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F / F Unadj E /7 5 August 11, 1975 Flow of Funds, Unadjusted 2nd Quarter, 1975 Preliminary Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D.C. 20551 TABLE LIST SUMMARY TABLES Funds Raised in Credit Markets Credit Market Supply of Funds SECTOR TABLES Households Total Nonfinancial Business & Noncorporate Business Corporate Business Governments Banking System Commercial Banking Subsectors Nonbank Finance Summary Insurance Companies and Pension Funds Finance N.E.C. Rest of the World TRANSACTION TABLES Monetary and Insurance Reserves Interbank Claims Money and Deposits U.S. Government Securities Private Securities and Mortgages Mortgages by Type Consumer Credit and Bank Loans N.E.C. Other Loans, Including Open-Market Paper Security Credit, Trade Credit, and Taxes Miscellaneous Financial Claims Total Claims--Recapitulation by Type Saving by Individuals Discrepancies Flow of Funds Accounts Second Quarter 1975 This publication presents first preliminary estimates of flow of funds data for the second quarter and more complete estimates for the first quarter of 1975. Estimates for 1974 have also been revised, mainly to include new banking estimates for the second half of the year that were derived from the December 1974 Call Report. Second-quarter figures are based on early indicators and are therefore highly tentative, particularly in the distribution of financial asset holdings among private nonfinancial sectors. The most important information not yet available in these tables are S.E.C. data on net new security issues and current assets and liabilities of corporations. The lack of these data weakens the figures for total credit flows, household investment in securities, and distribution of liquid assets as between households and business. Also missing at the time the accounts were put together were balance of payments statistics, final income-and-product data, end-of-quarter balance sheets for insurance companies, and the Treasury survey of ownership of Federal securities. Quarterly tables are available both seasonally adjusted and unadjusted, in two separate publications, and mailing lists are maintained for their distribution. Historical data back to 1945 are available in a third publication that includes annual flows and year-end outstanding asset and liability positions. Much of the historical material appears in the October 1974 Federal Reserve Bulletin, pp. A58-A59.28, with annual net flows back to 1965 and outstandings to 1962. Requests concerning these publications or the mailing list should be addressed to the Flow of Funds Section, Division of Research and Statistics, Room 3222, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Tel.: (202) 452-3483. 11-AUGUST 1975 FUNDS RAISEO IN CREDIT MARKETS FUNDS RAISED IN CREDIT MARKETS SUMMARY OF FUNOS RAISED IN CREO (BILLIONS Of DOLLARS) UNAOJUSTED QUARTERLY F L O W S ____ I 1974 | 1973 _______________________ 1973 I II III IV | | ___ UNADJUSTED QUARTERLY FLOWS 1974 I II HI | IV | 1975 I n FUNDS RAISED BY NONFINANCIAL SECTORS 1 187.365 180.080 2 180*145 176.233 3 4 5 9.714 11.998 7.739 12.027 1.975 -29 6 177,651 168.082 7 7.220 3.847 8 170.431 164.235 TOTAL FUNOS RAISED 33.175 52.400 BY NONFINANCIAL SECTORS 31.186 49.968 EXCLUOING EQUITIES 1 2 4.485 10.310 4.851 10.577 -366 -267 19.244 19.744 -500 16.614 U.S. GOVERNMENT 16.703 PUBLIC DEBT SECURITIES -89 AGENCY ISSUES ♦ MORTGAGES 4 5 36.404 51.701 43.769 45.777 28.698 58.889 38.997 41.498 1.587 2.130 1.282 2.221 1.568 1.120 -94 1.253 34.817 49.571 42.487 43.556 27.130 57.769 39.091 40.245 13.931 1.989 11.942 35.786 ALL OTHER NONFINANCIAL SECTORS 2.432 CORPORATE EOUITIES 33.354 DEBT INSTRUMENTS 11.781 1.933 9.848 PRIVATE DOMESTIC 34.446 NONFINANCIAL SECTORS 2.421 CORPORATE EQUITIES 32.025 OEBT INSTRUMENTS 45.257 45.707 43.670 43.577 43.312 42.030 8.853 -5.994 —4*7 8.201 -5.941 -1.119 652 662 -53 53.089 32.087 50.868 30.519 7.312 6.598 714 3.389 -6.186 3.029 -6.430 360 244 9 170.123 152.652 34.405 49.661 43.043 43.014 24.961 10 7.420 4.097 1.751 2.169 1.287 2.213 1.555 11 162.703 148.555 32.654 47.492 41.756 40.801 23.406 12 13 14 15 16 17 18 19 96.059 92.938 13.709 17.371 9.159 19.670 73.191 55.897 43.344 31.689 8.417 7.787 17.047 11.485 4.383 4.936 19.351 27.422 28.044 21.242 2.724 3.243 3.987 3.755 1.452 3.047 2.657 2.003 15.175 21.132 21.400 15.484 8.984 12.391 13.101 8.868 1.774 2.935 2.395 1.313 3.419 4.527 4.726 4.375 998 1.279 1.178 928 20 97.943 55.617 20.451 28.694 21 22.922 9.635 1.756 7.763 22 35.824 27.269 10.693 10.651 23 -425 6.647 -2.130 102 24 8.323 12.066 2.984 1.554 21.972 5.952 6.308 360 1.092 26.826 7.451 8.172 1.243 2.693 52.703 43.482 51.808 51.583 43.576 50.555 52.602 37.453 37.636 1.244 -5 1.303 51.358 37.458 36.333 22.349 5.853 13.029 1.227 2.240 OTHER PVT. DOM N-F CREDIT CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 20 15.246 4.481 3.832 3.698 3.235 14.115 *11.046 917 2.215 -5.868 1.846 7.140 -8.048 177 554 1.610 -2.569 4,206 1.260 1.463 32.542 21.312 20.768 9.190 3.376 2.009 801 2.341 3.229 2.463 -1.186 2 .111 25.937 17.192 17.504 8.035 24.693 17.197 16.201 6.102 1.244 -5 1.303 1.933 15.971 2.426 1.836 11.709 9.288 2.421 41 -200 15.430 -258 15.680 2.240 4.721 7.067 1.652 1.999 -164 2.163 113 1.075 406 569 -1.675 -4.581 2.040 -39 2.079 165 1.116 417 381 726 -5 731 209 -723 683 562 -366 -5.275 42 189.040 184.661 43.000 46.073 48.587 43 11.389 16.579 6.596 -5.628 4.818 2.763 8 2.755 404 1.334 737 180 11 3.907 —2.914 3.268 1.168 2.385 28 85.050 92.105 29 8.617 7.786 30 9.282 7.207 31 67.151 77.112 32 59.731 73.015 33 7.420 4.097 7.728 991 2.802 2.243 1.692 9 10 12 13 14 15 16 17 18 19 34.446 4.094 14.381 7.528 8 DEBT CAPITAL INSTRUMENTS S. ♦ L. GOVERNMENT SECS. CORPORATE BONDS MORTGAGES HOME MORTGAGES OTHER RESIDENTIAL COMMERCIAL FARM 11.781 2.974 -383 34 35 36 37 38 39 40 7 29.009 22.212 22.218 20.894 31.108 5.110 4.071 4.063 3.630 5.133 5.386 4.192 6.387 9#*30 9.736 18.513 13.949 11.768 7.834 16.239 10.485 8.632 6.240 4.325 11.666 2.220 1.966 2.302 1.361 1.570 4.230 1.970 2.104 432 1.953 1.578 1.381 1.122 1.716 1.050 52.602 37.453 4.526 4.223 15.534 11.918 19.646 18.848 2.070 1.628 2.265 2.248 15.311 14.972 14.024 12.759 1.287 2.213 6 19.499 4.127 3.705 11.667 6.332 1.299 3.181 855 25 170.123 152.652 34.405 49.661 43.043 43.014 24.961 26 12.258 16.556 2.570 2.468 3.934 3.286 3.784 27 72.815 43.991 11.900 20.572 19.463 20.880 3.694 19.935 26.621 2.086 2.833 1.608 3.161 16.241 20.627 14.490 18.458 1.751 2.169 3 17.483 1.600 -596 16.479 14.924 1.555 3.737 13 3.724 633 1.485 994 612 6.287 -124 6.411 437 3.338 2.499 137 1.544 -89 1.633 393 -941 1.903 278 37.636 4.023 12.845 3.862 -50 3.912 777 839 1.671 625 2.150 56 2.094 1.977 -982 118 981 BY BORROWING SECTOR: S. ♦ L. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT CLAIMS EQUITIES 1.340 FOREIGN 11 CORPORATE EQUITIES 1.329 OEBT CLAIMS 500 BONOS 786 BANK LOANS N.E.C. -341 OPEN-MARKET PAPER 384 U.S. GOVT. LOANS 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1.709 -1.531 3^4 -471 -2.953 -102 1.264 MEMOS U.S. GOVT. CASH BALANCE 41 TOTALS NET OF CHANGES IN U.S. GOVT. CASH BALANCES— 51.380 33.618 52.329 43.953 54.761 33.277 51.136 TOTAL FUNDS RAISED 42 5.603 4.920 -6.560 4.956 13.263 19.346 15.350 BY U.S. GOVERNMENT 43 CREDIT MARKET FUNOS RAISED BY FINANCIAL SECTORS 1 51.999 38.019 11.571 15.581 17.084 7.763 5.789 13.627 14.498 2 19.589 3 19.589 4 0 22.080 21.385 695 2.684 2.684 5.874 5.874 7.043 7.043 0 0 3.988 3.988 1,796 1.796 6.447 6.447 8.942 8.832 5 32.410 6 812 15.939 1.739 8.887 707 9.707 403 7 31.598 14.200 8 2.335 1.427 9 -1.213 -1.293 10 13.489 7.517 9.819 11 -108 7.168 6.657 12 8.180 488 229 3.422 3.600 441 9.304 748 586 4.739 506 2.72 5 13 51.999 38.019 14 19.589 22.080 11.571 2.684 15.581 5.874 17.084 7.043 7.763 3.988 5.789 1.796 15 32.410 15.939 16 4.515 -1.922 17 2.244 2.437 18 5.084 2.872 19 5.962 6.290 20 452 371 9.419 21 3.903 22 6.320 982 23 -1.586 1.006 8.887 3.016 819 1.985 9.707 -727 827 1.423 3.315 10.041 2.461 948 469 2.976 114 1.321 1.624 128 3.775 -235 -350 1.207 -529 118 3.254 1.040 -730 3.993 7.180 2.443 -1.147 1.164 907 -345 1.686 -662 4.188 0 200 109 1.378 1.722 -342 111 3.466 1.934 -642 0 10.041 3.775 1.074 -1.372 0 3.993 561 0 7.180 -311 8.967 5.147 3.432 7.491 263 836 429 288 -680 -1.348 -116 553 2.712 2.616 -1.606 6.072 3.519 2.194 4.877 -2.069 3.153 849 -152 2.647 100 182 930 181 13.627 6.447 100 1.533 485 -572 4.105 -1.853 TOTAL CREDIT MARKET FUNDS RAISED BY 2.892 FINANCIAL SECTORS 1 4.895 4.310 585 1.961 1.703 258 1.891 1.597 294 SPONSORED CREDIT AGENCIES U.S. GOVT. SECURITIES LOANS FROM U.S. GOVT. 3 4 -790 -3.814 2.C56 1.0 0 1 PVT. FINANCIAL SECTORS CORPORATE EQUITIES 6 5.278 -2.0 0 1 -5.870 49 661 198 -775 -955 69 1.676 1.375 -4.645 1.198 -4.114 2.148 3.130 1.032 -3.640 1.139 681 1.170 274 375 -1.361 DEBT INSTRUMENTS CORPORATE BONOS MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER ♦ RP'S LOANS FROM FHLB•S 10 11 12 4.105 -1.853 4.895 1.961 2.892 1.891 TOTALS RAISED, BY SECTOR SPONSORED CREDIT AGENCIES 13 14 5.556 -790 -3.814 937 -4.155 2.289 679 -313 610 635 896 -557 3.081 -317 -4.457 88 83 75 136 2.052 -3.226 -186 -247 -490 186 1.942 1 .2 1 1 1.001 110 5.556 278 14.498 8.942 1 .2 1 1 -138 598 -174 104 -329 68 1.381 -182 -465 2 5 7 B 9 PVT. FINANCIAL SECTORS 15 COMMERCIAL BANKS 16 BANK AFFILIATES 17 FOREIGN BANKING AGENCIES 18 SAVINGS ♦ LOAN ASSNS. 19 OTHER INSURANCE COMPANIES 20 FINANCE COMPANIES 21 REITS 22 OPEN-END INVESTMENT COS. 23 TOTAL FUNOS RAISED, ALL SECTORS* BY 1 239.364 218.099 2 -1.586 1.006 9.618 4.580 56.828 -342 2.636 4 231.332 5 29.374 6 13.709 7 12.485 8 71.907 9 22.922 212.513 33.490 17.371 23.337 54.497 9.635 54.534 58.755 11.558 -97 2.724 3.243 2.053 3.960 15.383 21.695 1.756 7.763 3 10 11 12 52.115 11.637 17.183 39.507 13.606 21.070 15.190 1.876 3.994 61.288 60.396 60.852 37.876 66.330 57.980 -642 128 -730 181 -572 186 3.175 2.228 l.«79 1.948 1.381 -2 16.506 1.025 4.660 58.040 60.003 35.747 65.521 6.607 11.306 5.188 288 3.987 3.755 4.127 5.110 3.343 3.129 4.767 6 .1 1 1 20.699 14.130 11.548 19.039 5.952 7.451 -2.914 5.853 8.297 4.562 4.807 1 2.122 4.174 3.722 3.147 7.039 2.845 22.439 1.657 5.024 57.796 13.314 4.071 4.634 13.177 4.481 55.292 TOTAL FUNOS RAISED -465 INVESTMENT COMPANY SHARES 2.759 OTHER CORPORATE EQUITIES 53.449 14.700 4.063 7.825 10.733 2.215 52.998 DEBT INSTRUMENTS 18.203 U.S. GOVERNMENT SECURITIES 5.133 STATE ♦ LOCAL GOVT. OBL. 10.917 CORPORATE ♦ FOREIGN BONOS 17.417 MORTGAGES 1.846 CONSUMER CREOIT 27.277 20.952 3.630 11.605 7.898 -5.868 4.567 9.354 -13.675 1.237 6.799 -1.889 3.876 -2.535 6.753 6.448 -1.141 780 H/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 55.913 31.322 1.942 1 .2 1 1 1.253 2.103 BANK LOANS N. E. C. OPEN-MARKET PAPER ♦ RP»S OTHER LOANS 1 2 3 4 5 6 7 8 9 10 11 12 11 AUGUST 1975 CREDIT MARKET SUPPLY OF FUNDS 2 CREDIT MARKET SUPPLY OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (BILLIONS OF -DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 I 1974 | I 1973 II 1 180.145 176.233 43.670 43.577 IV II 7.840 -76 5 3.392 3.153 2.060 5.476 4.177 1.381 -1.814 2.047 2.148 849 -152 1.199 3.995 2.982 7.429 20.255 24.061 9.227 6.150 738 11.572 904 -507 1.982 603 3.113 5.859 6.987 4.296 4.001 1.2 00 489 3.537 7.876 -2.560 -1.618 -2.960 2.684 166.532 18.422 13.709 10.053 44.083 87.433 7.168 1974 I 50.868 30.519 15.894 3.992 11.672 -1.336 975 1.193 441 2.725 2.806 1.410 5.874 UNADJUSTED QUARTERLY FLOWS | | 42.030 33.202 49.212 10.952 8.638 7.607 13.795 7.168 6.657 7.475 20.122 11 19.589 22.080 12 13 14 15 16 17 18 III 7.043 3.988 15.611 856 4.405 3.130 7.220 1.211 715 7.173 3.610 4,067 2.054 8.799 1.461 3.297 1.796 6.447 8.942 1975 I II ,I?TAL FUNDS RANGED IN CREDIT MARKETS 31.186 49.968 TO NONFINANCIAL SECTORS 51.583 43.576 15.565 5.994 3.336 2.647 3.588 389 2.834 -257 I IV I III BY PUBLIC AGENCIES ♦FOREIGN 13.859 14.114 3.881 TOTAL NET ADVANCES* BY TYPE 3.602 12.441 2.162 U.S. GOVERNMENT SECURITIES 3.906 4.075 3.941 RESIDENTIAL MORTGAGES 1.032 -3.640 -1.361 FHLB ADVANCES TO S+L*S 5.319 1.238 -861 OTHER LOANS ♦ SECURITIES TOTALS ADVANCED, BY SECTOR 4.271 4.204 1.822 U.S. GOVERNMENT 5.255 2.702 2.103 SPONSORED CREDIT AGENCIES 1.336 2.393 1.471 MONETARY AUTHORITIES 2.997 4.815 -1.515 FOREIGN AGENCY BORROWING NOT INCLUDED 4.895 1.961 1.891 IN LINE 1 PRIVATE DOMESTIC FUNDS ADVANCED 149,>101 30.460 45.459 41.233 49.380 28.138 42.465 36.907 41.591 19.033 47.978 TOTAL NET ADVANCES 24,>852 -114 1.239 7.372 9.925 7.0C2 -5.706 12.458 11.098 8.511 17,►371 2.724 16.041 U.S. GOVERNMENT SECURITIES 3.243 3.987 3.755 4.127 5.110 4.071 4.063 3.630 2Ci>581 5.133 1.505 STATE ♦ LOCAL OBLIGATIONS 3.125 2.733 2.690 4.280 5.402 4.162 6.737 11.138 10.442 25,.574 9.762 14.110 12.083 CORPORATE ♦ FOREIGN BONOS 8.128 5.480 9.342 6.196 . 4.556 1.606 67,►380 17.024 26.467 18.211 25.731 9.303 RESIDENTIAL MORTGAGES 7.097 30.964 13*150 16.169 -9.492 6 ,.657 5.698 441 OTHER MORTGAGES ♦ LOANS 2.725 3.153 849 -152 2.647 3.130 1.032 -3.640 -1.361 LESS i FHLB ADVANCES 2 3 4 5 6 '7 8 9 10 12 13 14 15 16 17 18 PRIVATE FINANCIAL INTERMEDIATION 20 21 22 23 24 25 26 27 28 29 30 31 * 36.339 46.767 86.600 ► 15.068 26.001 35.081 26.907r 13.993 11.433 22.132 34.2781 6.6 66 4.087 15.030 5.686> 612 5.246 158.843 131.505• 36.339 46.767 84.875 72.459' 19.314 24.992 31.598 14.200> 8.180 9.304 42.370 44.846 8.845 12.471 6.466 13.551 262 2.225 - 1.010 -5.058 515 -956 16.742 27.929 4.243 3.651 20.172 8.424 3.825 7.551 33.834 41.903 25.176 17.553 27.978 9.607 6.230 3.425 10.405 6.416 4.963 6.522 3.635 5.537 -1.358 46.429 28*452 8.104 8.156 1.717 33.834 41.903 12.457 28.112 8.967 5.147 46.429 24.786 35.114 10.004 27.479 1.123 31.125 11.004 7.491 5.278 -2 .0 01 -5.870 11.459 18.385 5.990 4.870 2.839 4.079 4.242 -2.255 -243 -987 -2.573 -837 7.075 8.455 8.193 6.177 1.788 6.838 -3.872 1.785 25.176 12.732 3.432 12.410 864 -2.224 5.717 8.053 8.644 9.012 3.115 2.391 1.655 -1.255 3.131 4.206 743 3.670 32 39.287 31.796 2.301 7.996 16.366 33 18.753 18.110 2.794 2.989 9.079 34 4.433 10.794 1.366 1.553 1.863 35 1.059 -1.671 337 501 14 36 11.279 1.647 -260 1.463 4.927 37 3.763 2.916 -1.936 1.490 483 38 88.816 78.753 17.918 28.640 11.128 39 76.251 71.9)8 29.905 19.061 15.835 40 18.548 23.595 9.848 3.771 8.693 41 29.541 26.568 8.25C 6.619 6.239 -42 28.162 21.755 11.807 8.671 903 43 12.565 6.835 -11.987 9.579 -4.707 44 8.624 541 -10.591 5.931 -3.378 45 3.941 6.294 -1.396 3.648 -1.329 12.624 6.394 3.891 4.672 -349 1.876 207 793 5.149 1.251 3.726 -2.198 31.130 12.589 11.450 25.211 -3.764 4.287 8.433 10.548 6.781 10.376 19.680 -12.622 16.662 -12.479 3.018 -143 24*786 8.840 4.721 10 .1 1 2 1.113 35.114 10.004 17.735 - 1 1 .1 1 2 3.677 13.342 9.488 9.369 4.214 -1.595 CREDIT MARKET FUNDS ADVANCED 41.295 BY PRIVATE FINANCIAL INSTS. 14.187 COMMERCIAL BANKING 18.291 SAVINGS INSTITUTIONS 8.156 INSURANCE ♦ PENSION FUNDS 661 OTHER FINANCE 19 20 21 22 23 41.295 SOURCES OF FUNDS 32.047 PRIVATE DOMESTIC DEPOSITS 1.139 CREDIT MARKET BORROWING 24 25 26 8.109 -538 -877 7.025 2.499 OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE ♦ PENSION RES. OTHER, NET PRIVATE DOMESTIC NONFINANCIAL INVESTORS 3.527 17.399 4.476 3.159 7.822 DIRECT LENDING IN CR. MARKETS -200 11.454 2.184 -4.793 213 U.S. GOVERNMENT SECURITIES 2.393 4.654 1.871 3.977 2.880 STATE ♦ LOCAL OBLIGATIONS -532 -2.1C6 174 4.687 3.765 CORPORATE ♦ FOREIGN BONDS 540 2.884 -3.028 999 -167 OPEN-MKT PAPER ♦ RP»S 1.326 513 3.275 -1.711 1.131 OTHER 31.286 109 34.769 10.462 35.612 OEPOSITS ♦ CURRENCY 21.151 7.552 18.004 25.399 20.527 TIME ♦ SAVINGS ACCOUNTS 10.690 6.612 2.006 -4.191 -6.815 LARGE NEGOTIABLE CD'S 6.078 793 9.149 11.713 8.502 OTHER AT COMMERCIAL BANKS 4.383 147 6.849 17.877 18.840 AT SAVINGS INSTITUTIONS 10.135 -7.443 16.765 ■>14.937 15.085 MONEY 6.328 -6.429 13.121 ■-14.395 11.520 DEMAND DEPOSITS 3.807 -1.014 3.644 -542 3.565 CURRENCY 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 46 128.103 110.549 48 49 20.219 36.636 27.494 43.754 18.983 34.813 TOTAL OF CREDIT MARKET INSTRU17.508 39.245 13.621 43.434 MENTS, DEPOSITS ♦ CURRENCY 18.430 27.924 36.395 9.160 18.653 10.765 13.686 30.174 35.824 27.413 45.257 95.382 88.198 119.300 102.877 82.055 84.858 89.473 7.766 PUBLIC HOLDINGS AS X OF TOTAL 109.334 67.157 84.426 52.561 7.204 25.123 86.070 PVT. FINAN. INTERMEDIATION (%) 8.138 -335 -754 155 3.602 6.906 7.376 7.239 2.560 -2.053 TOTAL FOREIGN FUNDS CORPORATE EQUITIES NOT INCLUDED ABOVE 1 8.032 2 -1.586 3 9.618 5.586 1.006 4.580 2.294 -342 2.636 2.533 -642 3.175 2.356 128 2.228 849 -730 1.579 2.129 181 1.948 809 -572 1.381 184 186 2.464 -2 4 13.446 5 -5.414 6.067 -481 1.8 8 6 3.339 -806 1.674 6.547 682 -5.698 951 1.178 1.945 -1.136 45 139 408 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION . 1 .2 1 1 1.253 4.045 1.942 2.103 2.294 -465 2.759 3.126 -662 2.038 2.007 2.089 205 MUTUAL FUND SHARES OTHER EQUITIES 46 47 48 49 11 AUGUST 1975 HOUSEHOLDS HOUSEHOLDS 3 SECTOR STATEMENTS OF SAVING AND INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1973 1974 | II 1974 III IV | II III I IV I HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS 11055.0421150.543 242.851 258.453 267.801 285.937 267.359 282.208 292.774 308.202 287.435 303.673 PERSONAL INCOME 2 151.330 170.812 34.518 37.346 41,001 38.465 39.070 42.534 46.616 42.592 42.947 35.868 - PERSONAL TAXES ♦ NONTAXES 3 903.712 979.731 208.333 221.107 226.800 247.472 228.289 239.674 246.158 265.610 244.488 267.805 > DISPOSABLE PERSONAL INCOME 4 829.364 902.729 191.711 206.064 207.340 224.249 207.346 224.034 228.553 242.796 224.586 241.759 - PERSONAL OUTLAYS 5 74.348 77.002 16.622 15.043 19.460 23.223 20.943 15.640 17.605 22.814 19.902 26.046 * PERSONAL SAVING, NIA BASIS 6 11.540 15.114 2.291 4.811 2.132 2.306 1.799 2.485 6.735 4.095 2.121 8.489 ♦ CREDITS FROM GOVT. INSURANCE 7 944 485 485 140 354 63 256 56 23 52 107 20 ♦ CAPITAL GAINS DIVIDENDS 8 27.110 10.747 4.681 5.621 8.312 8.496 -768 2.645 3.700 5.170 -2.794 2.871 ♦ NET DURABLES IN CONSUMPTION 9 113.942 103.348 24.C79 28.306 27.276 34.281 10 115.689 129.701 27.953 28.458 29.136 30.142 11 229.631 233.049 52.032 56.764 56.412 64.423 12 13 14 15 16 26.131 22.758 32.131 19.336 32.461 32.976 33.017 33.108 58.592 55.734 65*148 52.444 235.640 245.278 52.945 60.309 59.129 63.257 57.289 60.017 60.415 67.557 60.230 174.132 166.346 40.395 43.357 42.539 47.841 37.201 40.514 41.968 46.663 36.138 37.537 32.537 9.412 9.239 10.784 8.414 8.102 5.088 7.960 10.175 7.757 130.310 127.547 29.556 33.612 31.646 35.496 27.307 32.900 32.395 34.945 27.056 6.285 6.262 1.427 1.643 1.654 1.561 1.480 1.626 1.613 1.543 1.325 17 61.5C8 78.932 12.550 16.952 18 130.760 121.847 23.729 36.436 19 110.439 87.256 18.756 20 13.054 A,503 -7.103 21 67.673 22 39.511 23 28.162 59.639 37.884 21.^55 23.452 11.645 11.807 16.590 35.284 2<».685 5.717 18.511 9.840 8.671 12.658 11.755 903 24 29.712 23.114 2.407 5.457 25 20.360 14.536 4.617 3.901 26 4.335 9.963 1.001 776 27 1.059 -1.671 337 501 28 3.464 —521 -1.971 -1.004 29 494 807 -861 567 15.499 10.183 2.30C 14 2.617 385 30 -1.586 1.006 31 -6.586 -2.031 7.277 24.359 7.274 31.668 34 -4.434 -5.295 35 -206 -279 1.497 36 2.248 37 38 39 40 41 42 43 22.328 31.247 53.575 69.252 72.815 44.208 1.408 20.105 2.817 1.800 2.477 -342 -523 -642 -292 1.767 5.686 1.841 7.289 1.857 5.830 -1.763 -1.496 -175 -328 323 379 -1.015 183 402 42.915 11.179 19.484 43.991 11.900 20.572 32.575 10.554 11.543 1.372 355 354 8.687 2.043 6.643 948 -287 1.120 -2.532 -1.138 494 2.941 373 418 37.426 « NET SAVING 33.340 ♦ CAPITAL CONSUMPTION 70.766 « GROSS SAVING 10 11 74.059 GROSS INVESTMENT 39.468 CAPITAL EXPEND.-NET OF SALES 5.096 RESIDENTIAL CONSTRUCTION 32.937 CONSUMER DURABLE GOODS 1.435 NONPROFIT PLANT ♦ EQUIP. 12 13 14 15 16 15.416 35.311 20.088 24.229 19.503 35.166 33.782 14.381 16.292 -8.035 25.094 20.645 25.225 15.943 5.842 -2.354 9.050 -11.381 37.654 11.313 13.052 6.271 6.781 21.982 11.606 10.376 15.410 11.027 4.383 7.074 15.173 29.062 6.927 8.324 11.185 147 6.849 17.877 23.182 4.342 18.840 TIME ♦ SAVINGS ACCOUNTS AT COMMERCIAL BANKS AT SAVINGS INST. 21 22 23 3.842 15.925 1.002 -1.738 1.835 11.243 -2.411 -8.358 2.359 4.566 3.606 1.731 -532 -2.106 174 4.687 -104 2.148 821 -1.741 284 74 687 68 3.159 -2.444 2.271 3.765 -839 406 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES S. ♦ L. OBLIGATIONS CORPORATE ♦ FGN. BONDS COMMERCIAL PAPER MORTGAGES 24 25 26 27 28 29 6.349 2.345 1.659 3.869 1.3D7 258 793 207 3.822 -3.386 -238 403 128 -730 -317 -5.454 18.447 28.253 20.894 24.092 34.199 24.382 181 614 -572 -620 1.812 5.554 1.785 4.611 1.874 10.950 -160 114 393 101 104 541 18.694 19.895 19.463 20.880 11.681 10.430 350 349 5.344 6.075 -123 2.107 615 1.829 865 821 4.141 3.694 8.958 346 -1.669 -1.245 -3.126 430 199 149 99 -116 -2.359 146 145 99 102 216 142 102 1.166 -3.714 -1.425 -4.681 -2.409 45 -4.570 -2.060 46 607 582 47 400 402 -984 -1.338 152 152 111 -1.014 -1.234 152 151 93 98 -6.009 -12.220 -913 -3.545 -2.717 186 1.211 -165 -1.860 1.826 7.189 1.789 8.918 34.591 NET FINANCIAL INVESTMENT 17 50.481 NET ACO. OF FINANCIAL ASSETS 18 1.942 -893 -465 -330 1.791 6.798 1.745 12.805 -1.589 -2.092 -1.715 -2.185 -1.570 -524 92 49 387 30 553 572 599 582 612 15.663 15.534 9.145 344 4.847 1.006 -675 867 9.806 11.918 6.664 342 4.524 -43 -522 953 290 13.305 12.845 -383 7.149 7.808 338 340 985 -4.647 1.230 - 1 .2 2 1 1.791 -2.681 691 679 428 141 104 15.890 14.381 10.190 336 1.191 655 1.709 300 1.265 139 105 DEP. ♦ CR. MKT. INSTR. (1) 19 20 DEMAND DEP. ♦ CURRENCY INVESTMENT COMPANY SHARES OTHER CORPORATE SHARES 30 31 LIFE INSURANCE RESERVES PENSION FUND RESERVES 32 33 NET INV. IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS 34 35 36 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 37 38 39 40 41 42 43 44 SECURITY CREDIT TRADE DEBT MISCELLANEOUS 45 46 47 -3.293 DISCREPANCY (1) EXCLUDES CORPORATE EQUITIES. 49 37.537 32.537 50 10.358 10.629 51 44.208 32.575 52 -17.029 -10.667 9.412 8.102 2.560 2.631 10.554 11.543 -3.702 -6.072 9.239 10.784 8.414 2.574 2.614 2.593 11.681 10.430 8.958 -5.016 -2.239 -3.158 5.988 7.960 2.695 2.654 9.145 6.664 -5.852 -1.358 53 130.310 127.547 54 103.200 116.800 55 27.110 10.747 29.556 33.612 24.875 25.300 4.681 8.312 31.646 35.496 27.307 26.025 27.000 28.075 5.621 8.496 -768 32.900 32.395 34.945 27.056 29.200 29.750 29.775 29.850 3.700 2.645 5.170 -2.794 56 22.922 57 4.188 9.635 1 .1 1 2 1.756 2.925 7.763 549 5.952 -331 7.451 -2.914 2.146 1.045 58 59 60 61 6.285 2.131 1.408 2.746 6.262 2.272 1.372 2.618 1.427 518 355 554 1.643 527 354 762 1.654 537 350 767 1.561 549 349 663 1.480 558 346 576 1.626 566 344 716 62 63 14.343 8.226 14.846 7.859 14.213 7.978 14.449 6.803 15.310 8.580 13.452 9.384 14.613 9.173 64 25.063 23.414 24,►646 25.110 24.634 25.765 65 19.005 16.712 14.272 12.241 7.55ft 4.311 7.947 4.419 66 67 68 19,.134 19.179 18.576 11.240 16.117 15.408 5,.295 8.619 8.163 5,.636 9.100 8.499 19.133 14.122 7.956 8.350 5.853 4.481 -2.153 -1.836 10.175 7.757 5.096 2.666 2.678 2.690 7.808 .7.149 10.190 -299 -2.070 -7.784 32.937 30.066 2.871 MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES - CAPITAL CONSUMPTION - HOME MORTGAGES * EXCESS NET.INVESTMENT 49 50 51 52 (B) CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION « NET INVESTMENT 54 55 2.215 -5.868 3.074 2.955 1.846 1.025 - CONSUMER CREDIT * EXCESS NET INVESTMENT 1.613 572 342 699 1.543 576 340 627 1.32 5 580 338 407 1.435 584 336 515 15.071 6.525 15.922 7.151 13.819 .8.589 14.941 8.140 23.248 23.772 22.413 24.150 PER CENT OF DISPOSABLE INCOME ADJ. (2): 21.256 25.610 GROSS SAVING 16.143 10.5x4 1.796 1.603 16.438 14.268 6.355 6.302 16.877 11.361 3.943 4.792 17.298 12 .6*7 4.932 4.761 14.647 14.283 CAPITAL EXPENDITURES 9.882 18.269 ACQUISITION OF FINAN. ASSETS 117 5.750 NET INCREASE IN LIABILITIES -155 5.204 CREDIT MARKET BORROWING (C) NONPROFIT PLANT ♦ EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES 60 * EXCESS NET INVESTMENT 61 PER CENT RATIOS: 11.811 EFFECTIVE TAX RATE 9.725 SAVING RATE, NIA BASIS 69 916.196 995.330 211.109 226.058 228.995 250.034 230.442 246.465 248.666 269.757 246.716 276.314 (2) DISPOSABLE INCOME ADJ. (NIA DISPOSABLE INCOME ♦ GOVT. INSURANCE CREDITS ♦ CAPITAL GAINS DIVID.) IT/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 56 57 62 63 65 66 67 68 11 AUGUST 1975 TOTAL ♦ NONCORP BUSINESS TOTAL ♦ NONCORP BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS I 1974 | UNAOJUSTED QUARTERLY FLOWS 1973 II 1974 III IV NONFINANCIAL 1 183.881 177.352 2 112.649 112.258 42.679 46.101 24.776 25.542 3 98.845 98.641 24.235 4 160.525 164.143 35.316 5 145.156 149.916 30.451 6 125.696 136.834 27.874 7 -573 -363 -1.857 8 20.033 13.445 4.434 9 15.369 14.227 4.865 46.651 48.450 26.008 36.323 II III I IV | 43.940 44.948 44.176 44.288 38.937 41.563 25.898 24.744 24.925 36.691 27.367 28.020 22.850 21.512 30.248 27.916 21.995 19.752 28.978 26.203 24.454 41.286 39.590 44.333 38.329 45.179 39.467 41.168 26.912 29.679 39.193 38.413 37.099 31.664 42.457 39.433 36.362 29.125 39.336 32.300 31.523 33.999 31.071 35.874 34.064 35.825 31.390 34.879 1.153 1.916 -1.785 -3.131 1.859 2.683 -1 .774 -3.421 2.0 12 5.740 4.974 4.885 3.724 4.724 2.686 2.311 1.156 2.445 2.093 1.177 7.234 6.665 2.722 34 4.806 -2.213 -9.657 10 -61.680 -65.502 -11.081 -18.436 -18.078 -14.085 -10.413 -23.184 -19.715 -12.190 11 43.858 46.556 10.224 13.417 10.273 9.944 15.029 17.223 10.760 3.544 12 105.538 112.058 21.305 31.853 28.351 24.029 25.442 40.407 30.475 15.734 13 7.420 4.097 1.751 2.169 14 77.630 88.008 18.184 24.452 15 9.159 19.670 1.452 3.047 16 -864 -886 -1.570 848 17 28.439 22.836 5.836 8.387 18 34.024 29.801 11.831 10.157 19 5.076 14.939 314 1.478 20 21 20.062 426 22 13.804 13.617 18.615 1.338 65 8.838 1.305 -3.606 541 II BUSINESS - TOTAL 2.692 1.287 2.213 1.244 1.555 -5 1.303 18.359 16.635 15.928 31.298 21.317 19.465 2.657 2.003 3.705 5.386 4.192 6.387 1.420 -1.562 -2.626 1.340 1.968 -1.568 7.949 6.267 4.989 7.684 4.975 5.188 5.693 6.343 6.394 13.704 4.354 5.349 151 3.133 3*055 2.760 5.497 3.627 7.425 1.280 3.734 1.447 4.496 6.075 -2.018 9.814 4.323 3.636 -1.949 FIXED INVESTMENT BUSINESS PLANT ♦ EQUIPMENT NONFARM HOME CONST. II) MULTI-FAMILY RESIDENTIAL CHANGE IN INVENTORIES -709 -5.225 NET FINANCIAL INVESTMENT -3.823 744 FINANCIAL USES OF FUNDS* NET -3.114 5.969 FINAN. SOURCES OF FUNDS* NET 1.933 2.421 CORPORATE SHARE ISSUES 7.257 13.55C CREDIT MARKET INSTRUMENTS 9.430 9.736 CORPORATE BONDS -2.824 1.476 HOME MORTGAGES 3.171 4.237 OTHER MORTGAGES -5.367 -1.532 BANK LOANS N.E.C. 2.417 -1.178 OTHER LOANS 8.082 -3.604 -8.723 -2.971 1.081 -1.430 -3.581 -7.031 2.749 5.173 7.713 1.164 3.566 TRADE DEBT OTHER LIABILITIES 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FARM BUSINESS 1 2 3 4 5 6 7 8 9 10 11 38.529 31.782 308 380 8.422 9.340 623 668 7.799 8.672 8.730 9.720 8.018 -5 1.993 152 1.841 1.988 8.909 -732 2.115 154 1.961 1.383 10.387 296 2.119 157 1.962 2.415 11.215 749 2.195 160 2.035 2.944 9.775 141 2.258 163 2.095 2.399 7.282 -739 2.321 169 2.152 1.582 7.450 340 2.366 168 2.198 2.706 7.275 638 2.395 168 2.227 3.033 5.550 -158 2.424 168 2.256 2.266 5.675 -773 2.453 168 2.28 5 1.680 8.730 9.720 13.927 15.359 9.454 12.288 504 745 3.969 2.326 1.988 3.211 2.237 105 869 1.383 3.329 2.480 92 757 2.415 3.617 2.36 5 140 2.944 3.770 2.372 167 1.231 2.399 3.978 2.882 151 945 1.582 4.146 3.181 185 780 2.706 3.773 3.032 224 517 3.033 3.462 3.193 185 84 2.266 3.178 3.416 108 -346 1.680 GROSS INVESTMENT 3.617 CAPITAL EXPENDITURES 3.536 PLANT ♦ EQUIPMENT 166 RESIDENTIAL CONSTRUCTION -85 CHANGE IN INVENTORIES -826 -1.579 -2.564 -1.067 169 177 231 222 19 2 30 1 167 158 230 192 139 141 142 144 28 17 88 48 -429 217 19 198 145 53 -912 209 1 .1 1 2 12 -5.197 -5.639 -1.223 -1.946 -1.2 02 13 715 847 184 187 175 14 0 69 19 -8 -13 15 715 778 165 195 188 16 555 572 141 137 138 17 160 206 24 57 51 18 19 20 21 22 23 24 5.912 8.617 4.383 3.013 1 .2 2 1 119 1 .1 0 2 6.486 7.786 4.936 910 1.940 290 1.650 25 1.462 1 .2 1 1 26 -4.167 -2.511 1.407 2.086 998 2.133 2.833 1.279 985 569 1.377 2.070 1.178 715 177 -34 211 995 1.628 928 627 73 44 29 1.756 1.600 855 373 372 25 347 365 366 366 -1.044 -1.066 -1.059 365 -998 366 686 402 98 304 11 558 -2 10 2.795 3.376 1.578 744 1.054 118 936 1.289 2.009 1.381 56 572 646 801 20 189 147 42 -1.937 NET FINANCIAL INVESTMENT 203 NET INCR. IN FINAN. ASSETS 23 DEMANO DEPOSITS ♦ CURRENCY 180 MISCELLANEOUS ASSETS 148 INSURANCE RECEIVABLES 32 EQ. IN SPONS. AGS. (2) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1 .1 2 1 2.140 2.426 1.050 800 576 50 526 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N.E.C. OTHER LOANS U.S. GOVERNMENT F1CB 18 19 20 21 22 23 24 -539 253 TRADE DEBT PROPRIETOR NET INVESTMENT 25 26 122 450 -263 -58 25 -83 2.341 1.716 63 562 291 271 369 392 -950 - 1 .1 1 2 84 -239 -382 -838 1.12 2 NET INCOME NET SAVING CAPITAL CONSUMPTION CORPORATE NONCORPORATE CURRENT SURP. * GROSS SAVING NONFARM NONCORPORATE BUSINESS 71.285 16.865 16.740 16.984 17.153 17.355 17.662 18.098 18.170 18.228 2 19.349 21.251 3 19.323 21.055 1 67.742 4.579 2.869 4.790 2.711 4.896 2.013 *.084 11.730 5.160 3.144 5.293 2.483 5.370 2.684 5.428 12.744 5.486 3.829 5.544 CAPITAL CONSUMPTION 3.446 CURRENT SURP. « GROSS SAVING 2 4 19.323 21.055 5 25.089 22.886 6 26.570 21.926 7 12.923 12.826 8 -538 -554 9 14.185 9.654 10 -1.481 960 2.869 5.556 5.5?8 3.029 -981 3.490 18 2.711 6.985 7.514 3.301 531 3.682 -529 2.013 11.730 3.144 6.874 5.674 5.314 7.617 5.901 4.470 3.260 3.333 2.984 888 -976 -1.641 3.469 3.544 3.127 -743 -227 844 2.483 7.168 6.923 3.279 837 2.807 245 2.684 6.356 6.448 3.256 1.230 1.962 -92 12.744 3.829 1.956 4.048 4.085 2.477 3.307 2.948 -980 -1.765 1.758 1.294 -37 -521 3.446 GROSS INVESTMENT 4.484 CAPITAL EXPENDITURES 5.128 FIXED CAPITAL 3.159 PLANT ♦ EQUIPMENT 923 HOME CONSTRUCTION (1) 1.046 MULTI-FAMILY RESIDENTIAL -644 CHANGE IN INVENTORIES 4 5 -4.685 440 -3.672 313 11 I? 13 14 15 16 17 18 19 -5.766 -1.831 -2.687 -4.274 2.255 1.944 326 432 -4.861 148 0 0 0 1.264 991 971 0 939 1.005 971 34 77 249 244 5 181 251 243 3.775 7.207 6.119 -443 5.550 1.0 1 2 3.013 1.608 792 -785 1.271 306 4.706 3.161 2.928 424 2.087 417 -994 2.082 109 707 106 127 -994 -648 -267 -2.784 2.124 -719 1.975 -430 20 8.021 20 21 22 23 9.282 7.067 -432 5.935 1.564 24 25 382 1.833 26 27 0 8 -99 247 242 5 6.056 -2.170 1.349 90 0 1.105 244 242 0 0 -160 25C 243 7 176 264 242 5.009 -4.707 2.260 2.265 2.248 -596 2.827 520 -127 710 -781 -1.313 1.679 898 902 438 403 284 5.125 3.229 2.601 670 1.542 389 -410 -152 2 22 577 1.151 -585 116 266 362 2.700 -7.793 44 838 2.545 311 2.535 -639 0 66 247 243 4 8.696 1 .1 0 1 0 857 244 243 1 1.873 -1.036 NET FINANCIAL INVESTMENT 584 347 NET ACQ. OF FINANCIAL ASSETS 0 0 DEMAND DEPOSITS ♦ CURRENCY 341 112 CONSUMER CREDIT 243 235 MISCELLANEOUS ASSETS 243 243 INSURANCE RECEIVABLES 0 -8 EO. IN SPONS. AGS. (2) 3.985 -7.595 -1.289 2.1 1 1 2.463 -1.186 2.597 1.048 -471 984 -784 -1.412 1.450 1.656 932 163 176 9 -545 59 -130 1.545 2.854 -8.582 -980 -1.476 18.389 NET INCOME -612 -103 1.385 1.836 1.995 738 1.095 162 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 87 -246 1.372 1.244 -1.347 -1.823 BANK LOANS N.E.C. OTHER LOANS (2) SHARES IN FICB'S* BANKS FOR COOPS* AND LANO BANKS. 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 TRADE DEBT* NET 26 PROPRIETOR NET INVESTMENT 27 (1 ) CHANGE IN WORK IN PROCESS. IT/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 3 11 AUGUST 1975 NONFINANCIAL CORPORATE BUSINESS NONFINANCIAL CORPORATE BUSINESS 5 SECTOR STATEMENTS OF SAVING AND INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1973 1974 | II 1974 III II I IV | III NONFINANCIAL CORPORATE BUSINESS 95.189 40c528 23.638 31.033 3.678 -17.579 67.464 84.596 9 10 11 12 13 14 15 109.365 22.623 25.967 23.141 23.458 24.617 28.960 30.830 24.958 17.967 20.276 45.290 9.665 11.118 9.804 9.941 10.251 12.098 12.634 10.3076.758 7.841 30.604 5.412 5.533 5.798 6.895 6.677 7.901 7.707 8.3196.884 7.020 33.471 7.546 9.316 7.539 6.632 7.689 8.961 10.489 6.3324.325 *.416 = 10.598 745 844 942 1.147 2.955 2.776 2.918 1.949545 594 ♦ -35.080 -4.827 “5.515 “3.861 -3.376 -7.807 -8.956 -12.202 -6.115 -2.808 “2.777 72.494 16.455 16.803 16.960 17.246 17.518 17.898 18.330 18.748 19.210 19.661 81.483 19.919 21.448 21.580 21.649 20.355 20.679 19.535 20.914 21.272 22.894 70.792 67.866 19.378 121.509 125.898 26.549 108.628 114.957 22.571 103.319 111.720 22.608 -554 -539 -981 5.848 3.791 944 12.881 10.941 3,978 18.756 30.972 29.107 26.519 530 2.058 1.865 17.084 29.099 28.291 25.898 888 1.505 808 15.574 34.889 28.659 28.294 -976 1.341 6.230 22.373 17.930 29.037 33.865 24.161 32.168 25.205 29.414 -1.641 837 597 1.917 4.876 1.697 14.362 29.338 29.729 27.776 1.229 724 -391 PROFITS BEFORE TAX PROFITS TAX ACCRUALS NET DIVIDENDS PAIO UNDISTRIBUTED PROFITS FOREIGN ERANCH PROFITS ♦ INV. VALUATION ADJUSTMENT ♦ CAPITAL CONSUMPTION ALLOM. = GROSS INTERNAL FUNDS 1 2 3 4 5 6 7 8 13.201 20.108 19.328 GROSS INVESTMENT 33.658 21.778 21.578 CAPITAL EXPENDITURES 28.899 23.124 30.506 FIXED INVESTMENT 29.325 25.026 28.184 PLANT + EQUIPMENT -979 -1.764 923 HOME CONSTRUCTION 553 -138 1.399 MULTI-FAMILY RESIDENTIAL 4.759 -1.346 -8.928 CHANGE IN INVENTORIES 9 10 11 12 13 14 15 16 -50.717 -58.032 17 40.888 43.765 -7.171 -12.216 -12.015 -19.315 9,714 12.798 9.950 8.426 -6.664 -15.935 -14.976 “20.457 -1.670 -2.250 NET FINANCIAL INVESTMENT 14.762 16.552 10.225 2.226 -4.616 194 NET ACQ. OF FINANCIAL ASSETS 6.949 13.223 -270 347 1.354 6.577 -1.813 3.515 -137 616 23 5.241 4.945 24 2.574 -2.777 2.847 -2.079 3.465 -500 250 385 1.326 2.908 293 -35 -442 625 3.136 -669 4.493 3.654 -1.370 -1.394 1.653 3,991 -958 424 531 -1 1 2.677 2.320 1.960 -1.676 1.651 3.425 1.598 845 2.266 -1.160 718 215 -2.241 -683 4.732 1.869 35 61 390 -198 146 1.495 934 -3.995 1.245 2.093 -164 -1.278 2.414 449 25 2.007 1.170 -1.152 26 24.080 20.806 4.183 27 7.852 8.566 3.836 28 3.649 7.152 2.061 29 2.568 -200 1.349 30 1,616 1.597 423 19 17 742 7.290 1.858 669 783 401 866 373 1.730 -2 .1 2 1 6.367 -6.074 -5.935 1.834 3.145 1.842 1.827 2.743 1.366 -400 76 0 4C1 398 400 611 -4.695 2.185 1.494 292 399 18 19 20 21 22 32 91.605 101.797 16.885 33 67.151 77.112 16.241 34 7.420 4.097 1.751 35 59.731 73.015 14.490 1.459 -265 192 1.324 1.174 -3.250 97) -1.842 -375 -637 654 1.066 1.656 261 198 7.545 748 313 36 393 2.219 -1.799 5.062 10.123 1.410 1.945 1.141 606 400 400 399 401 25.014 21.965 27.741 20.627 15.311 14.972 2.169 1.287 2.213 18.458 14.024 12.759 21.426 16.47® 1.555 14.924 36 37 38 39 40 41 1.796 9.159 16.125 -432 2.482 14.075 1.648 19.670 10.895 -443 2.237 9.101 321 1.452 2.476 -785 503 2.758 535 3.047 5.028 424 848 3.756 489 2.657 5.364 71C 716 3.938 451 411 2.003 3.705 3.257 1.635 -781 -1.313 415 397 2.551 3.623 42 43 44 45 46 30.629 29.885 -176 4.122 “123 1.262 1.996 4.475 32 5 1.058 11.036 -1.685 9.066 141 “19 617 43 5.388 11C 125 -146 37 5.139 1.258 -7 561 97 47 48 49 2.323 19.594 2.537 4.410 2.717 -2.698 18.052 -2.424 6.497 588 351 2.223 1.409 4.359 886 895 11.162 712 50 13.804 13.617 2.692 4.496 51 52 4.486 38.103 2.754 41.084 793 14.956 3. 186 7.668 -222 964 148 6.607 7.622 10.390 1.642 1.441 -20 0 397 32.487 25.201 25.937 17.192 1.244 -5 24.693 17.197 22.683 -2.946 17.504 8.035 1.303 1.933 16.201 6 .1 0 2 686 -14 2.444 11.709 2.421 9.288 424 5.386 4.845 670 678 3.497 331 4.192 2.965 984 516 1.465 482 6.387 1.450 -784 646 1.588 430 9.430 -898 -1.412 429 85 6.606 888 140 1.625 -86 12.694 718 254 ?55 17 4.843 2.740 479 1.593 54 5.742 -224 389 902 1.073 -4.818 -2.419 1.482 -1.920 64 -324 405 72 8 7 8 2.358 1.412 1.177 -2.060 6.910 1.700 3.174 4.836 -1 938 4.894 -653 -1.722 -5.811 -9.585 -3.804 326 350 6.075 -2.018 2,749 5.173 8.71 \ 8.566 3.480 15.422 1.531 8.712 - 6 .1 0 0 7.857 7.713 - 1 0 .9 6 8 8.384 1.164 811 9.736 2.668 738 475 1.455 LIQUID ASSETS DEMANO DEP. * CURRENCY TIME DEPOSITS U.S. GOVTa SECURITIES S. * L. OBLIGATIONS COMMERCIAL PAPER SECURITY fc.P.’S CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (1) FOREIGN CURRENCIES INSURANCE RECEIVABLES EQUITY IN SPONSOREO AGS. 31 NET INCREASE I* LIABILITIES NET FUNDS RAISED IN MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS TAX-EXEMPT BONOS f2) CORPORATE BONOS II) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS LIABILITIES 3.566 DISCREPANCY (2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. THESE ARE FORMALLY ISSUED BY STATE AND LOCAL GOVERNMENT AUTHORITIES* BUT THEY FINANCE PRIVATE INVESTMENT AND ARE SECURED IN INTEREST ANO PRINCIPAL BY THE INDUSTRIAL USER OF THE FUNOS. 52 PER CENT RATIOS: 38.671 EFFECTIVE TAX RATE 53 94.251 CAPITAL OUTLAYS/INTERNAL FUNDS 54 43.043 CR. MKT. BORROWING/CAP. EXP. 55 (1) FOREIGN INVESTMENT EXCLUDES AMOUNTS FINANCED BY BONO ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM FINANCIAL SOURCES OF FUNDS ABOVE. 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 36 37 38 39 40 41 BANK LOANS N.E.C. 42 43 COMMERCIAL PAPER ACCEPTANCES 44 FINANCE COMPANY LOANS 45 U.S. GOVERNMENT LOANS 3.6«*0 - 8 9 1 M EM O : N E T T R A D E C R E D IT 8.895 15.122 PROFITS TAX PAYMENTS 53 42.576 41.411 42,722 42.815 42.366 42.377 41.641 41.774 40.979 41.297 37.613 54 143.634 154.508 133.284 144.404 134.842 161.157 142.652 163.765 150.181 160.935 102.378 55 49.157 57.995 54.578 59.595 48.194 36.*>70 M.396 72.915 58.616 48.134 28.019 32 33 34 35 11 AUGUST 1975 GOVERNMENTS GOVERNMENTS SECTOR STATEMENTS OF SAVING AND INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1974 1973 1974 | II III IV II I III I IV I 1975 I II STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS 1 2 3 4 193.527 141.295 11.728 40.504 207.688 45.625 48.822 45.301 53.779 48.156 151.102 32.946 35.339 32.480 40.530 34.797 2.817 2.973 12.833 3.035 2.903 3.102 43.753 9.862 10.580 9.848 10.214 10.257 184.371 205.887 43.094 45.836 6 169.816 192.321 39.495 42.205 7 14.555 )3.566 3.599 3.631 1.801 8 9.156 2.986 2.531 9 9.415 12.229 2.456 2.479 -259 —10.428 10 75 507 47.486 47.955 48.191 51.267 43.850 44.266 45.037 47.966 3.1*4 3.636 3.689 3.301 5.824 1.044 -35 -2.185 2.919 2.419 2.061 2.090 -4.604 3.763 -2.125 -1.875 -5.395 -10.794 -1.717 -2.140 -3.062 7.949 6.691 1.098 614 1.164 102 -1.553 -312 916 -1.659 2.003 7.224 5.702 2.988 585 11 12 13 14 15 16 17 18 439 206 1.179 -973 19 235 274 -492 -1.034 59 -607 -1.186 -643 -648 545 707 -1.152 -543 52.311 48.920 58.301 52.991 37.833 34.976 43.496 37.267 3.172 3.316 3.417 3.243 11.306 10.701 11.489 12.307 1.524 -1.969 5.073 2.0*5 1.984 -1.472 1.576 1.648 675 738 466 272 1.290 1.261 811 450 53.201 53.228 54.179 49.774 49.544 50.091 3.427 4.088 3.684 5.073 -1.188 -4.281 3.966 2.470 3.254 1.107 -3.658 -7.535 57.402 53.037 4.365 -273 3.404 -3.677 333 4.577 1.864 2.616 -4.307 -1.098 -1.410 -1.422 947 894 352 542 -57 -137 298 -435 1.678 1.696 1.*59 137 405 243 467 -224 79 -19 160 -3.043 -6.115 1.705 -1.646 2.218 -2.508 1.750 -240 1.798 -2.414 1.761 -2.459 1.295 -2.593 466 134 57.129 TOTAL RECEIPTS, NIA BASIS TAX RECEIPTS 40.055 3.518 SOCIAL INSURANCE RECEIPTS 13.556 GRANTS IN AID RECEIVED -4.699 NET FINANCIAL INVESTMENT -381 NET ACQ. OF FINANCIAL ASSETS 534 DEMAND DEP. ♦ CURRENCY -1.377 TIME DEPOSITS 20 -2 21 598 215 0 613 115 0 155 152 0 147 -62 -1 145 30 -1 151 38 -I 153 45 0 151 53 0 155 154 56 57 22 23 24 25 26 13.344 12.258 11.913 -248 12.161 17.485 16.556 15.723 2.867 12.656 2.815 2.570 2.4C3 -71 2.474 2.754 2.468 2.708 -518 3.226 4.226 3.934 3.498 268 3.230 3.549 3.286 3.304 73 3.231 4.024 3.784 3.716 148 3.568 4.748 4.526 4.686 710 3.976 4.469 4.223 3.740 1.602 2.138 4.244 4.023 3.581 407 3.174 3.209 2.974 3.200 107 3.093 4.318 4.094 4.322 27 28 345 1.086 833 929 167 245 -240 286 436 292 -18 263 68 -160 442 240 222 483 246 -226 235 366 1.792 2.647 -1.542 2.239 1.168 -1.420 1 1 TOTAL EXPENDITURES, NIA BASIS PURCH. OF GOODS * SERVICES NET INTEREST ♦ TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO HH = GROSS SAVING 2 15 16 17 18 S. ♦ L. OBLIGATIONS HOME MORTGAGES TAXES RECEIVABLE 20 21 774 649 1.022 DISCREPANCY EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR. 29 67.575 70.052 27.810 27.463 35.306 38.047 4.459 4.542 -6.123 1.137 -291 245 -6.368 1.428 74.241 74.856 79.968 85.154 89.936 29.347 28.528 31.539 30.911 33.092 40.380 41.437 43.549 49.266 51.655 4.514 4.891 4.880 4.977 5.189 1.946 -12.343 -13.218 -24.312 1.196 3.816 -769 129 -349 5.085 2.715 -12.472 -12.869 -29.397 -2.620 65.624 TOTAL RECEIPTS, NIA BASIS 24.702 PERSONAL TAXES 9.038 CORP. PROFITS TAX ACCRUALS INDIRECT TAXES 5.893 25.991 SOCIAL INSURANCE RECEIPTS TOTAL EXPENDITURES, NIA BASIS GOODS ♦ SERVICES TRANSFERS, ETC. NET INTEREST NET SURPLUS, NIA BASIS - INSURANCE CREDITS TO HH = GROSS SAVING 2.781 -8.628 -14.827 -27.958 NET FINANCIAL INVESTMENT 228 -3.553 -1.454 -821 13 -7.671 -7.314 -3.525 -13 14 4.343 8.905 4.760 1.396 -2.064 6.116 3.457 3.617 -4.421 NET ACQ. OF FINANCIAL ASSETS 5.326 -4.572 -1.171 -19 1.354 -4 845 25 259 40 GOLD, SDR'S ♦ OFF FGN EXCH 214 270 15 -30 0 15 1.586 OEMAND DEPOSITS ♦ CURRENCY 693 1.533 164 -5.195 1.651 -1.846 16 -1.847 -4.538 1.313 -1.103 -2.902 -144 44 -13 173 TIME DEPOSITS -167 38 164 -40 -151 151 -1 2 0 17 -140 389 715 2.054 4.271 4.2C4 1.822 CREDIT MARKET INSTRUMENTS 7.429 904 603 18 2.962 -507 1.982 4 SPONSORED AGENCY ISSUES 19 -7 0 -1 2 2 5 -2 -2 2 2 -1 1 -815 HOME MORTGAGES -144 67 246 1.525 1.091 524 -536 260 -95 355 20 -1.186 514 434 876 936 OTHER MORTGAGES -75 -143 60 3 1.319 162 125 39 152 21 3.567 771 497 1 .2 1 0 3.040 1.739 581 OTHER LOANS 5.584 1.310 276 674 1.373 22 1.719 -2 .0 01 -8.043 TAXES RECEIVABLE 2.304 1.944 2.101 -4.091 4.103 23 2.163 3.832 2.538 -4.623 -71 334 88 119 118 TRADE CREDIT 24 274 856 110 330 209 -9 5 225 176 769 178 -161 269 170 MISCELLANEOUS -66 -27 25 957 -352 107 108 35 -81 -3.635 36 41.553 45.223 2.767 7.777 -512 16.335 479 -2.815 8.423 9.018 18.444 167 19.244 NET INCREASE IN LIABILITIES TREASURY CURR. ♦ SDR CTFS. CREDIT MARKET INSTRUMENTS SAVINGS BONOS DIRECT EXCL. SVGS. BONDS AGENCY ISSUES ♦ MTGS. LIFE ♦ RETIREMENT RESERVES TRADE DEBT MISCELLANEOUS 2.850 -2.051 97 100 3.389 -6.186 780 822 2.249 -7.252 360 244 -291 3.816 177 -306 -42 45 3.335 103 4.485 611 4.240 -366 -769 152 -636 12.085 145 10.310 814 9.763 -267 129 -82 1.583 18.722 -500 -349 -241 -377 23.537 214 16.614 1.117 15.586 -89 5.085 -34 1.658 2.882 9.132 9.404 -66 -3.844 9.751 1.958 10.168 -1.439 DISCREPANCY 17.081 MEMO* CORP. TAX RECEIPTS, NET 85 89 -2.607 16.936 1.0 22 FEDERALLY SPONSORED CREDIT AGENCIES 316 42 53 63 69 73 77 81 22.019 23.706 -18 98 20.255 24.061 1.349 -204 8.393 12.168 1.964 2.792 8.549 9.305 279 998 1.650 1 .1 0 2 7.168 6.657 -337 1.6 6 6 3.042 35 3.113 7.568 4 6.987 468 2.907 -26 2.834 -787 2.489 396 736 541 347 -152 09 9.171 3.153 577 5.228 83 4.296 753 2.347 479 717 -161 29 849 849 6.487 -54 7.173 1.389 484 1.342 597 304 441 -106 6.181 -24 5.859 230 1.989 527 3.113 -170 558 2.725 346 3.171 933 3.271 -312 936 2.647 -632 8.799 369 3.779 785 3.866 286 450 3.130 350 13 21.758 23.380 14 19.589 22.080 15 19.589 21.385 16 695 0 2.169 1.300 17 -34 18 -1 0 2.945 2.684 2.684 6.125 5.874 5.874 7.490 7.043 7.043 5.198 3.988 3.988 2.811 1.796 1.796 6.373 6.447 6.447 9.002 8.942 8.832 0 1 .2 1 0 1 227 2 3 4 5 6 7 8 9 10 11 12 -102 2.668 474 3.377 13 211 0 0 0 261 -55 251 -3 447 -15 39 -202 22 0 0 110 1.015 -23 -74 -37 -88 60 5.141 2.551 40 -50 2.702 5.255 416 3.468 2.729 1.968 777 678 1.432 -3.*11 483 -142 271 -83 1.032 -3.640 -154 -1 0 1 5.194 4.895 4.310 585 299 138 2.489 1.961 1.703 258 528 27 89 CURRENT SURPLUS 2.203 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS ♦ CURRENCY 1 CREDIT MARKET INSTRUMENTS 2.103 -442 U.S. GOVERNMENT SECURITIES 2.742 RESIDENTIAL MORTGAGES Cl) 700 FARM MORTGAGES OTHER LOANS -897 TO COOPS IBC) -62 TO FARMERS (FICB) 526 -1.361 TO S+L *S 1FHLB) MISCELLANEOUS ASSETS 99 1.957 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS 1.891 1.597 SPONS. AGENCY ISSUES (1) U.S. GOVERNMENT LOANS 294 MISCELLANEOUS LIABILITIES 66 -157 DISCREPANCY (1) ALL GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS ARE INCLUDED IN AGENCY SECURITIES. THE MORTGAGE POOLS ARE INCLUOED IN RESIDENTIAL MORTGAGES. 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 19 27 28 64.246 66.150 66.173 26.272 27.262 25.214 34.226 35.042 36.750 3.748 3.846 4.209 999 420 -923 -165 2.332 -287 707 -758 -1.333 8.313 77 7.312 457 6.141 714 245 498 181 13 14 U.S. GOVERNMENT LOANS TRADE DEBT 6 264.144 299.117 -3.751 -1.399 64 88 193 8.853 -5.994 -457 441 891 911 7.310 -6.852 -1.560 652 -53 662 -287 -165 2.332 -158 -336 112 233 54 -831 11 12 -228 224 221 75.437 76.802 67.625 71.936 32.135 36.987 32.738 32.190 12.B45 13.507 11.470 8.167 5.477 5.719 5.600 5.652 24.980 20.708 17.765 25.860 8.851 8 9 10 3.656 666 61.452 71.189 29.135 29.425 10.962 11.233 5.379 5.288 15.976 25.243 12.014 16.219 445 422 9.714 11.998 3.027 2.700 5.039 9.000 -29 1.975 2.125 2.885 -59 116 -363 950 7 22 63.323 67.149 66.59 3 25.332 27.485 32.186 10.315 11.712 10.727 5.132 5.396 5.253 22.544 22.556 18.427 26 27 28 29 30 31 32 33 34 5 6 NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING S. ♦ L. OBLIGATIONS SHORT-TERM OTHER I 258.517 291.053 2 114.138 131.285 3 43.716 49.055 4 21.160 22.017 5 79.503 88.696 116.877 163.413 18.827 -8.064 2.885 -10.949 3 4 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES DIRECT U.S. GOVT. AGENCY SEC. U.S. GOVERNMENT 7 106.558 8 141.324 9 16.262 10 -5.627 2.125 11 12 -7.752 1 2 23 24 25 26 11 AUGUST 1975 BANKING SYSTEM BANKING SYSTEM SECTOR STATEMENTS OF SAVING ANO INVESTMENT (BILLIONS OF DOLLARS) 7 UNAOJUSTED QUARTERLY FLOWS I 1974 | 1973 UNADJUSTED QUARTERLY FLOWS 1973 I II III I | IV 1974 I II | IV | III 1975 I II MONETARY AUTHORITIES 1 27 32 4.710 2.115 7.842 80 -190 -190 403 537 109 -875 -1.098 -1.852 -959 47 -723 9.227 6.150 4.001 5.219 3.963 9.265 -38 931 38 171 964 -13 109 -74 -258 132 2 3 4 5 6 7 r 9 10 0 0 11 12 0 13 4.539 7.710 1.413 -1.217 2.040 952 14 15 16 17 18 19 3.374 6.956 255 439 -498 1.578 -69 223 73 3.941 6.294 -1.396 49 123 78 760 -2.230 324 1.2 00 1.278 -78 0 2.088 932 1.226 -2.055 234 -1.231 36 39 42 4.306 457 0 13 64 121 988 63 2.752 -3.264 489 3.537 3.526 498 -9 11 37 -306 -4 57 -877 775 -257 -319 62 5.101 0 0 4.269 421 6.144 -3.902 2 .0 1 1 1.026 4.273 -4.177 630 -2.911 -5 63 3.648 -1.329 9 46 -64 245 3.023 205 -200 3.018 19 255 88 151 75 1.177 3.610 3.436 174 0 0 5.059 -345 1.350 1.676 -976 -1.352 -451 -427 119 -143 36 -304 44 46 42 5.134 -5.219 159 -163 108 221 1.424 -1.720 1.982 -4.893 1.461 1.336 1.275 827 186 509 3.240 35 136 162 514 2.393 2.364 29 0 0 0 41 CURRENT SURPLUS 5.090 -5.265 3.198 720 NET INCREASE IN LIABILITIES 3.170 -7.413 4.594 -4.822 MEMBER BANK RESERVES 2.152 1.128 -1.168 -525 VAULT CASH OF COML. BANKS 4.594 -283 3.096 761 472 -367 26 259 -181 3.807 -1.014 3.644 39 24 -2 1 27 -2.055 102 99 562 79 -542 -278 -49 1 761 NET ACQ. OF FINANCIAL ASSETS 2 GOLD ♦ FOREIGN EXCHANGE 11 3 264 TREASURY CURR. ♦ SDR CTFS. 4 F.R. FLOAT -732 5 -253 F.R. LOANS TO DOMESTIC BANKS 6 1.471 CREDIT MARKET INSTRUMENTS 7 1.817 U.S. GOVERNMENT SECURITIES 8 -346 9 ACCEPTANCES 0 BANK LOANS N.E.C. 10 5.678 2.261 -148 3.565 135 254 DEMAND DEPOSITS ♦ CURRENCY DUE TO U.S. GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS TAXES PAYABLE MISCELLANEOUS LIABILITIES 11 12 13 14 15 16 17 18 19 COMMERCIAL BANKING (1) 1 2 4.395 3.039 3 100.247 4 286 5 83.260 6 86.600 7 -1.273 8 -8.833 9 7.560 10 11 12 25.918 5.700 464 13 10.994 14 8.760 4.761 3.827 1.057 717 1.091 729 83.909 20.262 5 -182 62.205 10.808 64.634 15.068 1.0 1 0 -5.839 -2.613 -5.968 3.623 129 27.218 19.135 5.494 1.104 6.475 6.062 15 61.955 44.489 16- 10.608 2.762 17 52.115 39.507 18 -768 2.220 56 0 -3.396 -2.429 19 20 21 22 3.453 6.009 7.239 23 -265 7.107 15.044 4.825 660 -69 2.123 2 .1 1 1 6 25.660 26.001 -1.085 -3.430 2.345 6.590 1.125 -1 0 1 3.05^ 2.512 1.114 786 23.204 29.563 138 137 16.110 30.682 17.553 27.978 5.772 -12 1 3.266 -2.701 2.580 2.506 6.839 863 302 3.303 2.371 16.082 20.496 4.057 1.822 15.190 16.506 -930 -67 10.835 3.007 8.297 -469 0 0 56 -4.316 -341 1.133 807 -1.443 1.173 937 1.154 950 1.173 964 13.491 39.701 -119 -12 0 5.576 29.736 9.607 28.452 637 -4.756 -224 -6.106 861 1.350 8.653 -55 6.696 8.840 7.664 3.052 332 2.514 1.766 5.081 2.132 135 1.376 1.438 2.594 2.344 14.542 1.722 698 3.889 -330 3.147 1.072 25.320 2.499 22.439 382 0 0 12 .1 2 2 2.704 -4.031 1.460 -3.286 8.155 -2.876 4.125 2.905 -3.039 2.018 3.864 1.840 1.933 -398 374 1.524 6.136 7.888 2.829 121 101 -523 624 1.261 976 1.257 978 22.064 -7.205 112 8 20.197 -12.043 17.735 -1 1 .1 1 2 5.028 4.086 4.240 4.018 788 68 1.966 228 1.237 501 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER 15 16 17 18 0 0 0 2.462 0 -931 18.322 11.964 6.338 14.786 5.358 8.682 -3.771 5.976 8.969 128 160 14.630 3.950 10.662 18 706 460 -450 1.063 3.172 1.072 -74 63 988 -258 2.752 -3.264 2.905 -3.039 2.018 -290 100 0 250 3.012 -877 77* 1.524 260 250 250 250 250 1.196 2.001 -3.822 2.092 75 1.424 -1.720 162 1.177 1.982 -4.893 514 6.470 -4.974 4.087 -3.820 -300 165 0 175 3.854 693 3.161 8.340 460 7.880 1.728 187 1.541 8.441 2.681 5.760 3.179 148 3.031 41 -1.559 -1.568 415 -1.376 286 -884 97 -1.541 3.549 -277 3.826 0 807 324 5.322 -6.285 3.426 -5.347 6.470 -4.974 4.087 -3.820 -394 3.291 1.664 3.953 5.224 3.290 11.214 4.249 6.870 95 15.732 4.597 11.135 10.824 8.907 1.833 84 457 -581 3.603 -638 4.241 539 VAULT CASH ♦ MEM. BANK RES. OTHER INTERBANK CLAIMS MISCELLANEOUS ASSETS 11.296 NET INCREASE IN LIABILITIES 11.697 DEMANO DEPOSITS, NET -877 U.S. GOVERNMENT 12.574 OTHER 13.223 7.856 2.232 3.694 -5.084 -6.261 9.464 12.747 8.372 65 193 121 4.602 -490 585 1.183 4.017 -1.673 CORPORATE EOUITIES SECURITY CREDIT 250 278 -732 -253 -394 -500 -1.282 -1.400 118 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 13 14 19 20 21 22 23 24 25 26 27 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING AGS. 28 29 30 31 CORPORATE EOUITIES CREDIT MARKET DEBT F.R. FLOAT BORROWING AT F.R. BANKS OTHER INTERBANK CLAIMS TAXES PAYABLE 32 33 34 35 36 37 MISCELLANEOUS LIABILITIES LIAB. TO FGN. AFFILIATES OTHER 38 39 40 -1.029 DISCREPANCY (1) CONSISTS OF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES.* 8 6.145 9.135 -14.828 1.679 -1.086 -2.809 4.567 9.354 -13.675 -1 0 1 867 1.656 28 50.934 56.999 29 20 .0 12 28.515 30 30.316 28.297 606 187 31 38 17.471 39 1.063 40 16.408 7 9 10 11 12 1.284 —2*144 20 6 OTHER SECURITIES ♦ MTGS. S. ♦ L. OBLIGATIONS CORPORATE BONDS HOME MORTGAGES OTHER MORTGAGES 8.901 21.198 -6.945 37.956 7.587 -7.373 14.563 -17.777 -987 -2.573 -837 -243 7.830 -6.386 17.136 -16.940 1.0 0 0 500 1.216 10.627 2.387 5.320 -875 -1.098 -1.852 47 -723 -959 4.125 6.009 7.107 85 125 275 3 4 5 3.216 1.727 289 679 521 3.572 1.351 698 771 752 25.480 23.162 28.353 13.352 6.606 -4.643 21.828 -14.663 -956 -2.224 1.655 -1.255 7.562 -2.419 20.173 -13.408 32 33 34 35 36 37 12.551 NET ACQ. OF FINANCIAL ASSETS 8 DEMAND DEPOSITS ♦ CURRENCY TOTAL BANK CREDIT CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES DIRECT 122 AGENCY ISSUES 14.994 14.187 9.005 8.883 I 2 -370 -674 304 -18 18 2.594 -818 150 1.734 1.528 24 97.332 81.407 20.337 25 12.588 114 -11.203 515 26 -1 .0 1 0 -5.058 27 13.598 5.172 -11.718 19.576 10.852 8.501 223 1.218 CURRENT SURPLUS 992 PLANT ♦ EQUIPMENT 41 11 AUGUST 1075 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1973 1973 II III 1974 I I | IV I IV | 1974 II III 1.154 950 1.173 964 9.838 30.503 4.669 27.065 8.392 25.771 693 -4.749 -65 -6.098 1.349 758 13.062 6.327 8.491 4.896 2.018 7.711 2.707 120 122 2.468 -892 150 1.736 1.474 1975 I II COMMERCIAL BANKS 71.520 14.874 23.342 23.436 26.959 55.853 9.197 24.997 14.329 29.412 58.248 13.178 25.178 15.548 26.991 5.667 -204 -971 1.183 -5.783 3.197 -2.400 -5.848 -3.303 -2.797 2.470 2.593 2.332 3.583 65 88.611 77.935 80.895 -1.291 -8.751 7.460 9 25.672 18.377 5.238 10 5.611 1.078 11 419 12 10.980 6.421 5.640 13 8.662 4.829 657 2.165 2.073 6.598 1.121 -94 3.095 2.476 56.514 38.688 2.762 10.608 46.674 33.706 2.220 -768 -2.960 -2.395 14.132 1.822 13.240 -930 -3.981 19.551 4.057 15.561 -67 -181 14 15 16 17 18 -6 6 21 5.779 3.453 2.326 2.877 -265 3.142 22 4.897 12.790 19 20 1.173 937 1.133 807 1.114 786 1.091 729 1.057 717 4.761 3.827 4.395 3,039 384 19.353 10.852 8.501 1.000 155 3.291 -3.077 125 85 500 460 -68 -1 0 0 30 31 32 33 1.216 34 35 36 37 38 39 40 538 1.908 2.085 -875 -1.098 -1.852 47 -959 -723 1.084 4.259 2.570 71 109 137 531 -185 -410 657 -218 1.386 VI 15.689 350 K2 1*3 15.339 13.277 2.247 11.030 44 -1.559 -1.568 2.584 -1.087 -290 275 20 0 100 9 10 11 12 13 7.275 -13.582 5.801 22.309 1.679 -1.086 -2.809 2.499 7.494 -12.429 4.223 19.928 867 1.656 -101 382 2.198 -672 1.294 -2.164 2.346 228 1.617 501 846 OTHER CR. EXCL. SECURITY CONSUMER CREOIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT 14 15 16 17 18 -92 1.401 680 531 11 INTERBANK CLAIMS 19 VAULT CASH ♦ MEM. BK. RES. 20 DEP. AT FGN. BANKING AGS. 21 1.764 -6.328 3.426 -5.347 -1.662 -981 4.550 4.095 3.300 MISCELLANEOUS ASSETS 10.986 NET INCREASE IN LIABILITIES 10.531 DEMAND DEPOSITS* NET -877 U.S. GOVERNMENT 11.408 OTHER 7.663 10.740 13.158 8.907 3.694 -5.084 1.833 9.464 12.747 -6.261 8.372 250 250 2*0 -1 0 250 2.111 0 10 -10 2.029 175 348 -500 159 -4.586 -1.482 5.463 162 1.424 -1.720 75 514 1.177 1.982 -4.893 2.881 -3.107 5.606 -3.882 26 -18 25 91 0 0 -91 -2 -879 923 655 -1.395 -398 -73 2 -253 697 -4.395 0 165 4.151 394 3.757 8.554 205 8.349 265 30 235 8.003 1.197 6.806 4.541 415 4.126 415 -1.376 286 -884 97 -1.541 2.719 -279 2.998 686 3.140 18.302 11.964 6.338 872 -877 775 -346 1.783 -1.562 1.326 988 63 -74 2.752 -3.264 -258 1.432 1.621 -1.567 24 60 -18 -584 -18 -339 201 134 394 8 OTHER SECURITIES ♦ MTGS. S. ♦ L. OBLIGATIONS CORPORATE BONOS HOME MORTGAGES OTHER MORTGAGES 250 2*50 110 65 2.128 -1.507 -300 260 -450 195 706 -19 1.774 6 7 3.130 1.697 300 659 474 3.302 1.405 28.758 13.310 17.251 -4.325 1.899 -1.864 15.274 -16.287 -987 -2.573 -837 -243 -877 17.847 -15.450 2.142 14.612 3.950 10.662 5.198 14.658 8.682 -3.771 8.969 5.976 11.119 4.249 6.870 27 50.328 56.812 28 20 .012 28.515 29 30.316 28.297 3 4 5 -507 -711 300 -52 855 4.245 2.034 222 3.595 -4.225 2.583 5.322 -6.285 324 2.060 2.259 -1.727 924 374 550 7.073 -2.497 8.155 -2.876 379 -1.082 12.241 NET ACQ. OF FINANCIAL ASSETS 15.269 TOTAL BANK CREDIT 14.423 CREDIT MARKET INSTRUMENTS 8.947 U.S. GOVT. SECURITIES 8.834 DIRECT 113 AGENCY ISSUES 18.117 -4.585 17.792 -10.444 15.594 -9.772 5.017 4.317 4.215 4.089 802 228 -452 674 2.612 2.270 9.699 21.604 23.394 25.749 6.025 -4.162 22.083 -16.491 1.655 -1.255 -956 -2.224 6.981 -1.938 20.428 -15.236 23 85.696 69.018 14.949 24 12.994 -1.182 -10.952 515 25 -1.010 -5.058 3.876 -11.467 26 14.004 8 1.393 1.365 2.803 9.040 13.791 -330 3.007 1.722 2.061 6.502 11.371 1.072 698 -469 2.421 -3.723 -1.219 3.242 -2.039 1.460 -3.286 1.782 1.247 2.435 7.533 3.023 291 2.465 1.754 6.712 810 288 3.255 2.359 1.218 CURRENT SURPLUS 992 PLANT ♦ EQUIPMENT 1.257 978 1.261 976 -139 0 -942 3.317 -2.075 5.392 3.173 -2.440 1.079 -444 3.617 -3.519 457 1.668 -581 -1.356 -39 -1.317 23 24 25 26 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER CORPORATE EQUITIES CORPORATE BONOS SECURITY R.P.'S PROFIT TAX LIABILITIES 30 31 32 33 INTERBANK LIABILITIES F.R. FLOAT BORROWING AT F.R. BANKS DEM. DEP. OF FGN. BK. AGS. TIME DEP. OF FGN. BK. AGS. LOANS FROM AFFILIATES LOANS FROM FGN. BK. AGS. 34 35 36 37 38 39 40 MISCELLANEOUS LIABILITIES 41 LIAB. TO FOREIGN BRANCHES 42 OTHER 43 539 -1.029 I DOMESTIC AFFILIATES OF COMMERCIAL BANKS 1 2 3 4 5 6 20 731 916 -185 1.094 563 531 359 -339 1.292 731 2.437 2.244 -952 -1.706 1.094 819 275 827 -807 1.292 1.702 -410 20 533 1.117 -584 -355 -337 -18 512 604 -92 377 468 -91 -145 -143 -13 -13 -224 -224 -2 0 0 -1 0 -1 0 0 533 948 -415 -355 -350 -5 512 1.164 -652 377 907 -530 -145 679 -824 -13 -313 300 -224 610 -834 -174 164 3.890 -2.433 1.931 -1.263 -260 65 12 -19 7 12 1.873 -1.0 22 272 -328 38 18 -14 -370 -1 0 BANK LOANS N.E.C. LOANS TO AFFILIATE BANKS COMMERCIAL PAPER ISSUES MISCELLANEOUS LIABILITIES EDGE ACT CORPORATIONS ANO AGENCIES OF FOREIGN BANKS 41 1.088 -1 -1 0 0 8 0 0 0 0 0 0 0 0 0 -224 -160 1.621 -1.567 60 -18 134 394 1.599 -230 283 1.432 24 -308 -346 0 -1 0 0 20 201 -416 1.401 1.835 5.606 -3.882 -18 91 -1.395 655 2.483 -1.516 3.982 -1.074 -481 581 128 95 1.247 -1.082 469 1.423 2.711 -255 160 379 1.207 3.182 1.828 18 550 -345 8.865 -4.346 5.688 -5.509 84 20 2.259 -1.727 635 1.686 -108 255 -363 1 .2 20 1.131 1.484 -353 11.591 5.005 51 44 25 4.885 4.252 1.408 29 7 0 0 0 0 8 0 -34 4.259 109 -218 2.470 56 -335 1.084 71 657 1.311 0 13 56 -436 2.570 137 1.386 2.264 14 15 16 17 18 9.871 -406 606 2.326 5.084 11.591 1.296 187 3.142 2.872 4.252 -251 223 1.782 1.985 19 2.261 713 1.548 4.094 2.350 1.744 513 6 9 10 11 12 20 21 0 -8 1.387 2 511 8.86 5 -4.346 3.182 589 69 24 14 482 3.982 -1.074 75 3 546 35 -29 26 1 14 -1 2 678 586 9.871 3.894 91 29 35 3.739 1 2 3 4 5 636 299 337 2.711 1.187 56 2 157 1.063 11 2.090 17 31 2.043 -788 -267 -521 395 487 2.171 1.029 1.142 0 0 0 0 264 2.881 25 -879 -332 -259 -3.107 26 923 1.247 0 0 -39 1.668 -139 -942 52 3.890 -2.433 -711 -1.490 193 65 2.060 -1.662 -557 896 272 1.166 1.083 1.437 -354 -138 -1.361 1.223 1.580 104 1.476 121 -981 104 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER CORPORATE EQUITIES 8 SECURITY CREOIT 9 OEM. DEPOSITS AT COML. BANKS 10 TIME DEPOSITS AT COML. BANKS 11 LOANS TO BANKS 12 MISCELLANEOUS ASSETS 13 DEMAND DEP. IN MONEY STOCK TIME DEPOSITS DEPOSITS OF BANKS LOANS FROM BANKS 14 15 16 17 18 MISCELLANEOUS LIABILITIES DUE TO FOREIGN AFFILIATES OTHER 20 21 19 BANKS IN U.S. POSSESSIONS -126 54 422 -216 42 5 -81 -85 3 5 -42 38 118 67 42 -126 473 286 109 -73 60 67 -182 465 -224 14 98 78 473 10 212 1 6 -82 -85 3 5 -41 36 -50 -44 309 138 135 48 27 248 137 137 49 27 -41 -119 -125 90 22 123 -24 91 0 0 1 0 12 36 -26 -17 73 56 309 248 -41 48 12 49 -120 -18 74 -47 -44 82 -55 97 37 8 54 40 -265 147 29 25 -3 34 62 -118 82 70 37 -2 1 66 0 -2 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 70 112 223 -54 -3 5 0 91 221 *8 NET ACQ. OF FINANCIAL ASSETS 8 DEMAND DEPOSITS ♦ CURRENCY 102 20 12 3 20 47 -62 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS HOME MORTGAGES COMMERCIAL MORTGAGES MISCELLANEOUS ASSETS 48 NET INCREASE IN OEPOSIT LIAB. 1 2 3 4 5 6 7 8 9 10 11 AUGUST 1975 NONBANK FINANCE SUMMARY NONBANK FINANCE SUMMARY SECTOR STATEMENTS OF SAVING AND INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTEO QUARTERLY FLOWS 1973 1974 | II III IV 1974 II III I I IV | 1975 I II PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL 1 2 5.709 1.991 5.678 2.621 1.202 637 1.527 638 3 87.682 78.032 4 2.007 2.688 5 123 210 6 -44 350 23.202 -379 60 652 25.313 913 63 7 13.390 6.067 8 72.243 66.871 9 942 5.732 10 3.576 1.083 11 10.865 22.575 12 26.477 13.510 13 15.410 10.840 14 9.043 4.764 15 5.930 8.367 120 1.601 438 1.379 278 1.293 718 1.467 509 17.184 21.983 470 1.003 0 0 -962 146 18.710 -710 1.830 3.339 1.674 21.271 20.766 16.281 2.931 -665 -1.586 698 565 1.261 1.725 3.473 2.680 7.394 9.213 6.760 3.154 4.609 3.965 1.009 2.783 2.846 4.360 788 355 16 -4.560 -1.824 -1.120 -1.632 17 658 550 208 164 18 3.865 3.120 680 1.580 19 82.288 75.352 20 28.118 22.105 21 29.511 36.057 22 -404 739 21.788 12.459 7.618 207 24.609 8.791 6.798 —57 23 20.971 11.813 24 2.327 1.272 25 -1.533 -1.462 26 320 169 27 8.405 4.645 28 11.452 7.189 29 4.284 532 30 7.168 6.657 2.860 556 128 1.437 638 197 441 8.241 848 444 142 3.316 3.491 766 2.725 31 -3.444 -2.474 -4.635 32 128 36 326 33 7.408 7.076 2.953 -836 -357 2.029 101 -2 1 1.055 6.547 13.925 262 1.052 2.987 3.110 3.682 2.405 427 951 15.569 1.693 119 3.781 3.425 2.950 -625 4.226 -720 -1.088 142 144 299 1.306 448 J41 1.277 15.468 20.423 -59 6.927 7.974 7.121 368 -922 17.251 11.431 6.687 311 1.435 649 1.398 770 21.749 728 -19 84 13.915 23.658 92 2.578 124 126 -1.087 298 24.812 -646 0 552 1.945 17.977 -750 45 15.946 903 235 6.167 2.528 2.069 2.363 1.681 -112 6.101 5.903 3.591 2.312 932 3.126 2.038 17.379 21.116 3.886 9.218 841 327 6.526 6.345 1.654 1.550 2.230 1.073 714 -1.279 1.528 3.882 -272 -1.712 138 137 1.168 370 21.465 4.467 9.008 -561 5.795 420 4.075 6.295 282 641 364 178 -690 -1.388 -186 552 10 40 70 1 2.243 1.409 -1.261 4.386 3.950 3.373 1.433 1.178 797 2.524 1.585 -1.469 3.153 849 -152 2.647 -1.004 167 2.227 1.483 745 3.031 -3.622 -8 273 199 1.7*51 559 -1.398 -355 147 2.052 2.391 2.089 27.108 6.823 526 7.069 8.227 2.887 895 681 5 6 7 8 9 10 11 12 13 14 15 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 16 17 18 31.288 NET INCREASE IN LIABILITIES 18.621 TIME ♦ SAVINGS ACCOUNTS 9.465 INSURANCE ♦ PENSION RESERVES -388 CORPORATE EQUITIES tl) 19 20 21 22 66 479 1.626 594 1.032 -7.962 188 34 35 -4.088 -4.131 -491 -3.640 861 681 1.154 16 170 -1.160 201 -1.361 23 24 25 26 27 28 29 30 1.987 -29 882 -372 295 2.341 404 -340 2.665 -288 134 305 1.821 671 - 31.101 NET ACQ. OF FINANCIAL ASSETS 700 DEMAND DEPOSITS ♦ CURRENCY 0 TIME OEPOSITS (MSB) -219 S+L SHARES (CREDIT UNION) CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES S. + L. OBLIGATIONS CORPORATE ♦ FOREIGN BONDS HOME MORTGAGES OTHER MORTGAGES CONSUMER CREDIT OTHER LOANS 560 133 1.059 13.289 23.347 23.475 -940 7.147 18.429 9.784 10.578 8.938 28 961 1.806 3.277 59 -807 32 1.041 2.952 -178 3.130 1.483 CURRENT SURPLUS 603 PHYSICAL INVESTMENT 1 .0 2 1 -709 832 131 460 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OTHER LOANS OPEN-MARKET PAPER FHLB LOANS SECURITY CREDIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 31 32 33 1.067 DISCREPANCY SAVINGS AND LOAN ASSOCIATIONS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 1.780 1.681 435 445 29.231 23.711 594 596 27.133 21.045 3 3.292 21.992 13.814 4.920 3.759 218 180 1.504 2.070 10.792 -89 10.584 2.718 6.469 1.389 9.801 27.363 22.332 20.490 15.946 5.962 6.290 -1.533 -1.462 327 1.095 7.168 6.657 36 60 875 36 10.295 8.879 -8 8 302 8 297 449 451 452 431 409 389 389 4.495 221 -38 8.927 4.694 -690 -1.992 7.895 5.283 1.635 1.319 87 84 653 -161 4.143 500 2.928 -33 2.345 577 39 715 8.540 -89 7.714 3.324 3.473 930 -13 915 7.572 228 6.793 -584 5.785 1.479 113 551 3.531 -38 3.514 -791 3.344 880 81 55 4.068 495 3.024 1.343 9.435 -89 8.585 5.325 2.552 605 103 939 3.817 3.938 462 5.168 2.976 -529 -690 -1.388 513 10 3.153 849 6 3 494 -825 8.161 8.168 -662 -186 -324 -152 31 624 7.169 2.978 4.188 552 989 2.647 -14 17 3.168 3.834 9.217 12.824 -237 5.037 13.059 12.971 3.081 -317 -4.457 -329 -807 -1.0 21 34 1.154 758 -328 -851 -1 2 2 3.130 1.032 -3.640 -1.361 25 18 44 2 299 -904 571 180 73 28 -342 441 61 1.155 9.313 5.981 3.315 444 146 2.725 -34 51 -62 -43 200 101 -108 125 46 1.2 12 470 -1 549 155 171 389 CURRENT SURPLUS 13.161 IET ACQ. OF FINANCIAL ASSETS 2 228 DEMAND DEPOSITS ♦ CURRENCY 3 12.664 CREDIT MARKET INSTRUMENTS 4 3.647 U.S. GOVERNMENT SECURITIES 5 7.198 HOME MORTGAGES 6 1.704 OTHER MORTGAGES 7 115 CONSUMER CREDIT 8 269 MISCELLANEOUS ASSETS 9 SAVINGS SHARES CREDIT MARKET INSTRUMENTS MORTGAGE LOANS IN PROCESS BANK LOANS N.E.C. FHLB ADVANCES TAXES PAYABLE MISCELLANEOUS LIABILITIES 10 11 12 13 14 15 16 17 52 DISCREPANCY MUTUAL SAVINGS BANKS 1 566 544 130 139 146 151 155 142 134 113 126 2 5.962 186 123 3.761 4 2.925 -128 60 2.159 136 63 94 -284 784 462 2.321 -298 544 36 -19 -234 -472 124 1.130 738 126 3.495 5 361 6 5.011 7 -49 2 8 48 9 -1.092 184 3.149 62 9 974 186 2.969 238 155 868 -31 308 -70 -54 176 -212 221 1.427 67 -3 -340 -4 -92 17 132 230 54 22 73 3.497 909 165 1.263 82 3.441 1.462 61 1.165 215 511 81 725 168 -244 249 558 10 -730 169 250 167 342 65 -15 -237 91 56 45 -219 344 -400 117 147 89 74 784 -9 395 301 -160 -145 362 174 3.677 29 3 4 210 111 0 -73 569 -479 -6 8 -525 0 -318 -36 -448 -21 189 2.695 114 13 14 —66 0 10 11 12 13 14 15 2.597 3.078 231 -76 717 281 687 1.456 -63 324 -300 214 874 490 274 -541 1.258 -162 479 1.235 -81 488 -418 422 33 90 118 -118 5 -113 -241 139 16 17 4.734 596 3.120 264 2.482 260 1.611 366 -523 485 1.164 -515 2.210 -25 399 93 -765 400 1.276 -204 3.584 -173 18 -6 6 167 -53 -43 14 16 19 90 3 55 42 1.090 62 3 -44 84 -1.087 1.003 1.193 51 -1 0 1 0 4 952 1.290 834 15 298 521 192 5 324 1.786 -26 552 1.260 1.141 1.090 834 1.786 735 509 66 5 688 66 126 CURRENT SURPLUS 3.723 1 26 DEMAND DEPOSITS 0 TIME DEPOSITS CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS HOME MORTGAGES OTHER MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP*S MISCELLANEOUS ASSETS 1 2 2.894 7 2.696 3.039 -24 350 2.713 197 9 2.507 8 2.894 3.039 6 1 —44 2.937 241 0 1.098 1.199 6 0 120 326 1.030 1.098 1.199 652 440 102 12 1.079 50 -1 2 -3 -962 967 35 595 -2 1.053 2 1.055 -4 55 938 146 451 54 -5 402 109 DISCREPANCY 2 595 1.053 -6 0 -59 62 8 111 1.973 6 -219 2.186 1.185 10 991 DEMAND DEPOSITS ♦ CURRENCY SAVINGS ♦ LOAN SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES HOME MORTGAGES CONSUMER CREDIT 1.973 (1) INCLUDES INVESTMENT COMPANY SHARES. 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 7 8 9 10 11 12 13 14 15 16 17 CREDIT UNIONS 3 4 5 5 6 11 AUGUST 1975 INSURANCE ♦ PENSION FUNDS INSURANCE ♦ PENSION FUNOS 10 SECTOR STATEMENTS OF SAVING AND INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1973 1973 1974 I II III IV 1 1 1974 II I 1 III IV | 1975 I II LIFE INSURANCE COMPANIES I 1.756 1.259 1.952 1.558 422 346 433 313 445 352 456 248 468 378 485 293 496 432 503 455 518 602 3 4 16.617 16.984 90 -27 4.700 -457 3.393 260 4.041 23 4.483 264 4.250 -262 4.366 -298 4.020 75 4.348 458 4.941 -350 3.773 NET ACQ. OF FINANCIAL ASSETS 156 DEMAND DEPOSITS ♦ CURRENCY 3 4 5 3.557 12.053 72 45 5.851 —466 4.327 23 2.298 13.787 -48 241 5.429 382 4.696 387 2.700 926 870 4.051 94 -35 1.182 -276 544 2.256 286 236 1.138 1.767 26 41 1.926 -374 701 -942 389 228 767 3.027 689 3.745 26 77 1.851 -49 1.306 -249 783 230 498 3.159 63 57 1.128 468 1.281 -535 697 233 489 4.567 197 59 1.611 56 873 1.279 492 235 500 2.881 124 38 1.785 243 702 -270 259 236 5 229 585 3.697 -149 73 1.482 -196 987 1.161 339 230 526 3.186 1.116 -367 838 224 782 3.208 -26 -27 1.357 174 1.966 -924 3.693 1.824 1.266 -207 810 3.672 1.840 1.305 87 440 3.852 1.795 1.349 -26 734 2.916 1.768 773 177 198 4.559 1.857 1.930 -215 987 4.031 1.809 1.432 76 714 4.278 1.772 1.546 -50 1 .0 1 0 4.467 1.774 1.592 155 946 4.431 NET INCREASE IN LIABILITIES 1.728 LIFE INSURANCE RESERVES 1.485 PENSION FUND RESERVES -233 TAXES PAYABLE 1.451 MISCELLANEOUS LIABILITIES 420 -276 -423 -1.244 385 75 -2 2 -558 2 6 7 8 9 10 11 12 13 14 2 .2 0 1 15 16 17 18 19 15.131 7.209 5.150 36 2.736 15.784 7.206 5.681 2.909 3.914 1.750 1.230 182 752 20 -989 -806 -710 917 -1 2 -22 66 1.386 10 688 12 34 968 159 1.1 2 2 10 881 233 525 CURRENT SURPLUS 544 PHYSICAL INVESTMENT CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS HOME MORTGAGES OTHER MORTGAGES OPEN-MARKET PAPER POLICY LOANS MISCELLANEOUS ASSETS 639 DISCREPANCY 1 2 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 PRIVATE PENSION FUNDS 1 2 7.737 439 10.941 1.950 2.182 195 1.229 183 2.410 430 1.916 -369 2.056 266 2.302 609 3.289 319 3.294 756 3.102 -520 2.848 NET ACQ. OF FINANCIAL ASSETS 34 DEMAND DEPOSITS ♦ CURRENCY 1 2 3 4 5 5.290 1.953 638 1,605 -290 55 2.305 5.819 1.129 4.695 -5 867 1.259 710 3G8 524 1.103 734 l.©°3 241 874 2.194 138 208 -18 -52 -47 787 537 34 487 16 466 436 1.095 -67 1.178 -16 162 35 5 2.384 716 1.677 -9 231 727 1.803 446 1.353 4 1.000 1.764 420 1.331 13 50 3 4 5 8 1.305 2.313 933 1.340 40 4 3.966 -75 2.470 99 3.404 NET ACQ. OF FINANCIAL ASSETS 16 DEMAND DEPOSITS ♦ CURRENCY 1.160 2.881 307 309 967 1.404 940 2.448 282 231 51 26 2.087 51 6 7 8 -122 18 12 -119 225 -94 -69 -22 153 CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONOS HOME MORTGAGES MISCELLANEOUS ASSETS 6 7 8 ....... .ft STATE ♦ LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS 1 2 4 5 6 7 8 9 10 9.415 168 12.229 -32 2.456 -149 2.479 117 2.419 123 2.061 77 2.090 -119 2.919 161 3.254 3.922 5.325 113 -134 247 -618 5.936 -106 3.525 8.736 553 679 -126 -582 8.445 320 1.246 1.359 15 906 1.456 -55 -126 71 756 1.540 -29 1.014 970 182 69 113 -134 978 -56 1.109 808 1.950 578 471 107 -472 1.818 26 448 2.805 -52 -45 -7 -33 2.896 11 4 -387 1.792 -61 -1 2 0 1.517 114 -88 59 23 1.649 -103 1 .10 0 -280 -56 -224 -18 1.372 26 1 -6 -2 -59 2.359 274 -2 0 -37 17 39 1.414 -29 1 2 CORPORATE SHARES 3 CREDIT MARKET INSTRUMENTS 4 U.S. GOVERNMENT SECURITIES 5 DIRECT 6 AGENCY ISSUES 7 STATE ♦ LOCAL OBLIGATIONS 8 CORPORATE BONDS 9 MORTGAGES 10 OTHER; INSURANCE COMPANIES 1 1 .8 8 6 1.484 516 482 454 434 436 384 355 309 279 2 5.607 5.217 125 1.364 1.382 -222 12 1.424 92 1.437 96 1.331 -242 1.218 -9 1.255 309 1.413 67 1.199 127 4 5 2.170 -1.394 2.801 5.936 -100 275 3.883 1.840 -965 3.815 -17 6 658 550 832 546 -189 1.282 -533 -14 208 354 852 -90 555 387 434 756 81 1.209 -525 -9 142 550 647 98 837 -294 244 1.188 -67 591 663 -277 1.366 -176 339 -928 1.737 104 1.412 141 1.202 1 -146 1.085 259 237 589 144 138 137 -433 1.645 414 689 538 4 134 944 114 1.023 1.087 100 3 6 7 8 9 10 11 12 -22 0 164 6 1 221 0 0 133 3.666 452 13 3.201 4.258 371 20 3.867 921 109 26 786 -32 802 22 808 920 118 -3 805 1.089 13 14 35 954 -32 955 88 21 978 1.059 83 -4 980 1.099 75 27 997 15 -55 525 73 -19 -26 -83 194 189 187 -45 179 881 111 100 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 279 CURRENT SURPLUS 1.183 NET ACO. OF FINANCIAL ASSETS 89 DEMAND DEPOSITS ♦ CURRENCY -1 0 0 1.063 304 350 406 3 131 1 2 3 CORPORATE SHARES 4 CREDIT MARKET INSTRUMENTS 5 U.S. GOVERNMENT SECURITIES 6 STATE ♦ LOCAL OBLIGATIONS 7 CORPORATE BONDS 8 COMMERCIAL MORTGAGES 9 TRADE CREDIT 10 1.040 NET INCREASE IN LIABILITIES 68 CORPORATE EOUITIES -33 TAXES PAYABLE 1.005 POLICY PAYABLES 136 DISCREPANCY 11 12 13 14 15 11 AUGUST 1975 FINANCE N.E.C. FINANCE N.E.C. 11 SECTOR STATEMENTS OF SAVING AND INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1 1973 1 1974 1 -279 17 UNAOJUSTED QUARTERLY FLOWS 1973 I -301 II 28 III IV 107 -113 1 1 I -218 1974 III II 25 IV I 1975 I II 121 86 164 CURRENT SURPLUS OF GROUP 1 89 1 FINANCE COMPANIES 1 2 3 4 5 6 7 8 9 10 4.201 10.382 246 230 1.372 -1.650 5.898 2.140 2.866 3.481 1.623 63 103 401 1.056 3.660 62 969 1.747 882 1.634 61 400 1.791 “618 3.465 60 9.419 3.903 1.777 1.113 4.093 -1.007 3.549 3.797 55 76 1.378 406 635 337 42 3.466 670 2.051 745 -48 1.321 230 1.093 3.254 182 471 234 314 -2.232 2.469 2.180 21 43 -2 40 -1 0 0 1.959 1.546 253 59 -268 -634 1.096 1.629 470 58 57 -139 -1.147 1.237 927 473 633 1.849 -2.535 56 55 -96 “1.170 610 -1.559 1.279 139 1.306 NET ACQ. OF FINANCIAL ASSETS 54 DEMAND OEPOSITS ♦ CURRENCY 466 HOME MORTGAGES -51 CONSUMER CREDIT 837 OTHER LOANS (TO BUSINESS) 1 2 1.533 171 1.015 347 -36 2.052 “3.226 615 243 658 -2.916 779 -553 30 53 1.381 NET INCREASE IN LIABILITIES 675 CORPORATE BONDS 508 BANK LOANS N.E.C. 198 OPEN-MARKET PAPER -30 TAXES PAYABLE 6 136 93 -448 491 39 3 4 5 7 8 9 10 REAL ESTATE INVESTMENT TRUSTS 1 2 732 241 491 1.063 350 713 291 96 195 325 107 218 86 30 340 28 58 10 20 228 5.588 1.272 720 2.488 1.108 -81 273 276 327 -957 1.431 334 113 693 291 1.609 339 327 597 346 1.538 360 347 630 1 .0 1 0 982 -638 1.620 169 56 113 1.722 440 1.282 128 42 1.934 474 1.460 142 47 95 1.624 126 1.498 13 14 6.320 730 5.590 320 105 215 15 16 17 550 159 4.557 3.985 735 -3.265 150 1.144 -140 178 1.119 0 0 3 4 5 6 7 8 9 10 11 12 18 0 0 86 21 216 71 145 313 103 269 73 -499 239 -67 568 270 590 185 164 331 -90 3 7 1.040 “310 1.350 40 13 27 930 30 900 70 23 47 52 637 799 170 1.085 55 0 0 201 10 112 100 121 210 10 10 194 64 130 168 55 113 -441 5 -658 -83 2 “ 88 154 -602 -377 -25 -279 -240 485 “89 574 -186 -246 60 32 -247 “333 -490 1 0 1 130 7 1.295 2.382 -595 “1.816 0 11 21 86 66 22 -1 1 0 -2 1 1 -279 35 12 59 PHYSICAL INVESTMENT 19 MULTI-FAMILY STRUCTURES 40 NONRESIDENTIAL STRUCTURES 1 2 -241 NET ACO. OF FINANCIAL ASSETS -98 HOME MORTGAGES -116 MULTI-FAMILY MORTGAGES 242 COMMERCIAL MORTGAGES -269 MISCELLANEOUS ASSETS 4 5 -182 NET INCREASE IN LIABILITIES 9 CORPORATE EQUITIES -191 CREDIT MARKET INSTRUMENTS 16 MORTGAGES 5 MULTI-FAMILY RESIDENTIAL 11 COMMERCIAL 9 44 23 -34 731 -669 56 149 “185 -55 -321 62 -216 3 0 0 0 0 0 6 CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER MISCELLANEOUS LIABILITIES 3 6 7 8 10 11 12 13 14 15 16 17 18 OPEN-END INVESTMENT COMPANIES 1 -633 “248 “411 -64 16 -174 -270 12 32 -2 2 “97 -2.219 3 297 758 -164 “753 402 “706 “80 144 63 -904 -89 -32 -560 “67 218 -123 1.189 58 1.845 113 -475 NET ACQ. OF FINANCIAL ASSETS 78 DEMAND DEPOSITS ♦ CURRENCY 2 4 -2.314 5 -202 6 471 7 -872 8 199 -473 -1.297 1.395 142 24 292 -404 -195 1.775 45 -564 -62 81 -532 389 -549 630 96 -912 -86 -407 “364 -*29 486 -35 376 331 -364 409 330 801 358 300 143 37 1.695 “233 814 1.114 -434 -119 49 194 -362 4 5 9 -1.586 1.006 -642 -572 186 1 .2 1 1 1.942 -465 NET SHARE ISSUES 400 -1.451 7 8 2.008 -?68 2 “342 -88 216 294 -361 -529 “682 625 -301 189 737 128 -730 181 120 -22 - 1 0 CURRENT SURPLUS CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER 1 3 6 7 8 9 SECURITY BROKERS AND DEALERS 1 2 -3.532 -2.728 -4.616 8 30 0 3 4 5 -892 2 404 -378 -1.266 291 616 -556 -2.230 447 -4 248 -647 65 6 218 -425 -317 92 7 -379 -1.266 402 290 8 -4.560 -1.824 -1 .1 2 0 -1.632 9 -3.456 -2.582 -4.620 10 -3.444 -2.474 -4.635 11 -3.205 -2.155 -4.404 -239 -319 12 -231 13 -1 2 -108 15 -1.017 3 2.993 -3.685 3 -395 95 459 -1.281 -2.857 -1.037 -540 -1.280 448 -330 583 896 -2 17 -330 405 -272 -1.712 827 1.459 533 826 “288 -686 3.028 -3.635 3.031 -3.622 2.874 -3.776 157 1*4 -3 -13 501 -1.412 559 -1.398 1 .1 1 2 -1.434 -*53 36 -58 -14 1.964 1.987 1.943 44 -23 -356 -372 -815 443 16 1.774 2.304 119 ?1 412 -395 1.773 -720 -1.088 -992 -872 -836 -1.004 -514 -1.161 157 -322 -36 12 406 259 -144 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 10 100 11 446 NET ACO. OF FINANCIAL ASSETS 13 DEMAND DEPOSITS * CURRENCY 1 2 101 3 4 5 -687 -152 707 -173 -500 -650 49 560 832 101 CORPORATE SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 358 NET INCREASE IN LIABILITIES 404 SECURITY CREDIT 373 FROM BANKS 31 CUSTOMER CREDIT BALANCES -46 TAXES PAYABLE 6 7 8 9 10 11 12 13 11 AUGUST 1975 REST OF THE MORLD REST OF THE MORLD SECTOR STATEMENTS OF SAVING ANO INVESTMENT (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1973 1 UNADJUSTED QUARTERLY FLOWS 1973 1974 I I II III 1 IV 1974 | I II III 1 IV | 1975 I II REST OF THE WORLD 3.943 1 2 .12 2 487 -169 3.556 1.612 3.029 233 3.392 -318 -2.728 2.483 NET U.S. EXPORTS 2 100.350 140.208 22.044 24.601 24.451 29.254 32.732 35.489 34.204 37.783 35.488 33.833 U.S. EXPORTS 3 96.407 138.086 21.557 24.368 24.620 25.862 29.176 35.807 36.932 36.171 32.459 31.350 U.S. IMPORTS 4 3.876 3.586 753 1 .10 0 876 1.147 904 913 966 820 887 945 TRANSFER RECEIPTS FROM U.S. 5 -67 1.464 266 867 1.045 -2.245 -2.643 1.284 3.548 -725 -2.125 -1.538 CURRENT ACCOUNT BALANCE (U.S. BALANCE* SIGN REVERSED) 6 7 8 9 10 2.109 -3.235 17.436 31.232 9 -172 2.514 2.366 2.889 6.588 11 12 13 14 15 2.758 738 340 97 301 544 11.572 3.621 1.329 6.622 16 17 -33 986 -40 1.404 18 7.575 19 20 21 1.063 2.537 3.975 3.930 10.310 0 -715 1.254 302 2.516 9 731 801 1.173 2.521 -3.296 -4.417 2.089 5.728 0 0 0 410 2.088 840 45 -335 -6 871 1.273 128 486 7.876 -2.560 -1.618 -2.960 7.806 -2.837 -1.729 -2.900 87 -183 60 133 10 190 -22 123 6 383 891 10.900 -29 974 1.717 6 2.530 -2.239 -5.511 -2.416 NET FINANCIAL INVESTMENT 1.044 NET ACQ. OF FINANCIAL ASSETS 7 7.309 2.805 7.295 8 -2 0 27 -38 GOLD ♦ SDR'S (1) -123 9 243 1.104 -1.778 197 U.S. DEMAND DEPOSITS 10 161 665 U.S. TIME DEPOSITS 3.251 1.955 -710 58 1.863 56 4.067 2.761 421 885 118 3.297 -789 423 3.663 -13 2.997 2.359 427 -56 304 -5 341 1.2 11 211 958 1.000 4.815 -1.515 799 6.605 269 -206 -2.059 -2.108 43 309 50 343 -29 416 5?7 3.435 2.320 1.283 4.031 3.728 261 950 -1.734 420 -277 351 463 693 588 2.154 460 886 2.681 1.177 173 148 1.700 1.880 585 974 187 712 384 -323 -638 1.183 326 -653 420 -1.422 -1.400 350 1.470 8.970 4.597 2.223 2.15C -1 56 300 1 -34 -26 570 -56 141 314 22 15.327 34.467 6.380 2.214 1.348 5.385 10.145 10.009 4.765 9.548 8.316 3.460 23 -20 0 1.262 -220 -8 13 15 210 329 881 -158 321 13 24 25 26 27 28 -200 -250 15.68C 2.240 4.721 8.719 -164 2.163 113 1.075 975 -39 2.079 165 1.116 798 -5 731 209 -723 1.245 8 7.728 991 2*802 3.935 2.755 504 1.334 917 13 3.724 633 1.485 1.606 -124 6*411 437 3.338 2.636 -89 1.633 393 -941 2.181 -50 3.912 777 839 2.296 56 2.094 1.977 -982 1.099 1.329 500 786 43 29 30 -181 1.877 -38 2.984 -48 154 -1 2 1 12 -24 999 1.623 -6 16 599 -63 329 15 433 16 52 5 490 6.303 31 32 348 33 4.798 34 3.649 35 -2.492 14.829 646 1.139 7.152 5.892 58 2.074 2.778 233 83 -692 -1.262 1.827 1.441 1.796 1.426 5.396 216 723 2.743 1.714 5.304 151 4.601 1.366 -814 1.616 151 601 1.494 -630 1.514 3.386 36 -2.176 185 539 118 4.495 77 81 2.904 412 669 2.C61 -547 -1.044 -78 313 -179 1.632 188 1.560 606 -722 4.581 114 2.370 1.141 956 -128 1.051 1.774 4.699 -3.664 565 2 393 1.018 11 1 13 14 15 SECURITY CREDIT TRAOE CREDIT 16 17 MISCELLANEOUS ASSETS U.S. BANK LIABILITIES TO FOREIGN AFFILIATES DIR. INVESTMENT IN U.S. OTHER 18 20 21 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE ♦ NET IMF POSITION 23 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORPORATE BONOS BANK LOANS N.E.C. OTHER LOANS 24 25 26 27 28 SECURITY DEBT TRADE DEBT 29 30 MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. FGN. CURR. HELO IN U.S. U.S. DIR. INV. ABROAD!2) OTHER 31 32 33 34 35 878 DISCREPANCY (2) NET OF U.S. SECURITY ISSUES IN FOREIGN MARKETS TO FINANCE U.S. INVESTMENT ABROAD. 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 11 12 U.S. CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES U.S. CORPORATE BONOS (2) OPEN-MARKET PAPER (1) CONSISTS ONLY OF NET PURCHASES FROM U.S. EXCLUDES ACQUISITIONS FROM OTHER SOURCES. 1 2 3 4 5 19 22 36 11 AUGUST 1975 MONETARY ANO INSURANCE RESERVES MONETARY AND INSURANCE RESERVES GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES (BILLIONS OF OOLLARS) UNADJUSTED QUARTERLY FLOWS 1 1974 | 1973 UNADJUSTED QUARTERLY FLOWS 1973 I 13 II III IV 1 | 1974 I II 1 III IV | 1975 I II GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1) 1 -209 1.434 -220 -17 13 15 210 358 1.004 -138 294 51 TOTAL U.S. RESERVES 1 2 -9 -9 0 0 0 -9 -9 0 0 0 0 0 0 0 0 0 0 29 29 123 123 0 0 20 -6 5 85 -27 5 -32 38 U.S. GOLD STOCK AND SDR'S 38 U.S. GOVT.— EX. STAB. FUND 0 MONETARY AUTHORITIES (2) 2 0 172 87 8*5 5 -2 0 0 1.262 -220 -8 13 15 210 329 881 -158 321 13 U.S. FOREIGN EXCHANGE POSITION 6 -233 -45 -188 -3 -233 -45 -188 0 0 0 0 0 0 0 0 0 1 -1 2 85 152 -241 152 -240 6 0 6 OFFICIAL FGN. CURRENCY HLDGS TREASURY MONETARY AUTHORITIES 6 84 14 -3 17 33 35 1.26*5 1.268 -3 13 15 -8 13 5 -13 15 15 209 215 -8 NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITIES 9 -6 307 257 50 7 0 729 722 7 83 91 13 244 240 4 103 108 -5 145 221 -76 167 136 31 3 4 7 8 9 10 11 -1 -2 -2 -2 0 0 1 -1 2 5 3 4 5 7 8 10 11 TREASURY CURRENCY AND SDR CERTIFICATES 1 2 3 445 537 -92 42 2 4C3 19 88 109 -21 193 109 84 64 64 0 77 121 -44 no 57 43 97 151 -54 214 TOTAL U.S. GOVT. LIAEILITY 264 MONETARY AUTHORITIES ASSET -50 UNALLOCATED ASSETS 1 2 3 INSURANCE AND PENSION FUND RESERVES 7.206 1.767 17 1.750 1.841 17 1.824 1.857 17 1.840 1.812 17 1.795 1.785 17 1.768 1.874 17 1.857 1.826 17 1.809 1.789 17 1.772 1.791 17 1.774 LIFE INSURANCE RESERVES: 1.745 NET CHANGE IN LIABILITIES 17 U.S. GOVERNMENT 1.728 LIFE INSURANCE COMPANIES 3 7.274 1.767 1.841 1.857 1 .812 1.785 1.874 1.826 1.789 1.791 1.745 NET CHANGE IN ASSETS (HH) 4 1 2 7.277 7.274 68 3 7.209 68 4 7.277 5 24.359 6 2.057 7 22.302 8 5.150 9 7.737 10 9.415 31.668 2.817 28.851 5.681 10.941 12.229 5.686 -182 5.868 1.230 2.182 2.456 7.289 2.315 4.974 1.266 1.229 2.479 5.830 —3C4 6.134 1.305 2.410 2.419 11 31.668 5.686 7.289 5.83C 24.359 5.554 228 5.326 1.349 1.916 2.061 4.611 -308 4.919 773 2.056 2.090 10.950 3.799 7.151 1.930 2.302 2.919 7.189 -786 7.975 1.432 3.?89 3.254 8.806 1.546 3.294 3.966 6.798 -36 6 7.164 1.592 3.102 2.470 PENSION FUND RESERVES: 12.805 NET CHANGE IN LIABILITIES 5.068 U.S. GOVERNMENT 7.737 INSURANCE SECTOR 1.485 LIFE INSURANCE COMPANIES 2.848 PRIVATE PENSION FUNDS 3.404S. ♦ L. GOVT., RTR. FUNDS 10 5.554 4.611 10.950 7.189 8.918 6.798 12.8C5 NET CHANGE IN ASSETS (HH) 3.754 -8.811 282 8.918 112 1 2 5 6 7 8 9 11 INTERBANK CLAIMS 1 7.864 2 1.413 -1.217 2.040 952 3 4.785 3.780 -713 8.856 -4.059 1.796 8.046 1.226 -2.055 234 -1.231 6.144 -3.902 2 .0 11 1.026 1.350 -976 1.676 -1.352 701 -1.183 1.78 3 -1.562 3.740 -3.201 -584 -18 134 201 -1.567 1.432 60 24 1.422 872 7.722 -1.568 -2.526 -3.144 159 -4.586 -1.482 5.463 1.252 3.406 -6.613 676 -91 -2 0 0 -1.395 65 5 -879 923 5*606 -3.882 2.881 -3.107 91 -18 26 25 4 5 4.411 5.050 2.320 2.08 5 1.908 538 6 -1.598 -2.057 -1.805 7 -410 -185 531 8 1.386 -218 657 9 2.570 4.259 1.084 10 137 109 71 2.573 1.326 -332 -339 394 1.621 -18 -102 -92 1.401 -346 11 11 2.326 3.142 1.782 379 55C 12 7.864 4.785 3.780 -713 8.856 -4.059 1.796 8.046 3.754 -8.811 282 13 -1.598 -2.057 14 -875 -1.098 -959 15 -723 -1.805 -1.852 47 -332 -74 -258 3.740 -3.201 98 8 63 2.752 -3.264 -102 1.252 75 1.177 3.406 -6.613 1.424 -1.720 1.982 -4.893 676 162 514 5.585 -381 3.242 -2.039 1 .226 -2.055 234 -1.231 1.782 1.247 5.116 -858 7.07 3 -2.497 6.144 -3.902 2.01 1 1.026 379 -1.082 1.898 924 1.350 -976 550 16 17 18 19 20 9.462 5.779 1.413 2.040 2.326 6.842 2.877 -1 .217 952 3.142 21 -410 -185 531 22 4.093 2.570 137 1.386 4.150 4.259 1C9 -218 1.812 1.084 71 657 23 24 25 1.247 -1.082 -339 -877 775 -584 -18 -92 1.997 -1.373 1.621 -1.567 -18 60 394 134 1.657 1.432 24 1.066 -346 201 1.401 11 2.?59 -1.72-r 2.060 -1.662 -1.379 -398 -985 -91 -2 0 0 MONET. AUTH.— MEM. BANK RES. — VAULT CASH 1 2 3 -139 COMMERCIAL BANKING— TOTAL 4 COMMERCIAL BANKS 5 TO MONETARY AUTHORITIES 6 LOANS FROM AFFILIATES 7 LOANS FROM FGN. BK. AG. 8 DEM. DEP. OF FGN. BK. AG 9 TIME DEP. OF FGN. BK. AG 10 -981 FOREIGN BANKING AGENCIES— DEPOSITS OF BANKS 0 -942 1.66 8 -6.726 NET CHANGE IN ASSETS -985 -73 2 -253 6.794 348 -2.198 -394 -5.741 2.583 3.595 -4.225 1.764 -6.328 1.676 3.170 -7.413 4.594 -4.822 -1.352 2 .1*'2 1.128 -1.168 -525 2.259 -1.727 2.060 -1.662 -981 0 11 12 MONETARY AUTHORITIES F.R. FLOAT LOANS TO MEMBER BANKS 13 14 15 COMMERCIAL BANKING — TOTAL COMMERCIAL BANKS MEMBER BANK RESERVES VAULT CASH DEPOSITS AT FGN. BK. AG. BANK AFFILIATES— LOANS TO AFFILIATE BANKS 16 17 18 19 4.302 -3.245 2.027 -2.158 587 FOREIGN BANKING AGENCIES 5.606 -3.882 2.881 -3.107 1.668 DEMAND DEPOSITS AT BANKS 91 -18 25 26 -139 TIME DEPOSITS AT BANKS -1.395 655 -879 92 3 -942 LOANS TO BANKS (1) LINES 1 + 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF *867 MILLION IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND *710 MILLION IN JANUARY 1972. TRANSACTIONS IN SDR'S ARE IN LINE 2. ALSO EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY HOLDINGS, GOLD, SDR'S, AND IMF POSITION. THESE ALLOCATIONS AND REVALUATIONS ARE INCLUDED IN TABLES ON OUTSTANDINGS. (2) TREASURY GOLD STOCK. 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. -6.726 NET CHANGE IN LIABILITIES 3.170 -7.413 4.594 -4.822 2.152 1.128 -1.168 -525 20 21 22 23 24 25 11 AUGUST 1975 MONEY ANO DEPOSITS SUMMARY MONEY ANO DEPOSITS SUMMARY MONEY STOCK AND TIME AND SAVINGS ACCOUNTS (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS I 1974 | UNADJUSTED QUARTERLY FLOWS 1973 I II III I | IV 1974 1 II III | IV | 1975 I DEMAND OEPOSITS AND CURRENCY 1 15,962 7,070 -10,948 10,879 -6,820 24.8M -15,114 2 17,470 11,689 -13,041 14,956 9,323 -12,326 13,054 4,503 -7,103 416 -2,060 -270 102 -1,553 -312 2,391 2,488 -339 1,814 -1,271 93 2,514 2,366 -715 11,205 10,474 5,717 285 916 895 2,661 731 -3,685 22,991 -13,432 11,663 -7,141 20,599 -17,403 -4,095 20,903 -13,477 10,689 -7,384 19,495 -15,625 5,842 -2,354 9,050 -11,381 59 14,381 -8,035 875 2,285 -1,140 179 1,326 -1,351 -1,393 1,864 -1,410 -1,659 1,984 -1,472 2,218 -2,508 -688 -855 554 59 2,730 612 1,223 3,566 -1,006 1,989 -1,764 3,468 -3.456 -3,286 974 243 1,104 -1,778 410 2,088 45 3 4 5 6 7 B 9 10 -1,508 -4,619 11 12 2,093 -326 -5,135 1,860 -1,682 7,070 -10,948 6,956 255 439 1,578 223 73 6,294 -1,396 10,879 -8,820 24,8*1 -15,114 -451 4,273 -4,117 3,023 -427 630 -2,911 205 119 -200 -5 63 -143 3,648 -1,329 3,018 114 -11,203 16 12,588 17 -1 ,0 1 0 -5,058 515 2,143 18 2,583 -788 19 11,015 3,029 -10,930 6,606 -4,643 21,828 -14,663 -956 -2,224 1,655 -1,255 347 -74 736 2,288 6,826 -2,766 17,885 -13,334 15,962 3,374 13 -498 -69 14 3,941 15 12,181 -7,656 518 17,659 -17,678 -515 -2,940 12,181 -7,656 4,594 -283 761 472 259 26 3,807 -1,014 -275 17,659 -17,678 99 3,096 562 -367 79 -181 3,644 -542 7,587 -7,373 14,563 -17,777 -837 -243 -987 -2,573 948 -16 1,285 -1,857 6,882 -6,370 15,851 -15,083 17,375 NET CHANGE IN ASSETS 15,991 15,794 11,313 -141 534 709 3,379 197 1.384 MONEY STOCK DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS S, ♦ L, GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT REST OF THE WORLD U.S. GOVERNMENT DEPOSITS 17,375 NET CHANGE IN BKG. SYSTEM LIAB 5.678 MONETARY AUTHORITIES 2,261 U.S. GOVT. CASH ♦ DEPOSITS FOREIGN DEPOSITS -148 CURRENCY 3,565 11,697 -877 345 12,229 COMMERCIAL BANKING U.S. GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC TIME DEPOSITS AND SAVINGS ACCOUNTS 1 79,052 79,104 32,035 20,005 14.727 12,285 26,061 22,789 2 50.934 56,999 3 20 ,012 28,515 4 30,316 28,297 5 606 187 19,576 10,852 8,501 223 11,214 4,249 6,870 95 5,358 14.786 8.682 -3,771 5.976 8.969 128 160 14,630 3,950 10,662 18 18,322 11,964 6,338 6 39.511 37,884 7 1,354 6,577 7,224 8 5,702 9 -167 38 123 210 10 2.889 6.588 11 11.645 3,465 2.988 164 60 1.254 9.840 -35 585 -40 63 801 6.271 11.755 1.174 -3.250 2.003 1,648 -140 -151 11.606 1.653 1,576 151 12 12.459 2.482 1.098 8,879 8,227 652 8.791 1.611 1.199 5.981 5,861 23.452 13 14 15 16 17 28,118 22,105 4,734 3.120 2,894 3.039 20,490 15,946 20,534 15,596 -44 350 18 67,672 59,639 0 -6 0 -21 840 -335 11,431 2 120 462 1.424 -962 6,927 1,164 595 5,168 5,022 146 18.511 12.658 13,052 21,982 -59 -523 2 ,210 1,053 8,168 7.113 1.055 9,884 20.370 26,285 2,232 -6,261 8,372 20 13.223 7,856 3,694 -5,084 9,464 12,747 193 65 11.027 3,991 1.750 -144 -19 1.717 6,927 718 -240 44 124 3,251 8.324 11.185 215 -2,241 2.616 -1*422 -13 173 126 0 161 1.955 4,342 -1,278 -1.377 4,467 -940 399 -76 5 62 1.090 -237 2,978 850 2.894 84 -1,087 7.147 18,429 1,276 3,584 834 1,786 5,037 13,059 4,739 12,507 298 552 18.621 3.677 1.973 12.971 13.190 -219 15.410 7.074 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION 20,853 NET CHANGE - TOTAL 10,824 8,907 1,833 84 15,173 29,062 121 -120 0 665 COMMERCIAL BANKING LIABILITY LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING AGS. ACQUIRED BY: HOUSEHOLDS CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS U.S. GOVERNMENT MUTUAL SAVINGS BANKS FOREIGN AT SAVINGS INSTITUTIONS MUTUAL SAVINGS BANKS CREDIT UNIONS SAVINGS ♦ LOAN ASSNS. HELD BY: HOUSEHOLDS CREDIT UNIONS MEMO: TOTAL OF HOUSEHOLDS 23.182 TIME ♦ SAVINGS ACCOUNTS 11 AUGUST 1975 U.S. GOVT. SECURITIES U.S. GOVT. SECURITIES U.S. GOVERNMENT SECURITIES MARKET SUMMARY (BILLIONS OF DOLLAPS) UNADJUSTED QUARTERLY FLOWS I 1974 I 1073 1 2 3 4 29.374 33.490 7,739 12.027 3.027 2.700 5.039 9.000 UNADJUSTED QUARTERLY FLOWS 1973 I 15 II III I I IV -97 -5.941 891 911 7,310 -6.852 6.607 -1,119 441 -1.560 11.306 6.598 457 6.141 11 .558 6,201 197* I II I IV 1 III 288 5.188 3.029 -6.430 780 822 2.2*9 —7.2*2 13.314 4.851 611 4.240 1975 I 14.700 20.952 10.577 19.744 814 1.022 9.763 18.722 21.463 143 -65 21.385 3.35? 1C2 571 2.684 5.644 -164 134 5.87* 7.726 33 3 350 7. 043 4.708 475 245 3.988 2.159 359 4 1.796 6.718 241 30 6 ,447 8.46 3 -269 -ICC 8.832 4.123 -188 9 29.374 33.490 11.558 5 -97 -7 230 240 6.607 11.306 5.188 288 13.314 14.700 2 -1 -202 -2 02 0 369 369 416 416 20.952 4 3.468 3.468 0 C 827 2 .3 6 4 5 21.635 6 746 1.300 8 19.589 7 10 11 12 1? 14 -2 2 1.349 1.373 —2A 9 »2t* -204 -204 0 5 .2 ? s -1 0 2 -88 -1 A 3 . *»' 6 3 -1 0 1c 2 78 -2 468 468 c 4 ^8 2 753 753 0 2.*26 3.6?! 7„Prt6 -?.e37 - 1 , 7 2 9 -2.9AC 15 3*0 44 16 -5.713 7.644 -1.660 -2.807 -1.290 IT 6.053 -4.023 9.466 -30 -439 -2.944 -787 -787 0 _ ?1o -7 7 ^ 325 -1.035 1 3 .4 3 6 I • 27 5 2 ,7 6 1 --* 5 0 3,290 1.196 -529 -1.985 18 18.422 24.852 -114 1.239 7.372 9.925 7.0° 2 -5.706 12.458 19 18.753 2.700 4.671 11.382 18.110 3.027 3.666 11.415 2.794 891 219 1.684 2.989 911 -936 3.014 9.079 441 3.354 5.284 3.891 457 2.034 1.400 4.672 -200 780 822 4.419 -5.736 -527 4.714 11.4*4 611 4.277 6.566 23 20.360 24 2.700 25 6.521 26 11.139 14.536 3.027 757 10.752 3.0C1 891 539 2.471 *.617 911 3.217 10.183 441 5.191 4.551 27 -1.813 28 -3.029 20 1.216 3.515 3.55* -44 -500 -865 365 -442 -782 340 -1.842 -2.303 461 971 921 50 -958 -991 33 424 351 73 50 -607 -648 545 707 -1.152 -1.186 -643 -543 738 1.261 811 450 1.761 1.295 -2.459 -2.593 134 -2.701 2.580 5.772 3.266 2.506 -224 861 -4.756 -6.106 1.250 20 21 22 30 31 32 206 1.179 -973 480 1 .0 1 0 -5.839 -1.085 33 -1.273 34 -8.833 -2.613 -5.968 -3.430 3.623 129 2.345 35 7.560 466 272 -1 2 1 1.659 3.869 457 780 302 4.115 900 -1.026 466 637 1.835 822 -3.494 4.507 4.310 0 2.259 2.833 -474 3.437 3.168 3.07? -3.173 11.098 1.869 2.039 -170 2.414 2.598 -184 352 542 -137 298 -435 1.696 1.559 137 243 467 -224 101 5.028 4.240 4.086 4.018 9.005 8.883 788 68 122 3.886 2.192 1.694 9.218 6.400 2.818 3.886 1.343 850 9.218 5.325 3.325 493 894 -523 624 39 942 40 3 41 -1.000 42 1.003 *.732 3.292 2.150 1.142 2.931 2.718 1.750 968 -665 -1.586 -690 -1.992 -650 -1.610 —4C -382 262 -33 -490 457 1.693 3.324 1.800 1.524 -750 -584 -584 238 67 -165 232 -479 -315 -164 -318 -81 -237 114 —84 198 -70 -17 -53 -184 903 737 166 10 11 12 13 14 15 16 17 TOTAL PRIVATE DOMESTIC 18 PRIVATE DOMESTIC NONFINAN. SAVINGS BONDS (HH) TREAS. EXCL. SVGS. BONDS AGENCY ISSUES 19 20 21 22 PVT. DOM. NONFIN., BY SEC. HOUSEHOLDS SAVINGS BONDS TREAS. EXCL. SVGS. BONDS AGENCY ISSUES 23 24 25 26 CORPORATE BUSINESS TREASURY ISSUES AGENCY ISSUES 27 28 29 STATE ♦ LOCAL GOVERNMENTS TREASURY ISSUES AGENCY ISSUES 30 31 32 COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES 33 34 35 6.823 4.758 2.065 PRIVATE NONBANK FINANCE TREASURY ISSUES AGENCY ISSUES 36 37 38 PVT. NONBANK FIN., BY SECTOR SAVINGS ♦ LOAN ASSNS. TREASURY ISSUES AGENCY ISSUES 39 40 41 42 1.462 841 621 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 43 44 45 -1 0 1 192 1.141 1.099 42 1.185 1.022 163 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 46 47 48 197 136 61 124 170 -46 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 49 50 51 446 -249 695 033 68 3 420 420 250 0 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 52 53 54 307 309 241 223 18 197 102 69 33 50 57 -7 35 50 -15 54 47 7 55 45 51 41 76 10 10 -36 -6 5 40 72 -163 235 -48 -286 238 94 48 46 26 -108 134 -2 2 50 51 -78 56 -26 -2 5 -1 -149 —19* 46 26 -35 61 -50 62 -6 52 53 54 638 128 510 1.129 308 45 263 -119 -141 1.251 241 17* 67 208 50 158 34 -57 91 -67 -176 1C9 716 360 356 55 56 57 113 -134 247 553 15 11 -55 -126 71 -29 670 -88 182 69 113 -280 -56 -224 471 107 2 -45 -126 58 59 60 -100 -9 0 -60 -30 81 64 17 98 99 -67 -77 -176 -1 10 61 471 24 292 81 120 -22 62 -4 248 -647 65 459 12 f1 121 63 69 -20 -7 -2 -37 17 282 231 51 S. ♦ L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 55 56 57 -200 24 104 -3 5 139 414 335 79 259 310 -51 304 260 44 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES 56 59 60 -301 -364 331 358 -233 49 -144 806 533 707 -650 INVESTMENT COS. (TREAS.) SECURITY BROKERS ♦ DEALERS (TREAS.) 61 119 -1.037 *78 -5 (1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH AGENCY ISSUES. (2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET DEPT OF FINANCIAL INSTITUTIONS. SPONSORED AGENCY ISSUES INCLUOE GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS. 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 6 9 909 410 499 46 47 48 -22 7 -2 8 232 -189 -167 Suqrt -TERM MARKETABLE OTHER 6 2 .0 00 62 -294 356 275 23 252 SYSTEM 5 230 -9 239 -212 -492 -555 63 -64 -36 RESERVE 1 2 3 4 6.823 3.647 2.415 1.232 903 -791 -500 -291 43 44 45 59 FEDERAL f o r e ig n 4.732 4.784 -52 -585 -9 8 -750 -424 -326 4 6 .6 C 5 -2,444 1.117 -3.592 31 1.693 38 1.655 22 1 .3 1 7 11.243 -2.411 -8.358 814 61 1 1.0 22 4.510 -4.374 -7.500 1.149 -1.880 6 .12 2 -68 3 OTHER BUDCET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES (2) 16.203 NET ACQUISITIONS, BY SECTOR -1 2 U.S. GOVT. (AGENCY SEC.) SPONSORED CREDIT AGENCIES -442 -442 TREASURY MARKETABLE 0 FHLB SPECIAL ISSUE 213 1.117 -527 -377 262 -234 496 -122 11 -1C 8 1.597 16.041 2.931 -66 5 -1.586 1.407 -1.047 -1.224 1.524 -362 382 121 0 1.5C0 8.511 5.732 2.543 3.189 6 1.208 -291 -204 1.703 18.203 TOTAL NET ISSUES 16.703 TREASURY ISSUES 1.117 HOUSEHOLD SAVINGS BONOS 15.586 TREAS. EXCL. SAVINGS BONDS 2.184 -4.793 814 1.0 22 708 -3.902 66 2 -1.913 36 942 37 -1.098 38 2.040 0 1 II 62 11 AUGUST 1975 PRIVATE SECURITIES ANO MORTGAGES PRIVATE SECURITIES AND MORTGAGES PRIVATE SECURITIES ANO MORTGAGES (BILLIONS OF DOLLARS) UNADJUSTEO QUARTERLY FLOWS 1973 1974 1 I UNAOJUSTED QUARTERLY FLOWS II III IV | I II III IV | I II STATE AND LOCAL GOVERNMENT SECURITIES 1 13.709 17.371 2 11.913 15.723 3 -248 2.867 4 12.161 12.856 5 1.796 1.648 2.724 2.403 -71 2.474 321 3.243 2.708 -518 3.226 535 3.987 3.498 268 3.230 489 3.755 3.304 73 3.231 451 4.127 3.716 148 3.568 4U 5.110 4.686 710 3.976 424 4.071 3.740 1.602 2.138 331 4.063 3.581 407 3.174 482 3.630 3.200 107 3.093 430 5.133 4.322 666 3.656 811 6 13.709 7 4.335 8 -137 9 235 17.371 9.963 616 215 2.724 1.001 250 115 3.243 776 625 152 3.987 2.300 -375 -62 3.755 258 -637 30 4.127 1.307 531 38 5.110 2.359 -11 45 4.071 4.566 35 53 4.063 1.731 61 79 3.630 3.606 390 -19 5.133 2.271 449 160 HOUSEHOLDS CORPORATE BUSINESS S. ♦ L. GOVT., GEN. FUNCS 5.494 9 241 -582 1.840 -425 660 155 -35 -387 1.282 -317 1.125 -3 41 -120 555 92 863 -68 66 23 1.209 31 3.052 -36 -27 -134 837 412 2.132 13 73 -18 *91 -540 2.829 -54 77 -472 339 -2 -818 -4 34 -33 221 17 1.351 54 57 -59 689 100 -674 165 59 39 237 -173 1.727 61 38 28 350 49 COMMERCIAL BANKING MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES S. ♦ L. GOVT., RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS ♦ DEALERS 10 11 12 13 14 15 5.700 48 45 -618 3.883 218 STATE ♦ LOCAL GOVERNMENTS SHORT-TERM OTHER CORPORATE BUSINESS (POLLUTION CONTROL) 6 7 8 9 10 11 12 13 14 15 CORPORATE AND FOREIGN BONDS 1 12.485 23.337 2 9.159 19.670 8 3 155 4 1.777 1.113 5 550 159 6 991 2.240 2.053 1.452 —68 406 150 113 3.960 3.047 -100 670 178 165 3.129 2.657 -19 230 52 209 3.343 2.003 195 471 170 504 4.767 3.705 65 234 130 633 6.111 5.386 110 171 7 437 4.634 4.192 -10 93 -34 393 7.825 6.387 -10 615 56 777 11.605 9.430 10 243 -55 1.977 10.917 1 9.736 CORPORATE BUSINESS 0 COMMERCIAL BANKS 675 FINANCE COMPANIES 6 REITS 500 REST OF THE WORLD 7 12.485 23.337 8 1.059 -1.671 9 464 1.104 10 -1.092 974 2.053 337 -69 221 3.960 501 -101 -340 3.129 14 302 -525 3.343 207 332 -448 4.767 793 135 868 6.111 4.634 -532 -2.106 121 150 176 -92 7.825 174 698 22 11.605 4.687 304 1.263 10.917 1 3.765 HOUSEHOLDS 289 COMMERCIAL BANKING 1.165 MUTUAL SAVINGS BANKS 2.965 11 12.427 22.384 5.429 5.851 1.182 12 524 1.605 4.695 13 14 5.936 8.445 1.792 15 -965 3.815 -533 16 -872 -404 -195 17 402 -379 -1.266 18 97 1.329 60 4.055 1.926 225 1.517 387 -532 290 87 3.384 1.386 874 1.649 -525 216 -395 133 2*023 4.004 1.357 1.482 487 -18 978 1.372 -294 663 -361 189 1.773 ■-1.280 -183 58 6.049 1.851 1.178 1.818 1.202 -529 405 421 6.953 968 1.677 2.896 1.412 -364 -330 423 5.378 1.128 1.353 2.359 538 300 826 427 4.954 1.611 1.340 1.414 589 814 -686 269 5.609 1.785 1.331 2.087 406 194 101 -206 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNOS S. ♦ L. GOVT., RTR. FUNDS OTHER INSURANCE COMPANIES OPEN-END INVESTMENT COS. BROKERS ♦ DEALERS REST OF THE WORLD CORPORATE EQUITIES 1 8.032 2 -1.586 9.618 4 7.420 5 1.216 6 *52 7 730 8 -200 5.586 1.006 4. 580 4.097 1.000 371 -638 -250 2.294 -342 2.636 1.751 500 109 440 -164 2.533 -642 3.175 2.169 460 111 474 -39 2.356 128 2.228 1.287 706 114 126 -5 809 -572 1.381 1.244 250 100 -89 -124 184 186 -2 -5 250 88 -246 -89 2.464 1.211 1.253 1.303 250 83 -333 -50 4.045 1.942 2.103 1.933 250 75 -211 56 2.294 NET ISSUES -465 OPEN-ENO INVESTMENT COS. 2.759 OTHER SECTORS 2.421 CORPORATE BUSINESS 250 COMMERCIAL BANKS 68 OTHER INSURANCE COMPANIES 9 REITS REST OF THE WORLD 11 9 8.032 5.586 2.294 -8.172 -1.025 -865 56 11 0 56 361 184 186 12 6.734 4.207 13 14.939 14 3.557 2.298 870 15 5.290 2.305 1.259 16 3.922 3.525 1.246 17 2.170 -1.394 832 18 -2.314 -473 -1.297 19 404 -378 -1.266 20 2.75 8 544 1.273 2.533 -934 0 111 3.501 1.138 1.103 906 354 -564 291 128 2.356 849 2.129 809 -189 -6.184 795 -1.192 0 0 0 0 -73 137 189 -31 2.691 4.540 2.725 1.656 767 689 782 585 787 734 2.194 436 756 1.014 1.109 808 434 244 550 -277 -549 96 -682 -86 1.774 -1.281 -395 406 871 486 383 56 184 21 0 9 401 526 355 448 -928 -35 -330 118 2.464 -649 0 17 1.952 498 727 1.160 -433 330 827 -13 4.045 1.049 0 73 2.615 489 1.305 967 -146 37 -687 958 2.294 NET PURCHASES -795 HOUSEHOLDS 0 COMMERCIAL BANKING 82 MUTUAL SAVINGS BANKS 2.340 INSURANCE 500 LIFE INSURANCE COMPANIES 1.000 PRIVATE PENSION FUNDS 940 S. ♦ L. GOVT., RTR. FUNDS -100 OTHER INSURANCE COMPANIES -434 OPEN-END INVESTMENT COS. 101 BROKERS ♦ DEALERS 1.000 REST OF THE WORLD 13.177 849 -730 1.579 2.213 -450 118 -310 8 2.129 181 1.948 1.555 250 100 30 13 10 11 12 13 14 15 16 17 18 19 20 TOTAL MORTGAGES 1 71.907 54.497 15.383 21.695 14.130 11.548 19.C39 10.733 7.898 -107 -1.462 169 55.897 32.575 1.372 21.950 4.936 6.119 10.895 -21 101 128 15.175 10.554 355 4.266 998 792 2.476 -23 -6 -21 444 -690 -1.388 142 10 40 21.132 21.400 15.484 11.543 11.681 10.430 354 349 350 9.235 9.369 4.705 1.279 1.178 928 2.928 2.827 520 5.364 5.028 3.257 -3 -186 70 11.667 8.958 346 2.363 855 -127 1.635 -27 3 -80 -807 -1.021 552 1 32 66 18.513 13.949 11.768 9.145 6.664 7.808 344 342 340 9.024 6.943 3.620 1.578 1.381 1.122 2.601 2.597 1.048 4.845 2.965 1.450 -5 34 35 7.834 7.149 338 347 1.716 -471 -898 7.898 2 3 4 5 6 7 8 9 10 11 -71 -1.533 320 73.191 44.208 1.408 27.575 4.383 7.067 16.125 20.699 12 71.907 54.497 15.383 21.695 20.699 13 494 807 -861 567 385 14 -411 1.843 -583 -776 774 15 0 -2 0 0 -1 16 10.357 14.960 1.873 2.516 3.142 14.130 403 -170 -1 2.826 11.548 -238 -287 -1 2.885 19.039 284 219 0 4.104 17 18 19 20 21 22 61.641 36.887 19.754 12.537 32.587 19.725 26.912 17.573 5.675 2.143 9 0 14.782 4.234 9.234 7.858 1.364 12 19.388 5.566 11.243 9.530 1.714 -1 16.399 5.674 7.996 6.602 1.400 -6 11.072 4.280 4.114 2.922 1.197 -5 9.189 2.814 5.129 4.403 726 0 14.432 4.938 8.071 7.264 807 0 23 24 25 26 27 28 29 3.448 5.399 3.861 5.078 -290 -5 320 -106 -17 6 1.372 -1.650 4.480 876 71 268 -122 -61 -14 103 1.140 347 327 -94 114 0 969 1.263 992 1.126 -22 -103 -9 400 1.337 2.038 2.140 -52 -56 6 -100 740 834 791 16 26 1 -268 680 30 7.168 441 2.725 3.153 849 6.657 13.177 10.733 74 687 680 1.231 0 1 4.564 3.407 7.859 3.262 4.737 4.224 509 4 1.268 1.266 1.257 1.281 -16 -9 26 -6 0 1 -139 -1.147 294 -259 17.417 406 1.253 2 3.442 2.623 0 3.401 3.157 236 12.314 8 10 2.031 940 1.749 929 4 40 274 -29 4 0 -96 -1.170 -548 161 1.012 -152 2.647 3.130 1.032 ASSOI (2) INCLUDES MORTGAGE POOLS BACK! 11/75 FIGURES ARE TENTATIVE ESTIMATES BASEO ON INCOMPLETE INFORMATION. 5.407 1.523 1.788 1.682 101 5 68 2.461 1 2.745 17.417 NET CHANGE IN MORTGAGES BORROWED BY: 8 U.S. GOVERNMENT 2 1.154 SAVINGS ♦ LOAN ASSOCIATIONS 3 16 REITS 4 16.239 PRIVATE NONFINANCIAL SECTORS 5 6 10.190 HOUSEHOLDS 336 NONPROFIT INSTITUTIONS 7 5.713 BUSINESS 8 1.050 FARMS 9 1.995 NONFARM NONCORPORATE 10 2.668 CORPORATE 11 1.200 9.608 8.902 696 945 13 51 3 466 28 FUNDS ADVANCEO BY: HOUSEHOLDS U.S. GOVERNMENT S. ♦ L. GOVT., GEN. FUNDS SPONSORED CREDIT AG. (1) (2) 12 PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS (1) MUTUAL SAVINGS BANKS CREDIT UNIONS 17 18 19 INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS S. ♦ L. GOVT., RTR. FUND OTHER INSURANCE COS. FINANCE COMPANIES REITS -1.361 (1) MEMO: FHLB LOANS TO S+L 13 14 15 16 20 21 22 23 24 25 26 27 28 29 11 AUGUST 1975 MORTGAGES, BY TYRE MORTGAGES* BY TYPE 17 MORTGAGE MARKETS BY TYPE OF MORTGAGE (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS ------------------------------------------ ----I 1973 | »__ I II____ HI IV | I _ --1974 II m I Iv J UNADJUSTED QUARTERLY FLOWS 197* j1975 HOME MORTGAGES 1 2 3 4 5 6 41.740 30.120 44.208 32.575 -432 -443 -432 -443 -71 -107 -1.533 -1.462 9.064 10.554 -785 -785 -21 101 12.812 11.543 424 424 -23 444 7 41.740 30.120 9.064 12.812 8 -93? -159 “l.Oll -23 9 -1.186 524 -536 -815 10 11 12 -2 0 6.390 10.994 0 0 12.390 7.474 6.143 11.681 10.430 8.958 710 -781 -1.313 710 -781 -1.313 -2 1 -6 -3 -690 -1.388 -186 1 1 .0 1 0 12.390 1 1 .0 1 0 -2 1 260 -1 9.770 6.475 1.094 2.123 1.383 3.054 2.089 3.303 13 24.189 14.510 14 21.992 13.814 2.597 15 687 16 0 9 7.355 6.469 874 8.373 7.895 479 6 .0 1 2 17 18 19 20 21 -756 377 -466 382 -290 -5 1.372 -1.650 1.272 273 12 -398 -276 -1 2 2 103 334 -1 5.283 735 -6 -468 -374 -94 969 339 7.474 122 -95 -I 1.824 2.514 6.143 -371 -144 7.828 5.139 4.354 6.664 7.808 7.149 984 -784 -1.412 984 -784 -1.412 3 -80 -5 -807 -1 .0 2 1 34 12.828 NET BORROWING 10.190 HOUSEHOLDS 738 NONFARM NONCORP. BUSINESS 738 CORPORATE BUSINESS 8 U.S. GOVERNMENT 1.154 SAVINGS ♦ LOAN ASSOCIATIONS -103 67 7.828 162 246 0 0 12.828 NET CHANGE IN ASSETS 207 HOUSEHOLDS 1.091 U.S. GOVERNMENT 2 STATE ♦ LOCAL GOVERNMENTS 2.622 SPONS. CREDIT AGENCIES (1) 679 COMMERCIAL BANKING 9.145 670 670 -27 552 -1 5.139 153 355 4.354 -382 1.525 1 1 1.858 1.376 2.549 2.594 3.158 1.734 2.205 771 1.678 -18 2.849 2.345 509 -5 3.688 3.473 215 6.034 5.785 249 3.515 3.344 167 4 1.273 1 .2 1 2 2.707 2.552 147 122 -180 -196 16 -268 185 -1 2 10 -22 174 -52 400 360 -1 0 0 239 0 0 -65 150 -49 159 -16 -9 -139 -1.147 73 10 56 5 8 472 96 468 56 4 40 -96 -1.170 5 -83 7.603 7.198 395 10 256 243 13 466 -98 1 2 3 4 5 6 7 8 9 10 11 12 SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 13 14 15 16 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS FINANCE COMPANIES REITS 17 18 19 20 21 MULTI-FAMILY RESIDENTIAL MORTGAGES 1 2 8.522 5.935 2.482 105 7.843 5.550 2.237 56 1.816 1.271 503 42 2.982 2.087 848 47 2.398 1.679 716 3 1.326 898 415 13 1.322 902 397 23 2.22 0 0 11 22 12 5 7.843 -33 1.103 2.398 610 1.816 -18 1.3?6 -26 -205 523 187 -197 631 114 166 98 622 237 1.977 -191 380 621 2.324 295 331 2.398 -26 464 579 276 2.220 122 2.982 145 19 606 360 1.322 9 8.522 75 400 2.003 1.154 1.373 15 582 290 10 11 12 3.131 1.778 1.353 1.572 1.160 412 741 586 155 1.260 511 749 684 511 173 446 170 276 407 239 168 679 579 13 14 1* 1.145 -106 720 1.597 320 276 293 -61 113 151 114 327 177 -103 347 524 -56 -67 179 26 164 292 26 17.262 1.468 1.564 14.075 215 11.598 1.372 3.505 355 306 2.758 17.262 11.598 46 3 4 6 7 8 1.542 678 -2 1.977 1.450 516 102 100 2.324 1.656 646 -6 822 524 157 353 232 133 121 23 708 100 —6 10 1.991 342 163 1.465 110 1.373 932 429 -1 2 317 250 67 1.575 NET BORROWING 1.095 NONFARM NONCORP. BUSINESS 475 CORPORATE BUSINESS 5 REITS 1.575 NET CHANGE IN ASSETS 133 HOUSEHOLDS 108 U.S. GOVERNMENT 120 SPONS. CREDIT AGENCIES (1) 64 COMMERCIAL BANKS 995 843 152 SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS 220 LIFE INSURANCE COMPANIES S. ♦ L. GOVT., RTR. FUNDS REITS 418 274 298 -29 2 -88 455 338 9 85 23 1.964 NET BORROWING 336 HOUSEHOLDS 162 NONFARM NONCORP. BUSINESS 1.455 CORPORATE BUSINESS 11 REITS 455 1.964 NET 1 CHANGE IN ASSETS -6 6 HOUSEHOLDS 0 U.S. GOVERNMENT 397 COMMERCIAL BANKING 51 -116 COMMERCIAL MORTGAGES 100 0 1 .0 1 2 9.101 113 0 86 4.622 354 417 3.756 95 4.733 350 438 3.938 7 4.402 349 403 3.623 27 3.228 346 284 2.551 47 4.231 344 389 3.497 1 21 2.148 340 176 1.588 44 3.505 -164 4.622 38 4.733 47 4.402 179 3.228 -106 4.231 -29 1.991 -56 2.148 237 0 0 0 0 0 0 1.166 587 888 378 360 18 396 355 41 976 861 115 SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS 10 11 788 4 154 481 412 3 242 LIFE INSURANCE COMPANIES OTHER INSURANCE COMPANIES REITS 13 14 1.591 1.882 1.957 1.515 1.159 1.909 4.872 3.142 1.730 3.633 2.599 1.034 1.132 803 329 1.619 1.124 495 1.300 808 492 821 407 414 1.032 691 341 1.335 900 435 648 240 2.874 -17 2.488 ?.765 267 -14 693 486 808 -9 630 1.313 811 894 1 1 121 272 327 597 6 568 331 6 7 8 -6 6 0 21 4.821 0 4 5 0 0 6.945 6 i 2 3 0 -279 0 -377 9 12 15 FARM MORTGAGES 1 4.383 *.936 998 1.279 1.178 928 855 1.578 1.381 1 .1 2 2 1.716 1.050 NET BORROWING I 2 4.383 1.252 203 1.964 661 -5 308 4.936 953 216 2.792 631 998 332 3 484 189 1.279 407 1.178 385 928 128 130 479 64 855 241 54 396 165 1.578 250 54 933 198 23 1.381 159 54 785 260 -19 142 1 .1 2 2 1.716 501 354 777 9 -19 94 1.050 NET CHANGE IN ASSETS 132 HOUSEHOLDS 54 U.S. GOVERNMENT 700 SPONSORED CREDIT AGENCIES 60 COMMERCIAL BANKS 34 MUTUAL SAVINGS BANKS 70 LIFE INSURANCE COMPANIES 2 3 4 5 6 7 8 10 334 6 -16 20 527 270 -9 64 *0 474 138 0 131 -2 129 2 -3 120 303 54 678 8 4 75 ID INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED SECURITIES. 1 1 /7 5 FI©U*ES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 3 4 5 6 7 8 11 AUGUST 1975 CONSUMER CREDIT ANO BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT ANO BANK LOANS NOT ELSEWHERE CLASSIFIED (BILLIONS OF DOLLARS) UNAOJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS 1973 1973 1974 | II 1974 III IV | II III I IV | 1975 I II CONSUHER CREOIT 1 22.922 2 20.105 3 2.817 9.635 8.687 948 1.756 2.043 -287 7.763 6.643 1.120 5.952 6.075 -123 7.451 -2.914 5.344 -1.669 2.107 -1.245 5.853 4. 847 1.006 4.481 4.524 -43 2.215 -5.868 985 -4.647 1.230 -1.221 1.846 1.191 655 4 22.922 5 20.105 6 223 7 1.216 8 9.712 9 177 10 183 2.696 11 12 5.898 9.635 8.687 137 746 3.015 192 -50 2.507 2.140 1.756 2.043 -78 -426 1.605 -2 217 326 401 7.763 6.643 39 214 3.611 66 -64 1.030 1.747 5.952 6.075 50 270 2.919 81 26 938 1.791 7.451 -2.914 5.344 -1.669 212 -118 1.158 -649 1.577 -263 -10 32 4 64 -59 402 1.959 -634 5.853 4.847 24 135 2.383 108 8 952 1.237 4.481 4.524 2.215 985 180 1.009 -945 5 -198 324 610 1.846 1 INSTALMENT CREDIT 1.191 9 NONFARM NONCORP. BUSINESS -31 CORPORATE BUSINESS 292 COHHERCIAL BANKING SAVINGS ♦ LOAN ASSNS. 121 -140 MUTUAL SAVINGS BANKS 991 CREDIT UNIONS -51 FINANCE COHPANIES 948 802 424 -253 -12 -13 -287 155 -726 217 10 57 1.120 142 528 446 21 -17 -123 -149 -72 88 3 7 2.107 -1.245 893 -42 1.061 -1.150 145 -67 7 -3 17 1 1.006 152 731 116 5 2 -43 15 122 -161 -8 -11 13 14 15 16 17 18 2.817 1.041 791 896 41 48 *1 251 1.840 89 76 1.290 927 -5.868 -4.647 -162 -889 -2.327 106 73 111 -1.559 1.230 -1.221 677 503 721 -1.232 -141 -482 -6 -3 -21 -7 655 103 642 -64 -6 -20 10.684 -14.350 4.325 t INSTALMENT CREDIT NONINSTALMENT CREDIT NONINSTALHENT CREDIT NONFARH NONCORP. BUSINESS CORPORATE BUSINESS COHHERCIAL BANKING SAVINGS ♦ LOAN ASSNS. HUTUAL SAVINGS BANKS » 6 7 8 9 10 11 12 13 14 15 16 17 16 BANK LOANS NOT ELSEWHERE CLASSIFIED 1 73.196 48.354 14.389 24.941 2 19.642 12.061 4.238 3 10.608 2.762 1.822 4 -2.960 -2.395 -3.981 5 -768 2.220 -930 6 0 0 0 7 46.674 33.706 13.240 8 1.702 9 3.739 10 52.115 916 4.885 39 .507 11 0 0 12 52.115 39.507 563 1.387 15.190 13.435 20.431 1.838 5.571 5.614 4.057 3.007 -181 -1.219 -67 -469 0 0 15.561 6.502 4.219 2.758 1.722 -330 2.421 -3.723 1.072 698 0 0 11.371 2.061 359 586 16.506 -337 1.088 12.122 0 0 15.190 16.506 1.117 678 8.297 0 0 8.297 12.122 28.985 6.847 4.882 3.210 -96 1.211 2.499 1.679 -1.086 -2.809 1.294 -2.164 2.198 -672 382 -101 867 1.656 0 0 0 0 19.928 4.223 7.494 -12.429 604 468 482 2.043 3.147 22.439 -143 487 4.567 -13 -224 1.873 -1.022 9.354 -13.675 -10 -370 1.237 0 3.147 0 22.439 0 4.567 0 0 9.354 -13.675 0 1.237 13 52.115 39.507 15.190 16.506 14 38.626 31.990 11.768 11.767 1.800 -2.532 -1.138 15 494 16 3.013 910 686 985 17 -994 382 109 106 18 30.629 29.885 11.036 9.066 19 2.802 4.721 1.075 1.116 8.297 5.585 615 715 -410 5.388 -723 12.122 3.147 9.506 4.753 1.829 -3.126 627 373 577 -585 5.139 6.606 1.334 1.485 22.439 16.367 -675 744 266 12.694 3.338 4.567 2.891 -522 56 -545 4.843 -941 9.354 7.979 1.791 -263 -130 5.742 839 20 13.489 7.517 327 21 1.095 22 4.093 -1.007 23 3.985 4.557 24 5.084 2.872 2.712 513 1.093 637 469 2.616 -1.606 10 -324 314 -2.232 1.085 1.295 -345 1.207 6.072 989 1.015 2.382 1.686 1.676 758 -448 731 635 1.375 -4.645 -328 -851 658 -2.916 149 -321 896 —*57 3.422 -342 635 1.144 1.985 4.739 146 2.051 1.119 1.423 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 1.133 228 846 501 0 1.617 -13.675 -9.030 -2.681 63 -612 -4.818 -982 TOTAL LOANS AT COMHERCIAL BANKS* F/F BASIS 1.237 ET CHANGE IN LIABILITIES 963 NONFINANCIAL SECTORS 1.709 HOUSEHOLDS 800 FARH BUSINESS 87 NONFARM NONCORP. BUSINESS -2.419 CORPORATE BUSINESS 786 REST OF THE WORLD 274 -122 508 -216 104 1 - LOANS ELSEWHERE CLASSIFIED: HORTGAGES 2 CONSUMER CREDIT 3 SECURITY CREDIT 4 OPEN-MARKET PAPER 5 HYPOTHECATED DEPOSITS 6 ■ BANK LOANS NEC AT COML. BKS. 7 BANK LOANS NEC AT OTHER BANKING SUBSECTORSt DOHESTIC AFFILIATES 8 FOREIGN BANKING AGENCIES 9 BANKING SECTOR TOTAL BANK 10 LOANS NEC LOANS BY F.R. BANKS 11 TOTAL BANK LOANS NEC 12 FINANCIAL SAVINGS FINANCE REITS FOREIGN SECTORS ♦ LOAN ASSNS. COMPANIES BANKING AGENCIES 13 14 15 16 17 18 19 20 21 22 23 24 11 AUGUST 1975 OTHER LOANS OTHER LOANS OPEN-MARKET PAPER ANO OTHER LOANS (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS 1 1974 1 1973 UNADJUSTED QUARTERLY FLOWS 1973 I II III 1 1 IV I 1974 II III 1 IV | 1975 I II OTHER LOANS •— SECTOR TOTALS 1 28.820 34.676 2 11.833 27.432 2.941 3 2.477 4 1.221 1.940 5 1.833 2.082 6 2.022 10.917 7 345 833 8 3.935 8.719 5.870 1.829 373 402 707 -795 167 975 5.685 2.454 418 569 127 782 -240 798 9.369 2.697 865 177 -152 126 436 1.245 7.896 4.853 821 73 1.151 1.909 -18 917 9.884 5.1*9 430 372 116 2.567 68 1.606 9 16.987 7.244 10 0 695 -640 11 5.535 12 7.168 6.657 3.797 13 3.549 14 735 -3.265 4.041 0 3.403 441 337 -140 3.231 0 -260 2.725 745 21 6.672 0 2.722 3.153 -2 799 3.043 0 -330 849 2.469 55 4.725 578 0 0 3.292 -600 -152 2.647 347 2.180 -595 -1.816 15 28.820 34.676 5.870 5.685 16 3.464 -521 -1.971 -1.004 1.711 17 7.815 2.168 2.467 18 3.567 5.584 1.310 276 9.369 2.617 2.310 1.210 7.896 9.884 3.822 -3.386 1.327 4.637 771 674 6.681 -104 644 497 19 20 21 22 23 24 25 3.377 -9 -469 208 471 -324 -22 717 11 698 -354 -236 1.017 123 3.271 174 382 -561 534 959 885 3.866 186 -101 -252 891 1.042 3.663 6.799 -1.889 8.549 -38 -768 641 2.224 3.065 301 9.305 931 2.220 24 3.087 5.256 6.622 1.342 38 -930 717 2.542 1.101 10 3.113 -78 -67 70 -553 1.271 190 736 62 1.072 893 1.500 1.833 1.863 6.681 6.103 867 1.054 362 1.344 -160 2.636 13.552 9.114 953 572 59 4.866 483 2.181 4.559 7.056 691 -58 1.545 2.140 442 2.296 2.735 -1.755 NET INCREASE IN LIABILITIES 3.969 -1.063 NONFINANCIAL SECTORS 300 679 HOUSEHOLDS 562 576 FARM BUSINESS -103 -246 NONFARM NONCORP. BUSINESS 1.958 -1.508 CORPORATE BUSINESS -226 -228 STATE ♦ LOCAL GOVERNMENTS 1.099 43 REST OF THE WORLD 4.438 -2.497 -1.234 110 258 585 1.376 -4.708 2.639 3.130 1.032 -3.640 491 779 -553 -669 -185 62 -692 294 174 -1.361 198 3 FINANCIAL SECTORS SPONSORED CREOIT AGENCIES COMMERCIAL BANKING SAVINGS ♦ LOAN ASSNS. FINANCE COMPANIES REITS 13.552 4.559 2.735 -1.755 NET INCREASE IN ASSETS 2.148 821 -1.741 -839 HOUSEHOLDS 736 -3.849 2.740 672 CORPORATE BUSINESS 1.373 3.040 1.739 581 U.S. GOVERNMENT 1.432 -3.511 509 29 1.656 867 -56 858 162 1.771 1.422 1.253 211 -2.059 -897 -346 501 217 -11 475 -2.108 SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE N.E.C. REST OF THE WORLD 1 2 3 4 b 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 OPEN-MARKET PAPER 1 11.637 13.606 1.876 1.025 4.562 4.174 7.039 1.657 2 3 4 5 2.144 756 1.477 -89 1.604 647 896 61 1.146 768 -150 528 568 -308 1.881 -1.005 1.665. 965 946 -246 1.039 1.465 434 -860 187 73 427 -313 6 7 8 9 10 890 3.456 -2.813 -176 4.122 -1.685 381 -138 63 -555 1.137 -1.140 1.240 -1.665 -51 130 141 180 -151 -40 709 110 180 148 271 2.864 1.258 -42 588 1.060 1.972 888 199 1.234 -349 -883 718 -558 -87 -956 3.054 2.740 606 64 -356 -687 -224 -385 -74 -4 2.301 1.482 -62 802 79 -1.956 -1.920 -130 58 36 11 12 13 14 15 1.994 -249 -126 -123 2.243 9.592 2.525 1.263 1.262 7.067 378 -39 -20 -19 417 933 250 125 125 683 722 -15 -8 -7 737 1.274 280 140 140 994 3.008 509 255 254 2.499 2.861 958 479 479 1.903 2.449 778 389 389 1.671 246 128 64 64 118 16 3.291 -3.077 2.584 -1.087 1.774 20 2.128 -1.507 697 -4.395 2.029 17 11.637 13.606 1.876 1.025 4.562 4.174 7.039 1.657 6.799 -1.889 3.464 -521 -1.971 -1.004 2.168 1.711 7.815 2.467 5.241 4.945 385 3.136 2.574 -2.777 -669 1.326 2.617 2.310 654 1.656 3.822 -3.386 -104 4.637 1.327 644 1.066 2.677 2.320 261 1.960 -1.676 18 19 20 21 5.462 3.635 2.575 1.863 4.104 2.660 -505 -1.600 -39 -445 -223 -222 406 3.876 744 -700 72 672 853 -1.355 -181 -17 -38 -768 641 -76 717 931 2.220 24 324 -300 38 -930 717 —*J41 1.258 -78 -67 70 488 -418 -9 -469 208 90 118 11 698 -354 -113 -241 62 1.072 893 725 168 174 382 -561 -730 169 186 -101 -252 -15 -237 27 28 29 23 199 301 387 1.775 6.622 2.256 45 10 -942 389 190 -367 294 -22 -924 -529 123 1.161 737 1.863 -249 486 885 10 409 3.663 509 867 -56 344 -400 6~3 -44 140 -33 29 1.656 858 74 784 1 DIRECTLY-PLACEO PAPER BANK AFFILIATES FINANCE COMPANIES REITS 2 3 4 5 OEALER-PLACED PAPER CORPORATE BUSINESS BANK AFFILIATES FINANCE COMPANIES REITS 6 7 8 9 10 -990 -649 -325 -324 -341 BANKERS* ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 11 12 13 14 19 348 NONBANK CREOIT TO BANKS IN SECURITY RP»S 16 3.876 -2.535 NET PURCHASES* BY SECTOR 821 -1.741 2.148 736 -3.849 2.740 -198 146 1.495 934 -3.995 1.245 22 23 24 25 26 -2.535 NET ISSUES* BY TYPE ♦ SECTOR 17 -839 672 686 -14 HOUSEHOLDS CORPORATE BUSINESS COMMERCIAL PAPER SECURITY RP*S 18 19 20 21 -346 501 217 -145 362 MONETARY AUTHORITIES COMMERCIAL BANKING MUTUAL SAVINGS BANKS COMMERCIAL PAPER SECURITY RP»S 22 23 24 25 26 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES REST OF THE WORLD 27 28 29 -535 1.279 -270 1.114 -362 143 211 -2.059 -2.108 OTHER TYPES 1 2 3 2.866 870 1.996 3.481 -994 4.475 1.056 92 964 882 265 617 -618 -472 -146 1.546 985 561 1.096 -•529 1.625 473 118 355 633 -960 1.593 1.279 377 902 139 -266 405 4 5 6 7 8 9 10 11 3.542 251 119 810 325 345 0 1.692 5.548 205 290 815 1.058 833 695 1.652 1.308 85 98 241 148 167 0 569 274 27 11 52 43 -240 0 381 1.198 15 -34 182 37 436 0 562 762 124 44 335 97 -18 0 180 672 89 25 -36 -86 68 0 612 488 75 118 301 17 -160 0 137 1.356 55 122 254 54 483 110 278 3.032 -14 25 296 1.073 442 585 625 1.739 187 291 241 7 -226 258 981 12 8.549 9.305 1.342 3.113 3.377 717 736 3.271 3.866 1.432 -3.511 13 14 15 1.102 279 7.168 1.650 998 6.657 304 597 441 558 -170 2.725 211 13 3.153 29 -161 849 347 541 -152 936 -312 2.647 450 286 3.130 -83 271 483 -142 1.032 -3.640 16 17 18 2.226 25 2.201 2.736 36 2.700 288 2 286 391 2 389 850 12 838 697 9 688 341 2 339 792 9 783 898 17 881 705 8 697 492 0 492 19 0 0 0 0 0 0 0 0 0 0 0 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 837 FINANCE CO. LOANS TO BUSINESS 109 LIAB.-NONCORPORATE BUSINESS 728 CORPORATE BUSINESS 1 2 3 573 U.S. GOVERNMENT LOANS 4 33 LIAB.-HOUSEHOLDS 5 50 FARM BUSINESS 6 32 NONFARM NONCORP. BUS. 7 8 CORPORATE BUSINESS 8 -228 S. ♦ L. GOVERNMENTS 9 294 SPONS. CREOIT AGENCIES 10 384 REST OF THE WORLD 11 -897 SPONSORED CREOIT AGENCY LOANS LIABILITY OF526 FARM BUSINESS (FICB) -62 NONFARM NONCORP. BUS. (BC) -1.361 S*L ASSOCIATIONS (FHLB) 13 14 15 267 POLICY LOANS (HH LIABILITY) 8 ASSET-U.S. GOVERNMENT 259 LIFE INSURANCE COS. 16 17 18 0 HYPOTHECATED DEP. (HH LIAB.) ASSET-COMMERCIAL BANKS 12 19 11 AUGUST 1975 SECURITY CREDIT, TRADE CREDIT, AND TAXES 20 SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE (BILLIONS OF DOLLARS) SECURITY CREDIT, TRADE CREDIT, ANO TAXES UNAOJUSTED QUARTERLY FLOWS 1973 t 1974 t UNADJUSTED QUARTERLY FLOWS 1973 I 11 III IV 1 1 1974 II III I 1 IV | 1975 I II SECURITY CREDIT 1 -8.195 -4.572 -5.667 -2.295 -2.006 1.773 -3.429 -4.570 -2.060 -984 -1.338 -1.014 -1.234 199 -181 -38 —48 -121 12 -24 -6 3 4 -3.444 -2.474 -4.635 5 -2.769 -2.121 -4.069 6 -436 -34 -335 7 -239 -319 -231 459 -3.820 -116 -2.359 16 -63 2.218 216 15 72 428 16 1.670 1.265 1 -836 -1.004 -354 -937 -160 -224 -322 157 3.031 -3.622 2.591 -3.468 283 -308 157 154 559 -1.398 1.122 -1.454 -10 20 -553 36 1.987 1.679 264 44 -372 -556 -259 443 404 412 -39 31 8 -8.195 -4.572 -5.667 -2.295 -2.006 9 -206 -279 -175 -328 183 10 -3.396 -2.429 -4.316 -341 -1.443 1.773 -3.429 114 104 2.704 -4.031 459 -3.820 -524 92 1.284 -2.144 2.218 49 2.462 72 387 -931 1.670 30 807 -272 -1.712 -29 —*6 -288 -5 560 56 832 1 11 -4.560 -1.824 -1.120 -1.632 -33 -40 12 -56 6 -720 -1.088 -26 43 448 50 HOUSEHOLDS FOREIGN BROKERS ♦ DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES HOUSEHOLDS COMMERCIAL BANKING BROKERS FOREIGN 11 12 TRADE CREDIT 1 23.748 23.051 607 2 582 3 1.462 1.211 4 -994 -648 * 19.594 6 1.086 116 7 8 1.877 458 152 365 2.124 9.125 152 366 1.975 8.520 5.645 152 151 366 365 2.700 -7.793 6.029 149 366 2.545 10.958 146 369 2.535 18.052 -2.424 929 245 -59 -158 2.984 154 6.497 286 -336 185 4.359 11.162 292 263 112 498 539 999 1.412 240 -306 1.623 6.910 222 177 599 4.642 4.183 110 208 141 7.750 7.290 330 164 -34 8.162 7.545 -95 142 570 10.816 10.123 209 141 343 11.169 10.390 225 138 416 -4.184 1.375 358 201 -4.787 -211 1.812 9 25.998 23.616 10 24.080 20.806 274 856 11 658 12 550 13 986 1.404 14 -2.250 -565 5.444 5.062 -71 144 309 8.954 -2.890 -8.063 -2.152 145 142 141 139 392 84 -382 -539 2.854 -8.582 1.244 1.372 4.836 246 152 329 HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) 4.894 -9.585 -3.804 221 235 224 -82 -241 -34 433 525 490 CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS U.S. GOVERNMENT FOREIGN 5 6 7 8 7.142 -5.511 -5.383 -4.132 6.367 -6.074 -5.935 -4.695 334 88 119 118 137 134 133 131 304 341 300 314 CORPORATE BUSINESS U.S. GOVERNMENT OTHER INSURANCE COMPANIES FOREIGN 9 10 11 12 13 2.621 -2.680 1.980 PROFIT TAXES PAYABLE 1 2 3 4 5 6 7 8 9 2.659 2.323 123 85 36 36 13 55 -12 4.649 4.410 78 125 60 -12 20 76 -108 3.367 -3.336 2.717 -2.698 49 9 275 -290 61 -34 182 -207 26 -32 42 -48 15 -36 1.722 1.409 46 100 6 87 22 40 12 906 895 19 0 3 -26 -3 21 -3 2.927 -2.676 2.358 -2.060 36 39 260 -300 31 -14 177 -215 35 -32 43 -36 -13 -58 3.*10 3.174 24 165 25 76 21 39 -14 888 -1.530 -6.516 938 -1.722 -5.811 -21 -278 135 0 175 -500 18 44 2 -50 155 -233 -4 27 -33 30 53 -30 -23 16 -46 10 11 12 2.761 598 2.163 4.445 613 3.832 2.693 -4.476 155 147 2.538 -4.623 2.449 145 2.304 2.095 151 1.944 2.2*54 -3.940 153 151 2.101 -4.091 4.258 155 4.103 1.873 -1.945 -7.986 154 56 57 1.719 -2.001 -8.043 13 -102 204 -727 -1.189 674 1.140 673 1.264 -748 -98 5 415 1.470 PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS 1 -4.434 -5.295 -1.763 -1.496 -1.015 2 -4.167 -2.511 -1.044 -1.066 -1.059 -719 -267 -2.784 3 -430 44 -160 -998 838 101 -1.589 -2.092 -1.715 -2.185 -1.570 -210 -950 -1.112 -239 -838 253 311 -639 -980 -1.476 -1.347 -1.823 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. CORPORATE BUSINESS MONETARY AUTHORITIES COMMERCIAL BANKS SAVINGS ♦ LOAN ASSOCIATIONS LIFE INSURANCE COMPANIES OTHER INSURANCE COMPANIES FINANCE COMPANIES BROKERS ♦ DEALERS STATE ♦ LOCAL GOVERNMENTS U.S. GOVERNMENT 11 12 U AUGUST 1975 MISCELLANEOUS I MISCELLANEOUS I MISCELLANEOUS FINANCIAL CLAIMS (BILLIONS OF DOLLARS) 21 UNADJUSTED QUARTERLY FLOWS 1973 I 1974 | UNADJUSTED QUARTERLY FLOWS 1973 I II III IV | I 1974 I II III I IV | 1 36.685 40.282 400 2 402 3 2.537 2.223 4 -363 950 12.277 111 351 233 6.928 98 588 54 11.465 93 886 -831 6.015 98 712 181 16.718 99 1.177 -42 9.881 99 1.700 45 8.619 102 -1 -636 * 27.808 21.878 6 2.169 1.300 7 760 -2.230 8 17.471 15.732 7.087 261 324 3.549 6.070 251 -64 3.854 11.259 447 245 8.340 3.392 1.210 255 1.728 10.903 1.015 —3C4 8.441 5.259 -74 102 3.179 7.080 -1.364 60 299 27 -2.055 -490 4.602 1.155 260 752 786 0 51 366 810 802 0 494 485 440 808 0 -825 -515 734 805 0 624 -25 198 954 0 17 93 987 955 0 299 400 714 978 0 9 10 11 12 13 875 596 2.736 3.201 0 36 264 2.909 3.867 0 14 6.303 14.829 4.495 118 58 1.632 4.581 2.778 15 32.357 39.328 16 1.497 2.248 17 715 778 991 18 1.0C5 19 7.852 8.566 957 29 —66 9.655 323 165 249 3.836 107 10.085 379 195 251 1.858 108 6.594 402 188 247 748 -27 6.023 393 167 244 1.410 769 14.615 541 158 250 1.945 178 9.892 553 230 264 1.642 -352 1975 I 5.064 11.780 102 104 326 -653 1.583 -377 II 5.432 NET CHANGE IN LIABILITIES 105 HOUSEHOLDS 350 CORPORATE BUSINESS 1.658 U.S. GOVERNMENT 6.423 1.703 528 66 -49 254 3.603 -1.282 -904 -204 1.010 980 0 571 -173 946 997 0 2.074 5.396 5.329 572 192 247 1.834 -161 9.492 582 198 244 3.145 269 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING 1 2 3 4 5 6 7 8 180 29 1.451 1.005 0 SAVINGS ♦ LOAN MUTUAL SAVINGS LIFE INSURANCE NONLIFE INSUR. REITS 5.304 1.616 REST OF THE WORLD 14 7.401 599 189 243 1.842 170 7.657 NET CHANGE IN ASSETS 612 HOUSEHOLDS 180 FARM BUSINESS 235 NONFARM NONCORP. BUSINESS 2.185 CORPORATE BUSINESS 176 U.S. GOVERNMENT 15 16 17 18 19 20 21 22 23 12.770 1.666 7.239 17.827 -337 15.044 4.438 -106 3.864 3.859 346 1.933 2.716 577 1.840 1.757 849 -398 7.512 99 6.136 3.827 -632 3.291 2.384 350 1.664 4.104 -154 3.953 6.182 -101 5.224 3.849 99 3.290 24 25 26 27 28 1.504 281 917 55 1.108 2.070 214 926 867 -957 297 -162 236 18 291 653 *22 228 -69 346 -161 -118 224 153 201 715 139 229 -47 270 915 -244 230 466 -90 551 250 230 162 -25 55 91 233 231 -240 549 117 233 8 -602 939 -9 235 4 -110 269 174 236 50 -269 29 7.575 8.970 537 3.435 2.320 1.28? 4.031 ?.728 261 950 -1.734 30 4.328 954 2.622 -3.157 4.871 -8 2.103 -11 3.290 -4.428 4.289 420 ASSNS. BANKS COMPANIES COMPANIES 9 10 11 12 13 TOTAL FINANCE 21 SPONSORED CREDIT AGENCIES 22 COMMERCIAL BANKING 23 SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS REST OF THE WORLO -2.225 UNALLOCATED, NET 24 25 26 27 28 29 30 (A) FOREIGN CLAIMS 31 32 33 1.063 350 713 4.597 2.247 2.350 -277 -279 2 693 394 299 460 205 255 187 30 157 2.681 1.197 1.484 148 415 -267 585 -444 1.029 1.183 -638 -1.400 1.079 -2.075 -39 104 1.437 -1.361 COMMERCIAL BANK LIABILITY TO FOREIGN AFFILIATES ASSET-REST OF THE WORLD LIAB.-COMMERCIAL BANKS FOREIGN BANKING AGS. 31 32 33 34 3,649 7.152 2.061 669 313 606 1.141 1.441 1.827 2.743 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD 34 35 2.537 2.223 36 348 646 37 38 39 40 41 4.798 2.568 609 175 1.446 1.139 -200 -712 722 1.329 351 77 588 886 712 81 2 188 2.904 412 1.349 783 27 30 1.147 -1.148 378 750 -78 36 -29 -61 -24 1.560 400 581 237 342 1.177 114 1.700 -I 233 83 2.370 -692 -1.262 400 -200 -400 64 -585 -244 1.873 -1.516 -10 33 1.609 -608 -653 216 723 0 53 375 295 1.366 1.494 326 DIRECT FOREIGN INVESTMENT IN U.S. 350 LIAB.-CORPORATE BUSINESS 35 151 U.S. GOVT. EQ. IN IBRD, ETC. 151 LIAB.-REST OF THE WORLO 36 4.601 76 19 3.174 1.332 601 292 25 1.134 -850 FOREIGN CURR. EXCEPT OFFICIAL LIAB.-REST OF THE WORLD 37 ASSET-CORPORATE BUSINESS 38 U.S. GOVERNMENT 39 COMMERCIAL BANKS 40 FOREIGN BANKING AGS. 41 (8) U. S. GOVERNMENT CLAIMS 42 0 0 0 0 0 0 0 0 0 0 0 43 197 739 -257 162 -275 567 282 131 2 324 541 44 45 565 0 759 0 218 0 135 0 144 0 68 0 211 0 221 0 188 0 139 0 95 0 46 47 48 49 160 20 19 366 206 34 17 502 24 * 3 186 57 8 5 65 51 5 6 82 28 2 5 33 17 7 3 184 88 22 4 107 48 4 6 130 53 1 4 81 42 0 0 53 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. POSTAL SAVINGS DEPOSITS (LIAB.-U.S. GOVT.) 0 ASSET-HOUSEHOLDS DEPOSITS AT FHLB IASSET-S+L ASSOCIATIONS) -194 LIAB.-SPONSORED CREDIT AGS. 0 EQ. IN U.S. GOVT. CREDIT AGS. 0 U.S. GOVERNMENT PRIVATE 32 FARM BUSINESS (FICB ♦ FLB) -8 NONFARM NONCORPORATE (BC) 0 CORPORATE BUSINESS (FNMA) -24 S+L ASSOCIATIONS (FHLB) 42 43 44 45 46 47 48 49 11 AUGUST 1975 MISCELLANEOUS II MISCELLANEOUS II 22 MISCELLANEOUS FINANCIAL CLAIKS (CONTINUED) (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS I 1974 | UNADJUSTED QUARTERLY FLOWS 1973 I II III IV | | 1974 I II III | IV I 1975 I 1C) LIFE INSURANCE CLAIMS 1 400 402 111 98 93 98 99 99 102 102 104 DEFERRED AND UNPAID PREMIUMS (ASSET-LIFE INSURANCE) 105 LIAB.-HOUSEHOLDS I LIFE COMPANY RESERVES (ASSET-HOUSEHOLDS) 397 LIAB.-LIFE INSURANCE COS. 162 ACCIDENT AND HEALTH 235 POLICY DIVIDEND ACCUM. 2 3 4 2 3 4 1*438 563 875 1,521 609 912 345 132 213 359 141 218 366 145 221 368 145 223 372 147 22*5 379 152 227 382 153 229 388 157 231 392 159 233 5 6 7 8 9 3.201 59 555 971 1.616 3.867 727 572 971 1.597 786 -22 141 244 423 802 20 138 243 401 808 36 137 242 393 805 25 139 242 399 954 160 141 243 401 955 174 142 242 397 978 190 144 243 401 980 194 145 243 398 997 207 147 243 400 10 4.328 954 2.622 -3.157 4.871 -8 2.103 -11 3.290 -4.428 4.289 11 18.489 17.237 0 12 1.723 13 -363 -773 14 1.407 -198 760 -2.230 15 5.958 0 233 300 324 2.929 0 54 -46 -64 8.746 0 -831 578 245 856 0 181 575 255 7.317 0 -42 522 -304 5.266 0 45 -426 102 5.735 -1.081 0 1.723 -636 -140 -164 -130 27 -2.055 3.845 -181 -196 -108 -49 2.923 1.349 309 260 254 16 17 18 19 20 2.496 1.668 275 511 42 1.429 2.025 -807 337 -126 -157 312 -415 -363 309 1.261 -45 -5 1.063 248 2.782 3.828 -6*?2 -353 -41 2.458 3.553 -530 -521 -44 3.821 3.421 -824 1.142 82 5.200 6.351 -834 -354 37 1.079 -356 164 1.223 48 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 28 1.330 733 -2.259 -195 3.203 510 -386 1.732 -710 2.730 288 8.037 280 1.650 2.719 6.280 -1.901 -107 538 2.978 821 1.411 -746 573 -1.443 2.066 50 196 -3.719 -959 -880 2.235 -2.383 130 -3.802 211 -946 2.152 -1.213 -961 -2.186 1.172 -53 FLOATS IN COML. BANK STMNT ON INTERBANK DEPOSITS ON INTERBANK LOANS LESSt ON MEMBER BK. RES. (D) NONLIFE INSURANCE CLAIMS 1.005 215 148 243 399 LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS (E) UNALLOCATED ASSETS ♦ LIAB. 5.029 11.107 3.960 11.002 -952 -1.706 1.548 1.744 473 67 21 11.379 1.400 22 23 10.312 24 333 25 875 26 596 27 1.298 28 0 29 -2.492 36 264 1.388 0 5.892 51 1.155 260 366 407 451 0 0 -547 -1.044 494 485 74 0 -179 -825 -515 366 0 -722 624 -25 -174 0 956 17 93 608 0 1.796 299 400 332 0 1.426 -904 -204 622 0 1.714 571 -173 554 0 -814 180 29 1.054 0 -630 3.347 -154 4.175 -627 -265 -444 -101 921 -85 -118 5.148 99 2.166 902 -62 144 345 117 -9 131 131 4 8 -110 -602 420 -1.422 487 174 131 50 -269 1.470 30 31 32 33 34 14.161 1.666 4.722 818 78 16.283 -337 12.068 1.141 -216 3.336 -106 1.288 933 118 6.086 346 1.532 849 -50 3.875 577 2.095 -206 36 864 849 -193 -758 -26 5.214 99 2.372 1.802 56 5.277 -632 2.371 874 -47 2.445 350 3.150 -908 40 35 36 37 38 39 40 941 281 517 55 1.108 3.97 5 829 214 524 867 -957 2.150 368 -162 125 18 291 463 426 422 130 -69 346 2.154 32 -118 131 153 201 974 115 139 131 -47 270 384 449 -244 131 466 -90 173 313 250 131 162 -25 1.880 -77 91 131 231 -240 -323 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 2.046 200 300 1.476 70 -2.225 NET TOTAL (LIAB. LESS ASSETS) NET CHANGE IN LIABILITIES U.S. GOVERNMENT „U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE REITS REST OF THE WORLD NET CHANGE IN ASSETS SPONSORED CREDIT AGENCIES COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS IN U.S. POSSESSIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE PRIVATE PENSION FUNDS REITS REST OF THE WORLD 37 38 39 40 11 AUGUST 1975 TOTAL CLAIMS TOTAL CLAIMS 23 TOTAL FINANCIAL ASSETS AND LIABILITIES (BILLIONS OF DOLLARS) UNADJUSTED QUARTERLY FLOWS UNAOJUSTED QUARTERLY FLOWS 1974 1973 1974 | II II III III I IV I 1975 I II TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1) 1 239.364 218.099 2 3 4 5 6 7 8 9 10 187.365 9.714 7.528 170.123 72.815 8.617 9.282 67.151 12.258 22 31.115 23 21.540 24 1.264 25 7.872 26 439 27 2.982 56.828 61.288 7.763 3.988 -235 -350 1.207 -529 118 3.254 1.040 -730 60.396 60.852 30.771 22.089 939 7.469 274 1.436 1.542 77 309 -492 7.062 4.523 181 3.392 -1.034 16.177 15.310 291 675 6.440 165 1.105 3.880 1.290 7.429 904 -507 1.982 603 28 201.771 167.783 45.339 *7.165 42.984 56.283 5.859 6.987 29 20.255 24.061 3.113 4.296 489 3.537 30 9.227 6.150 4.001 1.200 31 86.656 32 80.895 33 1.702 34 3.950 35 109 64.634 15.124 26.001 58.248 13.178 25.178 359 563 916 546 5.005 1.464 -81 -82 465 17.553 27.978 15.548 26.991 -337 1.117 753 1.187 137 135 36 85.633 72.938 23.101 24.105 37 27.133 21.045 10.584 8.927 3.333 38 5.372 3.155 1.538 2.713 440 1.079 39 2.937 17.955 20.472 4.694 2.928 496 183 451 967 40 41 42 43 15.610 7.243 9.247 4.971 10.136 4.480 -2.516 1.020 3.496 55.292 52.703 -6.186 6.287 52.602 15.534 3.376 3.229 25.937 4.*26 51.808 33.175 10.310 19.244 3.862 2.150 37.636 11.781 12.845 -383 801 2.341 2.463 -1.186 17.504 8.035 2.974 4.023 52.400 16.614 1.340 34.446 14.381 2.426 1.836 11.709 4.094 5.789 13.627 14.498 4.105 -1.853 1.796 1.961 6.447 8.942 4.895 2.443 -1.147 937 -4.155 2.289 1.164 907 679 -313 610 1.686 635 896 -345 -557 -66? 4.188 3.081 -317 -4.457 100 100 88 83 75 182 1.533 136 2.052 -3.226 930 -186 -247 -490 485 181 186 -572 1.942 1.211 2.892 1.891 598 -174 104 -329 68 1.381 -182 -465 45.707 43.312 53.089 32.087 3.389 -457 -5.994 7.312 726 2.763 3.737 2.040 49.661 43.043 43.014 24.961 20.572 19.463 20.880 3.694 2.070 1.628 1.600 2*833 -596 2.248 2.265 3.161 20.627 15.311 14.972 16.479 3.784 3.934 2.468 3.286 11 -31.999 38.019 11.571 15.581 17.084 5.874 7.043 2.684 12 19.589 22.080 3.016 -727 2.461 13 4.515 -1.922 2.437 948 819 827 14 2.244 1.423 469 2.872 1.985 15 5.084 200 2.976 6.290 3.315 16 5.962 114 17 109 452 371 111 3.466 1.378 3.903 1.321 18 9.419 1.624 1.934 982 19 6.320 1.722 1.006 -642 128 20 -1.586 -342 21 239.364 218.099 66.330 57.980 55.913 31.322 56.828 61.288 60.396 60.852 37.876 180.080 45.257 11.998 8.853 15.430 1.999 152.652 34.405 43.991 11.900 2.086 7.786 7.207 1.608 77.112 16.241 16.556 2.570 43.482 4.485 1.544 37.453 11.918 2.009 2.1)1 17.192 4.223 TOTAL FUNOS RAISED IN CREDIT MARKETS BY* NONFINANCIAL SECTORS U.S. GOVERNMENT FOREIGN PRIVATE DOMESTIC HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS S. ♦ L. GOVERNMENTS 2 3 4 5 6 7 8 9 10 1 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES SAVINGS ♦ LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-ENO INVESTMENT COS. 11 12 13 14 15 16 17 18 19 20 37.876 66.330 57.980 7.189 2.335 3.140 2.650 -760 176 2.411 1.923 1.798 -2.414 17.420 15.946 66 461 947 55.913 31.322 55.292 TOTAL FUNOS ADVANCED IN CREDIT MARKETS BYt 3.827 4.208 7.027 PRIVATE DOM. N0NF1N. SECTORS 353 -689 2.364 HOUSEHOLDS 857 341 112 NONFARM NONCORP. BUSINESS 2.674 2.878 4.146 CORPORATE BUSINESS -57 1.678 405 STATE ♦ LOCAL GOVERNMENTS 22 23 24 25 26 2.054 4.271 U.S. GOVERNMENT 27 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES FEDERAL RESERVE SYSTEM 28 29 30 389 715 28.704 59.157 35.091 44.831 8.799 2.834 7.173 5.255 1.461 -257 1.336 3.610 9.607 28.452 8.392 25.771 604 468 589 2.090 123 22 16.520 7.714 2.884 19.922 6.793 277 1.C03 4.204 1.822 17.137 46.958 2.702 2.103 2.393 1.471 8.840 17.735 -11.112 14.187 8.491 15.594 -9.772 14.423 -143 -13 -224 -10 395 1.931 -1.263 -328 102 97 223 147 13.991 20.505 3.514 3.024 23 149 1.193 521 23.154 29.197 8.585 12.664 3.570 3.523 1.260 2.186 21 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 31 32 33 34 35 PRIVATE NONBANK FINANCE SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 36 37 38 39 4.921 1.969 2.605 1.378 2.905 1.115 2.362 1.206 3.794 1.827 2.296 1.190 3.990 2.332 1.984 1.197 4.282 1.324 2.209 1.432 4.434 1.531 2.758 1.089 3.712 2.739 3.253 809 3.657 2.530 4.041 1.212 5.056 3.618 2.371 939 3.381 2.764 3.388 963 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNOS S. ♦ L. GOVT., RTR. FUNO OTHER INSURANCE COS. 40 41 42 *3 3.971 1.560 876 1.140 922 -1.155 -934 -3.496 3.598 1.263 -626 738 1.573 1.337 81 -300 3.405 740 -816 4.078 1*4 680 -57 -4.138 1.571 294 -493 665 413 -259 341 253 1.793 161 1.131 2.286 -2.590 -548 1.732 -839 1.252 28 -553 -399 FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. SECURITY BKRS. ♦ OEALERS 44 45 46 47 -747 -2.474 1.594 4.123 3.415 2.984 5.773 -515 55.913 31.322 55.292 16.085 8.124 12.261 4.542 12.116 9.149 -2.432 REST OF THE WORLD 46 TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS 1 239.364 218.099 2 3 -200 422 4 5 6 7 8 95.014 66.896 15.962 50.934 28.118 1.262 445 -8.195 23.748 2.659 -4.434 36.685 1* 7.864 20 21 22 19 -102 4.328 -8 193 13 64 9.130 7.687 -4.572 -5.667 -2.295 9.125 23.051 458 4.649 3.367 -3.336 -5.295 -1.763 -1.496 40.282 12.277 6.928 -2.006 8.520 1.722 -1.015 11.465 4.785 16 424.563 407.822 339 17 18 93 19 -2.250 -220 88 60.396 60.852 37.876 66.330 57.980 210 100 329 97 881 103 15 77 -158 145 321 167 TOTAL FUNOS RAISED (FROM PRECEDING TABLE) OTHER LIABILITIES! OFFICIAL FOREIGN EXCHANGE 13 214 TREASURY CURR. ♦ SDR CTFS. 2.228 38.029 8.607 38.228 5.907 37.136 10.947 34.970 *6.174 21.087 30.884 3.168 30.882 -9.822 19.607 5.966 30.209 8.628 22.093 -484 30.503 64.069 7.070 -10.948 10.879 -8.820 24.851 -15.114 12.181 -7.656 17.659 -17.678 17.375 7.856 2.232 56.999 19.576 11.214 14.786 5.358 14.630 18.322 10.824 13.223 6.927 11.431 4.467 -940 7.147 18.429 18.621 8.791 -59 22.105 12.459 9 31.636 38.942 10 11 12 13 14 56.828 61.288 7.453 3.780 23 422.136 405.588 8.856 14.550 INSURANCE ♦ PENSION RESERVES 459 -3.820 2.218 72 1.670 1.773 -3.429 8.954 -2.890 -8.063 -2.152 5.645 6.029 10.958 2.927 -2.676 906 888 -1.530 -6.516 3.510 -160 101 -1.589 -2.092 -1.715 -2.185 -1.570 8.619 5.064 11.780 9.881 6.015 16.718 5.432 SECURITY CREDIT TRADE DEBT PROFIT TAXES PAYABLE NONCORP. PROPRIETORS* EQUITY MISCELLANEOUS -4.059 6.396 1.796 12.824 8.046 97.688 109.700 101.609 115.566 79.671 139.629 -81 560 1.814 -1.271 -565 -4.184 -92 204 954 -713 7.366 60 -490 2.661 -3.286 358 1.375 -21 84 1.140 674 2.622 -3.157 209 164 1.989 -1.764 201 -4.787 0 -44 -727 -1.189 4.871 -8 99.308 108.087 100.333 114.408 43 673 2.103 9.015 3.754 -8.811 83.239 135.968 282 89.132 99.390 49.362 588 -795 3.468 -3.456 1.812 -211 -54 1.264 -11 10.707 8.589 DEPOSITS AT FINANCIAL INSTS. BANKING SYSTEM DEMAND DEP. ♦ CURRENCY TIME ♦ SAVINGS DEPOSITS SAVINGS INSTITUTIONS -38 -968 3.566 -1.006 2.621 -2.680 -76 -5 -748 -985 3.290 -4.428 31 415 4.289 87.651 98.730 49.281 -6.726 INTERBANK CLAIMS 98.43 5 TOTAL LIABILITIES ABOVE - FLOATS NOT INCL. IN ASSETS -202 DEMAND DEPOSITS-U.S. GOVT. 3.379 OTHER 1.980 TRADE CREDIT - LIABILITIES NOT ALLOCATED AS ASSETS TREASURY CURRENCY -50 1.470 TAXES PAYABLE MISCELLANEOUS -2.225 94.083 TOTALS ALLOCATED TO SECTORS AS ASSETS (1) INCLUDES CORPORATE EQUITIES. 11/75 FIGURES ARE TENTATIVE ESTIMATES BASEO ON INCOMPLETE INFORMATION. 17 18 19 20 21 22 11 AUGUST 1975 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS 24 AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING 111 (BILLIONS OF DOLLARS) UNAOJUSTED QUARTERLY FLOWS I 1974 I 1973 I 1 138.164 129.933 26.002 2 13.054 4.572 -7.084 3 67.673 59.639 23.452 4 21.046 21.282 5 7.700 3.027 6 6.521 757 7 11.139 10.752 8 4.335 9.963 UNADJUSTED QUARTERLY FLOWS 1973 2.403 891 539 2.471 1.001 II 38.551 5.709 18.511 36.622 46 12.658 3.956 911 489 3.217 776 14.925 441 5.191 4.551 2.30C 501 1.059 -1.671 337 9 -521 -1.971 -1.004 10 3.464 -342 -642 1.006 11 -1.586 -292 -523 12 -6.586 -2.031 13 7.209 7.206 14 5.150 5.681 15 7.737 10.941 16 11.540 15.114 17 4.755 5.498 1.750 1.230 2.182 2.291 -222 III 1.824 1.266 1.229 4.811 1.245 IV | | I 36.989 24.395 14.383 -8.016 13.052 21.982 15.872 -334 -757 611 814 1.022 4.510 -4.374 -7.500 1.149 -1.880 6.122 4.566 1.731 3.606 1.958 1.117 -3.592 31 2.271 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. STATE ♦ LOCAL OBLIGATIONS 4 5 6 7 8 174 4.687 -532 -2.106 -104 2.148 821 -1.741 186 -572 1.942 1.211 -893 -620 -165 -1.860 3.765 -839 -465 -330 CORPORATE ♦ FOREIGN BONDS COMMERCIAL PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 9 10 11 12 1.728 1.485 2.848 8.489 1.575 PRIVATE LIFE INSURANCE RES. PRIVATE INSUREO PENSION RES. PRIVATE NONINSURED PEN. RES. GOVT. INSURANCE ♦ PEN. RES. MISCELLANEOUS FINAN. ASSETS 13 14 15 16 17 51.828 52 .097 54.173 41.272 47.569 GROSS INV. IN TANGIBLE ASSETS 5.096 5.988 NONFARM HOMES 7.960 10.175 7.757 11.915 11.317 9.006 7.326 10.265 NONCORP. BUS. PLANT * EQUIP. 32.°00 32.3«5 34.945 27.056 32.937 CONSUMER DURABLES 1.025 42 5 47 -867 -729 INVENTORIES 18 19 20 21 22 38.665 40.075 40.712 40.840 41.018 41.337 CAPITAL CONSUMPTION ALLOWANCES 2.614 2.678 NONFARM HOMES 2.f95 2.654 2.666 2.690 7.976 8.180 8.308 8.399 8.490 8.581 NONCORP. BUS. PLANT ♦ EQUIP. 28.075 29.200 29.750 29.775 29.850 30.066 CONSUMER DURABLES 23 24 25 26 1.768 773 2.056 1.799 655 213,148 37.537 42.813 130.310 2.488 204.591 49.162 53.671 53.030 57.285 46.493 32.537 9.412 8.102 9.239 10.784 8.414 41.221 9.307 11.729 11.776 10.C01 8.983 127.547 29.556 33.612 31.646 35.496 27.307 1.789 1.004 3.286 887 228 369 23 24 25 26 143.460 10.358 29.902 103.200 160.292 34.525 35.363 36.151 37.421 10.629 2.560 2.631 2.574 2.593 32.863 7.090 7.432 7.552 7.828 116.800 24.875 25.300 26.025 27.000 16.879 19.864 8.191 6.665 4.224 2.173 5.621 8.496 369 1.004 7.828 5.800 1.007 -768 1.T89 1.857 1.930 2.302 6.735 983 1.809 1.432 3.289 2.485 1.243 1.772 1.546 3.294 4.095 2.617 1.774 1.592 3.102 2.121 1.827 27 28 29 30 31 69.688 44.299 27.179 21.908 12.911 8.358 27.110 10.747 2.488 3.286 14.637 6.852 2.217 4.681 887 32 3? 34 35 36 37 38 87.619 58.471 44.208 32.575 12.858 I2.427 22.922 9.635 -4.570 -2.060 2.226 2.736 9.975 3.158 2.307 8.071 8.056 25.172 17.172 17.362 27.819 26.095 16.343 10.554 11.543 11.681 10.430 7.149 8.958 9.145 6.664 7.808 1.074 1.583 4.561 1.797 4,523 4.320 2.510 2.145 4.355 1.756 7.763 5.952 7.451 -2.914 5.853 4.481 2.215 -5.868 -984 -1.338 -1.014 -1.234 199 216 428 -116 -2.359 391 341 492 850 697 *88 792 898 705 3.603 4.899 4.271 -2.798 398 4.975 3.168 -5.383 -1.477 39 120.233 115.761 23.277 29.040 27.406 40.510 II 1 2 3 18 19 20 21 22 18.308 5.471 4.297 8.312 228 1975 I 37.426 30.880 37.232 27.360 5.843 -2.324 9.069 -11.361 15.410 7.074 15.173 29.062 —2?8 3.378 2.366 457 780 822 4.115 -3.494 302 900 -1.026 4.507 1.307 2.359 258 1.795 1.349 1.916 2.306 2.426 | IV | 52.601 INCREASE IN FINANCIAL ASSETS 11.336 DEMAND DEPOSITS ♦ CURRENCY 23.182 SAVINGS ACCOUNTS 14 207 793 2.617 3.822 -3.386 128 -730 181 614 -317 -5.454 1.840 1.305 2.410 2.132 1.306 1974 II III 24.167 11.753 11.385 13.333 254 7.509 5.079 5.306 3.293 3.009 607 -1.164 3.735 3.700 2.645 5.170 -2.794 42 5 47 -867 1.025 24.007 25.092 42.494 25.307 6.232 NET INV. IN TANGIBLE ASSETS 2.406 NONFARM HOMES 1.684 NONCORP. BUS. PLANT + EQUIP. 2.871 CONSUMER DURABLES -729 INVENTORIES 20.985 INCREASE IN DEBT 10.190 MTG. DEBT ON NONFARM HOMES 3.381 NONCORP BUS. MORTGAGE DEBT 1.846 CONSUMER CREDIT SECURITY CREDIT 1.265 267 POLICY LOANS 4.036 OTHER DEBT 32 33 34 35 36 37 38 37.848 INDIVIDUALS* SAVING (1+27-32) 39 (1) COMBINED STATEMENT FOR HOUSEHOLDS* FARM, ANO NONFARM NONCORPORATE BUSINESS. 11/75 FIGURES ARF TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION. 27 28 29 30 31 11 AUGUST 1975 DISCREPANCIES DISCREPANCIES DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS (BILLIONS OF DOLLARS) 25 UNADJUSTED QUARTERLY FLOWS t 1974 | 1973 I UNADJUSTED QUARTERLY FLOWS 1973 II III IV | | I II 1974 III | IV I 1975 I II SECTOR DISCREPANCIES 1 7,405 1,617 34 653 306 6.412 -2.042 -626 505 3.780 -772 615 TOTAL, ALL SECTORS 2 -6,009 -12,229 -913 -3.545 -2.717 1.166 -3.714 -1.425 -4.681 -2.409 -7.786 -3.293 HOUSEHOLDS 3 13,804 13,617 541 2.749 2.692 4.496 6.075 -2.018 1.164 5.173 7.713 3.566 CORPORATE BUSINESS 4 5,136 366 1.792 2.647 -1.542 2.239 -156 1.168 -1.420 774 649 1.022 STATE ♦ LOCAL GOVERNMENTS 5 -81 -3,635 2.767 -512 479 -2.815 2.882 -2.607 -66 -3.844 1.958 -1.439 U. S. GOVERNMENT 6 -2,176 4,699 -3.664 565 -128 1.051 1.774 393 1.018 1.514 3.386 878 FOREIGN 7 -3,269 -1.201 -489 -1.194 -282 -1.304 -810 -904 481 32 -143 -119 FINANCIAL SECTORS 8 -34 -10 —55 -3 -15 39 -23 -37 -88 138 27 -157 SPONSORED AGENCIES 9 0 0 0 0 0 0 0 0 0 0 0 0 MONETARY AUTHORITIES 10 -1.559 -1.568 415 -1.376 286 -884 97 -1.541 457 -581 539 -1.029 COMMERCIAL BANKS 377 -849 11 -1,676 185 -553 -459 -884 674 112 -709 475 1.067 PRIVATE NONBANK FINANCE -88 12 302 -62 -43 -108 125 73 28 46 155 171 52 SAVINGS ♦ LOAN ASSNS. 13 -66 167 -53 -43 14 19 16 90 3 55 42 109 MUTUAL SAVINGS BANKS -989 14 -806 -710 420 -276 -423 -1.244 385 75 -22 -558 639 LIFE INSURANCE 15 -55 525 73 -19 -26 194 -83 189 187 -45 179 136 OTHER INSURANCE 16 -478 189 -97 -157 -130 -94 74 -18 -199 332 -543 131 FINANCE N.E.C. TRANSACTION DISCREPANCIES 1 2 7.405 19 3 4 339 93 1.617 -92 34 -21 -81 560 1.814 -1.271 5 -2.250 6 -102 7 4.328 8 4.978 653 84 306 0 6.412 -2.042 -44 43 -626 -54 505 -5 -490 60 2.661 -3.286 164 209 1.989 -1.764 -795 3.468 588 -3.456 358 201 -4.787 -727 -1.189 673 4.871 -8 2.102 -970 5.254 1.526 -211 1.264 -11 -4.287 -565 -4.184 1.375 204 674 1.140 954 2.622 -3.157 -617 1.654 -960 -772 31 -38 -968 3.566 -1.006 615 TOTAL, ALL TYPES -50 TREASURY CURRENCY DEMAND DEPOSIT MAIL -202 U.S. GOVERNMENT 3.379 OTHER 1.812 2.621 -2.680 1.980 -748 -985 415 1.470 3.290 -4.428 4.289 -2.225 -976 3.120 -853 -3.737 11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION, 3.780 -76 TRADE CREDIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
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