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Volume 4 • Number 10 • October 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 October 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 • October 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 5 7 GUIDE TO SPECIAL TABLES 5 8 INDEX TO STATISTICAL TABLES 60 FEDERAL RESERVE BOARD PUBLICATIONS 62 ANTICIPATED SCHEDULE OF RELEASE DATES PERIODIC STATISTICAL RELEASES 6 4 PUBLICATIONS FOR OF INTEREST 65 FEDERAL RESERVE STATISTICAL AVAILABLE ON THE COMMERCE ECONOMIC BULLETIN BOARD RELEASES DEPARTMENT'S 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 • October 2007 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate 1 2 3 4 Reserves of depository institutions2 Total Required Nonborrowed Monetary base3 Concepts of money* 5 Ml 6 M2 Q3' Q4' Ql' Q2' -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 -2.9 -7.0 -3.6 2.4 4.0 -.3 6.3 -.4 7.3 2.3 6.5 8.0 9.5 -3.5 Apr.1 May' 11.1 14.7 10.4 12.4 15.5 2.1 -46.4 -47.4 -48.7 3.0 -10.8 2.0 2.5 4.1 3.8 .0 6.4 5.2 3.0 -12.7 -14.2 12.5 5.2 10.2 3.4 8.4 9.0 July .0 3.2 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 Money market mutual funds 12 Retail7 13 Institution-only 16.0 17.0 17.1 21.2 18.9 11.5 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 -15.7 5.9 2.5 26.8 10.7 50.0 38.5 29.6 7.0 13.1 28.5 24.9 27.4 33.7 -3.0 7.0 15.5 1.1 -4.5 7.7 20.5 18.8 33.5 23.5 26.3 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. 6. Small time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. 7. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Money Stock and Bank Credit 1.11 5 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS' Millions of dollars Average of daily figures Average of daily figures for week ending on date indicated May July June 13 June 20 June 27 July 4 July 11 July 18 July 25 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Reserve Bank credit outstanding Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans to depository institutions Primary credit Secondary credit Seasonal credit Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 19 20 21 22 23 24 Currency in circulation Reverse repurchase agreements6 Foreign official and international accounts Dealers Treasury cash holdings Deposits with Federal Reserve Banks, other than reserve balances U.S. Treasury, general account Foreign official Service-related Required clearing balances Adjustments to compensate for float Other Other liabilities and capital Reserve balances with Federal Reserve Banks7 . . 853,335' 789,887 789,887 277,019 474,451 34,459 3,959 0 24,419 106 13 0 93 -974 39,897' 11,041 2,200 38,437 851,941' 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 38,532 849,880' 790,359 790,359 277,019 474,672 34,459 4,209 0 21,071 146 26 0 120 -825 39,129' 11,041 2,200 38,477 852,411' 790,417 790,417 277,019 474,672 34,459 4,267 0 22,679 283 132 0 151 -558 39,590' 11,041 2,200 38,492 847,606' 790,476 790,476 277,019 474,672 34,459 4,326 0 17,786 179 5 0 174 -853 40,019' 11,041 2,200 38,507 857,477 790,531 790,531 277,019 474,672 34,459 4,381 0 27,179 196 18 0 178 -963 40,534 11,041 2,200 38,521 854,183 790,587 790,587 277,019 474,672 34,459 4,437 0 22,893 238 43 0 195 -3 40,470 11,041 2,200 38,526 853,944 790,640 790,640 277,019 474,672 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 38,536 810,080 33,746 33,512 234 265 811,135 32,077 32,077 0 296 814,350 32,082 32,082 0 320 811,424 32,315 32,315 0 296 810,240 31,721 31,721 0 301 809,734 30,828 30,828 0 294 814,807 32,194 32,194 0 309 817,326 31,724 31,724 0 313 813,996 31,566 31,566 0 350 812,468 31,500 31,500 0 317 13,124 6,242 94 6,509 6,509 0 280 39,012 8,786' 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 11,880 4,958 109 6,583 6,583 0 231 39,451 6,231' 12,373 5,475 96 6,583 6,583 0 220 39,341 10,166' 11,655 4,923 99 6,395 6,395 0 238 39,655 7,188' 11,377 4,607 140 6,395 6,395 0 237 39,506 11,046 11,698 4,912 95 6,432 6,432 0 259 39,439 5,450 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 ABSORBING RESERVE FUNDS 25 26 27 28 29 30 31 32 End-of-month figures Wednesday figures June 27 July 4 July 25 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 . 851,555' 790,439 790,439 277,019 474,672 34,459 4,289 0 21,000 933 771 0 162 -621 39,803' 11,041 2,200 38,492 850,696' 790,497 790,497 277,019 474,672 34,459 4,347 0 20,000 187 5 0 182 -179 40,191' 11,041 2,200 38,507 860,484 790,553 790,553 277,019 474,672 34,459 4,403 0 30,250 186 5 0 181 -933 40,429 11,041 2,200 38,521 851,406 790,606 790,606 277,019 474,672 34,459 4,457 0 20,500 208 247 -1,166 41,451 11,041 2,200 38,541 850,221' 790,380 790,380 277,019 474,672 34,459 4,231 0 22,000 142 0 0 142 -1,500 39,199' 11,041 2,200 38,477 812,794 32,349 32,349 0 306 813,387 32,970 32,970 0 300 812,234 31,579 31,579 0 303 810,908 30,443 30,443 0 292 812,319 30,134 30,134 0 306 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 11,646 4,742 95 6,583 6,583 0 226 38,837 7,341' 12,923 6,022 96 6,583 6,583 0 222 39,153 9,570' 10,748 4,039 97 6,395 6,395 0 218 39,276 9,660' 861,582 790,800 790,800 277,019 473,378 35,753 4,650 0 30,250 247 114 -606 38,751' 11,041 2,200 38,462 855,382' 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 38,521 814,007 34,817 34,817 0 286 12,269 5,340 93 6,580 6,580 0 256 39,275 15,329' 864,281' 790,272 790,272 277,019 474,672 34,459 4,122 0 35,750 115 205 -415 40,506 11,041 2,200 38,526 858,665 790,660 790,660 277,019 474,672 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 38,536 818,655 32,209 32,209 0 323 817,138 31,296 31,296 0 356 814,178 32,507 32,507 0 320 813,676 31,109 31,109 0 300 10,877 4,117 96 6,395 6,395 0 269 39,754 10,429 11,719 4,914 95 6,432 6,432 0 277 38,888 3,776 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 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 • October 2007 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages Reserve classification 1 2 3 4 5 6 7 8 9 10 11 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 2007 2004 2005 2006 Dec. Dec' Dec' Jan.' Feb.' Mar.' Apr.' May' June' July 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 8.773 52,160 35,858 16,303 44,631 43,127 1,504 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 1,674 169 97 0 72 191 111 0 80 211 187 0 24 30 8 0 22 54 21 5 28 79 32 0 48 103 14 0 90 187 43 0 145 262 45 0 217 63 11 0 52 B weekly averages of daily figures for two-week periods ending on dates indicated 2007 1 2 3 4 5 6 7 8 9 10 11 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 Mar. 28' Apr. 11 Apr. 25' May 9' May 23 June 6' June 20' July 4' July 18 Aug. 1 7,383 50,967 34,634 16,334 42,017 40,336 1,680 7,783' 49,003' 32,120' 16,884' 39,903 38,096 1,806 8,684 48,916 35,247 13,669 43,931 42,602 1,329 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 83 32 0 52 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 60 31 0 29 80 44 0 36 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release, available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonally adj usted. 2. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of' adjustments. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrift institutions that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 4. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 5. Total vault cash (line 2) less applied vault cash (line 3). 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 7. Total reserves (line 5) less required reserves (line 6). Policy Instruments 1.14 1 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels 1 Secondary credit2 Primary credit Federal Reserve Bank Boston Vew York Philadelphia Cleveland Richmond Atlanta On 10/19/07 Effective date Previous rate On 10/19/07 Effective date Previous rate On 10/19/07 Effective date Previous rate 5.25 9/18/07 9/18/07 9/20/07 9/18/07 9/19/07 9/19/07 5.75 5.75 9/18/07 9/18/07 9/20/07 9/18/07 9/19/07 9/19/07 6.25 5.00 10/11/07 5.15 i "hicago St. Louis Minneapolis Kansas City Dallas San Francisco Seasona credit3 i 9/20/07 9/19/07 9/18/07 9/18/07 9/19/07 9/18/07 i 5.25 ' 5.75 5.75 1 9/20/07 9/19/07 9/18/07 9/18/07 9/19/07 9/18/07 i 1 1 6.25 5.00 10/11/07 5.15 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2.25 2.25 2003—June 25 26 2.00-2.25 2.00 2.00 2.00 2004—June 30 July 1 Aug. 10 11 Sept. 21 22 Nov. 10 12 Dec. 14 15 2.00-2.25 2.25 2.25-2.50 2.50 2.50-2.75 2.75 2.75-3.00 3.00 3.00-3.25 3.25 2.25 2.25 2.50 2.50 2.75 2.75 3.00 3.00 3.25 3.25 2005—Feb. 3.25-3.50 3.50 Effective date In effect Jan. 9,2003 (beginning of program) 2 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2005—Feb. 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 3.50 3.50-3.75 3.75 3.75^.00 4.00 4.00^.25 4.25 4.25^.50 4.50 4.50^.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 5.25-5.50 5.50 5.50 5.50 Effective date Range(or level)—All F.R. Banks F.R. Bank of N.Y. 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 5.75-6.25 5.75 5.25-5.75 5.25 5.75 5.75 5.25 5.25 5.25 5.25 Range(or level)—All F.R. Banks F.R. Bank of N.Y. 2001—June 27 29 Aug. 21 23 Sept. 17 18 Oct. 2 4 Nov. 6 8 Dec. 11 13 3.25-3.50 3.25 3.00-3.25 3.00 2.50-3.00 2.50 2.00-2.50 2.00 1.50-2.00 1.50 1.25-1.50 1.25 3.25 3.25 3.00 3.00 2.50 2.50 2.00 2.00 1.50 1.50 1.25 1.25 2002—Nov. 6 7 0.75-1.25 0.75 0.75 0.75 0.75 0.75 Effective date In effect October 19, 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 • October 2007 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$8.5 million2 2 More than $8.5 million-$45.8 million3 3 More than $45.8 million 4 Nonpersonal time deposits 5 Eurocurrency liabilities 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. Percentage of liabilities 0 10 Effective date 12/21/06 12/21/06 12/21/06 0 0 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 0 0 76,560 76,560 0 0 0 94,858 94,858 0 817 0 1,394 0 0 0 0 0 0 0 0 0 1,061 0 3,742 0 0 0 2,736 0 0 0 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 0 0 0 0 17,249 0 -84,844 110,819 11,309 0 -91,121 97,723 26,354 0 0 0 4,979 0 0 0 5,763 0 -8,012 7,554 3,626 0 -7,041 7,375 4,322 0 0 0 445 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 1,072 0 0 640 0 0 0 0 0 0 0 50,507 0 0 28,136 0 2,795 44,690 0 10,552 6,496 0 6,066 0 0 2,736 0 0 50,507 25,341 69,275 69,275 66,169 66,169 70,706 70,706 88,466 88,466 1,878 0 62,340 62,340 1,878 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 1,887,650 2,083,30 2,131,500 176,500 173,500 176,000 184,750 193,750 180,500 228,250 240,250 179,500 161,250 174,250 190,000 177,750 188,250 5,621,153 5,626,285 6,421,223 6,420,945 6,779,023 6,778,132 586,711 585,277 630,544 633,309 696,788 704,054 843,250 840,887 739,145 739,251 752,100 749,528 672,056 669,588 -5,110 4,434 -11,515 5,984 -9,637 18,143 -13,178 -8,032 34,626 39,369 29,029 10,930 -11,515 7,862 -9,637 24,209 -10,442 -8,032 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 • October 2007 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday July 4 July 11 July 18 July 25 May July Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, and loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Loans Items in process of collection Bank premises Other assets Denominated in foreign currencies'" All other7 19 Total assets 11,037 2,200 938 810,684 790,497 790,497 277,019 474,672 34,459 4 347 0 20,000 187 3,686 2,039 38,291 20,724 17,566 11,037 2,200 924 820,989 790,553 790,553 277,019 474,672 34,459 4,403 0 30,250 186 4,916 2,045 38,288 20,918 17,370 11,037 2,200 927 811,314 790,606 790,606 277,019 474,672 34,459 4,457 0 20,500 208 6,703 2,046 38,971 21,083 17,888 11,037 2,200 981 818,162 790,660 790,660 277,019 474,672 34,459 4,510 0 27,250 252 3,229 2,046 39,051 21,163 17,888 11,037 2,200 1,047 809,710 790,714 790,714 277,019 474,672 34,459 4,564 0 18,750 246 2,095 2,055 39,535 21,177 18,359 11,037 2,200 890 826,136 790,272 790,272 277,019 474,672 34,459 4,122 0 35,750 115 3,749 2,035 36,725 20,752 15,972 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 18,143 868,875 880,399 873,198 876,707 867,680 882,771 872,445 880,300 775,052 30,134 20,574 16,221 4,039 97 218 3,838 6,131 781,376 32,209 21,238 16,755 4,117 96 269 5,822 5,665 779,891 31,296 16,010 10,723 4,914 95 277 7,113 5,697 776,944 32,507 24,603 19,916 4,100 293 294 3,800 5,678 776,483 31,109 17,886 12,558 4,931 98 300 3,366 5,751 776,716 34,817 27,591 21,902 5,340 93 256 4,371 6,103 775,533 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 5,764 835,730 846,311 840,007 843,532 834,595 849,598 838,834 846,397 16,111 15,398 1,636 16,163 15,399 2,527 16,165 15,399 1,627 16,169 15,399 1,607 16,171 15,399 1,515 16,101 15,386 1,685 16,102 15,399 2,110 16,168 15,411 2,324 33,145 34,088 33,085 33,173 33,611 33,903 1,975,604 1,234,509 741,095 2,566 1,981,049 1,240,394 740,655 5,520 2,011,785 1,252,385 759,400 4,632 1,957,027 1,230,407 726,620 11,431 1,982,870 1,241,114 741,756 14,869 2,013,343 1,256,779 756,564 9,157 LIABILITIES 20 21 22 23 24 25 26 27 28 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends9 29 Total liabilities CAPITAL ACCOUNTS 30 Capital paid in 31 Surplus 32 Other capital accounts 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 1,997,056 1,252,058 744,998 2,007 2,003,549 1,258,875 744,674 6,039 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 978,521 980,274 982,532 984,343 986,851 972,157 979,452 988,789 203,469 775,052 775,052 11,037 2,200 761,815 0 198,897 781,376 781,376 11,037 2,200 768,139 0 202,641 779,891 779,891 11,037 2,200 766,654 0 207,399 776,944 776,944 11,037 2,200 763,708 0 210,369 776,483 776,483 11,037 2,200 763,246 0 195,440 776,716 776,716 11,037 2,200 763,479 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 0 810,497 820,803 811,106 817,910 809,464 826,022 815,772 821,050 30,168 32,258 31,343 32,553 31,156 34,861 32,402 33,028 780,329 788,545 779,763 785,357 778,308 791,161 783,370 788,022 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 July 4 July 11 July 18 July 25 May July 18 168 0 24 183 246 6 236 10 0 95 20 162 42 194 53 0 790,497 790,553 790,606 790,660 790,714 790,272 790,522 790,800 64,425 170,256 165,576 233,373 74,556 82,312 37,561 196,414 164,722 234,953 74,570 82,333 53,555 179,721 165,426 234,969 74,583 82,354 60,013 172,313 168,890 237,738 69,332 82,374 59,560 171,335 170,324 237,758 69,342 82,395 42,196 170,355 183,763 237,234 74,499 82,225 44,484 189,553 166,221 233,381 74,562 82,321 47,307 174,012 171,923 244,461 69,350 83,747 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 20,000 30,250 20,500 27,250 18,750 35,750 25,250 30,250 20 Within 15 days 20,000 0 30,250 0 20,500 0 27,250 0 18,750 0 35,750 0 25,250 0 30,250 0 31,296 32,507 31,296 0 32,507 0 31,109 0 34,817 0 1 Total loans 2 Within 15 days 3 16 days to 90 days 4 91 days to 1 year 5 Total U.S. Treasury securities' 6 7 8 9 10 11 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 12 Total federal agency securities 13 14 15 16 17 18 Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 21 16 days to 90 days 22 Total reverse repurchase agreements" 30,134 30,134 32,209 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. 32,349 32,349 0 32,970 0 2. Cash value of agreements classified by remaining maturity of the agreements. 12 Federal Reserve Bulletin Statistical Supplement • October 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. 2006 Apr. May July 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 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' 43.31 43.12 41.51 812.58' 42.17 41.96 40.67 813.39 42.42 42.39 40.93 812.17 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 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 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 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 .03 40.75 40.70 39.12 820.79 1.64 .05 42.54 42.46 41.01 822.63 1.53 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 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/ Apr. Mayr July 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 7,218.3' n.a. 1,379.3 7,237.8 n .a. 1,366.9' 7,249.9' 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 6.7 305.6 304.0 753.4 6.6 306.7' 312.6 754.6 6.5 306.8 311.3 755.0 6.5 304.5' 300.8' 758.1 6.5 303.9 301.3 4.764.3' 2,792.7 5.045.1' 3,011.1 5.315.2 3,478.5 5.664.8 n .a. 5.839.1' n.a. 5.858.5 n .a. 5.883.0' 5.904.7 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. 2.939.2' 756.5' n.a. 2.941.5 756.6 n .a. 2.950.9' 756.6' 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. 867.9' 430.7' n.a. 879.1 431.1 n .a. 881.3 429.5' 776.9' 1.133.4' 697.6' 1.084.4' 700.8 1.150.2 801.1 1.348.3 844.8' 1.423.9' 850.2 1.463.7 864.7' 1.486.6' 494.8 295.3 492.6 379.1 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 564.3 423.9 n .a. n .a. ii.a. ii.a. n .a. n .a. ii.a. ii.a. ii.a. ii.a. ii.a. ii.a. 1,369.8 7,274.4 n .a. 2.966.7 759.9 n .a. 872.0 424.4 n .a. 881.6 1.519.2 n .a. n .a. 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 7,071.7 666.7 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 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 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 Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 831.5 277.1' 120.1 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. 1,392.5' 7,270.9' 1,384.0 7,211.3 n .a. 1.368.7 7,254.4' 1,366.3 7,262.0 754.2 6.5 308.7 323.2 756.0 6.5 307.8 313.7 756.5 6.6 304.2' 301.5 5.683.8 5.878.3' 5.827.3 n .a. 2,776.1 643.4 1,114.4 2.914.8 756.8 2.970.0' 755.0' 2.925.4 754.3 278.4' 160.4 851.5 350.8 228.9 795.8 411.7 877.0' 429.8' 874.3 429.7 n .a. 883.7 428.2' 871.3 424.0 780.2' 1,160.3' 700.6' 1,107.8' 703.9 1,173.6 804.6 1,377.1 846.5' 1,409.4' 843.5 1,439.9 860.6' 1,469.8' 877.2 1,498.3 497.6 292.8 494.6 376.6 566.1 422.0 ii.a. 758.3 6.6 303.5 297.8 5.895.8 2.958.8' 754.2' 2.964.1 759.2 ii.a. n .a. n .a. 14 Federal Reserve Bulletin Statistical Supplement • October 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 Sept.' 2007 2007 2006 Mar.' Apr.' May' June' July' Aug.' Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 8,062.9 2,190.6 1,210.4 980.2 5,872.3 1,166.0 3,153.6 450.7 2,702.9 728.2 251.3 573.2 313.7 282.1 817.9 8,479.0 2,266.4 1,211.5 1,054.8 6,212.6 1,220.1 3,400.5 462.7 2,937.8 747.4 286.9 557.8 364.1 290.6 861.9 8,515.1 2,276.0 1,185.6 1,090.5 6,239.0 1,226.7 3,399.8 458.2 2,941.6 753.3 282.7 576.6 358.6 293.0 858.1 8,552.7 2,281.6 1,173.4 1,108.3 6,271.0 1,242.1 3,399.0 458.2 2,940.8 756.6 294.9 578.4 353.4 291.8 858.1 8,596.9 2,301.5 1,177.4 1,124.0 6,295.4 1,258.7 3,422.3 459.4 2,962.9 766.8 268.4 579.3 364.8 289.4 869.4 8,665.6 2,312.3 1,180.5 1,131.9 6,353.3 1,278.8 3,441.2 462.1 2,979.1 774.4 270.1 588.8 379.6 293.6 873.9 8,794.5 2,338.9 1,183.0 1,155.9 6,455.7 1,311.8 3,453.0 465.6 2,987.4 776.9 285.4 628.5 398.7 290.6 888.7 8,922.6 2,368.0 1,167.9 1,200.0 6,554.6 1,358.6 3,479.5 469.9 3,009.6 784.1 281.4 651.1 402.8 298.6 923.3 8,892.7 2,369.6 1,184.9 1,184.7 6,523.1 1,337.5 3,468.0 467.6 3,000.3 785.2 287.4 645.1 396.6 288.3 900.5 8,930.3 2,397.5 1,188.8 1,208.7 6,532.7 1,349.7 3,478.4 468.7 3,009.7 779.8 286.6 638.2 395.8 297.5 928.1 8,896.8 2,349.3 1,162.1 1,187.2 6,547.6 1,361.3 3,468.3 470.3 2,998.0 787.9 278.5 651.6 385.8 298.1 921.2 8,927.8 2,345.0 1,146.8 1,198.2 6,582.8 1,366.0 3,494.3 471.0 3,023.3 785.1 276.4 660.9 426.2 316.5 932.8 9,408.9 9,929.2 9,956.5 9,986.9 10,051.2 10,141.4 10,300.9 10,474.7 10,406.2 10,479.5 10,429.3 10,530.8 5,938.0 630.1 5,308.0 1,641.3 3,666.6 1,872.8 377.7 1,495.1 55.3 544.9 6,221.2 633.0 5,588.2 1,728.1 3,860.1 2,038.1 424.7 1,613.4 96.5 588.0 6,278.3 629.7 5,648.5 1,760.2 3,888.3 2,057.8 434.4 1,623.5 -12.4 597.3 6,296.3 646.9 5,649.4 1,792.9 3,856.5 2,055.6 427.4 1,628.2 -38.8 597.2 6,277.5 622.9 5,654.5 1,773.6 3,880.9 2,093.9 444.6 1,649.2 -13.0 606.3 6,302.7 610.4 5,692.3 1,771.9 3,920.4 2,110.7 442.5 1,668.3 53.8 605.5 6,372.1 627.7 5,744.4 1,821.5 3,923.0 2,200.3 462.6 1,737.7 44.0 598.1 6,429.3 611.4 5,817.9 1,872.4 3,945.5 2,252.6 468.0 1,784.6 92.4 600.9 6,391.2 639.3 5,751.9 1,825.4 3,926.4 2,238.1 459.9 1,778.2 65.5 586.3 6,395.5 593.6 5,801.9 1,855.2 3,946.7 2,269.4 472.1 1,797.4 103.6 606.1 6,433.8 609.4 5,824.5 1,882.2 3,942.2 2,242.1 449.0 1,793.1 80.4 596.4 6,482.3 606.2 5,876.1 1,895.6 3,980.5 2,251.2 481.5 1,769.6 114.2 601.2 8,411.0 8,943.8 8,921.0 8,910.4 8,964.6 9,072.7 9,214.5 9,375.3 9,281.1 9,374.7 9,352.7 9,448.9 997.8 985.4 1,035.5 1,076.6 1,086.6 1,068.6 1,086.5 1,099.4 1,125.1 1,104.7 1,076.5 1,081.9 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 57 Total liabilities 58 Residual (assets less liabilities)5 Footnotes appear on p. 21. 8,061.2 2,185.3 1,201.6 983.7 5,876.0 1,160.2 3,160.6 452.5 2,708.1 729.9 313.3 416.6 248.8 576.4 310.3 283.0 820.0 8,458.1 2,267.2 1,217.0 1,050.2 6,190.9 1,224.4 3,383.1 459.2 2,923.9 741.5 310.1 431.5 287.0 554.9 367.4 280.8 856.3 8,501.7 2,278.4 1,193.9 1,084.5 6,223.3 1,234.7 3,385.5 456.6 2,928.9 746.1 314.3 431.8 282.8 574.2 366.4 288.4 861.4 8,540.5 2,288.0 1,182.4 1,105.6 6,252.6 1,248.7 3,397.6 459.2 2,938.4 750.7 317.8 432.9 280.6 574.9 349.4 288.3 863.3 8,584.1 2,300.7 1,175.6 1,125.0 6,283.4 1,262.9 3,413.1 461.1 2,952.1 759.7 323.9 435.9 267.8 579.8 355.9 285.4 871.8 8,630.6 2,298.6 1,172.2 1,126.5 6,331.9 1,276.3 3,431.8 463.0 2,968.7 766.7 325.3 441.4 266.4 590.7 370.4 288.9 874.6 8,769.1 2,332.3 1,176.7 1,155.6 6,436.8 1,304.9 3,452.7 467.2 2,985.4 774.2 327.9 446.3 278.0 627.1 396.3 280.6 891.4 8,919.8 2,363.2 1,158.6 1,204.6 6,556.6 1,351.9 3,485.4 471.8 3,013.7 786.1 332.8 453.3 278.7 654.5 398.4 299.3 926.1 8,884.2 2,372.0 1,183.7 1,188.3 6,512.1 1,328.6 3,474.8 469.6 3,005.2 782.6 330.7 451.9 278.8 647.4 395.1 309.2 909.1 8,931.1 2,391.6 1,181.9 1,209.6 6,539.6 1,342.0 3,489.8 470.9 3,018.9 780.2 329.0 451.2 283.4 644.2 401.9 305.9 939.3 8,899.9 2,340.8 1,150.1 1,190.8 6,559.1 1,356.3 3,474.0 472.4 3,001.6 792.2 336.3 455.9 280.2 656.4 382.4 288.4 916.1 8,924.8 2,340.8 1,134.9 1,205.9 6,584.0 1,360.9 3,495.3 472.6 3,022.7 790.6 336.2 454.4 274.8 662.3 406.3 308.8 933.3 9,406.6 9,896.0 9,949.7 9,972.6 10,028.0 10,093.3 10,265.7 10,470.9 10,425.2 10,505.8 10,414.0 10,500.7 5,927.7 624.8 5,302.9 1,632.5 3,670.4 1,882.8 379.1 1,503.7 58.9 548.4 6,216.0 628.9 5,587.0 1,727.4 3,859.6 2,029.5 423.7 1,605.8 83.4 577.7 6,302.2 637.2 5,665.0 1,766.7 3,898.3 2,061.9 436.9 1,625.0 -32.0 580.3 6,298.3 639.0 5,659.3 1,808.6 3,850.7 2,070.6 427.2 1,643.4 -44.4 593.2 6,290.8 620.3 5,670.4 1,790.4 3,880.0 2,106.5 444.1 1,662.4 -21.4 599.4 6,288.7 603.5 5,685.2 1,775.6 3,909.6 2,105.2 441.7 1,663.5 43.3 596.9 6,356.2 614.5 5,741.7 1,817.7 3,923.9 2,191.5 463.7 1,727.8 45.4 599.8 6,416.5 606.0 5,810.5 1,861.0 3,949.5 2,266.0 469.4 1,796.6 97.7 605.0 6,450.8 609.9 5,840.9 1,823.7 4,017.2 2,225.2 464.1 1,761.1 76.0 596.3 6,430.7 583.2 5,847.5 1,843.2 4,004.3 2,268.5 476.7 1,791.8 111.8 612.4 6,394.3 601.8 5,792.5 1,862.5 3,930.1 2,268.1 452.8 1,815.3 75.2 591.2 6,386.3 632.3 5,754.0 1,883.3 3,870.7 2,290.1 478.3 1,811.8 125.4 609.7 8,417.8 8,906.6 8,912.4 8,917.7 8,975.3 9,034.0 9,192.8 9,385.1 9,348.3 9,423.3 9,328.8 9,411.6 988.8 989.3 1,037.3 1,054.9 1,052.7 1,059.3 1,072.8 1,085.8 1,076.8 1,082.4 1,085.2 1,089.1 16 Federal Reserve Bulletin Statistical Supplement • October 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 Sept.' 2007 2007 2006 Mar.' Apr.' May' June' July' Aug.' Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 27 Total liabilities 28 Residual (assets less liabilities)5 7,152.4 1,820.3 1,125.5 694.8 5,332.0 956.1 3,130.0 450.7 2,679.4 728.2 111.0 406.6 257.3 233.6 774.9 7,503.4 1,868.6 1,124.6 744.0 5,634.8 997.7 3,377.7 462.7 2,915.0 747.4 129.9 382.0 304.4 237.4 824.8 7,512.3 1,867.7 1,100.7 767.0 5,644.6 1,003.7 3,370.6 458.2 2,912.4 753.3 121.7 395.3 302.3 242.6 820.7 7,536.6 1,867.9 1,088.7 779.2 5,668.7 1,014.9 3,369.2 458.2 2,911.0 756.6 133.8 394.1 293.1 237.8 819.2 7,580.3 1,878.0 1,094.4 783.6 5,702.3 1,024.3 3,395.1 459.4 2,935.7 766.8 125.0 391.2 300.7 238.5 830.2 7,627.2 1,888.6 1,098.1 790.5 5,738.6 1,040.6 3,412.3 462.1 2,950.1 774.4 120.6 390.7 308.1 239.6 833.3 7,717.3 1,905.9 1,096.2 809.7 5,811.4 1,067.4 3,422.7 465.6 2,957.1 776.9 128.1 416.3 326.2 236.6 847.7 7,820.1 1,927.6 1,080.8 846.8 5,892.5 1,102.2 3,442.3 469.9 2,972.5 784.1 132.5 431.4 324.8 241.5 874.3 7,804.7 1,929.9 1,098.4 831.5 5,874.8 1,087.9 3,434.5 467.6 2,966.9 785.2 131.2 436.1 323.3 237.1 855.6 7,833.2 1,953.9 1,101.6 852.3 5,879.3 1,095.1 3,443.1 468.7 2,974.4 779.8 135.8 425.4 317.8 241.8 879.7 7,803.1 1,919.2 1,074.0 845.1 5,883.9 1,104.3 3,429.7 470.3 2,959.4 787.9 131.1 430.9 312.3 243.4 877.1 7,816.8 1,904.9 1,062.3 842.6 5,911.9 1,107.0 3,455.4 471.0 2,984.4 785.1 130.9 433.5 344.5 250.2 875.1 8,350.9 8,804.0 8,810.1 8,818.3 8,881.1 8,937.4 9,056.7 9,188.8 9,149.3 9,200.9 9,163.6 9,214.7 5,217.7 619.6 4,598.1 933.2 3,664.9 1,398.1 327.5 1,070.7 312.1 427.2 5,417.2 622.6 4,794.6 936.3 3,858.3 1,464.3 356.3 1,108.1 465.6 473.3 5,428.0 617.6 4,810.4 923.9 3,886.5 1,480.0 372.5 1,107.5 396.6 476.0 5,407.7 635.7 4,772.0 917.4 3,854.6 1,488.9 368.0 1,121.0 396.6 468.9 5,405.7 610.7 4,795.0 916.0 3,879.0 1,517.0 376.8 1,140.3 401.5 484.4 5,444.0 598.5 4,845.4 926.9 3,918.5 1,532.5 378.3 1,154.2 412.9 484.2 5,482.1 615.2 4,866.9 945.8 3,921.1 1,610.3 389.7 1,220.6 407.2 476.5 5,497.0 598.6 4,898.4 954.8 3,943.6 1,681.0 400.9 1,280.1 431.3 480.2 5,505.7 626.0 4,879.7 955.2 3,924.6 1,647.0 386.5 1,260.5 410.2 466.9 5,483.6 581.7 4,901.8 957.1 3,944.7 1,691.6 406.2 1,285.3 440.5 480.2 5,496.9 596.9 4,900.0 959.7 3,940.3 1,682.3 383.7 1,298.6 416.1 482.1 5,520.6 592.9 4,927.8 949.1 3,978.6 1,687.9 415.2 1,272.7 451.7 478.6 7,355.1 7,820.4 7,780.7 7,762.2 7,808.7 7,873.5 7,976.1 8,089.5 8,029.8 8,095.8 8,077.3 8,138.8 995.8 983.6 1,029.4 1,056.0 1,072.4 1,063.9 1,080.7 1,099.3 1,119.4 1,105.1 1,086.3 1,076.0 Not seasonally adjusted 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 59 Total liabilities 60 Residual (assets less liabilities)5 Footnotes appear on p. 21. 7 155 2 1,815.0 1,116.8 698.3 5,340.2 951.8 3,137.1 452.5 2,684.6 1,291.4 1,393.2 729.9 313.3 416.6 111.3 410.1 253.9 233.4 777.7 7 479 2 1,869.5 1,130.1 739.3 5,609.8 1,000.2 3,360.3 459.2 2,901.1 1,424.3 1,476.8 741.5 310.1 431.5 129.9 377.9 307.6 229.3 819.4 7,494.1 1,870.0 1,109.1 760.9 5,624.0 1,010.4 3,356.3 456.6 2,899.6 1,411.4 1,488.3 746.1 314.3 431.8 119.9 391.4 310.1 238.8 824.8 7,533.1 1,874.3 1,097.8 776.5 5,658.9 1,021.7 3,367.8 459.2 2,908.6 1,410.6 1,498.0 750.7 317.8 432.9 127.9 390.8 289.1 235.0 823.9 7,569.4 1,877.2 1,092.6 784.6 5,692.2 1,029.1 3,385.9 461.1 2,924.8 1,418.5 1,506.3 759.7 323.9 435.9 125.9 391.5 291.9 235.3 832.5 7,595.8 1,874.9 1,089.7 785.2 5,720.9 1,038.9 3,402.8 463.0 2,939.8 1,427.6 1,512.2 766.7 325.3 441.4 119.8 392.7 298.9 235.3 834.8 7,700.0 1,899.3 1,089.9 809.4 5,800.7 1,061.1 3,422.4 467.2 2,955.1 1,432.0 1,523.1 774.2 327.9 446.3 126.7 416.4 323.9 226.3 850.8 7,822.5 1,922.9 1,071.5 851.4 5,899.6 1,097.4 3,448.3 471.8 2,976.5 1,443.9 1,532.6 786.1 332.8 453.3 132.8 435.1 320.4 241.1 877.8 7,804.4 1,932.3 1,097.2 835.1 5,872.1 1,080.9 3,441.3 469.6 2,971.7 1,445.6 1,526.1 782.6 330.7 451.9 128.9 438.3 321.8 257.3 865.2 7,838.7 1,947.9 1,094.7 853.2 5,890.8 1,089.1 3,454.5 470.9 2,983.6 1,454.7 1,529.0 780.2 329.0 451.2 136.3 430.7 323.9 248.8 891.2 7,807.3 1,910.8 1,062.0 848.8 5,896.5 1,100.2 3,435.4 472.4 2,962.9 1,431.2 1,531.7 792.2 336.3 455.9 133.6 435.2 308.9 232.0 873.4 7,818.5 1,900.8 1,050.4 850.4 5,917.7 1,103.7 3,456.4 472.6 2,983.8 1,444.9 1,538.9 790.6 336.2 454.4 130.9 436.1 324.6 241.5 874.4 8,352.8 8,769.4 8,800.2 8,812.8 8,860.3 8,894.2 9,029.7 9,189.6 9,176.9 9,230.7 9,149.3 9,186.9 5,215.6 614.3 4,601.3 932.6 3,668.7 1,408.1 328.8 1,079.3 314.3 429.7 5 408.3 618.3 4,790.0 932.2 3,857.8 1,455.7 355.3 1,100.4 454.8 464.4 5 440.5 625.3 4,815.2 918.8 3,896.4 1,484.1 375.0 1,109.1 380.3 461.0 5 393.6 628.0 4,765.6 916.8 3,848.8 1,503.9 367.7 1,136.2 395.4 467.8 5,405.1 608.3 4,796.7 918.6 3,878.1 1,529.7 376.2 1,153.5 396.3 479.5 5,428.1 591.9 4,836.2 928.5 3,907.7 1,526.9 377.5 1,149.5 405.4 477.3 5,470.1 602.2 4,867.9 945.8 3,922.1 1,601.4 390.7 1,210.7 409.7 478.8 5,494.8 593.1 4,901.6 954.1 3,947.6 1,694.4 402.3 1,292.1 434.7 483.2 5,570.6 596.6 4,974.0 958.7 4,015.3 1,634.1 390.7 1,243.4 421.5 477.3 5,530.7 571.3 4,959.5 957.1 4,002.4 1,690.6 410.9 1,279.7 445.4 484.7 5,472.1 589.2 4,882.9 954.7 3,928.2 1,708.3 387.5 1,320.8 410.4 476.5 5,431.4 618.7 4,812.8 944.0 3,868.8 1,726.8 411.9 1,314.9 458.4 484.5 7,367.8 7,783.2 7,765.8 7,760.7 7,810.5 7,837.7 7,960.0 8,107.1 8,103.5 8,151.4 8,067.4 8,101.2 985.1 986.2 1,034.4 1,052.0 1,049.8 1,056.4 1,069.7 1,082.5 1,073.4 1,079.3 1,082.0 1,085.8 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 Sept.' 2007 2007 2006 Mar.' Apr.' May' June' July' Aug.' Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 Seasonall 1 adjusted Assets 1 Bank credit 2 Securities in bank credit 3 Treasury and Agency securities2 . . 4 Trading account 5 Investment account 6 Mortgage-backed 7 Other 8 Other securities 9 Trading account 10 Investment account 11 State and local government . . 12 Other 13 Loans and leases in bank credit3 . . . . 14 Commercial and industrial 15 Real estate 16 Revolving home equity 17 Other 18 Other residential 19 Commercial 20 Consumer 21 Security4 22 Federal funds sold to and repurchase agreements with broker-dealers 23 Other 24 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. 4,379.7 1,220.6 721.0 44.3 676.7 601.1 75.6 499.6 225.0 274.6 45.2 229.4 3,159.1 615.7 1,709.6 351.9 1,357.7 812.6 545.1 419.9 101.9 4,702.9 1,265.3 736.9 63.2 673.7 608.6 65.1 528.4 243.3 285.1 55.2 229.9 3,437.6 643.5 1,955.0 372.5 1,582.6 993.3 589.2 442.0 120.7 4,694.7 1,264.9 716.5 63.3 653.2 588.7 64.5 548.4 263.7 284.7 56.2 228.5 3,429.7 646.5 1,938.0 370.4 1,567.5 973.5 594.0 444.2 112.2 4,714.4 1,262.4 704.0 59.9 644.0 582.8 61.2 558.4 271.9 286.6 57.3 229.3 3,452.0 656.2 1,936.8 370.9 1,565.9 965.7 600.3 445.9 124.8 4,739.9 1,272.4 710.2 67.8 642.4 581.4 61.0 562.2 280.9 281.3 57.4 223.9 3,467.5 660.3 1,957.6 372.2 1,585.4 978.7 606.7 451.4 115.4 4,781.3 1,293.9 718.0 70.5 647.5 579.2 68.4 575.9 289.9 285.9 58.2 227.8 3,487.4 667.7 1,973.6 374.2 1,599.4 990.6 608.8 450.2 111.1 4,856.6 1,309.4 717.2 66.6 650.6 580.6 70.0 592.2 301.0 291.1 59.0 232.1 3,547.2 688.6 1,978.6 377.1 1,601.5 987.8 613.7 452.7 118.0 4,923.3 1,327.1 701.4 68.8 632.7 564.4 68.3 625.6 316.8 308.9 59.7 249.1 3,596.2 713.3 1,981.3 380.2 1,601.1 985.8 615.3 458.9 121.4 4,927.8 1,330.6 719.4 67.1 652.3 584.0 68.3 611.3 306.9 304.4 58.9 245.6 3,597.1 705.8 1,987.4 378.6 1,608.8 996.5 612.3 457.3 119.8 4,955.3 1,355.7 723.5 66.8 656.7 586.9 69.8 632.1 321.9 310.3 59.3 251.0 3,599.7 709.8 1,990.3 380.1 1,610.1 998.0 612.2 457.4 124.9 4,906.2 1,317.3 693.5 71.4 622.1 552.7 69.5 623.8 313.4 310.4 60.4 250.1 3,588.9 713.6 1,974.5 381.1 1,593.4 978.6 614.8 461.8 120.2 4,899.2 1,305.0 683.8 66.0 617.8 549.9 67.9 621.2 312.6 308.6 60.3 248.3 3,594.2 714.1 1,978.2 380.2 1,597.9 976.7 621.2 460.4 119.8 84.1 17.8 93.5 27.2 86.4 25.8 99.5 25.3 91.2 24.2 86.4 24.7 92.9 25.1 97.2 24.3 96.6 23.2 100.3 24.6 96.3 23.9 94.5 25.3 25.4 179.6 106.9 174.4 29.4 144.3 102.6 184.5 36.2 150.8 101.8 181.7 37.4 150.9 99.9 174.8 34.0 149.6 99.3 171.9 32.2 152.9 99.8 178.7 41.7 168.0 99.6 190.5 49.2 172.1 99.9 191.8 52.8 174.3 99.8 184.7 47.1 170.2 100.1 183.0 48.1 170.7 100.0 182.5 48.1 173.5 100.1 213.1 113.7 60.7 151.3 568.5 125.5 59.0 149.1 599.5 125.5 56.2 154.5 591.0 123.2 51.6 149.5 586.0 121.0 50.9 150.6 596.1 129.0 49.7 150.6 600.9 140.0 50.4 148.0 611.5 141.1 50.7 153.2 627.4 131.9 52.8 151.8 610.2 131.7 51.4 155.4 630.4 134.1 48.4 154.5 636.4 161.6 51.5 159.7 625.2 5,239.6 5,603.1 5,587.7 5,589.9 5,623.9 5,675.0 5,770.2 5,858.8 5,837.8 5,887.6 5,842.7 5,860.6 3 021 3 335.3 2,686.0 516.2 2,169.8 876.9 151.9 725.0 304.2 359.6 3 149 8 340.7 2,809.2 519.0 2,290.2 941.8 139.9 801.9 457.1 392.3 3,160.4 341.2 2,819.2 513.0 2,306.2 939.7 136.8 802.9 396.5 396.6 3,133.8 352.4 2,781.4 504.2 2,277.2 941.5 129.1 812.4 397.6 388.6 3,117.5 329.5 2,788.0 501.2 2,286.8 961.9 139.1 822.8 401.7 404.2 3,140.5 321.1 2,819.4 511.5 2,307.9 1,013.1 151.8 861.3 412.5 404.6 3,172.9 332.1 2,840.8 530.2 2,310.6 1,069.4 155.4 914.0 406.7 397.2 3,183.6 315.6 2,868.0 539.7 2,328.3 1,129.0 154.4 974.6 432.1 400.7 3,192.5 345.4 2,847.1 539.4 2,307.7 1,117.5 149.5 968.0 410.4 387.9 3,168.6 305.9 2,862.7 542.3 2,320.4 1,154.1 163.2 990.8 441.2 401.8 3,179.7 314.8 2,864.9 543.8 2,321.1 1,131.8 141.2 990.6 417.3 403.5 3,205.4 309.2 2,896.2 535.1 2,361.0 1,109.5 153.6 955.9 452.2 398.6 4,562.0 4,941.0 4,893.3 4,861.5 4,885.3 4,970.8 5,046.1 5,145.4 5,108.4 5,165.7 5,132.3 5,165.8 677.6 662.1 694.4 728.5 738.6 704.3 724.1 713.5 729.4 721.9 710.5 694.8 18 Federal Reserve Bulletin Statistical Supplement • October 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 Sept.' 2007 2007 2006 Mar.' Apr.' May' June' July' Aug.' Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 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. 4,375.9 1,215.6 712.6 43.3 669.3 596.5 72.8 503.0 226.6 276.4 45.5 230.9 3,160.3 613.6 1,710.7 353.0 1,357.7 813.2 544.5 420.4 123.4 297.0 102.4 4,691.0 1,264.8 741.1 64.0 677.1 609.0 68.1 523.7 241.0 282.7 54.7 227.9 3,426.2 645.1 1,946.6 369.6 1,577.0 988.2 588.8 440.3 126.1 314.2 120.4 4,689.0 1,265.2 722.9 64.2 658.7 592.8 65.9 542.4 260.7 281.7 55.6 226.1 3,423.8 651.0 1,934.5 369.2 1,565.3 972.0 593.3 441.7 126.6 315.0 110.3 4,718.6 1,269.1 713.3 63.1 650.2 589.1 61.1 555.7 270.5 285.2 57.0 228.3 3,449.5 660.1 1,940.6 371.9 1,568.7 968.9 599.8 443.5 127.2 316.4 119.3 4,740.3 1,271.5 708.3 68.2 640.1 578.0 62.2 563.2 281.4 281.8 57.6 224.3 3,468.8 663.1 1,957.8 373.5 1,584.3 979.9 604.3 448.7 130.0 318.6 116.5 4,760.7 1,281.9 711.4 68.8 642.6 574.4 68.2 570.5 287.2 283.3 57.6 225.7 3,478.8 666.1 1,970.6 375.0 1,595.6 990.1 605.5 446.2 129.8 316.5 110.4 4,841.4 1,304.1 712.2 65.5 646.7 578.1 68.6 591.8 300.9 291.0 59.0 232.0 3,537.4 684.6 1,978.3 378.5 1,599.8 988.3 611.5 450.6 130.2 320.4 116.6 4,920.1 1,322.6 692.4 67.1 625.3 559.5 66.5 630.2 319.1 311.1 60.2 250.9 3,597.5 710.6 1,982.6 381.6 1,601.1 986.6 614.5 459.6 131.8 327.8 121.9 4,925.7 1,333.6 718.7 67.0 651.7 585.8 66.0 614.9 308.5 306.4 59.6 246.8 3,592.1 701.7 1,990.8 380.6 1,610.3 997.9 612.4 456.6 131.1 325.5 117.3 4,955.0 1,349.7 716.7 66.2 650.5 584.0 66.5 633.1 322.6 310.5 58.9 251.6 3,605.3 706.3 1,996.1 381.8 1,614.3 1,001.0 613.3 457.8 131.0 326.9 125.3 4,902.7 1,309.2 681.8 69.7 612.2 545.3 66.9 627.4 315.2 312.2 60.8 251.5 3,593.5 711.4 1,974.6 382.6 1,592.0 978.6 613.4 463.4 133.0 330.4 122.9 4,893.0 1,300.4 671.5 63.6 607.9 542.3 65.6 628.9 316.5 312.4 61.1 251.4 3,592.6 712.5 1,974.5 381.0 1,593.5 975.7 617.8 462.0 133.3 328.7 120.4 84.2 18.1 93.9 26.5 85.0 25.3 95.2 24.1 92.2 24.4 85.6 24.9 91.4 25.3 97.2 24.7 94.2 23.1 100.8 24.5 97.6 25.3 94.8 25.5 25.4 181.5 106.3 173.1 29.4 141.3 103.1 180.6 36.2 148.1 102.0 186.6 37.4 148.9 99.8 177.7 34.0 149.9 98.8 170.5 32.2 154.1 99.1 176.9 41.7 166.7 98.8 191.4 49.2 174.3 99.2 190.2 52.8 173.6 99.2 181.5 47.1 173.4 99.1 189.7 48.1 174.1 99.1 183.2 48.1 175.7 99.4 202.5 112.8 60.2 149.9 571.4 122.9 57.7 144.9 594.1 128.7 57.9 153.8 595.2 125.2 52.5 148.0 590.6 120.1 50.4 148.2 598.5 127.7 49.2 146.7 602.3 140.7 50.6 139.1 614.6 139.8 50.4 151.6 630.9 129.7 51.9 164.8 619.8 136.4 53.2 160.2 642.0 134.7 48.6 144.9 632.7 153.5 49.0 151.4 624.5 5,235.8 5,577.6 5,590.5 5,600.2 5,622.7 5,650.4 5,750.0 5,855.7 5,855.0 5,909.9 5,826.6 5,834.9 3,019.9 331.3 2,688.7 515.6 2,173.1 886.9 153.2 733.7 306.4 362.2 3,141.7 338.5 2,803.2 514.9 2,288.3 933.2 138.9 794.3 446.3 383.4 3,166.1 347.2 2,818.8 507.9 2,311.0 943.8 139.3 804.4 380.2 381.6 3,122.4 348.1 2,774.4 503.6 2,270.7 956.5 128.8 827.6 396.3 387.4 3,118.3 328.5 2,789.9 503.8 2,286.1 974.5 138.5 836.0 396.5 399.3 3,132.6 316.4 2,816.2 513.1 2,303.1 1,007.6 151.0 856.5 405.0 397.8 3,163.8 321.5 2,842.3 530.2 2,312.0 1,060.5 156.4 904.1 409.1 399.5 3,181.9 311.3 2,870.6 538.9 2,331.7 1,142.4 155.8 986.6 435.5 403.7 3,233.7 320.2 2,913.5 542.9 2,370.6 1,104.7 153.7 951.0 421.7 398.3 3,205.3 300.6 2,904.7 542.3 2,362.4 1,153.1 167.9 985.2 446.1 406.3 3,164.3 311.2 2,853.1 538.8 2,314.4 1,157.8 145.0 1,012.8 411.6 398.0 3,137.7 325.3 2,812.3 530.0 2,282.3 1,148.5 150.4 998.1 458.9 404.6 4,575.4 4,904.5 4,871.6 4,862.7 4,888.7 4,943.0 5,032.9 5,163.5 5,158.3 5,210.8 5,131.7 5,149.6 660.4 673.0 718.9 737.6 734.0 707.4 717.1 692.2 696.6 699.1 694.9 685.2 Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES D. Small domestically chartered commercial banks 19 Assets and Liabilities' —Continued Billions of dollars Wednesd ay figures Monthly averages Account Sept.' 2007 2007 2006 Mar.' Apr.' May' June' July' Aug.' Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 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 2,772.7 599.7 404.5 195.2 2,173.0 340.4 1,420.5 98.8 1,321.7 308.3 103.8 82.9 82.3 206.3 2,800.6 603.3 387.7 215.6 2,197.3 354.2 1,422.7 90.2 1,332.5 305.4 114.9 119.8 88.3 225.3 2,817.6 602.8 384.2 218.6 2,214.8 357.2 1,432.6 87.7 1,344.9 309.1 116.0 120.5 88.1 229.7 2,822.2 605.5 384.7 220.8 2,216.7 358.8 1,432.4 87.3 1,345.1 310.7 114.8 118.3 88.3 233.3 2,840.4 605.5 384.1 221.4 2,234.9 364.0 1,437.5 87.2 1,350.3 315.4 118.0 128.8 87.9 234.1 2,845.9 594.7 380.1 214.7 2,251.2 372.9 1,438.7 87.9 1,350.8 324.2 115.3 129.5 89.0 232.4 2,860.7 596.5 379.0 217.6 2,264.2 378.8 1,444.1 88.5 1,355.6 324.2 117.1 135.7 88.6 236.2 2,896.9 600.6 379.4 221.2 2,296.3 388.9 1,461.0 89.7 1,371.3 325.2 121.2 133.0 88.3 246.9 2,876.9 599.3 379.0 220.2 2,277.7 382.1 1,447.1 89.0 1,358.1 327.9 120.6 138.6 85.3 245.4 2,877.8 598.2 378.1 220.1 2,279.6 385.4 1,452.9 88.6 1,364.3 322.4 118.9 134.8 86.4 249.3 2,896.9 601.9 380.5 221.4 2,295.0 390.7 1,455.1 89.2 1,366.0 326.1 123.1 129.7 88.9 240.7 2,917.6 600.0 378.5 221.5 2,317.7 392.9 1,477.2 90.8 1,386.4 324.7 122.8 131.4 90.6 249.9 3,111.3 3,200.9 3,222.4 3,228.4 3,257.2 3,262.4 3,286.5 3,330.0 3,311.5 3,313.3 3,320.9 3,354.1 2,196.5 284.3 1,912.1 417.0 1,495.1 521.2 175.6 345.6 7.9 67.6 2,267.4 281.9 1,985.5 417.3 1,568.1 522.5 216.4 306.2 8.5 81.0 2,267.5 276.4 1,991.2 410.9 1,580.2 540.3 235.7 304.7 0.1 79.4 2,273.9 283.2 1,990.7 413.2 1,577.4 547.5 238.9 308.6 -0.9 80.4 2,288.3 281.2 2,007.0 414.8 1,592.2 555.2 237.7 317.5 -0.2 80.2 2,303.4 277.4 2,026.0 415.4 1,610.6 519.4 226.4 292.9 0.4 79.6 2,309.2 283.1 2,026.1 415.6 1,610.5 540.9 234.3 306.6 0.5 79.4 2,313.4 283.0 2,030.4 415.1 1,615.3 552.0 246.5 305.5 -0.7 79.4 2,313.2 280.6 2,032.6 415.8 1,616.8 529.5 237.0 292.5 -0.2 79.0 2,314.9 275.8 2,039.1 414.8 1,624.3 537.5 243.0 294.5 -0.7 78.4 2,317.2 282.0 2,035.2 416.0 1,619.2 550.5 242.6 308.0 -1.2 78.6 2,315.2 283.6 2,031.6 414.0 1,617.6 578.4 261.6 316.8 -0.6 80.0 2,793.1 2,879.4 2,887.4 2,900.8 2,923.4 2,902.7 2,930.0 2,944.1 2,921.4 2,930.1 2,945.0 2,973.0 318.2 321.5 335.1 327.6 333.8 359.7 356.6 385.8 390.1 383.1 375.9 381.1 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. 2,779.3 599.4 404.2 195.2 2,179.9 338.2 1,426.4 99.5 1 326 9 478.2 848.7 309.5 189.9 119.6 105.8 80.8 83.5 206.3 2,788.2 604.6 389.0 215.6 2,183.5 355.1 1,413.7 89.6 1 324 0 436.1 888.0 301.2 184.0 117.3 113.6 127.0 84.4 225.3 2,805.0 604.8 386.2 218.6 2,200.2 359.4 1,421.8 87.4 1,334.4 439.4 895.0 304.4 187.7 116.8 114.6 123.5 85.0 229.7 2,814.6 605.2 384.4 220.8 2,209.4 361.6 1,427.2 87.3 1,339.9 441.7 898.2 307.2 190.6 116.5 113.4 111.4 87.1 233.3 2,829.1 605.7 384.3 221.4 2,223.4 366.0 1,428.1 87.5 1,340.6 438.6 902.0 311.1 193.9 117.2 118.2 121.4 87.1 234.1 2,835.1 593.0 378.4 214.7 2,242.1 372.8 1,432.3 88.0 1,344.2 437.5 906.7 320.5 195.5 125.0 116.5 122.0 88.7 232.4 2,858.5 595.2 377.6 217.6 2,263.3 376.5 1,444.0 88.7 1,355.3 443.7 911.6 323.6 197.7 125.9 119.2 132.5 87.2 236.2 2,902.4 600.3 379.1 221.2 2,302.1 386.7 1,465.7 90.2 1,375.5 457.4 918.1 326.4 201.0 125.4 123.3 130.2 89.5 246.9 2,878.6 598.7 378.5 220.2 2,279.9 379.2 1,450.5 89.0 1,361.4 447.7 913.7 326.0 199.6 126.4 124.3 140.2 92.5 245.4 2,883.7 598.2 378.1 220.1 2,285.6 382.8 1,458.4 89.1 1,369.3 453.7 915.6 322.4 198.0 124.3 122.0 134.2 88.6 249.3 2,904.6 601.5 380.2 221.4 2,303.0 388.8 1,460.8 89.9 1,370.9 452.6 918.3 328.8 203.3 125.5 124.6 125.7 87.1 240.7 2,925.4 600.3 378.9 221.5 2,325.1 391.2 1,481.9 91.6 1,390.3 469.2 921.1 328.6 202.8 125.7 123.4 122.1 90.0 249.9 3,117.1 3,191.8 3,209.7 3,212.5 3,237.6 3,243.8 3,279.7 3,333.9 3,321.9 3,320.8 3,322.7 3,352.1 2,195.7 283.0 1,912.6 417.0 1,495.6 521.2 175.6 345.6 7.9 67.6 2,266.6 279.8 1,986.8 417.3 1,569.4 522.5 216.4 306.2 8.5 81.0 2,274.4 278.0 1,996.4 410.9 1,585.4 540.3 235.7 304.7 0.1 79.4 2,271.2 279.9 1,991.3 413.2 1,578.1 547.5 238.9 308.6 -0.9 80.4 2,286.8 279.9 2,006.9 414.8 1,592.1 555.2 237.7 317.5 -0.2 80.2 2,295.4 275.5 2,020.0 415.4 1,604.6 519.4 226.4 292.9 0.4 79.6 2,306.3 280.7 2,025.6 415.6 1,610.0 540.9 234.3 306.6 0.5 79.4 2,312.8 281.8 2,031.0 415.1 1,615.9 552.0 246.5 305.5 -0.7 79.4 2,336.9 276.4 2,060.5 415.8 1,644.7 529.5 237.0 292.5 -0.2 79.0 2,325.4 270.6 2,054.8 414.8 1,640.0 537.5 243.0 294.5 -0.7 78.4 2,307.8 278.1 2,029.8 416.0 1,613.8 550.5 242.6 308.0 -1.2 78.6 2,293.8 293.3 2,000.5 414.0 1,586.5 578.4 261.6 316.8 -0.6 80.0 2,792.3 2,878.6 2,894.2 2,898.1 2,921.9 2,894.7 2,927.1 2,943.6 2,945.2 2,940.6 2,935.7 2,951.5 324.7 313.2 315.5 314.4 315.8 349.1 352.7 390.3 376.7 380.2 387.0 400.5 20 Federal Reserve Bulletin Statistical Supplement • October 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 Sept. 2007 2007 2006 Mar. Apr. May June July Aug. Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 Seasonall 1 adjusted 1 2 3 4 5 6 7 8 9 10 11 12 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 13 Total assets7 14 15 16 17 18 19 20 21 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 22 Total liabilities 23 Residual (assets less liabilities)5 910.5 370.3 84.8 285.4 540.2 209.9 23.5 140.2 166.6 56.4 48.5 43.0 975.6 397.8 86.9 310.9 577.8 222.3 22.8 157.0 175.7 59.8 53.2 37.1 1,002.8 408.4 84.8 323.5 594.5 223.0 29.2 161.0 181.3 56.3 50.4 37.4 1,016.1 413.7 84.6 329.1 602.3 227.1 29.8 161.1 184.3 60.3 54.0 38.9 1,016.6 423.5 83.1 340.4 593.1 234.4 27.2 143.4 188.1 64.0 50.9 39.2 1,038.4 423.7 82.4 341.3 614.7 238.1 29.0 149.5 198.1 71.5 54.0 40.6 1,077.3' 433.0 86.8 346.2 644.3' 244.5' 30.3 157.3' 212.2 72.5 54.0 41.0 1,102.4 440.3 87.1 353.2 662.1 256.4 37.1 148.9 219.7 78.0 57.1 48.9 1,088.0 439.7 86.5 353.2 648.3 249.6 33.5 156.2 209.0 73.3 51.3 44.8 1,097.1 443.7 87.2 356.5 653.4 254.6 35.3 150.8 212.8 78.0 55.7 48.4 1,093.8 430.1 88.1 342.0 663.7 257.0 38.6 147.4 220.7 73.5 54.7 44.2 1,110.9 440.1 84.5 355.6 670.9 259.0 38.9 145.5 227.4 81.7 66.3 57.7 1,057.9 1,125.1 1,146.4 1,168.7 1,170.1 1,203.9 1,244.2' 1,285.9 1,256.9 1,278.6 1,265.6 1,316.0 720.3 10.4 709.9 474.7 50.3 424.4 -256.8 117.7 804.0 10.5 793.6 573.8 68.4 505.4 -369.1 114.6 850.3 12.1 838.1 577.8 61.9 515.9 -409.0 121.3 888.6 11.2 877.4 566.7 59.5 507.2 -435.4 128.3 871.7 12.2 859.5 576.8 67.9 508.9 -414.5 122.0 858.7 11.8 846.9 578.2 64.2 514.0 -359.1 121.4 890.0' 12.5 877.5' 590.1 73.0 517.1 -363.3' 121.5 932.3 12.8 919.5 571.6 67.1 504.5 -338.9 120.8 885.5 13.3 872.2 591.1 73.4 517.7 -344.7 119.5 912.0 11.9 900.1 577.9 65.8 512.1 -336.8 125.9 936.9 12.5 924.4 559.8 65.3 494.6 -335.7 114.3 961.7 13.4 948.4 563.3 66.4 496.9 -337.5 122.6 1,055.9 1,123.3 1,140.3 1,148.1 1,156.0 1,199.3 1,238.4' 1,285.8 1,251.2 1,278.9 1,275.4 1,310.1 2.1 1.8 6.1 20.5 14.1 4.7 5.8 .2 5.6 -.3 -9.8 5.9 Not seasona lly adjusted 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Trading account Investment account Other securities Trading account Investment account Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 40 Total assets7 41 42 43 44 45 46 47 48 Liabilities Deposits Transaction Nontransaction Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 49 Total liabilities 50 Residual (assets less liabilities)5 Footnotes appear on p. 21. 906.0 370.3 84.8 27.7 57.2 285.4 178.6 106.8 535.8 208.4 23.5 137.5 166.4 56.4 49.5 42.3 978.9 397.8 86.9 30.0 56.9 310.9 192.7 118.2 581.1 224.2 22.8 157.1 177.1 59.8 51.5 37.0 1,007.6 408.4 84.8 26.4 58.4 323.5 203.5 120.0 599.3 224.3 29.2 162.9 182.8 56.3 49.6 36.5 1,007.4 413.7 84.6 24.9 59.8 329.1 211.7 117.4 593.7 227.1 29.8 152.8 184.1 60.3 53.3 39.4 1,014.7 423.5 83.1 26.8 56.3 340.4 215.9 124.5 591.2 233.8 27.2 141.9 188.3 64.0 50.2 39.3 1,034.7 423.7 82.4 26.0 56.4 341.3 216.3 125.0 611.0 237.4 29.0 146.6 198.1 71.5 53.6 39.9 1,069.1' 433.0 86.8 28.1 58.7 346.2 213.5 132.7 636.1' 243.8' 30.3 151.3 210.7 72.5 54.3' 40.6 1,097.3 440.3 87.1 28.5 58.6 353.2 207.8 145.4 657.0 254.6 37.1 145.9 219.4 78.0 58.2 48.3 1,079.8 439.7 86.5 27.8 58.7 353.2 209.7 143.5 640.1 247.7 33.5 149.8 209.0 73.3 51.9 43.9 1,092.4 443.7 87.2 27.6 59.6 356.5 212.1 144.4 648.8 252.9 35.3 147.0 213.5 78.0 57.2 48.0 1,092.6 430.1 88.1 28.5 59.6 342.0 197.6 144.5 662.5 256.1 38.6 146.6 221.2 73.5 56.4 42.7 1,106.4 440.1 84.5 28.8 55.8 355.6 208.9 146.6 666.3 257.2 38.9 143.9 226.3 81.7 67.3 58.9 1,053.8 1,126.6 1,149.5 1,159.8 1,167.6 1,199.2 1,236.0' 1,281.3 1,248.3 1,275.0 1,264.6 1,313.8 712.1 10.5 701.6 474.7 50.3 424.4 -255.4 118.7 807.7 10.7 797.0 573.8 68.4 505.4 -371.4 113.3 861.8 12.0 849.8 577.8 61.9 515.9 -412.3 119.3 904.6 11.0 893.6 566.7 59.5 507.2 -439.7 125.4 885.7 12.0 873.7 576.8 67.9 508.9 -417.7 120.0 860.6 11.6 849.0 578.2 64.2 514.0 -362.1 119.5 886.T 12.3' 873.8' 590.1 73.0 517.1 -364.3' 120.9 921.7 12.9 908.9 571.6 67.1 504.5 -337.1 121.8 880.2 13.3 867.0 591.1 73.4 517.7 -345.5 119.0 900.0 11.9 888.0 577.9 65.8 512.1 -333.6 127.7 922.1 12.5 909.6 559.8 65.3 494.6 -335.2 114.6 954.9 13.7 941.2 563.3 66.4 496.9 -332.9 125.2 1,050.1 1,123.5 1,146.6 1,156.9 1,164.7 1,196.2 1,232.8' 1,278.0 1,244.8 1,271.9 1,261.4 1,310.4 3.7 3.2 2.9 2.9 2.9 2.9 3.3 3.5 3.1 3.2 3.4 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 Sept.' 2007 2007 Mar.' Apr.' May' June' July' Aug.' Sept. Sept. 5 Sept. 12 Sept. 19 Sept. 26 Not seasonally adjusted MEMO 1 2 3 4 5 6 7 8 9 10 Large domestically chartered banks, adjusted for mergers Revaluation gains on off-balance-sheet items9 Revaluation losses on off-balancesheet items9 Mortgage-backed securities10 Pass-through CMO, REMIC, and other Net unrealized gains (losses) on available-for-sale securities" Securitized consumer loans12 Credit cards and related plans Other Securitized real estate loans12 108.1 114.2 119.4 125.3 129.7 129.6 134.2 141.3 130.8 145.7 140.6 141.6 93.0 703.8 522.0 181.8 94.5 723.0 549.5 173.4 99.1 707.3 532.0 175.4 105.4 701.7 529.6 172.1 116.4 693.0 520.0 173.0 110.3 692.0 518.8 173.2 104.3 698.1 523.0 175.1 109.1 688.1 503.5 184.6 100.0 711.4 527.8 183.6 113.7 711.3 526.6 184.6 108.6 675.6 490.4 185.2 108.7 672.1 488.9 183.2 -2.9 104.7 68.7 35.9 n.a. -4.8 108.8 69.5 39.3 n.a. -4.7 107.8 69.8 38.0 n.a. -6.3 107.3 70.1 37.2 n.a. -14.3 105.8 68.5 37.3 n.a. -16.6 110.0 69.0 40.9 1,225.7 -14.7 110.6 70.4 40.2 1,230.0 -10.8 109.7 70.1 39.6 1,238.7 -11.2 110.3 70.5 39.8 1,233.2 -10.9 110.1 70.5 39.7 1,236.0 -10.2 108.6 69.0 39.5 1,241.8 -12.1 108.5 69.0 39.4 1,241.8 246.0 263.6 262.2 1.3 n.a. 241.0 274.6 273.4 1.2 n.a. 234.6 273.4 272.2 1.3 n.a. 235.2 273.5 272.3 1.3 n.a. 237.8 276.1 274.9 1.2 n.a. 234.4 279.0 278.4 .5 41.2 234.9 283.5 283.0 .5 40.5 241.3 284.2 283.7 .5 40.4 238.1 284.6 284.2 .5 40.0 237.8 285.7 285.2 .5 40.0 241.3 282.4 281.9 .5 40.0 244.2 284.3 283.8 .5 40.7 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 Mortgage-backed securities 12 Securitized consumer loans12 13 Credit cards and related plans 14 Other 15 Securitized real estate loans12 Foreign-related institutions 16 Revaluation gains on off-balancesheet items9 17 Revaluation losses on off-balancesheet items9 68.6 66.0 66.9 70.5 66.0 65.9 69.8 69.1 70.6 74.4 65.0 67.2 76.1 72.6 74.6 77.4 73.6 72.2 75.5 75.2 76.0 79.9 70.9 73.1 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 • October 2007 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2007 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2002 2003 2004 2005 2006 Jan. Feb. Mar. Apr. May June 1,341,226 1,260,745 1,375,717 1,631,009 1,981,387 1,978,891 2,000,900 2,033,749 2,041,016 2,111,091 2,148,678 522,863 147,689 519,731 103,982 595,249 119,727 667,321 132,207 757,498 171,302 770,323 161,118 795,625 162,352 801,674 169,926 796,505 164,631 812,775 165,922 801,396 185,468 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 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 2006—Jan. Mar. May June 31 28 10 29 7.50 7.75 8.00 8.25 Period 2003 2004 2005 2006 2001 Average rate 4.12 4.34 6.19 7.96 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 Period 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 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 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release, available on the Board's website, www.federalreserve.gov/releases. Financial Markets 1.35 INTEREST RATES 23 Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted 2007 Item 2004 2005 2007, weekending 2006 Apr. May June July June 29 July 6 July 13 July 20 July 27 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 1.35 2.34 3.22 4.19 4.97 5.96 5.25 6.25 5.25 6.25 5.25 6.25 5.26 6.25 5.25 6.25 5.28 6.25 5.23 6.25 5.27 6.25 5.26 6.25 Nonfinancial 3 1-month 4 2-month 5 3-month 1.38 1.40 1.41 3.22 3.23 3.42 4.98 5.01 5.10 5.23 5.21 5.20 5.22 5.21 5.19 5.24 5.23 5.23 5.23 5.24 5.22 5.24 5.24 5.25 5.23 5.24 n.a. 5.24 5.23 5.21 5.23 5.25 5.22 5.24 5.23 5.23 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 5.24 5.23 5.24 5.23 5.23 5.25 5.24 5.25 5.25 5.24 5.25 5.26 5.25 5.26 5.25 5.24 5.24 5.24 5.24 5.24 5.25 5.23 5.25 5.25 5.23 5.24 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 1.45 1.57 1.74 3.34 3.51 3.73 5.06 5.16 5.24 5.29 5.31 5.31 5.28 5.31 5.32 5.30 5.33 5.36 5.29 5.32 5.34 5.32 5.33 5.35 5.30 5.33 5.35 5.29 5.32 5.35 5.29 5.32 5.34 5.29 5.32 5.33 12 Eurodollar deposits, 3-month3>s 1.55 3.51 5.19 5.34 5.34 5.35 5.35 5.35 5.36 5.34 5.36 5.34 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 4.89 4.87 4.86 4.72 4.73 4.78 4.42 4.61 4.76 4.71 4.82 4.83 4.20 4.67 4.77 4.58 4.81 4.82 4.61 4.82 4.84 4.66 4.83 4.86 4.87 4.82 4.82 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 4.93 4.67 4.60 4.59 4.62 4.69 4.95 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 4.94 4.90 4.93 4.97 5.02 5.09 5.28 4.99 4.93 4.95 5.00 5.04 5.10 5.27 5.00 4.92 4.94 5.00 5.05 5.10 5.27 4.99 4.86 4.87 4.93 4.97 5.03 5.19 4.91 4.69 4.68 4.74 4.80 4.88 5.09 4.50 5.09 4.68 4.28 4.86 4.40 4.15 4.71 4.40 3.99 4.41 4.26 4.04 4.44 4.31 4.36 4.75 4.60 4.24 4.64 4.56 n.a. n.a. 4.60 4.32 4.72 4.61 n.a. n.a. 4.60 4.25 4.65 4.55 4.16 4.56 4.47 6.00 5.57 5.98 5.92 5.93 6.25 6.19 6.24 6.25 6.25 6.18 6.13 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 5.83 5.99 6.39 5.47 5.85 6.01 6.39 5.79 6.17 6.33 6.70 5.73 6.09 6.30 6.65 5.80 6.17 6.33 6.68 5.80 6.15 6.34 6.69 5.81 6.15 6.34 6.69 5.74 6.08 6.27 6.62 5.64 6.03 6.24 6.61 1.64 1.73 1.82 1.80 1.77 1.77 1.77 1.79 1.76 1.74 1.76 1.82 paper3'5'6 Commercial 6 7 8 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 • October 2007 1.36 STOCK MARKET Selected Statistics 2007 2006 Indicator 2004 2005 2006 Feb. Jan. Dec. Mar. Apr. May June July Aug. 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. 9,089.55 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. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,130.65 1,207.23 1,310.46 1,416.42 1,424.16 1,444.79 1,406.95 1,463.65 1,511.14 1,514.49 1,520.70 1,454.62 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,260.02 1,567.52 1,936.79 2,065.81 2,060.93 2,150.89 2,115.40 2,207.54 2,204.69 2,336.84 2,354.93 2,217.16 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 9 American Stock Exchange 1 403 376 1 542 724 2 254 869 2 366 386 2,851,992 2,701,807 3 067 918 2 867 225 2 972 410 3 103 633 3 433 561 4 086 048 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers3 Free credit balances at brokers4 11 Margin accounts5 203,790 221,660 275,380 275,380 285,610 295,870 293,160 317,990 353,030 378,240 381,370 331,370 117,850 93,580 119,710 88,730 159,040 94,450 159,040 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 Margin requirements (percent of market value and effective date)6 14 Convertible bonds Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 70 50 70 80 60 80 65 50 65 55 50 55 65 50 65 50 50 50 1. In July 1976 a financial group made up of banks and insurance companies was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. 4. Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. 5. Series initiated in June 1984. 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. Federal Finance 1.40 25 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2005 1 Federal debt outstanding .... 2 Public debt securities 3 Held by public 4 Held by agencies 5 Agency securities 6 Held by public 7 Held by agencies June 30 Sept. 30p Dec. 31 Mar. 31P June 30p Sept. 30p Dec. 31 Mar. 31P June 3l 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 7,836.5 4.527.6 3,308.9 7,932.7 4,601.6 3,331.1 8,170.4 4,714.6 3,455.8 8,371.2 4,872.8 3,498.4 8,420.0 4,797.5 3,622.6 8,507.0 4,843.2 3,663.8 8,680.2 4,901.2 3,779.0 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 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 1 Total gross public debt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 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^ 16 U.S. Treasury and other federal agencies and trust funds 17 Federal Reserve Banks8 18 Private investors 19 Depository institutions 20 Mutual funds 21 Insurance companies 22 State and local treasuries7 Individuals 23 Savings bonds 24 Pension funds 25 Private 26 State and Local 27 Foreign and international5 28 Other miscellaneous investors7'9 Q3 Q4 Ql Q2 6,997.3 7,596.1 8,170.4 8,680.2 6,982.0 3,575.1 928.8 1,905.7 564.3 176.2 3,406.9 149.2 9.7 9.7 7,578.5 3,959.7 1,003.2 2,157.1 539.5 245.9 3,618.8 160.7 5.9 5.9 .0 191.7 3,230.6 17.6 8,117.0 4,184.0 963.9 2,326.8 516.6 328.7 3,986.5 235.6 3.8 3.8 .0 191.2 3,506.6 53.4 8,627.5 4,413.9 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 187.7 3,839.4 124.6 8,455.1 4,354.0 911.5 2,415.5 534.7 395.6 4,203.9 238.8 3.0 3.0 .0 189.2 3,722.8 102.9 8,627.5 4,413.9 944.2 2,409.9 530.6 AW 2 4,338.3 257.6 3.0 3.0 .0 187.7 3,839.4 124.6 8,796.7 4,527.7 1,033.1 2,436.4 540.4 412.7 4,380.9 281.9 3.5 3.5 .0 185.4 3,859.3 111.9 8,819.6 4,339.1 869.0 2,444.3 547.2 437.8 4,528.6 301.6 3.0 3.0 .0 183.4 3,989.3 48.1 136.5 364.2 3,189.1 717.8 3,690.6 127.5 254.1 149.7 387.4 3,466.9 744.2 3,970.6 117.2 251.3 160.4 456.2 3,783.1 778.9 4,122.1 115.1 250.7 159.0 484.2 3,668.0 768.9 4,074.2 113.9 235.3 160.6 463.0 3,783.1 778.9 4,122.1 115.1 250.7 159.0 484.2 3,799.3 780.9 4,273.1 120.4 264.2 160.2 499.4 3,928.9 790.5 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. 192.2 3,007.0 16.0 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 • October 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 Apr. May 2007, week end June May 30 June 6 June 13 June 20 June 27 July 4 July 11 July 18 July 25 42,607 37,578 38,858 45,447 45,702 35,035 35,148 40,613 39,616 36,459 32,711 38,300 166,555 172,194 216,730 167,289 212,181 243,087 180,954 240,458 190,058 177,160 132,805 169,864 113,751 123,639 165,442 137,632 169,611 194,801 149,150 160,544 136,682 121,071 121,722 123,152 88,318 26,805 9,021 115,071 27,533 8,923 168,594 38,515 8,836 95,490 29,683 8,411 147,092 38,470 7,278 245,161 56,516 10,772 168,991 34,940 9,175 134,866 26,217 8,675 103,504 33,286 6,665 129,997 26,221 7,915 124,428 26,649 12,490 122,112 22,361 8,007 52,870 55,000 57,942 60,653 56,159 46,423 61,433 63,170 68,508 60,526 56,174 67,265 8,379 7,359 6,143 5,693 7,860 5,143 6,432 5,654 5,711 7,927 5,621 4,092 4,089 4,017 4,469 2,663 2,563 5,146 6,287 4,178 2,774 1,853 1,673 4,930 4,584 823 3,193 703 4,857 808 2,066 828 5,816 1,255 4,880 877 4,163 664 5,915 709 1,969 344 3,002 552 2,696 1,113 6,570 811 301,901 316,492 378,007 231,628 517,990 572,975 264,614 232,200 258,622 473,690 219,486 176,480 210,930 25,272 216,518 28,515 233,774 28,480 215,396 28,998 226,929 27,622 224,683 27,900 249,551 29,059 233,724 30,771 230,877 24,474 234,190 14,665 231,329 23,646 234,950 24,173 180,317 205,476 271,999 208,690 262,760 337,809 246,924 262,858 211,497 218,609 189,985 193,716 6,693 62,872 612 4,923 65,102 559 6,019 81,319 621 3,900 42,508 402 5,562 84,585 628 6,019 132,875 633 6,550 70,220 595 6,620 51,046 745 4,103 49,329 337 4,606 114,779 409 4,186 55,201 529 5,995 40,781 575 266,739 279,463 364,976 275,262 357,575 447,564 331,434 348,515 298,314 280,214 260,820 290,078 64,052 239,028 235,590 65,348 251,389 244,473 68,199 296,688 261,633 68,002 189,121 243,991 68,090 433,405 253,923 56,450 440,100 251,950 72,428 194,394 278,014 73,006 181,154 263,751 75,204 209,294 255,014 69,254 358,911 248,446 63,090 164,285 254,446 77,673 135,699 258,548 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. Thefiguresrepresent 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 Apr. May June May 30 June 6 June 13 June 20 Net outright posit ons 1 U.S. Treasury bills Treasury coupon securities by maturity 2 Three years or less 3 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 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 June 27 July 4 July 11 July 18 2 -3,984 -17,049 -7,465 -16,693 10,973 4,307 -12,703 -23,789 -21,494 -21,394 -20,739 -53,143 -55,854 -53,110 -62,547 -57,742 -53,776 -54,492 -49,358 -47,821 -51,054 -63,813 -28,473 -30,515 -35,753 -23,502 -34,041 -33,075 -35,105 -39,370 -38,500 -37,152 -36,104 -46,615 -19,898 5,902 -49,972 -20,527 7,392 -48,557 -23,384 7,385 -50,139 -23,751 7,509 -53,486 -24,689 7,886 -45,904 -20,173 7,120 -47,284 -23,505 6,896 -47,465 -24,474 7,499 -50,408 -25,444 7,874 -55,198 -24,247 4,690 -56,859 -21,838 5,619 35,487 44,045 42,230 42,476 40,956 44,002 43,880 37,423 48,008 47,802 40,063 28,778 21,851 18,457 18,141 19,865 16,334 17,650 19,497 20,054 22,304 22,528 15,546 15,021 11,226 13,703 12,325 11,228 11,580 10,691 9,445 8,865 8,467 14,936 9,877 14,794 10,910 13,996 10,859 14,836 11,271 14,612 11,489 12,754 11,027 12,949 10,419 15,472 10,766 14,662 10,455 16,133 9,757 16,696 10,334 39,709 44,298 28,527 44,047 33,073 24,752 29,610 28,778 25,134 21,659 25,507 42,011 208,246 41,761 203,421 43,868 219,750 44,803 204,672 48,953 217,119 47,413 217,992 44,062 217,688 36,889 223,432 41,255 225,334 45,846 229,919 47,377 232,632 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 1 383 077 1,180,952 1 452 624 1,243,935 1 447 928 1,209,869 1 427 996 1,243,836 1 447 615 1,170,275 1 447 358 1,224,818 1 474 530 1,202,654 1 411 744 1,284,126 1 472 237 1,097,745 1 473 386 1,159,381 1 489 260 1,227,532 202,425 253,407 212,252 262,151 206,041 271,134 211,187 259,098 218,476 257,607 212,909 278,413 191,485 280,859 196,464 278,388 221,455 241,583 209,800 257,856 213,864 250,618 135,318 455,516 144,792 479,446 146,937 468,164 147,120 483,772 146,915 483,058 158,241 476,242 140,668 479,581 140,148 470,426 151,074 387,609 146,296 398,653 152,139 393,467 121,965 106,912 123,654 110,802 125,715 110,718 123,955 110,853 126,578 109,882 123,617 110,320 126,851 111,514 125,992 109,910 125,585 113,351 130,651 113,873 130,237 113,333 915,201 1 455 793 973,012 1 561 662 972,124 1 553 809 948,833 1 564 697 986,422 1 511 781 985,115 1 584 987 974,842 1 572 680 932,414 1 632 454 999,527 1 337 576 968,547 1 432 927 993,482 1 480 726 1,350,586 978,145 1,393,694 1,045,676 1,381,840 1,012,972 1,353,076 1,059,574 1,409,673 965,365 1,391,977 1,030,553 1,392,188 1,014,736 1,335,366 1,079,276 1,386,815 908,336 1,375,845 985,376 1,379,120 1,064,260 340,391 181,409 347,229 200,655 335,795 199,310 343,856 204,732 332,945 197,112 340,855 202,753 330,970 209,349 333,646 198,268 345,958 174,681 347,759 172,767 341,908 173,581 642,851 286,653 677,573 305,505 652,895 301,469 667,371 309,866 658,811 309,672 662,393 309,254 655,705 311,222 644,450 305,397 632,049 234,975 613,694 239,939 656,369 228,815 350,980 106,084 344,439 106,840 347,292 106,049 343,762 106,285 348,332 107,340 340,737 107,747 348,125 104,172 350,445 103,853 351,207 109,013 360,851 107,099 363,813 105,849 2,339,688 1,457,532 2,389,276 1,562,796 2,343,166 1,525,412 2,325,338 1,583,660 2,368,688 1,475,240 2,344,254 1,554,168 2,357,833 1,545,689 2,304,717 1,599,014 2,345,070 1,339,609 2,322,952 1,408,720 2,351,155 1,473,846 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 • October 2007 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency 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 Apr. May n.a. 23,843 6 23,520 6 n.a. 110 3,125 6 n.a. 87 23,192 6 n.a. 88 2,988 6 n.a. 88 23,006 6 n.a. 86 n.a. n.a. 3,119 n.a. n.a. n.a. 23,186 n.a. n.a. n.a. 2,982 n.a. 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. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 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 27,948 30^04 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. 29,688 n.a. n.a. 29,745 23,837 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 n.a. n.a. 23,514 n.a. 23,337 6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23,331 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. 29,745 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Apr.' Mayr July 1 All issues, new and refunding1 357,875 409,789 389,536 47,227 31,246 32,009 43,962 32,405 42,917 47,680 31,395 By type of issue 2 General obligation 3 Revenue 130,471 227,404 145,845 263,945 115,124 274,413 10,912 36,315 11,140 20,107 12,198 19,811 14,865 29,096 7,469 24,936 13,306 29,611 15,807 31,874 9,721 21,673 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 2,237 38,638 6,351 1,706 24,303 5,237 3,578 23,960 4,471 4,538 32,275 7,148 1,732 25,276 5,397 3,641 29,295 9,981 4,775 34,486 8,420 1,158 24,823 5,414 7 Issues for new capital 228,357 222,974 262,481 34,541 13,341 16,248 24,367 15,832 24,860 37,646 23,179 65,426 20,546 9,242 n.a. 19,050 80,438 70,963 25,427 10,040 n.a. 17.655 60,637 70,252 30,232 7,801 n.a. 35.000 72,680 9,846 5,985 940 n.a. 6,316 5,716 4,135 1,046 158 n.a. 2.023 3,657 5,588 668 589 n.a. 1.542 4,762 6,830 1,357 1,073 n.a. 2.734 8,492 5,007 1,368 520 n.a. 1.563 3,943 6,105 9,496 3,674 2,176 n.a. 4.559 11,815 6,468 1,133 542 n.a. 3.202 8,713 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES 4,562 6,190 US. Corporations Millions of dollars 2006 Type of issue, offering, or issuer 1 All issues1 By type of offering 3 Sold in the United States 2004 2005 2007 2006 Nov. Dec. Jan. Feb. Mar. Apr. May June 2,070,680 2,438,989 2,710,028 260,310 272,056 199,239 237,463 328,777 190,210 303,465 290,454 1,923,094 2,323,735 2,590,863 242,944 260,467 183,863 225,280 312,339 178,829 286,368 273,954 1,737,342 185 752 2,141,496 182 238 2,318,379 272 483 190.990 51 954 241.053 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 21,942 22,221 18,262 2.272 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 59,332 183,612 30,328 230,139 16,044 167,819 26,361 198,919 53,345 258,994 27,424 151,404 51,794 234,574 45,474 228,480 147,585 115,255 119,165 17,366 11,590 15,375 12,183 16,439 11,381 17,097 16,500 147,585 n.a. 115,255 n.a. 119,165 n.a. 17,366 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. 64,345 83,240 54.713 60,541 56.029 63,136 7.469 9,897 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 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By type of offering 9 Public 10 Private placement4 By industry group 11 Nonfinancial 1. Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, Yankee bonds, and private placements listed. Stock data include ownership securities issued by limited partnerships. 2. Monthly data include 144(a) offerings. 3. Monthly data cover only public offerings. 4. Data for private placements are not available at a monthly frequency. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • October 2007 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2007 Item 2005 2006' Jan. Feb. Mar. Apr. May June July' Aug. 1 Sales of own shares2 1,755,210 2,010,372 230,667 198,887 207,243 211,044 215,669 208,059 218,387 199,926 2 Redemptions of own shares 1,563,022 192,188 1,785,011 225,361 182,782 47,885 153,977 44,910 181,606 25,637 176,774 34,270 191,062 24,607 194,350 13,709 201,002 17,385 216,318 -16,392 4 Assets4 6,864,286 8,058,864 8,214,520 8,210,243 8,330,376 8,638,069 8,896,555 8,842,461 8,691,047 8,718,949 5 Cash5 302,923 6 561 363 338,921 7 719 943 363,938 7,850,582 357,926 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 8 366 919 343,998 8,374,951 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 Ql Q2 Q3 Q4 Ql Q2 ASSETS 2 Consumer 4 Real estate 5 LESS: Reserves for unearned income 8 All other 9 Total assets 1 494 0 566.5 451.5 476.0 1 622 4 601.8 479.2 541.4 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 1 729 8 657.3 509.3 563.2 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 50.5 25 5 1,414.7 673.8 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 1,653.7 505.9 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 2,159.7 136.9 175.3 142.1 160.0 129.2 165.3 142.1 160.0 137.4 151.0 136.9 152.7 131.5 164.0 129.2 165.3 138.1 159.1 153.5 154.0 257.7 817.4 471.8 229.4 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 312.2 806.5 423.6 244.4 319.0 810.9 427.7 248.4 327.4 832.6 415.7 237.5 336.7 824.0 421.1 242.8 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.3 827.2 439.4 237.3 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 2,159.7 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper Debt 12 Owed to parent 14 All other liabilities 15 Capital, surplus, and undivided profits 16 Total liabilities and capital NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables' Billions of dollars, amounts outstanding Type of credit Apr. Aug.p May Seasonally adjusted 2 3 4 Consumer . . . Real estate . . Business 737.1 497.8 545.8 1,895.3 2,009.3 774.6 561.5 559.1 818.4 610.9 580.0 2,040.8 2,034.3' 837.3 608.3 578.3 841.8 605.7 584.7 850.7' 600.1 583.4 855.3' 578.1' 583.8 860.0 588.4 591.5 862.1 584.8 593.8 Not seasonally adjusted 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables'" . . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables'" 2,029.8 1,910.9 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 79.9 194.7 830.8 254.2 110.7 72.9 205.3 835.6 253.9 112.5 73.6 208.2 843.7' 254.8' 114.6 74.5 211.9 849.1' 254.0' 116.3 75.1 214.2 855.7 259.9 118.0 75.9 216.0 861.3 262.3 119.4 76.5 218.1 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 56.2 112.1 3.5 20.9 51.3 599.7 527.4 52.5 111.6 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 24.3 48.2 590.4 516.7 53.5 109.2 3.3 24.3 48.1 585.8 511.8 53.9 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 15.7 4.1 585.2 106.3 17.8 56.3 32.2 304.9 106.7 198.2 94.2 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 4.8 582.3 102.8 18.2 51.3 33.3 309.1 106.5 202.6 91.8 15.2 4.8 582.8 103.3 18.1 51.7 33.5 309.0 106.2 202.8 91.9 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 37.0 2.9 34.0 .1 14.5 9.4 5.1 28.3 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 38.8 2.9 35.9 .1 11.6 8.3 3.3 28.2 38.7 2.9 35.8 .1 11.6 8.3 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 2,034.3' 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 • October 2007 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2007 Item 2004 2005 2006 Mar. Apr. May June July Aug. Sept. 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 .66 369.0 270.5 75.3 29.3 .79 368.4 268.8 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 5.68 5.75 n.a. 5.86 5.93 n.a. 6.50 6.60 n.a. 6.10 6.22 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. n.a. 5.19 n.a. 5.13 n.a. 5.70 n.a. 5.52 n.a. 5.64 n.a. 5.73 n.a. 6.15 n.a. 6.10 n.a. 5.90 n.a. 5.79 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. 712,806 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. 14 Mortgage transactions purchased (during period) 262,646 146,641 196,017 16,452 9,964 21,776 16,936 21,219 16,429 11,926 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. 714,454 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. n.a. 365,148 n.a. 397,867 n.a. 360,023 n.a. 38,694 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. 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 Q2 1 All holders . 2 3 4 5 By type of property One- to four-family residences Multifamily residences Nonfarm, nonresidential Farm By type of holder 6 Major financial institutions . . . 7 Commercial banks2 One- to four-family 9 Multifamily 10 Nonfarm, nonresidential . 11 Farm 12 Savings institutions3 13 One- to four-family 14 Multifamily 15 Nonfarm, nonresidential . 16 Farm 17 Life insurance companies . . 18 One- to four-family 19 Multifamily 20 Nonfarm, nonresidential . Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs . . . 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 45 Federal National Mortgage Association 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 76 Federal Agricultural Mortgage Corporation Farm 77 Individuals and others7 . . . 78 One- to four-family 79 Multifamily 80 Nonfarm, nonresidential 81 Farm Q3 Q4 Q1 Q2> 13,337,070 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 • October 2007 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period Holder and type of credit Apr.' Seasonally adjusted 800,017' 1,391,306 2 Revolving . . . 3 Nonrevolving2 2,284,765' 2,388,826 824,852' 1,459,913 876,762 1,512,064 878,672' 1,518,355' 2,403,657' 2,418,194' 882,115' 1,521,542' 889,670' 1,528,524' 2,437,372 2,447,804 889,693 1,531,720 898,373 1,538,999 903,718 1,544,086 Not seasonally adjusted 4 Total 2,219,410' 2,313,748' 2,419,660 2,416,953' 2,402,650' 2,401,993' 2,408,081 2,423,022 2,431,551 704,270 492,346 215,384 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 56,458 665,893 742,420 532,064 234,296' 94,921 95,214 54,711' 663,327' 725,923 527,352 232,813' 95,098 94,914 53,072' 673,479' 723,278 532,366 232,280' 95,114 94,581 52,685' 671,690' 729,115 535,694 233,438 94,826 95,434 52,758 666,816 736,154 538,808 234,656 94,652 96,314 53,110 669,328 738,560 541,028 232,952 94,642 97,167 53,248 673,953 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' 903,714 327,302 79,874 27,388 n.a. 42,459 7,480 419,210 889,231' 316,767 77,810 26,993' n.a. 42,168 7,209' 418,284' 880,412' 302,589 75,596 26,740' n.a. 41,904 6,986' 426,597' 877,480' 299,159 72,947 26,612' n.a. 41,613 6,797' 430,352' 882,615 304,667 73,595 26,998 n.a. 41,569 6,889 428,897 891,155 308,514 74,454 27,495 n.a. 41,523 6,888 432,281 898,210 312,199 75,083 27,724 n.a. 41,479 6,919 434,806 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 1,527,722' 425,653 454,253 207,303' 94,921 53,047 47,502 245,043 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 1,525,465 424,448 462,099 206,440 94,826 53,865 45,868 237,919 1,531,868 427,640 464,355 207,161 94,652 54,791 46,223 237,047 1,533,340 426,361 465,945 205,228 94,642 55,688 46,329 239,147 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 2006 Item 2004 2005 2006 Dec. Jan. Feb. Mar. Apr. May June 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. n.a. n.a. 7.74 12.32 n.a. n.a. n.a. n.a. 7.92 12.57 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. n.a. n.a. 13.41 14.64 n.a. n.a. n.a. n.a. 13.46 14.47 n.a. n.a. 4.36 8 96 5.46 9 03 4.96 9 67 5.92 10 05 6.45 9 45 4.00 9 32 3.89 9 29 5.04 9 20 4.88 9 35 4.66 9 22 60.5 56 8 60.0 57 6 62.3 57 5 62.0 57 3 62.0 58 6 59.5 59 2 58.3 59 3 57.8 59 4 61.1 59 4 58.7 59 3 89 100 88 98 91 99 91 101 90 100 91 100 91 100 92 102 94 103 92 103 24,888 15,136 24,133 16,228 25,958 16,671 25,937 16,712 25,983 16,916 26,866 16,962 26,998 17,044 27,013 16,979 27,163 16,938 26,929 17,131 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 • October 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 47 Total net borrowing, all sectors . . . . 2,013.0 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 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 Q4 Qi Q2 Q3 Q4 Qi Q2 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 -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 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 7.7 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 • October 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 Ql Q2 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.i 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 • October 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 111.9 112.2 113.2 114.3 137.3 138.0 138.6 139.2 81.5 81.3 81.7 82.1 2 Manufacturing 3 Manufacturing (NAICS) 113.7 114.6 113.9 114.9 115.1 116.1 116.3 117.3 141.9 143.5 142.7 144.3 143.5 145.1 144.2 145.9 80.1 79.9 79.8 79.6 80.3 80.0 80.6 80.4 4 5 121.7 105.3 121.6 107.8 123.8 111.3 125.8 112.6 155.1 128.0 156.6 127.7 157.9 127.9 159.1 128.4 78.5 82.2 77.7 84.4 78.4 87.0 79.0 87.7 110.0 119.5 180.3 109.9 116.6 181.7 111.3 117.4 185.4 112.9 119.0 192.6 137.2 147.6 233.2 137.7 148.6 241.2 138.1 149.4 249.5 138.6 150.1 258.0 80.2 80.9 77.3 79.9 78.4 75.3 80.6 78.6 74.3 81.5 79.2 74.7 105.9 100.1 107.3 98.2 109.1 101.3 109.9 101.4 125.6 134.0 126.2 133.4 126.5 132.1 126.8 130.6 84.3 74.7 85.0 73.6 86.2 76.7 86.7 77.7 127.5 106.8 111.4 89.0 130.6 107.5 112.5 87.1 131.9 107.8 113.6 87.7 135.3 108.2 113.5 84.7 161.8 130.9 135.6 117.5 162.8 131.1 136.2 116.7 163.6 131.4 136.8 115.9 164.4 131.7 137.5 115.1 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 82.2 82.6 73.6 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 96.3 109.6 112.4 109.5 98.9 115.3 121.3 141.2 123.4 117.3 115.1 120.9 141.5 124.4 117.6 114.9 120.8 141.8 125.2 117.8 114.7 120.9 142.1 126.0 118.0 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 83.9 90.7 79.1 87.0 83.8 20 Mining 21 Electric and gas utilities 101.4 106.4 100.1 108.6 100.2 108.3 101.0 109.7 111.0 125.1 111.3 125.8 111.4 126.2 111.4 126.6 91.3 85.0 90.0 86.4 89.9 85.8 90.7 86.6 MEMOS 22 Computers, communications equipment, and semiconductors 216.4 221.2 229.8 244.5 271.4 283.8 296.7 310.3 79.7 77.9 77.4 78.8 23 Total excluding computers, communications equipment, and semiconductors 107.8 107.9 108.7 109.4 131.8 132.1 132.4 132.6 81.8 81.7 82.1 82.5 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 41 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' —CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2007 2006 Series Low High Low Sept. Apr. May June' July' Aug.' Sept.p Capacity ut lization rate (percent)4 1 Total Industry 88.9 74.0 86.5 70.8 85.0 78.5 82.0 81.7 81.5 81.8 82.2 82.1 82.1 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 80.9 80.7 80.2 79.9 80.1 79.9 80.5 80.3 81.0 80.8 80.5 80.3 80.4 80.2 89.4 101.9 69.6 69.6 86.7 90.5 62.9 47.0 84.5 93.8 73.3 74.6 79.3 87.8 78.2 87.1 78.1 87.6 78.8 86.3 79.5 88.1 78.9 87.3 78.7 87.7 91.6 94.6 69.7 74.5 82.8 92.7 61.8 58.0 81.6 85.2 72.6 73.9 80.7 82.1 80.5 78.6 80.2 78.7 81.1 78.5 81.3 80.2 81.4 78.8 81.8 78.8 86.9 66.0 89.9 76.9 81.4 75.9 77.7 74.7 73.9 74.4 75.2 74.7 74.1 99.3 95.6 67.9 54.6 91.9 95.2 64.6 44.9 89.1 89.7 77.0 56.0 83.9 75.4 86.5 76.0 85.9 75.9 86.3 78.2 86.8 79.0 86.0 78.1 87.1 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 77.7 82.5 80.3 82.0 80.1 82.0 81.4 82.1 81.8 82.4 82.3 82.1 82.8 82.1 86.3 89.5 77.5 61.8 84.4 89.6 80.6 72.6 85.9 91.2 81.0 77.7 81.5 77.4 83.2 75.1 82.8 75.7 83.1 76.0 83.3 74.9 82.4 73.0 82.0 72.8 96.7 92.2 85.3 96.1 86.0 74.0 80.8 69.1 61.8 75.5 95.4 91.9 83.6 90.1 88.0 81.3 70.7 67.7 71.8 86.3 92.5 89.0 85.1 89.8 91.0 86.1 83.1 80.1 76.4 80.6 86.0 94.9 79.2 86.4 83.0 84.6 89.3 78.0 86.4 84.5 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 83.9 90.9 78.9 87.0 83.3 83.6 89.9 79.6 86.4 84.0 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 91.2 83.9 90.0 87.0 89.7 85.6 90.1 85.0 91.0 84.1 90.4 88.0 90.6 87.8 MEMOS 22 Computers, communications equipment, and semiconductors . 84.3 62.3 89.6 74.6 80.8 74.2 79.9 77.5 77.0 77.8 79.4 79.0 78.1 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.7 70.6 85.4 78.7 82.3 82.1 81.9 82.2 82.6 82.5 82.5 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.1 85.9 77.2 81.1 80.6 80.6 80.9 81.3 80.9 80.8 4 5 Durable manufacturing Primary metal 6 7 8 14 Fabricated metal products . . . . Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment . Nondurable manufacturing Food, beverage, and tobacco products Textile and product mills . . . . 15 16 17 18 19 Paper Petroleum and coal products . . Chemical Plastics and rubber products . . Other manufacturing (non-NAICS) . 9 10 11 12 13 NOTE: The statistics in 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. lie i1 cuct tii i\.cjct vt ijuutitn, ^vui. y~y), www .icucit 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 • October 2007 INDUSTRIAL PRODUCTION Indexes and Gross Value' Monthly data seasonally adjusted Group 2002 proportion Sept. Feb. Mar. Api Aug.r May Sept.p Index (2002=100) MAJOR MARKETS 1 Total IP 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Market groups Final products and nonindustrial supplies . . Consumer goods Durable Automotive products Home electronics Appliances, furniture, carpeting . . . Miscellaneous goods Nondurable Non-energy Foods and tobacco Clothing Chemical products Paper products Energy 112.2 112.0 111.5 112.2 111.7 112.5 112.4 113.1 113.0 113.5 114.2 114.3 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 12.2 07.6 05.4 98.4 74.1 03.4 09.2 08.2 08.3 09.8 79.1 12.1 02.0 08.4 112.0 107.3 102.8 94.5 171.1 102.0 108.3 108.7 108.7 110.2 80.0 111.6 104.7 109.0 111.9 107.6 104.4 98.2 173.1 101.9 107.5 108.5 108.8 111.2 79.1 110.4 103.9 107.8 112.6 107.8 106.2 100.6 180.7 102.2 108.4 108.2 109.8 111.8 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 78.8 109.5 105.8 107.4 114.3 109.8 109.4 105.3 198.7 100.9 110.1 109.8 110.8 113.8 78.8 111.4 106.0 107.0 114.3 109.8 108.0 103.0 197.9 100.3 109.8 110.2 110.2 112.7 77.2 112.0 105.2 110.8 114.2 109.4 106.5 100.1 198.2 100.3 109.4 110.2 110.3 112.3 77.3 112.6 106.2 110.3 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 28.5 40.7 40.8 17.8 13.6 128.4 141.1 141.9 116.9 113.3 129.5 146.0 142.5 117.0 112.0 132.1 146.8 144.0 120.7 112.5 128.8 144.2 144.4 115.6 113.9 129.2 144.1 146.2 115.4 113.0 130.6 144.3 147.5 117.3 109.8 130.9 143.7 148.6 117.5 111.1 131.1 142.1 149.8 117.8 111.0 132.2 145.5 151.0 118.1 112.9 133.9 146.6 151.6 120.5 113.0 133.2 146.5 152.3 119.0 112.9 133.8 146.7 153.5 119.5 113.3 21 22 Construction supplies Business supplies 4.3 11.2 110.4 110.3 10.3 10.8 108.4 111.9 107.4 110.5 109.7 110.3 108.4 110.6 106.8 111.5 107.9 111.2 108.3 111.9 109.1 111.5 110.2 111.7 109.9 111.7 109.7 112.4 109.5 112.8 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 12.2 17.4 25.9 00.0 68.5 10.1 04.5 84.8 01.4 10.5 00.0 112.0 116.4 124.9 97.5 169.6 108.6 103.7 83.8 100.9 108.5 101.3 111.0 115.4 123.7 97.6 170.0 106.1 102.9 82.6 100.7 107.3 100.6 111.7 116.6 124.7 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 98.4 111.6 101.2 114.2 119.4 129.2 99.8 178.7 111.2 104.8 78.1 99.4 111.7 101.7 114.3 119.2 129.1 99.6 178.8 111.1 104.3 75.3 99.3 111.8 102.9 114.6 119.3 129.2 97.7 179.3 111.7 104.6 75.1 99.0 112.6 103.3 94.8 92.5 107.5 111.7 08.2 12.9 107.9 113.0 107.4 112.2 108.0 112.9 107.4 112.7 108.3 113.4 108.1 113.3 108.6 113.9 108.5 113.8 108.9 114.2 109.4 114.9 109.4 115.1 109.5 115.4 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 3,071.6 3,052.7 3,055.4 3,076.4 3,101.6 3,117.9 2,302.3 2,329.3 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 2,371.5 2,365.3 2,354.3 1,606.0 1,621.7 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 1,652.1 1,650.4 1,638.1 725.0 732.2 713.5 714.2 729.8 726.9 706.0 718.1 715.6 718.9 713.5 716.4 714.6 722.0 741.1 745.2 746.5 734.7 737.5 738.7 742.2 741.4 745.3 745.6 748.2 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. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June' July' Aug.' Sept.p 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 79.0 113.0 113.9 114.3 115.3 113.4 114.3 113.2 114.1 114.4 115.4 113.7 114.7 113.6 114.6 114.4 115.4 114.8 115.8 114.9 115.9 115.7 116.7 116.6 117.6 116.1 117.2 116.2 117.2 321 43.4 1.5 120.4 107.5 122.2 104.8 121.2 100.4 121.3 98.0 122.7 100.3 121.2 98.5 121.3 97.7 122.3 98.3 123.2 98.2 123.4 100.3 124.7 101.9 126.1 100.6 125.6 99.8 125.5 97.7 327 331 332 333 2.3 2.3 5.8 5.3 112.5 112.1 108.9 117.1 110.6 112.8 110.5 120.6 109.1 109.2 110.5 118.1 109.1 103.8 109.7 117.6 111.0 102.7 109.8 122.6 109.8 107.1 109.3 116.4 106.5 107.6 109.8 115.3 108.3 108.8 110.6 118.0 108.5 111.3 111.1 117.2 109.2 112.1 110.8 117.6 110.6 110.6 112.1 117.5 111.5 112.9 112.5 120.2 111.7 112.1 112.8 118.3 110.8 112.8 113.4 118.5 334 8.0 169.1 177.2 179.3 180.0 181.7 181.3 181.5 182.3 184.2 184.4 187.7 191.7 192.7 193.4 335 3361-3 2.2 7.5 105.8 101.9 105.1 100.9 105.5 97.3 105.1 100.7 107.1 102.4 106.5 96.4 107.4 98.7 107.9 99.4 109.3 100.8 108.7 100.3 109.3 102.8 110.0 103.6 109.1 102.0 110.5 98.6 3364—9 3.6 122.4 125.2 126.3 127.7 337 339 1.8 3.3 104.7 116.9 104.7 118.0 104.2 118.8 103.4 120.0 102.7 121.0 101.8 120.2 100.7 119.4 101.0 121.6 100.4 122.5 101.2 123.1 102.2 123.4 103.2 123.7 102.6 122.8 101.8 124.9 35.6 106.7 107.8 106.7 106.2 107.4 107.5 107.2 107.8 107.7 107.8 107.9 108.5 108.1 108.2 311,2 313,4 315,6 322 323 11.4 1.4 1.0 3.1 2.4 109.8 92.7 80.7 98.5 103.3 110.1 91.3 80.2 99.3 103.1 110.6 89.8 80.9 98.3 104.1 111.5 88.6 80.0 97.9 104.3 112.2 88.6 79.7 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 96.1 102.1 114.4 86.4 79.1 96.8 101.7 113.2 84.0 77.6 96.3 102.7 112.9 83.6 77.7 95.8 103.4 324 325 1.8 10.8 110.3 110.3 115.3 111.7 110.4 110.1 108.5 108.8 108.9 110.5 113.0 109.9 110.0 110.1 111.7 110.4 107.9 110.5 110.6 110.6 110.1 110.8 110.3 111.8 109.9 112.1 108.7 113.2 326 3.8 105.7 106.1 104.4 103.9 105.6 106.3 105.5 107.1 108.0 108.5 109.0 109.9 109.6 109.1 1133,5111 4.9 98.0 97.2 99.6 99.4 98.7 98.4 98.6 99.1 99.5 99.0 99.4 99.1 98.3 99.2 21 2211,2 2211 2212 6.4 9.7 8.3 1.5 100.2 105.2 108.0 91.7 101.0 104.5 105.5 100.0 100.9 109.8 110.6 106.0 100.7 106.8 108.8 97.6 102.5 102.5 105.8 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 95.4 101.4 106.4 108.4 97.0 100.8 111.3 114.4 96.7 101.0 111.3 114.4 96.5 78.7 108.6 109.4 108.4 108.2 109.3 108.5 108.4 109.2 109.5 109.5 110.0 110.7 110.2 110.2 76.4 113.9 115.4 114.8 114.3 115.4 115.1 114.9 115.7 116.0 116.2 116.7 117.6 117.3 117.6 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 • October 2007 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 Item credits or debits 1 Balance on current account 2 Balance on goods and services 3 Exports 4 Imports 5 Income, net 6 Investment, net 7 Direct 8 Portfolio 9 Compensation of employees 10 Unilateral current transfers, net -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 Q2 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 Feb. Mar. Apr. May June July Aug. Sept.' 1 Total 86,824 65,127 65,895 66,082 66,551 66,720 66,008 66,127 67,029 67,508 69,070 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 8,915 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 19,479 42,718 8,036 37,838 5,040 40,943 4,874 41,251 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 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 Feb. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 Mar. May June July Sept.p Aug. 80 83 98 91 91 95 93 197 94 94 112 1.041.215 8,967 1.069.014 8,967 1.133.969 8,967 1,168,109 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 NOTE: The data presented in this table are available in the monthly statistical release "U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board's website at www.federalreserve.gov/releases. 1. Excludes deposits and U.S. Treasury securities held for international and regional organizations. 3.15 Apr. 2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. 3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2007 2006 Item 1 Total1 By type 2 Liabilities reported by banks in the United States2 2005 2006' June" June 8 Dec' May' June' July' Aug.p 2,191,423 2,587,472 2,256,427 2,490,224 2,587,472 2,694,092 2,728,228 2,768,593 2,749,373 296,647 201,863 284,862 176,829 308,636 184,847 308,636 184,847 284,862 176,829 313,634 172,500 331,736 160,745 352,415 176,036 353,636 179,837 1 102 333 948 589,632 1 273 366 1,026 851,389 1 112 617 986 649,341 1 211 819 1 273 366 986 1,026 783,937 851,389 1 276 829 1,060 930,069 1 283 262 1,067 951,418 1 276 337 1,075 962,731 1 246 652 1,082 968,167 368,516 7,211 128,006 1,640,968 17,214 29,502 437,366 7,078 175,773 1,915,316 12,443 39,495 366,044 6,952 148,757 1,679,350 18,664 36,654 414,986 7,859 159,323 1,851,747 15,955 40,354 430,832 8,680 210,285 1,978,521 18,635 47,138 435,587 8,019 225,741 1,991,663 18,827 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 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 10 Asia 11 Africa 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 437,366 7,078 175,773 1,915,316 12,443 39,495 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 2 3 Deposits Other liabilities 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 5 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 8 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 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 • October 2007 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period Apr.1 July' Aug.p B Y 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 3,837,295' 4,069,655" 4,107,448 4,259,783 4,197,425 4,378,603 4,316,703 2,981 2,299,950 ',921,154' 3,114,760' 3,121,184 3,298,471 3,353,953 3,249,593 3,374,618 3,278,835 955,072 1,127,909 665,127 828,535 1,043,801 1,256,149 713,327 1,315,292' 1,353,065' 1,348,531 1,605,862' 1,761,695' 1,772,653 1,029,442' 1,165,595' 1,189,342 916,141 954,895 986,264 250,811 257,269 277,641 1,431,183 1,867,288 1,247,462 961,312 1,441,266 1,912,687 1,264,884 1,408,534 1,841,059 1,216,061 963,796 947,832 1,940,570 1,319,817 1,003,985 1,417,698 1,861,137 1,209,155 1,037,868 244,715 226,758 2,911,516 318,783 780,957 259,843 249,132 386,447 319,598 245,389 266,433 440,091 451,853 401,325 412,525 48,260 152,789 194,583 53,594 136,783 201,516 66,145 113,755 294,009 69,592 108,847 310,111 70,605 112,819 322,176 72,258 106,150 315,264 74,674 109,999 317,756 88,656 114,527 308,549 93,275 120,756 318,505 96,646 149,999 319,582 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 37,940 29,111 21,539 7,572 8,829 5,679 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 30,157 26,485 20,632 5,853 3,672 287 31,204 27,665 21,208 6,457 3,539 353 3,412 4,096 2,855 3,290 3,396 3,175 3,373 3,385 3,186 515,586 145,516 26,613 118,903 498,510 170,984 45,426 125,558 461,691 178,989 51,380 127,609 498,099 213,173 55,688' 157,485' 507,471 206,686 50,868 155,818 497,503 218,114 56,477 161,637 486,134 211,802 59,112 152,690 492,481 225,286 58,169 167,117 528,451 245,011 58,666 186,345 533,473 218,851 55,686 163,165 370,070 245,199 327,526 201,863 282,702 176,829 284,926 181,798 300,785 194,914 279,389 177,958 274,332 172,500 267,195 160,745 283,440 176,036 314,622 179,837 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 1,252,628' ! ,363,115' 2,355,234 1,912,922' !,020,499' 2,010,760 1,021,764' 1,052,357' 1,042,519 891,158' 968,142' 968,241 344,474 339,706 342,616 31,658 31,061 27,408 1,450,016 !,120,137 2,412,261 2,087,081 1,080,277 1,006,804 325,180 25,888 !,447,556 !,107,481 1,090,229 1,017,252 340,075 28,421 2,456,520 2,113,735 1,067,288 1,008,326 329,879 24,813 2,514,746 2,178,401 1,117,929 1,060,472 336,345 27,845 52,400 140,978 48,776 152,526 55,643 257,173 58,785 246,281 60,780 247,720 65,795 233,497 68,979 242,675 71,703 240,836 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 1,093,551' 1,170,501' 1,208,647 803,473' 851,977' 875,467 223,127' 223,481 232,617 580,346' 628,496' 642,850 1,280,788 932,850 241,260 691,590 1,286,971 937,382 244,330 693,052 1,262,474 910,773 249,556 661,217 1,372,439 995,641 264,521 731,120 1,295,506 918,584 273,516 645,068 38 39 40 232,818 44,727 223,177 33,124 290,078 42,121 318,524 42,384 333,180 46,534 347,938 45,651 349,589 44,015 351,701 39,742 376,798 40,645 376,922 55,997 136,192 51,899 142,188 47,865 196,345 51,612 224,006 52,134 221,663 64,983 233,361 68,926 235,570 70,004 237,648 74,311 260,326 75,827 243,443 77,482 43 Total, all foreigners 2,911,516 3,080,907 3,837,295' 4,069,655' 4,107,448 4,259,783 4,317,749 4,197,425 4,378,603 4,316,703 44 Foreign countries . . 2,895,862 3,060,114 3,807,870' 4,031,715' 4,071,352 4,228,307 4,287,851 4,167,216 4,348,446 4,285,499 ,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 ,628,030' 1,701,135 5,608 3,765 17,974 15,933 861 780 618 693 62,317 61,591 67,551' 69,213 1,454 1,703 91,470 90,587 7,383 8,108 81,694 76,827 46,005 37,188 59,501 54,268 1,860 2,131 64,561 60,836 13,622 9,635' 3,961 4,151 59,188 63,039 15,571 14,126 ,001,495' 1,045,756 33,820 33,573 327 343 19,686' 18,393 1,760,697 3,278 17,570 633 620 71,273 70,848 2,494 89,477 6,158 87,767 58,315 60,028 1,962 57,429 9,941 6,936 66,217 14,250 1,080,426 34,719 327 20,029 1,794,568 3,278 15,499 798 732 68,895 69,044 2,276 85,917 6,131 95,373 50,162 58,120 2,981 52,900 9,274 7,921 68,617 14,560 1,126,469 33,872 325 21,424 ,852,532 6,614 15,248 722 808 60,981 74,627 1,490 103,900 6,228 111,612 40,481 84,549 3,035 49,034 8,543 7,080 62,647 14,467 ,139,153 35,538 293 25,481 1,760,399 5,806 19,990 1,151 1,622 65,073 77,714 1,350 96,209 5,322 97,762 29,474 72,589 3,068 59,043 8,149 4,289 57,845 15,284 1,080,556 32,275 339 25,488 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 3,150 134,785 66,350 242,295 57,411 257,797 1,111,811 1,046,447 342,785 30,246 MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium13 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg13 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 62 Sweden 63 Switzerland 64 Turkey 65 United Kingdom and Isle of Man14 66 Channel Islands 15 67 Yugoslavia Other Europe and other former U.S.S.R. Footnotes appear on next page. 1,477,799' 3,797 14,528 931 3,204 68,895 69,548 1,488 83,715 7,350 72,867 25,190 42,393 2,250 62,704 8,941' 3,715 54,532 10,369 885,346' 33,348 295 22,392' 1,746,758 4,619 17,064 652 2,425 60,745 73,059 1,528 95,621 6,527 99,274 41,122 74,558 2,957 50,609 12,011 7,104 64,176 14,459 1,058,488 36,940 289 22,531 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.' July Aug.' MEMO 1,262,780' 1,397,735' 1,456,659' 1,518,895 68 European Union17 n.a. 69 Canada 34,248 33,552 44,540 49,235' 48,949' 58,047 59,795' 54,924 61,306' 61,680 135.970 10,817 15.186 7,299 6,286 2,687 1,530 50,575 4,513 1,917 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 8,544 156,663 10,485 16,037 16,829 11,657 3,407 1,420 45,359 7,135 4,267 6,116 22,744 11,207 168,069 10,895 22,324 19,145 12,469 3,150 1,757 45,886 6,765 4,418 6,540 22,902 11,818 157,993' 11,017' 18,492 13,645' 12,241 3,318 2,103 43,409' 7,269' 3,687 7,509 23,049' 12,254' 161,772 11,060 16,233 16,703 11,794 3,347 1,707 44,520 8,295 4,499 6,854 24,341 12,419 165,715' 10,947' 19,791 16,560' 11,551 3,392 1,664 47,721' 7,265' 4,865 6,980' 22,061' 12,918' 162,295 10,572 20,876 14,128 11,248 3,462 1,934 45,176 7,635 5,472 6,607 21,673 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 3,308 1,786 55,030 6,979 5,374 6,581 22,090 12,615 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 32,365 420,635 408,192 422,234 434,517 440,951' 428,354 418,899' 420,842 416,062' 452,238 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 44,401 43,107 18,792 4,377 7,241 127,398 27,783 3,793 22,915 8,317 69,494 44,616 54,501 36,879 23,530 3,915 10,794 127,328 29,051 3,521 22,528 8,146 70,364 43,960 54,770' 35,539 25,112' 4,216 10,971' 125,198' 30,465 4,038 20,284 10,958 72,695 46,705' 50,168 38,999 25,338 4,723 11,806 119,048 28,002 4,235 22,556 7,661 68,168 47,650 47,019' 30,473 20,597' 4,002 10,636' 121,708' 27,740 3,965 23,553 9,896 71,265 48,045' 47,846 31,702 17,175 4,230 10,022 128,797 23,996 4,520 24,162 10,866 68,713 48,813 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 48,809 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries21 111 Other 14,580 2,711 156 3,284 4,326 4,103 20,095 4,953 138 3,049 6,858 5,097 14,774 2,252 198 1,389 4,438 6,497 15,777 3,343 271 2,147 4,066 5,950 16,805 4,230 213 2,002 4,015 6,345 18,188 4,162 252 2,104 4,751 6,919 20,507 5,892 167 2,257 5,280 6,911 19,395 4,070 169 1,969 4,913 8,274 20,521 3,937 192 2,693 5,783 7,916 20,487 3,938 183 3,895 5,004 7,467 112 Other countries 113 Australia 114 New Zealand22 115 All other 27,325 23,391 3,429 505 21,242 17,769 3,007 466 30,789 25,251 4,500 1,038 31,267 26,807 3,337 1,123 32,188' 27,988' 3,184 1,016 39,132 33,806 4,300 1,026 40,909' 36,570' 3,554 785 41,770 37,844 3,235 691 40,904' 37,217' 2,729 958 30,939 27,248 2,972 719 116 International and regional organizations 117 International23 118 Regional24 15,654 11,542 4,112 20 793 15,684 5,109 29,425 25,202 4,223 37,940 34,151 3,789 36,096 32,083 4,013 31,476 27,377 4,099 29,898 25,967 3,931 30,209 25,916 4,293 30,157 25,853 4,304 31,204 27,190 4,014 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 America15 83 Caribbean 84 Bahamas 85 Bermuda 86 British Virgin Islands15 87 Cayman Islands19 88 Cuba 89 Jamaica 90 Netherlands Antilles 91 Trinidad and Tobago 92 Other Caribbean15 93 Asia 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. 1,661,071' 1,704,820' 1,673,331' 1,762,117 229,767' 256,127 235,210 235,067 59,056' 55,100 57,848 56,014 21,927' 20,371 23,081 21,609 1,288,636' 1,351,206' 1,319,228' 1,403,022 82' 82 83 84 1,023 810 1,168 1,043 8,455 5,982 8,168' 8,192 3,341 3,137 3,372 3,772 26,698 30,174' 30,562' 31,842 1,787,458' 1,721,232 232,182' 211,258 50,951' 50,339 22,903' 24,025 1,436,585' 1,384,909 83 83 1,040 958 5,793 10,585 3,874 3,754 34,047' 35,321 1,787,550' 1,783,836 213,077' 234,398 46,981' 52 179 26,223' 29,626 1,452,548' 1,420,062 83 84 915 827 7,198' 5,030 3,964 4,038 36,561' 37,592 13. Before January 2001, data for Belgium-Luxembourg were combined. 14. Before January 2001, these data were included in data reported for the United Kingdom. 15. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe." 16. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 17. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 18. Before January 2001, data for "Other Latin America" and "Other Caribbean" were combined in "Other Latin America and Caribbean." Before June 2006, data for the British Virgin Islands were included in "Other Caribbean." 19. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. 20. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 21. Comprises Algeria, Gabon, Libya, and Nigeria. 22. Before January 2001, these data were included in "All other." 23. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 24. 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 in these editions have been corrected. 48 Federal Reserve Bulletin Statistical Supplement • October 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 July Aug.' 1 Total, all foreigners 1,664,223 1,864,834 2,301,698' 2,489,130' 2,520,235' 2,652,571' 2,711,699' 2,622,754' 2,706,850' 2,722,488 2 Foreign countries 1,658,247 1,857,584 2,292,524' 2,481,282' 2,511,305' 2,645,487' 2,703,884' 2,613,699' 2,698,297' 2,714,216 806,546 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 1,366,483' 3,959 27,020 4,140 13,578 129,889' 19,920' 177 26,170 24,963 8,145 34,062 24,249 826 1,736 23,387 5,369 163,224 3,368 805,925' 39,186 7,190 1,506,824' 3,649 26,361 3,340 14,440 147,069 23,817 143 29,168 23,335 9,954' 46,905 20,632 696 1,720 20,484 4,264 191,921 3,362 886,855' 41,886 6,823 3 Europe 4 Austria 5 Belgium2 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg2 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man3 24 Other Europe and other former U.S.S.R.4 . . 1,186,268' 4,277 13,592 1,032 9,434 112,395' 18,155 250 24,304 30,991 7,144 29,578 31,032 924 1,732 9,734 8,905 105,364 3,697 730,121' 36,893 6,714' 1,333,574' 4,794 31,717 404 10,175 128,549 20,729 271 27,341 28,022 8,003' 35,222 24,218 969 1,664 19,295 7,075 151,264 3,847 783,719' 39,051 7,244 1,449,304' 4,370 23,740 426 14,227 144,158 22,303 177 27,988 24,106 7,072' 45,417 23,665 871 1,708 23,520 5,334 182,541 3,226 850,613' 37,702 6,141 1,420,414 3,713 1,478,435' 4,337 34,567 448 13,579 140,595 24,689 22,595 135 28,180 23,856 9,727 49,493 18,558 987 1,716 16,614 4,704 165,393 3,268 827,817 43,447 8,928 1,034 15,018 152,501 24,905 176 1,518,239 4,912 26,613 4,173 15,908 142,020 31,230 216 28,068' 24,309 30,029 25,923 11,719 50,450 21,109 13,129 57,341 993 1,838' 17,758 4,942 155,630 3,253 886,038 42,831' 8,931 23,840 1,191 1,793 15,963 6,916 166,328 3,324 898,944 39,291 9,155 MEMO 1,252,461' 1,245,625' 1,133,008' 1,005,665' 25 European Union5 n.a. 26 Canada 51.088 64,104 71,509 68,958 74,998 95,412 84,181 92,225 98,422 86,238 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America1" 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands'" 44 Cayman Islands7 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean1" 49.378 2,220 14,094 6,213 2,645 469 866 13,440 1,939 1,529 403 2,844 2,716 51,170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 58,374 2,703 19,835 6,474 2,490 604 1,016 16,531 2,316 1,446 347 2,279 2,333 61,005 2,697 22,319 5,125 3,471 674 1,048 16,676 2,132 1,432 433 2,693 2,305 62,041 2,671 21,483 5,647 4,070 574 1,098 16,773 2,381 1,352 1,100 2,383 2,509 61,983 2,954 21,588 5,468 4,318 628 1,003 16,885 2,461 1,576 272 2,479 2,351 66,415 3,036 23,161 5,631 4,137 748 1,009 18,331 2,943 2,087 293 2,518 2,521 68,259' 3,253 24,607 5,879' 4,197 772' 1,058 17,990 3,221 2,176 323 2,385 2,398' 71,877' 3,762 24,334 6,051 74,505 3,706 26,053 6,538 4,436' 829' 1,096 20,447' 3,209 2,447 282 2,552' 2,432 4,517 828 1,141 20,945 3,023 2,270 317 2,664 2,503 596,931 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 8,148 738,362' 798,303' 127,679 17,832 3,024 638,876' 633 2,393 893 6,973' 786,024' 135,500 24,575 4,007 613,756' 742 2,646 1,034 3,764 809,236' 112,492 31,032 4,465 652,441' 752 2,818 809 4,427 825,565' 124,100 20,440' 3,871 667,506' 570 2,461 571 6,046 805,738' 817,697' 133,432 14,514' 131,300 830,951 144,198 678 5,059 23,076' 5,377' 648,498' 580' 2,490 534 5,842' 142,656 190,610 221,574 202,799 205,969' 212,047' 203,657' 209,177' 207,454' 177,358 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 6,751 18,905 5,409 2,941 524 5,145 121,889 24,036 1,041 3,371 5,647 12,050 5,011' 20,296 6,023 2,750 504 5,993 124,055 24,166 732 5,129 3,754 13,002 5,643' 19,615 5,451 2,860 482 6,757 118,501 20,514 895 5,878 3,522 13,269 5,913' 20,279 6,074 3,225 464 6,396 24,809 6,961 113,805 108,210 18,657 9,149 4,095 574 7,204 92,791 25,926 1,083 5,650 5,584 14,501 6,190' 24,268 820 5,970 6,416 13,597 5,906' 17,161 10,570 5,554 15,039 4,978 2,617 591 5,991 122,845 24,465 829 2,818 5,939 11,451 5,236 1,262 228 53 318 223 440 1,621 422 63 331 317 488 1,845 597 56 247 403 542 1,760 661 55 189 290 565 1,755 662 57 197 313 526 2,098 664 53 430 381 570 1,805 686 31 188 309 591 1,742 399 34 324 283 702 1,761 434 64 194 292 777 1,642 367 17 244 287 727 10,386 9,695 609 82 10,945 10,226 541 178 14,592 14,883 13,929 491 463 14,035 13,063 608 364 15,407 13,765 1,357 285 15,437 14,033 1,089 315 16,144 13,100 1,250 242 22,651 20,751 1,532 368 25,283 23,988 916 379 5,976 7,250 9,174 7,848 8,930 7,084 7,815 9,055 8,553 8,272 49 Asia China 50 Mainland 51 Hong Kong 52 India 53 Indonesia 54 Israel 55 Japan 56 Korea (South) 57 Philippines 58 Taiwan 59 Thailand 60 Middle Eastern oil-exporting countries5 . . . 61 Other 62 Africa 63 Egypt 64 Morocco 65 South Africa 66 Oil-exporting countries9 67 Other 68 Other countries 69 Australia 70 New Zealand10 71 Allother 72 International and regional organizations" 120,843 17,704 2,807 586,524' 636 2,484 1,055 6,309 2,827 518 5,315 140,242 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. Before January 2001, combined data reported for Belgium-Luxembourg. 3. Before January 2001, data included in United Kingdom. 4. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 5. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 24,483 973 3,166 5,727 5,299' 643,684' 558 2,514 14,957 852 335 3,611 513 6,373' 22,174 4,314 648,636 613 5,621 488 4,907 878 3,690 2,858 15,454 4,847 6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as combined "Other Latin America and Caribbean." Before June 2006, data for the British Virgin Islands were included in "Other Caribbean." 7. Beginning 2001, Cayman Islands replaced British West Indies in the data series. 8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9. Comprises Algeria, Gabon, Libya, and Nigeria. 10. Before January 2001, included in "All other." 11. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2007 Type of claim 2004 2005 2006' Feb.' 1 Total claims reported by banks 3 Foreign official institutions2 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments6 . . 10 Other claims Mar.' Apr.' May' 2 652 571 96,738 1,941,184 614,649 2 711 699 85,828 1,987,963 637,908 3,154,368 June' July' Aug.' 2 706 850 106,601 1,945,414 654,835 2 722 488 93,527 2,001,755 627,206 2,026,841 2,344,155 2,941,855 1 664 223 71,892 1,187,954 404,377 1 864 834 72,919 1,391,775 400,140 2 301 698 97,494 1,675,713 528,491 362,618 152,520 107,533 88,423 14,142 479,321 227,685 91,196 140,863 19,577 640,157 264,589 168,304 185,300 21,964 668,255 3,970 748,320 2,414 938,850 6,272 995,736 8,542 1,006,225 9,794 1,020,944 9,619 1,041,985 9,601 1,011,299 9,279 1,019,706 9,481 1,002,765 10,143 3,888 988,110 1,097,873 7,324 1,106,776 1,304,277 9,540 1,347,036 1,637,954 11,252 1,473,600 1,773,579 8,571 1,495,645 1,840,662 10,453 1,611,555 1,965,149 9,920 1,650,193 1,988,523 10,894 1,591,282 1,910,732 13,410 1,664,253 1,937,015 12,982 1,696,598 1,906,329 479,422 482,090 664,373 750,858 739,410 788,390 824,111 794,401 864,849 849,224 2 489 130 96,698 1,827,237 565,195 2 520 235 92,499 1,861,868 565,868 3,341,703 634,133 275,017 148,713 186,774 23,629 2 622 754 95,502 1,905,686 621,566 718,949 287,802 191,133 216,169 23,845 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 Federal Reserve Bulletin Statistical Supplement • October 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. By type 2 Financial liabilities 3 Short-term negotiable securities' . . 4 Other liabilities' Of which: 5 Borrowings' 6 Repurchase agreements' 7 8 9 10 11 12 13 14 15 16 17 18 19 20 By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 73,700 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 n.a. n.a. 21,509 30,108 n.a. n.a. 8,561 4,781 9,482 12,838 10,120 18,573 10,915 21,013 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 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 All other7 4,198 5,480 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 • October 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 • October 2007 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Aug. Mar. Api May July Aug.' 927,052' 905,830' 1,277,421 1,318,058 U.S. corporate securities STOCKS 1 Foreign purchases 2 Foreign sales 4,731,749 4,649,799 6,882,746 6,732,131 6,778,957 6,656,210 630,096' 618,140' 880,537' 871,052 690,355 662,895 861,753 819,709 881,343 852,503 28,840 -40,637 9,485' 27,460 81,993 954 150,571 6,039 122,789 1,685 11,959' 317 9,481' 415 27,459 -653 42,049 -673 28,838 1,655 21,257' 2,815 -40,643 -1,612 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 64,753 -856 6,299 -1,898 337 -1,696 11,261 -2,396 50,912 1,090 968 961 38,211 2,596 11,162 2,614 20,560 -5,350 -127 4,265 3,037' -734' 3,856' 958' 575' -2,614' -832' 2,972' 79 -637' -13 8,800' -63 603' -22' -334' 871' -99 331' 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 -14,764 -294 -4,187 -3,312 213 -870 -230 878 -9,375 -75 221 -30 -24,493 573 -1,722 -26 2,787 -64 -15 -413 1,097,458 878,202 1,633,299 1,339,231 1,288,953 1,111,296 142,900' 137,677' 159,064 143,916 159,266 123,145 165,332' 138,288' 171,020 131,426 164,857' 156,191' 167,717 158,109 28 Foreign sales 219,256 294,068 177,657 5,223' 15,148 36,121 27,044' 39,594 8,666' 9,608 29 Net purchases, or sales (-) 218,983 31,629 293,706 92,622 177,576 89,728 5,259' 4,545 15,028 16,108 36,155 13,691 27,080' 12,793 39,476 15,993 8,690' 7,468 9,605 4,063 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 57,620 -656 1,732 2,347 -236 -3,175 58 -1,199 42,863 4,400 3,136 8,669 -8,170 9,160 106,811 53,482 21,789 7,851 71 279 1,523' 49 904 -304 -163 1,554' -143 -213 -292' 312 379 1,152 -6,458' 1,011 7,542 2,516 3,177 1,104 36 74' 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 -334 -697 -272 1,414 293 -1,969 131 -316 3,719 -132 169 -989 -2,517 173 13,153 2,700 2,344 3,692 -20 -30 1,277,006 904,784 1,684,657 1,170,659 1,346,940 1,060,795 161,842' 113,276' 188,513' 143,143' 142,698' 109,071 215,879' 137,571' 183,722' 155,186 137,269' 132,794' 154,798 156,040 54 Foreign sales 372,222 513,998 286,145 48,566' 45,370' 33,627' 78,308' 28,536' 4,475' -1,242 55 Net purchases, or sales (-) 369,370 19,141 512,973 28,500 284,828 25,365 48,506' 5,553 45,382' 2,873 33,700' 2,911 77,989' 3,964 28,399' 3,701 4,085' 1,030 -1,651 2,985 241,709 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 7,591 186,037 -5,793 3,994 3,970 7,247 -9,439 -372 2,064 2,064 4,400 10,719 3,787 21,899 1,901 54,943 25,576 7,891 10,225 -236 5,778 29,559' -781 1,505 187 1,220 927' -253 749 23,032' 458 2,909' 92 5,223' 23' 7,702 4,043 220 773 52 2,946 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 -3,470 -159 24 1,121 266 -7,960 49 -156 5,946 -3,301 649 548 -4,891 653 4,538 1,558 1,053 136 -28 350 150,615 3 Net purchases, or sales (-) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 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 3 1,677 -602 26 International and regional organizations2 U.S. GOVERNMENT AGENCY BONDS 27 Foreign purchases 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 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 52 International and regional organizations2 CORPORATE BONDS 3 53 Foreign purchases 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 1,025 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.Aug. Feb.' May June July' Aug.p -7,658 370,379 378,037 -16,453 448,533 464,986 -13,519 451,421 464,940 -6,420 469,307 475,727 -12,806 544,392 557,198 Mar. Apr. 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 -94,002 3,414,323 3,508,325 -16,399 361,661 378,060 -7,413 431,137 438,550 -45,095 -144,090 -99,541 -4,365 -34,339' -9,666 -21,190 -8,245 879 -21,677 83 Foreign purchases 1,459,882 1 504 977 1,881,727 2 025 817 2,131,677 2 231 218 232,982 237,347 275,843' 310,182 261,522 271,188 293,776 314,966 279,057 287,302 290,035 289,156 279,609 301,286 85 Net purchases, or sales (-) of stocks and bonds4 -172,391 -251,793 -193,543 -20,764 -41,752' -17,324 -37,643 -21,764 -5,541 -34,483 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 -206,233 -167,102 -58,686 -103,605 -4,313 -6,738 -26,695 10,413 -5,026 -431 -11,367 -25,177 -25,844 -7,952 -19,666 -1,216 56 8,186 -4,303 -4,645 345 -2,401 ^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 33 -1,614 -5,707 -5,222 -2,631 -2,361 771 -51 -5,709 4,653 2,302 190 -339 -35,493 -6,777 -5,063 -1,798 -1,264 -1,477 -31,961 6,234 2,293 -870 622 -6,988 5,102 12,690 4,413 1,262 66 2,788 166 1,010 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 2,817 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.Aug. Apr. May Aug.' 1 Total reported 338,112 100,796 17,699 22,658' 24,682 2 Foreign countries 3 Of which: by foreign official institutions 335,160 68,689 206,505 71,831 102,425 -26,714 17,750 2,172 30,889' 1,377 415 9,364 22,385' -4,590 26,543 6,433 -9,443' -6,925 -2,413 -29,685 173,638 500 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 14,144 108,309 -1,926 -3,911 -471 569 -85 2,854 -45,707 4,141 -3,240 150,760 -95 5,420 -2,722 8,850 487 -1,112 -2,289 225 -560 766 -8,202 886 -1,098 18,587 -114 1,273 1,703 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 39,570 -873 -4,889 556 245 19 1,669 15,961 147 -179 33,196 483 -6,764 -4,896 6,631 7,109 -728 -77 327 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 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 53,508 54,683 -5,940 122 4,643 23 Caribbean 44,997 -2,393 -15,546 -728 12,026' -3,758 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 -46,335 -2,431 4,048 -35,134 -14,459 4,113 -2,472 1,583 9,640 2,577 -9,652 -4,003 42 2,979 -7,098' 3,677 -986' -4,481' -745 766 -5,329' 8,901 -941 290 3,344 -310 851 5,667 2,222 2,027 3,486 2,400 4,321 4,068 -199 109 -15 84 820 836 1,166 -2,675 890 -90 -231 2,952 758 -1,629 -51 212 31 Africa 32 African oil exporters3 33 Other countries 34 International and regional organizations4 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). -2,825 -9,257' 19,502 -742' -3,215 2,027' -1,051' -3,205 2,042 2,660' 3,886 2,765 2,023 -600 -797 583 -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 1,640 1,197 1,323 994 547 342 44 5 710 -1,094 1,614 -862 48 -1,861 76 -175 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 • October 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 Mar. Apr. May June July Aug. 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 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 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 0.7932 2.0883 1.1682 7.7369 5.6232 1.3246 7.8132 43.79 117.26 3.4894 11.114 0.6995 6.1401 1.5242 7.3525 942.88 109.294 7.0171 1.2178 33.010 32.642 1.9474 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 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 82.46 106.67 81.23 105.30 79.87 104.40 79.20 104.12 78.93 102.77 77.51 103.33 77.51 143.38 138.89 135.38 132.80 131.64 130.48 130.23 129.26 130.72 99.47' 91.00' 97.82' 90.81' 96.67' 90.74' 94.93' 89.97' 94.29' 88.84' 93.91' 88.46' 93.69' 88.25' 92.15' 86.63' 92.19 86.41 119.97' 116.27' 113.53' 110.33' 110.27' 109.85' 109.61' 108.02' 108.43 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 August 2006 November 2006 February 2007 May 2007 November February May August 2006 2007 2007 2007 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 June 30, 2006 September 30,2006 December 31,2006 March 31,2007 November February May August 2006 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 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-related institutions, 20 Automobiles Consumer credit, 34 Production, 42, 43 BANKERS acceptances, 5, 10 Bankers balances, 15-21 (See also Foreigners) Bonds (See also U.S. government securities) New issues, 29 Rates, 23 Business loans (See Commercial and industrial loans) CAPACITY utilization, 40, 41 Capital accounts Commercial banks, 15-21 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21 Weekly reporting banks, 17, 18 Commercial banks Assets and liabilities, 15-21 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 Real estate mortgages held, by holder and property, 33 Time and savings deposits, 4 Commercial paper, 22, 23, 30 Condition statements (See Assets and liabilities) Consumer credit, 34 Corporations Security issues, 29, 55 Credit unions, 34 Currency in circulation, 5, 13 Customer credit, stock market, 24 DEBT (See specific types of debt or securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Discount rates at Reserve Banks and at foreign central banks and foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) Discount rates (See Interest rates) U.S. government securities held, 5, 10, 11, 25 Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 Federally sponsored credit agencies, 28 Finance companies Assets and liabilities, 30 Business credit, 31 Loans, 34 Paper, 22, 23 Float, 5 Flow of funds, 35-39 Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 Foreign-related institutions, 20 Foreigners Claims on, 45, 48^19, 52-53 Liabilities to, 45^17, 50-51, 54, 55 GOLD Certificate account, 10 Stock, 5, 45 Government National Mortgage Association, 28, 32, 33 INDUSTRIAL production, 42, 43 Insurance companies, 25, 33 Interest rates Bonds, 23 Consumer credit, 34 Federal Reserve Banks, 7 Money and capital markets, 23 Mortgages, 32 Prime rate, 22 International capital transactions of United States, 44—55 International organizations, 45, 46^17, 48, 50-55 Investment companies, issues and assets, 30 Investments (See also specific types) Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans (See also specific types) Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EURO, 56 FARM mortgage loans, 33 Federal agency obligations, 5, 9-11, 26, 27 Federal credit agencies, 28 Federal finance Debt subject to statutory limitation, and types and ownership of gross debt, 25 Federal Financing Bank, 28 Federal funds, 23 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Federal National Mortgage Association, 28, 32, 33 Federal Reserve Banks Condition statement, 10 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 Margin requirements, 24 Member banks, reserve requirements, 8 Mining production, 43 Monetary and credit aggregates, 4, 12 Money and capital market rates, 23 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) OPEN market transactions, 9 Index to Statistical Tables PRICES Stock market, 24 Prime rate, 22 Production, 42, 43 REAL estate loans Banks, 15-21, 33 Terms, yields, and activity, 32 Type and holder and property mortgaged, 33 Reserve requirements, 8 Reserves Commercial banks, 15-21 Depository institutions, 4—6 Federal Reserve Banks, 10 U.S. reserve assets, 45 Residential mortgage loans, 32, 33 Retail credit, 34 SAVING Flow of funds, 33, 34, 35-39 Savings deposits (See Time and savings deposits) Savings institutions, 33, 34, 35-39 Securities (See also specific types) Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44 State and local governments Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Stock market, selected statistics, 24 Stocks (See also Securities) New issues, 29 Prices, 24 Student Loan Marketing Association, 28 THRIFT institutions, 4 (See also Credit unions and Savings institutions) Time and savings deposits, 4, 13, 15-21 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) 59 60 Federal Reserve Bulletin Statistical Supplement • October 2007 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, Washington, DC 20551, or telephone (202) 452-3245, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federah-eserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL BOOKS AND MISCELLANEOUS GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. COMPUTERS. CD-ROM; updated monthly. Standalone PC. $300 per year. Network, maximum 1 concurrent user. $300 per year. Network, maximum 10 concurrent users. $750 per year. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover additional airmail costs. T H E FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in 1,186 pp. $20.00 each. 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ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price. 1981 October 1982 239 pp. $ 6.50 266 pp. $ 7.50 1982 December 1983 1983 October 1984 264 pp. $11.50 254 pp. $12.50 1984 October 1985 231 pp. $15.00 1985 October 1986 1986 November 1987 288 pp. $15.00 272 pp. $15.00 1987 October 1988 256 pp. $25.00 1988 November 1989 1980-89 March 1991 712 pp. $25.00 185 pp. $25.00 1990 November 1991 215 pp. $25.00 1991 November 1992 215 pp. $25.00 1992 December 1993 1993 December 1994 281 pp. $25.00 190 pp. $25.00 1994 December 1995 404 pp. $25.00 1990-95 November 1996 1996-2000 March 2002 352 pp. $25.00 FEDERAL RESERVE BULLETIN. Quarterly. $10.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $15.00 per year or $3.50 each. FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated monthly. (Requests must be prepaid.) Consumer and Community Affairs Handbook. $75.00 per year. 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A A A A Consumer's Guide to Mortgage Lock-Ins Consumer's Guide to Mortgage Settlement Costs Consumer's Guide to Mortgage Refinancings Guide to Business Credit for Women, Minorities, and Small Businesses Choosing a Credit Card Consumer Handbook on Adjustable Rate Mortgages (also available in Spanish) Consumer Handbook to Credit Protection Laws Home Mortgages: Understanding the Process and Your Right to Fair Lending How to File a Consumer Complaint about a Bank (also available in Spanish) In Plain English: Making Sense of the Federal Reserve Keys to Vehicle Leasing (also available in Spanish) Looking for the Best Mortgage (also available in Spanish) Making Sense of Savings Privacy Choices for Your Personal Financial Information Protecting Yourself from Overdraft and Bounced-Check Fees Putting Your Home on the Loan Line Is Risky Business (also available in Spanish) Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System The Federal Open Market Committee Federal Reserve Bank Board of Directors Federal Reserve Banks What You Should Know About Home Equity Lines of Credit (also available in Spanish) When Is Your Check Not a Check? (also available in Spanish) 61 STAFF STUDIES: Only Summaries Printed in the 170. BULLETIN Studies and papers on economic and financial subjects that are of general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff Studies 165-176 are available online at www.federalreserve.gov/ pubs/staffstudies. Requests to obtain single copies of any paper or to be added to the mailing list for the series may be sent to Publications Fulfillment. IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. 172. BANKING MARKETS AND THE U S E OF FINANCIAL SERVICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Gregory E. Elliehausen and John D. Wolken. September 1990. 35 pp. 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORTGAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. T H E 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANKING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- KET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 160. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 173. 159. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study Group on Disclosure, Federal Reserve System. March 2000. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. 175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS: INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff, for the Payments System Development Committee, Federal Reserve System. December 2002. 27 pp. 176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994— 2003, by Steven J. Pilloff. May 2004. 23 pp. 62 Federal Reserve Bulletin Statistical Supplement • October 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). 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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 4.23 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. 64 Federal Reserve Bulletin Statistical Supplement • October 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. 65 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
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