,961 8,580 7,340 7,893 7,185 6,832 6,894 7,811 7,450 58 Canada 2,818 2,790 3,070 3,272 2,288 2,260 2,017 2,143 2,131 59 60 61 62 63 64 65 66 Latin America and Caribbean 4,859 42 369 954 95 n.a. 1,391 288 4,346 31 287 750 19 n.a. 1,259 288 5,153 26 460 903 n.a. 52 1,339 230 5,516 35 739 1,002 n.a. 67 1,149 228 5,628 25 690 1,025 n.a. 66 1,244 252 6,141 58 766 905 n.a. 124 1,767 263 6,477 55 650 935 n.a. 160 2,018 319 6,505 41 591 1,048 n.a. 75 1,859 360 6,306 29 581 952 n.a. 143 1,838 389 7,849 2,006 850 7,324 2,341 818 7,352 1,757 888 7,250 1,589 980 8,165 1,784 1,085 8,601 1,847 961 8,943 1,855 1,071 8,564 1,918 1,205 9,393 1,923 1,380 645 88 584 95 636 138 621 183 711 224 783 209 629 154 830 221 969 244 1 602 1 946 2 806 2 850 4 087 999 1 192 1 147 1 021 n.a. n.a. 64,985 62,376 61,597 58,685 54,464 53,531 47,361 67 68 69 Bermuda Brazil British West Indies4 Mexico Japan Middle Eastern oil-exporting countries5 70 7 1 Africa Tr 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 • November 2005 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Sept. Apr. May July' Aug.r Sept.p 331,399 321,383 363,887 360,054 411,486 386,935 U.S. corporate securities 1 Foreign purchases 2 Foreign sales . . . . 3,104,232 3,069,495 3 Net purchases, or sales (-) 4 Foreign countries 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Europe France Germany Netherlands Switzerland United Kingdom Channel Islands and Isle of Man1 Canada Latin America and Caribbean . . . Middle East2 Other Asia Japan Africa Other countries 3,862,043 3,833,567 3,283,079 3,218,922 390,204 388,874 396,240 391,849 366,128 365,621 365,045 360,669 24,551 10,016 4,391 28,476 34,770 28,616 64,222 1,457 4,361 528 4,394 9,957 3,858 24,542 21,399 6,208 -3,782 46 -2,120 684 91 11,659 -929 612 2,207 -2,224 258 -436 19,571 -876 -2,360 1,697 -1,194 15,208 -180 1,292 631 6,485 -320 2,832 -41 29,410 4,766 -3,397 -1,162 11 15,884 226 17,888 10,081 1,141 5,925 -983 163 -386 269 -1,500 688 -31 -1,082 728 47 -12 1,453 93 -334 -785 58 -70 2,628 -391 26 182 -244 1,611 44 559 1,324 9 -86 -350 -7 -66 2,639 774 -546 -526 190 1,579 -112 408 -4,447 -71 2,057 655 -1 -57 956 2,836 -766 143 -584 -466 4 20 1,013 736 2,037 -132 -44 -324 -658 377 -505 -782 1,622 -3,027 116 5,289 6,066 -317 -714 -634 34 257 -2,946 1,086 -1,955 -613 -371 -4,009 33 6,650 -317 2 226 -597 15,345 651 54 950 241 42 5,355 2,356 5 1,605 127 28 -152 2,420,212 1,998,669 2,380,796 1,844,908 1,768,527 1,318,174 204,596 174,603 178,764 154,155 179,166 137,579 227,483 152,790 187,905 125,412 205,307 149,415 214,258 142,482 19 Nonmonetary international and regional organizations 20 Foreign purchases 21 Foreign sales 23 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 Man1 Canada Latin America and Caribbean Middle East2 Other Asia Japan Africa Other countries Nonmonetary international and regional organizations 71,776 24,609 41,587 421,187 533,409 448,178 29,776 24,437 41,478 74,345 62,607 55,567 70,961 211,710 4,790 2,293 2,289 7,263 133,799 19,772 4,071 94,041 3,281 106,370 32,290 1,663 51 256,263 7,369 12,124 1,929 6,972 160,243 6,477 12,095 105,994 4,702 151,845 77,905 512 1,998 226,301 11,991 8,893 3,371 1,723 152,785 10,607 10,179 73,512 3,728 129,639 51,899 387 4,432 22,456 1,594 358 204 975 15,479 1,149 1,286 563 260 5,263 1,428 -91 39 9,644 2,638 135 144 -46 5,646 545 575 11,569 -15 2,579 3,248 10 75 15,821 -185 3,504 440 886 3,621 2,028 -29 9,586 390 14,999 7,411 55 656 41,526 2,038 1,356 552 986 29,010 2,897 2,457 4,164 1,124 24,068 8,690 -9 1,015 23,130 852 184 439 -314 15,218 152 1,307 12,505 328 24,141 9,543 53 1,143 32,606 905 898 217 -641 26,898 1,531 704 6,620 176 14,802 5,282 60 599 42,223 3,835 1,568 839 1,150 28,632 1,863 1,593 8,208 987 17,427 10,196 221 302 2,479 2,175 535,888 22 Net purchases, or sales (-) 62,493 Foreign securities -88,587 1,304,564 1,393,151 32,046 1,457,282 1,425,236 -84,970 1,664,076 1,749,046 -67,872 1,459,043 1,526,915 -85,997 1,503,131 1,589,128 -17,507 1,144,198 1,161,705 -14,751 193,103 207,854 -5,899 135,311 141,210 -2,522 169,752 172,274 -4,613 116,793 121,406 -4,770 159,089 163,859 -9,999 128,622 138,621 -11,839 160,588 172,427 -1,236 147,335 148,571 -8,674 161,550 170,224 -5,093 111,751 116,844 -16,025 181,834 197,859 17,099 129,836 112,737 -7,048 190,398 197,446 -9,139 128,495 137,634 45 Net purchases, or sales (-), of stocks and bonds . . -56,541 -152,842 -103,504 -20,650 -7,135 -14,769 -13,075 -13,767 1,074 -16,187 46 Foreign countries -56,047' -141,025 -96,287 -20,431 -6,662 -11,729 -12,987 -13,764 1,124 -16,102 47 48 49 50 51 52 53 -138' 6,263 -1,762 -59,150 -39,527 227 -1,487 -124,892 -5,492 9,184 -12,814 -20,640 1,591 -8,602 -52,250 1,656 -12,982 -23,072 -18,066 -1,065 -8,574 -14,000 -81 -1,924 - 3 377 -2,808 -226 -823 -4,984 78 -1,357 850 1,550 -39 -1,210 -9,452 -199 732 231 185 -153 -2,888 -15,651 1,497 705 1,389 1,318 -209 -718 -5,405 1,330 -3,925 -5,071 -4,298 -325 -368 11,133 277 -1,698 -8,510 -5,255 -138 60 -2,681 -2,678 -3,948 -5,320 -5,794 23 -1,498 -11,817 -7,217 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 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). -3,040 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.Sept. Apr. May July Aug. Sept.' 1 Total estimated 263,580 352,065 247,504 27,791 24,702 27,586 15,795 28,519 28,183' 21,789 2 Foreign countries 263,523 351,346 245,327 27,730 23,945 27,634 14,551 28,571 28,015' 21,893 48,653 1,809 11,005 881 434 434 4,883 32,846 1,256 -4,895 10,438 88,431 118 8,804 -575 -3,153 3,236 5,342 78,661 1,175 -5,177 16,098 111,596 -332 10,782 1,616 -3,799 2,472 -2,718 83,646 305 19,624 15,815 -4,838 -907 2,745 -547 662 158 10,482 1,749 -20,178 593 20,751 164 4,263 1,293 -1,039 -96 -749 3,384 -159 13,690 4,012 20,236 97 515 -298 -1,302 994 -1,830 7,581 -62 14,541 -1,410 15,213 -51 -540 -724 -321 1,358 -1,019 16,165 -2,473 2,818 2,905 15,768 84 1,122 -256 872 -443 -2,164 14,771 181 1,601 2,347 14,848' 186 -30' 591 -485 310 744 13,267 383 -118 1,731 7,121 77 108 587 -476 246 -226 9,089 61 -2,345 24 17,116 293 8,860 7,963 181,097 146,521 -56 6,275 33,544 -15 21,963 11,596 214,774 166,377 677 -2,178 65,905 196 65,863 -154 52,614 -398 875 -1,478 26,733 76 25,968 689 4,557 -1,815 741 -56 -3,910 -35 -4,246 371 3,877 7,017 -190 -595 5,389 -20 6,487 -1,078 3,503 -1,740 -149 65 -11,285 32 -11,290 -27 9,270 -5,644 -635 -917 67 76 1,619 -1,628 9,515 237 162 712 5,881' 101' 5,173' 607 4,997 1,682 523 35 4,387 35 4,063 289 10,563 3,081 143 -345 57 337 -53 719 2 -26 2,177 1,777 -16 61 80 -4 757 283 9 -48 38 1,244 1,276 0 -52 -13 -35 168 72 0 -104 -129 40 263,523 103,838 159,685 351,346 201,140 150,206 245,327 47,016 198,311 27,730 -14,979 42,709 23,945 13,908 10,037 27,634 6,815 20,819 14,551 16,666 -2,115 28,571 3,616 24,955 28,015' 3,223 24,792' 21,893 -1,134 23,027 -6,645 52 9,041 249 -1,612 572 387 710 -1,400 -190 -1,105 -149 -18 -712 496 99 282 589 -268 180 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 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. 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 • November 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 2005 Apr. May July Aug. Sept. Exchange rates COUNTRY/CURRENCY UNIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Australia/dollar2 Brazil/real Canada/dollar China, P.R./yuan Denmark/krone European Monetary Union/euro3 . . . Hong Kong/dollar India/rupee Japan/yen 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 72.09 6.3147 1.6511 6.1469 1,010.07 99.671 7.0814 1.1954 31.480 39.521 189.61 2,144.60 76.63 2.4554 1.2555 8.2765 5.8628 1.2697 7.7914 43.41 106.60 3.8000 10.976 71.91 6.3656 1.6507 6.3267 1,001.84 99.791 7.2382 1.2172 31.265 39.801 185.59 2,144.60 76.67 2.4148 1.2402 8.2765 6.1247 1.2155 7.7755 43.52 108.75 3.8000 10.820 70.83 6.4936 1.6723 6.7396 1,012.46 99.946 7.6229 1.2665 31.347 40.917 181.77 2,144.60 75.24 2.3702 1.2229 8.2264 6.1943 1.2041 7.7751 43.43 111.95 3.7872 10.672 67.89 6.5783 1.6815 6.6966 1,036.56 100.283 7.8263 1.2945 31.886 41.700 175.07 2,144.60 76.14 2.3609 1.2043 8.1017 6.0665 1.2295 7.7709 43.55 110.61 3.7589 10.686 69.56 6.4367 1.6623 6.4599 1,021.68 100.738 7.5951 1.2629 32.076 41.132 179.44 2,144.60 76.51 2.2949 1.1777 8.0919 6.0973 1.2234 7.7618 43.85 111.24 3.7689 10.786 69.87 6.3830 1.6820 6.3661 1,029.84 101.332 7.6300 1.2671 32.925 41.041 180.64 2,144.60 113.55 85.36 109.92 82.23 110.44 83.34 111.62 84.95 112.18 85.79 110.76 84.26 110.70 83.89 99.82 90.60 97.57' 88.70' 97.84' 89.64' 99.00' 91.40' 99.69' 92.69' 98.71' 91.28' 99.41 91.55 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 1,886.13 126.66 105.98 119.08 93.00 111.20 110.57 104.46 97.56 77.38 2.5760 1.2359 8.2765 5.7554 1.2943 7.7984 43.64 107.19 3.8000 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)'' 26 Other important trading partners (January 1997=100)7 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, Table Number, and Reporting Date for Data Issue Page Reference Assets and liabilities of commercial banks, 420 June 30, 2004 September 30,2004 December 31,2004 March 31,2005 June 30, 2005 November February March June September 2004 2005 2005 2005 2005 58 58 58 58 58 Supplement Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 423 November 2004 February 2005 May 2005 August 2005 February May August November 2005 2005 2005 2005 60 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 430 September 30,2004 December 31,2004 March 31,2005 June 30, 2005 February May August November 2005 2005 2005 2005 66 64 64 64 Supplement Supplement Supplement Supplement August2001 October 2001 January 2002 A76 A64 A64 Bulletin Bulletin Bulletin Residential lending reported under the Home Mortgage Disclosure Act, 434-4411 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 September September September September 2002 2003 2004 2005 A70 A70 70 60 Bulletin Bulletin Supplement Supplement September September September September 2002 2003 2004 2005 A73 A73 73 63 Bulletin Bulletin Supplement Supplement Pro forma financial statements for Federal Reserve priced services, 431* March 31,2001 June 30, 2001 September 30, 2001 Small loans to businesses and farms, 1996-2001 1996-2002 1997-2003 1998-2004 442-445 446-448 Community development lending reported under the Community Reinvestment Act, 449 2001 2002 2003 2004 *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 • November 2005 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 1-5, 2005 A. Commercial and industrial loans made by all commercial banks' Weightedaverage maturity5 Percent of amount of loans (percent) Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 5.22 4.10 4.72 5.16 5.99 84,061 4,157 12,571 34,488 20,635 495 1,224 938 539 406 506 416 470 527 466 39.6 39.0 27.9 39.3 44.6 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 6.01 5.00 5.06 6.14 6.53 17,819 202 1,458 6,569 4,669 203 220 361 214 170 658 652 560 726 696 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.57 3.91 4.30 4.33 5.79 26,178 1,636 3,973 13,911 5,003 1,339 7 665 1,174 1,482 982 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 5.25 4.12 5.03 6.08 4.93 16,829 730 3,658 5,189 5,560 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.89 4.15 4.64 5.07 6.62 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.69 4.24 6.09 5.72 7.23 Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Commitment status Percent made under commitment Average months since loan terms 27.9 22.3 29.9 29.8 15.4 13.6 29.1 37.2 77.1 80.7 78.7 75.3 80.4 11.3 12.2 10.4 13.4 11.6 63.1 55.1 52.6 62.9 76.4 9.6 9.5 11.3 4.9 3.6 78.1 51.5 52.3 83.7 82.6 92.0 91.9 90.6 92.7 93.2 13.4 13.7 10.0 7.3 169 166 266 181 90 19.8 30.9 12.6 22.2 18.6 30.4 .3 39.8 28.8 18.1 11.2 22.0 10.9 9.7 12.2 51.1 54.7 46.9 58.2 46.9 830 5,041 2,991 733 570 477 156 709 684 181 32.4 26.8 8.7 44.8 31.7 34.2 .0 24.6 24.0 58.0 13.7 2.1 5.9 17.5 18.0 83.7 100.0 93.1 79.4 85.6 9.4 15.7 5.7 8.7 13.3 17,269 1,410 3,250 6,837 3,424 668 795 1,031 701 627 547 759 361 689 321 50.8 45.1 55.2 45.6 58.9 19.3 .5 24.9 23.1 20.2 17.3 10.8 6.9 23.3 26.0 91.2 98.4 97.4 16.1 12.2 9.3 27.0 12.1 5,657 165 212 1,938 1,896 399 521 134 285 836 52 36 41 46 64 41.2 96.6 51.6 43.7 44.4 35.3 2.1 20.4 27.5 62.7 48.5 3.8 33.7 33.2 65.4 87.4 86.1 61.5 82.4 93.1 6.7 9.6 6.6 10.1 6.0 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 86.3 74.6 41.0 25.7 7.6 11.0 24.8 29.7 68.8 70.7 31.4 14.9 84.0 90.4 83.6 69.0 7.0 8.7 11.6 12.3 Secured by collateral Days Subject to prepayment penalty 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 6.89 6.32 5.28 4.77 3,116 11,611 26,586 42,748 3.3 3.2 3.2 2.9 157 123 92 149 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 6.48 4.69 25,065 58,996 3.3 3.0 211 93 59.5 31.1 10.5 30.8 216 1096 94.2 69.9 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 59 Survey of Loans Made, August 1-5, 2005—Continued B. Commercial and industrial loans made by all domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 5.48 4.11 4.98 5.60 6.48 54,253 2,279 8,530 23,440 10,686 332 743 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 6.01 5.00 5.12 6.13 6.49 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 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* 41.8 26.3 18.1 40.2 63.5 82.5 64.8 82.7 77.5 94.0 12.7 26.3 10.9 16.8 10.4 9.9 9.5 12.5 5.0 3.7 78.2 51.5 57.1 83.1 82.0 91.7 91.9 89.6 92.5 93.0 8.4 13.4 11.7 9.6 7.0 14.1 .4 29.1 13.9 25.3 32.1 20.4 18.4 59.8 47.6 34.1 46.5 42.9 20.3 19.4 22.8 22.1 14.5 15.2 6.6 20.1 22.4 6.6 7.5 25.7 48.7 93.0 100.0 98.3 93.0 98.4 9.1 51.6 7.2 7.4 13.6 59.4 93.4 68.2 46.6 85.8 15.6 1.3 24.4 17.5 15.0 18.2 20.2 4.3 26.5 26.3 90.2 95.9 97.2 87.3 96.0 19.7 29.2 9.2 30.5 18.7 49.5 96.6 51.6 43.7 44.4 42.4 2.1 20.4 27.5 62.7 43.4 3.8 33.7 33.2 65.4 84.9 86.1 61.5 82.4 93.1 7.7 9.6 6.6 10.1 6.0 86.8 76.9 57.9 32.7 7.4 9.4 15.7 18.2 69.1 72.9 44.9 21.8 83.9 90.5 90.9 72.9 7.0 8.6 12.6 16.0 93.6 74.5 11.6 13.7 Secured by collateral Subject to prepayment penalty 381 219 687 279 563 732 836 52.3 60.4 38.5 44.0 75.4 15.0 1.5 21.2 12.5 18.0 17,298 202 1,319 6,328 4,528 199 220 334 209 167 657 652 620 729 675 64.0 55.1 57.4 63.6 77.6 4.83 3.90 4.59 4.76 6.54 10,480 1,124 2,135 6,121 922 596 9,883 669 718 203 372 122 343 414 401 30.5 33.4 22.1 22.1 91.3 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 6.05 4.37 5.56 6.97 6.03 8,833 217 2,306 3,331 1,596 471 2,766 2 609 507 173 791 309 893 1,004 481 45.3 90.0 8.8 42.6 84.8 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.62 4.05 4.63 5.07 6.07 12,626 558 2,541 5,677 1,663 527 345 914 623 345 550 260 364 680 453 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.33 4.24 6.09 5.72 7.23 4,712 165 212 1,938 1,896 336 521 134 285 838 53 36 41 46 64 Weightedaverage risk Weightedaverage maturity/ repricing interval2 Days LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1,000-9,999 .. . 10,000 or more . 6.90 6.37 5.59 4.83 3,082 10,968 16,268 23,934 3.3 3.2 3.2 2.7 158 124 125 213 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 6.33 4.88 22,667 31,586 3.3 2.8 186 151 64.4 43.5 10.2 18.5 198 644 60 Federal Reserve Bulletin Statistical Supplement • November 2005 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 1-5, 2005—Continued C. Commercial and industrial loans made by large domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 5.32 3.99 4.76 5.44 6.42 47,971 2,055 7,625 20,868 9,431 517 2.557 1.720 719 276 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 5.88 4.64 4.70 6.02 6.43 14,824 152 1,036 5,247 3,830 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.62 3.90 4.20 4.59 6.48 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 39.2 27.0 12.2 36.7 60.9 82.4 63.3 84.3 76.2 95.2 13.8 27.5 11.3 18.4 11.2 11.1 8.0 15.7 5.6 3.8 77.4 50.0 47.8 83.1 79.9 92.0 91.2 89.3 93.4 92.8 8.5 12.3 12.4 9.5 7.6 24.9 33.4 14.0 16.3 90.0 14.9 .4 14.2 .1 19.1 32.0 9.8 13.0 52.2 44.9 34.1 45.7 38.6 94.1 22.9 19.4 26.1 25.7 15.9 871 313 896 1,081 502 37.2 91.2 7.4 36.2 83.4 12.3 .0 15.2 6.9 21.8 19.0 6.1 6.5 18.8 42.8 92.5 100.0 99.1 92.6 99.4 10.5 51.7 7.3 8.3 14.8 1.669 2.937 4.629 2.279 503 556 252 352 692 459 57.0 92.1 67.1 43.9 86.3 16.5 1.8 25.9 18.2 15.4 17.9 24.7 2.7 26.8 26.0 91.5 99.8 98.7 20.4 32.6 9.4 31.8 19.0 1 368 4,030 576 1,295 2,101 52 27 43 41 65 41.2 99.5 25.3 33.8 38.5 48.8 2.5 14.7 29.9 68.6 45.4 .5 39.5 34.3 69.2 89.9 99.8 95.5 82.5 95.6 8.7 9.7 8.6 12.3 6.3 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 86.4 73.7 55.5 30.8 10.9 11.2 16.4 18.7 73.3 74.6 43.0 22.1 91.2 94.1 91.1 72.1 7.8 9.8 13.2 16.6 95.5 73.9 13 15 Secured by collateral Subject to prepayment penalty 692 245 562 726 865 47.6 57.7 33.8 38.7 74.3 16.4 1.3 23.0 13.2 19.9 254 352 620 298 201 681 702 683 744 714 61.4 54.2 53.8 60.1 78.1 9,615 1,123 1,883 5,676 774 1.080 10.324 1.268 1.648 263 363 122 324 405 418 6.06 4.35 5.54 7.03 5.91 7,626 212 2,263 2,972 1,421 560 3.341 3.893 713 194 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 4.46 3.82 4.44 4.94 6.02 11,744 418 2,332 5,375 1,614 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.14 3.91 5.41 5.31 7.23 3,873 137 102 1,555 1,712 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 6.47 6.17 5.54 4.81 1,764 7,918 14,986 23,302 3.5 3.4 3.2 2.7 43 76 122 218 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 6.19 4.77 18,799 29,172 3.3 2.8 202 131 59.9 39.8 11.6 19.6 278 1,159 Financial Markets 4.23 TERMS OF LENDING AT COMMERCIAL BANKS 61 Survey of Loans Made, August 1-5, 2005—Continued D. Commercial and industrial loans made by small domestic banks' Weightedaverage effective loan rate (percent)4 Amount of loans (millions of dollars) 6.71 5.20 6.90 6.89 6.94 6,282 224 905 2,571 1,255 89 99 114 79 85 6.73 6.10 6.67 6.68 6.81 2,474 50 282 1,082 698 7.12 865 7.51 6.94 6.85 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 61.6 20.1 67.2 68.5 83.3 83.3 78.5 68.7 88.5 84.9 4.5 17.1 6.1 5.3 82.8 56.2 90.8 83.3 93.9 89.9 94.1 90.4 87.9 93.9 7.2 16.5 8.9 9.7 4.3 92.7 93.5 77.3 83.2 96.1 97.8 10.0 1.1 99.7 87.6 100.0 52.3 97.9 62.0 1.3 3.5 1.8 721 385 313 77.4 95.3 96.2 16.1 4.3 6.5 54.6 82.7 96.4 59.3 96.5 90.4 1.4 .3 2.4 52 95 92 45 476 283 496 456 282 91.1 97.1 81.4 94.2 66.8 3.6 .0 7.7 4.8 22.4 6.8 21.0 38.3 72.9 84.2 80.1 74.8 59.9 6.7 17.1 7.3 4.0 1.4 79 69 127 40 66 60 75.9 83.8 99.6 25.7 17.7 7.1 28.3 29.1 29.7 30.3 82.2 70.2 Weightedaverage risk rating3 Weightedaverage maturity/ repricing interval2 87.4 85.4 86.3 2.7 4.9 7.0 63.3 68.6 67.8 74.2 81.3 Secured by collateral Subject to prepayment penalty 645 603 566 785 627 87.5 85.2 77.8 87.5 83.7 4.4 3.2 5.9 6.5 3.8 86 103 124 85 86 498 525 395 638 466 79.6 57.7 70.7 80.8 74.5 2.2 14.1 .7 2.2 3.0 252 445 147 148 87 93 474 524 325 6.52 6.50 6.99 44 358 176 145 149 92 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other 6.80 4.73 6.71 7.41 7.81 140 209 302 49 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk 30 Other 6.71 7.38 7.22 Days 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 110 384 184 Days SIZE OF LOAN (thousands of dollars) 31 32 33 34 1-99 100-999 1.000-9.999 10,000 or more 7.47 6.88 6.23 1,319 3,050 1,281 3.0 2.9 3.2 307 245 157 Average size (thousands of dollars) BASE RATE OF LOAN 7 35 Prime 36 Other Footnotes appear at end of table. 7.00 6.24 3,868 2,414 3.1 2.7 110 392 86.5 89.1 3.5 5.7 82 101 84.3 81.6 5.8 5.0 4.9 62 4.23 Federal Reserve Bulletin Statistical Supplement • November 2005 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 1-5, 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) 4.75 4.08 4.16 4.24 5.46 29,808 1.878 4,040 11,048 9,949 4,788 5 767 4,053 4 657 4,962 By maturity/repricing interval 6 Zero interval 7 Minimal risk 8 Low risk 9 Moderate risk 10 Other 4.52 6.42 7.59 139 241 142 11 Daily 12 Minimal risk 13 Low risk 14 Moderate risk 15 Other 4.40 3.92 3.96 4.00 5.62 16 2 to 30 days 17 Minimal risk 18 Low risk 19 Moderate risk 20 Other 21 31 to 365 days 22 Minimal risk 23 Low risk 24 Moderate risk 25 Other Maturity/repricing interval2 and risk of loans3 Average loan size (thousands of dollars) Weightedaverage maturity5 Percent of amount of loans (percent) Commitment status Subject to prepayment penalty 187 596 280 113 78 16.4 13.1 5.4 29.2 11.5 42.4 .0 42.1 43.1 42.7 8.0 2.1 4.2 5.5 8.8 67.4 100.0 70.5 70.6 65.8 8.1 1.1 9.3 5.5 13.5 1 610 635 507 87 657 1,316 7.6 45.4 40.4 .0 7.6 100.0 100.0 100.0 100.0 100.0 30.8 19.9 14.5 15,698 512 1,837 7,790 4,081 8.043 5.135 9.533 9 086 7.253 40 285 184 6 30 12.7 25.2 1.5 22.3 2.2 41.3 .0 52.2 40.4 22.1 1.8 .0 .0 2.9 1.4 53.4 100.0 47.4 70.3 37.4 7.2 1.0 14.1 2.5 22.4 4.38 7,996 5.292 129 18.0 59.9 4.12 4.47 4.48 1,352 1,858 3,963 3.988 3 728 7.812 403 111 58 8.6 48.7 10.3 40.7 55.1 73.3 3.1 3.0 5.6 84.3 55.1 80.4 2.8 12.8 13.1 5.63 4.22 4.69 5.05 7.14 4,643 853 709 1,160 1,761 2.489 5 346 1.904 1 818 2.741 537 1,140 351 735 162 27.6 13.5 8.3 40.9 33.5 29.4 .0 26.7 50.4 25.2 15.0 4.6 16.0 7.7 25.7 93.8 100.0 98.1 91.2 96.2 6.8 1.6 9.6 10.6 6.0 38.4 34.7 14.3 16.9 29.0 36.7 39.1 44.4 50.4 31.8 10.0 6.1 92.9 88.5 72.0 64.1 9.0 9.0 9.7 7.0 Days Percent made under commitment Average months since loan terms Secured by collateral LOAN RISK 1 All commercial and industrial loans 2 Minimal risk 3 Low risk 4 Moderate risk 5 Other 73.5 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 . 6.14 5.45 4.80 4.69 34 642 10,318 18,814 3.3 3.1 3.1 3.2 113 41 68 Average size (thousands of dollars) Footnotes appear at end of table. Financial Markets 4.23 63 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 1-5, 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 loan rate4 (percent) Amount of loans (millions of dollars) Average loan size (thousands of dollars) Weighted- Percent of amount of loans maturity repricing interval2 risk rating3 Days Secured by collateral Subject to prepayment penalty Prime based All commercial banks 1 During survey week 2 Not under commitment 3 Informal commitment 4 Formal commitment 5.22 4.62 4.76 6.86 38,690 19,227 9,608 9,856 623 704 375 1,080 3.0 3.1 3.0 2.9 138 61 48 374 26.7 21.6 22.4 41.0 26.8 39.8 14.5 13.3 17.8 7.6 17.4 38.2 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.14 5.38 5.14 11,520 14,630 19,164 331 308 767 3.1 3.0 3.1 190 94 96 54.2 56.4 43.7 19.6 16.1 30.4 45.0 44.5 33.6 Domestic banks 8 During survey week 9 Not under commitment 10 Informal commitment 11 Formal commitment 5.84 4.70 6.85 7.03 18,816 9,505 2,204 7,107 320 365 92 814 2.9 2.7 3.1 3.2 223 118 181 375 39.4 22.6 89.6 46.2 10.6 6.2 7.3 17.4 31.6 15.3 63.8 43.4 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.02 5.42 5.37 9,350 12,229 13,801 273 264 581 3.1 3.0 3.0 212 101 112 59.3 63.4 55.0 13.6 14.7 22.5 50.1 48.4 44.0 Large domestic banks 15 During survey week 16 Not under commitment 17 Informal commitment 18 Formal commitment 5.56 4.39 5.94 7.26 14,568 8,453 447 5,668 1,064 1,041 149 2,202 2.9 2.7 3.1 3.2 214 73 126 431 24.3 14.1 78.8 35.1 12.7 6.4 16.9 21.7 23.8 10.0 56.1 41.8 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 4.85 5.35 5.35 8,506 11,610 13,286 327 327 756 3.1 3.0 3.0 214 101 112 56.9 62.5 54.3 13.8 15.3 23.2 47.2 47.8 43.4 Small domestic banks 22 During survey week 23 Not under commitment 24 Informal commitment 25 Formal commitment 6.79 7.21 7.08 6.13 4,247 1,052 1,758 1,438 94 59 84 234 3.0 2.8 3.1 3.2 252 480 195 154 91.2 91.0 92.3 90.0 3.4 4.8 4.9 .4 58.3 57.8 65.7 49.6 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 6.79 6.73 5.79 844 620 515 103 57 83 3.3 2.8 2.8 198 88 99 83.8 78.6 72.5 10.9 2.7 4.7 79.3 61.0 58.6 Foreign banks 29 During survey week 30 Not under commitment 31 Informal commitment 32 Formal commitment 4.65 4.53 4.14 6.41 19,874 9,722 7,404 2,749 6,009 7,592 4,547 6,894 3.1 3.5 3.0 2.1 57 5 9 372 14.7 20.5 2.3 27.4 42.1 72.6 16.6 2.8 4.8 .0 3.6 24.9 Prior to survey weeks Up to 90 days 91 to 365 days More than 365 days 5.63 5.22 4.55 2,170 2,401 5,363 3,886 2,176 4,270 3.0 3.1 3.5 92 61 54 32.2 21.1 14.4 45.6 23.5 50.8 23.2 24.3 6.7 5 6 7 12 13 14 19 20 21 26 27 28 33 34 35 NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions made during the first full business week in the mid-month of each quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. The sample data are used to estimate the terms of loans extended during that week at all domestic commercial banks and all U.S. branches and agencies of foreign banks. Note that the terms on loans extended during the survey week may differ from those extended during other weeks of the quarter. The estimates reported here are not intended to measure the average terms on all business loans in bank portfolios. 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 • November 2005 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 20051 Millions of dollars except as noted Total including IBFs3 Total assets4 . IBFs only3 IBFs only 51,293 21,375 0 908,417 79,207 3 082 10 10,275 20,415 368 3 700 16,347 1,041 10,775 321 1,633 8,820 14 Total securities and loans 476,535 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 168,619 8 986 25,933 810,090 75,083 3,037 7 49,177 20,675 0 51,654 54,659 44,384 9,757 IBFs only 15,134 1,028 Total including IBFs 1 44,780 138 26 0 51 27 24 0 l.a. 24 24 24 505 189 10,460 306 1,526 8,627 0 209 292 15 107 170 n.a. 42 0 0 42 19 23,111 19,485 352 3,552 15,581 900 417,136 22,045 294 15 107 172 17 13,715 706 33,933 5,926 n.a. n.a. 165,218 8,317 25,361 5,488 n.a. n.a. 1,629 34 174 430 n.a. n.a. 1,269 595 239 133,699 8 731 31,383 25,659 5,724 34,719 58,866 5,926 4,113 31,057 0 0 3 1,811 131,540 8,494 1,420 63 25,333 5,724 34,719 57,271 5,488 4,057 5 0 0 3 1,428 430 52 n.a. 0 0 0 378 435 126 n.a. 5 0 0 304 23,712 15,793 7,919 5,008 2,816 2,192 22,486 14,923 7,563 4,693 2,801 1,892 15 15 0 25 25 0 0 0 0 0 0 0 0 1,037 139,104 26,328 112,776 28 Securities purchased under agreements to resell 29 With depository institutions in the U.S 30 With others 139,104 26,328 112,776 31 Total loans, gross 32 LESS: Unearned income on loans . 308,368 452 307,916 17,204 19 17,185 252,290 372 251,918 16,575 18 16,557 12,113 26 12,086 276 0 276 32,671 7 32,664 17,059 92,504 3,388 2,142 1,246 435 13,127 6 13,121 75,554 18 6,855 1,294 1,294 0 0 5,304 0 5,304 256 13,522 76,287 2,917 1,720 1,196 435 11,111 6 11,104 61,825 18 6,432 1,151 1,151 0 0 5,025 0 5,025 256 3,054 2,204 189 189 0 0 225 0 225 1,790 0 179 119 119 0 0 60 0 60 0 53 12,834 8 0 8 0 1,228 0 1,228 11,598 165,321 132,485 32,835 9,241 21 9,220 130,917 102,797 28,120 9,058 21 9,037 6,398 6,021 377 98 0 98 19,136 17,616 1,520 2,720 9,332 20,889 702 367 22 2,343 8,783 19,966 680 367 21 0 457 0 0 0 220 261 98 0 0 0 70 34 36 0 0 0 9,666 202 9,464 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) 543 507 36 53 Trading assets 54 U.S. Treasury and agency securities . . . 55 Other trading assets 155,913 24,665 131,248 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 33,945 733 511 222 33,213 348,532 64 Total liabilities4 65 Liabilities to nonrelated parties Footnotes appear at end of table. 348,532 n.a. 1,256,949 1,154,813 473 473 1,192 0 1,192 124,969 24,427 100,542 1,168 0 1,168 24 0 24 n.a. n.a. n.a. 605 92,910 n.a. 31,314 637 440 198 30,676 299,184 299,184 n.a. n.a. n.a. 594 65,329 n.a. 46 45 1 254 788 788 144,203 1,109,275 114,506 15,923 131,796 1,021,677 102,324 10,217 92,910 IBFs only 50,432 1,369 640 0 714 41,897 252 Total including IBFs 15,923 1,109,275 1,256,949 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 25 Federal funds sold 26 With depository institutions in the U.S. . 27 With others Total including IBFs 0 0 0 n.a. n.a. 1,019 65,329 7 991 5,651 5,651 0 3,040 n.a. 5,458 50,432 3,068 5,316 48,648 3,065 9 4,088 n.a. 3,040 4,088 U.S. Branches and Agencies 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2005'—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 542,736 90,536 488,269 69,576 3,134 3,767 10,778 1,096 451,933 434,184 17,748 63,223 16,633 46,589 8,437 2,176 6,261 6,848 113 6,736 12,752 10,900 1,853 39,663 1,294 38,368 401,343 390,317 11,026 60,913 16,379 44,533 8,242 2,176 6,066 4,067 113 3,954 11,523 9,924 1,599 28,621 1,147 27,474 2,367 1,066 1,301 34 29 5 18 0 18 65 0 65 637 623 14 1,997 146 1,852 10,276 10,216 59 422 106 316 80 0 7 0 7 0 0 0 192 2 190 2,157 16,987 31,116 157 2,011 15,760 25,210 157 11 704 1,068 10,291 8,240 9,235 6,050 3,184 78 3 75 554 0 554 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7,390 5,586 1,804 78 3 74 461 0 461 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 120 83 37 0 0 0 18 0 18 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 164 140 24 0 0 0 0 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 341 83 n.a. n.a. 234 78 n.a. n.a. 5 n.a. n.a. 0 0 n.a. n.a. 480,029 532,445 4 10,614 2,987 442,698 428,134 14,564 63,145 16,630 46,515 7,882 2,176 5,706 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 393,953 384,731 9,222 60,835 16,376 44,459 7,781 2,176 5,605 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,816 16,904 n.a. n.a. 1,777 15,682 n.a. n.a. 2,247 983 1,265 34 29 5 0 0 0 6 700 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10,111 10,076 35 422 106 316 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 90,536 69,576 3,767 6,848 113 6,736 12,752 10,900 1,853 39,663 1,294 38,368 4,067 113 3,954 11,523 9,924 1,599 28,621 1,147 27,474 65 0 65 637 623 14 1,997 146 1,852 7 0 7 0 0 0 192 2 190 31,116 157 25,210 157 1,068 0 897 0 65 66 Federal Reserve Bulletin Statistical Supplement • November 2005 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2005'—Continued Millions of dollars except as noted Total including IBFs3 IBFs only3 Total including IBFs IBFs only 60,229 22,453 37,776 17,406 1,609 15,797 46,249 15,789 30,461 10,957 1,153 9,804 743 660 83 117 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 159,598 15,808 143,791 179,881 3,441 18,247 157,879 15,780 142,100 151,672 3,441 16,372 17,040 11,928 2,957 426 16,549 11,852 5,112 14,648 683 13,965 148,193 2,531 11,455 106 11,349 3,835 128 All other liabilities 129 Branch or agency liability on acceptances executed and outstanding 130 Trading liabilities 131 Other liabilities to nonrelated parties 121,833 746 96,853 24,234 132 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 114 Federal funds purchased 115 With depository institutions in the U.S. 116 With others Total including IBFs Total including IBFs IBFs only 164 164 0 4,861 2,957 1,904 1,591 90 1,501 28 252 2,024 0 1,364 125 0 125 23,467 0 374 2,717 426 218 75 143 0 219 0 98 0 4,697 13,497 593 12,904 121,626 2,291 10,445 55 10,390 3,210 143 619 71 548 1,187 143 597 51 546 624 219 325 0 325 22,923 98 276 0 276 0 2,165 108,031 1,977 269 n.a. 40 2,125 649 86,803 20,578 n.a. 40 1,938 46 102,136 102,136 12,407 n.a. 87,597 87,597 12,182 n.a. 70,238 20,303 49,936 n.a. 14,211 n.a. 47,799 1,047 33,587 n.a. 3,105 n.a. 92,033 11,362 80,671 n.a. n.a. n.a. 80,466 9,807 70,659 n.a. n.a. n.a. IBFs only 8,320 201 n.a. 0 21 27 7,435 858 5,705 5,705 142 n.a. 1,784 1,784 MEMO 135 Holdings of own acceptances included in commercial and industrial loans 136 Commercial and industrial loans with remaining maturity of one y 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. n.a. 3,210 286 2,924 n.a. n.a. n.a. n.a. n.a. n.a. 3,839 345 3,494 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, June 30, 20051—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 593,467 524,228 n.a. n.a. 540,546 473,264 n.a. n.a. 2,866 2,859 n.a. n.a. 10,270 10,268 n.a. n.a. 69,239 n.a. 67,282 n.a. 7 n.a. 3 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 57,719 261 n.a. 140 54,609 51 n.a. 15 1,689 n.a. n.a. n.a. 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 699 n.a. IBFs only n.a. n.a. 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, 35-39 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, 35-39 Saving deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 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
@FedFRASER