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Volume 4 • Number 11 D November 2007

Statistical Supplement
A to the Federal Reserve

S" BULLETIN

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

PUBLICATIONS COMMITTEE

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

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

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

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

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

Instruments

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

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

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

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

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

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

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

Consumer Credit
34 Total outstanding
34 Terms

Flow of Funds
35
37
38
39

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

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

DOMESTIC NONFINANCIAL STATISTICS
Selected

Measures

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

2

Federal Reserve Bulletin Statistical Supplement • November 2007

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

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

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

Interest and Exchange Rates
56 Foreign exchange rates and indexes of the foreign
exchange value of the U.S. dollar
57 GUIDE TO SPECIAL TABLES
SPECIAL TABLES
58 Terms of lending at commercial banks,
August 6-10, 2007
64 Assets and liabilities of U.S. branches and
agencies of foreign banks, June 30, 2007
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
GDP

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

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

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

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

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

4

Federal Reserve Bulletin Statistical Supplement • November 2007

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

Concepts of money*
5 M1
6 M2

Q4

Q1

Q2

Apr.

May

-13.3
-12.0
-14.7
.8

-1.0
2.5

-7.7
-6.3
-6.9
1.6

8.0
8.2
7.8
2.3

11.1
14.7
10.4

12.4
15.5
11.8
2.7

4.0

-.3
6.3

-.4
7.3

2.3
6.5

-3.5

3.4

Aug.

5.2
10.2

-46.4
-47.4
-48.7

86.1
-4.3
66.1
5.2

2.5
4.1

.4
10.6

6.4
5.4P

8.4
9.0

12.5

13.4
.9

2.1

-10.8
2.0

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

.1
16.3

12.3
16.4

7.3
3.3

.6
22.2

-22.0
7.4

11.4
9.7

26.8
10.7

29.8'
7.0

Money market mutual funds
12 Retail7
13 Institution-only

16.0
17.0

17.1
21.2

18.9
11.5

13.1
28.5

33.7

8
9

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

5.9
2.4P

7.0

15.5

3.0

1.1

-4.5

7.7

20.5
18.8

33.5

-12.7
-14.2

-.3
.0

23.5
26.3

41.1
60.0

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

Money Stock and Bank Credit
1.11

5

FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1
Millions of dollars
Average of
daily figures

Average of daily figures for week ending on date indicated

July

July 18

July 25

Aug. 1

Aug. 8

Aug. 15

Aug. 22

Aug. 29

SUPPLYING RESERVE FUNDS

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

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

19
20
21
22
23
24

Currency in circulation
Reverse repurchase agreements6
Foreign official and international accounts
Dealers
Treasury cash holdings
Deposits with Federal Reserve Banks, other than
reserve balances
U.S. Treasury, general account
Foreign official
Service-related
Required clearing balances
Adjustments to compensate for float
Other
Other liabilities and capital
Reserve balances with Federal Reserve Banks7 . .

851,941
790,405
790,405
277,019
474,672
34,459
4,255
0
22,517
186
43
0
142
-748
39,582
11,041
2,200
38,489

854,547
790,649
790,649
277,019
474,631
34,500
4,499
0
23,218
263
45
0
218
-623
.1,040
.1,041
2,200
38,532

855,042
788,389
788,389
275,245
472,700
35,753
4,691
0
26,161
916
642
19
255
-695
40,270
11,041
2,200
38,569

853,944
790,640
790,640
277,019
474,672
34,459
4,491
0
22,536
360
145
0
216
-726
41,133
11,041
2,200
38,531

850,047
790,694
790,694
277,019
474,672
34,459
4,544
0
18,857
239
3
0
236
-927
41,183
11,041
2,200
38,536

857,706
790,758
790,758
277,019
474,303
34,828
4,609
0
25,786
251
2
0
249
-859
41,770
11,041
2,200
38,541

850,437
790,814
790,814
277,019
473,378
35,753
4,664
0
18,571
251
1
0
249
-898
41,700
11,041
2,200
38,552

867,860
790,655
790,655
277,019
473,202
35,753
4,681
0
36,286
271
11
0
260
-1,045
41,693
11,041
2,200
38,562

851,606
789,613
789,613
277,019
472,142
35,753
4,699
0
22,607
1,541
1,200
85
256
-759
38,604
11,041
2,200
38,573

850,066
784,630
784,630
272,019
472,142
35,753
4,717
0
24,571
1,577
1,315
0
262
4
39,284
11,041
2,200
38,584

811,135
32,077
32,077
0
296

814,350
32,082
32,082
0
320

811,813
31,460
31,460
0
276

813,996
31,566
31,566
0
350

812,468
31,500
31,500
0
317

812,382
33,335
33,335
0
292

813,011
31,647
31,647
0
245

812,360
31,357
31,357
0
259

811,037
31,351
31,351
0
280

809,869
30,888
30,888
0
309

11,888
5,024
106
6,519
6,519
0
239
39,462
8,812

11,559
4,728
105
6,442
6,442
0
284
39,434
8,576

12,014
4,910
96
6,694
6,694
1
314
40,298
10,991

11,043
AM A
124
6,432
6,432
0
312
39,350
9,410

11,911
5,052
95
6,467
6,467
0
298
39,377
6,249

11,722
4,874
96
6,466
6,466
0
287
39,479
12,279

11,960
4,998
94
6,562
6,562
0
306
40,037
5,330

11,664
4,735
95
6,562
6,562
0
273
40,037
23,987

12,234
4,842
99
6,858
6,855
434
40,443
8,075

12,289
5,089
95
6,853
6,853
0
252
40,717
7,819

ABSORBING RESERVE FUNDS

25
26
27
28
29
30
31
32

End-of-month figures

Wednesday figures
July 25

Aug. 1

Aug. 8

Aug. 15

Aug. 22

Aug. 29

858,665
790,660
790,660
277,019
474,672
34,459
4,510
0
27,250
252
17
0
234
-573
41,076
11,041
2,200
38,531

849,629
790,714
790,714
277,019
474,672
34,459
4,564
0
18,750
246
3
0
243
-1,272
41,191
11,041
2,200
38,536

855,813
790,802
790,802
277,019
473,378
35,753
4,653
0
24,750
235
233
-1,483
41,509
11,041
2,200
38,541

850,831
790,820
790,820
277,019
473,378
35,753
4,670
0
18,750
255
0
0
255
-633
41,639
11,041
2,200
38,552

851,167
789,601
789,601
277,019
472,142
35,753
4,688
0
24,000
264
4
0
260
-941
38,242
11,041
2,200
38,562

849,024
789,619
789,619
277,019
472,142
35,753
4,706
0
19,000
2,262
2,001
0
261
-536
38,679
11,041
2,200
38,573

859,298
784,637
784,637
272,019
472,142
35,753
4,723
0
33,750
1,357
1,101
0
257
30
39,524
11,041
2,200
38,584

815,020
35,774
35,774
0
329

814,178
32,507
32,507
0
320

813,676
31,109
31,109
0
300

814,159
31,546
31,546
0
243

814,587
30,132
30,132
0
257

813,042
31,941
31,941
0
276

811,795
29,956
29,956
0
306

812,431
31,210
31,210
0
329

11,617
4,579
94
6,613
6,613
0
330
40,612
5,970

11,120
4,100
293
6,432
6,432
0
294
38,852
13,460

11,795
4,931
98
6,467
6,467
0
300
38,836
5,689

11,624
4,769
95
6,466
6,466
0
295
39,462
10,560

11,600
4,670
94
6,562
6,562
0
274
39,583
6,465

12,053
5,109
96
6,562
6,562
0
286
39,681
5,978

12,545
5,329
95
6,858
6,855
3
263
40,299
5,937

12,122
4,924
95
6,853
6,853
0
250
40,291
14,739

July

Aug.

855,382
790,522
790,522
277,019
474,672
34,459
4,373
0
25,250
204
31
0
173
-1,301
40,706
11,041
2,200
38,521

861,582
790,800
790,800
277,019
473,378
35,753
4,650
0
30,250
247
1
0
247
-1,166
41,451
11,041
2,200
38,541

857,486
779,642
779,642
267,019
472,142
35,753
4,728
0
38,500
1,342
1,103
0
239
-733
38,735
11,041
2,200
38,595

812,794
32,349
32,349
0
306

813,387
32,970
32,970
0
300

11,451
4,649
197
6,395
6,395
0
210
39,277
10,968

11,991
5,126
94
6,466
6,466
0
305
39,667
15,050

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 .

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 2007

1.12

RESERVES AND BORROWINGS

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

2007

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

2005

2006

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

2004

Dec.

Dec.

Feb.

Mar.

Apr.

May

June

July

Aug.

12.046
47,258
34,801
12,457
46,847
44,939
1,909

10.047
51,314
35,337
15,977
45,384
43,483
1,900

8 477
50,897
34,804
16,093
43,280
41,475
1,805

7.718
53,728
34,934
18,794
42,652
41,154
1,497

7.516
49,732
33,236
16,495
40,752
39,117
1,635

8.558
48,808
33,980
14,828
42,538
41,010
1,528

9,203
48,655
34,818
13,837
44,021
42,582
1,439

8,735
49,428
34,914
14,514
43,648
41,944
1,705

8,417
50,197
34,314
15,883
42,730
41,057
1,674

10.980
51,033
33,639
17,394
44,619
39,796
4,823

63
11
0
52

169
97
0
72

191
111
0
80

30
8
0

54
21
5
28

79
32
0
48

103
14
0
90

187
43
0
145

262
45
0
217

975
701
19
255

B weekly averages of daily figures for two-week periods ending on dates indicated
2007
May 9
1
2
3
4
5
6
7
8
9
10
11

2

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

May 23

June 6

June 20

July 4

July 18

Aug. 1

Aug. 15

Aug. 29

Sept. 12

9,911
48,080
34,526
13,554
44,437
42,966
1,471

8,665
49,396
35,053
14,343
43,717
42,425
1,292

9,350
48,007
34,736
13,272
44,086
42,427
1,659

8,198
48,703
33,621
15,082
41,819
40,321
1,498

9,117
51,296
36,831
14,465
45,948
43,926
2,021

7,430
49,977
32,085
17,893
39,515
37,834
1,680

9,264
50,096
35,940
14,156
45,204
43,644
1,560

14,658
52,407
32,129
20,279
46,787
37,468
9,318

71
6
0
65

113
22
0
92

124
10
0
114

215
79
0
136

188
12
0
176

299
94
0
206

245
3
0
243

261
6
0
255

7,946
50,014
35,360
14,654
43,306
42,252
1,053
1,559
1,258

7,327
49,025
31,022
18,003
38,349
36,977
1,372
2,250
2,018

43
259

0
232

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

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

Policy Instruments
1.14

1

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

Secondary credit2

Primary credit
Federal Reserve
Bank

Seasona credit3

Effective date

Previous rate

On
11/16/07

Effective date

Previous rate

On
11/16/07

Effective date

Previous rate

5.00

Boston
Vew York
Philadelphia
Cleveland
Richmond
Atlanta

On
11/16/07

11/1/07
10/31/07
11/1/07
11/1/07
10/31/07
10/31/07

5.25

5.50

11/1/07
10/31/07
11/1/07
11/1/07
10/31/07
10/31/07

5.75

4.70

11/8/07

4.90

i

"hicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

i

10/31/07
11/1/07
11/1/07
11/1/07
11/1/07
10/31/07

i

5.00

'

5.25

5.50

1

10/31/07
11/1/07
11/1/07
11/1/07
11/1/07
10/31/07

i

1

1

5.75

4.70

11/8/07

4.90

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

Effective date

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

2005—Feb.

2

3.25-3.50

3.50

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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

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

2006—Jan. 31
Feb. 2

5.25-5.50
5.50

5.50
5.50

Effective date

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

2006—Mar. 28
30
May 10
11
June 29
July 6

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

5.75
5.75
6.00
6.00
6.25
6.25

2007—Aug. 17
Aug. 20
Sept. 18
20
Oct. 31
Nov. 1

5.75-6.25
5.75
5.25-5.75
5.25
5.00-5.25
5.00

5.75
5.75
5.25
5.25
5.00
5.00

5.00

5.00

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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

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

2002—Nov. 6
7

0.75-1.25
0.75

0.75
0.75

0.75

0.75

Effective date

In effect November 16, 2007 . . .

Range of rates for adjustment credit in recent years4

Effective date

In effect Dec. 31, 1995

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

5.25

5.25

1996—Jan. 31
Feb. 3

5.00-5.25
5.00

5.00
5.00

1998—Oct. 15
16
Nov. 17
19

4.75-5.00
4.75
4.50-4.75
4.50

4.75
4.75
4.50
4.50

1999—Aug. 24
26
Nov. 16
18

4.50-4.75
4.75
4.75-5.00
5.00

4.75
4.75
4.75
5.00

Effective date

2000—Feb.

2
4
Mar. 21
23
May 16
19

2001—Jan.

Feb.
Mar.
Apr.
May

3
4
5
31
1
20
21
18
20
15
17

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

Range(or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

5.25
5.25
5.50
5.50
5.50
6.00

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

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00
3.50
3.50

Effective date

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

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

8
1.15

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

Net transaction accounts^
1 $0 million-$9.3 million2
2 More than $9.3 million-$43.9 million3
3 More than $43.9 million

Percentage of
liabilities

0
10

4 Nonpersonal time deposits

12/21/07
12/21/07
12/21/07

0

5 Eurocurrency liabilities

Effective date

0

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

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

Policy Instruments
1.17

9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars

Type of transaction
and maturity
Apr.

May

76,560
76,560

94,858
94,858

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 . . .

18,138
0
821.685
821,685
0

871,661
871,661

5,748
0
905,206
905,206
0

7,994
0
103,380
-118,373
0

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

4,967
0
0
0
10,552

817
0
0
0
0

1,394
0

17,249
0
-84,844
110,819

11,309
0
-91,121
97,723

26,354
0
0
0

1,061
0
0
0

3,742
0
0
0

5,763
0
-8,012
7,554

3,626
0
-7,041
7,375

4,322
0
0
0

0
0
0
0

290
0
0
0

0
0
0
0

1,364
0
-10,524
0

2,007
0
-11,395
3,000

3,299
0
0
0

0
0
0
0

640
0
0

0
0
0
0

50,507
0
0

28,136
0
2,795

44,690
0
10,552

1,878
0
0

6,066
0

2,736
0

50,507

25,341

6,066

2,736

1,876,900
1,887,650

2,097,050
2,083,300

2,125,500
2,131,500

176,000
184,750

193,750
180,500

228,250
240,250

179,500
161,250

174,250
190,000

177,750
188,250

185,000
180,000

5,621,153
5,626,285

6,421,223
6,420,945

6,779,023
6,778,132

630,544
633,309

696,788
704,054

843,250
840,887

739,145
739,251

752,100
749,528

672,056
669,588

673,157
673,778

-5,110

-11,515

5,984

-9,637

18,143

-13,178

-8,032

4,379

34,626

39,369

29,029

-11,515

7,862

-9,637

24,209

-10,442

-8,032

4,379

66,169
66,169

0
0
70,706
70,706
0

88,466
88,466

0
0
62,340
62,340
0

72,690
72,690

0
0
0
0
0

2,736
0

0
0
0
0

0
0
0

FEDERAL AGENCY OBLIGATIONS

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

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

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

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

10
1.18

Federal Reserve Bulletin Statistical Supplement • November 2007
FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements'

Millions of dollars
Wednesday

Aug. 15

Aug. 22

Aug. 29

June

July

Consolidated condition statement
ASSETS

11,037
2,200
1,038
813,866
789,601
789,601
277,019
472,142
35,753
4,688
0
24,000
264
2,508
2,067
36,190
21,195
14,995

11,037
2,200
1,017
810,881
789,619
789,619
277,019
472,142
35,753
4,706
0
19,000
2,262
2,655
2,068
36,895
21,418
15,477

11,037
2,200
1,014
819,744
784,637
784,637
272,019
472,142
35,753
4,723
0
33,750
1,357
3,255
2,071
37,450
21,524
15,925

11,037
2,200
958
815,976
790,522
790,522
277,019
474,672
34,459
4 373
0
25,250
204
1,663
2,055
38,555
20,758
17,797

11,037
2,200
1,090
821,297
790,800
790,800
277,019
473,378
35,753
4,650
0
30,250
247
3,205
2,062
39,408
21,265
18,143

11,037
2,200
1,019
819,483
779,642
779,642
267,019
472,142
35,753
4,728
0
38,500
1,342
1,828
2,080
36,824
21,472
15,352

869,309

868,904

866,753

876,771

872,445

880,300

874,472

776,953
31,546
22,243
17,084
4,769
95
295
3,908
5,824

777,350
30,132
18,494
13,456
4,670
94
274
3,750
5,905

775,789
31,941
18,056
12,565
5,109
96
286
3,438
5,967

774,540
29,956
18,769
13,082
5,329
95
263
3,188
6,030

775,186
31,210
26,861
21,592
4,924
95
250
3,222
6,006

775,533
32,349
22,349
17,293
4,649
197
210
2,937
5,666

776,232
32,970
27,062
21,537
5,126
94
305
4,369
5,764

777,769
35,774
17,775
12,771
4,579
94

840,474

19 Total assets

11,037
2,200
1,062
809,825
790,820
790,820
277,019
473,378
35,753
4,670
0
18,750
255
3,127
2,063
39,994
21,330
18,664

874,112

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
1,096
815,787
790,802
790,802
277,019
473,378
35,753
4,653
0
24,750
235
2,426
2,053
39,513
21,267
18,246

835,631

835,190

832,483

842,486

838,834

846,397

839,877

16,649
15,411
1,578

16,660
15,412
1,607

16,779
15,412
1,523

16,841
15,412
2,016

16,847
15,423
2,015

16,102
15,399
2,110

16,168
15,411
2,324

16,848
15,424
2,323

33,638

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

33,678

2,010,794
1,254,060
756,733
9,917

2,006,849
1,246,184
760,665
8,540

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

2,542
6,017

CAPITAL ACCOUNTS

30 Capital paid in
31 Surplus
32 Other capital accounts

34,285

34,595

33 Total capital
MEMO

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

1,989,780
1,224,038
765,742
11,118

1,979,224
1,209,858
769,366
7,948

1,982,579
1,206,794
775,785
8,567

1,982,870
1,241,114
741,756
14,869

2,013,343
1,256,779
756,564
9,157

1,979,433
1,205,928
773,505
5,633

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

989,202

990,878

991,992

993,418

994,749

979,452

988,789

995,132

212,249
776,953
776,953
11,037
2,200
763,716
0

213,529
777,350
777,350
11,037
2,200
764,113
0

216,204
775,789
775,789
11,037
2,200
762,552
0

218,878
774,540
774,540
11,037
2,200
761,303
0

219,562
775,186
775,186
11,037
2,200
761,949
0

203,919
775,533
775,533
11,037
2,200
762,296
0

212,557
776,232
776,232
11,037
2,200
762,995
0

217,362
777,769
777,769
11,037
2,200
764,533
0

815,552

809,570

813,601

808,619

818,387

815,772

821,050

818,142

31,594

30,179

31,983

29,982

31,249

32,402

33,028

35,906

783,959

779,391

781,618

778,637

787,137

783,370

788,022

782,236

MEMO

46 Total U.S. Treasury and agency securities''
47
Less: face value of securities under reverse repurchase
agreements12
48
U.S. Treasury and agency securities
eligible to be pledged

1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release, which is available at www.federalreserve.gov/releases.
2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury
securities.
3. Face value of the securities.
4. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal
agency securities.
6. Valued daily at market exchange rates.

7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities.
9. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.
10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
11. Includes face value of U.S. Treasury and agency securities held outright, compensation
to adjust for the effect of inflation on the original face value of inflation-indexed securities,
and cash value of repurchase agreements.
12. Face value of agreements, which are fully collateralized by U.S. Treasury securities.

Federal Reserve Banks
1.19

FEDERAL RESERVE BANKS

11

Maturity Distribution of Loans and Securities

Millions of dollars
Wednesday
Type of holding and maturity
Aug. 8

Aug.

Aug. 22

Aug. 29

July

Aug.
1,342

1,357

1 Total loans
31
204
0

29
226
0

49
215

1,653
609

257
1,100
0

162
42

194
53

140
1,202
0

790,802

790,820

789,601

789,619

784,637

790,522

790,800

779,642

64,310
157.010
178,313
238,073
69,350
83,748

64,771
162,434
172,427
238,079
69,353
83,755

51,278
160,924
174,350
241,382
66,060
95,608

58,660
161,606
173,254
234,421
75,486
86,192

57,974
156,116
174,430
234,428
75,489
86,200

44,484
189,553
166,221
233,381
74,562
82,321

47,307
174,012
171,923
244,461
69,350
83,747

33,693
167,042
175,414
241,801
75,490
86,202

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

24,750

18,750

24,000

19,000

33,750

25,250

30,250

38,500

20 Within 15 days

24,750
0

18,750
0

24,000
0

19,000
0

33,750
0

25,250
0

30,250
0

38,500
0

31,941

29,956

31,941
0

29,956
0

31,210
0

32,349
0

2 Within 15 days
3 16 days to 90 days
4 91 days to 1 year
5 Total U.S. Treasury securities'
6
7
8
9
10
11

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

12 Total federal agency securities
13
14
15
16
17
18

Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

21 16 days to 90 days
22 Total reverse repurchase agreements"

31,546
31,546

30,132
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.

32,970
32,970
0

35,774
0

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

12

Federal Reserve Bulletin Statistical Supplement • November 2007

1.20

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

2003
Dec.

2004
Dec.

2005
Dec.

2006
Dec.
Apr.

Aug.

Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2

1
2
3
4

Total reserves3
Nonborrowed reserves4
Required reserves
Monetary base5

42.67
42.63
41.63
720.52

46.60
46.54
44.69
759.63

45.14
44.98
43.24
787.91

43.31
43.12
41.51
812.58

42.17
41.96
40.67
813.39

42.42
42.39
40.93
812.17

42.32
42.27
40.69
813.79

42.71
42.63
41.18
816.08

43.15
43.05
41.72
817.89

43.60
43.42
41.90
819.30

41.92
41.65
40.24
821.32

44.92
43.95
40.10
824.86

Not seasonally adjusted
5
6
7
8

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

42.46
42.41
41.41
725.21

46.52
46.46
44.61
764.66

45.14
44.97
43.24
793.38

43.36
43.17
41.56
818.40

44.62
44.41
43.12
816.80

42.68
42.65
41.18
812.91

40.79
40.74
39.16
813.94

42.59
42.51
41.07
815.95

44.09
43.99
42.65
818.60

43.73
43.55
42.03
820.03

42.83
42.57
41.15
822.06

44.73
43.75
39.90
823.10

42.95
42.91
41.91
737.62
1.05
.05

46.85
46.79
44.94
774.77
1.91
.06

45.38
45.22
43.48
802.30
1.90
.17

43.28
43.09
41.48
825.29
1.81
.19

44.63
44.42
43.13
823.69
1.50
.21

42.65
42.62
41.15
819.69
1.50

40.75
40.70
39.12
820.79
1.64
.05

42.54
42.46
41.01
822.63
1.53
.08

44.02
43.92
42.58
825.07
1.44
.10

43.65
43.46
41.94
826.50
1.71
.19

42.73
42.47
41.06
828.45
1.67
.26

44.62
43.64
39.80
829.74
4.82
.98

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

2003
Dec.

2004
Dec.

2005
Dec.

2006
Dec.
July

Aug.

Seasonally adjusted
Measures2
1 Ml
2 M2
3 M3

1,305.5
6.069.9
8,872.3

1,375.2
6,420.2
9,433.0

1,373.2
6,688.4
10,154.0

1,365.9
7,030.8
n .a.

1,379.3
7,237.9'
n.a.

1,366.9
7,250.0'
n .a.

1,369.8
7,274.5'
n.a.

1,370.2
7,338.8
n.a.

662.7
7.7
325.4
309.8

697.9
7.6
342.3
327.3

724.4
7.2
324.0
317.5

749.6
6.7
305.6
304.0

754.6
6.5
306.8
311.3

755.0
6.5
304.6'
300.8

758.1
6.5
303.9
301.3

758.4
6.4
303.5
301.8

4,764.3
2,792.7

5,045.1
3,011.1

5,315.2
3,478.5

5,664.8
n .a.

5,858.6'
n.a.

5,883.1'
n .a.

5,904.7
n.a.

5,968.7
n.a.

Commercial banks
10 Savings deposits, including MMDAs . . .
11 Small time deposits9
12 Large time deposits10-"

2,337.6
541.2
764.5

2,630.7
550.9
909.3

2,769.6
644.1
1,122.9

2,902.1
757.3
n .a.

2,941.6'
756.6
n.a.

2,951.0'
756.5'
n .a.

2,966.8'
759.9
n.a.

3,000.0
760.5
n.a.

Thrift institutions
13 Savings deposits, including MMDAs . . .
14 Small time deposits9
15 Large time deposits10

831.4
277.3
120.7

887.2
278.7
161.5

849.6
351.2
230.7

792.3
412.0
n .a.

879.2'
431.1
n.a.

881.4'
429.5
n .a.

872.1'
424.4
n.a.

871.9
424.4
n.a.

776.9
1,133.4

697.6
1,084.4

700.8
1,150.2

801.1
1,348.3

850.2
1,463.7

864.7
1,486.6

881.6
1,519.2

911.8
1,595.1

494.8
295.3

492.6
379.1

564.3
423.9

n .a.
n .a.

n.a.
n.a.

n .a.
n .a.

n.a.
n.a.

n.a.
n.a.

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

1,332.0
6,099.7
8,927.8

1,401.3
6,451.9
9,482.2

1,396.6
6,722.2
10,201.4

1,387.9
7,071.7

1,384.0
7,211.4'

1,368.7
7,254.4
n.a.

1,366.3
7,262.1'
n.a.

1,367.8
7,324.9

666.7
7.6
342.7
315.0

702.4
7.5
358.6
332.8

728.9
7.2
337.7
322.8

754.5
6.7
317.3
309.3

756.0
6.5
307.8
313.7

756.5
6.6
304.2
301.5

758.3
6.6
303.5
297.8

757.4
6.6
304.6
299.3

Nontransaction components
27 In M27
28 In M3 onlys

4,767.7
2,815.9

5,050.6
3,025.4

5,325.7
3,488.3

5,683.8

5,827.3

5,885.7'
n.a.

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

2,338.0
540.8
760.9

2,633.2
550.3
903.3

2,776.1
643.4
1,114.4

2,914.8
756.8

2,925.5'
754.3

2,958.9'
754.2
n.a.

2,964.1
759.2
n.a.

2,990.6
762.2

Thrift institutions
32 Savings deposits, including MMDAs . . .
33 Small time deposits9
34 Large time deposits10

831.5
277.1
120.1

278.4
160.4

851.5
350.8
228.9

795.8
411.7

874.4'
429.7

883.7
428.2
n.a.

871.3
424.0

869.2
425.4

780.2
1,160.3

700.6
1,107.8

703.9
1,173.6

804.6
1,377.1

843.5
1,439.9

860.6
1,469.8

877.2
1,498.3

909.7
1,585.8

497.6
292.8

494.6
376.6

566.1
422.0

23
24
25
26

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Money market mutual funds
35 Retail12
36 Institution-only
Repurchase agreements and Eurodollars
37 Repurchase agreements
38 Eurodollars
Footnotes appeal on following page.

n.a.
n.a.

5,957.1

14

Federal Reserve Bulletin Statistical Supplement • November 2007

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

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

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
A. All commercial banks

15

Assets and Liabilities'

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Oct.'

2007

2007

2006
Apr.'

May'

June'

July'

Aug.'

Sept.'

Oct.

Oct. 10

Oct. 17

Oct. 24

Oct. 31

Seasonall 1 adjusted
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'"

8.225.6
2,217.8
1,222.9
994.9
6.007.8
1,178.2
3,312.4
466.4
2.845.9
729.5
252.5
535.3
322.9
289.6
837.7

8.510.8
2,276.3
1,185.8
1,090.5
6,234.6
1,226.8
3,395.9
458.1
2.937.7
753.2
282.0
576.6
359.7
292.8
854.9

8,566.6
2,281.0
1,173.3
1,107.7
6,285.6
1,243.8
3,411.2
458.3
2.952.9
756.7
295.5
578.4
353.6
291.5
857.2

8,616.2
2,299.8
1,177.1
1,122.7
6,316.4
1,261.9
3,438.9
459.6
2.979.3
767.0
269.2
579.4
364.0
289.0
869.1

8,687.1
2,312.4
1,180.5
1,131.9
6.374.7
1,282.5
3,457.1
462.4
2.994.8
774.7
270.7
589.7
378.4
293.6
875.0

8.819.0
2,339.1
1,182.9
1,156.2
6,479.9
1,315.6
3,471.3
465.9
3.005.4
777.2
285.7
630.1
397.4
290.6
888.7

8.945.7
2,369.0
1,168.0
1,201.0
6,576.7
1,362.0
3,495.5
470.1
3.025.4
784.6
281.7
652.9
403.1
298.2
921.4

9,064.3
2,402.7
1,133.4
1,269.3
6,661.7
1,396.7
3,548.9
476.3
3.072.5
781.7
265.5
668.9
412.7
290.0
934.2

9,033.2
2,402.1
1,154.2
1,248.0
6,631.1
1,401.0
3,504.4
474.0
3.030.4
784.6
276.4
664.7
422.3
306.4
925.8

9,051.2
2,383.6
1,122.3
1,261.3
6,667.6
1,402.0
3,558.4
476.2
3.082.2
780.5
267.3
659.4
393.0
261.5
932.0

9,077.5
2,401.9
1,119.4
1,282.5
6,675.6
1,391.3
3,575.3
478.3
3.097.1
782.2
263.4
663.4
428.3
297.1
942.0

9,122.5
2,428.4
1,126.3
1,302.1
6,694.1
1,396.5
3.579.6
478.6
3.101.0
779.2
249.6
689.3
405.2
298.7
940.4

9,608.0

9,949.4

9,999.9

10,069.3

10,162.8

10,324.2

10,495.9

10,626.9

10,613.8

10,563.5

10,670.2

10,692.1

6.051.7
632.3
5.419.4
1,662.3
3,757.0
1,930.6
401.4
1,529.1
33.5
570.7

6.278.2
629.2
5.649.0
1,754.4
3,894.5
2,055.5
433.8
1,621.7
-39.3
596.8

6.297.1
645.4
5.651.7
1,787.2
3,864.5
2,051.4
425.8
1,625.6
-34.0
596.4

6.279.1
620.4
5.658.8
1,768.3
3,890.4
2,087.9
442.1
1,645.8
-4.7
605.1

6.304.2
607.6
5.696.6
1,769.7
3,926.9
2,104.3
439.8
1,664.5
64.3
603.9

6.372.1
624.8
5,747.3
1,818.0
3.929.3
2,193.8
460.1
1,733.7
54.5
597.7

6.432.3
604.9
5.827.4
1,870.3
3,957.1
2,242.8
463.9
1,778.9
103.4
599.5

6.565.5
622.2
5.943.3
1,972.1
3,971.2
2,209.3
465.6
1,743.6
103.2
627.9

6.472.3
625.2
5.847.1
1,920.3
3,926.8
2,249.2
477.6
1,771.6
157.3
615.0

6.534.9
594.3
5.940.6
1,971.7
3,968.9
2,174.9
451.1
1,723.8
97.1
616.2

6.645.3
629.2
6.016.1
1,990.3
4.025.8
2,180.9
462.8
1,718.2
115.4
622.8

6.659.2
653.2
6.006.0
2,036.8
3,969.2
2,215.4
468.8
1,746.5
45.0
664.7

27 Total liabilities

8,586.4

8,891.2

8,910.9

8,967.4

9,076.8

9,218.2

9,378.0

9,505.9

9,493.9

9,423.2

9,564.3

9,584.3

28 Residual (assets less liabilities)5

1.021.6

1.058.2

1.089.1

1,101.9

1.086.0

1.106.0

1,118.0

1,121.0

1,119.9

1.140.3

1,105.9

1.107.8

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

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

Not seasonally adjusted
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'"

8,226.3
2,208.4
1,211.7
996.7
6.017.9
1,172.4
3,323.0
467.6
2.855.4
731.5
309.3
422.1
257.4
533.7
325.1
292.1
838.1

8,497.5
2,278.6
1,194.1
1,084.5
6,218.9
1,234.8
3,381.6
456.6
2.924.9
746.1
314.4
431.7
282.2
574.3
367.5
288.1
858.2

8,554.5
2,287.3
1.182.3
1,105.0
6,267.2
1,250.4
3,409.8
459.3
2.950.4
750.8
318.0
432.7
281.2
575.0
349.6
288.0
862.4

8,603.4
2,299.0
1.175.3
1,123.7
6,304.4
1,266.2
3,429.6
461.3
2.968.4
760.0
324.3
435.6
268.7
580.0
355.3
285.1
871.5

8,651.0
2,298.7
1.172.2
1,126.5
6,352.3
1,280.1
3,447.7
463.3
2.984.4
767.0
325.8
441.2
266.9
590.6
369.3
288.9
875.8

8,791.7
2,332.5
1.176.6
1,155.9
6.459.2
1,308.6
3,471.0
467.5
3.003.5
774.4
328.4
446.0
278.2
626.9
395.1
280.6
891.4

8,940.9
2,364.2
1,158.6
1,205.6
6,576.7
1,355.3
3,501.6
472.0
3.029.5
786.6
333.2
453.3
279.0
654.2
398.7
298.9
924.3

9,062.2
2,393.5
1,121.6
1,271.9
6,668.7
1,389.8
3,559.2
477.3
3.081.9
783.5
331.2
452.3
270.8
665.4
415.3
292.3
934.6

9,017.6
2,389.7
1,137.1
1,252.6
6,627.9
1,392.4
3,515.6
474.8
3.040.8
781.7
330.6
451.1
275.8
662.4
418.8
314.8
933.4

9,044.9
2,369.4
1,106.4
1,263.0
6,675.5
1,394.9
3.568.9
477.6
3.091.3
782.8
330.2
452.6
273.6
655.2
396.9
275.2
932.2

9,076.4
2,392.9
1,110.0
1,282.9
6,683.5
1,385.2
3,582.3
478.9
3.103.4
785.4
333.0
452.4
273.1
657.5
424.1
282.7
935.1

9,142.0
2,426.0
1,123.0
1,303.0
6,715.9
1,391.2
3,595.0
479.6
3.115.4
784.2
331.3
452.9
259.0
686.6
421.1
303.6
941.6

9,614.0

9,942.7

9,985.8

10,046.1

10,113.8

10,287.1

10,490.1

10,630.4

10,610.9

10,575.4

10,644.2

10,733.7

6.037.7
627.3
5.410.3
1,648.6
3,761.7
1 929 7
401.8
1,527.8
39.9
576.0

6.302.2
636.8
5.665.4
1,761.0
3,904.5
2 059 6
436.3
1,623.2
-57.6
579.8

6.299.1
637.5
5.661.6
1,802.8
3,858.7
2,066.4
425.5
1,640.8
-39.7
592.4

6.292.4
617.8
5.674.7
1,785.1
3,889.6
2,100.6
441.5
1,659.0
-13.2
598.2

6.290.2
600.7
5.689.5
1,773.3
3,916.1
2,098.8
439.0
1,659.8
53.7
595.2

6.356.3
611.7
5.744.6
1,814.2
3,930.3
2,184.9
461.1
1,723.8
55.9
599.4

6.419.6
599.6
5.820.0
1,858.9
3,961.0
2,256.3
465.3
1,790.9
108.6
603.5

6.545.9
616.7
5.929.2
1,953.2
3,976.0
2,207.9
465.9
1,742.0
111.5
634.1

6.494.8
589.4
5.905.4
1,910.5
3.994.9
2,225.8
475.4
1,750.4
158.5
616.5

6.545.2
594.3
5.950.9
1,946.1
4,004.8
2,173.4
449.3
1,724.1
100.9
618.3

6.545.6
639.4
5.906.2
1,971.3
3,934.9
2,189.1
463.7
1,725.5
134.0
635.8

6.636.9
662.1
5.974.8
2,010.1
3,964.7
2,224.2
474.9
1,749.3
57.6
674.9

57 Total liabilities

8,583.2

8,884.0

8,918.1

8,978.0

9,037.9

9,196.6

9,387.9

9,499.4

9,495.5

9,437.8

9,504.6

9,593.7

58 Residual (assets less liabilities)5

1,030.8

1,058.7

1,067.6

1,068.2

1,075.9

1,090.5

1,102.2

1,131.0

1,115.3

1,137.5

1,139.6

1,140.1

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

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

Footnotes appear on p. 21.

16

Federal Reserve Bulletin Statistical Supplement • November 2007

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Oct.'

2007

2007

2006
Apr.'

May'

June'

July'

Aug.'

Sept.'

Oct.

Oct. 10

Oct. 17

Oct. 24

Oct. 31

Seasonall 1 adjusted
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'"

7,309.7
1,850.6
1,141.7
708.9
5,459.1
963.3
3,288.6
466.4
2,822.1
729.5
111.3
366.5
260.3
241.6
798.4

7,511.2
1,870.9
1,100.8
770.0
5,640.3
1,003.3
3,368.0
458.1
2,909.9
753.2
120.8
395.0
301.6
242.4
817.6

7,552.0
1,870.3
1,088.5
781.8
5,681.8
1,015.5
3,382.6
458.3
2,924.4
756.7
133.7
393.2
291.5
237.5
818.5

7,599.9
1,879.7
1,093.9
785.8
5,720.1
1,025.9
3,412.5
459.6
2,952.9
767.0
124.9
389.8
298.3
238.2
830.0

7,647.9
1,891.7
1,098.0
793.7
5,756.2
1,042.7
3,428.2
462.4
2,965.9
774.7
120.5
390.1
305.2
239.6
834.5

7,741.2
1,909.0
1,096.0
813.0
5,832.2
1,069.2
3,441.1
465.9
2,975.2
777.2
127.9
416.8
323.2
236.6
847.8

7,843.5
1,931.8
1,081.0
850.8
5,911.7
1,104.1
3,458.7
470.1
2,988.6
784.6
132.4
432.0
323.4
241.3
872.6

7,930.8
1,941.3
1,042.3
899.0
5,989.4
1,132.6
3,510.8
476.3
3,034.4
781.7
127.6
436.8
329.6
231.2
888.1

7,895.7
1,943.2
1,061.4
881.7
5,952.5
1,136.9
3,466.9
474.0
2,993.0
784.6
134.1
430.0
337.9
248.3
884.3

7,921.8
1,926.3
1,033.6
892.7
5,995.6
1,135.7
3,520.8
476.2
3,044.6
780.5
127.3
431.3
310.9
203.9
889.0

7,951.4
1,943.9
1,029.4
914.5
6,007.5
1,128.9
3,537.7
478.3
3,059.4
782.2
123.3
435.4
345.7
234.8
892.1

7,978.6
1,952.2
1,033.3
918.9
6,026.4
1,132.9
3,539.7
478.6
3,061.1
779.2
123.1
451.5
323.5
240.0
891.2

8,542.8

8,804.4

8,831.1

8,897.7

8,956.4

9,077.8

9,208.9

9,305.9

9,292.8

9,251.9

9,349.8

9,359.2

5,316.9
622.1
4,694.8
939.6
3,755.2
1,437.4
346.8
1,090.7
307.3
457.8

5,428.7
617.3
4,811.4
918.9
3,892.5
1,479.3
372.4
1,107.0
368.5
475.6

5,409.9
634.7
4,775.2
912.9
3,862.2
1,487.7
367.5
1,120.2
396.6
468.4

5,409.4
609.1
4,800.3
912.4
3,887.9
1,515.4
376.2
1,139.2
401.5
483.5

5,448.3
596.5
4,851.8
927.6
3,924.2
1,530.7
377.7
1,153.0
412.9
483.1

5,486.2
613.1
4,873.1
946.5
3,926.6
1,608.5
389.3
1,219.2
407.2
475.5

5,502.8
592.9
4,909.9
955.6
3,954.3
1,677.9
399.6
1,278.3
432.2
478.2

5,575.0
609.9
4,965.1
996.7
3,968.5
1,645.9
405.7
1,240.2
452.5
506.4

5,499.3
612.5
4,886.8
962.8
3,924.0
1,689.7
415.1
1,274.5
482.4
495.0

5,554.2
582.6
4,971.6
1,005.5
3,966.1
1,628.2
400.6
1,227.5
419.0
499.2

5,655.9
617.2
5,038.7
1,015.6
4,023.1
1,618.6
406.1
1,212.5
473.2
503.3

5,628.6
640.5
4,988.1
1,021.6
3,966.5
1,630.7
398.7
1,232.0
444.4
535.5

27 Total liabilities

7,519.5

7,752.2

7,762.6

7,809.8

7,874.9

7,977.4

8,091.2

8,179.9

8,166.4

8,100.6

8,251.0

8,239.1

28 Residual (assets less liabilities)5

1,023.2

1,052.2

1,068.5

1,088.0

1,081.6

1,100.3

1,117.7

1,126.0

1,126.3

1,151.4

1,098.7

1,120.2

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

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

Not seasonally adjusted
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'"

7,314.1
1,841.1
1,130.4
710.7
5,473.0
960.5
3,299.2
467.6
2,831.6
1,404.5
1,427.1
731.5
309.3
422.1
114.0
367.9
262.5
243.3
799.6

7,493.1
1,873.2
1,109.2
764.0
5,619.9
1,009.9
3,353.7
456.6
2,897.1
1,402.4
1,494.7
746.1
314.4
431.7
119.0
391.2
309.4
238.5
821.7

7,548.7
1,876.6
1,097.6
779.1
5,672.1
1,022.2
3,381.2
459.3
2,921.9
1,419.1
1,502.8
750.8
318.0
432.7
127.8
390.1
287.6
234.7
823.1

7,588.9
1,879.0
1,092.1
786.8
5,710.0
1,030.8
3,403.2
461.3
2,942.0
1,430.9
1,511.1
760.0
324.3
435.6
125.8
390.2
289.6
235.0
832.3

7,615.5
1,878.0
1,089.6
788.4
5,737.5
1,041.0
3,418.8
463.3
2,955.5
1,442.7
1,512.7
767.0
325.8
441.2
119.7
391.1
296.1
235.3
836.0

7,722.0
1,902.3
1,089.7
812.6
5,819.7
1,062.9
3,440.8
467.5
2,973.3
1,450.9
1,522.3
774.4
328.4
446.0
126.6
415.0
320.9
226.2
850.9

7,843.9
1,927.0
1,071.6
855.4
5,916.9
1,099.3
3,464.7
472.0
2,992.7
1,464.3
1,528.4
786.6
333.2
453.3
132.7
433.6
319.0
240.8
876.1

7,934.1
1,932.2
1,030.6
901.6
6,001.9
1,129.4
3,521.2
477.3
3,043.8
1,504.8
1,539.0
783.5
331.2
452.3
130.8
437.1
332.2
232.6
889.5

7,889.9
1,930.7
1,044.4
886.4
5,959.2
1,132.9
3,478.2
474.8
3,003.4
1,468.2
1,535.2
781.7
330.6
451.1
135.2
431.2
334.4
255.9
890.8

7,921.3
1,912.1
1,017.7
894.3
6,009.3
1,132.3
3,531.3
477.6
3,053.7
1,517.5
1,536.2
782.8
330.2
452.6
131.6
431.2
314.8
216.3
889.5

7,952.7
1,935.0
1,020.0
914.9
6,017.7
1,125.8
3,544.6
478.9
3,065.7
1,524.2
1,541.6
785.4
333.0
452.4
127.9
434.0
341.5
219.4
887.7

7,999.7
1,949.9
1,030.0
919.9
6,049.8
1,130.8
3,555.1
479.6
3,075.5
1,528.2
1,547.3
784.2
331.3
452.9
127.2
452.6
339.5
243.9
894.1

8,552.5

8,794.6

8,825.8

8,877.1

8,912.3

9,049.0

9,207.7

9,314.9

9,297.8

9,268.6

9,327.6

9,403.1

5,317.8
617.2
4,700.6
940.6
3,760.0
1,436.5
347.2
1,089.4
310.2
461.0

5,441.2
625.0
4,816.2
913.8
3,902.4
1,483.4
374.9
1,108.5
353.6
460.6

5,395.8
627.0
4,768.8
912.4
3,856.4
1,502.7
367.3
1,135.4
395.4
467.3

5,408.7
606.7
4,802.1
915.1
3,887.0
1,528.1
375.7
1,152.4
396.3
478.6

5,432.4
589.8
4,842.6
929.2
3,913.4
1,525.1
376.9
1,148.2
405.4
476.2

5,474.3
600.1
4,874.1
946.5
3,927.6
1,599.6
390.3
1,209.3
409.7
477.8

5,500.7
587.5
4,913.2
954.8
3,958.3
1,691.3
401.1
1,290.3
435.6
481.2

5,575.6
604.5
4,971.1
997.8
3,973.3
1,644.6
406.1
1,238.6
456.6
510.2

5,537.4
577.1
4,960.3
968.1
3,992.2
1,666.2
412.9
1,253.3
484.9
497.2

5,588.7
582.5
5,006.2
1,004.0
4,002.2
1,626.6
398.8
1,227.8
419.4
499.7

5,571.8
627.4
4,944.4
1,012.1
3,932.2
1,626.8
407.0
1,219.8
481.6
511.0

5,634.5
649.6
4,984.9
1,022.9
3,962.0
1,639.5
404.7
1,234.8
450.5
541.8

59 Total liabilities

7,525.6

7,738.7

7,761.1

7,811.6

7,839.1

7,961.4

8,108.8

8,187.1

8,185.7

8,134.4

8,191.2

8,266.2

60 Residual (assets less liabilities)5

1,026.9

1,055.9

1,064.7

1,065.4

1,073.2

1,087.6

1,098.9

1,127.8

1,112.1

1,134.2

1,136.4

1,136.9

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

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

Footnotes appear on p. 21.

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.'

2007

2007

2006
Apr.'

May'

June'

July'

Aug.'

Sept.'

Oct.

Oct. 10

Oct. 17

Oct. 24

Oct. 31

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
Federal funds sold to and
repurchase agreements with
others
25
All other loans
26
Lease-financing receivables
27 Interbank loans
28 Federal funds sold to and
repurchase agreements with
commercial banks
29
Other
30 Cash assets5
31 Other assets'"
32 Total assets7
33
34
35
36
37
38
39
40
41
42

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

43 Total liabilities
44 Residual (assets less liabilities)5
Footnotes appear on p. 21.

4,507.9
1,229.0
727.4
51.5
675.9
603.1
72.7
501.6
228.2
273.4
48.1
225.3
3,278.9
618.8
1,859.9
368.3
1,491.6
930.7
560.8
427.9
102.3

4,667.9
1,261.3
708.3
63.3
645.0
580.5
64.5
553.0
263.7
289.3
56.7
232.5
3,406.6
641.4
1,921.7
368.7
1,553.0
960.9
592.0
442.7
111.5

4,703.2
1,258.9
695.8
59.9
635.9
574.7
61.2
563.1
271.9
291.2
57.8
233.4
3,444.3
650.8
1,935.3
369.2
1,566.1
970.7
595.4
444.4
125.1

4,728.5
1,268.9
702.4
67.8
634.6
573.6
61.0
566.4
280.9
285.6
57.9
227.6
3,459.7
654.9
1,956.1
370.5
1,585.7
986.7
598.9
449.9
115.6

4,768.3
1,289.2
712.0
70.5
641.5
573.1
68.4
577.2
290.0
287.2
58.3
229.0
3,479.2
662.2
1,972.2
372.5
1,599.7
1,001.6
598.1
448.7
111.1

4,843.7
1,304.7
711.2
66.6
644.5
574.6
70.0
593.5
301.1
292.5
59.1
233.3
3,539.0
683.0
1,977.3
375.4
1,601.9
1,001.9
600.0
451.2
118.0

4,916.2
1,324.2
698.2
68.7
629.5
560.8
68.7
626.0
316.5
309.5
59.8
249.7
3,592.0
710.2
1,980.6
379.2
1,601.3
1,002.8
598.6
458.4
121.5

4,987.2
1,325.3
658.9
67.9
591.0
523.0
67.9
666.4
349.5
316.9
60.1
256.8
3,661.9
735.1
2,026.8
384.5
1,642.3
1,041.9
600.4
455.5
117.0

4,953.4
1,328.8
679.0
67.8
611.2
543.2
68.0
649.8
338.2
311.6
60.2
251.4
3,624.6
740.5
1,983.9
382.3
1,601.6
1,004.0
597.6
456.5
123.2

4,980.9
1,309.6
649.3
67.7
581.6
513.4
68.2
660.3
345.3
315.0
60.5
254.4
3,671.3
738.4
2,038.7
384.4
1,654.3
1,055.9
598.4
455.8
116.6

5,004.2
1,327.1
646.0
65.2
580.9
512.0
68.8
681.1
362.6
318.5
60.0
258.5
3,677.1
731.4
2,051.1
386.4
1,664.7
1,062.2
602.5
455.9
112.9

5,033.7
1,335.2
649.9
68.2
581.7
514.6
67.1
685.3
359.8
325.4
60.0
265.4
3,698.5
733.6
2,055.8
386.6
1,669.2
1,064.5
604.6
453.4
112.7

84.9
17.4

86.6
25.0

99.7
25.4

91.4
24.2

86.4
24.7

93.0
25.1

97.2
24.3

93.2
23.8

97.5
25.7

95.2
21.4

87.9
25.0

89.7
23.0

25.7
138.9
105.4
176.8

36.5
151.1
101.7
184.2

37.7
151.2
99.8
177.2

34.2
149.8
99.2
174.0

32.2
153.1
99.7
178.9

41.8
168.2
99.5
190.7

49.3
172.2
99.9
192.9

48.0
180.0
99.4
206.2

50.5
170.8
99.1
210.2

44.6
177.8
99.5
186.3

41.5
184.9
99.3
225.8

53.7
189.6
99.7
204.7

108.5
68.3
157.7
579.0

128.0
56.2
153.0
586.5

125.6
51.6
148.0
583.3

123.1
50.9
149.2
593.4

129.2
49.7
149.3
598.0

140.3
50.4
146.7
608.8

142.2
50.7
152.4
625.6

155.4
50.8
141.6
632.9

156.7
53.6
156.9
625.6

133.9
52.4
119.9
635.1

174.0
51.7
143.6
637.8

158.9
45.8
148.4
634.4

5,386.4

5,556.6

5,576.9

5,610.3

5,657.9

5,753.4

5,850.1

5,929.3

5,907.6

5,883.7

5,972.5

5,982.4

3 098 2
338.0
2,760.2
521.5
2 238 7
908.9
146.6
762.2
299.0
382.8

3 160 8
343.4
2,817.4
507.4
2 310 0
959.6
136.8
822.8
368.4
396.7

3,134.2
354.6
2,779.6
498.7
2,280.9
962.2
129.1
833.1
397.6
388.9

3,117.4
331.3
2,786.1
496.2
2,289.9
982.8
139.1
843.7
401.7
404.5

3,137.9
320.7
2,817.2
511.0
2,306.1
1,034.8
151.8
882.9
412.5
404.8

3,170.3
331.7
2,838.5
529.7
2,308.8
1,090.8
155.4
935.4
406.7
397.3

3,182.1
315.4
2,866.7
539.4
2,327.3
1,128.8
154.3
974.5
431.8
400.4

3,255.8
326.0
2,929.8
580.1
2,349.7
1,080.8
159.7
921.0
450.7
426.5

3,181.0
334.0
2,847.0
547.2
2,299.8
1,125.7
170.0
955.7
481.3
413.7

3,235.5
307.0
2,928.6
588.3
2,340.3
1,073.7
163.3
910.4
417.7
418.8

3,331.4
333.9
2,997.4
599.1
2,398.3
1,045.0
153.7
891.4
470.7
424.7

3,313.6
337.1
2,976.5
604.6
2,371.9
1,058.4
148.2
910.2
441.4
455.7

4,688.9

4,885.5

4,882.8

4,906.5

4,990.0

5,065.1

5,143.0

5,213.8

5,201.7

5,145.7

5,271.8

5,269.1

697.5

671.1

694.0

703.8

667.9

688.3

707.0

715.5

705.9

738.0

700.7

713.2

18

Federal Reserve Bulletin Statistical Supplement • November 2007

1.26

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

Monthly averages
Account

2006
Oct.'

2007

2007
Apr/

May'

June'

July'

Aug.'

Sept.'

Oct.

Oct. 10

Oct. 17

Oct. 24

Oct. 31

Not seasona lly adjusted
Assets
45 Bank credit
46
Securities in bank credit
47
Treasury and Agency securities2 .
48
Trading account
49
Investment account
50
Mortgage-backed
51
Other
52
Other securities
53
Trading account
54
Investment account
55
State and local government .
56
Other
57
Loans and leases in bank credit3 . . .
58
Commercial and industrial
59
Real estate
60
Revolving home equity
61
Other
62
Other residential
63
Commercial
64
Consumer
65
Credit cards and related plans .
66
Other
67
Security4
68
Federal funds sold to and
repurchase agreements
with broker-dealers
69
Other
70
Federal funds sold to and
repurchase agreements
with others
71
All other loans
72
Lease-financing receivables
73 Interbank loans
74 Federal funds sold to and
repurchase agreements
with commercial banks
75
Other
76 Cash assets5
77 Other assets6
78 Total assets7
79
80
81
82
83
84
85
86
87
88

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

89 Total liabilities
90 Residual (assets less liabilities)5
Footnotes appear on p. 21.

4,503.4
1,220.9
717.5
49.0
668.4
596.9
71.5
503.4
229.1
274.4
48.3
226.1
3,282.6
617.3
1,862.6
368.8
1,493.8
931.2
562.6
427.5
123.8
303.7
105.0

4,662.4
1,261.6
714.7
64.2
650.5
584.6
65.9
547.0
260.7
286.3
56.1
230.2
3,400.7
645.9
1,918.2
367.5
1,550.7
959.4
591.3
440.2
126.5
313.7
109.7

4,707.4
1,265.5
705.2
63.1
642.1
581.0
61.1
560.4
270.5
289.9
57.5
232.3
3,441.9
654.7
1,939.1
370.2
1,568.9
974.0
594.9
442.0
127.0
315.0
119.5

4,729.0
1,268.0
700.5
68.2
632.3
570.2
62.2
567.5
281.4
286.0
58.1
228.0
3,461.0
657.7
1,956.4
371.8
1,584.6
988.0
596.6
447.2
129.9
317.3
116.7

4,747.8
1,277.2
705.4
68.8
636.6
568.4
68.2
571.8
287.2
284.6
57.7
226.9
3,470.6
660.6
1,969.2
373.3
1,596.0
1,001.1
594.8
444.7
129.6
315.1
110.5

4,828.6
1,299.4
706.2
65.5
640.7
572.1
68.6
593.2
300.9
292.3
59.1
233.2
3,529.2
679.0
1,977.1
376.8
1,600.3
1,002.3
597.9
449.1
130.1
319.0
116.7

4,913.1
1,319.7
689.1
67.1
622.0
555.9
66.2
630.6
318.8
311.8
60.2
251.6
3,593.4
707.5
1,981.9
380.6
1,601.3
1,003.6
597.8
459.1
131.7
327.4
121.9

4,983.6
1,317.2
648.3
64.6
583.7
516.9
66.8
668.9
350.8
318.1
60.4
257.8
3,666.3
733.2
2,030.2
385.0
1,645.2
1,042.5
602.7
455.1
129.2
325.9
120.1

4,946.0
1,317.4
663.0
63.1
599.9
533.4
66.5
654.4
340.6
313.8
60.5
253.3
3,628.6
738.2
1,990.2
382.6
1,607.6
1,005.7
601.9
454.5
129.1
325.4
124.3

4,973.5
1,296.9
634.9
63.1
571.8
504.9
66.9
661.9
346.1
315.8
60.7
255.1
3,676.7
736.2
2,042.6
385.3
1,657.3
1,055.9
601.4
455.4
129.2
326.1
120.9

4,997.1
1,319.2
637.7
62.1
575.5
507.6
67.9
681.5
362.8
318.7
60.1
258.7
3,677.9
729.4
2,050.0
386.5
1,663.5
1,060.5
603.0
455.9
130.3
325.6
117.7

5,041.0
1,333.4
647.2
67.4
579.8
513.5
66.4
686.2
360.3
325.9
60.1
265.8
3,707.6
732.4
2,060.7
387.1
1,673.6
1,066.8
606.8
454.1
128.1
326.1
116.7

87.0
18.0

85.1
24.6

95.3
24.1

92.3
24.4

85.6
24.9

91.4
25.3

97.3
24.7

95.5
24.7

98.2
26.1

98.0
22.8

91.6
26.1

92.8
23.9

25.7
139.1
105.3
176.6

36.5
148.3
101.9
189.1

37.7
149.2
99.7
180.2

34.2
150.2
98.7
172.6

32.2
154.3
99.0
177.1

41.8
166.9
98.7
191.6

49.3
174.4
99.2
191.2

48.0
180.4
99.3
205.9

50.5
171.5
99.3
203.7

44.6
177.7
99.4
186.9

41.5
184.4
99.0
221.7

53.7
190.4
99.5
214.9

108.3
68.2
158.1
580.2

131.2
57.9
152.3
590.6

127.6
52.5
146.5
588.0

122.2
50.4
146.8
595.8

128.0
49.1
145.3
599.5

141.0
50.6
137.8
611.9

140.9
50.3
150.8
629.0

155.3
50.7
141.9
634.2

151.8
51.9
160.2
632.1

134.3
52.6
128.9
635.6

170.9
50.8
132.6
633.4

166.8
48.1
150.9
637.3

5,383.6

5,559.5

5,587.2

5,609.1

5,633.3

5,733.2

5,847.0

5,927.4

5,903.8

5,886.7

5,946.4

6,005.4

3,098.9
333.2
2,765.7
522.6
2,243.1
908.0
147.0
761.0
301.8
386.0

3,166.4
349.4
2,817.0
502.3
2,314.7
963.7
139.3
824.4
353.5
381.7

3,122.8
350.3
2,772.6
498.2
2,274.4
977.1
128.8
848.3
396.3
387.7

3,118.3
330.3
2,788.0
498.9
2,289.1
995.5
138.5
857.0
396.5
399.6

3,130.0
316.0
2,814.0
512.6
2,301.4
1,029.2
151.0
878.2
405.0
398.0

3,161.2
321.2
2,840.0
529.7
2,310.3
1,081.9
156.4
925.5
409.1
399.7

3,180.4
311.1
2,869.3
538.7
2,330.6
1,142.2
155.7
986.5
435.2
403.4

3,256.1
320.6
2,935.5
581.2
2,354.3
1,079.4
160.1
919.4
454.8
430.3

3,209.2
306.7
2,902.5
552.5
2,350.0
1,102.3
167.7
934.5
483.8
415.8

3,264.5
308.5
2,956.1
586.8
2,369.3
1,072.2
161.6
910.6
418.2
419.2

3,268.3
338.3
2,930.0
595.6
2,334.4
1,053.2
154.6
898.6
479.2
432.4

3,313.3
340.2
2,973.1
605.9
2,367.2
1,067.2
154.2
913.0
447.5
461.9

4,694.7

4,865.3

4,884.0

4,909.9

4,962.2

5,051.9

5,161.1

5,220.6

5,211.2

5,174.1

5,233.1

5,290.0

688.9

694.2

703.2

699.3

671.1

681.3

685.8

706.8

692.6

712.6

713.3

715.4

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.'

2007

2007

2006
Apr.'

May'

June'

July'

Aug.'

Sept.'

Oct.

Oct. 10

Oct. 17

Oct. 24

Oct. 31

Seasonall 1 adjusted

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

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
Other loans and leases
Interbank loans
Cash assets5
Other assets'"

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

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

26 Total liabilities
27 Residual (assets less liabilities)5

2,801.8
621.6
414.3
207.3
2,180.2
344.4
1,428.7
98.1
1,330.6
301.6
105.5
83.5
83.9
219.5

2,843.2
609.5
392.5
217.0
2,233.7
361.9
1,446.4
89.4
1,357.0
310.5
115.0
117.4
89.3
231.1

2,848.8
611.4
392.7
218.7
2,237.4
364.7
1,447.4
89.1
1,358.2
312.3
113.1
114.3
89.5
235.1

2,871.3
610.9
391.5
219.4
2,260.5
371.1
1,456.4
89.2
1,367.2
317.1
115.9
124.2
89.1
236.5

2,879.6
602.5
386.0
216.5
2,277.1
380.5
1,456.1
89.9
1,366.2
326.0
114.5
126.3
90.3
236.5

2,897.5
604.3
384.8
219.4
2,293.3
386.3
1,463.8
90.5
1,373.3
326.0
117.2
132.5
89.8
239.0

2,927.3
607.6
382.8
224.8
2,319.8
393.9
1,478.2
90.9
1,387.3
326.2
121.5
130.5
88.9
247.0

2,943.6
616.0
383.4
232.6
2,327.6
397.4
1,484.0
91.8
1,392.1
326.3
119.9
123.3
89.6
255.2

2,942.2
614.3
382.4
231.9
2,327.9
396.4
1,483.0
91.7
1,391.3
328.1
120.4
127.6
91.5
258.8

2,940.9
616.7
384.3
232.4
2,324.2
397.4
1,482.1
91.8
1,390.3
324.7
120.1
124.6
84.1
253.8

2,947.2
616.8
383.4
233.4
2,330.4
397.5
1,486.6
91.9
1,394.7
326.4
120.0
119.9
91.2
254.3

2,944.9
617.1
383.4
233.7
2,327.8
399.2
1,484.1
92.0
1,392.0
325.9
118.7
118.8
91.6
256.8

3,156.4

3,247.8

3,254.3

3,287.5

3,298.6

3,324.4

3,358.8

3,376.6

3,385.1

3,368.2

3,377.3

3,376.8

2 218 7
284.1
1,934.6
418.1
1,516.6
528.5
200.1
328.4
8.3
75.1

2 267 9
273.9
1,994.0
411.5
1,582.5
519.7
235.6
284.2
.1
78.9

2,275.7
280.1
1,995.6
414.2
1,581.4
525.5
238.5
287.1
-.9
79.5

2,292.0
277.8
2,014.2
416.2
1,598.0
532.6
237.2
295.4
__2
79.0

2,310.4
275.8
2,034.6
416.5
1,618.1
495.9
225.9
270.0
.4
78.3

2,316.0
281.4
2,034.6
416.8
1,617.8
517.7
233.9
283.8
.5
78.1

2,320.7
277.5
2,043.2
416.2
1,627.0
549.1
245.4
303.8
.4
77.9

2,319.2
283.9
2,035.4
416.6
1,618.7
565.2
246.0
319.2
1.8
79.9

2,318.5
278.6
2,039.8
415.7
1,624.1
564.0
245.2
318.8
1.1
81.3

2,318.7
275.6
2,043.1
417.3
1,625.8
554.5
237.3
317.2
1.2
80.4

2,324.6
283.3
2,041.3
416.6
1,624.7
573.6
252.4
321.2
2.5
78.6

2,314.9
303.3
2,011.6
416.9
1,594.6
572.2
250.4
321.8
2.9
79.8

2,830.6

2,866.6

2,879.8

2,903.3

2,884.9

2,912.3

2,948.2

2,966.1

2,964.8

2,954.9

2,979.2

2,969.9

325.7

381.2

374.5

384.2

413.7

412.1

410.7

410.5

420.3

413.3

398.0

406.9

Not seasona lly adjusted

28
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
Other residential
Commercial
Consumer
Credit cards and related plans . .
Other
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.

2,810.6
620.2
412.9
207.3
2,190.4
343.1
1,436.6
98.8
1,337.8
473.4
864.5
304.0
185.6
118.4
106.7
85.9
85.2
219.5

2,830.7
611.5
394.5
217.0
2,219.2
364.0
1,435.5
89.1
1,346.4
443.0
903.4
305.8
187.9
118.0
113.8
120.3
86.2
231.1

2,841.3
611.1
392.4
218.7
2,230.2
367.5
1,442.1
89.1
1,353.0
445.1
907.9
308.7
191.0
117.7
111.9
107.4
88.2
235.1

2,859.9
611.0
391.6
219.4
2,249.0
373.1
1,446.9
89.5
1,357.4
442.9
914.5
312.8
194.4
118.4
116.2
117.0
88.2
236.5

2,867.7
600.8
384.3
216.5
2,266.9
380.3
1,449.6
90.0
1,359.5
441.6
917.9
322.3
196.2
126.1
114.7
119.0
90.0
236.5

2,893.5
602.9
383.5
219.4
2,290.5
383.9
1,463.7
90.7
1,373.0
448.6
924.4
325.4
198.4
127.0
117.5
129.3
88.4
239.0

2,930.8
607.3
382.5
224.8
2,323.5
391.8
1,482.8
91.4
1,391.4
460.7
930.7
327.4
201.5
125.9
121.5
127.8
90.1
247.0

2,950.5
614.9
382.3
232.6
2,335.5
396.1
1,491.0
92.3
1,398.7
462.4
936.3
328.4
202.0
126.4
120.0
126.2
90.7
255.2

2,943.8
613.3
381.3
231.9
2,330.5
394.7
1,487.9
92.2
1,395.8
462.4
933.3
327.2
201.5
125.7
120.7
130.7
95.7
258.8

2,947.8
615.2
382.8
232.4
2,332.6
396.1
1,488.7
92.3
1,396.4
461.6
934.8
327.5
201.0
126.5
120.3
127.9
87.5
253.8

2,955.6
615.8
382.4
233.4
2,339.9
396.3
1,494.6
92.4
1,402.2
463.7
938.5
329.6
202.7
126.8
119.3
119.8
86.9
254.3

2,958.6
616.5
382.8
233.7
2,342.1
398.3
1,494.5
92.5
1,402.0
461.7
940.3
330.1
203.3
126.8
119.3
124.6
92.9
256.8

3,168.9

3,235.1

3,238.7

3,268.0

3,279.1

3,315.8

3,360.7

3,387.5

3,393.9

3,381.9

3,381.3

3,397.6

2,218.9
284.0
1,934.9
418.1
1,516.8
528.5
200.1
328.4
8.3
75.1

2,274.7
275.5
1,999.2
411.5
1,587.7
519.7
235.6
284.2
.1
78.9

2,273.0
276.8
1,996.2
414.2
1,582.0
525.5
238.5
287.1
-.9
79.5

2,290.5
276.4
2,014.1
416.2
1,597.8
532.6
237.2
295.4
-.2
79.0

2,302.4
273.8
2,028.6
416.5
1,612.1
495.9
225.9
270.0
.4
78.3

2,313.1
279.0
2,034.1
416.8
1,617.3
517.7
233.9
283.8
.5
78.1

2,320.3
276.4
2,043.9
416.2
1,627.7
549.1
245.4
303.8
.4
77.9

2,319.6
284.0
2,035.6
416.6
1,619.0
565.2
246.0
319.2
1.8
79.9

2,328.2
270.5
2,057.7
415.7
1,642.0
564.0
245.2
318.8
1.1
81.3

2,324.1
274.0
2,050.1
417.3
1,632.8
554.5
237.3
317.2
1.2
80.4

2,303.5
289.1
2,014.4
416.6
1,597.8
573.6
252.4
321.2
2.5
78.6

2,321.2
309.4
2,011.8
416.9
1,594.9
572.2
250.4
321.8
2.9
79.8

2,830.9

2,873.5

2,877.1

2,901.8

2,876.9

2,909.5

2,947.7

2,966.5

2,974.6

2,960.3

2,958.2

2,976.1

338.0

361.6

361.5

366.2

402.2

406.3

413.0

421.0

419.4

421.6

423.1

421.5

20

Federal Reserve Bulletin Statistical Supplement • November 2007

1.26

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

Assets and Liabilities' —Continued

Billions of dollars
Wednesd ay figures

Monthly averages
Account

Oct.'

2007

2007

2006
Apr.'

May'

June'

July'

Aug.'

Sept.'

Oct.

Oct. 10

Oct. 17

Oct. 24

Oct. 31

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

916.0
367.3
81.3
286.0
548.7
214.9
23.8
141.2
168.8
62.6
48.0
39.3

999.7
405.4
84.9
320.5
594.2
223.6
27.8
161.2
181.6
58.1
50.4
37.4

1,014.5
410.7
84.8
325.9
603.8
228.2
28.6
161.9
185.2
62.0
54.0
38.8

1,016.4
420.1
83.2
336.9
596.3
236.0
26.4
144.3
189.6
65.7
50.8
39.1

1,039.2
420.7
82.5
338.2
618.5
239.9
28.9
150.2
199.5
73.2
54.0
40.5

1,077.9
430.1
86.9
343.3
647.7
246.3
30.3
157.8
213.4
74.1
54.0
40.9

1,102.2
437.2
87.0
350.2
664.9
257.9
36.8
149.3
221.0
79.8
56.9
48.8

1,133.5
461.3
91.0
370.3
672.2
264.0
38.1
138.0
232.1
83.1
58.8
46.1

1,137.5
459.0
92.7
366.2
678.5
264.0
37.5
142.3
234.7
84.4
58.0
41.6

1,129.3
457.3
88.7
368.6
672.0
266.3
37.6
140.0
228.1
82.1
57.7
43.0

1,126.1
458.0
90.0
368.0
668.1
262.3
37.7
140.0
228.1
82.6
62.3
49.9

1,143.8
476.2
93.0
383.2
667.7
263.6
39.9
126.5
237.8
81.7
58.7
49.2

1,065.3

1,145.0

1,168.8

1,171.5

1,206.3

1,246.4

1,287.1

1,321.0

1,321.0

1,311.6

1,320.4

1,332.8

734.8
10.2
724.6
493.2
54.7
438.5
-273.9
112.9

849.5
11.9
837.6
576.2
61.5
514.7
-407.8
121.2

887.3
10.7
876.6
563.7
58.3
505.4
-430.7
128.0

869.8
11.3
858.5
572.5
65.9
506.6
-406.2
121.6

855.9
11.1
844.8
573.7
62.1
511.6
-348.6
120.8

885.9
11.7
874.2
585.3
70.8
514.5
-352.7
122.3

929.5
12.0
917.5
564.9
64.3
500.6
-328.8
121.2

990.5
12.3
978.2
563.3
59.9
503.4
-349.3
121.5

973.0
12.7
960.3
559.6
62.5
497.1
-325.1
120.0

980.6
11.7
968.9
546.8
50.5
496.3
-321.9
117.0

989.3
12.0
977.4
562.3
56.7
505.6
-357.8
119.4

1,030.7
12.7
1,017.9
584.7
70.2
514.5
-399.3
129.2

1,066.9

1,139.0

1,148.3

1,157.6

1,201.9

1,240.8

1,286.8

1,325.9

1,327.4

1,322.6

1,313.3

1,345.3

-1.6

6.0

20.5

13.9

4.4

5.6

.3

-5.0

-6.4

-11.1

7.2

-12.4

Not seasona lly adjusted

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

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

40 Total assets7
41
42
43
44
45
46
47
48

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

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

912.2
367.3
81.3
23.9
57.3
286.0
177.8
108.2
545.0
212.0
23.8
143.4
165.8
62.6
48.8
38.5

1,004.5
405.4
84.9
26.4
58.6
320.5
203.4
117.2
599.0
224.8
27.8
163.2
183.2
58.1
49.6
36.4

1,005.8
410.7
84.8
24.6
60.2
325.9
210.5
115.4
595.1
228.2
28.6
153.4
185.0
62.0
53.3
39.3

1,014.5
420.1
83.2
26.2
57.0
336.9
213.7
123.1
594.4
235.4
26.4
142.9
189.8
65.7
50.1
39.2

1,035.5
420.7
82.5
25.3
57.2
338.2
213.5
124.7
614.8
239.1
28.9
147.2
199.5
73.2
53.6
39.8

1,069.6
430.1
86.9
27.3
59.6
343.3
211.0
132.2
639.5
245.7
30.3
151.7
211.9
74.1
54.3
40.5

1,097.0
437.2
87.0
27.6
59.4
350.2
204.6
145.6
659.8
256.0
36.8
146.3
220.6
79.8
58.0
48.2

1,128.1
461.3
91.0
28.6
62.5
370.3
221.0
149.3
666.8
260.4
38.1
140.0
228.2
83.1
59.7
45.1

1,127.7
459.0
92.7
31.5
61.3
366.2
214.8
151.4
668.7
259.5
37.5
140.5
231.2
84.4
58.9
42.6

1,123.6
457.3
88.7
27.1
61.6
368.6
218.4
150.2
666.2
262.6
37.6
142.0
224.0
82.1
59.0
42.7

1,123.8
458.0
90.0
28.5
61.5
368.0
221.5
146.5
665.8
259.4
37.7
145.1
223.5
82.6
63.3
47.4

1,142.3
476.2
93.0
27.0
66.0
383.2
233.9
149.2
666.1
260.4
39.9
131.8
234.1
81.7
59.7
47.5

1,061.5

1,148.1

1,159.9

1,169.1

1,201.5

1,238.1

1,282.4

1,315.5

1,313.1

1,306.7

1,316.5

1,330.6

719.8
10.1
709.8
493.2
54.7
438.5
-270.3
115.0

861.0
11.8
849.2
576.2
61.5
514.7
-411.2
119.2

903.3
10.5
892.8
563.7
58.3
505.4
-435.0
125.1

883.7
11.1
872.6
572.5
65.9
506.6
-409.4
119.6

857.8
10.9
846.9
573.7
62.1
511.6
-351.7
119.0

882.0
11.6
870.4
585.3
70.8
514.5
-353.7
121.6

918.9
12.1
906.8
564.9
64.3
500.6
-327.0
122.2

970.3
12.1
958.1
563.3
59.9
503.4
-345.1
123.8

957.4
12.3
945.1
559.6
62.5
497.1
-326.4
119.3

956.5
11.8
944.7
546.8
50.5
496.3
-318.5
118.6

973.8
11.9
961.8
562.3
56.7
505.6
-347.6
124.9

1,002.4
12.5
989.9
584.7
70.2
514.5
-392.9
133.2

1,057.7

1,145.2

1,157.0

1,166.3

1,198.8

1,235.2

1,279.1

1,312.3

1,309.8

1,303.5

1,313.3

1,327.5

3.9

2.9

2.9

2.7

2.7

2.9

3.3

3.2

3.3

3.3

3.2

3.1

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES
F. Memo items

21

Assets and Liabilities' —Continued

Billions of dollars
Wednesday figures

Monthly averages
Account

2006
Oct.'

2007

2007
Apr.'

May'

June'

July'

Aug.'

Sept.'

Oct.

Oct. 10

Oct. 17

Oct. 24

Oct. 31

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 real estate loans12

109.8

119.4

125.3

129.7

129.6

134.2

141.0

156.4

147.2

146.7

162.3

174.4

97.4
702.1
532.0
170.1

99.2
699.5
530.3
169.3

105.4
699.0
527.9
171.1

116.4
690.4
518.6
171.8

110.3
689.8
519.8
170.0

104.3
695.8
524.0
171.9

108.9
687.1
505.1
182.0

125.0
654.7
463.4
191.3

117.6
667.8
480.3
187.5

117.0
641.2
451.7
189.5

129.4
645.2
453.5
191.7

141.4
657.5
459.5
198.0

-.8
104.0
67.1
36.9
n.a.

-5.8
107.8
69.8
38.0
n.a.

-7.4
107.3
70.1
37.2
n.a.

-10.7
105.8
68.5
37.3
n.a.

-18.2
110.0
69.0
40.9
1,215.2

-15.0
110.6
70.4
40.2
1,219.5

-11.1
109.6
70.1
39.5
1,228.1

-9.8
112.0
73.5
38.5
1,232.3

-11.0
111.8
73.2
38.7
1,233.3

-10.1
111.5
73.0
38.5
1,233.3

-7.9
111.4
73.0
38.4
1,233.3

-10.7
113.4
75.2
38.2
1,230.9

253.4
267.7
n.a.

236.6
273.5
n.a.

236.8
273.7
n.a.

239.4
276.3
n.a.

235.3
279.1
41.1

235.5
283.6
40.4

241.7
284.3
39.9

247.9
284.9
40.5

246.4
283.1
40.5

246.9
285.3
40.5

249.2
285.6
40.8

250.3
285.8
40.5

67.3

67.3

71.3

67.3

67.3

71.3

69.9

73.2

70.1

69.9

73.0

81.9

76.0

74.8

77.8

74.2

72.9

76.3

75.8

79.9

77.1

76.3

78.5

88.6

Small domestically chartered
commercial banks, adjusted for
yyi ^v^ers
10
11 Mortgage-backed securities12
12 Securitized consumer loans
13 Securitized real estate loans12

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

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

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

22
1.32

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

2007

Item
2002

2004

2005

2006

Feb.

Mar.

Apr.

May

June

July

1,341,226

1,260,745

1,375,717

1,631,009

1,981,387

2,000,900

2,033,749

2,041,016

2,111,091

2,148,678

2,186,575

522,863
147,689

1 All issuers
2 Financial companies'
3 Nonfinancial companies2

2003

519,731
103,982

595,249
119,727

667,321
132,207

757,498
171,302

795,625
162,352

801,674
169,926

796,505
164,631

812,775
165,922

801,396
185,468

822,827
188,114

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

1.33

PRIME RATE CHARGED BY BANKS

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

Short-Term Business Loans1

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

Rate

4
1
21
19
16
28
22
18
3
7
12

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

2002—Nov. 7

4.25

2003—June 27

4.00

2004—June
Aug.
Sept.
Nov.
Dec.

30
10
21
10
14

4.25
4.50
4.75
5.00
5.25

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

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

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

4.00
4.00
4.00
4.00
4.00
4.01
4.25
4.43
4.58
4.75
4.93
5.15

1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call

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

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

Period

Average
rate

7.75

2001

4.12
4.34
6.19
7.96

Period

7.50
7.75
8.00
8.25

2007—Sept. 18

2003
2004
2005
2006

Average
rate

5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25

2006—Jan.
Mar.
May
June

Period

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

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

2007—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.03

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
2007
Item

2004

2005

2007, weekending

2006
May

June

July

Aug.

Aug. 3

Aug. 10

Aug. 17

Aug. 24

Aug. 31

MONEY MARKET INSTRUMENTS

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

1.35
2.34

3.22
4.19

4.97
5.96

5.25
6.25

5.25
6.25

5.26
6.25

5.02
6.01

5.27
6.25

5.25
6.25

4.79
6.25

4.91
5.82

5.11
5.75

paper3'5'6

Commercial

3
4
5

Nonfinancial
1-month
2-month
3-month

1.38
1.40
1.41

3.22
3.23
3.42

4.98
5.01
5.10

5.22
5.21
5.19

5.24
5.23
5.23

5.23
5.24
5.22

5.24
5.24
5.25

5.24
5.23
n.a.

5.28
5.35
5.32

5.24
5.22
5.23

5.23
5.23
5.24

5.22
5.24
5.24

6
7
8

Financial
1-month
2-month
3-month

1.41
1.46
1.52

3.27
3.36
3.44

5.00
5.04
5.07

5.24
5.23
5.23

5.25
5.24
5.25

5.25
5.24
5.25

5.27
5.28
5.30

5.26
5.25
5.25

5.28
5.27
5.29

5.26
5.27
5.31

5.27
5.30
5.30

5.27
5.30
5.34

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

1.45
1.57
1.74

3.34
3.51
3.73

5.06
5.16
5.24

5.28
5.31
5.32

5.30
5.33
5.36

5.29
5.32
5.34

5.51
5.49
5.40

5.32
5.33
5.32

5.45
5.43
5.35

5.56
5.52
5.40

5.51
5.49
5.38

5.62
5.59
5.50

12 Eurodollar deposits, 3-month3>s

1.55

3.51

5.19

5.34

5.35

5.35

5.52

5.35

5.43

5.54

5.54

5.65

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

1.24
1.37
1.58

2.94
3.15
3.39

4.67
4.73
4.81

4.72
4.73
4.78

4.42
4.61
4.76

4.71
4.82
4.83

4.11
4.20
4.38

4.92
4.77
4.76

4.72
4.69
4.72

3.82
4.11
4.35

3.27
3.62
4.02

4.14
4.06
4.22

1.89
2.38
2.78
3.43
3.87
4.27
5.04

3.62
3.85
3.93
4.05
4.15
4.29
4.64

4.94
4.82
4.77
4.75
4.76
4.80
5.00

4.91
4.77
4.69
4.67
4.69
4.75
4.98

4.96
4.98
5.00
5.03
5.05
5.10
5.29

4.96
4.82
4.82
4.88
4.93
5.00
5.19

4.47
4.31
4.34
4.43
4.53
4.67
5.00

4.83
4.55
4.53
4.60
4.66
4.77
5.00

4.78
4.52
4.53
4.60
4.67
4.79
5.06

4.44
4.28
4.32
4.42
4.53
4.70
5.05

4.16
4.16
4.21
4.34
4.46
4.62
5.00

4.30
4.16
4.18
4.28
4.39
4.55
4.90

4.50
5.09
4.68

4.28
4.86
4.40

4.15
4.71
4.40

4.04
4.44
4.31

4.36
4.75
4.60

4.24
4.64
4.56

4.30
4.75
4.64

4.16
4.56
4.51

4.24
4.66
4.59

4.34
4.78
4.59

4.42
4.91
4.81

4.33
4.84
4.70

6.00

5.57

5.98

5.93

6.25

6.19

6.20

6.12

6.20

6.26

6.24

6.16

5.63
5.91
6.08
6.39

5.23
5.37
5.59
6.06

5.59
5.80
6.06
6.48

5.47
5.85
6.01
6.39

5.79
6.17
6.33
6.70

5.73
6.09
6.30
6.65

5.79
6.06
6.29
6.65

5.63
6.00
6.24
6.62

5.78
6.06
6.30
6.66

5.85
6.12
6.35
6.70

5.85
6.10
6.33
6.68

5.77
6.02
6.24
6.60

1.64

1.73

1.82

1.77

1.77

1.77

1.89

1.91

1.90

1.91

1.85

1.86

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 2007

1.36

STOCK MARKET

Selected Statistics
2007

Indicator

2004

2005

2006
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)

6,614.10
741.19
521.11
271.45
657.07

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

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

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

9,345.98
n.a.
n.a.
n.a.
n.a.

9,120.57
n.a.
n.a.
n.a.
n.a.

9,555.98
n.a.
n.a.
n.a.
n.a.

9,822.99
n.a.
n.a.
n.a.
n.a.

9,896.98
n.a.
n.a.
n.a.
n.a.

9,985.42
n.a.
n.a.
n.a.
n.a.

9,440.44
n.a.
n.a.
n.a.
n.a.

9,777.58
n.a.
n.a.
n.a.
n.a.

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

1,130.65

1,207.23

1,310.46

1,424.16

1,444.79

1,406.95

1,463.65

1,511.14

1,514.49

1,520.70

1,454.62

1,497.12

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

1,260.02

1,567.52

1,936.79

2,060.93

2,150.89

2,115.40

2,207.54'

2,204.69

2,336.84

2,354.93

2,217.16

2,320.48

3
4
5

Transportation
Utility
Finance

Volume of trading (thousands of shares)
1 403 376 1 542 724 2 254 869 2 851 992 2,701,807 3 067 918 2 867 225 2 972 410 3 103 633 3 433 561 4 086 048 3 071 737
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

9 American Stock Exchange

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

3

203,790

221,660

275,380

285,610

295,870

293,160

317,990

353,030

378,240

381,370

331,370

329,510

117,850
93,580

119,710
88,730

159,040
94,450

156,190
90,340

155,140
96,550

161,890
99,690

162,570
104,360

176,200
109,030

179,920
119,300

205,830
122,740

214,890
118,250

208,540
118,910

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

14 Convertible bonds

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

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

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

Federal Finance
1.40

25

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2005

June 30

1 Federal debt outstanding

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

7,860.2

7,956.3

8,194.3

8,394.7

8,443.7

8,530.4

8,703.7

8,872.9

8,890.8

7,932.7
4,601.6
3,331.1

8,170.4
4,714.6
3,455.8

8,371.2
4,872.8
3,498.4

8,420.0
4,797.5
3,622.6

8,507.0
4,843.2
3,663.8

8,680.2
4,901.2
3,779.0

8,849.7
5,054.3
3,795.4

8,867.7
4,943.0
3,924.6

23.7
23.7
.0

23.6
23.6
.0

23.8
23.8
.0

23.6
23.6
.0

23.6
23.6
.0

23.4
23.4
.0

23.5
23.5

23.2
23.2

23.2
23.2

8,420.3

8,592.5

8,760.7

8,779.2

7,778.0
.1

7,870.9
.1

8,106.9
.2

8,281.4
.1

8,330.6
.1

8,760.7

8,779.1

8,184.0

5 Agency securities
6
Held by public
7
Held by agencies

Dec. 31

7,836.5
4.527.6
3,308.9

....

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

Sept. 30

8,184.0

8,184.0

8,965.0

8,965.0

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

8,420.2
.1

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
Q3
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

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

6,997.3

7,596.1

8,170.4

7,578.5
3,959.7

8,117.0
4,184.0

4,413.9

1,003.2
2,157.1

963.9
2,326.8

539.5
245.9

516.6

Ql

Q2

8,627.5

8,796.7
4,527.7

8,819.6
4,339.1
869.0
2,444.3
547.2
437.8
4,528.6

8,680.2

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

Q4

192.2
3,007.0
16.0

8,627.5
944.2
2,409.9
530.6
AW 2
4,338.3
257.6
3.0
3.0
.0

8,455.1
4,354.0
911.5
2,415.5
534.7

191.7

191.2

187.7

3,230.6

3,506.6
53.4

3,839.4

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

124.6

102.9

3,618.8
160.7

5.9
5.9
.0
17.6

328.7
3,986.5
235.6
3.8
3.8
.0

4,413.9

944.2
2,409.9
530.6
AW 2
4,338.3
257.6
3.0
3.0
.0

1,033.1

2,436.4
540.4
412.7

4,380.9
281.9
3.5
3.5
.0

187.7

185.4

301.6
3.0
3.0
.0
183.4

3,839.4

3,859.3

3,989.3

124.6

111.9

48.1

3,466.9
744.2

3,783.1
778.9

3,668.0
768.9

3,783.1
778.9

3,799.3
780.9

3,928.9
790.5

136.5
364.2

3,189.1
717.8
3,690.6
127.5
254.1
149.7
387.4

3,970.6
117.2
251.3
160.4
456.2

4,122.1
115.1
250.7
159.0
484.2

4,074.2
113.9
235.3
160.6
463.0

4,122.1
115.1
250.7
159.0
484.2

4,273.1
120.4
264.2
160.2
499.4

4,152.6
110.8
266.3
162.0
510.9

203.8
317.1
169.2
147.9
1,533.0
387.5

204.4
300.9
170.5
130.4
1,853.4
412.3

205.1
310.6
181.2
129.4
2,036.0
432.8

202.4
327.9
193.2
134.7
2,104.9
470.5

203.6
323.3
191.2
132.1
2,027.2
541.4

202.4
327.9
193.2
134.7
2,104.9
470.5

200.3
333.4
198.5
134.8
2,195.5
490.5

198.6
338.2
202.3
135.9
2,220.0
n.a.

2,954.4
666.7
3,377.9
154.2

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.

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 2007

1.42

U.S. GOVERNMENT SECURITIES DEALERS

Transactions1

Millions of dollars, daily averages
2007
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

2007, week end
July

38,590'

July 4

July 11

July 18

July 25

Aug. 1

Aug. 8

Aug. 15

Aug. 22

Aug. 29

37,578

38,858

39,616

36,459

32,711

38,300

48,715

46,693

68,988

66,787

61,059

172,194

216,730

195,357

190,058

177,160

132,805

169,864

332,135

273,828

283,759

319,188

294,310

123,639

165,442

147,735

136,682

121,071

121,722

123,152

252,600

177,463

164,097

186,328

160,156

115,071
27,533
8,923

168,594
38,515
8,836

134,546'
29,312
9,217'

103,504
33,286
6,665

129,997
26,221
7,915

124,428
26,649
12,490

122,112
22,361
8,007

191,700
42,215
10,206

162,689
35,398
7,669

150,626
43,302
7,728

149,900
39,702
8,014

129,147
33,371
4,516

55,000

57,942

63,444

68,508

60,526

56,174

67,265

67,602

60,830

74,249

78,596

72,402

7,359

6,143

5,989

5,711

7,927

5,621

4,092

6,605

8,515

11,951

12,043

8,247

4,017

4,469

3,245

2,774

1,853

1,673

4,930

5,197

5,141

3,733

3,828

3,190

3,193
703

4,857
808

4,386
799

1,969
344

3,002
552

2,696
1,113

6,570
811

7,312
1,042

5,735
720

3,515
501

3,021
661

2,985
355

316,492

378,007

283,499

258,622

473,690

219,486

176,480

278,207

509,064

361,838

283,120

204,801

216,518
28,515

233,774
28,480

232,483
22,447

230,877
24,474

234,190
14,665

231,329
23,646

234,950
24,173

229,911
26,997

247,719
25,634

219,455
27,389

215,005
27,429

228,496
23,195

205,476

271,999

231,909'

211,497

218,609

189,985

193,716

364,508

301,110

311,605

318,719

284,937

4,923
65,102
559

6,019
81,319
621

5,513'
67,878'
475'

4,103
49,329
337

4,606
114,779
409

4,186
55,201
529

5,995
40,781
575

8,793
73,139
537

8,479
112,058
611

6,877
113,357
520

5,894
88,586
790

5,126
52,388
669

279,463

364,976

322,848'

298,314

280,214

260,820

290,078

513,063

402,630

406,894

451,201

397,621

65,348
251,389
244,473

68,199
296,688
261,633

72,350'
215,621'
254,455'

75,204
209,294
255,014

69,254
358,911
248,446

63,090
164,285
254,446

77,673
135,699
258,548

78,965
205,068
256,371

72,462
397,006
272,742

87,073
248,481
246,324

92,255
194,534
241,644

82,052
152,413
251,022

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
2007, week ending

2007
Item, by type of security
May

June

July

July 4

July 11

July 18

July 25

Aug. 1

Aug. 8

Aug. 15

Aug. 22

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

-17,049

-7,465

-20,703

-21,494

-21,394

-20,739

-19,943

-20,214

-16,604

-11,439

3,887

-55,854

-53,110

-53,203

-47,821

-51,054

-63,813

-53,825

-46,195

-37,219

-43,593

-24,429

-30,515

-35,753

-34,332

-38,500

-37,152

-36,104

-38,008

-21,907

-17,621

-24,338

-17,889

-49,972
-20,527
7,392

-48,557
-23,384
7,385

-52,131
-21,662
5,713

-50,408
-25,444
7,874

-55,198
-24,247
4,690

-56,859
-21,838
5,619

-54,777
-19,860
5,817

-41,098
-18,021
5,454

-39,288
-17,476
5,285

-36,035
-15,916
6,912

-36,903
-14,478
6,357

44,045

42,230

44,727

48,008

47,802

40,063

38,996

51,079

54,841

55,008

50,278

21,851

18,457

23,131

20,054

22,304

22,528

24,875

24,814

29,752

30,655

39,964

15,021

11,226

8,649

9,445

8,865

8,467

8,957

7,719

7,177

5,813

6,535

14,794
10,910

13,996
10,859

15,688
9,692

14,662
10,455

16,133
9,757

16,696
10,334

16,122
9,735

14,172
8,306

13,639
7,828

11,485
7,906

11,063
8,060

44,298

28,527

19,130

25,134

21,659

25,507

17,295

6,877

15,061

28,293

28,522

41,761
203,421

43,868
219,750

46,520
229,931

41,255
225,334

45,846
229,919

47,377
232,632

50,100
231,505

45,639
228,024

41,362
223,997

40,844
227,238

41,248
219,459

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

1 452 624
1,243,935

1 447 928
1,209,869

1 512 372
1,197,892

1 472 237
1,097,745

1 473 386
1,159,381

1 489 260
1,227,532

1 537 629
1,259,030

1 582 108
1,203,676

1 592 875
1,254,993

1 617 995
1,110,933

1 584 447
1,144,820

212,252
262,151

206,041
271,134

207,899
256,485

221,455
241,583

209,800
257,856

213,864
250,618

197,853
262,573

201,404
264,563

206,676
262,490

223,553
256,105

230,675
256,515

144,792
479,446

146,937
468,164

153,303
393,285

151,074
387,609

146,296
398,653

152,139
393,467

146,824
395,600

171,881
387,892

164,661
410,423

172,639
410,022

185,480
423,328

123,654
110,802

125,715
110,718

129,924
111,181

125,585
113,351

130,651
113,873

130,237
113,333

130,547
108,818

130,877
106,838

130,829
106,031

132,751
93,810

133,505
87,145

973,012
1 561 662

972,124
1 553 809

1,006,937
1 452 468

999,527
1 337 576

968,547
1 432 927

993,482
1 480 726

1,010,890
1 510 335

1,067,752
1 451 379

1,071,471
1 517 126

1,130,205
1 368 339

1,113,246
1 425 701

1 393 694
1,045,676

1 381 840
1,012,972

1 398 906
1,041,365

1 386 815
908,336

1 375 845
985,376

1 379 120
1,064,260

1 407 515
1,112,057

1 446 913
1,086,186

1 473 365
1,143,817

1 549 762
975,926

1 523 140
996,736

347,229
200,655

335,795
199,310

343,546
175,741

345,958
174,681

347,759
172,767

341,908
173,581

339,588
181,510

343,549
175,707

352,750
181,243

360,346
175,723

373,903
181,490

677,573
305,505

652,895
301,469

650,922
232,276

632,049
234,975

613,694
239,939

656,369
228,815

662,400
234,909

687,193
222,503

690,617
231,613

664,401
223,515

687,564
242,510

344,439
106,840

347,292
106,049

362,802
106,861

351,207
109,013

360,851
107,099

363,813
105,849

360,268
106,438

374,583
106,825

367,111
102,283

364,121
94,220

345,796
102,628

2,389,276
1,562,796

2,343,166
1,525,412

2,366,038
1,456,123

2,345,070
1,339,609

2,322,952
1,408,720

2,351,155
1,473,846

2 372 477
1,528,941

2,440,133
1,483,472

2,455,947
1,545,949

2,521,126
1,368,087

2,517,512
1,426,701

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 2007
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 Bank2-3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service1"
8
Tennessee Valley Authority
9
United States Railway Association1"
10 Federally sponsored agencies7
11
Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation . .
13 Federal National Mortgage Association
14 Farm Credit Bankss
15
Student Loan Marketing Association9
16 Financing Corporation10
17
Farm Credit Financial Assistance Corporation''
18
Resolution Funding Corporation12

n.a.
25,412
6

24,267
6
n.a.
207

n.a.

n.a.
n.a.
24,261
n.a.

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

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

30,811

n.a.
23,843
6

23,837

23,520
6
n.a.
110
n.a.
n.a.
23,514
n.a.

n.a.
23,125
6

23,192
6
n.a.

22,988
6

23,119

n.a.
n.a.
23,186
n.a.

22,982

23,006
6
n.a.
86
n.a.
n.a.
23,000
n.a.

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

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

30^04

29,955

30,088

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

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

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

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

16,961
n.a.
10,987

n.a.
n.a.
30,304

n.a.
n.a.
29,955

23,162

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

27,948

23,168
6

n.a.
n.a.
30,088

921,793
773,600
754,535
113,021
91,929
8,170
1,261
29,996

MEMO

19 Federal Financing Bank debt"
20
21
22
23
24

Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service1"
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association1"

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

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
16,127
14,684

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

10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.

Securities Markets and Corporate Finance
1.45

NEW SECURITY ISSUES

29

State and Local Governments

Millions of dollars

Type of issue or issuer,
or use
Apr.

May

July

1 All issues, new and refunding1

357,875

409,789

389,536

31,246

32,009

43,994

32,507'

42,917

47,681'

31,395

27,861

By type of issue
2 General obligation
3 Revenue

130,471
227,404

145,845
263,945

115,124
274,413

11,140
20,107

12,198
19,811

14,849
29,145

7,469
25,038'

13,306
29,611

15,807
31,874

9,721
21,673

9,113
18,748

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

47,365
234,237
76,273

31,568
298,762
79,460

28,258
293,399
67,879

1,706
24,303
5,237

3,578
23,960
4,471

4,538
32,325
7,131

1,732
25,360'
5,415'

3,641
29,295
9,981

4,775
34,486
8,420

1,158
24,823
5,414

3,036
19,293
5,532

7 Issues for new capital

228,357

222,974

262,481

13,341

16,242'

24,375

15,934'

24,814'

37,646

23,175'

20,545

70,252
30,232
7,801
n.a.
35.000
72,680

4,135
1,046
158
n.a.
2.023
3,657

5,582'
668
589
n.a.
1.542
4,762

6,806
1,357
1,073
n.a.
2.734
8,491

5,007
1,368
554'
n.a.
1.563
3,943

6,060'
2,080
941
n.a.
4.562
6,190

9,496
3,674
2,176
n.a.
4.559
11,815

6,468
1,133
542
n.a.
3.202
8,709'

4,540
3,436
533
n.a.
2.858
5,690

8
9
10
11
12
13

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

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

70,974'
25,427
10,040
n.a.
17.655
60,626'

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

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

1.46

NEW SECURITY ISSUES

US. Corporations

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

2004

2005

2007

2006
Dec.

1

1 All issues

Jan.

Feb.

Mar.

Apr.

May

June

July

2,438,989

2,710,028

272,056

199,239

237,463

328,777

190,210

303,465

290,454

140,993

1,923,094
By type of offering
3 Sold in the United States

2,070,680

2,323,735

2,590,863

260,467

183,863

225,280

312,339

178,829

286,368

273,954

135,078

1,737,342
185 752

2,141,496
182 238

2,318,379
272 483

241.053
19 413

166.599
17 265

204.610
20 670

273,357
38 981

166.251
12 578

259,498
26 870

240,025
33 929

125,312
9 766

21,942

22,221

18,262

1.021

403

721

2,623

1.084

2,665

1,520

259,968
1,663,127

216,072
2,107,662

344,005
2,246,858

30,328
230,139

16,044
167,819

26,361
198,919

53,345
258,994

27,424
151,404

51,794
234,574

45,474
228,480

13,137
121,940

147,585

115,255

119,165

11,590

15,375

12,183

16,439

11,381

17,097

16,500

5,915

147,585
n.a.

115,255
n.a.

119,165
n.a.

11,590
n.a.

15,375
n.a.

12,183
n.a.

16,439
n.a.

11,381
n.a.

17,097
n.a.

16,500
n.a.

5,915
n.a.

64,345
83,240

54.713
60,541

56.029
63,136

5.414
6,175

3.315
12,061

4.585
7,598

9.868
6,571

3.089
8,292

7.211
9,887

5.024
11,477

2.776
3,140

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 2007

1.47

OPEN-END INVESTMENT COMPANIES

Net Sales and Assets1

Millions of dollars
2007
Item

2005

2006'
Feb.

Mar.

Apr.

May

June

July

Aug.r

Sept.

1 Sales of own shares2

1,755,210

2,010,732

198,887

207,243

211,044

215,669

208,059

218,387

198,153

183,457

2 Redemptions of own shares

1.563.022
192 188

1,784,373
226 359

153.977
44 910

181.606
25 637

176.774
34 270

191,062
24 607

194,350
13 709

201,002
17 385

217.606
19 453

167.432
16 025

6,864,286

8,058,864

8,210,243

8,330,376

8,638,069

8,896,555

8,842,461

8,691,047

8,722,777

9,059,521

302.923
6,561,363

338,921
7,719,943

357.926
7,852,317

335.140
7,995,236

337.720
8,300,349

340,372
8,556,183

329,069
8,513,392

324,128
8,366,919

352.428
8,370,349

342.937
8,716,584

4 Assets

4

5 Cash5
6 Other

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

1.51

DOMESTIC FINANCE COMPANIES

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

Assets and Liabilities1

Billions of dollars, end of period; not seasonally adjusted
2006

2005

2007

Q4

Q1

Q2

Q3

Q4

Q1

Q2'

ASSETS

2
4

1 494 0
566.5
451.5
476.0

Reserves for unearned income

8 All other
9 Total assets

1 732 7
640.3
498.0
594.4

1 622 4
601.8
479.2
541.4

1 634 6
591.2
482.8
560.6

1 672 1
602.8
497.4
572.0

1 710 3
628.3
490.4
591.6

1 732 7
640.3
498.0
594.4

1 728 4
643.1
505.4
579.8

1 732 1
659.7
509.3
563.2

53.0
26 3

44.7
24 5

49.2
26 6

44.7
24 5

44.4
23 5

45.3
23 5

48.4
24 7

49.2
26 6

50.8
25 5

50.6
25 5

1,553.2
535.7

1,656.9
486.5

1,553.2
535.7

1,566.8
527.6

1,603.4
499.6

1,637.2
482.9

1,656.9
486.5

1,652.1
497.6

1,655.9
504.9

2,088.5

Real estate

5 LESS:

1 622 4
601.8
479.2
541.4

1,414.7
673.8

Consumer

2,088.8

2,143.3

2,088.8

2,094.4

2,103.0

2,120.1

2,143.3

2,149.7

2,160.8

136.9
175.3

142.1
160.0

129.2
165.3

142.1
160.0

137.4
151.0

136.9
152.7

131.5
164.0

129.2
165.3

138.1
159.1

153.5
154.0

257.7
817.4
471.8
229.4

312.2
806.5
423.6
244.4

338.5
849.6
424.3
236.4

312.2
806.5
423.6
244.4

319.0
810.9
427.7
248.4

327.4
832.6
415.7
237.5

336.7
824.0
421.1
242.8

338.5
849.6
424.3
236.4

330.8
836.3
438.2
247.1

348.5
827.8
439.6
237.5

2,088.5

2,088.8

2,143.3

2,088.8

2,094.4

2,103.0

2,120.1

2,143.3

2,149.7

2,160.8

LIABILITIES AND CAPITAL

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

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

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

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

31

Owned and Managed Receivables1

Billions of dollars, amounts outstanding

Type of credit
Apr.

Julyr

May

Aug.r

Sept.

Seasonally adjusted
1,895.3
2
3
4

Consumer . . .
Real estate . .
Business

737.1
497.8
545.8

2,009.3

774.6
561.5
559.1

818.4
610.9
580.0

2,049.9

2,017.2
841.8
605.7
584.7

850.7
600.1
583.4

855.3
578.1
583.8

863.4
589.1
594.0

876.1
586.2
600.7

870.7
581.2
597.9

Not seasonally adjusted
1,910.9
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'"

2,026.2

743.9
298.3
74.1
50.4
143.7

781.4
278.0
85.3
66.3
172.3

825.4
259.8
106.0
79.9
194.7

835.6
253.9
112.5
73.6
208.2

843.7
254.8
114.6
74.5
211.9

849.1
254.0
116.3
75.1
214.2

859.1
259.9
118.0
76.4
219.0

875.2
265.8
119.6
77.5
224.2

875.5
259.1
120.5
78.3
228.5

98.2
4.8
23.1
51.3
501.3
422.0
54.0

112.6
4.2
14.9
47.8
565.0
489.8
51.6

112.8
3.6
15.9
52.8
614.8
538.1
56.2

111.6
3.4
22.0
50.3
601.2
528.6
52.6

112.2
3.4
23.2
49.3
600.3
527.3
52.9

113.4
3.4
24.3
48.3
583.4
510.0
53.2

110.1
3.3
24.9
47.5
591.0
516.7
54.6

112.7
3.3
25.4
46.8
587.1
511.8
56.0

113.9
3.2
25.9
46.1
579.3
503.2
57.2

3.5
550.2
84.8
15.1
44.9
24.8
273.4
87.8
185.6
93.3

18.9
4.8
564.5
105.5
15.2
61.2
29.0
281.9
93.6
188.3
91.8

16.8
3.7
586.0
105.1
17.1
55.7
32.3
299.5
102.4
197.1
93.5

15.6
4.4
590.9
105.9
18.0
55.7
32.2
311.6
109.8
201.8
93.2

15.5
4.6
590.2
106.3
18.1
55.7
32.5
313.6
111.1
202.6
91.1

15.4
4.8
589.9
108.3
18.1
56.9
33.3
309.5
106.7
202.8
91.5

15.3
4.5
584.7
102.8
18.2
51.3
33.3
310.2
107.1
203.1
92.5

15.2
4.1
589.5
103.1
18.1
51.4
33.6
311.2
107.3
203.9
93.3

15.2
3.8
589.5
104.3
18.0
53.3
32.9
310.9
106.4
204.5
92.9

44.8
2.2
40.6
2.0
23.6
11.5
12.1
30.2

28.8
2.7
26.0
.1
24.4
11.6
12.8
32.2

38.0
3.0
34.9
.1
15.4
9.9
5.5
34.6

38.4
2.9
35.5
.1
13.6
9.1
4.5
28.2

38.1
2.9
35.2
.1
12.9
9.0
3.9
28.1

40.3
2.9
37.3

39.3
2.8
36.4
.1
11.7
8.3
3.4
28.2

41.7
2.8
38.8
.1
11.9
8.4
3.6
28.2

40.3
2.8
37.5
.1
13.1
9.4
3.7

NOTE: This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,
available at www.federalreserve.gov/releases.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown

2,044.3

2,022.4

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 2007

1.53

MORTGAGE MARKETS

Mortgages on New Homes

Millions of dollars except as noted
2007
Item

2004

2005

2006
Apr.

May

June

July

Aug.

Sept.

Oct.

Terms and y elds in primary and secondary markets
PRIMARY MARKETS

1
2
3
4
5

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

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

292.0
215.0
76.0
28.8
.51

326.8
238.5
75.3
29.2
.54

345.7
253.4
75.4
29.5
.66

368.4
268.8
76.3
29.5
.82

355.0
265.8
77.0
29.4
.76

357.9
267.2
76.7
29.5
.88

356.1
270.1
77.6
29.4
.85

368.9
282.9
78.6
29.6
.88

358.3
266.5
76.9
29.6
.87

350.7
266.3
78.6
29.4
.81

5.68
5.75
n.a.

5.86
5.93
n.a.

6.50
6.60
n.a.

6.09
6.21
n.a.

6.11
6.22
n.a.

6.41
6.54
n.a.

6.58
6.70
n.a.

6.60
6.73
n.a.

6.45
6.58
n.a.

6.43
6.55
n.a.

n.a.
5.19

n.a.
5.13

n.a.
5.70

n.a.
5.64

n.a.
5.73

n.a.
6.15

n.a.
6.10

n.a.
5.90

n.a.
5.79

n.a.
5.67

SECONDARY MARKETS

Yield (percent per year)
10 GNMA securities6

Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
11 Total

904,555
n.a.
n.a.

727,545
n.a.
n.a.

724,400
n.a.
n.a.

710,586
n.a.
n.a.

718,257
n.a.
n.a.

722,475
n.a.
n.a.

729,840
n.a.
n.a.

728,886
n.a.
n.a.

723,813
n.a.
n.a.

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

14 Mortgage transactions purchased (during period)

262,646

146,641

196,017

9,964

21,776

16,936

21,219

16,429

11,926

n.a.

Mortgage commitments (during period)
15 Issued7
16 To sells

149,429
8 828

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

652,936
n.a.
n.a.

710,017
n.a.
n.a.

703,629
n.a.
n.a.

709,220
n.a.
n.a.

711,449
n.a.
n.a.

712,136
n.a.
n.a.

720,629
n.a.
n.a.

732,219
n.a.
n.a.

713,164
n.a.
n.a.

703,145
n.a.
n.a.

n.a.
365,148

n.a.
397,867

n.a.
360,023

n.a.
35,336

n.a.
40,648

n.a.
40,818

n.a.
35,483

n.a.
35,348

n.a.
54,262

n.a.
31,085

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

13

Conventional

FEDERAL HOME LOAN MORTGAGE CORPORATION

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

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

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

Real Estate
1.54

33

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period

Type of holder and property

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

Q2>

13,337,070

Q2

13,549,040

13,981,770

9,353,340

10,656,390

12,112,690

7,183,087
555,522
1,509,620
105,110

8,257,106
608,606
1,680,277
110,406

9,386,817
679,062
1,931,935
114,872

9,872,509
702,212
2,050,649
117,364

10,105,040
713,445
2,124,885
118,630

10,287,960
729,120
2,200,087
119,897

10,426,390
740,919
2,260,705
121,027

10,749,660
777,775
2,343,794
110,535

3,386,964
2,255,825
1,349,385
104,690
762,335
39,415
870,195
702,525
77,934
89,104
632
260,944
4,403
38,556
203,946
14,039

3,925,694
2,595,334
1,575,779
118,643
859,855
41,057
1,057,036
873,920
87,537
94,980
599
273,324
4,998
40,453
214,085
13,788

4,394,752
2,956,557
1,786,497
138,702
987,887
43,471
1,152,732
953,810
98,349
99,957
616
285,463
4,585
42,440
224,258
14,180

4,648,735
3,132,032
1,889,521
145,038
1,052,827
44,646
1,221,011
1,012,006
102,435
105,874
696
295,692
5,512
43,792
231,707
14,681

4,730,680
3,181,315
1,897,487
147,693
1,090,891
45,244
1,248,957
1,033,744
103,740
110,707
766
300,408
5,986
44,431
235,080
14,911

4,780,754
3,402,987
2,076,445
157,547
1,123,154
45,841
1,073,967
867,831
95,792
109,604
740
303,800
6,730
44,761
236,719
15,590

4,800,258
3,378,629
2,030,136
158,936
1,143,284
46,273
1,117,242
911,540
93,589
111,333
780
304,387
6,740
44,847
237,179
15,621

4,886,757
3,462,137
2,081,919
160,726
1,178,415
41,077
1,112,818
905,281
92,570
114,161
806
311,802
6,869
45,458
243,463
16,012

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

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

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

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

561,016
27
27
0
76,448
12,918
11,374
48,945
3,212
5,023
1,625
3,398
0
0
0
0
0

562,941
26
26
0
77,264
12,819
11,340
49,919
3,186
5,013
1,679
3,335
0
0
0
0
0
15

5
0
255,006
219,279
35,727
54,640
14,621
40,019
61,481
20,396
41,085
804
804

557,941
31
31
0
75,097
12,975
11,423
47,499
3,200
4,830
1,615
3,215
0
0
0
0
0
4
1
1
2
0
255,016
219,289
35,727
56,674
15,189
41,485
63,704
21,133
42,571
787
787

1
1
2
0
255,000
219,273
35,727
57,774
15,544
42,230
64,077
21,257
42,820
770
770

254,997
219,270
35,727
59,897
16,922
42,975
65,847
21,844
44,003
778
778

10
0
254,963
219,236
35,727
61,451
18,071
43,380
67,136
22,272
44,864
748
748

699,472
25
25
0
77,978
12,893
11,318
50,564
3,204
5,115
1,687
3,428
0
0
0
0
0
6
1
1
4
0
389,934
329,272
60,662
62,902
18,449
44,453
68,350
21,219
47,131
754
754

0
0
0
968,371
610,740
66,620
291,010
0
1,003
1,003

4,965,850
441,235
409,089
32,147
1,204,239
1,187,489
16,750
1,895,761
1,819,931
75,830
0
0
0
0
0
1,423,676
1,013,757
73,068
336,851
0
938
938

5,791,117
405,246
371,484
33,762
1,330,795
1,312,284
18,511
1,940,079
1,862,476
77,603
0
0
0
0
0
2,114,153
1,592,439
89,626
432,088
0
844
844

6,097,895
405,435
370,469
34,966
1,400,955
1,381,468
19,487
2,004,453
1,924,275
80,178
0
0
0
0
0
2,285,239
1,728,746
93,393
463,099
0
1,813
1,813

6,301,457
409,478
373,981
35,497
1,436,525
1,416,544
19,981
2,043,037
1,961,316
81,721
0
0
0
0
0
2,409,310
1,828,879
95,742
484,689
0
3,107
3,107

6,507,032
410,196
374,062
36,135
1,472,294
1,451,815
20,479
2,078,829
1,995,676
83,153
0
0
0
0
0
2,542,529
1,923,565
101,280
517,685
0
3,183
3,183

6,699,590
413,217
377,061
36,157
1,531,796
1,510,489
21,307
2,127,130
2,042,045
85,085
0
0
0
0
0
2,624,045
1,962,603
109,478
551,964
0
3,402
3,402

6,934,306
417,136
380,925
36,211
1,587,795
1,565,710
22,085
2,094,251
2,010,481
83,770
0
0
0
0
0
2,830,445
2,120,175
116,278
593,991
0
4,679
4,679

971,749
758,520
79,426
122,682
11,122

1,211,031
982,293
84,260
132,129
12,349

1,371,821
1,129,273
88,299
142,528
11,721

1,438,163
1,188,496
89,971
149,640
10,056

1,471,677
1,216,745
91,396
155,120
8,416

1,488,266
1,221,252
95,457
163,978
7,578

1,486,254
1,215,376
96,224
167,016
7,637

1,461,232
1,200,378
98,108
163,196
-450

23
4
4
15
0
239,433
219,867
19,566
49,307
14,837
34,470
60,270
27,274
32,996
990
990
4,457,496
473,738
444,820
28,918
1,157,339
1,141,241
16,098
1,857,045
1,780,884
76,161
0

2
7
0
249,515
222,535
26,980
52,793
15,240
37,553
61,360
23,389
37,971
887

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 2007

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

Holder and type of credit
Apr.
Seasonally adjusted
2,284,765
800,017
1,391,306

2 Revolving . . .
3 Nonrevolving2

824,852
1,459,913

2,418,512'
877,051'
1,512,064

2,421,762'

889,989'
1,528,524

890,075'
1,531,687'

882,431'
1,521,542

2,449,866

2,462,888

898,213
1,541,507

902,988
1,546,879

909,662
1,553,226

Not seasonally adjusted
4 Total

2,219,410

2,313,748

2,419,958'

2,402,966'

2,402,307'

2,408,427'

2,425,360

2,433,598

2,447,982

704,270
492,346
215,384
86,074
91,300
58,570
571,466

707,039
516,534
228,588
89,822
109,077
58,817
603,872

741,200
534,354
234,532
91,676
95,547
56,757'
665,893

725,923
527,352
232,813
95,098
94,914
53,388'
673,479

723,278
532,366
232,280
95,114
94,581
52,996'
671,692'

729,115
535,694
233,438
94,826
95,434
53,071'
666,849'

735,713
541,129
234,656
94,652
96,314
53,424
669,472

737,814
543,353
232,952
94,642
97,167
53,562
674,108

736,876
555,253
235,627
94,313
98,134
53,324
674,456

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

823,707
314,649
50,382
23,244
n.a.
27,907
12,372
395,153

849,860
311,204
66,307
24,688
n.a.
40,755
11,598
395,308

904,012'
327,302
79,874
27,388
n.a.
42,459
7,779'
419,210

880,728'
302,589
75,596
26,740
n.a.
41,904
7,301'
426,597

877,795'
299,159
72,947
26,612
n.a.
41,613
7,109'
430,355'

882,995'
304,667
73,595
26,998
n.a.
41,569
7,203'
428,962'

890,996
307,882
74,454
27,495
n.a.
41,523
7,202
432,440

897,484
310,927
75,083
27,724
n.a.
41,479
7,233
435,038

903,770
308,976
76,378
28,451
n.a.
41,629
7,227
441,108

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

1,395,703
389,621
441,964
192,140
86,074
63,393
46,198
176,314

1,463,887
395,835
450,226
203,900
89,822
68,322
47,219
208,564

1,515,946
413,898
454,480
207,144
91,676
53,088
48,978
246,683

1,522,238
423,334
451,756
206,073
95,098
53,009
46,086
246,882

1,524,512
424,119
459,419
205,668
95,114
52,968
45,888
241,338

1,525,432'
424,448
462,099
206,440
94,826
53,865
45,868
237,886'

1,534,364
427,831
466,675
207,161
94,652
54,791
46,223
237,032

1,536,113
426,887
468,269
205,228
94,642
55,688
46,329
239,070

1,544,212
427,899
478,875
207,176
94,313
56,505
46,097
233,348

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
2007
Item

2004

2005

2006
Jan.

Feb.

Mar.

Apr.

May

June

July

INTEREST RATES

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

6.60
11.89

7.08
12.05

7.72
12.41

n.a.
n.a.

7.74
12.32

n.a.
n.a.

n.a.
n.a.

7.92
12.57

n.a.
n.a.

n.a.
n.a.

Credit card plan
3 All accounts
4 Accounts assessed interest

12.72
13.22

12.51
14.55

13.21
14.73

n.a.
n.a.

13.41
14.64

n.a.
n.a.

n.a.
n.a.

13.46
14.47

n.a.
n.a.

n.a.
n.a.

4.36
8 96

5.46
9 03

4.96
9 67

6.45
9 45

4.00
9 32

3.89
9 29

5.04
9 20

4.88
9 35

4.66
9 22

4.74
9 00

60.5
56 8

60.0
57 6

62.3
57 5

62.0
58 6

59.5
59 2

58.3
59 3

57.8
59 4

61.1
59 4

58.7
59 3

58.6
59 4

89
100

88
98

91
99

90
100

91
100

91
100

92
102

94
103

92
103

92
103

24,888
15,136

24,133
16,228

25,958
16,671

25,983
16,916

26,866
16,962

26,998
17,044

27,013
16,979

27,163
16,938

26,929
17,131

27,090
17,230

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
1,155.6

1,402.4

1,677.3

1,980.5

2,185.2

2,275.6

2,618.0

2,182.4

1,994.4

2,377.4

2,264.8

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

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

-83.0
-5.1
-.5
122.8
347.7
-87.2
4.4
705.8
551.5
40.3
110.3
3.8
150.7

-57.9
257.1
.5
159.4
132.3
-106.6
15.7
893.9
758.6
36.8
91.7
6.9
107.9

-35.1
398.4
-2.4
137.6
158.3
-77.0
5.5
987.6
798.1
71.0
119.9
-1.3
104.4

16.8
362.5
-.6
130.5
77.7
10.8
20.4
1,247.3
1,043.4
51.1
150.1
2.7
115.0

-7.9
307.3
-.4
194.8
59.9
137.6
47.7
1,351.9
1,038.2
72.5
236.5
4.6
94.3

-89.9
352.1
.8
170.8
75.5
248.9
50.1
1,410.9
1,004.9
98.6
302.3
5.0
56.5

18.8
377.0
-1.0
114.5
211.0
208.2
65.1
1,568.1
1,258.1
65.1
237.2
7.7
56.4

16.8
49.7
.2
172.7
204.1
99.0
93.9
1,414.3
1,114.1
50.2
243.1
6.9
131.8

-37.7
172.4
-1.0
169.4
138.6
163.1
-30.0
1,293.5
961.7
44.5
279.8
7.6
126.0

95.6
135.8
.5
257.0
320.9
223.2
60.1
1,176.2
809.5
77.0
281.8
7.9
108.1

-1.6
327.5
-1.3
248.4
284.8
115.7
69.7
1,102.5
795.2
39.7
264.2
3.3
119.2

31.3
-70.7
-.1
279.4
388.0
105.7
64.2
1,158.3
756.4
66.3
333.2
2.4
123.6

15
16
17
18
19
20
21

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

671.5
384.0
215.2
162.2
6.7
105.7
-5.6

832.9
168.0
12.8
148.0
7.1
143.9
257.6

980.2
180.8
90.4
92.1
-1.6
120.3
396.0

1,082.4
420.9
170.1
244.7
6.1
115.3
361.9

1,114.1
592.8
252.8
327.3
12.7
171.4
306.9

1,120.2
660.9
221.7
422.0
17.3
141.5
352.9

1,293.6
845.4
479.7
345.8
19.9
103.1
376.0

1,273.8
722.2
394.2
311.2
16.7
136.6
49.9

1,080.1
595.4
254.5
327.0
13.9
147.5
171.4

1,015.3
1,003.5
626.3
354.2
22.9
222.4
136.3

907.6
807.4
519.9
266.9
20.6
223.6
326.2

925.6
979.3
625.9
348.4
5.1
245.5
-70.8

22 Foreign net borrowing in United States

-13.7

92.9

36.9

124.8

102.8

122.5

125.0

114.2

515.2

247.1

141.8

254.7

23
24
25
26

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

15.8
-18.5
-7.3
-3.8

58.3
31.6
5.3
-2.3

12.9
28.7
-2.5
-2.1

62.8
61.8
3.8
-3.6

38.5
54.5
14.5
-4.6

59.1
25.0
41.5
-3.2

68.3
60.8
5.2
-9.3

-53.2
144.6
30.8
-8.0

355.0
180.2
-12.2
-7.7

2.2
218.0
31.6
-4.6

-7.6
174.8
-22.5
-3.0

19.2
191.1
47.2
-2.9

27 Total domestic plus foreign

1,141.9

1,495.3

1,714.3

2,105.3

2,288.0

2,398.1

2,743.0

2,296.6

2,509.6

2,624.5

2,406.6

1 Total net borrowing by domestic nonfinancial sectors

Financial sectors
871.1

869.3

1,052.6

979.8

1,092.1

1,483.1

1,344.2

1,654.6

996.5

1,131.6

1,377.4

1,422.8

29
30
31
32
33
34
35

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

124.5
304.1
338.5
306.6
18.7
25.5
2.2

-99.5
219.8
326.8
383.3
21.1
6.8
11.0

-59.7
250.9
330.6
470.0
21.4
31.2
8.2

26.6
75.0
62.7
657.4
58.1
74.1
25.9

214.5
-84.0
174.2
712.2
17.0
44.4
13.9

213.0
138.3
258.3
817.4
35.9
29.3
-9.0

206.0
-.5
318.2
761.8
18.9
20.8
19.0

333.2
204.7
299.6
787.6
-15.7
38.1
7.1

83.5
-73.9
284.2
707.8
-42.8
29.9
7.8

180.2
50.3
278.7
848.9
-216.8
-3.9
-5.8

222.9
28.9
499.4
621.0
51.0
-30.5
-15.2

360.1
98.5
543.9
364.6
47.1
.4
8.2

36
37
38
39
40
41
42
43
44
45
46

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

52.9
-2.0
1.5
.6
304.1
338.5
255.9
10.9
3.2
1.4
-96.0

49.7
-23.4
2.0
2.0
219.8
326.8
212.5
66.2
27.3
-1.7
-11.9

48.5
34.5
2.2
2.9
250.9
330.6
226.4
111.1
31.5
6.4
7.6

78.4
89.0
2.3
3.0
75.0
62.7
415.3
134.3
98.3
15.2
6.1

85.1
23.8
3.3
.4
-84.0
174.2
689.5
33.5
59.8
.1
106.5

62.0
34.0
8.1
.6
138.3
258.3
761.5
176.1
7.2
-33.4
70.3

85.7
.5
-.2
2.8
-.5
318.2
750.7
17.7
61.4
35.1
72.7

171.8
-1.8
6.8
1.3
204.7
299.6
727.9
89.1
56.5
6.5
92.0

51.6
17.1
2.0
2.4
-73.9
284.2
757.8
-36.6
32.8
5.0
-45.8

400.6
-463.3
8.4
4.3
50.3
278.7
767.8
69.0
14.0
-20.9
22.6

90.7
-20.5
-10.5
4.9
28.9
499.4
573.3
13.9
2.2
59.5
135.7

147.2
-24.8
10.6
12.6
98.5
543.9
524.3
7.2
4.2
39.9
59.3

28 Total net borrowing by financial sectors

36

Federal Reserve Bulletin Statistical Supplement • November 2007

1.57

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

Transaction category or sector
Q4

Qi

Q2

Q3

Q4

Qi

Q2

47 Total net borrowing, all sectors . . . .

2,013.0

2,364.6

2,766.8

3,085.1

3,380.1

3,881.2

4,087.1

3,951.1

3,506.1

3,756.1

3,784.0

3,757.2

48
49
50
51
52
53
54
55
56

-191.6
-5.1
642.1
122.8
635.8
-75.8
26.1
708.0
150.7

-99.1
257.1
547.2
159.4
547.2
-80.2
20.2
904.8
107.9

-82.0
398.4
579.1
137.6
657.0
-58.1
34.6
995.8
104.4

106.2
362.5
137.1
130.5
796.9
72.7
90.9
1,273.2
115.0

245.1
307.3
89.7
194.8
826.6
169.1
87.4
1,365.8
94.3

182.2
352.1
397.4
170.8
917.9
326.2
76.2
1,401.9
56.5

293.0
377.0
316.7
114.5
1,033.6
232.3
76.5
1,587.2
56.4

296.7
49.7
504.6
172.7
1,136.2
114.2
123.9
1,421.4
131.8

400.8
172.4
209.3
169.4
1,026.5
108.1
-7.8
1,301.3
126.0

278.0
135.8
329.5
257.0
1,387.7
37.9
51.6
1,170.5
108.1

213.7
327.5
527.0
248.4
1,080.6
144.2
36.2
1,087.3
119.2

410.7
-70.7
642.2
279.4
943.7
200.0
61.7
1,166.5
123.6

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

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

303.2

227.4

427.5

364.6

108.0

85.0

91.2

-155.3

-275.2

15.6

209.3

-77.6

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

98.3
-48.1
109.1
37.3
204.9

46.4
-41.6
17.0
71.0
181.1

138.9
-42.0
118.0
62.9
288.6

66.4
-126.6
84.8
108.2
298.2

-152.2
-363.4
142.6
68.6
260.2

-145.1
-419.2
170.6
103.6
230.1

-384.2
-569.6
170.0
15.4
475.4

-423.7
-601.6
91.4
86.5
268.4

-512.7
-534.0
41.8
-20.5
237.6

-348.2
-751.2
251.0
152.0
363.8

-315.3
-572.8
174.0
83.5
524.6

-552.2
-770.0
161.1
56.7
474.6

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

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 MARKETS2

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

2,013.0

2,364.6

2,766.8

3,085.1

3,380.1

3,881.2

4,087.1

3,951.1

3,506.1

3,756.1

3,784.0

3,757.2

15.9
-86.1
-4.7
7.1
93.9
5.7
302.1
1,695.0
39.9
205.2
191.6
-.6
4.2
10.0
44.4
41.5
9.0
130.9
-36.0
-53.8
9.7
267.3
126.6
3.2
.0
304.7
338.5
244.0
49.9
8.6
92.4
-130.9

193.1
77.0
25.8
-.8
86.2
4.9
430.5
1,741.0
77.7
404.4
393.8
6.2
3.1
1.3
33.4
44.2
39.9
233.0
-8.6
-50.7
12.7
-17.7
138.7
8.6
3.7
224.1
326.8
219.0
103.7
23.8
28.4
-104.1

167.6
113.1
-3.2
1.5
58.3
-2.1
516.3
2,082.9
37.2
332.9
352.2
-38.5
8.6
10.6
127.3
51.2
67.0
180.6
69.2
11.2
6.0
-95.9
138.0
35.5
.7
241.0
330.6
232.9
122.9
25.7
79.6
89.2

379.6
270.3
30.5
11.5
64.5
2.7
772.5
1,933.1
51.2
608.0
571.1
23.0
.0
13.9
103.5
39.8
73.6
173.0
-.3
27.2
4.7
-124.9
116.6
11.0
3.8
48.9
62.7
416.4
214.9
87.9
-29.2
44.4

264.3
104.2
48.6
13.7
100.5
-2.7
778.4
2,337.5
26.4
658.4
507.9
144.5
-4.2
10.2
199.3
36.2
66.9
110.3
12.5
-2.8
7.7
-5.5
124.1
1.5
6.8
-69.1
174.2
670.4
117.2
66.9
82.3
53.7

498.9
356.5
55.0
17.3
69.6
.5
956.9
2,425.3
13.7
434.0
330.7
85.1
9.4
8.8
152.6
38.5
22.1
59.4
34.7
6.7
3.0
226.1
108.3
-3.3
4.8
-25.0
258.3
724.3
217.3
20.9
222.2
-93.4

227.0
141.9
47.2
12.9
14.8
10.2
769.5
3,090.7
60.0
834.5
739.8
83.8
6.8
4.1
86.8
58.2
60.1
156.6
7.5
-9.1
5.4
116.2
228.7
10.4
3.0
73.9
318.2
738.1
110.5
40.5
-19.7
210.8

296.1
204.1
16.8
9.5
54.6
11.1
909.7
2,745.3
36.1
783.0
662.3
136.9
-8.0
-8.2
122.3
26.6
48.3
89.6
48.0
59.4
17.8
185.3
147.6
16.5
9.1
91.3
299.6
709.4
96.0
57.7
63.4
-161.7

242.4
236.1
-48.5
12.0
56.8
-14.0
754.2
2,509.5
21.4
154.5
57.3
94.0
6.6
-3.3
258.1
7.9
31.8
48.6
38.9
7.9
7.7
329.1
130.8
-5.0
2.8
-30.4
284.2
725.0
158.1
44.5
162.5
130.9

280.3
74.8
59.7
12.1
124.8
8.9
932.7
2,543.2
21.4
1,274.7
1,165.9
100.3
8.0
.5
-859.7
27.7
50.6
in
41.6
83.1
2.5
250.2
232.6
5.5
7.9
48.6
278.7
730.7
-5.8
87.1
218.5
39.5

144.5
24.8
59.6
10.2
29.6
20.3
990.2
2,649.3
13.0
194.5
29.7
188.2
-16.8
-6.5
189.1
42.9
32.8
67.4
60.7
12.5
14.9
370.0
285.2
-.3
6.8
-93.6
499.4
580.8
56.5
-36.2
277.6
75.2

205.4
111.5
-12.0
12.5
79.7
13.7
828.8
2,722.9
44.7
689.8
498.2
194.8
-5.3
2.0
67.4
27.2
67.4
69.9
64.3
10.0
3.4
350.8
331.7
23.2
15.6
60.1
543.9
488.8
-44.0
-26.9
-164.1
99.6

2,013.0

2,364.6

2,766.8

3,085.1

3,881.2

4,087.1

4.3
.0
1.3
6.8
-28.0
156.8
314.6
68.5
428.5
23.7
98.3
204.9
-84.6
3.1
77.2
266.3
14.4
-19.8
663.3

3.2
.0
1.0
21.0
17.4
-8.3
325.4
50.0
-16.7
106.6
46.4
181.1
86.7
-87.0
60.1
219.7
22.2
-84.1
501.7

-.9
.0
.6
36.0
-14.5
85.0
307.4
55.8
-207.5
218.7
138.9
288.6
22.4
120.0
66.8
233.5
-1.1
34.5
522.4

-3.2
.0
.7
89.9
19.4
84.8
281.6
252.9
-136.5
88.1
66.4
298.2
180.0
179.4
33.1
263.5
28.5
-15.1
1,604.7

16.1
183.5
26.9
-76.0
1,311.1

-19.5
.0
.3
23.5
-45.6
40.4
289.8
194.3
317.1
170.9
-145.1
230.1
228.8
-83.4
10.9
218.8
53.5
-96.8
642.7

-2.3
.0
.6
216.3
-9.9
44.0
239.6
395.1
150.2
483.9
-384.2
475.4
82.4
220.2
57.8
17.8
25.9
-58.0
1,151.0

2.0
.0
.8
282.0
-198.3
29.2
232.7
308.8
274.2
278.8
-423.7
268.4
306.4
178.7
53.1
163.2
5.4
-67.5
1,011.5

-4.2
.0
1.0
-38.7
45.6
-73.0
336.8
344.7
411.4
602.2
-512.7
237.6
57.5
173.0
76.3
43.1
22.1
-43.0
1,519.4

-5.9
.0
.0
-64.4
116.7
-62.8
566.3
-3.6
387.0
619.1
-348.2
363.8
191.4
274.2
75.4
221.5
29.3
-73.6
875.0

.1
.0
.4
284.6
-488.6
79.4
384.7
291.3
440.7
698.0
-315.3
524.6
171.2
113.5
26.9
115.2
33.4
28.7
812.9

.0
1.3
455.3
57.4
-92.2
200.4
102.0
441.5
139.2
-552.2
474.6
219.8
313.2
62.6
66.6
13.0
-57.2
3,152.6

4,673.3

6,401.4

6,374.6

5,911.8

7,192.8

6,656.7

6,705.1

6,917.3

6,985.8

8,754.8

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

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

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

54 Total financial sources
55
56
57
58
59
60

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

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

4,212.6

-9.6
.0
.8
67.8
-12.4
3.5
314.4
284.4
127.0
350.8
-152.2
260.2
298.0

-12.9
17.2
-51.2
20.1
-223.8

-.6
21.5
7.2
36.0
19.7
-62.2

-.3
52.8
-4.3
-32.4
-42.6
-54.2

-.3
61.9
14.9
-136.8
-20.2
161.8

.7
40.6
-3.7
136.5
-18.1
206.4

-.1
23.5
7.9
94.3
6.4
168.8

-4.8
203.6
11.6
221.2
-42.0
-154.1

296.1
4.5
421.3
1.9
-530.4

.6
38.5
48.1
201.2
24.1
-188.0

-.5
-141.3
-71.8
525.3
23.7
253.2

359.7
48.8
-242.2
-28.9
-368.6

.7
442.6
-52.1
20.7
-24.2
145.2

5.7
-.5
7.9

-1.6
-.7
164.7

-8.9
.0
38.1

27.9
7.6

-6.6
-.1
-72.0

-11.7
.0
-174.9

-11.3
.0
-83.9

2.1
.0
-18.1

16.4
.0
-149.1

-19.1
.0
48.0

-5.9
-.1
32.8

-.5
-.2
-21.3

4,450.3

3,626.9

4,725.1

6,284.9

6,090.8

5,797.5

7,052.3

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

2. Excludes corporate equities and mutual fund shares.

38
1.59

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

2002

2003

2004

2006

2007

2005
Q4

Q2

Ql

Q3

Q4

Ql

Q2

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

20,615.8

22,325.5

24,320.7

26,505.9

26,505.9

27,145.1

27,657.0

28,166.0

28,795.7

29,377.2

29,868.9

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

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

119.9
3 609 8
27.3
1,762.9
2,710.3
1,133.0
949.9
8 302 8
6,436.6
464.2
1,306.6
95.4
1,999.9

84.8
4 008 2
24.9
1,900.5
2,868.6
1,088.4
955.4
9,290.4
7,226.8
543.0
1,426.5
94.1
2,104.4

101.6
4 370 7
24.3
2,031.0
2,946.3
1,099.2
975.8
10,552.5
8,285.0
594.1
1,576.6
96.9
2,219.4

93.8
4,678.0
23.8
2,225.8
3,006.2
1,236.8
1,023.5
11,904.4
9,323.2
666.6
1,813.0
101.5
2,313.7

93.8
4,678.0
23.8
2,225.8
3,006.2
1,236.8
1,023.5
11,904.4
9,323.2
666.6
1,813.0
101.5
2,313.7

100.4
4,834.4
23.6
2,254.2
3,058.9
1,283.1
1,028.5
12,278.8
9,625.5
682.9
1,867.1
103.4
2,283.2

115.4
4,759.6
23.6
2,305.6
3,110.0
1,316.4
1,063.5
12,647.6
9,917.2
695.4
1,929.7
105.2
2,315.4

114.2
4,803.2
23.4
2,332.6
3,144.6
1,361.6
1,040.7
12,977.5
10,166.6
706.5
1,997.2
107.1
2,368.2

117.1
4,861.7
23.5
2,404.2
3,224.8
1,410.2
1,067.5
13,267.4
10,359.0
725.8
2 073.5
109.0
2,419.3

130.2
5,014.3
23.2
2,466.3
3,296.0
1,441.6
1,076.8
13,526.8
10,547.0
735.7
2 134.3
109.8
2,402.1

159.5
4,904.0
23.2
2,542.8
3,393.0
1,477.1
1,104.3
13,832.0
10,749.7
752.3
2,219.5
110.5
2,432.9

15
16
17
18
19
20
21

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

8,513.2
7,018.2
4,741.7
2,106.7
169.8
1,447.3
3,637.0

9,495.8
7,229.1
4,862.2
2,198.8
168.1
1,567.6
4,033.1

10,592.9
7,650.0
5,032.3
2,443.5
174.2
1,682.8
4,395.0

11,707.0
8,242.8
5,285.0
2,770.8
186.9
1,854.2
4,701.9

11,707.0
8,242.8
5,285.0
2,770.8
186.9
1,854.2
4,701.9

11,975.9
8,430.8
5,386.3
2,856.9
187.6
1,880.4
4,858.0

12,308.2
8,643.6
5,513.8
2,935.0
194.8
1,921.9
4,783.2

12,612.6
8,781.4
5,566.3
3,015.4
199.7
1,945.4
4,826.6

12,872.7
9,031.1
5,720.5
3,105.3
205.3
2,006.6
4,885.3

13,046.6
9,230.0
5,852.4
3,171.6
206.0
2,063.1
5,037.4

13,292.1
9,519.4
6,050.1
3,259.1
210.2
2,130.2
4,927.2

22 Foreign credit market debt held in
United States

1,072.3

1,249.7

1,431.3

1,514.9

1,514.9

1,549.7

1,572.7

1,701.3

1,767.0

1,782.6

1,839.1

254.2
705.2
68.6
44.3

267.1
874.4
66.1
42.2

329.9
993.0
69.9
38.6

368.4
1,028.2
84.4
34.0

368.4
1,028.2
84.4
34.0

389.0
1,043.4
85.7
31.6

370.1
1,079.5
93.4
29.7

458.6
1,124.6
90.4
27.7

461.4
1,180.8
98.3
26.6

459.2
1,224.5
73.1
25.8

456.8
1,272.3
84.9
25.1

21,688.1

23,575.2

25,752.1

28,020.8

28,020.8

28,694.8

29,229.7

29,867.3

30,562.7

31,159.8

31,708.0

23
24
25
26

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

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

Financial sectors
28 Total credit market debt owed by
financial sectors

32
33
34
35

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

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

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

29
30
31

9,996.9

10,872.9

11,867.6

12,905.2

12,905.2

13,216.5

13,630.8

13,876.8

14,184.3

14,508.0

14,865.6

1,000.7
2,350.4

941.0
2,601.3

967.6
2,676.3

1,182.1
2,592.2

1,182.1
2,592.2

1,209.0
2,592.1

1,279.5
2,643.3

1,292.5
2,624.8

1,379.5
2,637.4

1,414.3
2,644.6

1,493.5
2,669.3

3,158.6
2 777 6
142.6
470.5
96.5

3,326.7
3,233.6
164.0
501.7
104.7

3,389.5
3,905.8
222.1
575.8
130.6

3,563.7
4,563.5
239.1
620.2
144.5

3,563.7
4,563.5
239.1
620.2
144.5

3,641.1
4,768.8
239.5
616.9
149.2

3,703.3
4,975.1
237.2
641.5
151.0

3,784.7
5,149.0
229.0
643.7
153.0

3,858.8
5,340.8
175.0
641.4
151.5

3,981.5
5,512.1
183.3
624.4
147.7

4,103.9
5,610.9
196.4
642.0
149.8

325.5
286.4
262.3
6.9
5.1
2,350.4
3,158.6
1,950.8
40.6
884.2
198.5
527.6

338.6
321.8
296.8
9.1
8.0
2,601.3
3,326.7
2,163.2
47.0
995.3
230.0
535.2

357.4
381.3
385.8
11.4
11.1
2,676.3
3,389.5
2,578.5
62.2
1,129.6
343.2
541.3

394.3
429.5
409.6
14.7
11.5
2,592.2
3,563.7
3,268.0
62.4
1,108.6
402.9
647.9

394.3
429.5
409.6
14.7
11.5
2,592.2
3,563.7
3,268.0
62.4
1,108.6
402.9
647.9

398.4
438.7
406.1
14.6
12.2
2,592.1
3,641.1
3,453.0
71.1
1,099.3
418.2
671.7

422.6
467.0
411.2
16.3
12.5
2,643.3
3,703.3
3,641.0
72.8
1,122.2
432.4
686.2

424.1
476.2
412.4
16.8
13.1
2,624.8
3,784.7
3,821.3
74.0
1,119.5
440.5
669.2

498.3
499.7
297.8
18.9
14.2
2,637.4
3,858.8
4,019.0
68.8
1,144.2
444.0
683.3

495.2
520.3
288.4
16.2
15.4
2,644.6
3,981.5
4,160.2
83.7
1,133.6
444.6
724.2

511.0
551.5
289.5
18.9
18.6
2,669.3
4,103.9
4,298.2
93.6
1,134.7
445.6
730.9

All sectors
48 Total credit market debt, domestic and foreign .
49
50
51
52
53
54
55
56
57

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

31,685.0

34,448.1

37,619.7

40,926.0

40,926.0

41,911.3

42,860.5

43,744.1

44,747.0

45,667.8

46,573.6

1 374 9
3,609.8
5,536.3
1,762.9
6,193.0
1,344.2
1,464.7
8 399 3
1,999.9

1,292.9
4,008.2
5,952.9
1,900.5
6,976.5
1,318.4
1,499.3
9,395.1
2,104.4

1,399.1
4,370.7
6,090.0
2,031.0
7,845.0
1,391.2
1,590.2
10,683.1
2,219.4

1,644.2
4,678.0
6,179.7
2,225.8
8,597.9
1,560.3
1,677.6
12,048.8
2,313.7

1,644.2
4,678.0
6,179.7
2,225.8
8,597.9
1,560.3
1,677.6
12,048.8
2,313.7

1,698.4
4,834.4
6,256.8
2,254.2
8,871.1
1,608.3
1,677.0
12,428.0
2,283.2

1,764.9
4,759.6
6,370.2
2,305.6
9,164.6
1,647.0
1,734.6
12,798.6
2,315.4

1,865.3
4,803.2
6,432.9
2,332.6
9,418.2
1,681.0
1,712.1
13,130.5
2,368.2

1,958.0
4,861.7
6,519.7
2,404.2
9,746.3
1,683.4
1,735.4
13,418.9
2,419.3

2,003.7
5,014.3
6,649.3
2,466.3
10,032.6
1,697.9
1,727.0
13,674.5
2,402.1

2,109.8
4,904.0
6,796.3
2,542.8
10,276.2
1,758.4
1,771.4
13,981.8
2,432.9

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

31,685.0

34,448.1

37,619.7

40,926.0

40,926.0

41,911.3

42,860.5

43,744.1

44,747.0

45,667.8

46,573.6

3,912.3
2,227.2
269.4
72.4
1,067.4
275.9
3,736.8
24,035.9
629.4
5,614.9
5,003.9
516.9
27.8
66.3
1,166.6
465.4
558.3
2,307.8
577.3
638.7
57.6
1,567.1
1,368.4
117.1
3.7
2,323.2
3,158.6
1,862.3
1,082.0
71.7
344.4
121.3

4,290.0
2,550.5
266.2
73.9
1,125.6
273.8
4,169.3
25,988.7
666.7
5,994.3
5,390.6
490.3
36.4
76.9
1,293.9
516.6
625.2
2,488.3
646.5
649.9
63.6
1,471.3
1,506.4
152.6
4.5
2,564.2
3,326.7
2,081.2
1,204.9
97.5
424.1
210.5

4,672.9
2,824.1
296.7
85.4
1,190.2
276.5
4,990.2
27,956.6
717.8
6,602.3
5,961.8
513.3
36.4
90.8
1,417.4
556.4
698.8
2,661.4
646.1
677.1
68.2
1,346.3
1,623.0
163.6
8.2
2,613.0
3,389.5
2,497.6
1,419.8
200.1
394.9
254.9

5,034.9
3,026.0
345.3
99.1
1,290.7
273.8
5,603.3
30,287.8
744.2
7,260.7
6,469.7
657.8
32.2
101.0
1,616.7
592.6
765.8
2,765.4
658.6
674.3
76.0
1,340.8
1,747.1
165.1
15.0
2,543.9
3,563.7
3,168.0
1,537.1
267.0
477.2
308.6

5,034.9
3,026.0
345.3
99.1
.,290.7
273.8
5,603.3
30,287.8
744.2
7,260.7
6,469.7
657.8
32.2
101.0
1,616.7
592.6
765.8
2,765.4
658.6
674.3
76.0
.,340.8
1,747.1
165.1
15.0
2,543.9
3,563.7
3,168.0
1,537.1
267.0
477.2
308.6

5,119.1
3,107.7
338.6
102.3
1,293.9
276.6
5,792.6
30,999.6
758.5
7,433.0
6,620.9
676.2
33.9
102.0
1,648.9
604.1
780.8
2,806.3
660.5
672.0
77.3
1,353.5
1,805.4
167.8
15.7
2,552.5
3,641.1
3,349.8
1,542.9
277.1
497.2
355.1

5,175.6
3,137.7
343.6
104.7
1,312.8
277.0
6,027.5
31,657.3
766.4
7,649.6
6,806.5
711.2
31.9
99.9
1,679.5
615.6
792.9
2,827.9
672.5
686.9
81.8
1,375.9
1,839.5
171.9
18.0
2,591.2
3,703.3
3,533.3
1,574.4
291.6
470.0
315.4

5,223.0
3,171.8
342.5
107.7
1,323.0
278.0
6,213.8
32,307.3
768.9
7,696.9
6,828.0
736.2
33.6
99.1
1,744.5
618.9
800.8
2,842.5
682.2
688.8
83.7
1,452.9
1,874.0
170.6
18.7
2,579.0
3,784.7
3,705.4
1,608.2
302.7
537.3
346.3

5,291.9
3,185.8
364.1
110.7
1,353.4
277.9
6,486.7
32,968.4
778.9
8,019.1
7,122.7
761.6
35.6
99.3
1,518.6
622.7
813.5
2,806.1
692.6
709.6
84.3
1,561.0
1,932.0
172.0
20.7
2,589.8
3,858.8
3,893.8
1,626.8
324.5
583.4
360.2

5,364.6
3,249.7
358.1
113.3
1,360.4
283.2
6,731.7
33,571.4
780.9
8,023.5
7,088.6
805.9
31.4
97.6
1,577.5
630.0
821.7
2,825.0
707.8
712.7
88.1
1,634.4
2,005.4
171.9
22.4
2,556.0
3,981.5
4,036.8
1,617.6
315.4
676.6
386.1

5,388.0
3,244.6
356.4
116.4
1,386.3
284.3
6,946.5
34,239.1
790.5
8,217.8
7,234.4
855.3
30.1
98.1
1,595.2
642.5
838.5
2,841.5
723.8
715.2
88.9
1,699.7
2,085.0
177.7
26.3
2,589.0
4,103.9
4,166.0
1,613.5
308.7
592.0
423.3

42,860.5

43,744.1

44,747.0

45,667.8

46,573.6

46.6
2.2
28.2
1,194.7
49.8
1,501.3
5,072.6
2,122.5
2,390.0
2,675.9
7,328.7
1,291.0
1,172.7
12,188.7
3,146.8
335.0
15,094.6

46.1

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Total credit market debt
Other liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Miscellaneous

40,926.0
55.8
2.2
25.5
831.1
206.0
1,351.9
3,695.9
1,171.0
2,223.9
1,340.3
3,638.4
738.8
920.9
8,198.0
2,445.7
241.4
11,826.6

62.3
2.2
26.0
867.1
193.0
1,436.9
4,003.3
1,226.8
2,016.4
1,559.1
4,654.2
858.8
1,013.2
9,717.2
2,468.1
240.4
12,241.1

62.2
2.2
26.7
957.0
212.2
1,521.7
4,284.9
1,505.1
1,879.8
1,647.2
5,436.3
1,038.2
1,060.4
10,627.2
2,648.1
268.9
13,711.2

45.9

45.9

27.5
1,024.7
201.3
1,525.2
4,599.3
1,789.5
2,006.9
1,998.0
6,048.9
1,038.4
1,082.6
11,176.7
2,946.1
295.8
14,456.3

27.5
1,024.7
201.3
1,525.2
4,599.3
.,789.5
2,006.9
1,998.0
6,048.9
1,038.4
.,082.6
11,176.7
2,946.1
295.8
14,456.3

46.0
2.2
27.6
1,078.8
181.0
1,507.8
4,692.9
1,887.7
2,014.1
2,122.3
6,463.8
1,105.5
1,102.3
11,440.9
2,964.4
311.5
14,319.1

48.3
2.2
27.8
1,149.3
139.6
1,536.8
4,734.0
1,965.6
2,067.4
2,213.3
6,419.3
1,148.6
1,110.1
11,298.4
3,041.6
311.6
14,241.2

46.5
2.2
28.1
1,139.6
147.2
1,491.1
4,792.1
2,055.9
2,166.5
2,368.2
6,627.9
1,191.5
1,133.5
11,547.7
3,056.1
322.4
14,300.4

46.0
2.2
28.1
1,123.5
189.8
1,509.6
4,943.2
2,050.8
2,312.5
2,494.0
7,068.3
1,249.9
1,163.7
12,077.6
3,108.7
316.5
15,074.9

52 Total liabilities

70,598.5

77,033.9

84,508.7

91,191.2

91,191.2

93,179.3

94,315.8

96,160.9

99,506.2 101,309.0 103,777.4

Financial assets not included in liabilities (+)
53 Gold and special drawing rights
54 Corporate equities
55 Household equity in noncorporate business . . .

23.2
11,900.5
4,989.9

23.7
15,618.5
5,429.8

24.6
17,389.3
6,030.2

19.3
18,509.0
6,835.4

19.3
18,509.0
6,835.4

19.4
19,447.0
7,034.1

19.7
18,994.7
7,217.6

19.7
19,685.1
7,373.6

19.9
20,905.9
7,495.6

20.0
21,130.4
7,682.6

20.1
22,218.7
7,877.9

-9.1
652.5
15.5
426.6
126.3
-3,287.6

-9.5
705.3
12.7
394.1
69.2
-3,041.9

-9.7
767.2
27.3
252.8
97.0
-2,948.5

-9.1
807.9
25.2
389.4
95.4
-4,229.8

-9.1
807.9
25.2
389.4
95.4
-4,229.8

-10.3
858.8
27.1
253.5
93.0
-4,326.0

-10.2
932.8
27.8
374.9
74.1
4,648.8

-10.0
942.4
41.4
444.8
58.1
4,894.2

-10.1
907.1
23.2
525.3
52.5
-4,966.1

-10.2
997.0
32.6
484.3
58.4
-5,239.8

-10.0
1,107.7
20.1
502.6
55.2
-5,485.6

-11.7
20.9
10.9

-17.9
20.8
49.0

11.2
20.6
56.5

20.6
-15.5

20.6
-15.5

1.5
16.4
-97.0

1.5
19.7
-133.7

2.7
12.4
-153.9

20.6
-63.0

1.3
16.4
-119.8

19.6
-155.7

35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

56
57
58
59
60
61

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

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

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

119,469.0

28.5
1,308.5
73.8
1,500.3
5,107.0
2,148.8
2,489.7
2,731.0
7,801.1
1,368.4
1,201.1
12,608.9
3,203.1
336.8
15,248.7

122,862.8 123,909.6 126,795.8 131,438.2 133,922.0 137,841.1

2. Excludes corporate equities and mutual fund shares.

40

Federal Reserve Bulletin Statistical Supplement • November 2007

2.12

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION'
Seasonally adjusted
2006

2006

2007

2006

2007

2007

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

111.9

112.2

113.2

114.4

137.3

138.0

138.6

139.2

81.5

81.3

81.7

82.2

2 Manufacturing
3
Manufacturing (NAICS)

113.7
114.6

113.9
114.9

115.1
116.1

116.3
117.4

141.9
143.5

142.7
144.3

143.5
145.1

144.2
145.9

80.1
79.9

79.8
79.6

80.3
80.0

80.7
80.5

4
5

121.7
105.3

121.6
107.8

123.8
111.3

125.8
112.4

155.1
128.0

156.6
127.7

157.9
127.9

159.1
128.4

78.5
82.2

77.7
84.4

78.4
87.0

79.0
87.5

110.0
119.5
180.3

109.9
116.6
181.7

111.3
117.4
185.4

112.7
119.3
192.6

137.2
147.6
233.2

137.7
148.6
241.2

138.1
149.4
249.5

138.6
150.1
258.0

80.2
80.9
77.3

79.9
78.4
75.3

80.6
78.6
74.3

81.3
79.4
74.7

105.9
100.1

107.3
98.2

109.1
101.3

109.6
101.6

125.6
134.0

126.2
133.4

126.5
132.1

126.8
130.6

84.3
74.7

85.0
73.6

86.2
76.7

86.5
77.8

127.5
106.8
111.4
89.0

130.6
107.5
112.5
87.1

131.9
107.8
113.6
87.7

135.3
108.3
114.1
83.5

161.8
130.9
135.6
117.5

162.8
131.1
136.2
116.7

163.6
131.4
136.8
115.9

164.4
131.7
137.5
115.1

78.8
81.6
82.2
75.8

80.3
82.0
82.6
74.6

80.6
82.0
83.0
75.6

82.3
82.3
83.0
72.5

98.6
109.3
109.8
104.6
99.2

97.1
111.6
110.1
106.3
98.7

96.7
109.6
110.6
108.5
99.3

96.6
109.9
112.1
109.7
98.8

115.3
121.3
141.2
123.4
117.3

115.1
120.9
141.5
124.4
117.6

114.9
120.8
141.8
125.2
117.8

114.7
120.9
142.1
126.0
118.0

85.5
90.1
77.7
84.8
84.6

84.3
92.3
77.8
85.4
84.0

84.1
90.7
78.0
86.7
84.3

84.2
90.9
78.9
87.0
83.8

20 Mining
21 Electric and gas utilities

101.4
106.4

100.1
108.6

100.2
108.3

101.5
109.9

111.0
125.1

111.3
125.8

111.4
126.2

111.4
126.6

91.3
85.0

90.0
86.4

89.9
85.8

91.1
86.8

MEMOS
22 Computers, communications equipment, and
semiconductors

216.4

221.2

229.8

244.7

271.4

283.8

296.7

310.3

79.7

77.9

77.4

78.9

23 Total excluding computers, communications
equipment, and semiconductors

107.8

107.9

108.7

109.5

131.8

132.1

132.4

132.6

81.8

81.7

82.1

82.6

24 Manufacturing excluding computers,
communications equipment, and
semiconductors

108.6

108.7

109.7

110.4

135.2

135.6

135.9

136.2

80.3

80.2

80.7

81.0

6
8
9
10
11
12
13
14
15
16
17
18
19

Durable manufacturing
Primary metal
Fabricated metal products
Computer and electronic products
Electrical equipment, appliances,
and components
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment
Nondurable manufacturing
Food, beverage, and tobacco products . . . .
Textile and product mills
Paper
Petroleum and coal products
Chemical
Plastics and rubber products
Other manufacturing (non-NAICS)

Selected Measures
2.12

41

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED
Seasonally adjusted
1973

1975

High

Low

High

Latest cycle3

Previous cycle2

2007

2006

Series
Low

High

Low

Oct.

May

June

July'

Aug.'

Sept.'

Oct.p

Capacity ut lization rate (percent)4
1 Total Industry

88.9

74.0

86.5

70.8

85.0

78.5

81.7

81.5

81.8

82.2

82.2

82.2

81.7

2 Manufacturing
3
Manufacturing (NAICS)

88.3
88.4

71.6
71.4

86.2
86.2

68.5
67.8

85.4
85.3

77.1
76.9

80.1
79.8

80.1
79.9

80.5
80.3

81.0
80.8

80.5
80.3

80.5
80.3

80.1
79.9

89.4
101.9

69.6
69.6

86.7
90.5

62.9
47.0

84.5
93.8

73.3
74.6

78.4
85.2

78.1
87.6

78.8
86.3

79.5
88.9

78.9
88.0

78.7
85.7

78.3
86.6

91.6
94.6

69.7
74.5

82.8
92.7

61.8
58.0

81.6
85.2

72.6
73.9

80.6
80.2

80.2
78.7

81.1
78.5

81.3
80.0

81.3
78.5

81.5
79.8

81.0
79.0

86.9

66.0

89.9

76.9

81.4

75.9

77.7

73.9

74.4

75.1

74.6

74.3

73.9

99.3
95.6

67.9
54.6

91.9
95.2

64.6
44.9

89.1
89.7

77.0
56.0

84.1
72.6

85.9
75.9

86.3
78.2

86.8
79.0

86.1
78.3

86.5
76.2

85.5
75.8

75.9
87.6

67.9
72.3

87.0
85.8

69.0
75.6

87.1
86.8

81.1
81.6

78.2
81.6

80.1
82.0

81.4
82.1

81.9
82.4

82.1
82.0

82.8
82.3

83.4
81.9

86.3
89.5

77.5
61.8

84.4
89.6

80.6
72.6

85.9
91.2

81.0
77.7

81.7
76.3

82.8
75.7

83.1
76.0

83.4
74.0

82.6
71.7

83.0
71.9

82.6
72.0

96.7
92.2
85.3
96.1
86.0

74.0
80.8
69.1
61.8
75.5

95.4
91.9
83.6
90.1
88.0

81.3
70.7
67.7
71.8
86.3

92.5
89.0
85.1
89.8
91.0

86.1
83.1
80.1
76.4
80.6

85.2
90.9
78.0
84.8
85.0

84.1
91.5
78.0
86.7
84.0

83.6
91.1
78.0
86.9
84.4

84.4
91.2
78.7
87.4
84.1

84.1
91.3
78.6
86.7
83.2

84.1
90.1
79.2
87.0
84.0

84.6
91.2
78.4
86.3
82.7

20 Mining
21 Electric and gas utilities

93.6
96.3

87.6
82.7

94.0
88.2

78.7
77.6

86.1
92.7

83.5
84.0

91.0
88.0

89.7
85.6

90.1
85.0

90.9
84.0

90.9
88.3

91.5
88.1

90.9
86.7

MEMOS
22 Computers, communications
equipment, and semiconductors .

84.3

62.3

89.6

74.6

80.8

74.2

80.1

77.0

77.8

79.3

78.8

78.4

77.7

23 Total excluding computers,
communications equipment,
and semiconductors

89.1

74.4

86.7

70.6

85.4

78.7

82.0

81.9

82.2

82.6

82.6

82.6

82.1

24 Manufacturing excluding computers,
communications
equipment, and semiconductors .

88.4

71.9

86.4

68.1

85.9

77.2

80.3

80.6

80.9

81.4

80.9

80.9

80.5

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 this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data
are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest
historical revision of the industrial production index and the capacity utilization rates was
released in December 2006. The recent 2006 annual revision is described in a 2007 article in
the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/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 2007
INDUSTRIAL PRODUCTION

Indexes and Gross Value'

Monthly data seasonally adjusted

Group

2002
proportion

2006
July'

Apr.

Aug.r

Sept.

Index (2002=100)
MAJOR MARKETS

112.0

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

111.5

112.2

111.7

112.5

112.4

113.1

113.0

113.5

114.2

114.4

114.6

58.9
31.1
8.9
4.7
0.4
1.5
2.4
22.2
18.3
9.8
0.9
5.0
2.1
3.9

111.2
106.9
105.6
99.4
169.9
104.4
108.1
107.2
107.7
109.5
79.5
110.6
101.6
106.1

12.0
07.3
02.8
94.5
71.1
02.0
08.3
08.7
08.7
10.2
80.0
11.6
04.7
09.0

111.9
107.6
104.4
98.2
173.1
101.9
107.5
108.5
108.8
111.2
79.1
110.4
103.9
107.8

112.6
107.8
106.2
100.6
180.7
102.2
108.4
108.2
109.8
111.8
78.9
112.9
103.3
103.7

111.9
107.4
103.1
95.2
184.6
100.5
107.4
108.7
109.7
112.1
80.4
111.8
103.3
106.1

113.1
109.4
104.6
98.7
196.0
99.5
106.3
110.9
109.5
111.9
79.6
110.9
104.7
115.8

112.8
108.6
105.2
99.7
191.1
99.8
107.1
109.6
109.9
112.7
78.7
110.5
105.5
108.9

113.4
109.2
107.1
102.3
200.8
100.4
107.6
109.8
110.3
113.1
79.4
110.9
105.6
108.7

113.1
108.8
106.7
101.1
199.4
101.3
108.1
109.4
109.8
112.8
79.7
109.9
105.1
108.3

113.7
109.2
108.7
104.1
200.3
101.1
109.4
109.3
110.0
113.3
78.8
109.5
105.8
107.4

114.3
109.7
109.3
105.3
200.4
100.3
110.0
109.8
110.7
113.7
79.2
111.1
106.0
107.0

114.2
109.6
107.9
102.8
199.1
100.3
109.8
110.1
109.9
112.8
77.4
110.9
105.1
111.1

114.3
109.4
106.2
100.0
197.8
99.1
109.4
110.4
110.3
113.4
76.8
110.6
106.3
110.9

113.6
108.7
105.4
99.4
196.0
98.5
108.3
109.6
109.8
112.9
76.3
110.1
105.0
109.7

16
17
18
19
20

Business equipment
Transit
Information processing
Industrial and other
Defense and space equipment

10.1
1.8
3.0
5.3
1.8

125.9
138.9
137.4
115.4
112.0

28.4
41.1
41.9
16.9
13.3

129.5
146.0
142.5
117.0
112.0

132.1
146.8
144.0
120.7
112.5

128.8
144.2
144.4
115.6
113.9

129.2
144.1
146.2
115.4
113.0

130.6
144.3
147.5
117.3
109.8

130.9
143.7
148.6
117.5
111.1

131.1
142.1
149.8
117.8
111.0

132.2
145.5
151.0
118.1
112.9

133.9
146.6
151.8
120.4
113.0

133.3
146.9
152.6
118.9
112.5

134.4
147.3
153.4
120.5
112.6

134.3
149.9
152.9
119.6
113.0

21
22

Construction supplies
Business supplies

4.3
11.2

110.4
110.3

08.4
11.9

107.4
110.5

109.7
110.3

108.4
110.6

106.8
111.5

107.9
111.2

108.3
111.9

109.1
111.5

110.2
111.7

109.9
111.8

109.6
112.4

108.9
113.0

108.5
112.1

23 Materials
24
Non-energy
25
Durable
26
Consumer parts
27
Equipment parts
28
Other
29
Nondurable
30
Textile
31
Paper
32
Chemical
33 Energy

41.1
30.7
19.1
4.1
6.7
8.4
11.6
0.8
2.7
4.5
10.4

111.0
115.7
123.4
100.7
159.9
109.6
104.0
86.3
100.5
109.4
99.8

12.0
16.4
24.9
97.5
69.6
08.6
03.7
83.8
00.9
08.5
01.3

111.0
115.4
123.7
97.6
170.0
106.1
102.9
82.6
100.7
107.3
100.6

111.7
116.6
124.7
98.5
170.8
107.3
104.2
83.3
103.2
108.7
100.2

111.3
115.9
124.4
96.8
169.8
107.8
103.2
81.1
100.1
108.9
100.5

111.8
116.0
123.9
97.1
168.6
107.5
103.9
81.3
101.0
110.1
101.9

112.0
116.8
124.9
98.3
169.5
108.3
104.5
80.9
100.7
111.4
100.5

112.7
117.5
126.0
98.6
170.5
109.7
104.7
80.8
100.3
111.1
101.1

112.7
117.7
126.5
99.1
170.5
110.4
104.4
81.3
99.6
111 .2
100.9

113.2
118.2
127.4
99.8
173.4
110.4
104.6
80.7
98.4
111.6
101.2

114.2
119.6
129.4
99.8
178.4
111.8
105.0
78.1
99.4
111.8
101.4

114.7
119.3
129.3
99.9
178.2
111.6
104.5
75.0
99.5
111.6
103.6

115.0
119.7
129.5
98.0
179.6
112.0
105.0
76.0
98.6
112.5
103.9

114.5
119.3
129.3
97.5
180.2
111.7
104.4
76.0
98.9
111.1
103.1

94.8
92.5

107.5
111.7

07.9
13.0

107.4
112.2

108.0
112.9

107.4
112.7

108.3
113.4

108.1
113.3

108.6
113.9

108.5
113.8

108.9
114.2

109.4
114.9

109.5
115.2

109.7
115.6

109.0
115.0

SPECIAL AGGREGATES

34 Total excluding computers, communication
equipment, and semiconductors
35 Total excluding motor vehicles and parts . .

Gross value (billions of 2000 dollars, annual rates)
36 Final products and nonindustrial
supplies
37 Final products
38
Consumer goods
39
Equipment total .
Nonindustrial supplies .

3,043.0
43.4
31.1
12.3
15.5

3,053.5

3,052.7

3,087.2

3,085.3

3,116.7 3,114.4

2,302.3 2,309.1 2,320.0 2,335.4 2,314.7 2,346.1 2,336.1 2,340.9 2,337.0 2,354.4 2,370.1 2,364.5 2,359.3 2,349.5
1,606.0 1,604.4 1,612.1 1,615.5 1,611.7 1,641.9 1,629.7 1,636.2 1,632.1 1,642.5 1,650.9 1,649.6 1,640.0 1,632.8
730.2
727.7
732.2
713.5
714.2
725.0
706.0
715.6
718.9
713.5
716.4
714.6
722.0
729.7
741.1

746.5

734.7

737.5

738.7

742.2

741.4

745.3

745.6

748.2

748.0

751.0

751.7

Selected Measures
2.13

INDUSTRIAL PRODUCTION

43

Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

NAICS
code2

2002
proportion

2006

2007

2006
avg.
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
79.0

113.0
113.9

113.4
114.3

113.2
114.1

114.4
115.4

113.7
114.7

113.6
114.6

114.4
115.4

114.8
115.8

114.9
115.9

115.7
116.7

116.6
117.7

116.1
117.2

116.3
117.3

115.8
117.0

321

43.4
1.5

120.4
107.5

121.2
100.4

121.3
98.0

122.7
100.3

121.2
98.5

121.3
97.7

122.3
98.3

123.2
98.2

123.4
100.3

124.7
101.9

126.2
100.8

125.6
99.1

125.5
96.5

125.2
94.0

327
331
332
333

2.3
2.3
5.8
5.3

112.5
112.1
108.9
117.1

109.1
109.2
110.5
118.1

109.1
103.8
109.7
117.6

111.0
102.7
109.8
122.6

109.8
107.1
109.3
116.4

106.5
107.6
109.8
115.3

108.3
108.8
110.6
118.0

108.5
111.3
111.1
117.2

109.2
112.1
110.8
117.6

110.6
110.6
112.1
117.5

111.7
114.0
112.5
119.9

111.9
112.9
112.6
117.9

111.5
110.2
113.1
120.1

110.7
111.5
112.5
119.0

334

8.0

169.1

179.3

180.0

181.7

181.3

181.5

182.3

184.2

184.4

187.7

191.6

192.4

193.8

194.9

335
3361-3

2.2
7.5

105.8
101.9

105.5
97.3

105.1
100.7

107.1
102.4

106.5
96.4

107.4
98.7

107.9
99.4

109.3
100.8

108.7
100.3

109.3
102.8

109.9
103.6

109.1
102.2

109.8
99.1

108.5
98.2

3364-9

3.6

122.4

126.3

127.7

128.3

130.7

131.0

130.2

131.1

131.1

133.5

134.4

135.0

136.4

137.7

337
339

1.8
3.3

104.7
116.9

104.2
118.8

103.4
120.0

102.7
121.0

101.8
120.2

100.7
119.4

101.0
121.6

100.4
122.5

101.2
123.1

102.2
123.4

103.2
123.6

103.6
123.0

101.7
124.9

101.5
124.1

35.6

106.7

106.7

106.2

107.4

107.5

107.2

107.8

107.7

107.8

107.9

108.5

108.0

108.4

108.0

311,2
313,4
315,6
322
323

11.4
1.4
1.0
3.1
2.4

109.8
92.7
80.7
98.5
103.3

110.6
89.8
80.9
98.3
104.1

111.5
88.6
80.0
97.9
104.3

112.2
88.6
79.7
99.5
106.3

112.3
87.4
81.1
96.4
105.6

112.2
87.3
80.3
97.5
106.0

113.0
86.5
79.5
97.2
105.6

113.7
87.3
80.0
97.3
104.7

113.3
87.8
80.3
96.7
103.1

113.9
87.9
79.4
96.1
102.1

114.5
85.3
79.5
96.8
101.7

113.6
82.6
77.9
96.5
102.6

114.2
82.5
77.5
96.4
102.6

113.8
82.4
77.2
96.9
101.6

324
325

1.8
10.8

110.3
110.3

110.4
110.1

108.5
108.8

108.9
110.5

113.0
109.9

110.0
110.1

111.7
110.4

107.9
110.5

110.6
110.6

110.1
110.8

110.3
111.8

110.4
111.8

109.0
112.7

110.4
111.6

326

3.8

105.7

104.4

103.9

105.6

106.3

105.5

107.1

108.0

108.5

109.0

109.9

109.3

109.8

109.1

1133,5111

4.9

98.0

99.6

99.4

98.7

98.4

98.6

99.1

99.5

99.0

99.4

99.1

98.2

99.2

97.7

21
2211,2
2211
2212

6.4
9.7
8.3
1.5

100.2
105.2
108.0
91.7

100.9
109.8
110.6
106.0

100.7
106.8
108.8
97.6

102.5
102.5
105.8
87.0

100.2
105.1
108.1
91.0

100.0
114.1
114.1
114.2

100.2
106.6
109.2
94.7

100.2
109.7
110.7
104.8

99.9
108.0
110.4
96.8

100.4
107.3
109.9
95.4

101.3
106.2
108.4
96.1

101.3
111.8
114.4
99.5

101.9
111.7
114.4
99.0

101.3
109.9
113.8
91.4

78.7

108.6

108.4

108.2

109.3

108.5

108.4

109.2

109.5

109.5

110.0

110.8

110.2

110.3

109.8

76.4

113.9

114.8

114.3

115.4

115.1

114.9

115.7

116.0

116.2

116.7

117.7

117.2

117.7

117.3

NOTE: The statistics in this release cover output, capacity, and capacity utilization in the
industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,
and electric and gas utilities. Mining is defined as all industries in sector 21 of the North
American Industry Classification System, or NAICS; electric and gas utilities are those in
NAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)
plus the logging industry and the newspaper, periodical, book, and directory publishing
industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and
information respectively), but historically they were considered to be manufacturing and were
included in the industrial sector under the Standard Industrial Classification (SIC) system. In
December 2002, the Federal Reserve reclassified all its industrial output data from the SIC
system to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The data
are also available on the Board's website, www.federalreserve.gov/releases/gl7. The latest
historical revision of the industrial production index and the capacity utilization rates was
released in December 2006. The recent 2006 annual revision is described in a 2007 article in
the Federal Reserve Bulletin, (vol. 93), www.federalreserve.gov/pubs/bulletin.
2. North American Industry Classification System.

44

Federal Reserve Bulletin Statistical Supplement • November 2007

3.10

U.S. INTERNATIONAL TRANSACTIONS

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1

Item credits or debits
Q2
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

-640,148
-612,092
1,157,250
-1,769,341
56,357
62,499
139,408
-76,909
-6,141
-84,414

-754,848
-714,371
1,283,070
-1,997,441
48,058
54,459
152,512
-98,053
-6,400
-88,535

-811,477
-758,522
1,445,703
-2,204,225
36,640
43,172
174,214
-131,042
-6,532
-89,595

Q3

Q4

Q1

Q2

-205,595
-192,577
356,575
-549,153
10,668
12,289
44,647
-32,358
-1,621
-23,686

-217,334
-199,307
365,868
-565,175
5,850
7,491
40,487
-32,996
-1,642
-23,877

-187,938
-176,926
377,623
-554,549
9,661
11,328
47,074
-35,746
-1,668
-20,673

-197,097
-177,581
382,156
-559,737
7,478
9,062
47,760
-38,698
-1,584
-26,994

-190,790
-177,688
395,689
-573,377
9,355
11,038
49,638
-38,600
-1,683
-22,457

11 Change in U.S. government assets other than official
reserve assets, net (increase, - )

1,710

445

-493

12 Change in U.S. official reserve assets (increase, - )
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
16 Foreign currencies

2,805
0
-398
3,826
-623

4,511
10,200
-615

-223
3,331
-734

-51
-351
-158

-54
1,275
-215

-51
1,678
-212

-72
0
-43
212
-241

26
0
-39
294
-229

-909,539
-359,767
-124,137
-146,549
-279,086

-446,510
-217,471
-39,603
-197,098
7,662

-1,062,896
-454,585
-83,531
-289,422
-235,358

-213,423
-54,791
-45,885
-59,003
-53,744

-212,474
-78,798
-29,162
-55,496
-49,018

-291,405
-123,899
15,818
-117,230
-66,094

-449,827
-233,384
-47,830
-87,206
-81,407

-469,003
-203,872
-105,557
-88,051
-71,523

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

397,755
273,279
41,662
-134
69,245
13,703

259,268
112,841
100,493
-421
26,260
20,095

440,264
189,181
191,553
3,133
22,040
34,357

120,861
24,262
41,364
824
42,533
11,878

108,799
52,746
55,226
1,154
-7,221
6,894

85,347
47,049
47,749
1,129
-15,666
5,086

152,193
37,705
73,067
654
29,797
10,970

70,098
-13,125
56,400
-198
15,736
11,285

28 Change in foreign private assets in United States (increase, +)
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
U.S. currency flows
33 Foreign purchases of other U.S. securities, net
34 Foreign direct investments in United States, net

1,064,011
334,747
93,522
93,608
14,829
381,493
145,812

944,963
202,508
31,804
132,300
18,969
450,386
108,996

1,419,333
434,393
235,769
-35,931
12,571
591,951
180,580

234,581
2,048
55,907
-19,307
1,127
145,750
49,056

341,188
100,640
69,637
-13,440
1,129
140,243
42,979

430,682
172,283
49,612
22,090
8,382
132,745
45,570

464,409
203,603
93,624
44,638
-1,631
112,269
11,906

550,307
137,754
108,115
-7,625
3,347
235,096
73,620

-2,369
85,775

-4,054
-18,454

-3,913
-17,794

-1,008
49,378
-252
49,630

-545
-37,121
-15,973
-21,148

-637
-36,643
6,267
-42,910

-559
15,708
11,335
4,373

-589
40,444
-1,080
41,524

17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims2
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net

35 Capital account transactions, net5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment
MEMO

Changes in official assets
39 U.S. official reserve assets (increase, - )
40 Foreign official assets in United States, excluding line 25
(increase, +)

2,805

14,096

2,374

-560

1,006

1,415

-72

26

397,889

259,689

437,131

120,037

107,645

84,218

151,539

70,296

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
2007
Asset

2004

2005

2006
Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.'

1 Total

86,824

65,127

65,895

66,551

66,720

66,008

66,127

67,029

67,508

69,070

69,626

2 Gold stock1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,045
13,582

11,043
8,210

11,041
8,870

11,041
8,948

11,041
9,030

11,041
9,002

11,041
9,018

11,041
9,111

11,041
9,157

11,041
9,301

11,041
9,392

19,479
42,718

8,036
37,838

5,040
40,943

4,846
41,716

4,553
42,095

4,481
41,483

4,573
41,495

4,369
42,508

4,388
42,922

4,463
44,266

4,394
44,800

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
2007
Asset

2004

2005

2006
Mar.

1 Deposits

Apr.

June

July

Aug.

Sept.

Oct.'

80

83

98

91

95

93

197

94

94

112

601

1.041.215
8,967

Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3

1.069.014
8,967

1.133.969
8,967

1,181,783
8,913

1,195,672
8,872

1,198,639
8,832

1,211,812
8,825

1,226,784
8,791

1,173,166
8,764

1,179,525
8,737

1,195,592
8,724

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

May

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
2007

2006
Item

2005

2006
Aug.

Sept.p

2,587,437' 2,256,633' 2,490,430' 2,587,437' 2,728,384' 2,768,593

2,749,373

2,764,455

June

June"
1 Total1

2,191,423

By type
2 Liabilities reported by banks in the United States2

8

Dec.

June

July

296,647
201,863

284,827'
176,829

308,842'
184,847

308,842'
184,847

284,827'
176,829

331,892'
160,745

352,415
176,036

353,636
179,837

341,954
178,065

1 102 333
948
589,632

1 273 366
1,026
851,389

1 112 617
986
649,341

1,211,819
986
783,937

1,273,366
1,026
851,389

1,283,262
1,067
951,418

1,276,337
1,075
962,731

1,246,652
1,082
968,167

1,261,272
1,089
982,076

368,516
7,211
128,006
1,640,968
17,214
29,502

437,366
7,078
175,836'
1,915,384'
12,443
39,329'

366,044
6,952
148,878'
1,679,435'
18,664
36,654

414,986
7,859
159,444'
1,851,832'
15,955
40,354

437,366
7,078
175,836'
1,915,384'
12,443
39,329'

435,587
8,019
225,868'
1,991,691'
18,828'
48,390

444,293
8,360
239,671
2,008,796
19,712
47,760

453,548
7,521
238,376
1,991,754
19,319
38,855

469,565
6,857
241,480
1,995,670
18,427
32,456

U.S. Treasury bonds and notes
5
Nonmarketable4
6 U.S. securities other than U.S. Treasury securities5
By area
7 Europe1
9
10
11
12

Latin America and Caribbean
Asia
Africa
Other countries

1. For data before June 2006, includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.
5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.

3.16

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Payable in Foreign Currencies

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 2006 and are comparable to those shown for the following
dates.
SOURCE: Based on U.S. Department of the Treasury data and on data reported to the
Treasury by banks (including Federal Reserve Banks) and securities dealers in the United
States, and in periodic benchmark surveys of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Millions of dollars, end of period
2006
Item

2003

2004

2007

2005
Sept.

Dec.

Mar.

June

63,119
36,674
26,445

98,349
52,410
45,939

91,693
59,241
32,452

109,530
74,011
35,519

132,515
88,778
43,737

137,180
89,922
47,258

164,780
98,873
65,907

Deposits

81,669
38,102
43,567

129,544
51,029
78,515

100,144
43,942
56,202

106,937
48,687
58,250

123,358
51,951
71,407

121,891
55,535
66,356

138,755
61,405
77,350

Deposits

21,365
5,064
16,301

32,056
8,519
23,537

56,100
20,931
35,169

84,246
34,031
50,215

63,364
34,901
28,463

77,258
51,484
25,774

81,285
55,342
25,943

2
3

Deposits
Other liabilities

5

8

Data on claims exclude foreign currencies held by U.S. monetary authorities.

2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

46

Federal Reserve Bulletin Statistical Supplement • November 2007

3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Apr.

June

July

Aug.

Sept.

BY HOLDER AND TYPE OF LIABILITY

1 Total, all foreigners
2 Banks' own liabilities
By type of liability
3
Deposits2
4
Other
5
Of which: repurchase agreements3
6
Banks' custody liabilities4
By type of liability
7
U.S. Treasury bills and certificates5
8
Other negotiable and readily transferable
instruments'"
9
Of which: negotiable time
certificates of deposit held in custody
for foreigners
10
Of which: short-term agency securities7 . . .
11
Other
12 International and regional organizations5 . . . .
13
Banks' own liabilities
14
Deposits2
15
Other
16
Banks' custody liabilities4
17
U.S. Treasury bills and certificates5
18
Other negotiable and readily transferable
instruments6

2,911,516

4,374,440""

2,981

1,043,801
1,256,149
713,327

1,315,292
1,609,148
1,028,974
927,120

3,278,835

3,238,436

1,417,698
1,861,137
1,209,155

1,469,368
1,769,068
1,128,992
1,041,630

1,348,531 1,431,183 1,441,266 1,408,534
1,776,285' 1,871,031' 1,916,748' 1,844,976'
1,189,342 1,247,462 1,264,884 1,216,061

2,299,950

955,072
1,127,909
665,127
828,535

4,111,080' 4,263,526" 4,321,810"

4,316,648r 4,280,066

3,370,502'

3,851,560

986,264

961,312

250,886

277,641

249,132

244,715

226,816'

245,389

266,433

256,125

371,732

318,783

386,447

396,916

401,325

412,694'

440,091

451,853

465,547

780,957
259,843
319,598

963,796

1,940,570
1,319,817
948,005' 1,003,938'

48,260
152,789
194,583

53,594
136,783
201,516

66,155
113,865
304,502

70,605
112,819
322,176

72,258
106,150
315,264

74,674
109,999
317,756

88,512'
114,527
308,495'

93,276'
120,756
318,458'

96,646
149,999
319,527'

93,212
161,938
319,958

15,654
10,363
6,098
4,265
5,291
1,879

20,793
15,612
8,361
7,251
5,181
1,085

29,425
25 770
19,021
6,749
3,655
800

36,096
28,271
22,527
5,744
7,825
4,535

31,476
27,370
21,635
5,735
4,106
710

29,898
26,368
19,895
6,473
3,530
355

30,209
26,453
20,532
5,921
3,756
383

30,257'
26,585'
20,632
5,953'
3,672
287

31,304'
27 765'
21,208
6,557'
3,539
353

29,325
25,776
20,535
5,241
3,549
418

3,412

4,096

2,855

3,290

3,396

3,385

3,186

3,131

515,586
145,516
26,613
118,903

498,510
170,984
45,426
125,558

461,656
178,954
51,380
127,574

507,585'
206,800'
50,868
155,932'

497,644'
218,255'
56,477
161,778'

486,314'
211,982'
59,112
152,870'

492,637'
225,442'
58,169
167,273'

528,451
245,011
58,666
186,345

533,473
218,851
55,686
163,165

520,019
198,249
53,379
144,870

370,070
245,199

327,526
201,863

282,702
176,829

300,785
194,914

279,389
177,958

274,332
172,500

267,195
160,745

283,440
176,036

314,622
179,837

321,770
178,065

26 Banks10
27
Banks' own liabilities
28
Deposits2
29
Other
30
Banks' custody liabilities4
31
U.S. Treasury bills and certificates5
32
Other negotiable and readily
transferable instruments'' . . .
33
Other

,574,793
,354,437
773,703
580,734
220,356
26,978

1,792,040
1,566,967
841,248
725,719
225,073
23,771

1,254,545
1,913,730
1,021,764
891,966
340,815
31,153

! ,355,897'
!,011,423'
1,042,519
968,904'
344,474
31,658

2,450,690'
2,120,811'
1,111,811
1,009,000'
329,879
24,813

52,400
140,978

48,776
152,526

66,378
243,284

55,643
257,173

58,785
246,281

34 Other foreigners''
35
Banks' own liabilities
36
Deposits2
37
Other

805,483
572,665
148,658
424,007

769,564
546,387
148,766
397,621

1,105,934
805,986
223,127
582,859

38
39
40

232,818
44,727

223,177
33,124

299,948
42,104

333,180
46,534

347,938
45,651

349,589
44,015

351,928'
39,800'

376,798
40,645

377,360'
55,997

376,300
50,717

136,192
51,899

142,188
47,865

196,728
61,116

221,663
64,983

233,361
68,926

235,570
70,004

237,817'
74,311

260,326
75,827

243,881'
77,482

248,546
77,037

43 Total, all foreigners

2,911,516

3,080,907

3,851,560

4,111,080' 4,263,526" 4,321,810' 4,201,515' 4,374,440' 4,316,648' 4,280,066

44 Foreign countries . .

2,895,862

3,060,114

3,822,135

4,074,984' 4,232,050" 4,291,912' 4,171,306' 4,344,183' 4,285,344' 4,250,741

,050,895
4,355
13,512
3,147
1,088
81,852
54,822
1,178
64,050
7,198
50,305
18,170
32,742
1,545
70,186
8,410
6,118
99,224
5,188
470,304
21,262
110
36,129

1,229,338
3,604
16,022
1,537
3,612
71,486
58,960
1,200
68,660
7,075
61,065
14,502
27,921
2,716
101,335
9,535
4,771
140,140
9,895
563,253
29,559
119
32,371

1,482,788
3,841
14,528
931
3,204
69,078
69,894
1,488
84,085
7,350
73,099
25,309
42,383
2,250
62,711
8,941
3,715
54,622
10,369
888,945
33,360
295
22,389

19 Official institutions9
20
Banks' own liabilities
21
Deposits2
22
Other
23
24
25

41

Banks' custody liabilities4
U.S. Treasury bills and certificates5
Other negotiable and readily transferable
instruments'"

Banks' custodial liabilities
U.S. Treasury bills and certificates5 .
Other negotiable and readily
transferable instruments6
Other

3,175

3,373

143,705

1,515,418' 2,412,857' 2,443,293' !,455,927' 2,459,799
>, 179,073' 2,087,731' 2,103,265' !,113,635' 2,119,788
1,117,929 1,080,277 1,086,113' 1,067,288 1,127,288
992,500
1,061,144' 1,007,454' 1,017,152' 1,046,347'
340,011
336,345
325,126'
340,028'
342,292'
26,925
27,845
25,888
28,421
30,246
60,780
247,720

65,795
233,443'

68,979
242,628'

1,211,502' 1,283,716' 1,290,180' 1,265,812' 1,372,439
878,322'
935,778'
940,591'
913,884'
995,641
232,617
241,260
244,330
249,556
264,521
645,705'
694,518'
696,261'
664,328'
731,120

71,265'
240,781'

71,309
241,777

1,295,944' 1,270,923
894,623
918,584
268,166
273,516
626,457
645,068

MEMO

42 Own foreign offices12
BY AREA OR COUNTRY

45 Europe
46
Austria
47
Belgium
48 Denmark
49 Finland
50 France
51 Germany
52 Greece
53 Ireland
54 Italy
55 Luxembourg
56 Netherlands
57 Norway
58 Portugal
59 Russia
60 Spain
61 Sweden
62
63 Switzerland
64 Turkey
65 United Kingdom
66 Channel Islands and Isle of Man
13
67 Yugoslavia
Other Europe and other former U.S.S.R.1
Footnotes appear on next page.

,704,333' 1,764,006' 1,798,141' 1,750,006' 1,852,432'
3,278
6,614
3,765
3,278
4,619
15,499
17,064
15,248
15,933
17,570
798
652
722
780
633
732
2,425
811'
693
620
68,895
60,760'
60,978'
71,273
61,591
69,044
73,059
74,627
69,213
70,848
2,276
1,528
1,490
1,703
2,494
85,917
95,621
103,900
91,470
89,477
6,131
6,527
6,228
8,108
6,158
95,373
99,274
111,612
81,694
87,767
50,162
41,122
40,481
46,005
58,315
58,120
74,558
59,501
84,549
60,028
2,981
2,957
1,860
3,035
1,962
52,907'
50,616'
64,568'
49,034
57,436'
9,274
12,011
13,622
8,543
9,941
7,921
7,104
3,961
7,080
6,936
68,617
64,176
62,547'
63,039
66,217
14,560
15,571
14,467
14,459
14,250 1,130,035'
,048,947' 1,083,728'
33,872 1,061,858' 1,139,153
36,796'
33,573
35,538
34,719
325
343
293
289
327
21,424
22,531
18,393
25,481
20,029

,760,299' 1,685,840
5,806
6,064
19,990
14,502
1,151
886
1,622
814
65,073
67,385
77,714
89,983
1,350
1,665
100,113
96,209
6,586
5,329'
97,762
98,444
29,474
24,457
56,616
72,589
2,617
3,068
70,248
59,043
9,436
8,149
5,268
4,289
57,745'
45,109
13,275
15,284
,080,556 1,020,914
25,332
32,268'
530
339
25,596
25,488

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.

Aug.

Sept.1

MEMO

1,267,657

1,522,197'

68 European Union15

n.a.

69 Canada

34,248

33,552

44,613

49,023'

58,103'

59,853

55,283

61,306

61,680

61,892

135.970
10,817
15,186
7,299
6,286
2,687
1,530
50,575
4,513
1,971
4,150
24,573
6,383

133,637
9,674
11,900
8,961
6,477
3,393
1,643
42,532
5,262
3,051
4,939
27,261
8,544

156,731
10,506
16,067
16,839
11,657
3,409
1,420
45,349
7,125
4,267
6,116
22,759
11,217

158,078'
11,026'
18,560'
13,645
12,241
3,323'
2,103
43,411'
7,269
3,687
7,509
23,050'
12,254

161,874'
11,078'
16,307'
16,707'
11,794
3,351'
1,707
44,520
8,295
4,499
6,854
24,343'
12,419

165,845
10,947
19,853
16,560
11,601
3,392
1,664
47,721
7,270
4,865
6,985
22,068
12,919

162,427
10,579
20,954
14,128
11,278
3,462
1,935
45,176
7,640
5,472
6,608
21,683
13,512

169,571
10,571
23,835
15,670
10,969
3,309
1,831
48,765
6,932
5,820
6,541
22,153
13,175

175,920
10,901
25,680
14,712
10,864
3,287'
1,786
55,030
7,000'
5,374
6,581
22,090
12,615

177,398
11,159
28,542
14,760
9,823
3,002
1,617
55,894
7,200
5,681
7,018
21,353
11,349

1,212,209
186,097
92,577
n.a.
884,980
110
829
5,863
1,624
40,129

1,214,058
211,459
52,132
n.a.
907,840
120
916
6,396
2,830
32,365

1,669,856
256,173
55,129
21,493
1,297,459
82
1,023
8,456
3,346
26,695

1,673,507' 1,762,301' 1,787,649
229,798'
232,220
235,102'
59,056
50,951
56,014
21,927
22,903
23,081
1,319,373' 1,403,171' 1,436,734
83
83
84
1,168
1,040
1,043
8,168
5,793
8,192
3,372
3,875
3,772
30,562
34,050
31,842

1,721,388
211,275
50,339
24,066
1,385,005
83
958
10,585
3,755
35,322

420,635

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 America
83 Caribbean
84
Bahamas
85
Bermuda
86
British Virgin Islands
87
Cayman Islands
88
Cuba
89 Jamaica
90
Netherlands Antilles
91
Trinidad and Tobago
92
Other Caribbean

1,783,387' 1,783,781' 1,806,634
213,077
234,398
238,799
46,981
46,697
52,179
26,223
28,264
29,626
1,448,385' 1,420,007' 1,451,328
83
84
84
915
827
846
7,198
5,030
5,115
3,964
4,038
3,640
36,561
37,592
31,861

408,192

422,746

441,024'

428,419'

418,973

421,007

416,062

452,238

476,081

52,767
42,788
11,154
5,903
11,214
167,008
12,421
2,949
26,496
11,355
38,257
38,323

46,439
33,972
13,702
4,212
9,802
156,245
27,094
3,776
23,252
9,961
49,463
30,274

44,410
43,111
18,808
4,386
7,318
127,606
27,786
3,852
22,917
8,318
69,494
44,740

54,770
35,553'
25,120'
4,216
10,971
125,210'
30,465
4,069'
20,285'
10,959'
72,695
46,711'

50,168
39,000'
25,347'
4,729'
11,806
119,060'
28,002
4,268'
22,557'
7,662'
68,168
47,652'

47,024
30,474
20,606
4,005
10,636
121,720
27,741
4,003
23,554
9,897
71,265
48,048

47,851
31,720
17,183
4,235
10,022
128,895
23,998
4,538
24,162
10,867
68,713
48,823

59,385
35,804
18,375
4,648
9,187
113,777
24,298
4,024
23,646
12,601
62,185
48,132

73,477
33,877
20,067
3,375
9,516
135,193
22,641
3,734
21,369
9,951
70,229
48,809

81,501
39,986
17,968
4,190
8,527
148,055
19,145
4,568
21,843
10,166
71,838
48,294

106 Africa
107
Egypt
108
Morocco
109
South Africa
110
Oil-exporting countries17
111
Other

14,580
2,711
156
3,284
4,326
4,103

20,095
4,953
138
3,049
6,858
5,097

14,781
2,252
198
1,396
4,438
6,497

16,806'
4,230
213
2,003'
4,015
6,345

18,189'
4,162
252
2,105'
4,751
6,919

20,511
5,892
167
2,260
5,281
6,911

19,405
4,070
169
1,978
4,914
8,274

20,521
3,937
192
2,693
5,783
7,916

20,487
3,938
183
3,895
5,004
7,467

17,700
3,299
137
1,850
4,444
7,970

112 Other countries
113 Australia
114
New Zealand
115 All other

27,325
23,391
3,429
505

21,242
17,769
3,007
466

30,620
25,277
4,505
838

32,213'
28,013'
3,184
1,016

39,158'
33,832'
4,300
1,026

40,940
36,601
3,554
785

41,790
37,864
3,235
691

40,904
37,217
2,729
958

30,939
27,248
2,972
719

25,196
21,941
2,406
849

116 International and regional organizations
117
International15
118
Regional19

15,654
11,542
4,112

20 793
15,684
5,109

29,425
25,202
4,223

36,096
32,083
4,013

31,476
27,377
4,099

29,898
25,967
3,931

30,209
25,916
4,293

30,257'
25,953'
4,304

31,304'
27,290'
4,014

29 325
25,476
3,849

93 Asia
China
94
Mainland
95
Hong Kong
96
India
97
Indonesia
98
Israel
99 Japan
100
Korea (South)
101
Philippines
102
Taiwan
103 Thailand
104
Middle Eastern oil-exporting countries
105
Other

1. Reporting banks include all types of depository institutions as well as some banks/
financial holding companies and brokers and dealers. Excludes bonds and notes of maturities
longer than one year. Effective February 2003, coverage is expanded to include liabilities of
brokers and dealers to affiliated foreign offices.
2. Non-negotiable deposits and brokerage balances.
3. Data available beginning January 2001.
4. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers. Effective February 2003, also includes
loans to U.S. residents in managed foreign offices of U.S. reporting institutions.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, negotiable time certificates of
deposit, and short-term agency securities.
7. Data available beginning January 2001.
8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund. Beginning with data for June 2006, also
includes the Bank for International Settlements.
9. Foreign central banks and foreign central governments. Before June 2006, also includes
the Bank for International Settlements.
10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above.
11. As of February 2003, includes positions with affiliated non-banking offices also
included in memo line (44) above.
12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists

principally of amounts owed to the head office or parent foreign office, and to foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers
and dealers.
13. 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."
14. For data prior to June 2006, also includes the Bank for International Settlements and
the European Central Bank.
15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of
January 2007, also includes Bulgaria and Romania.
16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
17. Comprises Algeria, Gabon, Libya, and Nigeria.
18. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006,
also includes the Bank for International Settlements.
19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional
organizations.
*Note: Because of a production error, the data for Peru (line 79) in Table 3.17 were incorrect
in the August, September, and October 2007 editions of the Statistical Supplement. The data
for Peru have been corrected in the online versions of those Statistical Supplements, and the
data for Peru are correct in both the online and print editions of the November 2007 issue.

48

Federal Reserve Bulletin Statistical Supplement • November 2007

3.18

BANKS' OWN CLAIMS ON FOREIGNERS
Payable in U.S. dollars

Reported by Banks in the United States1

Millions of dollars, end of period

Area or country
Apr.'

May'

Aug.

Sept.p

1 Total, all foreigners

1,664,223

1,864,834

2,305,591

2,525,274

2,657,566

2,716,811

2,637,323

2,723,968' 2,730,140' 2,714,067

2 Foreign countries

1,658,247

1,857,584

2,296,417

2,516,344

2,650,482

2,708,996

2,628,268

2,715,415' 2,721,868' 2,705,194

806,546
4.429
7,751
735
11,840
90,941
26,196
94
14,023
16,906
5,864
22,090
25,517
1,576
1,089
8,452
17,027
114,167
2,542
404,844
26,878
3,585

918,660
4,139
11,900
864
9,247
88,873
30,027
97
16,426
18,482
8,201
20,958
14,688
832
1,264
8,372
9,452
143,892
3,270
487,492
32,566
7,618

1,188,919
4,277
13,592
1,156
9,434
112,406
18,189
250
24,304
30,991
7,144
29,578
31,032
924
1,745
9,834
8,907
105,368
3,741
732,430
36,893
6,724

1,369,803
3,959
27,020
4,262
13,578
129,903
19,949
178
26,217
24,963
8,962
34,062
24,310
826
1,786
23,387
5,370
163,226
3,376
808,090
39,186
7,193

1,452,769
4,370
23,740
548
14,227
144,179
22,332
178
28,048
24,106
7,873
45,419
23,726
871
1,792
23,520
5,335
182,543
3,232
852,878
37,702
6,151

1,510,268
3,649
26,361
3,462
14,440
147,073
23,873
143
29,218
23,335
10,739
46,906
20,693
696
1,805
20,484
4,264
191,923
3,387
889,101
41,886
6,830

1,433,004
3,713
34,567
762
13,579
140,602
24,718
135
28,227
23,856
11,573
49,535
18,619
987
1,731
16,617
4,704
172,834
3,304
830,531
43,447
8,963

1,486,108'
4,337
22,595
1,034
15,018
152,501
24,905
176
28,068
24,309
11,719
50,450
21,109
993
1,838
17,758
4,942
163,303'
3,253
886,038
42,831
8,931

3 Europe
4
Austria
5
Belgium
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Ireland
12
Italy
13 Luxembourg
14
Netherlands
15
Norway
16 Portugal
17
Russia
18
Spain
19
Sweden
20
Switzerland
21
Turkey
22
United Kingdom
23
Channel Islands and Isle of Man
24
Other Europe and other former U.S.S.R.2 . .

1,525,890'
4,912
26,613
4,173
15,908
142,020
31,230
216
30,029
25,923
13,129
57,341
23,840
1,191
1,793
15,963
6,916
173,979'
3,324
898,944
39,291
9,155

1,563,876
4,674
17,101
1,567
21,906
142,526
37,029
208
32,249
32,732
15,156
58,033
23,756
1,458
1,900
17,355
7,174
178,360
3,276
926,983
32,294
8,139

MEMO

1,282,308

1,191,489

1,202,288

1,008,255

25 European Union3

n.a.

26 Canada

51,088

64,104

71,325

74,972

95,274

84,105

92,110

98,422

86,238

88,141

27 Latin America
28 Argentina
29
Brazil
30
Chile
31
Colombia
32
Ecuador
33
Guatemala
34
Mexico
35 Panama
36
Peru
37
Uruguay
38 Venezuela
39
Other Latin America4
40 Caribbean
41
Bahamas
42
Bermuda
43
British Virgin Islands4
44
Cayman Islands
45
Jamaica
46
Netherlands Antilles
47
Trinidad and Tobago
48
Other Caribbean4

49,378
2,220
14,094
6,213
2,645
469
866
13,440
1,939
1,529
403
2,844
2,716

51,170
2,290
15,111
6,642
2,438
582
872
14,601
2,076
1,226
464
2,273
2,595

59,195
2,763
19,894
6,689
2,900
604
1,031
16,569
2,316
1,446
355
2,281
2,347

62,919
2,709
21,525
5,663
4,070
574
1,112
17,426
2,386
1,403
1,112
2,412
2,527

62,690
2,995
21,658
5,483
4,318
628
1,008
17,375
2,466
1,610
272
2,517
2,360

67,141
3,152
23,243
5,657
4,137
748
1,014
18,757
2,947
2,121
302
2,533
2,530

69,205
3,473
24,630
5,894
4,266
772
1,074
18,387
3,253
2,247
334
2,429
2,446

71,877
3,762
24,334
6,051
4,436
829
1,096
20,447
3,209
2,447
282
2,552
2,432

74,505
3,706
26,053
6,538
4,517
828
1,141
20,945
3,023
2,270
317
2,664
2,503

81,697
3,835
31,315
7,120
4,629
889
1,195
21,254
3,141
2,128
989
2,670
2,532

596,931
80,183
33,294
n.a.
469,166
351
5,554
755
7,628

620,474
113,458
17,846
n.a.
475,227
444
4,444
907
8,148

738,567
120,904
17,777
2,807
586,524
669
2,484
1,055
6,347

786,628
135,539
25,012
4,063
613,756
742
2,646
1,034
3,836

809,801
112,492
31,469
4,521
652,441
752
2,818
809
4,499

826,205
124,141
20,924
3,927
667,506
570
2,461
571
6,105

806,316
133,440
14,966
5,348
643,684
566
2,514
678
5,120

827,142'
131,300
23,076
5,377
657,943'
580
2,490
534
5,842

830,952'
144,198
22,174
4,315'
648,636
613
5,621
488
4,907

780,099
144,435
17,613
3,372
604,526
638
4,620
489
4,406

142,656

190,610

221,858

206,140

212,260

203,910

209,595

207,454

177,358

165,861

9,267
5,622
2,117
555
1,326
82,207
15,531
993
10,589
1,144
7,022
6,283

14,807
8,412
2,518
440
4,288
106,377
17,254
1,790
8,626
7,796
12,330
5,972

15,448
6,888
2,827
519
5,319
140,329
24,484
996
3,166
5,729
10,579
5,574

18,905
5,464
2,941
536
5,149
121,948
24,036
1,066
3,372
5,650
12,056
5,017

20,296
6,135
2,750
507
5,994
124,100
24,167
759
5,129
3,757
13,008
5,658

19,615
5,500
2,860
487
6,760
118,579
20,515
973
5,878
3,526
13,275
5,942

20,279
6,249
3,256
488
6,399
113,884
25,927
1,098
5,650
5,587
14,505
6,273

24,809
6,961
3,611
513
6,373
108,210
24,268
820
5,970
6,416
13,597
5,906

18,657
9,149
4,095
574
7,204
92,791
17,161
878
3,690
2,858
15,454
4,847

17,399
6,226
4,269
549
5,150
92,100
12,787
1,188
3,396
2,333
14,532
5,932

1,262
228
53
318
223
440

1,621
422
63
331
317
488

1,853
597
56
255
403
542

1,768
662
57
203
313
533

2,110
664
53
435
381
577

1,812
686
31
195
309
591

1,771
399
58
329
283
702

1,761
434
64
194
292
777

1,642
367
17
244
287
727

1,674
304
26
249
312
783

10,386
9,695
609
82

10,945
10,226
541
178

14,700
13,195
1,263
242

14,114
13,138
612
364

15,578
13,929
1,364
285

15,555
14,144
1,096
315

16,267
15,065
867
335

22,651
20,751
1,532
368

25,283
23,988
916
379

23,846
22,680
810
356

5,976

7,250

9,174

8,930

7,084

7,815

9,055

8,553

8,272

8,873

49 Asia
China
50
Mainland
51
Hong Kong
52
India
53
Indonesia
54
Israel
55 Japan
56
Korea (South)
57
Philippines
58 Taiwan
59
Thailand
60
Middle Eastern oil-exporting countries5 . . .
61
Other
62 Africa
63 Egypt
64
Morocco
65
South Africa
66
Oil-exporting countries'"
67
Other
68 Other countries
69
Australia
70
New Zealand
71
Allother
72 International and regional organizations7 . . . .

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. For data prior to June 2006, also includes the Bank for International Settlements and the
European Central Bank.
3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of

January 2007, also includes Bulgaria and Romania.
4. Before June 2006, data for the British Virgin Islands were included in "Other
Caribbean."
5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International
Settlements.

Bank-Reported Data
3.19

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars

49

Reported by Banks in the United States1

Millions of dollars, end of period
2007
Type of claim

2004

2005

2006'
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 instruments'" . .
10
Other claims

Apr.'

May'

2 657 566
96,962
1 942 282
618,322

2 716 811
86,188
1 988 483
642,140

June'

July'

Aug.'

Sept.p

2 723 968
106,601
1 962 532
654,835

2 730140
93,527
2 009 436
627,177

2 714 067
86,503
1 987 452
640,112

2,026,841

2,344,155

2,945,748

3,159,407

1 664 223
71,892
1 187 954
404,377

1 864 834
72,919
1 391 775
400,140

2 305 591
98,010
1 677 056
530,525

2 525 274
92,666
1 863 007
569,601

362,618
152,520
107,533
88,423
14,142

479,321
227,685
91,196
140,863
19,577

640,157
264,589
168,304
185,300
21,964

634,133
275,017
148,713
186,774
23,629

668,255
3,970

748,320
2,414

939,525
6,272

1,006,603
9,794

1,021,401
9,619

1,042,448
9,601

1,011,886
9,281

1,029,151
9,481

1,002,765
10,143

957,870
5,953

3,888
988,110
1,097,873

7,324
1,106,776
1,304,277

9,236
1,350,558
1,639,462

8,259
1,500,618
1,842,075

10,127
1,616,419
1,966,746

9,575
1,655,187
1,990,173

10,552
1,605,604
1,920,328

13,410
1,671,926
1,954,134

12,982
1,704,250
1,935,048

12,703
1,737,541
1,977,312

479,422

482,090

664,373

739,410

788,390

824,111

794,401

864,849

849,224

843,785

3,356,272
2 637 323
96,012
1 913 795
627,516
718,949
287,802
191,133
216,169
23,845

MEMO

11 Non-negotiable deposits7
12 Negotiable CDs7
13 Other short-term negotiable
instruments7
14 Other claims7
15 Own foreign offices5
16 Loans collateralized by repurchase
agreements9

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 2007

3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
Sept.
73,700

By type
2 Financial liabilities
3
Short-term negotiable securities' . .
4 Other liabilities'
Of which:
5
Borrowings'
6
Repurchase agreements'
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies

92,009

76,710

76,710

81,003

78,195

85,780

89,217

89,729

43,610
14,002

62,847
11,759

39,249
9,050

39,249
9,050

39,585
5,704

32,995
11,486

42,556
12,448

48,712
11,617

47,089
7,692

30,199

30,199

21,509

30,108

n.a.
n.a.

n.a.
n.a.

8,561
4,781

9,482
12,838

10,120
18,573

10,915
21,013

14
15
16
17
18
19
20

By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

15,515
28,095
1,431
10,372
11,425
2,493
2,374

29,575
33,272
2,399
9,067
18,337
1,564
1,905

24,003
15,246
2,354
4,052
3,169
2,018
3,653

24,003
15,246
2,354
4,052
3,169
2,018
3,653

24,509
15,076
1,407
6,242
2,676
1,338
3,413

19,395
13,600
1,064
3,031
2,963
1,212
5,330

29,323
13,233
2,268
3,687
2,722
1,173
3,383

35,033
13,679
2,806
4,629
4,024
1,393
827

27,136
19,953
1,115
10,675
5,311
1,365
1,487

34,832
709
3,543
3,531
284
517
23,886

38,690
775
1,349
2,911
363
514
29,473

22,697
342
761
2,533
406
124
12,712

22,697
342
761
2,533
406
124
12,712

20,823
451
1,039
4,510
432
237
11,862

19,644
271
1,572
3,777
453
369
12,652

25,554
273
1,103
9,897
449
143
12,374

30,184
936
995
11,174
1,183
346
14,308

30,304
788
889
4,450
598
280
22,353

8,024

6,534

1,239

7
8
9
10
11
12
13

2,433

2,530

2,530

2,671

2,287

3,573

3,986

1,826

16,196
0
8,715
208
n.a.
7,178
26
18

7,603
0
991
70
n.a.
6,446
25
1

7,603
0
991
70
n.a.
6,446
25

9,683
0
769
56
n.a.
8,744
23
0

7,879
1
5
53
n.a.
7,732
27
0

9,648
0
0
48
n.a.
9,456
33
0

12,435
0
0
23
n.a.
12,265
30
0

12,589
0
49
24
n.a.
12,178
25

MEMO:

21

Euro area3

9,855

23
24
25
26
27
28
29
30

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela

4,235
0
711
242

31
32
33

Asia
Japan
Middle Eastern oil-exporting countriesf

2,547
1,826
36

4,724
1,648
36

5,323
1,383
173

5,323
1,383
173

5,321
1,083
206

2,355
1,265
647

2,968
1,223
1,200

1,924
1,346
100

2,225
1,568
59

34
35

Africa
Oil-exporting countries'"

123
92

131
94

997
97

997
97

1,022
98

784
0

733
0

31
0

30
0

36

All other7

3,114
34

Nonbank-Reported Data
3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States—Continued

51

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of liability, and area or country
Sept.
37 Commercial liabilities
38 Trade payables
39
Advance payments and other liabilities .
40
41
42
43
44
45
46

47
48
49
50
51
52
53

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom . . .

30.090
17,174
12,916

29,162
18,181
10,981

37,461
23,050
14,411

37,461
23,050
14,411

41,418
26,542
14,876

45,200
30,119
15,081

43,224
28,564
14,660

40,505
25,673
14,832

42,640
27,165
15,475

27,632
2,458
199
787
606
209
657

25,811
3,351
224
1,058
704
296
1,069

34,725
2,736
171
989
471
308
797

34,725
2,736
171
989
471
308
797

38,731
2,687
134
1,098
463
300
692

41,995
3,205
699
1,100
393
304
709

40,171
3,053
668
601
423
387
974

37,298
3,207
730
610
470
377
1,020

39,114
3,526
745
640
551
410
1,180

9,821
159
900
855
384
1,367
3,025

9,030
123
1,019
1,024
305
564
3,407

10,574
109
1,870
1,113
489
1,113
2,882

10,574
109
1,870
1,113
489
1,113

11,367
86
1,979
1,089
626
664
3,606

11,528
138
1,888
1,242
423
856
3,372

11,611
156
1,525
1,198
618
1,348
3,600

10,962
222
1,567
1,217
526
724
3,046

11,760
123
1,608
1,279
498
1,527
3,262

2,166

2,145

2,375

2,375

3,066

4,112

3,519

3,708

4,127

3,406
14
513
233

5,748
70
713
218
n.a.
76
2,209
680

5,748
70
713
218
n.a.
76
2,209
680

5,748
82

40
1,298
329

4,276
32
515
113
n.a.
101
1,942
433

219
2,748
492

7,399
64
851
216
n.a.
629
2,795
461

6,563
85
720
204
n.a.
569
2,518
465

5,757
70
777
241
n.a.
539
2,120
353

6,272
109
744
141
n.a.
485
2,321
570

13,311
4,370
3,148

12,239
4,221
2,910

17,427
5,971
3,986

17,427
5,971
3,986

20,039
6,089
5,432

20,403
6,182
5,344

20,042
6,031
4,978

18,755
5,864
3,855

18,753
5,703
4,656

782
372

947
424

916
493

916
493

713
342

1,294
755

969
591

849
283

952
599

MEMO

54
55

Euro area3
Canada

56
57
58
59
60
61
62
63
64
65
66

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

67
68

Africa
Oil-exporting countries'"

69

4,198

5,480

All other7

1. Data available beginning March 2003. For data on borrowings and repurchase agreements, data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although
Slovenia joined the euro area January 2007, separate data for Slovenia are not available.
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 Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

52

Federal Reserve Bulletin Statistical Supplement • November 2007

3.23

CLAIMS ON UNAEFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

By type
Financial claims
Non-negotiable deposits
Negotiable securities
Of which:
Negotiable CDs1
Other claims
Of which:
Loans'
Repurchase agreements'
By currency
U.S. dollars
Foreign currency2
Canadian dollars
Euros
United Kingdom pounds sterling
Japanese yen
All other currencies
By area or country
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

100,916

143,232

144,950

144,950

130,321

118,575

124,815

126,032

131,225

67,347
35,465
3,204

110,517
47,270
9,892

111,394
50,149
13,180

111,394
50,149
13,180

94,892
40,565
12,365

81,661
41,964
544

88,855
34,378
2,152

88,646
31,909
2,744

93,073
28,337
579

157
28,678

103
53,355

65
48,065

65
48,065

2
41,962

18
39,153

12
52,325

15
53,993

6
64,157

n.a.
n.a.

14,453
2,726

14,443
15,196

10,057
17,842

12,174
22,603

n.a.
n.a.
57,894
9,453
912
2,776
3,242
831
1,692

67,445
43,072
1,329
20,651
9,219
7,345
4,528

75,802
35,592
9,348
9,308
7,635
3,537
5,764

75,802
35,592
9,348
9,308
7,635
3,537
5,764

60,754
34,138
7,823
8,164
8,332
3,510
6,309

59,240
22,421
8,473
4,635
4,476
610
4,227

63,946
24,909
10,416
6,337
4,361
656
3,139

66,871
21,775
8,454
5,843
4,014
746
2,718

64,047
29,026
4,336
16,280
4,936
777
2,697

28,970
391
3,049
2,859
2,789
617
11,438

48,714
2,177
1,452
5,386
7,389
978
23,982

42,736
1,743
2,752
2,729
3,033
1,152
22,111

42,736
1,743
2,752
2,729
3,033
1,152
22,111

36,038
1,286
1,639
2,315
3,148
1,449
20,103

23,738
565
2,861
2,428
1,649
864
9,550

34,038
618
2,563
9,084
2,610
795
12,004

34,070
328
1,310
8,506
2,842
706
13,713

44,607
445
2,119
8,447
4,437
722
21,847

5,311

6,412

13,372

13,372

12,056

12,959

15,110

14,118

10,177

26,215
1,049
564
1,832
20,015
1,629
131

47,149
1,576
4,708
1,823
n.a.
36,160
1,738
155

45,063
1,590
1,590
1,950
n.a.
36,355
2,019
159

45,063
1,590
1,590
1,950
n.a.
36,355
2,019
159

37,353
2,368
1,583
1,655
n.a.
29,253
1,424
163

38,198
3,802
1,602
1,703
n.a.
28,980
1,176
136

32,776
4,463
1,631
1,419
n.a.
23,146
1,236
117

34,890
3,901
1,231
1,982
n.a.
25,728
1,175
102

32,293
5,762
1,296
1,655
n.a.
20,885
1,098
116

5,317
1,194
158

6,840
993
137

7,223
568
242

7,223
568
242

6,566
496
251

4,105
665
705

4,248
779
1,209

3,238
882
60

3,841
1,563
82

306
8

1,291
37

1,291
37

1,268
36

1,112
36

1,067
34

345
34

MEMO:

23
24

Euro area3
Canada

25
26
27
28
29
30
31
32
33
34
35

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countriesf

36
37

Africa
Oil-exporting countries'"

38

All other7

15,067

18,829

1,096

1,709

1,549

1,985

Nonbank-Reported Data
3.23

CLAIMS ON UNAEFILIATED FOREIGNERS
the United States—Continued

53

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period

Type of claim, and area or country
Sept.
39 Commercial claims
40
Trade receivables
41
Advance payments and other claims .

33.569
28,618
4,951

32,715
29,229
3,486

33,556
29,231
4,325

33,556
29,231
4,325

35,429
30,961
4,468

36,914
32,577
4,337

35,960
31,337
4,623

37,386
32,802
4,584

38,152
33,260
4,892

By currency
Payable in U.S. dollars
Payable in foreign currencies2
Canadian dollars
Euros
United Kingdom pounds sterling . .
Japanese yen
All other currencies

25,494
8,075
1,557
1,542
1,187
589
3,200

27,439
5,276
512
1,561
1,586
238
1,379

29,898
3,658
481
1,335
706
187
949

29,898
3,658
481
1,335
706
187
949

31,567
3,862
394
1,727
713
126
902

33,539
3,375
424
1,344
659
150
798

32,372
3,588
546
1,345
584
233

33,160
4,226
740
1,108
661
281
1,436

34,289
3,863
608
1,360
734
221
940

14,552
247
2,816
1,273
395
1,921
3,928

13,457
257
2,261
1,401
494
1,528
3,742

12,084
470
2,311
1,509
354
724
2,677

12,084
470
2,311
1,509
354
724
2,677

14,531
479
2,286
1,468
653
742
4,721

14,003
420
2,368
1,675
478
659
4,130

14,019
475
2,059
1,639
527
1,043
3,802

14,105
443
2,110
1,642
728
718
3,789

14,845
481
2,114
1,765
578
830
4,260

7,663

7,878

3,070

2,017

2,750

2,750

2,753

3,179

2,483

3,402

2,850

5,153
26
460
903
n.a.
52
1,339
230

6,477
55
650
935
n.a.
160
2,018
319

6,757
41
648
1,022
n.a.
61
2,089

6,757
41
648
1,022
n.a.
61
2,089
380

7,037
35
731
938
n.a.
200
2,247
403

7,854
39
1,166
973
n.a.
488
1,896
371

7,355
31
464
1,046
n.a.
563
2,016
349

7,146
48
503
945
n.a.
323
2,067
379

7,779
29
662
914
n.a.
401
1,980
426

7,352
1,757

8,943
1,855
1,071

10,073
2,128
1,558

10,073
2,128
1,558

9,148
2,167
1,419

10,146
2,158
1,843

10,321
2,207
1,727

11,011
2,467
1,754

10,849
2,504
1,600

636
138

629
154

830
258

830
258

915
313

961
315

1,037
359

892
298

962
266

42
43
44
45
46
47
48

49
50
51
52
53
54
55

By area or country
Commercial claims
Europe
Belgium-Luxembourg . . . .
France
Germany
Netherlands
Switzerland
United Kingdom
MEMO

Euro area3
Canada
58
59
60
61
62
63
64
65
66
67
68

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies4
Cayman Islands
Mexico
Venezuela
Asia
Japan
Middle Eastern oil-exporting countries5

69
70

Africa
Oil-exporting countries'"

7,340

1,192
1. Data available beginning March 2003. For data on loans and repurchase agreements,
data available on a consistently defined basis beginning in June 2006.
2. Foreign currency detail available beginning March 2003.
3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. Although
Slovenia joined the euro area January 2007, separate data for Slovenia are not available.
4. Beginning March 2003, data for the Cayman Islands replaced data for the British West
Indies.

8,119

1,045

5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir
ates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Includes international and regional organizations.

54

Federal Reserve Bulletin Statistical Supplement • November 2007

3.24

FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars

Transaction, and area or country

Jan.Sept.

Aug.

Apr.

Sept.p

1,278,775'
1,319,500'

799,605
797,066

U.S. corporate securities

690,355
662,895

861,753
819,709

27,460

42,044

27,459
-653

42,049
-673

28,838
1,655

21,257
2,815

-40,731'
-1,612

2,540
84

9,220
-368
-325
1,452
-160
-222
1,742
-897
9,111
73
-724
452
-1,395
-82
1,325
-23
1,531
7
-27
712

12,850
-363
2,620
439
-513
-16
-1,700
-390
12,523
235
-91
-299
14,758
-718

23,440
-183
2,499
1,215
38
-468
11,011
40
9,898
221
643
65
13,483
539
2,818
-118
4,135
-497
20
1,041

11,013
302
3,271
-5,224
-267
-511
-1,219
-751
14,761
266
684
189
12,528
36
3,570
2,942
4,808
-2,636
-44
862

6,104
185
-408
515
45
259
2,973
-939
2,684
35
975
519
4,594
1,676
6,885
-50
5,791
-1,166
53
451

-14,852'
-294
-4,187
-3,312
213
-870
-230
878
-9,463'
-75
221
-30
-24,493
573
-1,722
-26
2,787
-64
-15
-413

-7,510
130
5,839
-2,719
-100
-1,148
-2,372
-532
-5,313
-22
1,792
-276
7,606
-96
902
-57
1,248

1,469,433
1,281,547

159,064
143,916

159,266
123,145

165,332
138,288

171,020
131,426

164,857
156,191

166,107'
157,752'

182,090
170,608

7,579,916
7,454,718

880,537
871,052

150,571
6,039

125,241
1,769

9,481
415

39,592
5,757
7,675
-3,278
1,660
7,924
-2,326
1,334
19,775
350
16,549
-103
15,414
1,789
8,399
-528
1,050
72
281
72

97,612
1,662
21,727
-8,045
-1,802
11,592
-5,301
1,116
76,188
136
11,909
3,340
33,724
7,964
-4,788
471
-584
-646
89
721

57,155
-726
12,138
-4,617
237
-2,844
8,890
-2,928
45,511
1,068
2,760
685
45,817
2,500
12,064
2,557
21,808
-5,239
-170
4,430

1,097,458
878,202

1,633,299
1,339,231

4,731,749
4,649,799

6,882,746
6,732,131

3 Net purchases, or sales (-) .

81,950

150,615

4 Foreign countries
5
Of which: by foreign official institutions . .

81,993
954

1 Foreign purchases
2 Foreign sales

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

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters1
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

3
1,677
-602

881,343
852,503

927,052
905,830

2,539

21,222

-43
165

26 International and
regional organizations2
U.S. GOVERNMENT AGENCY BONDS

27 Foreign purchases
28 Foreign sales
29 Net p u r c h a s e s , or sales ( - ) . . .

219,256

187,886

15,148

36,121

27,044

39,594

8,666

8,355'

11,482

30 Foreign countries
31
Of which: by foreign official institutions .

218,983
31,629

293,706
92,622

187,771
98,922

15,028
16,108

36,155
13,691

27,080
12,793

39,476
15,993

8,690
7,468

8,352'
4,063

11,448
9,194

32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

55,564
-398
500
5,938
3,591
1,583
1,259
-1,971
40,819
54
12,476
15,473
17,304
1,810
115,851
22,986
16,289
59,140
-103
608

88,339
-274
-261
4,921
4,197
5,028
-1,465
-160
51,343
1,637
9,303
13,971
46,487
7,075
127,080
35,459
31,967
45,254
-198
1,649

62,315
-686
2,939
1,050
52
-3,455
225
-1,144
47,202
4,438
3,547
8,172
-14,030
9,261
118,221
61,508
24,473
7,631
41
244

4,375
149
-385
-82
-280
943
-681
-181
1,655
2,192
571
-554
-32
1,975
8,709
5,756
1,725
-2,826
15
-31

11,283
-67
908
196
-143
187
70
132
6,975
197
1,031
736
2,555
861
19,787
8,946
3,383
3,549
-6
-92

5,739
-26
-75
50
148
-870
127
-717
3,943
1,481
-483
1,229
-1,964
1,149
21,321
9,851
2,918
3,225
-11
100

15,935
9
34
274
227
-86
606
2
11,276
-319
667
2,019
25
1,845
18,872
9,741
2,208
5,037
-9
122

7,083
-42
-88
552
-128
-691
300
169
5,015
635
349
2,929
-3,501
-191
1,917
2,519
3,163
-4,858
55
49

-1,587'
-697
-272
161'
293
-1,969
131
-316
3,719
-132
169
-989
-2,517
173
13,153
2,700
2,344
3,692
-20
-30

5,948
-30
1,208
-44
287
-280
167
55
4,339
38
411
-497
-5,860
101
11,410
8,026
2,684
-220
-30
-35

1,277,006
904,784

1,684,657
1,170,659

1,481,612
1,180,058

188,513
143,143

142,698
109,071

215,879
137,571

183,722
155,186

137,269
132,794

155,190'
156,124'

134,280
119,179

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

52 International and
regional organizations2
CORPORATE BONDS 3

53 Foreign purchases
54 Foreign sales

15,101

301,554

45,370

33,627

78,308

28,536

4,475

369,370
19,141

512,973
28,500

300,285
29,996

45,382
2,873

33,700
2,911

77,989
3,964

28,399
3,701

4,085
1,030

-1,343'
2,985

15,149
4,631

241,709
3,625
13,156
6,488
12,184
4,610
2,772
3,742
168,881
16,570
2,279
7,203
40,488
1,022
69,910
26,130
11,012
25,617
394
6,365

318,437
-2,097
22,121
-11,754
14,396
3,346
3,220
9,735
255,764
10,337
7,966
10,016
90,739
4,666
73,744
31,247
16,149
12,660
-186
7,591

180,936
-6,434
4,537
4,075
6,308
-11,373
-349
1,614
1,614
-4,634
11,681
3,995
23,568
2,185
72,308
28,273
9,200
20,804
-218
5,830

27,156
-682
93
153
352
884
275
-329
25,254
-104
1,832
158
9,712
512
5,901
2,700
2,051
424
29
82

21,390
-408
38
520
1,717
-904
-161
-134
18,713
1,792
815
357
5,238

55,871
-294
84
1,399
431
993
-95
399
48,213
3,682
1,787
607
9,580
109
8,253
3,550
961
1,637
-73
1,855

21,437
-1,555
-1,409
-234
210
-67
105
1,224
18,954
3,294
646
399
-6,831
346
11,510
4,776
1,326
4,623
-6

-1,606
-411
-56
513
935
-2,546
-102
-180
3,392
-2,016
1,595
783
670
-290
3,413
1,927
351
1,047
-117
-363

-3,160'
-159
24
1,126'
266
-7,960
49
-156
6,251'
-3,301
649
548
-4,891
651'
4,538
1,558
1,053
136
-28
350

-5,411
-641
543
100
-939
-1,934
23
-450
7,075
-9,034
962
208
1,669
286
17,365
2,697
1,309
10,579
18
52

2,852

1,025

372,222

55 Net purchases, or sales (-)
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77

Foreign countries
Of which: by foreign official institutions . .
Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man
Canada
Latin America
Caribbean
Middle East Oil Exporters'
Other Asia
China, Mainland
Hong Kong
Japan
Africa
Other countries

78 International and
regional organizations3

5,512
3,445
661
-3
-8
66

Securities Holdings and Transactions
3.24

55

FOREIGN TRANSACTIONS IN SECURITIES—Continued
Millions of dollars
2007
Transaction, and area or country

2005

2007

2006
Jan.Sept.

Mar.

Apr.

May

June

July

Aug.

Sept.'

-13,519
451,421
464,940

-6,420
469,307
475,727

-12,852'
544,210'
557,062'

-9,240
357,107
366,347

Foreign securities
79 Stocks, net purchases or sales (-) 4
-127,296
2,240,104
2,367,400

80 Foreign purchases
82 Bonds, net purchases or sales (-) 4

-107,703
3,645,363
3,753,066

-103,288
3,771,248
3,874,536

-7,413
431,137
438,550

-7,658
370,379
378,037

-16,453
448,533
464,986

-45,095

-144,090

-119,269

-34,339

-9,666

-21,190

-8,245

879

-21,679'

-19,726

83 Foreign purchases

1,459,882
1 504 977

1,881,727
2 025 817

2,329,784
2 449 053

275,843
310,182

261,522
271,188

293,776
314,966

279,057
287,302

290,035
289,156

279,607'
301,286

198,109
217,835

85 Net purchases, or sales (-) of stocks and bonds4

-172,391

-251,793

-222,557

-41,752

-17,324

-37,643

-21,764

-5,541

-34,531'

-28,966

86 Foreign countries
87 Europe

-165,403
-81,669
-15,952
-46,382
-4,559
-23,487
5,474
-45,551
-32,842
-1,668
-13,943

-256,895
-220,792
-54,615
-158,239
-17,935
-12,695
25,310
-18,959
2,244
-2,261
-9,563

-235,302
-203,486
-62,720
-136,548
-5,480
-8,082
-19,348
12,523
-3,756
-261
-11,168

^14,569
-41,740
-15,477
-19,540
-2,371
481
-5,320
8,165
744
-113
-3,671

-18,586
-11,367
-4,530
-4,570
-503
177
580
-4,391
-3,194
-169
-2,913

-37,709
-39,191
-7,461
-30,829
-1,620
-4,619
8,491
-690
-1,247
-1
-79

-24,552
-25,061
-14,433
-12,894
-894
-3,229
1,943
4,270
-557

-5,707
-5,222
-2,631
-2,361
771
-51
-5,709
4,653
2,302
190
-339

-35,541'
-6,825'
-5,063
-1,846'
-1,264
-1,477
-31,961
6,234
2,293
-870
622

-29,021
-36,336
-4,034
-32,895
-1,167
-1,344
7,347
2,110
1,270
170
199

-6,988

5,102

12,745

2,817

1,262

66

89

United Kingdom

91 Latin America
93 Asia
95 Africa
97 Nonmonetary international and
regional organizations2

1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).
2. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

3.25

MARKETABLE U.S. TREASURY BONDS AND NOTES

-1,614
2,788

166

1,010

55

3. Includes state and local securities. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investment abroad.
4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreign
securities.
5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.

Foreign Transactions1

Millions of dollars; net purchases, or sales (-), during period

Area or country

Jan.Sept.

Apr.

July

Aug.

Sept.'

1 Total reported

338,112

126,872

31,101

24,682

-9,367

2 Foreign countries
3
Of which: by foreign official institutions

335,160
68,689

206,505
71,831

128,358
-12,094

30,889
1,377

415
9,364

22,385
-4,590

26,543
6,433

-9,443
-6,925

-2,589'
-29,685

26,109
14,620

173,638
500
9,559
14,497
1,246
2,046
-6,095
6,414
1,832
-4,904
134,118
419
14,006
21,452

103,158
379
-1,597
2,050
-1,368
-1,203
640
7,723
972
-2,949
92,824
-267
5,954
14,144

141,884
-1,682
-7,782
-1,252
896
101
1,334
-29,342
3,286
-3,580
173,159
-270
7,017
-3,965

12,664
-829
-1,798
-910
-430
-16
-41
-5,263
-17
-232
24,601
-176
-2,225
343

-16,373
322
-314
3,043
-3,273
-26
394
-5,175
-80
-778
-10,692
146
60
-631

40,851
-612
1,296
1,723
3,536
419
-745
-4,317
596
-135
34,276
-153
4,966
3,235

12,821
-179
31
-2,558
-264
384
1,734
-14,857
287
818
23,281
-178
4,321
-2,365

-1,469
185
335
-4,099
-196
-110
-1,453
-12,883
382
-1,357
16,358
-5
1,375
-1,258

39,394'
-873
-4,889
380'
245
19
1,669
15,961
147
-179
33,196
483
-6,764
-4,896

33,751
244
-3,872
-605
326
186
-1,520
16,365
-855
-340
22,399
-175
1,597
-1,243

13,200
9,011
1,741
18
2,430

10,746
10,002
603
-6
147

3,140
1,891
810
115
324

14,797
12,199
900
13
1,685

6,441
10,942
-4,297
7
-211

-3,781
1,827
-5,600
47
-55

2,841
2,713
81
-19
66

4
5
6
7
8
9
10
11
12
13
14
15
16
17

Europe
Belgium
France
Germany
Ireland
Luxembourg
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man
Other Europe and former U.S.S.R. . .
Canada

18
19
20
21
22

Latin America
Brazil
Mexico
Venezuela
All other Latin America

23,368
12,269
9,756
518
825

21,826
23,100
-322
242
-1,194

56,349
57,396
-5,859
103
4,709

23

Caribbean

44,997

-2,393

-14,103

12,026

-3,758

-26,025

-2,825

-9,257

19,502

1,443

24
25
26
27
28
29
30

Asia
China, Mainland
Hong Kong
Japan
Korea
Middle East Oil Exporters2
All other Asia

68,317
37,369
12,313
-5,015
1,459
2,063
20,128

68,959
41,706
16,129
1,119
6,173
4,323
-491

-55,712
-4,825
3,450
-39,525
-16,678
3,487
-1,621

-7,098
3,677
-986
-4,481
-745
766
-5,329

8,901
-941
290
3,344
-310
851
5,667

-742
-3,215
2,027
-1,051
-3,205
2,042
2,660

3,886
2,765
2,023
-600
-797
583
-88

-6,061
-560
-1,613
-1,956
43
-188
-1,787

-51,990
-14,204
-2,443
-23,843
-1,774
-1,294
-8,432

-9,377
-2,394
-598
-4,391
-2,219
-626
851

2,222
2,027

3,486
2,400

4,201
4,068

-15
84

820
836

1,640
1,197

1,323
994

547
342

44
5

-120
0

1,166

-2,675

-296

-231

710

286

-1,094

1,614

-862

-1,186

2,952

758

-1,486

212

48

273

-1,861

76

-175

143

31

Africa

32

African oil exporters3

33

Other countries

34

International and regional organizations

4

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).

3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes the International Bank for Reconstruction and Development, as well as
African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements.

56

Federal Reserve Bulletin Statistical Supplement • November 2007

3.28

FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2007
Item

2004

2005

2006
Apr.

May

June

July

Aug.

Sept.

0.8423
1.9323
1.0651
7.6333
5.5463
1.3421
7.8142
40.59
122.69
3.4444
10.833
0.7570
5.9980
1.5367
7.1515
927.87
110.966
6.9485
1.2330
32.974
32.318
1.9867
2,144.60

0.8677
1.8812
1.0502
7.5757
5.4199
1.3726
7.8197
40.27
121.41
3.4397
10.815
0.7862
5.7807
1.5156
6.9730
918.12
111.672
6.6933
1.2069
32.810
30.387
2.0355
2,144.60

0.8291
1.9620
1.0579
7.5734
5.4621
1.3626
7.8155
40.68
116.73
3.4826
11.044
0.7259
5.8492
1.5226
7.2153
934.48
112.184
6.8429
1.2027
32.962
31.796
2.0110
2,144.60

0.8461
1.9023
1.0267
7.5210
5.3563
1.3910
7.7824
40.17
115.04
3.4691
11.032
0.7188
5.6256
1.5110
7.1007
928.60
113.342
6.6713
1.1852
33.011
32.057
2.0184
2,144.60

Exchange rates
COUNTRY/CURRENCY UNIT

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

Australia/dollar2
Brazil/real
Canada/dollar
China, P.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

0.7365
2.9262
1.3017
8.2768
5.9891
1.2438
7.7891
45.26
108.15
3.8000
11.290
0.6643
6.7399
1.6902
6.4402
1,145.24
101.268
7.3480
1.2428
33.372
40.271
1.8330
1,886.13

0.7627
2.4352
1.2115
8.1936
5.9953
1.2449
7.7775
44.00
110.11
3.7869
10.894
0.7049
6.4412
1.6639
6.3606
1,023.75
100.383
7.4710
1.2459
32.131
40.252
1.8204
2,107.13

0.7535
2.1738
1.1340
7.9723
5.9422
1.2563
7.7681
45.19
116.31
3.6661
10.906
0.6492
6.4095
1.5882
6.7668
954.32
103.940
7.3718
1.2532
32.507
37.876
1.8434
2,144.60

0.8273
2.0302
1.1350
7.7247
5.5155
1.3513
7.8154
42.02
118.93
3.4364
10.980
0.7345
6.0098
1.5150
7.1026
930.69
109.360
6.8371
1.2124
33.145
32.421
1.9879
2,144.60

0.8254
1.9836
1.0951
7.6773
5.5120
1.3518
7.8187
40.57
120.77
3.4002
10.822
0.7334
6.0220
1.5231
7.0148
927.56
110.800
6.8094
1.2211
33.278
32.818
1.9842
2,144.60
Indexes4

NOMINAL

24 Broad (January 1997=100)s
25 Major currencies (March 1973=100)°
26 Other important trading partners (January
1997=100)7

27 Broad (March 1973=100)s
28 Major currencies (March 1973=100)s
29 Other important trading partners (March
1973=100)7

113.63
85.37

110.71
83.71

108.52
82.46

105.30
79.87

104.40
79.20

104.12
78.93

102.77
77.51

103.33
77.51

101.93
75.91

143.38

138.89

135.38

131.64

130.48

130.23

129.26

130.72

129.94

99.48'
91.03'

97.84'
90.84'

96.69'
90.77'

94.30'
88.87'

93.92'
88.49'

93.70'
88.27'

92.16'
86.66'

92.20'
86.43'

90.89
84.72

119.97

116.27

113.53

110.27

109.85

109.61

108.02

108.43'

107.54

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release, available at
www.federalreserve.gov/releases.
2. U.S. dollars per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro.
4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,
revised index values resulting from the periodic revision of data that underlie the calculated
trade weights are reported. For more information on the indexes of the foreign exchange value
of the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8.
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 Bloomberg LLP.
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 Bloomberg LLP.

57

Guide to Special Tables
SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference
Title, Table Number, and Reporting Date for Data

Issue

Page

Reference

Assets and liabilities of commercial banks, 4.20
September 30, 2006
December 31,2006
March 31,2007
June 30, 2007

December
March
June
September

2006
2007
2007
2007

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Terms of lending at commercial banks, 4.23
November 2006
February 2007
May 2007
August 2007

February
May
August
November

2007
2007
2007
2007

58
58
58
58

Supplement
Supplement
Supplement
Supplement

Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30
September 30,2006
December 31,2006
March 31,2007
June 30, 2007

February
May
August
November

2007
2007
2007
2007

64
64
64
64

Supplement
Supplement
Supplement
Supplement

August 2001
October 2001
January 2002

A76
A64
A64

Bulletin
Bulletin
Bulletin

September 2002
September 2003
September 2004

A58
A58
58

Bulletin
Bulletin
Supplement

September 2002
September 2003
September 2004

A67
A67
67

Bulletin
Bulletin
Supplement

Pro forma financial statements for Federal Reserve priced services, 4.31*
March 31,2001
June 30, 2001
September 30, 2001
Residential lending reported under the Home Mortgage Disclosure Act,
1989-2001
1990-2002
1991-2003
Disposition of applications for private mortgage insurance,
1998-2001
1999-2002
2000-2003
Small loans to businesses and farms,
1997-2003
1998-2004
1999-2005
2000-2006

4.34-4.411

4.42-4.45

4.46-4.48

Community development lending reported under the Community Reinvestment Act, 4.49
2003
2004
2005
2006

September
September
September
September

2004
2005
2006
2007

70
60
60
60

Supplement
Supplement
Supplement
Supplement

September
September
September
September

2004
2005
2006
2007

73
63
63
63

Supplement
Supplement
Supplement
Supplement

*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 2007

4.23

TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 2007
A. Commercial and industrial loans made by all commercial banks'
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

6.99
5.94
6.65
6.85
7.98

80,321
6,316
10,354
32,347
11,523

545
1.869
717
614
285

By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other

7.48
7.48
7.15
7.22
8.50

23,762
332
3,015
12,967
3,737

11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other

6.29
5.75
6.12
6.24
7.89

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

23.5
4.4
17.2
23.5
43.0

80.7
57.3
85.5
75.0
87.0

8.1
4.0
6.1
10.7
12.2

7.2
1.1
3.5
3.6
6.4

55.7
63.4
48.2
44.2
79.3

93.6
78.3
91.5
97.6
93.2

10.0
8.4
8.7
11.1
9.5

14.2
20.1
13.8
7.7
63.4

39.0
52.0
63.1
40.9
18.6

13.5
.8
7.5
11.6
60.5

51.1
45.4
72.1
34.8
66.2

2.6
.2
.8
5.8
2.9

438
369
267
550
319

36.7
71.2
23.3
39.8
66.4

37.7
45.3
72.6
37.7
47.8

6.1
.1
2.4
5.9
9.5

87.3
59.1
95.6
84.2
81.9

8.1
11.3
3.3
13.3
14.2

883
165
538
486
620

32.8
8.6
39.9
47.9
73.5

21.8
56.7
74.5
30.3
16.7

4.6
2.6
3.3
3.2
9.7

91.9
98.5
97.4
77.5
95.7

7.9
5.4
10.6
12.9
14.3

296
122
422
293
473

64
42
58
71
65

75.6
49.6
83.9
63.7
94.4

26.0
.1
5.3
34.7
8.9

26.7
4.6
3.8
24.8
50.1

72.7
63.9
40.2
82.2
77.0

11.4
24.0
7.8
6.7
19.7

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2

85.8
76.8
47.2
18.0

7.6
13.8
22.2
28.8

66.9
63.8
31.1
8.7

83.9
89.2
84.9
76.8

7.6
9.6
10.5
6.5

90.8
77.6

9.5
7.6

Secured by
collateral

Subject to
prepayment
penalty

614
131
501
458
735

35.4
28.3
30.5
31.1
75.6

24.5
48.3
46.4
23.6
17.8

282
321
381
421
156

535
716
813
372
657

45.4
49.2
32.4
33.2
79.3

19,234
4,039
2,460
8,781
1,312

2.403
10.404
2.302
2.533
671

189
5
37
140
456

6.56
6.03
6.50
6.61
7.08

13,265
962
2,341
3,873
1,935

661
2.544
1.384
613
260

21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other

7.22
6.03
6.35
6.96
7.77

19,018
905
1,871
4,793
3,093

1.166
1.088
858
929
1.007

26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other

7.65
6.86
7.72
7.33
8.44

4,866
38
645
1,916
1,363

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

8.57
8.04
7.20
6.58

2,865
9,788
21,498
46,170

3.3
3.2
3.0
2.6

179
215
146
69

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime
36 Other
Footnotes appear at end of table.

8.30
6.59

18,874
61,447

3.3
2.7

101
114

65.8
26.1

7.9
29.6

197
1,189

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

59

Survey of Loans Made, August 6-10, 2007—Continued

B. Commercial and industrial loans made by all domestic banks'
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

7.18
6.20
6.89
6.96
8.20

47,718
2,558
5,596
23,945
8,679

335
818
413
469
220

By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other

7.46
7.44
7.12
7.21
8.47

22,663
257
2,705
12,704
3,359

11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other

6.48
5.87
6.29
6.31
8.58

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

Subject to
prepayment
penalty

641
202
735
551
786

48.4
52.0
42.9
35.1
79.7

8.7
1.5
8.2
5.4
6.4

36.7
10.7
28.1
30.9
54.0

80.0
29.8
75.0
83.1
90.5

11.2
10.3

272
257
354
418
142

517
633
832
360
593

45.3
62.3
32.3
33.6
77.5

7.0
1.4
2.5
3.5
5.8

55.8
81.3
47.4
43.8
81.1

93.5
80.3
90.6
97.6
92.4

10.0
6.8
8.1
11.1
10.0

8,762
1,552
977
4,881
920

1,230
4,612
1 058
1,560
502

247
16
93
239
653

28.4
52.2
30.3
10.9
85.5

2.2
.0
11.9
1.2

23.8
2.0
18.8
20.1
86.3

37.6
3.4
34.1
41.1
84.9

6.3
5.4
4.3
7.3
3.2

6.94
6.68
6.55
6.89
7.48

5,025
284
631
1,930
1,046

274
1,063
424
336
146

606
541
452
764
491

62.9
84.1
70.7
50.6
88.4

2.7
1.7
17.2

14.2
.3
5.1
11.4
14.7

89.2
23.7
91.7
94.4
97.8

13.3
9.0
8.1
14.5
17.9

21 31 to 365 days . .
22
Minimal risk . .
23 Low risk
24
Moderate risk .
25
Other

7.02
6.18
6.33
6.78
7.85

6,235
387
616
2,499
1,909

417
496
319
517
676

523
183
495
645
410

54.5
18.3
38.6
55.8
65.7

8.9
8.5
34.3
3.8
3.1

11.3
6.2
8.4
6.2
15.6

96.5
93.2
83.6
95.5

17.1
12.5
15.4
18.6
19.1

26 More than 365 days . . .
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other

7.65
6.83
7.72
7.33
8.44

4,864
38
645
1,915
1,362

296
122
423
294
474

64
42
58
71
65

75.6
50.4
83.9
63.7
94.5

5.3
34.7
8.8

26.7
4.7
3.7
24.8
50.1

72.7
63.3
40.2
82.2
77.0

11.4
24.3
7.8
6.7
19.7

Weightedaverage risk

Weightedaverage
maturity/
repricing
interval2

3.3
3.2
3.1
2.8

180
229
207
119

86.0
79.8
58.4
23.4

7.4
11.6
10.9
6.3

67.0
66.7
42.6
15.8

85.0
72.2

7.6
9.4
12.1
12.1

90.3
74.0

9.8
12.3

Days

Percent made
under
commitment

Average
months since
loan terms
set*

Secured by
collateral

LOAN RISK

1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other

11.5
13.8

SIZE OF LOAN

(thousands of dollars)
31
32
33
34

1-99
100-999
1,000-9,999 .. .
10,000 or more .

8.57
8.10
7.46
6.42

2,843
9,113
14,376
21,386

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime
36 Other
Footnotes appear at end of table.

8.28
6.55

17,498
30,219

3.3
2.9

108
206

67.6
37.3

7.7
9.3

185
633

60

Federal Reserve Bulletin Statistical Supplement • November 2007

4.23

TERMS OF LENDING AT COMMERCIAL BANKS

Survey of Loans Made, August 6-10, 2007—Continued

C. Commercial and industrial loans made by large domestic banks'
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

7.00
5.99
6.61
6.81
8.01

39,697
1,418
4,681
21,088
6,179

524
1.532
671
876
296

By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other

7.29
7.33
6.92
7.06
8.26

20,131
216
2,429
11,529
2,499

11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other

6.15
5.55
6.01
6.22
6.90

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

33.7
15.8
25.8
27.6
45.6

82.3
46.1
80.1
82.4
92.7

12.2
10.8
9.1
12.1
17.3

7.5
1.5
2.8
3.5
6.3

51.9
85.3
42.6
39.3
76.4

93.5
81.2
90.8
97.7
92.9

10.5
6.6
8.1
11.7
10.9

9.6
2.0
24.0
7.2
25.0

2.1
.0
8.5
1.2

14.7
1.6
10.7
16.7
18.7

33.3
5.0
29.3
39.0
37.3

8.1
7.0
5.4
7.8
15.3

591
526
459
769
491

64.4
28.3
69.7
58.6
90.7

13.3
.6
2.7
1.6
19.8

10.8
.3
2.6
5.4
5.3

92.3
99.7
91.4
92.8
97.8

13.2
8.4
7.7
13.4
20.8

563
183
495
706
439

49.5
12.6
34.6
49.7
64.7

9.7
9.2
36.5
3.3

9.6
5.4
7.8
3.6
15.3

92.1
99.0
95.0
87.9
96.5

18.5
12.5
15.7
20.2
21.3

1,173
241
734
1,701
1,272

47
46
51
46
47

65.6
20.5
50.3
51.4
93.2

3.6
30.4
4.4

30.7
2.4
10.4
26.3
60.6

88.4
99.6
92.6
83.9
89.6

14.0
35.0
9.6
8.8
24.2

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2

87.9
76.9
51.4
20.9

11.2
12.4
12.0
6.4

67.9
68.7
40.1
16.4

90.1
92.4
89.4
74.5

8.0
10.9
13.8
11.9

Secured by
collateral

Subject to
prepayment
penalty

547
175
642
452
672

41.4
14.5
33.7
29.6
78.6

9.2
2.6
8.3
4.6
6.9

383
365
500
672
195

510
672
870
334
604

41.5
57.6
26.5
28.9
80.9

6,850
755
837
4,678
149

2.229
14.661
2.172
2.910
605

178
1
43
232
104

6.86
5.83
6.48
6.86
7.30

4,034
63
609
1,368
873

289
653
570
384
152

21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other

6.84
6.09
6.22
6.51
7.83

5,387
359
578
2,107
1,657

1.781
3.487
1.740
2.474
1.458

26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other

7.48
5.57
6.89
7.11
8.66

3,203
16
205
1,395
951

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

8.29
7.99
7.29
6.42

1,523
6,403
11,581
20,190

3.4
3.2
3.1
2.9

49
97
159
126

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime
36 Other
Footnotes appear at end of table.

8.10
6.44

13,396
26,301

3.2
2.9

103
140

62.7
30.5

9.3
9.1

260
1,083

90.8
78.0

Financial Markets
4.23

TERMS OF LENDING AT COMMERCIAL BANKS

61

Survey of Loans Made, August 6-10, 2007—Continued

D. Commercial and industrial loans made by small domestic banks'
Weightedaverage
effective
loan rate
(percent)4

Amount of
loans
(millions
of dollars)

8.09
6.47
8.31
8.12
8.66

8,021
1,140
916
2,857
2,500

120
518
139
106
134

By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other

8.78
8.03
8.85
8.65
9.05

2,532
40
276
1,176
859

11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other

7.66
6.16
7.97
8.56
8.91

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

51.1
4.3
40.1
54.9
74.7

68.2
9.5
48.9
88.3
85.0

5.7
7.5
6.2
7.1
4.3

2.9
1.0
.2
3.1
4.2

86.9
59.6
89.7
87.8
94.8

93.3
75.5
88.5
96.9
91.0

6.3
7.9
7.6
5.5
7.3

95.9
99.9
67.6
96.1
97.2

2.4
.0
32.1
.0
.2

56.5
2.3
67.6
98.0
99.4

53.0
1.9
62.6
90.6
94.1

1.3
1.2
2.4
2.3

683
717
254
753
492

56.6
99.9
100.0
31.3
76.4

1.8
.3
2.5
1.9
3.8

28.3
.3
74.1
26.0
62.0

100.0
98.3
98.2

13.9
16.5
19.8
17.1
3.3

269
182
490
307
225

85.7
90.6
99.3
88.4
71.9

3.5
.0
1.2
6.0
1.6

16.2
17.3
20.0
18.1

66.2
64.9
65.4
60.8
88.9

5.0
12.4
8.1
5.6
4.1

94.9
73.6
99.5
96.7
97.4

21.0
.2
6.2
46.1
19.1

19.1
6.5
.7
20.7
25.8

42.4
35.2
15.8
77.6
47.7

1.0
.8
2.8
.9
.3

83.9
86.8
87.3
64.9

2.9
9.7
6.0
3.7

65.8
61.8
53.1

76.7
80.8
66.5
34.1

7.0
5.4
2.6
19.2

88.7
46.7

4.9
7.5

Secured by
collateral

Subject to
prepayment
penalty

1,170
563
1,168
1,325
1,052

83.2
98.7
89.7
75.1
82.6

6.4
.1
8.0
10.9
5.1

83
99
99
89
80

579
403
500
669
564

76.0
87.4
83.0
78.8
67.8

1,912
797
140
202
770

472
2 795
260
133
486

639
579
374
412
748

7.27
6.92
8.40
6.96
8.41

991
221
22
562
173

225
1 293
52
257
123

21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other

8.16
7.38
8.01
8.24
7.98

848
28
38
392
252

71
41
24
98
149

26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other

7.99
7.81
8.11
7.93
7.92

1,661
21
441
520
410

Days

LOAN RISK

1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other

121
88
354
91
193

97
38
61
138
108

Weightedaverage risk
rating3

76.5

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

8.89
8.38
8.15
6.40

1,320
2,710
2,795
1,195

3.2
3.3
3.1
1.8

335
546
404
10

6.2

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime
36 Other
Footnotes appear at end of table.

8.85
7.29

4,103
3,918

3.4
2.4

125
649

83.6
82.9

2.6

10.5

95
167

62
4.23

Federal Reserve Bulletin Statistical Supplement • November 2007
TERMS OF LENDING AT COMMERCIAL BANKS

Survey of Loans Made, August 6-10, 2007—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)

6.71
5.77
6.36
6.52
7.29

32,604
3,758
4,758
8,403
2,844

6.602
14.850
5.411
5.223
2.914

By maturity/repricing interval
6 Zero interval
7
Minimal risk
8
Low risk
9
Moderate risk
10
Other

7.96
7.62
7.38
8.01
8.84

1,100
75
310
263
378

11 Daily
12
Minimal risk
13 Low risk
14
Moderate risk
15
Other

6.14
5.68
6.01
6.15
6.28

16 2 to 30 days
17
Minimal risk
18 Low risk
19
Moderate risk
20
Other
21 31 to 365 days
22
Minimal risk
23 Low risk
24
Moderate risk
25
Other

Maturity/repricing
interval2 and
risk of loans3

Average
loan size
(thousands of
dollars)

Weightedaverage
maturity5

Percent of amount of loans (percent)

Commitment status
Percent made
under
commitment

Average
months since
loan terms

4.2
.0
4.4
2.6
9.4

81.8
76.0
97.9
52.0
76.1

3.5
2.4
3.7
7.4
6.3

10.6
.0
12.3
10.7
12.6

53.2
2.4
55.4
65.6
62.5

97.0
71.3
100.0
95.7
100.0

10.2
14.4
13.4
11.5
5.7

2.3
.0
2.9
3.8
11.8

69.9
84.5
96.9
90.6
62.0

4.9
.0

62.4
71.7
97.1
26.8
22.3

.8
.0

347
352
212
347
136

20.7
65.8
5.8
29.0
40.5

54.0
64.1
98.4
73.4
83.8

1.1
.0
1.5
.4

86.1
73.9
97.1
74.2
63.1

4.9
11.6
1.6

9.540
10.223
5.086
6.974
4.756

1,054
152
558
315
949

22.3
1.4
40.5
39.3
86.3

28.2
92.8
94.3
59.1
38.8

1.4
.0
.8
.0

93.6
100.0
99.5
70.9
96.0

3.6
.4
8.4
5.6
6.5

Weightedaverage risk
rating3

Weightedaverage
maturity/
repricing
interval2

53.5
36.4
24.7
13.3

32.3
43.2
45.1
48.3

56.8
24.8
7.7
2.6

94.8
92.5
84.7
80.6

8.9
11.1
7.2
2.1

97.7
81.1

6.0
3.4

Secured by
collateral

Subject to
prepayment
penalty

578
104
254
203
594

16.3
12.1
15.9
19.8
62.9

47.5
80.2
91.2
75.5
52.6

1.107
2.042
1.097
735
1.259

933
936
597
1,196
1,144

46.8
4.7
33.9
17.1
95.5

10,472
2,487
1,483
3,900
392

11.881
48.135
10.196
11.561
3.208

147
1
2
23
1

6.33
5.76
6.48
6.33
6.61

8,240
678
1,710
1,943

4.860
6.121
8.491
3.375
3.012

7.32
5.92
6.36
7.16
7.65

12,784
517
1,255
2,294
1,183

Days

LOAN RISK

1 All commercial and industrial loans
2
Minimal risk
3
Low risk
4
Moderate risk
5
Other

26 More than 365 days
27
Minimal risk
28 Low risk
28
Moderate risk
30
Other

Days
SIZE OF LOAN

(thousands of dollars)
31
32
33
34

1-99
100-999
1.000-9.999
10,000 or more

7.92
7.15
6.67
6.71

22
676
7,122
24,784

3.0
3.1
2.9
2.4

62
26
23
25

Average size
(thousands
of dollars)
BASE RATE OF LOAN 7

35 Prime
36 Other
Footnotes appear at end of table.

8.51
6.63

1,376
31,228

3.1
2.5

42.1
15.1

9.9
49.1

1,366
7,943

Financial Markets
4.23

63

TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 2007—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

6.80
6.42
6.88
7.48

39,452
15,500
17,815
6,137

815
626
1,134
776

2.6
2.6
2.3
3.2

110
157
29
225

23.9
25.2
12.5
53.9

33.4
32.4
38.6
21.1

12.6
11.2
8.6
27.9

Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days

7.30
7.34
6.99

8,980
14,162
17,701

301
315
741

3.0
3.0
3.1

121
133
91

46.5
50.1
43.5

14.3
17.0
15.7

49.5
35.3
25.1

Domestic banks
8 During survey week
9
Not under commitment
10
Informal commitment
11
Formal commitment

7.09
6.58
8.43
7.76

15,016
9,564
1,725
3,728

327
396
122
485

2.8
2.5
3.6
3.2

254
247
95
345

50.1
38.1
89.9
62.4

9.0
4.7
1.8
23.2

28.4
17.8
76.0
33.6

Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days

7.39
7.34
7.06

7,801
10,427
14,447

266
237
639

3.1
3.0

134
167
104

50.0
54.6
41.4

7.9
9.2
8.6

54.8
45.7
28.8

Large domestic banks
15 During survey week
16
Not under commitment
17
Informal commitment
18 Formal commitment

6.62
6.25
7.41
7.51

9,973
7,012
284
2,676

838
865
135
1,596

2.8
2.7
3.1
3.1

113
81
39
204

28.9
17.9
63.6
54.2

10.3
5.2
7.1
24.2

20.3
17.6
38.6
25.4

Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days

7.23
7.20
7.02

6,780
9,413
13,532

343
323
908

3.0
3.0

122
174
109

44.9
52.1
41.4

7.2
9.8
8.9

53.0
43.1
27.5

Small domestic banks
22 During survey week
23
Not under commitment
24
Informal commitment
25 Formal commitment

8.00
7.47
8.64
8.41

5,044
2,552
1,440
1,051

148
159
120
175

2.8
2.0
3.7
3.4

534
702
106
706

91.9
93.6
95.1
83.4

6.2
3.3
.8
20.6

44.4
18.2
83.4
54.4

Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days

8.40
8.61
7.66

1,021
1,014
915

106
68
118

3.1
3.2

219
100
33

84.3
77.7
41.0

12.9
3.1
4.4

67.0
70.5
48.1

Foreign banks
29 During survey week
30
Not under commitment
31
Informal commitment
32
Formal commitment

6.62
6.16
6.72
7.05

24,435
5,936
16,090
2,409

9,981
9,478
10,134
10,293

2.4
2.8
2.1
3.0

21
12
22
38

7.8
4.3
4.2
40.6

48.5
77.0
42.5
17.8

2.9
.5
1.3
19.2

Prior to survey weeks
Up to 90 days
91 to 365 days
More than 365 days

6.76
7.35
6.68

1,179
3,735
3,255

2,911
4,507
2,590

2.8
2.9
2.7

31
38
32

23.6
37.4
52.7

56.2
38.7
47.1

14.1
6.0
8.4

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 0.19 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 2007

4.30

ASSETS AND LIABILITIES

of U.S. Branches and Agencies of Foreign Banks, June 30, 20071

Millions of dollars except as noted

Total
including
IBFs3
Total assets4 .
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

IBFs
only3

Total
including
IBFs

Total
including
IBFs

IBFs
only

Total
including
IBFs

1,227
615
0

79,929
2,187
11
0

17,036
1,109
1

1,259,618
65,617
3,517
10

58,740
16,043
0
n.a.

1,100,911
57,745
3,493
5

53,952
13,355
0
n.a.

45,281

5,873

40,817

5,495

123

37,696

5,648

34,248

5,269

100

7,585

225
10,170
104
3,709
6,356
n.a.

6,570

225
7,861
104
1,679
6,077
n.a.

266
1
5
260
19

28,136

12,704
149
1,795
10,760
725
584,792

27,264

15,562

190,983
4,757
18,097

3,927
n.a.
n.a.

186,547
4,616
17,466

3,531
n.a.
n.a.

1,575
49
45

385
n.a.
n.a.

928
50
432

168,129
8,435
41,200
32,261
8,939
53,351
65,143

3,927
1,745

3,531
1,727

1,480
27
301
301
0
0
1,153

385
18
0
0
0
0
367

446
24

10
2,171

164,465
8,334
40,897
31,958
8,939
52,891
62,343

35,245
28,856
6,388

9,596
5,987
3,609

29,757
23,372
6,386

8,389
4,783
3,606

28 Securities purchased under agreements to resell
29
With depository institutions in the U.S
30
With others

208,459
49,962
158,497

1,624
0
1,624

199,198
46,924
152,274

1,624
0
1,624

31 Total loans, gross
32
LESS: Unearned income on loans .

475,246
562
474,684

24,240
31
24,209

398,735
490
398,245

23,763
30
23,733

11,729
83,316

6,537
1,091
1,011
80
0
5,127
10
5,117
319

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)
Securities of foreign governmental units
Mortgage-backed securities
Issued or guaranteed by U.S. government agencies
Other
Other asset-backed securities
All other
25 Federal funds sold
26
With depository institutions in the U.S. .
27
With others

33

EQUALS: Loans, net

Total loans, gross, by category
34 Real estate loans
35 Loans to depository institutions and acceptances of other banks
36
Commercial banks in United States (including their IBFs)
37
U.S. branches and agencies of other foreign banks
38
Other commercial banks in United States
39
Other depository institutions in United States (including their IBFs) .
40
Banks in foreign countries
41
Foreign branches of U.S. banks
42
Other banks in foreign countries
43 Loans to other financial institutions
44 Commercial and industrial loans
45
U.S. addressees (domicile)
46
Non-U.S. addressees (domicile)
47 Loans to foreign governments and official institutions (including
foreign central banks)
48 Loans for purchasing or carrying securities (secured and unsecured)
49 All other loans
50 Lease financing receivables (net of unearned income)
51
U.S. addressees (domicile)
52
Non-U.S. addressees (domicile)

29,209
125,894
5,464
3,850
1,614

25,133
100,149
5,092
3,514
1,578

10
1,794

14,182
106,236

6,727
1,129
1,049
80
0
5,279
10
5,269
319

248,744
197,416
51,328

15,684
224
15,459

204,402
159,158
45,244

15,397
224
15,173

2,385
22,187
46,030

885
620
324

2,250
21,503
44,503

885
620
324

795
795

795
795

11,740

5
258

2,025
0
2,025
0
n.a.

44,408

0
423

n.a.
n.a.
0
0
0
0
0
0
0

2,585
2,585

1,200
1,200
0

0
0
0

7,424
3,038
4,387

0
0
0

14,014
27
13,987

212
1
212

43,488
8
43,480

2
0
2

3,246
1,492
63
63
0
0
404
0
404
1,025

0
73
38
38
0
0
35
0
35
0

136
22,068
37
33
5
0
1,581
0
1,581
20,449

8,862
8,461

139
0
139

20,723
18,529
2,194

0
0
0

104
320
138

66
66

0
0
0

14,193

3,229
2,025
0

0
23
2,032
0
2,025
7
21

15,947
150
3,825
11,972
862
665,666

14 Total securities and loans . . .

IBFs
only

95,960

18,553

1,629,365

1,877,685

IBFs
only

6
408

4
0

0
0
0

53 Trading assets
54
U.S. Treasury and agency securities
55
Other trading assets

240,244
23,825
216,419

1,707
0
1,707

189,939
23,802
166,136

1,707
0
1,707

4
0
4

0
0
0

21,870
0
21,870

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

44,386
392
148
244
43,994
618,067

1,634
n.a.
n.a.
n.a.
1,634
99,585
n.a.

39,481
304
78
226
39,177
528,454
528,454

1,612
n.a.
n.a.
n.a.
1,612
74,823
n.a.

295
13
13
0
282
1,516
1,516

11
n.a.
n.a.
n.a.
11
4,341
n.a.

1,455
63
54
9
1,392
16,031
16,031

n.a.
n.a.
n.a.
3
2,126
n.a.

74,823

n.a.

4,341

158,325

1,629,365

128,775

18,553

5,568

95,960

5,355

144,030

1,481,645

115,447

12,999

5,439

92,451

4,626

64 Total liabilities4
65 Liabilities to nonrelated parties
Footnotes appear at end of table.

618,067
n.a.
1,877,685
1,706,453

99,585

2,126

U.S. Branches and Agencies
4.30

ASSETS AND LIABILITIES

of U.S. Branches and Agencies of Foreign Banks, June 30, 2007'—Continued

Millions of dollars except as noted

Total
excluding
IBFs3
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)
U.S. addressees (domicile)
104
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)
All other deposits and credit balances
Footnotes appear at end of table.

IBFs
only3

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

Total
excluding
IBFs

IBFs
only

861,115

100,009

757,356

74,727

4,851

4,580

27,540

3,873

762,478
730,943
31,534
65,211
13,173
52,037
8,405
2,031
6,374

10,914
130
10,784
8,552
6,445
2,108
33,890
467
33,423

666,313
643,677
22,636
58,981
12,809
46,171
8,156
2,031
6,126

7,055
130
6,925
7,446
5,691
1,755
20,713
190
20,523

3,934
2,384
1,550
126
25
101
6
0
6

44
0
44
417
375
42
3,123
251
2,872

26,382
26,055
327
984
100
884
174
0
174

87
0
87
349
349
0
1,500
0
1,500

4,300
20,721

45,991
661

4,103
19,803

39,222
290

9
777

996

0
0

1,936

12,945

15,006
13,249
9718
3,531
62
7
55
1,220
0
1,220

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

11,295
9,004
2,291
57
7
51
1,174
0
1,174

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

399
76

n.a.
n.a.

347
71

846,109

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

226
189
37
0
0
0
0
0
0

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

n.a.
n.a.

n.a.
n.a.

99
59
40
0
0
0
5
0
5

0
0

n.a.
n.a.

27,314

4,741

744,411

749,229
721,225
28,004
65,149
13,166
51,982
7,185
2,031
5,154

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

655,018
634,673
20,346
58,923
12,803
46,121
6,982
2,031
4,951

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

3,835
2,325
1,510
126
25
101
0
0
0

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

26,156
25,866
290
984
100
884
174
0
174

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

3,901
20,645

n.a.
n.a.

3,755
19,732

n.a.
n.a.

7
773

n.a.
n.a.

0

n.a.
n.a.

100,009

74,727

3,873

10,914
130
10,784
8,552
6,445
2,108
33,890
467
33,423

7,055
130
6,925
7,446
5,691
1,755
20,713
190
20,523

417
375
42
3,123
251
2,872

87
0
87
349
349
0
1,500
0
1,500

45,991
661

39,222
290

996
0

1,936
0

65

66

Federal Reserve Bulletin Statistical Supplement • November 2007

4.30

ASSETS AND LIABILITIES

of U.S. Branches and Agencies of Foreign Banks, June 30, 2007'—Continued

Millions of dollars except as noted

Total
including
IBFs3

IBFs
only3

Total
including
IBFs

IBFs
only

Total
including
IBFs

114 Federal funds purchased
115 With depository institutions in the U.S.
116
With others

113,393
56,044
57,348

18,713
2,047
16,666

96,688
46,151
50,538

17,121
1,848
15,273

804
794
10

128
118
10

5,564
1,871
3,693

227
31
196

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

217,891
17,114
200,777
252,906

987
23,496

208,854
17,114
191,741
210,592

987
21,900

295
0
295
2,168

0
0
0
697

6,892
0
6,892
27,127

0
0
0
509

20,776
13,534

3,713
794

20,004
13,086

3,648
794

567
392

35
0

32

0
0

7,242
21,676
488
21,187
210,455

2,919
15,790
442
15,347
3,993

6,919
20,138
411
19,728
170,449

2,854
14,586
390
14,195
3,666

175
644
77
567
958

35
472
52
420
190

0
433
0
433
26,662

0
412
0
412
97

128 All other liabilities
129
Branch or agency liability on acceptances executed and
outstanding
130
Trading liabilities
131
Other liabilities to nonrelated parties

161,140

825

133,429

411
118,926
41,803

n.a.

n.a.
0
34

62
20,236
1,158

n.a.
0
18

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

171,232
171,232

IBFs
only

Total
including
IBFs

IBFs
only

21,456

712

n.a.

9
816

320
95,334
37,775

9
703

13
0
286

14,295
n.a.

147,720
147,720

13,328
n.a.

5,554
5,554

130
n.a.

3,509
3,509

729
n.a.

103,272
23,859
79,413

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

77,132
16,242
60,889

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

3,599
942
2,657

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

16,135
4,634
11,501

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

144,979
14,177
130,801

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

126,958
12,088
114,870

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

5,164
300
4,864

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

4,530
540
3,990

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

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.

1,757

U.S. Branches and Agencies
4.30

ASSETS AND LIABILITIES

67

of U.S. Branches and Agencies of Foreign Banks, June 30, 20071—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

905,775
826,411

n.a.
n.a.

798,198
728,271

n.a.
n.a.

4,587
4,546

n.a.
n.a.

26,549
26,549

n.a.
n.a.

79,364

n.a.

69,927

n.a.

40

n.a.

1

n.a.

All states2

IBFs
only3

Total
including
IBFs

IBFs
only

97,391
249

n.a.
130

94,222
48

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,

Illinois

California

New York

Total
including
IBFs3
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

Total
including
IBFs

IBFs
only

Total
including
IBFs

IBFs
only

1,738
n.a.

n.a.
n.a.

1,060
n.a.

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, 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

70

Federal Reserve Bulletin Statistical Supplement • November 2007

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71

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general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165-176 are available online at www.federalreserve.gov/
pubs/staffstudies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications Fulfillment.

IN SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.
171.
172.

BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by

Gregory E. Elliehausen and John D. Wolken. September
1990. 35 pp.
162.

EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A.

Rhoades. February 1992. 11 pp.
164.

T H E 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by

James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.
167.

A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING
PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES,

by Stephen A. Rhoades. July 1994. 37 pp.

USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR-

KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
69 pp.

N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and

Donald Savage. February 1990. 12 pp.
160.

THE COST OF BANK REGULATION: A REVIEW OF THE EVI-

DENCE, by Gregory Elliehausen. April 1998. 35 pp.

173.
159.

THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH

IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study

Group on Disclosure, Federal Reserve System. March 2000.
35 pp.
174.

BANK MERGERS AND BANKING STRUCTURE IN THE UNITED

STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp.
175.

THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS:
INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve

Staff, for the Payments System Development Committee,
Federal Reserve System. December 2002. 27 pp.
176.

BANK MERGER ACTIVITY IN THE UNITED STATES, 1994—

2003, by Steven J. Pilloff. May 2004. 23 pp.

72

Federal Reserve Bulletin Statistical Supplement • November 2007

ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM
For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve
System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202)
728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a
charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal
Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be
drawn on a U.S. bank.

Release number and title

Annual
mail
rate

Annual
fax

rate

Approximate
release
days1

which data, refer
V ±±-LW±± U U l u A W-LW-L
V

Corresponding
Bulletin or
Statistical
Supplement 2
table numbers

Weekly Releases
Actions of the Board:
Applications and Reports
Received
H.3. Aggregate Reserves of
Depository Institutions and
the Monetary Base 3
H.4.1. Factors Affecting Reserve Balances
of Depository Institutions and
Condition Statement of
Federal Reserve Banks3
H.6. Money Stock Measures3

$55.00

n.a.

Friday

$20.00

n.a.

Thursday

$20.00

n.a.

Thursday

$35.00

n.a.

Thursday

H.8.

Assets and Liabilities of
Commercial Banks in the
United States3
H. 10. Foreign Exchange Rates 3

$30.00

n.a.

Friday

$20.00

$20.00

Monday

H.15. Selected Interest Rates3

$20.00

$20.00

Monday

$ 5.00

$ 5.00

First of month

Previous month

G.15. Research Library—
Recent Acquisitions
G.17. Industrial Production and
Capacity Utilization3

No charge

n.a.

First of month

Previous month

$15.00

n.a.

Midmonth

Previous month

2.12,2.13

G.19. Consumer Credit3

$ 5.00

$ 5.00

$ 5.00

n.a.

Second month
previous
Second month
previous

1.55, 1.56

G.20. Finance Companies3

Fifth working day
of month
End of month

H.2.

Week ending
previous
Saturday
Week ending
previous
Wednesday
Week ending
previous
Wednesday
Week ending
Monday of
previous week
Week ending
previous
Wednesday
Week ending
previous
Friday
Week ending
previous
Friday

1.20

1.11, 1.18

1.21

1.26A-F

3.28

1.35

Monthly Releases
G.5.

Foreign Exchange Rates3

3.28

1.51, 1.52

73

Annual
mail
rate

Release number and title

Annual
fax
rate

Approximate
release
days 1

Period or date to
which data refer

Corresponding
Bulletin or
Statistical
Supplement
table numbers 2

Quarterly Releases
E.2.

$ 5.00

Survey of Terms of Business
Lending 3

E. 11. Geographical Distribution of
sets and Liabilities of
Major Foreign Branches of
U.S. Banks

As-

Midmonth of
March, June,
September, and
December

February, May,
August, and
November

5.00

15th of March,
June,
September, and
December

4.23

Previous quarter

E.16. Country Exposure Lending
Survey 3

$ 5.00

January, April,
July, and
October

Previous quarter

Z. 1.

$25.00

Second week of
March, June,
September, and
December

Previous quarter

Flow of Funds Accounts
of the United States:
Flows and Outstandings3

1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures.
Moreover, for all series unusual circumstances may, from time to time,
result in a release date being later than anticipated.
2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin,
the corresponding table for the statistical release no longer appears in the

1.57, 1.58,
1.59, 1.60

Bulletin. Statistical tables are now published in the Statistical Supplement
to the Federal Reserve Bulletin; the table numbers, however, remain the
same.
3. These releases are also available on the Board's website,
www.federalreserve.gov/releases.
n.a. Not available.

74

Federal Reserve Bulletin Statistical Supplement • November 2007

Publications of Interest
FEDERAL RESERVE REGULATORY SERVICE
To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, which deal with extensions of credit for the purchase of securities, and related
statutes, Board interpretations, rulings, and staff opinions. Also included is the Board's list of foreign margin
stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price, which includes additional airmail costs,
is $250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Fulfillment, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

GUIDE TO THE FLOW OF FUNDS ACCOUNTS
A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.I quarterly statistical release),

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Fulfillment, Mail Stop
127, Board of Governors of the Federal Reserve System, Washington, DC 20551.

75

Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical release

Frequency of release

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z.I

Flow of Funds

Quarterly


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102