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Volume 5 • Number 10 D October 2008 Statistical Supplement i'i to the Federal Reserve % £ BULLETIN Board of Governors of the Federal Reserve System, Washington, D.C. PUBLICATIONS C O M M I T T E E 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, which began publication in 2004, is a continuation of the Financial and Business Statistics section that appeared in each month's issue of the Federal Reserve Bulletin (1914-2003). All statistical series in the Statistical Supplement are published with the same frequency that they had in the Bulletin, and the numbering system for the tables remains the same. The Statistical Supplement is also available on the Board's website, at www.federalreserve.gov/pubs/ supplement. Please note that the Statistical Supplement will be discontinued in both the print and online versions as of December 2008. (For more information, see "Important Notice to Subscribers" on the inside front cover.) 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 2008. 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. Treasury— Types and ownership 26 U.S. government securities dealers—Transactions 27 U.S. government securities dealers— Positions and financing 28 Federal and federally sponsored credit agencies—Debt outstanding Securities Markets and Corporate Finance 29 New security issues—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 2008 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 FOR PERIODIC SCHEDULE OF RELEASE STATISTICAL RELEASES 6 4 PUBLICATIONS OF DATES 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 * 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 1.10 Federal Reserve Bulletin Statistical Supplement • October 2008 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 Monetary or credit aggregate Q3 Q4' Ql' Reserves of depository institutions2 1 Total 2 Required 3 Monetary base3 1.2 -9.8 2.0 -5.5 4.9 1.0 -.4 5.6 6.6 2.0 Concepts of money4 4 Ml 5 M2 -1.4 4.7 -.3 5.2 1.3 9.0 1.0 5.2 4.7 Apr.1 Q2' 41.7 6.8 6.5 May' -19.8 11.8 -3.8 15.7 11.6 3.0 -3.5 -2.8 1.5 2.1 July -20.7 -29.1 -.7 7.9 8.1 14.8 6.4 Nontransaction components 6 In M2S Time and savings deposits Commercial banks Savings, including MMDAs . . . Small time1" Thrift institutions 9 Savings, including MMDAs . . . 10 Small time1" 6.7 5.5' 4.6 23.9 7.7 4.3 6.3 -3.6 16.5 -8.6 1.1 -6.4 -1.0 -4.7' -3.3' -4.2 -26.1 7.2 -.9 18.5 -8.7 23.1 -12.9 6.0 -3.6 -12.5 -17.2 5.9 -19.0 Money market mutual funds 11 Retail7 12 Institution-only 40.0' 9.4 32.7 23.9 43.1 18.0 22.1 -23.6 18.4 -19.5 14.4 7.9 -1.0 7 8 21.0 22.9 54.0 1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during the preceding month or quarter. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 4. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at 34.5 47.0 4.5 37.1 -4.5 4.0 15.3 1.4 22.0 depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement accounts (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M l . 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 18 June 25 July 2 July 9 July 16 July 23 July 30 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 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 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer credit facility Other credit extensions Net portfolio holdings of Maiden Lane LLC6 . . Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 23 24 25 26 27 28 Currency in circulation Reverse repurchase agreements7 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 capital5 Reserve balances with Federal Reserve Banks9 . . 871,578 511,455 511,455 46,190 421,003 39,171 5,090 0 111,250 127,419 28,537 14,214 0 46 14,276 0 0 -1,194 94,112' 11,041 2,200 38,773 877,270 480,619 480,619 23,645 412,392 39,171 5,411 0 118,000 150,000 21,112 14,229 72 76 6,735 0 4,995 -1,278 103,823' 11,041 2,200 38,739 889,322 479,042 479,042 21,740 412,371 39 192 5,739 0 111,298 150,000 15,423 15,068 103 99 153 0 29 018 -1,429 105,970 11,041 2,200 38,676 877,228' 478,710 478,710 21,740 412,392 39,171 5,407 0 124,643 150,000 22,015 13,371 0 70 8,574 0 0 -1,293 103,153' 11,041 2,200 38,741 874,609 478,773 478,773 21,740 412,392 39,171 5,470 0 121,679 150,000 20,874 14,702 0 77 6,095 0 0 -1,147 104,430 11,041 2,200 38,709 890,033 478,838 478,838 21,740 412,392 39,171 5,535 0 110,250 150,000 16,780 14,861 86 95 1,738 0 29,816 -1,519 105,869 11,041 2,200 38,677 887,863 478,925 478,925 21,740 412,392 39,171 5,622 0 113,357 150,000 13,014 12,856 57 101 0 0 28,900 -1,361 105,028 11,041 2,200 38,677 888,434 479,004 479,004 21,740 412,392 39,171 5,701 0 111,143 150,000 14,301 13,916 279 98 9 0 28,955 -1,344 106,375 11,041 2,200 38,676 883,293 479,089 479,089 21,740 412,392 39,171 5,787 0 104,786 150,000 16,510 16,381 34 96 0 0 29,025 -1,404 105,287 11,041 2,200 38,676 893,822 479,174 479,174 21,740 412,392 39,171 5,871 0 113,714 150,000 17,644 17,452 89 101 3 0 29,065 -1,321 105,546 11,041 2,200 38,676 818,317 38,430 38,430 0 266 823,204 40,498 40,498 0 277 830,814 42,782 42,782 0 287 822,640 40,254 40,254 0 279 822,809 40,374 40,374 0 276 826,574 42,177 42,177 0 278 832,895 42,984 42,984 0 275 829,905 42,046 42,046 0 279 829,799 42,610 42,610 0 278 830,559 43,536 43,536 0 313 12,230 4,766 98 7,072 7,072 0 294 44,600' 10,232' 12,481 5,020 104 7,084 7,084 0 273 44,765' 8,256 12,674 5,070 103 7,206 7 206 0 295 44,470 10,212 12,435 4,926 100 7,133 7,133 0 276 44,025' 10,267' 12,510 5,070 100 7,055 7,055 0 285 44,513' 6,136 12,479 5,042 129 7,052 7,052 0 256 46,473 13,969 12,729 5,180 100 7,195 7,195 0 254 44,348 6,549 12,285 4,711 101 7,195 7,195 0 278 45,073 10,764 13,107 5,419 101 7,253 7,253 0 335 44,211 5,205 12,770 5,094 101 7,253 7,253 0 322 43,879 14,682 ABSORBING RESERVE FUNDS 29 30 31 32 33 34 35 36 End-of-month figures Wednesday figures July July 2 July 9 July 16 July 23 July 30 SUPPLYING RESERVE FUNDS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Reserve Bank credit outstanding Securities held outright U.S.Treasuiy2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Primary credit Secondary credit Seasonal credit Primary dealer credit facility Other credit extensions New portfolio holdings of Maiden Lane LLC1" Float Other Federal Reserve assets Gold stock Special drawing rights certificate account Treasury currency outstanding 23 24 25 26 27 28 Currency in circulation Reverse repurchase agreements7 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 capital5 Reserve balances with Federal Reserve Banks9 . 877,823' 486,901 486,901 30,069 412,392 39,171 5,269 0 113,750 150,000 24,450 16,223 0 76 8,150 0 0 -1,150 103,873' 11,041 2,200 38,805 901,552 478,841 478,841 21,740 412,392 39,171 5,538 0 114,500 150,000 25,644 24,095 1 93 1,455 0 29,970 -638 103,236 11,041 2,200 38,677 898,515 479,240 479 240 21,740 411,731 39,832 5,937 0 119,000 150,000 17,529 17,432 0 97 0 0 29,099 -2,178 105,825 11,041 2,200 38,676 885,959' 478,734 478,734 21,740 412,392 39,171 5,431 0 133,500 150,000 21,889 13,667 0 77 8,145 0 0 -1,780 103,616' 11,041 2,200 38,741 877,060 478,796 478,796 21,740 412,392 39,171 5,494 0 129,750 150,000 15,402 13,637 0 76 1,690 0 0 -1,417 104,528 11,041 2,200 38,709 885,476 478,866 478,866 21,740 412,392 39,171 5,563 0 113,000 150,000 12,920 12,814 0 105 0 0 28,893 -18,289 120,087 11,041 2,200 38,677 882,004 478,951 478,951 21,740 412,392 39,171 5,648 0 107,000 150,000 13,332 12,985 250 97 0 0 28,944 -1,566 105,343 11,041 2,200 38,677 895,171 479,036 479,036 21,740 412,392 39,171 5,733 0 116,750 150,000 16,192 16,097 0 94 0 0 29,019 -2,072 106,248 11,041 2,200 38,676 883,642 479,121 479,121 21,740 412,392 39,171 5,818 0 103,750 150,000 17,830 17,675 60 94 0 0 29,059 -1,788 105,671 11,041 2,200 38,676 902,634 479,206 479,206 21,740 412,392 39,171 5,903 0 123,250 150,000 17,377 17,279 822,884 38,700 38,700 0 282 826,362 43,822 43,822 0 279 831,862 45,422 45,422 0 318 823,674 41,809 41,809 0 276 825,065 42,049 42,049 0 279 832,185 41,091 41,091 0 275 832,761 41,276 41,276 0 280 830,518 43,007 43,007 0 272 831,278 42,149 42,149 0 312 832,539 44,463 44,463 0 318 12,037 4,620 99 7,070 7,070 0 248 44,332' 11,687' 12,526 4,978 211 7,053 7,053 0 284 46,346 24,135 12,702 5,256 103 7,016 7,016 0 327 43 981 16,147 11,672 4,172 101 7,133 7,133 0 267 43,911' 17,016' 11,607 4,208 100 7,053 7,053 0 246 44,184 5,826 11,551 4,139 109 7,053 7,053 0 251 45,431 6,862 11,877 4,355 100 7,195 7,195 0 227 43,969 3,757 11,669 4,036 102 7,195 7,195 0 336 45,003 16,620 14,397 6,720 101 7,253 7,253 0 322 43,589 3,835 11,958 4,271 101 7,253 7,253 0 333 43,814 21,460 0 29,099 -1,930 105,632 11,041 2,200 38,676 ABSORBING RESERVE FUNDS 29 30 31 32 33 34 35 36 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 under the overnight and term securities lending facilities. 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 collateralized by U.S. Treasury and federal agency securities. 6. Fair value. 7. Cash value of agreements, which are collateralized by U.S. Treasury securities. 8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. 9. Excludes required clearing balances and adjustments to compensate for float. 6 Federal Reserve Bulletin Statistical Supplement • October 2008 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 11 12 13 14 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 Term auction credit Primary dealer credit facility Other credit extensions 2008 2005 2006 2007 Dec. Dec. Dec. Jan.' Feb.' Mar.' Apr.' May June' July 10.047 51,314 35,337 15,977 45,384 43,483 1,900 169 97 0 72 n.a. n.a. n.a. 8,480 50,897 34,803 16,094 43,283 41,420 1,863 191 111 0 80 n.a. n.a. n.a. 8,179' 52,161 34,522' 17,639' 42,701' 40,932' 1,769' 15,430 3,787 1 30 11,613 n.a. n.a. 8,715 53,163 35,349 17,813 44,065 42,424 1,640 45,660 1,137 0 6 44,516 n.a. n.a. 8,147 53,651 34,631 19,021 42,778 41,053 1,724 60,157 155 0 9,754 50,446 32,952 17,494 42,706 39,728 2,978 94,523 1,617 0 6 75,484 16,168 1,249 9,254 49,315 34,252 15,063 43,506 41,661 1,844 135,410 9,624 0 21 100,000 25,764 0 9,688 48,576' 35,423' 13,153' 45,111' 43,100' 2,011' 155,780 14,076 0 47 127,419 14,238 0 9,181 49,333 34,752 14,581 43,933 41,660 2,272 171,278 14,225 70 75 150,000 6,908 0 9,343 49,225 34,781 14,444 44,124 42,147 1,977 165,664 15,204 107 98 150,000 255 0 60,000 n.a. n.a. B weekly averages of daily figures for two-week periods ending on dates indicated 2008 1 Reserve balances with Reserve Banks2 2 Total vault cash3 3 Applied vault cash4 4 Surplus vault cash5 6 Required reserves 7 Excess reserve balances at Reserve Banks7 8 Total borrowing at Reserve Banks 10 Secondary 12 Term auction credit 14 Other credit extensions Apr. 9' Apr. 23 May 7' May 21' June 4' June 18' July 2 July 16 July 30 Aug. 13 9,584 49,526 33,073 16,453 42,657 40,516 2,141 143,950 8,598 0 12 100,000 35,340 0 8,855' 49,367 34,433' 14,934' 43,288' 41,658' 1,629' 133,027 9,286 0 22 100,000 23,719 0 9,628 48,939 35,406 13,533 45,034 43,141 1,893 129,196 11,622 0 31 100,000 17,544 0 8,995 48,923 34,826 14,097 43,821 41,927 1,894 154,418 13,976 1 42 125,000 15,401 0 10,702 47,837 36,270 11,568 46,972 44,716 2,256 176,296 15,936 1 66 150,000 10,295 0 7,998 48,530 32,598 15,933 40,596 38,942 1,653 171,945 13,260 112 69 150,000 8,505 0 10,053 50,769' 36,760' 14,009' 46,813' 43,813' 3,000' 168,827 14,782 43 86 150,000 3,917 0 8,657 48,968 32,761 16,207 41,418 39,616 1,801 163,658 13,386 168 100 150,000 5 0 9,944 49,124 36,655 12,469 46,599 44,583 2,016 167,077 16,917 62 99 150,000 2 0 9,135 51,141 32,870 18,272 42,004 40,157 1,847 167,635 17,535 4 97 150,000 0 0 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 "hicago St. Louis Minneapolis Kansas City Dallas San Francisco On 10/17/08 Effective date Previous rate On 10/17/08 10/8/08 10/8/08 10/8/08 10/8/08 10/8/08 10/8/08 2.25 2.25 1.75 i 1 10/8/08 10/9/08 10/8/08 10/8/08 10/8/08 10/8/08 ' 1.75 i 1 2.25 2.25 Seasona credit3 Effective date Previous rate On 10/17/08 Effective date Previous rate 10/8/08 10/8/08 10/8/08 10/8/08 10/8/08 10/8/08 2.75 3.10 10/9/08 2.85 1 10/8/08 10/9/08 10/8/08 10/8/08 10/8/08 10/8/08 1 1 2.75 3.10 1 1 10/9/08 2.85 Range of rates for primary credit Range(or level)—All F.R. Banks F.R. Bank 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 3.50-3.75 3.75 3.75-4.00 4.00 4.00-4.25 4.25 4.25-4.50 3.50 3.50 3.75 3.75 4.00 4.00 4.25 4.25 4.50 Effective date In effect Jan. 9, 2003 (beginning of program) 2 3 Mar. 22 24 May 3 4 June 30 July 1 Aug. 9 of Range(or level)—All F.R. Banks F.R. Bank 2005—Aug. 10 Sept. 20 22 Nov. 1 2 Dec. 13 14 4.50 4.50^1.75 4.75 4.75-5.00 5.00 5.00-5.25 5.25 4.50 4.75 4.75 5.00 5.00 5.25 5.25 2006—Jan. 31 Feb. 2 Mar. 28 30 May 10 11 June 29 July 6 5.25-5.50 5.50 5.50-5.75 5.75 5.75-6.00 6.00 6.00-6.25 6.25 5.50 5.50 5.75 5.75 6.00 6.00 6.25 6.25 2007—Aug. 17 20 Sept. 18 20 Oct. 31 Nov. 1 Dec. 11 13 5.75-6.25 5.75 5.25-5.75 5.25 5.00-5.25 5.00 4.75-5.00 4.75 5.75 5.75 5.25 5.25 5.00 5.00 4.75 4.75 Effective date N.Y. of Range(or level)—All F.R. Banks F.R. Bank 4.00^1.75 4.00 3.50^1.00 3.50 3.25-3.50 2.50-3.50 2.50 2.25-2.50 2.25 1.75-2.25 1.75 4.00 4.00 3.50 3.50 3.25 2.50 2.50 2.25 2.25 1.75 1.75 1.75 1.75 Range(or level)—All F.R. Banks F.R. Bank 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 N.Y. 2008—Jan. 22 24 30 31 Mar. 17 18 20 Apr. 30 May 1 Oct. 8 9 In effect October 17, 2008 of N.Y. 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 Effective date 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 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 5.00-5.25 5.25 5.25-5.50 5.50 5.50-6.00 6.00 5.25 5.25 5.50 5.50 5.50 6.00 5.75-6.00 5.50-5.75 5.50 5.00-5.50 5.00 4.50-5.00 4.50 4.00^1.50 4.00 3.50^1.00 3.50 5.75 5.50 5.50 5.00 5.00 4.50 4.50 4.00 4.00 3.50 3.50 of Effective date N.Y. 2001—June 27 29 Aug. 21 23 In effect Jan. 8, 2003 (end of program) of N.Y. 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 2008 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS Requirement Type of liability Net transaction accounts^ 1 $0 million-$9.3 million2 2 More than $9.3 million-$43.9 million3 3 More than $43.9 million Percentage of liabilities Effective date 10 12/21/07 12/21/07 12/21/07 4 Nonpersonal time deposits 0 12/27/90 5 Eurocurrency liabilities 0 12/27/90 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. 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 TRANSACTIONS' Millions of dollars Type of transaction and maturity Apr. May 20,060 20,060 22,667 0 13,719 0 0 26,529 0 1,510 5,361 5,361 6,819 0 0 0 0 1,926 0 0 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 871,661 871,661 905,206 905,206 0 0 839,688 839,688 49,178 0 0 35,011 35,011 27,481 0 0 58,896 58,896 0 2,894 0 109,557 -108,098 2,795 4,967 0 0 0 10,552 2,211 0 0 0 1,236 0 0 0 0 -552 0 0 0 0 11,309 0 -91,121 97,723 26,354 0 0 0 7,539 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,626 0 -7,041 7,375 4,322 0 0 0 290 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,007 0 -11,395 3,000 3,299 0 0 640 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28,136 0 2,795 44,690 0 10,552 10,680 0 50,415 20,001 22,667 0 33,718 28,455 0 1,510 6,819 26 Net change in U.S. Treasury securities . . . 34,138 24,580 24,580 39,178 0 39,178 0 0 26,929 0 81,398 23,501 23,501 25,977 96,356 25,977 -39,178 -122,333 FEDERAL AGENCY OBLIGATIONS Outright transactions Gross purchases Gross sales Redemptions Net change in federal agency obligations . . . TEMPORARY TRANSACTIONS Repurchase agreements3 Gross purchases Gross sales 2,083,300 2,131,500 2,591,000 249,250 250,250 203,500 224,500 256,250 220,000 233,750 219,500 386,500 347,000 345,500 347,250 347,250 346,500 6,421,223 6,420,945 6,779,023 6,778,132 8,662,508 8,676,879 761,133 769,202 830,931 826,520 770,268 773,973 861,490 862,311 875,902 872,505 813,259 811,255 850,374 855,495 37 Net change in temporary transactions 14,028 -5,110 -8,621 -9,070 -16,589 32,545 13,429 42,897 253 -4,372 38 Total net change in System Open Market Account 39,369 29,029 ^18,355 -48,248 -43,517 32,545 -108,905 229 -61,920 -12,700 Matched sale-purchase agreements 33 Gross purchases 34 Gross sales Reverse repurchase agreements* 35 Gross purchases 36 Gross sales 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 2008 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements' Millions of dollars Wednesday July? July 16 July 23 July 30 Mayr July Consolidated condition statement ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Gold certificate account Special drawing rights certificate account Coin Securities, repurchase agreements, term auction credit, and other loans Securities held outright U.S. Treasury2 Bills3 Notes and bonds, nominal3 Notes and bonds, inflation-indexed3 Inflation compensation4 Federal agency3 Repurchase agreements5 Term auction credit Other loans Net portfolio holdings of Maiden Lane LLC1" Items in process of collection Bank premises Other assets Denominated in foreign currencies7 All other8 21 Total assets 11,037 2,200 1,317 11,037 2,200 1,299 11,037 2,200 1,311 11,037 2,200 1,334 1,386 11,037 2,200 1,338 11,037 2,200 1,339 11,037 2,200 1,409 754,785 478,866 478,866 21,740 412,392 39,171 5,563 0 113,000 150,000 12,920 28,893 1,234 2,154 104,120 88,411 15,708 749,282 478,951 478,951 21,740 412,392 39,171 5,648 0 107,000 150,000 13,332 28,944 1,668 2,154 103,244 87,200 16,044 761,977 479,036 479,036 21,740 412,392 39,171 5,733 0 116,750 150,000 16,192 29,019 1,067 2,157 104,205 88,067 16,137 750,700 479,121 479,121 21,740 412,392 39,171 5,818 0 103,750 150,000 17,830 29,059 1,431 2,158 103,124 85,901 17,224 769,833 479,206 479,206 21,740 412,392 39,171 5,903 0 123,250 150,000 17,377 29,099 805 2,161 103,471 85,157 18,314 775,100 486,901 486,901 30,069 412,392 39,171 5,269 0 113,750 150,000 24,450 0 1,102 2,162 101,773 86,648 15,125 768,985 478,841 478,841 21,740 412,392 39,171 5,538 0 114,500 150,000 25,644 29,970 1,020 2,163 103,382 87,802 15,580 765,770 479,240 479,240 21,740 411,731 39,832 5,937 0 119,000 150,000 17,529 29,099 1,085 2,167 102,935 85,461 17,474 905,739' 899,829' 912,972' 901,044' 919,992' 894,711 920,095 915,702 795,095 41,091 20,730 16,232 4,139 109 251 3,393 4,549 795,659 41,276 15,693 11,010 4,355 100 227 3,231 3,678 793,421 43,007 28,403 23,929 4,036 102 336 3,139 4,190 794,244 42,149 18,111 10,968 6,720 101 322 2,951 3,373 795,563 44,463 33,417 28,712 4,271 101 333 2,736 3,431 785,694 38,700 23 734 18,767 4,620 99 248 2,251 3,680 789,299 43,822 38,971 33,497 4,978 211 284 1,657 5,168 794,909 45,422 28,909 23,223 5,256 103 327 2,481 3,450 864,857' 859,537' 872,159' 860,828' 879,609' 854,059 878,916 875,171 19,876 18,493 2,512 19,880 18,493 1,918 19,884 18,493 2,437 19,904 18,494 1,818 19,937 18,501 1,946 19,909 18,486 2,257 19,874 18,493 2,811 19,935 18,501 2,095 40,882 40,291 40,814 40,216 40,383 40,652 41,179 40,531 2,347,266 1,377,312 969,953 113,939 9,842 104,097 2,348,900 1,369,919 978,981 108,438 5,141 103,297 2,349,163 1,363,223 985,941 103,860 4,260 99,600 2,360,830 1,376,744 984,086 119,494 5,944 113,550 2,376,324 1,394,631 981,693 134,715 11,567 123,148 2,300,418 1,351,117 949,301 117,436 18,866 98,570 2,364,100 1,389,731 974,369 124,810 20,713 104,097 2,391,753 1,417,852 973,901 137,234 14,086 123,148 LIABILITIES 22 23 24 25 26 27 28 29 30 Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements9 Deposits Depository institutions U.S. Treasury, general account Foreign official Other Deferred availability cash items Other liabilities and accrued dividends10'" 31 Total liabilities CAPITAL ACCOUNTS 32 Capital paid in 33 Surplus 34 Other capital accounts 35 Total capital MEMO 36 Marketable securities held in custody for foreign official and international accounts3-12 37 U.S. Treasury 38 Federal agency 39 Securities lent to dealers 40 Overnight facility13 41 Term facility14 Federal Reserve notes and collateral statement 42 Federal Reserve notes outstanding 43 Less: Notes held by F.R. Banks not subject to collateralization 44 Federal Reserve notes to be collateralized 45 Collateral held against Federal Reserve notes 46 Gold certificate account 47 Special drawing rights certificate account 48 U.S. Treasury and agency securities pledged15 49 Other assets pledged 988,324 988,600 989,874 990,971 990,738 987,851 988,739 990,808 193,229 795,095 795,095 11,037 2,200 551,564 230,294 192,941 795,659 795,659 11,037 2,200 545,270 237,152 196,453 793,421 793,421 11,037 2,200 553,300 226,884 196,727 794,244 794,244 11,037 2,200 541,419 239,588 195,175 795,563 795,563 11,037 2,200 558,980 223,346 202,157 785,694 785,694 11,037 2,200 562,536 209,921 199,440 789,299 789,299 11,037 2,200 550,512 225,550 195,899 794,909 794,909 11,037 2,200 553,552 228,120 591,866 585,951 595,786 582,871 602,456 600,651 593,341 598,240 40,302 40,681 42,486 41,451 43,475 38,114 42,830 44,688 551,564 545,270 553,300 541,419 558,980 562,536 550,512 553,552 MEMO 50 Total U.S. Treasury and agency securities15 51 Less: Face value of securities under reverse repurchase agreements"" 52 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 under the overnight and term securities lending facilities. 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 collateralized by U.S. Treasury and federal agency securities. 6. Fair value. 7. Includes any exchange-translation assets, which are revalued daily at market exchange rates. 8. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 9. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 11. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. 12. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 13. Fully collateralized by U.S. Treasury securities. 14. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated non-agency asset-backed and mortgage-backed securities. 15. 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. 16. 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 remaining maturity July 2 July? July 16 July 23 July 30 May July 150,000 150,000 150,000 150,000 0 75,000 75,000 150,000 0 75,000 75,000 150,000 0 75,000 75,000 75,000 75,000 75,000 75,000 12,920 13,332 16,192 17,830 17,377 24,450 25,644 17,529 3,654 9,266 0 5,290 8,042 0 5,272 10,919 0 4,105 13,725 0 3,061 14,316 0 12,564 11,886 0 17,623 8,021 0 3,074 14,456 0 7 91 days to 1 year 478,866 478,951 479,036 479,121 479,206 486,901 478,841 479,240 8 Total U.S. Treasury securities2 3,409 41,661 73,632 173,465 90,136 96,563 4,819 40,250 73,638 173,492 90,155 96,597 13,215 31,854 74,878 172,629 89,829 96,631 12,024 36,437 71,492 172,656 89,847 96,665 14,547 35,967 69,445 172,683 89,865 96,699 10,748 35,875 82,489 171,271 90,073 96,445 494 39,201 79,005 173,458 90,131 96,553 15,722 28,402 72,326 175,535 89,867 97,387 113,000 107,000 116,750 103,750 123,250 113,750 114,500 119,000 73,000 40,000 67,000 40,000 76,750 40,000 63,750 40,000 83,250 40,000 73,750 40,000 74,500 40,000 79,000 40,000 44,463 38,700 43,007 0 42,149 0 44,463 0 38,700 0 150,000 1 Term auction credit 2 Within 15 days 3 16 days to 90 days 4 Other loans' 5 Within 15 days 6 16 days to 90 days 9 10 11 12 13 14 15 16 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 Total repurchase agreements3 Within 15 days 17 16 days to 90 days 41,276 18 Total reverse repurchase agreements 41,091 0 41,276 0 19 Within 15 days 20 16 days to 90 days NOTE: Components may not sum to totals because of rounding. 1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when preparing that Bank's statement of condition consistent with consolidation under generally accepted accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule. 45,422 43,822 0 45,422 0 2. 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. 3. Cash value of agreements. 12 Federal Reserve Bulletin Statistical Supplement • October 2008 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2007 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec' Apr.' July Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 2 3 4 Total reserves3 Nonborrowed reserves4 Required reserves Monetary base5 46.55 46.49 44.64 759.17 45.14 44.97 43.24 787.30 43.34 43.15 41.48 811.73 42.67 27.24 40.91 823.35 42.67 27.24 40.91 823.35 42.15 -3.51 40.51 821.41 42.80 -17.35 41.08 822.56 44.29 -50.23 41.31 826.99 43.56 -91.85 41.72 824.41 44.13 -111.65 42.12 826.46 43.37 43.35 -127.91 -122.32 41.37 41.10 832.53 838.14 Not seasonally adjusted 5 6 7 8 Total reserves'" Nonborrowed reserves . Required reserves7 . . . . Monetary bases 46.52 46.46 44.61 764.66 45.14 44.97 43.24 793.38 43.36 43.17 41.50 818.40 42.72 27.29 40.95 829.84 42.72 27.29 40.95 829.84 44.04 -1.62 42.40 824.42 42.78 -17.38 41.05 821.92 42.70 -51.82 39.72 825.56 43.49 -91.92 41.65 823.38 45.08 -110.70 43.07 826.88 43.90 44.08 127.38 -121.59 41.63 42.10 831.98 839.22 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 41.42 825.29 1.86 .19 42.70 27.27 40.93 836.43 1.77 15.43 42.70 27.27 40.93 836.43 1.77 15.43 44.07 -1.60 42.42 831.10 1.64 45.66 42.78 -17.38 41.05 828.69 1.72 60.16 42.71 -51.82 39.73 832.36 2.98 94.52 43.51 -91.90 41.66 830.49 1.84 135.41 45.11 -110.67 43.10 833.97 2.01 155.78 43.93 44.12 127.35 -121.54 41.66 42.15 846.46 839.09 1.98 2.27 165.66 171.28 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 10 11 12 13 14 Total reserves10 Nonborrowed reserves Required reserves Monetary base" 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 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2004 Dec. 2005 Dec. 2006 Dec. 2007 Dec/ Apr.1 Mayr July Seasonally adjusted Measures2 1 Ml 2 M2 3 M3 1,376.3 6,400.7' 9,433.0 1,374.5 6,659.7' 10,154.0 1,366.5 7,012.3' n.a. 1,366.5 7,404.3 n .a. 1,371.3 7,631.2 n.a. 1,368.1 7,640.5 n .a. 1,386.2 7,638.5 n.a. 1,403.3 7,679.3 n.a. Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 697.6 7.5 343.2 328.0 723.9 7.2 324.9 318.5 748.9 6.7 305.9 305.0 758.7 6.3 294.8 306.8 759.8 6.2 294.0 311.3 762.7 6.2 289.0 310.3 769.0 6.0 294.0 317.2 774.6 5.9 303.1 319.7 Nontransaction components 8 In M27 9 In M3 onlys 5,024.4' 3,011.1 5,285.2' 3,478.5 5,645.8' n.a. 6,037.7 n .a. 6,259.9 n.a. 6,272.5 n .a. 6,252.3 n.a. 6,276.0 n.a. Commercial banks 10 Savings deposits, including MMDAs . . . 11 Small time deposits9 12 Large time deposits10-" 2,631.0 551.2 909.3 2,771.5 644.9 1,122.9 2,904.0 759.2 n.a. 3,033.7 823.0 n .a. 3,126.6 816.5 n.a. 3,138.3 815.8 n .a. 3,126.6 818.5 n.a. 3,130.3 833.5 n.a. Thrift institutions 13 Savings deposits, including MMDAs . . . 14 Small time deposits9 15 Large time deposits10 875.3' 278.8 161.5 827.7' 351.3 230.7 781.4' 412.2 n.a. 825.3 395.9 n .a. 860.3 395.0 n.a. 886.9 390.9 n .a. 898.2 385.3 n.a. 902.6 379.2 n.a. 688.0' 1,093.4' 689.9' 1,161.2' 789.0' 1,362.0' 959.9 1,901.2 1,061.5 2,208.5 1,040.6 2,242.3 1,023.7 2,269.3 1,030.4 2,267.5 492.6 379.1 564.3 423.9 n.a. n.a. n .a. n .a. n.a. n.a. n .a. n .a. n.a. n.a. n.a. n.a. 4 5 6 7 Money market mutual funds 16 Retail12 17 Institution-only Repurchase agreements and Eurodollars 18 Repurchase agreements 19 Eurodollars Not seasonally adjusted Measures2 20 Ml 21 M2 22 M3 1,401.3 6,430.5' 9,482.2 1,396.5 6,689.6' 10,201.4 7,048.0' n.a. Ml components Currency3 Travelers checks4 Demand deposits5 Other checkable deposits6 702.4 7.5 358.6 332.8 728.9 7.2 337.7 322.8 Nontransaction components 27 In M27 28 In M3 onlys 5,029.2' 3,025.4 Commercial banks 29 Savings deposits, including MMDAs . . . 30 Small time deposits9 31 Large time deposits10-" Thrift institutions 32 Savings deposits, including MMDAs . . . 33 Small time deposits9 34 Large time deposits10 23 24 25 26 Money market mutual funds 35 Retail12 36 Institution-only Repurchase agreements and Eurodollars 37 Repurchase agreements 38 Eurodollars Footnotes appeal on following page. 1,386.2 7,442.3 1,387.4 7,692.2 1,377.0 7,623.4 n.a. 1,388.4 7,639.5 1,400.2 7,656.7 754.5 6.7 316.7 309.3 763.8 6.3 304.8 763.9 768.8 6.1 296.2 317.3 774.8 6.1 305.0 311.4 759.7 6.1 296.5 325.2 5,293.0' 3,488.3 5,660.7' n.a. 6,056.1 6,304.8 6,246.4 n.a. 2,633.2 550.4 903.3 2,776.1 2,913.1 758.6 n.a. 3,043.5 823.0 3,159.0 816.2 1,114.4 3,128.3 813.9 n.a. 876.1' 278.4 160.4 829.0' 350.8 228.9 783.9' 411.9 n.a. 827.9 395.9 869.3 394.8 691.0' 1,118.4' 693.1' 1,187.4' 793.2' 1,395.1' 965.6 1,949.3 1,065.6 2,182.6 494.6 376.6 566.1 422.0 n.a. n.a. 644.1 1,387.3 6.1 291.6 315.4 390.0 n.a. 1,030.1 2,204.6 n.a. n.a. 314.3 6,256.6 3,135.5 815.4 n.a. 3,125.3 831.0 900.7 383.8 901.1 378.0 1,015.7 2,228.3 1,021.1 2,223.8 13 14 Federal Reserve Bulletin Statistical Supplement • October 2008 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 Monetary and Reserves Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. 2. Composition of the money stock measures is as follows: Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2 consists of Ml plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, smalldenomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted Ml. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each seasonally adjusted separately, and adding the result to seasonally adjusted M2. 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. 4. Outstanding amount of U.S. do liar-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 ly figures Monthly averages Account Sept. 2008 2008 2007 Mar. Apr. May June July' Aug.' Sept. Sept. 3 Sept. 10 Sept. 17 Sept. 24 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 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities 8,956.3 2,382.9 1,174.2 1,208.7 6,573.4 1,357.0 3,507.9 472.2 3,035.7' 783.1 283.5 641.8 397.1 301.1 926.5 9,456.2' 2,540.3' 1,105.0' 1,435.4' 6,915.9 1,483.5 3,646.2 498.9 3,147.3 817.9 292.6 675.7 445.5 308.5' 1,004.9 9,409.7' 2,512.1' 1,093.8' 1,418.3' 6,897.6' 1,493.2 3,651.1 506.8 3,144.3 823.4 283.9 646.1 443.6 310.0 998.3' 9,403.2' 2,482.0' 1,095.9' 1,386.0 6,921.2' 1,499.7 3,653.9 512.2 3,141.7' 827.1 293.1 647.4 447.2 306.5 987.4' 9,374.5' 2,472.2' 1,113.0' 1,359.2 6,902.3 1,506.8 3,644.7' 518.3 3,126.4 831.7 281.0 638.1 453.7 300.0 1,003.5' 9,398.8 2,491.4 1,115.6 1,375.8 6,907.4 1,514.1 3,623.4 523.5 3,099.9 839.3 295.3 635.2 439.7 296.6 1,020.0 9,412.9 2,476.5 1,129.0 1,347.6 6,936.3 1,514.1 3,642.2 526.2 3,116.0 845.0 305.5 629.5 434.8 297.8 1,022.0 9,574.8 2,530.4 1,154.9 1,375.5 7,044.3 1,540.3 3,664.1 540.3 3,123.7 852.0 331.0 656.9 462.4 367.1 1,044.9 9,392.2 2,466.1 1,129.6 1,336.4 6,926.1 1,514.8 3,631.1 527.4 3,103.7 846.8 301.4 632.0 459.6 292.3 1,028.7 9,421.1 2,497.3 1,143.8 1,353.4 6,923.8 1,513.4 3,630.2 530.3 3,099.9 850.5 295.8 633.9 449.0 286.2 1,002.1 9,553.0 2,528.8 1,149.7 1,379.1 7,024.2 1,531.3 3,625.3 531.9 3,093.4 847.0 337.2 683.4 485.2 381.0 1,029.3 9,580.1 2,527.9 1,164.1 1,363.8 7,052.2 1,555.8 3,634.4 535.3 3,099.1 852.4 361.2 648.4 468.7 370.6 1,061.7 10,512.0 11,127.3' 11,066.3 11,047.2 11,030.9 11,047.6 11,058.3 11,335.9 11,061.4 11,046.9 11,337.0 11,368.8 6,461.2 609.6 5,851.6 1 876 2 3,975.4 2 227 3' 446.3' 1,781.0 88.2 603.8 6,850.4 610.7 6,239.7 2 103 5 4,136.2 2 292 3' 483.7' 1,808.6' 50.0 777.6 6,847.8 631.9 6,215.9 2 090 7 4,125.2 2 300 4' 473.9' 1,826.5' 17.5 726.2 6,887.6 613.4 6,274.2 2,113.7 4,160.5 2,319.2' 484.1' 1,835.1' -23.5 692.5 6,910.7 603.6 6,307.0 2,127.3 4,179.7 2,316.3' 483.4' 1,832.9' -18.3 673.6' 6,884.6 621.0 6,263.6 2,132.3 4,131.3 2,341.2 479.8 1,861.4 -46.9 674.0 6,914.3 600.2 6,314.1 2,130.8 4,183.3 2,356.9 477.1 1,879.8 -92.2 673.6 7,070.3 643.8 6,426.4 2,162.1 4,264.3 2,400.2 479.0 1,921.2 -61.5 714.1 6,908.1 599.2 6,308.9 2,127.9 4,181.0 2,357.8 495.1 1,862.7 -118.4 691.8 6,878.7 593.3 6,285.4 2,141.4 4,144.0 2,348.7 476.3 1,872.4 -111.1 704.8 7,105.2 633.0 6,472.2 2,198.3 4,273.9 2,342.2 493.2 1,849.0 -45.0 738.9 7,144.5 683.0 6,461.5 2,172.8 4,288.7 2,390.6 478.7 1,912.0 -63.4 689.5 27 Total liabilities 9,380.5' 9,970.3' 9,892.0' 9,875.8' 9,882.3' 9,852.8 9,852.6 10,123.1 9,839.3 9,821.1 10,141.3 10,161.2 28 Residual (assets less liabilities)5 1,131.5' 1,157.0' 1,174.3' 1,171.4' 1,148.5' 1,194.8 1,205.7 1,212.9 1,222.1 1,225.7 1,195.7 1,207.6 17 18 19 20 21 22 23 24 25 26 Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 8,939.5 2,363.4 1,164.3 1,199.1 6,576.1 1,354.7 3,505.2' 472.4 3,032.9 786.1 333.2 453.0 279.0 651.0 395.9 301.8 933.7 9,470.4' 2,557.7' 1,116.0' 1,441.7 6,912.7 1,487.7 3,637.2 496.8 3,140.5 812.2 338.8 473.4 301.5 674.1 450.2 300.5 1,007.1' 9,400.7' 2,533.8' 1,102.7' 1,431.0 6,866.9 1,495.8 3,627.2 502.4 3,124.8 818.2 339.7 478.5 284.5 641.2 449.5 308.8 998.2' 10,501.9 11,140.6' 11,061.3 6,439.9 599.7 5,840.3 1,867.6 3,972.7 2,239.3' 447.2' 1,792.1 95.9 603.2 6,864.3 614.5 6,249.8 2,109.4 4,140.4 2,306.2' 486.7' 1,819.5' 22.9 763.5 6,893.4 642.4' 6,250.9 2,108.9 4,142.0 2,307.2' 479.3' 1,827.9' -37.4 728.0 57 Total liabilities 9,378.3' 9,956.9' 58 Residual (assets less liabilities)5 1,123.5' 1,183.7' 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Total assets7 47 48 49 50 51 52 53 54 55 56 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. 9,385.7' 2,507.1' 1,110.0' 1,397.1 6,878.6 1,497.9 3,624.7 508.4 3,116.3 822.8 340.8 482.0 294.2 639.0 434.6 304.1 984.5' 9,340.9' 2,485.4' 1,123.6' 1,361.7 6,855.5 1,500.9 3,613.4 514.4 3,098.9' 826.9 342.8 484.1 281.2 633.2 436.4 296.3' 998.7' 9,328.8 2,473.4 1,119.9 1,353.5 6,855.4 1,503.0 3,607.5 521.6 3,085.9 833.0 347.5 485.4 282.1 629.7 424.0 292.4 1,017.1 9,346.5 2,461.0 1,134.2 1,326.8 6,885.5 1,506.9 3,611.7 526.0 3,085.6 843.7 355.4 488.3 294.9 628.4 427.4 285.9 1,018.3 9,553.1 2,509.7 1,147.2 1,362.5 7,043.4 1,537.8 3,658.4 540.6 3,117.8 853.9 362.5 491.4 327.3 666.0 460.5 364.7 1,053.5 9,374.0 2,472.3 1,146.1 1,326.2 6,901.8 1,509.0 3,615.3 528.2 3,087.1 849.7 357.9 491.7 290.6 637.3 449.3 308.6 1,024.3 9,407.1 2,491.2 1,150.2 1,341.0 6,915.8 1,505.3 3,628.3 530.3 3,098.1 851.3 357.2 494.1 290.3 640.6 447.9 298.0 1,023.8 9,537.4 2,498.6 1,138.9 1,359.7 7,038.8 1,532.1 3,621.0 532.6 3,088.4 851.3 361.9 489.4 341.9 692.5 485.9 369.7 1,027.3 9,532.7 2,485.0 1,138.9 1,346.1 7,047.7 1,554.8 3,617.0 534.3 3,082.7 856.9 364.9 492.0 354.4 664.7 461.1 368.4 1,063.6 10,971.4' 10,954.5 10,968.8 11,318.4 11,044.5 11,064.7 11,308.3 11,313.6 6,862.6 609.4 6,253.2 2,131.3 4,122.0 2,338.8' 481.2' 1,857.6' -64.4 698.4 6,865.6 602.6 6,263.0 2,127.5 4,135.5 2,317.8' 479.4' 1,838.4' -52.1' 666.4 6,831.4 605.4 6,226.0 2,094.6 4,131.5 2,307.7 467.5 1,840.3 -23.3 665.6 6,844.3 589.9 6,254.4 2,103.6 4,150.8 2,342.8 469.9 1,872.9 -66.3 671.7 7,050.0 634.6 6,415.4 2,149.2 4,266.2 2,415.6 478.3 1,937.3 -47.7 711.7 6,917.5 594.1 6,323.4 2,109.2 4,214.2 2,345.0 484.9 1,860.1 -89.4 694.8 6,910.1 562.7 6,347.4 2,128.0 4,219.4 2,341.0 474.0 1,867.0 -77.5 706.6 7,082.3 616.7 6,465.6 2,175.7 4,290.0 2,357.7 492.0 1,865.7 -53.0 727.7 7,045.8 704.7 6,341.1 2,156.3 4,184.8 2,427.1 478.7 1,948.4 -28.7 678.0 9,891.2' 9,835.4' 9,797.7' 9,781.4 9,792.4 10,129.7 9,868.0 9,880.2 10,114.8 10,122.2 1,170.1' 1,176.3' 1,173.8' 1,173.0 1,176.3 1,188.8 1,176.6 1,184.4 1,193.5 1,191.4 11,011.7 16 Federal Reserve Bulletin Statistical Supplement • October 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES B. Domestically chartered commercial banks Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Sept. 2008 2008 2007 Mar. Apr. May June July' Aug.' Sept. Sept. 3 Sept. 10 Sept. 17 Sept. 24 Seasonall 1 adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Consumer Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,853.0 1,942.8 1,084.2 858.6 5,910.2 1,098.8 3,473.0 472.2 3,000.9 783.1 133.7 421.6 319.7 245.1 879.8 8,268.1' 2,041.1' 1,007.3' 1,033.7 6,227.0' 1,178.1 3,605.0' 498.9 3,106.1' 817.9 182.4 443.6 371.1 250.6 935.6 8,274.8' 2,032.3' 1,000.9' 1,031.4 6,242.5' 1,185.6 3,609.8' 506.8 3,103.0' 823.4 188.7 435.0 369.0 251.3 936.2' 8,267.7' 2,014.2' 1,004.1' 1,010.2' 6,253.5 1,189.3 3,613.1' 512.2 3,100.9' 827.1 189.0 434.9 371.6 248.4 939.0' 8,252.6' 2,014.5' 1,021.4' 993.1 6,238.0' 1,194.0 3,602.6' 518.3 3,084.3 831.7 180.4 429.3 384.7 240.4 948.2' 8,275.9 2,025.9 1,021.8 1,004.1 6,250.0 1,198.5 3,580.7 523.5 3,057.1 839.3 194.8 436.7 373.4 240.5 971.9 8,289.3 2,015.4 1,042.2 973.2 6,274.0 1,195.8 3,598.0 526.2 3,071.9 845.0 204.8 430.3 368.2 244.7 979.0 8,452.3 2,078.9 1,071.9 1,007.0 6,373.4 1,212.7 3,620.4 540.3 3,080.1 852.0 241.3 447.0 393.6 306.3 998.2 8,274.6 2,008.7 1,044.1 964.5 6,265.9 1,193.6 3,587.2 527.4 3,059.8 846.8 205.4 432.8 393.0 240.7 989.9 8,289.5 2,033.0 1,055.3 977.8 6,256.4 1,193.4 3,586.0 530.3 3 055.7 850.5 196.9 429.6 382.6 236.6 962.6 8,430.5 2,069.9 1,061.6 1,008.3 6,360.6 1,205.9 3,582.1 531.9 3,050.3 847.0 252.3 473.2 414.1 324.6 981.6 8,472.7 2,094.5 1,086.8 1,007.7 6,378.2 1,221.7 3,590.6 535.3 3,055.2 852.4 272.4 441.0 400.3 301.6 1,008.0 9,228.6 9,737.7' 9,736.1 9,729.7' 9,725.0 9,754.2 9,772.0 10,037.4 9,786.8 9,759.8 10,039.3 10,070.3 5,526.7 596.8 4,929.9 956.2 3,973.7 1 639 2' 379.4' 1,259.8 450.0 481.8 5,774.0 594.5 5,179.5 1,048.1 4,131.4 1 684 8' 412.6' 1,272.1' 509.2 612.9 5,776.2 615.6' 5,160.6 1,039.8 4,120.8 1,705.4' 403.2' 1,302.2' 510.1 571.1 5,774.2 596.4 5,177.8 1,021.7 4,156.1 1,711.5' 412.2' 1,299.3' 527.8 547.6 5,784.9 586.9 5,198.0 1,022.7 4,175.4' 1,713.7' 413.8' 1,299.9' 546.3 534.3 5,763.3 603.8 5,159.5 1,031.4 4,128.1 1,735.1 406.8 1,328.3 529.9 537.6 5,786.8 583.7 5,203.1 1,024.3 4,178.8 1,753.2 409.6 1,343.6 509.8 533.1 5,967.3 624.7 5,342.6 1,083.3 4,259.3 1,789.3 394.9 1,394.3 505.9 566.0 5,777.4 581.0 5,196.4 1,021.1 4,175.4 1,766.7 411.5 1,355.2 490.8 545.7 5,735.3 575.4 5,159.9 1,020.8 4,139.1 1,752.4 396.7 1,355.7 502.7 550.5 5,973.1 612.8 5,360.4 1,091.7 4,268.6 1,724.9 387.0 1,337.9 557.8 589.1 6,061.3 665.6 5,395.7 1,112.0 4,283.7 1,785.7 407.6 1,378.1 472.0 547.9 27 Total liabilities 8,097.8' 8,580.8' 8,562.8' 8,561.1' 8,579.2' 8,565.9 8,583.0 8,828.5 8,580.6 8,540.9 8,845.0 8,866.8 28 Residual (assets less liabilities)5 1,130.9' 1,156.9' 1,173.2' 1,168.6' 1,145.8' 1,188.3 1,189.0 1,208.9 1,206.2 1,218.9 1,194.3 1,203.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total assets7 17 18 19 20 21 22 23 24 25 26 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Not seasonally adjusted Assets Bank credit Securities in bank credit Treasury and Agency securities2 . . Other securities Loans and leases in bank credit3 . . . . Commercial and industrial Real estate Revolving home equity Other Other residential Commercial Consumer Credit cards and related plans . . Other Security4 Other loans and leases Interbank loans Cash assets5 Other assets'" 7,844.8 1,926.9 1,073.2 853.7 5,917.9 1,096.1 3,470.6 472.4 2,998.2 1,465.8' 1,532.3' 786.1 333.2 453.0 133.8 431.3 316.7 243.9 885.0 8,272.6' 2,053.1' 1,018.2' 1,034.9' 6,219.5 1,180.6 3,596.8 496.8 3,100.0 1,502.7' 1,597.3' 812.2 338.8 473.4 190.4 439.6 379.1 243.9 938.0 8,261.8' 2,050.9' 1,010.7' 1,040.2' 6,210.9' 1,189.5' 3,585.2 502.4 3,082.8 1,480.5' 1,602.3' 818.2 339.7 478.5 188.5 429.5 378.5 251.5 937.1' 8,255.3' 2,036.2' 1,017.8' 1,018.4 6,219.1 1,190.9 3,583.5' 508.4 3,075.2 1,463.6' 1,611.6' 822.8 340.8 482.0 191.5 430.3 361.7 247.3 935.1' 8,226.7' 2,026.5' 1,032.7' 993.7 6,200.2' 1,191.5 3,571.7 514.4 3,057.2' 1,437.8 1,619.4' 826.9 342.8 484.1 181.8 428.4 370.6 237.4 942.3' 8,224.7 2,016.0 1,027.9 988.1 6,208.7 1,191.3 3,565.4 521.6 3,043.7 1,421.9 1,621.9 833.0 347.5 485.4 184.9 434.2 359.2 236.1 969.3 8,236.6 2,005.5 1,046.4 959.1 6,231.1 1,190.4 3,569.3 526.0 3,043.2 1,417.7 1,625.6 843.7 355.4 488.3 196.9 430.9 362.4 231.9 975.3 8,438.8 2,062.7 1,063.5 999.2 6,376.1 1,210.1 3,615.0 540.6 3,074.4 1,433.1 1,641.3 853.9 362.5 491.4 240.5 456.6 390.5 302.0 1,005.4 8,264.9 2,016.1 1,058.2 957.9 6,248.8 1,189.7 3,572.2 528.2 3,044.0 1,419.0 1,625.0 849.7 357.9 491.7 197.4 439.9 384.1 256.2 985.1 8,283.5 2,026.7 1,059.8 967.0 6,256.7 1,186.6 3,585.0 530.3 3,054.8 1,425.5 1,629.3 851.3 357.2 494.1 195.3 438.5 380.8 246.4 980.7 8,425.2 2,049.8 1,050.2 999.7 6,375.4 1,204.9 3,577.5 532.6 3,045.0 1,411.8 1,633.2 851.3 361.9 489.4 259.3 482.4 416.5 312.3 981.9 8,433.7 2,059.8 1,062.0 997.8 6,373.9 1,219.8 3,573.5 534.3 3,039.3 1,404.0 1,635.2 856.9 364.9 492.0 268.3 455.3 388.6 295.6 1,007.4 9,221.4 9,746.1' 9,733.2 9,702.1' 9,676.3' 9,681.5 9,697.0 10,023.5 9,778.7 9,779.4 10,024.0 10,013.1 5,508.9 587.0 4,921.9 950.6 3,971.3 1,671.3' 381.7' 1,289.7 437.6 481.6 5,787.3 597.5 5,189.7 1,053.7 4,136.0 1,678.1' 409.1' 1,269.0' 500.4 599.6 5,797.9 625.6 5,172.3 1,034.6 4,137.7 1,708.9' 408.8' 1,300.1' 487.2 572.3 5,725.0 592.5' 5,132.4 1,014.8 4,117.7 1,721.2' 413.4' 1,307.8' 532.9 550.1 5,730.5 586.1 5,144.5 1,013.4' 4,131.0 1,712.3' 411.7' 1,300.6' 534.0 529.1 5,735.7 588.6 5,147.2 1,020.2 4,126.9 1,712.4 399.3 1,313.1 530.1 533.7 5,733.2 573.6 5,159.6 1,013.4 4,146.2 1,751.8 404.5 1,347.3 507.0 532.0 5,952.9 615.6 5,337.3 1,075.8 4,261.5 1,825.3 395.6 1,429.7 494.9 564.8 5,803.1 575.9 5,227.2 1,017.7 4,209.6 1,766.5 403.2 1,363.3 486.0 549.7 5,777.6 545.0 5,232.7 1,017.9 4,214.8 1,763.8 399.7 1,364.1 506.2 550.5 5,963.5 596.9 5,366.6 1,081.4 4,285.2 1,759.5 384.5 1,375.0 528.0 582.7 5,961.9 686.8 5,275.2 1,095.2 4,179.9 1,850.6 410.4 1,440.2 472.7 539.5 59 Total liabilities 8,099.5' 8,565.4' 8,566.3' 8,529.2' 8,506.0' 8,511.9 8,524.0 8,837.9 8,605.4 8,598.1 8,833.7 8,824.8 60 Residual (assets less liabilities)5 1,121.8' 1,180.7' 1,166.9' 1,172.9' 1,170.4' 1,169.6 1,173.0 1,185.6 1,173.3 1,181.3 1,190.3 1,188.3 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total assets7 49 50 51 52 53 54 55 56 57 58 Liabilities Deposits Transaction Nontransaction Large time Other Borrowings From banks in the U.S From others Net due to related foreign offices Other liabilities Footnotes appear on p. 21. Commercial Banking Institutions—Assets and Liabilities 1.26 COMMERCIAL BANKS IN THE UNITED STATES C. Large domestically chartered commercial banks 17 Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Sept. 2008 2008 2007 Mar. Apr. May June July Aug. Sept. Sept. 3 Sept. 10 Sept. 17 Sept. 24 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. 4,974.1 1,338.0 704.8 71.9 632.9 565.7 67.2 633.2 321.0 312.2 60.9 251.3 3,636.1 717.0 2,015.8 385.1 1,630.7 1,021.8 608.9 460.8 124.1 5,315.4 1,449.4 649.3 76.9 572.3 529.4 42.9 800.1 445.2 354.9 55.5 299.5 3,866.0 777.2 2,099.9 407.1 1,692.8 1,046.7 646.1 478.6 171.0 5,315.3 1,443.8 642.7 68.5 574.3 526.8 47.4 801.0 439.1 361.9 55.0 306.9 3,871.6 780.8 2,099.5 412.9 1,686.6 1,032.5 654.0 484.1 177.1 5,309.1 1,427.6 647.8 65.7 582.0 534.2 47.9 779.8 408.2 371.6 54.6 317.0 3,881.5 783.8 2,103.0 417.3 1,685.7 1,024.8 660.9 487.3 177.5 5,283.1 1,428.4 665.2 66.3 598.9 552.3 46.6 763.2 390.2 373.0 53.2 319.7 3,854.7 786.9 2,084.0 421.5 1,662.4 994.0 668.5 491.3 169.0 5,287.1 1,432.8 663.7 54.9 608.8 561.0 47.8 769.1 399.3 369.7 53.2 316.5 3,854.3 790.2 2,054.4 426.9 1,627.5 978.2 649.3 498.9 183.2 5,293.1 1,428.5 686.5 57.6 628.9 577.3 51.5 742.1 384.0 358.0 52.7 305.4 3,864.6 784.6 2,061.9 428.6 1,633.3 983.0 650.3 503.3 193.6 5,422.7 1,496.6 710.8 73.3 637.6 588.2 49.3 785.8 402.3 383.5 52.2 331.3 3,926.0 795.2 2,064.1 440.2 1,623.9 976.3 647.6 501.3 229.8 5,276.2 1,426.5 688.3 57.9 630.4 581.2 49.3 738.2 388.5 349.7 52.2 297.4 3,849.7 783.2 2,046.2 428.6 1,617.6 969.0 648.6 502.8 194.3 5,262.4 1,446.0 696.1 64.6 631.5 583.0 48.5 749.9 399.4 350.5 52.3 298.2 3,816.5 779.5 2,032.3 430.5 1,601.9 959.7 642.2 499.9 185.6 5,403.6 1,487.0 701.0 67.3 633.7 585.2 48.5 786.1 430.0 356.1 51.6 304.4 3,916.5 790.4 2,027.9 432.3 1,595.6 957.3 638.3 495.5 240.7 5,432.8 1,512.5 724.0 76.6 647.4 596.8 50.6 788.5 389.0 399.5 52.4 347.1 3,920.3 801.4 2,030.5 434.8 1,595.6 960.3 635.3 498.1 260.7 98.5 25.6 139.4 31.6 142.3 34.8 143.2 34.3 143.2 25.9 157.3 25.9 168.4 25.1 189.1 40.7 167.2 27.0 159.0 26.6 208.8 31.9 198.2 62.5 43.8 175.9 98.7 193.6 33.2 207.4 98.7 241.6 26.8 202.4 100.9 241.1 31.5 196.5 101.9 244.7 24.1 197.2 102.2 259.2 27.4 201.2 99.0 241.4 24.9 200.4 95.8 239.4 22.5 219.4 93.8 257.1 25.9 203.3 94.1 262.4 25.2 200.4 93.5 250.6 22.1 245.9 94.1 275.1 21.1 214.4 94.2 257.4 142.1 51.5 154.8 641.4 190.8 50.8 146.7 704.2 188.1 53.1 146.7 705.7 190.5 54.2 146.2 706.8 203.6 55.6 137.2 713.1 194.8 46.6 135.9 739.5 193.1 46.3 138.0 742.3 214.0 43.0 200.3 752.7 217.0 45.4 136.7 745.5 207.2 43.4 133.0 725.1 233.2 41.9 216.2 739.5 213.0 44.3 195.8 764.5 5,928.3 6,359.9 6,354.0 6,350.3 6,332.6 6,337.4 6,345.0 6,561.5 6,350.9 6,301.4 6,564.9 6,580.3 3,252.1 322.7 2 929 3 550.1 2,379.3 1,104.7' 142.0' 962.7 446.2 403.7 3,452.5 326.3 3 126 2 632.4 2,493.9 1,104.7' 167.5' 937.2' 504.6 534.4 3,461.3 339.8 3 121 5 626.2 2,495.3 1,114.8' 155.8' 959.0' 505.4 492.4 3,459.9 326.4 3 133 6 608.3 2,525.2 1,119.4' 165.2' 954.2' 523.7 467.5 3,464.0 317.5 3 146 5 607.0 2,539.6 1,121.4' 161.4' 960.0' 541.5 453.3 3,423.1 327.7 3,095.4 612.3 2,483.1 1,143.4' 163.0' 980.4' 524.4 457.1 3,434.8 317.1 3,117.7 606.2 2,511.5 1,158.6 158.1 1,000.4 506.2 452.5 3,582.4 349.6 3,232.8 662.5 2,570.3 1,193.0 150.4 1,042.6 501.3 483.6 3,420.4 319.8 3,100.5 602.7 2,497.8 1,168.8 158.4 1,010.5 487.0 464.5 3,363.5 306.1 3,057.4 601.7 2,455.7 1,157.6 153.0 1,004.6 497.8 468.7 3,582.8 338.0 3,244.7 670.7 2,574.0 1,135.7 148.5 987.2 552.6 507.1 3,665.2 390.0 3,275.2 690.8 2,584.4 1,187.7 157.2 1,030.5 467.4 465.3 5,206.7' 5,596.3' 5,573.8' 5,570.6' 5,580.3' 5,547.9' 5,552.0 5,760.3 5,540.7 5,487.6 5,778.2 5,785.6 721.7' 763.7' 780.1' 779.8' 752.3' 789.4' 793.0 801.2 810.2 813.8 786.7 794.7 18 Federal Reserve Bulletin Statistical Supplement • October 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Wednesd ly figures Monthly averages Account Sept. 2008 2008 2007 Mar. Apr. May June July Aug. Sept. Sept. 3 Sept. 10 Sept. 17 Sept. 24 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 assets'" 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. 4,979.5 1,330.5 698.1 67.6 630.5 562.0 68.5 632.4 319.2 313.2 60.9 252.2 3,649.0 715.7 2,017.4 385.0 1,632.4 1,017.0 615.4 464.3 132.1 332.2 124.2 5,324.3 1,454.5 657.6 81.4 576.2 533.4 42.8 796.9 442.4 354.4 55.4 299.0 3,869.9 779.8 2,095.9 405.1 1,690.8 1,047.2 643.6 479.9 131.4 348.5 178.7 5,295.3 1,453.2 647.5 70.0 577.6 530.4 47.2 805.7 445.6 360.1 55.0 305.1 3,842.1 782.2 2,074.3 409.0 1,665.3 1,022.8 642.5 484.6 132.1 352.5 177.0 5,277.8 1,438.3 655.4 65.5 589.9 542.0 47.9 782.9 411.7 371.2 54.9 316.3 3,839.4 782.3 2,065.3 413.6 1,651.7 1,003.9 647.8 486.5 131.1 355.4 180.5 5,238.0 1,433.2 671.6 67.9 603.6 556.1 47.6 761.6 391.4 370.2 53.1 317.2 3,804.8 781.2 2,044.7 418.3 1,626.4 976.5 649.9 487.7 131.2 356.5 170.7 5,236.9 1,429.9 671.4 55.6 615.8 568.2 47.7 758.5 391.5 367.0 52.7 314.3 3,807.1 781.3 2,035.1 424.2 1,610.8 962.0 648.8 491.9 134.5 357.4 173.6 5,240.4 1,425.3 691.7 56.1 635.6 584.0 51.6 733.5 377.8 355.8 52.1 303.6 3,815.2 779.3 2,030.8 427.6 1,603.2 954.6 648.6 497.8 137.9 359.9 185.7 5,424.7 1,489.0 706.6 69.9 636.7 586.6 50.2 782.4 398.0 384.4 52.2 332.2 3,935.7 794.3 2,064.2 440.1 1,624.1 968.1 656.0 503.5 142.5 361.1 229.0 5,268.1 1,440.0 704.0 59.6 644.4 594.3 50.2 736.0 385.1 350.9 52.0 298.9 3,828.1 779.6 2,030.7 429.0 1,601.7 955.8 645.9 502.1 139.3 362.8 186.0 5,272.9 1,447.7 703.6 62.7 640.8 591.0 49.8 744.2 391.7 352.5 52.0 300.5 3,825.1 775.1 2,035.9 430.2 1,605.7 959.5 646.2 503.0 139.0 364.0 183.8 5,412.0 1,476.1 694.3 62.6 631.7 582.1 49.6 781.8 423.9 357.9 51.8 306.1 3,935.9 789.5 2,028.8 432.1 1,596.7 949.4 647.3 499.4 140.4 359.0 247.7 5,410.5 1,488.0 704.5 68.9 635.6 584.2 51.4 783.6 384.8 398.7 52.7 346.0 3,922.5 801.0 2,018.8 433.2 1,585.6 938.6 647.0 502.7 141.3 361.4 256.9 99.3 24.9 146.1 32.6 141.3 35.7 145.5 35.0 144.7 25.9 148.4 25.2 161.3 24.4 189.1 39.9 161.2 24.9 158.0 25.8 215.4 32.3 194.2 62.7 50.7 176.8 99.8 196.7 31.9 205.7 98.0 237.1 24.3 200.0 99.7 245.5 28.1 196.7 100.0 239.4 23.7 196.8 100.1 249.0 25.2 200.9 99.1 235.4 26.1 199.6 96.0 237.7 26.2 223.2 95.2 259.7 29.6 205.0 95.1 254.4 29.8 202.7 94.8 248.8 24.1 251.0 95.4 282.9 25.8 221.6 95.5 259.5 145.6 51.1 154.3 647.2 186.5 50.7 143.0 708.3 192.4 53.0 147.9 705.0 186.9 52.5 143.7 701.2 195.0 54.0 133.7 702.9 189.7 45.7 131.6 734.5 191.9 45.7 127.3 735.9 217.1 42.6 197.1 760.5 209.2 45.3 147.5 734.9 204.7 44.2 140.9 738.6 241.6 41.3 208.0 743.9 217.2 42.3 191.8 768.7 5,941.9 6,364.9 6,338.4 6,305.6 6,263.8 6,271.6 6,273.3 6,570.3 6,334.6 6,330.6 6,576.8 6,560.3 3,246.7 317.6 2,929.1 545.4 2,383.7 1,136.0' 143.6' 992.4 435.4 404.1 3,465.2 327.2 3,138.0 636.4 2,501.6 1,108.6' 169.9' 938.6' 495.9 520.1 3,468.8 347.2 3,121.7 620.6 2,501.1 1,124.5' 161.7' 962.8' 482.4 493.3 3,404.1 323.0 3,081.0 600.5 2,480.5 1,128.1' 166.1' 962.0' 528.2 469.7 3,396.3 315.4 3,080.9 597.2 2,483.7 1,118.4' 159.1' 959.3' 529.8 448.4 3,392.5 317.0 3,075.5 602.9 2,472.5 1,124.6' 155.4' 969.2' 524.8 454.0 3,378.8 306.3 3,072.6 595.4 2,477.2 1,161.6 155.8 1,005.8 504.1 452.1 3,581.4 345.3 3,236.1 656.3 2,579.8 1,229.1 150.5 1,078.5 491.9 483.1 3,425.8 312.3 3,113.5 597.9 2,515.6 1,181.1 157.2 1,024.0 483.6 469.0 3,397.7 286.6 3,111.2 598.6 2,512.5 1,178.6 158.6 1,020.0 503.2 469.5 3,588.6 331.7 3,256.9 662.1 2,594.9 1,172.0 148.0 1,024.0 524.6 501.6 3,605.3 406.8 3,198.5 676.7 2,521.8 1,239.9 153.3 1,086.7 469.5 457.7 5,222.3' 5,589.8' 5,568.9' 5,530.1' 5,492.8' 5,495.9' 5,496.7 5,785.5 5,559.5 5,549.0 5,786.7 5,772.4 719.6' 775.1' 769.5' 775.5' 771.0' 775.7' 776.6 784.8 775.1 781.6 790.1 787.9 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 ly figures Monthly averages Account Sept. 2008 2008 2007 Mar. Apr. May June July' Aug.' Sept. Sept. 3 Sept. 10 Sept. 17 Sept. 24 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 2,878.9 604.8 379.4 225.4 2,274.1 381.8 1,457.2 87.0 1,370.2 322.3 112.8 126.0 90.3 238.4 2,952.7' 591.7' 358.1' 233.6' 2,361.0 400.9 1,505.1 91.8 1,413.4 339.3 115.6 129.5 103.9 231.4 2,959.5' 588.6' 358.2' 230.4' 2,370.9' 404.8 1,510.4 93.9 1,416.5 339.3 116.5 127.9 104.5 230.5' 2,958.6' 586.6' 356.3' 230.3 2,372.0' 405.5 1,510.1' 94.9 1,415.3 339.8 116.5 126.9 102.2 232.2' 2,969.5' 586.1' 356.2' 229.9 2,383.4 407.2 1,518.7 96.8 1,421.9 340.4 117.1 125.4 103.1 235.1' 2,988.8 593.1 358.1 235.0 2,395.7 408.2 1,526.3 96.6 1,429.7 340.5 120.8 132.0 104.6 232.5 2,996.2 586.8 355.7 231.1 2,409.4 411.1 1,536.1 97.6 1,438.5 341.7 120.4 128.8 106.6 236.6 3,029.7 582.3 361.1 221.2 2,447.3 417.5 1,556.3 100.2 1,456.2 350.8 122.8 136.6 106.0 245.5 2,998.3 582.2 355.8 226.3 2,416.2 410.4 1,541.0 98.8 1,442.2 344.1 120.7 130.6 103.9 244.4 3,027.0 587.1 359.2 227.9 2,440.0 413.8 1,553.7 99.8 1,453.8 350.7 121.8 132.0 103.6 237.6 3,026.9 582.9 360.6 222.3 2,444.0 415.5 1,554.3 99.6 1,454.7 351.6 122.7 139.0 108.4 242.1 3,039.9 582.0 362.8 219.1 2,457.9 420.3 1,560.1 100.5 1,459.6 354.4 123.1 142.9 105.8 243.5 3,300.3 3,377.8' 3,382.1 3,379.4 3,392.3 3,416.8 3,427.0 3,475.8 3,435.9 3,458.4 3,474.4 3,490.0 2 274 7 274.1 2,000.6 406.2 1,594.4 534.4 237.3P 297.1 3.8 78.1 2 321 5 268.2 2,053.3 415.7 1,637.6 580.0 245.1 335.0 4.6 78.5 2,314.9 275.8 2,039.1 413.7 1,625.5 590.6 247.4 343.2 4.7 78.7 2,314.2' 270.0 2,044.2 413.3 1,630.9 592.1' 247.0 345.1' 4.1 80.1 2,320.9 269.3' 2,051.5 415.7 1,635.8 592.3' 252.3 339.9 4.8 81.0 2,340.2 276.1 2,064.1 419.1 1,645.0 591.7 243.8 347.9 5.5 80.6 2,352.0 266.6 2,085.5 418.1 1,667.3 594.6 251.5 343.2 3.7 80.6 2,384.9 275.1 2,109.8 420.8 1,689.0 596.3 244.5 351.7 4.6 82.3 2,357.0 261.2 2,095.9 418.3 1,677.5 597.9 253.1 344.7 3.8 81.2 2,371.8 269.3 2,102.5 419.0 1,683.5 594.8 243.7 351.1 4.9 81.8 2,390.4 274.8 2,115.6 421.0 1,694.6 589.2 238.5 350.7 5.2 82.0 2,396.0 275.6 2,120.4 421.1 1,699.3 598.0 250.4 347.6 4.6 82.6 2,891.1 2,984.6 2,989.0 2,990.5 2,998.9' 3,017.9 3,030.9 3,068.1 3,039.9 3,053.4 3,066.8 3,081.2 409.2 393.2' 393.1 388.9 393.4' 398.9 396.0 407.7 396.0 405.0 407.6 408.8 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. 2,865.3 596.4 375.1 221.3 2,268.9' 380.4 1,453.1' 87.4 1,365.8 448.8' 917.0' 321.8 201.0 120.8 113.6 119.9 89.6 237.8 2,948.3' 598.7' 360.6' 238.0 2,349.7 400.8 1,500.9 91.7 1,409.2 455.5' 953.7' 332.3 207.4 124.9 115.7 142.0 100.8 229.7 2,966.5' 597.7' 363.1' 234.5 2,368.8' 407.3 1,510.9' 93.4 1,417.5' 457.7' 959.8' 333.6 207.6 126.0 117.0 133.1 103.7 232.2' 2,977.5' 597.9' 362.4' 235.5 2,379.6' 408.6 1,518.3 94.8 1,423.5' 459.7' 963.8' 336.3 209.6 126.7 116.5 122.3 103.6 233.9' 2,988.7' 593.3' 361.2' 232.1' 2,395.4' 410.3 1,527.0 96.2 1,430.8' 461.3 969.5' 339.2 211.6 127.6 119.0 121.6 103.8 239.4' 2,987.8 586.1 356.5 229.6 2,401.6 410.0 1,530.3 97.4 1,432.9 459.8 973.0 341.1 213.0 128.1 120.3 123.8 104.5 234.8 2,996.2 580.2 354.6 225.6 2,415.9 411.1 1,538.5 98.4 1,440.0 463.1 977.0 345.9 217.5 128.4 120.4 124.8 104.6 239.5 3,014.2 573.7 356.9 216.8 2,440.5 415.8 1,550.8 100.5 1,450.3 465.0 985.3 350.4 220.1 130.3 123.4 130.8 104.9 244.9 2,996.9 576.1 354.2 221.9 2,420.8 410.1 1,541.4 99.2 1,442.2 463.2 979.0 347.6 218.6 129.0 121.7 129.7 108.7 250.1 3,010.6 579.0 356.2 222.8 2,431.6 411.5 1,549.1 100.1 1,449.1 466.0 983.1 348.3 218.1 130.1 122.7 132.0 105.5 242.1 3,013.2 573.7 355.8 217.8 2,439.6 415.4 1,548.7 100.4 1,448.3 462.4 985.9 351.8 221.5 130.4 123.6 133.6 104.3 238.0 3,023.2 571.8 357.5 214.2 2,451.4 418.8 1,554.7 101.1 1,453.6 465.4 988.2 354.2 223.5 130.7 123.7 129.1 103.8 238.7 3,279.5 3,381.1' 3,394.8 3,396.6 3,412.5' 3,409.9 3,423.7 3,453.1 3,444.1 3,448.7 3,447.2 3,452.8 2,262.2 269.4 1,992.9 405.3 1,587.6 535.3 238.0 297.2 2.2 77.5 2,322.0 270.3 2,051.7 417.3 1,634.4 569.6 239.1 330.4 4.6 79.4 2,329.1 278.5 2,050.6 414.0 1,636.7 584.4 247.1 337.3 4.8 79.0 2,320.9 269.5 2,051.4 414.3 1,637.1 593.T 247.3 345.8' 4.8' 80.4 2,334.3 270.7 2,063.6 416.3 1,647.3 593.9' 252.7 341.3' 4.3' 80.7 2,343.3 271.6 2,071.7 417.3 1,654.4 587.8 243.9 343.9 5.3 79.7 2,354.4 267.3 2,087.1 418.0 1,669.1 590.1 248.6 341.5 2.9 79.9 2,371.5 270.3 2,101.2 419.5 1,681.7 596.2 245.0 351.2 3.0 81.7 2,377.4 263.6 2,113.8 419.8 1,694.0 585.4 246.1 339.3 2.5 80.7 2,379.9 258.4 2,121.5 419.2 1,702.3 585.2 241.1 344.1 3.0 81.0 2,374.9 265.2 2,109.7 419.4 1,690.3 587.5 236.5 351.0 3.4 81.1 2,356.6 280.0 2,076.7 418.5 1,658.1 610.7 257.2 353.6 3.3 81.8 2,877.2' 2,975.6 2,997.4 2,999.1 3,013.1' 3,016.0 3,027.3 3,052.4 3,045.9 3,049.1 3,047.0 3,052.4 405.5' 397.5 397.5 399.4' 393.9 396.4 400.8 398.2 399.6 400.2 400.4 402.2 20 Federal Reserve Bulletin Statistical Supplement • October 2008 1.26 COMMERCIAL BANKS IN THE UNITED STATES E. Foreign-related institutions Assets and Liabilities' —Continued Billions of dollars Wednesd ly figures Monthly averages Account Sept. 2008 2008 2007 Mar. Apr. May June July Aug. Sept. Sept. 3 Sept. 10 Sept. 17 Sept. 24 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 1,103.3 440.1 90.0 350.1 663.2 258.2 34.9 149.8 220.2 77.4 56.0 46.7 1,188.1 499.3 97.6 401.7 688.9 305.4 41.2 110.2 232.1 74.3 57.9 69.3 1,134.9 479.7 92.9 386.9 655.1 307.6 41.2 95.2 211.1 74.6 58.7 62.1 1,135.5 467.7 91.8 375.9 667.7 310.4 40.7 104.1 212.5 75.6 58.1 48.4 1,121.9 457.7 91.6 366.1 664.3 312.8 42.1 100.6 208.8 69.1 59.6 55.4 1,122.9 465.5 93.7' 371.8 657.4 315.7' 42.8 100.5 198.4' 66.3 56.1 48.1 1,123.6' 461.2' 86.8 374.4' 662.4 318.3' 44.1 100.7 199.2' 66.6 53.2 43.0 1,122.4 451.5 83.0 368.5 670.9 327.6 43.6 89.7 209.9 68.8 60.8 46.7 1,117.6 457.4 85.5 371.9 660.2 321.2 43.9 96.0 199.2 66.6 51.6 38.8 1,131.6 464.2 88.6 375.7 667.4 320.0 44.2 98.9 204.3 66.4 49.5 39.5 1,122.5 458.9 88.1 370.8 663.6 325.4 43.2 84.9 210.2 71.1 56.5 47.6 1,107.4 433.4 77.3 356.2 674.0 334.0 43.8 88.7 207.4 68.5 69.0 53.7 1,283.4 1,389.6 1,330.2 1,317.4 1,305.9 1,293.4 1,286.3' 1,298.6 1,274.6 1,287.0 1,297.7 1,298.5 934.4 12.8 921.7 588.1 66.9 521.2 -361.8 122.0 1,076.4 16.2 1,060.2 607.6 71.1 536.5 -459.3 164.7 1,071.6 16.3 1,055.3 595.0 70.7 524.4 -492.6 155.1 1,113.4 17.0 1,096.4 607.7 71.9 535.8 -551.2 144.9 1,125.8 16.8 1,109.0 602.7 69.7 533.0 -564.7 139.3 1,121.3 17.2 1,104.1 606.1 73.0 533.1 -576.9 136.3 1,127.5 16.5 1,111.0 603.6 67.5 536.2 -602.0 140.5' 1,102.9 19.1 1,083.8 611.0 84.1 526.9 -567.4 148.1 1,130.7 18.2 1,112.5 591.1 83.6 507.5 -609.2 146.1 1,143.4 17.9 1,125.5 596.3 79.6 516.7 -613.8 154.3 1,132.1 20.2 1,111.9 617.3 106.2 511.0 -602.9 149.8 1,083.2 17.4 1,065.8 604.9 71.1 533.9 -535.4 141.6 1,282.7 1,389.5 1,329.2 1,314.7 1,303.2 1,286.9 1,269.6' 1,294.6 1,258.7 1,280.2 1,296.3 1,294.4 .7 .1 1.0 2.7 2.8 6.5 4.0 15.9 6.9 1.4 4.1 16.7 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. 1,094.7 436.6 91.1 27.6 63.5 345.4 202.2 143.3 658.2 258.6 34.7 145.2 219.7 79.2 57.8 48.7 1,197.7 504.6 97.8 29.7 68.1 406.8 241.4 165.4 693.1 307.1 40.4 111.1 234.5 71.1 56.6 69.2 1,138.9 482.9 92.1 28.4 63.7 390.9 246.0 144.9 656.0 306.4 42.0 96.0 211.7 71.0 57.2 61.1 1,130.4 470.9 92.2 30.1 62.1 378.7 235.9 142.8 659.5 307.0 41.1 102.7 208.7 72.9 56.8 49.5 1,114.1 458.9 90.9 28.7 62.2 368.0 221.9 146.1 655.2 309.4 41.7 99.4 204.8 65.7 58.8 56.4 1,104.1 457.4 92.0 29.3 62.6 365.5 216.8 148.7 646.7 311.7' 42.2 97.2 195.6 64.8 56.3 47.8 1,109.9' 455.5' 87.8 29.0 58.8 367.7' 223.7' 144.0 654.4 316.5' 42.4 98.0 197.5' 65.0 54.0 43.0 1,114.2 447.0 83.8 28.1 55.6 363.2 218.4 144.8 667.2 327.6 43.4 86.8 209.3 70.0 62.7 48.1 1,109.1 456.2 87.8 28.3 59.6 368.3 227.7 140.6 652.9 319.3 43.1 93.1 197.4 65.2 52.4 39.3 1,123.6 464.5 90.5 30.0 60.4 374.0 233.9 140.1 659.1 318.7 43.3 95.0 202.1 67.1 51.6 43.2 1,112.2 448.8 88.7 31.1 57.7 360.1 219.1 141.0 663.3 327.2 43.4 82.6 210.2 69.5 57.3 45.4 1,099.0 425.2 76.9 26.2 50.6 348.3 204.7 143.6 673.8 334.9 43.5 86.1 209.4 72.5 72.8 56.2 1,280.5 1,394.5 1,328.1 1,309.5 1,295.1 1,272.9 1,271.8' 1,294.9 1,265.8 1,285.3 1,284.3 1,300.5 931.0 12.6 918.3 568.0 65.5 502.5 -341.7 121.6 1,077.0 17.0 1,060.0 628.1 77.7 550.5 -477.6 163.9 1,095.5 16.8 1,078.6 598.3 70.6 527.8 -524.5 155.7 1,137.6 16.8 1,120.8 617.6 67.8 549.8 -597.3 148.3 1,135.0 16.5 1,118.5 605.4 67.6 537.8 -586.2 137.4 1,095.7 16.8 1,078.9 595.3 68.2 527.1 -553.3' 131.9 1,111.0 16.3 1,094.7 591.1' 65.4 525.6 -573.3 139.7' 1,097.1 19.0 1,078.1 590.3 82.8 507.6 -542.5 146.8 1,114.4 18.2 1,096.2 578.4 81.6 496.8 -575.4 145.1 1,132.5 17.7 1,114.8 577.2 74.3 502.9 -583.6 156.1 1,118.8 19.8 1,099.0 598.2 107.5 490.8 -581.0 145.0 1,083.8 17.9 1,065.9 576.5 68.2 508.2 -501.4 138.5 1,278.8 1,391.5 1,324.9 1,306.2 1,291.7 1,269.6 1,268.5' 1,291.8 1,262.6 1,282.1 1,281.0 1,297.4 1.7 3.0 3.2 3.3 3.4 3.4 3.2 3.3 3.2 3.2 3.1 3.4 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 2007 Sept. 2008 2008 Mar. Apr. May June July Aug. Sept. Sept. 3 Sept. 10 Sept. 17 Sept. 24 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 141.0 262.4 241.5 211.7 195.1 205.3 205.3 224.5 217.5 226.3 256.7 200.8 108.9 695.0 508.0 187.0 201.8 705.7 471.2 234.5 185.8 702.8 471.4 231.4 164.1 715.4 483.1 232.3 149.0 728.2 496.5 231.7 159.2 737.6 508.2 229.4 160.9 746.4 522.5 223.9 176.4 746.9 526.4 220.5 174.1 755.6 532.7 223.0 177.4 751.4 529.3 222.1 203.1 742.4 522.2 220.2 154.2 742.1 524.6 217.5 -11.8 109.5 70.1 39.4 1,160.3 -15.8 112.0 76.5 35.5 1,224.9 -20.2 110.9 75.9 35.0 1,214.5 -21.3 112.5 78.3 34.2 1,218.3 -29.2 115.6 81.1 34.5 1,220.5 -35.6 115.1 80.2 35.0 1,234.0 -46.2 114.2 79.9 34.3 1,245.1 -46.0 121.3 83.5 37.7 1,269.5 -45.6 114.1 79.9 34.2 1,251.1 -43.2 114.0 79.9 34.1 1,250.7 -43.7 119.0 79.3 39.8 1,250.7 -47.3 118.8 79.3 39.6 1,252.3 236.0 284.4 35.5 256.7 294.2 37.0 262.7 296.0 36.5 265.6 296.5 35.4 264.9 296.9 28.1 262.7' 296.4 27.5 262.5' 295.5 31.8 265.6 294.3 35.1 263.8 295.5 35.1 265.4 295.3 35.1 265.0 292.5 35.1 266.1 292.8 35.1 70.0 113.8 114.5 106.8 99.3 98.5 103.0' 103.2 108.5 115.8 101.6 93.0 75.7 110.9 108.3 103.4 95.8 94.6 101.8' 102.2 107.5 116.0 99.9 91.8 Small domestically chartered commercial banks, adjusted for yyi ^v^ers 10 11 securities 12 Mortgage-backed Securitized consumer loans12 13 Securitized real estate loans12 Foreign-related institutions 14 Revaluation gains on off-balancesheet items9 15 Revaluation losses on off-balancesheet items9 NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States," which is available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer being published in the Statistical Supplement. Instead, abbreviated balance sheets for both large and small domestically chartered banks have been included in table 1.26, parts C and D. Data are both mergeradjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. 1. Covers the following types of institutions in the fifty states and the District of Columbia: domestically chartered commercial banks that submit a weekly report of condition (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and Agreement corporations (foreign-related institutions). Excludes international banking facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by ^classifications 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 2008 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2008 Item 1 All issuers 2 Financial companies' 3 Nonfinancial companies2 2003 2004 2005 2006 2007 Jan. Feb. Mar. Apr. May June 1,284,153 1,403,929 1,662,157 1,983,118 1,780,685 1,860,738 1,819,246 1,821,489 1,757,975 1,748,960 1,740,990 519,785 112,292 589,499 129,902 663,951 142,363 730,735 167,075 816,693 162,720 854,644 172,258 845,397 179,731 835,350 173,591 802,401 186,154 810,988 181,125 817,619 165,069 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 Rate 1 Nov. 7 4.75 4.25 2003 June 27 4 00 2004—June 30 Aug. 10 Sept. 21 Nov. 10 Dec. 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 2007—Sept. 18 Oct. 31 Dec. 11 7.75 7.50 7.25 2008—Jan. 22 30 Mar. 18 Apr. 30 6.50 6.00 5.25 5.00 Period Average rate 2004 2005 2006 2007 4.34 6.19 7.96 8.05 2005 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5.25 5.49 5.58 5.75 5.98 6.01 6.25 6.44 6.59 6.75 7.00 7.15 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 2006—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Average rate 7.26 7.50 7.53 7.75 7.93 8.02 8.25 8.25 8.25 8.25 8.25 8.25 Period Average rate 2007—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.03 7.74 7.50 7.33 2008—Jan Feb Mar Apr May June July Aug 6.98 6.00 5.66 5.24 5.00 5.00 5.00 5.00 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 2008 Item 2005 2006 2008, week ending 2007 Apr. May June July June 27 July 4 July 11 July 18 July 25 MONEY MARKET INSTRUMENTS 1 Federal funds1-13 2 Discount window primary credit2-4 3.22 4.19 4.97 5.96 5.02 5.86 2.28 2.49 1.98 2.25 2.00 2.25 2.01 2.25 1.97 2.25 2.08 2.25 1.95 2.25 2.01 2.25 1.99 2.25 paper3'5'6 Commercial 3 4 5 Nonfinancial 1-month 2-month 3-month 3.22 3.23 3.42 4.98 5.01 5.10 5.02 4.98 4.92 2.10 2.05 1.99 1.99 2.01 2.00 2.14 2.15 2.21 2.08 2.13 2.18 2.17 2.22 2.30 2.18 2.22 2.28 2.13 2.16 2.31 2.07 2.13 2.19 2.03 2.13 2.11 6 7 8 Financial 1-month 2-month 3-month 3.27 3.36 3.44 5.00 5.04 5.07 5.07 5.10 5.13 2.56 2.61 2.72 2.28 2.43 2.61 2.34 2.53 2.70 2.34 2.52 2.72 2.36 2.58 2.75 2.33 2.48 2.72 2.35 2.54 2.73 2.32 2.53 2.67 2.36 2.51 2.73 Certificates of deposit, secondary market3-1 1-month 3-month 6-month 3.34 3.51 3.73 5.06 5.16 5.24 5.23 5.27 5.23 2.82 2.85 2.86 2.50 2.66 2.84 2.50 2.76 3.09 2.49 2.79 3.13 2.54 2.80 3.15 2.52 2.79 3.14 2.47 2.78 3.10 2.51 2.80 3.12 2.48 2.79 3.15 12 Eurodollar deposits, 3-month3>s 3.51 5.19 5.32 3.03 2.84 2.95 3.00 3.00 3.00 3.00 3.00 3.00 U.S. Treasury bills Secondary market3-5 13 4-week 14 3-month 15 6-month 2.94 3.15 3.39 4.67 4.73 4.81 4.32 4.36 4.44 1.04 1.29 1.55 1.73 1.73 1.82 1.69 1.86 2.13 1.58 1.63 1.93 1.43 1.75 2.16 1.78 1.83 2.07 1.64 1.74 2.00 1.35 1.41 1.87 1.54 1.57 1.88 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 4.53 4.36 4.35 4.43 4.51 4.63 4.91 1.74 2.05 2.23 2.84 3.19 3.68 4.44 2.06 2.45 2.69 3.15 3.46 3.88 4.60 2.42 2.77 3.08 3.49 3.73 4.10 4.74 2.28 2.57 2.87 3.30 3.60 4.01 4.62 2.46 2.80 3.08 3.50 3.74 4.09 4.69 2.35 2.60 2.88 3.32 3.61 4.00 4.59 2.25 2.48 2.77 3.18 3.48 3.90 4.51 2.21 2.51 2.82 3.26 3.56 3.98 4.62 2.33 2.70 3.01 3.44 3.72 4.11 4.72 4.28 4.86 4.40 4.15 4.71 4.40 4.13 4.60 4.40 4.45 5.31 4.70 4.34 5.24 4.58 4.47 5.38 4.69 4.44 5.42 4.68 n.a. n.a. 4.83 4.42 5.37 4.67 4.30 5.29 4.56 4.39 5.39 4.65 4.56 5.53 4.77 5.57 5.98 6.01 6.19 6.20 6.32 6.34 6.31 6.26 6.21 6.35 6.45 5.23 5.37 5.59 6.06 5.59 5.80 6.06 6.48 5.56 5.90 6.09 6.48 5.55 5.93 6.30 6.97 5.57 6.01 6.31 6.93 5.68 6.11 6.43 7.07 5.67 6.05 6.47 7.16 5.67 6.07 6.42 7.08 5.60 6.00 6.38 7.06 5.53 5.94 6.34 7.03 5.67 6.06 6.48 7.18 5.78 6.16 6.58 7.27 1.73 1.82 1.83 2.20 2.18 2.31 2.44 2.39 2.43 2.50 2.45 2.43 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. Source: U.S. Treasury. 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. Source: U.S. Treasury. 10. General obligation bonds based on Thursday figures; Moody's Investors Service. 11. State and local government general obligation bonds maturing in 20 years are used in compiling this index. The 20-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. 24 Federal Reserve Bulletin Statistical Supplement • October 2008 1.36 STOCK MARKET Selected Statistics 2008 2007 Indicator 2005 2006 2007 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) 7,351.19 n.a. n.a. n.a. n.a. 8,357.63 n.a. n.a. n.a. n.a. 9,653.00 n.a. n.a. n.a. n.a. 9,807.36 n.a. n.a. n.a. n.a. 9,165.10 n.a. n.a. n.a. n.a. 9,041.52 n.a. n.a. n.a. n.a. 8,776.21 n.a. n.a. n.a. n.a. 9,174.10 n.a. n.a. n.a. n.a. 9,429.04 n.a. n.a. n.a. n.a. 8,996.98 n.a. n.a. n.a. n.a. 8,427.37 n.a. n.a. n.a. n.a. 8,362.20 n.a. n.a. n.a. n.a. 6 Standard & Poor's Corporation (1941^3 - 10)' 1,207.23 1,310.46 1,477.19 1,479.23 1,378.76 1,354.87 1,316.94 1,370.47 1,403.22 1,341.25 1,257.33 1,281.47 7 American Stock Exchange (Aug. 31, 1973 = 50)2 1,567.52 1,936.79 2,267.99 2,383.84 2,290.88 2,269.79 2,262.29 2,297.06 2,351.25 2,293.07 2,153.19 2,078.76 3 4 5 Transportation Utility Finance Volume of trading (thousands of shares) 1,542,724 2,254,869 3,232,195 3,145,802 4,830,460 3,832,107 4,601,666 3,829,875 3,774,019 4,482,650 5,589,370 4,226,522 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 American Stock Exchange Customer financing (millions of dollars, end-of-period balances) 10 Margin credit at broker-dealers Free credit balances at brokers4 11 Margin accounts5 3 221,660 275,380 285,610 285,610 328,330 334,900 311,660 295,550 310,310 314,360 313,290 292,110 119,710 88,730 159,040 94,450 156,190 90,340 156,190 90,340 276,390 142,100 266,050 133,670 305,600 122,140 313,740 100,600 325,040 95,930 351,340 96,090 370,200 98,890 385,850 90,860 Margin requirements (percent of market value and effective date)6 13 Margin stocks 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 25 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 1 Federal debt outstanding . . . . 8,443.7 8,530.4 8,703.7 8,872.9 8,890.8 9,030.6 9,252.3 9,461.1 9,515.5 2 Public debt securities 3 Held by public 4 Held by agencies 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 9,007.7 5,049.2 3,958.4 9,229.2 5,136.3 4,092.9 9,437.6 5,334.0 4,103.6 9,492.0 5,285.0 4,207.0 23.6 23.6 .0 23.4 23.4 .0 23.5 23.5 .0 23.2 23.2 .0 23.2 23.2 .0 23.0 23.0 .0 23.1 23.1 23.5 23.5 23.5 23.5 8,921.3 9,144.7 9,358.1 9,427.9 8,330.6 .1 8,420.2 .1 8,592.4 .1 8,760.7 .1 8,779.1 .1 8,921.3 .1 9,144.6 9,358.1 9,427.8 8,965.0 8,965.0 8,965.0 8,965.0 8,965.0 5 Agency securities 6 Held by public 7 Held by agencies 8 Debt subject to statutory limit 9 Public debt securities 10 Other debt1 MEMO 11 Statutory debt limit 1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Monthly Treasury Statement. Types and Ownership Billions of dollars, end of period Type and holder Q3 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 bonds' Nonmarketable2 State and local government series . 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 Q4 Ql 9,416.6 4,732.4 1,158.4 2,514.0 571.8 474.1 4,705.2 Q2 9,229.2 7,596.1 8,170.4 8,680.2 7,578.5 3,959.7 8,117.0 4,184.0 8,627.5 9,207.5 8,959.3 9,207.5 4,413.9 1,003.2 2,157.1 963.9 2,326.8 4,536.6 1,003.9 516.6 4,448.1 958.1 2,431.4 561.0 4,536.6 1,003.9 539.5 245.9 944.2 2,409.9 530.6 328.7 3,986.5 235.6 3.8 3.8 .0 411.2 471.7 4,338.3 257.6 3.0 3.0 .0 4,692.6 293.2 3.0 3.0 .0 456.9 4,559.5 296.5 3.0 3.0 .0 124.6 180.5 4,164.3 21.7 4,026.8 48.4 180.5 4,164.3 21.7 179.4 4,183.7 21.0 3.1 3.1 .0 178.8 4,288.1 20.5 3,618.8 160.7 5.9 5.9 191.7 191.2 187.7 3,230.6 3,506.6 53.4 3,839.4 17.6 2,488.4 558.5 181.6 2,488.4 558.5 471.7 4,692.6 293.2 3.0 3.0 .0 286.3 4.9 4.9 .0 9,471.5 4,696.4 1,060.5 2,543.4 581.0 497.5 4,795.6 275.2 3,189.1 717.8 3,690.6 125.0 254.1 149.7 389.1 3,466.9 744.2 3,783.1 778.9 4,097.8 740.6 3,963.1 779.6 4,097.8 740.6 3,970.6 117.2 251.3 160.4 463.2 4,122.1 115.1 250.7 159.0 497.7 4,395.7 129.9 362.7P 123.3' 531.5' 4,269.7 119.8 306.7 133.4' 541.4' 4,395.7 129.9 362.7' 123.3' 531.5' 4,108.2 591.2 4,742.9 127.9 464.7 123.4 523.6 4,212.5 478.8 4,806.2 115.4 449.8 123.4 522.2 204.4 321.5 170.5 151.0 1,853.4 393.3 205.1 335.0 181.2 153.8 2,036.0 402.4 202.4 346.2 193.2 153.0 2,105.0 446.0 196.4 376.1' 211.6' 164.5 2,355.1 317.3 197.1 367.2 205.9 161.4 2,237.2 363.5 196.4 376.1' 211.6' 164.5 2,355.1 317.3 195.3 387.1 222.1 165.0 2,515.6 389.6 194.9 393.3 226.0 167.3 2,648.0 n.a. 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 2008 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2008 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 2008, week end June June 4 June 11 June 18 June 25 July 2 July 9 July 16 July 23 July 30 57,718 53,197 61,827 63,134 62,618 62,450 55,300 69,044 61,352 72,854 62,979 63,849 183,130 190,183 227,557 300,496 237,538 205,343 212,122 200,729 192,368 185,748 188,626 180,937 159,389 146,319 160,239 199,093 177,969 142,041 125,103 180,722 146,954 151,740 137,309 156,891 104,218 24,772 8,404 117,852 27,944 7,007 106,303 29,340 7,464 126,301 33,783 9,044 121,047 35,478 7,508 105,434 25,938 8,680 79,574 23,875 4,543 107,728 29,447 8,655 101,123 24,506 8,634 118,016 23,582 11,365 97,853 20,576 10,461 85,834 21,355 7,591 98,811 89,442 88,570 89,914 83,562 80,966 94,116 99,003 89,286 89,400 82,941 81,732 13,544 9,880 11,966 12,681 13,983 12,042 9,406 12,027 9,447 9,035 11,023 7,970 5,208 4,707 3,998 6,355 3,637 4,689 3,421 2,054 2,634 4,607 3,835 3,189 2,860 472 2,310 483 2,493 407 2,690 608 1,642 396 4,006 384 1,277 388 3,219 294 2,304 186 4,588 562 1,858 516 1,856 586 306,613 318,447 307,425 343,971 469,414 220,166 197,296 329,879 530,212 268,715 224,140 228,232 178,305 20,510 166,333 21,558 169,488 15,550 158,868 18,019 165,391 15,887 170,629 15,009 176,597 17,074 173,188 10,878 173,337 8,010 168,795 10,601 153,151 13,288 145,744 12,192 224,367 224,346 255,267 295,457 279,303 244,354 220,684 250,845 227,505 242,077 223,157 218,873 7,955 93,223 548 7,553 91,287 661 7,465 79,189 556 9,231 79,224 644 7,352 113,908 590 7,189 63,872 423 7,031 51,290 648 7,072 93,315 481 7,756 153,467 396 7,373 91,833 428 7,641 58,357 435 5,974 78,113 475 313,264 318,155 337,463 436,395 362,856 305,531 279,832 345,481 307,431 321,228 294,648 297,584 112,940 213,390 198,267 99,268 227,160 187,230 99,969 228,236 184,481 103,017 264,747 176,244 95,869 355,506 180,687 94,898 156,294 185,215 101,577 146,006 193,023 109,526 236,565 183,584 96,100 376,745 180,952 100,821 176,882 178,969 92,531 165,783 166,003 89,358 150,119 157,460 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 2008, week ending 2008 Item, by type of security Apr. May June June 4 June 11 June 18 June 25 July 2 July 9 July 16 July 23 Net outright posit ons2 1 U.S. Treasury bills Treasury coupon securities by maturity Three years or less More than three years but less than or equal to six years 4 More than six but less than or equal to eleven years 5 More than eleven 6 Inflation-protected 2 3 7 8 9 10 11 Federal agency and governmentsponsored enterprises Discount notes Coupon securities, by maturity Three years or less More than three years but less than or equal to six years More than six but less than or equal to eleven years More than eleven 12 Mortgage-backed Corporate securities 13 One year or less 14 More than one year -5,478 17,929 9,108 25,349 37,764 4,963 -11,979 -8,677 -1,903 -12,837 -9,603 -21,307 -27,851 -13,449 -15,607 -9,242 -18,679 -8,209 -17,624 -8,848 -27,305 -21,786 -38,290 -34,289 -30,476 -34,041 -28,792 -28,317 -31,946 -30,946 -27,687 -30,262 -29,440 -30,758 -4,456 4,438 -29,868 -2,857 4,221 -25,824 -3,488 1,755 -29,164 -3,914 3,156 -28,920 -5,522 2,436 -21,956 -4,992 1,709 -27,747 -1,114 1,353 -21,538 -1,516 306 -23,319 -151 448 -22,184 -212 2,829 -27,127 -746 6,627 59,330 66,153 54,028 60,845 55,985 55,372 45,432 55,990 57,780 53,154 57,267 75,482 73,283 75,508 77,151 74,505 73,077 76,147 78,104 81,666 83,879 80,404 6,558 7,423 6,354 7,975 6,121 6,621 5,951 5,571 6,370 6,444 4,523 12,215 8,834 9,622 8,635 7,901 8,370 7,346 8,591 7,718 8,480 8,470 8,578 7,942 8,100 7,748 8,127 7,673 7,806 6,277 8,141 5,790 7,632 60,295 51,020 62,796 55,632 62,204 60,947 67,622 65,189 56,749 66,319 59,584 44,911 174,954 42,681 162,540 42,634 146,739 41,444 151,009 44,416 147,646 41,398 146,363 42,127 145,003 43,534 145,010 44,786 139,563 45,363 139,328 40,670 136,477 1,410,881 1,510,608 1,479,662 1,011,215 1,474,706 1,046,471 1,489,938 1,097,047 1,506,385 1,152,054 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 1 531 224 1 461 513 1,319,417 1,373,287 1 481 351 1,434,777 1 566 849 1,104,550 1 500 976 1,253,229 1 466 648 1,352,148 253,183 292,453 298,444 319,307 261,210 326,870 288,860 319,522 256,088 334,561 256,787 320,485 261,224 337,558 252,431 315,955 253,683 318,240 280,109 316,049 275,680 320,515 185,748 417,357 206,580 405,649 193,240 425,296 202,044 410,274 210,209 412,181 184,843 436,849 205,687 435,646 156,772 425,008 159,952 417,389 200,290 398,368 238,606 409,507 139,776 61,141 137,061 61,999 124,365 59,967 132,282 62,165 127,872 60,963 124,000 60,113 121,187 57,893 118,083 59,515 121,032 62,840 116,342 63,413 116,348 65,001 1,142,153 1 502 207 1,159,948 1 665 964 1,144,168 1 755 197 1,208,024 1719 734 1,135,352 1 786 160 1,146,527 1 839 741 1,141,856 1 913 431 1,105,361 1 400 329 1,078,364 1 445 215 1,143,603 1 483 215 1,183,800 1 543 616 1 557 744 891,718 1 490 807 1,061,824 1 450 430 1,149,620 1 539 815 1,118,360 1 457 061 1,173,834 1 458 031 1,234,275 1 384 433 1,307,087 1 451 395 801,758 1 428 097 848,731 1 466 967 915,442 1 483 370 946,693 444,531 211,915 492,658 225,451 485,274 221,872 509,273 210,268 492,641 223,295 468,927 223,708 485,787 232,096 477,930 212,277 477,005 229,776 490,832 227,542 478,576 232,737 869,087 185,998 844,286 208,003 786,025 201,867 846,451 168,658 814,338 185,849 778,824 208,823 772,626 231,465 726,884 199,685 729,059 209,971 785,891 200,842 824,597 212,621 329,218 90,306 316,442 77,449 303,720 74,983 301,809 73,102 307,060 77,072 306,719 80,623 300,420 72,543 300,993 69,084 306,529 68,413 294,663 66,043 294,911 71,292 2,817,117 1,303,742 2,798,119 1,488,685 2,660,661 1,562,900 2,863,918 1,490,401 2,721,661 1,576,111 2,648,020 1,658,870 2,568,185 1,755,225 2,559,821 1,198,791 2,556,429 1,270,381 2,653,531 1,328,776 2,694,724 1,373,128 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 2008 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period Agency Apr. 1 Federal and federally sponsored agencies 2 Federal agencies 3 Defense Department1 4 Export-Import Bank^3 5 Federal Housing Administration4 6 Government National Mortgage Association certificates of participation5 7 Postal Service6 8 Tennessee Valley Authority 9 United States Railway Association6 10 Federally sponsored agencies7 11 Federal Home Loan Banks 12 Federal Home Loan Mortgage Corporation 13 Federal National Mortgage Association 14 Farm Credit Bankss 15 Student Loan Marketing Association9 16 Financing Corporation10 17 Farm Credit Financial Assistance Corporation " 18 Resolution Funding Corporation12 n.a. 24,267 6 24,261 854,815 733,400 949,510 97,266 78,121 8,170 1,261 29,996 23,843 6 n.a. 161 n.a. n.a. 23,837 n.a. n.a. n.a. 23,520 6 23,514 23,151 6 n.a. 84 n.a. n.a. 23,145 n.a. May 23,108 6 23,102 22,984 6 n.a. 69 n.a. n.a. 22,978 n.a. 23,470 6 23,464 3,169 6 n.a. 66 23,176 6 n.a. 67 n.a. n.a. 3,163 n.a. n.a. n.a. 23,170 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 921,793 773,600 754,535 113,021 91,929 8,170 1,261 29,996 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. 28^25 32,422 31,229 29,772 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. 18,515 n.a. 9,810 n.a. n.a. 32,422 n.a. n.a. 31,229 n.a. n.a. 29,772 MEMO 19 Federal Financing Bank debt13 20 21 22 23 24 Lending to federal and federally sponsored agencies Export-Import Bank3 Postal Service6 Student Loan Marketing Association Tennessee Valley Authority United States Railway Association6 Other lending^ 25 Farmers Home Administration 26 Rural Electrification Administration 27 Other 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners' assistance programs. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 3. On-budget since Sept. 30, 1976. 4. Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. 5. Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration; the Department of Health, Education, and Welfare; the Department of Housing and Urban Development; the Small Business Administration; and the Veterans Administration. 6. Off-budget. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some data are estimated. 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. 10. The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 12. The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. Securities Markets and Corporate Finance 1.45 NEW SECURITY ISSUES 29 State and Local Governments Millions of dollars Type of issue or issuer, or use Apr.' May' July 1 All issues, new and refunding1 409,802 389,540 426,194 29,064' 19,750 21,295' 43,242 50,863 42,582 48,751 36,740 By type of issue 2 General obligation 3 Revenue 145,845 263,957 115,128 274,413 130,464 295,730 9,550' 19,514' 9,285 10,466 11,303' 9,992 11,115 32,127 15,209 35,655 9,674 32,908 12,718 36,033 9,842 26,899 By type of issuer 4 State 5 Special district or statutory authority2 6 Municipality, county, or township 31,568 298,762 79,472 28,258 293,403 67,879 34,992 315,286 75,916 2,488 21,293' 5,284 1,279 14,184 4,287 3,707 12,548' 5,040 3,777 33,590 5,875 6,455 33,520 10,888 2,242 33,800 6,540 3,880 35,920 8,950 2,480 26,955 7,305 7 Issues for new capital 222,986 262,485 275,268 21,549' 15,203 14,799 21,204 22,240 19,730 25,976 20,671 70,974 25,427 10,052 n.a. 17,655 60,626 70,252 30,232 7,801 n.a. 35,000 72,684 70,917 27,832 11,400 n.a. 38,114 82,934 5,597 1,652 2,482 n.a. 2,467 5,301' 4,145 2,951 1,000 n.a. 1,372 4,419 4,538 420 3,450' n.a. 1,342 3,786 3,863 4,725 1,969 n.a. 2,904 5,577 4,921 1,171 405 n.a. 3,417 9,244 5,256 1,891 503 n.a. 2,753 4,805 8,647 2,833 700 n.a. 2,841 7,027 5,086 5,775 243 n.a. 2,066 5,531 8 9 10 11 12 13 By use of proceeds Education Transportation Utilities and conservation Social welfare Industrial aid Other purposes SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1. Par amounts of long-term issues based on date of sale. 2. Includes school districts. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2007 Type of issue, offering, or issuer 1 1 All issues By type of offering 3 Sold in the United States 2005 2006 2008 2007 Nov. Dec. Jan. Feb. Mar. Apr. May June 2,361,779 2,619,935 2,389,186 140,972 108,152 141,862 78,721 79,164 152,793 175,102 104,710 2,246,525 2,500,770 2,220,530 116,882 86,681 114,794 66,571 71,886 124,420 142,798 88,231 2,115,411 131,113 2,296,544 204,227 2,002,704 217,826 96,998 19,883 80,702 5,980 102,129 12,665 64,365 2,206 64,200 7,686 109,421 14,998 119,002 23,796 73,844 14,387 22,221 18,262 20,103 2,246 1,349 n.a. n.a. n.a. n.a. n.a. n.a. 210,825 2,035,700 338,777 2,161,994 404,819 1,815,711 30,500 86,382 32,767 53,915 28,251 86,543 23,162 43,409 37,019 34,867 33,525 90,894 52,609 90,189 33,669 54,562 115,255 119,165 168,655 24,090 21,471 27,068 12,150 7,278 28,373 32,304 16,480 54,713 60,541 56,029 63,136 65,440 103,216 11,673 12,418 2,813 18,658 1,958 25,110 3,091 9,059 1,880 5,398 4,376 23,997 6,343 25,961 3,070 13,409 MEMO 5 Private placements, domestic By industry group 7 Financial 8 Stocks3 By industry group 10 Financial 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. SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve System. 30 Federal Reserve Bulletin Statistical Supplement • October 2008 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2008 Item 2006 2007' Jan. Feb. Mar. Apr. May June July' Aug. 1 Sales of own shares 2 2,009,480 2,530,108 280,573 204,415 200,928 229,537 205,830 189,241 193,122 165,424 2 Redemptions of own shares 1,782,393 227,087 2,306,589 223,519 302,693 -22,120 176,606 27,809 201,377 -449 198,284 31,253 169,775 36,055 188,805 436 220,070 -26,948 177,423 -11,999 8,058,059 8,914,249 8,445,110 8,357,451 8,263,656 8,634,205 8,814,797 8,276,887 8,100,821 8,057,350 345,066 7 712 993 378,795 8 535 454 361,823 8 083 287 382,693 7 974 758 383,612 7 880 044 421,223 8 212 982 429,119 8 385 678 408,324 7 868 563 376,820 7 724 001 385,112 7 672 238 4 Assets 4 5 Cash5 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. 2. Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. 3. Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. 1.51 DOMESTIC FINANCE COMPANIES 4. Market value at end of period, less current liabilities. 5. Includes all U.S. Treasury securities and other short-term debt securities. SOURCE: Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. Assets and Liabilities' Billions of dollars, end of period; not seasonally adjusted Q3 Ql Accounts receivable, gross2 Consumer Business Real estate 5 LESS: 6 LESS: Reserves for unearned income Reserves for losses 7 Accounts receivable, net 8 All other Ql 1,622.4 601.8 479.2 541.4 1,732.7 640.3 498.0 594.4 1,759.5 706.8 519.5 533.3 1,732.7 640.3 498.0 594.4 1,728.4 643.1 505.4 579.8 1,732.1 659.7 509.3 563.2 1,757.5 689.2 507.9 560.4 1,759.5 706.8 519.5 533.3 1,775.2 707.4 542.0 525.8 1,761.2 705.8 563.9 491.5 44.7 24.5 49.2 26.6 50.2 33.5 49.2 26.6 50.8 25.5 50.6 25.5 50.3 28.7 50.2 33.5 51.4 34.7 49.3 36.3 1,553.2 535.7 1,656.9 486.5 1,675.9 499.4 1,656.9 486.5 1,652.1 497.6 1,655.9 504.9 1,678.5 515.3 1,675.9 499.4 1,689.0 521.2 1,675.5 519.6 9 Total assets 2,175.2 2,149.7 2,193.7 2,210.3 LIABILITIES AND CAPITAL 10 Bank loans 11 Commercial paper 12 13 14 15 Debt Owed to parent Not elsewhere classified All other liabilities Capital, surplus, and undivided profits .. 16 Total liabilities and capital 142.1 160.0 129.2 165.3 173.3 158.5 129.2 165.3 138.1 159.1 153.5 154.0 176.7 149.0 173.3 158.5 172.3 153.2 180.2 158.4 312.2 806.5 423.6 244.4 338.5 849.6 424.3 236.4 326.4 837.3 440.0 239.7 338.5 849.6 424.3 236.4 330.8 836.3 438.2 247.1 348.5 827.8 439.6 237.5 331.8 847.6 444.4 244.2 326.4 837.3 440.0 239.7 335.1 851.4 454.1 244.3 327.7 826.0 461.8 241.0 2,088.8 2,143.3 2,175.2 2,143.3 2,149.7 2,160.8 2,193.7 2,175.2 2,210.3 2,195.1 NOTE: Some of the data presented in the table is available in the Board's monthly G.20 (422) statistical release, which is available at www.federalreserve.gov/releases. 1. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies: securitized pools are not shown, as they are not on the books. 2. Before deduction for unearned income and losses. Excludes pools of securitized assets. Securities Markets and Corporate Finance 1.52 DOMESTIC FINANCE COMPANIES 31 Owned and Managed Receivables' Billions of dollars, amounts outstanding Type of credit Apr. July Seasonally adjusted 1 Total 2 3 4 Consumer Real estate Business . 1,895.4' 2,009.8' 2,045.1' 775.2P 560.4' 559.7' 819.4' 609.9' 580.6' 887.4' 565.0' 592.7' 2,063.0' 886.7' 564.7' 613.0' 889.7' 566.3' 613.8' 891.2' 557.5' 614.3' 2,033.4 891.2' 547.2' 620.3' 885.9' 523.9' 630.0' 883.3 513.3 636.8 Not seasonally adjusted 5 Total 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Consumer Motor vehicle loans Motor vehicle leases Revolving2 Other3 Securitized assets4 Motor vehicle loans Motor vehicle leases . . . . Revolving Other Real estate One- to four-family Other Securitized real estate assets4 One- to four-family Other Business Motor vehicles Retail loans Wholesale loans5 Leases Equipment Loans Leases Other business receivables'" . Securitized assets4 Motor vehicles Retail loans Wholesale loans Leases Equipment Loans Leases Other business receivables' 1,910.9 2,026.2 2,061.8 2,060.6 2,058.9 781.4 278.0 85.3 66.3 172.3 825.4 259.8 106.0 79.9 194.7 893.5 262.9 122.9 86.0 234.9 882.7 253.6 124.3 83.4 241.6 882.9 255.7 124.9 82.1 244.7 884.2 257.0 125.5 83.1 245.7 884.4 256.1 125.3 83.9 246.5 880.4' 252.3 121.9 84.0 247.6 880.9 254.7 122.1 84.0 247.8 112.6 4.2 14.9 47.8 565.0 489.8 51.6 112.8 3.6 15.9 52.8 614.8 538.1 56.2 113.3 3.1 25.6 44.7 569.8 474.2 59.1 107.4 3.0 25.4 44.0 566.3 465.2 64.9 103.5 3.0 25.4 43.6 561.8 457.9 67.8 101.6 3.0 25.1 43.2 555.6 451.9 68.3 102.0 2.9 24.8 42.9 547.5 442.6 70.0 104.9 2.9 24.5 42.4 522.9' 420.4' 71.1 103.1 2.9 24.5 42.3 512.4 410.6 70.5 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 34.9 1.6 598.6 105.7 16.4 56.9 32.4 319.4 106.1 213.3 94.4 34.8 1.4 614.3 107.9 15.6 59.9 32.4 331.5 114.4 217.0 97.2 34.7 1.4 618.5 107.8 15.3 60.7 31.9 333.4 115.9 217.4 100.8 34.5 .9 620.7 108.5 15.1 61.6 31.8 334.6 114.6 220.0 102.8 34.4 .5 627.0 110.0 14.8 63.4 31.8 342.0 114.8 227.2 103.1 31.4 .0 635.7 112.8 14.7' 64.5 33.6 347.2 113.5 233.7 103.9 31.3 .0 628.7 108.4 14.6 60.2 33.6 346.9 113.6 233.3 103.3 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 33.6 2.6 30.9 .1 13.1 9.2 3.9 32.4 32.5 2.6 29.8 .1 13.2 9.2 4.0 32.0 31.5 2.6 28.9 .1 13.3 9.2 4.1 31.7 28.4 2.6 25.8 .1 13.8 9.7 4.1 32.6 24.7 2.5 22.1 .1 13.7 9.6 4.1 33.5 23.6 2.5 21.1 .1 13.7 9.5 4.2 34.5 22.3 2.5 19.8 .0 13.3 9.2 4.2 34.5 NOTE: This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more-detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some 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 2,022.0 before deductions for unearned income and losses. Components may not sum to totals because of rounding. 2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. 3. Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods, such as appliances, apparel, boats, and recreation vehicles. 4. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. 5. Credit arising from transactions between manufacturers and dealers—that is, floor plan financing. 6. Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 32 Federal Reserve Bulletin Statistical Supplement • October 2008 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2008 Item 2005 2006 2007 Feb. Mar. Apr. May June July Aug. Terms and y elds in primary and secondary markets PRIMARY MARKETS Terms] 1 Purchase price (thousands of dollars) 2 Amount of loan (thousands of dollars) 4 Maturity (years) 5 Fees and charges (percent of loan amount)2 Yield (percent per year) 6 Contract rate1 8 Contract rate (HUD series)4 326.8 238.5 75.3 29.2 .54 345.7 253.4 75.4 29.5 .66 360.7 269.9 77.1 29.4 .81 373.1 275.9 78.1 29.2 .66 329.8 248.6 77.9 28.8 .80 346.3 252.4 76.4 28.9 .64 339.4 254.2 77.3 29.2 .67 352.7 258.3 75.6 29.1 .91 349.1 254.8 75.5 29.3 .94 358.1 261.2 75.2 29.1 1.03 5.86 5.93 n.a. 6.50 6.60 n.a. 6.30 6.42 n.a. 5.87 5.96 n.a. 5.80 5.92 n.a. 5.89 5.98 n.a. 5.92 6.01 n.a. 5.99 6.13 n.a. 6.15 6.29 n.a. 6.18 6.33 n.a. n.a. 5.13 n.a. 5.70 n.a. 5.71 n.a. 5.19 n.a. 5.16 n.a. 5.22 n.a. 5.27 n.a. 5.76 n.a. 5.66 n.a. 5.68 SECONDARY MARKETS Yield (percent per year) 10 GNMA securities6 Activity in secondary markets FEDERAL NATIONAL MORTGAGEASSOCIATION Mortgage holdings (end of period) 11 Total 12 FHA/VA insured 13 Conventional 727,545 n.a. n.a. 724,400 n.a. n.a. 723,976 n.a. n.a. 721,579 n.a. n.a. 722,768 n.a. n.a. 728,414 n.a. n.a. 736,925 n.a. n.a. 749,640 n.a. n.a. 758,112 n.a. n.a. 759,980 n.a. n.a. 14 Mortgage transactions purchased (during period) 146,641 196,017 182,470 11,593 15,817 17,961 20,001 23,385 18,214 13,614 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 710,017 n.a. n.a. 703,629 n.a. n.a. 720,813 n.a. n.a. 709,523 n.a. n.a. 712,462 n.a. n.a. 737,537 n.a. n.a. 770,383 n.a. n.a. 791,798 n.a. n.a. 798,241 n.a. n.a. 760,883 n.a. n.a. n.a. 397,867 n.a. 360,023 n.a. 470,976 n.a. 42,968 n.a. 43,526 n.a. 40,779 n.a. 47,310 n.a. 43,981 n.a. 21,712 n.a. 22,072 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Mortgage commitments (during period) 15 Issued7 16 To sells 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 MortgageAssociation 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 j financial institutions . . . 7 Commercial C i l b k2 banks 8 One- to four-family 9 Multifamily Nonfarm, nonresidential 10 Farm 11 12 Savings institutions3 One- to four-family 13 Multifamily 14 Nonfarm, nonresidential 15 Farm 16 17 Life insurance companies . One- to four-family 18 Multifamily 19 Nonfarm, nonresidential 20 Farm 21 22 Federal and related agencies 23 Government National Mortgage Association 24 One- to four-family 25 Multifamily 26 Farmers Home Administration4 27 One- to four-family 28 Multifamily 29 Nonfarm, nonresidential 30 Farm 31 Federal Housing Admin, and Dept. of Veterans Affairs 32 One- to four-family 33 Multifamily 34 Resolution Trust Corporation 35 One- to four-family 36 Multifamily 37 Nonfarm, nonresidential 38 Farm 39 40 Federal Deposit Insurance Corporation One- to four-family 41 Multifamily 42 Nonfarm, nonresidential 43 Farm 44 Federal National Mortgage Association 45 One- to four-family 46 Multifamily 47 48 Federal Land Banks 49 One- to four-family 50 Farm 51 Federal Home Loan Mortgage Corporation 52 One- to four-family 53 Multifamily 54 Federal Agricultural Mortgage Corporation Farm One- to four-family Multifamily Federal Home Loan Mortgage Corporation One- to four-family Multifamily Federal National Mortgage Association . . . One- to four-family Multifamily Farmers Home Administration4 One- to four-family Multifamily Nonfarm, nonresidential Farm Private mortgage conduits One- to four-family1" Multifamily Nonfarm, nonresidential Farm 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> 14,603,110 14,740,480 14,804,080 10,667,810 12,101,430 8,273,402 617,869 1,679,672 96,872 9,379,328 687,682 1,932,904 101,518 10,451,630 741,158 2,209,884 109,038 10,862,200 780,372 2,340,442 113,233 11,015,740 804,588 2,426,895 115,365 11,158,060 837,115 2,490,437 117,497 11,233,930 855,616 2,532,719 118,219 11,254,100 875,149 2,565,388 109,442 3,926,324 2,595,605 1,580,992 118,710 860,670 35,233 1,057,395 874,199 87,545 95,052 599 273,324 7,874 40,453 214,085 10,912 4,396,243 2,958,042 1,793,029 138,702 989,372 36,939 1,152,738 953,819 98,352 99,951 616 285,463 7,746 42,440 224,258 11,019 4,780,819 3,403,052 2,081,766 157,555 1,123,210 40,521 1,073,967 867,831 95,792 109,604 740 303,800 11,301 44,761 236,719 11,019 4,897,281 3,472,132 2,105,412 161,648 1,164,551 40,521 1,112,812 905,278 92,570 114,158 806 312,337 11,062 46,141 244,115 11,019 4,989,289 3,525,100 2,128,207 164,965 1,191,407 40,521 1,146,869 933,511 94,773 117,739 846 317,320 11,003 46,910 248,388 11,019 5,067,153 3,645,724 2,208,306 168,407 1,228,490 40,521 1,095,256 878,958 92,705 122,711 882 326,173 11,124 48,336 255,694 11,019 5,126,517 3,683,796 2,216,360 172,803 1,253,830 40,803 1,111,468 884,832 94,495 131,231 910 331,253 11,449 49,093 259,692 11,019 5,113,591 3,662,237 2,157,978 176,135 1,286,899 41,225 1,115,550 884,453 96,928 133,256 913 335,804 11,763 49,768 263,254 11,019 704,438 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 2 666,601 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 2 5 0 366,680 314,801 51,879 54,640 14,515 40,125 61,428 20,378 41,050 804 804 688,678 27 27 0 76,448 12,918 11,374 48,945 3,212 5,023 1,625 3,398 0 0 0 0 0 712,714 24 24 0 78,192 12,920 11,310 50,758 3,204 4,887 1,722 3,165 0 0 0 0 0 726,458 1 1 2 0 383,045 322,703 60,342 59,897 16,046 43,851 65,536 20,543 44,993 778 778 702,228 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 0 392,690 320,463 72,227 62,902 19,051 43,851 68,350 21,219 47,131 754 754 22 0 78,411 13,024 11,282 50,839 3,266 4,927 1,779 3,147 0 0 0 0 0 2 0 742,109 24 24 0 78,941 13,066 11,249 51,399 3,228 4,917 1,853 3,063 0 0 0 0 0 2 0 756,316 38 38 0 80,357 13,611 11,205 52,271 3,271 5,021 1,910 3,111 0 0 0 0 0 2 0 403,577 311,831 91,746 67,423 23,572 43,851 79,776 23,876 55,900 768 768 411,838 313,458 98,380 68,964 24,808 44,156 86,105 26,802 59,303 759 759 420,992 315,242 105,750 71,742 25,686 46,056 88,345 26,395 61,950 784 784 4,834,403 441,235 409,089 32,147 1,189,393 1,173,847 15,546 1,743,061 1,673,339 69,722 0 0 0 0 0 1,459,776 ,049,767 73,068 336,941 0 938 938 5,673,395 405,246 371,484 33,762 1,309,024 1,294,521 14,503 1,826,779 1,753,708 73,071 0 0 0 0 7,056,351 417,018 380,808 36,211 1,571,033 1,561,920 9,113 2,083,085 1,999,762 83,323 0 0 0 0 0 2,980,535 2,256,223 118,250 606,062 0 4,679 4,679 7,217,958 427,255 390,856 36,398 1,643,285 1,633,753 9,532 2,167,980 2,081,261 86,719 0 0 0 0 0 2,974,820 2,199,705 125,251 649,864 0 4,618 4,618 7,381,689 443,461 406,822 36,640 1,717,342 1,706,684 10,658 2,298,191 2,206,263 91,928 0 0 0 0 7,441,639 461,481 424,708 36,772 1,762,586 1,751,647 10,939 2,373,863 2,278,908 94,955 0 0 0 0 2,131,502 1,609,699 89,626 432,176 0 844 844 6,575,142 410,021 373,886 36,135 1,450,721 1,442,306 8,415 1,973,329 1,894,396 78,933 0 0 0 0 0 2,737,888 2,105,469 103,229 529,190 0 3,183 3,183 2,918,152 2,132,365 124,928 660,859 0 4,543 4,543 2,839,256 2,062,046 122,275 654,935 0 4,453 4,453 7,548,580 510,217 473,272 36,945 1,802,312 1,791,127 11,185 2,444,639 2,346,853 97,786 0 0 0 0 0 2,787,105 2,025,279 118,149 643,678 0 4,307 4,307 1,202,649 981,482 83,275 130,547 7,345 1,365,193 1,125,988 89,322 141,929 7,954 1,467,074 1,202,923 96,202 162,214 5,734 1,440,388 1,172,018 98,983 160,988 8,399 1,442,622 1,163,985 99,336 168,737 10,564 1,427,810 1,141,911 101,410 171,842 12,647 1,430,217 1,133,434 102,261 181,631 12,891 1,385,594 1,091,488 106,209 186,029 1,867 7 0 400,157 355,687 44,470 52,793 15,070 37,723 61,320 23,374 37,946 887 887 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. 0 1 2 0 399,420 321,955 77,465 64,859 21,008 43,851 71,680 22,946 48,734 742 742 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 2008 1.55 TOTAL OUTSTANDING CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2008 Holder and type of credit 2005 2006 2007 Mar. Apr. May June July' Aug. Seasonally adjusted 1 Total 2,285,160 2,387,691 2,521,372 2,554,065' 2,564,154' 2,571,086' 2,579,976' 2,585,219 2,577,340 2 Revolving 824,469 1 460 691 874,621 1,513,070 939,458 1,581,914 957,326' 1,596,739' 957,264' 1,606,890' 962,876' 1,608,210' 965,613' 1,614,362' 969,646 1,615,573 969,034 1,608,306 Not seasonally adjusted 4 Total By major holder 5 Commercial banks 6 Finance companies 8 9 10 11 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 By major type of credit* 12 Revolving 13 Commercial banks 14 Finance companies 16 17 18 19 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 21 22 Commercial banks Finance companies 24 25 26 27 Federal government and Sallie Mae Savings institutions Nonfinancial business Pools of securitized assets3 2,313,862 2,418,262 2,554,250 2,534,804' 2,546,582' 2,553,250' 2,561,717' 2,570,106 2,583,371 707,039 516,534 228,588 89,822 109,077 58,817 603,986 741,200 534,354 234,532 91,676 95,547 56,757 664,197 804,096 583,869 235,700 98,396 90,787 55,184 686,218 796,317 582,475 230,147' 103,537 87,515 51,206 683,606 807,446 585,790 231,142' 103,852 88,335' 51,107 678,910 807,866 586,472 231,734' 104,195 89,182' 51,270 682,531 812,994 583,848 231,083' 104,566 90,002' 51,338 687,885 820,498 586,564 233,863 105,217 89,720 51,505 682,739 833,308 590,193 236,103 107,362 89,437 51,956 675,011 849,975 311,204 66,307 24,688 n.a. 40,755 11,598 395,423 902,316 327,302 79,874 27,388 n.a. 42,459 7,779 417,514 969,538 353,446 86,046 31,071 n.a. 44,750 4,245 449,981 943,179' 322,463 82,065 30,270' n.a. 42,773 3,643 461,965 948,316' 327,110 83,073 30,486' n.a. 43,792 3,713 460,142 953,616' 325,992 83,898 30,752' n.a. 44,844' 3,709 464,420 959,290' 328,882 84,035 31,275' n.a. 45,863' 3,749 465,485 963,037 335,186 84,048 31,600 n.a. 45,366 3,745 463,091 968,601 342,845 84,009 31,986 n.a. 44,868 3,827 461,066 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 1,584,711 450,650 497,823 204,629 98,396 46,037 50,939 236,237 1,591,625' 473,854 500,410 199,877' 103,537 44,742 47,563 221,642 1,598,266' 480,336 502,716 200,656' 103,852 44,543' 47,394 218,768 1,599,634' 481,874 502,574 200,982' 104,195 44,338' 47,561 218,110 1,602,427' 484,112 499,813 199,808' 104,566 44,139' 47,589 222,399 1,607,069 485,311 502,516 202,263 105,217 44,354 47,760 219,648 1,614,770 490,463 506,184 204,117 107,362 44,569 48,129 213,945 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.I9 (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 2008 Item 2005 2006 2007 Feb. Mar. Apr. May June July Aug. INTEREST RATES Commercial banks2 1 48-month new car 2 24-month personal 7.08 12.05 7.72 12.41 7.77 12.39 7.27 11.43 n.a. n.a. n.a. n.a. 6.84' 11.14' n.a. n.a. n.a. n.a. 6.95 11.43 Credit card plan 3 All accounts 4 Accounts assessed interest 12.51 14.55 13.21 14.73 13.38 14.67 12.48 13.72 n.a. n.a. n.a. n.a. 11.87 13.48 n.a. n.a. n.a. n.a. 11.93 13.64 6.02 8 81 4.99 9 61 4.87 9 24 5.37 8 91 4.19 8 88 4.54 8 34 5.82 8 23 5.49 8 36 3.28' 8 43' 5.11 8 42 60.0 58 6 63.0 59 4 62.0 60 7 63.2 60 3 62.3 60 8 63.1 60 6 64.0 60 5 63.5 60 2 67.2 60 2 64.6 88 98 94 99 95 100 95 96 94 96 94 96 92 97 93 97 95' 96 88 24,133 16,228 26,620 16,671 28,287 17,095 28,118 17,127 28,173 17,049 27,397 17,281 24,579 17,114 24,505 16,163 27,582' 16,703 26,920 n.a. 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nonfinancial sectors 1,398.6 1,667.7 1,957.7 2,247.3 2,332.4 2,029.5 2,308.1 2,307.5 2,101.0 2,742.5 2,315.5 2,036.3 -57.9 257.1 .5 159.4 129.3 -106.6 15.7 893.1 758.6 37.1 90.5 6.9 107.9 -37.3 398.4 -2.4 137.6 150.4 -77.0 5.5 988.2 798.9 71.2 119.4 -1.3 104.4 15.3 362.5 -.6 130.5 74.4 10.8 20.4 1,229.3 1,028.1 48.3 150.2 2.7 115.0 -7.7 307.3 -.4 195.0 53.6 137.6 47.7 1,419.8 1,106.0 71.7 237.5 4.6 94.5 22.4 183.7 -.3 177.3 213.4 173.4 54.8 1,403.2 1,072.3 52.7 270.7 7.5 104.4 -21.5 172.4 -1.0 169.2 133.8 163.1 -36.1 1,330.0 1,006.0 35.9 280.5 7.6 119.7 111.1 135.8 .5 252.8 315.9 223.2 68.5 1,091.5 730.9 68.0 285.0 7.6 108.9 18.9 327.5 -1.3 249.1 282.2 85.2 81.3 1,149.4 846.0 63.1 231.9 8.3 115.1 40.9 -70.7 -.1 246.7 377.5 92.3 79.6 1,197.0 784.8 95.2 308.6 8.4 137.7 -30.6 435.9 -.8 165.5 225.2 420.1 299.1 1,026.1 577.2 104.5 335.8 8.5 202.1 16.0 257.1 .7 198.7 371.6 397.9 3.7 971.4 618.5 129.7 214.7 8.5 98.5 54.6 487.5 1.3 152.8 274.8 257.7 101.7 559.8 313.0 69.0 174.5 3.3 146.1 832.9 164.2 9.1 148.0 7.1 143.9 257.6 981.0 170.4 80.0 92.1 -1.6 120.3 396.0 1,064.0 416.6 165.8 244.7 6.1 115.3 361.9 1,180.9 587.9 243.6 331.6 12.7 171.6 306.9 1,196.9 800.9 433.4 349.1 18.4 151.2 183.4 1,112.8 598.1 248.2 336.1 13.9 147.2 171.4 937.9 1,015.8 634.4 358.8 22.6 218.2 136.3 905.4 851.0 528.0 297.4 25.6 224.9 326.2 942.8 1,016.5 625.5 379.9 11.1 212.4 -70.8 856.2 1,312.7 767.7 532.4 12.6 138.5 435.0 829.9 1,062.8 577.4 461.2 24.2 164.8 257.8 481.0 927.0 575.1 321.5 30.4 139.5 488.8 22 Foreign net borrowing in United States 93.4 42.4 130.7 102.6 254.4 523.0 253.6 136.1 227.4 2.9 21.7 277.1 23 24 25 26 Commercial paper Bonds Bank loans n.e.c Other loans and advances 58.8 31.6 5.3 -2.3 18.3 28.7 -2.5 -2.1 68.7 61.8 3.8 -3.6 38.2 54.5 14.5 -4.6 97.1 150.9 13.8 -7.4 362.8 180.2 -12.2 -7.7 8.6 218.0 31.6 -4.6 -19.8 174.8 -16.0 -3.0 22.4 167.3 40.7 -2.9 -193.8 173.2 26.3 -2.9 -78.3 56.1 45.3 -1.3 214.6 39.8 23.8 -1.1 27 Total domestic plus foreign 1,491.9 1,710.1 2,088.5 2,349.9 2,586.8 2,552.6 2,561.7 2,443.6 2,328.4 2,745.3 2,337.2 1 Total net borrowing by domestic nonfinancial sectors 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 15 16 17 18 19 20 21 By borrowing sector Household Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government Financial sectors 28 Total net borrowing by financial sectors 870.3 1,060.8 968.7 1,064.0 1,287.7 931.3 1,249.0 1,264.2 1,398.0 2,348.0 1,356.3 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 -99.9 219.8 326.8 384.8 21.1 6.8 11.0 -62.9 250.9 330.6 481.4 21.4 31.2 8.2 22.2 75.0 47.9 665.5 58.1 74.1 25.9 214.6 -84.0 167.3 691.0 17.0 44.4 13.9 197.6 35.6 295.4 795.0 -64.1 21.2 7.0 72.2 -83.5 284.4 663.2 -42.8 29.9 7.8 174.3 40.7 278.9 981.5 -216.8 -3.9 -5.8 233.5 66.7 482.5 476.3 51.0 -30.5 -15.2 362.6 161.4 534.9 280.8 48.9 .4 9.0 -689.5 556.6 622.2 997.8 101.6 746.2 12.9 -360.0 344.8 866.3 274.6 27.5 187.0 16.1 -191.4 119.9 534.1 -14.8 176.7 156.4 20.8 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 49.7 -23.4 2.0 2.0 219.8 326.8 212.3 66.2 27.3 -1.7 -10.7 48.5 34.5 2.2 2.9 250.9 330.6 244.2 111 .1 31.5 6.4 -1.9 78.4 89.0 2.3 3.0 75.0 47.9 427.3 134.3 98.3 15.2 -2.2 85.1 23.8 3.3 .4 -84.0 167.3 669.2 33.5 59.8 .1 105.6 177.4 -111.9 4.2 2.7 35.6 295.4 772.0 34.8 41.1 6.4 29.9 51.6 17.1 2.0 2.4 -83.5 284.4 701.1 -36.6 32.8 5.0 -44.9 400.6 -463.3 8.4 4.3 40.7 278.9 910.9 69.0 14.0 -20.9 6.4 90.9 -20.7 -10.5 4.9 66.7 482.5 428.8 13.9 2.2 59.5 146.0 147.1 -24.6 10.6 12.6 161.4 534.9 472.8 9.3 -21.2 39.9 55.3 496.2 363.5 37.9 26.9 556.6 622.2 97.7 122.1 -14.7 -29.4 69.0 318.6 71.1 15.7 13.7 344.8 866.3 -285.2 -45.6 10.4 -85.9 132.4 228.1 67.0 -15.2 9.6 119.9 534.1 -305.0 73.9 -40.3 62.3 -91.7 36 Federal Reserve Bulletin Statistical Supplement • October 2008 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 . . . . 48 49 50 51 52 53 54 55 56 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2^62.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 -99.1 257.1 547.2 159.4 545.7 -80.2 20.2 904.1 107.9 -82.0 398.4 579.1 137.6 660.5 -58.1 34.6 996.4 104.4 106.2 362.5 122.3 130.5 801.8 72.7 90.9 1,255.2 115.0 245.1 307.3 82.8 195.0 799.0 169.1 87.4 1,433.8 94.5 317.1 183.7 330.6 177.3 1,159.3 123.1 68.6 1,410.3 104.4 413.6 172.4 199.9 169.2 977.2 108.1 -13.9 1,337.8 119.7 294.1 135.8 320.1 252.8 1,515.4 38.0 60.0 1,085.7 108.9 232.6 327.5 547.9 249.1 933.4 120.2 47.8 1,134.2 115.1 426.0 -70.7 696.2 246.7 825.6 181.9 77.0 1,206.0 137.7 -913.9 435.9 1,178.0 165.5 1,396.3 548.0 1,042.3 1,039.0 202.1 -422.4 257.1 1,211.9 198.7 702.2 470.7 189.4 987.5 98.5 77.7 487.5 655.2 152.8 299.8 458.3 256.9 580.6 146.1 Funds raised through mutual funds and corporate equities 57 Total net issues . 227.4 427.5 366.0 110.9 -80.4 -274.8 16.6 193.6 -80.6 -207.1 -657.4 131.2 58 Corporate equities 59 Nonfmancial corporations 60 Foreign shares purchased by U.S. residents 61 Financial corporations 62 Mutual fund shares 46.4 -41.6 17.0 71.0 181.1 138.9 -42.0 118.0 62.9 288.6 67.7 -126.6 84.8 109.5 298.2 -149.3 -363.4 142.6 71.5 260.2 -417.2 -614.1 138.5 58.4 336.8 -512.6 -534.0 41.8 -20.4 237.8 -349.1 -751.2 251.0 151.2 365.6 -315.0 -572.8 174.0 83.8 508.6 -604.5 -814.0 161.5 48.0 523.9 -453.5 -831.2 227.6 150.1 246.4 -840.3 -1,124.8 -39.2 323.6 183.0 -75.3 -562.2 135.2 351.7 206.5 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 NET LENDING IN CREDIT MARKETS2 2,362.2 2,770.9 3,057.2 3,413.9 3,874.5 3,483.9 3,810.8 3,707.8 3,726.4 5,093.3 3,693.5 3,115.1 152.0 35.9 25.8 -.8 86.2 4.9 467.2 1,743.1 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 -102.1 157.8 103.4 -3.2 1.5 58.3 -2.1 582.8 2,030.2 37.2 332.9 352.2 -38.5 8.6 10.6 127.3 51.2 67.0 180.6 69.2 18.8 6.0 -95.9 138.0 35.5 .7 241.0 330.6 233.2 122.9 25.7 79.6 28.6 291.6 173.9 31.1 11.5 72.4 2.7 854.4 1,911.1 51.2 608.0 571.1 284.5 109.3 42.3 11.4 124.1 -2.7 749.0 2,380.4 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 66.9 110.3 44.5 18.1 7.7 -5.5 124.1 1.5 6.8 -69.1 167.3 673.6 117.2 66.9 82.3 47.5 293.8 203.7 -10.9 12.3 84.6 4.0 855.0 2,725.7 34.7 761.7 656.3 103.7 3.3 -1.7 -98.1 30.1 47.7 75.6 14.0 76.3 8.4 220.0 184.9 6.7 5.7 46.6 295.4 725.8 89.7 57.5 106.2 36.9 286.6 277.2 -70.5 12.6 81.3 -14.0 724.1 2,473.2 21.4 154.5 57.3 94.0 6.6 -3.3 258.1 7.9 31.8 48.6 38.9 14.4 7.6 362.1 130.8 -4.9 2.8 -30.4 284.4 721.3 158.1 44.5 162.5 58.6 332.8 181.0 7.5 12.5 122.9 8.9 952.2 2,525.8 21.4 1,274.7 1,165.9 100.3 8.0 .5 -859.7 27.7 50.6 7.7 41.6 43.7 2.5 216.5 232.6 5.5 7.9 51.7 278.9 728.6 -5.8 87.1 218.5 94.1 90.5 -185.6 98.7 12.1 145.0 20.3 1,017.9 2,599.4 13.0 204.1 39.3 188.2 -16.8 -6.5 189.1 39.8 32.8 94.3 30.7 -8.4 14.9 431.1 285.2 -.9 6.8 -86.9 482.5 585.2 56.5 -36.2 279.7 -13.9 189.6 78.6 -62.4 14.0 144.9 14.6 866.5 2,670.3 44.7 678.4 489.7 194.9 -5.3 -.9 67.4 24.6 34.7 99.5 39.6 18.6 3.4 290.4 365.6 13.9 15.6 81.0 534.9 484.0 -34.7 -48.8 -199.0 156.4 645.1 867.6 -195.6 17.3 -40.1 -4.2 587.2 3,861.0 -33.7 963.4 704.5 238.1 21.4 -.7 136.8 40.9 34.0 99.3 50.1 61.3 17.5 444.2 184.4 -18.0 9.6 673.3 622.2 167.1 110.5 -135.8 436.3 -2.5 515.4 631.3 -86.2 16.4 -57.0 11.0 835.2 2,342.8 -177.2 1,157.4 882.2 185.7 93.0 -3.5 -130.6 35.7 4.4 45.5 14.0 49.1 11.1 396.9 249.3 5.9 18.9 288.6 866.3 -242.1 -92.9 8.6 362.0 -528.3 -1,014.9 -921.9 -92.7 11.8 -31.9 19.8 996.0 3,133.9 -430.9 592.5 427.3 160.9 4.0 .3 8.3 45.0 48.3 90.8 31.6 42.9 40.1 1,293.4 252.8 -6.0 17.5 298.0 534.1 -292.3 88.6 -39.4 174.2 344.7 2,362.2 2,770.9 3,707.8 3,726.4 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 60.1 262.9 22.2 -84.1 505.3 -.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 66.8 258.5 -1.1 45.0 456.9 -3.2 .0 .7 89.9 19.4 84.8 281.6 252.9 -136.5 88.1 67.7 298.2 194.4 179.4 33.1 288.4 28.5 -18.0 1,616.0 -9.6 .0 .8 67.8 -12.4 3.5 314.4 284.4 127.0 350.8 -149.3 260.2 336.6 .2 16.1 238.3 28.1 -137.8 1,389.1 -2.6 .0 .6 98.8 -11.2 -18.7 347.0 261.2 305.3 496.0 -417.2 336.8 217.4 211.5 65.6 198.2 19.9 -54.0 1,724.0 -4.2 .0 1.0 -38.7 43.9 -73.0 336.8 344.7 418.0 602.2 -512.6 237.8 123.3 173.0 76.3 161.8 21.3 -26.6 2,007.7 -5.9 .0 .0 -64.4 116.5 -75.2 578.7 -3.6 378.8 619.1 -349.1 365.6 211.0 274.2 75.4 216.9 28.4 -62.6 1,538.5 .1 .0 .4 284.6 -487.0 91.9 386.4 276.7 441.4 707.9 -315.0 508.6 295.5 105.5 28.4 136.4 33.1 15.0 1,208.9 -.3 .0 1.3 395.3 22.2 -99.2 205.8 107.4 442.5 116.6 -604.5 523.9 334.0 365.7 36.4 149.2 11.9 -48.4 3,550.3 .1 .0 1.4 185.7 205.5 124.0 329.4 529.0 1,260.4 222.3 -453.5 246.4 283.6 -19.1 28.9 164.4 26.1 -122.0 2,225.8 -.1 .0 -.4 41.3 100.8 .9 223.8 365.3 819.9 -670.4 -840.3 183.0 221.5 653.9 43.1 227.7 25.4 -107.5 1,049.5 .0 -.9 50.0 -231.3 74.8 461.9 320.6 1,549.3 96.3 -75.3 206.5 275.4 313.3 23.4 149.5 25.4 -18.3 1,424.4 3,855.6 4,647.3 6,422.6 6,522.1 7,653.1 7,376.6 7,653.2 7,426.7 9,236.7 10,331.7 6,030.6 7,760.4 -.6 21.5 7.2 36.0 19.7 -23.0 -.3 52.8 -4.3 -33.9 -42.6 -26.2 61.9 14.9 -139.9 -20.2 198.8 .7 40.6 -3.7 134.2 -18.1 177.8 -1.1 114.3 -1.9 297.9 1.9 -201.2 .6 37.0 48.1 144.6 24.1 -123.7 -.5 -138.0 -71.8 601.8 23.7 -44.5 -.3 297.0 50.5 -73.6 -29.2 -958.6 .7 377.1 -54.5 -33.9 -23.0 647.3 .9 49.0 -12.6 103.8 -24.3 -172.5 -.6 -59.5 23.7 -814.6 -5.5 934.5 -.9 -11.1 -15.8 -18.9 -69.3 79.2 Floats not included in assets (-) 61 Federal government checkable deposits 62 Other checkable deposits 63 Trade credit -1.6 -.7 164.9 -8.9 .0 20.6 27.9 -.8 9.4 -6.6 -.9 -31.7 -3.0 -.5 96.6 16.4 -.9 76.9 -19.1 -.8 140.0 -5.9 -.8 276.7 -.5 -1.3 -54.1 13.5 -.8 -8.5 -2.4 -1.2 8.4 -5.7 -1.0 25.9 64 Total identified to sectors as assets . . 3,632.1 4,690.1 7,162.5 7,870.9 8,378.8 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 .0 13.9 103.5 39.8 73.6 173.0 -.3 17.8 4.7 -124.9 116.6 11.0 3.8 48.9 47.9 416.2 214.9 87.9 -29.2 47.0 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 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. 3,693.5 5,947.9 38 1.59 Federal Reserve Bulletin Statistical Supplement • October 2008 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING' Billions of dollars, end of period 2006 Transaction category or sector 2003 2004 2005 2007 2008 2006 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 24,299.8 26,547.1 28,876.2 28,268.7 28,876.2 29,463.5 29,956.2 30,622.2 31,249.3 31,763.0 82.5 4,008.2 24.9 1,900.5 2,870.1 1,088.4 955.4 9 293 1 7,230.5 543.6 1,424.8 94.1 2,104.4 97.8 4,370.7 24.3 2,031.0 2,944.5 1,099.2 975.8 10 537 2 8,273.4 591.9 1,575.0 96.9 2,219.4 90.1 4,678.0 23.8 2,225.9 2,998.1 1,236.8 1,023.5 11 957 0 9,379.4 663.6 1,812.5 101.5 2,313.9 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10,451.7 716.3 2,083.2 109.0 2,418.3 110.6 4,803.2 23.4 2,332.7 3,132.5 1,361.6 1,046.2 13 091 5 10,279.0 699.3 2,006.2 107.1 2,367.0 112.5 4,861.7 23.5 2,403.2 3,211.5 1,410.2 1,075.1 13 360 2 10,451.7 716.3 2,083.2 109.0 2,418.3 126.2 5,014.3 23.2 2,465.6 3,282.1 1,433.9 1,087.3 13 631 5 10,652.4 732.1 2,135.9 111.1 2,399.5 154.3 4,904.0 23.2 2,533.8 3,376.4 1,466.2 1,118.7 13,946.3 10,862.2 755.8 2,215.0 113.2 2,433.3 131.4 5,010.0 23.0 2,560.8 3,432.7 1,572.7 1,176.0 14,209.5 11,015.8 782.0 2,296.3 115.4 2,506.1 123.8 5,099.2 23.1 2,618.2 3,525.6 1,665.6 1,191.0 14,446.2 11,158.3 814.4 2,356.0 117.5 2,556.6 140.0 5,299.1 23.5 2,656.9 3,594.3 1,727.3 1,208.2 14,570.9 11,226.5 831.7 2,394.4 118.3 2,542.9 By borrowing sector Households Nonfinancial business Corporate Nonfarm noncorporate Farm State and local government Federal government 9,499.5 7,227.2 4,860.3 2,198.8 168.1 1,567.6 4,033.1 10,578.2 7,643.7 5,026.0 2,443.5 174.2 1,682.8 4,395.0 11,759.2 8,231.6 5,269.6 2,775.0 186.9 1,854.4 4,701.9 12,956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 12,715.4 8,781.3 5,548.5 3,033.1 199.7 1,945.4 4,826.6 12,956.1 9,029.3 5,699.8 3,124.2 205.3 2,005.6 4,885.3 13,129.0 9,234.7 5,829.2 3,198.1 207.4 2,062.4 5,037.4 13,378.2 9,529.6 6,023.3 3,293.4 212.9 2,121.2 4,927.2 13,628.0 9,817.8 6,175.0 3,425.1 217.7 2,143.5 5,032.9 13,839.7 10,096.6 6,331.0 3,541.9 223.7 2,190.7 5,122.3 13,906.7 10,307.2 6,458.6 3,621.8 226.9 2,226.6 5,322.6 22 Foreign credit market debt held in United States 1,258.1 1,445.7 1,528.9 1,785.1 1,716.9 1,785.1 1,799.0 1,848.5 1,849.6 1,862.6 1,926.3 275.5 874.4 66.1 42.2 344.2 993.0 69.9 38.6 382.4 1,028.2 84.4 34.0 479.5 1,180.8 98.3 26.6 474.3 1,124.6 90.4 27.7 479.5 1,180.8 98.3 26.6 474.0 1,224.5 74.7 25.8 472.2 1,266.3 84.9 25.1 424.2 1,309.6 91.5 24.4 412.2 1,323.6 102.8 24.0 460.2 1,333.6 108.8 23.7 23,585.4 25,745.5 28,076.0 30,661.3 29,985.6 30,661.3 31,262.5 31,804.7 32,471.8 33,111.9 33,689.3 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 15 16 17 18 19 20 21 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 22,327.3 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 10,875.5 11,859.0 12,868.5 14,153.7 13,816.8 14,153.7 14,449.0 14,800.4 15,384.9 15,745.3 15,925.1 935.0 2,601.3 957.1 2,676.3 1,171.7 2,592.2 1,366.0 2,627.8 1,280.5 2,617.6 1,366.0 2,627.8 1,403.5 2,644.5 1,483.3 2,684.8 1,302.0 2,824.0 1,252.6 2,910.2 1,184.4 2,940.2 3 326 7 3 242 1 164.0 501.7 104.7 3,374.6 3,922.5 222.1 575.8 130.6 3,541.9 4,559.0 239.1 620.2 144.5 3,837.3 5,354.8 175.0 641.4 151.5 3,763.1 5,129.9 229.0 643.7 153.0 3,837.3 5,354.8 175.0 641.4 151.5 3,955.7 5,489.9 183.3 624.4 147.7 4,075.8 5,567.8 196.8 642.0 150.0 4,243.2 5,815.5 225.2 821.8 153.2 4,463.7 5,862.1 232.2 867.1 157.2 4,594.6 5,875.3 271.8 896.4 162.4 338.6 321.8 296.8 9.1 8.0 2,601.3 3,326.7 2,181.7 47.0 995.3 230.0 519.3 357.4 381.3 385.8 11.4 11.1 2,676.3 3,374.6 2,609.0 62.2 1,129.6 343.2 517.1 394.3 429.5 409.6 14.7 11.5 2,592.2 3,541.9 3,278.3 62.4 1,108.6 402.9 622.7 498.3 499.7 297.8 18.9 14.2 2,627.8 3,837.3 4,050.3 68.8 1,144.2 444.0 652.5 424.1 476.2 412.4 16.8 13.1 2,617.6 3,763.1 3,816.8 74.0 1,119.5 440.5 642.6 498.3 499.7 297.8 18.9 14.2 2,627.8 3,837.3 4,050.3 68.8 1,144.2 444.0 652.5 495.3 520.3 288.3 16.2 15.4 2,644.5 3,955.7 4,155.3 83.7 1,133.6 444.6 696.1 511.0 551.5 289.5 18.9 18.6 2,684.8 4,075.8 4,280.5 93.6 1,135.2 439.3 701.8 597.5 586.8 375.9 28.4 25.3 2,824.0 4,243.2 4,294.9 86.3 1,173.3 435.6 713.8 630.1 631.1 395.1 32.3 28.7 2,910.2 4,463.7 4,228.8 64.8 1,169.1 438.2 753.2 647.5 665.4 407.2 28.5 31.1 2,940.2 4,594.6 4,150.9 80.4 1,173.3 428.1 738.1 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 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 1 292 9 4,008.2 5,952.9 1,900.5 6,986.6 1,318.4 1,499.3 9 397 7 2,104.4 1,399.1 4,370.7 6,075.2 2,031.0 7,860.0 1,391.2 1,590.2 10,667.7 2,219.4 1,644.2 4,678.0 6,158.0 2,225.9 8,585.2 1,560.3 1,677.6 12,101.5 2,313.9 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1,743.0 13,511.7 2,418.3 1,865.3 4,803.2 6,404.1 2,332.7 9,387.0 1,681.0 1,717.6 13,244.5 2,367.0 1,958.0 4,861.7 6,488.6 2,403.2 9,747.0 1,683.4 1,743.0 13,511.7 2,418.3 2,003.7 5,014.3 6,623.4 2,465.6 9,996.4 1,692.0 1,737.5 13,779.2 2,399.5 2,109.8 4,904.0 6,783.8 2,533.8 10,210.5 1,747.9 1,785.8 14,096.2 2,433.3 1,857.6 5,010.0 7,090.2 2,560.8 10,557.9 1,889.4 2,022.1 14,362.7 2,506.1 1,788.6 5,099.2 7,397.1 2,618.2 10,711.4 2,000.6 2,082.1 14,603.4 2,556.6 1,784.6 5,299.1 7,558.2 2,656.9 10,803.2 2,107.9 2,128.3 14,733.3 2,542.9 1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2 through L.4, available at www.federalreserve.gov/releases. Flow of Funds 1.60 39 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period Transaction category or sector Q3 Q4 Q1 Q2 Q3 Q4 Q1 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 34,460.9 37,604.5 40,944.6 44,814.9 43,802.4 44,814.9 45,711.5 46,605.1 47,856.7 48,857.2 49,614.4 4,686.6 2,947.1 266.2 73.9 1,125.6 273.8 3,836.1 25,938.1 666.7 5,994.3 5,390.6 490.3 36.4 76.9 1,293.9 516.6 625.2 2,488.3 646.5 657.5 63.6 1,471.3 1,506.4 152.6 4.5 2,564.2 3,326.7 2,081.5 1,204.9 97.5 424.1 152.0 5,085.8 3,228.4 297.4 85.4 2,661.4 646.1 675.3 68.2 1,346.3 1,623.0 163.6 8.2 2,613.0 3,374.6 2,497.7 1,419.8 200.1 394.9 198.9 5,498.0 3,465.6 339.6 96.8 1,322.2 273.8 5,188.3 30,258.2 744.2 7,260.7 6,469.7 657.8 32.2 101.0 1,616.7 592.6 765.8 2,765.4 690.6 693.4 76.0 1,340.8 1,747.1 165.1 15.0 2,543.9 3,541.9 3,171.3 1,537.1 267.0 477.2 246.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,705.4 3,624.3 320.2 106.0 1,376.9 278.0 5,807.5 32,289.5 768.9 7,696.9 6,828.0 736.2 33.6 99.1 1,744.5 618.9 800.8 2,842.5 694.2 758.7 83.7 1,461.2 1,874.0 170.4 18.7 2,579.0 3,763.1 3,709.2 1,608.2 302.7 537.3 256.4 5,832.2 3,709.6 328.8 109.1 1,406.8 277.9 6,040.5 32,942.3 778.9 8,019.1 7,122.7 761.6 35.6 99.3 1,518.6 622.7 813.5 2,806.1 704.6 769.7 84.3 1,560.8 1,932.0 171.8 20.7 2,590.5 3,837.3 3,897.1 1,626.8 324.5 583.4 279.9 5,891.1 3,721.1 332.0 112.1 1,442.6 283.2 6,292.4 33,528.0 780.9 8,025.9 7,091.0 805.9 31.4 97.6 1,577.5 629.2 821.7 2,831.7 712.3 767.5 88.1 1,649.5 2,005.4 171.6 22.4 2,558.4 3,955.7 4,041.2 1,617.6 315.4 677.2 278.8 5,909.8 3,707.6 317.2 115.6 1,484.9 284.5 6,516.6 34,178.8 790.5 8,217.4 7,234.7 855.3 30.1 97.4 1,595.2 641.0 830.4 2,855.7 722.2 772.2 88.9 1,699.7 2,093.5 175.1 26.3 2,596.7 4,075.8 4,169.2 1,615.8 303.2 583.8 326.4 6,063.7 3,905.1 280.2 119.9 1,470.6 287.9 6,659.3 35,133.7 779.6 8,465.0 7,417.6 914.8 35.4 97.2 1,628.9 652.6 838.9 2,882.2 734.7 787.5 93.3 1,802.7 2,141.6 170.6 28.7 2,758.9 4,243.2 4,201.0 1,637.0 269.3 718.2 299.8 6,192.3 4,057.6 267.4 124.0 1,455.0 288.3 6,867.2 35,797.7 740.6 8,757.0 7,638.7 963.3 58.7 96.4 1,584.3 657.9 840.0 2,890.8 738.2 799.8 96.1 1,951.5 2,203.1 172.0 33.5 2,829.5 4,463.7 4,145.7 1,636.6 271.4 803.1 182.9 5,981.7 3,894.6 219.8 127.0 1,446.8 293.5 7,114.1 36,518.5 631.0 8,875.3 7,718.6 1,000.6 59.7 96.4 1,598.8 665.5 852.0 2,915.5 746.1 810.5 106.1 2,253.4 2,269.2 170.5 37.8 2,893.4 4,594.6 4,071.0 1,634.5 261.6 869.6 262.1 34,460.9 37,604.5 40,944.6 46,605.1 47,856.7 48,857.2 49,614.4 62.3 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 10,632.6 2,659.7 268.9 13,914.7 45.9 2.2 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 11,368.9 2,996.3 297.0 14,897.7 46.1 2.2 28.5 1,293.5 65.6 1,498.5 5,111.9 2,146.5 2,489.7 2,727.8 7,805.2 1,379.5 1,191.1 12,867.6 3,369.8 336.9 16,513.6 48.7 2.2 28.8 1,339.9 112.6 1,499.6 5,165.1 2,282.0 2,801.6 2,789.4 7,989.3 1,374.5 1,199.6 12,980.1 3,441.4 348.2 16,886.6 50.0 2.2 28.7 1,350.3 147.1 1,535.9 5,232.6 2,370.4 3,053.2 2,588.1 7,829.0 1,526.4 1,201.5 12,764.9 3,500.6 341.0 16,815.4 54.8 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 9,722.4 2,465.3 240.4 12,423.3 28.5 1,362.8 73.0 1,526.5 5,381.0 2,448.9 3,407.8 2,623.4 7,271.7 1,618.1 1,184.0 12,162.6 3,561.1 358.3 17,387.6 52 Total liabilities 77,231.3 84,714.1 91,894.8 100,921.3 97,570.0 100,921.3 102,865.1 105,479.3 108,146.5 109,194.7 110,066.6 Financial assets not included in liabilities (+) 53 Gold and special drawing rights 54 Corporate equities 55 Household equity in noncorporate business . . 23.7 15,618.5 5,393.3 24.6 17,389.3 5,981.3 19.3 18,512.0 6,641.6 19.9 20,909.3 7,303.7 19.7 19,595.7 7,168.8 19.9 20,909.3 7,303.7 20.0 21,133.9 7,510.3 20.1 22,208.5 7,687.4 20.3 22,429.6 7,810.4 20.5 21,477.2 7,892.1 20.9 19,360.8 7,934.7 -9.5 705.3 12.7 392.7 69.2 -3,471.3 -9.7 767.2 27.3 248.3 97.0 -3,536.2 -9.1 807.9 25.2 382.4 96.7 -3,702.5 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.0 956.7 41.4 374.4 58.8 -4,341.2 -10.1 922.2 23.2 474.1 53.0 -4,500.9 -10.2 996.4 33.0 475.2 58.8 -4,890.6 -10.0 1,090.7 19.9 479.8 55.3 -5,060.1 -9.8 1,103.0 20.8 527.8 43.7 -5,261.9 -9.9 1,088.1 21.7 269.5 26.3 -5,561.9 -10.2 1,085.3 15.0 287.6 2.9 -5,739.2 -17.9 20.8 23.3 11.2 20.0 32.7 1.8 19.2 .9 .1 11.4 100.8 2.7 10.4 -12.8 .1 11.4 100.8 1.3 10.0 100.5 10.0 58.7 6.4 76.2 2.8 10.3 156.4 8.9 11.2 91.4 Domestic nonfinancial sectors Household Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in United States Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local government retirement funds . . Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools Asset-backed securities (ABSs) issuers Finance companies Real estate investment trusts (REITs) Brokers and dealers Funding corporations 276.5 4,634.7 27,884.0 717.8 6,602.3 5,961.8 513.3 36.4 90.8 1,417.4 556.4 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 56 57 58 59 60 61 Other liabilities Official foreign exchange Special drawing rights certificates . . . Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency . . . Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous Liabilities not identified as assets ( - ) Treasury currency Foreign deposits Net interbank transactions Security repurchase agreements Taxes payable Miscellaneous Floats not included in assets ( - ) 62 Federal government checkable deposits 63 Other checkable deposits 64 Trade credit 65 Totals identified to sectors as assets 100,541.3 110,451.6 119,445.1 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. 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.5 2.2 28.1 1,139.6 147.5 1,491.1 4,792.1 2,055.9 2,168.2 2,368.2 6,627.9 1,191.5 1,133.5 11,772.2 3,159.7 323.1 15,320.4 46.0 2.2 28.1 1,123.5 190.0 1,506.5 4,946.3 2,050.8 2,312.1 2,494.0 7,068.3 1,249.9 1,163.7 12,301.6 3,217.0 316.9 16,089.5 46.6 2.2 28.2 1,194.7 50.5 1,501.4 5,076.1 2,118.9 2,389.7 2,678.4 7,328.7 1,289.0 1,172.7 12,408.3 3,282.2 335.4 16,250.8 134,754.9 138,751.9 141,899.9 142,581.2 141,629.9 2. Excludes corporate equities and mutual fund shares. 40 Federal Reserve Bulletin Statistical Supplement • October 2008 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION' Seasonally adjusted 2007 2007 2008 2008 2007 2008 Series Q4 Q1 Q2' Q3 Q4 Q1 Q2 Q3 Capacity (percent of 2002 output) Output (2002=100) Q4 Q1 Q2' Q3 Capacity utilization rate (percent)2 1 Total Industry 112.2 112.3 111.4 109.7 138.5 139.1 139.7 140.2 81.0 80.7 79.7 78.2 2 Manufacturing 3 Manufacturing (NAICS) 113.7 115.0 113.4 114.8 112.3 113.8 110.7 112.1 143.4 145.1 144.1 145.8 144.8 146.5 145.3 147.1 79.3 79.3 78.7 78.7 77.6 77.7 76.1 76.2 4 5 Durable manufacturing Primary metal 122.6 111.3 122.5 113.9 120.8 110.2 119.3 110.2 157.6 132.8 158.9 133.2 160.1 133.5 161.2 133.9 77.8 83.8 77.1 85.5 75.4 82.5 74.0 82.3 6 7 8 9 Fabricated metal products Machinery Computer and electronic products Electrical equipment, appliances, and components Motor vehicles and parts Aerospace and miscellaneous transportation equipment Nondurable manufacturing Food, beverage, and tobacco products . . . . Textile and product mills 113.3 115.5 195.7 113.5 115.1 202.3 111.3 112.3 209.6 109.7 111.2 211.4 139.3 149.6 251.4 139.7 150.3 259.7 140.0 150.9 267.1 140.2 151.5 274.0 81.3 77.2 77.8 81.3 76.6 77.9 79.6 74.4 78.5 78.3 73.4 77.2 105.1 95.5 105.5 91.9 106.3 84.6 104.6 83.2 126.0 132.0 126.7 131.7 127.5 131.7 128.2 131.9 83.4 72.3 83.3 69.7 83.4 64.2 81.6 63.0 126.2 106.7 110.2 77.3 125.9 106.3 110.2 75.0 124.7 106.0 110.4 73.0 117.8 104.1 109.0 72.1 157.0 131.8 135.8 112.4 157.6 132.0 136.2 111.5 158.2 132.2 136.5 110.6 159.0 132.4 136.8 109.8 80.4 81.0 81.1 68.8 79.9 80.6 80.9 67.3 78.8 80.2 80.9 66.0 74.1 78.6 79.7 65.6 95.6 108.5 114.6 104.8 91.9 94.9 110.6 113.8 102.6 91.2 94.9 110.5 113.5 101.7 88.7 93.8 106.5 111.5 101.1 87.5 115.7 122.1 145.2 123.9 116.2 115.6 122.1 145.8 124.5 116.3 115.4 122.0 146.2 125.1 116.4 115.3 122.0 146.7 125.7 116.5 82.6 88.8 79.0 84.6 79.1 82.1 90.6 78.1 82.4 78.4 82.2 90.6 77.6 81.3 76.2 81.4 87.4 76.0 80.4 75.1 20 Mining 21 Electric and gas utilities 102.7 108.6 103.6 110.7 104.2 109.4 103.2 106.3 114.2 126.3 114.5 127.1 114.7 127.8 114.9 128.5 89.9 85.9 90.5 87.1 90.8 85.6 89.9 82.8 MEMOS 22 Computers, communications equipment, and semiconductors 247.1 257.7 270.1 274.1 306.7 321.5 335.1 347.8 80.6 80.1 80.6 78.8 23 Total excluding computers, communications equipment, and semiconductors 107.3 107.2 106.0 104.3 132.4 132.7 133.0 133.3 81.0 80.7 79.7 78.2 24 Manufacturing excluding computers, communications equipment, and semiconductors 107.6 107.1 105.7 103.9 135.9 136.2 136.5 136.7 79.2 78.6 77.4 76.0 10 11 12 13 14 15 16 17 18 19 Paper Petroleum and coal products Chemical Plastics and rubber products Other manufacturing (non-NAICS) Selected Measures 41 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED Seasonally adjusted 1973 1975 Previous cycle2 High Low High Latest cycle3 2008 2007 Series Low High Low Sept. Apr.' May' June' July' Aug.' Sept.p Capacity ut lization rate (percent)4 1 Total Industry 88.8 74.0 86.6 70.9 85.0 78.6 81.3 79.9 79.7 79.7 79.6 78.7 76.4 2 Manufacturing 3 Manufacturing (NAICS) 88.3 88.4 71.5 71.3 86.2 86.2 68.5 67.8 85.4 85.3 77.1 77.0 79.8 79.7 77.7 77.7 77.6 77.7 77.5 77.5 77.3 77.5 76.6 76.6 74.5 74.5 89.4 101.9 69.6 69.8 86.7 90.1 62.9 46.9 84.6 93.8 73.5 75.0 78.1 82.4 75.6 83.6 75.3 81.9 75.4 82.1 75.5 83.7 74.3 82.0 72.3 81.3 91.7 94.6 69.9 74.3 83.1 92.7 61.8 58.0 81.7 85.3 72.7 74.0 81.4 79.2 80.4 74.6 79.7 74.4 78.6 74.2 78.3 73.5 78.6 74.6 77.9 72.1 87.0 66.0 90.0 77.4 81.9 76.7 76.6 78.9 78.4 78.1 77.8 77.1 76.5 99.3 95.8 68.0 54.8 91.9 95.1 64.6 44.9 89.1 89.5 77.0 56.0 84.2 73.0 83.1 63.1 83.6 63.4 83.6 66.1 83.3 67.8 81.5 60.1 80.1 61.2 75.9 87.6 68.1 72.3 87.1 85.8 69.0 75.4 87.4 86.7 81.0 81.4 79.9 81.6 78.7 80.2 78.3 80.4 79.4 79.9 78.8 79.7 78.3 79.3 65.2 77.0 86.3 89.5 77.5 61.8 84.2 89.6 80.4 72.1 86.0 91.1 80.9 77.6 82.6 69.1 81.1 66.1 80.8 66.4 80.7 65.6 79.9 65.8 79.7 65.8 79.5 65.3 96.7 92.1 85.3 96.1 86.2 74.1 80.8 69.1 61.7 75.6 95.4 91.0 83.5 90.1 88.0 81.4 68.8 67.9 71.8 86.7 92.6 88.2 85.0 89.8 91.1 86.1 82.4 79.9 76.4 80.4 82.0 88.7 79.5 85.0 80.3 81.2 90.6 77.5 81.0 76.6 83.5 90.9 77.9 81.1 76.1 82.0 90.2 77.4 81.7 76.0 81.3 90.4 77.3 81.8 74.9 82.0 90.0 76.5 80.5 75.3 80.9 81.7 74.2 78.8 75.2 20 Mining 21 Electric and gas utilities 93.4 96.2 87.6 82.9 93.8 89.0 79.6 77.7 86.3 92.7 83.6 84.1 88.9 86.6 90.7 86.5 90.9 84.5 90.9 85.9 92.3 84.0 92.2 81.3 85.0 82.9 MEMOS 22 Computers, communications equipment, and semiconductors . 84.4 62.3 89.6 75.1 81.7 75.3 79.1 81.5 80.5 79.9 79.6 78.7 78.1 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.4 86.8 70.6 85.3 78.7 81.4 79.8 79.6 79.7 79.6 78.7 76.3 24 Manufacturing excluding computers, communications equipment, and semiconductors . 88.4 71.9 86.4 68.0 85.8 77.2 79.8 77.5 77.5 77.3 77.2 76.4 74.3 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. e Board's G. 17(419) monthly statistical rel aiuc ui me i1 tact Hi i\.cjct vt utiLLtitn. 2. Monthly highs, 1978-80; monthly lows, 1982. 3. Monthly highs, 1988-89; monthly lows, 1990-91. 4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. 42 Federal Reserve Bulletin Statistical Supplement • October 2008 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted Group 2002 proportion 2007 2007 avg. Sept. Oct. 2008 Nov. Dec. Jan. Feb. Mar. Apr.' May' June' July' Aug.' 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 100.0 111.4 112.3 111.8 112.3 112.4 112.6 112.3 112.0 111.4 111.3 111.5 111.4 110.4 107.3 58.5 30.8 8.9 4.7 0.4 1.4 2.4 21.9 18.1 9.7 0.9 5.0 2.0 3.9 111.5 107.5 103.2 100.9 155.8 96.0 104.0 108.8 109.1 109.9 78.0 117.6 96.2 108.4 112.5 108.4 103.5 101.1 156.4 95.5 105.0 109.9 110.1 111.8 77.0 117.4 96.9 109.5 111.6 107.3 102.4 100.0 158.8 94.1 103.8 108.8 109.4 110.0 76.3 118.8 95.8 107.6 111.8 107.4 102.9 101.1 167.6 92.9 103.2 108.8 108.8 109.5 76.2 118.0 95.2 109.0 111.9 107.4 102.7 101.6 170.1 91.7 102.3 108.8 109.2 109.6 78.0 118.5 95.9 108.1 112.3 108.0 101.1 99.6 167.7 89.1 101.9 110.1 109.3 109.3 77.2 119.1 96.5 112.6 112.0 107.9 100.0 98.5 168.1 87.3 100.9 110.4 109.1 109.2 76.5 119.0 96.6 113.8 111.4 106.7 97.8 93.8 169.7 87.3 101.4 109.5 109.5 110.2 75.3 118.1 97.2 109.7 110.8 106.2 94.5 87.2 177.4 86.9 100.8 109.8 109.1 109.8 74.8 118.7 94.9 111.7 110.5 105.8 94.9 88.0 180.9 86.3 100.9 109.1 109.2 109.9 73.7 118.7 95.2 109.4 110.9 106.5 97.0 92.8 177.3 85.2 100.9 109.4 109.2 109.7 75.0 118.9 95.8 110.1 110.7 106.2 98.1 94.6 184.2 84.9 100.8 108.8 108.6 108.7 75.7 119.1 94.5 109.5 109.5 104.4 92.0 84.3 183.1 81.3 100.0 108.2 108.6 108.5 76.7 118.4 95.8 107.7 107.0 103.0 91.4 85.7 183.0 78.6 97.3 106.5 108.2 108.2 76.8 117.7 95.9 103.0 16 17 18 19 20 Business equipment Transit Information processing Industrial and other Defense and space equipment 10.2 1.8 3.1 5.3 1.8 128.4 124.2 155.6 115.7 117.1 130.5 124.1 159.2 117.9 118.4 129.9 122.6 160.7 116.7 118.3 130.2 123.2 162.7 116.2 120.2 131.2 123.9 164.8 116.7 119.9 131.4 122.5 165.2 117.4 120.9 131.1 121.1 167.5 116.5 119.6 132.3 120.7 169.9 117.6 119.6 130.0 118.1 172.0 113.8 119.5 130.4 118.6 172.8 114.0 119.0 130.8 120.6 173.9 113.6 120.2 130.8 120.9 173.4 113.7 119.1 130.5 115.5 173.7 114.8 119.0 121.4 76.7 173.5 112.0 118.0 21 22 Construction supplies Business supplies 4.3 11.0 106.0 108.7 106.6 109.1 105.4 108.8 104.5 109.2 104.2 108.9 103.6 109.3 102.3 109.2 102.3 108.5 101.4 108.6 101.8 108.0 101.3 107.7 102.1 107.0 101.1 106.5 99.6 104.6 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 41.5 30.5 19.0 4.0 6.6 8.4 11.5 0.8 2.7 4.5 11.0 111.3 115.5 123.5 93.7 167.1 109.1 103.5 76.6 97.7 112.4 101.6 112.0 116.6 125.3 93.6 171.3 110.4 103.8 74.0 96.4 113.1 101.6 112.2 116.4 125.5 92.4 174.6 109.7 102.9 73.5 96.4 111.9 102.5 113.0 117.2 126.4 92.9 176.5 110.4 103.5 73.1 97.7 112.5 103.3 113.1 116.9 125.8 90.7 176.7 110.0 103.7 72.6 99.3 112.3 104.1 113.0 116.7 126.0 90.1 178.3 109.8 103.1 71.0 97.8 111.9 104.2 112.6 116.0 126.0 89.1 179.9 109.6 101.4 71.0 95.9 109.9 104.5 112.8 116.4 126.4 87.6 182.8 109.5 101.8 69.6 96.6 109.7 104.3 112.3 115.7 125.7 86.0 182.3 109.2 101.1 68.9 95.8 109.4 104.1 112.3 115.6 125.1 85.7 181.6 108.5 101.7 69.2 97.8 110.1 104.2 112.2 115.6 125.5 86.6 182.4 108.5 101.2 67.4 95.1 109.9 103.9 112.4 115.5 125.7 87.2 182.6 108.6 100.6 67.8 94.5 109.6 104.7 111.5 114.6 124.4 81.5 183.5 108.0 100.3 69.1 94.6 108.5 103.8 107.7 112.4 123.1 81.5 181.9 106.6 97.0 68.4 93.4 102.2 97.4 94.6 92.6 107.0 112.3 107.6 113.3 107.0 112.9 107.4 113.4 107.4 113.5 107.6 113.8 107.2 113.5 106.8 113.5 106.1 113.2 105.9 113.1 106.1 113.0 106.0 112.8 104.9 112.3 101.8 108.9 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 35 Total excluding motor vehicles and parts Gross value (billions of 2000 dollars, annual rates) 36 Final products and nonindustrial supplies 58.5 3,034.7 3,055.6 3,032.8 3,041.3 3,043.1 3,062.1 3,051.2 3,026.8 3,005.6 2,999.5 3,010.1 3,013.9 2,966.6 2,877.9 37 Final products 38 Consumer goods 39 Equipment total 43.1 30 8 12.3 2,311.5 2,331.2 2,310.9 2,318.1 2,321.0 2,337.6 2,330.6 2,310.5 2,288.1 2,284.2 2,297.0 2,301.3 2,259.1 2,187.9 1 606 3 1 618 1 1 603 7 1 606 9 1 605 5 1 621 4 1 616 8 1 593 9 1 581 4 1 576 4 1 586 4 1 590 2 1 554 2 1 519 0 724.1 720.5 678.1 723.8 727.2 724.7 730.7 719.5 721.4 722.4 728.0 723.7 715.4 717.9 40 Nonindustrial supplies 15.4 724.5 726.0 723.2 724.7 723.6 726.2 722.4 717.9 718.8 716.6 714.8 714.2 708.8 691.0 Selected Measures 2.13 INDUSTRIAL PRODUCTION 43 Indexes and Gross Value1—Continued Monthly data seasonally adjusted Group NAICS code2 2002 proportion 2007 2008 2007 avg. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.' Mayr 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 83.2 78.5 112.9 114.2 114.0 115.2 113.5 114.8 113.8 115.1 113.8 115.1 113.8 115.2 113.1 114.5 113.3 114.6 112.3 113.7 112.4 113.8 112.3 113.8 112.3 113.8 111.3 112.7 108.5 109.7 321 43.2 1.5 121.0 99.2 122.4 97.9 122.2 96.5 122.9 94.2 122.8 94.3 122.9 92.3 122.2 91.0 122.4 91.4 120.7 90.2 120.6 89.6 121.1 89.0 121.5 88.1 119.7 89.0 116.8 86.1 327 331 332 333 2.3 2.3 5.7 5.3 108.1 110.3 112.0 116.0 110.2 109.2 113.2 118.0 108.9 110.0 113.1 116.4 109.7 111.0 113.7 115.4 105.9 112.9 113.1 114.6 106.1 115.2 113.4 115.2 104.9 114.1 113.5 114.1 106.5 112.3 113.6 116.0 104.9 111.5 112.4 112.4 105.2 109.4 111.5 112.3 104.0 109.8 110.1 112.1 105.2 111.9 109.7 111.2 104.5 109.8 110.2 113.0 102.4 108.9 109.2 109.3 334 8.1 183.4 188.3 192.8 196.2 198.1 198.5 202.2 206.2 208.9 209.5 210.5 211.4 211.3 211.3 335 3361-3 2.2 7.4 104.9 97.2 105.7 96.6 104.3 95.1 105.0 95.8 106.1 95.5 106.1 93.9 104.4 93.0 106.0 88.6 105.7 83.1 106.6 83.5 106.7 87.2 106.5 89.4 104.5 79.3 102.8 80.8 3364-9 3.5 122.3 125.3 125.3 126.9 126.4 127.4 125.2 125.1 124.4 123.8 125.8 125.1 124.5 103.9 337 339 1.8 3.3 102.0 115.9 102.4 117.4 101.7 116.5 101.4 116.0 100.1 117.2 98.1 117.8 96.4 115.3 95.9 117.1 94.6 116.3 94.4 116.6 93.7 116.1 92.8 116.6 89.2 118.3 87.8 116.3 35.3 106.6 107.3 106.7 106.6 106.8 106.8 106.0 106.2 106.0 106.3 105.8 105.4 105.0 102.0 311,2 313,4 315,6 322 323 11.3 1.4 1.0 3.1 2.4 110.1 80.5 78.5 95.8 99.8 112.0 78.1 77.6 95.0 99.6 110.5 77.7 77.0 94.1 98.9 110.0 77.1 76.8 95.4 99.4 110.1 77.2 78.7 97.3 99.0 110.0 75.3 77.8 96.0 98.4 109.7 75.2 77.1 93.7 97.3 111.0 74.7 76.0 95.1 98.4 110.6 73.3 75.6 93.8 97.4 110.3 73.4 74.5 96.4 97.0 110.3 72.3 75.9 94.6 94.2 109.3 72.4 76.7 93.8 92.6 109.0 72.2 77.5 94.5 93.9 108.8 71.5 77.7 93.2 92.5 324 325 1.8 10.7 108.7 114.2 108.4 115.0 108.7 114.5 108.1 114.7 108.5 114.6 111.7 114.6 110.6 113.6 109.5 113.2 110.6 113.2 110.9 114.0 110.0 113.3 110.3 113.2 109.7 112.3 99.6 108.9 326 3.8 103.4 105.0 104.6 105.4 104.5 103.0 102.8 102.0 101.3 101.5 102.4 102.7 101.3 99.3 1133,5111 4.7 92.9 93.2 92.2 91.7 91.9 91.3 91.2 91.0 89.1 88.5 88.4 87.3 87.7 87.5 21 2211,2 2211 2212 7.2 9.6 8.2 1.4 101.4 108.2 110.4 98.2 101.3 109.0 111.5 97.4 101.3 108.4 112.3 90.9 102.9 109.1 111.1 99.4 103.9 108.2 109.7 101.2 103.2 110.8 112.4 103.2 103.6 112.6 113.5 107.9 103.9 108.7 110.4 101.0 104.0 110.4 111.8 103.4 104.2 108.0 109.2 102.0 104.3 109.9 112.3 99.0 106.0 107.8 109.6 99.4 106.0 104.5 105.3 100.4 97.7 106.7 108.0 100.4 77.8 107.6 108.3 107.5 107.7 107.6 107.6 106.8 106.7 105.6 105.7 105.6 105.5 104.5 101.7 75.7 114.3 115.4 115.0 115.3 115.4 115.5 114.8 115.3 114.7 114.8 114.4 114.2 113.9 110.8 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 on March 28, 2008. The recent annual revision will be described in an upcoming issue of the Federal Reserve Bulletin. 2. North American Industry Classification System. 44 Federal Reserve Bulletin Statistical Supplement • October 2008 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 -728,993 -711,567 1,283,753 -1,995,320 72,358 78,758 173,205 -94,447 -6,400 -89,784 -788,116 -753,283 1,457,015 -2,210,298 57,194 63,804 184,146 -120,342 -6,609 -92,027 11 Change in U.S. government assets other than official reserve assets, net (increase, —) -731,214 -700,258 1,645,726 -2,345,984 81,749 88,776 233,861 -145,085 -7,027 -112,705 Q2 Q3 Q4 Q1 Q2 -194,093 -178,819 399,951 -578,770 9,679 11,443 49,053 -37,610 -1,764 -24,953 -172,952 -168,114 424,873 -592,986 22,958 24,729 59,710 -34,981 -1,771 -27,796 -167,241 -173,783 435,465 -609,248 36,327 38,151 74,835 -36,684 -1,824 -29,784 -175,640 -177,110 451,645 -628,756 33,212 35,009 70,261 -35,252 -1,797 -31,742 -183,147 -180,551 474,819 -655,369 27,344 29,127 63,862 -34,735 -1,782 -29,941 -22,273 3,265 -41,265 -276 0 -29 112 -359 -1,267 0 -22 -955 -290 4,511 10,200 -615 -223 3,331 -734 -154 1,021 -39 294 -229 -247 -22 0 -35 285 -272 -566,266 -207,625 -71,207 -251,199 -36,235 -1,259,469 -488,424 -164,597 -365,204 -241,244 -1,267,459 -644,751 -706 -288,731 -333,271 -522,985 -209,985 -134,713 -84,671 -93,616 -171,045 -88,697 80,012 -100,317 -62,043 -130,990 -115,926 100,043 -4,202 -110,905 -263,634 -221,316 81,848 -35,066 -89,100 152,963 225,745 25,224 -32,457 -65,549 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 259,268 112,841 100,493 -421 26,260 20,095 487,939 208,564 219,837 2,816 22,365 34,357 411,058 58,865 171,465 5,342 108,695 66,691 88,822 1,610 60,031 -69 15,956 11,294 13,469 -25,810 18,022 913 9,873 10,471 145,497 42,728 12,109 4,132 52,537 33,991 173,533 88,649 79,234 1,645 -26,930 30,935 144,417 57,245 93,145 2,439 -30,131 21,719 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 988,079 214,736 69,572 132,300 8,447 450,386 112,638 1,573,174 461,100 242,727 -58,204 2,227 683,363 241,961 1,646,645 532,813 156,290 156,825 -10,675 573,850 237,542 629,290 149,769 122,476 -13,522 -1,635 310,340 61,862 253,007 53,925 55,599 67,406 655 -30,486 105,908 234,905 123,987 -111,846 60,059 -3,530 110,489 55,746 285,484 79,088 84,085 63,263 -914 -20,475 80,437 -118,116 -233,623 -61,972 66,950 230 16,532 93,767 35 Capital account transactions, net5 36 Discrepancy 37 Due to seasonal adjustment 38 Before seasonal adjustment -4,036 32,313 -3,880 -47,078 -1,843 -41,287 -112 656 722 -66 -617 71,627 -21,805 93,431 -571 -45,600 8,892 -54,491 -600 -14,131 9,271 -23,403 -652 47,067 -3,464 50,531 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 -122 17 Change in U.S. private assets abroad (increase, —) 18 Bank-reported claims2 19 Nonbank-reported claims 20 U.S. purchase of foreign securities, net 21 U.S. direct investments abroad, net MEMO Changes in official assets 39 U.S. official reserve assets (increase, —) 40 Foreign official assets in United States, excluding line 25 (increase, +) 14,096 2,374 -122 26 -54 -22 -276 -1,267 259,689 485,123 405,716 88,891 12,556 141,365 171,888 141,978 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 3 8 ^ 1 . 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 2008 Asset 2005 2006 2007 Feb. Mar. Apr. May June July Aug. Sept.' 1 Total 65,127 65,895 70,565 73,404 75,764 74,372 75,170 75,740 74,832 72,560 71,834 2 Gold stock1 3 Special drawing rights2-3 4 Reserve position in International Monetary Fund2 5 Foreign currencies4 11,043 8,210 11,041 8,870 11,041 9,476 11,041 9,688 11,041 9,892 11,041 9,767 11,041 9,771 11,041 9,849 11,041 9,772 11,041 9,494 11,041 9,418 8,036 37,838 5,040 40,943 4,244 45,804 4,280 48,395 4,302 50,529 4,253 49,311 5,111 49,247 5,237 49,613 4,930 49,089 4,774 47,252 4,750 46,626 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. Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. Excludes outstanding reciprocal currency swaps with foreign central banks. At end-September 2008 swaps outstanding were $162 billion with the European Central Bank, $28.9 billion with the Swiss National Bank, $50.9 billion with the Bank of England, $29.6 billion with the Bank of Japan, $10 billion with the Reserve Bank of Australia, and $5 billion with the National Bank of Denmark. Summary Statistics 3.13 45 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS' Millions of dollars, end of period 2008 Asset 2005 2006 2007 Feb. 1 Deposits Held in custody 2 U.S. Treasury securities2 3 Earmarked gold3 Mar. May June July Aug. Sept.P 83 98 96 96 98 105 99 211 103 99 121 1.069.014 8,967 1,133,969 8,967 1,191,706 8,710 1.244.808 8,643 1.275.124 8,595 1.310.649 8,548 1,315,616 8,534 1,348,988 8,521 1,375,199 8,494 1.397.692 8,487 1.443.421 8,440 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 2008 2006 Item 2006 2007 Dec. May June 2,490,430 2,585,038 3,379,120 3,396,464 June June" 1 Total1 2,585,038 By type 2 Liabilities reported by banks in the United States2 3,239,548' 2,490,430 8 July Aug.p 3,417,925' 3,416,881 364,702' 232,529 361.701 244,701 284.827 176,829 398,233' 196,344 308,842 184,847 308,842 184,847 284.827 176,829 348,491 219,976 344,272 226,655 1,271,174 1,026 851,182 1,443,691 1,111 1,200,169 1,211,819 986 783,937 1,211,819 986 783,937 1,271,174 1,026 851,182 1,522,783 1,148 1,286,722 1,523,888 1,155 1,300,493 1,533,956 1,163 1,285,574 1,538,804 1,171 1,270,503 435,062 602,976' 414,986 7,078 11,370 7,859 175,746 267,443 159,444 1 915 375 2 292 778' 1,851,832 12,422 25,262 15,955 39,354 40,354 39,719 414,986 7,859 159,444 1,851,832 15,955 40,354 435,062 7,078 175,746 1,915,375 12,422 39,354 629,025 11,302 296,382 2,368,149 30,766 43,496 636,222 11,524 299,051 2,376,257 30,359 43,051 646,729 11,340 289,400' 2,392,985 33,898 43,573 639,166 11,264 289,016 2,407,570 31,355 38,509 U.S. Treasury bonds and notes 5 Nonmarketable4 6 U.S. securities other than U.S. Treasury securities5 By area 7 Europe1 9 Latin America and Caribbean 11 Africa 1. For data before June 2006, includes the Bank for International Settlements. 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Payable in Foreign Currencies 6. Data in the two columns shown for this date reflect different benchmark bases for foreigners' holdings of selected U.S. long-term securities. Figures in the first column are comparable to those for earlier dates; figures in the second column are based in part on a benchmark survey as of end-June 2006 and are comparable to those shown for the following dates. SOURCE: Based on U.S. Department of the Treasury data and on data reported to the Treasury by banks (including Federal Reserve Banks) and securities dealers in the United States, and in periodic benchmark surveys of foreign portfolio investment in the United States. Reported by Banks in the United States1 Millions of dollars, end of period 2007 Item 2004 2005 2008 2006 Sept. Dec. Mar. June 98,349 52,410 45,939 91,693 59,241 32,452 140,873 97,088 43,785 182,153 104,822 77,331 261,508 120,710 140,798 257,937 114,692 143,245 233,449 99,032 134,417 Deposits 129,544 51,029 78,515 100,144 43,942 56,202 131,530 59,152 72,378 149,605 67,718 81,887 170,112 73,205 96,907 184,353 75,224 109,129 160,378 70,367 90,011 Deposits 32,056 8,519 23,537 56,100 20,931 35,169 64,558 34,901 29,657 80,195 50,748 29,447 74,693 50,263 24,430 84,299 57,797 26,502 78,173 50,282 27,891 2 3 Deposits Other liabilities 5 8 Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 46 Federal Reserve Bulletin Statistical Supplement • October 2008 3.17 LIABILITIES TO FOREIGNERS Payable in U.S. dollars Reported by Banks in the United States1 Millions of dollars, end of period Apr. July' May Aug.p BY HOLDER AND TVPE 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 instruments'" 3,080,907 3,851,558 4,426,986 4,273,397" 4,264,630 4,276,127 3,197,513' 3,075,075' 3,049,576 3,053,432 1,447,363' 1,464,267' 1,427,654 1,750,150' 1,610,808' 1,621,922 1,088,385 987,104 995,685 1,200,473 1,198,322 1,215,054 368,610 375,549 379,459 513,050 506,627 518,788 1,368,384 1,685,048 1,025,871 1,222,695 4,589,830' 4,522,491" 4,455,418" ! ,299,950 2,924,438 1,043,801 1,256,149 713,327 780,957 1,315,290 1,609,148 1,028,974 927,120 1,541,223 1,760,032 1,107,751 1,125,731 1,521,714' 1,870,784' 1,227,102' 1,197,332 1,565,627' 1,751,762' 1,103,311' 1,205,102 1,507,001' 1,757,287' 1,092,243 1,191,130 259,843 250,886 300,130 325,916 353,769 357,172 371,732 504,923 545,123 524,752 517,824 53,594 136,783 201,516 66,155 113,865 304,502 97,990 200,312 320,678 119,006 202,438 326,293 124,953 186,202 326,581 126,418 180,566 316,134 133,182 165,199 318,813 129,460 168,075 316,146 132,868 163,928 316,807 136,066 153,831 310,413 20,793 15,612 8,361 7,251 5,181 1,085 29,425 25,770 19,021 6,749 3,655 800 27,164 22,929 17,784 5,145 4,235 250 29,188 22,055 16,918 5,137 7,133 1,124 28,372 20,944 16,386 4,558 7,428 1,796 24,776 19,105 14,599 4,506 5,671 416 28,075 20,316 13,997 6,319 7,759 2,447 24,248 18,104 13,397 4,707 6,144 1,040 25,745 19,377 16,161 3,216 6,368 483 27,493 21,306 15,892 5,414 6,187 383 400,095 512,187 4,096 2,855 3,985 6,009 5,632 5,255 5,312 5,104 5,885 5,804 498,510 170,984 45,426 125,558 461,656 178,954 51,380 127,574 594,577 216,221 49,204 167,017 608,309' 220,665' 47,535 173,130' 574,065' 196,728' 48,024 148,704' 567,009 188,201 47,003 141,198 568,467 197,722 46,554 151,168 570,927 191,501 44,236 147,265 597,231 205,667 50,882 154,785 606,402 211,126 50,352 160,774 327,526 201,863 282,702 176,829 378,356 196,344 387,644 204,319 377,337 201,281 378,808 215,711 370,745 219,976 379,426 226,655 391,564 232,529 395,276 244,701 26 Banks10 27 Banks' own liabilities 28 Deposits2 Other 29 30 Banks' custody liabilities4 31 U.S. Treasury bills and certificates5 32 Other negotiable and readily transferable instruments'' . . . Other ,792,040 ,566,967 841,248 725,719 225,073 23,771 2,258,115 1,917,300 1,025,334 891,966 340,815 31,153 48,776 152,526 66,378 243,284 64,309 239,669 34 Other foreigners" 35 Banks' own liabilities 36 Deposits2 37 Other 769,564 546,387 148,766 397,621 1,102,362 802,414 219,555 582,859 1,313,592 912,813 299,939 612,874 38 39 40 223,177 33,124 299,948 42,104 400,779 65,153 434,108 72,493 450,968 96,509 443,943 91,584 454,096 102,409 450,420 102,736 454,441 101,553 461,830 107,554 142,188 47,865 196,728 61,116 255,618 80,008 280,002 81,613 268,653 85,806 265,654 86,705 266,611 85,076 264,089 83,595 267,422 85,466 267,761 86,515 43 Total, all foreigners 3,080,907 3,851,558 4,426,986 4,589,830" 4,522,491" 4,455,418' 4,397,986' 4,273,397' 4,264,630 4,276,127 44 Foreign countries . . 3,060,114 3,822,133 4,399,822 4,560,642" 4,494,119' 4,430,642' 4,369,911' 4,249,149' 4,238,885 4,248,634 ,229,338 3,604 16,022 1,537 3,612 71,486 58,960 1,200 68,660 7,075 61,065 14,502 27,921 2,716 101,335 9,535 4,771 140,140 9,895 563,253 29,559 119 32,371 1,482,788 3,841 14,528 931 3,204 69,078 69,894 1,488 84,085 7,350 73,099 25,309 42,383 2,250 62,711 8,941 3,715 54,622 10,369 888,945 33,360 295 22,389 1,757,775 4,988 18,249 768 1,263 64,697 97,585 1,348 113,306 8,076 106,918 24,857 48,261 2,993 104,709 11,477 7,677 51,914 12,098 1,013,963 25,192 532 36,904 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 instruments'' . . . Other 159,035 150,575 2,491,653 2,488,238' 2,477,762' 2,426,372' ! ,337,293' 2,301,643' 2,256,780 2,149,292 2,119,791' 2,108,393' 2,063,664' ,969,420' 1,939,311' 1,894,099 1,174,296 1,152,384' 1,172,027' 1,127,346 1,068,700' 1,073,094' 1,023,009 974,996 967,407' 936,366' 936,318' 900,720' 866,217' 871,090 342,361 368,447 369,369 362,708 367,873 362,332 362,681 38,383 47,980 54,183 49,461 43,778 45,118 44,894 2,257,294 1,897,892 971,483 926,409 359,402 47,457 80,109 240,358 83,043 232,143 85,471 227,776 90,848 233,247 1,464,095' 1,442,292' 1,437,261' 1,464,151 1,029,987' 991,324' 993,318' 1,010,055 304,877' 329,190' 318,053' 318,112 725,110' 662,134' 675,265 691,943 89,657 228,130 89,555 222,390 1,376,579' 1,384,874 930,433 926,159' 337,602 333,540' 592,831 592,619 1,384,938 923,108 330,657 592,451 87,831 229,383 MEMO 42 Own foreign offices12 BY AREA OR COUNTRY 45 Europe 46 Austria 47 Belgium 48 Denmark 49 Finland 50 France 51 Germany 52 Greece 53 Ireland 54 Italy 55 Luxembourg 56 Netherlands 57 Norway 58 Portugal 59 Russia 60 Spain 61 Sweden 62 Switzerland 63 Turkey 64 United Kingdom 65 Channel Islands and Isle of Man 66 Yugoslavia13 67 Other Europe and other former U.S.S.R.1 Footnotes appear on next page. 1,863,409' 1,804,000' 1,780,836 4,533 4,310 3,998 20,258 24,682 21,504 1,011 761 657 1,811 1,856 1,652 77,678' 80,926 78,388' 104,187' 93,525' 96,112 1,310 1,128 1,215 146,638' 154,724 160,903 8,566 6,300 6,819 119,843' 123,711' 112,177 37,104' 35,732' 34,725 41,648' 30,358 31,489' 3,245 2,253 3,991 94,611 83,545 91,502 10,103 12,427 13,687 6,096 6,534 6,961 45,747' 45,155' 43,105 16,816 15,908 18,587 1,064,123' 1,014,612' 979,306 21,925' 20,530' 19,374 846 412 939 34,308 48,034' 51,326 1,734,892 4,409 20,352 1,028 1,284 70,396 93,325 1,530 166,359 8,525 107,775 42,638 29,512 2,916 88,322 12,554 3,606 40,548 16,510 956,957 15,860 530 49,958 1,631,030 5,968 20,383 4,753 1,326 73,713 87,161 1,823 163,002 8,495 103,943 35,794 30,840 3,260 92,667 13,583 4,768 37,468 18,508 861,896 13,909 334 47,436 1,641,167 4,469 18,938 4,774 1,479 70,155 91,194 2,046 162,342 8,665 101,251 39,475 34,014 2,366 91,490 13,633 2,647 36,032 21,624 865,334 15,984 303 52,952 1,656,538 6,342 17,422 4,171 1,334 71,455 88,948 1,345 163,210 10,427 105,135 39,326 36,388 2,090 87,063 13,802 2,557 38,442 22,759 877,174 14,434 293 52,423 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 68 European Union1- n.a. 69 Canada . 33,552 44,613 59,391 70,976' 71,891' 70,047 73,165 77,117 70,679' 66,412 133.637 9,674 11.900 8,961 6,477 3,393 1,643 42,532 5,262 3,051 4,939 27,261 8,544 156,731 10,506 16,067 16,839 11,657 3,409 1,420 45,349 7,125 4,267 6,116 22,759 11,217 172,931 11,974 24,418 15,539 10,971 3,273 1,816 52,354 6,996 5,168 6,367 23,029 11,026 176,094' 11,248 27,349' 14,764' 11,083 3,539 1,897 52,168' 6,760' 5,721 6,010 24,535 11,020 166,613' 12,345' 17,348' 14,296' 9,849 3,669 1,855 51,432' 7,714' 5,706 6,660 23,972 11,767 169,280 12,641 15,220 16,158 10,472 3,702 1,893 52,177 7,667 6,900 6,188 23,607 12,655 180,449 12,176 28,080 13,380 11,001 3,797 1,919 51,791 7,613 6,235 6,362 25,918 12,177 173,253' 11,564' 24,020 13,999 11,010 3,431 2,026 49,454 7,240 6,539 5,737 25,855 12,378 176,235' 11,594' 22,681 13,864 10,997' 3,437 1,685 54,728 7,400 6,467 5,665 25,219 12,498' 178,183 11,570 24,267 13,141 11,453 3,375 1,682 55,731 6,902 6,454 5,473 26,133 12,002 1,214,058 1,669,856 211,459 256,173 52,132 55,129 n.a. 21,493 907,840 1,297,459 120 82 916 1,023 6.396 8,456 2,830 3,346 32,365 26,695 1,838,464 284,539 48,524 33,579 1,417,794 80 1,323 10,086 3,301 39,238 70 Latin America 71 Argentina 72 Brazil 73 Chile 74 Colombia 75 Ecuador 76 Guatemala 77 Mexico 78 Panama 79 Peru 80 Uruguay 81 Venezuela 82 Other Latin America 83 Caribbean . 84 Bahamas 85 Bermuda 86 British Virgin Islands . 87 Cayman Islands 88 Cuba 89 Jamaica 90 Netherlands Antilles . . 91 Trinidad and Tobago . 92 Other Caribbean 1,439,894 1,865,423' 1,878,668' 1,851,603' 1,817,175' 273,711' 288,586 284,695 289,123' 47,193' 44,898 46,061 47,485' 33,770' 41,082 38,318' 39,140 1,462,811' 1,454,077' 1,434,281' 1,404,289' 87 87 92 94 1,210 1,047 1,100 1,092 7,943' 9,487' 9,250' 8,249 2,431 3,131 2,808 2,822 36,267 35,913' 29,506 30,733 ,816,132' 1,773,526' 1,768,259 280,434 301,699' 291,799 44,601 50,162' 49,448 41,403 39,892 38,798 ,394,658' 1,341,814' 1,361,416 94 92 93 1,312 1,413 1,458 5,319 6,454' 7,250 3,220 3,976 2,979 30,460 29,021' 28,652 408,192 422,744 527,061 522,397' 514,584' 494,703 495,419 483,573 503,537' 526,828 46,439 33,972 13,702 4,212 9,802 156,245 27,094 3,776 23,252 9,961 49,463 30,274 44,410 43,111 18,808 4,386 7,318 127,606 27,786 3,852 22,917 8,318 69,492 44,740 94,367 44,481 18,213 5,212 7,770 146,350 34,769 4,834 26,056 14,188 80,133 50,688 95,977' 44,913' 17,549 3,824 9,251' 133,139' 32,106' 3,565 29,597 13,630' 88,774 50,072' 86,928 43,633' 15,441 3,812 8,846' 136,911' 31,772 3,723 28,443 11,647 92,261 51,167' 84,251 42,148 12,226 3,768 9,742 133,294 21,579 3,308 24,254 15,008 93,427 51,698 68,391 46,210 12,930 3,113 11,862 132,369 21,743 2,928 23,990 19,679 105,057 47,147 58,336 40,684 14,504 4,733 13,002 133,511 21,532 3,711 22,319 17,828 105,324 48,089 65,095 40,680 15,644 5,099 11,264' 138,102 21,611 3,596 22,876 18,919 112,796 47,855 70,410 40,502 17,483 6,556 9,791 144,095 20,015 3,609 22,579 18,002 124,534 49,252 106 Africa 107 Egypt 108 Morocco 109 South Africa 110 Oil-exporting countries17 111 Other 20,095 4,953 138 3,049 6,858 5,097 14,781 2,252 198 1,396 4,438 6,497 25,816 3,682 180 1,629 6,117 14,208 31,194 4,482 272 2,803 4,598 19,039 32,961 5,632 223 3,577 3,311 20,218 35,153 4,781 211 2,985 3,727 23,449 36,867 4,035 170 3,384 4,168 25,110 36,969 4,471 274 2,964 4,665 24,595 39,485 5,106 349 2,662 5,405 25,963 21,544 3,875 242 2,990 4,315 10,122 112 Other countries 113 Australia 114 New Zealand 115 All other 21,242 17,769 3,007 466 30,620 25,277 4,505 838 18,384 14,130 3,110 1,144 31,149' 26,230' 3,774 1,145 25,402' 20,774' 3,423 1,205 29,020 24,823 3,046 1,151 31,944 27,783 3,175 986 31,075 27,098 3,213 764 34,256 30,082 3,059 1,115 30,870 25,304 4,772 794 116 International and regional organizations . 117 International15 118 Regional" 20,793 15,684 5,109 29,425 25,202 4,223 27,164 23,107 4,057 29,188 24,692 4,496 28,372 24,007 4,365 24,776 20,413 4,363 28,075 23,771 4,304 24,248 19,619 4,629 25,745 20,958 4,787 27,493 23,131 4,362 93 Asia China 94 Mainland 95 Hong Kong 96 India 97 Indonesia 98 Israel 99 Japan 100 Korea (South) 101 Philippines 102 Taiwan 103 Thailand 104 Middle Eastern oil-exporting countries 105 Other 1. Reporting banks include all types of depository institutions as well as some banks/ financial holding companies and brokers and dealers. Excludes bonds and notes of maturities longer than one year. Effective February 2003, coverage is expanded to include liabilities of brokers and dealers to affiliated foreign offices. 2. Non-negotiable deposits and brokerage balances. 3. Data available beginning January 2001. 4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks for foreign customers. Effective February 2003, also includes loans to U.S. residents in managed foreign offices of U.S. reporting institutions. 5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. 6. Principally bankers acceptances, commercial paper, negotiable time certificates of deposit, and short-term agency securities. 7. Data available beginning January 2001. 8. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 9. Foreign central banks and foreign central governments. Before June 2006, also includes the Bank for International Settlements. 10. Excludes central banks, which are included in "Official institutions." Includes positions with affiliated banking offices also included in memo line (44) above. 11. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (44) above. 12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts owed to the head office or parent foreign office, and to foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokers and dealers. 13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe.'' 14. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 17. Comprises Algeria, Gabon, Libya, and Nigeria. 18. Principally the International Bank for Reconstruction and Development. Excludes "holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006, also includes the Bank for International Settlements. 19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. 48 Federal Reserve Bulletin Statistical Supplement • October 2008 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 1,864,834 2,291,340 2,791,032' 2,964,249' 2,998,835' 2,980,086' 2,987,770' 2,855,542' 2,874,597 2,887,354 2 Foreign countries 1,857,584 2,282,166 2,780,727' 2,953,594' 2,988,031' 2,970,340' 2,980,137' 2,850,250' 2,868,450 2,881,490 918,660 4.139 11,900 864 9,247 88,873 30,027 97 16,426 18,482 8,201 20,958 14,688 832 1,264 8,372 9,452 143,892 3,270 487,492 32,566 7,618 1,188,919 4,277 13,592 1,156 9,434 112,406 18,189 250 24,304 30,991 7,144 29,578 31,032 924 1,745 9,834 8,907 105,368 3,741 732,430 36,893 6,724 1,587,218' 4,055 20,566 2,828 28,445 162,295' 33,725' 110 45,960 35,870 13,260 52,122 22,684' 1,364 1,800 20,448 7,279 191,970' 3,426 900,349' 24,357' 14,306 1,584,310 5,717 26,476 5,804 22,469 190,233 47,686 251 66,092 52,376 9,216 53,642 16,810 1,745 2,667 47,630 7,032 106,351 3,928 890,070 5,110 23,003 1,621,458 8,441 32,831 4,188 24,167 193,311 47,876 141 70,477 57,214 8,959 57,483 16,413 1,438 2,455 45,817 8,132 106,301 3,839 905,899 4,883 21,192 3 Europe 4 Austria 5 Belgium 6 Denmark 7 Finland 8 France 9 Germany 10 Greece 11 Ireland 12 Italy 13 Luxembourg 14 Netherlands 15 Norway 16 Portugal 17 Russia 18 Spain 19 Sweden 20 Switzerland 21 Turkey 22 United Kingdom 23 Channel Islands and Isle of Man 24 Other Europe and other former U.S.S.R.2 . 1,657,292' 4,852 25,865 3,680 24,806 185,729' 41,381' 371 54,659 35,557 13,918 56,169 20,508' 1,823 1,770 22,979 8,200 187,808' 3,394 931,176' 16,084' 16,564 1,715,672' 4,625 22,646 2,196 24,830 189,055' 45,274' 178 64,302 43,923 13,973' 55,574 19,760 1,809 1,611 37,286 6,832 174,602' 3,548 968,640' 13,044' 21,965 1,725,855' 4,998 40,457 6,451 32,133 201,697 51,589 341 67,368 47,231' 9,142 53,152 13,820 1,552 1,797 49,123 9,431 186,320 3,658 911,716 12,201 21,678 1,680,918' 5,335' 33,888 6,159 27,073 188,786 53,633 347 73,668 49,445' 8,366 54,966 15,412 1,626 2,033 55,160' 8,576 145,397 3,663 916,714 8,733 21,938 1,593,221 5,416 31,029 4,021 29,854 181,173 57,384 275 68,574 48,224 10,767 59 290 15,073 1,417 2,244 47,496 7,433 116,675 3,675 874,381 6,730 22,090 MEMO 1,447,679 1,503,879' 1,501,289' 1,341,415' 25 European Union3 n.a. 26 Canada 64.104 71,325 85,145' 102,346' 101,856' 91,367 92,996 88,786 81,114 91,539 27 Latin America 28 Argentina 29 Brazil 30 Chile 31 Colombia 32 Ecuador 33 Guatemala 34 Mexico 35 Panama 36 Peru 37 Uruguay 38 Venezuela 39 Other Latin America4 40 Caribbean 41 Bahamas 42 Bermuda 43 British Virgin Islands4 44 Cayman Islands 45 Jamaica 46 Netherlands Antilles 47 Trinidad and Tobago 48 Other Caribbean4 51.170 2,290 15,111 6,642 2,438 582 872 14,601 2,076 1,226 464 2,273 2,595 59,195 2,763 19,894 6,689 2,900 604 1,031 16,569 2,316 1,446 355 2,281 2,347 83,042 3,978 30,340 8,849 3,567 962 1,314 21,783 3,859 2,995 338 2,335 2,722 93,224 4,026 38,510 8,372 3,311 926 1,337 24,105 4,328 3,433 294 1,845 2,737 84,094 3,970 26,746 9,108 3,428 872 1,328 25,319 4,514 3,631 286 1,930 2,962 83,458 4,825 24,761 9,787 3,524 811 1,296 24,906 4,408 3,857 271 1,898 3,114 96,073 3,866 38,626 10,192 3,527 835 1,311 23,752 4,588 4,144 311 1,956 2,965 96,733 4,224 37 796 10,353 3,625 786 1,377 23,901 5,020 4,517 297 1,873 2,964 97,574 4,763 37,280 10,524 3,529 778 1,323 24,755 4,883 4,239 291 1,819 3,390 103,793 5,356 41,787 10,974 3,591 761 1,387 25,297 5,001 4,586 320 1,774 2,959 620,474 113,458 17,846 n.a. 475,227 444 4,444 907 8,148 724,316 120,904 17,777 2,807 572,273 669 2,484 1,055 6,347 801,309' 151,187' 10,651' 3,328 622,637' 657 4,114 673 8,062 863,128' 165,000' 14,777' 4,280 664,122' 685 4,687 759 8,818 866,256' 195,177 17,370' 3,246 635,993' 722 4,586 723 8,439 856,318 147,173 16,110 3,881 669,531 742 4,409 855 13,617 892,761 154,129 17,832 3,905 701,914 769 4,229 766 9,217 865,530' 147,091 13,289 3,996 686,156' 818 4,053 807 9,320 884,140 157,522 14,055' 4,161 691,688' 811 3,656 755 11,492 869,033 152,480 11,876 5,705 683,918 814 3,530 864 9,846 190,610 221,858 185,695' 192,751' 179,305' 169,445 172,807 158,613 171,331 165,342 14,807 8,412 2,518 440 4,288 106,377 17,254 1,790 8,626 7,796 12,330 5,972 15,448 6,888 2,827 519 5,319 140,329 24,484 996 3,166 5,729 10,579 5,574 18,489 8,820 4,385 985 3,724 83,652' 27,383 1,207 1,222' 5,960' 23,160' 6,708' 21,162' 7,457 4,826 1,056 3,675 96,458' 30,907' 1,108 1,267' 1,464' 16,592' 6,779' 14,991 8,892 4,380 1,007 3,591 91,021' 27,288 1,689 2,501' 2,455 13,924' 7,566' 15,564 9,269 4,293 1,086 3,387 84,316 22,182 1,133 1,548 4,045 15,596 7,026 23,032 8,945 5,352 1,329 5,419 78,836 21,090 1,028 1,207 3,629 16,109 6,831 19,464 8,882 5,654 1,144 4,109 74,838 19,464 1,448 1,634 1,116 13,265 7,595 21,664 9,479 6,638 1,062 6,618 79,227 18,283 1,214 1,205 2,930 13,670 9,341 23,614 10,054 5,983 1,088 5,564 70,652 17,246 993 1,165 1,134 17,305 10,544 1,621 422 63 331 317 488 1,853 597 56 255 403 542 8,164 312 27 493 442 6,890 14,324 352 24 766 1,053 12,129 15,688 370 15 395 1,213 13,695 16,679 356 60 562 891 14,810 17,578 367 18 450 608 16,135 18,614' 367 30 374 696 17,147' 20,297 1,353 11 387 950 17,596 2,838 417 6 532 940 943 10,945 10,226 541 178 14,700 13,195 1,263 242 30,154 28,716 1,122 316 30,529' 29,292' 823 414 25,160' 22,838' 1,836 486 27,218 25,527 1,236 455 27,004 25,159 1,440 405 28,753 27,317 1,012 424 29,684 27,926 1,298 460 27,487 25,799 1,223 465 7,250 9,174 10,305 10,655 10,804 9,746 7,633 5,292 6,147 5,864 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 countries6 67 Other 68 Other countries 69 Australia 70 New Zealand 71 Allother 72 International and regional organizations7 . . . 1. Reporting banks include all types of depository institutions as well as bank/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border brokerage balances. 2. For data prior to June 2006, also includes the Bank for International Settlements and the European Central Bank. 3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of January 2007, also includes Bulgaria and Romania. 4. Before June 2006, data for the British Virgin Islands were included in "Other Caribbean.'' 5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes the International Bank for Reconstruction and Development, as well as African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organizations. Beginning with data for June 2006, also includes the Bank for International Settlements. Bank-Reported Data 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Payable in U.S. dollars 49 Reported by Banks in the United States1 Millions of dollars, end of period 2008 Type of claim 2005 2006 2007' Feb.' Mar.' Apr. May 2,980,086' 92,643 2 234 603' 652,840 2,987,770' 117,571 2 230 628' 639,571 June July Aug.' 2,874,597 104,127 2 144 173 626,297 2,887,354 108,942 2 166 671 611,741 1 Total claims reported by banks 2,344,155 2,944,476 3,547,969 2 Banks' own claims on foreigners 3 Foreign official institutions2 1,864,834 72,919 1 391 775 400,140 2,291,340 98,010 1 662 805 530,525 2,791,032 108,326 2 067 163 615,543 479,321 227,685 91,196 140,863 19,577 653,136 277,734 168,304 185,134 21,964 756,937 392,710 167,311 173,423 23,493 748,320 2,414 923,958 6,272 978,182 5,830 1,041,909 3,374 1,118,396 2,100 1,076,657' 2,190 1,106,976' 3,277 1,092,817' 2,424 1,076,897 2,091 1,072,954 2,653 7,324 1,106,776 1,304,277 9,236 1,351,874 1,639,474 42,252 1,764,768 1,928,520 42,445 1,876,521 2,020,066 42,801 1,835,538 2,117,109 42,586 1,858,653' 2,070,008 40,321 1,837,196 2,050,758 39,989 1,720,312' 1,980,944' 45,720 1,749,889 1,948,816 38,108 1,773,639 1,957,289 482,090 664,373 764,821 881,118 817,524 814,026 813,211 742,197 795,778 807,555 5 Other foreigners4 6 Claims on banks' domestic customers5 7 Non-negotiable deposits 8 Negotiable CDs 9 Other short-term negotiable instruments'" . . 10 Other claims 3,748,510 2,964,249 116,178 2 178 758 669,313 2,998,835 101,408 2 236 043 661,384 3,554,684' 749,675 380,976 193,260 152,968 22,471 2,855,542' 95,837' 2 134 409' 625,296 699,142 334,742 172,401 171,143 20,856 MEMO 11 Non-negotiable deposits7 12 Negotiable CDs7 13 Other short-term negotiable instruments7 14 Other claims7 15 Own foreign offices5 16 Loans collateralized by repurchase agreements9 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are for the quarter ending with the month indicated. Reporting banks include all types of depository institutions as well as banks/financial holding companies and brokers and dealers. Effective February 2003, coverage is expanded to include claims of brokers and dealers on affiliated foreign offices and cross-border balances. 2. Prior to February 2003, reflects claims on all foreign public borrowers. 3. Includes positions with affiliated banking offices also included in memo line (15) above. 4. As of February 2003, includes positions with affiliated non-banking offices also included in memo line (15) above. 5. Assets held by reporting banks in the accounts of their domestic customers. Effective March 2003, includes balances in off-shore sweep accounts. 6. Primarily bankers acceptances and commercial paper. Prior to February 2003, also includes negotiable certificates of deposit. 7. Data available beginning February 2003. 8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokers and dealers. 9. Data available beginning January 2001. 50 3.22 Federal Reserve Bulletin Statistical Supplement • October 2008 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period Type of liability, and area or country Sept. 1 Total 92,009 76,710 89,217 89,729 106,508 112,853 103,833 111,252 107,519 By type 2 Financial liabilities 3 Short-term negotiable securities' 62,847 11,759 39,249 9,050 48,712 11,617 47,089 7,692 52,649 6,783 55,051 4,663 47,919 4,923 46,175 7,751 39,285 6,374 10,120 18,573 10,915 21,013 12,219 24,908 13,536 15,048 14,130 7,625 15,015 5,027 14,086 4,614 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 n.a. n.a. 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 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 31,589 21,060 1,328 11,414 4,044 2 397 1,877 29,103 25,948 834 13,006 4,007 3319 4,782 26,474 21,445 1,193 8,496 3,948 3,536 4,272 23,995 22,180 899 9,968 3,967 3,849 3,497 21,646 17,639 879 8,893 4,319 2,335 1,213 38,690 775 1,349 2,911 363 514 29,473 22,697 342 761 2,533 406 124 12,712 30,184 936 995 11,174 1,183 346 14,308 30,304 788 889 4,450 598 280 22,353 34,443 863 621 6,264 204 313 24,956 35,076 460 1,466 6,164 242 289 23,664 28,175 467 1,453 2,940 256 287 20,230 26,207 225 1,522 1,843 285 90 21,680 22,846 985 485 1,553 284 91 18,638 5,955 14,659 8,567 9,496 4,116 3,892 2,530 3,986 1,826 2,361 3,232 2,104 1,964 1,391 12,435 0 0 n.a. 12,265 30 0 12,589 0 49 24 n.a. 12,178 25 1 12,645 0 8,715 208 n.a. 7,178 26 18 7,603 0 991 70 n.a. 6,446 25 1 12,388 35 14 14,196 7 1 23 n.a. 13,994 27 16 15,017 0 0 29 n.a. 14,802 28 18 15,106 0 58 26 n.a. 14,833 36 16 13,081 1 93 64 n.a. 12,635 70 13 4,724 1,648 36 5,323 1,383 173 1,924 1,346 100 2,225 1,568 59 3,106 1,392 1,088 2,445 1,676 56 2,470 1,563 53 2,688 1,864 123 1,694 810 50 131 94 997 97 31 0 0 27 0 26 0 31 0 88 0 96 0 MEMO: 21 22 Euro area3 Canada 23 24 25 26 27 28 29 30 31 32 33 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries1 34 35 Africa Oil-exporting countries'" 36 All other7 115 Nonbank-Reported Data 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS 51 Reported by Nonbanking Business Enterprises in the United States—Continued 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 29.162 18,181 10,981 37,461 23,050 14,411 40,505 25,673 14,832 42,640 27,165 15,475 53,859 28,237 25,622 57,802 29,322 28,480 55,914 27,866 28,048 65,077 32,272 32,805 68,234 37,772 30,462 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies 25,811 3,351 224 1,058 704 296 1,069 34,725 2,736 171 989 471 308 797 37,298 3,207 730 610 470 377 1,020 39,114 3,526 745 640 551 410 1,180 50,440 3,419 707 617 541 381 1,173 54,969 2,833 666 482 300 354 1,031 52,685 3,229 969 579 319 372 990 61,087 3,990 1,756 528 294 400 1,012 65,052 3,182 911 731 270 262 1,008 9,030 123 1,019 1,024 305 564 3,407 10,574 109 1,870 1,113 489 1,113 2,882 10,962 222 1,567 1,217 526 724 3,046 11,760 123 1,608 1,279 498 1,527 3,262 14,876 209 1,559 2,201 755 1,370 4,313 15,069 220 1,667 2,161 929 1,291 3,928 15,328 260 1,712 2,037 938 1,416 3,328 15,617 280 1,774 1,284 751 1,914 3,730 17,777 377 1,688 1,359 1,133 2,741 4,425 40 41 42 43 44 45 46 47 48 49 50 51 52 53 By area or country Commercial liabilities Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom MEMO 54 55 Canada 56 57 58 59 60 61 62 63 64 65 66 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela Asia Japan Middle Eastern oil-exporting countries 67 68 Africa Oil-exporting countries'" 69 All other7 6,850 5,405 Euro area3 7,162 2,145 2,375 3,708 4,127 4,737 4,271 5,663 5,365 5,846 4,276 32 515 113 n.a. 101 1,942 433 5,748 70 713 218 6,272 109 744 141 n.a. 485 2,321 570 7,817 163 1,008 360 647 2,512 663 8,546 122 1,160 425 n.a. 728 2,936 586 8,358 89 707 911 n.a. 1,167 2,820 557 9,671 180 1,264 1,142 76 2,209 680 5,757 70 777 241 n.a. 539 2,120 353 997 3,076 870 10,757 162 1,010 1,049 n.a. 859 4,120 1,174 12,239 4,221 2,910 17,427 5,971 3,986 18,755 5,864 3,855 18,753 5,703 4,656 24,049 5,688 5,803 26,832 5,476 7,324 23,410 5,325 7,105 30,451 6,166 9,945 30,187 5,564 12,254 947 424 916 493 849 283 952 599 1,267 637 1,453 763 1,458 655 2,141 1,069 1,920 1,108 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 Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 52 3.23 Federal Reserve Bulletin Statistical Supplement • October 2008 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States 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 CDs' Other claims Of which: Loans' Repurchase agreements' By currency U.S. dollars Foreign currency2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Europe Belgium-Luxembourg . France Germany Netherlands Switzerland United Kingdom 143,232 144,950 126,032 131,225 137,231 144,477 136,044 138,664 146,263 110,517 47,270 9,892 111,394 50,149 13,180 88,646 31,909 2,744 93,073 28,337 579 93,794 27,228 2,223 100,784 36,820 1,344 88,031 29,891 1,245 91,838 34,052 1,354 95,287 43,002 1,387 103 53,355 65 48,065 15 53,993 6 64,157 20 64,343 14 62,620 31 56,895 28 56,432 37 50,898 10,057 17,842 12,174 22,603 14,268 18,789 14,678 17,506 12,875 10,765 13,083 8,814 1,856 7,196 n.a. n.a. 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 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 66,625 27,169 3,729 15,339 3,850 868 3,383 65,146 35,638 4,387 15,498 3,611 9,113 3,029 66,726 21,305 4,583 8,717 3,461 1,059 3,485 72,084 19,754 4,692 7 791 2,981 886 3,404 75,228 20,059 4,512 8,535 3,486 908 2,618 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 34,070 328 1,310 8,506 2,842 706 13,713 44,607 445 2,119 8,447 4,437 722 21,847 47,629 2,985 3,557 9,058 5,138 806 18,377 44,651 2,270 2,850 7,543 3,690 820 20,467 39,482 1,393 3,841 3,288 3,005 777 19,251 39,429 3,856 3,576 4,132 2,142 882 16,753 43,931 2,951 2,656 6,124 3,592 1,128 18,675 MEMO: 23 Euro area3 24 Canada 25 26 27 28 29 30 31 32 Latin America and Caribbean Bahamas Bermuda Brazil British West Indies4 Cayman Islands Mexico Venezuela 33 34 35 Asia Japan Middle Eastern oil-exporting countries5 36 37 Africa Oil-exporting countries'" . . 38 All other7 16,702 18,374 19,490 25,150 6,412 13,372 14,118 10,177 11,312 11,208 11,203 10,747 11,254 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 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 28,036 2,086 1,269 1,580 n.a. 20,747 1,166 158 30,826 2,466 1,397 1,463 n.a. 23,035 1,217 150 23,481 2,145 568 1,658 n.a. 16,492 1,222 194 35,231 1,862 466 1,695 n.a. 28,028 1,232 195 32,597 1,602 495 1,600 n.a. 26,103 1,419 170 6,840 993 137 7,223 568 242 3,238 882 60 3,841 1,563 82 4,745 1,465 1,111 11,738 1,395 111 11,533 1,536 150 3,831 1,352 148 4,525 1,296 166 306 8 1,291 37 345 34 365 33 366 33 368 32 425 36 455 36 520 55 1,096 Nonbank-Reported Data 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS 53 Reported by Nonbanking Business Enterprises in the United States—Continued 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 42 43 44 45 46 47 48 49 50 51 52 53 54 55 By currency Payable in U.S. dollars Payable in foreign currencies2 Canadian dollars Euros United Kingdom pounds sterling Japanese yen All other currencies By area or country Commercial claims Europe Belgium-Luxembourg France Germany Netherlands Switzerland United Kingdom 32,715 29,229 3,486 33,556 29,231 4,325 37,386 32,802 4,584 38,152 33,260 4,892 43,437 36,001 7,436 43,693 36,520 7,173 48,013 41,420 6,593 46,826 39,391 7,435 50,976 43,671 7,305 27,439 5,276 512 1,561 1,586 238 1,379 29,898 3,658 481 1,335 706 187 949 33,160 4,226 740 1,108 661 281 1,436 34,289 3,863 608 1,360 734 221 940 39,644 3,793 658 1,233 707 257 938 40,136 3,557 637 1,124 663 285 848 42,972 5,041 788 2,116 749 319 1,069 42,760 4,066 1,059 1,171 631 253 952 47,841 3,135 399 1,311 550 156 719 13,457 257 2,261 1,401 494 1,528 3,742 12,084 470 2,311 1,509 354 724 2,677 14,105 443 2,110 1,642 728 718 3,789 14,845 481 2,114 1,765 578 830 4,260 16,762 488 1,956 1,780 665 1,087 5,118 16,501 368 1,972 1,713 745 948 5,734 16,637 327 2,225 1,631 979 1,374 4,510 16,780 257 1,976 1,693 629 1,146 5,133 18,807 296 2,626 2,648 1,082 980 5,501 8,376 8,457 8,436 8,953 2,017 2,750 3,402 2,850 4,109 3,595 5,216 4,555 4,797 6,477 55 650 935 n.a. 160 2,018 319 6,757 41 648 1,022 n.a. 61 2,089 380 7,146 48 503 945 8,089 33 1,267 922 n.a. 585 1,952 451 8,747 27 1,528 946 8,818 53 1,140 1,023 323 2,067 379 7,779 29 662 914 n.a. 401 1,980 426 452 2,196 474 495 2,277 499 9,117 47 1,314 979 n.a. 335 2,302 496 10,768 48 1,286 1,227 n.a. 639 2,943 479 8,943 1,855 1,071 10,073 2,128 1,558 11,011 2,467 1,754 10,849 2,504 1,600 12,507 3,156 1,686 13,027 2,948 2,114 15,372 3,981 2,310 14,244 3,892 1,803 14,504 4,012 1,843 629 154 830 258 892 298 962 266 982 321 1,007 261 967 315 1,298 317 1,340 342 MEMO 56 57 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'" 71 All other7 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. 5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6. Comprises Algeria, Gabon, Libya, and Nigeria. 7. Includes international and regional organizations. 54 Federal Reserve Bulletin Statistical Supplement • October 2008 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars Transaction, and area or country Jan.Aug. Mar. Api May July Aug.' 1,273,558 1,279,335 905,531 906,513 U.S. corporate securities STOCKS 1 Foreign purchases 2 Foreign sales 6,868,571 6,718,156 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 26 International and regional organizations2 .. 8,594,284 1,016,491 1,015,376 1,134,086 1,122,710 958,436 970,005 997,461 981,481 1,066,125 1,067,941' -l,816 r 195,522 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 10,443,794 150,371 5,766 195,562 15,107 25,473 19,181 1,106 4,772 11,378 413 -11,569 436 15,976 36 -l,819 r 527 -5,782 1,069 -987 -1,415 97,066 1,625 21,735 -8,040 -1,788 11,608 -5,363 1,180 75,764 102 11,818 2,166 35,068 7,974 -4,490 471 -463 -669 89 680 89,259 -1,168 19,521 600 28 -7,143 6,887 -2,977 69,473 877 8,086 780 48,590 12,240 31,734 3,993 35,434 -4,973 -300 5,173 16,505 -542 1,494 -16,368 1,163 -4,631 1,580 3,871 13,727 380 5,998 4,289 -42,798 7,362 36,799 -1,023 22,654 7,971 -4,592 1,908 -8,632 235 -4,967 -1,638 115 73 -1,487 1,399 -3,846 -11 1,344 670 -4,258 -334 12,906 3,195 -265 4,352 -1,697 361 -1,049 1,537 1,069 -2,247 -121 1,982 -321 914 1,127 3,747 297 2,288 708 299 435 -113 54 -7,604 -5,545 437 -236 3,572 336 6,538 -35 1,370 105 -14,716 95 2,887 -186 1,965 1,131 -1,717 520 4,045 308 2,437 -8,451 744 -60 -403 804 3,946 46 1,571 394 2,601 489 6,167 130 7,670 -33 -32 741 560 -401 -1,711 -2,182 -362 -69 -523 1,148 3,073 224 1,088 437 -9,764 -40 3,979 -213 2,721 817 1,471 448 5,328 -62 3,806 -128 182 -927 -859 -313 2,590 -185 -1,698 970 -4,843 187 -4,995 -736 -127 920 -814 83 5,197 68 -1,161 1,533 210 -317 -1,403 -1,388 5,241 652 1,836 689 -5,212 -396 -1,818 -37 592 132 -920 -363 44 -40 32 -2 0 1,572,160 1,285,696 2,050,451 1,824,365 1,942,916 1,872,499 279,924 243,028 332,852 314,119 259,359 244,088 255,882 227,727 227,298 195,834 173,505 223,451 155,794 185,267 4,354 1,927 -931 341 3 U.S. GOVERNMENT AGENCY BONDS Foreign purchases Foreign sales 286,464 226,086 70,417 36,896 18,733 15,271 28,155 31,464 -49,946 -29,473 Foreign countries Of which: by foreign official institutions . . 286,228 92,632 225,707 119,057 70,621 18,394 36,888 1,203 18,709 15,937 15,256 11,012 28,275 11,036 31,415 9,142 -49,888 -16,160 -29,675 -13,146 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 86,320 -274 -261 4,471 4,133 5,028 -655 -186 51,072 1,528 9,507 13,971 39,741 7,037 128,750 37,401 31,659 44,761 -198 1,100 82,025 -1,808 4,293 290 1,115 -8,520 -585 -1,906 60,306 4,823 3,232 6,376 -7,929 8,353 132,586 73,733 30,722 14,061 38 1,026 78,601 -1,129 7,195 -2,303 967 -20,378 -1,250 -548 97,067 -1,354 5,789 3,103 -77,921 -11,782 73,193 35,537 23,728 17,326 -1,357 995 20,505 -57 889 131 1,283 -687 -500 -175 19,444 -115 2,339 -1,069 -2,632 64 16,584 4,249 1,107 8,226 30,598 -862 5,940 -90 1,714 -2,774 -461 -223 24,976 -810 2,684 2,291 -33,461 -1,708 18,329 7,391 4,409 5,102 -406 382 10,954 -52 135 294 -379 -3,584 -365 -154 14,168 -12 1,210 3,660 -19,896 -2,100 20,791 11,891 5,332 2,605 149 488 11,893 -130 -677 343 -605 -4,615 110 -158 18,424 -70 2,585 1,468 -9,626 -1,344 23,519 14,859 4,353 4 474 -44 -176 4,190 -58 1,995 -1,273 53 -3,945 88 407 6,713 -20 208 -289 11,884 -480 15,999 9,641 4,567 770 -181 84 -8,701 52 -1,817 726 -835 -3,427 -125 -158 -1,517 -67 -539 -2,800 -21,067 -3,371 -12,410 -3,367 1,187 -5,518 -412 -588 -4,202 41 204 -1,207 -937 -3,343 212 36 3,139 19 -2,063 25 -8,357 -3,027 -11,380 -7,116 148 -2,786 -402 -269 236 379 -204 24 15 -120 49 -58 202 1,678,464 1,167,658 1,913,307 1,519,952 1,061,366 971,141 140,391 145,082 164,754 139,751 189,665 129,823 124,981' 120,255' 97,810 101,976 80,587 93,717 29 Net purchases, or sales (-) . International and regional organizations2 .. 1,120 CORPORATE BONDS3 53 Foreign purchases 54 Foreign sales 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 Foreign countries Of which: by foreign official institutions Europe Belgium France Germany Ireland Luxembourg Netherlands Switzerland United Kingdom Channel Islands and Isle of Man Canada Latin America Caribbean Middle East Oil Exporters' Other Asia China, Mainland Hong Kong Japan Africa Other countries 78 International and regional organizations3 4,726r 19,249 393,355 55 Net purchases, or sales (-) 138,083 118,834 -13,130 4,088 24,887 7,513 59,765 9,088 4,778r 4,102 -4,156 172 -13,077 -510 1,963 -749 -677 -126 -453 -134 -327 519 4,644 -808 609 786 8,785 447 6,699 2,517 -134 3,388 -25 12 -8,903 -802 -579 174 -406 1,654 -259 -36 -7,641 -1,250 112 736 -4,324 234 7,303 2,765 1,005 2,600 9 142 6,762 -8 -367 246 880 1,219 -38 306 5,435 -734 580 26 7,306 551 9,775 6,947 747 1,107 19 -132 16,149 -926 210 289 444 -1,366 681 678 21,155 -4,757 1,511 262 23,141 654 17,078 9,238 1,642 4,640 -20 990 -2,745 -1,430 -8 6,549 -1,041 -1,702 -9 -264 -3,132 -1,748 1,130 -470 -2,676 1,258 8,228 3,817 640 3,648 -4,568 -130 -353 -120 -2,532 -649 -106 -62 49 -84 17 -21 786 4,377 1,567 656 3,573 -48 -1,469 -11,574 -1,361 -1,003 -778 -1,774 -2,863 -349 343 -2,634 -520 236 254 -3,721 628 1,177 -778 199 1,711 -116 39 -27 0 116 77 -10 -53 509,783 28,556 392,108 50,566 90,287 32,759 19,276 4,360 316,130 -2,097 22,144 -11,831 13,937 3,365 3,197 9,739 253,762 10,388 8,052 10,029 91,309 4,666 72,282 31,158 14,810 12,646 -188 7,503 207,482 -7,413 4,261 5,419 8,658 -14,650 -652 3,581 208,956 -6,717 12,274 5,097 41,694 3,803 116,187 41,675 12,780 39,565 -169 5,740 -4,868 -7,470 -2,756 6,688 -6,147 -5,186 -741 1,080 1,080 -11,042 4,771 2,054 20,791 4,533 63,336 29,018 5,654 23,907 -198 -173 1,023 1,247 -62 Securities Holdings and Transactions 3.24 55 FOREIGN TRANSACTIONS IN SECURITIES—Continued Millions of dollars Transaction, and area or country Jan.Aug. May Apr. July' Aug.p 16,894 560,901 544,007 3,052 430,756 427,704 Foreign securities 79 Stocks, net purchases or sales (-) 4 . . . -106,455 3,636,185 3,742,640 80 Foreign purchases 81 Foreign sales -95,298 5,215,765 5,311,063 -20,375 3,945,694 3,966,069 -18,272 442,624 460,896 -2,922 487,580 490,502 -245 505,496 505,741 -18,106 494,660 512,766 1,561 499,992 498,431 82 Bonds, net purchases or sales (-) 4 -144,452 -129,015 22,854 7,343 2,879 10,728 -8,303 -10,797 17,278 19,697 83 Foreign purchases 84 Foreign sales 1,879,713 2,024,165 2,971,803 3,100,818 1,633,101 1,610,247 241,387 234,044 264,947 262,068 193,225 182,497 182,056 190,359 188,259 199,056 158,503 141,225 157,238 137,541 85 Net purchases, or sales (-) of stocks and bonds4 . . -250,907 -224,313 2,479 -10,929 -43 10,483 -26,409 -9,236 34,172 22,749 86 87 88 89 90 91 92 93 94 95 96 -256,016 -220,413 -54,927 -157,698 -18,153 -12,714 25,656 -18,652 2,159 -2,252 -9,488 -240,242 -218,683 -62,543 -154,906 -10,935 -7,948 -18,442 27,066 4,032 1,112 -12,412 -5,637 -16,859 10,899 -35,811 -5,748 12,757 -29,170 58,576 14,131 382 -25,575 -11,844 -17,579 -3,147 -14,080 3,294 5,767 4,304 -2,999 -340 624 -5,255 -2,788 3,595 -5,482 7,304 1,680 3,942 -12,864 5,463 2,404 -1,841 -2,763 8,529 -5,690 -3,927 -6,145 -2,397 2,899 4,420 10,532 -1,188 -217 -1,018 -26,401 -18,064 -1,544 -19,134 -6,351 -5,117 -2,136 7,726 5,233 -591 -1,868 -9,139 812 -1,739 -856 -2,216 3,603 -6,577 3,663 -1,658 -22 -8,402 34,158 12,103 17,610 -2,470 1,444 477 2,253 16,754 8,144 296 831 20,282 25,712 11,260 11,179 1,734 -1,133 -13,624 5,978 591 601 1,014 5,109 15,929 8,116 2,745 1,954 Foreign countries Europe Euro Area5 United Kingdom . . . Canada Latin America Caribbean Asia Japan Africa Other countries 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 2,467 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 195,536 15,743 51,770 28,450' 34,290 2 Foreign countries 3 Of which: by foreign official institutions . . . 194,714 69,639 201,988 2,994 286,675 95,113 15,634 -3,594 51,611 28,011 76,944 22,298 5,726 -3,724 28,116' 1,105 34,658 10,068 35,022 4,848 18,690 -192 4,345 661 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 98,982 357 -1,600 2,116 -1,325 -1,293 684 5,063 702 -2,898 91,782 -296 5,690 14,161 178,485 -3,100 -7,827 -3,358 1,734 -28 1,471 -27,339 2,176 -2,560 208,792 -974 9,498 -1,936 153,386 -1,411 -11,603 1,395 -10,925 491 -1,624 16,644 -960 -1,510 144,661 784 17,445 9,950 16,160 -11 -826 -432 -26 -157 -1,558 816 229 -937 18,952 143 -32 -2,508 27,533 -464 -3,074 293 -430 -489 559 10,564 -435 -947 17,567 45 4,344 -497 51,683 -56 -2,820 2,539 -327 435 677 770 -26 986 46,640 -123 2,988 4,514 17,160 -289 -6,315 1,675 -5,216 -225 411 1,754 72 -725 24,047 -33 2,003 4,727 3,966 -120 1,038 -3,945 -1,784 -139 -607 -3,636 -812 2,403 9,790 -166 1,945 -2,571 7,487 -146 1,377 -74 -1,677 374 -210 -1,476 -54 -714 9,230 198 660 69 414 -1,066 -575 375 -1,014 15,720 136 -443 787 18 19 20 21 22 Latin America Brazil Mexico Venezuela All other Latin America 21,838 23,100 -322 242 -1,182 86,160 77,066 1,735 -196 7,555 18,465 15,403 -1,550 -350 4,962 5,298 4,636 155 -156 663 5,750 3,376 1,904 -72 542 -602 597 -2,075 24 852 3,683 819 1,401 119 1,344 4,566 1,166 2,541 -16 875 -5,921 -2,751 -4,350 -187 1,367 -5,684 -2,772 -2,065 15 -862 23 Caribbean -9,838 2,380 5,514 -7,694 5,485 -13,296 20,878 3,910 12,346 24 25 26 27 28 29 30 Asia China, Mainland Hong Kong Japan Korea Middle East Oil Exporters2 All other Asia 68,694 40,633 16,257 1,312 6,168 4,548 -224 -67,850 -7,968 2,056 -47,384 -17,874 1,805 1,515 90,523 76,339 8,377 10,411 -579 6,915 -10,940 1,492 -3,360 26,183 6,613 2,958 15,654 -581 983 556 15,011 12,849 2,705 -3,791 -390 1,468 2,170 -10,662 11,692 -92 -13,432 -1,735 817 -7,912 467 -302 -915 4,520 -1,901 1,697 -2,632 27,446 13,665 -485 11,962 -1,111 803 2,612 9,155 18,262 454 -10,263 2,493 1,363 -3,154 3,515 2,400 6,127 4,568 10,812 9,636 642 -4 638 591 448 4,662 5,297 988 1,736 865 439 1,271 -2,638 -1,378 -2,099 -153 262 -548 822 -1,048 -55 109 14 -53 31 Africa 32 African oil exporters3 33 Other countries 34 4 International and regional organizations .. 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). 2,800 3,997 1,274 -601 -40 -302 159 1,745 -302 334 -69 -711 -368 -203 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 2008 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 2008 Apr. May July Aug. 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 0.7627 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 2.11 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 2.14 0.8391 1.9461 1.0734 7.6058 5.4413 1.3711 7.8016 41.18 117.76 3.4354 10.928 0.7365 5.8557 1.5065 7.0477 928.97 110.620 6.7550 1.1999 32.855 32.203 2.0020 2.14 0.9221 1.7090 1.0029 7.0722 4.8043 1.5520 7.7813 40.15 100.76 3.1841 10.733 0.8004 5.1495 1.3843 7.9921 981.73 107.684 6.0613 1.0126 30.577 31.404 2.0015 2.14 0.9309 1.6863 1.0137 6.9997 4.7354 1.5754 7.7910 39.97 102.68 3.1604 10.515 0.7897 5.0541 1.3643 7.7585 986.86 107.779 5.9470 1.0138 30.356 31.558 1.9816 2.14 0.9492 1.6585 0.9993 6.9725 4.7963 1.5554 7.7988 42.00 104.36 3.2127 10.438 0.7777 5.0571 1.3659 7.6076 1.034.13 107.771 5.9887 1.0448 30.589 32.026 1.9650 2.14 0.9511 1.6179 1.0166 6.8993 4.7926 1.5562 7.8073 42.76 106.92 3.2568 10.327 0.7616 5.1351 1.3679 7.9367 1.031.49 107.763 6.0249 1.0371 30.371 33.175 1.9664 2.14 0.9620 1.5900 1.0130 6.8355 4.7335 1.5759 7.8001 42.70 106.85 3.2476 10.209 0.7546 5.1058 1.3591 7.6114 1.015.05 107.609 6.0015 1.0283 30.414 33.471 1.9888 2.14 0.8815 1.6127 1.0535 6.8462 4.9894 1.4955 7.8076 42.91 109.36 3.3300 10.115 0.7091 5.3331 1.4052 7.6651 1.046.11 107.718 6.2845 1.0841 31.221 33.820 1.8865 2.14 110.71 83.71 108.52 82.46 103.40 77.84 95.77 70.32 95.48 70.47 95.83 70.75 96.09 71.42 95.40 70.91 97.93 74.09 97.98 90.63 96.87 90.54' 92.27' 86.39' 85.10' 78.94' 85.21' 79.46' 85.94' 79.98' 86.54' 81.05' 85.99' 80.66' 87.88 83.84 NOMINAL 24 Broad (January 1997=100)s 25 Major currencies (March 1973=100)'' 26 Other important trading partners (January 1997=100)7 REAL 27 Broad (March 1973=100)s 28 Major currencies (March 1973=100)s 29 Other important trading partners (March 1973=100)7 1. Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release, available at www.federalreserve.gov/releases. 2. U.S. 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, 2007 December 31,2007 March 31,2008 June 30, 2008 December March June September 2007 2008 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Terms of lending at commercial banks, 4.23 August 2007 November 2007 February 2008 May 2008 November February May August 2007 2008 2008 2008 58 58 58 58 Supplement Supplement Supplement Supplement Assets and liabilities of U.S. branches and agencies offoreign banks, 4.30 June 30, 2007 September 30,2007 December 31,2007 March 31,2008 November February May August 2007 2008 2008 2008 64 64 64 64 Supplement Supplement Supplement Supplement August 2001 October 2001 January 2002 A76 A64 A64 BuUetin Bulletin Bulletin September 2002 September 2003 September 2004 A58 A58 58 BuUetin BuUetin Supplement September 2002 September 2003 September 2004 A67 A67 67 BuUetin BuUetin 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 2001-2007 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 2007 September September September September September 2004 2005 2006 2007 2008 70 60 60 60 60 Supplement Supplement Supplement Supplement Supplement September September September September September 2004 2005 2006 2007 2008 73 63 63 63 63 Supplement 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 by 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 securities and U.S. government securities) Demand deposits, 15-21 Depository institutions Reserve requirements, 8 Reserves and related items, 4—6, 12 Deposits 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 Commercial banks, 4, 15-21 Federal Reserve Banks, 10, 11 Financial institutions, 33 LIFE insurance companies (See Insurance companies) Loans Commercial banks, 15-21 Federal Reserve Banks, 5-7, 10, 11 Financial institutions, 33 Insured or guaranteed by United States, 32, 33 EXCHANGE rates, foreign, 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, ' 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 U.S. government securities) 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 by banks, 17, 18 YIELDS (See Interest rates) 59 60 Federal Reserve Bulletin Statistical Supplement • October 2008 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.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL BOOKS AND MISCELLANEOUS GUIDE TO THE FLOW 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. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 2005. 136 pp. ANNUAL PERCENTAGE RATE PUBLICATIONS TABLES (Truth in Lending— Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each volume $5.00. ANNUAL REPORT, 2003. ANNUAL REPORT: BUDGET REVIEW, 2004. ANNUAL STATISTICAL DIGEST: period covered, release date, number of pages, and price. 1981 October 1982 239 pp. $ 6.50 1982 December 1983 266 pp. $ 7.50 264 pp. $11.50 1983 October 1984 1984 October 1985 254 pp. $12.50 231 pp. $15.00 1985 October 1986 288 pp. $15.00 1986 November 1987 1987 October 1988 272 pp. $15.00 256 pp. $25.00 1988 November 1989 712 pp. $25.00 1980-89 March 1991 185 pp. $25.00 1990 November 1991 1991 November 1992 215 pp. $25.00 215 pp. $25.00 1992 December 1993 281 pp. $25.00 1993 December 1994 1994 December 1995 190 pp. $25.00 1990-95 November 1996 404 pp. $25.00 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. Monetary Policy and Reserve Requirements Handbook. $75.00 per year. Securities Credit Transactions Handbook. $75.00 per year. The Payment System Handbook. $75.00 per year. Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Rates for subscribers outside the United States are as follows and include additional airmail costs: Federal Reserve Regulatory Service, $250.00 per year. Each Handbook, $90.00 per year. OF FUNDS ACCOUNTS. January 2000. 1,186 pp. $20.00 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. STATISTICAL SUPPLEMENT TO THE FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 each in the United States, its possessions, Canada, and Mexico. Elsewhere, $35.00 per year or $3.50 each. EDUCATION PAMPHLETS Short pamphlets suitable for classroom use. Multiple copies are available without charge. A Consumer's Guide to Mortgage Lock-Ins A Consumer's Guide to Mortgage Settlement Costs A Consumer's Guide to Mortgage Refinancings A 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 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. 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULATIONS: A N ANALYSIS OF EXPERIENCE WITH THE TRUTH IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MARKET DISCIPLINE, by Study Group on Subordinated Notes and Debentures, Federal Reserve System. December 1999. 69 pp. 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, by Nellie Liang and Donald Savage. February 1990. 12 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 160. 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. THE 1989-92 CREDIT CRUNCH Group on Disclosure, Federal Reserve System. March 2000. 35 pp. 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. 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. 62 Federal Reserve Bulletin Statistical Supplement • October 2008 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the Board of Governors of the Federal Reserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should be drawn on a U.S. bank. Release number and title Annual mail rate Annual fax rate Approximate release days1 which data refer Corresponding Bulletin or Statistical Supplement table numbers2 Weekly Releases Actions of the Board: Applications and Reports Received H.3. Aggregate Reserves of Depository Institutions and the Monetary Base3 H.4.1. Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks3 H.6. Money Stock Measures3 $55.00 n.a. Friday $20.00 n.a. Thursday $20.00 n.a. Thursday $35.00 n.a. Thursday H.8. Assets and Liabilities of Commercial Banks in the United States3 H. 10. Foreign Exchange Rates 3 $30.00 n.a. Friday $20.00 $20.00 Monday H.15. Selected Interest Rates3 $20.00 $20.00 Monday $ 5.00 $ 5.00 First of month Previous month G.15. Research Library— Recent Acquisitions G.17. Industrial Production and Capacity Utilization 3 No charge n.a. First of month Previous month $15.00 n.a. Midmonth Previous month 2.12,2.13 G.19. Consumer Credit3 $ 5.00 $ 5.00 $ 5.00 n.a. Second month previous Second month previous 1.55, 1.56 G.20. Finance Companies3 Fifth working day of month End of month H.2. Week ending previous Saturday Week ending previous Wednesday Week ending previous Wednesday Week ending Monday of previous week Week ending previous Wednesday Week ending previous Friday Week ending previous Friday 1.20 1.11, 1.18 1.21 1.26A-F 3.28 1.35 Monthly Releases G.5. Foreign Exchange Rates3 3.28 1.51, 1.52 63 Annual mail rate Release number and title Annual fax rate Approximate release days 1 Period or date to which data refer Corresponding Bulletin or Statistical Supplement table numbers 2 Quarterly Releases E.2. Survey of Terms of Business Lending 3 E.ll. Geographical Distribution of sets and Liabilities of Major Foreign Branches of U.S. Banks E. 16. Country Exposure Lending Survey 3 Z. 1. Flow of Funds Accounts of the United States: Flows and Outstandings3 As- $ 5.00 Midmonth of March, June, September, and December February, May, August, and November $ 5.00 15th of March, June, September, and December Previous quarter January, April, July, and October Previous quarter Second week of March, June, September, and December Previous quarter 5.00 $25.00 1. Please note that for some releases, there is normally a certain variability in the release date because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin, the corresponding table for the statistical release no longer appears in the 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 2008 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 Systern 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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