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For use at 12:00 noon, eastern time December 11, 2014 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Third Quarter 2014 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits dipped slightly to $81.3 trillion during the third quarter of 2014. The value of directly and indirectly held corporate equities decreased $0.7 trillion and the value of real estate rose $245 billion. Domestic nonfinancial debt outstanding was $40.9 trillion at the end of the third quarter of 2014, of which household debt was $13.4 trillion, nonfinancial business debt was $11.8 trillion, and total government debt was $15.8 trillion. home mortgages). Net originations of home mortgages continued to be weak, while consumer credit continued to grow at a solid pace. Nonfinancial business debt rose at an annual rate of 5.2 percent in the third quarter, about in line with the increase in the previous quarter. As in recent years, corporate bonds accounted for most of the increase. State and local government debt declined at an annual rate of 2.8 percent in the third quarter, after increasing at an annual rate of 1.2 percent in the previous quarter. Domestic nonfinancial debt growth2 was 4.4 percent at a seasonally adjusted annual rate in the third quarter of 2014, slightly higher than the previous quarter. Federal government debt rose 7.2 percent at an annual rate in the third quarter, up from a 2.5 percent annual rate in the previous quarter. Household debt increased at an annual rate of 2.7 percent in the third quarter (excluding charge-offs of Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt2 Year Household net worth1 Total Households Business State and local gov’t. Federal 2004 55,951 9.0 11.1 5.6 11.4 9.0 2005 61,844 9.0 11.2 8.1 5.8 7.0 2006 66,339 8.4 10.2 9.8 3.9 3.9 2007 66,753 8.2 7.1 12.4 5.5 4.9 2008 56,500 6.2 1.1 5.8 0.6 24.2 2009 58,247 3.3 0.0 -4.3 4.0 22.7 2010 62,462 4.1 -1.1 -0.9 2.3 20.2 2011 63,676 3.6 -0.2 3.0 -1.7 11.4 2012 69,512 5.0 1.6 4.8 -0.2 10.9 2013 78,866 3.8 1.5 5.1 -1.3 6.5 Q3 68,230 3.8 0.5 4.2 -0.2 8.4 Q4 69,512 5.2 1.9 6.9 -2.6 9.3 Q1 72,295 4.1 0.7 3.5 1.9 9.1 Q2 73,846 3.0 1.6 4.9 -0.2 3.5 Q3 76,209 3.5 3.1 7.0 -3.7 2.6 Q4 78,866 4.4 0.6 4.4 -3.3 10.5 Q1 80,084 4.2 2.3 6.0 -1.3 6.0 Q2 81,490 3.4 3.4 5.0 1.2 2.5 Q3 81,349 4.4 2.7 5.2 -2.8 7.2 2012: 2013: 2014: 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown at an annual rate. ii iii Release Highlights Third Quarter 2014 Topic Description Expansion of international data submissions The “International Data Submissions” page of the “Financial Accounts Guide” includes two new tables and SDMX files for: General Government Operations and Financial Soundness Indicators, required by the International Monetary Fund (IMF) for adherence to the SDDS Plus initiative. It also includes updated SNA2008 compatible templates and SDMX files for the four matrices (tables 610, 620, 710, and 720) produced for the OECD. FEDS Notes The following FEDS Notes have recently become available: “Accounting for Mortgage Charge-offs in the Financial Accounts of the United States” (James Kennedy, Maria Perozek, and Paul Smith), “Measuring Direct Investment in the Financial Accounts of the United States” (Priya Punatar and Youngsuk Yook), and “Introducing Actuarial Liabilities and Funding Status of DefinedBenefit Pensions in the U.S. Financial Accounts” (Irina Stefanescu and Ivan Vidangos). FEDS Notes are available on the Federal Reserve Board’s website at www.federalreserve.gov/econresdata/notes/feds-notes/default.html. iv v Explanatory Notes Financial Accounts of the United States The Statistical Release Z.1, “Financial Accounts of the United States” are organized into the following sections: ■ ■ ■ ■ ■ Matrices summarizing flows and levels across sectors, and tables summarizing credit market borrowing, gross domestic product (GDP), national income, saving, and so on Flow of funds, by sector and financial instrument Levels of financial assets and liabilities, by sector and financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables providing additional detail on selected sectors Integrated Macroeconomic Accounts The Integrated Macroeconomic Accounts (IMA) relate production, income, saving, and capital formation from the national income and product accounts (NIPA) to changes in net worth from the “Financial Accounts” on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and the Bureau of Economic Analysis and are based on international guidelines and terminology as defined in the System of National Accounts (SNA1993, revised in 2008). Federal Reserve Board staff have taken many steps over the past several years to conform the “Financial Accounts” with the SNA guidelines. Nonetheless, a few important differences remain. In particular, in the “Financial Accounts”: ■ ■ ■ liability in existence at a point in time. In the “Financial Accounts,” the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the “economic flow”, and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure changes in market value of untraded assets; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In the “Financial Accounts,” “flow of funds” refers to the exchange of assets, corresponding to the SNA definition of transactions, that is, “flow tables” in the “Financial Accounts” are equivalent to “transaction tables” in the SNA terminology. In practice, other volume changes are relatively rare, and revaluations only occur for series carried at market value (such as corporate equities and mutual fund shares), so for many series the change in the level is equal to the flow. Growth Rates Growth rates calculated from levels will include revaluations and other changes in volume. To isolate the effect of transactions on growth of a given asset or liability, users should calculate the ratio of the flow in a given period to the level in the preceding period. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels printed in table L.2 may differ from those in table D.1. Seasonal Adjustment The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate business (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Most debt securities are recorded at book value rather than market value. Concepts of Level and Flow in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the stock or outstanding) measures the value of the asset or Seasonal factors are recalculated and updated every year, and these revised factors are first published in the September release of second-quarter data. All series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of data. Because the effects of the recent financial crisis resulted in large outliers in some series that would have distorted the estimated seasonal factors, seasonal factors for some series were extrapolated using pre-crisis data. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted flows. vi Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the “Financial Accounts,” major revisions are highlighted at the beginning of the publication. Discrepancies The data in the “Financial Accounts” come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. The Financial Accounts Guide Substantially more detail on the construction of the “Financial Accounts” is available in the “Financial Accounts Guide,” which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the “Financial Accounts.” The guide allows users to search for series, browse tables of data, and identify links among series within these accounts. It also provides descriptions of each of the published tables and information on the source data underlying each series. The guide is not part of the quarterly release, but it is continually updated and kept consistent with the most recently published data. The guide and the data from the “Financial Accounts” are available free of charge at the following link: www.federalreserve.gov/apps/fof/ Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. The relationships between different components of a series (for example, levels, seasonally adjusted annual rate flows, unadjusted flows, revaluations, other changes in volume, seasonal factors, and so on) are also described on the series structure page. Production Schedule The “Financial Accounts” are published online and in print 4 times per year, about 10 weeks following the end of each calendar quarter. The publication and the guide are available online here: www.federalreserve.gov/releases/Z1 This website also provides coded tables and historical annual tables beginning in 1945 that correspond with the tables published in this release. There are also compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program (DDP) here: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 vii Description of Most Recent Data Available Sector Table National income and product accounts (NIPA) (various tables) Available at time of publication Second estimate, seasonally adjusted, for 2014:Q3. Unadjusted flows since 2013 for the government sectors and since 2006 for all other sectors are unavailable. Households and nonprofit organizations sector (tables F.100 and L.100) Estimates for this sector are largely residuals and are derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2014:Q3. The source for nonprofit organizations data (tables F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income. Data for nonprofit organizations are available for 1987 through 2000. Nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2014:Q3 (preliminary); Internal Revenue Service Statistics of Income (IRS/SOI) data through 2012; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2014:Q3. Corporate farm data through 2013. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2011; bank and finance company loans, and mortgage borrowing through 2014:Q3. Noncorporate farm data through 2013. State and local governments (tables F.104 and L.104) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2014:Q3; total financial assets through 2011:Q2 from the Census Bureau; breakdown of financial assets through 2011:Q2 from the comprehensive annual financial reports of state and local governments. Federal government (tables F.105 and L.105) Data from the Monthly Treasury Statement of Receipts and Outlays and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2014:Q3. Rest of the world (tables F.106 and L.106) Balance of payments through 2014:Q2 and International Investment Position data through 2014:Q2. NIPA estimates, bank Call Reports, and Treasury International Capital System data through 2014:Q3. Monetary authority (tables F.108 and L.108) All data through 2014:Q3. U.S.-chartered depository institutions (tables F.110 and L.110) All data through 2014:Q3. Foreign banking offices in U.S. (tables F.111 and L.111) All data through 2014:Q3. Banks in U.S.-affiliated areas (tables F.112 and L.112) All data through 2014:Q3. Credit unions (tables F.113 and L.113) All data through 2014:Q3. viii Sector Table Available at time of publication Property-casualty insurance companies (tables F.114 and L.114) Preliminary data through 2014:Q3. Life insurance companies (tables F.115 and L.115) Preliminary data through 2014:Q3. Private pension funds (tables F.117 and L.117) Internal Revenue Service/Department of Labor Form 5500 data through 2012. Investment Company Institute data through 2014:Q2. State and local government employee retirement funds (tables F.118 and L.118) Detailed annual survey data through 2012:Q2 and quarterly survey data through 2014:Q2 from the Census Bureau. Investment Company Institute data through 2014:Q2. Federal government retirement funds (tables F.119 and L.119) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2014:Q3. Money market mutual funds (tables F.120 and L.120) All data through 2014:Q3. Mutual funds (tables F.121 and L.121) All data through 2014:Q3. Closed-end funds (tables F.122 and L.122) All data through 2014:Q3. Exchange-traded funds (tables F.122 and L.122) All data through 2014:Q3. Government Sponsored Enterprises (GSEs) (tables F.123 and L.123) Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO, FCS, and REFCORP through 2014:Q3. Agency- and GSE-backed mortgage pools (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie Mae through 2014:Q3. Issuers of asset-backed securities (ABSs) (tables F.125 and L.125) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2014:Q3. Finance companies (tables F.126 and L.126) All data through 2014:Q3. Real Estate Investment Trusts (REITs) (tables F.127 and L.127) Data from SNL Financial through 2014:Q3. Security brokers and dealers (tables F.128 and L.128) Data for firms filing FOCUS reports through 2014:Q3 and FOGS reports through 2014:Q3. Holding companies (table F.129 and L.129) All data through 2014:Q3. Funding corporations (tables F.130 and L.130) Estimates for this sector are largely residuals and are derived from data for other sectors. ix List of Data Tables Title Table Page Summaries Flow of Funds Matrix – Flows 1 Flow of Funds Matrix – Assets and Liabilities 2 Credit Market Debt Growth by Sector D.1 3 Credit Market Borrowing by Sector D.2 4 Credit Market Debt Outstanding by Sector D.3 5 Total Credit Market Borrowing and Lending F.1 6 Credit Market Borrowing by Nonfinancial Sectors F.2 7 Credit Market Borrowing by Financial Sectors F.3 7 Credit Market Borrowing, All Sectors, by Instrument F.4 8 Total Liabilities and Its Relation to Total Financial Assets F.5 8 Credit Market Debt Outstanding L.1 9 Credit Market Debt Owed by Nonfinancial Sectors L.2 10 Credit Market Debt Owed by Financial Sectors L.3 10 Credit Market Debt, All Sectors, by Instrument L.4 11 Total Liabilities and Its Relation to Total Financial Assets L.5 11 Distribution of Gross Domestic Product F.6 12 Distribution of National Income F.7 13 Saving and Investment F.8 14 Net Capital Transfers F.9 15 Derivation of Measures of Personal Saving F.10 16 Assets and Liabilities of the Personal Sector L.10 17 Flows Title Levels Table Page Table Page Households and Nonprofit Organizations F.100 18 L.100 68 Nonfinancial Business F.101 19 L.101 69 Nonfinancial Corporate Business F.102 20 L.102 70 Nonfinancial Noncorporate Business F.103 21 L.103 71 State and Local Governments F.104 22 L.104 72 Federal Government F.105 23 L.105 73 Sectors x Sectors Rest of the World F.106 24 L.106 74 Financial Business F.107 25 L.107 75 Monetary Authority F.108 26 L.108 76 Private Depository Institutions F.109 27 L.109 77 U.S.-Chartered Depository Institutions F.110 28 L.110 78 Foreign Banking Offices in U.S. F.111 29 L.111 79 Banks in U.S.-Affiliated Areas F.112 30 L.112 80 Credit Unions F.113 30 L.113 80 Property-Casualty Insurance Companies F.114 31 L.114 81 Life Insurance Companies F.115 32 L.115 82 Private and Public Pension Funds F.116 33 L.116 83 Private Pension Funds F.117 34 L.117 84 State and Local Government Employee Retirement Funds F.118 35 L.118 85 Federal Government Employee Retirement Funds F.119 35 L.119 85 Money Market Mutual Funds F.120 36 L.120 86 Mutual Funds F.121 36 L.121 86 Closed-End and Exchange-Traded Funds F.122 36 L.122 86 Government-Sponsored Enterprises F.123 37 L.123 87 Agency- and GSE-Backed Mortgage Pools F.124 37 L.124 87 Issuers of Asset-Backed Securities F.125 38 L.125 88 Finance Companies F.126 38 L.126 88 Real Estate Investment Trusts F.127 39 L.127 89 Security Brokers and Dealers F.128 40 L.128 90 Holding Companies F.129 41 L.129 91 Funding Corporations F.130 42 L.130 92 U.S. Official Reserve Assets and SDR Allocations F.200 43 L.200 93 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 43 L.201 93 U.S. Deposits in Foreign Countries F.202 43 L.202 93 Net Interbank Transactions F.203 44 L.203 94 Checkable Deposits and Currency F.204 45 L.204 95 Time and Savings Deposits F.205 46 L.205 96 Money Market Mutual Fund Shares F.206 46 L.206 96 Instruments xi Instruments Federal Funds and Security Repurchase Agreements F.207 47 L.207 97 Open Market Paper F.208 48 L.208 98 Treasury Securities F.209 49 L.209 99 Agency- and GSE-Backed Securities F.210 50 L.210 100 Municipal Securities and Loans F.211 51 L.211 101 Corporate and Foreign Bonds F.212 52 L.212 102 Corporate Equities F.213 53 L.213 103 Mutual Fund Shares F.214 53 L.214 103 Depository Institution Loans Not Elsewhere Classified F.215 54 L.215 104 Other Loans and Advances F.216 55 L.216 105 Total Mortgages F.217 56 L.217 106 Home Mortgages F.218 57 L.218 107 Multifamily Residential Mortgages F.219 57 L.219 107 Commercial Mortgages F.220 58 L.220 108 Farm Mortgages F.221 58 L.221 108 Consumer Credit F.222 59 L.222 109 Trade Credit F.223 60 L.223 110 Security Credit F.224 60 L.224 110 Life Insurance Reserves F.225 61 L.225 111 Pension Entitlements F.226 61 L.226 111 Taxes Payable by Businesses F.227 61 L.227 111 Proprietors' Equity in Noncorporate Business F.228 61 L.228 111 Direct Investment F.229 62 L.229 112 Total Miscellaneous Financial Claims F.230 63 L.230 113 Identified Miscellaneous Financial Claims - Part I F.231 64 L.231 114 Identified Miscellaneous Financial Claims - Part II F.232 65 L.232 115 Unidentified Miscellaneous Financial Claims F.233 66 L.233 116 Sector Discrepancies F.11 67 Instrument Discrepancies F.12 67 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.100 117 R.100 120 Nonfinancial Corporate Business B.102 118 R.102 121 Nonfarm Noncorporate Business B.103 119 R.103 122 Balance Sheet and Changes in Net Worth xii Flows Title Table Levels Page Table Page B.100.e 123 Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail Nonprofit Organizations F.100.a 124 L.100.a 125 Consolidated Statement for Federal, State, and Local Governments F.105.c 126 L.105.c 127 Life Insurance Companies: General Accounts F.115.g 128 L.115.g 129 Life Insurance Companies: Separate Accounts F.115.s 128 L.115.s 129 Private Pension Funds: Defined Benefit Plans F.117.b 130 L.117.b 131 Private Pension Funds: Defined Contribution Plans F.117.c 130 L.117.c 131 Individual Retirement Accounts (IRAs) F.226.i 130 L.226.i 131 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.118.b 132 L.118.b 133 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.118.c 132 L.118.c 133 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 134 L.119.b 135 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 134 L.119.c 135 Equity Real Estate Investment Trusts F.127.e 136 L.127.e 137 Mortgage Real Estate Investment Trusts F.127.m 136 L.127.m 137 Title Table Page Total Economy–Current Account S.1.a 138 Selected Aggregates for Total Economy and Sectors S.2.a 139 Households and Nonprofit Institutions Serving Households S.3.a 141 Nonfinancial Noncorporate Business S.4.a 144 Nonfinancial Corporate Business S.5.a 147 Financial Business S.6.a 150 Federal Government S.7.a 153 State and Local Governments S.8.a 156 Rest of the World S.9.a 159 Integrated Macroeconomic Accounts for the United States Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 37 38 39 40 41 42 43 -353.5 19.2 495.3 --46.6 --52.2 -55.2 638.0 -58.5 -542.5 -3.8 -191.8 -90.7 -44.0 -199.8 -5.0 -10.9 -6.5 ---2.8 -190.4 204.9 25.4 -- 806.2 1042.4 -- 2546.6 1740.4 1178.9 433.4 136.0 --7.9 ---- U (1) -- ------3.0 --1.0 35.4 196.8 ----13.1 -30.0 2.0 3.6 174.3 ---------- --236.2 -------- 2193.2 1411.7 781.4 S (2) Households and Nonprofit Organizations 499.9 ----317.4 -338.4 -0.9 151.6 -- -41.9 -21.8 1.5 -3.8 -11.3 ----1.0 -5.6 ---51.2 -18.7 57.5 42.3 -1.0 -277.4 935.1 -- 1586.3 1863.7 -71.8 1716.5 74.1 1.3 ---- U (3) -- ---5.9 -42.7 -207.6 758.5 -372.6 -121.2 -- 546.4 14.2 --9.3 278.3 96.1 59.9 88.6 -- ---------- --1212.5 -------- 2086.2 1510.6 575.6 S (4) Nonfinancial Business Flow of Funds Matrix for 2013 20.8 --3.2 ---6.2 1.3 0.7 8.4 -- -29.7 -8.1 -14.5 -13.8 0.2 2.4 --4.1 -- -----6.7 12.4 4.7 4.2 -272.8 17.9 -- 64.0 336.8 -5.1 322.8 -9.0 ---- U (5) -- ------289.9 --39.6 -- -38.9 ----39.4 --0.5 --- ---------- --290.7 -------- 84.9 238.4 -153.5 S (6) State and Local Governments -46.8 --27.8 ---5.9 -4.8 --1.5 -- 124.2 --0.0 --0.1 -7.2 4.0 113.1 -3.3 ----69.6 -0.5 --- -662.9 217.4 -- -396.9 266.1 -1.6 266.9 --2.4 ---- U (7) -- 0.3 -----104.8 --16.5 -- 759.1 -759.5 -0.4 ----0.0 -- 0.0 0.0 -0.4 ------- --880.3 -------- -443.7 268.0 -711.7 S (8) Federal Government 120.5 19.2 495.3 31.0 -46.6 317.4 -402.8 -58.7 639.5 158.5 58.5 -490.0 -33.7 -204.8 -108.3 -55.0 -197.5 -12.2 -3.8 100.9 -3.3 --54.0 -285.3 274.3 72.3 3.2 -407.0 2212.8 -- 3800.1 4207.0 1178.9 511.8 2442.2 74.1 -0.0 ---- U (9) -- 0.3 --5.9 -42.7 -207.6 1156.3 -372.6 -178.3 35.4 1463.4 14.2 759.5 -0.4 -43.2 278.3 126.1 62.4 92.2 174.3 0.0 0.0 -0.4 ------- --2619.7 -------- 3920.6 3428.8 491.8 S (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Flows) -75.7 10.8 ---32.1 -950.9 202.6 22.3 -2.2 45.9 1884.3 34.4 533.0 432.6 7.5 380.3 186.1 133.4 103.7 73.4 0.2 0.0 0.7 -9.6 760.1 -2.9 82.3 -60.0 -375.6 145.7 3541.9 -- 361.9 216.2 -14.7 201.5 --- ---- U (11) -- 29.8 495.3 17.7 -3.9 -28.7 239.1 162.5 638.7 0.3 68.9 213.2 -48.9 -239.9 --84.8 20.9 78.3 7.8 -- ----1129.1 332.6 409.1 28.7 -393.6 --3396.2 -------- 286.2 183.1 103.1 S (12) Domestic Financial Sectors 51.1 -----236.3 -- -78.7 -23.1 11.9 -- 551.1 -1.4 431.3 -84.7 4.3 205.2 --3.5 --- 0.0 ---312.2 50.9 52.5 16.4 62.1 371.9 1191.5 -- 371.9 0.0 ----0.0 ---- U (13) -- ----349.5 --23.4 275.2 -3.4 -- 268.8 34.0 ---194.4 39.1 1.4 --- -3.1 --32.7 -----83.5 --819.7 -------- 423.0 -423.0 S (14) Rest of the World General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Sector discrepancies (1 less 4) Corporate equities Mutual fund shares Trade credit Security credit 33 34 35 36 44 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit 23 24 25 26 27 28 29 30 31 32 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 11 12 13 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 4 5 6 7 8 9 10 14 15 16 17 18 19 20 21 22 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, December 11, 2014 95.9 30.0 495.3 31.0 -46.6 349.5 236.3 1353.7 65.1 638.7 168.2 104.3 1945.4 -0.8 759.5 239.5 -43.2 387.9 186.1 142.1 99.9 174.3 -3.1 0.0 0.7 44.4 1072.3 333.4 409.1 28.7 -310.3 110.6 6946.2 -- 4533.8 4423.2 1178.9 526.5 2643.7 74.1 -- ---- U (15) S (16) -- 30.0 495.3 11.8 -46.6 349.5 236.3 1372.0 65.1 638.7 182.0 104.3 1945.4 -0.8 759.5 239.5 -43.2 387.9 186.1 142.1 99.9 174.3 -3.1 0.0 -0.4 32.7 1129.1 332.6 409.1 28.7 -477.1 --6835.5 -------- 4629.8 3611.9 1017.9 All Sectors ---- Summary 95.9 ---19.2 ---18.3 --13.8 -- ----------- ---1.1 -11.7 56.8 -0.7 ---166.9 -110.6 --- 95.9 206.5 ------ (17) Instrument Discrepancy 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Security credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 1232.8 19890.1 -8970.7 --924.9 12457.3 7142.9 -815.5 3852.5 15.0 944.1 102.5 1618.2 1011.7 -25.9 76.0 59.1 1111.6 7399.9 1135.4 -- ---52.5 -- 64986.2 --- ------27.9 --255.0 339.2 13171.5 ---227.8 -92.7 141.3 9611.7 3097.9 ----- ------ -13793.6 13793.6 ----4370.0 -9649.6 -211.4 2990.4 -- 265.9 37.7 90.2 9.3 17.4 ---67.7 43.5 820.2 1017.9 601.6 8.7 ---86.6 -- 20022.3 --- --150.5 8953.1 -2617.5 5113.2 20762.0 -2393.4 -- 11306.4 144.5 --518.5 4140.9 1776.1 1250.5 3475.9 -- ----- ------ -51296.2 21581.0 L (4) A (3) A (1) L (2) Nonfinancial Business Households and Nonprofit Organizations Flow of Funds Matrix for 2013 --123.8 ---110.6 167.7 81.2 167.5 -- 1562.3 77.0 593.6 491.2 13.9 172.6 --214.0 -- 123.9 301.9 166.7 132.6 ------ 2938.1 --- A (5) ------1204.1 --785.8 -- 2941.1 ---2924.9 --16.2 --- ----- ------ -4931.0 4931.0 L (6) State and Local Governments --165.8 ---149.9 35.1 -48.8 -- 1039.8 --0.0 -0.6 -193.9 115.5 729.8 163.0 1.5 --- 109.8 ----- 1713.7 --- A (7) 50.3 -----3393.7 --248.4 -- 12352.8 -12328.3 24.5 ----0.0 -- ----- 54.4 5.2 25.6 --- -16130.3 16130.3 L (8) Federal Government 1232.8 19890.1 289.6 8970.7 4370.0 -10835.0 12660.1 7435.6 3206.7 815.5 6720.5 129.7 1628.0 603.0 1649.5 1184.8 -219.8 473.1 832.5 2218.7 8721.2 1903.7 141.3 109.8 --139.1 -- 89660.3 --- A (9) 50.3 -150.5 8953.1 -2617.5 9738.8 20762.0 -3682.6 339.2 39771.9 144.5 12328.3 24.5 3671.2 4140.9 1868.8 1408.0 13087.7 3097.9 ----- 54.4 5.2 25.6 --- -86151.0 56435.9 L (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Assets and Liabilities) 183.7 ---914.0 -12865.2 15852.5 3560.1 131.0 420.8 40233.6 720.2 4905.4 6305.9 1945.6 7190.7 2508.8 1574.8 12816.7 2265.4 371.5 706.5 661.3 2739.0 34.6 5.2 45.5 33.7 2321.8 81080.0 --- A (11) 1366.3 19890.1 -59.1 17.6 -559.3 7080.3 6465.8 11544.4 14.5 897.1 13948.5 400.2 -7769.7 -4718.3 363.2 494.9 202.2 -- 3186.5 9872.9 2678.3 2931.3 ----2812.9 -83206.6 76723.2 L (12) Domestic Financial Sectors -----3176.9 -- 5159.4 548.8 144.4 -- 9732.4 101.7 5794.9 885.3 76.1 2734.0 -140.4 --- 591.3 445.1 113.3 734.1 54.4 ---414.2 21114.3 --- A (13) ----5284.0 -160.2 6444.2 -45.3 -- 2966.2 407.0 ---2250.4 276.7 32.2 --- ---721.6 133.4 --954.8 -- -16709.7 10265.5 L (14) Rest of the World 1416.5 19890.1 289.6 8970.7 5284.0 3176.9 23700.1 33672.1 11544.4 3482.1 1236.2 56686.5 951.6 12328.3 7794.1 3671.2 11109.6 2508.8 1935.1 13289.8 3097.9 3181.5 9872.9 2678.3 3614.3 198.8 5.2 45.5 172.8 2736.0 191854.6 --- A (15) L (16) 1416.5 19890.1 91.3 8970.7 5284.0 3176.9 16979.3 33672.1 11544.4 3742.4 1236.2 56686.5 951.6 12328.3 7794.1 3671.2 11109.6 2508.8 1935.1 13289.8 3097.9 3186.5 9872.9 2678.3 3652.9 187.7 5.2 25.6 954.8 2812.9 -186067.3 143424.5 All Sectors General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 23) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets Total liabilities and equity Total liabilities 1 2 3 Z.1, December 11, 2014 ---198.3 ----6720.8 --260.3 -- ----------- 4.9 --38.7 -11.0 --19.9 782.0 76.9 -5787.2 --- (17) Instrument Discrepancy Summary 2 3 Domestic financial sectors Foreign Summary Z.1, December 11, 2014 D.1 Credit Market Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government 1981 1982 1983 1984 1985 10.3 10.4 12.0 14.9 15.6 7.3 5.6 11.0 13.0 16.1 7.2 4.8 10.2 11.4 14.6 5.5 5.0 12.1 18.4 15.9 12.9 9.9 9.2 16.1 11.0 13.6 10.3 8.4 16.6 12.6 8.0 11.2 11.4 11.4 31.8 11.6 19.7 18.9 16.9 16.5 18.4 13.6 13.3 17.5 19.3 11.6 7.0 7.7 3.7 0.5 1986 1987 1988 1989 1990 11.9 9.1 9.1 7.2 6.5 11.4 10.4 9.9 9.1 7.1 13.7 13.4 11.8 10.9 8.8 9.1 4.8 6.7 6.3 1.9 11.5 7.8 9.9 6.3 3.6 13.9 8.9 10.9 7.3 5.3 10.9 12.0 6.0 5.3 5.0 13.6 8.0 8.0 7.0 11.0 26.2 18.3 13.1 10.5 8.6 3.0 3.3 -1.2 -2.0 2.8 1991 1992 1993 1994 1995 4.4 4.6 5.6 5.1 4.9 5.1 5.4 6.1 7.7 7.1 7.0 6.5 5.5 5.6 4.9 -1.1 1.1 7.4 15.2 14.4 -2.1 -0.3 3.1 5.4 5.9 -2.1 0.6 5.3 7.1 6.7 9.2 1.5 5.3 -3.9 -5.5 11.1 10.9 8.3 4.7 4.1 5.9 8.5 9.7 14.0 11.4 3.4 4.0 15.8 -4.5 15.3 1996 1997 1998 1999 2000 4.9 5.3 6.5 6.2 4.9 6.7 5.9 7.5 8.0 9.0 6.2 6.1 8.0 9.4 8.7 9.0 5.5 7.2 7.8 11.4 5.4 8.5 11.5 10.5 9.1 5.2 8.6 10.8 9.6 8.3 -2.0 4.9 6.2 3.3 1.4 4.0 0.6 -1.4 -1.9 -8.0 12.4 12.0 19.4 16.6 10.7 14.1 10.8 4.5 1.8 7.5 2001 2002 2003 2004 2005 6.1 7.1 7.8 9.0 9.0 9.6 10.6 11.9 11.1 11.2 10.6 13.3 14.5 13.5 13.4 8.6 5.6 5.3 5.6 4.5 5.2 2.2 1.1 5.6 8.1 3.8 0.1 0.1 3.0 5.3 8.8 11.1 8.3 11.4 5.8 -0.2 7.6 10.9 9.0 7.0 10.6 9.6 10.7 8.6 9.4 -2.4 6.3 1.8 8.6 8.1 2006 2007 2008 2009 2010 8.4 8.2 6.2 3.3 4.1 10.2 7.1 1.1 0.0 -1.1 11.2 7.4 0.9 0.6 -1.8 5.2 6.1 1.3 -3.9 -1.0 9.8 12.4 5.8 -4.3 -0.9 7.4 11.5 4.1 -5.4 -1.2 3.9 5.5 0.6 4.0 2.3 3.9 4.9 24.2 22.7 20.2 10.3 12.9 6.0 -9.7 -5.7 21.2 15.7 -9.9 13.8 7.4 2011 2012 2013 3.6 5.0 3.8 -0.2 1.6 1.5 -0.7 -0.6 -0.0 4.1 6.2 6.0 3.0 4.8 5.1 4.3 6.4 6.4 -1.7 -0.2 -1.3 11.4 10.9 6.5 -2.4 -3.0 1.5 7.7 7.6 9.5 2008 -- Q1 Q2 Q3 Q4 6.4 3.7 8.0 6.3 4.2 0.8 0.3 -1.1 3.5 1.1 -0.1 -0.9 6.2 2.5 -0.7 -2.8 8.7 7.4 5.7 1.0 8.3 6.4 4.7 -3.0 2.0 0.8 0.7 -1.0 10.4 5.9 36.5 37.2 6.4 6.8 7.1 3.3 -3.1 -0.9 -25.5 -12.7 2009 -- Q1 Q2 Q3 Q4 4.2 4.8 2.5 1.5 0.1 0.3 -0.2 -0.2 1.3 0.7 -0.0 0.5 -2.8 -5.8 -3.1 -4.1 -2.7 -3.7 -5.7 -5.3 -3.7 -4.2 -7.5 -6.8 2.6 4.8 3.8 4.3 25.4 27.1 18.9 12.7 -9.9 -12.6 -9.8 -7.4 4.7 12.6 10.8 22.1 2010 -- Q1 Q2 Q3 Q4 3.7 4.1 4.3 3.9 -2.4 -0.4 -1.2 -0.6 -3.9 -0.7 -1.7 -0.7 -2.9 -2.5 0.1 1.3 -1.5 -3.5 1.8 -0.4 -1.9 -5.4 3.0 -0.4 3.2 0.1 1.8 4.2 21.4 22.3 16.7 15.1 -6.1 -7.1 -5.0 -5.9 7.9 -3.0 5.7 17.5 2011 -- Q1 Q2 Q3 Q4 2.4 2.4 5.1 4.5 -0.2 -1.4 -0.3 0.9 -0.8 -0.7 -0.7 -0.6 4.3 3.4 3.9 4.6 1.7 3.3 3.4 3.7 2.7 4.9 4.9 4.6 -2.7 -3.3 -0.4 -0.6 8.3 8.5 15.6 11.3 -0.8 -4.3 -2.5 -1.9 15.1 15.8 -3.3 2.5 2012 -- Q1 Q2 Q3 Q4 5.1 5.5 3.8 5.2 1.1 2.7 0.5 1.9 -0.9 -0.6 -0.5 -0.6 5.5 7.2 5.2 6.1 4.0 3.7 4.2 6.9 5.8 5.0 5.5 8.9 0.0 2.1 -0.2 -2.6 12.6 11.6 8.4 9.3 -3.9 -5.0 -2.0 -1.2 -1.5 3.2 13.4 13.6 2013 -- Q1 Q2 Q3 Q4 4.1 3.0 3.5 4.4 0.7 1.6 3.1 0.6 -0.8 0.1 1.1 -0.4 6.1 5.5 6.3 5.4 3.5 4.9 7.0 4.4 5.7 5.5 9.0 4.6 1.9 -0.2 -3.7 -3.3 9.1 3.5 2.6 10.5 -0.6 0.2 0.6 5.9 13.4 5.2 7.1 11.9 2014 -- Q1 Q2 Q3 4.2 3.4 4.4 2.3 3.4 2.7 -0.6 -0.0 0.7 6.6 8.2 6.4 6.0 5.0 5.2 7.9 4.2 5.5 -1.3 1.2 -2.8 6.0 2.5 7.2 -2.1 2.5 2.8 5.6 13.9 -8.4 1. Data shown are on an end-of-period basis. Summary 4 Z.1, December 11, 2014 D.2 Credit Market Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1981 1982 1983 1984 1985 405.0 451.6 570.6 794.4 955.4 101.8 84.1 172.4 223.9 311.4 67.0 47.4 105.2 127.6 181.7 19.8 18.8 48.2 81.7 84.0 190.0 164.4 165.7 320.8 254.7 125.3 106.6 94.4 207.1 184.3 27.6 41.7 47.3 52.5 163.6 85.5 161.3 185.2 197.2 225.7 107.8 93.6 104.3 156.2 203.2 23.5 16.0 17.3 8.4 1.2 1986 1987 1988 1989 1990 844.7 721.6 786.3 684.3 658.8 259.5 263.6 272.2 276.3 233.5 199.3 221.6 215.6 224.9 200.0 55.8 32.3 46.6 47.0 15.1 295.0 223.7 308.5 214.3 131.3 227.8 165.6 224.4 165.9 131.0 74.2 90.4 50.4 47.4 47.1 216.0 143.9 155.1 146.4 246.9 330.1 291.8 249.8 224.8 207.8 10.2 11.4 -4.4 -7.9 11.1 1991 1992 1993 1994 1995 472.6 514.4 667.3 639.0 640.7 183.6 204.3 239.6 324.4 319.5 174.5 173.0 156.3 166.5 153.6 -8.8 9.2 61.4 135.0 147.0 -80.5 -10.5 113.7 204.3 237.5 -54.3 16.0 134.3 189.8 192.2 91.2 16.5 57.9 -45.5 -60.8 278.2 304.0 256.1 155.9 144.4 153.1 236.5 292.9 464.4 433.6 13.4 16.4 67.5 -23.2 76.4 1996 1997 1998 1999 2000 681.5 761.9 984.7 1007.2 846.2 324.8 306.9 412.2 473.8 574.4 205.1 215.9 301.5 379.2 383.5 105.7 70.3 97.1 112.4 176.5 232.3 381.2 558.2 567.3 550.8 161.9 279.3 379.2 373.5 358.4 -20.5 50.8 66.8 37.3 16.9 144.9 23.1 -52.6 -71.2 -295.9 523.2 570.3 1026.5 1052.6 790.8 89.0 77.7 36.0 15.4 60.5 2001 2002 2003 2004 2005 1106.6 1369.0 1598.5 1990.7 2234.3 666.1 812.1 1004.7 1051.8 1177.0 508.2 706.0 872.1 934.7 1053.3 150.6 105.2 105.9 117.2 100.4 340.6 154.8 77.3 398.1 608.7 177.1 3.0 3.4 143.4 266.9 105.5 144.6 120.5 178.8 141.7 -5.6 257.6 396.0 361.9 306.9 862.3 881.5 1071.6 938.8 1113.7 -21.1 53.6 17.2 99.1 103.9 2006 2007 2008 2009 2010 2289.2 2412.7 1990.5 1102.1 1404.6 1201.3 913.2 145.7 1.0 -154.5 997.6 733.5 93.7 66.1 -182.5 120.5 151.3 34.9 -103.6 -25.3 803.5 1115.8 587.7 -455.8 -90.6 388.2 652.5 262.2 -358.8 -71.2 100.9 146.7 17.9 113.0 69.5 183.4 237.1 1239.2 1443.9 1580.2 1336.4 1834.2 978.2 -1663.5 -901.9 286.7 260.9 -198.2 222.2 149.0 2011 2012 2013 1290.5 1831.1 1463.4 -27.9 203.3 196.8 -69.4 -61.7 -1.2 108.5 169.7 174.3 303.2 492.8 546.4 260.5 404.4 427.2 -52.7 -5.3 -38.9 1067.9 1140.2 759.1 -341.4 -419.3 213.2 172.8 188.6 268.8 2008 -- Q1 Q2 Q3 Q4 2056.3 1214.6 2608.5 2082.7 587.6 118.4 36.5 -159.9 373.5 116.9 -15.0 -100.7 163.4 67.6 -17.7 -73.7 880.0 763.7 604.6 102.6 527.0 414.5 309.8 -202.5 55.7 22.7 20.6 -27.3 533.0 309.7 1946.8 2167.3 1038.1 1114.8 1193.3 566.3 -62.5 -18.7 -494.6 -217.1 2009 -- Q1 Q2 Q3 Q4 1417.8 1629.9 856.3 504.2 14.2 45.5 -23.3 -32.4 142.6 69.8 -5.0 56.8 -74.1 -153.1 -81.3 -106.0 -284.5 -388.5 -599.2 -551.2 -243.9 -274.6 -483.2 -433.4 73.9 139.2 111.3 127.6 1614.2 1833.6 1367.6 960.1 -1687.8 -2153.7 -1617.1 -1195.3 76.0 203.3 189.6 419.8 2010 -- Q1 Q2 Q3 Q4 1289.5 1428.8 1521.8 1378.5 -322.7 -54.6 -165.4 -75.3 -410.2 -76.5 -176.9 -66.5 -73.3 -64.7 3.6 33.0 -155.0 -350.1 180.4 -37.9 -117.4 -329.9 184.3 -21.8 95.2 2.0 54.2 126.9 1672.1 1831.5 1452.6 1364.7 -958.1 -1066.6 -737.1 -845.7 158.7 -62.4 116.4 383.2 2011 -- Q1 Q2 Q3 Q4 847.0 861.0 1827.1 1626.7 -20.1 -181.5 -33.4 123.3 -80.5 -71.0 -68.6 -57.5 112.8 90.1 106.3 124.8 166.6 325.6 347.4 373.0 162.7 294.7 299.9 284.5 -83.2 -99.2 -11.0 -17.4 783.7 816.1 1524.1 1147.8 -112.3 -620.6 -358.3 -274.3 341.1 371.3 -81.6 60.4 2012 -- Q1 Q2 Q3 Q4 1872.3 2052.9 1436.8 1962.2 145.6 353.4 68.0 246.1 -88.2 -56.5 -47.0 -55.1 152.4 201.7 148.9 175.7 409.7 385.7 438.8 737.2 362.0 317.3 352.9 585.4 1.1 61.2 -4.9 -78.5 1315.9 1252.6 934.8 1057.3 -544.6 -692.7 -268.4 -171.5 -38.3 79.9 344.1 368.6 2013 -- Q1 Q2 Q3 Q4 1591.1 1148.9 1373.2 1740.4 96.5 205.8 399.5 85.4 -75.4 9.1 100.4 -38.8 179.0 162.9 190.6 164.8 381.3 534.4 775.1 494.7 382.2 377.6 624.7 324.2 57.3 -4.9 -109.4 -98.5 1056.0 413.6 307.9 1258.8 -81.7 33.3 84.2 817.1 378.6 151.0 201.7 344.0 2014 -- Q1 Q2 Q3 1687.6 1369.5 1800.5 303.7 448.8 366.1 -55.4 -2.5 66.6 205.6 259.6 205.7 681.7 570.6 605.1 561.1 302.2 404.1 -38.8 35.7 -83.7 741.0 314.4 913.1 -299.0 352.2 384.4 167.4 422.3 -269.5 5 Domestic financial sectors Foreign Summary Z.1, December 11, 2014 D.3 Credit Market Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Total Total 1981 1982 1983 1984 1985 4349.2 4770.6 5344.2 6138.2 7111.8 1498.2 1567.5 1719.8 1939.8 2272.0 998.3 1031.2 1116.4 1243.3 1450.2 377.9 396.7 444.9 526.6 610.6 1658.5 1807.6 1996.2 2320.6 2572.0 1038.7 1129.9 1247.2 1458.0 1638.9 372.1 413.8 461.1 513.6 677.9 820.5 981.8 1167.0 1364.2 1589.9 689.2 785.5 890.1 1054.9 1259.0 229.5 223.8 228.7 228.9 335.5 1986 1987 1988 1989 1990 7953.5 8656.8 9439.6 10141.0 10827.2 2529.5 2747.1 3036.3 3305.1 3567.8 1649.0 1828.6 2054.8 2260.1 2489.3 666.4 698.6 745.2 809.3 824.4 2866.0 3117.4 3405.5 3644.3 3773.8 1865.8 2059.2 2263.5 2454.1 2583.3 752.1 842.6 893.0 940.4 987.4 1805.9 1949.8 2104.9 2251.2 2498.1 1596.6 1899.7 2149.5 2402.8 2613.8 346.6 357.7 393.7 389.7 396.7 1991 1992 1993 1994 1995 11296.4 11813.9 12496.1 13141.4 13797.9 3755.0 3959.4 4201.3 4525.0 4844.5 2667.4 2840.4 2999.0 3165.5 3319.2 815.6 824.8 886.2 1021.2 1168.2 3686.4 3679.1 3805.2 4016.5 4269.8 2524.4 2543.6 2690.4 2887.2 3095.2 1078.6 1095.1 1153.0 1107.5 1046.7 2776.4 3080.3 3336.5 3492.3 3636.7 2766.8 3018.9 3317.2 3789.7 4226.3 406.7 426.4 521.1 501.0 631.3 1996 1997 1998 1999 2000 14479.4 15239.2 16223.8 17265.4 18121.5 5182.3 5489.2 5901.4 6375.3 6959.5 3537.3 3753.2 4054.7 4431.6 4813.9 1273.9 1344.2 1441.3 1553.6 1741.3 4489.1 4868.3 5426.5 6028.2 6579.0 3244.1 3521.3 3900.4 4308.3 4666.8 1026.2 1076.9 1143.8 1181.0 1197.9 3781.7 3804.8 3752.2 3681.0 3385.1 4749.5 5299.7 6326.2 7376.5 8168.4 721.4 802.2 842.9 804.4 868.2 2001 2002 2003 2004 2005 19211.1 20580.1 22222.9 24945.4 27179.7 7625.7 8437.7 9472.5 10544.3 11721.3 5322.0 6028.0 6909.9 7859.4 8912.7 1891.8 1997.0 2102.9 2220.1 2320.6 6902.6 7057.5 7148.9 7558.0 8166.7 4826.9 4829.9 4847.3 5001.7 5268.6 1303.4 1447.9 1568.4 2448.2 2589.8 3379.5 3637.0 4033.1 4395.0 4701.9 9156.8 10038.3 10945.2 11898.8 12958.0 849.9 956.3 1157.1 1285.7 1351.1 2006 2007 2008 2009 2010 29513.7 31903.3 33756.0 34470.1 35617.9 12946.7 13831.8 13851.3 13559.9 13230.5 9910.3 10613.2 10580.6 10419.2 9915.0 2461.9 2615.7 2650.6 2552.8 2647.4 8991.0 10111.7 10687.8 10136.3 9963.7 5677.6 6336.6 6593.8 6150.9 6012.9 2690.8 2837.5 2855.4 2968.4 3038.0 4885.3 5122.3 6361.5 7805.4 9385.6 14261.5 16206.5 17104.6 15715.6 14455.7 1658.4 1997.2 1605.0 2006.5 2258.5 2011 2012 2013 36759.6 38427.6 39771.9 13061.3 13062.5 13171.5 9698.9 9496.8 9407.9 2755.9 2923.6 3097.9 10259.5 10791.4 11306.4 6273.4 6721.3 7121.5 2985.3 2980.0 2941.1 10453.6 11593.7 12352.8 14036.3 13802.4 13948.5 2485.5 2828.0 2966.2 2008 -- Q1 Q2 Q3 Q4 32396.6 32667.5 33280.5 33756.0 13958.9 13957.3 13934.2 13851.3 10686.7 10684.7 10648.7 10580.6 2656.6 2673.5 2669.1 2650.6 10330.7 10520.1 10664.4 10687.8 6468.3 6571.9 6644.4 6593.8 2851.4 2857.1 2862.2 2855.4 5255.6 5333.0 5819.7 6361.5 16455.6 16716.8 16991.1 17104.6 2016.9 1941.7 1705.5 1605.0 2009 -- Q1 Q2 Q3 Q4 34001.4 34355.1 34503.0 34470.1 13738.5 13698.9 13630.1 13559.9 10570.5 10531.3 10467.1 10419.2 2632.1 2599.6 2579.3 2552.8 10624.0 10524.0 10371.0 10136.3 6542.4 6473.8 6353.0 6150.9 2873.9 2908.7 2936.5 2968.4 6765.1 7223.5 7565.4 7805.4 17106.5 16534.5 16098.0 15715.6 1610.4 1751.5 1901.2 2006.5 2010 -- Q1 Q2 Q3 Q4 34802.7 35110.1 35446.8 35617.9 13473.5 13412.4 13329.6 13230.5 10268.6 10202.0 10116.3 9915.0 2538.1 2521.9 2522.8 2647.4 10113.6 10023.7 10066.5 9963.7 6138.8 6056.3 6102.4 6012.9 2992.2 2992.7 3006.2 3038.0 8223.4 8681.3 9044.5 9385.6 14941.5 14651.9 14447.1 14455.7 2067.7 2056.6 2195.7 2258.5 2011 -- Q1 Q2 Q3 Q4 35788.7 35968.7 36389.0 36759.6 13186.5 13107.9 13064.8 13061.3 9855.9 9799.6 9747.7 9698.9 2675.6 2698.2 2724.7 2755.9 10003.4 10082.9 10168.0 10259.5 6053.5 6127.2 6202.2 6273.4 3017.2 2992.3 2989.6 2985.3 9581.6 9785.6 10166.6 10453.6 14408.8 14229.8 14121.8 14036.3 2347.2 2479.0 2458.1 2485.5 2012 -- Q1 Q2 Q3 Q4 37186.8 37656.7 37970.6 38427.6 13065.4 13112.2 13033.8 13062.5 9642.2 9588.6 9541.1 9496.8 2794.0 2842.5 2879.7 2923.6 10353.3 10448.0 10607.8 10791.4 6354.5 6433.8 6574.0 6721.3 2985.5 3000.8 2999.6 2980.0 10782.6 11095.7 11329.4 11593.7 13945.9 13752.7 13853.2 13802.4 2522.7 2558.7 2718.8 2828.0 2013 -- Q1 Q2 Q3 Q4 38797.7 39059.2 39369.1 39771.9 13060.3 13087.2 13166.2 13171.5 9451.7 9429.5 9433.6 9407.9 2968.4 3009.1 3056.7 3097.9 10885.4 11017.7 11199.0 11306.4 6816.7 6911.1 7055.9 7121.5 2994.3 2993.1 2965.7 2941.1 11857.7 11961.1 12038.1 12352.8 13766.4 13759.7 13765.1 13948.5 2882.8 2829.7 2885.0 2966.2 2014 -- Q1 Q2 Q3 40178.9 40508.8 40946.9 13233.4 13333.8 13413.9 9380.0 9367.5 9372.7 3149.3 3214.2 3265.7 11476.0 11618.0 11768.7 7261.6 7337.2 7438.2 2931.4 2940.4 2919.4 12538.1 12616.7 12844.9 13865.1 13947.0 14036.6 3041.4 3206.7 3080.5 1. Data shown are on an end-of-period basis. Total State and local governments Summary 6 Z.1, December 11, 2014 F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 1 2 Credit market borrowing Domestic nonfinancial sectors Q2 Q3 Q4 Q1 2014 Q2 Q3 651.7 1121.8 1600.3 1945.4 1887.9 1333.1 1659.1 2901.5 1556.0 2144.0 1915.4 1 1404.6 1290.5 1831.1 1463.4 1591.1 1148.9 1373.2 1740.4 1687.6 1369.5 1800.5 2 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -154.5 -71.2 -19.4 -27.9 260.5 42.7 203.3 404.4 88.4 196.8 427.2 119.2 96.5 382.2 -0.9 205.8 377.6 156.8 399.5 624.7 150.5 85.4 324.2 170.5 303.7 561.1 120.5 448.8 302.2 268.4 366.1 404.1 201.0 3 4 5 6 7 State and local governments Federal government 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -38.9 759.1 57.3 1056.0 -4.9 413.6 -109.4 307.9 -98.5 1258.8 -38.8 741.0 35.7 314.4 -83.7 913.1 6 7 8 Rest of the world 149.0 172.8 188.6 268.8 378.6 151.0 201.7 344.0 167.4 422.3 -269.5 8 9 Financial sectors -901.9 -341.4 -419.3 213.2 -81.7 33.3 84.2 817.1 -299.0 352.2 384.4 9 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -217.6 0.0 -0.4 -50.5 0.0 -2.0 -110.8 0.0 0.9 -33.5 0.0 1.9 -113.6 0.0 -11.4 -30.3 0.0 4.9 -53.5 0.0 12.5 63.6 0.0 1.7 -25.8 0.0 1.7 106.3 0.0 10.2 35.8 0.0 12.7 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 7.8 107.5 132.4 5.2 43.1 120.9 6.5 136.7 110.1 -2.9 40.2 154.4 22.5 210.1 144.1 7.7 -355.5 77.4 8.0 156.9 27.8 13.7 142.5 83.4 13 14 15 16 17 18 ABS issuers Finance companies REITs -414.0 -174.9 0.1 -174.2 -13.5 25.6 -145.1 -56.7 35.5 -235.3 4.2 178.4 -143.5 -28.5 8.0 -663.5 4.2 550.3 -73.2 41.3 38.5 -61.2 -0.2 116.8 -164.3 -24.5 140.1 -62.0 11.6 49.4 -26.7 46.5 1.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -99.9 -23.9 22.2 0.5 27.0 -4.2 -24.5 66.9 55.8 -149.7 8.1 -27.8 -27.5 -17.8 65.1 203.8 50.8 38.5 12.9 -7.2 -34.5 4.0 74.6 42.0 -45.0 78.5 19 20 21 22 Credit market lending 651.7 1121.8 1600.3 1945.4 1887.9 1333.1 1659.1 2901.5 1556.0 2144.0 1915.4 22 70.2 -262.2 -114.9 -490.0 -783.8 -581.5 -442.7 -152.0 -832.7 -482.4 -594.3 23 -90.9 2.6 6.6 -226.8 -7.1 1.0 -263.1 -12.6 1.3 -542.5 -44.0 2.1 -923.0 -95.3 0.7 -685.9 3.3 2.5 -384.8 -34.2 2.4 -176.4 -49.8 2.7 -999.5 8.0 2.3 -367.7 -8.9 4.3 -577.4 -8.7 3.3 24 25 26 67.4 84.5 -47.6 18.3 54.6 104.9 -29.7 124.2 84.7 149.0 -16.2 114.8 -144.7 118.5 -42.7 114.2 26.3 130.2 -217.1 107.0 -122.7 111.2 27 28 23 Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 27 28 State and local governments Federal government 29 Rest of the world 619.2 237.4 443.5 551.1 602.4 180.4 454.0 967.8 503.9 437.8 522.7 29 30 Financial sectors -37.7 1146.6 1271.7 1884.3 2069.3 1734.3 1647.8 2085.7 1884.9 2188.6 1987.0 30 271.5 -120.7 -24.4 -19.3 24.9 376.5 173.7 42.5 -4.9 38.6 34.5 424.0 5.8 -0.1 47.0 1086.1 253.5 -7.2 0.3 50.2 1134.2 242.9 -77.2 -1.1 53.3 1083.8 203.6 -41.3 -0.1 60.6 1023.6 53.6 68.1 -3.2 56.3 1102.9 513.8 21.5 5.6 30.6 911.1 667.0 67.0 -0.3 48.5 538.5 763.3 54.6 -10.3 75.6 299.7 540.3 -7.6 -7.0 66.0 31 32 33 34 35 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 36 37 Property-casualty insurance companies Life insurance companies 3.9 151.6 36.2 125.3 1.0 74.3 25.3 77.4 22.6 54.4 13.0 79.4 27.2 51.2 38.3 124.4 -10.3 133.4 14.5 101.2 44.3 100.3 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 120.6 22.4 10.9 73.6 14.4 25.6 146.6 8.0 15.4 49.8 62.9 9.4 28.1 40.7 -14.0 90.5 115.4 -44.3 41.6 10.8 -381.4 38.9 84.7 477.4 -8.2 61.4 6.1 78.8 241.0 9.4 45.6 108.2 20.6 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -396.6 353.6 5.2 29.7 -9.8 359.4 -1.7 46.1 -82.7 642.0 11.2 52.3 30.9 363.9 13.6 12.2 41.3 690.1 30.6 28.1 134.8 239.2 23.8 13.1 116.6 231.1 -1.8 17.3 -169.0 295.2 1.7 -9.7 -256.7 329.7 1.1 43.8 -354.0 494.8 2.8 48.2 150.3 491.0 -10.6 24.4 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -288.4 186.9 -163.2 165.3 -189.4 132.2 59.8 132.4 -104.9 120.9 157.8 110.1 186.0 154.4 0.3 144.1 -188.3 77.4 102.1 27.8 193.8 83.4 45 46 47 48 49 ABS issuers Finance companies REITs -404.3 -102.6 44.1 -170.0 -44.4 120.2 -138.7 -28.6 127.6 -229.9 -19.0 39.2 -139.3 -17.8 -39.2 -647.9 14.5 468.8 -66.8 -15.3 -79.6 -65.5 -57.3 -193.5 -158.6 -2.0 64.7 -60.4 19.9 35.3 -15.2 -4.8 -11.2 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 32.2 22.1 39.1 5.7 3.1 -65.6 89.1 -50.1 -49.8 -175.4 56.2 -7.1 -147.0 16.5 106.0 -289.4 51.2 -102.3 -40.6 184.6 14.2 -224.6 -27.6 -46.4 -57.5 -25.4 181.0 -29.4 -8.1 43.0 -145.1 36.3 -15.9 50 51 52 (1) Excludes corporate equities and mutual fund shares. Summary 7 Z.1, December 11, 2014 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 Domestic By instrument 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 8 9 Depository institution loans n.e.c. Other loans and advances 10 11 12 13 14 15 16 Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1404.6 1290.5 1831.1 1463.4 1591.1 1148.9 1373.2 1740.4 1687.6 1369.5 1800.5 1 1404.6 1290.5 1831.1 1463.4 1591.1 1148.9 1373.2 1740.4 1687.6 1369.5 1800.5 2 24.5 1579.6 0.7 99.7 179.4 33.4 1066.8 1.1 -52.8 161.7 14.0 1140.6 -0.4 -4.9 324.2 14.2 759.5 -0.4 -43.2 278.3 20.1 1057.0 -1.0 61.4 312.5 -20.1 412.2 1.3 -15.1 171.0 92.0 307.4 0.5 -105.4 428.4 -35.2 1261.2 -2.4 -113.8 201.4 72.1 743.0 -1.9 -38.0 284.8 54.9 314.3 0.1 15.7 231.9 19.2 913.8 -0.7 -88.5 211.7 3 4 5 6 7 -53.7 -82.4 70.7 63.6 276.9 -22.7 126.1 62.4 65.3 17.4 158.5 163.0 196.9 19.7 83.8 49.6 252.1 147.6 397.0 -50.8 198.0 93.6 8 9 -317.7 -162.2 -5.1 -158.6 8.1 -25.3 -162.6 -88.1 7.2 -94.8 13.1 108.5 -66.3 -74.0 36.7 -34.9 5.8 169.7 92.2 -3.9 34.2 56.7 5.1 174.3 -120.6 -90.8 -1.7 -33.1 5.0 179.0 115.0 8.1 42.6 59.2 5.1 162.9 243.0 106.4 44.7 86.8 5.1 190.6 131.1 -39.2 51.2 114.0 5.1 164.8 22.4 -53.2 45.2 25.9 4.5 205.6 146.7 5.5 35.1 101.5 4.6 259.6 247.8 76.7 68.3 98.2 4.6 205.7 10 11 12 13 14 15 1404.6 1290.5 1831.1 1463.4 1591.1 1148.9 1373.2 1740.4 1687.6 1369.5 1800.5 16 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate -154.5 -90.6 -71.2 -19.4 -27.9 303.2 260.5 42.7 203.3 492.8 404.4 88.4 196.8 546.4 427.2 119.2 96.5 381.3 382.2 -0.9 205.8 534.4 377.6 156.8 399.5 775.1 624.7 150.5 85.4 494.7 324.2 170.5 303.7 681.7 561.1 120.5 448.8 570.6 302.2 268.4 366.1 605.1 404.1 201.0 17 18 19 20 21 22 State and local governments Federal government 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -38.9 759.1 57.3 1056.0 -4.9 413.6 -109.4 307.9 -98.5 1258.8 -38.8 741.0 35.7 314.4 -83.7 913.1 21 22 149.0 172.8 188.6 268.8 378.6 151.0 201.7 344.0 167.4 422.3 -269.5 23 -2.7 127.4 24.0 0.3 -53.5 181.7 43.2 1.4 27.9 124.7 30.4 5.6 34.0 194.4 39.1 1.4 120.7 225.5 33.3 -0.9 13.7 108.7 24.9 3.7 -26.6 183.7 41.0 3.6 28.1 259.7 57.0 -0.8 65.2 46.8 54.9 0.5 35.3 329.5 56.4 1.1 -204.5 -28.7 -34.9 -1.3 24 25 26 27 1553.6 1463.2 2019.6 1732.2 1969.7 1299.9 1574.9 2084.4 1855.0 1791.8 1531.0 28 23 24 25 26 27 28 Foreign borrowing in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 By instrument -901.9 -341.4 -419.3 213.2 -81.7 33.3 84.2 817.1 -299.0 352.2 384.4 1 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds -102.2 -233.8 186.9 -546.4 -68.2 -187.2 165.3 -237.4 -58.8 -154.6 132.2 -225.2 -48.9 107.5 132.4 -84.8 -36.7 43.1 120.9 -283.0 -35.4 136.7 110.1 -333.8 -94.4 40.2 154.4 15.2 -29.2 210.1 144.1 262.4 -83.2 -355.5 77.4 27.5 30.9 156.9 27.8 118.1 48.5 142.5 83.4 -3.2 2 3 4 5 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages -62.5 -144.7 0.8 32.6 -60.0 13.5 -121.2 3.5 4.8 20.9 78.3 7.8 9.2 44.2 20.6 35.6 115.4 4.6 -75.5 58.6 -14.3 114.4 95.1 20.2 6.1 16.0 12.6 -132.1 144.2 6.5 34.4 79.2 -0.3 6 7 8 -901.9 -341.4 -419.3 213.2 -81.7 33.3 84.2 817.1 -299.0 352.2 384.4 9 9 By sector 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -217.6 0.0 -0.4 -50.5 0.0 -2.0 -110.8 0.0 0.9 -33.5 0.0 1.9 -113.6 0.0 -11.4 -30.3 0.0 4.9 -53.5 0.0 12.5 63.6 0.0 1.7 -25.8 0.0 1.7 106.3 0.0 10.2 35.8 0.0 12.7 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 7.8 107.5 132.4 5.2 43.1 120.9 6.5 136.7 110.1 -2.9 40.2 154.4 22.5 210.1 144.1 7.7 -355.5 77.4 8.0 156.9 27.8 13.7 142.5 83.4 13 14 15 16 17 18 ABS issuers Finance companies REITs -414.0 -174.9 0.1 -174.2 -13.5 25.6 -145.1 -56.7 35.5 -235.3 4.2 178.4 -143.5 -28.5 8.0 -663.5 4.2 550.3 -73.2 41.3 38.5 -61.2 -0.2 116.8 -164.3 -24.5 140.1 -62.0 11.6 49.4 -26.7 46.5 1.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -99.9 -23.9 22.2 0.5 27.0 -4.2 -24.5 66.9 55.8 -149.7 8.1 -27.8 -27.5 -17.8 65.1 203.8 50.8 38.5 12.9 -7.2 -34.5 4.0 74.6 42.0 -45.0 78.5 19 20 21 Summary 8 Z.1, December 11, 2014 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 3 4 5 6 7 8 9 10 Total 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 651.7 1121.8 1600.3 1945.4 1887.9 1333.1 1659.1 2901.5 1556.0 2144.0 1915.4 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -80.4 1579.6 -46.2 99.7 -239.6 -88.3 1066.8 -20.8 -52.8 106.1 -16.9 1140.6 -22.8 -4.9 223.7 -0.8 759.5 239.5 -43.2 387.9 104.0 1057.0 163.0 61.4 255.0 -41.8 412.2 248.2 -15.1 -54.0 -29.0 307.4 195.2 -105.4 627.3 -36.4 1261.2 351.8 -113.8 723.5 54.0 743.0 -280.0 -38.0 359.1 121.2 314.3 184.8 15.7 679.5 -136.8 913.8 225.2 -88.5 179.8 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -92.2 -226.8 -316.9 -25.3 146.6 4.9 -149.2 108.5 186.1 -13.6 -61.5 169.7 186.1 142.1 99.9 174.3 107.8 60.7 -100.0 179.0 219.0 282.1 119.7 162.9 162.4 81.9 228.7 190.6 255.2 143.8 151.3 164.8 313.1 164.1 35.1 205.6 321.3 94.6 153.2 259.6 197.4 171.4 247.5 205.7 7 8 9 10 385.5 52.7 537.0 703.9 1256.5 535.7 519.1 504.0 551.4 1027.7 368.1 11 15.4 -255.1 -285.7 -456.7 -87.9 -359.5 65.1 -372.6 285.8 -219.3 43.6 -375.1 -155.0 -414.1 86.2 -482.0 -144.8 -507.0 379.7 -261.8 -139.6 -512.0 12 13 79.2 191.4 370.1 7.0 164.1 338.4 103.3 168.3 624.9 275.2 162.5 638.7 269.2 235.9 970.8 371.3 47.4 492.1 78.7 180.3 674.1 381.8 186.4 417.8 325.0 37.1 696.2 342.5 299.0 648.0 192.0 180.4 507.6 14 15 16 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net flows through credit markets (from table F.4, line 1) U.S. official reserve assets SDR certificates Treasury currency Foreign deposits 651.7 1121.8 1600.3 1945.4 1887.9 1333.1 1659.1 2901.5 1556.0 2144.0 1915.4 1 1.8 0.0 -0.3 71.6 15.9 0.0 0.0 -215.0 4.5 0.0 0.0 -144.0 -3.1 0.0 -0.4 32.7 3.5 0.0 0.0 205.0 -0.8 0.0 0.0 166.3 -4.0 0.0 -1.4 -4.2 -11.1 0.0 0.0 -236.2 -3.8 0.0 0.0 -118.5 3.1 0.0 0.0 -109.0 -9.1 0.0 -1.0 -108.9 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares -142.8 266.3 298.3 -182.7 -503.2 820.5 234.5 577.4 -173.3 -112.8 -194.5 267.7 539.6 -19.2 7.1 1129.1 332.6 307.0 102.1 28.7 1953.2 268.7 153.2 0.0 -133.4 1896.2 192.5 344.1 46.0 81.9 516.4 126.2 557.4 242.6 263.6 150.4 743.1 173.2 120.0 -97.5 1176.0 183.4 517.3 231.4 -85.2 98.4 578.9 355.7 69.6 -143.8 286.6 236.6 108.6 49.8 39.6 6 7 8 9 10 11 12 13 14 Security repurchase agreements Corporate equities Mutual fund shares Trade payables 421.3 15.4 370.1 154.9 276.2 -285.7 338.4 81.6 251.3 -87.9 624.9 124.3 -477.1 65.1 638.7 182.0 -700.6 285.8 970.8 173.4 -657.6 43.6 492.1 220.2 -111.6 -155.0 674.1 193.4 -438.8 86.2 417.8 141.0 257.1 -144.8 696.2 59.8 294.3 379.7 648.0 234.4 -335.8 -139.6 507.6 153.3 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension entitlements Taxes payable 105.0 14.5 596.4 19.4 -7.4 81.2 498.3 20.6 97.7 -11.9 497.6 11.3 104.3 30.0 495.3 11.8 -9.8 11.7 451.3 27.5 172.3 28.7 441.2 -91.5 44.8 45.3 498.4 34.4 209.9 34.4 590.4 76.9 147.6 64.6 526.4 32.0 233.4 17.1 569.4 42.3 164.8 40.3 580.5 16.1 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous 163.8 602.7 -57.3 1232.1 -1.7 973.0 -46.6 1372.0 -6.6 2222.6 -57.2 391.3 -74.3 2146.5 -48.4 727.7 3.4 2300.5 -45.6 1218.5 26.8 1177.1 19 20 3431.3 5102.2 5048.3 6835.5 8250.5 5688.9 7229.9 6172.8 7153.2 7160.1 5219.6 21 21 Total financial sources 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous -1.1 49.2 25.8 55.0 -8.6 267.0 -0.7 -136.3 3.5 68.7 -7.0 594.5 -0.6 -137.3 5.7 -9.6 -18.7 481.0 -1.1 -11.7 56.8 -166.9 -19.2 18.3 -0.9 88.2 391.9 -472.3 -24.7 -90.4 -0.7 153.5 -131.1 -137.2 -91.8 -749.0 -2.1 -10.0 -219.3 15.1 5.7 1052.9 -0.6 -278.6 185.7 -73.0 34.1 -140.3 -1.0 -10.1 189.5 -138.6 -25.2 159.6 -0.9 -177.5 -55.5 -117.6 -75.8 -67.6 -1.8 -73.1 -144.0 105.8 -13.5 705.5 22 23 24 25 26 27 28 29 30 31 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 0.0 0.0 -1.1 -10.2 0.0 -0.1 0.9 -31.4 0.0 0.6 0.9 47.7 0.0 0.4 -1.2 13.8 0.0 -44.4 -5.2 -34.3 0.0 96.2 2.2 -12.7 0.0 3.6 1.0 41.5 0.0 -53.6 -2.8 60.9 0.0 -43.2 4.0 -52.2 0.0 97.6 0.1 15.3 0.0 4.4 -5.7 16.3 28 29 30 31 32 Totals identified to sectors as assets 3055.3 4610.1 4678.5 6946.2 8442.6 6559.5 6341.6 6440.9 7070.6 7542.0 4625.7 32 Summary 9 Z.1, December 11, 2014 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Federal government 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 52332.0 53281.4 55057.9 56686.5 55441.7 55557.9 55939.4 56686.5 57095.9 57566.8 57981.8 1 35617.9 36759.6 38427.6 39771.9 38799.4 38953.3 39269.5 39771.9 40193.4 40395.1 40846.2 2 13230.5 6012.9 3950.9 13061.3 6273.4 3986.1 13062.5 6721.3 4070.1 13171.5 7121.5 4184.9 13006.6 6801.2 4066.7 13033.0 6916.6 4104.5 13138.8 7055.1 4140.7 13171.5 7121.5 4184.9 13175.2 7259.2 4212.5 13277.3 7336.4 4278.7 13384.0 7446.5 4328.0 3 4 5 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2941.1 12352.8 2994.9 11930.1 2986.4 11912.9 2953.1 11981.9 2941.1 12352.8 2931.8 12614.8 2934.4 12568.4 2908.3 12779.4 6 7 8 Rest of the world 2258.5 2485.5 2828.0 2966.2 2889.7 2841.6 2907.9 2966.2 3046.4 3218.1 3102.8 8 9 Financial sectors 14455.7 14036.3 13802.4 13948.5 13752.5 13763.1 13761.9 13948.5 13856.0 13953.6 14032.9 9 882.9 0.0 26.1 832.4 0.0 24.2 720.3 0.0 25.1 686.9 0.0 27.0 674.1 0.0 22.2 680.9 0.0 23.5 659.8 0.0 26.6 686.9 0.0 27.0 662.4 0.0 27.4 705.0 0.0 30.0 703.3 0.0 33.1 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 59.4 6200.2 1569.4 52.9 6103.5 1462.7 54.5 6137.6 1498.1 53.8 6147.7 1540.8 59.4 6200.2 1569.4 61.3 6111.4 1585.8 63.3 6150.6 1600.0 66.8 6186.2 1623.6 13 14 15 16 17 18 ABS issuers Finance companies REITs 2235.9 1280.7 339.9 1989.0 1261.9 365.5 1769.4 1205.1 401.0 1481.2 1209.3 579.4 1716.6 1193.0 403.0 1536.0 1196.0 540.6 1504.6 1206.6 550.2 1481.2 1209.3 579.4 1430.5 1198.5 614.4 1408.3 1201.6 626.8 1394.9 1215.2 627.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1416.4 593.5 112.4 1402.7 620.5 89.1 1410.3 625.2 103.1 1372.9 619.9 96.1 1363.4 612.2 112.4 1402.7 620.5 122.0 1405.9 636.5 113.4 1406.9 647.8 123.9 1395.6 663.2 19 20 21 52332.0 53281.4 55057.9 56686.5 55441.7 55557.9 55939.4 56686.5 57095.9 57566.8 57981.8 22 7629.7 7053.4 6994.8 6720.5 6876.2 6810.4 6727.8 6720.5 6556.7 6364.6 6238.6 23 22 23 Total credit market assets held by: Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 4921.7 229.4 95.8 4383.1 222.3 96.8 4178.3 209.7 98.1 3852.5 165.7 100.2 4025.2 176.3 98.3 3944.5 177.0 98.9 3870.0 169.0 99.6 3852.5 165.7 100.2 3645.6 158.8 100.8 3496.0 153.2 101.9 3365.2 154.6 102.7 24 25 26 27 28 State and local governments Federal government 1590.4 792.4 1540.5 810.7 1593.1 915.6 1562.3 1039.8 1613.9 962.5 1610.4 979.6 1567.9 1021.4 1562.3 1039.8 1568.4 1083.0 1514.8 1098.7 1477.9 1138.3 27 28 29 Rest of the world 8413.9 8944.8 9508.7 9732.4 9637.8 9426.0 9564.6 9732.4 9967.3 10121.9 10162.3 29 30 Financial sectors 36288.5 37283.2 38554.4 40233.6 38927.7 39321.6 39647.1 40233.6 40571.9 41080.3 41580.9 30 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2259.2 9356.2 785.2 68.9 758.6 2635.6 9489.9 827.7 64.0 796.2 2670.1 9866.3 833.5 63.9 842.3 3756.3 10101.0 826.3 64.1 891.8 2939.8 9833.4 816.4 63.6 855.1 3214.2 9896.3 802.2 63.6 874.1 3475.1 9925.3 819.3 62.7 886.7 3756.3 10101.0 826.3 64.1 891.8 3970.1 10167.7 845.6 64.1 903.8 4108.2 10378.4 856.1 61.5 926.3 4188.2 10529.3 853.8 59.7 941.2 31 32 33 34 35 36 37 Property-casualty insurance companies Life insurance companies 890.6 3174.2 926.8 3299.6 927.8 3373.9 953.1 3451.3 933.4 3384.5 936.7 3406.3 943.5 3424.4 953.1 3451.3 950.5 3481.0 954.1 3508.5 965.2 3539.4 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 895.9 795.3 141.8 969.5 809.8 167.3 1116.2 817.7 182.7 1166.0 880.6 192.1 1123.2 827.9 179.2 1145.8 856.7 168.1 1156.2 859.4 72.8 1166.0 880.6 192.1 1163.9 895.9 193.6 1183.6 956.2 196.0 1195.0 983.2 201.1 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 1673.4 2969.9 146.4 132.7 1663.6 3329.3 144.7 178.8 1580.9 3981.3 155.9 231.1 1611.8 4345.2 169.4 243.3 1562.4 4184.5 163.5 238.2 1550.5 4242.8 169.5 241.4 1572.4 4287.7 169.0 245.8 1611.8 4345.2 169.4 243.3 1520.4 4462.9 169.7 254.3 1387.3 4583.4 170.4 266.3 1419.5 4692.3 167.8 272.4 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 6333.1 1139.5 6133.4 1304.8 5914.8 1437.0 5956.4 1569.4 5899.5 1462.7 5932.8 1498.1 5954.6 1540.8 5956.4 1569.4 5924.2 1585.8 5945.4 1600.0 5968.1 1623.6 45 46 47 48 49 ABS issuers Finance companies REITs 2184.1 1405.4 211.1 1941.5 1359.6 331.2 1728.3 1324.9 458.5 1445.5 1305.4 497.6 1676.4 1311.6 448.7 1499.8 1310.6 565.9 1470.0 1311.2 546.0 1445.5 1305.4 497.6 1396.2 1293.8 513.7 1374.5 1295.1 522.5 1363.9 1296.6 519.7 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 557.5 97.9 311.6 563.2 101.1 245.8 652.3 209.2 185.7 476.9 151.8 178.2 602.7 213.3 207.7 516.9 226.1 203.1 499.1 217.8 207.3 476.9 151.8 178.2 450.6 145.5 218.6 429.6 143.5 233.5 385.7 152.5 262.6 50 51 52 (1) Excludes corporate equities and mutual fund shares. Summary 10 Z.1, December 11, 2014 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 Domestic By instrument 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 35617.9 36759.6 38427.6 39771.9 38799.4 38953.3 39269.5 39771.9 40193.4 40395.1 40846.2 1 35617.9 36759.6 38427.6 39771.9 38799.4 38953.3 39269.5 39771.9 40193.4 40395.1 40846.2 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 82.9 9361.5 24.2 3772.1 3376.6 116.3 10428.3 25.3 3719.4 3538.3 130.3 11568.9 24.9 3714.4 3862.6 144.5 12328.3 24.5 3671.2 4140.9 140.1 11905.5 24.6 3728.6 3940.7 147.2 11887.9 25.0 3721.1 3983.4 171.2 11956.8 25.1 3685.7 4090.5 144.5 12328.3 24.5 3671.2 4140.9 180.2 12590.8 24.0 3660.8 4212.1 185.9 12544.4 24.0 3661.4 4270.0 208.5 12755.6 23.9 3631.1 4323.0 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 1465.6 1269.4 1541.7 1333.0 1742.8 1372.4 1868.8 1408.0 1737.2 1372.5 1779.9 1413.5 1825.3 1404.5 1868.8 1408.0 1908.7 1440.7 2014.0 1428.5 2057.0 1448.4 8 9 13618.1 10446.1 824.0 2193.9 154.1 2647.4 13301.4 10203.9 831.2 2099.1 167.2 2755.9 13087.7 9982.6 867.9 2064.2 173.0 2923.6 13087.7 9886.5 902.1 2120.9 178.1 3097.9 13026.5 9929.8 867.5 2054.8 174.3 2923.8 13028.8 9905.0 878.2 2070.2 175.5 2966.4 13073.9 9914.9 889.4 2092.8 176.8 3036.6 13087.7 9886.5 902.1 2120.9 178.1 3097.9 13071.5 9852.7 913.4 2126.1 179.2 3104.7 13095.3 9840.8 922.2 2151.9 180.4 3171.6 13153.2 9855.2 939.3 2177.1 181.5 3245.5 10 11 12 13 14 15 35617.9 36759.6 38427.6 39771.9 38799.4 38953.3 39269.5 39771.9 40193.4 40395.1 40846.2 16 13230.5 9963.7 6012.9 3950.9 13061.3 10259.5 6273.4 3986.1 13062.5 10791.4 6721.3 4070.1 13171.5 11306.4 7121.5 4184.9 13006.6 10867.9 6801.2 4066.7 13033.0 11021.1 6916.6 4104.5 13138.8 11195.8 7055.1 4140.7 13171.5 11306.4 7121.5 4184.9 13175.2 11471.7 7259.2 4212.5 13277.3 11615.1 7336.4 4278.7 13384.0 11774.5 7446.5 4328.0 17 18 19 20 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2941.1 12352.8 2994.9 11930.1 2986.4 11912.9 2953.1 11981.9 2941.1 12352.8 2931.8 12614.8 2934.4 12568.4 2908.3 12779.4 21 22 2258.5 2485.5 2828.0 2966.2 2889.7 2841.6 2907.9 2966.2 3046.4 3218.1 3102.8 23 398.6 1677.6 162.0 20.2 345.1 1913.6 205.2 21.5 373.0 2186.5 237.7 30.8 407.0 2250.4 276.7 32.2 407.4 2205.8 246.0 30.5 417.4 2140.5 252.2 31.5 405.9 2207.2 262.5 32.4 407.0 2250.4 276.7 32.2 413.8 2309.8 290.5 32.3 435.1 2446.0 304.5 32.6 390.7 2384.0 295.8 32.2 24 25 26 27 37876.3 39245.1 41255.5 42738.1 41689.1 41794.9 42177.4 42738.1 43239.8 43613.3 43948.9 28 10 11 12 13 14 15 16 Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 21 22 State and local governments Federal government 23 24 25 26 27 28 Foreign credit market debt held in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 By instrument 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 9 By sector 14455.7 14036.3 13802.4 13948.5 13752.5 13763.1 13761.9 13948.5 13856.0 13953.6 14032.9 1 576.0 6434.5 1139.5 5282.9 507.9 6247.3 1304.8 4972.8 449.1 6092.7 1437.0 4870.3 400.2 6200.2 1569.4 4718.3 453.8 6103.5 1462.7 4782.5 426.0 6137.6 1498.1 4691.7 399.9 6147.7 1540.8 4679.4 400.2 6200.2 1569.4 4718.3 398.2 6111.4 1585.8 4713.7 384.5 6150.6 1600.0 4745.5 396.9 6186.2 1623.6 4734.5 2 3 4 5 373.6 473.2 176.1 400.8 413.1 189.5 342.3 416.6 194.4 363.2 494.9 202.2 340.6 409.9 199.5 355.9 453.1 200.7 337.1 460.0 197.1 363.2 494.9 202.2 360.8 480.9 205.3 333.1 532.9 206.9 342.6 542.1 206.9 6 7 8 14455.7 14036.3 13802.4 13948.5 13752.5 13763.1 13761.9 13948.5 13856.0 13953.6 14032.9 9 882.9 0.0 26.1 832.4 0.0 24.2 720.3 0.0 25.1 686.9 0.0 27.0 674.1 0.0 22.2 680.9 0.0 23.5 659.8 0.0 26.6 686.9 0.0 27.0 662.4 0.0 27.4 705.0 0.0 30.0 703.3 0.0 33.1 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 59.4 6200.2 1569.4 52.9 6103.5 1462.7 54.5 6137.6 1498.1 53.8 6147.7 1540.8 59.4 6200.2 1569.4 61.3 6111.4 1585.8 63.3 6150.6 1600.0 66.8 6186.2 1623.6 13 14 15 16 17 18 ABS issuers Finance companies REITs 2235.9 1280.7 339.9 1989.0 1261.9 365.5 1769.4 1205.1 401.0 1481.2 1209.3 579.4 1716.6 1193.0 403.0 1536.0 1196.0 540.6 1504.6 1206.6 550.2 1481.2 1209.3 579.4 1430.5 1198.5 614.4 1408.3 1201.6 626.8 1394.9 1215.2 627.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1416.4 593.5 112.4 1402.7 620.5 89.1 1410.3 625.2 103.1 1372.9 619.9 96.1 1363.4 612.2 112.4 1402.7 620.5 122.0 1405.9 636.5 113.4 1406.9 647.8 123.9 1395.6 663.2 19 20 21 Summary 11 Z.1, December 11, 2014 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 52332.0 53281.4 55057.9 56686.5 55441.7 55557.9 55939.4 56686.5 57095.9 57566.8 57981.8 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1057.6 9361.5 7598.2 3772.1 10337.1 969.3 10428.3 7577.4 3719.4 10424.7 952.4 11568.9 7554.6 3714.4 10919.4 951.6 12328.3 7794.1 3671.2 11109.6 1001.2 11905.5 7590.8 3728.6 10929.0 990.6 11887.9 7660.7 3721.1 10815.6 976.9 11956.8 7713.6 3685.7 10977.1 951.6 12328.3 7794.1 3671.2 11109.6 992.2 12590.8 7721.1 3660.8 11235.6 1005.5 12544.4 7774.6 3661.4 11461.5 996.1 12755.6 7833.7 3631.1 11441.4 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2001.2 1762.8 13794.2 2647.4 2147.8 1767.7 13490.9 2755.9 2322.7 1819.8 13282.1 2923.6 2508.8 1935.1 13289.8 3097.9 2323.8 1812.9 13226.0 2923.8 2388.1 1898.0 13229.5 2966.4 2424.8 1896.8 13271.0 3036.6 2508.8 1935.1 13289.8 3097.9 2560.0 1953.9 13276.8 3104.7 2651.6 1994.0 13302.2 3171.6 2695.5 2022.8 13360.1 3245.5 7 8 9 10 Memo: Selected claims not included above: 11 Corporate equities 12 Mutual fund shares 23567.2 7873.0 22959.9 7870.9 26236.0 9326.1 33672.1 11544.4 28726.6 10088.7 29254.0 10297.5 31185.1 10904.5 33672.1 11544.4 34231.2 11899.2 35891.0 12375.7 35126.9 12266.2 11 12 2 3 4 5 6 7 8 9 10 Total 2011 L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total credit market debt (from table L.4) 52332.0 53281.4 55057.9 56686.5 55441.7 55557.9 55939.4 56686.5 57095.9 57566.8 57981.8 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 175.5 5.2 25.9 1303.9 1068.5 190.9 5.2 25.9 1066.4 1889.0 193.2 5.2 25.9 922.8 1683.8 187.7 5.2 25.6 954.8 2812.9 188.1 5.2 25.9 974.1 2096.9 187.6 5.2 25.9 1015.6 2580.4 190.7 5.2 25.6 1014.7 2767.7 187.7 5.2 25.6 954.8 2812.9 187.7 5.2 25.6 927.5 3025.2 188.6 5.2 25.6 900.2 3052.3 180.5 5.2 25.3 879.2 3130.2 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements 2359.8 6624.9 1923.2 2755.4 3597.9 2594.3 7202.2 1750.0 2642.5 3878.7 2853.8 7803.9 1659.9 2649.6 4130.1 3186.5 8110.8 1762.0 2678.3 3652.9 2872.9 7869.1 1652.5 2553.8 3962.5 2892.3 7890.1 1682.4 2541.9 3798.2 2924.6 8052.9 1736.8 2637.3 3766.8 3186.5 8110.8 1762.0 2678.3 3652.9 3183.8 8265.3 1810.4 2592.5 3722.7 3295.7 8290.7 1848.6 2522.4 3795.0 3358.6 8346.0 1915.5 2565.4 3708.7 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension entitlements 7873.0 1041.7 1278.3 17035.7 7870.9 1034.2 1352.0 17447.7 9326.1 1131.9 1359.0 18460.8 11544.4 1236.2 1416.5 19890.1 10088.7 1129.5 1370.1 18934.7 10297.5 1172.5 1378.3 19089.2 10904.5 1183.8 1397.4 19444.8 11544.4 1236.2 1416.5 19890.1 11899.2 1273.1 1434.4 20092.5 12375.7 1331.5 1443.7 20415.1 12266.2 1372.7 1449.0 20499.4 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 3370.8 53.1 15901.3 3452.5 74.0 16560.0 3574.2 79.5 17177.0 3742.4 91.3 16979.3 3617.9 97.1 17262.9 3684.1 68.6 17184.0 3714.9 80.3 17317.6 3742.4 91.3 16979.3 3762.8 110.1 17158.4 3831.1 114.6 17221.4 3867.6 121.9 17399.0 16 17 18 19 Total liabilities 125623.3 129716.2 136062.0 143424.5 138196.8 139235.9 141458.1 143424.5 145034.3 146846.2 147871.1 19 2 3 4 5 6 + Financial assets not included in liabilities: 20 Gold 21 Corporate equities 22 Household equity in noncorp. bus. 11.0 23567.2 6889.0 11.0 22959.9 7364.3 11.0 26236.0 8028.1 11.0 33672.1 8970.7 11.0 28726.6 8243.5 11.0 29254.0 8498.9 11.0 31185.1 8777.7 11.0 33672.1 8970.7 11.0 34231.2 9047.8 11.0 35891.0 9070.6 11.0 35126.9 9188.2 20 21 22 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -17.6 1090.1 24.8 -18.3 931.3 28.3 -18.8 794.5 20.1 -19.9 782.0 76.9 -19.0 816.5 49.9 -19.2 854.9 26.6 -19.8 852.5 32.9 -19.9 782.0 76.9 -20.2 781.8 49.8 -20.4 737.4 38.6 -20.8 725.3 12.2 23 24 25 26 27 28 Security repurchase agreements Taxes payable Miscellaneous 255.3 -209.0 -5879.2 324.5 -198.8 -6108.0 205.5 -200.4 -6276.6 38.7 -198.3 -6720.8 127.8 -185.2 -6366.2 85.1 -216.2 -6594.3 63.5 -207.1 -6433.4 38.7 -198.3 -6720.8 46.6 -186.1 -6910.7 1.5 -182.4 -6910.5 5.5 -182.6 -6977.2 26 27 28 0.0 2.2 3.2 238.5 0.0 2.3 4.1 207.2 0.0 2.1 4.9 252.4 0.0 1.2 3.7 260.3 0.0 1.3 3.3 182.9 0.0 0.9 4.1 148.8 0.0 1.2 4.5 162.3 0.0 1.2 3.7 260.3 0.0 1.6 4.4 185.9 0.0 1.7 4.6 157.7 0.0 0.1 3.5 174.9 29 30 31 32 160582.2 164878.9 175553.6 191854.6 180566.6 182709.2 186975.3 191854.6 194371.0 197990.6 198456.4 33 29 30 31 32 33 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit Totals identified to sectors as assets Summary 12 Z.1, December 11, 2014 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 3 4 5 6 7 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment Fixed investment (3) 8 9 10 11 12 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 13 14 15 16 17 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 14964.4 15517.9 16163.1 16768.0 16502.4 16619.2 16872.3 17078.3 17044.0 17328.2 17555.2 1 10202.2 10689.3 11083.1 11484.3 11351.1 11414.3 11518.7 11653.3 11728.5 11870.7 11973.0 2 1070.7 2292.1 6839.4 1125.3 2471.1 7092.8 1192.1 2549.8 7341.3 1249.3 2601.9 7633.2 1237.8 2594.4 7518.9 1245.4 2575.6 7593.2 1252.4 2612.9 7653.4 1261.5 2624.6 7767.2 1262.3 2628.4 7837.8 1298.4 2666.1 7906.2 1319.1 2689.1 7964.7 3 4 5 2100.8 2239.9 2479.2 2648.0 2543.3 2594.6 2708.9 2745.2 2714.4 2843.6 2890.7 6 2039.3 2198.1 2414.3 2573.9 2499.1 2543.8 2598.1 2654.6 2674.3 2743.4 2799.6 7 1658.2 134.1 1178.1 183.3 162.8 1812.1 130.8 1299.2 214.6 167.5 1972.0 134.9 1415.1 231.8 190.2 2054.0 136.0 1475.9 240.7 201.5 2010.3 136.1 1443.1 231.3 199.7 2026.9 134.9 1456.7 236.9 198.4 2060.2 136.0 1480.6 242.2 201.3 2118.7 137.0 1523.0 252.2 206.4 2134.6 132.9 1535.5 259.8 206.3 2191.2 136.4 1575.9 265.7 213.1 2234.7 138.5 1607.1 272.2 217.0 8 9 10 11 12 381.1 318.3 0.5 58.3 4.0 386.0 321.1 -1.8 60.2 6.5 442.3 368.0 0.1 68.9 5.3 519.9 433.4 -8.1 79.9 14.7 488.9 407.1 -40.3 75.7 46.3 516.9 430.8 4.3 79.6 2.3 538.0 448.6 13.6 82.4 -6.6 535.9 447.1 -10.1 82.0 17.0 539.7 434.8 28.8 79.8 -3.6 552.2 446.2 4.5 81.7 19.7 564.8 459.7 15.8 83.9 5.4 13 14 15 16 17 61.5 57.9 3.6 41.8 34.9 6.8 64.9 61.8 3.0 74.1 56.7 17.4 44.2 32.3 11.9 50.8 37.6 13.2 110.7 85.9 24.8 90.5 71.0 19.5 40.1 32.9 7.2 100.3 81.9 18.3 91.1 72.8 18.3 18 19 20 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 21 Net U.S. exports of goods and services -512.7 -580.0 -568.3 -508.2 -528.0 -532.0 -509.9 -462.9 -538.0 -549.2 -516.2 21 22 23 Exports - Imports 1852.3 2365.0 2106.4 2686.4 2194.2 2762.5 2262.2 2770.4 2219.4 2747.4 2236.4 2768.4 2268.4 2778.3 2324.6 2787.5 2284.7 2822.7 2344.3 2893.5 2368.5 2884.7 22 23 3174.0 3168.7 3169.2 3143.9 3135.9 3142.4 3154.7 3142.7 3139.1 3163.1 3207.7 24 2522.2 1003.9 1518.3 2530.9 1006.1 1524.8 2549.7 1003.6 1546.1 2547.6 963.0 1584.5 2543.6 970.2 1573.3 2544.9 965.2 1579.7 2555.9 965.7 1590.2 2545.9 951.1 1594.9 2564.5 957.1 1607.4 2572.1 955.5 1616.6 2616.7 988.1 1628.6 25 26 27 651.8 300.0 351.9 637.9 297.4 340.5 619.4 287.8 331.6 596.3 268.5 327.8 592.4 271.7 320.7 597.4 268.9 328.5 598.7 268.2 330.5 596.7 265.1 331.6 574.6 251.0 323.6 591.0 255.0 336.1 591.0 253.3 337.8 28 29 30 206.0 720.0 514.1 246.6 792.6 546.0 227.4 793.8 566.5 224.3 810.4 586.1 208.8 791.2 582.4 214.9 804.4 589.5 230.8 814.2 583.4 242.9 831.8 588.9 211.0 822.6 611.6 213.5 828.5 615.0 212.2 830.1 617.9 31 32 33 15170.4 15764.6 16390.5 16992.4 16711.2 16834.0 17103.1 17321.2 17255.0 17541.7 17767.4 34 -8.5 -1.1 10.6 -1.0 -0.0 -7.8 -0.5 9.2 -0.9 -0.0 -7.7 0.9 8.7 -1.9 -0.1 -7.9 1.3 9.0 -2.4 0.0 -7.9 0.8 9.0 -1.9 0.0 -8.0 1.7 9.0 -2.8 0.0 -7.9 2.6 9.0 -3.7 0.0 -7.8 0.3 8.9 -1.3 0.0 -7.6 0.3 8.6 -1.3 -0.1 -7.4 0.8 8.4 -1.9 0.1 -7.2 5.0 8.2 -6.5 0.6 35 36 37 38 39 24 Government consumption expenditures and gross investment 25 26 27 Consumption expenditures (4) Federal State and local 28 29 30 Gross investment (4) Federal State and local Memo: 31 32 33 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 34 Gross National Product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business State and local governments Federal governments Rest of the world (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.100, line 4. (3) Structures, equipment, and intellectual property products. (4) Government inventory investment is included in consumption expenditures. 13 Summary Z.1, December 11, 2014 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 3 4 National Income Compensation of employees Wages and other labor income Employer social insurance contributions 6 Proprietors’ income with inventory valuation and capital consumption adjustments Rental income of persons (with capital consumption adjustment) 7 Corporate profits with inventory valuation and capital consumption adjustments 5 8 9 10 11 12 Corporate profits with inventory valuation adjustment Profits before tax Domestic nonfinancial Domestic financial Rest of the world 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 12739.5 13352.3 14069.5 14577.1 14376.1 14511.5 14650.5 14770.2 14733.7 14972.9 15198.2 1 7961.4 7492.1 469.4 8269.0 7775.1 493.9 8606.5 8092.6 513.9 8844.8 8318.6 526.1 8734.4 8214.2 520.2 8826.3 8300.9 525.4 8871.6 8344.1 527.5 8946.8 8415.3 531.5 9096.2 8553.4 542.8 9159.5 8613.8 545.7 9237.9 8688.2 549.7 2 3 4 1032.7 1143.7 1260.2 1336.6 1327.8 1330.0 1345.9 1342.7 1351.0 1381.0 1387.1 5 402.8 485.3 533.0 595.8 575.0 590.8 604.2 613.3 622.9 635.4 647.6 6 1746.4 1816.6 2022.8 2106.9 2039.4 2103.6 2140.7 2143.8 1942.1 2106.2 2150.0 7 1799.7 1738.5 2126.6 2238.7 2167.3 2235.0 2273.7 2278.6 2272.6 2437.4 2480.0 8 1840.7 1039.2 406.3 395.2 1806.8 1008.9 375.9 421.9 2136.1 1245.4 488.9 401.8 2235.3 1298.8 533.5 403.1 2169.0 1278.0 504.9 386.1 2219.8 1301.2 525.5 393.1 2270.9 1307.3 554.1 409.6 2281.6 1308.7 549.4 423.5 2297.2 1418.8 480.8 397.5 2450.1 1541.6 514.5 393.9 2475.9 1546.1 534.9 394.9 9 10 11 12 370.6 220.6 150.0 379.1 228.8 150.3 454.8 271.4 183.4 474.3 329.3 144.9 474.9 330.3 144.6 459.2 326.0 133.1 467.5 319.3 148.3 495.4 341.8 153.6 562.3 366.2 196.1 608.0 394.8 213.2 603.2 398.1 205.1 13 14 15 13 14 15 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 16 17 18 19 20 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1470.1 564.0 375.5 67.1 121.4 1427.7 703.7 441.0 107.7 154.9 1681.3 857.1 520.6 159.7 176.9 1761.1 959.6 536.9 289.8 132.9 1694.1 835.5 517.3 180.2 138.0 1760.7 1098.7 515.9 420.6 162.2 1803.4 911.7 597.8 218.8 95.0 1786.1 992.3 516.5 339.6 136.2 1734.9 902.8 575.0 165.5 162.3 1842.2 902.3 554.3 159.9 188.1 1872.7 898.4 539.5 177.0 181.9 16 17 18 19 20 21 22 23 24 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 906.2 443.1 189.3 273.8 724.0 339.1 117.9 267.0 824.2 453.5 145.8 225.0 801.5 432.6 98.7 270.2 858.6 430.4 180.0 248.1 661.9 459.3 -28.3 230.9 891.7 390.2 187.0 314.5 793.8 450.4 56.2 287.3 832.1 477.6 119.3 235.2 939.9 592.6 141.4 205.9 974.4 608.5 152.9 213.0 21 22 23 24 25 Inventory valuation adjustment -41.0 -68.3 -9.5 3.3 -1.7 15.2 2.8 -3.0 -24.6 -12.7 4.1 25 26 27 28 Capital consumption adjustment Domestic nonfinancial Domestic financial -53.3 -15.2 -38.1 78.1 98.3 -20.2 -103.8 -66.5 -37.3 -131.8 -88.3 -43.5 -127.9 -85.9 -41.9 -131.4 -88.1 -43.3 -133.1 -89.1 -44.0 -134.8 -90.3 -44.6 -330.5 -268.4 -62.1 -331.3 -268.7 -62.5 -330.1 -267.5 -62.6 26 27 28 29 Net interest and miscellaneous payments 30 31 32 33 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 489.4 488.1 491.7 499.8 517.4 477.1 493.3 511.2 506.5 461.0 480.5 29 1057.1 55.9 128.5 -22.9 1102.6 60.1 131.5 -24.5 1132.0 58.0 106.7 -25.3 1162.4 60.2 120.6 -29.6 1154.8 60.0 115.1 -27.8 1152.2 61.1 122.3 -29.6 1167.1 60.6 118.4 -30.1 1175.7 58.9 126.6 -31.0 1184.5 57.7 119.2 -31.1 1197.9 57.5 123.0 -33.6 1206.5 57.4 182.5 -36.4 30 31 32 33 National Income, from line 1 above 12739.5 13352.3 14069.5 14577.1 14376.1 14511.5 14650.5 14770.2 14733.7 14972.9 15198.2 34 Plus: 35 Private consumption of fixed capital 36 Government consumption of fixed capital 37 Statistical discrepancy 1923.5 458.1 49.2 1971.1 479.6 -38.3 2034.2 496.0 -209.2 2120.8 506.4 -211.9 2083.9 501.5 -250.3 2108.2 504.5 -290.2 2132.5 507.8 -187.6 2158.7 511.8 -119.5 2183.5 515.2 -177.5 2203.8 518.5 -153.5 2227.8 521.8 -180.3 35 36 37 206.0 246.6 227.4 224.3 208.8 214.9 230.8 242.9 211.0 213.5 212.2 38 14964.4 15517.9 16163.1 16768.0 16502.4 16619.2 16872.3 17078.3 17044.0 17328.2 17555.2 39 Memo: Calculation of Gross Domestic Product from National Income: (2) 34 38 Less: Net U.S. income receipts from rest of the world 39 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. Summary 14 Z.1, December 11, 2014 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 Gross saving 2 3 4 5 6 7 8 9 10 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2255.5 2435.6 2825.6 3034.1 2930.0 3022.9 3074.8 3108.5 3000.9 3148.1 3203.0 1 -126.1 1439.9 811.9 603.5 208.4 628.0 -1566.0 -1328.7 -237.3 -15.1 1445.0 733.9 584.2 149.7 711.1 -1460.1 -1244.1 -215.9 295.4 1607.1 710.9 563.7 147.2 896.2 -1311.7 -1079.1 -232.6 406.8 1281.1 673.0 571.3 101.7 608.1 -874.3 -649.1 -225.1 344.6 1308.7 729.0 539.0 189.9 579.8 -964.2 -746.1 -218.0 410.2 1192.5 545.7 579.9 -34.2 646.9 -782.3 -561.2 -221.1 434.6 1414.2 761.5 593.8 167.7 652.8 -979.7 -749.8 -229.9 438.0 1208.9 656.0 572.6 83.4 552.9 -770.9 -539.4 -231.6 302.1 1103.2 477.1 492.0 -15.0 626.1 -801.0 -560.1 -240.9 425.9 1251.5 595.9 534.3 61.6 655.6 -825.7 -598.6 -227.1 453.5 1306.4 648.4 549.6 98.8 657.9 -852.9 -621.1 -231.8 2 3 4 5 6 7 8 9 10 2381.6 1923.5 1523.0 1094.6 251.8 176.7 400.5 458.1 245.3 212.7 2450.6 1971.1 1572.8 1139.2 265.0 168.6 398.2 479.6 257.4 222.2 2530.2 2034.2 1629.7 1183.8 271.7 174.1 404.5 496.0 264.1 231.8 2627.2 2120.8 1693.7 1229.8 281.7 182.2 427.1 506.4 268.0 238.4 2585.4 2083.9 1667.3 1211.0 276.9 179.4 416.6 501.5 265.9 235.6 2612.7 2108.2 1685.3 1223.7 280.1 181.5 422.9 504.5 267.2 237.3 2640.2 2132.5 1701.9 1235.6 283.1 183.2 430.5 507.8 268.5 239.3 2670.5 2158.7 1720.3 1248.9 286.6 184.8 438.4 511.8 270.4 241.4 2698.7 2183.5 1735.9 1263.1 290.4 182.4 447.7 515.2 272.1 243.1 2722.3 2203.8 1753.5 1276.1 292.5 184.9 450.3 518.5 273.7 244.7 2749.6 2227.8 1771.4 1288.7 295.4 187.3 456.4 521.8 275.3 246.5 11 12 13 14 15 16 17 18 19 20 2304.7 2397.3 2616.4 2822.1 2679.7 2732.8 2887.2 2989.0 2823.4 2994.6 3022.7 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 2752.6 2100.8 1648.4 1239.0 246.7 162.8 452.4 651.8 300.0 351.9 2877.8 2239.9 1788.0 1338.9 281.7 167.5 451.9 637.9 297.4 340.5 3098.6 2479.2 1976.3 1482.3 303.7 190.2 502.9 619.4 287.8 331.6 3244.3 2648.0 2078.6 1539.2 337.9 201.5 569.4 596.3 268.5 327.8 3135.7 2543.3 2000.1 1477.0 323.4 199.7 543.3 592.4 271.7 320.7 3192.0 2594.6 2028.9 1501.0 329.6 198.4 565.6 597.4 268.9 328.5 3307.6 2708.9 2124.3 1576.4 346.6 201.3 584.6 598.7 268.2 330.5 3341.9 2745.2 2161.1 1602.5 352.1 206.4 584.1 596.7 265.1 331.6 3289.0 2714.4 2146.8 1603.7 336.8 206.3 567.6 574.6 251.0 323.6 3434.7 2843.6 2261.0 1692.7 355.2 213.1 582.6 591.0 255.0 336.1 3481.7 2890.7 2292.5 1716.5 359.0 217.0 598.2 591.0 253.3 337.8 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 0.7 -58.5 -29.4 19.8 -7.8 -41.5 -29.1 59.2 125.3 -66.2 1.6 -46.7 -40.9 -6.9 -1.6 -32.4 -5.8 48.4 113.0 -64.6 -6.5 -23.8 -11.1 -15.8 -4.9 9.6 -12.7 17.3 82.8 -65.5 0.8 7.5 -4.3 -4.3 -0.0 0.0 11.8 -6.6 56.0 -62.6 0.6 0.9 -8.9 -8.9 -0.0 0.0 9.8 -0.3 62.8 -63.1 1.3 6.9 -4.0 -3.9 -0.0 0.0 10.8 -5.6 54.5 -60.1 1.0 11.1 -1.9 -1.9 -0.0 0.0 13.0 -10.1 56.1 -66.2 0.4 11.1 -2.6 -2.6 -0.0 0.0 13.6 -10.6 50.5 -61.1 0.5 6.6 -7.1 -7.1 -0.0 0.0 13.6 -6.1 55.6 -61.7 0.3 7.5 -5.7 -5.7 0.0 0.0 13.2 -7.2 56.6 -63.8 -0.1 13.5 40.6 0.7 0.0 40.0 -27.1 -13.6 54.8 -68.5 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Net lending (+) or net borrowing (-), NIPAs (3) Private Domestic business Nonfinancial corporate business (3) Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local -448.6 1370.4 765.2 488.5 12.8 263.8 605.2 -1819.0 -1508.7 -310.3 -482.1 1184.6 521.3 353.1 -15.1 183.3 663.3 -1666.7 -1397.1 -269.6 -475.7 976.7 166.2 71.7 -27.1 121.5 810.5 -1452.4 -1185.6 -266.9 -423.0 534.5 80.6 54.3 -56.2 82.5 454.0 -957.5 -705.6 -252.0 -456.6 598.1 154.8 31.6 -46.5 169.7 443.3 -1054.7 -814.7 -240.0 -460.5 409.1 -84.2 16.4 -49.5 -51.1 493.3 -869.7 -617.4 -252.3 -421.5 639.1 153.4 67.3 -63.5 149.6 485.7 -1060.6 -805.7 -254.9 -353.3 491.9 98.3 102.0 -65.5 61.8 393.5 -845.2 -584.6 -260.7 -466.0 388.3 -104.2 -19.0 -46.3 -38.9 492.5 -854.3 -594.6 -259.7 -440.3 450.8 -59.3 -29.9 -62.7 33.3 510.1 -891.1 -636.4 -254.7 -458.9 449.6 -93.7 -59.2 -63.6 29.2 543.2 -908.5 -654.0 -254.5 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) 49.2 -38.3 -209.2 -211.9 -250.3 -290.2 -187.6 -119.5 -177.5 -153.5 -180.3 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45.9 38.3 17.5 20.9 7.6 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). 15 Summary Z.1, December 11, 2014 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 1 2 3 4 5 6 7 Capital transfers paid, by sector By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business Q2 Q3 Q4 2014 Q2 Q1 Q3 186.7 137.9 139.8 105.4 108.5 102.9 109.4 101.0 105.5 106.1 147.9 1 25.8 0.0 0.0 0.0 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.3 14.3 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40.0 40.0 0.0 40.0 0.0 0.0 2 3 4 5 6 7 141.4 141.4 72.1 0.0 41.5 12.7 14.5 0.7 0.0 0.0 123.5 123.5 69.1 0.0 32.4 8.0 12.4 1.6 0.0 0.0 98.8 98.8 66.6 7.6 4.7 8.2 10.5 1.1 0.0 0.0 79.3 79.3 66.3 0.0 0.0 5.7 6.5 0.8 0.0 0.0 84.0 84.0 66.9 0.0 0.0 9.7 6.9 0.6 0.0 0.0 77.5 77.5 63.8 0.0 0.0 5.7 6.6 1.3 0.0 0.0 81.9 81.9 69.9 0.0 0.0 4.5 6.5 1.0 0.0 0.0 73.8 73.8 64.7 0.0 0.0 2.9 5.8 0.4 0.0 0.0 78.6 78.6 65.1 0.0 0.0 7.4 5.8 0.4 0.0 0.0 79.7 79.7 67.0 0.0 0.0 6.6 5.8 0.4 0.0 0.0 82.1 82.1 71.6 0.0 0.0 4.3 5.8 0.4 0.0 0.0 8 9 10 11 12 13 14 15 16 17 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to the rest of the world (net) State and local Disaster-related insurance benefits 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 19.5 15.1 4.4 14.4 9.6 4.7 19.0 14.1 4.9 26.2 20.9 5.3 24.5 19.3 5.2 25.4 20.1 5.3 27.4 22.1 5.3 27.2 21.9 5.3 26.9 21.7 5.2 26.3 21.2 5.2 25.8 20.7 5.1 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 0.0 0.0 0.0 7.7 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 186.7 137.9 139.8 105.4 108.5 102.9 109.4 101.0 105.5 106.1 147.9 24 25 26 27 28 29 30 31 32 33 34 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 54.2 41.5 0.0 41.5 4.9 0.0 4.9 7.8 0.0 7.8 40.4 32.4 0.0 32.4 6.4 0.0 6.4 1.6 0.0 1.6 26.3 4.7 0.0 4.7 16.7 8.5 8.1 4.9 4.9 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 9.7 0.0 0.0 0.0 9.6 0.0 9.6 0.0 0.0 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 4.5 0.0 0.0 0.0 4.5 0.0 4.5 0.0 0.0 0.0 2.9 0.0 0.0 0.0 2.8 0.0 2.8 0.0 0.0 0.0 7.4 0.0 0.0 0.0 7.4 0.0 7.4 0.0 0.0 0.0 6.6 0.0 0.0 0.0 6.6 0.0 6.6 0.0 0.0 0.0 4.3 0.0 0.0 0.0 4.3 0.0 4.3 0.0 0.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 By government Federal Estate and gift taxes paid by persons State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 91.8 15.1 15.1 76.7 0.0 4.4 72.1 0.2 83.5 9.6 9.6 73.8 0.0 4.7 69.1 0.0 88.3 14.1 14.1 74.2 2.7 4.9 66.6 0.0 92.5 20.9 20.9 71.6 0.0 5.3 66.3 0.0 91.4 19.3 19.3 72.1 0.0 5.2 66.9 0.0 89.2 20.1 20.1 69.1 0.0 5.3 63.8 0.0 97.3 22.1 22.1 75.2 0.0 5.3 69.9 0.0 91.9 21.9 21.9 70.0 0.0 5.3 64.7 0.0 92.0 21.7 21.7 70.3 0.0 5.2 65.1 0.0 93.3 21.2 21.2 72.2 0.0 5.2 67.0 0.0 97.4 20.7 20.7 76.7 0.0 5.1 71.6 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 40.1 0.0 40.1 12.4 0.0 12.4 24.0 13.5 10.5 6.5 0.0 6.5 6.9 0.0 6.9 6.6 0.0 6.6 6.5 0.0 6.5 5.8 0.0 5.8 5.8 0.0 5.8 5.8 0.0 5.8 45.7 0.0 45.7 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.7 0.7 0.0 1.6 1.6 0.0 1.1 1.1 0.0 0.8 0.8 0.0 0.6 0.6 0.0 1.3 1.3 0.0 1.0 1.0 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 46 47 48 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered depository institutions Financial stabilization payments (2) Other (lines 5-27) Government-sponsored enterprises (2) Holding companies (GMAC) (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) -28.3 -41.5 0.0 2.4 2.4 0.0 -40.2 -1.5 -2.2 20.9 -7.8 -40.4 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -6.4 -1.6 -12.0 9.6 14.3 0.0 0.0 0.0 -4.7 0.0 0.0 -16.7 -4.9 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 -0.0 -9.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -9.6 -0.0 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 -0.0 -4.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -4.5 -0.0 -2.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.8 -0.0 -7.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -7.4 -0.0 -6.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -6.6 0.0 35.6 40.0 0.0 40.0 0.0 40.0 0.0 0.0 0.0 -4.3 0.0 49 50 51 52 53 54 55 56 57 58 59 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 49.6 126.3 -76.7 40.0 113.9 -73.8 10.5 84.7 -74.2 -13.2 58.4 -71.6 -7.4 64.7 -72.1 -11.8 57.3 -69.1 -15.4 59.8 -75.2 -18.1 51.8 -70.0 -13.4 56.9 -70.3 -13.6 58.5 -72.2 -15.3 61.4 -76.7 60 61 62 63 By persons (lines 18-43) -20.6 2.0 -5.0 19.7 17.7 18.8 20.9 21.4 21.2 20.6 -19.9 63 64 By the rest of the world (lines 21-46) -0.7 -1.6 6.5 -0.8 -0.6 -1.3 -1.0 -0.4 -0.4 -0.4 -0.4 64 (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States. Summary 16 Z.1, December 11, 2014 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1 Net acquisition of financial assets 779.7 1130.7 1277.7 1122.3 1211.6 1046.7 594.4 1636.4 1089.9 1971.3 507.5 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 4.5 36.2 165.8 -179.9 -9.9 326.1 375.3 -14.4 -7.7 197.5 422.0 -3.7 2.8 187.0 212.7 27.0 13.0 276.8 114.5 48.9 13.2 115.8 196.2 101.7 1.9 3.3 298.5 52.3 -16.9 352.1 241.7 -94.8 -3.9 337.1 515.6 114.1 -6.9 440.0 254.9 88.6 -3.8 172.2 85.5 -23.2 2 3 4 5 6 7 8 9 10 11 12 13 Securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares -6.4 -1.5 320.4 -9.9 44.2 -421.6 -220.9 281.0 -194.6 -1.8 -229.7 -10.9 -65.5 87.2 -308.8 334.4 128.4 -0.6 210.9 -136.4 -143.7 -168.1 -241.4 607.0 53.9 -3.8 -191.8 -90.7 -43.9 -199.8 -55.2 638.0 360.7 -3.2 -257.4 -287.6 -8.2 -355.2 299.5 972.4 -110.8 -0.8 -101.1 -48.0 -28.5 -493.2 49.0 510.7 -347.7 -0.8 -102.0 -81.1 -66.9 -117.3 -635.6 654.7 313.3 -10.4 -306.7 54.0 -71.7 166.4 66.4 414.0 -730.3 -2.9 -321.4 -435.9 -78.5 -151.3 -389.3 647.8 486.8 -11.0 -387.0 92.7 -34.4 3.0 305.3 516.0 -546.7 -8.0 45.4 -95.2 -155.3 -360.3 -391.8 416.8 6 7 8 9 10 11 12 13 14 15 Life insurance reserves Pension entitlements 6.2 596.4 73.5 498.3 -26.6 497.6 19.2 495.3 2.0 451.3 22.9 441.2 35.9 498.4 16.0 590.4 54.2 526.4 5.9 569.4 35.3 580.5 14 15 16 Miscellaneous and other assets 167.4 80.3 79.0 130.9 -48.0 274.2 59.3 238.1 282.2 137.6 214.4 16 17 18 19 20 21 22 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 1694.0 376.5 317.4 1005.0 -8.5 3.6 1783.0 381.3 345.4 1057.2 -7.8 6.8 1918.0 436.9 366.6 1119.1 -7.7 3.0 2078.4 513.3 376.7 1178.9 -7.9 17.4 2022.4 482.8 367.5 1168.1 -7.9 11.9 2062.5 510.3 371.7 1175.2 -8.0 13.2 2108.0 531.0 378.2 1181.9 -7.9 24.8 2120.5 529.0 389.3 1190.5 -7.8 19.5 2098.0 514.5 392.7 1191.2 -7.6 7.2 2166.3 527.9 402.1 1225.3 -7.4 18.3 2210.3 543.6 410.7 1244.8 -7.2 18.3 17 18 19 20 21 22 23 24 25 26 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1580.9 372.0 290.7 918.1 1601.5 369.9 293.4 938.2 1637.0 372.3 304.0 960.7 1693.4 393.9 314.9 984.6 1666.3 387.0 306.5 972.8 1685.0 391.5 311.4 982.1 1702.8 396.0 317.7 989.1 1719.6 400.9 324.2 994.5 1703.2 405.5 333.1 964.6 1712.9 409.3 334.1 969.5 1730.7 413.7 338.7 978.3 23 24 25 26 27 Net investment in nonfinancial assets (3) 113.2 181.5 281.0 384.9 356.1 377.6 405.2 400.9 394.9 453.4 479.6 27 4.5 26.7 86.9 -8.5 3.6 11.5 52.0 119.0 -7.8 6.8 64.6 62.7 158.4 -7.7 3.0 119.4 61.8 194.3 -7.9 17.4 95.8 61.0 195.3 -7.9 11.9 118.8 60.4 193.2 -8.0 13.2 135.0 60.6 192.7 -7.9 24.8 128.1 65.1 195.9 -7.8 19.5 109.0 59.6 226.6 -7.6 7.2 118.7 68.0 255.7 -7.4 18.3 129.9 72.0 266.5 -7.2 18.3 28 29 30 31 32 -146.6 19.6 382.7 372.3 147.7 352.5 616.8 372.4 380.2 960.7 606.0 33 -155.4 -31.4 -25.3 3.4 75.2 -12.9 -84.8 -5.6 108.5 2.4 -39.3 38.4 -73.5 3.0 169.7 1.4 64.9 217.4 -4.1 71.2 174.3 0.9 35.4 94.6 -89.6 -13.2 179.0 -0.0 16.4 55.0 7.5 90.8 162.9 2.7 -21.2 109.9 105.6 100.5 190.6 1.6 44.6 173.8 -40.1 106.8 164.8 -0.6 101.9 39.6 -54.8 70.3 205.6 -0.2 -74.3 233.6 3.5 112.6 259.6 1.2 222.1 361.7 75.2 131.6 205.7 3.1 56.4 134.0 34 35 36 37 38 39 -28.4 0.4 -10.0 19.7 17.6 18.8 20.9 21.4 21.2 20.6 -19.9 40 1011.1 1292.9 1166.1 1154.6 1437.6 1090.5 403.8 1686.3 1125.8 1484.6 361.2 41 86.9 -1.7 119.0 -0.4 158.4 -1.4 194.3 -1.2 195.3 -1.7 193.2 -0.5 192.7 -2.7 195.9 0.0 226.6 -1.8 255.7 0.0 266.5 -0.4 42 43 28 29 30 31 32 33 34 35 36 37 38 39 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities Home mortgages Other mortgages Consumer credit Policy loans Security credit Other liabilities 40 Net capital transfers paid (4) 41 Personal saving, FOF concept (FOF) 42 43 - Net investment in consumer durables - Government insurance and pension fund reserves (5) 44 = Personal saving, NIPA concept (FOF) (6) 926.0 1174.3 1009.1 961.5 1244.1 897.9 213.8 1490.3 901.0 1228.8 95.1 44 45 Personal saving, NIPA concept (NIPA) 628.0 711.1 896.2 608.1 579.8 646.9 652.8 552.9 626.1 655.6 657.9 45 46 Difference 297.9 463.2 113.0 353.5 664.3 251.0 -439.0 937.4 274.9 573.2 -562.8 46 11237.9 11801.4 12384.0 12505.1 12340.4 12470.7 12585.8 12623.7 12772.9 12945.2 13061.4 47 9.0 8.2 5.6 2.7 11.0 10.0 6.0 3.9 9.4 8.1 7.2 0.9 9.2 7.7 4.9 2.8 11.6 10.1 4.7 5.4 8.7 7.2 5.2 2.0 3.2 1.7 5.2 -3.5 13.4 11.8 4.4 7.4 8.8 7.1 4.9 2.2 11.5 9.5 5.1 4.4 2.8 0.7 5.0 -4.3 48 49 50 51 47 Memo: Disposable personal income 48 49 50 51 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 44) NIPA concept (NIPA data) (line 45) Difference (line 46) (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). (3) Line 17 less line 23. (4) Table F.9, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 44 and 45 are conceptually equivalent but measure saving using different data. Line 44 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) plus net investment in nonfinancial assets net of consumer durables (line 27 less line 42) less net increase in liabilities (line 33) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 45) is disposable personal income (line 47) less personal outlays (table F.100, line 4). Summary 17 Z.1, December 11, 2014 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 49760.9 50271.4 53891.5 59889.6 55713.4 56302.5 57886.9 59889.6 60595.0 61939.3 61538.3 1 67.3 955.4 6807.1 1206.9 57.4 1281.5 7182.3 1192.5 49.7 1465.4 7559.4 1188.8 52.5 1652.4 7772.8 1215.9 52.9 1503.1 7616.7 1138.6 56.2 1499.4 7626.8 1131.6 56.7 1500.8 7712.9 1174.2 52.5 1652.4 7772.8 1215.9 51.5 1705.1 7928.7 1179.9 49.8 1777.7 7958.4 1167.9 48.8 1824.9 8055.0 1195.2 2 3 4 5 18087.5 17372.1 19384.7 23347.9 20687.8 21046.6 22112.6 23347.9 23594.8 24487.9 23777.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 21.1 1126.5 335.5 19.4 706.6 300.7 18.8 928.1 153.5 15.0 944.1 102.5 18.0 953.5 97.5 17.8 1002.7 107.5 17.6 976.7 96.3 15.0 944.1 102.5 14.3 895.4 4.7 11.5 726.6 23.9 9.5 724.0 4.8 7 8 9 10 11 Municipal securities Corporate and foreign bonds 1877.1 1362.3 1811.6 1352.0 1667.9 1242.3 1624.0 1011.7 1675.5 1115.8 1671.2 983.9 1646.7 975.5 1624.0 1011.7 1615.0 963.4 1610.1 978.9 1563.6 919.2 10 11 12 13 Corporate equities (2) Mutual fund shares 8680.5 4636.3 8475.1 4658.2 9623.1 5701.8 12457.3 7142.9 10586.8 6191.3 10869.3 6344.5 11599.4 6750.4 12457.3 7142.9 12628.5 7422.8 13365.9 7720.0 12884.5 7620.3 12 13 1137.2 17035.7 2341.3 6650.1 8044.3 1199.0 17447.7 2383.2 6753.3 8311.2 1186.1 18460.8 2575.3 7278.0 8607.5 1232.8 19890.1 2815.4 8142.2 8932.5 1194.8 18934.7 2671.7 7575.9 8687.1 1201.6 19089.2 2682.0 7675.6 8731.6 1218.3 19444.8 2741.5 7885.3 8818.0 1232.8 19890.1 2815.4 8142.2 8932.5 1248.1 20092.5 2843.2 8231.1 9018.2 1254.6 20415.1 2891.0 8402.9 9121.3 1258.6 20499.4 2872.2 8419.0 9208.2 14 15 16 17 18 4385.5 4464.5 4531.0 4666.1 4521.0 4589.3 4606.6 4666.1 4736.7 4771.5 4824.0 19 19457.8 19329.5 19503.1 19783.4 19457.9 19520.2 19679.2 19783.4 19804.4 20034.3 20200.5 20 10432.6 2542.8 2647.4 10193.7 2537.2 2755.9 9972.9 2540.2 2923.6 9876.5 2611.5 3097.9 9920.4 2536.9 2923.8 9895.4 2559.6 2966.4 9905.2 2584.8 3036.6 9876.5 2611.5 3097.9 9842.3 2629.0 3104.7 9829.9 2657.2 3171.6 9843.9 2690.1 3245.5 21 22 23 124.5 278.2 3432.3 126.9 238.9 3476.8 128.3 303.7 3634.4 129.2 339.2 3729.1 128.3 307.9 3640.6 128.9 302.6 3667.2 129.3 313.7 3709.7 129.2 339.2 3729.1 129.1 320.6 3778.6 129.4 376.1 3870.1 130.2 390.3 3900.5 24 25 26 7 8 9 14 15 16 17 18 Life insurance reserves Pension entitlements Life insurance companies Private pension funds Governments 19 Miscellaneous and other assets 20 Total liabilities 21 22 23 Home mortgages Other mortgages Consumer credit 24 25 26 Policy loans Security credit Other liabilities (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). 18 Z.1, December 11, 2014 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 12429.3 1191.5 11237.9 10609.8 628.0 13202.0 1400.6 11801.4 11090.2 711.1 13887.7 1503.7 12384.0 11487.8 896.2 14166.9 1661.8 12505.1 11897.1 608.1 13977.2 1636.8 12340.4 11760.6 579.8 14131.3 1660.6 12470.7 11823.9 646.9 14247.4 1661.5 12585.8 11933.1 652.8 14311.7 1688.1 12623.7 12070.8 552.9 14484.7 1711.8 12772.9 12146.9 626.1 14660.5 1715.3 12945.2 12289.6 655.6 14801.2 1739.9 13061.4 12403.4 657.9 1 2 3 4 5 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) -1.7 86.9 1314.0 -20.6 -0.4 119.0 1336.5 2.0 -1.4 158.4 1365.2 -5.0 -1.2 194.3 1411.7 19.7 -1.7 195.3 1389.4 17.7 -0.5 193.2 1405.0 18.8 -2.7 192.7 1419.7 20.9 0.0 195.9 1432.9 21.4 -1.8 226.6 1412.3 21.2 0.0 255.7 1419.8 20.6 -0.4 266.5 1434.7 -19.9 6 7 8 9 10 = Gross saving less net capital transfers paid 2047.7 2164.2 2423.4 2193.2 2145.0 2225.7 2241.5 2160.4 2241.9 2310.7 2378.6 10 11 Gross investment 2345.7 2627.4 2536.3 2546.6 2809.3 2476.7 1802.5 3097.8 2516.8 2883.8 1815.8 11 1448.9 318.3 1005.0 134.1 -8.5 1501.3 321.1 1057.2 130.8 -7.8 1614.3 368.0 1119.1 134.9 -7.7 1740.4 433.4 1178.9 136.0 -7.9 1703.5 407.1 1168.1 136.1 -7.9 1732.9 430.8 1175.2 134.9 -8.0 1758.5 448.6 1181.9 136.0 -7.9 1766.8 447.1 1190.5 137.0 -7.8 1751.3 434.8 1191.2 132.9 -7.6 1800.6 446.2 1225.3 136.4 -7.4 1835.8 459.7 1244.8 138.5 -7.2 12 13 14 15 16 17 12 13 14 15 16 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Nonproduced nonfinancial assets 17 Net lending (+) or net borrowing (-) 896.8 1126.1 922.0 806.2 1105.9 743.8 44.0 1331.0 765.6 1083.3 -20.0 18 Net acquisition of financial assets 790.7 1059.6 1194.8 1042.4 1223.8 936.8 485.5 1523.4 1003.1 1763.1 401.8 18 19 20 21 22 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 4.5 38.9 162.8 -183.0 -9.9 328.5 371.4 -15.2 -7.7 182.6 417.0 -4.8 2.8 190.4 204.9 25.4 13.0 287.1 111.7 48.3 13.2 117.2 187.0 99.8 1.9 5.0 289.4 50.4 -16.9 352.4 231.7 -96.9 -3.9 325.0 507.1 112.2 -6.9 417.3 238.9 85.2 -3.8 154.9 73.3 -25.8 19 20 21 22 23 Credit market instruments -90.9 -226.8 -263.1 -542.5 -923.0 -685.9 -384.8 -176.4 -999.5 -367.7 -577.4 23 -1.5 320.4 -9.9 43.6 -421.6 -0.6 -10.9 -10.4 -1.8 -229.7 -10.9 -65.6 87.2 -2.8 0.7 -3.9 -0.6 210.9 -136.4 -143.8 -168.1 -2.5 -13.9 -8.8 -3.8 -191.8 -90.7 -44.0 -199.8 5.0 -10.9 -6.5 -3.2 -257.4 -287.6 -8.3 -355.2 7.1 -11.1 -7.4 -0.8 -101.1 -48.0 -28.7 -493.2 5.4 -11.8 -7.6 -0.8 -102.0 -81.1 -67.1 -117.3 1.9 -10.9 -7.4 -10.4 -306.7 54.0 -71.9 166.4 5.6 -9.8 -3.6 -2.9 -321.4 -435.9 -78.6 -151.3 3.0 -6.9 -5.5 -11.0 -387.0 92.7 -34.7 3.0 -17.7 -7.9 -5.1 -8.0 45.4 -95.2 -155.5 -360.3 10.9 -7.9 -6.8 24 25 26 27 28 29 30 31 -220.9 281.0 23.5 6.2 596.4 163.8 8.3 -308.8 334.4 0.9 73.5 498.3 -57.3 70.7 -241.4 607.0 42.0 -26.6 497.6 -1.7 -6.1 -55.2 638.0 58.5 19.2 495.3 -46.6 52.2 299.5 972.4 -53.9 2.0 451.3 -6.6 22.2 49.0 510.7 202.0 22.9 441.2 -57.2 37.1 -635.6 654.7 -10.1 35.9 498.4 -74.3 54.6 66.4 414.0 95.9 16.0 590.4 -48.4 95.2 -389.3 647.8 202.8 54.2 526.4 3.4 16.8 305.3 516.0 6.6 5.9 569.4 -45.6 38.5 -391.8 416.8 99.2 35.3 580.5 26.8 13.8 32 33 34 35 36 37 38 -106.0 -66.5 272.8 236.2 118.0 193.0 441.5 192.4 237.5 679.8 421.8 39 -154.5 -27.9 203.3 196.8 96.5 205.8 399.5 85.4 303.7 448.8 366.1 40 -182.5 -25.3 -2.2 50.1 2.4 3.0 -69.4 108.5 -7.8 -54.9 1.9 -6.3 -61.7 169.7 -14.5 110.8 1.2 -2.3 -1.2 174.3 -13.1 30.0 2.0 4.8 -75.4 179.0 -6.5 1.5 0.5 -2.7 9.1 162.9 -14.6 38.1 5.2 5.2 100.4 190.6 -13.4 115.4 0.6 6.1 -38.8 164.8 -18.1 -34.8 1.7 10.5 -55.4 205.6 -1.0 152.8 -1.1 2.7 -2.5 259.6 -2.3 179.2 6.4 8.4 66.6 205.7 -9.8 94.5 1.7 7.3 41 42 43 44 45 46 75.2 -29.4 2.7 -39.3 1.2 -0.4 64.9 4.0 0.6 35.4 1.0 3.0 16.4 1.0 4.1 -21.2 1.0 7.4 44.6 1.0 -3.7 101.9 1.0 4.2 -74.3 4.0 4.1 222.1 3.6 5.3 56.4 1.9 -2.6 47 48 49 -297.9 -463.2 -113.0 -353.5 -664.3 -251.0 439.0 -937.4 -274.9 -573.2 562.8 50 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (8) Consumer credit Municipal securities Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.9, line 63. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 33) and life insurance reserves (line 35), and pension entitlements (line 36). (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 21. 19 Z.1, December 11, 2014 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Income before taxes 2206.6 2311.0 2682.4 2820.3 2784.3 2814.6 2840.8 2841.7 2963.1 3119.8 3134.1 1 2 Gross saving less net capital transfers paid 1951.3 1995.1 2037.6 2086.2 2043.4 2082.9 2087.4 2131.3 1941.3 2055.2 2108.5 2 3 Gross investment 1655.2 1197.6 1275.7 1586.3 1628.9 1635.9 1383.6 1696.9 1660.4 1827.3 1577.5 3 1480.6 1613.5 1781.7 1863.7 1754.8 1830.0 1932.2 1937.9 1944.4 2028.9 2075.1 4 1420.1 58.8 1361.4 1572.3 58.4 1513.9 1715.9 69.0 1646.9 1788.3 71.8 1716.5 1709.9 35.4 1674.4 1777.5 83.9 1693.6 1818.9 96.0 1722.8 1847.1 71.8 1775.3 1903.9 108.6 1795.4 1927.9 86.2 1841.7 1979.0 99.7 1879.3 5 6 7 61.5 -1.1 41.8 -0.5 64.9 0.9 74.1 1.3 44.2 0.8 50.8 1.7 110.7 2.6 90.5 0.3 40.1 0.3 100.3 0.8 91.1 5.0 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net lending (+) or net borrowing (-) 174.7 -415.9 -506.0 -277.4 -125.9 -194.1 -548.6 -241.0 -284.0 -201.7 -497.6 10 11 Net acquisition of financial assets 784.7 510.0 580.7 935.1 1070.1 919.9 808.7 941.6 461.9 1185.5 688.2 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 9.1 76.8 62.8 -154.6 4.3 -5.8 27.3 17.1 -34.6 0.4 0.6 8.1 38.3 19.3 -2.9 51.2 18.7 57.5 42.3 -1.0 81.9 2.6 0.8 -17.5 -1.9 46.4 -152.6 79.7 -9.9 -2.5 7.0 127.0 159.2 109.8 15.4 69.6 97.6 -9.8 86.6 -15.1 -47.2 -132.1 75.7 -94.4 10.1 46.4 70.5 11.7 -11.1 8.6 -18.3 -108.0 5.9 80.3 -0.2 12 13 14 15 16 17 Credit market instruments 9.2 -6.1 -11.2 -41.9 -94.6 5.7 -31.8 -47.1 10.2 -4.6 -5.4 17 12.0 7.0 1.7 -2.6 -0.1 -4.5 -1.7 -1.6 -8.4 -2.9 -1.2 0.7 -21.8 1.5 -3.8 -11.3 -3.7 -25.9 -28.8 -36.5 -22.7 21.2 6.7 0.2 -31.2 2.5 0.4 0.8 -29.6 8.4 6.3 -9.5 -5.1 -6.0 5.6 -6.9 -19.5 1.1 7.7 -4.2 2.8 9.3 2.5 -5.4 18 19 20 21 18 19 20 21 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 22 23 Mortgages Consumer credit 2.6 -11.4 -0.1 1.9 -1.3 1.7 -1.0 -5.6 -1.6 1.8 -0.8 1.1 -0.8 -3.5 -0.7 -22.0 -0.9 23.5 0.0 10.4 -0.4 -14.2 22 23 24 25 Mutual fund shares Trade receivables 11.1 142.8 -12.8 89.6 -0.1 59.3 0.9 151.6 0.9 194.8 0.9 205.1 0.9 136.1 0.9 70.3 0.9 50.9 0.9 184.9 0.9 128.3 24 25 26 27 U.S. direct investment abroad Miscellaneous assets 303.3 319.8 403.9 31.0 315.9 153.4 317.4 338.4 268.7 634.4 382.6 364.4 291.3 -6.3 327.2 361.3 148.6 439.1 290.5 587.7 252.3 352.4 26 27 610.0 926.0 1086.7 1212.5 1196.0 1114.0 1357.3 1182.6 745.9 1387.1 1185.8 28 -90.6 303.2 492.8 546.4 381.3 534.4 775.1 494.7 681.7 570.6 605.1 29 24.5 33.2 179.4 33.4 8.5 161.7 14.0 15.2 324.2 14.2 9.3 278.3 20.1 11.9 312.5 -20.1 4.3 171.0 92.0 17.8 428.4 -35.2 3.3 201.4 72.1 2.0 284.8 54.9 -17.2 231.9 19.2 5.2 211.7 30 31 32 -103.8 -85.7 -138.2 125.6 60.8 -86.9 166.1 -24.3 -2.4 96.1 59.9 88.6 63.7 15.6 -42.5 120.5 158.0 100.7 81.5 18.7 136.6 118.5 47.2 159.4 99.3 148.5 75.1 217.9 -57.6 140.8 103.5 91.6 173.9 33 34 35 -255.1 186.6 -456.7 33.1 -359.5 67.4 -372.6 121.2 -219.3 132.2 -375.1 138.3 -414.1 141.3 -482.0 72.9 -507.0 57.9 -261.8 141.0 -512.0 79.7 36 37 28 29 Net increase in liabilities Credit market instruments 30 31 32 Commercial paper Municipal securities Corporate bonds 33 34 35 Depository institution loans n.e.c. Other loans and advances Mortgages 36 37 Corporate equities Trade payables 38 39 Taxes payable Foreign direct investment in U.S. 6.4 157.4 10.0 192.7 4.4 170.7 -5.9 207.6 -16.0 135.4 -23.1 224.5 -2.0 204.6 17.6 265.8 -14.8 -448.0 14.6 233.1 26.2 210.6 38 39 40 Miscellaneous liabilities 442.4 898.3 719.2 758.5 783.7 673.1 710.7 866.7 975.8 733.9 756.5 40 Proprietors’ net investment 163.0 -54.5 -8.4 -42.7 -1.2 -58.1 -58.5 -53.2 0.3 -44.4 19.7 41 296.1 797.5 761.9 499.9 414.5 447.1 703.7 434.4 281.0 227.9 531.0 42 41 42 Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Flows 2010 20 Z.1, December 11, 2014 F.102 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 1 2 3 4 5 6 7 8 9 10 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) - Net capital transfers paid (2) = Total internal funds + IVA 1039.2 220.6 375.5 1077.3 1520.4 218.2 -41.0 20.9 1676.7 1008.9 228.8 441.0 1236.1 1575.2 215.1 -68.3 -6.4 1728.5 1245.4 271.4 520.6 1115.7 1569.2 184.6 -9.5 -16.7 1761.0 1298.8 329.3 536.9 1140.6 1573.2 222.4 3.3 -5.7 1804.6 1278.0 330.3 517.3 1124.8 1555.2 203.4 -1.7 -9.6 1766.5 1301.2 326.0 515.9 1133.1 1592.4 189.7 15.2 -5.7 1802.9 1307.3 319.3 597.8 1147.8 1538.0 258.9 2.8 -4.5 1804.2 1308.7 341.8 516.5 1156.8 1607.2 237.6 -3.0 -2.8 1844.6 1418.8 366.2 575.0 995.7 1473.4 194.3 -24.6 -7.4 1650.4 1541.6 394.8 554.3 1005.3 1597.9 170.4 -12.7 -6.6 1762.2 1546.1 398.1 539.5 1019.0 1627.5 176.5 4.1 -4.3 1812.5 1 2 3 4 5 6 7 8 9 Gross investment 1380.6 931.0 999.1 1304.6 1352.0 1355.9 1100.5 1410.2 1369.4 1534.2 1281.5 10 1235.4 1178.6 57.9 -1.1 1331.9 1297.4 34.9 -0.5 1478.0 1415.2 61.8 0.9 1525.8 1467.8 56.7 1.3 1435.9 1402.9 32.3 0.8 1500.3 1461.0 37.6 1.7 1582.7 1494.2 85.9 2.6 1584.2 1512.9 71.0 0.3 1597.6 1564.3 32.9 0.3 1663.2 1580.4 81.9 0.8 1700.7 1622.8 72.8 5.0 11 12 13 14 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 15 Net lending (+) or net borrowing (-) 145.2 -400.9 -478.9 -221.2 -84.0 -144.5 -482.3 -174.0 -228.1 -128.9 -419.2 15 16 Net acquisition of financial assets 632.7 493.4 506.2 897.9 1083.5 868.1 758.2 881.8 374.8 1021.6 562.7 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 9.1 79.6 59.9 -157.7 4.3 -5.8 29.7 13.2 -35.4 0.4 0.6 -6.8 33.3 18.2 -2.9 51.2 22.1 49.7 40.6 -1.0 81.9 12.8 -2.0 -18.1 -1.9 46.4 -151.2 70.5 -11.9 -2.5 7.0 128.7 150.1 107.8 15.4 69.6 98.0 -19.8 84.5 -15.1 -47.2 -144.2 67.3 -96.3 10.1 46.4 47.8 -4.3 -14.6 8.6 -18.3 -125.4 -6.3 77.7 -0.2 17 18 19 20 21 22 Credit market instruments 2.6 -7.1 -12.6 -44.0 -95.3 3.3 -34.2 -49.8 8.0 -8.9 -8.7 22 12.0 5.1 1.7 -3.2 -1.6 -11.4 -0.1 -5.1 -1.7 -1.6 -0.6 1.9 -8.4 -3.5 -1.2 0.6 -1.9 1.7 -21.8 0.5 -3.8 -11.4 -1.9 -5.6 -3.7 -26.3 -28.8 -36.5 -1.9 1.8 -22.7 20.0 6.7 0.1 -1.9 1.1 -31.2 1.3 0.4 0.6 -1.9 -3.5 -29.6 7.0 6.3 -9.7 -1.9 -22.0 -5.1 -7.2 5.6 -7.0 -1.9 23.5 -19.5 -1.0 7.7 -4.5 -1.9 10.4 2.8 7.6 2.5 -5.6 -1.9 -14.2 23 24 25 26 27 28 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 29 30 Mutual fund shares Trade receivables 11.1 105.7 -12.8 83.8 -0.1 51.8 0.9 140.0 0.9 190.7 0.9 191.4 0.9 122.5 0.9 55.3 0.9 38.2 0.9 160.9 0.9 110.0 29 30 31 32 33 34 35 36 U.S. direct investment abroad (4) Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance co. subs. Other 303.3 214.8 11.7 0.1 26.7 176.3 403.9 23.6 10.1 -0.0 8.4 5.1 315.9 108.8 7.6 0.0 2.6 98.6 317.4 321.1 -6.6 0.0 14.7 312.9 268.7 645.8 -12.5 0.3 56.1 602.0 382.6 338.6 0.8 -0.2 4.7 333.3 291.3 -31.3 -5.3 -0.1 0.8 -26.7 327.2 331.0 -9.3 0.1 -2.6 342.8 148.6 389.4 2.2 0.6 11.2 375.4 290.5 494.2 13.5 -0.2 -4.1 485.0 252.3 280.8 11.2 -0.0 -5.4 275.0 31 32 33 34 35 36 37 38 Net increase in liabilities Net funds raised in markets 39 Net new equity issues 40 Credit market instruments 487.6 894.3 985.1 1119.1 1167.5 1012.6 1240.5 1055.8 602.9 1150.5 981.9 37 -326.3 -196.3 44.9 54.6 162.8 2.5 210.6 -157.8 54.1 40.5 -107.9 38 -255.1 -456.7 -359.5 -372.6 -219.3 -375.1 -414.1 -482.0 -507.0 -261.8 -512.0 39 -71.2 260.5 404.4 427.2 382.2 377.6 624.7 324.2 561.1 302.2 404.1 40 41 42 43 44 45 46 Commercial paper Municipal securities (5) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances (6) Mortgages 24.5 33.2 179.4 -87.0 -90.4 -130.9 33.4 8.5 161.7 68.9 60.2 -72.3 14.0 15.2 324.2 80.4 -33.7 4.2 14.2 9.3 278.3 46.6 53.7 25.1 20.1 11.9 312.5 25.2 30.4 -17.9 -20.1 4.3 171.0 63.7 141.9 16.7 92.0 17.8 428.4 39.2 10.2 36.9 -35.2 3.3 201.4 58.1 32.1 64.4 72.1 2.0 284.8 36.7 158.6 7.0 54.9 -17.2 231.9 77.4 -75.3 30.6 19.2 5.2 211.7 48.5 78.4 41.1 41 42 43 44 45 46 47 48 49 50 51 52 53 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 156.3 7.2 157.0 493.4 15.4 -20.7 498.6 25.2 8.8 192.7 863.9 3.0 -16.8 877.7 66.2 2.3 170.1 701.6 -12.3 8.4 705.6 113.7 -9.0 207.1 752.8 -0.6 12.1 741.3 118.8 -17.1 135.6 767.3 1.3 -5.1 771.1 133.5 -26.9 224.4 679.0 0.3 -4.7 683.4 135.5 -5.7 203.0 697.1 -0.9 7.0 691.0 67.0 13.6 265.4 867.7 -3.0 51.2 819.5 50.1 -18.2 -449.1 965.9 -0.8 8.2 958.5 129.0 8.1 233.4 739.7 1.9 -47.1 784.9 73.5 21.2 210.6 784.5 3.6 31.9 749.0 47 48 49 50 51 52 53 296.1 797.5 761.9 499.9 414.5 447.1 703.7 434.4 281.0 227.9 531.0 54 -244.0 -175.1 -81.7 -50.7 -117.5 -107.2 41.9 -20.0 148.8 77.9 69.0 55 54 55 Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 21 Z.1, December 11, 2014 F.103 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving = consumption of fixed capital 266.9 265.0 271.8 281.7 276.9 280.0 283.1 286.7 290.9 293.0 296.0 1 2 Gross saving less net capital transfers paid (1) 274.7 266.6 276.7 281.7 276.9 280.0 283.2 286.7 290.9 293.0 296.0 2 3 Gross investment 274.7 266.6 276.7 281.7 276.9 280.0 283.2 286.7 290.9 293.0 296.0 3 245.1 241.5 3.6 281.7 274.8 6.8 303.7 300.7 3.0 337.9 320.6 17.4 318.9 307.0 11.9 329.6 316.4 13.2 349.5 324.6 24.8 353.7 334.2 19.5 346.8 339.6 7.2 365.7 347.4 18.3 374.5 356.2 18.3 4 5 6 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 7 Net lending (+) or net borrowing (-) 29.5 -15.1 -27.0 -56.2 -42.0 -49.6 -66.3 -67.0 -55.9 -72.7 -78.5 7 8 Net acquisition of financial assets 152.0 16.6 74.5 37.1 -13.4 51.8 50.4 59.8 87.1 163.9 125.4 8 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds -2.7 2.9 3.1 -2.4 3.9 0.8 15.0 5.0 1.1 -3.4 7.8 1.7 -10.3 2.8 0.6 -1.4 9.2 2.0 -1.7 9.1 2.0 -0.4 10.0 2.2 12.1 8.5 1.8 22.7 16.0 3.5 17.4 12.2 2.6 9 10 11 12 Credit market instruments 6.6 1.0 1.3 2.1 0.7 2.5 2.4 2.7 2.3 4.3 3.3 12 1.9 0.5 4.2 0.0 0.5 0.1 0.5 0.0 0.7 0.1 0.6 0.0 1.0 0.1 0.9 0.0 0.4 0.0 0.3 0.0 1.2 0.1 1.1 0.0 1.2 0.1 1.1 0.0 1.4 0.2 1.2 0.0 1.1 0.1 1.0 0.0 2.2 0.3 1.9 0.0 1.7 0.2 1.4 0.0 13 14 15 16 37.0 105.0 29.9 0.4 74.7 5.8 7.4 -11.6 0.3 18.8 7.5 44.6 15.9 0.2 28.6 11.6 17.4 -27.4 0.6 44.2 4.1 -11.4 -29.2 -0.2 18.0 13.8 25.7 -24.8 1.1 49.5 13.6 24.9 -27.0 1.0 51.0 15.0 30.3 -28.4 0.5 58.2 12.7 49.8 -0.7 1.1 49.4 24.0 93.5 4.1 0.3 89.0 18.3 71.6 3.1 0.7 67.7 17 18 19 20 21 122.4 31.7 101.6 93.4 28.6 101.4 116.8 126.8 143.0 236.6 203.9 22 -19.4 42.7 88.4 119.2 -0.9 156.8 150.5 170.5 120.5 268.4 201.0 23 -16.8 4.7 -7.4 56.7 0.6 -14.6 85.7 9.3 -6.6 49.5 6.2 63.5 38.6 -14.8 -24.6 56.7 16.1 84.0 42.3 8.5 99.7 60.4 15.1 95.0 62.6 -10.1 68.1 140.5 17.7 110.2 55.0 13.2 132.8 24 25 26 30.3 -0.7 7.9 1.2 1.2 2.0 7.5 3.2 13.3 1.1 4.7 3.7 5.8 3.7 5.9 4.1 7.7 3.4 12.1 6.5 6.3 5.0 27 28 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other Net increase in liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages 27 28 Trade payables Taxes payable 29 30 Foreign direct investment in U.S. Miscellaneous liabilities 0.3 -50.9 0.0 34.4 0.6 17.6 0.5 5.8 -0.2 16.3 0.0 -5.9 1.6 13.7 0.5 -1.0 1.0 9.9 -0.2 -5.8 -0.1 -28.0 29 30 31 Proprietors’ net investment 163.0 -54.5 -8.4 -42.7 -1.2 -58.1 -58.5 -53.2 0.3 -44.4 19.7 31 (1) Net capital transfers paid from table F.9, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. Flows 2010 22 Z.1, December 11, 2014 F.104 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 2 3 4 5 6 7 8 9 10 11 12 13 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1998.5 2030.5 2061.2 2125.6 2111.1 2121.2 2134.2 2135.9 2157.0 2193.8 2227.1 1 297.6 960.4 47.7 18.1 82.6 612.0 -19.8 324.1 994.0 50.2 18.2 79.2 582.1 -17.4 354.7 1017.0 53.2 17.7 78.6 556.2 -16.2 375.0 1041.6 55.3 17.7 79.7 570.8 -14.3 383.3 1035.6 55.5 17.7 79.1 554.7 -14.8 381.7 1032.3 54.1 17.7 79.5 570.4 -14.4 366.0 1046.2 55.4 17.7 80.0 583.2 -14.1 368.8 1052.2 56.1 17.7 80.3 574.9 -14.1 371.5 1052.5 55.9 17.7 80.5 593.1 -14.1 359.1 1064.6 56.8 17.7 80.9 629.1 -14.3 365.5 1071.4 57.8 17.6 81.3 648.3 -14.7 2 3 4 5 6 7 8 2235.8 2246.4 2293.8 2350.7 2329.1 2342.3 2364.1 2367.5 2397.9 2420.9 2458.9 9 1518.3 523.8 192.1 1.6 1524.8 530.4 190.7 0.5 1546.1 540.6 206.6 0.5 1584.5 565.4 200.3 0.5 1573.3 552.1 203.2 0.5 1579.7 561.9 200.3 0.5 1590.2 574.5 198.8 0.5 1594.9 573.3 198.8 0.5 1607.4 592.5 197.5 0.5 1616.6 607.8 196.1 0.5 1628.6 635.8 193.9 0.5 10 11 12 13 -237.3 -215.9 -232.6 -225.1 -218.0 -221.1 -229.9 -231.6 -240.9 -227.1 -231.8 14 212.7 -76.7 222.2 -73.8 231.8 -74.2 238.4 -71.6 235.6 -72.1 237.3 -69.1 239.3 -75.2 241.4 -70.0 243.1 -70.3 244.7 -72.2 246.5 -76.7 15 16 14 Net saving, NIPA basis 15 16 + Consumption of fixed capital - Net capital transfers paid (2) 17 = Gross saving less net capital transfers paid 52.2 80.1 73.5 84.9 89.7 85.3 84.6 79.8 72.5 89.7 91.4 17 18 Gross investment 53.8 34.6 106.0 64.0 100.1 74.5 9.9 71.7 46.6 -108.7 -4.6 18 351.9 10.6 340.5 9.2 331.6 8.7 327.8 9.0 320.7 9.0 328.5 9.0 330.5 9.0 331.6 8.9 323.6 8.6 336.1 8.4 337.8 8.2 19 20 -308.6 -315.2 -234.4 -272.8 -229.5 -263.1 -329.6 -268.8 -285.6 -453.1 -350.6 21 19 20 Fixed investment Nonproduced nonfinancial assets 21 Net lending (+) or net borrowing (-) 22 74.9 -12.9 99.2 17.9 172.8 -10.3 -83.0 -7.9 123.8 -264.0 -90.3 22 23 24 Net acq. of financial assets Checkable deposits and currency Time and savings deposits 5.7 -5.9 16.6 15.6 -9.4 19.6 6.7 12.4 8.8 16.1 -8.1 -7.2 24.1 29.1 1.9 11.5 9.9 47.9 2.5 -11.2 19.1 38.9 23 24 25 26 Money market fund shares Security repurchase agreements 14.1 -1.1 3.7 -3.4 8.0 6.8 4.7 4.2 15.0 12.3 3.2 3.0 -2.0 -1.1 2.5 2.5 11.8 9.9 -23.1 -17.9 -11.0 -8.3 25 26 27 Credit market instruments 67.4 -47.6 54.6 -29.7 84.7 -16.2 -144.7 -42.7 26.3 -217.1 -122.7 27 28 29 30 Open market paper Treasury securities Agency- and GSE-backed securities 13.2 7.8 23.7 -11.1 -31.8 -6.8 -5.9 46.5 -2.1 -8.1 -14.5 -13.8 -2.6 36.7 18.5 -9.0 8.1 -18.6 -11.6 -89.3 -34.3 -9.4 -13.6 -20.9 -5.0 1.0 6.9 -20.4 -42.3 -94.3 -14.8 -18.4 -58.4 28 29 30 31 32 33 Municipal securities Corporate and foreign bonds Mortgages 1.4 7.8 13.5 0.4 -0.5 2.2 0.5 6.1 9.5 0.2 2.4 4.1 1.1 13.3 17.8 0.1 0.9 2.3 -0.4 -4.5 -4.6 0.0 0.1 1.0 0.8 9.8 12.9 -2.1 -26.2 -31.8 -1.1 -13.7 -16.3 31 32 33 -0.0 2.9 -2.5 0.3 3.2 1.7 1.3 0.7 7.1 3.6 0.5 0.2 -2.4 -1.2 0.1 0.0 5.2 2.7 -14.0 -7.2 -7.3 -3.8 34 35 13.1 1.0 -22.2 2.3 2.1 -0.1 4.5 2.0 8.2 8.4 3.2 6.2 7.0 5.4 12.8 12.1 -2.9 5.2 9.5 3.6 1.9 5.0 6.5 4.8 2.0 -2.9 11.0 12.9 23.5 -12.4 9.4 -0.2 -4.4 36 37 38 383.5 302.3 333.6 290.7 402.4 252.8 246.6 260.9 409.4 189.1 260.3 39 34 35 Corporate equities Mutual fund shares 36 37 38 Trade receivables Taxes receivable Miscellaneous assets 39 Net increase in liabilities 40 Credit market instruments 69.5 -52.7 -5.3 -38.9 57.3 -4.9 -109.4 -98.5 -38.8 35.7 -83.7 40 41 42 43 44 Municipal securities Short-term (3) Long-term U.S. government loans 68.7 -0.7 69.3 0.9 -53.6 -10.6 -42.9 0.9 -5.7 3.8 -9.4 0.4 -39.4 -10.9 -28.6 0.5 56.0 -2.9 58.9 1.3 -4.8 -4.6 -0.1 -0.2 -109.9 -17.8 -92.0 0.5 -99.1 -18.1 -80.9 0.6 -39.0 -5.0 -34.0 0.2 35.2 16.0 19.2 0.5 -84.0 -33.5 -50.5 0.3 41 42 43 44 38.5 275.5 38.4 316.6 38.8 300.1 39.6 289.9 39.1 305.9 39.5 218.3 39.9 316.2 40.0 319.3 40.0 408.2 40.7 112.7 41.1 302.9 45 46 -1.7 45.5 -32.5 20.8 -10.4 10.8 74.7 8.1 25.9 198.4 96.1 47 45 46 47 Trade payables Claims of pension fund on sponsor (4) Discrepancy (1) Data for employee retirement funds are shown in table F.118. (2) Table F.9, line 62. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. 23 Z.1, December 11, 2014 F.105 Federal Government 2010 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2391.7 2519.5 2684.1 3113.0 2974.9 3226.0 3043.9 3207.1 3242.6 3276.9 3333.2 1 893.8 96.8 298.7 15.7 970.9 54.6 64.4 -3.1 1076.6 108.6 299.4 16.7 904.0 56.4 65.0 -7.1 1149.0 115.0 369.5 18.0 938.1 53.6 49.9 -9.1 1286.8 120.9 384.9 19.2 1092.3 164.7 59.5 -15.3 1253.5 119.2 386.5 18.6 1078.4 73.7 58.1 -13.0 1278.9 120.0 371.8 18.6 1089.8 299.5 62.7 -15.2 1295.5 120.9 378.2 19.9 1095.6 93.6 56.3 -16.0 1319.3 123.5 403.2 19.6 1105.2 192.2 61.0 -16.9 1340.3 132.0 470.0 20.4 1134.5 106.8 55.5 -16.9 1356.2 133.4 513.5 17.8 1142.1 78.6 54.6 -19.3 1374.4 135.2 508.4 20.1 1151.3 61.4 104.2 -21.7 2 3 4 5 6 7 8 9 3720.5 3763.7 3763.2 3762.1 3721.0 3787.2 3793.7 3746.4 3802.7 3875.5 3954.3 10 1003.9 1726.6 555.0 380.6 54.3 1006.1 1744.4 528.0 425.7 59.5 1003.6 1785.1 493.2 423.8 57.6 963.0 1825.6 496.3 417.4 59.7 970.2 1819.4 482.8 389.0 59.6 965.2 1819.2 500.8 441.3 60.7 965.7 1828.6 513.6 425.8 60.1 951.1 1835.4 488.1 413.5 58.4 957.1 1854.3 513.0 421.1 57.2 955.5 1879.5 507.7 475.9 57.0 988.1 1892.9 568.6 447.9 56.9 11 12 13 14 15 -1328.7 -1244.1 -1079.1 -649.1 -746.1 -561.2 -749.8 -539.4 -560.1 -598.6 -621.1 16 245.3 -1.7 4.9 84.8 257.4 -0.4 4.4 81.5 264.1 -1.4 4.6 80.0 268.0 -1.2 5.4 58.4 265.9 -1.7 5.3 64.7 267.2 -0.5 5.4 57.3 268.5 -2.7 5.4 59.8 270.4 0.0 5.4 51.8 272.1 -1.8 5.6 56.9 273.7 0.0 5.6 58.5 275.3 -0.4 5.6 61.4 17 18 19 20 16 Net saving, NIPA basis 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers paid (2) 21 = Gross saving less net capital transfers paid -1171.4 -1072.2 -898.2 -443.7 -548.5 -356.2 -543.8 -326.2 -348.6 -389.0 -412.4 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets -1115.9 300.0 -1.0 -1055.9 297.4 -0.9 -831.4 287.8 -1.9 -396.9 268.5 -2.4 -710.1 271.7 -1.9 -18.4 268.9 -2.8 -577.9 268.2 -3.7 -281.1 265.1 -1.3 -406.4 251.0 -1.3 -100.5 255.0 -1.9 -551.5 253.3 -6.5 22 23 24 -1414.9 -1352.4 -1117.2 -662.9 -979.9 -284.5 -842.4 -544.9 -656.1 -353.6 -798.2 25 281.9 -150.7 132.4 217.4 179.5 242.3 -49.6 497.2 168.2 114.9 216.2 26 1.6 148.9 0.1 84.5 -47.2 0.3 3.6 -5.4 133.1 24.1 -0.7 27.1 -3.6 16.2 -257.6 -0.3 18.3 -118.1 -0.1 4.8 3.3 128.5 40.3 4.8 25.6 2.0 4.3 6.7 0.2 104.9 -31.1 -0.2 2.4 1.6 132.1 -13.2 2.6 27.9 -1.0 -3.3 69.6 -0.5 124.2 0.0 -0.1 7.2 4.0 113.1 -4.8 -1.5 27.8 5.9 3.3 -8.2 -1.7 149.0 0.0 -0.2 9.6 7.2 132.4 -5.2 -7.7 46.7 3.2 -1.0 130.2 0.9 114.8 0.0 -0.1 8.7 -0.5 106.6 -2.8 8.8 3.2 -11.9 -4.2 -188.9 0.2 118.5 0.0 -0.1 7.9 3.7 107.0 -10.3 -5.1 25.1 15.2 -11.2 345.3 -1.3 114.2 0.0 -0.0 2.6 5.5 106.2 -1.1 -2.0 36.3 17.0 -4.0 -36.0 -0.1 130.2 0.0 -0.0 7.1 1.9 121.2 -0.6 7.7 60.1 11.0 3.0 -104.1 -0.0 107.0 0.0 -0.1 0.0 2.3 104.7 -1.1 -4.5 94.6 19.9 -9.6 73.4 0.4 111.2 0.0 0.0 -1.7 2.9 110.0 -4.2 0.5 29.8 14.8 27 28 29 30 31 32 33 34 35 36 37 38 39 1696.8 1201.7 1249.6 880.3 1159.5 526.8 792.9 1042.1 824.3 468.5 1014.4 40 0.0 0.0 -0.3 1580.2 -3.3 -19.0 1601.8 0.7 0.0 5.2 0.9 110.7 65.7 20.2 24.9 0.0 0.0 0.0 1067.9 -2.7 -249.5 1319.0 1.1 0.0 8.8 1.3 123.7 70.8 20.8 32.1 0.0 0.0 0.0 1140.2 -2.8 107.0 1036.3 -0.4 0.0 13.4 0.3 95.7 40.4 50.3 5.0 0.0 0.0 -0.4 759.1 -3.3 -35.9 798.7 -0.4 0.0 16.5 0.3 104.8 98.2 -6.8 13.4 0.0 0.0 0.0 1056.0 -2.8 646.7 413.1 -1.0 0.0 3.2 0.2 100.0 172.5 -84.0 11.5 0.0 0.0 0.0 413.6 -3.6 -880.3 1296.2 1.3 0.0 24.9 0.8 87.6 -308.1 398.2 -2.5 0.0 0.0 -1.4 307.9 -3.4 -160.7 471.4 0.5 0.0 20.7 -0.5 466.2 -63.5 562.7 -33.0 0.0 0.0 0.0 1258.8 -3.4 250.6 1014.0 -2.4 0.0 17.2 0.5 -234.4 592.0 -904.1 77.7 0.0 0.0 0.0 741.0 -3.3 238.7 507.6 -1.9 0.0 4.1 -0.0 79.2 74.9 19.8 -15.5 0.0 0.0 0.0 314.4 -3.0 -1055.3 1372.7 0.1 0.0 31.8 0.6 121.7 52.6 42.1 27.0 0.0 0.0 -1.0 913.1 -3.5 92.9 824.3 -0.7 0.0 19.5 1.3 81.6 79.9 14.7 -13.1 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 -55.5 -16.3 -66.8 -46.8 161.6 -337.8 34.1 -45.1 57.7 -288.5 139.1 56 148.9 -258.0 7.5 69.6 -54.3 227.3 -185.2 290.4 -79.3 -6.5 78.1 57 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Net lending (+) or net borrowing (-) Net acq. of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities Nonmarketable securities held by pension plans (5) Claims of pension fund on sponsor Other Discrepancy Memo: Change in cash balance (6) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 61 less line 12. (3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Time and savings deposits (line 29) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 24 Z.1, December 11, 2014 F.106 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1 2 3 4 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Current taxes and trans. payments to rest of world 3020.3 2365.0 514.1 141.2 3379.5 2686.4 546.0 147.2 3470.2 2762.5 566.5 141.3 3494.8 2770.4 586.1 138.3 3466.7 2747.4 582.4 136.8 3500.0 2768.4 589.5 142.1 3503.1 2778.3 583.4 141.4 3509.3 2787.5 588.9 132.9 3572.9 2822.7 611.6 138.6 3612.9 2893.5 615.0 104.3 3657.7 2884.7 617.9 155.1 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 2572.4 1852.3 720.0 2899.0 2106.4 792.6 2988.0 2194.2 793.8 3072.6 2262.2 810.4 3010.7 2219.4 791.2 3040.8 2236.4 804.4 3082.6 2268.4 814.2 3156.4 2324.6 831.8 3107.3 2284.7 822.6 3172.8 2344.3 828.5 3198.6 2368.5 830.1 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.7 448.6 -1.6 482.1 6.5 475.7 -0.8 423.0 -0.6 456.6 -1.3 460.5 -1.0 421.5 -0.4 353.3 -0.4 466.0 -0.4 440.5 -0.4 459.5 8 9 Gross investment Nonproduced nonfinancial assets 268.2 -0.0 416.7 -0.0 446.5 -0.1 371.9 0.0 199.4 0.0 664.0 0.0 39.3 0.0 584.7 0.0 385.2 -0.1 289.9 0.1 637.4 0.6 10 11 10 11 12 Net lending (+) or net borrowing (-) 268.2 416.7 446.6 371.9 199.4 664.0 39.3 584.7 385.3 289.7 636.9 12 13 Net acquisition of financial assets 1087.5 1049.7 832.9 1191.5 1363.1 1434.2 952.8 1016.0 1166.9 1153.8 875.8 13 14 15 16 17 18 19 20 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements 0.0 0.0 -61.8 29.5 4.9 -7.1 92.4 0.0 0.0 213.9 81.8 47.3 4.6 92.6 0.0 0.0 -136.0 68.2 37.9 22.6 -6.6 0.0 0.0 312.2 50.9 52.5 16.4 62.1 0.0 0.0 382.0 11.2 -0.8 26.1 272.4 0.0 0.0 1133.5 33.2 27.7 26.1 -67.3 0.0 0.0 -161.6 89.5 80.3 0.5 11.0 0.0 0.0 -105.3 69.7 102.7 12.9 32.4 0.0 0.0 210.4 119.7 64.8 6.9 285.5 0.0 0.0 106.0 66.3 136.7 -4.3 140.3 0.0 0.0 91.0 13.6 -23.2 3.3 -80.8 14 15 16 17 18 19 20 21 Credit market instruments 619.2 237.4 443.5 551.1 602.4 180.4 454.0 967.8 503.9 437.8 522.7 21 22 23 24 25 Open market paper Treasury securities Treasury bills Other Treasury securities -10.7 740.4 -40.2 780.5 0.7 355.3 -62.6 417.9 -0.1 589.7 14.0 575.8 -1.4 431.3 24.4 406.9 26.1 581.3 227.8 353.6 6.4 108.0 -129.0 237.0 -86.8 225.0 -161.6 386.6 48.5 810.7 160.3 650.3 20.2 371.7 4.4 367.3 42.8 287.4 -206.0 493.4 -6.7 217.7 -81.7 299.5 22 23 24 25 26 27 28 29 Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business -66.6 13.1 -36.8 -20.2 -41.6 0.6 -111.5 33.9 -73.6 -0.6 -19.7 -52.2 -84.7 4.3 205.2 -3.5 -157.4 3.1 136.8 12.5 -134.2 3.9 182.7 13.6 89.5 5.7 271.3 -50.8 -136.6 4.6 229.8 10.8 -107.4 3.2 152.3 64.0 11.4 2.0 97.8 -3.6 96.0 -13.4 218.8 10.3 26 27 28 29 30 31 32 33 U.S. corporate equities Mutual fund shares Trade receivables Foreign direct investment in U.S. (5) 127.8 58.2 18.6 205.9 44.0 74.7 17.1 236.1 126.8 89.7 11.6 175.2 -78.7 -23.1 11.9 236.3 -56.3 -60.0 9.8 176.3 -141.1 -15.8 12.0 245.6 265.9 -19.1 10.9 221.4 -383.3 2.5 14.7 301.8 345.0 22.6 37.9 -429.6 -111.8 118.9 12.3 251.5 75.2 33.6 12.4 227.9 30 31 32 33 819.3 633.0 386.3 819.7 1163.7 770.2 913.5 431.3 781.6 864.0 238.9 34 34 Net increase in liabilities 35 36 37 U.S. official reserve assets U.S. private deposits Security repurchase agreements 1.8 71.6 207.9 15.9 -215.0 96.4 4.5 -144.0 40.4 -3.1 32.7 -83.5 3.5 205.0 -82.5 -0.8 166.3 -170.7 -4.0 -4.2 182.7 -11.1 -236.2 -263.6 -3.8 -118.5 282.3 3.1 -109.0 -145.3 -9.1 -108.9 170.2 35 36 37 38 Credit market instruments 149.0 172.8 188.6 268.8 378.6 151.0 201.7 344.0 167.4 422.3 -269.5 38 39 40 41 42 Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances -2.7 127.4 24.0 0.3 -53.5 181.7 43.2 1.4 27.9 124.7 30.4 5.6 34.0 194.4 39.1 1.4 120.7 225.5 33.3 -0.9 13.7 108.7 24.9 3.7 -26.6 183.7 41.0 3.6 28.1 259.7 57.0 -0.8 65.2 46.8 54.9 0.5 35.3 329.5 56.4 1.1 -204.5 -28.7 -34.9 -1.3 39 40 41 42 43 44 45 Foreign corporate equities (6) Trade payables U.S. direct investment abroad (4,5) 79.2 6.0 301.1 7.0 4.0 419.1 103.3 0.7 333.0 275.2 3.4 349.5 269.2 -6.7 310.1 371.3 15.4 400.8 78.7 -0.2 356.9 381.8 5.0 330.4 325.0 -47.1 183.5 342.5 5.3 320.1 192.0 2.6 282.9 43 44 45 46 47 48 49 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 2.7 2.3 -10.2 10.6 132.9 2.6 99.7 30.6 -140.0 2.4 -90.9 -51.5 -23.4 2.2 -8.6 -17.0 86.6 0.1 -3.3 89.8 -163.2 8.3 -25.5 -146.0 101.9 0.1 -4.7 106.5 -118.8 0.3 -1.0 -118.2 -7.2 0.0 0.5 -7.7 25.1 6.8 -1.1 19.5 -21.3 5.8 0.5 -27.6 46 47 48 49 180.3 65.5 29.1 51.1 257.2 -203.5 382.2 -231.4 80.8 150.6 -178.0 50 -512.7 206.0 141.2 -447.9 -580.0 246.6 147.2 -480.5 -568.3 227.4 141.3 -482.2 -508.2 224.3 138.3 -422.2 -528.0 208.8 136.8 -456.0 -532.0 214.9 142.1 -459.2 -509.9 230.8 141.4 -420.5 -462.9 242.9 132.9 -352.9 -538.0 211.0 138.6 -465.6 -549.2 213.5 104.3 -440.0 -516.2 212.2 155.1 -459.1 51 52 53 54 50 51 52 53 54 Discrepancy (FOF basis) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (7) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 64. (2) Line 1 minus line 5 minus line 8; equals net lending (+) or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 54 with the sign reversed minus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 25 Z.1, December 11, 2014 F.107 Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Gross saving less net capital transfers paid 375.1 319.6 310.2 286.2 362.6 153.7 380.5 247.9 279.0 300.8 275.7 1 2 Gross investment 174.6 222.6 314.6 361.9 468.3 405.2 943.7 -369.5 194.9 250.0 658.0 2 166.8 4.0 162.8 173.9 6.5 167.5 195.5 5.3 190.2 216.2 14.7 201.5 246.0 46.3 199.7 200.7 2.3 198.4 194.7 -6.6 201.3 223.4 17.0 206.4 202.7 -3.6 206.3 232.9 19.7 213.1 222.4 5.4 217.0 3 4 5 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 6 Net lending (+) or net borrowing (-) 7.8 48.7 119.1 145.7 222.3 204.4 749.1 -592.9 -7.8 17.1 435.7 6 7 Net acqisition of financial assets 35.6 2154.3 1838.5 3541.9 4433.2 3036.5 4227.2 2470.6 4146.6 3588.8 2534.0 7 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 0.3 0.0 0.9 8.7 -106.9 -0.3 0.0 0.7 -62.9 603.0 0.2 0.0 0.6 0.4 -64.1 0.2 0.0 0.7 -9.6 760.1 0.2 0.0 0.9 21.9 1179.3 0.2 0.0 0.7 -46.8 893.8 0.2 0.0 0.7 -3.2 897.4 0.1 0.0 0.6 -10.3 70.0 0.2 0.0 1.0 -57.3 776.2 0.1 0.0 0.9 29.0 47.8 0.4 0.0 0.8 -13.7 339.6 8 9 10 11 12 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -32.3 -109.1 -172.6 270.8 37.2 -47.1 -71.3 117.8 10.1 7.4 -38.0 263.6 -2.9 82.3 -60.0 -375.6 17.0 27.1 -205.2 -511.2 -25.8 102.0 -37.2 -453.6 64.9 241.8 104.8 -152.0 -67.5 -41.6 -102.6 -385.6 -63.8 53.3 -121.7 90.1 28.6 49.3 -190.5 280.9 85.0 63.1 -7.2 -352.2 13 14 15 16 17 Credit market instruments -37.7 1146.6 1271.7 1884.3 2069.3 1734.3 1647.8 2085.7 1884.9 2188.6 1987.0 17 -93.3 504.0 52.1 44.2 210.6 -92.2 -209.7 -316.8 -136.7 -76.0 977.6 158.3 13.4 130.9 146.6 -30.9 -155.3 -17.9 -1.9 296.3 221.5 138.3 405.7 186.1 38.7 -57.4 44.7 34.4 533.0 432.6 7.5 380.3 186.1 133.4 103.7 73.4 87.4 722.3 618.3 102.0 460.2 107.8 31.4 -112.3 52.2 -15.7 376.0 442.3 9.5 255.7 219.0 254.5 130.4 62.7 101.4 271.2 220.7 -44.5 477.9 162.4 122.9 241.3 94.5 -35.5 762.5 449.0 -36.9 327.2 255.2 124.8 155.3 84.1 46.7 697.7 250.9 43.6 348.3 313.1 90.0 28.0 66.4 129.3 455.1 167.3 54.7 605.0 321.3 115.8 190.5 149.6 -110.2 659.7 280.3 87.0 334.9 197.4 151.9 269.3 116.7 18 19 20 21 22 23 24 25 26 18 19 20 21 22 23 24 25 26 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 27 28 Corporate equities Mutual fund shares 84.5 16.8 -58.8 -58.1 36.7 -73.4 202.6 22.3 40.7 53.8 138.0 -3.9 227.4 38.8 404.2 0.4 -105.2 22.3 201.2 19.4 188.5 60.1 27 28 29 30 Trade receivables Security credit -8.6 81.4 -0.8 -8.3 -1.6 55.7 -2.2 45.9 3.9 44.1 -5.1 -29.6 0.4 55.0 -8.0 114.0 13.6 -55.2 13.6 226.8 -13.6 65.5 29 30 31 32 33 Life insurance reserves U.S. direct investment abroad Miscellaneous assets 8.2 -2.3 33.4 7.7 15.2 534.0 14.7 17.1 337.5 10.8 32.1 950.9 9.7 41.5 1640.3 5.8 18.2 745.5 9.4 65.5 1028.3 18.3 3.1 389.7 10.4 34.9 1663.1 11.2 29.6 652.4 5.0 30.6 95.1 31 32 33 34 Net increase in liabilities 27.8 2105.6 1719.4 3396.2 4211.0 2832.0 3478.2 3063.5 4154.4 3571.6 2098.4 34 35 Net interbank liabilities -142.8 820.5 -194.5 1129.1 1953.2 1896.2 516.4 150.4 1176.0 98.4 286.6 35 36 37 38 39 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 266.3 115.6 -503.2 213.4 234.5 404.1 -112.8 179.9 267.7 520.4 7.1 210.9 332.6 409.1 28.7 -393.6 268.7 153.2 -133.4 -618.1 192.5 390.1 81.9 -486.9 126.2 800.0 263.6 -294.3 743.1 293.2 -97.5 -175.2 183.4 748.7 -85.2 -25.3 578.9 425.3 -143.8 439.6 236.6 158.4 39.6 -506.0 36 37 38 39 40 Credit market instruments -901.9 -341.4 -419.3 213.2 -81.7 33.3 84.2 817.1 -299.0 352.2 384.4 40 -102.2 -46.9 -546.4 -62.5 -144.7 0.8 -68.2 -21.9 -237.4 32.6 -60.0 13.5 -58.8 -22.4 -225.2 -121.2 3.5 4.8 -48.9 239.9 -84.8 20.9 78.3 7.8 -36.7 164.0 -283.0 9.2 44.2 20.6 -35.4 246.8 -333.8 35.6 115.4 4.6 -94.4 194.6 15.2 -75.5 58.6 -14.3 -29.2 354.2 262.4 114.4 95.1 20.2 -83.2 -278.1 27.5 6.1 16.0 12.6 30.9 184.6 118.1 -132.1 144.2 6.5 48.5 225.9 -3.2 34.4 79.2 -0.3 41 42 43 44 45 46 41 42 43 44 45 46 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds Depository institution loans n.e.c. Other loans and advances Mortgages 47 48 Corporate equities Mutual fund shares 191.4 370.1 164.1 338.4 168.3 624.9 162.5 638.7 235.9 970.8 47.4 492.1 180.3 674.1 186.4 417.8 37.1 696.2 299.0 648.0 180.4 507.6 47 48 49 50 Trade payables Security credit -52.0 29.8 -3.8 31.9 -0.0 32.8 0.3 68.9 4.6 -26.2 1.0 193.5 -9.3 0.2 4.9 108.1 1.0 221.9 12.0 11.3 8.4 108.3 49 50 51 52 Life insurance reserves Pension entitlements 13.6 596.4 79.9 498.3 -12.2 497.6 29.8 495.3 11.5 451.3 28.0 441.2 45.8 498.4 33.8 590.4 64.6 526.4 16.5 569.4 39.0 580.5 51 52 53 54 55 56 Taxes payable Equity in noncorporate business Foreign direct investment in U.S. Miscellaneous liabilities 13.0 0.9 48.5 -231.3 10.7 -2.9 43.4 -239.0 6.9 6.7 4.5 -2.6 17.7 -3.9 28.7 239.1 43.4 -5.4 40.9 942.3 -68.3 0.9 21.1 -431.9 36.3 -15.8 16.8 555.1 59.3 4.8 36.0 -109.2 46.7 3.0 18.4 840.4 27.8 -1.2 18.3 219.8 -10.1 7.1 17.4 60.1 53 54 55 56 200.5 97.0 -4.4 -75.7 -105.7 -251.4 -563.2 617.4 84.1 50.8 -382.4 57 57 Discrepancy (1) Sum of financial sectors shown on tables F.108 through F.130. Flows 2010 26 Z.1, December 11, 2014 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets Q2 Q3 Q4 2014 Q2 Q1 Q3 -8.5 -0.2 -17.5 -0.8 5.2 -4.8 -2.6 -1.1 -1.1 -1.4 -1.6 1 0.7 0.6 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2 186.0 494.0 7.7 1118.8 1211.2 1116.3 1022.7 1125.2 922.1 543.3 291.3 3 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 0.3 0.0 0.9 -0.3 0.0 0.7 0.2 0.0 0.6 0.2 0.0 0.7 0.2 0.0 0.9 0.2 0.0 0.7 0.2 0.0 0.7 0.1 0.0 0.6 0.2 0.0 1.0 0.1 0.0 0.9 0.4 0.0 0.8 4 5 6 7 Federal Reserve float (2) 0.7 0.8 0.1 -0.5 -0.4 -0.5 0.6 -1.6 1.7 0.1 -1.6 7 -96.4 -96.4 0.0 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 -0.2 -0.2 0.0 0.4 0.4 0.0 0.2 0.2 0.0 -0.4 -0.4 0.0 -0.2 -0.2 0.0 0.5 0.5 0.0 0.7 0.7 0.0 8 9 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 271.5 376.5 34.5 1086.1 1134.2 1083.8 1023.6 1102.9 911.1 538.5 299.7 12 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security repurchase agreements 12 Credit market instruments 13 14 15 16 17 18 19 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 0.0 244.9 0.0 244.9 71.4 83.8 -12.4 0.0 642.0 0.0 642.0 -197.9 -154.5 -43.5 0.0 2.7 -18.4 21.1 61.8 89.0 -27.2 0.0 542.6 0.0 542.6 543.9 563.5 -19.6 0.0 575.2 0.0 575.2 559.7 577.1 -17.4 0.0 548.5 0.0 548.5 535.8 548.7 -13.0 0.0 522.5 0.0 522.5 501.7 535.8 -34.1 0.0 524.3 0.0 524.3 578.6 592.3 -13.7 0.0 498.9 0.0 498.9 412.3 451.8 -39.5 0.0 310.2 0.0 310.2 228.4 243.2 -14.7 0.0 184.4 0.0 184.4 115.5 130.1 -14.6 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III) (9) Funding corporations (CPFF) (10) -44.8 -22.8 0.0 0.0 -3.4 -2.2 -2.5 -4.4 -9.4 -67.6 -15.7 0.0 0.0 -21.0 -20.0 -6.7 -4.2 0.0 -29.9 -8.5 0.0 0.0 -4.9 0.0 -6.8 -9.8 0.0 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.7 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.6 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 22 23 24 25 26 27 28 1.3 7.8 -10.2 18.0 -26.4 142.9 99.7 43.1 0.0 -27.6 -90.9 63.4 0.0 32.3 -8.6 40.9 0.0 76.6 -3.3 79.9 0.0 31.6 -25.5 57.1 0.0 -2.6 -4.7 2.1 0.0 23.6 -1.0 24.5 0.0 8.2 0.5 7.7 0.0 3.3 -1.1 4.4 0.0 -8.7 0.5 -9.2 29 30 31 32 185.1 493.7 7.3 1118.7 1210.4 1116.6 1022.9 1124.9 919.9 542.9 291.2 33 -8.9 -2.2 594.2 8.1 -71.2 7.1 758.0 2.6 1197.2 -17.3 891.6 2.2 876.6 20.0 66.7 5.3 781.0 -6.3 46.1 1.1 328.0 12.5 34 35 185.0 -122.1 62.1 139.5 -9.3 307.4 -102.2 362.2 -16.3 58.8 194.2 36 29 30 31 32 33 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Net increase in liabilities 34 35 Depository institution reserves Vault cash of depository institutions 36 Checkable deposits and currency 37 38 39 40 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 149.0 -0.1 -45.9 195.0 -255.0 -0.0 -55.0 -200.0 7.0 0.0 7.0 0.0 69.8 0.1 69.7 0.0 -52.3 0.3 -52.6 0.0 226.5 -0.4 226.9 0.0 -185.9 0.2 -186.1 0.0 290.8 0.3 290.5 0.0 -78.7 0.2 -78.9 0.0 -7.4 -0.5 -6.9 0.0 75.8 0.1 75.8 0.0 37 38 39 40 41 42 43 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 0.9 -21.6 56.7 -3.2 51.1 85.0 6.3 -37.4 86.2 1.5 -1.3 69.5 11.0 -28.1 60.2 3.3 -2.7 80.2 -4.3 18.3 69.7 -3.9 7.3 68.0 -4.0 -60.3 126.6 -4.1 1.4 69.0 -2.8 62.9 58.3 41 42 43 -18.0 40.2 7.3 208.7 -6.9 -41.2 249.0 634.1 100.4 461.9 -185.5 44 29.2 0.9 28.3 -26.7 0.4 -27.1 2.0 0.5 1.5 9.8 0.1 9.7 46.6 0.8 45.8 -43.4 -0.3 -43.2 -20.4 -0.2 -20.2 56.7 0.3 56.4 61.2 2.2 59.0 -25.1 0.4 -25.5 -58.0 0.1 -58.1 45 46 47 -10.0 -1.2 -18.8 -1.9 3.5 -5.3 -3.3 -2.3 -4.1 -2.8 -2.6 48 44 Security repurchase agreements 45 46 47 Miscellaneous liabilities Federal Reserve Bank stock Other 48 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table F.203. (3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 27 Z.1, December 11, 2014 F.109 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 Gross saving less net capital transfers paid (2) 2 Fixed nonresidential investment 3 Q2 Q3 Q4 2014 Q2 Q1 Q3 144.6 75.8 15.8 15.5 82.3 -37.5 2.0 15.3 -19.0 -35.3 -55.3 1 35.7 25.1 27.5 28.9 29.3 28.3 28.4 29.4 28.9 31.5 31.8 2 Net lending (+) or net borrowing (-) -24.5 -14.5 -71.3 55.2 -69.3 279.3 445.7 -434.7 -95.9 -104.6 142.6 3 4 Net acquisition of financial assets -193.2 840.5 500.1 993.4 1368.5 1304.2 890.8 410.2 1809.1 1240.3 795.1 4 5 6 7 Vault cash Reserves at Federal Reserve Federal funds and security repos -2.2 -8.9 20.9 8.1 594.2 22.5 7.1 -71.2 113.0 2.6 758.0 -98.7 -17.3 1197.2 -207.2 2.2 891.6 -73.1 20.0 876.6 -6.4 5.3 66.7 -108.3 -6.3 781.0 99.1 1.1 46.1 63.2 12.5 328.0 -62.5 5 6 7 8 Credit market instruments -139.5 249.9 476.7 296.7 217.9 222.8 174.7 571.4 782.2 883.2 591.7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 103.0 138.5 29.3 -124.7 0.0 -46.7 133.6 46.8 4.3 0.0 86.6 49.7 68.0 -13.8 0.0 -35.1 42.4 55.1 -16.2 0.0 -55.5 157.5 59.7 -81.9 0.0 -152.2 67.2 62.9 -23.2 0.0 -58.6 -99.7 53.7 51.9 0.0 125.8 44.8 44.3 -11.6 0.0 176.9 27.7 37.0 -54.0 0.0 173.8 9.0 16.2 2.8 0.0 198.1 76.3 34.6 -90.0 9 10 11 12 13 14 15 16 17 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -47.4 0.0 -157.2 -81.0 214.1 0.0 -105.8 3.6 216.0 0.0 21.7 48.7 186.6 0.0 -11.0 74.9 108.5 0.0 -22.2 51.7 219.5 0.0 -6.0 54.6 163.1 0.0 -32.0 96.3 255.2 0.0 16.2 96.8 313.2 0.0 205.2 76.3 321.5 0.0 217.4 142.6 197.6 0.0 68.4 106.7 14 15 16 17 -1.7 -5.6 0.9 -0.5 -10.5 -0.7 0.8 1.5 -2.1 3.8 -4.0 -9.7 1.3 5.1 8.1 6.9 -2.5 8.7 -0.7 5.0 1.6 -13.1 18 19 6.2 4.5 31.0 5.2 -9.2 7.4 10.4 5.7 27.7 4.7 -8.4 4.7 10.3 4.9 12.2 8.7 19.0 5.6 4.7 6.0 9.1 5.0 20 21 2.7 -69.4 -6.2 -64.8 -2.6 -10.0 3.5 12.9 -3.1 146.9 -20.7 298.8 30.6 -226.2 7.2 -168.0 -5.4 127.7 2.2 229.6 3.0 -80.2 22 23 18 19 Corporate equities Mutual fund shares 20 21 Security credit Life insurance reserves 22 23 U.S. direct investment abroad Miscellaneous assets 24 Net increase in liabilities -168.7 855.0 571.4 938.2 1437.8 1025.0 445.1 844.8 1905.0 1344.9 652.5 24 25 Net interbank liabilities -131.7 218.2 -130.3 368.5 773.3 1002.4 -380.1 78.4 401.3 51.2 -53.9 25 26 27 28 Checkable deposits Small time and savings deposits Large time deposits 81.3 298.3 -182.7 356.7 577.4 -173.3 205.6 539.6 -19.2 193.1 307.0 102.1 277.9 153.2 0.0 -114.9 344.1 46.0 228.5 557.4 242.6 380.9 173.2 120.0 199.7 517.3 231.4 520.1 355.7 69.6 42.5 108.6 49.8 26 27 28 29 Federal funds and security repos 6.7 -27.2 -32.0 -97.0 -126.5 -63.2 -94.4 -104.0 161.3 63.8 -31.7 29 30 Credit market instruments -218.0 -52.4 -109.9 -31.5 -125.1 -25.3 -41.1 65.3 -24.1 116.5 48.6 30 -20.1 -49.2 -148.7 7.6 2.4 -62.5 -33.1 -82.3 5.6 -27.8 -74.9 71.2 -52.2 -114.0 41.2 -41.1 -93.6 109.4 -27.3 -75.3 61.5 9.3 -16.6 72.6 -5.2 -27.2 8.3 -9.6 -10.1 136.2 -5.0 -11.9 65.4 31 32 33 11.9 6.6 12.4 6.4 10.6 26.0 1.6 7.0 -0.8 2.2 0.1 4.0 1.0 7.4 3.6 0.5 -52.9 1.5 2.6 24.1 5.4 4.9 21.9 5.6 2.5 31.1 3.7 4.3 29.0 3.1 2.4 -11.6 1.8 34 35 36 -53.5 33.4 -31.5 -55.4 -87.4 76.1 -33.7 -129.8 109.8 101.2 -11.8 20.4 89.7 59.3 -2.5 32.9 473.0 110.7 67.7 294.6 -113.1 -100.8 -3.4 -8.9 -99.8 70.2 -93.6 -76.4 98.6 157.1 19.2 -77.7 380.7 165.5 1.5 213.7 131.7 206.4 -12.2 -62.5 496.1 117.2 28.1 350.8 37 38 39 40 133.5 65.1 59.7 -68.6 122.3 -345.1 -472.2 420.7 48.0 37.8 -229.6 41 -0.8 -0.1 0.4 1.5 1.2 2.0 1.8 0.8 0.7 0.9 1.1 42 31 32 33 Open market paper Corporate bonds Other loans and advances 34 35 36 Corporate equity issues Taxes payable (net) Foreign direct investment in U.S. 37 38 39 40 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other 41 Discrepancy Memo: 42 Consumer leases not included above (3) (1) U.S.-chartered depository institutions (F.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113). (2) Net capital transfers paid from table F.9, line 54. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. Flows 2010 28 Z.1, December 11, 2014 F.110 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 1 Gross saving less net capital transfers paid (1) 2 Fixed nonresidential investment 3 Q2 Q3 Q4 2014 Q2 Q1 Q3 133.8 62.7 0.4 -0.5 66.1 -53.5 -14.0 -0.5 -29.7 -46.7 -67.2 1 31.0 20.1 21.7 21.9 22.5 21.5 21.5 22.2 21.7 24.2 24.3 2 Net acquisition of financial assets -304.7 322.7 472.6 635.0 917.4 394.7 738.6 489.1 1012.9 1033.8 708.8 3 4 5 6 Vault cash Reserves at Federal Reserve Federal funds and security repos -2.2 -85.6 0.7 8.1 222.9 -25.0 7.1 -0.2 61.1 2.5 454.4 -87.9 -17.3 730.3 -176.1 2.1 80.4 -86.4 20.0 885.1 -80.0 5.3 121.7 -9.3 -6.3 233.6 -0.3 1.0 114.0 -52.7 12.6 285.2 -25.6 4 5 6 7 Credit market instruments -120.7 173.7 424.0 253.5 242.9 203.6 53.6 513.8 667.0 763.3 540.3 7 8 9 10 11 12 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 0.0 93.0 110.1 -2.2 -0.2 129.4 -0.4 -16.6 0.0 -43.7 106.9 63.8 4.8 80.3 9.8 -51.8 0.0 69.3 35.5 18.6 8.6 -10.8 21.0 -2.0 0.0 -26.1 47.7 40.8 8.5 -23.6 23.9 -1.9 0.0 -66.7 163.7 160.1 11.7 -31.4 19.5 3.7 0.0 -105.3 60.6 59.3 15.0 -45.9 27.3 4.9 0.0 -66.6 -101.1 -79.1 -1.9 -49.7 19.9 9.7 0.0 134.4 67.7 22.8 9.3 32.7 29.0 -26.1 0.0 174.0 54.9 22.0 7.2 44.9 12.8 -32.0 0.0 175.1 19.6 11.4 22.4 -6.1 10.7 -18.7 0.0 216.7 89.0 53.4 15.2 14.0 15.2 -8.8 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 30.3 -98.2 -9.7 -6.4 -70.6 -1.4 -10.2 42.6 2.5 -3.1 -2.5 -22.0 2.7 27.3 67.8 -9.0 15.3 0.4 -20.8 4.1 -8.0 53.8 15.2 9.9 -1.2 -14.6 4.6 16.5 54.9 -13.7 3.7 -0.5 -18.8 4.4 -2.5 63.9 10.7 13.7 1.8 -19.9 2.5 12.7 49.1 50.1 13.1 -4.8 -6.0 4.2 43.6 47.4 13.6 9.2 -1.3 -13.8 7.2 12.2 37.7 -75.8 -3.4 -6.5 -19.3 5.9 -52.4 17.4 2.1 -9.0 1.8 17.3 -5.1 -2.8 34.4 -72.4 -7.4 -4.3 -11.5 7.0 -56.2 16 17 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -36.3 0.0 -149.2 -70.3 163.6 0.0 -105.3 7.1 218.6 0.0 13.7 28.1 136.4 0.0 -26.6 52.9 99.3 0.0 -20.5 26.0 158.1 0.0 -18.0 33.6 105.8 0.0 -55.5 71.8 182.5 0.0 -12.2 80.4 258.6 0.0 176.8 40.8 269.3 0.0 184.6 95.2 161.3 0.0 29.9 81.3 23 24 25 26 -1.8 -5.8 1.0 -0.8 -10.5 -1.1 0.8 1.6 -2.1 2.7 -4.0 -8.9 1.3 5.6 8.1 7.1 -2.5 8.5 -0.7 5.1 1.6 -12.8 27 28 3.2 4.5 2.7 -99.7 12.2 5.2 -6.2 -68.5 -1.9 7.4 -2.6 -10.7 7.9 5.7 3.5 -7.1 11.7 4.7 -3.1 123.7 15.6 4.7 -20.7 208.3 8.3 4.9 30.6 -190.8 -3.9 8.7 7.2 -169.7 21.9 5.6 -5.4 90.7 10.6 6.0 2.2 185.0 -3.4 5.0 3.0 -97.0 29 30 31 32 -250.1 370.0 536.7 628.3 969.3 117.2 597.9 828.9 1259.2 1151.1 611.5 33 -201.3 0.7 -96.4 -16.8 -88.8 -263.4 0.8 -0.0 40.8 -304.9 -114.2 0.1 -0.1 -29.5 -84.8 191.0 -0.5 0.0 38.5 153.0 472.3 -0.4 -0.2 253.3 219.6 137.8 -0.5 0.4 -63.1 200.9 -4.4 0.6 0.2 -144.0 138.7 158.4 -1.6 -0.4 107.8 52.6 203.2 1.7 -0.2 147.3 54.5 40.5 0.1 0.5 -2.1 42.0 136.9 -1.6 0.7 -156.9 294.7 34 35 36 37 38 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.2 0.3 -4.2 180.1 148.2 0.3 -0.7 148.6 227.0 -0.3 -22.2 249.5 -159.3 -0.2 -23.0 -136.1 197.7 0.6 35.6 161.5 327.1 1.0 6.9 319.3 126.3 -0.5 6.6 120.2 474.1 1.0 13.2 459.9 46.1 1.9 -15.8 60.0 39 40 41 42 27 28 Corporate equities Mutual fund shares 29 30 31 32 Security credit Life insurance reserves U.S. direct investment abroad Miscellaneous assets 33 Net increase in liabilities 34 35 36 37 38 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 39 40 41 42 Checkable deposits Federal government Rest of the world Private domestic 43 44 45 Small time and savings deposits Large time deposits Federal funds and security repos 271.7 -133.8 -48.1 537.1 -13.2 -81.5 491.5 -9.1 -52.6 256.7 23.9 -84.7 134.0 -72.0 -90.5 283.2 33.6 -8.6 470.9 4.6 -95.1 138.7 129.1 -144.7 543.0 -7.9 8.1 303.3 44.8 18.9 76.1 -45.4 -76.5 43 44 45 46 Credit market instruments -217.6 -50.5 -110.8 -33.5 -113.6 -30.3 -53.5 63.6 -25.8 106.3 35.8 46 -20.1 -49.2 -148.3 7.6 2.4 -60.5 -33.1 -82.3 4.6 -27.8 -74.9 69.2 -52.2 -114.0 52.6 -41.1 -93.6 104.4 -27.3 -75.3 49.0 9.3 -16.6 70.9 -5.2 -27.2 6.7 -9.6 -10.1 126.0 -5.0 -11.9 52.7 47 48 49 11.9 6.6 -8.9 33.4 -42.3 6.4 10.6 -94.9 76.1 -171.0 1.6 7.0 147.2 101.2 45.9 2.2 0.1 124.4 59.3 65.1 1.0 7.4 403.6 110.7 292.9 0.5 -52.9 -86.9 -100.8 14.0 2.6 24.1 51.1 70.2 -19.1 4.9 21.9 129.7 157.1 -27.4 2.5 31.1 378.7 165.5 213.1 4.3 29.0 129.8 206.4 -76.6 2.4 -11.6 447.8 117.2 330.6 50 51 52 53 54 157.4 90.0 42.8 -29.0 95.5 -352.5 -176.2 317.0 194.8 46.3 -188.7 55 -0.8 -0.1 0.4 1.5 1.2 2.0 1.8 0.8 0.7 0.9 1.1 56 47 48 49 50 51 52 53 54 55 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable (net) Miscellaneous liabilities Investment by holding companies Other Discrepancy Memo: 56 Consumer leases not included above (2) (1) Net capital transfers paid from table F.9, line 54. (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 29 Z.1, December 11, 2014 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 2.3 2.9 3.3 4.1 4.0 4.1 4.1 4.2 4.1 4.2 4.2 1 2 Fixed nonresidential investment 2.0 2.4 3.0 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.1 2 3 Net acquisition of financial assets 50.3 468.1 -15.8 316.5 386.6 848.4 144.5 -113.6 705.1 154.6 52.5 3 0.0 66.7 0.0 360.2 0.0 -72.2 0.0 309.3 0.0 410.1 0.1 873.2 0.0 15.7 0.0 -61.9 -0.0 491.9 0.1 -9.7 -0.1 76.7 4 5 20.3 -24.4 31.7 42.5 58.2 5.8 -1.2 -7.2 1.9 -77.2 9.3 -41.3 72.7 68.1 -88.7 21.5 92.7 67.0 111.7 54.6 -37.8 -7.6 6 7 0.0 3.5 -4.8 0.0 -9.4 0.0 -0.5 4.0 0.0 -1.4 0.0 16.1 1.5 0.0 -6.2 0.0 -9.6 -6.7 0.0 -34.1 0.0 11.8 -17.5 0.0 -74.3 0.0 -50.5 -6.4 0.0 -36.6 0.0 9.4 0.1 0.0 1.3 0.0 -8.9 -3.1 0.0 -27.0 0.0 -2.9 -11.5 0.0 16.6 0.0 -3.0 -6.3 0.0 1.2 0.0 -20.7 -1.9 0.0 -12.3 8 9 10 11 12 -11.3 0.0 -2.5 42.9 0.0 -2.6 -3.7 0.0 -1.9 43.8 0.0 -0.6 7.6 0.0 -4.9 52.6 0.0 -0.4 56.1 0.0 1.0 58.7 0.0 1.9 57.1 0.0 7.8 54.9 0.0 7.8 22.1 0.0 5.1 13 14 15 0.1 3.1 -0.0 18.8 0.0 -7.3 0.0 2.5 0.0 16.0 0.0 -24.0 0.0 2.0 0.0 16.0 0.0 -2.9 0.0 -5.9 0.0 12.5 16 17 -15.3 15.0 -0.3 13.1 35.8 31.1 -14.0 -0.6 56.3 3.7 8.8 18 4 5 Vault cash Reserves at Federal Reserve 6 7 Federal funds and security repos Credit market instruments 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 14 15 Depository institution loans n.e.c. Other loans and advances Mortgages 16 17 Corporate equities Security credit 18 Miscellaneous assets 19 Net increase in liabilities 32.4 469.0 -4.0 263.1 379.9 849.7 -163.2 -14.0 574.4 158.4 20.3 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks 30.7 27.0 3.7 504.6 518.8 -14.2 -1.9 -51.2 49.3 175.0 159.2 15.9 256.4 162.3 94.1 875.5 932.6 -57.1 -347.7 -300.4 -47.4 -84.0 -157.9 73.9 165.4 155.9 9.5 36.6 64.0 -27.4 -189.8 -203.7 13.9 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 5.7 5.8 -46.5 23.7 13.2 -163.1 16.2 13.8 -16.2 30.8 27.7 71.1 7.5 20.7 64.1 39.0 10.8 6.5 34.5 61.4 225.5 42.2 17.8 -11.8 36.3 -23.4 233.4 50.0 11.1 26.3 -0.0 9.4 91.3 23 24 25 26 27 Federal funds and security repos Acceptance liabilities 54.8 0.0 54.4 0.0 20.6 0.0 -12.3 0.0 -36.0 0.0 -54.7 0.0 0.7 0.0 40.7 0.0 153.2 0.0 44.9 0.0 44.9 0.0 26 27 28 Foreign direct investment in U.S. 12.4 26.0 -0.8 4.0 3.6 1.5 5.4 5.6 3.7 3.1 1.8 28 29 30 31 Miscellaneous liabilities Investment by funding corporations Other -30.5 -31.5 1.1 10.1 -33.7 43.8 -35.7 -11.8 -23.9 -33.2 -2.5 -30.7 63.7 67.7 -4.0 -28.9 -3.4 -25.5 -143.1 -93.6 -49.5 -24.5 19.2 -43.7 5.7 1.5 4.2 -13.6 -12.2 -1.4 62.8 28.1 34.7 29 30 31 -17.6 1.4 12.2 -53.1 -6.3 1.7 -307.4 99.8 -130.5 3.9 -32.1 32 32 Discrepancy (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). Flows 2010 30 Z.1, December 11, 2014 F.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets -14.8 -4.1 0.0 8.8 0.7 23.8 7.8 3.0 -12.8 9.9 -11.8 3 4 Flows Q2 5 6 7 8 9 10 11 12 13 Credit market instruments -19.3 -4.9 -0.1 0.3 -1.1 -0.1 -3.2 5.6 -0.3 -10.3 -7.0 4 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.6 -7.7 -0.9 -1.4 -0.0 -8.0 0.9 3.6 -0.6 -2.2 -0.8 1.0 0.7 -0.8 0.9 0.6 -0.1 -0.7 0.2 1.6 0.1 -1.1 0.2 -0.2 0.8 -0.9 3.0 0.3 2.2 -0.4 0.3 0.6 0.6 -0.4 -0.6 2.5 -1.9 0.1 -2.8 -0.6 1.7 -0.0 -0.3 -2.3 5 6 7 8 Depository institution loans n.e.c. Home mortgages Commercial mortgages -3.3 -2.5 -4.0 1.1 -2.4 -0.1 1.0 2.3 -0.8 1.3 -1.1 -1.4 0.3 -0.3 -2.1 3.6 -3.0 0.3 1.8 -0.6 -7.7 -0.6 -0.6 4.0 -0.6 -2.2 0.4 -4.4 -0.3 -0.5 -2.8 -2.7 -0.6 9 10 11 4.5 0.8 0.2 8.6 1.8 23.9 11.1 -2.6 -12.5 20.3 -4.8 12 -14.8 -3.1 -0.1 8.5 0.8 26.1 12.1 -4.8 -10.1 11.2 -14.8 13 Miscellaneous assets Net increase in liabilities 14 15 16 17 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits 0.9 0.5 -5.2 -5.2 -1.2 2.8 -0.4 -0.4 -0.4 2.5 -0.1 -0.1 0.2 6.3 2.5 2.5 1.3 0.8 1.2 1.2 -2.7 16.8 5.9 5.9 1.1 5.7 4.2 4.2 1.2 2.0 -1.2 -1.2 -3.2 -3.5 -2.7 -2.7 -1.4 5.2 2.8 2.8 2.6 -3.3 -1.9 -1.9 14 15 16 17 18 Miscellaneous liabilities -5.9 -3.9 -2.0 -3.0 -3.6 0.3 -3.1 -5.6 2.1 1.7 -10.5 18 -0.0 1.0 -0.1 -0.3 0.1 2.3 4.3 -7.8 2.8 1.2 -3.0 19 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. F.113 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 8.4 10.1 12.0 11.8 12.0 11.8 11.7 11.6 6.5 7.2 7.5 1 2 Fixed nonresidential investment 2.5 2.5 2.8 3.0 3.0 3.0 3.0 3.1 3.1 3.2 3.2 2 3 Net acquisition of financial assets 76.0 53.8 43.3 33.2 63.9 37.3 -0.2 31.7 103.9 42.0 45.6 3 4 5 Reserves at Federal Reserve Federal funds and security repos 10.0 -0.1 11.1 15.9 1.2 -6.2 -5.7 -9.6 56.8 -32.9 -62.0 4.0 -24.2 0.8 6.8 -10.3 55.5 6.7 -58.1 4.1 -33.9 0.9 4 5 6 Credit market instruments 24.9 38.6 47.0 50.2 53.3 60.6 56.3 30.6 48.5 75.6 66.0 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 5.9 40.9 0.0 -15.7 0.0 -2.5 30.6 3.2 -0.3 0.0 1.7 14.9 1.0 0.3 0.0 -0.2 2.2 0.3 2.2 0.0 -0.4 12.0 4.5 4.6 0.0 3.5 14.0 -1.2 2.9 0.0 -2.2 2.1 1.5 0.2 0.0 -1.8 -19.4 -3.5 1.1 0.0 5.2 -15.3 -0.1 2.6 0.0 3.6 -4.4 1.6 0.2 0.0 0.3 -10.8 0.5 -3.0 7 8 9 10 11 12 13 14 Depository institution loans n.e.c. Home mortgages Consumer credit 3.5 0.9 -10.7 6.6 4.5 -3.4 0.1 8.3 20.6 5.1 18.6 21.9 1.3 5.5 25.7 5.1 15.1 21.1 -0.7 30.9 24.5 14.7 23.0 16.4 -1.9 22.4 35.5 1.6 25.7 47.4 17.0 36.7 25.4 12 13 14 0.2 41.1 0.3 -12.1 0.4 0.8 -0.1 -1.6 1.1 -14.4 -0.8 35.5 -0.6 -32.5 -0.2 4.9 0.1 -6.8 -0.2 20.5 -0.3 12.8 15 16 15 16 Mutual fund shares Miscellaneous assets 17 Net increase in liabilities 63.8 19.0 38.8 38.2 87.9 31.9 -1.7 34.8 81.5 24.2 35.5 17 18 Net interbank liabilities 38.1 -21.9 -13.8 2.2 43.3 -8.2 -29.0 2.9 35.9 -24.6 -3.6 18 19 20 21 22 Shares/deposits Checkable Small time and savings Large time 34.3 5.5 26.1 2.8 41.5 10.7 27.4 3.4 51.3 10.7 34.4 6.2 32.6 7.9 20.1 4.7 46.7 42.6 -2.6 6.7 32.8 -11.5 44.2 0.0 19.6 -9.4 20.8 8.2 31.3 9.7 17.9 3.8 49.7 40.7 0.5 8.5 24.8 -9.3 38.4 -4.3 30.4 -0.3 24.9 5.8 19 20 21 22 23 24 Federal funds and security repos Other loans and advances 0.0 -0.4 0.0 -2.0 0.0 0.9 0.0 1.9 0.0 -11.4 0.0 4.9 0.0 12.5 0.0 1.7 0.0 1.7 0.0 10.2 0.0 12.7 23 24 25 Miscellaneous liabilities -8.3 1.3 0.3 1.5 9.3 2.3 -4.7 -1.0 -5.8 13.8 -4.0 25 -6.4 -27.2 4.8 13.8 33.1 3.5 7.2 11.6 -19.0 -13.8 -5.8 26 26 Discrepancy 31 Z.1, December 11, 2014 F.114 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving less net capital transfers paid (1) 51.3 31.2 47.8 51.2 51.2 43.8 58.6 51.1 51.3 49.1 46.2 1 2 Fixed nonresidential investment 15.8 16.7 19.1 19.8 19.7 19.5 19.8 20.2 20.2 20.6 20.9 2 3 Net acquisition of financial assets -38.2 26.7 27.0 38.3 30.7 44.1 51.8 26.4 22.8 43.4 63.4 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements 5.0 -4.0 -0.7 -8.5 -5.6 -2.1 12.3 2.2 0.0 -6.7 -2.3 0.0 -18.8 -4.1 -0.1 -4.6 -12.8 -0.9 -0.1 0.3 0.2 -3.4 7.5 0.8 14.9 -7.3 -0.7 5.5 7.5 0.6 3.5 4.3 0.4 4 5 6 7 Credit market instruments 3.9 36.2 1.0 25.3 22.6 13.0 27.2 38.3 -10.3 14.5 44.3 7 -1.9 3.2 -0.4 -21.0 24.3 -0.3 0.9 4.6 6.9 -17.4 40.4 0.8 -1.4 -6.7 -8.4 -2.9 19.6 0.7 0.7 6.0 -5.6 -2.3 24.2 2.3 0.0 3.2 -5.3 -1.1 25.0 0.9 -3.2 -3.9 -5.5 -1.8 24.6 2.9 1.4 7.3 -5.6 -2.2 24.5 1.8 4.4 17.3 -6.1 -3.9 22.8 3.7 -3.1 -0.8 -8.1 -0.2 0.6 1.3 3.0 8.8 -4.9 0.2 5.3 2.1 1.7 14.8 -2.8 2.6 25.7 2.3 8 9 10 11 12 13 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages 14 15 Corporate equities Mutual fund shares -20.9 -0.1 2.9 -0.7 4.6 1.8 3.5 1.2 5.8 0.9 10.7 0.9 0.1 0.9 -2.6 1.8 1.9 1.8 -13.1 1.8 3.2 1.8 14 15 16 17 Trade receivables U.S. direct investment abroad 0.8 -22.2 3.4 1.1 4.8 0.2 3.3 14.1 8.1 16.4 10.4 27.3 6.8 16.4 -12.3 -3.7 19.3 3.2 15.2 11.4 -2.0 8.0 16 17 2.9 16.8 -16.7 19.5 15.6 10.4 12.8 39.0 -7.9 23.3 4.4 18 0.8 -12.7 -1.1 -10.7 0.4 -14.5 1.4 -7.6 1.1 -3.6 1.3 -6.4 1.5 -9.5 1.8 -11.0 1.0 -17.9 1.3 -9.4 0.8 -22.1 19 20 18 Net increase in liabilities 19 20 Security repurchase agreements Corporate equity issues 21 22 Taxes payable (net) Foreign direct investment in U.S. 5.6 2.8 -4.4 -2.2 3.8 -5.3 19.1 6.8 30.4 21.6 -8.1 -0.2 10.7 0.5 43.5 5.5 7.3 -2.1 -2.8 0.0 3.0 -4.1 21 22 23 24 25 Miscellaneous liabilities Investment by parent companies Policy payables 6.3 0.0 6.3 35.2 0.0 35.2 -1.0 -6.8 5.8 -0.3 -6.0 5.7 -33.9 -24.6 -9.2 23.9 0.0 23.8 9.6 0.8 8.8 -0.9 -0.3 -0.6 3.8 -2.2 6.0 34.3 1.9 32.4 26.8 -0.2 27.1 23 24 25 76.6 4.6 -15.0 12.6 16.4 -9.5 -0.2 43.5 0.4 8.5 -33.7 26 26 Discrepancy (1) Net capital transfers paid from table F.9, line 51. Flows 2010 32 Z.1, December 11, 2014 F.115 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 16.2 7.2 12.6 7.6 19.3 12.1 4.2 -5.2 16.9 17.5 18.1 1 2 Fixed nonresidential investment 11.5 12.3 14.0 14.6 14.5 14.4 14.6 14.9 14.9 15.2 15.4 2 3 Net acquisition of financial assets 181.5 229.0 127.0 102.7 96.9 21.4 115.9 176.4 225.0 200.6 139.5 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements 1.0 -12.7 0.7 2.0 7.9 -0.8 2.7 -1.4 -1.6 -9.2 -5.9 -0.0 -0.2 -27.4 -6.9 -43.4 -6.2 -0.5 31.9 10.0 5.4 -25.3 0.1 2.0 11.7 -5.4 -6.2 -8.2 -5.6 -1.9 12.8 1.5 0.5 4 5 6 7 Credit market instruments 151.6 125.3 74.3 77.4 54.4 79.4 51.2 124.4 133.4 101.2 100.3 7 -8.9 23.2 4.0 39.2 102.9 -0.2 -8.6 -11.2 18.8 -1.6 9.4 87.1 7.9 15.0 13.9 5.5 -13.5 9.7 45.0 1.8 11.9 3.2 -12.2 -6.8 10.1 60.8 3.5 18.8 -9.7 -19.3 -5.5 10.5 76.1 -3.3 5.6 -4.5 -11.7 -5.6 10.6 68.1 6.9 15.7 5.3 -8.9 -11.2 8.1 29.0 3.5 25.3 21.5 -9.1 -5.0 11.3 70.2 7.0 28.5 7.1 13.9 -18.0 9.1 99.9 8.0 13.4 -12.8 12.4 -19.4 11.6 87.7 5.5 16.3 -13.4 8.9 -24.1 4.8 100.0 8.0 16.1 8 9 10 11 12 13 14 45.6 1.0 37.7 1.1 15.3 1.3 13.4 1.4 2.8 1.3 19.2 1.4 -2.8 1.4 34.5 1.4 31.3 1.4 37.3 1.4 29.9 1.4 15 16 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 15 16 Corporate equities Mutual fund shares 17 U.S. direct investment abroad 18 19 20 21 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 22 3.3 5.2 1.2 0.1 4.1 -0.5 1.0 -0.3 -4.3 -4.3 17 52.4 -0.8 -0.4 53.6 31.2 0.1 0.6 30.6 24.4 1.0 3.0 20.4 72.7 -0.4 4.1 69.1 -32.5 0.1 7.4 -40.0 19.3 0.6 -3.7 22.4 38.1 3.7 4.2 30.3 59.1 0.2 4.1 54.7 80.6 0.6 5.3 74.7 -2.7 0.4 -2.6 -0.4 18 19 20 21 145.0 203.7 90.4 87.1 74.4 27.3 122.5 124.4 181.6 169.8 117.9 22 23 24 25 Security repurchase agreements Corporate equity issues Other loans and advances -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -9.2 7.8 0.5 -6.6 5.2 0.6 -9.7 6.5 -1.8 -10.7 -2.9 -2.5 -9.6 22.5 0.8 -14.3 7.7 -0.5 -11.8 8.0 1.9 -14.0 13.7 23 24 25 26 27 Life insurance reserves Pension entitlements (2) 13.6 72.1 79.9 85.7 -12.2 80.5 29.8 37.9 11.5 76.6 28.0 25.7 45.8 26.2 33.8 23.1 64.6 66.2 16.5 62.4 39.0 59.4 26 27 28 29 Taxes payable (net) Foreign direct investment in U.S. 2.6 6.3 5.2 -5.4 -4.6 1.4 -2.3 5.1 -0.6 6.4 -6.7 10.4 0.0 6.8 -1.8 -3.3 5.0 5.8 -1.0 13.1 -3.4 15.2 28 29 30 31 32 33 34 Miscellaneous liabilities Investment by parent companies Other reserves (3) Unallocated insurance contracts Other 60.7 22.2 17.1 13.9 7.4 48.0 9.3 14.8 9.9 14.0 27.4 10.3 -1.8 -1.9 20.7 18.8 3.4 0.4 17.1 -2.1 -18.6 0.9 -5.8 -33.1 19.5 -27.3 -0.6 -1.2 6.5 -32.0 59.1 21.2 14.4 43.8 -20.4 62.2 -8.1 -5.7 51.3 24.7 45.8 0.9 15.0 26.9 2.9 82.9 2.3 12.7 38.4 29.5 5.9 -0.3 1.7 18.4 -13.8 30 31 32 33 34 -31.8 -30.3 -38.0 -22.5 -17.7 3.6 -3.8 -72.1 -41.5 -28.5 -18.9 35 35 Net increase in liabilities 1.9 -7.6 -0.0 2.7 -10.2 Discrepancy (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.115.g and F.115.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 33. (3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. 33 Z.1, December 11, 2014 F.116 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 Fixed nonresidential investment 0.1 0.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2 3 Net acquisition of financial assets (2) 524.4 412.7 416.9 457.2 374.5 415.3 472.0 567.1 460.0 506.8 520.9 3 4 5 Checkable deposits and currency Time and savings deposits 2.7 4.7 6.0 4.1 -1.4 -4.5 0.8 7.7 1.7 5.9 4.0 1.6 -1.1 3.7 -1.4 19.6 -0.6 -13.6 4.8 -10.9 -1.3 -14.1 4 5 6 7 Money market fund shares Security repurchase agreements -7.9 0.1 15.5 0.1 -20.6 -0.5 11.0 0.6 21.1 0.4 0.4 0.1 -1.8 0.2 24.5 1.7 -23.4 -1.2 -1.8 -0.9 -24.6 -1.2 6 7 8 Credit market instruments 153.8 113.6 170.0 122.1 54.8 161.5 -328.9 601.0 59.3 329.2 174.4 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 2.5 52.0 8.0 4.5 62.0 17.3 -6.2 75.6 44.5 5.5 61.8 27.0 9.8 55.5 26.8 0.9 38.7 42.8 -0.7 -349.4 18.7 11.8 502.4 19.8 -9.9 47.7 0.8 -13.1 134.9 56.9 -12.7 99.9 4.6 9 10 11 12 13 Corporate and foreign bonds Mortgages 88.2 2.4 35.1 -4.7 56.2 0.5 33.5 -6.0 -31.5 -5.6 83.1 -5.3 8.3 -5.6 74.2 -7.5 14.8 6.7 142.3 8.1 69.3 13.3 12 13 14 15 Corporate equities Mutual fund shares -50.5 21.6 -117.9 -58.1 -68.7 -75.8 -147.3 18.3 -109.6 47.7 -109.6 3.5 -157.7 31.5 -212.4 -9.7 -200.9 10.4 -114.2 11.2 -192.1 70.0 14 15 16 17 18 19 20 21 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Nonmarketable Treasury securities (4) Claims of pension fund on sponsor (5) Other 399.9 13.9 15.4 65.7 275.0 29.9 449.4 9.9 3.0 70.8 320.6 45.1 418.5 -1.9 -12.3 40.4 358.7 33.6 444.1 17.1 -0.6 98.2 295.2 34.1 352.4 -33.1 1.3 172.5 216.8 -5.0 353.7 6.5 0.3 -308.1 611.7 43.3 926.3 43.8 -0.9 -63.5 885.9 61.0 143.8 51.3 -3.0 592.0 -533.6 37.1 630.0 26.9 -0.8 74.9 436.3 92.7 289.4 38.4 1.9 52.6 107.7 88.8 509.8 18.4 3.6 79.9 349.5 58.4 16 17 18 19 20 21 524.3 412.6 417.1 457.4 374.7 415.5 472.2 567.3 460.2 507.1 521.1 22 635.9 352.4 172.0 51.8 59.8 690.0 351.9 60.8 208.0 69.3 582.1 321.8 95.1 101.0 64.3 347.7 311.5 145.7 -141.3 31.8 51.1 300.1 74.3 -384.2 60.8 329.1 304.4 110.8 -110.8 24.6 742.2 313.5 158.5 249.1 21.0 268.5 327.8 239.3 -319.4 20.8 649.7 326.6 133.4 136.0 53.7 657.3 327.3 179.5 102.5 48.0 ND 326.9 194.0 ND ND 23 24 25 26 27 22 Pension entitlements (liabilities) (6) Memo: 23 24 25 26 27 Household retirement assets (7) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (8) Annuities at life insurance companies (9) (1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (5) Unfunded defined benefit pension entitlements. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (8) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts. (9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 26. Flows 2010 34 Z.1, December 11, 2014 F.117 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets (2) 177.9 95.7 114.0 122.2 80.3 131.7 134.4 142.2 125.9 161.3 137.8 3 4 5 Checkable deposits and currency Time and savings deposits 2.1 -0.6 5.6 1.6 -1.7 -3.9 0.1 -0.3 1.1 0.7 1.6 -1.0 -1.3 -1.3 -0.9 0.4 1.0 1.8 3.4 3.0 0.1 -1.2 4 5 6 7 Money market fund shares Security repurchase agreements -10.2 -0.2 16.5 0.0 -17.1 -0.3 2.2 -0.1 15.8 0.0 -2.3 -0.1 -5.9 -0.1 1.1 0.0 -6.1 0.2 11.4 0.3 -8.2 -0.1 6 7 8 Credit market instruments 120.6 73.6 146.6 49.8 28.1 90.5 41.6 38.9 -8.2 78.8 45.6 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities -2.0 31.2 6.5 2.4 27.0 4.3 -4.9 44.4 22.1 -3.4 36.1 15.2 2.5 47.5 14.0 -1.1 52.0 16.6 -7.8 21.9 14.3 -7.1 23.1 16.1 4.1 14.8 -5.3 2.7 18.6 16.3 -0.2 25.5 -6.7 9 10 11 12 13 Corporate and foreign bonds Mortgages 82.1 2.8 44.5 -4.6 83.8 1.2 5.2 -3.4 -32.4 -3.4 26.4 -3.3 16.9 -3.6 10.0 -3.2 -18.8 -2.9 37.6 3.5 23.0 4.0 12 13 22.7 35.0 -60.2 8.3 -18.5 -26.2 0.4 27.7 22.0 45.3 0.6 14.9 -12.4 38.3 -8.4 12.2 16.0 28.0 1.9 22.8 -27.6 46.0 14 15 8.6 -0.3 15.4 -20.7 14.2 50.2 20.7 3.0 -16.8 43.4 35.2 5.0 -12.3 8.4 34.1 42.3 10.8 -0.6 12.1 19.9 -32.7 -10.3 1.3 -5.1 -18.7 27.5 4.4 0.3 -4.7 27.5 75.5 23.4 -0.9 7.0 46.1 98.8 25.8 -3.0 51.2 24.8 93.2 23.2 -0.8 8.2 62.6 39.8 22.3 1.9 -47.1 62.7 83.2 13.6 3.6 31.9 34.1 16 17 18 19 20 177.9 95.6 114.0 122.2 80.4 131.7 134.5 142.3 126.0 161.3 137.8 21 47.5 130.4 46.6 49.0 24.8 89.2 18.8 103.4 12.2 68.1 13.2 118.5 19.0 115.4 30.8 111.4 30.8 95.1 30.8 130.5 30.8 107.0 22 23 14 15 Corporate equities Mutual fund shares 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 21 Pension entitlements (liabilities) (5) Memo: 22 23 Net acquisition of financial assets (6) Defined benefit plans Defined contribution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.117.b and F.117.c. 35 Z.1, December 11, 2014 F.118 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets (1) 244.4 204.0 201.0 225.1 203.3 228.5 228.9 239.7 226.1 241.7 261.5 3 4 5 Checkable deposits and currency Time and savings deposits 0.5 5.4 0.4 2.5 0.3 -0.6 0.7 8.0 0.6 5.2 2.5 2.6 0.1 5.0 -0.5 19.2 -1.7 -15.4 1.5 -13.9 -1.4 -12.9 4 5 6 7 Money market fund shares Security repurchase agreements 2.3 0.3 -1.0 0.1 -3.5 -0.1 8.9 0.7 5.3 0.4 2.8 0.2 4.0 0.3 23.4 1.7 -17.3 -1.3 -13.1 -1.2 -16.4 -1.1 6 7 8 Credit market instruments 22.4 14.4 8.0 62.9 40.7 115.4 10.8 84.7 61.4 241.0 108.2 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 4.5 10.7 0.9 2.1 11.6 12.3 -1.3 19.1 20.9 8.9 13.3 13.5 7.3 17.5 15.0 2.1 27.3 28.2 7.1 8.1 6.3 18.9 0.1 4.5 -14.0 20.8 9.0 -15.8 108.0 39.9 -12.5 53.2 11.4 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 0.8 5.9 -0.4 -0.7 -10.9 -0.1 -0.7 -29.3 -0.7 0.2 29.6 -2.6 -0.3 3.2 -2.2 1.2 58.5 -1.9 -0.3 -8.4 -2.0 0.3 65.1 -4.2 -0.8 36.7 9.6 0.0 104.3 4.6 0.1 46.7 9.3 12 13 14 15 16 Corporate equities Mutual fund shares -78.6 -13.4 -53.5 -66.3 -46.0 -49.6 -156.9 -9.4 -147.9 2.4 -119.6 -11.4 -136.1 -6.8 -223.9 -21.9 -224.1 -17.6 -115.7 -11.5 -170.8 23.9 15 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 305.4 14.2 275.5 15.7 307.6 -10.7 316.6 1.7 292.6 -6.9 300.1 -0.6 310.4 6.3 289.9 14.1 296.7 -22.9 305.9 13.6 236.1 2.1 218.3 15.7 351.5 20.4 316.2 14.9 357.1 25.5 319.3 12.3 442.1 3.8 408.2 30.1 154.8 16.1 112.7 26.1 331.9 4.8 302.9 24.3 17 18 19 20 244.3 204.0 201.1 225.3 203.5 228.7 229.1 239.9 226.3 241.9 261.7 21 220.7 23.6 215.2 -11.2 208.3 -7.4 202.8 22.3 201.5 1.9 202.6 25.9 203.9 25.0 203.1 36.6 203.1 23.0 203.1 38.6 203.1 58.4 22 23 21 22 23 Pension entitlements (liabilities) (4) Net acquisition of financial assets (5) Defined benefit plans Defined contibution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.118.b and F.118.c. F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net acquisition of financial assets (1) Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 Pension entitlements (liabilities) (5) 102.1 113.0 102.0 109.9 90.8 55.1 108.7 185.2 108.0 103.8 121.6 1 10.9 25.6 15.4 9.4 -14.0 -44.3 -381.4 477.4 6.1 9.4 20.6 2 10.1 0.6 0.2 23.4 0.7 1.4 12.1 1.5 1.7 12.4 -1.7 -1.3 -9.5 -2.2 -2.3 -40.6 -1.9 -1.8 -379.4 -1.8 -0.2 479.1 -0.8 -0.9 12.1 -2.9 -3.1 8.3 0.7 0.4 21.1 -0.1 -0.4 3 4 5 5.4 -4.2 -4.1 9.1 16.3 9.3 -9.2 20.0 7.2 -0.3 6.3 6 85.9 65.7 20.2 91.6 70.8 20.8 90.7 40.4 50.3 91.4 98.2 -6.8 88.5 172.5 -84.0 90.1 -308.1 398.2 499.2 -63.5 562.7 -312.1 592.0 -904.1 94.7 74.9 19.8 94.7 52.6 42.1 94.7 79.9 14.7 7 8 9 102.1 113.0 102.0 109.9 90.8 55.1 108.7 185.2 108.0 103.8 121.6 10 84.2 18.0 90.0 23.0 88.6 13.3 89.9 20.0 86.5 4.3 88.7 -33.6 90.6 18.0 93.9 91.3 92.7 15.3 93.4 10.4 93.0 28.6 11 12 Memo: 11 12 Net acquisition of financial assets (6) Defined benefit plans Defined contibution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c. Flows 2010 36 Z.1, December 11, 2014 F.120 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Net acquisition of financial assets -503.2 -112.8 7.1 28.7 -133.4 81.9 263.6 -97.5 -85.2 -143.8 39.6 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 8.7 -3.7 -107.7 -0.6 -62.9 5.8 -56.3 11.1 0.4 -3.6 32.8 54.2 -9.6 -3.2 59.4 -51.7 21.9 22.8 10.3 -168.7 -46.8 41.3 90.1 -120.0 -3.2 -74.8 177.6 66.1 -10.3 -2.1 -40.4 15.7 -57.3 54.3 40.4 196.2 29.0 -14.4 99.3 167.8 -13.7 -93.6 55.4 -34.4 2 3 4 5 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -396.6 -116.3 -71.0 -140.2 -53.4 -15.7 -9.8 -40.0 107.9 0.9 -29.4 -49.1 -82.7 -13.3 14.5 -60.2 -20.6 -3.0 30.9 11.3 30.4 17.6 -28.3 0.0 41.3 38.4 46.6 16.2 -63.4 3.5 134.8 105.8 5.1 57.5 15.5 -49.0 116.6 -5.7 114.3 20.5 -6.1 -6.4 -169.0 -93.3 -44.5 -23.9 -59.2 52.0 -256.7 4.8 -151.1 -43.4 -13.9 -53.2 -354.0 21.5 -235.4 -19.6 -31.0 -89.5 150.3 -46.0 128.8 49.8 -1.1 18.8 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Miscellaneous assets Net share issues (liabilities) -3.4 -0.8 6.1 2.8 -60.9 -17.5 -18.7 108.5 -62.2 -71.6 -24.4 12 -503.2 -112.8 7.1 28.7 -133.4 81.9 263.6 -97.5 -85.2 -143.8 39.6 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.121 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -24.9 -35.7 -39.8 -41.3 -42.1 -37.4 -43.5 -42.0 -16.5 -18.1 -10.9 1 2 Net acquisition of financial assets 370.1 338.4 624.9 638.7 970.8 492.1 674.1 417.8 696.2 648.0 507.6 2 3 Security repurchase agreements -15.8 -28.8 54.1 92.9 180.7 80.9 103.1 6.9 104.7 168.6 -107.7 3 4 5 6 7 8 9 10 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 353.6 -13.9 121.3 78.0 46.7 122.3 -0.8 359.4 -26.3 75.0 105.8 15.7 170.3 18.9 642.0 27.6 121.2 88.8 86.2 306.0 12.2 363.9 27.7 56.5 -25.5 -13.5 279.3 39.4 690.1 -38.3 225.5 6.6 76.8 388.7 30.8 239.2 14.2 -2.7 -27.2 -22.5 207.5 69.9 231.1 67.3 -17.3 -81.3 -80.9 315.2 28.0 295.2 67.5 20.4 -0.1 -27.3 205.9 28.8 329.7 -106.3 140.5 -57.1 17.3 274.9 60.3 494.8 68.7 79.0 -140.2 48.7 453.3 -14.6 491.0 19.7 72.7 90.0 60.0 206.2 42.5 4 5 6 7 8 9 10 11 12 Corporate equities Miscellaneous assets 44.3 -12.0 4.9 2.9 -38.1 -33.1 162.8 19.1 55.1 44.9 168.6 3.4 210.5 129.5 217.1 -101.4 131.1 130.7 71.4 -86.9 124.2 0.0 11 12 13 Net share issues (liabilities) 370.1 338.4 624.9 638.7 970.8 492.1 674.1 417.8 696.2 648.0 507.6 13 14 Discrepancy -24.9 -35.7 -39.8 -41.3 -42.1 -37.4 -43.5 -42.0 -16.5 -18.1 -10.9 14 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.122 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 2 3 4 5 6 7 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 0.5 -2.9 2.6 -2.6 17.8 13.4 -17.4 -24.0 6.4 9.3 -10.0 1 5.2 0.7 0.4 4.1 -4.7 -1.7 -0.3 0.9 -2.3 -1.2 11.2 0.3 3.4 7.5 -8.5 13.6 0.6 -1.6 14.6 -16.1 30.6 2.1 1.9 26.6 -12.8 23.8 0.5 -0.6 23.9 -10.4 -1.8 -0.2 -5.5 3.9 -15.6 1.7 -0.0 -2.2 3.9 -25.7 1.1 0.3 3.6 -2.8 5.3 2.8 0.3 2.5 -0.1 6.5 -10.6 -0.5 -6.3 -3.8 0.6 2 3 4 5 6 0.5 -2.9 2.6 -2.6 17.8 13.4 -17.4 -24.0 6.4 9.3 -10.0 7 118.0 117.6 185.2 179.0 207.7 60.2 214.4 233.9 57.3 229.6 192.8 8 29.7 9.2 1.7 18.7 88.3 46.1 11.4 1.0 33.6 71.6 52.3 1.2 3.6 47.6 132.9 12.2 -6.5 -0.8 19.5 166.8 28.1 -2.9 2.9 28.2 179.6 13.1 4.8 -1.8 10.1 47.1 17.3 -0.7 -4.0 22.0 197.1 -9.7 -27.0 -0.3 17.5 243.6 43.8 8.7 1.5 33.6 13.5 48.2 15.0 3.1 30.2 181.4 24.4 5.3 3.3 15.8 168.4 9 10 11 12 13 118.0 117.6 185.2 179.0 207.7 60.2 214.4 233.9 57.3 229.6 192.8 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 37 Z.1, December 11, 2014 F.123 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Q2 Q3 Q4 2014 Q2 Q1 Q3 10.5 8.8 8.4 8.5 9.4 7.8 8.9 7.8 5.3 5.8 6.0 1 3.7 3.4 3.5 3.8 3.8 3.8 3.8 3.9 3.9 4.0 4.1 2 Net acquisition of financial assets -274.1 -205.7 -176.0 104.4 171.0 -57.0 224.4 79.4 -477.0 135.1 249.7 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security repos -36.0 0.3 20.7 9.3 -12.7 -38.9 -20.1 -9.1 38.6 29.0 1.1 1.5 46.1 -2.7 171.1 -49.5 4.8 -169.3 102.5 10.8 -71.4 17.0 -8.5 75.5 -144.7 10.3 -100.1 15.6 -8.1 28.2 159.9 -1.9 -93.5 4 5 6 7 Credit market instruments -288.4 -163.2 -189.4 59.8 -104.9 157.8 186.0 0.3 -188.3 102.1 193.8 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 0.2 45.9 -85.1 -3.4 17.6 -18.1 -3.1 -31.2 -48.3 1.0 -9.9 -22.7 3.1 22.3 -39.9 0.5 3.6 -32.5 3.0 28.5 8.7 -2.5 -94.1 -27.2 1.3 24.4 -17.2 3.6 -2.8 8.1 1.2 2.1 18.9 8 9 10 11 12 Municipal securities Corporate and foreign bonds -4.2 -29.6 -3.9 -30.8 -4.1 -50.0 -3.5 -59.4 -2.6 -22.9 -5.9 -45.2 -4.1 -118.3 -1.4 -51.2 -3.0 -24.8 -2.1 -42.9 -3.0 -31.8 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans -144.7 0.0 7.2 -151.9 -64.2 0.0 -3.5 -60.7 18.6 0.0 8.3 10.3 81.9 0.0 2.9 79.0 27.9 0.0 -18.5 46.4 127.2 0.0 11.4 115.8 61.4 0.0 2.8 58.6 110.9 0.0 15.9 95.1 11.6 0.0 -4.4 16.0 157.7 0.0 13.5 144.2 92.1 0.0 12.9 79.2 13 14 15 16 17 18 19 20 21 22 23 24 25 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) -71.0 -76.4 -192.7 116.3 2.0 25.3 -23.3 3.4 0.0 -60.5 -66.5 -72.5 5.9 2.8 24.5 -21.7 3.3 0.0 -71.4 -82.5 -44.9 -37.6 6.2 27.5 -21.3 4.9 0.0 72.5 87.1 148.0 -60.9 -21.9 18.9 -40.8 7.4 0.0 -92.7 -85.6 62.9 -148.5 -14.1 26.2 -40.3 7.0 0.0 110.2 117.9 160.5 -42.6 -15.4 21.2 -36.6 7.7 0.0 206.7 224.6 238.3 -13.7 -25.1 10.6 -35.7 7.2 0.0 65.8 91.4 130.1 -38.8 -33.2 17.5 -50.7 7.6 0.0 -180.6 -164.7 -66.0 -98.7 -18.5 10.3 -28.7 2.5 0.0 -19.6 -3.6 23.8 -27.4 -18.4 8.9 -27.2 2.4 0.0 114.2 103.3 61.6 41.7 8.6 25.7 -17.1 2.3 0.0 17 18 19 20 21 22 23 24 25 29.3 -0.1 4.1 13.1 61.3 -0.8 -3.5 -4.8 -54.1 -2.7 -8.6 26 -237.8 -208.1 -146.6 100.5 35.1 132.9 34.5 199.5 -375.1 156.1 152.1 27 26 27 Miscellaneous assets Net increase in liabilities 28 Federal funds and security repos 0.1 -0.9 -0.4 0.0 0.9 -0.8 -0.1 0.0 0.1 -0.1 0.0 28 29 Credit market instruments -233.8 -187.2 -154.6 107.5 43.1 136.7 40.2 210.1 -355.5 156.9 142.5 29 30 31 32 33 GSE issues (4) Consolidated trusts (2) Other U.S. government loans -233.8 -167.4 -66.4 0.0 -187.2 -48.0 -139.2 0.0 -154.6 -17.4 -137.2 0.0 107.5 166.8 -59.3 0.0 43.1 89.1 -45.9 0.0 136.7 181.7 -45.0 0.0 40.2 248.9 -208.7 0.0 210.1 147.6 62.5 0.0 -355.5 -55.7 -299.8 0.0 156.9 32.7 124.2 0.0 142.5 87.3 55.2 0.0 30 31 32 33 38.1 29.2 14.5 2.4 7.8 -10.7 3.3 9.2 -5.9 0.0 2.8 34 -42.2 -49.2 -6.1 -9.4 -16.7 7.7 -8.9 -19.8 -13.8 -0.7 6.8 35 43.0 3.0 34.3 0.7 -130.3 193.9 -184.9 124.0 103.2 22.7 -95.7 36 34 Corporate equities 35 Miscellaneous liabilities 36 Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.124) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. F.124 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 186.9 165.3 132.2 132.4 120.9 110.1 154.4 144.1 77.4 27.8 83.4 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 175.8 11.3 0.0 -0.2 148.0 19.4 0.0 -2.1 105.0 27.0 0.0 0.3 98.8 33.7 0.0 -0.2 92.0 29.1 0.0 -0.2 72.6 37.7 0.0 -0.1 119.7 34.8 0.0 -0.1 111.1 33.2 0.0 -0.2 57.9 19.7 0.0 -0.1 5.6 22.3 0.0 -0.1 61.1 22.5 0.0 -0.1 2 3 4 5 186.9 165.3 132.2 132.4 120.9 110.1 154.4 144.1 77.4 27.8 83.4 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.123). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as agency- and GSE-backed securities. Flows 2010 38 Z.1, December 11, 2014 F.125 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets -413.7 -174.2 -145.1 -235.3 -143.5 -663.5 -73.2 -61.2 -164.3 -62.0 -26.7 3 -13.8 -96.0 -38.9 -213.4 -160.9 -8.6 -43.9 -10.9 -3.3 -5.4 -146.2 -120.9 -7.7 -17.6 -5.8 -0.0 -0.6 -136.0 -106.7 -9.6 -19.7 1.0 -0.2 -11.5 -218.3 -83.7 -5.9 -128.8 -11.3 -0.6 -43.6 -90.0 -71.4 -13.8 -4.8 2.6 -0.3 -12.8 -628.9 -96.4 -11.1 -521.4 6.8 -0.1 14.1 -85.2 -87.4 -1.7 3.9 5.7 0.2 -3.6 -69.3 -79.4 3.0 7.2 2.5 0.0 18.0 -176.4 -65.2 -2.9 -108.2 -3.2 0.3 -16.5 -37.4 -77.1 -0.0 39.8 1.4 0.3 11.1 -29.5 -74.1 -0.9 45.5 4 5 6 7 8 9 10 -42.3 -9.5 -4.1 -4.2 3.8 -6.4 -0.8 -5.4 6.2 -4.2 -8.5 -15.6 -2.4 -6.4 1.4 4.4 -2.7 -5.7 -3.6 -1.6 1.6 -11.6 11 12 4 5 6 7 8 9 10 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances Mortgages (2) Home Multifamily residential Commercial 11 12 Consumer credit Trade credit 13 Net increase in liabilities -414.0 -174.2 -145.1 -235.3 -143.5 -663.5 -73.2 -61.2 -164.3 -62.0 -26.7 13 14 15 Commercial paper Corporate bonds (net) (3) -40.3 -373.7 -24.1 -150.1 -9.0 -136.0 -7.1 -228.3 4.1 -147.6 -4.7 -658.8 -3.4 -69.8 -24.4 -36.7 -32.0 -132.3 24.1 -86.2 -15.5 -11.2 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 16 -0.2 -0.5 0.0 -3.8 0.0 1.3 0.0 139.6 0.0 1.3 0.0 521.9 0.0 2.8 0.0 32.3 0.0 81.6 0.0 -23.5 0.0 -5.5 17 18 16 17 18 Discrepancy Memo: Securitized assets not included above Consumer leases (4) REIT assets (5) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Net issuance less net acquisition of corporate bonds held as assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (5) Included in table F.127. F.126 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 69.9 102.6 107.4 91.6 114.3 11.6 163.1 77.4 80.3 75.8 75.5 1 2 Fixed nonresidential investment 39.6 51.2 64.2 69.5 68.3 68.5 69.4 71.6 71.6 73.7 75.7 2 3 Net acquisition of financial assets -212.8 -17.8 -69.6 -20.4 -35.4 16.3 -44.3 -18.2 -5.2 29.4 -35.7 3 4 5 6 7 8 9 10 Checkable deposits and currency Time and savings deposits Credit market instruments Corporate and foreign bonds Other loans and advances Mortgages Consumer credit -1.7 -5.2 -102.6 -19.8 -15.2 -54.2 -13.4 5.1 15.4 -44.4 0.9 3.0 -30.9 -17.4 -3.8 -11.5 -28.6 -6.3 11.2 -25.7 -7.8 4.2 12.7 -19.0 -10.8 14.4 -21.9 -0.6 9.3 28.0 -17.8 -14.8 26.5 -23.7 -5.7 -0.7 -2.0 14.5 -19.7 28.5 -10.9 16.6 16.7 50.1 -15.3 -0.4 10.7 -26.1 0.6 -8.5 -25.4 -57.3 -8.1 -8.2 -26.9 -14.1 3.2 9.7 -2.0 15.6 2.6 -13.0 -7.1 -2.2 -6.6 19.9 2.5 24.8 -18.0 10.7 -4.8 -14.5 -4.8 -10.1 7.0 -10.1 8.4 4 5 6 7 8 9 10 11 12 U.S. direct investment abroad Miscellaneous assets 6.8 -110.1 12.0 -5.9 7.7 -33.4 4.0 -22.3 11.8 -66.7 0.5 4.0 10.5 -106.3 -6.6 79.6 28.5 -44.8 4.3 13.9 12.2 -23.8 11 12 -233.1 -26.0 -82.1 -21.6 -49.6 7.9 -53.9 9.2 -32.9 22.3 -51.0 13 -174.9 1.7 -111.7 -64.9 0.0 -13.5 10.0 -39.4 15.9 0.0 -56.7 8.2 -81.4 16.4 0.0 4.2 -10.3 4.4 10.1 0.0 -28.5 -25.0 -19.9 16.5 0.0 4.2 8.4 -14.0 9.8 0.0 41.3 20.3 24.4 -3.4 0.0 -0.2 -45.0 27.1 17.7 0.0 -24.5 -16.2 -10.2 1.9 0.0 11.6 3.4 38.2 -30.0 0.0 46.5 20.0 1.4 25.2 0.0 14 15 16 17 18 0.3 13.2 0.5 6.1 0.2 -0.8 0.1 0.5 0.8 1.7 -0.6 2.7 0.9 1.1 -0.9 -3.4 0.1 1.6 0.1 1.5 0.9 3.6 19 20 -71.7 -12.8 -58.8 -19.1 -12.0 -7.1 -24.7 -0.9 -23.8 -26.4 -1.0 -25.3 -23.6 -9.5 -14.1 1.6 8.8 -7.2 -97.2 1.5 -98.7 13.6 -5.0 18.6 -10.1 21.0 -31.1 9.1 -7.8 16.9 -102.0 -10.1 -91.9 21 22 23 9.9 43.2 30.6 20.9 31.8 -65.4 84.1 33.2 -18.9 -4.9 -15.5 24 -16.5 7.9 24.3 23.3 23.1 29.4 26.9 13.8 19.2 22.1 26.7 25 13 Net increase in liabilities 14 15 16 17 18 Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 19 20 Taxes payable Foreign direct investment in U.S. 21 22 23 Miscellaneous liabilities Investment by parent Other 24 Discrepancy Memo: 25 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table F.125. 39 Z.1, December 11, 2014 F.127 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency -5.7 2.5 7.7 -1.3 22.3 -13.5 9.7 -23.5 -4.6 18.5 -0.5 5 6 Credit market instruments 44.1 120.2 127.6 39.2 -39.2 468.8 -79.6 -193.5 64.7 35.3 -11.2 6 Agency- and GSE-backed securities Corporate and foreign bonds 38.2 7.2 104.7 3.8 109.5 9.5 -95.6 -0.2 -46.7 13.0 -73.4 -0.4 -82.7 1.1 -179.7 -14.6 -35.4 6.0 44.1 -2.7 -21.4 -1.1 7 8 Mortgages Home Multifamily residential Commercial -1.3 0.2 -0.3 -1.2 11.7 11.0 -0.2 0.9 8.6 6.9 0.1 1.5 135.0 -3.3 0.5 137.7 -5.5 0.8 1.1 -7.3 542.6 18.3 2.6 521.6 2.0 0.0 -0.4 2.4 0.7 -32.3 -1.2 34.2 94.0 9.1 -0.8 85.8 -6.1 6.8 0.2 -13.1 11.2 28.7 4.3 -21.9 9 10 11 12 1.3 8.5 25.8 12.2 21.9 39.1 -54.4 42.2 39.3 44.8 6.2 13 62.3 168.0 211.0 136.4 50.4 576.3 -76.0 -5.3 131.8 150.8 29.4 14 29.9 97.7 102.4 -66.6 5.8 -48.9 -84.1 -139.3 -53.2 36.8 -1.8 15 0.1 25.6 35.5 178.4 8.0 550.3 38.5 116.8 140.1 49.4 1.0 16 0.0 1.0 0.0 7.6 0.0 26.7 0.0 173.6 0.0 10.9 0.0 537.3 0.0 35.1 0.0 111.0 0.0 115.5 0.0 55.1 0.0 -1.0 17 18 -1.8 0.8 4.6 13.5 4.0 4.8 -2.9 7.8 -23.5 20.6 8.3 4.6 17.8 -14.3 -14.4 20.2 12.0 12.6 -12.2 6.5 2.3 -0.3 19 20 28.2 4.1 37.5 7.1 47.6 25.4 46.2 -21.7 64.2 -27.6 63.1 11.8 24.9 -55.5 32.6 -15.4 18.9 26.1 46.9 17.7 30.4 -0.2 21 22 8.1 18.2 28.4 57.4 -16.6 61.2 54.3 130.7 20.2 18.9 15.9 23 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 139.6 0.0 4.0 0.0 135.6 1.3 0.0 1.7 0.1 -0.6 521.9 0.0 8.2 -0.0 513.7 2.8 0.0 0.5 -0.0 2.3 32.3 0.0 5.7 -0.1 26.8 81.6 0.0 1.4 -0.2 80.3 -23.5 0.0 -1.6 0.3 -22.3 -5.5 0.0 3.7 -0.1 -9.1 24 25 26 27 28 7 8 9 10 11 12 13 14 Miscellaneous assets Net increase in liabilities 15 Security repurchase agreements 16 Credit market instruments 17 18 Open market paper Corporate bonds 19 20 Depository institution loans n.e.c. Mortgages 21 22 23 24 25 26 27 28 Corporate equity issues Miscellaneous liabilities Discrepancy Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages -4.8 -7.3 -10.4 -7.4 -9.3 -11.9 6.2 -14.7 -8.9 -6.1 -6.1 1 5.8 4.0 4.9 6.5 6.2 5.3 6.9 14.7 6.6 46.3 6.8 2.3 7.0 -6.6 7.2 17.0 7.3 -3.6 7.5 19.7 7.6 5.4 2 3 39.7 131.2 161.0 50.1 5.0 494.3 -124.3 -174.8 99.3 98.6 -5.6 4 (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.127.e and F.127.m. Flows 2010 40 Z.1, December 11, 2014 F.128 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Gross saving 25.8 6.3 23.2 14.4 11.5 3.5 29.9 12.5 23.1 26.2 28.8 1 2 Fixed nonresidential investment 17.9 16.1 13.0 13.5 13.4 13.3 13.6 13.9 13.9 14.2 14.4 2 3 Net acquisition of financial assets 234.4 29.1 173.7 -298.1 -228.4 -138.5 -344.0 -481.6 219.9 -97.2 -196.1 3 4 5 Checkable deposits and currency Security repurchase agreements 6.2 243.4 14.9 154.6 16.3 55.1 -16.5 -317.2 -66.2 -478.6 40.5 -158.4 -19.8 -260.2 -20.3 -371.7 2.0 -201.3 8.9 -152.3 9.1 -48.5 4 5 6 Credit market instruments 32.2 5.7 89.1 -175.4 -147.0 -289.4 -40.6 -224.6 -57.5 -29.4 -145.1 6 -5.3 -28.5 38.9 4.6 35.2 -12.7 5.9 89.1 -2.1 -9.1 -85.0 6.9 -12.2 63.0 21.9 -4.3 35.5 -14.8 -1.3 -110.5 -55.4 -8.0 -11.1 10.9 0.1 -124.3 -62.8 17.7 31.9 -9.5 -2.2 -94.3 -112.3 -48.1 -52.8 20.2 6.2 33.4 -80.7 -3.0 -2.8 6.3 -9.2 -256.8 34.0 1.5 -20.6 26.5 22.8 -63.7 -3.3 -7.1 -3.4 -2.7 -7.8 -58.8 3.4 5.3 28.7 -0.3 -46.1 -64.7 -30.0 -8.0 15.3 -11.7 7 8 9 10 11 12 -18.5 75.2 -5.0 -39.3 9.7 64.9 18.6 35.4 -78.0 16.4 16.5 -21.2 -5.5 44.6 141.5 101.9 -85.1 -74.3 32.5 222.1 52.8 56.4 13 14 8.7 -112.9 4.9 -106.6 6.7 -68.1 9.2 147.7 16.3 508.8 7.0 266.5 8.5 -71.0 5.2 -113.5 9.0 627.1 16.0 -194.9 11.7 -132.4 15 16 220.4 69.4 120.5 -329.1 -296.7 -174.3 -351.7 -493.8 206.8 -88.1 -197.7 17 195.9 70.5 131.2 -439.3 -492.9 -334.6 -364.5 -565.3 -235.7 -123.6 -289.8 18 36.9 -37.9 -1.7 22.2 -4.2 55.8 -27.8 65.1 38.5 -34.5 42.0 19 36.9 0.0 -37.9 0.0 -1.7 0.0 22.2 0.0 -4.2 0.0 55.8 0.0 -27.8 0.0 65.1 0.0 38.5 0.0 -34.5 0.0 42.0 0.0 20 21 -11.1 -52.0 14.1 -3.8 -50.7 -0.0 -31.0 0.3 -45.4 4.6 -41.6 1.0 0.3 -9.3 -37.1 4.9 -7.1 1.0 -0.1 12.0 -0.6 8.4 22 23 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 13 14 Corporate equities Security credit 15 16 U.S. direct investment abroad Miscellaneous assets 17 Net increase in liabilities 18 Security repurchase agreements 19 Credit market instruments 20 21 Corporate bonds Depository institution loans n.e.c. (1) 22 23 Corporate equity issues Trade payables 24 25 26 27 Security credit From households From U.S.-chartered depository institutions From foreign banking offices in U.S. 29.8 23.5 3.2 3.1 31.9 0.9 12.2 18.8 32.8 42.0 -1.9 -7.3 68.9 58.5 7.9 2.5 -26.2 -53.9 11.7 16.0 193.5 202.0 15.6 -24.0 0.2 -10.1 8.3 2.0 108.1 95.9 -3.9 16.0 221.9 202.8 21.9 -2.9 11.3 6.6 10.6 -5.9 108.3 99.2 -3.4 12.5 24 25 26 27 28 29 Taxes payable Foreign direct investment in U.S. -2.1 13.2 -1.1 18.2 0.5 9.4 0.6 11.6 5.4 7.0 0.1 6.2 0.6 2.3 -3.5 31.0 3.2 8.8 2.5 0.0 1.1 0.2 28 29 30 31 32 Miscellaneous liabilities Investment by parent companies Other 9.0 -51.2 60.2 -19.4 40.4 -59.8 -7.7 71.3 -79.0 41.3 72.6 -31.3 260.5 36.0 224.5 -55.7 50.5 -106.2 62.2 -118.7 180.8 -101.8 322.7 -424.5 173.2 45.3 127.9 45.6 124.0 -78.4 -74.5 -148.8 74.3 30 31 32 33 Proprietors’ net investment 0.9 -2.9 6.7 -3.9 -5.4 0.9 -15.8 4.8 3.0 -1.2 7.1 33 -6.0 30.5 -43.0 -30.2 -70.2 -45.6 8.5 -13.5 -3.8 21.1 12.7 34 34 Discrepancy (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 41 Z.1, December 11, 2014 F.129 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Gross saving 94.6 130.8 162.5 146.8 120.6 166.3 153.8 146.5 147.4 187.2 174.8 1 2 Fixed nonresidential investment 31.9 37.0 41.6 43.2 42.9 42.6 43.4 44.1 44.2 45.0 45.6 2 3 Net acquisition of financial assets -4.6 44.6 -75.5 311.7 359.7 -128.3 690.9 324.5 173.7 277.1 -108.3 3 4 5 Time and savings deposits Federal funds and security repos -1.3 2.1 2.4 0.2 -0.3 -49.3 1.5 -2.8 -14.5 -1.5 7.6 -12.5 -0.4 11.0 13.1 -8.3 6.5 -0.4 -24.5 7.7 38.2 -5.4 4 5 6 Credit market instruments 22.1 3.1 -50.1 56.2 16.5 51.2 184.6 -27.6 -25.4 -8.1 36.3 6 13.8 -3.2 7.3 4.3 7.1 12.0 -20.1 4.0 -30.6 -24.3 -11.9 16.7 8.5 13.5 37.0 -2.8 5.1 12.3 -3.5 2.6 37.1 -4.2 -0.7 19.0 -6.5 32.4 154.0 4.7 -1.9 13.5 -1.7 -37.5 -0.4 -7.4 -6.9 -10.7 20.9 1.2 5.4 -35.6 8.7 3.0 25.7 -1.1 7 8 9 10 3.8 2.4 7.3 5.1 5.0 1.1 4.5 9.6 4.7 5.3 0.0 11 -31.2 33.4 0.0 22.2 -39.5 -24.3 10.6 -33.6 36.5 76.1 0.0 9.3 -20.3 -13.0 30.6 -46.2 16.9 101.2 -6.8 10.3 -3.5 52.3 -51.5 -85.0 251.8 59.3 -6.0 3.4 -15.8 57.1 -17.0 170.8 354.2 110.7 -24.6 0.9 -65.6 -24.6 89.8 267.7 -175.7 -100.8 0.0 -0.6 4.1 72.3 -146.0 -4.8 491.1 70.2 0.8 21.2 0.7 -157.1 106.5 448.9 337.6 157.1 -0.3 -8.1 -2.3 338.0 -118.2 -28.5 188.2 165.5 -2.2 0.9 9.8 33.0 -7.7 -11.1 296.8 206.4 1.9 2.3 -3.6 61.6 19.5 8.6 -177.4 117.2 -0.2 -0.3 -4.7 -158.0 -27.6 -103.8 12 13 14 15 16 17 18 19 -64.9 -49.3 -199.0 205.4 279.4 -253.7 578.5 217.6 67.9 131.2 -241.3 20 0.2 0.4 -1.2 -0.0 -0.1 -0.0 0.0 0.0 -0.0 0.0 0.0 21 -16.5 -16.5 -99.9 0.5 -24.5 -149.7 -27.5 203.8 12.9 4.0 -45.0 22 3.9 -46.5 26.1 11.1 -91.6 64.0 6.2 14.1 -120.2 -19.9 6.7 13.8 5.2 -46.0 16.3 -28.7 -138.4 17.5 -4.8 67.2 -89.9 -51.3 143.9 111.2 -27.5 48.1 -7.7 6.5 87.3 -89.9 -37.7 -14.2 6.9 23 24 25 7 8 9 10 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances 11 Life insurance reserves 12 13 14 15 16 17 18 19 Miscellaneous assets Net trans. with depository institution subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other 20 Net increase in liabilities 21 Federal funds and security repos 22 Credit market instruments 23 24 25 Commercial paper Corporate bonds Depository institution loans n.e.c. 26 Corporate equity issues 19.8 2.9 0.6 -17.1 -7.0 -21.4 -27.5 -12.5 -2.7 30.3 -1.3 26 27 28 29 Miscellaneous liabilities Equity, etc. Other -68.5 -22.4 -46.1 -36.2 6.9 -43.1 -98.6 -29.1 -69.5 222.0 -0.1 222.1 311.0 57.8 253.2 -82.6 -111.5 28.9 633.4 14.3 619.1 26.3 38.9 -12.7 57.7 66.9 -9.2 97.0 97.4 -0.5 -195.0 -95.7 -99.3 27 28 29 2.3 -0.2 -2.6 -2.7 -2.6 -1.7 -2.0 -4.5 -2.6 -3.7 -3.8 30 30 Discrepancy (1) Parent-only bank holding companies and savings and loan holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. Flows 2010 42 Z.1, December 11, 2014 F.130 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Net acquisition of financial assets -166.0 -161.5 -60.9 -57.2 39.2 -146.1 55.4 -177.2 109.2 -97.5 33.1 1 2 3 Money market fund shares Security repurchase agreements -148.0 0.0 -89.2 0.0 -18.2 0.0 -62.9 -0.1 -194.7 -0.5 -18.6 0.0 96.4 0.0 -134.7 0.0 -85.6 0.0 -190.6 0.0 11.7 0.0 2 3 4 Credit market instruments 39.1 -65.6 -49.8 -7.1 106.0 -102.3 14.2 -46.4 181.0 43.0 -15.9 4 50.4 -9.8 -1.5 -6.3 -57.3 -2.0 -7.1 -36.2 -6.5 -13.7 8.9 -2.3 84.0 21.9 0.1 -127.3 29.4 -4.4 24.4 -4.4 -5.8 -35.8 -11.5 0.8 130.0 48.0 3.0 66.2 -18.1 -5.1 -14.7 -5.2 4.0 5 6 7 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 -58.4 -31.5 -26.9 19.6 -33.7 53.4 7.2 -11.8 19.0 13.0 -2.5 15.5 128.3 67.7 60.6 -25.2 -3.4 -21.8 -55.2 -93.6 38.4 4.0 19.2 -15.3 13.8 1.5 12.4 50.2 -12.2 62.4 37.3 28.1 9.2 9 10 11 -166.0 -161.5 -60.9 -57.2 39.2 -146.1 55.4 -177.2 109.2 -97.5 33.1 12 -65.3 -52.4 -23.9 27.0 66.9 8.1 -17.8 50.8 -7.2 74.6 78.5 13 -47.4 -3.2 -21.9 7.2 -72.7 71.6 -51.9 0.7 -30.9 35.3 -21.5 -6.8 16.2 11.4 0.0 -0.7 31.1 37.9 0.0 -2.2 30.7 -22.2 0.0 -0.4 -79.3 61.5 0.0 0.0 82.3 -31.4 0.0 0.0 -2.4 -4.8 0.0 0.0 6.5 68.2 0.0 0.0 86.8 -8.3 0.0 0.0 14 15 16 17 3.5 0.6 -18.4 0.6 -8.6 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 18 19 -104.8 -123.5 7.9 10.8 -91.4 -74.6 1.4 -18.1 -29.0 -79.2 0.1 50.2 -84.8 94.0 0.0 -178.8 -28.3 236.2 0.0 -264.4 -154.8 298.3 0.0 -453.1 72.6 -43.6 0.0 116.3 -228.6 -114.8 0.0 -113.8 115.8 479.9 0.0 -364.2 -172.7 -189.5 0.0 16.8 -45.9 -43.2 0.0 -2.8 20 21 22 23 5 6 7 8 9 10 11 12 13 14 15 16 17 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) 18 19 Corporate equities (5) Foreign direct investment in U.S. 20 21 22 23 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. 43 Z.1, December 11, 2014 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 Q3 Q4 2014 Q2 Q1 Q3 1.8 15.9 4.5 -3.1 3.5 -0.8 -4.0 -11.1 -3.8 3.1 -9.1 1 2 Federal government: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 1.8 0.0 1.3 0.5 15.9 -1.8 18.1 -0.5 4.5 0.0 4.0 0.4 -3.1 0.0 -3.4 0.3 3.5 0.0 3.0 0.5 -0.8 0.0 -1.1 0.4 -4.0 0.0 -4.3 0.3 -11.1 0.0 -11.3 0.2 -3.8 0.0 -4.2 0.3 3.1 0.0 2.8 0.2 -9.1 -0.0 -9.2 0.1 3 4 5 6 1.8 15.9 4.5 -3.1 3.5 -0.8 -4.0 -11.1 -3.8 3.1 -9.1 7 7 Net change in liabilities Q2 Net change in assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 1.6 0.0 0.0 1.3 0.3 16.2 0.0 -1.8 18.2 -0.2 4.3 0.0 0.0 4.0 0.2 -3.3 0.0 0.0 -3.4 0.2 3.3 0.0 0.0 3.1 0.2 -1.0 0.0 0.0 -1.2 0.2 -4.2 0.0 0.0 -4.3 0.1 -11.2 0.0 0.0 -11.3 0.1 -4.0 0.0 0.0 -4.2 0.2 3.0 0.0 0.0 2.9 0.1 -9.6 0.0 -0.0 -9.6 0.1 8 9 10 11 12 13 14 15 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 0.3 0.0 0.0 0.3 -0.3 0.0 -0.1 -0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.2 0.2 0.0 -0.1 0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.1 0.1 0.0 -0.0 0.1 0.2 0.0 0.1 0.2 0.1 0.0 -0.0 0.1 0.4 0.0 0.4 0.1 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority -0.3 0.9 0.0 0.7 0.0 0.6 -0.4 0.7 0.0 0.9 0.0 0.7 -1.4 0.7 0.0 0.6 0.0 1.0 0.0 0.9 -1.0 0.8 3 4 5 Discrepancy (seigniorage) -1.1 -0.7 -0.6 -1.1 -0.9 -0.7 -2.1 -0.6 -1.0 -0.9 -1.8 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 71.6 -215.0 -144.0 32.7 205.0 166.3 -4.2 -236.2 -118.5 -109.0 -108.9 1 4.5 9.1 8.7 -9.9 -5.8 -62.9 -7.7 0.6 0.4 2.8 51.2 -9.6 13.0 81.9 21.9 13.2 46.4 -46.8 1.9 7.0 -3.2 -16.9 69.6 -10.3 -3.9 -47.2 -57.3 -6.9 46.4 29.0 -3.8 -18.3 -13.7 2 3 4 49.2 -136.3 -137.3 -11.7 88.2 153.5 -10.0 -278.6 -10.1 -177.5 -73.1 5 Flows 2010 44 Z.1, December 11, 2014 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 Flows 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 -142.8 820.5 -194.5 1129.1 1953.2 1896.2 516.4 150.4 1176.0 98.4 286.6 1 -11.1 -201.3 30.7 0.9 38.1 602.3 -263.4 504.6 -1.2 -21.9 -64.1 -114.2 -1.9 -0.4 -13.8 760.6 191.0 175.0 0.2 2.2 1180.0 472.3 256.4 1.3 43.3 893.8 137.8 875.5 -2.7 -8.2 896.5 -4.4 -347.7 1.1 -29.0 72.0 158.4 -84.0 1.2 2.9 774.7 203.2 165.4 -3.2 35.9 47.2 40.5 36.6 -1.4 -24.6 340.6 136.9 -189.8 2.6 -3.6 2 3 4 5 6 -168.7 817.0 -200.1 1072.3 1561.3 2027.3 735.7 -35.3 986.6 153.8 430.6 7 -61.8 -95.7 -87.8 66.7 10.0 213.9 0.8 231.0 360.2 11.1 -136.0 0.0 6.9 -72.2 1.2 312.2 -0.5 456.9 309.3 -5.7 382.0 -0.7 713.0 410.1 56.8 1133.5 -0.0 82.5 873.3 -62.0 -161.6 0.8 905.0 15.7 -24.2 -105.3 -2.0 127.0 -61.9 6.8 210.4 1.5 227.3 491.9 55.5 106.0 0.6 114.9 -9.6 -58.1 91.0 -0.9 297.8 76.6 -33.9 8 9 10 11 12 25.8 3.5 5.7 56.8 391.9 -131.1 -219.3 185.7 189.5 -55.5 -144.0 13 Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. -2.2 -2.2 0.0 8.1 8.1 0.0 7.1 7.1 0.0 2.6 2.5 0.0 -17.3 -17.3 0.0 2.2 2.1 0.1 20.0 20.0 0.0 5.3 5.3 0.0 -6.3 -6.3 -0.0 1.1 1.0 0.1 12.5 12.6 -0.1 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -8.9 -85.6 66.7 10.0 594.2 222.9 360.2 11.1 -71.2 -0.2 -72.2 1.2 758.0 454.4 309.3 -5.7 1197.2 730.3 410.1 56.8 891.6 80.4 873.2 -62.0 876.6 885.1 15.7 -24.2 66.7 121.7 -61.9 6.8 781.0 233.6 491.9 55.5 46.1 114.0 -9.7 -58.1 328.0 285.2 76.7 -33.9 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans -95.7 -95.7 0.7 -96.4 0.8 0.8 0.8 -0.0 0.0 0.0 0.1 -0.1 -0.5 -0.5 -0.5 0.0 -0.7 -0.7 -0.4 -0.2 -0.0 -0.0 -0.5 0.4 0.8 0.8 0.6 0.2 -2.0 -2.0 -1.6 -0.4 1.5 1.5 1.7 -0.2 0.6 0.6 0.1 0.5 -0.9 -0.9 -1.6 0.7 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -78.4 21.5 99.9 -309.3 -222.2 87.1 -87.8 -199.0 -111.1 153.5 103.7 -49.8 220.5 48.1 -172.3 201.0 22.1 -178.9 134.4 47.6 -86.8 58.1 296.9 238.8 57.0 -27.0 -84.0 49.0 -77.7 -126.7 297.4 274.2 -23.1 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 37.0 53.8 16.8 512.1 296.7 -215.4 -51.6 -90.0 -38.3 157.9 143.3 -14.6 157.0 52.3 -104.8 937.6 788.2 -149.4 -317.6 -417.7 -100.1 -145.6 150.2 295.9 145.3 80.6 -64.7 69.0 117.3 48.3 -198.6 -89.0 109.6 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 13.6 6.9 6.6 -12.4 -4.0 -8.4 -2.6 -3.3 0.7 -0.3 0.4 -0.8 -1.8 1.8 -3.6 1.3 2.6 -1.3 -7.6 -3.3 -4.3 6.8 0.7 6.1 2.0 4.2 -2.1 3.1 1.7 1.4 0.2 0.0 0.1 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -6.8 -3.4 -3.4 -1.3 0.4 -1.7 0.8 -0.2 1.1 0.5 -0.1 0.5 2.7 1.0 1.7 -3.9 2.5 -6.4 13.9 1.0 12.9 -10.9 -4.7 -6.2 10.1 1.6 8.5 -8.8 -5.2 -3.6 -7.6 -2.6 -5.0 34 35 36 -61.8 213.9 -136.0 312.2 382.0 1133.5 -161.6 -105.3 210.4 106.0 91.0 37 -16.8 -14.0 -0.8 -0.9 -38.1 40.8 21.7 -4.9 1.2 21.9 -29.5 23.0 3.1 0.4 13.8 38.5 52.1 -2.3 -0.2 -2.2 253.3 328.3 -19.2 -1.3 -43.3 -63.1 -100.5 19.7 2.7 8.2 -144.0 -117.2 74.2 -1.1 29.0 107.8 97.9 -83.8 -1.2 -2.9 147.3 176.4 19.7 3.2 -35.9 -2.1 -8.5 20.9 1.4 24.6 -156.9 -178.9 -35.9 -2.6 3.6 38 39 40 41 42 2.9 -19.1 52.5 13.6 74.9 -37.4 26.8 -9.9 29.2 -6.4 -21.9 43 25.8 3.5 5.7 56.8 391.9 -131.1 -219.3 185.7 189.5 -55.5 -144.0 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. 45 Z.1, December 11, 2014 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 2 3 4 5 6 Net change in liabilities Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks Q2 Q3 Q4 Q1 2014 Q2 Q3 266.3 234.5 267.7 332.6 268.7 192.5 126.2 743.1 183.4 578.9 236.6 1 185.0 149.0 -21.6 0.9 56.7 -122.1 -255.0 51.1 -3.2 85.0 62.1 7.0 -37.4 6.3 86.2 139.5 69.8 -1.3 1.5 69.5 -9.3 -52.3 -28.1 11.0 60.2 307.4 226.5 -2.7 3.3 80.2 -102.2 -185.9 18.3 -4.3 69.7 362.2 290.8 7.3 -3.9 68.0 -16.3 -78.7 -60.3 -4.0 126.6 58.8 -7.4 1.4 -4.1 69.0 194.2 75.8 62.9 -2.8 58.3 2 3 4 5 6 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.2 0.3 -4.2 180.1 148.2 0.3 -0.7 148.6 227.0 -0.3 -22.2 249.5 -159.3 -0.2 -23.0 -136.1 197.7 0.6 35.6 161.5 327.1 1.0 6.9 319.3 126.3 -0.5 6.6 120.2 474.1 1.0 13.2 459.9 46.1 1.9 -15.8 60.0 7 8 9 10 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 5.7 4.1 1.7 23.7 4.4 19.3 16.2 8.9 7.3 30.8 12.3 18.5 7.5 2.5 5.0 39.0 14.9 24.1 34.5 7.6 26.9 42.2 24.3 17.9 36.3 16.4 20.0 50.0 31.1 18.9 -0.0 8.0 -8.1 11 12 13 14 Banks in U.S.-affiliated areas 0.5 2.8 2.5 6.3 0.8 16.8 5.7 2.0 -3.5 5.2 -3.3 14 15 Credit unions 5.5 10.7 10.7 7.9 42.6 -11.5 -9.4 9.7 40.7 -9.3 -0.3 15 192.5 126.2 743.1 183.4 578.9 236.6 16 16 Net change in assets 266.3 234.5 267.7 332.6 268.7 17 Household sector 38.9 328.5 182.6 190.4 287.1 117.2 5.0 352.4 325.0 417.3 154.9 17 18 19 20 Nonfinancial business Corporate Noncorporate 76.8 79.6 -2.7 27.3 29.7 -2.4 8.1 -6.8 15.0 18.7 22.1 -3.4 2.6 12.8 -10.3 -152.6 -151.2 -1.4 127.0 128.7 -1.7 97.6 98.0 -0.4 -132.1 -144.2 12.1 70.5 47.8 22.7 -108.0 -125.4 17.4 18 19 20 21 22 State and local governments Federal government 5.7 148.9 16.6 -257.6 -9.4 6.7 6.7 69.6 8.8 -8.2 -8.1 130.2 24.1 -188.9 1.9 345.3 9.9 -36.0 2.5 -104.1 19.1 73.4 21 22 23 24 25 Rest of the world Checkable deposits Currency 29.5 1.2 28.3 81.8 26.8 55.0 68.2 11.0 57.1 50.9 13.2 37.7 11.2 -8.7 19.8 33.2 -4.8 37.9 89.5 38.9 50.7 69.7 27.3 42.4 119.7 19.0 100.7 66.3 40.2 26.1 13.6 -10.6 24.3 23 24 25 26 Financial sectors -32.3 37.2 10.1 -2.9 17.0 -25.8 64.9 -67.5 -63.8 28.6 85.0 26 27 28 Property-casualty insurance companies Life insurance companies 5.0 1.0 -8.5 2.0 12.3 2.7 -6.7 -9.2 -18.8 -0.2 -4.6 -43.4 -0.1 31.9 -3.4 -25.3 14.9 11.7 5.5 -8.2 3.5 12.8 27 28 29 30 Private pension funds State and local govt. retirement funds 2.1 0.5 5.6 0.4 -1.7 0.3 0.1 0.7 1.1 0.6 1.6 2.5 -1.3 0.1 -0.9 -0.5 1.0 -1.7 3.4 1.5 0.1 -1.4 29 30 31 32 Money market mutual funds Government-sponsored enterprises -3.7 -36.0 5.8 9.3 -3.6 -20.1 -3.2 29.0 22.8 46.1 41.3 -49.5 -74.8 102.5 -2.1 17.0 54.3 -144.7 -14.4 15.6 -93.6 159.9 31 32 33 34 35 Finance companies REITs Brokers and dealers -1.7 -5.7 6.2 5.1 2.5 14.9 -3.8 7.7 16.3 4.2 -1.3 -16.5 9.3 22.3 -66.2 -0.7 -13.5 40.5 16.7 9.7 -19.8 -8.5 -23.5 -20.3 3.2 -4.6 2.0 -2.2 18.5 8.9 -4.8 -0.5 9.1 33 34 35 -1.1 0.8 1.5 -0.7 -49.6 98.4 4.6 -56.3 -39.3 97.7 -1.4 36 36 Mail float Flows 2010 46 Z.1, December 11, 2014 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 1 2 Flows 3 4 5 6 7 8 9 10 11 Net change in liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Q2 Q3 Q4 Q1 2014 Q2 Q3 115.6 404.1 520.4 409.1 153.2 390.1 800.0 293.2 748.7 425.3 158.4 1 298.3 577.4 539.6 307.0 153.2 344.1 557.4 173.2 517.3 355.7 108.6 2 271.7 5.8 -5.2 26.1 537.1 13.2 -0.4 27.4 491.5 13.8 -0.1 34.4 256.7 27.7 2.5 20.1 134.0 20.7 1.2 -2.6 283.2 10.8 5.9 44.2 470.9 61.4 4.2 20.8 138.7 17.8 -1.2 17.9 543.0 -23.4 -2.7 0.5 303.3 11.1 2.8 38.4 76.1 9.4 -1.9 24.9 3 4 5 6 -182.7 -173.3 -19.2 102.1 0.0 46.0 242.6 120.0 231.4 69.6 49.8 7 -133.8 -46.5 -5.2 2.8 -13.2 -163.1 -0.4 3.4 -9.1 -16.2 -0.1 6.2 23.9 71.1 2.5 4.7 -72.0 64.1 1.2 6.7 33.6 6.5 5.9 0.0 4.6 225.5 4.2 8.2 129.1 -11.8 -1.2 3.8 -7.9 233.4 -2.7 8.5 44.8 26.3 2.8 -4.3 -45.4 91.3 -1.9 5.8 8 9 10 11 12 Net change in assets 115.6 404.1 520.4 409.1 153.2 390.1 800.0 293.2 748.7 425.3 158.4 12 13 Household sector 162.8 371.4 417.0 204.9 111.7 187.0 289.4 231.7 507.1 238.9 73.3 13 14 15 16 Nonfinancial business Corporate Noncorporate 62.8 59.9 2.9 17.1 13.2 3.9 38.3 33.3 5.0 57.5 49.7 7.8 0.8 -2.0 2.8 79.7 70.5 9.2 159.2 150.1 9.1 -9.8 -19.8 10.0 75.7 67.3 8.5 11.7 -4.3 16.0 5.9 -6.3 12.2 14 15 16 17 18 19 State and local governments Federal government Rest of the world -5.9 0.1 4.9 15.6 -0.3 47.3 19.6 0.2 37.9 12.4 -0.5 52.5 16.1 -1.7 -0.8 -7.2 0.9 27.7 29.1 0.2 80.3 11.5 -1.3 102.7 47.9 -0.1 64.8 -11.2 -0.0 136.7 38.9 0.4 -23.2 17 18 19 20 Financial sectors -109.1 -47.1 7.4 82.3 27.1 102.0 241.8 -41.6 53.3 49.3 63.1 20 -0.6 5.4 -107.7 1.6 2.5 -56.3 -3.9 -0.6 32.8 -0.3 8.0 59.4 0.7 5.2 10.3 -1.0 2.6 90.1 -1.3 5.0 177.6 0.4 19.2 -40.4 1.8 -15.4 40.4 3.0 -13.9 99.3 -1.2 -12.9 55.4 21 22 23 0.3 -5.2 -1.3 -12.7 15.4 2.4 -9.1 -11.5 -0.3 1.1 12.7 1.5 -2.7 28.0 -14.5 4.8 -2.0 7.6 10.8 50.1 -0.4 -8.5 -25.4 13.1 10.3 9.7 6.5 -8.1 -6.6 -24.5 -1.9 -14.5 38.2 24 25 26 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 24 25 26 Government-sponsored enterprises Finance companies Holding companies (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues -503.2 -112.8 7.1 28.7 -133.4 81.9 263.6 -97.5 -85.2 -143.8 39.6 1 2 Net purchases -503.2 -112.8 7.1 28.7 -133.4 81.9 263.6 -97.5 -85.2 -143.8 39.6 2 -183.0 -157.7 3.1 -15.2 -35.4 0.8 -4.8 18.2 1.1 25.4 40.6 1.7 48.3 -18.1 0.6 99.8 -11.9 2.0 50.4 107.8 2.0 -96.9 84.5 2.2 112.2 -96.3 1.8 85.2 -14.6 3.5 -25.8 77.7 2.6 3 4 5 14.1 -7.1 3.7 4.6 8.0 22.6 4.7 16.4 15.0 26.1 3.2 26.1 -2.0 0.5 2.5 12.9 11.8 6.9 -23.1 -4.3 -11.0 3.3 6 7 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Rest of the world 8 9 Property-casualty insurance companies Life insurance companies -4.0 -12.7 -5.6 7.9 2.2 -1.4 -2.3 -5.9 -4.1 -27.4 -12.8 -6.2 0.3 10.0 7.5 0.1 -7.3 -5.4 7.5 -5.6 4.3 1.5 8 9 10 11 Private pension funds State and local govt. retirement funds -10.2 2.3 16.5 -1.0 -17.1 -3.5 2.2 8.9 15.8 5.3 -2.3 2.8 -5.9 4.0 1.1 23.4 -6.1 -17.3 11.4 -13.1 -8.2 -16.4 10 11 12 Funding corporations -148.0 -89.2 -18.2 -62.9 -194.7 -18.6 96.4 -134.7 -85.6 -190.6 11.7 12 47 Z.1, December 11, 2014 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 421.3 276.2 251.3 -477.1 -700.6 -657.6 -111.6 -438.8 257.1 294.3 -335.8 1 2 3 Rest of the world Monetary authority 207.9 -18.0 96.4 40.2 40.4 7.3 -83.5 208.7 -82.5 -6.9 -170.7 -41.2 182.7 249.0 -263.6 634.1 282.3 100.4 -145.3 461.9 170.2 -185.5 2 3 4 5 6 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -48.1 54.8 0.0 -81.5 54.4 0.0 -52.6 20.6 0.0 -84.7 -12.3 0.0 -90.5 -36.0 0.0 -8.6 -54.7 0.0 -95.1 0.7 0.0 -144.7 40.7 0.0 8.1 153.2 0.0 18.9 44.9 0.0 -76.5 44.9 0.0 4 5 6 7 8 Property-casualty insurance companies Life insurance companies 0.8 -2.2 -1.1 0.1 0.4 3.1 1.4 -0.8 1.1 0.5 1.3 0.6 1.5 -1.8 1.8 -2.5 1.0 0.8 1.3 -0.5 0.8 1.9 7 8 0.1 29.9 195.9 0.2 -0.9 97.7 70.5 0.4 -0.4 102.4 131.2 -1.2 0.0 -66.6 -439.3 -0.0 0.9 5.8 -492.9 -0.1 -0.8 -48.9 -334.6 -0.0 -0.1 -84.1 -364.5 0.0 0.0 -139.3 -565.3 0.0 0.1 -53.2 -235.7 -0.0 -0.1 36.8 -123.6 0.0 0.0 -1.8 -289.8 0.0 9 10 11 12 366.3 207.5 261.0 -310.3 -228.3 -520.4 -126.7 -365.8 395.6 411.9 -441.6 13 9 10 11 12 13 Net change in liabilities 2011 Government-sponsored enterprises REITs Brokers and dealers Holding companies Net change in assets 14 15 Nonfinancial corporate business State and local governments 4.3 -1.1 0.4 -3.4 -2.9 6.8 -1.0 4.2 -1.9 12.3 -2.5 3.0 15.4 -1.1 -15.1 2.5 10.1 9.9 8.6 -17.9 -0.2 -8.3 14 15 16 17 Rest of the world Monetary authority 92.4 0.0 92.6 0.0 -6.6 0.0 62.1 0.0 272.4 0.0 -67.3 0.0 11.0 0.0 32.4 0.0 285.5 0.0 140.3 0.0 -80.8 0.0 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 0.7 20.3 -0.1 -25.0 31.7 15.9 61.1 58.2 -6.2 -87.9 -1.2 -9.6 -176.1 1.9 -32.9 -86.4 9.3 4.0 -80.0 72.7 0.8 -9.3 -88.7 -10.3 -0.3 92.7 6.7 -52.7 111.7 4.1 -25.6 -37.8 0.9 18 19 20 21 22 Property-casualty insurance companies Life insurance companies -0.7 0.7 -2.1 -0.8 0.0 -1.6 0.0 -0.0 -0.1 -6.9 -0.9 -0.5 0.2 5.4 0.8 2.0 -0.7 -6.2 0.6 -1.9 0.4 0.5 21 22 23 24 Private pension funds State and local govt. retirement funds -0.2 0.3 0.0 0.1 -0.3 -0.1 -0.1 0.7 0.0 0.4 -0.1 0.2 -0.1 0.3 0.0 1.7 0.2 -1.3 0.3 -1.2 -0.1 -1.1 23 24 25 26 Money market mutual funds Mutual funds -0.6 -15.8 11.1 -28.8 54.2 54.1 -51.7 92.9 -168.7 180.7 -120.0 80.9 66.1 103.1 15.7 6.9 196.2 104.7 167.8 168.6 -34.4 -107.7 25 26 27 28 29 30 Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations 20.7 243.4 2.1 0.0 -38.9 154.6 0.2 0.0 38.6 55.1 -49.3 0.0 1.5 -317.2 -2.8 -0.1 171.1 -478.6 -1.5 -0.5 -169.3 -158.4 -12.5 0.0 -71.4 -260.2 11.0 0.0 75.5 -371.7 -8.3 0.0 -100.1 -201.3 -0.4 0.0 28.2 -152.3 7.7 0.0 -93.5 -48.5 -5.4 0.0 27 28 29 30 55.0 68.7 -9.6 -166.9 -472.3 -137.2 15.1 -73.0 -138.6 -117.6 105.8 31 31 Discrepancy Flows 2010 48 Z.1, December 11, 2014 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 1 Flows 2 Total net issues, all types Commercial paper Q2 Q3 Q4 2014 Q2 Q1 Q3 -80.4 -88.3 -16.9 -0.8 104.0 -41.8 -29.0 -36.4 54.0 121.2 -136.8 1 -79.9 -88.2 -16.8 -0.8 104.0 -41.8 -28.9 -36.4 54.0 121.2 -136.8 2 3 Nonfinancial corporate business 24.5 33.4 14.0 14.2 20.1 -20.1 92.0 -35.2 72.1 54.9 19.2 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial -2.7 -3.8 1.1 -53.5 -0.5 -53.0 27.9 10.3 17.6 34.0 11.2 22.8 120.7 -41.0 161.7 13.7 40.8 -27.2 -26.6 44.7 -71.3 28.1 0.1 27.9 65.2 29.5 35.7 35.3 0.1 35.2 -204.5 -16.4 -188.1 4 5 6 -101.7 -19.7 -40.3 1.7 0.0 3.9 -47.4 -68.1 7.7 -24.1 10.0 0.0 11.1 -72.7 -58.7 -33.1 -9.0 8.2 0.0 6.2 -30.9 -48.9 -27.8 -7.1 -10.3 0.0 -19.9 16.2 -36.8 -52.3 4.1 -25.0 0.0 5.2 31.1 -35.3 -41.1 -4.7 8.4 0.0 -28.7 30.7 -94.4 -27.2 -3.4 20.3 0.0 -4.8 -79.3 -29.2 9.3 -24.4 -45.0 0.0 -51.3 82.3 -83.2 -5.2 -32.0 -16.2 0.0 -27.5 -2.4 30.9 -9.6 24.1 3.4 0.0 6.5 6.5 48.5 -5.0 -15.5 20.0 0.0 -37.7 86.8 7 8 9 10 11 12 13 -0.5 -0.1 -0.1 -0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 14 -0.5 0.0 -0.1 0.0 -0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 -80.4 -88.3 -16.9 -0.8 104.0 -41.8 -29.0 -36.4 54.0 121.2 -136.8 17 -1.5 12.0 -1.8 -0.1 -0.6 -8.4 -3.8 -21.8 -3.2 -3.7 -0.8 -22.7 -0.8 -31.2 -10.4 -29.6 -2.9 -5.1 -11.0 -19.5 -8.0 2.8 18 19 13.2 -10.7 -11.1 0.7 -5.9 -0.1 -8.1 -1.4 -2.6 26.1 -9.0 6.4 -11.6 -86.8 -9.4 48.5 -5.0 20.2 -20.4 42.8 -14.8 -6.7 20 21 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 7 8 9 10 11 12 13 14 15 16 17 Financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases, by sector 18 19 Household sector Nonfinancial corporate business 20 21 State and local governments Rest of the world 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 26 27 Property-casualty insurance companies Life insurance companies -1.9 -8.9 0.9 -11.2 -1.4 13.9 0.7 3.2 0.0 -9.7 -3.2 -4.5 1.4 5.3 4.4 21.5 -3.1 7.1 3.0 -12.8 1.7 -13.4 26 27 28 29 Private pension funds State and local govt. retirement funds -2.0 4.5 2.4 2.1 -4.9 -1.3 -3.4 8.9 2.5 7.3 -1.1 2.1 -7.8 7.1 -7.1 18.9 4.1 -14.0 2.7 -15.8 -0.2 -12.5 28 29 30 31 Money market mutual funds Mutual funds -116.3 -13.9 -40.0 -26.3 -13.3 27.6 11.3 27.7 38.4 -38.3 105.8 14.2 -5.7 67.3 -93.3 67.5 4.8 -106.3 21.5 68.7 -46.0 19.7 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 0.2 -5.3 50.4 -3.4 5.9 -6.3 -3.1 -12.2 -7.1 1.0 -1.3 -13.7 3.1 0.1 84.0 0.5 -2.2 -127.3 3.0 6.2 24.4 -2.5 -9.2 -35.8 1.3 22.8 130.0 3.6 -7.8 66.2 1.2 -46.1 -14.7 32 33 34 (1) Excludes banks’ holdings of own acceptances. 49 Z.1, December 11, 2014 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net issues U.S. savings securities (1) Treasury bills Other Treasury securities Net purchases 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1579.6 1066.8 1140.6 759.5 1057.0 412.2 307.4 1261.2 743.0 314.3 913.8 1 -3.3 -19.0 1601.8 -2.7 -249.5 1319.0 -2.8 107.0 1036.3 -3.3 -35.9 798.7 -2.8 646.7 413.1 -3.6 -880.3 1296.2 -3.4 -160.7 471.4 -3.4 250.6 1014.0 -3.3 238.7 507.6 -3.0 -1055.3 1372.7 -3.5 92.9 824.3 2 3 4 1579.6 1066.8 1140.6 759.5 1057.0 412.2 307.4 1261.2 743.0 314.3 913.8 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 320.4 -3.3 323.6 -229.7 -2.7 -227.0 210.9 -2.8 213.7 -191.8 -3.3 -188.5 -257.4 -2.8 -254.6 -101.1 -3.6 -97.5 -102.0 -3.4 -98.6 -306.7 -3.4 -303.4 -321.4 -3.3 -318.1 -387.0 -3.0 -383.9 45.4 -3.5 48.9 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 5.1 1.9 7.8 -5.1 0.5 -31.8 -3.5 0.7 46.5 0.5 1.0 -14.5 -26.3 0.4 36.7 20.0 1.2 8.1 1.3 1.2 -89.3 7.0 1.4 -13.6 -7.2 1.1 1.0 -1.0 2.2 -42.3 7.6 1.7 -18.4 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 740.4 -40.2 780.5 355.3 -62.6 417.9 589.7 14.0 575.8 431.3 24.4 406.9 581.3 227.8 353.6 108.0 -129.0 237.0 225.0 -161.6 386.6 810.7 160.3 650.3 371.7 4.4 367.3 287.4 -206.0 493.4 217.7 -81.7 299.5 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities 244.9 0.0 244.9 642.0 0.0 642.0 2.7 -18.4 21.1 542.6 0.0 542.6 575.2 0.0 575.2 548.5 0.0 548.5 522.5 0.0 522.5 524.3 0.0 524.3 498.9 0.0 498.9 310.2 0.0 310.2 184.4 0.0 184.4 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 93.0 3.5 0.6 5.9 -43.7 -0.5 -0.0 -2.5 69.3 16.1 -0.6 1.7 -26.1 -9.6 0.7 -0.2 -66.7 11.8 -0.1 -0.4 -105.3 -50.5 0.1 3.5 -66.6 9.4 0.8 -2.2 134.4 -8.9 2.2 -1.8 174.0 -2.9 0.6 5.2 175.1 -3.0 -1.9 3.6 216.7 -20.7 1.7 0.3 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities 3.2 -0.3 3.5 4.6 1.9 2.7 -6.7 -3.3 -3.4 6.0 9.4 -3.4 3.2 6.4 -3.2 -3.9 -0.5 -3.3 7.3 10.7 -3.4 17.3 21.0 -3.7 -0.8 -9.2 8.4 8.8 8.7 0.1 14.8 5.0 9.8 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities 23.2 -3.6 26.8 18.8 3.8 15.0 5.5 -4.5 10.0 -12.2 -2.8 -9.4 -19.3 -10.3 -9.0 -11.7 -2.8 -8.9 -8.9 2.5 -11.4 -9.1 -0.7 -8.4 13.9 -1.7 15.6 12.4 -1.7 14.1 8.9 0.5 8.4 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 31.2 10.7 10.1 27.0 11.6 23.4 44.4 19.1 12.1 36.1 13.3 12.4 47.5 17.5 -9.5 52.0 27.3 -40.6 21.9 8.1 -379.4 23.1 0.1 479.1 14.8 20.8 12.1 18.6 108.0 8.3 25.5 53.2 21.1 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities -71.0 -84.0 13.0 107.9 29.1 78.8 14.5 19.1 -4.7 30.4 6.7 23.6 46.6 -40.0 86.7 5.1 -83.2 88.2 114.3 151.8 -37.5 -44.5 -1.7 -42.9 -151.1 -125.9 -25.2 -235.4 -170.4 -65.0 128.8 128.6 0.2 31 32 33 34 35 36 Mutual funds Treasury bills Other Treasury securities 121.3 -1.4 122.7 75.0 0.4 74.6 121.2 12.2 109.1 56.5 -8.4 64.9 225.5 6.3 219.2 -2.7 -0.6 -2.1 -17.3 0.5 -17.8 20.4 -39.9 60.3 140.5 23.4 117.2 79.0 -13.8 92.7 72.7 -70.2 142.9 34 35 36 37 38 Closed-end funds Exchange-traded funds 0.7 9.2 -0.3 11.4 0.3 1.2 0.6 -6.5 2.1 -2.9 0.5 4.8 -0.2 -0.7 -0.0 -27.0 0.3 8.7 0.3 15.0 -0.5 5.3 37 38 39 40 Government-sponsored enterprises ABS issuers 45.9 -13.8 17.6 -10.9 -31.2 -5.8 -9.9 1.0 22.3 -11.3 3.6 2.6 28.5 6.8 -94.1 5.7 24.4 2.5 -2.8 -3.2 2.1 1.4 39 40 41 42 Brokers and dealers Holding companies -28.5 13.8 89.1 7.1 63.0 -30.6 -110.5 8.5 -124.3 5.1 -94.3 37.1 33.4 -6.5 -256.8 -1.9 -63.7 -0.4 -58.8 20.9 -64.7 8.7 41 42 1580.2 1067.9 1140.2 759.1 1056.0 413.6 307.9 1258.8 741.0 314.4 913.1 43 Memo: 43 Federal government borrowing (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11). Flows 2010 50 Z.1, December 11, 2014 F.210 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 3 4 Flows 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 -46.2 -20.8 -22.8 239.5 163.0 248.2 195.2 351.8 -280.0 184.8 225.2 1 0.7 -233.8 186.9 1.1 -187.2 165.3 -0.4 -154.6 132.2 -0.4 107.5 132.4 -1.0 43.1 120.9 1.3 136.7 110.1 0.5 40.2 154.4 -2.4 210.1 144.1 -1.9 -355.5 77.4 0.1 156.9 27.8 -0.7 142.5 83.4 2 3 4 -46.2 -20.8 -22.8 239.5 163.0 248.2 195.2 351.8 -280.0 184.8 225.2 5 -9.9 1.7 -10.9 -1.7 -136.4 -1.2 -90.7 -3.8 -287.6 -28.8 -48.0 6.7 -81.1 0.4 54.0 6.3 -435.9 5.6 92.7 7.7 -95.2 2.5 6 7 6 7 Household sector Nonfinancial corporate business 8 9 State and local governments Federal government 23.7 -47.2 -6.8 -118.1 -2.1 -31.1 -13.8 0.0 18.5 0.0 -18.6 0.0 -34.3 0.0 -20.9 0.0 6.9 0.0 -94.3 0.0 -58.4 0.0 8 9 10 11 Rest of the world Monetary authority -66.6 71.4 -41.6 -197.9 -73.6 61.8 -84.7 543.9 -157.4 559.7 -134.2 535.8 89.5 501.7 -136.6 578.6 -107.4 412.3 11.4 228.4 96.0 115.5 10 11 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 110.1 -4.8 -7.7 40.9 106.9 4.0 -8.0 30.6 35.5 1.5 -2.2 14.9 47.7 -6.7 -0.8 2.2 163.7 -17.5 -0.7 12.0 60.6 -6.4 -1.1 14.0 -101.1 0.1 -0.9 2.1 67.7 -3.1 -0.4 -19.4 54.9 -11.5 -0.4 -15.3 19.6 -6.3 0.1 -4.4 89.0 -1.9 -0.0 -10.8 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies -0.4 4.0 6.9 -1.6 -8.4 -13.5 -5.6 -6.8 -5.3 -5.5 -5.5 -5.6 -5.6 -11.2 -6.1 -5.0 -8.1 -18.0 -4.9 -19.4 -2.8 -24.1 16 17 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 6.5 0.9 0.6 4.3 12.3 0.7 22.1 20.9 1.5 15.2 13.5 -1.7 14.0 15.0 -2.2 16.6 28.2 -1.9 14.3 6.3 -1.8 16.1 4.5 -0.8 -5.3 9.0 -2.9 16.3 39.9 0.7 -6.7 11.4 -0.1 18 19 20 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises -140.2 78.0 -85.1 0.9 105.8 -18.1 -60.2 88.8 -48.3 17.6 -25.5 -22.7 16.2 6.6 -39.9 57.5 -27.2 -32.5 20.5 -81.3 8.7 -23.9 -0.1 -27.2 -43.4 -57.1 -17.2 -19.6 -140.2 8.1 49.8 90.0 18.9 21 22 23 24 25 ABS issuers REITs -96.0 38.2 -3.3 104.7 -0.0 109.5 -0.2 -95.6 -0.6 -46.7 -0.3 -73.4 -0.1 -82.7 0.2 -179.7 0.0 -35.4 0.3 44.1 0.3 -21.4 24 25 26 27 Brokers and dealers Holding companies 38.9 -3.2 -2.1 12.0 21.9 -24.3 -55.4 13.5 -62.8 12.3 -112.3 -4.2 -80.7 32.4 34.0 13.5 -3.3 -7.4 3.4 1.2 -30.0 3.0 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 43. 51 Z.1, December 11, 2014 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 Q3 Q4 2014 Q2 Q1 Q3 99.7 -52.8 -4.9 -43.2 61.4 -15.1 -105.4 -113.8 -38.0 15.7 -88.5 1 2 3 4 State and local governments Short-term (1) Long-term 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 56.0 -2.9 58.9 -4.8 -4.6 -0.1 -109.9 -17.8 -92.0 -99.1 -18.1 -80.9 -39.0 -5.0 -34.0 35.2 16.0 19.2 -84.0 -33.5 -50.5 2 3 4 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) -2.2 33.2 -7.8 8.5 -14.5 15.2 -13.1 9.3 -6.5 11.9 -14.6 4.3 -13.4 17.8 -18.1 3.3 -1.0 2.0 -2.3 -17.2 -9.8 5.2 5 6 99.7 -52.8 -4.9 -43.2 61.4 -15.1 -105.4 -113.8 -38.0 15.7 -88.5 7 7 Net change in liabilities Q2 Net change in assets 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 43.6 -3.2 0.5 -65.6 -1.6 0.1 -143.8 0.6 0.1 -44.0 -11.4 0.1 -8.3 -36.5 0.0 -28.7 0.1 0.1 -67.1 0.6 0.1 -71.9 -9.7 0.2 -78.6 -7.0 0.1 -34.7 -4.5 0.3 -155.5 -5.6 0.2 8 9 10 11 12 State and local governments Rest of the world 1.4 13.1 0.4 0.6 0.5 -0.6 0.2 4.3 1.1 3.1 0.1 3.9 -0.4 5.7 0.0 4.6 0.8 3.2 -2.1 2.0 -1.1 -13.4 11 12 13 14 15 16 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 30.3 0.0 -0.9 0.0 42.6 0.0 0.9 3.2 67.8 0.0 -0.8 1.0 53.8 0.0 0.9 0.3 54.9 0.0 0.2 4.5 63.9 0.0 0.2 -1.2 49.1 0.0 3.0 1.5 47.4 0.0 0.3 -3.5 37.7 0.0 -0.6 -0.1 17.4 0.0 -2.8 1.6 34.4 0.0 -0.3 0.5 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds -21.0 39.2 0.8 -17.4 9.4 -0.7 -2.9 9.7 -0.7 -2.3 10.1 0.2 -1.1 10.5 -0.3 -1.8 10.6 1.2 -2.2 8.1 -0.3 -3.9 11.3 0.3 -0.2 9.1 -0.8 0.2 11.6 0.0 2.6 4.8 0.1 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -53.4 46.7 0.4 1.7 -29.4 15.7 0.9 1.0 -20.6 86.2 3.4 3.6 -28.3 -13.5 -1.6 -0.8 -63.4 76.8 1.9 2.9 15.5 -22.5 -0.6 -1.8 -6.1 -80.9 -5.5 -4.0 -59.2 -27.3 -2.2 -0.3 -13.9 17.3 3.6 1.5 -31.0 48.7 2.5 3.1 -1.1 60.0 -6.3 3.3 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers -4.2 4.6 -3.9 -9.1 -4.1 -4.3 -3.5 -8.0 -2.6 17.7 -5.9 -48.1 -4.1 -3.0 -1.4 1.5 -3.0 -7.1 -2.1 5.3 -3.0 -8.0 24 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). Flows 2010 52 Z.1, December 11, 2014 F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Flows 1 Net issues 2 3 Nonfinancial corporate business Rest of the world (1) 4 Financial sectors 5 6 7 8 9 10 11 12 U.S.-chartered depository institutions ABS issuers (net) (2) Finance companies REITs Brokers and dealers Holding companies Funding corporations Net purchases (3) Q2 Q3 Q4 Q1 2014 Q2 Q3 -239.6 106.1 223.7 387.9 255.0 -54.0 627.3 723.5 359.1 679.5 179.8 1 179.4 127.4 161.7 181.7 324.2 124.7 278.3 194.4 312.5 225.5 171.0 108.7 428.4 183.7 201.4 259.7 284.8 46.8 231.9 329.5 211.7 -28.7 2 3 -546.4 -237.4 -225.2 -84.8 -283.0 -333.8 15.2 262.4 27.5 118.1 -3.2 4 -49.2 -373.7 -111.7 1.0 2.4 -150.1 -39.4 7.6 -82.3 -136.0 -81.4 26.7 -74.9 -228.3 4.4 173.6 -114.0 -147.6 -19.9 10.9 -93.6 -658.8 -14.0 537.3 -75.3 -69.8 24.4 35.1 -16.6 -36.7 27.1 111.0 -27.2 -132.3 -10.2 115.5 -10.1 -86.2 38.2 55.1 -11.9 -11.2 1.4 -1.0 5 6 7 8 36.9 -46.5 -3.2 -37.9 -91.6 71.6 -1.7 14.1 35.3 22.2 6.7 11.4 -4.2 -46.0 37.9 55.8 -138.4 -22.2 -27.8 67.2 61.5 65.1 143.9 -31.4 38.5 48.1 -4.8 -34.5 87.3 68.2 42.0 -14.2 -8.3 9 10 11 -239.6 106.1 223.7 387.9 255.0 -54.0 627.3 723.5 359.1 679.5 179.8 12 -421.6 7.8 0.3 87.2 -0.5 -0.1 -168.1 6.1 -0.2 -199.8 2.4 -0.1 -355.2 13.3 -0.2 -493.2 0.9 -0.1 -117.3 -4.5 -0.1 166.4 0.1 -0.0 -151.3 9.8 -0.0 3.0 -26.2 -0.1 -360.3 -13.7 0.0 13 14 15 13 14 15 Household sector State and local governments Federal government 16 17 18 Rest of the world (4) MBS and other ABS Other -36.8 -45.5 8.8 -111.5 -44.8 -66.7 -19.7 -36.1 16.4 205.2 -22.5 227.7 136.8 -21.6 158.4 182.7 -39.4 222.1 271.3 -13.0 284.3 229.8 -16.0 245.7 152.3 -8.6 160.9 97.8 -10.1 107.9 218.8 -36.0 254.8 16 17 18 19 20 21 U.S.-chartered depository institutions MBS and other ABS Other -98.2 -88.1 -10.2 2.5 -24.8 27.3 -9.0 -1.0 -8.0 15.2 -1.3 16.5 -13.7 -11.2 -2.5 10.7 -1.9 12.7 50.1 6.5 43.6 13.6 1.3 12.2 -75.8 -23.3 -52.4 2.1 4.9 -2.8 -72.4 -16.2 -56.2 19 20 21 22 23 Foreign banking offices in U.S. Banks in U.S.-affiliated areas -9.4 -1.4 -1.4 3.6 -6.2 1.0 -34.1 0.6 -74.3 1.6 -36.6 -0.2 1.3 0.3 -27.0 0.6 16.6 2.5 1.2 -0.6 -12.3 -2.3 22 23 24 25 26 Credit unions MBS and other ABS Other -15.7 -0.7 -15.0 -0.3 -0.3 -0.1 0.3 0.7 -0.4 2.2 2.1 0.1 4.6 4.2 0.4 2.9 2.7 0.2 0.2 0.3 -0.2 1.1 1.0 0.1 2.6 2.6 0.1 0.2 0.3 -0.1 -3.0 -2.6 -0.4 24 25 26 27 28 29 Property-casualty insurance companies MBS and other ABS Other 24.3 0.0 24.3 40.4 -0.6 41.1 19.6 3.2 16.4 24.2 8.7 15.5 25.0 7.2 17.8 24.6 7.4 17.2 24.5 7.6 16.9 22.8 12.7 10.1 0.6 -0.3 0.9 5.3 0.1 5.2 25.7 3.2 22.5 27 28 29 30 31 32 Life insurance companies MBS and other ABS Other 102.9 0.0 102.9 87.1 0.0 87.1 45.0 -24.3 69.3 60.8 9.1 51.8 76.1 9.0 67.1 68.1 9.0 59.0 29.0 9.1 19.9 70.2 9.1 61.0 99.9 22.1 77.8 87.7 18.0 69.8 100.0 12.4 87.6 30 31 32 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds 82.1 5.9 0.2 44.5 -10.9 1.4 83.8 -29.3 1.7 5.2 29.6 -1.3 -32.4 3.2 -2.3 26.4 58.5 -1.8 16.9 -8.4 -0.2 10.0 65.1 -0.9 -18.8 36.7 -3.1 37.6 104.3 0.4 23.0 46.7 -0.4 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -15.7 122.3 4.1 18.7 -49.1 170.3 -2.3 33.6 -3.0 306.0 7.5 47.6 0.0 279.3 14.6 19.5 3.5 388.7 26.6 28.2 -49.0 207.5 23.9 10.1 -6.4 315.2 3.9 22.0 52.0 205.9 3.9 17.5 -53.2 274.9 -2.8 33.6 -89.5 453.3 -0.1 30.2 18.8 206.2 -3.8 15.8 36 37 38 39 40 41 42 Government-sponsored enterprises MBS and other ABS Other -29.6 -46.5 17.0 -30.8 -32.2 1.4 -50.0 -31.2 -18.8 -59.4 -58.8 -0.6 -22.9 -22.4 -0.6 -45.2 -44.7 -0.6 -118.3 -117.8 -0.5 -51.2 -50.5 -0.7 -24.8 -24.3 -0.5 -42.9 -42.0 -0.8 -31.8 -31.1 -0.7 40 41 42 43 44 Finance companies REITs -19.8 7.2 0.9 3.8 -6.3 9.5 -10.8 -0.2 -14.8 13.0 -19.7 -0.4 -0.4 1.1 -8.1 -14.6 15.6 6.0 2.5 -2.7 -10.1 -1.1 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations 35.2 7.3 -9.8 -85.0 -20.1 -57.3 35.5 -11.9 -36.2 -11.1 37.0 8.9 31.9 -3.5 21.9 -52.8 -0.7 29.4 -2.8 154.0 -4.4 -20.6 -1.7 -11.5 -3.4 -6.9 48.0 28.7 5.4 -18.1 15.3 25.7 -5.2 45 46 47 (1) Net purchases of foreign issues by U.S. residents. (2) Net issuance less net acquisition of corporate bonds held as assets. (3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Net purchases of U.S. issues by foreign residents. 53 Z.1, December 11, 2014 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 Net issues 2 Nonfinancial corporate business 3 Rest of the world (2) 4 Financial sectors 5 6 7 8 9 10 11 12 13 14 15 Q2 Q3 Q4 2014 Q2 Q1 Q3 15.4 -285.7 -87.9 65.1 285.8 43.6 -155.0 86.2 -144.8 379.7 -139.6 1 -255.1 -456.7 -359.5 -372.6 -219.3 -375.1 -414.1 -482.0 -507.0 -261.8 -512.0 2 79.2 7.0 103.3 275.2 269.2 371.3 78.7 381.8 325.0 342.5 192.0 3 191.4 164.1 168.3 162.5 235.9 47.4 180.3 186.4 37.1 299.0 180.4 4 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 11.9 -12.7 -4.8 0.5 118.0 6.4 -10.7 -11.5 -2.9 117.6 1.6 -14.5 -9.9 2.6 185.2 2.2 -7.6 -9.2 -2.6 179.0 1.0 -3.6 -6.6 17.8 207.7 0.5 -6.4 -9.7 13.4 60.2 2.6 -9.5 -10.7 -17.4 214.4 4.9 -11.0 -9.6 -24.0 233.9 2.5 -17.9 -14.3 6.4 57.3 4.3 -9.4 -11.8 9.3 229.6 2.4 -22.1 -14.0 -10.0 192.8 5 6 7 8 9 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (3) 28.2 38.1 -11.1 19.8 3.5 37.5 29.2 14.1 2.9 -18.4 47.6 14.5 -50.7 0.6 -8.6 46.2 2.4 -31.0 -17.1 0.0 64.2 7.8 -45.4 -7.0 0.0 63.1 -10.7 -41.6 -21.4 0.0 24.9 3.3 0.3 -27.5 0.0 32.6 9.2 -37.1 -12.5 0.0 18.9 -5.9 -7.1 -2.7 0.0 46.9 0.0 -0.1 30.3 0.0 30.4 2.8 -0.6 -1.3 0.0 10 11 12 13 14 15.4 -285.7 -87.9 65.1 285.8 43.6 -155.0 86.2 -144.8 379.7 -139.6 15 -220.9 -0.0 24.1 127.8 -308.8 -2.5 40.3 44.0 -241.4 3.2 -13.2 126.8 -55.2 1.3 -4.8 -78.7 299.5 7.1 -5.2 -56.3 49.0 0.5 -2.8 -141.1 -635.6 -2.4 -10.3 265.9 66.4 0.1 -1.1 -383.3 -389.3 5.2 -0.6 345.0 305.3 -14.0 -1.1 -111.8 -391.8 -7.3 -4.2 75.2 16 17 18 19 1.3 -1.8 0.1 -26.4 1.0 -0.0 0.0 -10.5 0.0 0.0 0.8 0.0 0.0 -2.1 0.0 0.0 -4.0 0.0 0.0 1.3 0.0 0.0 8.1 0.0 0.0 -2.5 0.0 0.0 -0.7 0.0 0.0 1.6 0.0 20 21 22 Net purchases 16 17 18 19 Household sector State and local governments Federal government Rest of the world (4) 20 21 22 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 23 24 Property-casualty insurance companies Life insurance companies -20.9 45.6 2.9 37.7 4.6 15.3 3.5 13.4 5.8 2.8 10.7 19.2 0.1 -2.8 -2.6 34.5 1.9 31.3 -13.1 37.3 3.2 29.9 23 24 25 26 27 Private pension funds State and local govt. retirement funds Federal government retirement funds 22.7 -78.6 5.4 -60.2 -53.5 -4.2 -18.5 -46.0 -4.1 0.4 -156.9 9.1 22.0 -147.9 16.3 0.6 -119.6 9.3 -12.4 -136.1 -9.2 -8.4 -223.9 20.0 16.0 -224.1 7.2 1.9 -115.7 -0.3 -27.6 -170.8 6.3 25 26 27 28 29 30 Mutual funds Closed-end funds Exchange-traded funds 44.3 -4.7 88.3 4.9 -1.2 71.6 -38.1 -8.5 132.9 162.8 -16.1 166.8 55.1 -12.8 179.6 168.6 -10.4 47.1 210.5 -15.6 197.1 217.1 -25.7 243.6 131.1 5.3 13.5 71.4 6.5 181.4 124.2 0.6 168.4 28 29 30 31 32 Brokers and dealers Funding corporations -18.5 1.3 -5.0 -26.4 9.7 0.0 18.6 0.0 -78.0 0.0 16.5 0.0 -5.5 0.0 141.5 0.0 -85.1 0.0 32.5 0.0 52.8 0.0 31 32 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (3) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (4) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 370.1 338.4 624.9 638.7 970.8 492.1 674.1 417.8 696.2 648.0 507.6 1 2 Net purchases 370.1 338.4 624.9 638.7 970.8 492.1 674.1 417.8 696.2 648.0 507.6 2 281.0 11.1 334.4 -12.8 607.0 -0.1 638.0 0.9 972.4 0.9 510.7 0.9 654.7 0.9 414.0 0.9 647.8 0.9 516.0 0.9 416.8 0.9 3 4 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 2.9 58.2 0.3 74.7 1.7 89.7 0.7 -23.1 3.6 -60.0 0.2 -15.8 -1.2 -19.1 0.0 2.5 2.7 22.6 -7.2 118.9 -3.8 33.6 5 6 7 8 U.S.-chartered depository institutions Credit unions -5.8 0.2 -0.8 0.3 -1.1 0.4 1.6 -0.1 2.7 1.1 -8.9 -0.8 5.6 -0.6 7.1 -0.2 8.5 0.1 5.1 -0.2 -12.8 -0.3 7 8 9 10 Property-casualty insurance companies Life insurance companies -0.1 1.0 -0.7 1.1 1.8 1.3 1.2 1.4 0.9 1.3 0.9 1.4 0.9 1.4 1.8 1.4 1.8 1.4 1.8 1.4 1.8 1.4 9 10 11 12 Private pension funds State and local govt. retirement funds 35.0 -13.4 8.3 -66.3 -26.2 -49.6 27.7 -9.4 45.3 2.4 14.9 -11.4 38.3 -6.8 12.2 -21.9 28.0 -17.6 22.8 -11.5 46.0 23.9 11 12 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. Flows 2010 54 Z.1, December 11, 2014 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 1 Net change in liabilities -92.2 146.6 186.1 186.1 107.8 219.0 162.4 255.2 313.1 321.3 197.4 1 2 3 4 Household sector Corporate business Noncorporate business 50.1 -87.0 -16.8 -54.9 68.9 56.7 110.8 80.4 85.7 30.0 46.6 49.5 1.5 25.2 38.6 38.1 63.7 56.7 115.4 39.2 42.3 -34.8 58.1 60.4 152.8 36.7 62.6 179.2 77.4 140.5 94.5 48.5 55.0 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 24.0 2.1 15.6 6.3 43.2 -1.2 16.8 27.6 30.4 0.8 0.6 29.1 39.1 1.0 20.0 18.1 33.3 -0.1 23.0 10.4 24.9 -0.4 17.1 8.2 41.0 2.1 25.1 13.8 57.0 2.2 14.8 40.0 54.9 -2.7 6.2 51.5 56.4 4.1 26.6 25.7 -34.9 -1.1 -37.5 3.7 5 6 7 8 9 Financial sectors -62.5 32.6 -121.2 20.9 9.2 35.6 -75.5 114.4 6.1 -132.1 34.4 9 10 11 12 Finance companies REITs Brokers and dealers -64.9 -1.8 0.0 15.9 4.6 0.0 16.4 4.0 0.0 10.1 -2.9 0.0 16.5 -23.5 0.0 9.8 8.3 0.0 -3.4 17.8 0.0 17.7 -14.4 0.0 1.9 12.0 0.0 -30.0 -12.2 0.0 25.2 2.3 0.0 10 11 12 13 14 Holding companies Funding corporations 26.1 -21.9 64.0 -51.9 -120.2 -21.5 13.8 0.0 16.3 0.0 17.5 0.0 -89.9 0.0 111.2 0.0 -7.7 0.0 -89.9 0.0 6.9 0.0 13 14 -92.2 146.6 186.1 186.1 107.8 219.0 162.4 255.2 313.1 321.3 197.4 15 15 Net change in assets 16 Monetary authority (2) -44.8 -67.6 -29.9 -0.5 -0.7 -0.5 -0.6 -0.0 -0.1 -0.1 -0.1 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -36.3 -11.3 -3.3 3.5 163.6 42.9 1.1 6.6 218.6 -3.7 1.0 0.1 136.4 43.8 1.3 5.1 99.3 7.6 0.3 1.3 158.1 52.6 3.6 5.1 105.8 56.1 1.8 -0.7 182.5 58.7 -0.6 14.7 258.6 57.1 -0.6 -1.9 269.3 54.9 -4.4 1.6 161.3 22.1 -2.8 17.0 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.108. 55 Z.1, December 11, 2014 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 Q3 Q4 Q1 2014 Q2 Q3 -226.8 4.9 -13.6 142.1 60.7 282.1 81.9 143.8 164.1 94.6 171.4 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations 3.7 -1.0 -4.3 0.6 0.9 2.7 0.0 0.0 7.2 4.8 -0.5 -0.5 2.9 0.9 3.9 0.0 0.0 0.7 2.5 -0.1 5.2 0.6 0.4 5.6 0.0 0.0 -6.8 7.2 1.1 0.8 2.0 0.5 5.7 0.0 0.0 -0.7 9.7 0.6 2.9 2.1 1.3 5.1 0.0 0.0 -2.2 8.8 2.5 0.8 1.3 -0.2 13.0 0.0 0.0 -0.4 7.9 -1.0 -0.2 3.6 0.5 5.2 0.0 0.0 0.0 2.6 2.3 -0.1 0.9 0.6 -0.8 0.0 0.0 0.0 7.1 -0.9 5.3 -2.1 0.2 4.6 0.0 0.0 0.0 0.1 5.1 -9.5 2.4 0.5 8.2 0.0 0.0 0.0 -1.7 -1.4 -0.6 -0.2 0.3 6.0 0.0 0.0 0.0 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -20.2 -20.2 33.9 33.9 -52.2 -52.2 -3.5 -3.5 12.5 12.5 13.6 13.6 -50.8 -50.8 10.8 10.8 64.0 64.0 -3.6 -3.6 10.3 10.3 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 4.3 4.3 0.0 4.0 4.0 0.0 16.7 14.3 2.4 -2.8 -0.7 -2.0 2.6 8.5 -5.9 19.0 20.0 -1.0 4.7 6.3 -1.5 -37.5 -37.8 0.3 -10.7 -6.6 -4.0 -35.6 -35.3 -0.4 -1.1 0.4 -1.6 17 18 19 3.4 -0.0 3.4 2.4 -0.0 2.5 1.4 -0.0 1.4 0.9 -0.0 1.0 -0.0 -0.0 0.0 2.7 -0.0 2.7 1.6 -0.0 1.6 -0.6 -0.0 -0.5 -0.2 -0.0 -0.2 1.2 -0.0 1.3 3.1 -0.0 3.1 20 21 22 -144.7 0.0 1.6 5.7 -148.3 -0.4 -3.2 -64.2 0.0 -0.9 -2.6 -60.5 -2.0 1.8 18.6 0.0 0.7 7.6 4.6 0.9 4.8 81.9 0.0 0.1 2.8 69.2 1.9 7.8 27.9 0.0 1.0 -19.6 52.6 -11.4 5.2 127.2 0.0 -0.5 11.9 104.4 4.9 6.5 61.4 0.0 -1.0 3.8 49.0 12.5 -2.9 110.9 0.0 0.9 15.0 70.9 1.7 22.5 11.6 0.0 3.9 -8.3 6.7 1.7 7.7 157.7 0.0 0.7 12.8 126.0 10.2 8.0 92.1 0.0 0.2 12.7 52.7 12.7 13.7 23 24 25 26 27 28 29 -4.9 -4.9 -3.9 -3.9 1.7 1.7 0.2 0.2 8.5 8.5 1.8 1.8 -2.0 -2.0 -7.7 -7.7 -0.4 -0.4 -2.6 -2.6 -4.7 -4.7 30 31 13 14 15 16 Total other loans and advances Q2 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 23 24 25 26 27 28 29 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business -15.2 -13.7 -1.5 3.0 2.7 0.3 11.2 10.1 1.1 14.4 12.9 1.4 26.5 23.8 2.6 28.5 25.7 2.9 10.7 9.6 1.1 -8.2 -7.4 -0.8 2.6 2.3 0.3 24.8 22.3 2.5 7.0 6.3 0.7 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations -53.3 -0.6 -3.7 -0.8 -34.0 -12.7 -1.5 24.9 -2.8 5.4 18.9 -1.5 6.9 -2.0 -13.5 -2.5 0.4 12.2 -2.3 -14.8 -6.5 43.9 5.0 2.6 39.4 -11.7 10.9 -2.3 -26.9 7.1 -3.3 30.8 -52.1 -9.5 0.1 80.6 5.4 4.2 69.9 -14.6 20.2 -4.4 48.3 1.9 1.9 28.0 16.0 6.3 -5.8 73.4 5.6 7.5 28.8 4.1 26.5 0.8 90.1 3.0 8.2 60.3 18.4 -2.7 3.0 -47.5 -17.7 4.2 -14.6 -13.9 -0.3 -5.1 66.4 10.9 4.8 42.5 15.8 -11.7 4.0 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. Flows 2010 56 Z.1, December 11, 2014 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Net change in mortgages -316.9 -149.2 -61.5 99.9 -100.0 119.7 228.7 151.3 35.1 153.2 247.5 1 2 3 4 5 Home Multifamily residential Commercial Farm -162.2 -4.6 -158.2 8.1 -88.1 7.3 -81.4 13.1 -74.0 35.6 -28.9 5.8 -3.9 37.5 61.2 5.1 -90.8 16.6 -30.8 5.0 8.1 42.0 64.5 5.1 106.4 43.0 74.1 5.1 -39.2 48.5 136.9 5.1 -53.2 43.4 40.3 4.5 5.5 37.2 105.9 4.6 76.7 67.7 98.5 4.6 2 3 4 5 6 Flows 2011 -316.9 -149.2 -61.5 99.9 -100.0 119.7 228.7 151.3 35.1 153.2 247.5 6 Household sector -179.5 -75.7 -64.0 3.6 -78.1 14.3 106.4 -28.3 -52.7 5.9 73.9 7 8 9 10 Nonfinancial business Corporate Noncorporate -138.2 -130.9 -7.4 -86.9 -72.3 -14.6 -2.4 4.2 -6.6 88.6 25.1 63.5 -42.5 -17.9 -24.6 100.7 16.7 84.0 136.6 36.9 99.7 159.4 64.4 95.0 75.1 7.0 68.1 140.8 30.6 110.2 173.9 41.1 132.8 8 9 10 11 12 Federal government REITs 0.0 0.8 0.0 13.5 0.0 4.8 0.0 7.8 0.0 20.6 0.0 4.6 0.0 -14.3 0.0 20.2 0.0 12.6 0.0 6.5 0.0 -0.3 11 12 13 Net change in assets -316.9 -149.2 -61.5 99.9 -100.0 119.7 228.7 151.3 35.1 153.2 247.5 13 -10.9 -1.6 4.2 0.7 -0.6 0.5 -13.9 -1.9 0.6 -10.9 -1.9 0.9 -11.1 -1.9 0.3 -11.8 -1.9 1.1 -10.9 -1.9 1.1 -9.8 -1.9 1.2 -6.9 -1.9 1.0 -7.9 -1.9 1.9 -7.9 -1.9 1.4 14 15 16 13.5 -5.4 2.2 3.3 9.5 1.6 4.1 4.0 17.8 7.2 2.3 -0.5 -4.6 3.7 1.0 5.5 12.9 1.9 -31.8 2.3 -16.3 2.9 17 18 -149.2 -2.5 -6.5 0.9 -105.3 -2.6 -2.4 4.5 13.7 -1.9 1.5 8.3 -26.6 -0.6 -2.5 18.6 -20.5 -4.9 -2.3 5.5 -18.0 -0.4 -2.7 15.1 -55.5 1.0 -8.3 30.9 -12.2 1.9 3.4 23.0 176.8 7.8 -1.8 22.4 184.6 7.8 -0.8 25.7 29.9 5.1 -3.3 36.7 19 20 21 22 7 Net borrowing 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17 18 State and local governments Federal government 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 23 24 Property-casualty insurance companies Life insurance companies -0.3 -8.6 0.8 15.0 0.7 11.9 2.3 18.8 0.9 5.6 2.9 15.7 1.8 25.3 3.7 28.5 1.3 13.4 2.1 16.3 2.3 16.1 23 24 25 26 Private pension funds State and local govt. retirement funds 2.8 -0.4 -4.6 -0.1 1.2 -0.7 -3.4 -2.6 -3.4 -2.2 -3.3 -1.9 -3.6 -2.0 -3.2 -4.2 -2.9 9.6 3.5 4.6 4.0 9.3 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools -71.0 186.9 -60.5 165.3 -71.4 132.2 72.5 132.4 -92.7 120.9 110.2 110.1 206.7 154.4 65.8 144.1 -180.6 77.4 -19.6 27.8 114.2 83.4 27 28 29 30 31 ABS issuers Finance companies REITs -213.4 -54.2 -1.3 -146.2 -30.9 11.7 -136.0 -25.7 8.6 -218.3 -21.9 135.0 -90.0 -23.7 -5.5 -628.9 -10.9 542.6 -85.2 -26.1 2.0 -69.3 -26.9 0.7 -176.4 -13.0 94.0 -37.4 -18.0 -6.1 -29.5 -10.1 11.2 29 30 31 57 Z.1, December 11, 2014 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 2 3 4 5 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business Q3 Q4 2014 Q2 Q1 Q3 -162.2 -88.1 -74.0 -3.9 -90.8 8.1 106.4 -39.2 -53.2 5.5 76.7 1 -182.5 -6.8 27.1 -69.4 -3.4 -15.4 -61.7 -0.5 -11.8 -1.2 0.3 -3.0 -75.4 -1.2 -14.2 9.1 0.7 -1.7 100.4 0.8 5.3 -38.8 0.9 -1.3 -55.4 1.7 0.6 -2.5 2.0 6.0 66.6 1.5 8.6 2 3 4 -162.2 -88.1 -74.0 -3.9 -90.8 8.1 106.4 -39.2 -53.2 5.5 76.7 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -8.0 -0.9 1.5 -8.0 -0.3 0.2 -8.0 -1.6 0.2 -8.0 -1.6 0.3 -8.0 -1.6 0.1 -8.0 -1.6 0.4 -8.0 -1.6 0.4 -8.0 -1.6 0.4 -8.0 -1.6 0.4 -8.0 -1.5 0.7 -8.0 -1.6 0.5 6 7 8 9 10 State and local governments Federal government 8.4 -1.8 2.3 0.2 5.8 1.1 2.7 0.4 9.9 2.7 1.8 -3.1 -1.9 -2.4 0.9 4.6 7.0 1.0 -16.0 -0.9 -8.1 1.0 9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -48.9 0.1 -2.5 0.9 -37.6 0.3 -2.4 4.5 5.5 0.5 2.3 8.3 -96.2 -0.4 -1.1 18.6 -18.5 -0.2 -0.3 5.5 -93.6 -0.8 -3.0 15.1 -145.9 -0.8 -0.6 30.9 -126.7 0.1 -0.6 23.0 99.4 1.0 -2.2 22.4 80.6 1.2 -0.3 25.7 -52.9 2.1 -2.7 36.7 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 0.3 -0.1 -0.1 -0.1 -0.3 -0.0 0.5 -0.1 -0.2 0.8 -0.2 -0.9 -0.2 -0.2 -0.8 1.0 -0.2 -0.7 2.0 -0.2 -0.7 0.3 -0.2 -1.5 1.3 -0.2 3.5 0.9 -0.1 1.6 1.2 -0.1 3.3 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -76.4 175.8 -66.5 148.0 -82.5 105.0 87.1 98.8 -85.6 92.0 117.9 72.6 224.6 119.7 91.4 111.1 -164.7 57.9 -3.6 5.6 103.3 61.1 18 19 20 21 22 ABS issuers Finance companies REITs -160.9 -49.8 0.2 -120.9 -18.4 11.0 -106.7 -11.1 6.9 -83.7 -17.3 -3.3 -71.4 -15.0 0.8 -96.4 -11.6 18.3 -87.4 -21.7 0.0 -79.4 -20.8 -32.3 -65.2 -14.2 9.1 -77.1 -10.0 6.8 -74.1 -13.7 28.7 20 21 22 186.1 154.1 142.3 92.3 27.6 25.8 22.0 16.9 14.7 13.4 12.0 23 -53.0 -31.9 0.0 -6.4 -5.5 -9.3 -53.9 -41.1 -0.0 -6.0 -2.8 -4.0 -62.8 -51.8 -0.0 -6.5 -2.0 -2.4 -56.3 -47.0 0.1 -3.7 -2.3 -3.6 -72.3 -61.6 0.1 -6.7 -1.8 -2.3 -59.3 -46.7 -0.1 -6.0 -3.8 -2.8 -53.0 -48.4 0.4 0.0 -1.6 -3.3 -40.7 -31.0 0.1 -2.1 -1.8 -5.9 -42.4 -36.0 0.0 -2.2 -1.6 -2.6 -21.0 -18.4 0.0 1.2 -1.8 -2.0 -14.3 -17.5 -0.1 6.7 -1.6 -1.9 24 25 26 27 28 29 6 7 8 23 24 25 26 27 28 29 Net change in assets Q2 Memo: Charge-offs (2) Home equity loans included above (3) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1. (3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -4.6 7.3 35.6 37.5 16.6 42.0 43.0 48.5 43.4 37.2 67.7 1 -0.3 -4.8 0.0 0.4 0.4 6.8 0.0 0.1 1.8 34.9 0.0 -1.1 1.7 32.5 0.0 3.3 -0.1 -1.6 0.0 18.3 2.1 40.5 0.0 -0.6 2.2 42.5 0.0 -1.7 2.6 48.6 0.0 -2.7 2.3 42.9 0.0 -1.8 1.8 33.4 0.0 2.1 3.4 64.9 0.0 -0.6 2 3 4 5 -4.6 7.3 35.6 37.5 16.6 42.0 43.0 48.5 43.4 37.2 67.7 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 -0.0 1.5 0.0 -0.0 0.2 0.0 -0.0 0.2 0.0 -0.0 0.3 0.0 -0.0 0.1 0.0 -0.0 0.4 0.0 -0.0 0.4 0.0 -0.0 0.4 0.0 -0.0 0.3 0.0 -0.0 0.6 0.0 -0.0 0.5 7 8 9 10 11 State and local governments Federal government 4.2 -0.3 -0.1 -0.3 3.0 -0.3 1.2 0.0 6.6 -0.4 0.4 -0.0 -2.2 -0.6 0.1 1.1 4.9 -0.2 -13.0 -0.4 -6.8 -1.0 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. -12.2 -0.5 -6.6 -0.6 10.2 -1.5 29.4 -0.4 10.5 -0.5 29.9 -1.6 33.8 0.7 43.5 0.0 37.7 -0.5 41.8 0.0 34.8 0.2 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds -1.3 0.4 -0.1 2.1 -0.3 -0.0 1.7 -0.3 -0.2 2.5 -0.3 -0.8 -0.5 -0.4 -0.6 2.3 -0.4 -0.6 4.5 -0.4 -0.6 3.8 -0.3 -1.3 1.0 -0.3 2.9 2.7 -0.2 1.4 3.3 -0.2 2.8 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2.0 11.3 2.8 19.4 6.2 27.0 -21.9 33.7 -14.1 29.1 -15.4 37.7 -25.1 34.8 -33.2 33.2 -18.5 19.7 -18.4 22.3 8.6 22.5 17 18 19 20 21 ABS issuers Finance companies REITs -8.6 -0.7 -0.3 -7.7 -1.5 -0.2 -9.6 -0.8 0.1 -5.9 -0.8 0.5 -13.8 -0.4 1.1 -11.1 -2.2 2.6 -1.7 -0.1 -0.4 3.0 -0.6 -1.2 -2.9 0.1 -0.8 -0.0 0.2 0.2 -0.9 -0.3 4.3 19 20 21 2 3 4 5 6 7 8 9 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets Flows 2010 58 Z.1, December 11, 2014 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 1 2 3 4 5 Flows 6 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Q3 Q4 2014 Q2 Q1 Q3 -158.2 -81.4 -28.9 61.2 -30.8 64.5 74.1 136.9 40.3 105.9 98.5 1 3.0 -126.9 -34.7 0.4 -6.3 -73.7 -14.7 13.3 -2.3 0.5 -33.2 6.0 4.8 21.2 30.7 4.5 -2.7 -18.3 -12.1 2.3 5.2 12.3 41.7 5.2 6.1 31.9 48.8 -12.7 10.5 59.0 44.5 22.9 2.7 1.0 22.1 14.4 8.4 24.6 68.5 4.4 7.3 34.0 56.9 0.3 2 3 4 5 -158.2 -81.4 -28.9 61.2 -30.8 64.5 74.1 136.9 40.3 105.9 98.5 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -1.1 -0.6 1.1 -0.6 -0.2 0.1 -0.3 -0.3 0.2 0.4 -0.3 0.3 -0.2 -0.3 0.1 0.5 -0.3 0.3 0.8 -0.3 0.3 0.7 -0.3 0.3 1.2 -0.3 0.3 1.2 -0.3 0.5 1.5 -0.3 0.4 7 8 9 10 11 State and local governments Federal government 0.8 -3.7 -0.0 3.2 0.6 0.8 0.2 3.9 1.3 5.3 0.1 2.5 -0.4 6.5 0.0 1.2 1.0 0.8 -2.6 2.7 -1.4 0.9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas -95.1 -2.1 -4.0 -62.9 -2.3 -0.1 -8.1 -0.9 -0.8 38.8 0.2 -1.4 -13.8 -4.1 -2.1 44.2 2.0 0.3 55.1 1.1 -7.7 69.6 1.8 4.0 38.2 7.2 0.4 60.7 5.9 -0.5 46.5 2.9 -0.6 12 13 14 15 16 Property-casualty insurance companies Life insurance companies -0.3 -6.8 0.8 12.3 0.7 9.8 2.3 15.4 0.9 6.2 2.9 12.3 1.8 18.7 3.7 24.2 1.3 10.7 2.1 12.3 2.3 11.3 15 16 17 18 Private pension funds State and local govt. retirement funds 2.5 -0.1 -4.0 -0.0 1.6 -0.2 -2.8 -0.9 -2.8 -0.7 -2.7 -0.7 -3.0 -0.7 -2.8 -1.4 -2.5 3.3 3.9 1.5 4.3 3.2 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 -43.9 0.0 -17.6 0.0 -19.7 0.0 -128.8 0.0 -4.8 0.0 -521.4 0.0 3.9 0.0 7.2 0.0 -108.2 0.0 39.8 0.0 45.5 19 20 21 22 Finance companies REITs -3.7 -1.2 -11.0 0.9 -13.8 1.5 -3.8 137.7 -8.3 -7.3 2.9 521.6 -4.3 2.4 -5.5 34.2 1.2 85.8 -8.2 -13.1 3.9 -21.9 21 22 7 8 9 Net change in assets Q2 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets 8.1 13.1 5.8 5.1 5.0 5.1 5.1 5.1 4.5 4.6 4.6 1 3.1 5.0 4.5 8.6 2.3 3.5 1.8 3.3 1.8 3.3 1.7 3.4 2.0 3.2 1.9 3.2 2.0 2.5 2.2 2.4 2.2 2.4 2 3 8.1 13.1 5.8 5.1 5.0 5.1 5.1 5.1 4.5 4.6 4.6 4 -1.7 0.1 9.4 0.0 -5.6 0.0 -3.3 0.0 -2.8 0.0 -4.2 0.0 -3.7 0.0 -2.5 0.0 -0.1 0.0 -1.1 0.0 -1.4 0.0 5 6 State and local governments Federal government 0.1 0.4 -0.0 0.3 0.0 0.1 0.0 -0.3 0.1 -0.4 0.0 0.2 -0.0 0.2 0.0 -1.3 0.1 0.3 -0.2 1.0 -0.1 2.1 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 7.0 0.0 1.7 -0.0 6.1 0.0 1.4 -0.0 1.4 -0.1 1.4 -0.0 1.4 0.0 1.4 -0.0 1.5 0.0 1.6 0.7 1.6 -0.1 9 10 11 12 Life insurance companies State and local govt. retirement funds -0.9 0.0 0.6 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.3 0.0 0.3 0.0 0.3 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.4 -0.2 3.3 -2.1 4.9 0.3 7.4 -0.2 7.0 -0.2 7.7 -0.1 7.2 -0.1 7.6 -0.2 2.5 -0.1 2.4 -0.1 2.3 -0.1 13 14 5 6 Household sector Nonfinancial noncorporate business 7 8 (1) Excludes mortgages on farm houses. 59 Z.1, December 11, 2014 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Net change in liabilities (Households) -25.3 108.5 169.7 174.3 179.0 162.9 190.6 164.8 205.6 259.6 205.7 1 2 Net change in assets -25.3 108.5 169.7 174.3 179.0 162.9 190.6 164.8 205.6 259.6 205.7 2 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business -10.4 -11.4 0.0 -3.9 1.9 0.0 -8.8 1.7 0.0 -6.5 -5.6 0.0 -7.4 1.8 0.0 -7.6 1.1 0.0 -7.4 -3.5 0.0 -3.6 -22.0 0.0 -5.5 23.5 0.0 -5.1 10.4 0.0 -6.8 -14.2 0.0 3 4 5 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 133.1 -70.3 -10.7 128.5 7.1 -3.4 132.1 28.1 20.6 113.1 52.9 21.9 132.4 26.0 25.7 106.6 33.6 21.1 107.0 71.8 24.5 106.2 80.4 16.4 121.2 40.8 35.5 104.7 95.2 47.4 110.0 81.3 25.4 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 -42.3 -13.4 0.0 -4.1 -17.4 0.0 3.8 -7.8 0.0 -0.8 -0.6 0.0 6.2 -5.7 0.0 -8.5 16.6 0.0 -2.4 0.6 0.0 1.4 -14.1 0.0 -2.7 -7.1 0.0 -3.6 10.7 0.0 1.6 8.4 9 10 11 -69.7 -40.7 80.8 4.2 1.8 17.1 99.9 -10.2 5.0 59.9 119.0 -14.2 10.9 69.7 91.7 1.9 11.0 58.0 81.1 28.8 8.1 63.8 88.8 2.2 7.5 81.7 96.9 4.5 17.2 75.4 100.1 -27.9 15.7 66.7 88.0 35.2 54.4 86.8 104.2 14.2 26.0 77.8 92.5 9.4 12 13 14 15 9 10 11 Memo: 12 13 14 15 Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. Flows 2010 60 Z.1, December 11, 2014 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Flows 1 Q3 Q4 2014 Q2 Q1 Q3 154.9 81.6 124.3 182.0 173.4 220.2 193.4 141.0 59.8 234.4 153.3 1 2 Household sector -29.4 1.2 4.0 1.0 1.0 1.0 1.0 1.0 4.0 3.6 1.9 2 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 156.3 30.3 25.2 7.9 66.2 1.2 113.7 7.5 118.8 13.3 133.5 4.7 135.5 5.8 67.0 5.9 50.1 7.7 129.0 12.1 73.5 6.3 3 4 5 6 State and local governments Federal government 38.5 5.2 38.4 8.8 38.8 13.4 39.6 16.5 39.1 3.2 39.5 24.9 39.9 20.7 40.0 17.2 40.0 4.1 40.7 31.8 41.1 19.5 5 6 7 8 Rest of the world Brokers and dealers 6.0 -52.0 4.0 -3.8 0.7 -0.0 3.4 0.3 -6.7 4.6 15.4 1.0 -0.2 -9.3 5.0 4.9 -47.1 1.0 5.3 12.0 2.6 8.4 7 8 165.1 113.0 76.5 168.2 207.7 232.9 151.9 80.1 112.0 219.1 137.0 9 105.7 37.0 83.8 5.8 51.8 7.5 140.0 11.6 190.7 4.1 191.4 13.8 122.5 13.6 55.3 15.0 38.2 12.7 160.9 24.0 110.0 18.3 10 11 9 Net change in trade payables Q2 Net change in trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 State and local governments Federal government Rest of the world 13.1 -0.7 18.6 2.3 4.8 17.1 4.5 2.6 11.6 8.4 -1.5 11.9 7.0 -7.7 9.8 12.1 8.8 12.0 9.5 -5.1 10.9 5.0 -2.0 14.7 2.0 7.7 37.9 12.9 -4.5 12.3 9.4 0.5 12.4 12 13 14 15 16 Property-casualty insurance companies ABS issuers 0.8 -9.5 3.4 -4.2 4.8 -6.4 3.3 -5.4 8.1 -4.2 10.4 -15.6 6.8 -6.4 -12.3 4.4 19.3 -5.7 15.2 -1.6 -2.0 -11.6 15 16 -10.2 -31.4 47.7 13.8 -34.3 -12.7 41.5 60.9 -52.2 15.3 16.3 17 17 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 105.0 -7.4 97.7 104.3 -9.8 172.3 44.8 209.9 147.6 233.4 164.8 1 2 3 Household sector Brokers and dealers 75.2 29.8 -39.3 31.9 64.9 32.8 35.4 68.9 16.4 -26.2 -21.2 193.5 44.6 0.2 101.9 108.1 -74.3 221.9 222.1 11.3 56.4 108.3 2 3 4 Net change in assets 105.0 -7.4 97.7 104.3 -9.8 172.3 44.8 209.9 147.6 233.4 164.8 4 5 Household sector 23.5 0.9 42.0 58.5 -53.9 202.0 -10.1 95.9 202.8 6.6 99.2 5 6 7 U.S.-chartered depository institutions Foreign banking offices in U.S. 3.2 3.1 12.2 18.8 -1.9 -7.3 7.9 2.5 11.7 16.0 15.6 -24.0 8.3 2.0 -3.9 16.0 21.9 -2.9 10.6 -5.9 -3.4 12.5 6 7 8 Brokers and dealers 75.2 -39.3 64.9 35.4 16.4 -21.2 44.6 101.9 -74.3 222.1 56.4 8 61 Z.1, December 11, 2014 F.225 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 2 3 4 5 6 7 Net change in liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies Q2 Q3 Q4 2014 Q2 Q1 Q3 14.5 81.2 -11.9 30.0 11.7 28.7 45.3 34.4 64.6 17.1 40.3 1 0.9 13.6 1.3 79.9 0.3 -12.2 0.3 29.8 0.2 11.5 0.8 28.0 -0.5 45.8 0.5 33.8 -0.0 64.6 0.6 16.5 1.3 39.0 2 3 14.5 81.2 -11.9 30.0 11.7 28.7 45.3 34.4 64.6 17.1 40.3 4 6.2 4.5 3.8 73.5 5.2 2.4 -26.6 7.4 7.3 19.2 5.7 5.1 2.0 4.7 5.0 22.9 4.7 1.1 35.9 4.9 4.5 16.0 8.7 9.6 54.2 5.6 4.7 5.9 6.0 5.3 35.3 5.0 0.0 5 6 7 F.226 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 596.4 498.3 497.6 495.3 451.3 441.2 498.4 590.4 526.4 569.4 580.5 1 2 3 Life insurance companies (1) Private pension funds (2) 72.1 177.9 85.7 95.6 80.5 114.0 37.9 122.2 76.6 80.4 25.7 131.7 26.2 134.5 23.1 142.3 66.2 126.0 62.4 161.3 59.4 137.8 2 3 4 5 State and local govt. retirement funds Federal government retirement funds (3) 244.3 102.1 204.0 113.0 201.1 102.0 225.3 109.9 203.5 90.8 228.7 55.1 229.1 108.7 239.9 185.2 226.3 108.0 241.9 103.8 261.7 121.6 4 5 596.4 498.3 497.6 495.3 451.3 441.2 498.4 590.4 526.4 569.4 580.5 6 6 Net change in assets (Households) (4) (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs) (table F.226.i), except those at life insurance companies. F.227 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 19.4 20.6 11.3 11.8 27.5 -91.5 34.4 76.9 32.0 42.3 16.1 1 7.2 -0.7 8.8 1.2 2.3 2.0 -9.0 3.2 -17.1 1.1 -26.9 3.7 -5.7 3.7 13.6 4.1 -18.2 3.4 8.1 6.5 21.2 5.0 2 3 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 U.S.-chartered depository institutions 6.6 10.6 7.0 0.1 7.4 -52.9 24.1 21.9 31.1 29.0 -11.6 4 5 6 Property-casualty insurance companies Life insurance companies 5.6 2.6 -4.4 5.2 3.8 -4.6 19.1 -2.3 30.4 -0.6 -8.1 -6.7 10.7 0.0 43.5 -1.8 7.3 5.0 -2.8 -1.0 3.0 -3.4 5 6 7 8 Finance companies Brokers and dealers 0.3 -2.1 0.5 -1.1 0.2 0.5 0.1 0.6 0.8 5.4 -0.6 0.1 0.9 0.6 -0.9 -3.5 0.1 3.2 0.1 2.5 0.9 1.1 7 8 28.1 27.7 29.9 31.0 52.2 0.3 28.7 42.8 57.2 118.1 29.6 9 1.0 27.1 2.1 25.6 2.0 27.9 3.2 27.8 5.4 46.7 -2.9 3.2 3.6 25.1 6.5 36.3 -2.9 60.1 23.5 94.6 -0.2 29.8 10 11 -8.6 -7.0 -18.7 -19.2 -24.7 -91.8 5.7 34.1 -25.2 -75.8 -13.5 12 9 10 11 12 Net change in business taxes receivable State and local governments Federal government Discrepancy F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Total household investment Nonfinancial noncorporate business Brokers and dealers 163.8 -57.3 -1.7 -46.6 -6.6 -57.2 -74.3 -48.4 3.4 -45.6 26.8 1 163.0 0.9 -54.5 -2.9 -8.4 6.7 -42.7 -3.9 -1.2 -5.4 -58.1 0.9 -58.5 -15.8 -53.2 4.8 0.3 3.0 -44.4 -1.2 19.7 7.1 2 3 Flows 2010 62 Z.1, December 11, 2014 F.229 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 Flows U.S. direct investment abroad: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Liab.: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 301.1 343.0 40.6 302.5 23.3 -42.0 1.5 43.5 419.1 401.5 89.1 312.4 22.5 17.5 42.2 24.7 333.0 319.0 28.6 290.4 21.6 14.0 17.1 3.1 349.5 352.1 14.4 337.7 21.2 -2.6 23.3 25.9 310.1 317.5 1.4 316.1 21.3 -7.4 -10.7 -3.3 400.8 348.2 28.3 319.8 21.2 52.6 89.2 36.6 356.9 398.3 46.5 351.8 21.1 -41.5 8.1 49.6 330.4 344.3 -18.9 363.2 21.1 -14.0 6.6 20.6 183.5 200.4 -110.0 310.4 21.0 -16.9 -0.4 16.5 320.1 340.1 15.6 324.5 21.0 -20.0 13.6 33.6 282.9 294.4 7.0 287.3 21.0 -11.5 6.0 17.5 1 2 3 4 5 6 7 8 Asset: Nonfinancial corporate business Of which: Current-cost adjustment U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 303.3 23.3 2.7 -22.2 1.9 6.8 8.7 403.9 22.5 -6.2 1.1 3.3 12.0 4.9 315.9 21.6 -2.6 0.2 5.2 7.7 6.7 317.4 21.2 3.5 14.1 1.2 4.0 9.2 268.7 21.3 -3.1 16.4 0.1 11.8 16.3 382.6 21.2 -20.7 27.3 4.1 0.5 7.0 291.3 21.1 30.6 16.4 -0.5 10.5 8.5 327.2 21.1 7.2 -3.7 1.0 -6.6 5.2 148.6 21.0 -5.4 3.2 -0.3 28.5 9.0 290.5 21.0 2.2 11.4 -4.3 4.3 16.0 252.3 21.0 3.0 8.0 -4.3 12.2 11.7 9 10 11 12 13 14 15 Foreign direct investment in U.S.: 16 17 18 19 20 21 22 23 24 Liab.: Nonfinancial corporate business Of which: Current-cost adjustment Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 157.0 7.8 0.3 12.4 2.8 6.3 13.2 13.2 0.6 192.7 6.2 0.0 26.0 -2.2 -5.4 6.1 18.2 0.6 170.1 5.6 0.6 -0.8 -5.3 1.4 -0.8 9.4 0.6 207.1 5.5 0.5 4.0 6.8 5.1 0.5 11.6 0.6 135.6 5.5 -0.2 3.6 21.6 6.4 1.7 7.0 0.6 224.4 5.5 0.0 1.5 -0.2 10.4 2.7 6.2 0.6 203.0 5.5 1.6 5.4 0.5 6.8 1.1 2.3 0.6 265.4 5.5 0.5 5.6 5.5 -3.3 -3.4 31.0 0.6 -449.1 5.5 1.0 3.7 -2.1 5.8 1.6 8.8 0.6 233.4 5.5 -0.2 3.1 0.0 13.1 1.5 0.0 0.6 210.6 5.4 -0.1 1.8 -4.1 15.2 3.6 0.2 0.6 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Asset: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 205.9 203.1 140.5 62.7 7.8 2.7 12.7 10.0 236.1 185.1 106.5 78.6 6.2 51.0 47.7 -3.4 175.2 191.4 93.9 97.5 5.6 -16.2 23.3 39.5 236.3 226.8 126.9 99.9 5.5 9.4 42.3 32.8 176.3 159.2 58.9 100.2 5.5 17.1 22.3 5.2 245.6 247.9 126.6 121.3 5.5 -2.3 44.1 46.4 221.4 222.3 152.6 69.7 5.5 -1.0 12.6 13.5 301.8 277.9 169.5 108.4 5.5 23.9 90.1 66.3 -429.6 -401.7 -478.0 76.3 5.5 -27.9 -101.7 -73.7 251.5 252.4 132.6 119.7 5.5 -0.9 2.1 3.0 227.9 221.7 117.0 104.7 5.4 6.2 14.4 8.2 25 26 27 28 29 30 31 32 Memo: Direct investment, asset/liability presentation: 33 34 35 36 37 Net U.S. acquisition of direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 7) U.S. affiliates’ claims (line 32) 354.6 343.0 11.5 1.5 10.0 440.4 401.5 38.9 42.2 -3.4 375.5 319.0 56.5 17.1 39.5 408.2 352.1 56.1 23.3 32.8 312.0 317.5 -5.6 -10.7 5.2 483.8 348.2 135.6 89.2 46.4 420.0 398.3 21.7 8.1 13.5 417.2 344.3 72.8 6.6 66.3 126.3 200.4 -74.1 -0.4 -73.7 356.6 340.1 16.6 13.6 3.0 308.6 294.4 14.2 6.0 8.2 33 34 35 36 37 38 39 40 41 42 Net U.S. incurrence of direct investment liabilities Equity (line 26) Intercompany debt U.S. parents’ liabilities (line 8) U.S. affiliates’ liabilities (line 31) 259.3 203.1 56.2 43.5 12.7 257.4 185.1 72.4 24.7 47.7 217.8 191.4 26.4 3.1 23.3 295.0 226.8 68.1 25.9 42.3 178.1 159.2 19.0 -3.3 22.3 328.6 247.9 80.7 36.6 44.1 284.5 222.3 62.2 49.6 12.6 388.6 277.9 110.7 20.6 90.1 -486.8 -401.7 -85.2 16.5 -101.7 288.0 252.4 35.7 33.6 2.1 253.6 221.7 31.9 17.5 14.4 38 39 40 41 42 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 63 Z.1, December 11, 2014 F.230 Total Miscellaneous Financial Claims 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 602.7 1232.1 973.0 1372.0 2222.6 391.3 2146.5 727.7 2300.5 1218.5 1177.1 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2.7 493.4 -50.9 -0.4 863.9 34.4 0.6 701.6 17.6 3.0 752.8 5.8 4.1 767.3 16.3 7.4 679.0 -5.9 -3.7 697.1 13.7 4.2 867.7 -1.0 4.1 965.9 9.9 5.3 739.7 -5.8 -2.6 784.5 -28.0 2 3 4 5 6 7 State and local governments Federal government Rest of the world 275.5 110.7 2.7 316.6 123.7 132.9 300.1 95.7 -140.0 289.9 104.8 -23.4 305.9 100.0 86.6 218.3 87.6 -163.2 316.2 466.2 101.9 319.3 -234.4 -118.8 408.2 79.2 -7.2 112.7 121.7 25.1 302.9 81.6 -21.3 5 6 7 8 9 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 29.2 -8.9 -30.5 -5.9 -8.3 -26.7 -94.9 10.1 -3.9 1.3 2.0 147.2 -35.7 -2.0 0.3 9.8 124.4 -33.2 -3.0 1.5 46.6 403.6 63.7 -3.6 9.3 -43.4 -86.9 -28.9 0.3 2.3 -20.4 51.1 -143.1 -3.1 -4.7 56.7 129.7 -24.5 -5.6 -1.0 61.2 378.7 5.7 2.1 -5.8 -25.1 129.8 -13.6 1.7 13.8 -58.0 447.8 62.8 -10.5 -4.0 8 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies 6.3 60.7 35.2 48.0 -1.0 27.4 -0.3 18.8 -33.9 -18.6 23.9 -27.3 9.6 59.1 -0.9 62.2 3.8 45.8 34.3 82.9 26.8 5.9 13 14 15 16 17 Government-sponsored enterprises Finance companies REITs -42.2 -71.7 4.1 -49.2 -19.1 7.1 -6.1 -24.7 25.4 -9.4 -26.4 -21.7 -16.7 -23.6 -27.6 7.7 1.6 11.8 -8.9 -97.2 -55.5 -19.8 13.6 -15.4 -13.8 -10.1 26.1 -0.7 9.1 17.7 6.8 -102.0 -0.2 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations 9.0 -68.5 -104.8 -19.4 -36.2 -91.4 -7.7 -98.6 -29.0 41.3 222.0 -84.8 260.5 311.0 -28.3 -55.7 -82.6 -154.8 62.2 633.4 72.6 -101.8 26.3 -228.6 173.2 57.7 115.8 45.6 97.0 -172.7 -74.5 -195.0 -45.9 18 19 20 335.7 637.6 492.0 1353.7 2313.0 1140.3 1093.6 868.0 2141.0 1286.1 471.6 21 21 Net change in liabilities 2011 Net change in assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 8.3 214.8 105.0 70.7 23.6 7.4 -6.1 108.8 44.6 52.2 321.1 17.4 22.2 645.8 -11.4 37.1 338.6 25.7 54.6 -31.3 24.9 95.2 331.0 30.3 16.8 389.4 49.8 38.5 494.2 93.5 13.8 280.8 71.6 22 23 24 25 26 State and local governments Federal government -22.2 -3.6 -0.1 2.0 8.2 -1.0 6.2 5.9 12.8 3.2 5.2 -11.9 1.9 15.2 4.8 17.0 11.0 11.0 -12.4 19.9 -4.4 14.8 25 26 27 28 29 30 31 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 7.8 -99.7 -15.3 4.5 41.1 142.9 -68.5 15.0 0.8 -12.1 -27.6 -10.7 -0.3 0.2 0.8 32.3 -7.1 13.1 8.6 -1.6 76.6 123.7 35.8 1.8 -14.4 31.6 208.3 31.1 23.9 35.5 -2.6 -190.8 -14.0 11.1 -32.5 23.6 -169.7 -0.6 -2.6 4.9 8.2 90.7 56.3 -12.5 -6.8 3.3 185.0 3.7 20.3 20.5 -8.7 -97.0 8.8 -4.8 12.8 27 28 29 30 31 32 33 34 35 Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -7.6 8.6 305.4 85.9 52.4 50.2 307.6 91.6 31.2 35.2 292.6 90.7 24.4 42.3 310.4 91.4 72.7 -32.7 296.7 88.5 -32.5 27.5 236.1 90.1 19.3 75.5 351.5 499.2 38.1 98.8 357.1 -312.1 59.1 93.2 442.1 94.7 80.6 39.8 154.8 94.7 -2.7 83.2 331.9 94.7 32 33 34 35 36 37 Money market mutual funds Mutual funds -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -60.9 44.9 -17.5 3.4 -18.7 129.5 108.5 -101.4 -62.2 130.7 -71.6 -86.9 -24.4 0.0 36 37 38 39 40 Government-sponsored enterprises Finance companies REITs 29.3 -110.1 1.3 -0.1 -5.9 8.5 4.1 -33.4 25.8 13.1 -22.3 12.2 61.3 -66.7 21.9 -0.8 4.0 39.1 -3.5 -106.3 -54.4 -4.8 79.6 42.2 -54.1 -44.8 39.3 -2.7 13.9 44.8 -8.6 -23.8 6.2 38 39 40 41 42 43 Brokers and dealers Holding companies Funding corporations -112.9 -31.2 -58.4 -106.6 36.5 19.6 -68.1 16.9 7.2 147.7 251.8 13.0 508.8 354.2 128.3 266.5 -175.7 -25.2 -71.0 491.1 -55.2 -113.5 337.6 4.0 627.1 188.2 13.8 -194.9 296.8 50.2 -132.4 -177.4 37.3 41 42 43 267.0 594.5 481.0 18.3 -90.4 -749.0 1052.9 -140.3 159.6 -67.6 705.5 44 44 Discrepancy Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 64 Z.1, December 11, 2014 F.231 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 2.3 2.3 2.6 2.6 2.4 2.4 2.2 2.2 0.1 0.1 8.3 8.3 0.1 0.1 0.3 0.3 0.0 0.0 6.8 6.8 5.8 5.8 1 2 0.9 0.9 0.4 0.4 0.5 0.5 0.1 0.1 0.8 0.8 -0.3 -0.3 -0.2 -0.2 0.3 0.3 2.2 2.2 0.4 0.4 0.1 0.1 3 4 -2.7 0.1 0.4 0.0 -3.0 -0.2 -0.0 -5.9 -0.0 0.3 0.0 -6.1 0.7 -0.8 -1.8 0.0 0.2 0.0 -2.2 0.1 0.1 0.5 0.0 0.6 0.0 -0.6 -0.6 1.0 -3.6 0.3 -0.2 0.0 -3.4 0.2 -0.4 1.1 -0.2 1.1 0.0 0.1 0.1 0.1 -0.6 -0.1 1.0 0.0 -2.3 0.1 0.6 5.0 0.1 0.5 0.0 3.3 -2.6 3.7 -4.7 0.6 1.1 0.0 -6.7 0.1 0.2 6.1 -0.2 0.3 0.0 4.5 0.9 0.6 1.4 -0.0 0.7 0.0 -0.4 0.7 0.4 5 6 7 8 9 10 11 33.4 0.0 22.2 -39.5 -24.3 10.6 2.4 76.1 0.0 9.3 -20.3 -13.0 30.6 82.7 101.2 -6.8 10.3 -3.5 52.3 -51.5 101.9 59.3 -6.0 3.4 -15.8 57.1 -17.0 81.0 110.7 -24.6 0.9 -65.6 -24.6 89.8 86.5 -100.8 0.0 -0.6 4.1 72.3 -146.0 -170.9 70.2 0.8 21.2 0.7 -157.1 106.5 42.3 157.1 -0.3 -8.1 -2.3 338.0 -118.2 366.2 165.5 -2.2 0.9 9.8 33.0 -7.7 199.3 206.4 1.9 2.3 -3.6 61.6 19.5 288.2 117.2 -0.2 -0.3 -4.7 -158.0 -27.6 -73.6 12 13 14 15 16 17 18 26.7 26.7 8.4 8.4 2.6 2.6 14.7 14.7 56.1 56.1 4.7 4.7 0.8 0.8 -2.6 -2.6 11.2 11.2 -4.1 -4.1 -5.4 -5.4 19 20 -31.5 -26.9 -58.4 -33.7 53.4 19.6 -11.8 19.0 7.2 -2.5 15.5 13.0 67.7 60.6 128.3 -3.4 -21.8 -25.2 -93.6 38.4 -55.2 19.2 -15.3 4.0 1.5 12.4 13.8 -12.2 62.4 50.2 28.1 9.2 37.3 21 22 23 7.9 4.0 4.0 1.4 0.7 0.7 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24 25 26 Flows Federal Reserve Bank stock: 3 4 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: 5 6 7 8 9 10 11 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) Holding company net transactions with subsidiaries: 12 13 14 15 16 17 18 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world Asset: Holding companies NFC investment in finance company subsidiaries: 19 20 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 21 22 23 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 24 25 26 Liab.: Funding corporations Asset: Households (2) Federal government (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-are not available before 1982. (2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 65 Z.1, December 11, 2014 F.232 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) -10.2 0.0 -10.2 99.7 0.0 99.7 -90.9 0.0 -90.9 -8.6 -0.0 -8.6 -3.3 -0.0 -3.3 -25.5 0.0 -25.5 -4.7 0.0 -4.7 -1.0 0.0 -1.0 0.5 0.0 0.5 -1.1 0.0 -1.1 0.5 0.0 0.5 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 -1.5 -1.5 -1.8 -1.8 1.2 1.2 -3.2 -3.2 -1.4 -1.4 -5.6 -5.6 -6.1 -6.1 0.4 0.4 -0.5 -0.5 -5.6 -5.6 1.1 1.1 6 7 2.7 2.7 -0.4 -0.4 0.6 0.6 3.0 3.0 4.1 4.1 7.4 7.4 -3.7 -3.7 4.2 4.2 4.1 4.1 5.3 5.3 -2.6 -2.6 8 9 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 17.1 17.0 0.4 -0.4 14.8 15.6 -1.8 0.9 -1.8 -2.4 0.4 0.3 0.4 0.2 0.2 -0.0 -5.8 -8.2 1.2 1.2 -1.2 0.2 -1.5 0.1 14.4 12.9 0.2 1.4 -5.7 -4.1 1.1 -2.7 15.0 14.5 -0.6 1.1 12.7 12.3 2.0 -1.6 1.7 -3.3 0.9 4.1 10 11 12 13 14 Asset: Household sector 17.1 14.8 -1.8 0.4 -5.8 -1.2 14.4 -5.7 15.0 12.7 1.7 14 6.3 35.2 5.8 5.7 -9.2 23.8 8.8 -0.6 6.0 32.4 27.1 15 -35.2 11.7 29.9 36.7 10.1 -11.6 -17.7 7.6 15.9 39.7 -6.6 -27.4 32.5 -12.5 -29.2 47.8 0.8 -24.8 41.2 -5.3 -27.0 37.1 -9.3 -28.4 4.5 2.2 -0.7 14.8 13.5 4.1 12.7 11.2 3.1 16 17 18 13.9 -0.3 14.2 9.9 20.7 -10.7 -1.9 5.0 -6.9 17.1 10.8 6.3 -33.1 -10.3 -22.9 6.5 4.4 2.1 43.8 23.4 20.4 51.3 25.8 25.5 26.9 23.2 3.8 38.4 22.3 16.1 18.4 13.6 4.8 19 20 21 15.4 15.4 3.0 3.0 -12.3 -12.3 -0.6 -0.6 1.3 1.3 0.3 0.3 -0.9 -0.9 -3.0 -3.0 -0.8 -0.8 1.9 1.9 3.6 3.6 22 23 -123.5 -123.5 -74.6 -74.6 -79.2 -79.2 94.0 94.0 236.2 236.2 298.3 298.3 -43.6 -43.6 -114.8 -114.8 479.9 479.9 -189.5 -189.5 -43.2 -43.2 24 25 65.7 65.7 70.8 70.8 40.4 40.4 98.2 98.2 172.5 172.5 -308.1 -308.1 -63.5 -63.5 592.0 592.0 74.9 74.9 52.6 52.6 79.9 79.9 26 27 22.5 22.5 18.5 18.5 13.3 13.3 12.2 12.2 -4.5 -4.5 -9.5 -9.5 -1.1 -1.1 63.8 63.8 -2.7 -2.7 11.0 11.0 -0.6 -0.6 28 29 Policy payables: 15 Liab.: Property-casualty insurance companies 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Unallocated insurance company contracts: 19 20 21 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 30 31 32 Liab.: Nonfinancial corporate business State and local governments Federal government -20.7 275.5 20.2 -16.8 316.6 20.8 8.4 300.1 50.3 12.1 289.9 -6.8 -5.1 305.9 -84.0 -4.7 218.3 398.2 7.0 316.2 562.7 51.2 319.3 -904.1 8.2 408.2 19.8 -47.1 112.7 42.1 31.9 302.9 14.7 30 31 32 33 34 35 Asset: Private pension funds State and local govt. retirement funds Federal government retirement funds -20.7 275.5 20.2 -16.8 316.6 20.8 8.4 300.1 50.3 12.1 289.9 -6.8 -5.1 305.9 -84.0 -4.7 218.3 398.2 7.0 316.2 562.7 51.2 319.3 -904.1 8.2 408.2 19.8 -47.1 112.7 42.1 31.9 302.9 14.7 33 34 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Flows Postal Savings System deposits: 66 Z.1, December 11, 2014 F.233 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Flows 1 Net change in liabilities Q2 Q3 Q4 Q1 2014 Q2 Q3 340.3 627.3 626.3 747.0 1381.0 -24.6 1329.9 301.7 1039.1 805.2 776.2 1 498.6 -50.9 877.7 34.4 705.6 17.6 741.3 5.8 771.1 16.3 683.4 -5.9 691.0 13.7 819.5 -1.0 958.5 9.9 784.9 -5.8 749.0 -28.0 2 3 2.4 13.6 -8.3 1.3 16.1 7.0 -32.0 13.9 -12.8 16.0 -12.5 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 28.3 -42.3 0.9 -5.9 -8.3 -27.1 -171.0 43.9 -3.9 1.3 1.5 45.9 -23.9 -2.0 0.3 9.7 65.1 -30.6 -3.0 1.5 45.8 292.9 -4.1 -3.6 9.3 -43.2 14.0 -25.2 0.3 2.3 -20.2 -19.1 -49.4 -3.1 -4.7 56.4 -27.4 -43.7 -5.6 -1.0 59.0 213.1 4.3 2.1 -5.8 -25.5 -76.6 -1.4 1.7 13.8 -58.1 330.6 34.8 -10.5 -4.0 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs 7.4 -37.9 -58.8 4.1 14.0 -41.4 -7.1 7.1 20.7 -5.4 -23.8 25.4 -2.1 -6.7 -25.3 -21.7 19.5 -11.8 -14.1 -27.6 -32.0 12.2 -7.2 11.8 -20.4 -2.3 -98.7 -55.5 24.7 -25.1 18.6 -15.4 2.9 -8.6 -31.1 26.1 29.5 -1.2 16.9 17.7 -13.8 4.4 -91.9 -0.2 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations 60.2 -68.5 10.8 -59.8 -36.2 -18.1 -79.0 -98.6 50.2 -31.3 222.0 -178.8 224.5 311.0 -264.4 -106.2 -82.6 -453.1 180.8 633.4 116.3 -424.5 26.3 -113.8 127.9 57.7 -364.2 -78.4 97.0 16.8 74.3 -195.0 -2.8 14 15 16 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 Federal government 5 6 7 8 9 17 73.3 32.8 145.3 728.7 1471.3 724.5 277.0 442.0 879.5 872.8 70.7 17 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 176.3 74.7 5.1 18.8 98.6 28.6 312.9 44.2 602.0 18.0 333.3 49.5 -26.7 51.0 342.8 58.2 375.4 49.4 485.0 89.0 275.0 67.7 18 19 20 21 State and local governments Federal government -22.2 -9.8 -0.1 -1.3 8.2 -3.5 6.2 3.7 12.8 3.1 5.2 -20.2 1.9 15.1 4.8 16.7 11.0 11.0 -12.4 13.2 -4.4 9.1 20 21 22 23 24 25 26 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 18.0 -96.0 -15.3 4.5 41.3 43.1 -60.9 15.0 0.8 -12.8 63.4 -10.2 -0.3 0.2 0.7 40.9 -3.5 13.1 8.6 -1.1 79.9 127.7 35.8 1.8 -14.6 57.1 214.1 31.1 23.9 35.4 2.1 -182.3 -14.0 11.1 -32.6 24.5 -173.6 -0.6 -2.6 7.5 7.7 95.7 56.3 -12.5 -6.8 4.4 185.7 3.7 20.3 19.7 -9.2 -97.8 8.8 -4.8 12.1 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds -10.2 14.2 15.7 53.6 43.4 1.7 30.6 34.1 -0.6 20.4 19.9 14.1 69.1 -18.7 13.6 -40.0 27.5 15.7 22.4 46.1 14.9 30.3 24.8 12.3 54.7 62.6 30.1 74.7 62.7 26.1 -0.4 34.1 24.3 27 28 29 30 31 Money market mutual funds Mutual funds -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -60.9 44.9 -17.5 3.4 -18.7 129.5 108.5 -101.4 -62.2 130.7 -71.6 -86.9 -24.4 0.0 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs 29.3 -110.1 1.3 -0.1 -5.9 8.5 4.1 -33.4 25.8 13.1 -22.3 12.2 61.3 -66.7 21.9 -0.8 4.0 39.1 -3.5 -106.3 -54.4 -4.8 79.6 42.2 -54.1 -44.8 39.3 -2.7 13.9 44.8 -8.6 -23.8 6.2 32 33 34 35 36 Brokers and dealers Holding companies 10.6 -33.6 -32.0 -46.2 11.1 -85.0 53.7 170.8 272.6 267.7 -31.8 -4.8 -27.4 448.9 1.3 -28.5 147.2 -11.1 -5.4 8.6 -89.2 -103.8 35 36 267.0 594.5 481.0 18.3 -90.4 -749.0 1052.9 -140.3 159.6 -67.6 705.5 37 37 Net change in assets Discrepancy 67 Z.1, December 11, 2014 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2013 Q1 1 All sectors Q2 Q3 Q4 Q1 2014 Q2 Q3 321.9 526.0 574.4 95.9 52.9 -585.8 1070.6 -154.0 254.5 -234.0 768.6 1 -297.9 296.1 -463.2 797.5 -113.0 761.9 -353.5 499.9 -664.3 414.5 -251.0 447.1 439.0 703.7 -937.4 434.4 -274.9 281.0 -573.2 227.9 562.8 531.0 2 3 State and local governments Federal government -1.7 -55.5 45.5 -16.3 -32.5 -66.8 20.8 -46.8 -10.4 161.6 10.8 -337.8 74.7 34.1 8.1 -45.1 25.9 57.7 198.4 -288.5 96.1 139.1 4 5 6 Rest of the world 180.3 65.5 29.1 51.1 257.2 -203.5 382.2 -231.4 80.8 150.6 -178.0 6 7 Financial sectors 200.5 97.0 -4.4 -75.7 -105.7 -251.4 -563.2 617.4 84.1 50.8 -382.4 7 Monetary authority -10.0 -1.2 -18.8 -1.9 3.5 -5.3 -3.3 -2.3 -4.1 -2.8 -2.6 8 9 10 11 12 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 157.4 -17.6 -0.0 -6.4 90.0 1.4 1.0 -27.2 42.8 12.2 -0.1 4.8 -29.0 -53.1 -0.3 13.8 95.5 -6.3 0.1 33.1 -352.5 1.7 2.3 3.5 -176.2 -307.4 4.3 7.2 317.0 99.8 -7.8 11.6 194.8 -130.5 2.8 -19.0 46.3 3.9 1.2 -13.8 -188.7 -32.1 -3.0 -5.8 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies 76.6 -31.8 4.6 -30.3 -15.0 -38.0 12.6 -22.5 16.4 -17.7 -9.5 3.6 -0.2 -3.8 43.5 -72.1 0.4 -41.5 8.5 -28.5 -33.7 -18.9 13 14 15 16 Mutual funds Government-sponsored enterprises -24.9 43.0 -35.7 3.0 -39.8 34.3 -41.3 0.7 -42.1 -130.3 -37.4 193.9 -43.5 -184.9 -42.0 124.0 -16.5 103.2 -18.1 22.7 -10.9 -95.7 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs 0.0 9.9 8.1 0.0 43.2 18.2 0.0 30.6 28.4 0.0 20.9 57.4 0.0 31.8 -16.6 0.0 -65.4 61.2 0.0 84.1 54.3 0.0 33.2 130.7 0.0 -18.9 20.2 -0.0 -4.9 18.9 0.0 -15.5 15.9 17 18 19 20 21 Brokers and dealers Holding companies -6.0 2.3 30.5 -0.2 -43.0 -2.6 -30.2 -2.7 -70.2 -2.6 -45.6 -1.7 8.5 -2.0 -13.5 -4.5 -3.8 -2.6 21.1 -3.7 12.7 -3.8 20 21 2 3 Household sector Nonfinancial corporate business 4 5 8 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 321.9 526.0 574.4 95.9 52.9 -585.8 1070.6 -154.0 254.5 -234.0 768.6 1 2 3 Treasury currency Foreign deposits -1.1 49.2 -0.7 -136.3 -0.6 -137.3 -1.1 -11.7 -0.9 88.2 -0.7 153.5 -2.1 -10.0 -0.6 -278.6 -1.0 -10.1 -0.9 -177.5 -1.8 -73.1 2 3 4 5 Net interbank transactions Security repurchase agreements 25.8 55.0 3.5 68.7 5.7 -9.6 56.8 -166.9 391.9 -472.3 -131.1 -137.2 -219.3 15.1 185.7 -73.0 189.5 -138.6 -55.5 -117.6 -144.0 105.8 4 5 6 7 8 9 Mail floats State and local governments Federal government Private domestic -1.1 0.0 0.0 -1.1 0.8 0.0 -0.1 0.9 1.5 0.0 0.6 0.9 -0.7 0.0 0.4 -1.2 -49.6 0.0 -44.4 -5.2 98.4 0.0 96.2 2.2 4.6 0.0 3.6 1.0 -56.3 0.0 -53.6 -2.8 -39.3 0.0 -43.2 4.0 97.7 0.0 97.6 0.1 -1.4 0.0 4.4 -5.7 6 7 8 9 10 11 Trade credit Taxes payable -10.2 -8.6 -31.4 -7.0 47.7 -18.7 13.8 -19.2 -34.3 -24.7 -12.7 -91.8 41.5 5.7 60.9 34.1 -52.2 -25.2 15.3 -75.8 16.3 -13.5 10 11 12 Miscellaneous 267.0 594.5 481.0 18.3 -90.4 -749.0 1052.9 -140.3 159.6 -67.6 705.5 12 13 Nonfinancial -54.1 33.9 204.6 206.5 245.0 284.8 182.3 114.1 171.9 147.8 174.7 13 49.2 4.9 -38.3 4.4 -209.2 4.6 -211.9 5.4 -250.3 5.3 -290.2 5.4 -187.6 5.4 -119.5 5.4 -177.5 5.6 -153.5 5.6 -180.3 5.6 14 15 14 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas Flows 2010 68 Z.1, December 11, 2014 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 Levels 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 52905.7 53879.0 58083.0 64986.2 60122.9 60954.5 62806.5 64986.2 65746.1 67072.1 66756.6 1 8071.9 8746.6 9275.1 9699.3 9325.0 9325.1 9453.5 9699.3 9865.4 9943.4 10105.6 2 67.3 423.7 6450.8 1130.1 57.4 752.2 6822.2 1114.9 49.7 921.1 7194.2 1110.1 52.5 1111.6 7399.9 1135.4 52.9 961.5 7250.9 1059.7 56.2 958.0 7258.6 1052.2 56.7 959.9 7342.5 1094.3 52.5 1111.6 7399.9 1135.4 51.5 1161.2 7553.7 1099.0 49.8 1228.2 7579.4 1086.1 48.8 1271.1 7672.9 1112.8 3 4 5 6 4921.7 4383.1 4178.3 3852.5 4025.2 3944.5 3870.0 3852.5 3645.6 3496.0 3365.2 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 21.1 1126.5 335.5 19.4 706.6 300.7 18.8 928.1 153.5 15.0 944.1 102.5 18.0 953.5 97.5 17.8 1002.7 107.5 17.6 976.7 96.3 15.0 944.1 102.5 14.3 895.4 4.7 11.5 726.6 23.9 9.5 724.0 4.8 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages Consumer credit (student loans) 1871.5 1362.3 26.2 100.1 78.4 1805.9 1352.0 23.4 100.8 74.5 1662.1 1242.3 20.9 86.9 65.6 1618.2 1011.7 25.9 76.0 59.1 1669.7 1115.8 22.7 84.1 63.8 1665.4 983.9 24.0 81.2 61.9 1640.8 975.5 24.5 78.5 60.0 1618.2 1011.7 25.9 76.0 59.1 1609.1 963.4 26.6 74.3 57.8 1604.1 978.9 22.2 72.3 56.5 1557.6 919.2 24.9 70.3 54.8 11 12 13 14 15 8680.5 4636.3 8475.1 4658.2 9623.1 5701.8 12457.3 7142.9 10586.8 6191.3 10869.3 6344.5 11599.4 6750.4 12457.3 7142.9 12628.5 7422.8 13365.9 7720.0 12884.5 7620.3 16 17 725.2 1137.2 17035.7 3523.7 13512.0 726.1 1199.0 17447.7 3916.2 13531.5 757.0 1186.1 18460.8 3812.0 14648.8 815.5 1232.8 19890.1 3127.6 16762.5 743.6 1194.8 18934.7 3559.0 15375.6 794.0 1201.6 19089.2 3630.4 15458.8 791.5 1218.3 19444.8 3622.5 15822.3 815.5 1232.8 19890.1 3127.6 16762.5 866.2 1248.1 20092.5 3208.5 16883.9 867.8 1254.6 20415.1 3054.5 17360.6 892.6 1258.6 20499.4 3192.8 17306.6 18 19 20 21 22 6889.0 808.2 7364.3 878.8 8028.1 872.7 8970.7 924.9 8243.5 878.2 8498.9 887.5 8777.7 901.1 8970.7 924.9 9047.8 929.1 9070.6 938.7 9188.2 942.2 23 24 13782.2 13574.5 13645.1 13793.6 13594.6 13617.8 13734.1 13793.6 13780.7 13940.5 14061.2 25 13230.5 13061.3 13062.5 13171.5 13006.6 13033.0 13138.8 13171.5 13175.2 13277.3 13384.0 26 9915.0 2647.4 263.2 9698.9 2755.9 255.5 9496.8 2923.6 241.0 9407.9 3097.9 227.8 9449.2 2923.8 239.4 9425.9 2966.4 235.7 9435.3 3036.6 232.4 9407.9 3097.9 227.8 9374.2 3104.7 227.6 9361.0 3171.6 227.0 9373.4 3245.5 224.6 27 28 29 61.0 136.1 207.7 11.5 138.1 201.4 62.6 139.3 199.1 92.7 141.3 203.9 56.3 139.4 198.4 64.6 140.7 199.7 92.3 140.9 201.3 92.7 141.3 203.9 123.0 141.0 204.6 168.4 142.6 206.7 188.9 143.0 208.5 30 31 32 278.2 248.8 24.7 238.9 250.0 24.3 303.7 254.0 24.9 339.2 255.0 27.9 307.9 254.3 25.9 302.6 254.5 27.8 313.7 254.8 26.8 339.2 255.0 27.9 320.6 256.0 28.9 376.1 256.9 30.2 390.3 257.4 29.6 33 34 35 16 17 Corporate equities (3) Mutual fund shares 18 19 20 21 22 Security credit Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 23 24 Equity in noncorporate business Miscellaneous assets 25 26 Total liabilities Credit market instruments 27 28 29 Home mortgages (5) Consumer credit Municipal securities 30 31 32 Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 33 34 35 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 19) and pension entitlements (line 20). (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.108, line 19. 69 Z.1, December 11, 2014 L.101 Nonfinancial Business (1) 2010 1 Total financial assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 17745.0 18250.4 18904.3 20022.3 19196.6 19456.4 19689.3 20022.3 20112.6 20464.1 20628.3 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 40.6 766.1 905.0 574.7 12.1 34.8 793.5 922.1 540.0 12.6 35.4 801.6 960.4 559.3 9.7 86.6 820.2 1017.9 601.6 8.7 55.9 802.2 960.6 554.9 9.2 67.4 764.1 980.5 552.5 8.6 69.2 795.8 1020.3 579.9 12.5 86.6 820.2 1017.9 601.6 8.7 74.8 787.2 1036.8 578.0 11.2 86.4 804.8 1039.7 575.2 13.4 81.8 777.8 1041.2 595.3 13.3 2 3 4 5 6 7 Credit market instruments 325.2 319.1 307.8 265.9 274.6 275.9 268.6 265.9 259.6 255.1 257.3 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 68.0 96.1 16.0 29.6 67.9 91.6 14.3 28.0 59.5 88.7 13.1 28.7 37.7 90.2 9.3 17.4 56.2 82.2 6.0 19.6 50.5 87.5 7.6 19.6 42.2 88.1 7.7 19.8 37.7 90.2 9.3 17.4 34.6 88.7 10.7 15.7 28.7 89.0 12.6 14.6 29.2 91.3 13.3 13.3 8 9 10 11 12 13 Mortgages Consumer credit 70.1 45.5 70.0 47.4 68.7 49.2 67.7 43.5 68.3 42.4 68.1 42.6 67.9 42.8 67.7 43.5 67.5 42.4 67.5 42.6 67.4 42.8 12 13 14 15 Mutual fund shares Trade receivables 186.8 2689.9 165.9 2779.5 180.1 2838.8 211.4 2990.4 189.3 2947.6 190.9 3037.8 199.8 3062.1 211.4 2990.4 213.9 3063.8 219.6 3150.3 216.2 3170.5 14 15 16 17 U.S. direct investment abroad Miscellaneous assets 3402.9 8841.8 3759.2 8923.8 4081.0 9130.2 4370.0 9649.6 4111.8 9290.5 4199.3 9379.4 4311.4 9369.7 4370.0 9649.6 4394.9 9692.4 4486.1 9833.6 4559.1 9915.8 16 17 18902.3 19633.4 20553.2 21581.0 20789.1 21022.5 21325.0 21581.0 21716.3 22019.7 22253.7 18 9963.7 10259.5 10791.4 11306.4 10867.9 11021.1 11195.8 11306.4 11471.7 11615.1 11774.5 19 18 19 Total liabilities Credit market instruments 20 21 22 Commercial paper Municipal securities Corporate bonds 82.9 485.4 3376.6 116.3 493.9 3538.3 130.3 509.1 3862.6 144.5 518.5 4140.9 140.1 510.4 3940.7 147.2 515.0 3983.4 171.2 516.4 4090.5 144.5 518.5 4140.9 180.2 517.7 4212.1 185.9 516.4 4270.0 208.5 514.8 4323.0 20 21 22 23 24 25 Depository institution loans n.e.c. Other loans and advances Mortgages 1404.6 1118.9 3495.4 1530.2 1179.7 3401.1 1680.1 1217.4 3391.8 1776.1 1250.5 3475.9 1680.9 1217.1 3378.8 1715.3 1256.8 3403.3 1732.9 1247.5 3437.3 1776.1 1250.5 3475.9 1785.7 1283.4 3492.7 1845.6 1269.5 3527.6 1868.1 1288.9 3571.3 23 24 25 26 27 Trade payables Taxes payable 2174.2 142.0 2207.3 152.0 2272.3 156.3 2393.4 150.5 2297.3 163.0 2340.4 151.7 2374.8 154.2 2393.4 150.5 2400.6 157.5 2444.0 155.1 2463.6 164.9 26 27 28 29 Foreign direct investment in U.S. Miscellaneous liabilities 2134.0 4488.3 2236.8 4777.9 2415.5 4917.8 2617.5 5113.2 2447.6 5013.4 2479.3 5030.1 2517.0 5083.2 2617.5 5113.2 2577.5 5109.0 2632.5 5173.0 2725.6 5125.0 28 29 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 70 Z.1, December 11, 2014 L.102 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 Levels 1 Total financial assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 14016.8 14505.6 15084.9 16165.8 15380.6 15627.4 15847.7 16165.8 16234.3 16544.8 16677.6 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 40.6 234.5 548.7 497.8 12.1 34.8 264.2 561.9 462.4 12.6 35.4 257.3 595.2 480.6 9.7 86.6 279.4 644.9 521.1 8.7 55.9 260.5 594.7 476.0 9.2 67.4 222.7 612.4 473.1 8.6 69.2 254.9 649.9 500.0 12.5 86.6 279.4 644.9 521.1 8.7 74.8 243.4 661.7 497.1 11.2 86.4 255.3 660.7 493.4 13.4 81.8 224.0 659.1 512.9 13.3 2 3 4 5 6 7 Credit market instruments 229.4 222.3 209.7 165.7 176.3 177.0 169.0 165.7 158.8 153.2 154.6 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 68.0 48.0 16.0 23.9 67.9 43.0 14.3 22.3 59.5 39.4 13.1 22.9 37.7 39.9 9.3 11.5 56.2 32.9 6.0 13.8 50.5 37.9 7.6 13.8 42.2 38.2 7.7 14.0 37.7 39.9 9.3 11.5 34.6 38.1 10.7 9.8 28.7 37.9 12.6 8.7 29.2 39.8 13.3 7.3 8 9 10 11 12 13 Mortgages Consumer credit 28.0 45.5 27.4 47.4 25.5 49.2 23.7 43.5 25.1 42.4 24.6 42.6 24.1 42.8 23.7 43.5 23.2 42.4 22.7 42.6 22.2 42.8 12 13 14 15 Mutual fund shares Trade receivables 186.8 2156.5 165.9 2240.3 180.1 2292.1 211.4 2432.1 189.3 2399.9 190.9 2486.7 199.8 2507.5 211.4 2432.1 213.9 2502.3 219.6 2582.8 216.2 2598.5 14 15 16 U.S. direct investment abroad (1) 3402.9 3759.2 4081.0 4370.0 4111.8 4199.3 4311.4 4370.0 4394.9 4486.1 4559.1 16 17 18 19 20 21 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company subs. Other 6707.4 318.7 0.6 60.7 6327.4 6782.0 328.8 0.5 69.1 6383.6 6943.8 336.4 0.6 71.7 6535.1 7445.8 329.8 0.6 86.4 7028.9 7106.9 333.3 0.6 85.7 6687.3 7189.4 333.5 0.6 86.9 6768.4 7173.5 332.2 0.6 87.1 6753.7 7445.8 329.8 0.6 86.4 7028.9 7476.2 330.4 0.7 89.2 7055.8 7593.9 333.8 0.7 88.2 7171.3 7658.2 336.6 0.7 86.8 7234.2 17 18 19 20 21 13226.7 13878.4 14695.2 15591.2 14925.8 15120.2 15379.9 15591.2 15692.6 15925.9 16114.3 22 22 Total liabilities 23 Credit market instruments 6012.9 6273.4 6721.3 7121.5 6801.2 6916.6 7055.1 7121.5 7259.2 7336.4 7446.5 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 82.9 485.4 3376.6 116.3 493.9 3538.3 130.3 509.1 3862.6 144.5 518.5 4140.9 140.1 510.4 3940.7 147.2 515.0 3983.4 171.2 516.4 4090.5 144.5 518.5 4140.9 180.2 517.7 4212.1 185.9 516.4 4270.0 208.5 514.8 4323.0 24 25 26 27 28 29 Depository institution loans n.e.c. Other loans and advances (3) Mortgages 477.1 948.1 642.7 546.0 1008.3 570.4 607.9 1036.8 574.6 654.4 1063.6 599.7 604.0 1036.9 569.1 620.9 1076.2 573.8 627.0 1066.0 584.0 654.4 1063.6 599.7 653.6 1095.6 600.2 674.8 1081.0 608.2 682.7 1098.4 619.2 27 28 29 30 31 Trade payables Taxes payable 1746.4 42.9 1771.6 51.7 1837.8 54.0 1951.5 45.0 1858.4 60.4 1899.8 48.1 1932.3 49.7 1951.5 45.0 1955.9 51.2 1995.6 47.1 2013.1 55.7 30 31 32 Foreign direct investment in U.S. 2128.7 2230.7 2408.9 2610.3 2441.0 2472.7 2510.1 2610.3 2569.9 2625.0 2718.2 32 33 34 35 36 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 3295.9 90.8 446.5 2758.5 3551.1 93.8 517.2 2940.1 3673.4 81.4 389.8 3202.1 3863.0 80.9 131.4 3650.7 3764.9 81.8 295.7 3387.4 3783.1 81.8 279.6 3421.6 3832.7 81.6 208.2 3542.9 3863.0 80.9 131.4 3650.7 3856.3 80.7 103.8 3671.8 3921.8 81.1 31.7 3809.0 3880.8 82.0 49.7 3749.0 33 34 35 36 410.1 14371.6 468.7 14387.7 454.3 15993.1 480.6 20762.0 541.5 17700.6 586.9 18019.7 575.2 19185.9 480.6 20762.0 546.4 21042.5 587.2 22063.2 585.3 21666.0 37 38 Memo: 37 38 Trade receivables net of payables Market value of equities 39 40 Securities and mortgages Loans and short-term paper 4504.7 1508.2 4602.7 1670.7 4946.3 1775.0 5259.0 1862.5 5020.1 1781.0 5072.2 1844.3 5190.9 1864.2 5259.0 1862.5 5329.9 1929.3 5394.7 1941.7 5456.9 1989.6 39 40 41 42 Total short-term liabilities (4) Total liquid assets (5) 3297.5 1676.5 3493.9 1649.2 3666.7 1693.2 3858.9 1850.7 3699.8 1694.4 3792.2 1685.0 3846.2 1788.4 3858.9 1850.7 3936.4 1795.3 3984.4 1816.7 4058.5 1796.7 41 42 43 44 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 74.9 25.1 73.4 26.6 73.6 26.4 73.8 26.2 73.8 26.2 73.3 26.7 73.6 26.4 73.8 26.2 73.4 26.6 73.5 26.5 73.3 26.7 43 44 45 Liquid assets/short-term liabilities 50.8 47.2 46.2 48.0 45.8 44.4 46.5 48.0 45.6 45.6 44.3 45 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (5) Sum of lines 2 through 6, lines 8 through 11, and line 14. 71 Z.1, December 11, 2014 L.103 Nonfinancial Noncorporate Business 2010 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages 20 21 Trade payables Taxes payable 22 23 Foreign direct investment in U.S. Miscellaneous liabilities (1) Equity in the Farm Credit System. 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 3728.3 3744.9 3819.4 3856.5 3816.0 3829.0 3841.6 3856.5 3878.3 3919.3 3950.6 1 531.6 356.2 76.8 529.3 360.1 77.7 544.2 365.2 78.7 540.8 372.9 80.4 541.7 365.8 78.9 541.3 368.1 79.4 540.9 370.4 79.9 540.8 372.9 80.4 543.8 375.0 80.9 549.5 379.0 81.7 553.8 382.1 82.4 2 3 4 95.8 96.8 98.1 100.2 98.3 98.9 99.6 100.2 100.8 101.9 102.7 5 48.1 5.6 42.1 0.0 48.6 5.7 42.5 0.0 49.3 5.8 43.1 0.0 50.3 5.9 44.0 0.0 49.4 5.8 43.2 0.0 49.7 5.8 43.5 0.0 50.0 5.8 43.7 0.0 50.3 5.9 44.0 0.0 50.6 5.9 44.3 0.0 51.1 6.0 44.8 0.0 51.6 6.0 45.1 0.0 6 7 8 9 533.4 2134.4 131.7 6.7 1996.0 539.2 2141.8 120.1 7.0 2014.8 546.7 2186.4 135.9 7.2 2043.3 558.3 2203.8 108.5 7.8 2087.5 547.7 2183.6 128.6 7.1 2047.8 551.2 2190.0 122.4 7.4 2060.2 554.6 2196.2 115.6 7.6 2073.0 558.3 2203.8 108.5 7.8 2087.5 561.5 2216.2 108.4 8.0 2099.9 567.5 2239.6 109.4 8.1 2122.1 572.1 2257.5 110.2 8.3 2139.1 10 11 12 13 14 5675.6 5755.0 5858.0 5989.8 5863.3 5902.3 5945.2 5989.8 6023.7 6093.8 6139.3 15 3950.9 3986.1 4070.1 4184.9 4066.7 4104.5 4140.7 4184.9 4212.5 4278.7 4328.0 16 927.4 170.8 2852.7 984.2 171.3 2830.6 1072.2 180.7 2817.2 1121.8 186.9 2876.2 1076.8 180.2 2809.7 1094.4 180.6 2829.5 1105.9 181.5 2853.3 1121.8 186.9 2876.2 1132.1 187.8 2892.6 1170.8 188.5 2919.5 1185.4 190.4 2952.1 17 18 19 427.8 99.2 435.7 100.3 434.5 102.4 442.0 105.5 438.9 102.6 440.6 103.6 442.5 104.5 442.0 105.5 444.7 106.4 448.4 108.0 450.5 109.2 20 21 5.3 1192.4 6.1 1226.8 6.6 1244.4 7.3 1250.2 6.5 1248.5 6.6 1247.1 7.0 1250.5 7.3 1250.2 7.5 1252.7 7.5 1251.2 7.4 1244.3 22 23 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 72 Z.1, December 11, 2014 L.104 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2761.8 2748.6 2883.0 2938.1 2934.5 2936.0 2914.3 2938.1 2971.0 2904.0 2877.9 1 Checkable deposits and currency Time and savings deposits 104.6 240.6 121.2 256.2 117.2 289.5 123.9 301.9 114.4 293.5 111.2 291.8 114.9 299.0 123.9 301.9 121.3 313.9 120.9 311.1 123.4 320.8 2 3 4 5 Money market fund shares Security repurchase agreements 150.2 125.0 154.0 121.6 162.0 128.4 166.7 132.6 165.7 131.5 166.5 132.2 166.0 131.9 166.7 132.6 169.6 135.0 163.8 130.5 161.1 128.5 4 5 6 Credit market instruments 1590.4 1540.5 1593.1 1562.3 1613.9 1610.4 1567.9 1562.3 1568.4 1514.8 1477.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 102.1 593.5 513.9 91.0 561.7 507.0 85.1 608.2 505.0 77.0 593.6 491.2 84.4 617.3 509.6 82.2 620.2 505.0 79.3 591.7 496.4 77.0 593.6 491.2 75.7 593.6 492.9 70.6 583.9 469.3 66.9 573.2 454.7 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 12.9 164.6 203.5 13.2 164.1 203.4 13.7 170.2 210.9 13.9 172.6 214.0 14.0 173.5 215.1 14.0 173.7 215.3 13.9 172.6 213.9 13.9 172.6 214.0 14.1 175.1 217.0 13.6 168.5 208.9 13.3 165.1 204.6 10 11 12 10 11 12 Levels 2012 2 3 7 8 9 Total financial assets 2011 13 14 Corporate equities Mutual fund shares 126.3 58.4 125.2 59.3 140.7 67.3 167.7 81.2 152.0 73.2 154.3 74.3 158.9 76.7 167.7 81.2 170.4 82.6 171.0 82.9 168.7 81.7 13 14 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 152.2 117.8 96.3 154.5 120.0 96.2 159.1 121.3 104.4 167.5 123.8 110.6 160.8 121.8 107.6 163.8 122.6 108.9 166.2 123.4 109.4 167.5 123.8 110.6 168.0 128.6 113.3 171.2 127.6 110.2 173.5 133.3 109.1 15 16 17 5050.4 5341.0 5348.4 4931.0 5203.8 5183.1 5082.0 4931.0 5003.9 4914.0 5014.0 18 18 Total liabilities 19 Credit market instruments 3038.0 2985.3 2980.0 2941.1 2994.9 2986.4 2953.1 2941.1 2931.8 2934.4 2908.3 19 20 21 22 23 Municipal securities Short-term (2) Long-term U.S. government loans 3023.6 63.0 2960.6 14.4 2970.0 52.3 2917.6 15.3 2964.3 56.1 2908.2 15.7 2924.9 45.3 2879.6 16.2 2978.9 54.5 2924.4 16.0 2970.4 39.4 2931.0 16.0 2937.0 46.0 2891.0 16.1 2924.9 45.3 2879.6 16.2 2915.5 43.0 2872.5 16.3 2918.0 33.6 2884.4 16.4 2891.8 37.0 2854.8 16.5 20 21 22 23 669.0 1343.4 707.4 1648.3 746.2 1622.2 785.8 1204.1 755.9 1452.9 765.8 1430.9 775.8 1353.1 785.8 1204.1 795.8 1276.3 806.0 1173.6 816.2 1289.5 24 25 24 25 Trade payables Claims of pension fund on sponsor (3) (1) Data for employee retirement funds are shown in table L.118. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. 73 Z.1, December 11, 2014 L.105 Federal Government 2010 1 Total financial assets 2 3 4 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (1) Corporate equities (2) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 16 17 18 SDR allocations SDR certificates Treasury currency 19 Credit market instruments 20 21 22 23 24 U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages 25 26 Trade payables Insurance reserves 27 28 29 30 Miscellaneous liabilities Nonmarketable securities held by pension plans (3) Claims of pension fund on sponsor Other 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1612.2 1411.3 1516.9 1713.7 1547.9 1622.1 1620.1 1713.7 1742.2 1762.5 1821.0 1 95.1 342.3 2.0 110.9 84.6 1.7 114.2 92.2 2.0 109.8 163.0 1.5 111.6 79.6 1.6 111.3 135.4 1.8 112.6 88.6 1.9 109.8 163.0 1.5 109.3 142.6 1.5 110.1 139.6 1.5 103.7 160.5 1.6 2 3 4 792.4 810.7 915.6 1039.8 962.5 979.6 1021.4 1039.8 1083.0 1098.7 1138.3 5 149.2 0.9 179.5 106.6 356.2 31.1 0.8 184.3 109.9 484.7 0.0 0.6 186.7 111.5 616.8 0.0 0.6 193.9 115.5 729.8 0.0 0.6 189.1 113.3 659.5 0.0 0.6 191.3 113.2 674.6 0.0 0.6 193.3 114.1 713.5 0.0 0.6 193.9 115.5 729.8 0.0 0.5 195.7 116.0 770.9 0.0 0.5 195.7 116.5 786.0 0.0 0.5 195.3 117.3 825.2 6 7 8 9 10 49.9 42.9 144.3 143.2 57.8 47.7 152.8 145.1 39.9 50.3 158.6 144.0 35.1 48.8 165.8 149.9 38.6 48.7 160.4 144.8 37.9 52.0 162.2 141.9 35.3 50.6 164.0 145.7 35.1 48.8 165.8 149.9 34.9 50.6 167.6 152.7 34.7 50.8 169.4 157.6 33.6 50.8 171.2 161.3 11 12 13 14 12812.4 13996.0 15252.6 16130.3 15616.6 15628.0 15825.3 16130.3 16424.1 16413.7 16651.4 15 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 52.9 5.2 25.9 53.1 5.2 25.9 54.2 5.2 25.6 54.4 5.2 25.6 54.6 5.2 25.6 54.6 5.2 25.6 54.6 5.2 25.3 16 17 18 9385.6 10453.6 11593.7 12352.8 11930.1 11912.9 11981.9 12352.8 12614.8 12568.4 12779.4 19 188.0 1768.9 7404.6 24.2 0.0 185.3 1519.5 8723.6 25.3 0.0 182.5 1626.5 9759.9 24.9 0.0 179.2 1590.6 10558.5 24.5 0.0 181.8 1788.2 9935.5 24.6 0.0 181.0 1568.1 10138.9 25.0 0.0 180.0 1527.9 10248.8 25.1 0.0 179.2 1590.6 10558.5 24.5 0.0 178.4 1650.2 10762.2 24.0 0.0 177.7 1386.4 10980.3 24.0 0.0 176.8 1409.6 11169.2 23.9 0.0 20 21 22 23 24 209.7 48.4 218.5 49.7 231.9 50.0 248.4 50.3 240.1 50.1 248.7 50.2 252.2 50.1 248.4 50.3 257.1 50.3 266.6 50.4 269.9 50.7 25 26 3083.1 1142.9 1733.7 206.5 3189.0 1213.7 1750.7 224.6 3291.6 1254.1 1800.0 237.5 3393.7 1352.3 1792.1 249.2 3312.2 1265.5 1810.4 236.3 3332.0 1178.4 1919.9 233.8 3456.1 1161.5 2061.2 233.4 3393.7 1352.3 1792.1 249.2 3416.5 1339.7 1828.4 248.4 3442.8 1342.6 1849.3 251.0 3466.2 1361.8 1853.7 250.7 27 28 29 30 (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 74 Z.1, December 11, 2014 L.106 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Levels 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 16054.1 17513.0 18951.0 21114.3 19744.9 19933.2 20411.5 21114.3 21672.4 22260.3 22455.5 1 2 3 4 SDR allocations Net interbank assets U.S. checkable deposits and currency 54.4 24.2 390.5 54.2 238.1 472.3 54.3 102.1 540.4 54.4 414.2 591.3 52.9 197.6 543.2 53.1 480.9 551.5 54.2 440.5 573.9 54.4 414.2 591.3 54.6 466.8 621.3 54.6 493.3 637.8 54.6 516.1 641.3 2 3 4 5 6 7 U.S. time deposits Money market fund shares Security repurchase agreements 308.2 69.8 581.8 355.6 74.4 678.5 393.4 96.9 671.9 445.1 113.3 734.1 392.5 103.4 740.0 399.4 110.0 723.2 419.5 110.1 726.0 445.1 113.3 734.1 461.3 115.0 805.5 495.5 114.0 840.5 489.7 114.8 820.3 5 6 7 8 Credit market instruments 8413.9 8944.8 9508.7 9732.4 9637.8 9426.0 9564.6 9732.4 9967.3 10121.9 10162.3 8 102.1 102.7 102.8 101.7 109.8 111.4 89.6 101.7 106.4 117.3 115.6 9 9 Total financial assets 2011 Open market paper 10 11 12 Treasury securities Treasury bills Other Treasury securities 4458.8 710.3 3748.5 5004.4 647.7 4356.7 5571.5 661.7 4909.8 5794.9 686.0 5108.9 5721.3 720.2 5001.1 5595.0 675.4 4919.7 5654.7 645.1 5009.5 5794.9 686.0 5108.9 5951.8 689.3 5262.5 6015.1 626.8 5388.2 6078.9 613.2 5465.6 10 11 12 13 14 15 16 Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 1095.8 71.7 2523.1 162.3 1078.2 72.4 2491.0 196.1 1001.2 71.8 2617.6 143.9 885.3 76.1 2734.0 140.4 957.3 72.5 2635.3 141.5 904.1 73.5 2589.7 152.3 926.0 74.9 2680.4 138.9 885.3 76.1 2734.0 140.4 861.7 76.9 2818.7 151.8 869.2 77.4 2884.5 158.5 889.9 74.0 2843.8 160.1 13 14 15 16 17 18 19 U.S. corporate equities Mutual fund shares Trade receivables 3216.0 260.0 111.8 3397.2 370.4 128.8 3953.0 495.4 140.5 5159.4 548.8 144.4 4393.3 503.7 143.8 4463.2 503.5 148.8 4745.4 521.0 140.7 5159.4 548.8 144.4 5318.8 560.1 160.3 5533.4 604.8 163.4 5591.5 603.1 163.5 17 18 19 20 Foreign direct investment in U.S. (2) 2623.6 2798.7 2994.3 3176.9 3036.6 3073.7 3115.6 3176.9 3141.4 3201.0 3298.5 20 8862.5 9431.5 9907.1 10265.5 10060.1 10067.4 10318.3 10265.5 10416.6 10633.8 10606.6 21 21 Total liabilities 22 23 24 U.S. official reserve assets (3) U.S. private deposits Security repurchase agreements 121.1 1303.9 663.7 136.7 1066.4 764.7 138.9 922.8 805.1 133.4 954.8 721.6 135.1 974.1 784.5 134.5 1015.6 741.8 136.5 1014.7 787.5 133.4 954.8 721.6 133.1 927.5 792.2 134.0 900.2 755.9 125.9 879.2 798.4 22 23 24 25 Credit market instruments 2258.5 2485.5 2828.0 2966.2 2889.7 2841.6 2907.9 2966.2 3046.4 3218.1 3102.8 25 398.6 1677.6 345.1 1913.6 373.0 2186.5 407.0 2250.4 407.4 2205.8 417.4 2140.5 405.9 2207.2 407.0 2250.4 413.8 2309.8 435.1 2446.0 390.7 2384.0 26 27 26 27 Commercial paper Bonds 28 29 Depository institution loans n.e.c. Other loans and advances 162.0 20.2 205.2 21.5 237.7 30.8 276.7 32.2 246.0 30.5 252.2 31.5 262.5 32.4 276.7 32.2 290.5 32.3 304.5 32.6 295.8 32.2 28 29 30 31 Trade payables U.S. direct investment abroad (1,2) 51.1 4273.6 55.1 4599.5 55.7 4972.9 45.3 5284.0 54.9 5016.6 59.1 5110.4 44.0 5237.7 45.3 5284.0 38.6 5320.5 39.9 5421.0 40.6 5500.5 30 31 32 33 34 35 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 190.6 52.3 2.7 135.6 323.6 54.9 102.5 166.3 183.5 57.3 11.5 114.7 160.2 59.5 2.9 97.8 205.2 57.3 10.7 137.2 164.4 59.4 4.3 100.7 189.9 59.4 3.1 127.3 160.2 59.5 2.9 97.8 158.4 59.5 3.0 95.8 164.7 61.2 2.8 100.7 159.3 62.6 2.9 93.8 32 33 34 35 4900.2 4501.4 5311.5 6444.2 5524.3 5508.8 6037.3 6444.2 6593.9 7021.5 6647.2 36 Memo: 36 Market value of foreign equities held by U.S. residents (4) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). 75 Z.1, December 11, 2014 L.107 Financial Business (1) 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 69503.4 71076.6 75215.5 81080.0 77019.8 77807.0 79533.5 81080.0 82126.7 83527.6 83917.0 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 37.0 5.2 43.5 105.9 1019.6 36.8 5.2 44.2 42.9 1622.6 35.8 5.2 44.8 43.3 1561.7 34.6 5.2 45.5 33.7 2321.8 34.5 5.2 45.0 48.8 1849.4 34.3 5.2 45.1 37.1 2072.9 35.0 5.2 45.3 36.3 2294.2 34.6 5.2 45.5 33.7 2321.8 34.8 5.2 45.7 19.4 2508.6 34.9 5.2 46.0 26.7 2520.4 33.2 5.2 46.2 23.2 2602.0 2 3 4 5 6 7 8 9 10 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 327.1 641.6 830.6 2623.8 364.3 594.5 759.3 2741.6 374.4 624.2 721.3 3114.6 371.5 706.5 661.3 2739.0 367.4 622.5 670.0 2953.9 367.2 640.4 660.7 2849.0 385.7 706.5 686.9 2832.9 371.5 706.5 661.3 2739.0 344.2 708.5 630.9 2724.4 358.1 712.1 583.2 2809.1 381.0 735.4 581.4 2741.1 7 8 9 10 11 Credit market instruments 36288.5 37283.2 38554.4 40233.6 38927.7 39321.6 39647.1 40233.6 40571.9 41080.3 41580.9 11 764.2 3086.6 5487.8 1786.5 6286.2 688.4 4064.1 5646.1 1799.9 6416.8 686.2 4372.4 5881.8 1938.1 6888.7 720.2 4905.4 6305.9 1945.6 7190.7 732.8 4531.1 6020.5 1952.8 7003.8 728.7 4582.5 6136.5 1948.5 7067.7 748.2 4645.5 6187.2 1936.3 7148.0 720.2 4905.4 6305.9 1945.6 7190.7 761.1 5061.3 6351.1 1945.0 7277.8 777.4 5129.8 6399.6 1951.7 7429.1 774.9 5288.2 6471.1 1972.9 7512.8 12 13 14 15 16 2001.2 1394.8 13313.9 2167.3 2147.8 1363.9 13006.9 2149.4 2322.7 1468.3 12804.1 2192.0 2508.8 1574.8 12816.7 2265.4 2323.8 1459.6 12745.3 2158.0 2388.1 1530.4 12751.8 2187.4 2424.8 1540.1 12796.6 2220.3 2508.8 1574.8 12816.7 2265.4 2560.0 1579.8 12802.1 2233.7 2651.6 1617.6 12837.0 2286.5 2695.5 1642.4 12900.4 2322.7 17 18 19 20 11494.6 2731.4 10904.5 2617.2 12479.3 2881.5 15852.5 3560.1 13555.9 3131.3 13729.3 3184.3 14646.0 3356.6 15852.5 3560.1 16078.5 3619.8 16786.1 3748.4 16448.7 3744.9 21 22 2 3 4 5 6 Total financial assets 2011 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17 18 19 20 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 21 22 Corporate equities Mutual fund shares 23 24 Trade receivables Security credit 135.6 316.4 134.8 308.1 133.2 374.9 131.0 420.8 134.1 385.9 132.9 378.5 133.0 392.2 131.0 420.8 134.4 406.9 137.8 463.7 134.4 480.0 23 24 25 26 Life insurance reserves U.S. direct investment abroad 141.1 870.7 153.0 840.3 172.9 891.9 183.7 914.0 175.3 904.8 176.8 911.1 179.1 926.4 183.7 914.0 186.3 925.6 189.1 935.0 190.3 941.3 25 26 27 Miscellaneous assets 11891.0 12624.1 13202.3 12865.2 13208.1 13260.7 13225.2 12865.2 13181.6 13091.7 13247.8 27 28 66213.5 67739.8 71355.6 76723.2 72932.6 73717.1 75173.5 76723.2 77692.7 78924.5 79284.3 28 29 Total liabilities Net interbank liabilities 1068.5 1889.0 1683.8 2812.9 2096.9 2580.4 2767.7 2812.9 3025.2 3052.3 3130.2 29 30 31 32 33 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 2359.8 8548.1 2755.4 2934.2 2594.3 8952.2 2642.5 3114.0 2853.8 9463.7 2649.6 3324.9 3186.5 9872.9 2678.3 2931.3 2872.9 9521.6 2553.8 3178.0 2892.3 9572.5 2541.9 3056.4 2924.6 9789.7 2637.3 2979.3 3186.5 9872.9 2678.3 2931.3 3183.8 10075.7 2592.5 2930.5 3295.7 10139.3 2522.4 3039.2 3358.6 10261.6 2565.4 2910.3 30 31 32 33 34 Credit market instruments 14455.7 14036.3 13802.4 13948.5 13752.5 13763.1 13761.9 13948.5 13856.0 13953.6 14032.9 34 576.0 7574.0 5282.9 507.9 7552.1 4972.8 449.1 7529.7 4870.3 400.2 7769.7 4718.3 453.8 7566.2 4782.5 426.0 7635.8 4691.7 399.9 7688.5 4679.4 400.2 7769.7 4718.3 398.2 7697.1 4713.7 384.5 7750.6 4745.5 396.9 7809.8 4734.5 35 36 37 373.6 473.2 176.1 400.8 413.1 189.5 342.3 416.6 194.4 363.2 494.9 202.2 340.6 409.9 199.5 355.9 453.1 200.7 337.1 460.0 197.1 363.2 494.9 202.2 360.8 480.9 205.3 333.1 532.9 206.9 342.6 542.1 206.9 38 39 40 7873.0 18.1 763.5 7870.9 14.3 795.4 9326.1 14.2 828.2 11544.4 14.5 897.1 10088.7 15.4 821.6 10297.5 15.6 870.0 10904.5 13.3 870.0 11544.4 14.5 897.1 11899.2 14.8 952.5 12375.7 17.8 955.3 12266.2 19.9 982.4 41 42 43 1229.9 17035.7 1302.3 17447.7 1309.0 18460.8 1366.3 19890.1 1320.1 18934.7 1328.1 19089.2 1347.3 19444.8 1366.3 19890.1 1384.2 20092.5 1393.3 20415.1 1398.3 20499.4 44 45 -88.9 489.6 -78.0 561.9 -76.8 578.9 -59.1 559.3 -65.9 589.1 -83.0 594.4 -73.9 598.6 -59.1 559.3 -47.4 563.9 -40.5 568.5 -43.0 572.9 46 47 6771.1 6597.0 7136.9 7080.3 7253.3 7198.8 7208.5 7080.3 7169.3 7237.0 7329.4 48 4295.4 15.9 4070.7 11.9 4931.3 17.3 6465.8 17.6 5501.6 17.9 5725.5 17.9 5961.9 16.5 6465.8 17.6 6594.8 18.4 6806.3 18.6 6813.7 19.2 49 50 35 36 37 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 38 39 40 Depository institution loans n.e.c. Other loans and advances Mortgages 41 42 43 Mutual fund shares Trade payables Security credit 44 45 Life insurance reserves Pension entitlements 46 47 Taxes payable Foreign direct investment in U.S. 48 Miscellaneous liabilities Memo: 49 50 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.108 through L.130. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 76 Z.1, December 11, 2014 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Levels 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2453.2 2947.2 2954.9 4073.8 3243.8 3526.3 3787.1 4073.8 4290.4 4429.6 4507.5 1 2 3 4 U.S. official reserve assets SDR certificates Treasury currency 37.0 5.2 43.5 36.8 5.2 44.2 35.8 5.2 44.8 34.6 5.2 45.5 34.5 5.2 45.0 34.3 5.2 45.1 35.0 5.2 45.3 34.6 5.2 45.5 34.8 5.2 45.7 34.9 5.2 46.0 33.2 5.2 46.2 2 3 4 5 Federal Reserve float (2) -1.4 -0.6 -0.5 -1.0 -0.6 -0.7 -0.6 -1.0 -0.5 -0.5 -0.9 5 6 7 8 Interbank loans (2) Discount window (3) AMLF (4) 0.2 0.2 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.2 0.2 0.0 0.3 0.3 0.0 6 7 8 9 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 2259.2 2635.6 2670.1 3756.3 2939.8 3214.2 3475.1 3756.3 3970.1 4108.2 4188.2 10 0.0 1021.5 18.4 1003.1 1139.6 992.1 147.5 0.0 1663.4 18.4 1645.0 941.7 837.7 104.0 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 0.0 1796.0 0.0 1796.0 1143.4 1070.9 72.4 0.0 1936.6 0.0 1936.6 1277.3 1208.1 69.2 0.0 2072.3 0.0 2072.3 1402.7 1342.1 60.7 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 0.0 2319.6 0.0 2319.6 1650.5 1603.1 47.3 0.0 2400.6 0.0 2400.6 1707.6 1663.9 43.7 0.0 2451.7 0.0 2451.7 1736.4 1696.4 40.0 11 12 13 14 15 16 17 98.1 24.7 0.0 0.0 25.8 20.0 13.5 14.1 0.0 30.5 9.0 0.0 0.0 4.9 0.0 6.8 9.8 0.0 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 20 21 22 23 24 25 26 26.4 83.1 0.1 83.0 0.0 225.8 99.8 126.0 0.0 199.5 8.9 190.6 0.0 233.1 0.3 232.8 0.0 219.9 8.1 211.9 0.0 228.1 1.7 226.5 0.0 226.8 0.5 226.3 0.0 233.1 0.3 232.8 0.0 235.0 0.4 234.6 0.0 235.7 0.1 235.6 0.0 235.4 0.2 235.2 27 28 29 30 2426.7 2920.3 2927.6 4046.3 3216.3 3498.8 3759.6 4046.3 4262.3 4401.5 4479.3 31 968.1 52.7 1562.3 60.8 1491.0 71.1 2249.1 73.6 1790.4 59.6 2013.3 60.2 2232.4 62.2 2249.1 73.6 2444.3 64.8 2455.8 64.9 2537.8 64.7 32 33 1287.8 1165.7 1224.6 1364.1 1226.1 1298.1 1266.5 1364.1 1364.4 1374.2 1416.3 34 10 Total financial assets 2011 Credit market instruments 11 12 13 14 15 16 17 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III)(9) Funding corporations (CPFF) (10) 27 28 29 30 31 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Total liabilities 32 33 Depository institution reserves Vault cash of depository institutions 34 Checkable deposits and currency 35 36 37 38 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 340.9 0.2 140.8 200.0 85.9 0.1 85.7 0.0 92.9 0.2 92.7 0.0 162.6 0.2 162.4 0.0 79.4 0.2 79.2 0.0 135.0 0.1 134.9 0.0 88.6 0.2 88.4 0.0 162.6 0.2 162.4 0.0 142.5 0.3 142.2 0.0 139.4 0.1 139.3 0.0 158.5 0.2 158.3 0.0 35 36 37 38 39 40 41 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 3.4 13.5 930.0 0.2 64.6 1015.0 6.5 27.2 1098.1 8.0 25.9 1167.6 9.2 20.2 1117.3 10.1 19.5 1133.6 9.0 24.1 1144.9 8.0 25.9 1167.6 7.0 10.8 1204.1 6.0 11.2 1217.6 5.3 26.9 1225.7 39 40 41 42 Security repurchase agreements 59.7 99.9 107.2 315.9 105.5 95.2 157.4 315.9 341.0 456.5 410.1 42 43 44 45 Miscellaneous liabilities Federal Reserve Bank stock Other 58.4 26.5 31.9 31.7 26.9 4.8 33.7 27.4 6.3 43.5 27.5 16.0 34.7 27.6 7.2 32.1 27.5 4.6 41.2 27.4 13.7 43.5 27.5 16.0 47.8 28.1 19.8 50.0 28.2 21.9 50.3 28.2 22.1 43 44 45 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table L.203. (3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 77 Z.1, December 11, 2014 L.109 Private Depository Institutions (1) 2010 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 5 Credit market instruments 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 13697.4 14580.2 14985.6 15920.5 15180.0 15483.5 15730.8 15920.5 16229.3 16521.1 16764.3 1 52.7 968.1 356.1 60.8 1562.3 378.6 71.1 1491.0 491.6 73.6 2249.1 392.9 59.6 1790.4 438.8 60.2 2013.3 419.3 62.2 2232.4 417.3 73.6 2249.1 392.9 64.8 2444.3 416.1 64.9 2455.8 430.7 64.7 2537.8 414.9 2 3 4 10968.9 11177.8 11605.9 11883.3 11568.5 11636.1 11694.0 11883.3 11981.1 12222.2 12384.0 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 299.6 1718.1 257.1 795.9 0.0 252.9 1851.7 303.9 800.2 0.0 339.5 1901.3 371.9 786.3 0.0 304.4 1943.8 427.0 770.2 0.0 329.5 1946.9 384.2 765.9 0.0 281.5 1964.2 400.1 760.1 0.0 276.1 1934.5 415.3 773.1 0.0 304.4 1943.8 427.0 770.2 0.0 351.8 1957.3 433.2 756.7 0.0 385.4 1959.7 437.6 757.4 0.0 442.1 1973.9 448.1 734.9 6 7 8 9 10 11 12 13 14 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 1903.1 0.0 4583.0 1412.0 2117.3 0.0 4436.2 1415.6 2322.2 0.0 4422.4 1462.3 2508.7 0.0 4392.1 1537.1 2323.5 0.0 4381.7 1436.8 2387.8 0.0 4377.8 1464.7 2424.7 0.0 4377.0 1493.3 2508.7 0.0 4392.1 1537.1 2559.9 0.0 4405.9 1516.5 2651.5 0.0 4462.2 1568.5 2695.5 0.0 4491.2 1598.5 11 12 13 14 73.6 46.5 67.4 43.5 71.3 48.1 101.3 60.1 80.8 52.6 79.9 50.2 87.8 54.2 101.3 60.1 102.6 63.0 109.2 66.8 105.4 61.9 15 16 15 16 Corporate equities Mutual fund shares 17 18 Security credit Life insurance reserves 38.2 116.0 69.2 125.5 71.1 138.0 81.6 143.8 78.1 139.2 75.9 140.4 78.5 141.6 81.6 143.8 86.3 145.2 87.5 146.7 89.8 147.9 17 18 19 20 U.S. direct investment abroad Miscellaneous assets 280.1 797.2 272.5 822.8 283.9 713.5 285.3 649.6 285.7 686.4 282.3 725.9 288.8 674.0 285.3 649.6 286.8 639.0 289.3 647.9 288.8 669.0 19 20 13946.6 14909.1 15513.4 16394.6 15718.6 15942.9 16103.2 16394.6 16713.3 17024.8 17259.4 21 21 Total liabilities 22 Net interbank liabilities 47.8 266.0 121.7 490.2 246.9 506.9 473.1 490.2 516.1 531.5 527.6 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 1072.0 6624.9 1923.2 1428.6 7202.2 1750.0 1629.2 7803.9 1659.9 1822.3 8110.8 1762.0 1646.9 7869.1 1652.5 1594.2 7890.1 1682.4 1658.1 8052.9 1736.8 1822.3 8110.8 1762.0 1819.4 8265.3 1810.4 1921.5 8290.7 1848.6 1942.3 8346.0 1915.5 23 24 25 26 Federal funds and security repos 734.0 706.9 674.9 577.9 650.8 635.1 608.0 577.9 623.7 638.4 628.2 26 27 Credit market instruments 909.0 856.5 745.4 713.9 696.4 704.4 686.4 713.9 689.8 734.9 736.5 27 113.0 377.1 418.9 120.6 379.4 356.4 87.5 295.9 362.0 59.7 221.0 433.2 74.4 267.4 354.5 64.2 244.0 396.2 57.3 225.2 403.9 59.7 221.0 433.2 58.4 214.2 417.2 56.0 211.7 467.2 54.7 208.7 473.0 28 29 30 -59.6 120.0 -49.1 176.6 -47.6 181.8 -47.4 181.4 -45.7 182.7 -58.9 183.1 -52.9 184.4 -47.4 181.4 -39.7 182.3 -32.4 183.1 -35.3 183.5 31 32 2575.3 1632.8 171.6 770.9 2571.3 1709.0 137.8 724.5 2744.2 1889.2 126.0 729.0 2783.5 1937.3 123.5 722.7 2819.1 1916.9 142.9 759.3 2805.6 1880.5 142.1 783.0 2756.3 1898.0 118.7 739.6 2783.5 1937.3 123.5 722.7 2845.9 1978.7 123.9 743.4 2908.6 2030.3 120.8 757.5 3015.1 2059.6 127.8 827.7 33 34 35 36 6.2 6.0 6.5 7.9 6.8 7.3 7.7 7.9 8.1 8.3 8.6 37 28 29 30 Open market paper Corporate bonds Other loans and advances 31 32 Taxes payable (net) Foreign direct investment in U.S. 33 34 35 36 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other Memo: 37 Consumer leases not included above (2) (1) U.S.-chartered depository institutions (L.110), foreign banking offices (L.111), banks in U.S.-affiliated areas (L.112), and credit unions (L.113). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 78 Z.1, December 11, 2014 L.110 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 Levels 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 5 Credit market instruments 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 14 15 16 17 18 19 20 Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 21 22 23 24 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 11473.5 11839.5 12218.4 12795.4 12287.6 12373.1 12585.8 12795.4 12891.5 13141.5 13367.3 1 52.7 575.8 267.6 60.8 798.7 242.6 71.1 798.5 303.7 73.6 1252.9 215.7 59.6 981.1 259.6 60.2 1001.2 238.0 62.2 1222.5 218.0 73.6 1252.9 215.7 64.8 1311.3 215.7 64.9 1339.8 202.5 64.7 1411.1 196.1 2 3 4 9356.2 9489.9 9866.3 10101.0 9833.4 9896.3 9925.3 10101.0 10167.7 10378.4 10529.3 5 0.0 217.5 1527.2 835.3 3.3 393.4 3.6 291.5 0.0 173.9 1634.1 899.1 8.2 473.8 13.4 239.6 0.0 243.2 1669.6 912.8 21.7 454.6 42.9 237.7 0.0 217.1 1717.3 953.5 30.3 431.0 66.8 235.7 0.0 230.3 1710.5 952.8 24.7 446.7 47.7 238.6 0.0 194.0 1725.7 967.6 28.4 435.2 54.6 239.8 0.0 186.6 1700.4 947.9 27.9 422.8 59.6 242.2 0.0 217.1 1717.3 953.5 30.3 431.0 66.8 235.7 0.0 263.8 1731.0 959.1 32.0 442.2 70.0 227.7 0.0 297.7 1735.9 961.9 37.6 440.7 72.7 223.1 0.0 359.0 1758.2 975.2 41.4 444.2 76.5 220.9 6 7 8 9 10 11 12 13 254.6 550.5 6.5 11.4 132.3 24.7 375.6 297.3 553.0 3.5 8.9 110.4 27.4 402.9 365.0 544.0 18.7 9.3 88.4 32.7 394.9 418.9 559.2 28.7 8.0 73.7 37.3 411.4 376.2 540.5 19.7 9.1 83.7 33.8 394.3 392.3 543.2 23.1 9.6 78.7 34.4 397.4 406.4 555.8 26.4 8.4 77.2 35.5 408.3 418.9 559.2 28.7 8.0 73.7 37.3 411.4 425.2 540.2 27.8 6.4 68.9 38.8 398.3 429.9 540.7 25.6 6.9 73.2 37.5 397.6 440.4 522.6 23.7 5.8 70.3 39.2 383.6 14 15 16 17 18 19 20 1425.9 0.0 4194.9 1185.5 1589.6 0.0 4049.6 1192.6 1797.1 0.0 4028.8 1218.6 1933.5 0.0 3983.5 1271.6 1794.8 0.0 3989.8 1191.2 1847.0 0.0 3982.5 1211.5 1869.5 0.0 3975.3 1231.4 1933.5 0.0 3983.5 1271.6 1969.6 0.0 3991.3 1246.5 2050.8 0.0 4039.0 1284.2 2085.8 0.0 4057.8 1305.4 21 22 23 24 73.6 45.0 67.4 41.7 71.3 45.8 101.3 57.9 80.8 50.1 79.9 47.9 87.7 52.0 101.3 57.9 102.6 60.8 109.2 64.7 105.4 59.8 25 26 25 26 Corporate equities Mutual fund shares 27 28 Security credit Life insurance reserves 23.6 116.0 35.8 125.5 45.0 138.0 52.9 143.8 47.9 139.2 51.8 140.4 53.9 141.6 52.9 143.8 58.4 145.2 61.0 146.7 60.2 147.9 27 28 29 30 U.S. direct investment abroad Miscellaneous assets 280.1 683.0 272.5 704.8 283.9 594.9 285.3 511.0 285.7 550.2 282.3 575.2 288.8 533.9 285.3 511.0 286.8 478.3 289.3 485.2 288.8 504.0 29 30 11709.0 12156.0 12719.7 13295.4 12788.8 12790.1 12995.2 13295.4 13434.5 13704.1 13934.3 31 31 Total liabilities 32 33 34 35 36 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 428.3 -1.4 0.2 21.3 408.2 164.9 -0.6 0.2 62.1 103.3 36.7 -0.5 0.1 18.7 18.5 227.8 -1.0 0.1 57.2 171.4 96.6 -0.6 0.0 23.8 73.4 135.4 -0.7 0.1 12.4 123.6 191.0 -0.6 0.2 33.1 158.3 227.8 -1.0 0.1 57.2 171.4 213.5 -0.5 0.0 29.0 185.1 221.4 -0.5 0.2 26.2 195.6 323.8 -0.9 0.3 55.1 269.2 32 33 34 35 36 37 38 39 40 Checkable deposits Federal government Rest of the world Private domestic 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1431.7 1.3 51.8 1378.5 1579.8 1.6 51.2 1527.0 1436.6 1.5 46.3 1388.8 1372.9 1.3 40.5 1331.0 1429.1 1.3 49.5 1378.4 1579.8 1.6 51.2 1527.0 1558.5 1.7 52.8 1504.0 1649.1 1.8 56.1 1591.2 1670.8 2.1 52.2 1616.6 37 38 39 40 41 42 43 Small time and savings deposits Large time deposits Federal funds and security repos 5888.6 896.1 484.0 6425.7 882.9 402.5 6979.2 803.0 349.9 7236.0 826.9 265.2 7018.6 777.6 327.3 7033.2 804.4 325.1 7183.1 799.3 301.3 7236.0 826.9 265.2 7375.8 815.4 267.2 7397.2 847.4 271.9 7452.6 827.9 252.8 41 42 43 44 Credit market instruments 882.9 832.4 720.3 686.9 674.1 680.9 659.8 686.9 662.4 705.0 703.3 44 113.0 377.1 392.8 120.6 379.4 332.3 87.5 295.9 336.9 59.7 221.0 406.2 74.4 267.4 332.3 64.2 244.0 372.7 57.3 225.2 377.3 59.7 221.0 406.2 58.4 214.2 389.8 56.0 211.7 437.3 54.7 208.7 439.9 45 46 47 45 46 47 Open market paper Corporate bonds Other loans and advances 48 Taxes payable (net) 49 50 51 Miscellaneous liabilities Investment by holding companies Other -59.6 -49.1 -47.6 -47.4 -45.7 -58.9 -52.9 -47.4 -39.7 -32.4 -35.3 48 2247.6 1632.8 614.7 2236.1 1709.0 527.1 2446.4 1889.2 557.2 2520.4 1937.3 583.1 2503.7 1916.9 586.8 2497.1 1880.5 616.6 2484.5 1898.0 586.4 2520.4 1937.3 583.1 2581.3 1978.7 602.6 2644.6 2030.3 614.3 2738.4 2059.6 678.8 49 50 51 6.2 6.0 6.5 7.9 6.8 7.3 7.7 7.9 8.1 8.3 8.6 52 Memo: 52 Consumer leases not included above (1) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. 79 Z.1, December 11, 2014 L.111 Foreign Banking Offices in U.S. (1) 2010 1 Total financial assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1268.3 1736.4 1720.6 2037.1 1819.4 2027.7 2063.9 2037.1 2215.9 2251.4 2264.1 1 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 0.0 350.8 88.4 0.0 711.0 120.1 0.0 638.8 178.3 0.0 948.0 177.1 0.0 741.3 178.7 0.0 959.6 181.1 0.0 963.5 199.3 0.0 948.0 177.1 0.0 1071.0 200.3 0.1 1068.6 228.2 0.0 1087.8 218.7 2 3 4 5 Credit market instruments 785.2 827.7 833.5 826.3 816.4 802.2 819.3 826.3 845.6 856.1 853.8 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 60.9 26.5 0.0 238.2 0.0 60.5 30.6 0.0 236.7 0.0 76.6 32.1 0.0 230.5 0.0 67.0 25.4 0.0 196.4 0.0 79.5 27.7 0.0 211.9 0.0 66.9 26.1 0.0 202.8 0.0 69.3 26.2 0.0 203.1 0.0 67.0 25.4 0.0 196.4 0.0 66.3 22.5 0.0 200.5 0.0 65.6 20.9 0.0 200.8 0.0 60.4 20.5 0.0 197.7 6 7 8 9 10 11 12 13 Depository institution loans n.e.c. Other loans and advances Mortgages 424.2 0.0 35.4 467.1 0.0 32.8 463.4 0.0 30.9 507.2 0.0 30.3 467.5 0.0 29.7 476.9 0.0 29.6 490.9 0.0 29.8 507.2 0.0 30.3 524.0 0.0 32.2 534.6 0.0 34.2 539.7 0.0 35.5 11 12 13 14 15 Corporate equities Security credit 0.1 14.7 0.0 33.5 0.0 26.2 0.0 28.7 0.0 30.2 0.0 24.2 0.0 24.7 0.0 28.7 0.0 28.0 0.0 26.5 0.0 29.6 14 15 16 Miscellaneous assets 29.2 44.2 43.9 57.0 52.9 60.6 57.1 57.0 71.0 72.0 74.2 16 1351.5 1851.1 1853.0 2111.7 1955.5 2168.1 2123.8 2111.7 2260.8 2299.1 2301.9 17 -347.1 -384.0 36.9 157.5 134.8 22.7 155.6 83.6 72.0 330.6 242.8 87.8 219.7 124.2 95.5 438.5 357.3 81.2 351.6 282.2 69.3 330.6 242.8 87.8 371.9 281.7 90.2 381.1 297.7 83.4 271.0 246.8 24.2 18 19 20 17 Total liabilities 18 19 20 Net interbank liabilities To foreign banks To domestic banks 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 21.9 35.7 977.7 45.6 48.9 814.6 61.8 62.7 798.4 92.6 90.4 869.5 63.7 67.9 814.4 73.4 70.6 816.0 82.0 85.9 872.4 92.6 90.4 869.5 101.7 84.5 927.8 114.2 87.3 934.4 114.2 89.7 1019.8 21 22 23 24 25 Federal funds and security repos Open market paper (2) 250.0 0.0 304.4 0.0 325.0 0.0 312.7 0.0 323.6 0.0 310.0 0.0 306.7 0.0 312.7 0.0 356.5 0.0 366.5 0.0 375.4 0.0 24 25 26 Foreign direct investment in U.S. 120.0 176.6 181.8 181.4 182.7 183.1 184.4 181.4 182.3 183.1 183.5 26 27 28 29 Miscellaneous liabilities Investment by funding corporations Other 293.3 171.6 121.7 303.4 137.8 165.6 267.8 126.0 141.7 234.6 123.5 111.1 283.7 142.9 140.7 276.5 142.1 134.4 240.7 118.7 122.0 234.6 123.5 111.1 236.0 123.9 112.1 232.6 120.8 111.8 248.3 127.8 120.5 27 28 29 (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) Bankers’ acceptances. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 80 Z.1, December 11, 2014 L.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2013 Q1 1 2 Total financial assets Credit market instruments Q2 Q3 Q4 2014 Q2 Q1 Q3 79.9 75.8 75.8 84.7 76.0 82.0 83.9 84.7 81.5 83.9 81.0 1 68.9 64.0 63.9 64.1 63.6 63.6 62.7 64.1 64.1 61.5 59.7 2 3 4 5 6 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1.1 12.8 2.5 0.6 1.0 4.8 3.4 4.2 0.4 2.6 2.6 5.2 1.2 1.9 3.6 5.8 0.4 2.4 2.7 5.6 0.4 2.2 2.7 5.5 0.6 1.9 3.5 5.6 1.2 1.9 3.6 5.8 1.3 1.8 3.4 6.4 0.8 1.8 2.7 6.3 1.3 1.8 2.6 5.7 3 4 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Commercial mortgages 16.1 20.1 15.7 17.1 17.8 15.6 18.1 20.0 14.9 19.4 18.9 13.5 18.1 20.0 14.4 19.0 19.2 14.4 19.5 19.1 12.5 19.4 18.9 13.5 19.2 18.4 13.6 18.1 18.3 13.5 17.4 17.6 13.3 7 8 9 11.0 11.8 12.0 20.5 12.4 18.4 21.2 20.5 17.4 22.5 21.3 10 10 11 Miscellaneous assets 75.2 72.1 72.0 80.5 72.2 78.7 81.7 80.5 78.0 80.8 77.1 11 12 13 14 15 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -3.3 16.6 19.3 19.3 -4.6 19.4 18.9 18.9 -4.9 21.9 18.8 18.8 -4.7 28.2 21.4 21.4 -4.6 22.1 19.1 19.1 -5.3 26.3 20.6 20.6 -5.0 27.7 21.7 21.7 -4.7 28.2 21.4 21.4 -5.5 27.3 20.7 20.7 -5.8 28.6 21.4 21.4 -5.2 27.8 20.9 20.9 12 13 14 15 16 Miscellaneous liabilities 23.3 19.4 17.3 14.3 16.4 16.5 15.7 14.3 14.8 15.3 12.6 16 Levels (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. L.113 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Reserves at Federal Reserve Federal funds and security repos 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 875.7 928.5 970.8 1003.3 996.9 1000.7 997.2 1003.3 1040.4 1044.3 1051.8 1 41.5 0.0 52.6 15.9 53.8 9.7 48.1 0.1 68.0 0.4 52.5 0.2 46.4 0.1 48.1 0.1 62.0 0.2 47.5 0.1 39.0 0.0 2 3 758.6 796.2 842.3 891.8 855.1 874.1 886.7 891.8 903.8 926.3 941.2 4 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 20.1 151.5 0.0 6.6 0.0 17.6 182.1 3.2 6.3 0.0 19.3 197.0 4.2 6.7 0.0 19.1 199.2 4.6 8.9 0.0 19.2 206.2 5.3 7.8 0.0 20.1 210.2 5.0 8.5 0.0 19.6 206.0 5.4 8.6 0.0 19.1 199.2 4.6 8.9 0.0 20.4 202.0 4.5 9.5 0.0 21.3 201.0 4.9 9.6 0.0 21.4 193.5 5.0 8.8 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Consumer credit 36.9 317.0 226.5 43.5 320.5 223.0 43.6 327.8 243.6 48.7 345.9 265.6 43.0 328.0 245.5 44.9 332.1 253.1 44.9 340.4 261.9 48.7 345.9 265.6 47.1 350.4 269.9 48.1 357.2 284.3 52.5 366.9 293.1 10 11 12 1.5 74.1 1.9 61.9 2.3 62.7 2.2 61.1 2.6 70.9 2.4 71.7 2.2 61.8 2.2 61.1 2.2 72.2 2.1 68.3 2.1 69.5 13 14 Mutual fund shares Miscellaneous assets 810.9 830.0 868.7 906.9 902.1 905.9 902.4 906.9 940.1 940.8 946.1 15 16 Total liabilities Net interbank liabilities -30.0 -51.9 -65.7 -63.5 -64.7 -61.8 -64.5 -63.5 -63.8 -65.1 -62.0 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 803.8 92.4 681.3 30.1 845.3 103.1 708.7 33.5 896.6 113.9 743.1 39.7 929.2 121.7 763.1 44.3 929.3 124.5 763.4 41.3 928.7 121.7 765.7 41.4 924.9 119.3 762.2 43.4 929.2 121.7 763.1 44.3 962.7 131.9 784.3 46.5 959.8 129.6 784.8 45.4 959.2 129.5 782.8 46.9 17 18 19 20 21 22 Federal funds and security repos Other loans and advances 0.0 26.1 0.0 24.2 0.0 25.1 0.0 27.0 0.0 22.2 0.0 23.5 0.0 26.6 0.0 27.0 0.0 27.4 0.0 30.0 0.0 33.1 21 22 23 Miscellaneous liabilities 11.1 12.4 12.7 14.2 15.3 15.5 15.4 14.2 13.8 16.1 15.8 23 81 Z.1, December 11, 2014 L.114 Property-Casualty Insurance Companies 2010 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1360.5 1380.0 1442.3 1533.7 1464.3 1477.8 1499.4 1533.7 1541.4 1561.6 1576.9 1 32.6 25.6 3.8 24.1 20.0 1.7 36.4 22.3 1.8 29.7 20.0 1.8 31.7 21.3 1.7 30.6 18.1 1.5 30.6 18.1 1.5 29.7 20.0 1.8 33.4 18.2 1.6 34.8 20.0 1.7 35.7 21.1 1.8 2 3 4 890.6 926.8 927.8 953.1 933.4 936.7 943.5 953.1 950.5 954.1 965.2 5 Open market paper Treasury securities Agency- and GSE-backed securities 7.9 91.7 115.8 8.8 96.4 122.7 7.4 89.7 114.3 8.0 95.7 108.7 7.4 90.5 113.0 6.6 89.5 111.6 6.9 91.3 110.2 8.0 95.7 108.7 7.3 95.5 106.7 8.0 97.7 105.5 8.5 101.4 104.8 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 348.4 322.6 4.1 331.0 363.1 4.9 328.1 382.7 5.6 325.8 406.9 7.9 327.8 388.9 5.8 327.4 395.1 6.6 326.8 401.2 7.0 325.8 406.9 7.9 325.8 407.0 8.3 325.8 408.4 8.8 326.5 414.8 9.3 9 10 11 214.8 10.2 220.8 9.1 252.2 11.8 309.7 15.5 267.4 12.7 272.4 13.0 280.5 13.8 309.7 15.5 312.1 16.0 317.9 16.8 318.3 16.9 12 13 83.8 99.1 87.2 90.2 92.0 98.0 95.2 108.8 94.0 102.1 96.6 108.9 98.3 113.0 95.2 108.8 100.1 109.6 103.9 112.4 103.4 114.4 14 15 823.2 856.1 880.5 898.2 885.3 889.5 895.1 898.2 900.7 908.8 915.5 16 1.5 -10.1 0.4 -14.5 0.8 -10.8 2.2 8.4 1.1 -3.2 1.4 -5.2 1.8 -2.5 2.2 8.4 2.5 10.2 2.8 9.5 3.0 10.2 17 18 12 13 Corporate equities Mutual fund shares 14 15 Trade receivables U.S. direct investment abroad 16 2011 Total liabilities 17 18 Security repurchase agreements Taxes payable (net) 19 Foreign direct investment in U.S. 70.7 73.9 77.1 74.5 82.5 82.4 82.6 74.5 74.0 74.0 72.9 19 20 21 22 Miscellaneous liabilities Investment by parent companies Policy payables 761.2 0.0 761.2 796.4 0.0 796.4 813.4 11.2 802.1 813.1 5.2 807.8 804.9 5.1 799.8 810.9 5.1 805.8 813.3 5.3 808.0 813.1 5.2 807.8 814.0 4.7 809.3 822.6 5.1 817.4 829.3 5.1 824.2 20 21 22 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 82 Z.1, December 11, 2014 L.115 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Levels Total financial assets 2 3 4 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 U.S. direct investment abroad 16 17 18 19 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 20 Total liabilities 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 5167.8 5340.1 5614.7 5977.3 5738.6 5750.8 5857.1 5977.3 6049.4 6145.0 6145.0 1 51.7 21.0 10.9 53.7 28.8 10.1 56.4 27.5 8.5 47.2 21.6 8.5 56.3 20.6 6.8 45.5 19.1 6.6 53.5 21.6 8.0 47.2 21.6 8.5 50.1 20.2 6.9 48.0 18.8 6.5 51.3 19.2 6.6 2 3 4 3174.2 3299.6 3373.9 3451.3 3384.5 3406.3 3424.4 3451.3 3481.0 3508.5 3539.4 5 40.9 156.6 376.0 112.3 2030.2 140.7 317.5 29.7 175.4 374.4 121.8 2117.3 148.6 332.5 43.6 180.9 360.9 131.5 2162.2 150.4 344.4 46.7 168.6 354.1 141.6 2223.0 153.9 363.2 39.3 176.1 359.5 134.1 2181.2 149.6 344.6 39.7 173.1 358.1 136.8 2198.3 151.3 349.1 44.4 170.9 355.4 138.8 2205.5 152.2 357.2 46.7 168.6 354.1 141.6 2223.0 153.9 363.2 46.2 172.1 349.6 143.9 2248.0 155.9 365.2 44.6 175.2 344.8 146.8 2269.9 157.3 369.9 45.2 177.4 338.8 148.0 2294.9 159.3 375.8 6 7 8 9 10 11 12 1402.6 155.7 1390.2 150.1 1545.1 159.3 1794.4 184.8 1638.3 167.6 1647.5 168.8 1712.3 175.9 1794.4 184.8 1818.3 185.6 1868.0 189.5 1837.9 186.6 13 14 46.3 54.2 67.0 65.5 67.0 68.0 67.9 65.5 65.4 64.3 63.2 15 305.6 2.9 24.7 278.0 353.4 2.1 24.3 327.0 377.0 2.2 24.9 349.9 404.1 3.2 27.9 373.1 397.4 2.1 25.9 369.4 388.9 2.1 27.8 359.0 393.5 2.3 26.8 364.4 404.1 3.2 27.9 373.1 421.8 3.2 28.9 389.7 441.4 3.4 30.2 407.8 440.7 3.5 29.6 407.7 16 17 18 19 4844.3 5002.2 5248.8 5602.8 5365.9 5381.2 5481.5 5602.8 5666.4 5753.5 5746.4 20 10.3 45.1 10.4 46.8 13.5 51.6 12.7 59.4 13.7 52.9 13.8 54.5 13.4 53.8 12.7 59.4 12.9 61.3 12.8 63.3 13.3 66.8 21 22 1229.9 2341.3 1302.3 2383.2 1309.0 2575.3 1366.3 2815.4 1320.1 2671.7 1328.1 2682.0 1347.3 2741.5 1366.3 2815.4 1384.2 2843.2 1393.3 2891.0 1398.3 2872.2 23 24 21 22 Security repurchase agreements Other loans and advances 23 24 Life insurance reserves Pension entitlements (2) 25 26 Taxes payable (net) Foreign direct investment in U.S. -28.8 84.3 -23.6 103.6 -28.3 106.0 -30.5 97.7 -28.4 107.6 -30.1 110.2 -30.1 111.9 -30.5 97.7 -29.3 99.1 -29.5 102.4 -30.4 106.2 25 26 27 28 29 30 31 Miscellaneous liabilities Investment by parent companies Other reserves (3) Unallocated insurance contracts Other 1162.2 62.7 290.7 620.9 187.9 1179.5 72.0 305.5 624.7 177.2 1221.6 17.2 303.7 638.6 262.1 1281.9 10.7 304.2 683.9 283.1 1228.4 17.4 302.3 641.8 266.9 1222.7 17.3 302.0 644.5 258.9 1243.7 17.7 305.6 661.7 258.7 1281.9 10.7 304.2 683.9 283.1 1295.0 11.0 307.9 692.2 283.8 1320.2 11.5 311.1 706.4 291.2 1320.1 11.5 311.5 709.4 287.7 27 28 29 30 31 (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.115.g and L.115.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 30. (3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. 83 Z.1, December 11, 2014 L.116 Private and Public Pension Funds (1) 2010 1 Total financial assets (2) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 14551.3 14917.3 15723.8 16897.0 16096.8 16240.7 16531.7 16897.0 17070.8 17339.2 17435.5 1 16.6 67.0 179.9 6.0 22.6 71.1 195.5 6.1 21.2 66.5 174.8 5.7 22.0 74.2 185.9 6.3 21.6 68.0 180.1 5.8 22.6 68.4 180.2 5.8 22.3 69.3 179.8 5.8 22.0 74.2 185.9 6.3 21.8 70.8 180.0 6.0 23.0 68.1 179.6 5.8 22.7 64.6 173.4 5.4 2 3 4 5 1833.0 1946.6 2116.6 2238.7 2130.3 2170.7 2088.4 2238.7 2253.5 2335.8 2379.4 6 82.1 509.4 359.4 841.4 38.4 86.6 571.5 376.7 876.4 33.7 80.4 647.1 421.3 932.7 34.3 85.9 708.9 448.3 966.2 28.3 82.8 660.9 428.0 924.8 32.9 83.1 670.6 438.7 945.6 31.5 82.9 583.3 443.4 947.6 30.1 85.9 708.9 448.3 966.2 28.3 83.4 720.8 448.5 969.9 29.9 80.1 754.5 462.8 1005.5 32.0 76.9 779.5 463.9 1022.8 35.3 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 3920.1 2519.0 3736.1 2414.5 4180.7 2662.2 5081.5 3299.7 4535.8 2898.3 4586.2 2952.2 4791.2 3112.7 5081.5 3299.7 5095.0 3355.2 5277.6 3475.3 5160.5 3479.4 12 13 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Nonmarketable Treasury securities (4) Claims of pension fund on sponsor (5) Other 6009.6 620.9 90.8 1142.9 3523.7 631.3 6524.8 624.7 93.8 1213.7 3916.2 676.4 6496.1 638.6 81.4 1254.1 3812.0 710.0 5988.8 683.9 80.9 1352.3 3127.6 744.1 6256.9 641.8 81.8 1265.5 3559.0 708.7 6254.6 644.5 81.8 1178.4 3630.4 719.5 6262.1 661.7 81.6 1161.5 3622.5 734.8 5988.8 683.9 80.9 1352.3 3127.6 744.1 6088.4 692.2 80.7 1339.7 3208.5 767.2 5974.0 706.4 81.1 1342.6 3054.5 789.4 6150.1 709.4 82.0 1361.8 3192.8 804.0 14 15 16 17 18 19 14694.3 15064.5 15885.5 17074.7 16263.0 16407.2 16703.3 17074.7 17249.3 17524.1 17627.2 20 10175.7 6652.0 3523.7 10568.6 6652.4 3916.2 10886.7 7074.7 3812.0 11129.6 8002.0 3127.6 10944.9 7385.9 3559.0 11003.4 7373.0 3630.4 11064.5 7543.8 3520.8 11129.6 8002.0 3127.6 11211.5 8003.0 3208.5 11293.9 8239.3 3054.5 11375.6 8182.8 3192.8 21 22 23 21481.6 10032.7 4518.6 5029.0 1901.3 22092.5 10421.4 4495.9 5241.0 1934.2 23645.2 10725.0 4998.8 5830.0 2091.4 26028.4 10951.9 5945.1 6840.0 2291.4 24410.4 10778.7 5318.1 6143.0 2170.7 24629.8 10837.0 5403.8 6209.0 2180.0 25266.2 10893.0 5638.7 6505.0 2229.5 26028.4 10951.9 5945.1 6840.0 2291.4 26329.0 11033.0 6037.8 6944.0 2314.2 26863.1 11108.9 6230.3 7171.0 2353.0 ND 11183.8 6251.7 ND ND 24 25 26 27 28 20 Pension entitlements (liabilities) (6) Memo: 21 22 23 24 25 26 27 28 Funded status of defined benefit plans: Pension entitlements Funded by assets (7) Unfunded (line 18) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) (1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (9) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 27. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 84 Z.1, December 11, 2014 L.117 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 6613.5 6716.8 7241.5 8105.7 7539.4 7639.1 7848.7 8105.7 8194.6 8366.3 8382.5 1 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 12.5 31.4 136.4 2.7 18.1 33.0 152.9 2.7 16.4 29.1 135.7 2.4 16.5 28.8 137.9 2.3 16.7 29.3 139.7 2.4 17.0 29.0 139.1 2.4 16.7 28.7 137.6 2.3 16.5 28.8 137.9 2.3 16.8 29.2 136.4 2.4 17.6 30.0 139.2 2.4 17.6 29.7 137.2 2.4 2 3 4 5 6 Credit market instruments 895.9 969.5 1116.2 1166.0 1123.2 1145.8 1156.2 1166.0 1163.9 1183.6 1195.0 6 40.2 206.9 184.0 438.5 26.5 42.6 233.8 188.2 483.0 21.9 37.7 278.2 210.4 566.8 23.1 34.4 314.3 225.6 572.0 19.7 38.4 290.1 213.9 558.7 22.2 38.1 303.1 218.0 565.3 21.4 36.1 308.5 221.6 569.5 20.5 34.4 314.3 225.6 572.0 19.7 35.4 318.0 224.2 567.3 18.9 36.1 322.7 228.3 576.7 19.8 36.0 329.1 226.6 582.5 20.8 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 1849.1 2148.9 1751.1 2120.5 1973.6 2385.6 2403.9 2970.3 2135.7 2600.5 2167.7 2653.0 2270.7 2800.1 2403.9 2970.3 2444.8 3026.0 2528.1 3136.6 2503.9 3138.6 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1536.6 469.4 90.8 446.5 529.9 1668.9 484.6 93.8 517.2 573.3 1582.5 503.8 81.4 389.8 607.4 1380.0 540.4 80.9 131.4 627.3 1492.0 511.8 81.8 295.7 602.8 1485.0 513.9 81.8 279.6 609.6 1436.3 525.4 81.6 208.2 621.1 1380.0 540.4 80.9 131.4 627.3 1375.1 547.6 80.7 103.8 643.0 1328.7 557.3 81.1 31.7 658.7 1358.1 559.1 82.0 49.7 667.2 14 15 16 17 18 6650.1 6753.3 7278.0 8142.2 7575.9 7675.6 7885.3 8142.2 8231.1 8402.9 8419.0 19 19 Levels 2012 2 3 4 5 7 8 9 10 11 Total financial assets (2) 2011 Pension entitlements (liabilities) (5) Memo: 20 21 22 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) 2872.2 2425.7 446.5 2983.7 2466.4 517.2 3054.3 2664.5 389.8 3105.0 2973.6 131.4 3065.3 2769.6 295.7 3076.6 2797.0 279.6 3089.3 2881.2 208.2 3105.0 2973.6 131.4 3112.7 3008.9 103.8 3120.4 3088.8 31.7 3128.1 3078.4 49.7 20 21 22 23 24 Total financial assets (7) Defined benefit plans Defined contribution plans 2835.7 3777.8 2947.1 3769.7 3017.8 4223.7 3068.5 5037.2 3028.8 4510.6 3040.1 4599.0 3052.8 4795.9 3068.5 5037.2 3076.2 5118.4 3083.9 5282.4 3091.6 5290.9 23 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.117.b and L.117.c. 85 Z.1, December 11, 2014 L.118 State and Local Government Employee Retirement Funds 2010 1 2 3 4 5 Total financial assets (1) Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 4778.5 4934.5 5097.4 5248.6 5134.4 5161.5 5202.9 5248.6 5302.6 5363.2 5411.6 1 4.2 35.6 43.5 3.4 4.5 38.0 42.6 3.4 4.8 37.4 39.1 3.3 5.5 45.4 48.0 3.9 4.9 38.7 40.4 3.4 5.6 39.4 41.1 3.4 5.6 40.6 42.1 3.5 5.5 45.4 48.0 3.9 5.0 41.6 43.6 3.6 5.4 38.1 40.4 3.3 5.1 34.9 36.2 3.0 2 3 4 5 795.3 41.9 172.5 169.6 2.3 397.0 11.9 809.8 44.0 184.2 182.0 1.6 386.1 11.9 817.7 42.7 203.3 202.9 0.9 356.8 11.2 880.6 51.5 216.5 216.4 1.2 386.4 8.6 827.9 44.5 207.7 206.6 0.8 357.6 10.7 856.7 45.0 214.5 213.7 1.2 372.2 10.2 859.4 46.8 216.5 215.2 1.1 370.2 9.7 880.6 51.5 216.5 216.4 1.2 386.4 8.6 895.9 48.0 221.7 218.6 1.0 395.6 11.0 956.2 44.1 248.7 228.6 1.0 421.7 12.1 983.2 40.9 262.0 231.5 1.0 433.4 14.5 6 7 8 9 10 11 12 6 7 8 9 10 11 12 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 13 14 Corporate equities Mutual fund shares 1930.1 370.1 1850.6 294.0 2058.9 276.7 2471.4 329.4 2232.4 297.8 2244.7 299.2 2336.0 312.6 2471.4 329.4 2438.4 329.2 2527.6 338.8 2431.8 340.8 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 1596.3 151.5 1343.4 101.4 1891.5 140.1 1648.3 103.1 1859.5 134.7 1622.2 102.6 1464.3 143.6 1204.1 116.7 1688.9 130.0 1452.9 106.0 1671.4 130.6 1430.9 109.9 1603.1 136.3 1353.1 113.6 1464.3 143.6 1204.1 116.7 1545.2 144.7 1276.3 124.2 1453.5 149.1 1173.6 130.8 1576.6 150.3 1289.5 136.8 15 16 17 18 Pension entitlements (liabilities) (4) 4885.0 5045.2 5222.6 5389.8 5264.2 5291.4 5337.9 5389.8 5444.6 5511.7 5566.9 19 Memo: Funded status of defined benefit plans: 20 Pension entitlements 21 Funded by assets (5) 22 Unfunded (line 17) 4408.7 3065.3 1343.4 4604.1 2955.8 1648.3 4762.4 3140.2 1622.2 4862.9 3658.8 1204.1 4787.2 3334.3 1452.9 4812.3 3381.4 1430.9 4837.7 3484.6 1353.1 4862.9 3658.8 1204.1 4913.7 3637.4 1276.3 4964.5 3790.9 1173.6 5015.4 3725.9 1289.5 20 21 22 4302.2 476.3 4493.4 441.1 4637.3 460.2 4721.7 526.9 4657.5 477.0 4682.4 479.1 4702.7 500.3 4721.7 526.9 4771.8 530.9 4816.1 547.1 4860.1 551.5 23 24 19 23 24 Total financial assets (6) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.118.b and L.118.c. L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets (1) 3159.3 3266.0 3384.9 3542.8 3422.9 3440.1 3480.0 3542.8 3573.6 3609.6 3641.4 1 141.8 130.0 5.8 5.9 167.3 153.5 6.5 7.3 182.7 165.6 8.1 9.0 192.1 178.0 6.4 7.7 179.2 163.2 7.5 8.5 168.1 153.1 7.0 8.0 72.8 58.2 6.6 8.0 192.1 178.0 6.4 7.7 193.6 181.0 5.7 6.9 196.0 183.1 5.8 7.0 201.1 188.4 5.8 6.9 2 3 4 5 140.9 2876.6 1142.9 1733.7 134.4 2964.3 1213.7 1750.7 148.1 3054.1 1254.1 1800.0 206.2 3144.5 1352.3 1792.1 167.8 3076.0 1265.5 1810.4 173.8 3098.2 1178.4 1919.9 184.5 3222.8 1161.5 2061.2 206.2 3144.5 1352.3 1792.1 211.8 3168.1 1339.7 1828.4 221.8 3191.8 1342.6 1849.3 224.8 3215.5 1361.8 1853.7 6 7 8 9 Pension entitlements (liabilities) (5) 3159.3 3266.0 3384.9 3542.8 3422.9 3440.1 3480.0 3542.8 3573.6 3609.6 3641.4 10 Memo: Funded status of defined benefit plans: 11 Pension entitlements 12 Funded by assets (6) 13 Unfunded 2894.8 1161.1 1733.7 2980.8 1230.2 1750.7 3070.0 1270.0 1800.0 3161.7 1369.6 1792.1 3092.4 1282.0 1810.4 3114.5 1194.7 1919.9 3137.5 1178.0 1959.5 3161.7 1369.6 1792.1 3185.1 1356.7 1828.4 3208.9 1359.7 1849.3 3232.1 1378.4 1853.7 11 12 13 2894.8 264.5 2980.8 285.2 3070.0 314.9 3161.7 381.0 3092.4 330.5 3114.5 325.6 3137.5 342.5 3161.7 381.0 3185.1 388.5 3208.9 400.7 3232.1 409.3 14 15 2 3 4 5 Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Corporate equities Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 14 15 Total financial assets (7) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.119.b and L.119.c. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 86 Z.1, December 11, 2014 L.120 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2755.4 2642.5 2649.6 2678.3 2553.8 2541.9 2637.3 2678.3 2592.5 2522.4 2565.4 1 105.9 14.2 458.9 479.4 42.9 20.1 402.7 490.5 43.3 16.5 435.4 544.7 33.7 13.3 494.8 493.0 48.8 10.9 429.6 470.7 37.1 27.5 444.5 450.4 36.3 11.1 494.5 489.2 33.7 13.3 494.8 493.0 19.4 15.5 493.6 506.4 26.7 18.6 509.7 564.0 23.2 -3.1 531.1 575.8 2 3 4 5 1673.4 1663.6 1580.9 1611.8 1562.4 1550.5 1572.4 1611.8 1520.4 1387.3 1419.5 6 394.2 335.4 402.8 386.7 154.2 354.2 443.3 403.7 357.3 105.1 340.8 457.8 343.5 336.7 102.1 352.1 488.2 361.1 308.3 102.1 350.9 470.5 325.5 312.6 102.9 356.2 449.1 344.9 309.6 90.7 357.7 466.3 354.2 305.2 89.1 352.1 488.2 361.1 308.3 102.1 354.4 454.6 326.2 296.4 88.8 341.2 370.5 327.8 281.4 66.4 331.6 391.5 346.5 278.7 71.1 7 8 9 10 11 23.5 22.7 28.8 31.7 31.5 31.9 33.9 31.7 37.2 16.0 18.8 12 2755.4 2642.5 2649.6 2678.3 2553.8 2541.9 2637.3 2678.3 2592.5 2522.4 2565.4 13 11544.4 11899.2 12375.7 12266.2 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). Levels L.121 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security repurchase agreements 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 7873.0 7870.9 9326.1 11544.4 10088.7 10297.5 10904.5 137.5 108.7 262.8 355.7 308.0 328.2 354.0 355.7 381.9 424.0 397.1 2 2969.9 3329.3 3981.3 4345.2 4184.5 4242.8 4287.7 4345.2 4462.9 4583.4 4692.3 3 66.3 379.3 681.3 525.5 1243.0 74.6 40.0 454.3 787.1 541.2 1413.4 93.5 77.5 575.5 875.9 627.4 1719.4 105.7 105.2 631.9 850.4 613.9 1998.8 145.1 98.5 631.8 877.6 646.6 1816.6 113.4 100.6 631.1 870.7 641.0 1868.5 130.9 104.6 626.8 850.4 620.7 1947.3 137.9 105.2 631.9 850.4 613.9 1998.8 145.1 113.9 667.0 836.1 618.2 2067.5 160.1 127.9 686.8 801.1 630.4 2180.8 156.5 118.9 705.0 823.6 645.4 2232.3 167.1 4 5 6 7 8 9 4762.7 2.9 4427.2 5.7 5109.4 -27.4 6851.8 -8.3 5612.5 -16.2 5741.8 -15.3 6245.9 17.0 6851.8 -8.3 7030.1 24.4 7365.6 2.6 7174.2 2.6 10 11 7873.0 7870.9 9326.1 11544.4 10088.7 10297.5 10904.5 11544.4 11899.2 12375.7 12266.2 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). L.122 Closed-End and Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Closed-end funds 1 2 3 4 5 6 7 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 243.1 240.5 256.5 283.6 271.6 277.4 279.1 283.6 287.0 294.4 291.3 1 146.4 5.1 81.6 59.7 96.7 144.7 4.8 82.5 57.3 95.9 155.9 5.2 85.9 64.8 100.6 169.4 5.7 84.3 79.4 114.2 163.5 5.7 86.4 71.5 108.0 169.5 5.8 86.2 77.5 107.9 169.0 5.8 84.8 78.4 110.1 169.4 5.7 84.3 79.4 114.2 169.7 5.8 85.2 78.7 117.3 170.4 5.9 85.8 78.7 124.0 167.8 5.8 84.2 77.8 123.5 2 3 4 5 6 243.1 240.5 256.5 283.6 271.6 277.4 279.1 283.6 287.0 294.4 291.3 7 986.8 1042.6 1324.4 1670.6 1434.0 1413.7 1537.3 1670.6 1704.1 1822.3 1824.4 8 132.7 51.0 7.6 74.1 854.1 178.8 62.4 8.6 107.7 863.8 231.1 63.6 12.3 155.3 1093.3 243.3 57.1 11.4 174.8 1427.3 238.2 62.8 13.0 162.3 1195.9 241.4 64.1 12.5 164.9 1172.2 245.8 63.9 11.5 170.4 1291.5 243.3 57.1 11.4 174.8 1427.3 254.3 59.3 11.8 183.2 1449.9 266.3 63.0 12.6 190.7 1555.9 272.4 64.4 13.4 194.7 1552.0 9 10 11 12 13 986.8 1042.6 1324.4 1670.6 1434.0 1413.7 1537.3 1670.6 1704.1 1822.3 1824.4 14 Exchange-traded funds 8 9 10 11 12 13 14 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 87 Z.1, December 11, 2014 L.123 Government-Sponsored Enterprises (GSEs) (1) 2010 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security repos 5 Credit market instruments 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 6722.4 6480.2 6275.1 6361.3 6328.7 6308.3 6339.7 6361.3 6256.9 6286.3 6323.0 1 63.4 26.1 151.2 72.7 13.4 112.3 52.6 4.3 150.8 81.6 5.4 152.3 64.1 3.6 193.6 51.7 4.8 151.3 77.4 7.5 133.4 81.6 5.4 152.3 45.4 7.9 127.3 49.3 5.9 134.3 89.3 5.4 110.9 2 3 4 6333.1 6133.4 5914.8 5956.4 5899.5 5932.8 5954.6 5956.4 5924.2 5945.4 5968.1 5 Open market paper Treasury securities Agency- and GSE-backed securities 9.9 82.6 377.0 6.5 100.2 358.9 3.4 69.0 310.6 4.4 59.1 287.9 4.2 74.6 300.6 4.3 75.5 292.5 5.0 82.6 294.7 4.4 59.1 287.9 4.8 65.2 283.6 5.7 64.5 285.6 6.0 65.0 290.3 6 7 8 9 10 Municipal securities Corporate and foreign bonds 24.9 266.5 21.0 235.7 17.0 185.7 13.4 126.3 16.3 179.9 14.8 168.6 13.8 139.1 13.4 126.3 12.7 120.1 12.2 109.4 11.4 101.4 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 551.3 0.0 87.3 464.0 487.0 0.0 83.8 403.3 505.7 0.0 92.1 413.6 587.5 0.0 95.0 492.6 498.8 0.0 91.4 407.4 541.0 0.0 90.3 450.7 547.3 0.0 89.7 457.7 587.5 0.0 95.0 492.6 576.9 0.0 98.3 478.5 628.0 0.0 97.4 530.6 639.1 0.0 99.3 539.8 11 12 13 14 15 Mortgages 5021.0 4924.0 4823.5 4877.8 4825.0 4836.1 4872.0 4877.8 4861.0 4840.1 4854.8 15 6 7 8 16 17 18 Home Consolidated trusts (2) Other 4690.7 4141.0 549.7 4587.7 4032.1 555.6 4476.1 3958.0 518.0 4544.9 4087.7 457.1 4479.4 3982.2 497.2 4492.3 4005.6 486.7 4532.7 4064.3 468.4 4544.9 4087.7 457.1 4532.2 4085.6 446.5 4515.2 4073.2 442.0 4527.2 4090.8 436.4 16 17 18 19 20 21 Multifamily residential Consolidated trusts (2) Other 256.5 75.4 181.1 259.2 99.9 159.4 265.5 127.4 138.1 243.5 146.3 97.2 261.9 133.9 128.0 258.1 139.2 118.8 251.8 141.9 109.9 243.5 146.3 97.2 238.9 148.8 90.1 234.3 151.0 83.3 236.4 157.5 79.0 19 20 21 22 73.8 77.1 82.0 89.4 83.7 85.7 87.5 89.4 90.0 90.6 91.2 22 23 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 Miscellaneous assets 148.6 148.5 152.6 165.6 167.9 167.7 166.8 165.6 152.1 151.4 149.3 24 6615.1 6377.9 6216.8 6314.9 6223.6 6259.5 6267.3 6314.9 6222.6 6261.6 6299.0 25 25 Farm Total liabilities 26 Federal funds and security repos 1.3 0.4 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 26 27 Credit market instruments 6434.5 6247.3 6092.7 6200.2 6103.5 6137.6 6147.7 6200.2 6111.4 6150.6 6186.2 27 28 29 30 31 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 6434.5 4216.4 2218.1 0.0 6247.3 4132.0 2115.4 0.0 6092.7 4085.4 2007.3 0.0 6200.2 4234.0 1966.2 0.0 6103.5 4116.1 1987.4 0.0 6137.6 4144.9 1992.8 0.0 6147.7 4206.2 1941.5 0.0 6200.2 4234.0 1966.2 0.0 6111.4 4234.5 1876.9 0.0 6150.6 4224.3 1926.3 0.0 6186.2 4248.3 1937.9 0.0 28 29 30 31 179.4 130.2 124.1 114.7 119.9 121.9 119.6 114.7 111.2 111.1 112.8 32 32 Miscellaneous liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.124) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. L.124 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1139.5 1304.8 1437.0 1569.4 1462.7 1498.1 1540.8 1569.4 1585.8 1600.0 1623.6 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 1068.8 66.9 0.0 3.8 1216.8 86.4 0.0 1.7 1321.8 113.4 0.0 1.9 1420.6 147.1 0.0 1.8 1340.2 120.6 0.0 1.9 1366.2 130.1 0.0 1.8 1400.2 138.8 0.0 1.8 1420.6 147.1 0.0 1.8 1432.0 152.0 0.0 1.7 1440.7 157.6 0.0 1.7 1458.8 163.2 0.0 1.7 2 3 4 5 6 Total pool securities (liabilities)(2) 1139.5 1304.8 1437.0 1569.4 1462.7 1498.1 1540.8 1569.4 1585.8 1600.0 1623.6 6 (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.123). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 88 Z.1, December 11, 2014 L.125 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Levels Memo: Securitized assets not included above 14 Consumer leases (4) 15 REIT assets (5) Securitized liabilities not included above 16 Commercial paper (6) 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2235.9 1989.0 1769.4 1481.2 1716.6 1536.0 1504.6 1481.2 1430.5 1408.3 1394.9 1 40.1 3.6 167.8 29.2 0.3 162.4 23.4 0.3 161.7 24.3 0.1 150.2 20.5 0.2 150.8 21.2 0.1 147.6 22.9 0.1 151.1 24.3 0.1 150.2 25.0 0.1 154.7 24.1 0.2 150.6 24.5 0.2 153.4 2 3 4 1922.3 1303.0 98.4 520.8 1703.4 1109.5 90.7 503.2 1492.9 928.3 81.1 483.5 1221.7 791.8 75.2 354.7 1454.9 894.9 77.6 482.5 1282.7 855.8 74.8 352.1 1247.4 820.8 74.4 352.2 1221.7 791.8 75.2 354.7 1169.1 766.9 74.4 327.7 1153.3 741.4 74.4 337.5 1138.2 716.3 74.2 347.7 5 6 7 8 50.3 51.8 46.2 47.6 50.0 41.2 49.2 35.7 50.0 40.1 48.2 36.2 48.5 34.6 49.2 35.7 47.3 34.3 46.3 33.9 47.5 31.0 9 10 2235.9 1989.0 1769.4 1481.2 1716.6 1536.0 1504.6 1481.2 1430.5 1408.3 1394.9 11 120.2 2115.7 96.0 1893.0 87.0 1682.4 79.9 1401.3 88.0 1628.5 79.6 1456.5 79.2 1425.5 79.9 1401.3 73.7 1356.7 70.8 1337.5 70.4 1324.4 12 13 0.0 18.1 0.0 14.3 0.0 15.6 0.0 155.2 0.0 16.0 0.0 146.4 0.0 147.1 0.0 155.2 0.0 175.6 0.0 169.7 0.0 168.4 14 15 112.9 120.6 87.5 59.7 74.4 64.2 57.3 59.7 58.4 56.0 54.7 16 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Liabilities net of assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (5) Included in table L.127. (6) Included in table L.110 line 43. L.126 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Time and savings deposits 4 Credit market instruments 1588.5 1569.3 1493.7 1472.8 1480.2 1476.1 1487.9 1472.8 1466.6 1463.9 1478.6 1 26.5 79.6 31.7 95.0 27.8 83.5 32.1 96.2 30.2 90.5 30.0 90.0 34.2 102.5 32.1 96.2 32.9 98.6 32.3 97.0 31.1 93.3 2 3 1405.4 1359.6 1324.9 1305.4 1311.6 1310.6 1311.2 1305.4 1293.8 1295.1 1296.6 4 5 6 7 8 Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 84.1 372.7 243.5 705.0 85.0 375.8 211.2 687.6 78.7 387.0 179.5 679.8 67.9 401.3 157.0 679.1 75.0 390.9 174.4 671.3 70.1 394.8 171.2 674.6 70.0 396.9 165.9 678.5 67.9 401.3 157.0 679.1 71.8 398.0 154.1 669.9 72.5 401.4 149.6 671.7 69.9 401.8 148.2 676.7 5 6 7 8 9 10 U.S. direct investment abroad Miscellaneous assets 206.0 -129.0 221.8 -138.7 225.4 -168.1 228.6 -189.5 228.4 -180.5 228.5 -183.1 231.1 -191.2 228.6 -189.5 235.8 -194.5 236.8 -197.4 239.9 -182.4 9 10 1558.7 1532.7 1445.6 1424.0 1428.8 1422.7 1432.2 1424.0 1411.0 1406.6 1417.6 11 1280.7 1261.9 1205.1 1209.3 1193.0 1196.0 1206.6 1209.3 1198.5 1201.6 1215.2 12 111.0 1078.2 91.5 0.0 121.0 1038.8 102.1 0.0 129.1 957.5 118.5 0.0 118.8 961.9 128.6 0.0 121.8 952.5 118.7 0.0 119.6 949.0 127.5 0.0 124.9 955.1 126.7 0.0 118.8 961.9 128.6 0.0 114.0 959.3 125.2 0.0 109.8 968.9 123.0 0.0 115.8 969.2 130.2 0.0 13 14 15 16 11 12 13 14 15 16 Total liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 17 18 Taxes payable Foreign direct investment in U.S. 6.0 114.7 6.7 91.1 6.7 90.9 6.8 73.0 6.9 91.3 6.8 92.0 7.0 92.3 6.8 73.0 6.8 73.4 6.8 73.8 7.0 74.7 17 18 19 20 21 Miscellaneous liabilities Investment by parent Other 157.3 175.7 -18.4 173.0 163.7 9.3 142.9 162.8 -19.9 134.9 161.8 -26.9 137.6 160.4 -22.9 127.9 162.6 -34.7 126.3 163.0 -36.7 134.9 161.8 -26.9 132.3 167.0 -34.7 124.4 165.1 -40.7 120.7 162.6 -41.9 19 20 21 111.8 119.7 144.0 167.3 149.8 157.2 163.9 167.3 172.1 177.7 184.4 22 22 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table L.125. 89 Z.1, December 11, 2014 L.127 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 11 Miscellaneous assets Total liabilities 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 302.4 433.4 594.2 644.2 595.5 719.0 687.9 644.2 669.0 693.7 692.2 1 25.1 27.6 35.3 34.0 40.9 37.5 39.9 34.0 32.9 37.5 37.4 2 211.1 331.2 458.5 497.6 448.7 565.9 546.0 497.6 513.7 522.5 519.7 3 143.4 23.2 248.1 27.0 357.6 36.5 261.9 36.3 345.9 39.8 327.5 39.7 306.9 40.0 261.9 36.3 253.1 37.8 264.1 37.2 258.8 36.9 4 5 44.6 9.0 2.0 33.7 56.1 19.8 1.7 34.6 64.5 26.5 1.9 36.1 199.3 23.1 2.4 173.9 63.1 26.6 2.1 34.3 198.7 31.2 2.8 164.7 199.1 31.1 2.7 165.3 199.3 23.1 2.4 173.9 222.8 25.3 2.2 195.3 221.3 27.0 2.2 192.0 224.0 34.1 3.3 186.6 6 7 8 9 66.1 74.7 100.4 112.6 105.9 115.7 102.0 112.6 122.4 133.6 135.2 10 523.9 654.4 817.8 907.9 814.4 942.7 917.4 907.9 936.2 962.2 961.9 11 12 Security repurchase agreements 120.4 218.1 320.6 254.0 322.0 309.8 288.8 254.0 240.6 249.9 249.4 12 13 Credit market instruments 339.9 365.5 401.0 579.4 403.0 540.6 550.2 579.4 614.4 626.8 627.0 13 14 15 Open market paper Corporate bonds 0.0 145.4 0.0 152.9 0.0 179.6 0.0 353.2 0.0 182.4 0.0 316.7 0.0 325.4 0.0 353.2 0.0 382.1 0.0 395.9 0.0 395.6 14 15 16 17 Depository institution loans n.e.c. Mortgages 18.4 176.1 23.0 189.5 27.0 194.4 24.0 202.2 21.1 199.5 23.2 200.7 27.6 197.1 24.0 202.2 27.0 205.3 24.0 206.9 24.5 206.9 16 17 63.7 70.8 96.3 74.6 89.4 92.3 78.5 74.6 81.1 85.5 85.5 18 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 155.2 0.0 14.2 0.3 140.7 16.0 0.0 10.6 0.3 5.0 146.4 0.0 12.6 0.3 133.5 147.1 0.0 12.8 0.3 134.0 155.2 0.0 14.2 0.3 140.7 175.6 0.0 14.5 0.3 160.8 169.7 0.0 14.2 0.3 155.2 168.4 0.0 15.1 0.3 153.0 19 20 21 22 23 18 19 20 21 22 23 Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.127.e and L.127.m. Levels 2010 90 Z.1, December 11, 2014 L.128 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 3532.8 3706.5 3408.4 3607.7 3561.9 3473.5 3408.4 3424.4 3385.7 3335.6 1 96.9 1428.5 111.8 1583.1 128.2 1638.2 111.7 1321.0 111.6 1518.5 121.8 1478.9 116.8 1413.9 111.7 1321.0 112.2 1270.6 114.4 1232.6 116.7 1220.4 2 3 557.5 563.2 652.3 476.9 602.7 516.9 499.1 476.9 450.6 429.6 385.7 4 Open market paper Treasury securities Agency- and GSE-backed securities 36.2 94.5 149.8 42.1 183.6 147.7 29.9 246.5 169.6 28.7 136.0 114.2 30.0 202.6 153.9 29.4 165.6 125.8 31.0 166.3 105.7 28.7 136.0 114.2 34.4 108.2 113.3 32.4 79.8 114.2 20.9 56.0 106.7 5 6 7 Municipal securities Corporate and foreign bonds Other loans and advances 40.0 189.5 47.4 30.9 104.5 54.3 26.6 140.0 39.6 18.6 128.9 50.4 31.0 148.0 37.2 19.0 134.8 42.2 18.3 134.1 43.8 18.6 128.9 50.4 16.9 128.1 49.8 18.2 135.3 49.7 16.2 139.1 46.8 8 9 10 Checkable deposits and currency Security repurchase agreements 4 Credit market instruments 8 9 10 2012 3503.6 2 3 5 6 7 11 12 Corporate equities Security credit 117.2 278.2 103.2 238.9 126.7 303.7 172.4 339.2 117.1 307.9 121.4 302.6 126.8 313.7 172.4 339.2 153.2 320.6 167.9 376.1 176.9 390.3 11 12 13 14 U.S. direct investment abroad Miscellaneous assets 239.3 786.0 201.7 730.9 217.5 639.8 225.8 761.4 221.6 728.2 223.4 797.0 225.5 777.8 225.8 761.4 228.0 889.2 232.0 833.0 234.9 810.8 13 14 3404.3 3460.5 3621.4 3324.6 3518.2 3473.7 3387.2 3324.6 3338.4 3302.2 3250.1 15 2006.3 2076.7 2207.9 1768.6 2084.7 2001.0 1909.9 1768.6 1709.7 1678.8 1606.3 16 129.7 91.8 90.2 112.4 89.1 103.1 96.1 112.4 122.0 113.4 123.9 17 129.7 0.0 91.8 0.0 90.2 0.0 112.4 0.0 89.1 0.0 103.1 0.0 96.1 0.0 112.4 0.0 122.0 0.0 113.4 0.0 123.9 0.0 18 19 15 Levels Total financial assets 2011 Total liabilities 16 Security repurchase agreements 17 Credit market instruments 18 19 Corporate bonds Depository institution loans n.e.c. (1) 20 Trade payables 21 22 23 24 Security credit From households From U.S.-chartered depository institutions From foreign banking offices in U.S. 18.1 14.3 14.2 14.5 15.4 15.6 13.3 14.5 14.8 17.8 19.9 20 763.5 725.2 23.6 14.7 795.4 726.1 35.8 33.5 828.2 757.0 45.0 26.2 897.1 815.5 52.9 28.7 821.6 743.6 47.9 30.2 870.0 794.0 51.8 24.2 870.0 791.5 53.9 24.7 897.1 815.5 52.9 28.7 952.5 866.2 58.4 28.0 955.3 867.8 61.0 26.5 982.4 892.6 60.2 29.6 21 22 23 24 25 26 Taxes payable Foreign direct investment in U.S. 3.6 88.5 2.5 104.6 3.1 110.4 3.7 119.5 4.4 112.2 4.4 113.7 4.6 114.3 3.7 119.5 4.5 121.7 5.1 121.7 5.4 121.8 25 26 27 28 29 Miscellaneous liabilities Investment by parent companies Other 394.6 1122.9 -728.3 375.1 1163.3 -788.1 367.4 1629.2 -1261.8 408.7 1671.9 -1263.1 390.8 1638.2 -1247.4 365.8 1651.0 -1285.2 378.9 1620.4 -1241.5 408.7 1671.9 -1263.1 413.1 1683.2 -1270.1 410.1 1714.2 -1304.1 390.4 1677.0 -1286.6 27 28 29 (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 91 Z.1, December 11, 2014 L.129 Holding Companies (1) 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 3312.7 3357.3 4284.3 4243.7 4374.2 4330.9 4353.3 4243.7 4287.1 4356.4 4329.3 1 2 3 Time and savings deposits Federal funds and security repos 10.0 50.3 12.4 50.5 34.4 10.5 35.9 7.7 30.8 10.1 32.7 7.0 32.6 9.8 35.9 7.7 37.5 7.6 31.4 9.5 41.0 8.2 2 3 4 Credit market instruments 97.9 101.1 209.2 151.8 213.3 226.1 217.8 151.8 145.5 143.5 152.5 4 19.6 21.1 38.3 18.9 26.8 33.1 18.3 22.9 8.2 22.9 72.7 105.3 16.6 28.0 31.5 75.7 9.5 26.0 71.8 106.0 18.7 25.0 71.7 110.7 17.1 29.1 71.1 100.5 16.6 28.0 31.5 75.7 16.5 26.1 29.8 73.0 21.8 26.4 31.2 64.1 23.9 27.2 37.6 63.8 5 6 7 8 25.1 27.6 34.9 39.9 36.1 36.4 37.5 39.9 41.1 42.4 42.4 9 3129.4 1632.8 0.0 62.7 115.0 626.6 135.6 556.7 3165.9 1709.0 0.0 72.0 94.6 613.5 166.3 510.4 3995.3 1889.2 11.2 17.2 91.1 1060.5 114.7 811.3 4008.3 1937.3 5.2 10.7 75.4 1087.6 97.8 794.3 4083.8 1916.9 5.1 17.4 74.7 1054.3 137.2 878.2 4028.7 1880.5 5.1 17.3 75.8 1072.5 100.7 876.9 4055.6 1898.0 5.3 17.7 75.9 1032.3 127.3 899.0 4008.3 1937.3 5.2 10.7 75.4 1087.6 97.8 794.3 4055.4 1978.7 4.7 11.0 77.8 1095.9 95.8 791.5 4129.6 2030.3 5.1 11.5 76.9 1111.3 100.7 793.7 4085.2 2059.6 5.1 11.5 75.7 1071.8 93.8 767.7 10 11 12 13 14 15 16 17 1762.7 1706.4 2238.7 2142.1 2294.1 2258.4 2258.0 2142.1 2142.3 2150.8 2114.4 18 0.8 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 1237.2 1220.8 1416.4 1402.7 1410.3 1372.9 1363.4 1402.7 1405.9 1406.9 1395.6 20 64.7 982.2 190.3 75.9 890.6 254.3 116.4 1103.2 196.8 96.6 1095.6 210.6 117.7 1091.7 200.9 110.6 1057.1 205.2 109.4 1071.3 182.8 96.6 1095.6 210.6 89.7 1107.6 208.6 91.3 1129.4 186.2 81.9 1125.9 187.9 21 22 23 524.6 484.4 822.3 739.4 883.8 885.5 894.5 739.4 736.4 743.9 718.7 24 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 2011 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Life insurance reserves Miscellaneous assets Net trans. with depository subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other Total liabilities 19 Federal funds and security repos 20 Credit market instruments 21 22 23 24 Commercial paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities (1) Parent-only bank holding companies and savings and loan holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 92 Z.1, December 11, 2014 L.130 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1610.1 1448.4 1377.3 1319.8 1382.6 1367.0 1381.6 1319.8 1342.2 1322.0 1363.3 1 Money market fund shares Security repurchase agreements 604.1 0.1 514.9 0.1 496.7 0.1 433.8 0.0 448.0 0.0 443.4 0.0 467.5 0.0 433.8 0.0 412.4 0.0 364.7 0.0 367.7 0.0 2 3 4 Credit market instruments 311.6 245.8 185.7 178.2 207.7 203.1 207.3 178.2 218.6 233.5 262.6 4 126.7 163.4 21.4 120.6 105.8 19.4 103.2 69.6 12.9 89.2 78.4 10.6 119.7 75.0 12.9 108.9 82.4 11.8 115.6 81.3 10.4 89.2 78.4 10.6 116.8 90.4 11.4 137.5 85.9 10.1 166.9 84.6 11.1 5 6 7 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 667.9 171.6 496.4 687.6 137.8 549.7 694.8 126.0 568.8 707.8 123.5 584.3 726.8 142.9 583.9 720.6 142.1 578.5 706.8 118.7 588.1 707.8 123.5 584.3 711.2 123.9 587.3 723.8 120.8 602.9 733.1 127.8 605.2 9 10 11 1610.1 1448.4 1377.3 1319.8 1382.6 1367.0 1381.6 1319.8 1342.2 1322.0 1363.3 12 704.2 651.8 593.5 620.5 625.2 619.9 612.2 620.5 636.5 647.8 663.2 13 167.1 454.6 73.4 9.2 94.3 526.2 21.5 9.8 29.0 561.5 0.0 3.0 45.2 572.9 0.0 2.4 51.7 571.0 0.0 2.5 52.1 565.4 0.0 2.4 29.1 580.8 0.0 2.4 45.2 572.9 0.0 2.4 62.4 571.7 0.0 2.4 56.6 588.8 0.0 2.4 74.1 586.7 0.0 2.4 14 15 16 17 11.4 12.0 12.6 13.2 12.8 12.9 13.1 13.2 13.4 13.5 13.7 18 894.5 733.4 7.7 153.5 784.6 658.7 8.8 117.1 771.1 579.5 8.7 182.9 686.0 673.5 8.7 3.8 744.6 638.6 8.7 97.4 734.2 713.2 8.7 12.3 756.3 702.3 8.7 45.3 686.0 673.5 8.7 3.8 692.3 793.5 8.7 -109.9 660.7 746.1 8.7 -94.1 686.5 735.4 8.7 -57.6 19 20 21 22 8 9 10 11 12 13 14 15 16 17 Levels 2012 2 3 5 6 7 Total financial assets 2011 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) 18 Foreign direct investment in U.S. 19 20 21 22 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. 93 Z.1, December 11, 2014 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 Total assets 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 175.5 190.9 193.2 187.7 188.1 187.6 190.7 187.7 187.7 188.6 180.5 1 54.4 54.2 54.3 54.4 52.9 53.1 54.2 54.4 54.6 54.6 54.6 2 121.1 56.8 12.5 51.8 136.7 55.0 30.1 51.6 138.9 55.1 34.2 49.7 133.4 55.2 30.8 47.4 135.1 53.7 34.0 47.4 134.5 53.9 33.9 46.8 136.5 55.0 33.5 48.1 133.4 55.2 30.8 47.4 133.1 55.4 29.8 47.9 134.0 55.4 30.5 48.0 125.9 53.1 28.4 44.4 3 4 5 6 186.6 201.9 204.3 198.8 199.1 198.7 201.8 198.8 198.7 199.6 191.5 7 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 95.1 0.0 56.8 12.6 25.7 110.9 0.0 55.0 30.3 25.6 114.2 0.0 55.1 34.4 24.7 109.8 0.0 55.2 31.0 23.6 111.6 0.0 53.7 34.3 23.6 111.3 0.0 53.9 34.1 23.3 112.6 0.0 55.0 33.7 24.0 109.8 0.0 55.2 31.0 23.6 109.3 0.0 55.4 30.1 23.8 110.1 0.0 55.4 30.8 23.9 103.7 0.0 53.1 28.5 22.1 8 9 10 11 12 13 Rest of the world: SDR allocations 54.4 54.2 54.3 54.4 52.9 53.1 54.2 54.4 54.6 54.6 54.6 13 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 37.0 11.0 -0.1 26.1 36.8 11.0 -0.3 26.0 35.8 11.0 -0.2 25.0 34.6 11.0 -0.2 23.8 34.5 11.0 -0.3 23.7 34.3 11.0 -0.3 23.5 35.0 11.0 -0.2 24.2 34.6 11.0 -0.2 23.8 34.8 11.0 -0.2 24.0 34.9 11.0 -0.2 24.1 33.2 11.0 -0.1 22.3 14 15 16 17 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18 18 Discrepancy: monetary gold Levels 8 9 10 11 12 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 25.9 43.5 25.9 44.2 25.9 44.8 25.6 45.5 25.9 45.0 25.9 45.1 25.6 45.3 25.6 45.5 25.6 45.7 25.6 46.0 25.3 46.2 3 4 5 Discrepancy (seigniorage) -17.6 -18.3 -18.8 -19.9 -19.0 -19.2 -19.8 -19.9 -20.2 -20.4 -20.8 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 1303.9 1066.4 922.8 954.8 974.1 1015.6 1014.7 954.8 927.5 900.2 879.2 1 67.3 40.6 105.9 57.4 34.8 42.9 49.7 35.4 43.3 52.5 86.6 33.7 52.9 55.9 48.8 56.2 67.4 37.1 56.7 69.2 36.3 52.5 86.6 33.7 51.5 74.8 19.4 49.8 86.4 26.7 48.8 81.8 23.2 2 3 4 1090.1 931.3 794.5 782.0 816.5 854.9 852.5 782.0 781.8 737.4 725.3 5 94 Z.1, December 11, 2014 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 8 9 10 11 12 13 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1068.5 1889.0 1683.8 2812.9 2096.9 2580.4 2767.7 2812.9 3025.2 3052.3 3130.2 1 1020.8 428.3 -347.1 -3.3 -30.0 1623.1 164.9 157.5 -4.6 -51.9 1562.1 36.7 155.6 -4.9 -65.7 2322.7 227.8 330.6 -4.7 -63.5 1850.0 96.6 219.7 -4.6 -64.7 2073.5 135.4 438.5 -5.3 -61.8 2294.6 191.0 351.6 -5.0 -64.5 2322.7 227.8 330.6 -4.7 -63.5 2509.1 213.5 371.9 -5.5 -63.8 2520.8 221.4 381.1 -5.8 -65.1 2602.6 323.8 271.0 -5.2 -62.0 2 3 4 5 6 1043.8 1860.7 1663.8 2736.0 2047.0 2553.8 2734.7 2736.0 2975.4 3013.7 3118.1 7 24.2 -1.2 628.5 350.8 41.5 238.1 -0.4 859.5 711.0 52.6 102.1 -0.4 869.6 638.8 53.8 414.2 -0.9 1326.5 948.1 48.1 197.6 -0.6 1040.7 741.3 68.0 480.9 -0.6 1061.4 959.6 52.5 440.5 -0.4 1284.6 963.5 46.4 414.2 -0.9 1326.5 948.1 48.1 466.8 -0.5 1376.0 1071.1 62.0 493.3 -0.4 1404.6 1068.7 47.5 516.1 -0.6 1475.8 1087.8 39.0 8 9 10 11 12 24.8 28.3 20.1 76.9 49.9 26.6 32.9 76.9 49.8 38.6 12.2 13 Levels Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 52.7 52.7 0.0 60.8 60.8 0.0 71.1 71.1 0.0 73.6 73.6 0.0 59.6 59.6 0.0 60.2 60.2 0.0 62.2 62.2 0.0 73.6 73.6 0.0 64.8 64.8 0.0 64.9 64.9 0.1 64.7 64.7 0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 968.1 575.8 350.8 41.5 1562.3 798.7 711.0 52.6 1491.0 798.5 638.8 53.8 2249.1 1252.9 948.0 48.1 1790.4 981.1 741.3 68.0 2013.3 1001.2 959.6 52.5 2232.4 1222.5 963.5 46.4 2249.1 1252.9 948.0 48.1 2444.3 1311.3 1071.0 62.0 2455.8 1339.8 1068.6 47.5 2537.8 1411.1 1087.8 39.0 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks -1.2 -1.2 -1.4 0.2 -0.4 -0.4 -0.6 0.2 -0.4 -0.4 -0.5 0.1 -0.9 -0.9 -1.0 0.1 -0.6 -0.6 -0.6 0.0 -0.6 -0.6 -0.7 0.1 -0.4 -0.4 -0.6 0.2 -0.9 -0.9 -1.0 0.1 -0.5 -0.5 -0.5 0.0 -0.4 -0.4 -0.5 0.2 -0.6 -0.6 -0.9 0.3 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 420.1 824.8 404.6 110.9 602.6 491.7 23.0 403.6 380.6 176.5 507.3 330.7 78.1 415.6 337.5 128.4 421.1 292.7 162.0 433.1 271.1 176.5 507.3 330.7 190.8 500.5 309.7 203.0 481.1 278.1 277.4 549.6 272.3 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -376.1 841.2 1217.3 135.9 1137.9 1002.0 84.3 1047.9 963.6 242.2 1191.2 949.0 123.6 1061.0 937.4 358.0 1258.1 900.1 278.6 1153.6 875.1 242.2 1191.2 949.0 278.5 1211.4 932.9 295.7 1240.7 944.9 246.1 1218.4 972.3 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 35.3 18.2 17.0 22.9 14.3 8.6 20.3 11.0 9.3 20.0 11.5 8.5 19.9 11.5 8.4 20.2 12.1 8.1 18.3 11.3 7.0 20.0 11.5 8.5 20.5 12.5 8.0 21.3 12.9 8.4 21.3 12.9 8.4 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 15.5 6.3 9.2 14.2 6.7 7.5 15.1 6.4 8.6 15.5 6.4 9.1 15.7 6.7 9.0 14.8 7.3 7.4 18.2 7.6 10.7 15.5 6.4 9.1 18.0 6.8 11.3 15.8 5.5 10.4 13.9 4.8 9.1 34 35 36 24.2 238.1 102.1 414.2 197.6 480.9 440.5 414.2 466.8 493.3 516.1 37 21.3 91.2 33.1 3.3 30.0 62.1 112.9 28.2 4.6 51.9 18.7 122.0 31.3 4.9 65.7 57.2 174.1 29.0 4.7 63.5 23.8 145.8 26.5 4.6 64.7 12.4 125.1 31.5 5.3 61.8 33.1 152.4 50.0 5.0 64.5 57.2 174.1 29.0 4.7 63.5 29.0 153.1 34.0 5.5 63.8 26.2 148.7 39.2 5.8 65.1 55.1 109.5 30.2 5.2 62.0 38 39 40 41 42 69.9 50.8 103.3 116.9 122.0 112.6 119.3 116.9 124.2 122.5 54.4 43 24.8 28.3 20.1 76.9 49.9 26.6 32.9 76.9 49.8 38.6 12.2 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. 95 Z.1, December 11, 2014 L.204 Checkable Deposits and Currency 2010 1 2 3 4 5 6 Total liabilities Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2359.8 2594.3 2853.8 3186.5 2872.9 2892.3 2924.6 3186.5 3183.8 3295.7 3358.6 1 1287.8 340.9 13.5 3.4 930.0 1165.7 85.9 64.6 0.2 1015.0 1224.6 92.9 27.2 6.5 1098.1 1364.1 162.6 25.9 8.0 1167.6 1226.1 79.4 20.2 9.2 1117.3 1298.1 135.0 19.5 10.1 1133.6 1266.5 88.6 24.1 9.0 1144.9 1364.1 162.6 25.9 8.0 1167.6 1364.4 142.5 10.8 7.0 1204.1 1374.2 139.4 11.2 6.0 1217.6 1416.3 158.5 26.9 5.3 1225.7 2 3 4 5 6 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1431.7 1.3 51.8 1378.5 1579.8 1.6 51.2 1527.0 1436.6 1.5 46.3 1388.8 1372.9 1.3 40.5 1331.0 1429.1 1.3 49.5 1378.4 1579.8 1.6 51.2 1527.0 1558.5 1.7 52.8 1504.0 1649.1 1.8 56.1 1591.2 1670.8 2.1 52.2 1616.6 7 8 9 10 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 21.9 14.6 7.3 45.6 19.0 26.6 61.8 27.9 33.9 92.6 40.2 52.4 63.7 28.5 35.1 73.4 32.3 41.2 82.0 34.2 47.9 92.6 40.2 52.4 101.7 44.3 57.3 114.2 52.1 62.1 114.2 54.1 60.1 11 12 13 14 Banks in U.S.-affiliated areas 16.6 19.4 21.9 28.2 22.1 26.3 27.7 28.2 27.3 28.6 27.8 14 15 Credit unions 92.4 103.1 113.9 121.7 124.5 121.7 119.3 121.7 131.9 129.6 129.5 15 2359.8 2594.3 2853.8 3186.5 2872.9 2892.3 2924.6 3186.5 3183.8 3295.7 3358.6 16 16 Total assets 17 Household sector 423.7 752.2 921.1 1111.6 961.5 958.0 959.9 1111.6 1161.2 1228.2 1271.1 17 18 19 20 Nonfinancial business Corporate Noncorporate 766.1 234.5 531.6 793.5 264.2 529.3 801.6 257.3 544.2 820.2 279.4 540.8 802.2 260.5 541.7 764.1 222.7 541.3 795.8 254.9 540.9 820.2 279.4 540.8 787.2 243.4 543.8 804.8 255.3 549.5 777.8 224.0 553.8 18 19 20 21 22 State and local governments Federal government 104.6 342.3 121.2 84.6 117.2 92.2 123.9 163.0 114.4 79.6 111.2 135.4 114.9 88.6 123.9 163.0 121.3 142.6 120.9 139.6 123.4 160.5 21 22 23 24 25 Rest of the world Checkable deposits Currency 390.5 48.4 342.1 472.3 75.2 397.1 540.4 86.2 454.2 591.3 99.4 491.9 543.2 84.0 459.2 551.5 82.9 468.7 573.9 92.6 481.3 591.3 99.4 491.9 621.3 104.1 517.1 637.8 114.2 523.6 641.3 111.5 529.7 23 24 25 26 Financial sectors 327.1 364.3 374.4 371.5 367.4 367.2 385.7 371.5 344.2 358.1 381.0 26 27 28 Property-casualty insurance companies Life insurance companies 32.6 51.7 24.1 53.7 36.4 56.4 29.7 47.2 31.7 56.3 30.6 45.5 30.6 53.5 29.7 47.2 33.4 50.1 34.8 48.0 35.7 51.3 27 28 29 30 Private pension funds State and local govt. retirement funds 12.5 4.2 18.1 4.5 16.4 4.8 16.5 5.5 16.7 4.9 17.0 5.6 16.7 5.6 16.5 5.5 16.8 5.0 17.6 5.4 17.6 5.1 29 30 31 32 Money market mutual funds Government-sponsored enterprises 14.2 63.4 20.1 72.7 16.5 52.6 13.3 81.6 10.9 64.1 27.5 51.7 11.1 77.4 13.3 81.6 15.5 45.4 18.6 49.3 -3.1 89.3 31 32 33 34 35 Finance companies REITs Brokers and dealers 26.5 25.1 96.9 31.7 27.6 111.8 27.8 35.3 128.2 32.1 34.0 111.7 30.2 40.9 111.6 30.0 37.5 121.8 34.2 39.9 116.8 32.1 34.0 111.7 32.9 32.9 112.2 32.3 37.5 114.4 31.1 37.4 116.7 33 34 35 5.4 6.3 7.0 4.9 4.6 4.9 5.7 4.9 6.0 6.3 3.6 36 36 Mail float Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 96 Z.1, December 11, 2014 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2013 Q1 1 2 3 4 5 6 7 8 9 10 11 Levels 12 Total liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) Q3 Q4 Q1 2014 Q2 Q3 8548.1 8952.2 9463.7 9872.9 9521.6 9572.5 9789.7 9872.9 10075.7 10139.3 10261.6 1 6624.9 7202.2 7803.9 8110.8 7869.1 7890.1 8052.9 8110.8 8265.3 8290.7 8346.0 2 5888.6 35.7 19.3 681.3 6425.7 48.9 18.9 708.7 6979.2 62.7 18.8 743.1 7236.0 90.4 21.4 763.1 7018.6 67.9 19.1 763.4 7033.2 70.6 20.6 765.7 7183.1 85.9 21.7 762.2 7236.0 90.4 21.4 763.1 7375.8 84.5 20.7 784.3 7397.2 87.3 21.4 784.8 7452.6 89.7 20.9 782.8 3 4 5 6 1923.2 1750.0 1659.9 1762.0 1652.5 1682.4 1736.8 1762.0 1810.4 1848.6 1915.5 7 896.1 977.7 19.3 30.1 882.9 814.6 18.9 33.5 803.0 798.4 18.8 39.7 826.9 869.5 21.4 44.3 777.6 814.4 19.1 41.3 804.4 816.0 20.6 41.4 799.3 872.4 21.7 43.4 826.9 869.5 21.4 44.3 815.4 927.8 20.7 46.5 847.4 934.4 21.4 45.4 827.9 1019.8 20.9 46.9 8 9 10 11 8548.1 8952.2 9463.7 9872.9 9521.6 9572.5 9789.7 9872.9 10075.7 10139.3 10261.6 12 6450.8 6822.2 7194.2 7399.9 7250.9 7258.6 7342.5 7399.9 7553.7 7579.4 7672.9 13 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Q2 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 905.0 548.7 356.2 922.1 561.9 360.1 960.4 595.2 365.2 1017.9 644.9 372.9 960.6 594.7 365.8 980.5 612.4 368.1 1020.3 649.9 370.4 1017.9 644.9 372.9 1036.8 661.7 375.0 1039.7 660.7 379.0 1041.2 659.1 382.1 14 15 16 17 18 19 State and local governments Federal government Rest of the world 240.6 2.0 308.2 256.2 1.7 355.6 289.5 2.0 393.4 301.9 1.5 445.1 293.5 1.6 392.5 291.8 1.8 399.4 299.0 1.9 419.5 301.9 1.5 445.1 313.9 1.5 461.3 311.1 1.5 495.5 320.8 1.6 489.7 17 18 19 20 Financial sectors 641.6 594.5 624.2 706.5 622.5 640.4 706.5 706.5 708.5 712.1 735.4 20 31.4 35.6 458.9 33.0 38.0 402.7 29.1 37.4 435.4 28.8 45.4 494.8 29.3 38.7 429.6 29.0 39.4 444.5 28.7 40.6 494.5 28.8 45.4 494.8 29.2 41.6 493.6 30.0 38.1 509.7 29.7 34.9 531.1 21 22 23 26.1 79.6 10.0 13.4 95.0 12.4 4.3 83.5 34.4 5.4 96.2 35.9 3.6 90.5 30.8 4.8 90.0 32.7 7.5 102.5 32.6 5.4 96.2 35.9 7.9 98.6 37.5 5.9 97.0 31.4 5.4 93.3 41.0 24 25 26 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 24 25 26 Government-sponsored enterprises Finance companies Holding companies (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total assets 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Rest of the world 7 8 Property-casualty insurance companies Life insurance companies 2755.4 2642.5 2649.6 2678.3 2553.8 2541.9 2637.3 2678.3 2592.5 2522.4 2565.4 1 1130.1 497.8 76.8 1114.9 462.4 77.7 1110.1 480.6 78.7 1135.4 521.1 80.4 1059.7 476.0 78.9 1052.2 473.1 79.4 1094.3 500.0 79.9 1135.4 521.1 80.4 1099.0 497.1 80.9 1086.1 493.4 81.7 1112.8 512.9 82.4 2 3 4 150.2 69.8 154.0 74.4 162.0 96.9 166.7 113.3 165.7 103.4 166.5 110.0 166.0 110.1 166.7 113.3 169.6 115.0 163.8 114.0 161.1 114.8 5 6 25.6 21.0 20.0 28.8 22.3 27.5 20.0 21.6 21.3 20.6 18.1 19.1 18.1 21.6 20.0 21.6 18.2 20.2 20.0 18.8 21.1 19.2 7 8 9 10 Private pension funds State and local govt. retirement funds 136.4 43.5 152.9 42.6 135.7 39.1 137.9 48.0 139.7 40.4 139.1 41.1 137.6 42.1 137.9 48.0 136.4 43.6 139.2 40.4 137.2 36.2 9 10 11 Funding corporations 604.1 514.9 496.7 433.8 448.0 443.4 467.5 433.8 412.4 364.7 367.7 11 97 Z.1, December 11, 2014 L.207 Federal Funds and Security Repurchase Agreements 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 3597.9 3878.7 4130.1 3652.9 3962.5 3798.2 3766.8 3652.9 3722.7 3795.0 3708.7 1 2 3 Rest of the world Monetary authority 663.7 59.7 764.7 99.9 805.1 107.2 721.6 315.9 784.5 105.5 741.8 95.2 787.5 157.4 721.6 315.9 792.2 341.0 755.9 456.5 798.4 410.1 2 3 4 5 6 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 484.0 250.0 0.0 402.5 304.4 0.0 349.9 325.0 0.0 265.2 312.7 0.0 327.3 323.6 0.0 325.1 310.0 0.0 301.3 306.7 0.0 265.2 312.7 0.0 267.2 356.5 0.0 271.9 366.5 0.0 252.8 375.4 0.0 4 5 6 7 8 Property-casualty insurance companies Life insurance companies 1.5 10.3 0.4 10.4 0.8 13.5 2.2 12.7 1.1 13.7 1.4 13.8 1.8 13.4 2.2 12.7 2.5 12.9 2.8 12.8 3.0 13.3 7 8 1.3 120.4 2006.3 0.8 0.4 218.1 2076.7 1.2 0.0 320.6 2207.9 0.0 0.0 254.0 1768.6 0.0 0.2 322.0 2084.7 0.0 0.0 309.8 2001.0 0.0 0.0 288.8 1909.9 0.0 0.0 254.0 1768.6 0.0 0.0 240.6 1709.7 0.0 0.0 249.9 1678.8 0.0 0.0 249.4 1606.3 0.0 9 10 11 12 3342.6 3554.2 3924.6 3614.3 3834.7 3713.1 3703.3 3614.3 3676.1 3793.5 3703.3 13 9 10 11 12 13 Total liabilities 2011 Government-sponsored enterprises REITs Brokers and dealers Holding companies Total assets 14 15 Nonfinancial corporate business State and local governments 12.1 125.0 12.6 121.6 9.7 128.4 8.7 132.6 9.2 131.5 8.6 132.2 12.5 131.9 8.7 132.6 11.2 135.0 13.4 130.5 13.3 128.5 14 15 16 17 Rest of the world Monetary authority 581.8 0.0 678.5 0.0 671.9 0.0 734.1 0.0 740.0 0.0 723.2 0.0 726.0 0.0 734.1 0.0 805.5 0.0 840.5 0.0 820.3 0.0 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 267.6 88.4 0.0 242.6 120.1 15.9 303.7 178.3 9.7 215.7 177.1 0.1 259.6 178.7 0.4 238.0 181.1 0.2 218.0 199.3 0.1 215.7 177.1 0.1 215.7 200.3 0.2 202.5 228.2 0.1 196.1 218.7 0.0 18 19 20 21 22 Property-casualty insurance companies Life insurance companies 3.8 10.9 1.7 10.1 1.8 8.5 1.8 8.5 1.7 6.8 1.5 6.6 1.5 8.0 1.8 8.5 1.6 6.9 1.7 6.5 1.8 6.6 21 22 23 24 Private pension funds State and local govt. retirement funds 2.7 3.4 2.7 3.4 2.4 3.3 2.3 3.9 2.4 3.4 2.4 3.4 2.3 3.5 2.3 3.9 2.4 3.6 2.4 3.3 2.4 3.0 23 24 25 26 Money market mutual funds Mutual funds 479.4 137.5 490.5 108.7 544.7 262.8 493.0 355.7 470.7 308.0 450.4 328.2 489.2 354.0 493.0 355.7 506.4 381.9 564.0 424.0 575.8 397.1 25 26 27 28 29 30 Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations 151.2 1428.5 50.3 0.1 112.3 1583.1 50.5 0.1 150.8 1638.2 10.5 0.1 152.3 1321.0 7.7 0.0 193.6 1518.5 10.1 0.0 151.3 1478.9 7.0 0.0 133.4 1413.9 9.8 0.0 152.3 1321.0 7.7 0.0 127.3 1270.6 7.6 0.0 134.3 1232.6 9.5 0.0 110.9 1220.4 8.2 0.0 27 28 29 30 255.3 324.5 205.5 38.7 127.8 85.1 63.5 38.7 46.6 1.5 5.5 31 31 Discrepancy Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 98 Z.1, December 11, 2014 L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 Commercial paper 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1057.6 969.3 952.4 951.6 1001.2 990.6 976.9 951.6 992.2 1005.5 996.1 1 1057.5 969.2 952.4 951.6 1001.2 990.6 976.9 951.6 992.2 1005.5 996.1 2 82.9 116.3 130.3 144.5 140.1 147.2 171.2 144.5 180.2 185.9 208.5 3 3 Nonfinancial corporate business 4 5 6 Foreign issues in U.S. Nonfinancial Financial 398.6 30.6 368.0 345.1 30.2 314.9 373.0 40.4 332.6 407.0 51.6 355.4 407.4 34.4 373.0 417.4 51.2 366.2 405.9 57.5 348.4 407.0 51.6 355.4 413.8 49.6 364.3 435.1 62.0 373.1 390.7 64.6 326.1 4 5 6 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations 575.9 112.9 120.2 111.0 0.0 64.7 167.1 507.8 120.6 96.0 121.0 0.0 75.9 94.3 449.1 87.5 87.0 129.1 0.0 116.4 29.0 400.2 59.7 79.9 118.8 0.0 96.6 45.2 453.8 74.4 88.0 121.8 0.0 117.7 51.7 426.0 64.2 79.6 119.6 0.0 110.6 52.1 399.9 57.3 79.2 124.9 0.0 109.4 29.1 400.2 59.7 79.9 118.8 0.0 96.6 45.2 398.2 58.4 73.7 114.0 0.0 89.7 62.4 384.5 56.0 70.8 109.8 0.0 91.3 56.6 396.9 54.7 70.4 115.8 0.0 81.9 74.1 7 8 9 10 11 12 13 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 1057.6 969.3 952.4 951.6 1001.2 990.6 976.9 951.6 992.2 1005.5 996.1 17 21.1 68.0 19.4 67.9 18.8 59.5 15.0 37.7 18.0 56.2 17.8 50.5 17.6 42.2 15.0 37.7 14.3 34.6 11.5 28.7 9.5 29.2 18 19 102.1 102.1 91.0 102.7 85.1 102.8 77.0 101.7 84.4 109.8 82.2 111.4 79.3 89.6 77.0 101.7 75.7 106.4 70.6 117.3 66.9 115.6 20 21 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 7 8 9 10 11 12 13 14 15 16 17 Levels Total outstanding, all types 2011 Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Holdings, by sector 18 19 Household sector Nonfinancial corporate business 20 21 State and local governments Rest of the world 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 26 27 Property-casualty insurance companies Life insurance companies 7.9 40.9 8.8 29.7 7.4 43.6 8.0 46.7 7.4 39.3 6.6 39.7 6.9 44.4 8.0 46.7 7.3 46.2 8.0 44.6 8.5 45.2 26 27 28 29 Private pension funds State and local govt. retirement funds 40.2 41.9 42.6 44.0 37.7 42.7 34.4 51.5 38.4 44.5 38.1 45.0 36.1 46.8 34.4 51.5 35.4 48.0 36.1 44.1 36.0 40.9 28 29 30 31 Money market mutual funds Mutual funds 394.2 66.3 354.2 40.0 340.8 77.5 352.1 105.2 350.9 98.5 356.2 100.6 357.7 104.6 352.1 105.2 354.4 113.9 341.2 127.9 331.6 118.9 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 9.9 36.2 126.7 6.5 42.1 120.6 3.4 29.9 103.2 4.4 28.7 89.2 4.2 30.0 119.7 4.3 29.4 108.9 5.0 31.0 115.6 4.4 28.7 89.2 4.8 34.4 116.8 5.7 32.4 137.5 6.0 20.9 166.9 32 33 34 (1) Excludes banks’ holdings of own acceptances. 99 Z.1, December 11, 2014 L.209 Treasury Securities 2010 1 2 3 4 5 Total liabilities U.S. savings securities (1) Treasury bills Other Treasury securities Total assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 9361.5 10428.3 11568.9 12328.3 11905.5 11887.9 11956.8 12328.3 12590.8 12544.4 12755.6 1 188.0 1768.9 7404.6 185.3 1519.5 8723.6 182.5 1626.5 9759.9 179.2 1590.6 10558.5 181.8 1788.2 9935.5 181.0 1568.1 10138.9 180.0 1527.9 10248.8 179.2 1590.6 10558.5 178.4 1650.2 10762.2 177.7 1386.4 10980.3 176.8 1409.6 11169.2 2 3 4 9361.5 10428.3 11568.9 12328.3 11905.5 11887.9 11956.8 12328.3 12590.8 12544.4 12755.6 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 1126.5 188.0 938.5 706.6 185.3 521.3 928.1 182.5 745.6 944.1 179.2 764.9 953.5 181.8 771.8 1002.7 181.0 821.7 976.7 180.0 796.7 944.1 179.2 764.9 895.4 178.4 717.0 726.6 177.7 549.0 724.0 176.8 547.3 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 48.0 48.1 593.5 43.0 48.6 561.7 39.4 49.3 608.2 39.9 50.3 593.6 32.9 49.4 617.3 37.9 49.7 620.2 38.2 50.0 591.7 39.9 50.3 593.6 38.1 50.6 593.6 37.9 51.1 583.9 39.8 51.6 573.2 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 4458.8 710.3 3748.5 5004.4 647.7 4356.7 5571.5 661.7 4909.8 5794.9 686.0 5108.9 5721.3 720.2 5001.1 5595.0 675.4 4919.7 5654.7 645.1 5009.5 5794.9 686.0 5108.9 5951.8 689.3 5262.5 6015.1 626.8 5388.2 6078.9 613.2 5465.6 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities 1021.5 18.4 1003.1 1663.4 18.4 1645.0 1666.1 0.0 1666.1 2208.8 0.0 2208.8 1796.0 0.0 1796.0 1936.6 0.0 1936.6 2072.3 0.0 2072.3 2208.8 0.0 2208.8 2319.6 0.0 2319.6 2400.6 0.0 2400.6 2451.7 0.0 2451.7 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 217.5 60.9 1.1 20.1 173.9 60.5 1.0 17.6 243.2 76.6 0.4 19.3 217.1 67.0 1.2 19.1 230.3 79.5 0.4 19.2 194.0 66.9 0.4 20.1 186.6 69.3 0.6 19.6 217.1 67.0 1.2 19.1 263.8 66.3 1.3 20.4 297.7 65.6 0.8 21.3 359.0 60.4 1.3 21.4 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities 91.7 15.5 76.2 96.4 17.4 78.9 89.7 14.1 75.6 95.7 23.5 72.1 90.5 15.7 74.8 89.5 15.6 73.9 91.3 18.3 73.1 95.7 23.5 72.1 95.5 21.2 74.2 97.7 23.4 74.3 101.4 24.7 76.7 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities 156.6 10.2 146.4 175.4 14.0 161.4 180.9 9.5 171.4 168.6 6.7 162.0 176.1 6.9 169.2 173.1 6.2 166.9 170.9 6.8 164.1 168.6 6.7 162.0 172.1 6.2 165.9 175.2 5.8 169.4 177.4 5.9 171.5 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 206.9 172.5 130.0 233.8 184.2 153.5 278.2 203.3 165.6 314.3 216.5 178.0 290.1 207.7 163.2 303.1 214.5 153.1 308.5 216.5 58.2 314.3 216.5 178.0 318.0 221.7 181.0 322.7 248.7 183.1 329.1 262.0 188.4 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities 335.4 234.5 100.9 443.3 263.7 179.7 457.8 282.8 175.0 488.2 289.5 198.6 470.5 276.2 194.3 449.1 223.3 225.8 466.3 272.5 193.7 488.2 289.5 198.6 454.6 264.6 189.9 370.5 183.8 186.7 391.5 231.5 160.0 31 32 33 34 35 36 Mutual funds Treasury bills Other Treasury securities 379.3 30.0 349.3 454.3 30.4 423.8 575.5 42.6 532.9 631.9 34.1 597.8 631.8 44.1 587.7 631.1 44.0 587.2 626.8 44.1 582.7 631.9 34.1 597.8 667.0 40.0 627.1 686.8 36.5 650.3 705.0 19.0 686.0 34 35 36 37 38 Closed-end funds Exchange-traded funds 5.1 51.0 4.8 62.4 5.2 63.6 5.7 57.1 5.7 62.8 5.8 64.1 5.8 63.9 5.7 57.1 5.8 59.3 5.9 63.0 5.8 64.4 37 38 39 40 Government-sponsored enterprises ABS issuers 82.6 40.1 100.2 29.2 69.0 23.4 59.1 24.3 74.6 20.5 75.5 21.2 82.6 22.9 59.1 24.3 65.2 25.0 64.5 24.1 65.0 24.5 39 40 41 42 Brokers and dealers Holding companies 94.5 19.6 183.6 26.8 246.5 8.2 136.0 16.6 202.6 9.5 165.6 18.7 166.3 17.1 136.0 16.6 108.2 16.5 79.8 21.8 56.0 23.9 41 42 9385.6 10453.6 11593.7 12352.8 11930.1 11912.9 11981.9 12352.8 12614.8 12568.4 12779.4 43 Memo: 43 Federal government debt (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 100 Z.1, December 11, 2014 L.210 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 Levels 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 7598.2 7577.4 7554.6 7794.1 7590.8 7660.7 7713.6 7794.1 7721.1 7774.6 7833.7 1 24.2 6434.5 1139.5 25.3 6247.3 1304.8 24.9 6092.7 1437.0 24.5 6200.2 1569.4 24.6 6103.5 1462.7 25.0 6137.6 1498.1 25.1 6147.7 1540.8 24.5 6200.2 1569.4 24.0 6111.4 1585.8 24.0 6150.6 1600.0 23.9 6186.2 1623.6 2 3 4 7598.2 7577.4 7554.6 7794.1 7590.8 7660.7 7713.6 7794.1 7721.1 7774.6 7833.7 5 6 7 Household sector Nonfinancial corporate business 335.5 16.0 300.7 14.3 153.5 13.1 102.5 9.3 97.5 6.0 107.5 7.6 96.3 7.7 102.5 9.3 4.7 10.7 23.9 12.6 4.8 13.3 6 7 8 9 State and local governments Federal government 513.9 149.2 507.0 31.1 505.0 0.0 491.2 0.0 509.6 0.0 505.0 0.0 496.4 0.0 491.2 0.0 492.9 0.0 469.3 0.0 454.7 0.0 8 9 10 11 Rest of the world Monetary authority 1095.8 1139.6 1078.2 941.7 1001.2 1003.4 885.3 1547.4 957.3 1143.4 904.1 1277.3 926.0 1402.7 885.3 1547.4 861.7 1650.5 869.2 1707.6 889.9 1736.4 10 11 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1527.2 26.5 12.8 151.5 1634.1 30.6 4.8 182.1 1669.6 32.1 2.6 197.0 1717.3 25.4 1.9 199.2 1710.5 27.7 2.4 206.2 1725.7 26.1 2.2 210.2 1700.4 26.2 1.9 206.0 1717.3 25.4 1.9 199.2 1731.0 22.5 1.8 202.0 1735.9 20.9 1.8 201.0 1758.2 20.5 1.8 193.5 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies 115.8 376.0 122.7 374.4 114.3 360.9 108.7 354.1 113.0 359.5 111.6 358.1 110.2 355.4 108.7 354.1 106.7 349.6 105.5 344.8 104.8 338.8 16 17 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 184.0 169.6 5.8 188.2 182.0 6.5 210.4 202.9 8.1 225.6 216.4 6.4 213.9 206.6 7.5 218.0 213.7 7.0 221.6 215.2 6.6 225.6 216.4 6.4 224.2 218.6 5.7 228.3 228.6 5.8 226.6 231.5 5.8 18 19 20 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 402.8 681.3 377.0 403.7 787.1 358.9 343.5 875.9 310.6 361.1 850.4 287.9 325.5 877.6 300.6 344.9 870.7 292.5 354.2 850.4 294.7 361.1 850.4 287.9 326.2 836.1 283.6 327.8 801.1 285.6 346.5 823.6 290.3 21 22 23 24 25 ABS issuers REITs 3.6 143.4 0.3 248.1 0.3 357.6 0.1 261.9 0.2 345.9 0.1 327.5 0.1 306.9 0.1 261.9 0.1 253.1 0.2 264.1 0.2 258.8 24 25 26 27 Brokers and dealers Holding companies 149.8 21.1 147.7 33.1 169.6 22.9 114.2 28.0 153.9 26.0 125.8 25.0 105.7 29.1 114.2 28.0 113.3 26.1 114.2 26.4 106.7 27.2 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 43. 101 Z.1, December 11, 2014 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2013 Q1 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets Q2 Q3 Q4 Q1 2014 Q2 Q3 3772.1 3719.4 3714.4 3671.2 3728.6 3721.1 3685.7 3671.2 3660.8 3661.4 3631.1 1 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2978.9 54.5 2924.4 2970.4 39.4 2931.0 2937.0 46.0 2891.0 2924.9 45.3 2879.6 2915.5 43.0 2872.5 2918.0 33.6 2884.4 2891.8 37.0 2854.8 2 3 4 263.2 485.4 255.5 493.9 241.0 509.1 227.8 518.5 239.4 510.4 235.7 515.0 232.4 516.4 227.8 518.5 227.6 517.7 227.0 516.4 224.6 514.8 5 6 3772.1 3719.4 3714.4 3671.2 3728.6 3721.1 3685.7 3671.2 3660.8 3661.4 3631.1 7 1871.5 23.9 5.6 1805.9 22.3 5.7 1662.1 22.9 5.8 1618.2 11.5 5.9 1669.7 13.8 5.8 1665.4 13.8 5.8 1640.8 14.0 5.8 1618.2 11.5 5.9 1609.1 9.8 5.9 1604.1 8.7 6.0 1557.6 7.3 6.0 8 9 10 12.9 71.7 13.2 72.4 13.7 71.8 13.9 76.1 14.0 72.5 14.0 73.5 13.9 74.9 13.9 76.1 14.1 76.9 13.6 77.4 13.3 74.0 11 12 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 State and local governments Rest of the world 13 14 15 16 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 254.6 0.0 2.5 0.0 297.3 0.0 3.4 3.2 365.0 0.0 2.6 4.2 418.9 0.0 3.6 4.6 376.2 0.0 2.7 5.3 392.3 0.0 2.7 5.0 406.4 0.0 3.5 5.4 418.9 0.0 3.6 4.6 425.2 0.0 3.4 4.5 429.9 0.0 2.7 4.9 440.4 0.0 2.6 5.0 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 348.4 112.3 2.3 331.0 121.8 1.6 328.1 131.5 0.9 325.8 141.6 1.2 327.8 134.1 0.8 327.4 136.8 1.2 326.8 138.8 1.1 325.8 141.6 1.2 325.8 143.9 1.0 325.8 146.8 1.0 326.5 148.0 1.0 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 386.7 525.5 81.6 7.6 357.3 541.2 82.5 8.6 336.7 627.4 85.9 12.3 308.3 613.9 84.3 11.4 312.6 646.6 86.4 13.0 309.6 641.0 86.2 12.5 305.2 620.7 84.8 11.5 308.3 613.9 84.3 11.4 296.4 618.2 85.2 11.8 281.4 630.4 85.8 12.6 278.7 645.4 84.2 13.4 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers 24.9 40.0 21.0 30.9 17.0 26.6 13.4 18.6 16.3 31.0 14.8 19.0 13.8 18.3 13.4 18.6 12.7 16.9 12.2 18.2 11.4 16.2 24 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). Levels 2010 102 Z.1, December 11, 2014 L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 10337.1 10424.7 10919.4 11109.6 10929.0 10815.6 10977.1 11109.6 11235.6 11461.5 11441.4 1 Nonfinancial corporate business Rest of the world (1) 3376.6 1677.6 3538.3 1913.6 3862.6 2186.5 4140.9 2250.4 3940.7 2205.8 3983.4 2140.5 4090.5 2207.2 4140.9 2250.4 4212.1 2309.8 4270.0 2446.0 4323.0 2384.0 2 3 4 Financial sectors 5282.9 4972.8 4870.3 4718.3 4782.5 4691.7 4679.4 4718.3 4713.7 4745.5 4734.5 4 377.1 2115.7 1078.2 145.4 379.4 1893.0 1038.8 152.9 295.9 1682.4 957.5 179.6 221.0 1401.3 961.9 353.2 267.4 1628.5 952.5 182.4 244.0 1456.5 949.0 316.7 225.2 1425.5 955.1 325.4 221.0 1401.3 961.9 353.2 214.2 1356.7 959.3 382.1 211.7 1337.5 968.9 395.9 208.7 1324.4 969.2 395.6 5 6 7 8 129.7 982.2 454.6 91.8 890.6 526.2 90.2 1103.2 561.5 112.4 1095.6 572.9 89.1 1091.7 571.0 103.1 1057.1 565.4 96.1 1071.3 580.8 112.4 1095.6 572.9 122.0 1107.6 571.7 113.4 1129.4 588.8 123.9 1125.9 586.7 9 10 11 10337.1 10424.7 10919.4 11109.6 10929.0 10815.6 10977.1 11109.6 11235.6 11461.5 11441.4 12 1362.3 164.6 0.9 2523.1 441.4 2081.7 1352.0 164.1 0.8 2491.0 415.5 2075.6 1242.3 170.2 0.6 2617.6 403.9 2213.6 1011.7 172.6 0.6 2734.0 394.9 2339.1 1115.8 173.5 0.6 2635.3 407.2 2228.1 983.9 173.7 0.6 2589.7 403.3 2186.4 975.5 172.6 0.6 2680.4 398.9 2281.5 1011.7 172.6 0.6 2734.0 394.9 2339.1 963.4 175.1 0.5 2818.7 393.3 2425.4 978.9 168.5 0.5 2884.5 392.6 2491.9 919.2 165.1 0.5 2843.8 383.0 2460.8 13 14 15 16 17 18 550.5 174.9 375.6 238.2 0.6 6.6 6.1 0.5 553.0 150.1 402.9 236.7 4.2 6.3 5.9 0.4 544.0 149.1 394.9 230.5 5.2 6.7 6.6 0.1 559.2 147.7 411.4 196.4 5.8 8.9 8.7 0.2 540.5 146.3 394.3 211.9 5.6 7.8 7.6 0.2 543.2 145.8 397.4 202.8 5.5 8.5 8.3 0.2 555.8 147.4 408.3 203.1 5.6 8.6 8.4 0.2 559.2 147.7 411.4 196.4 5.8 8.9 8.7 0.2 540.2 141.9 398.3 200.5 6.4 9.5 9.3 0.2 540.7 143.1 397.6 200.8 6.3 9.6 9.4 0.2 522.6 139.1 383.6 197.7 5.7 8.8 8.7 0.1 19 20 21 22 23 24 25 26 322.6 0.0 322.6 2030.2 0.0 2030.2 363.1 71.3 291.8 2117.3 434.9 1682.3 382.7 74.5 308.2 2162.2 410.6 1751.6 406.9 83.2 323.7 2223.0 419.7 1803.3 388.9 76.3 312.7 2181.2 412.9 1768.4 395.1 78.1 316.9 2198.3 415.1 1783.1 401.2 80.0 321.2 2205.5 417.4 1788.1 406.9 83.2 323.7 2223.0 419.7 1803.3 407.0 83.1 323.9 2248.0 425.2 1822.8 408.4 83.1 325.2 2269.9 429.7 1840.2 414.8 83.9 330.9 2294.9 432.8 1862.1 27 28 29 30 31 32 438.5 397.0 5.9 483.0 386.1 7.3 566.8 356.8 9.0 572.0 386.4 7.7 558.7 357.6 8.5 565.3 372.2 8.0 569.5 370.2 8.0 572.0 386.4 7.7 567.3 395.6 6.9 576.7 421.7 7.0 582.5 433.4 6.9 33 34 35 154.2 1243.0 59.7 74.1 105.1 1413.4 57.3 107.7 102.1 1719.4 64.8 155.3 102.1 1998.8 79.4 174.8 102.9 1816.6 71.5 162.3 90.7 1868.5 77.5 164.9 89.1 1947.3 78.4 170.4 102.1 1998.8 79.4 174.8 88.8 2067.5 78.7 183.2 66.4 2180.8 78.7 190.7 71.1 2232.3 77.8 194.7 36 37 38 39 9 10 11 12 Levels 2012 2 3 5 6 7 8 Total liabilities 2011 U.S.-chartered depository institutions ABS issuers (net) (2) Finance companies REITs Brokers and dealers Holding companies Funding corporations Total assets (3) 13 14 15 16 17 18 Household sector State and local governments Federal government Rest of the world (4) MBS and other ABS Other 19 20 21 22 23 24 25 26 U.S.-chartered depository institutions MBS and other ABS Other Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions MBS and other ABS Other 27 28 29 30 31 32 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 40 41 42 43 44 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 266.5 241.6 24.8 84.1 23.2 235.7 209.5 26.2 85.0 27.0 185.7 178.3 7.4 78.7 36.5 126.3 119.4 6.8 67.9 36.3 179.9 172.7 7.3 75.0 39.8 168.6 161.5 7.1 70.1 39.7 139.1 132.1 7.0 70.0 40.0 126.3 119.4 6.8 67.9 36.3 120.1 113.4 6.7 71.8 37.8 109.4 102.9 6.5 72.5 37.2 101.4 95.1 6.3 69.9 36.9 40 41 42 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations 189.5 38.3 163.4 104.5 18.3 105.8 140.0 72.7 69.6 128.9 31.5 78.4 148.0 71.8 75.0 134.8 71.7 82.4 134.1 71.1 81.3 128.9 31.5 78.4 128.1 29.8 90.4 135.3 31.2 85.9 139.1 37.6 84.6 45 46 47 (1) Holdings of foreign issues by U.S. residents. (2) Liabilities net of assets. (3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Holdings of U.S. issues by foreign residents. 103 Z.1, December 11, 2014 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2013 Q1 1 Issues at market value 2 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 Financial corporations Holdings at market value Household sector State and local governments Federal government Rest of the world (3) Q2 Q3 Q4 Q1 2014 Q2 Q3 23567.2 22959.9 26236.0 33672.1 28726.6 29254.0 31185.1 33672.1 34231.2 35891.0 35126.9 1 14371.6 14387.7 15993.1 20762.0 17700.6 18019.7 19185.9 20762.0 21042.5 22063.2 21666.0 2 4900.2 4501.4 5311.5 6444.2 5524.3 5508.8 6037.3 6444.2 6593.9 7021.5 6647.2 3 4295.4 4070.7 4931.3 6465.8 5501.6 5725.5 5961.9 6465.8 6594.8 6806.3 6813.7 4 23567.2 22959.9 26236.0 33672.1 28726.6 29254.0 31185.1 33672.1 34231.2 35891.0 35126.9 5 8680.5 126.3 49.9 3216.0 8475.1 125.2 57.8 3397.2 9623.1 140.7 39.9 3953.0 12457.3 167.7 35.1 5159.4 10586.8 152.0 38.6 4393.3 10869.3 154.3 37.9 4463.2 11599.4 158.9 35.3 4745.4 12457.3 167.7 35.1 5159.4 12628.5 170.4 34.9 5318.8 13365.9 171.0 34.7 5533.4 12884.5 168.7 33.6 5591.5 6 7 8 9 26.4 73.6 0.1 0.0 67.4 0.0 0.0 71.3 0.0 0.0 101.3 0.0 0.0 80.8 0.0 0.0 79.9 0.0 0.0 87.7 0.0 0.0 101.3 0.0 0.0 102.6 0.0 0.0 109.2 0.0 0.0 105.4 0.0 10 11 12 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 13 14 Property-casualty insurance companies Life insurance companies 214.8 1402.6 220.8 1390.2 252.2 1545.1 309.7 1794.4 267.4 1638.3 272.4 1647.5 280.5 1712.3 309.7 1794.4 312.1 1818.3 317.9 1868.0 318.3 1837.9 13 14 15 16 17 Private pension funds State and local govt. retirement funds Federal government retirement funds 1849.1 1930.1 140.9 1751.1 1850.6 134.4 1973.6 2058.9 148.1 2403.9 2471.4 206.2 2135.7 2232.4 167.8 2167.7 2244.7 173.8 2270.7 2336.0 184.5 2403.9 2471.4 206.2 2444.8 2438.4 211.8 2528.1 2527.6 221.8 2503.9 2431.8 224.8 15 16 17 18 19 20 Mutual funds Closed-end funds Exchange-traded funds 4762.7 96.7 854.1 4427.2 95.9 863.8 5109.4 100.6 1093.3 6851.8 114.2 1427.3 5612.5 108.0 1195.9 5741.8 107.9 1172.2 6245.9 110.1 1291.5 6851.8 114.2 1427.3 7030.1 117.3 1449.9 7365.6 124.0 1555.9 7174.2 123.5 1552.0 18 19 20 21 22 Brokers and dealers Funding corporations 117.2 26.4 103.2 0.0 126.7 0.0 172.4 0.0 117.1 0.0 121.4 0.0 126.8 0.0 172.4 0.0 153.2 0.0 167.9 0.0 176.9 0.0 21 22 (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 7873.0 7870.9 9326.1 11544.4 10088.7 10297.5 10904.5 11544.4 11899.2 12375.7 12266.2 1 2 Holdings at market value 7873.0 7870.9 9326.1 11544.4 10088.7 10297.5 10904.5 11544.4 11899.2 12375.7 12266.2 2 4636.3 186.8 4658.2 165.9 5701.8 180.1 7142.9 211.4 6191.3 189.3 6344.5 190.9 6750.4 199.8 7142.9 211.4 7422.8 213.9 7720.0 219.6 7620.3 216.2 3 4 58.4 260.0 59.3 370.4 67.3 495.4 81.2 548.8 73.2 503.7 74.3 503.5 76.7 521.0 81.2 548.8 82.6 560.1 82.9 604.8 81.7 603.1 5 6 45.0 1.5 41.7 1.9 45.8 2.3 57.9 2.2 50.1 2.6 47.9 2.4 52.0 2.2 57.9 2.2 60.8 2.2 64.7 2.1 59.8 2.1 7 8 10.2 155.7 9.1 150.1 11.8 159.3 15.5 184.8 12.7 167.6 13.0 168.8 13.8 175.9 15.5 184.8 16.0 185.6 16.8 189.5 16.9 186.6 9 10 2148.9 370.1 2120.5 294.0 2385.6 276.7 2970.3 329.4 2600.5 297.8 2653.0 299.2 2800.1 312.6 2970.3 329.4 3026.0 329.2 3136.6 338.8 3138.6 340.8 11 12 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 7 8 U.S.-chartered depository institutions Credit unions 9 10 Property-casualty insurance companies Life insurance companies 11 12 Private pension funds State and local govt. retirement funds (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. Levels 2010 104 Z.1, December 11, 2014 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2001.2 2147.8 2322.7 2508.8 2323.8 2388.1 2424.8 2508.8 2560.0 2651.6 2695.5 1 2 3 4 Household sector Corporate business Noncorporate business 61.0 477.1 927.4 11.5 546.0 984.2 62.6 607.9 1072.2 92.7 654.4 1121.8 56.3 604.0 1076.8 64.6 620.9 1094.4 92.3 627.0 1105.9 92.7 654.4 1121.8 123.0 653.6 1132.1 168.4 674.8 1170.8 188.9 682.7 1185.4 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 162.0 6.6 53.0 102.4 205.2 5.4 69.8 130.0 237.7 6.2 70.4 161.0 276.7 7.1 90.5 179.1 246.0 6.1 76.2 163.6 252.2 6.1 80.5 165.7 262.5 6.6 86.8 169.1 276.7 7.1 90.5 179.1 290.5 6.4 92.0 192.0 304.5 7.5 98.7 198.4 295.8 7.2 89.3 199.4 5 6 7 8 9 Financial sectors 373.6 400.8 342.3 363.2 340.6 355.9 337.1 363.2 360.8 333.1 342.6 9 91.5 18.4 0.0 102.1 23.0 0.0 118.5 27.0 0.0 128.6 24.0 0.0 118.7 21.1 0.0 127.5 23.2 0.0 126.7 27.6 0.0 128.6 24.0 0.0 125.2 27.0 0.0 123.0 24.0 0.0 130.2 24.5 0.0 10 11 12 190.3 73.4 254.3 21.5 196.8 0.0 210.6 0.0 200.9 0.0 205.2 0.0 182.8 0.0 210.6 0.0 208.6 0.0 186.2 0.0 187.9 0.0 13 14 2001.2 2147.8 2322.7 2508.8 2323.8 2388.1 2424.8 2508.8 2560.0 2651.6 2695.5 15 10 11 12 Finance companies REITs Brokers and dealers 13 14 Holding companies Funding corporations 15 Levels Total liabilities 2011 Total assets 16 Monetary authority (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 98.1 30.5 0.6 0.1 0.4 0.3 0.1 0.1 0.1 0.0 0.0 16 1425.9 424.2 16.1 36.9 1589.6 467.1 17.1 43.5 1797.1 463.4 18.1 43.6 1933.5 507.2 19.4 48.7 1794.8 467.5 18.1 43.0 1847.0 476.9 19.0 44.9 1869.5 490.9 19.5 44.9 1933.5 507.2 19.4 48.7 1969.6 524.0 19.2 47.1 2050.8 534.6 18.1 48.1 2085.8 539.7 17.4 52.5 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.108. 105 Z.1, December 11, 2014 L.216 Other Loans and Advances 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1762.8 1767.7 1819.8 1935.1 1812.9 1898.0 1896.8 1935.1 1953.9 1994.0 2022.8 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations 179.0 11.6 70.6 53.0 14.4 72.5 0.0 0.0 9.2 183.8 11.2 70.1 55.9 15.3 76.4 0.0 0.0 9.8 186.3 11.0 75.3 56.5 15.7 82.0 0.0 0.0 3.0 193.5 12.1 76.2 58.5 16.2 87.7 0.0 0.0 2.4 188.7 11.2 76.0 57.0 16.0 83.3 0.0 0.0 2.5 190.9 11.8 76.2 57.4 16.0 86.5 0.0 0.0 2.4 192.9 11.6 76.2 58.3 16.1 87.9 0.0 0.0 2.4 193.5 12.1 76.2 58.5 16.2 87.7 0.0 0.0 2.4 195.3 11.9 77.5 58.0 16.3 88.8 0.0 0.0 2.4 195.3 13.2 75.1 58.6 16.4 90.9 0.0 0.0 2.4 194.9 12.8 75.0 58.5 16.5 92.4 0.0 0.0 2.4 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 162.3 162.3 196.1 196.1 143.9 143.9 140.4 140.4 141.5 141.5 152.3 152.3 138.9 138.9 140.4 140.4 151.8 151.8 158.5 158.5 160.1 160.1 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 18.9 18.9 0.0 22.9 22.9 0.0 105.3 99.3 6.1 75.7 71.7 4.0 106.0 101.4 4.6 110.7 106.4 4.3 100.5 96.6 3.9 75.7 71.7 4.0 73.0 70.0 3.0 64.1 61.2 2.9 63.8 61.3 2.5 17 18 19 13 14 15 16 Total other loans and advances 2011 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 124.5 0.5 124.0 126.9 0.5 126.5 128.3 0.4 127.8 129.2 0.4 128.8 128.3 0.4 127.8 128.9 0.4 128.5 129.3 0.4 128.9 129.2 0.4 128.8 129.1 0.4 128.8 129.4 0.4 129.1 130.2 0.3 129.9 20 21 22 23 24 25 26 27 28 29 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 551.3 0.0 6.8 80.5 392.8 26.1 45.1 487.0 0.0 5.9 77.8 332.3 24.2 46.8 505.7 0.0 6.6 85.4 336.9 25.1 51.6 587.5 0.0 6.8 88.2 406.2 27.0 59.4 498.8 0.0 7.4 84.0 332.3 22.2 52.9 541.0 0.0 6.5 83.8 372.7 23.5 54.5 547.3 0.0 6.1 83.5 377.3 26.6 53.8 587.5 0.0 6.8 88.2 406.2 27.0 59.4 576.9 0.0 8.3 90.0 389.8 27.4 61.3 628.0 0.0 7.7 89.7 437.3 30.0 63.3 639.1 0.0 7.6 91.7 439.9 33.1 66.8 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 4.0 4.0 0.1 0.1 1.8 1.8 1.9 1.9 3.9 3.9 4.4 4.4 3.9 3.9 1.9 1.9 1.8 1.8 1.2 1.2 0.0 0.0 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 372.7 335.5 37.3 375.8 338.2 37.6 387.0 348.3 38.7 401.3 361.2 40.1 390.9 351.8 39.1 394.8 355.3 39.5 396.9 357.2 39.7 401.3 361.2 40.1 398.0 358.2 39.8 401.4 361.2 40.1 401.8 361.7 40.2 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 350.2 26.2 16.7 74.6 163.8 47.4 21.4 375.1 23.4 22.2 93.5 162.3 54.3 19.4 361.6 20.9 22.6 105.7 160.0 39.6 12.9 405.4 25.9 25.1 145.1 148.3 50.4 10.6 354.9 22.7 21.7 113.4 146.9 37.2 12.9 375.0 24.0 22.8 130.9 143.3 42.2 11.8 387.1 24.5 23.2 137.9 147.3 43.8 10.4 405.4 25.9 25.1 145.1 148.3 50.4 10.6 428.0 26.6 27.2 160.1 152.9 49.8 11.4 416.1 22.2 28.2 156.5 149.4 49.7 10.1 432.7 24.9 29.4 167.1 153.4 46.8 11.1 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 106 Z.1, December 11, 2014 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 13 Levels Total mortgages Total assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 13794.2 13490.9 13282.1 13289.8 13226.0 13229.5 13271.0 13289.8 13276.8 13302.2 13360.1 1 10446.1 851.8 2342.2 154.1 10203.9 859.1 2260.7 167.2 9982.6 894.7 2231.9 173.0 9886.5 932.2 2293.0 178.1 9929.8 898.8 2223.1 174.3 9905.0 909.3 2239.8 175.5 9914.9 920.1 2259.2 176.8 9886.5 932.2 2293.0 178.1 9852.7 943.0 2301.9 179.2 9840.8 952.3 2328.7 180.4 9855.2 969.2 2354.0 181.5 2 3 4 5 13794.2 13490.9 13282.1 13289.8 13226.0 13229.5 13271.0 13289.8 13276.8 13302.2 13360.1 6 10122.7 9900.3 9695.9 9611.7 9647.7 9625.6 9636.6 9611.7 9578.8 9567.7 9581.9 7 3495.4 642.7 2852.7 3401.1 570.4 2830.6 3391.8 574.6 2817.2 3475.9 599.7 2876.2 3378.8 569.1 2809.7 3403.3 573.8 2829.5 3437.3 584.0 2853.3 3475.9 599.7 2876.2 3492.7 600.2 2892.6 3527.6 608.2 2919.5 3571.3 619.2 2952.1 8 9 10 0.0 176.1 0.0 189.5 0.0 194.4 0.0 202.2 0.0 199.5 0.0 200.7 0.0 197.1 0.0 202.2 0.0 205.3 0.0 206.9 0.0 206.9 11 12 13794.2 13490.9 13282.1 13289.8 13226.0 13229.5 13271.0 13289.8 13276.8 13302.2 13360.1 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 100.1 28.0 42.1 100.8 27.4 42.5 86.9 25.5 43.1 76.0 23.7 44.0 84.1 25.1 43.2 81.2 24.6 43.5 78.5 24.1 43.7 76.0 23.7 44.0 74.3 23.2 44.3 72.3 22.7 44.8 70.3 22.2 45.1 14 15 16 17 18 State and local governments Federal government 203.5 106.6 203.4 109.9 210.9 111.5 214.0 115.5 215.1 113.3 215.3 113.2 213.9 114.1 214.0 115.5 217.0 116.0 208.9 116.5 204.6 117.3 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4194.9 35.4 35.8 317.0 4049.6 32.8 33.4 320.5 4028.8 30.9 34.9 327.8 3983.5 30.3 32.4 345.9 3989.8 29.7 34.3 328.0 3982.5 29.6 33.6 332.1 3975.3 29.8 31.6 340.4 3983.5 30.3 32.4 345.9 3991.3 32.2 32.0 350.4 4039.0 34.2 31.8 357.2 4057.8 35.5 30.9 366.9 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 4.1 317.5 4.9 332.5 5.6 344.4 7.9 363.2 5.8 344.6 6.6 349.1 7.0 357.2 7.9 363.2 8.3 365.2 8.8 369.9 9.3 375.8 23 24 25 26 Private pension funds State and local govt. retirement funds 26.5 11.9 21.9 11.9 23.1 11.2 19.7 8.6 22.2 10.7 21.4 10.2 20.5 9.7 19.7 8.6 18.9 11.0 19.8 12.1 20.8 14.5 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 5021.0 1139.5 4924.0 1304.8 4823.5 1437.0 4877.8 1569.4 4825.0 1462.7 4836.1 1498.1 4872.0 1540.8 4877.8 1569.4 4861.0 1585.8 4840.1 1600.0 4854.8 1623.6 27 28 29 30 31 ABS issuers Finance companies REITs 1922.3 243.5 44.6 1703.4 211.2 56.1 1492.9 179.5 64.5 1221.7 157.0 199.3 1454.9 174.4 63.1 1282.7 171.2 198.7 1247.4 165.9 199.1 1221.7 157.0 199.3 1169.1 154.1 222.8 1153.3 149.6 221.3 1138.2 148.2 224.0 29 30 31 107 Z.1, December 11, 2014 L.218 Home Mortgages (1) 2010 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 10446.1 10203.9 9982.6 9886.5 9929.8 9905.0 9914.9 9886.5 9852.7 9840.8 9855.2 1 9915.0 13.6 517.6 9698.9 10.2 494.8 9496.8 9.7 476.1 9407.9 10.0 468.7 9449.2 9.4 471.2 9425.9 9.6 469.5 9435.3 9.8 469.8 9407.9 10.0 468.7 9374.2 10.4 468.1 9361.0 10.9 468.9 9373.4 11.3 470.5 2 3 4 10446.1 10203.9 9982.6 9886.5 9929.8 9905.0 9914.9 9886.5 9852.7 9840.8 9855.2 5 75.2 16.8 15.4 67.2 16.4 15.5 59.2 14.9 15.8 51.2 13.3 16.1 57.2 14.5 15.8 55.2 14.1 15.9 53.2 13.7 16.0 51.2 13.3 16.1 49.2 13.0 16.2 47.2 12.6 16.4 45.2 12.2 16.5 6 7 8 104.8 23.9 104.8 24.0 108.6 25.2 110.2 25.6 110.8 25.8 110.9 25.1 110.2 24.5 110.2 25.6 111.8 25.9 107.6 25.6 105.4 25.9 9 10 9 10 State and local governments Federal government 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2615.6 1.1 20.1 317.0 2538.0 1.3 17.8 320.5 2509.1 1.8 20.0 327.8 2394.2 1.4 18.9 345.9 2470.5 1.8 20.0 328.0 2444.4 1.6 19.2 332.1 2414.6 1.4 19.1 340.4 2394.2 1.4 18.9 345.9 2382.6 1.7 18.4 350.4 2404.3 2.0 18.3 357.2 2402.4 2.5 17.6 366.9 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 9.0 1.9 4.3 9.0 1.6 4.3 9.5 1.6 4.0 10.2 1.4 3.1 9.4 1.5 3.8 9.7 1.5 3.7 10.2 1.4 3.5 10.2 1.4 3.1 10.6 1.3 4.0 10.8 1.3 4.4 11.1 1.2 5.2 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4690.7 1068.8 4587.7 1216.8 4476.1 1321.8 4544.9 1420.6 4479.4 1340.2 4492.3 1366.2 4532.7 1400.2 4544.9 1420.6 4532.2 1432.0 4515.2 1440.7 4527.2 1458.8 18 19 20 21 22 ABS issuers Finance companies REITs 1303.0 169.5 9.0 1109.5 149.7 19.8 928.3 132.6 26.5 791.8 114.7 23.1 894.9 129.7 26.6 855.8 126.2 31.2 820.8 122.1 31.1 791.8 114.7 23.1 766.9 111.5 25.3 741.4 109.1 27.0 716.3 106.7 34.1 20 21 22 928.5 783.3 0.3 88.2 22.8 33.9 853.5 723.1 0.3 82.2 18.0 29.9 769.6 652.7 0.2 75.7 14.5 26.5 702.9 596.2 0.4 72.0 11.4 22.9 748.1 634.2 0.3 74.0 13.7 25.9 730.5 620.1 0.2 72.5 12.5 25.2 715.1 605.9 0.3 72.5 11.9 24.4 702.9 596.2 0.4 72.0 11.4 22.9 690.6 585.6 0.4 71.4 10.9 22.3 683.9 579.7 0.4 71.7 10.4 21.8 679.3 574.3 0.3 73.4 9.9 21.3 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 859.1 894.7 932.2 898.8 909.3 920.1 932.2 943.0 952.3 969.2 1 41.2 782.8 41.6 789.6 43.4 824.5 45.1 857.0 43.4 824.1 43.9 834.3 44.5 844.9 45.1 857.0 45.7 867.8 46.1 876.1 47.0 892.3 2 3 0.0 27.8 0.0 27.9 0.0 26.7 0.0 30.0 0.0 31.3 0.0 31.1 0.0 30.7 0.0 30.0 0.0 29.6 0.0 30.1 0.0 29.9 4 5 851.8 859.1 894.7 932.2 898.8 909.3 920.1 932.2 943.0 952.3 969.2 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.4 14.3 0.0 0.4 14.5 0.0 0.4 14.7 0.0 0.4 15.0 0.0 0.4 14.7 0.0 0.4 14.8 0.0 0.4 14.9 0.0 0.4 15.0 0.0 0.4 15.1 0.0 0.4 15.2 0.0 0.4 15.4 7 8 9 10 11 State and local governments Federal government 81.4 14.4 81.4 14.1 84.4 13.7 85.6 13.8 86.0 13.6 86.1 13.6 85.6 13.5 85.6 13.8 86.8 13.7 83.6 13.6 81.9 13.4 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 254.9 3.5 248.3 2.9 258.5 1.4 287.9 1.1 261.1 1.3 268.6 0.9 277.1 1.1 287.9 1.1 297.3 0.9 307.8 1.0 316.5 1.0 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 47.2 3.1 3.6 49.4 2.9 3.6 51.1 2.5 3.4 53.6 2.2 2.6 50.9 2.4 3.2 51.5 2.3 3.1 52.6 2.2 2.9 53.6 2.2 2.6 53.8 2.1 3.3 54.5 2.0 3.6 55.3 2.0 4.3 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 256.5 66.9 259.2 86.4 265.5 113.4 243.5 147.1 261.9 120.6 258.1 130.1 251.8 138.8 243.5 147.1 238.9 152.0 234.3 157.6 236.4 163.2 17 18 19 20 21 ABS issuers Finance companies REITs 98.4 5.1 2.0 90.7 3.6 1.7 81.1 2.8 1.9 75.2 2.0 2.4 77.6 2.7 2.1 74.8 2.2 2.8 74.4 2.1 2.7 75.2 2.0 2.4 74.4 2.0 2.2 74.4 2.0 2.2 74.2 2.0 3.3 19 20 21 7 8 9 Total assets 851.8 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 108 Z.1, December 11, 2014 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2342.2 2260.7 2231.9 2293.0 2223.1 2239.8 2259.2 2293.0 2301.9 2328.7 2354.0 1 207.7 552.4 1433.7 148.3 201.4 478.7 1419.0 161.7 199.1 479.2 1385.9 167.7 203.9 500.4 1416.6 172.1 198.4 473.6 1382.8 168.3 199.7 477.2 1393.3 169.6 201.3 486.1 1405.5 166.4 203.9 500.4 1416.6 172.1 204.6 499.5 1422.1 175.7 206.7 505.9 1439.2 176.8 208.5 515.2 1453.5 176.9 2 3 4 5 2342.2 2260.7 2231.9 2293.0 2223.1 2239.8 2259.2 2293.0 2301.9 2328.7 2354.0 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 18.1 10.8 11.5 17.5 10.6 11.7 17.2 10.2 11.8 17.6 9.9 12.1 17.1 10.2 11.8 17.2 10.1 11.9 17.4 10.0 12.0 17.6 9.9 12.1 17.9 9.8 12.1 18.2 9.8 12.3 18.6 9.7 12.4 7 8 9 10 11 State and local governments Federal government 16.3 64.1 16.3 67.2 16.9 68.0 17.1 71.9 17.2 69.3 17.2 69.9 17.1 71.6 17.1 71.9 17.4 72.1 16.7 72.7 16.4 73.0 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1273.2 30.8 15.7 1210.3 28.5 15.6 1202.2 27.6 14.9 1241.0 27.8 13.5 1198.8 26.6 14.4 1209.8 27.1 14.4 1223.6 27.4 12.5 1241.0 27.8 13.5 1250.5 29.6 13.6 1265.7 31.1 13.5 1277.4 31.8 13.3 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 4.1 248.8 4.9 261.1 5.6 270.9 7.9 286.3 5.8 271.2 6.6 274.8 7.0 281.4 7.9 286.3 8.3 287.7 8.8 291.3 9.3 296.0 15 16 17 18 Private pension funds State and local govt. retirement funds 21.4 4.1 17.4 4.0 19.0 3.8 16.1 2.9 18.3 3.6 17.6 3.5 16.8 3.3 16.1 2.9 15.5 3.7 16.5 4.1 17.6 4.9 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 520.8 0.0 503.2 0.0 483.5 0.0 354.7 0.0 482.5 0.0 352.1 0.0 352.2 0.0 354.7 0.0 327.7 0.0 337.5 0.0 347.7 19 20 21 22 Finance companies REITs 68.9 33.7 57.9 34.6 44.1 36.1 40.3 173.9 42.0 34.3 42.7 164.7 41.7 165.3 40.3 173.9 40.6 195.3 38.5 192.0 39.5 186.6 21 22 7 8 9 Levels Total liabilities 2011 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business Total assets 154.1 167.2 173.0 178.1 174.3 175.5 176.8 178.1 179.2 180.4 181.5 1 35.5 118.6 40.0 127.2 42.3 130.7 44.1 134.0 42.7 131.5 43.2 132.4 43.7 133.2 44.1 134.0 44.6 134.6 45.2 135.2 45.8 135.8 2 3 154.1 167.2 173.0 178.1 174.3 175.5 176.8 178.1 179.2 180.4 181.5 4 5 6 Household sector Nonfinancial noncorporate business 6.8 0.8 16.1 0.8 10.6 0.9 7.2 0.9 9.8 0.9 8.8 0.9 7.9 0.9 7.2 0.9 7.2 0.9 7.0 0.9 6.6 0.9 5 6 7 8 State and local governments Federal government 1.0 4.3 1.0 4.5 1.1 4.6 1.1 4.2 1.1 4.5 1.1 4.5 1.1 4.6 1.1 4.2 1.1 4.3 1.0 4.6 1.0 5.1 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 51.2 0.0 52.9 0.0 59.0 0.0 60.4 0.0 59.3 0.0 59.7 0.0 60.0 0.0 60.4 0.0 60.8 0.0 61.2 0.2 61.6 0.2 9 10 11 12 Life insurance companies State and local govt. retirement funds 12.4 0.0 13.0 0.0 13.0 0.0 13.1 0.0 13.0 0.0 13.1 0.0 13.1 0.0 13.1 0.0 13.2 0.0 13.3 0.0 13.4 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 73.8 3.8 77.1 1.7 82.0 1.9 89.4 1.8 83.7 1.9 85.7 1.8 87.5 1.8 89.4 1.8 90.0 1.7 90.6 1.7 91.2 1.7 13 14 (1) Excludes mortgages on farm houses. 109 Z.1, December 11, 2014 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1 Total liabilities (Households) 2647.4 2755.9 2923.6 3097.9 2923.8 2966.4 3036.6 3097.9 3104.7 3171.6 3245.5 1 2 Total assets 2647.4 2755.9 2923.6 3097.9 2923.8 2966.4 3036.6 3097.9 3104.7 3171.6 3245.5 2 78.4 45.5 0.0 74.5 47.4 0.0 65.6 49.2 0.0 59.1 43.5 0.0 63.8 42.4 0.0 61.9 42.6 0.0 60.0 42.8 0.0 59.1 43.5 0.0 57.8 42.4 0.0 56.5 42.6 0.0 54.8 42.8 0.0 3 4 5 356.2 1185.5 226.5 484.7 1192.6 223.0 616.8 1218.6 243.6 729.8 1271.6 265.6 659.5 1191.2 245.5 674.6 1211.5 253.1 713.5 1231.4 261.9 729.8 1271.6 265.6 770.9 1246.5 269.9 786.0 1284.2 284.3 825.2 1305.4 293.1 6 7 8 0.0 50.3 705.0 0.0 46.2 687.6 0.0 50.0 679.8 0.0 49.2 679.1 0.0 50.0 671.3 0.0 48.2 674.6 0.0 48.5 678.5 0.0 49.2 679.1 0.0 47.3 669.9 0.0 46.3 671.7 0.0 47.5 676.7 9 10 11 840.0 713.3 912.4 181.7 841.7 751.0 1012.3 150.9 846.7 808.9 1131.3 136.7 857.6 878.7 1223.0 138.6 805.5 820.8 1168.2 129.2 815.4 841.0 1177.3 132.7 820.9 866.4 1211.0 138.2 857.6 878.7 1223.0 138.6 817.6 892.7 1261.7 132.7 839.1 918.7 1274.6 139.2 849.2 943.1 1307.2 146.0 12 13 14 15 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 9 10 11 Government-sponsored enterprises ABS issuers Finance companies Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. Levels Memo: 12 13 14 15 110 Z.1, December 11, 2014 L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Household sector 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Federal government 7 8 Rest of the world Brokers and dealers 9 Levels Total trade payables 2 Total trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 State and local governments Federal government Rest of the world 15 16 Property-casualty insurance companies ABS issuers 17 Discrepancy 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 3370.8 3452.5 3574.2 3742.4 3617.9 3684.1 3714.9 3742.4 3762.8 3831.1 3867.6 1 248.8 250.0 254.0 255.0 254.3 254.5 254.8 255.0 256.0 256.9 257.4 2 1746.4 427.8 1771.6 435.7 1837.8 434.5 1951.5 442.0 1858.4 438.9 1899.8 440.6 1932.3 442.5 1951.5 442.0 1955.9 444.7 1995.6 448.4 2013.1 450.5 3 4 669.0 209.7 707.4 218.5 746.2 231.9 785.8 248.4 755.9 240.1 765.8 248.7 775.8 252.2 785.8 248.4 795.8 257.1 806.0 266.6 816.2 269.9 5 6 51.1 18.1 55.1 14.3 55.7 14.2 45.3 14.5 54.9 15.4 59.1 15.6 44.0 13.3 45.3 14.5 38.6 14.8 39.9 17.8 40.6 19.9 7 8 3132.4 3245.3 3321.9 3482.1 3435.0 3535.3 3552.6 3482.1 3577.0 3673.4 3692.7 9 2156.5 533.4 2240.3 539.2 2292.1 546.7 2432.1 558.3 2399.9 547.7 2486.7 551.2 2507.5 554.6 2432.1 558.3 2502.3 561.5 2582.8 567.5 2598.5 572.1 10 11 152.2 42.9 111.8 154.5 47.7 128.8 159.1 50.3 140.5 167.5 48.8 144.4 160.8 48.7 143.8 163.8 52.0 148.8 166.2 50.6 140.7 167.5 48.8 144.4 168.0 50.6 160.3 171.2 50.8 163.4 173.5 50.8 163.5 12 13 14 83.8 51.8 87.2 47.6 92.0 41.2 95.2 35.7 94.0 40.1 96.6 36.2 98.3 34.6 95.2 35.7 100.1 34.3 103.9 33.9 103.4 31.0 15 16 238.5 207.2 252.4 260.3 182.9 148.8 162.3 260.3 185.9 157.7 174.9 17 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Household sector Brokers and dealers Total assets 5 Household sector 6 7 U.S.-chartered depository institutions Foreign banking offices in U.S. 8 Brokers and dealers 1041.7 1034.2 1131.9 1236.2 1129.5 1172.5 1183.8 1236.2 1273.1 1331.5 1372.7 1 278.2 763.5 238.9 795.4 303.7 828.2 339.2 897.1 307.9 821.6 302.6 870.0 313.7 870.0 339.2 897.1 320.6 952.5 376.1 955.3 390.3 982.4 2 3 1041.7 1034.2 1131.9 1236.2 1129.5 1172.5 1183.8 1236.2 1273.1 1331.5 1372.7 4 725.2 726.1 757.0 815.5 743.6 794.0 791.5 815.5 866.2 867.8 892.6 5 23.6 14.7 35.8 33.5 45.0 26.2 52.9 28.7 47.9 30.2 51.8 24.2 53.9 24.7 52.9 28.7 58.4 28.0 61.0 26.5 60.2 29.6 6 7 278.2 238.9 303.7 339.2 307.9 302.6 313.7 339.2 320.6 376.1 390.3 8 111 Z.1, December 11, 2014 L.225 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 Total liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 1278.3 1352.0 1359.0 1416.5 1370.1 1378.3 1397.4 1416.5 1434.4 1443.7 1449.0 1 48.4 1229.9 49.7 1302.3 50.0 1309.0 50.3 1366.3 50.1 1320.1 50.2 1328.1 50.1 1347.3 50.3 1366.3 50.3 1384.2 50.4 1393.3 50.7 1398.3 2 3 1278.3 1352.0 1359.0 1416.5 1370.1 1378.3 1397.4 1416.5 1434.4 1443.7 1449.0 4 1137.2 116.0 25.1 1199.0 125.5 27.6 1186.1 138.0 34.9 1232.8 143.8 39.9 1194.8 139.2 36.1 1201.6 140.4 36.4 1218.3 141.6 37.5 1232.8 143.8 39.9 1248.1 145.2 41.1 1254.6 146.7 42.4 1258.6 147.9 42.4 5 6 7 L.226 Pension Entitlements 1 Total liabilities 17035.7 17447.7 18460.8 19890.1 18934.7 19089.2 19444.8 19890.1 20092.5 20415.1 20499.4 1 2 3 Life insurance companies (1) Private pension funds (2) 2341.3 6650.1 2383.2 6753.3 2575.3 7278.0 2815.4 8142.2 2671.7 7575.9 2682.0 7675.6 2741.5 7885.3 2815.4 8142.2 2843.2 8231.1 2891.0 8402.9 2872.2 8419.0 2 3 4 5 State and local govt. retirement funds Federal government retirement funds (3) 4885.0 3159.3 5045.2 3266.0 5222.6 3384.9 5389.8 3542.8 5264.2 3422.9 5291.4 3440.1 5337.9 3480.0 5389.8 3542.8 5444.6 3573.6 5511.7 3609.6 5566.9 3641.4 4 5 17035.7 17447.7 18460.8 19890.1 18934.7 19089.2 19444.8 19890.1 20092.5 20415.1 20499.4 6 6 Total assets (Households) (4) (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs) (table L.226.i), except those at life insurance companies. L.227 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 53.1 74.0 79.5 91.3 97.1 68.6 80.3 91.3 110.1 114.6 121.9 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 42.9 99.2 51.7 100.3 54.0 102.4 45.0 105.5 60.4 102.6 48.1 103.6 49.7 104.5 45.0 105.5 51.2 106.4 47.1 108.0 55.7 109.2 2 3 4 U.S.-chartered depository institutions -59.6 -49.1 -47.6 -47.4 -45.7 -58.9 -52.9 -47.4 -39.7 -32.4 -35.3 4 5 6 Property-casualty insurance companies Life insurance companies -10.1 -28.8 -14.5 -23.6 -10.8 -28.3 8.4 -30.5 -3.2 -28.4 -5.2 -30.1 -2.5 -30.1 8.4 -30.5 10.2 -29.3 9.5 -29.5 10.2 -30.4 5 6 7 8 Finance companies Brokers and dealers 6.0 3.6 6.7 2.5 6.7 3.1 6.8 3.7 6.9 4.4 6.8 4.4 7.0 4.6 6.8 3.7 6.8 4.5 6.8 5.1 7.0 5.4 7 8 262.1 272.8 279.9 289.6 282.2 284.8 287.4 289.6 296.2 297.0 304.5 9 117.8 144.3 120.0 152.8 121.3 158.6 123.8 165.8 121.8 160.4 122.6 162.2 123.4 164.0 123.8 165.8 128.6 167.6 127.6 169.4 133.3 171.2 10 11 -209.0 -198.8 -200.4 -198.3 -185.2 -216.2 -207.1 -198.3 -186.1 -182.4 -182.6 12 9 10 11 12 Total business taxes receivable State and local governments Federal government Discrepancy L.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 Total household equity Nonfinancial noncorporate business Brokers and dealers 6889.0 7364.3 8028.1 8970.7 8243.5 8498.9 8777.7 8970.7 9047.8 9070.6 9188.2 1 6873.1 15.9 7352.5 11.9 8010.9 17.3 8953.1 17.6 8225.6 17.9 8481.0 17.9 8761.2 16.5 8953.1 17.6 9029.4 18.4 9052.0 18.6 9169.0 19.2 2 3 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 112 Z.1, December 11, 2014 L.229 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 U.S. direct investment abroad: 1 2 3 4 5 6 7 8 9 10 11 Liab.: Rest of the world (1) Equity Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 4273.6 4084.8 188.7 586.9 398.1 4599.5 4405.2 194.3 619.1 424.8 4972.9 4757.4 215.5 644.3 428.8 5284.0 5078.6 205.4 664.3 458.8 5016.6 4814.5 202.2 634.3 432.1 5110.4 4891.6 218.8 660.1 441.3 5237.7 5028.8 208.9 662.6 453.7 5284.0 5078.6 205.4 664.3 458.8 5320.5 5125.6 194.9 654.9 460.0 5421.0 5226.6 194.5 664.3 469.8 5500.5 5302.5 193.3 668.9 475.7 1 2 3 4 5 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 3402.9 280.1 99.1 46.3 206.0 239.3 3759.2 272.5 90.2 54.2 221.8 201.7 4081.0 283.9 98.0 67.0 225.4 217.5 4370.0 285.3 108.8 65.5 228.6 225.8 4111.8 285.7 102.1 67.0 228.4 221.6 4199.3 282.3 108.9 68.0 228.5 223.4 4311.4 288.8 113.0 67.9 231.1 225.5 4370.0 285.3 108.8 65.5 228.6 225.8 4394.9 286.8 109.6 65.4 235.8 228.0 4486.1 289.3 112.4 64.3 236.8 232.0 4559.1 288.8 114.4 63.2 239.9 234.9 6 7 8 9 10 11 Levels Foreign direct investment in U.S.: 12 13 14 15 16 17 18 19 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 2128.7 5.3 120.0 70.7 84.3 114.7 88.5 11.4 2230.7 6.1 176.6 73.9 103.6 91.1 104.6 12.0 2408.9 6.6 181.8 77.1 106.0 90.9 110.4 12.6 2610.3 7.3 181.4 74.5 97.7 73.0 119.5 13.2 2441.0 6.5 182.7 82.5 107.6 91.3 112.2 12.8 2472.7 6.6 183.1 82.4 110.2 92.0 113.7 12.9 2510.1 7.0 184.4 82.6 111.9 92.3 114.3 13.1 2610.3 7.3 181.4 74.5 97.7 73.0 119.5 13.2 2569.9 7.5 182.3 74.0 99.1 73.4 121.7 13.4 2625.0 7.5 183.1 74.0 102.4 73.8 121.7 13.5 2718.2 7.4 183.5 72.9 106.2 74.7 121.8 13.7 12 13 14 15 16 17 18 19 20 21 22 23 24 Asset: Rest of the world (1) Equity Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 2623.6 2129.1 494.5 773.2 278.7 2798.7 2268.3 530.4 806.1 275.7 2994.3 2475.2 519.2 832.2 313.0 3176.9 2652.9 523.9 869.7 345.8 3036.6 2516.1 520.6 833.5 313.0 3073.7 2553.0 520.6 845.0 324.4 3115.6 2596.7 518.9 847.4 328.5 3176.9 2652.9 523.9 869.7 345.8 3141.4 2626.8 514.6 841.7 327.1 3201.0 2689.0 512.1 859.2 347.1 3298.5 2813.5 507.5 849.5 349.2 20 21 22 23 24 Memo: Direct investment, asset/liability presentation: 25 26 27 28 29 Direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 4) U.S. affiliates’ claims (line 24) 4950.4 4084.8 865.5 586.9 278.7 5300.0 4405.2 894.8 619.1 275.7 5714.8 4757.4 957.3 644.3 313.0 6088.7 5078.6 1010.1 664.3 345.8 5761.7 4814.5 947.3 634.3 313.0 5876.0 4891.6 984.5 660.1 324.4 6019.9 5028.8 991.1 662.6 328.5 6088.7 5078.6 1010.1 664.3 345.8 6107.6 5125.6 982.0 654.9 327.1 6238.0 5226.6 1011.4 664.3 347.1 6320.5 5302.5 1018.1 668.9 349.2 25 26 27 28 29 30 31 32 33 34 Direct investment liabilities Equity (line 21) Intercompany debt U.S. parents’ liabilities (line 5) U.S. affiliates’ liabilities (line 23) 3300.5 2129.1 1171.3 398.1 773.2 3499.2 2268.3 1230.9 424.8 806.1 3736.2 2475.2 1261.0 428.8 832.2 3981.5 2652.9 1328.6 458.8 869.7 3781.7 2516.1 1265.7 432.1 833.5 3839.3 2553.0 1286.3 441.3 845.0 3897.8 2596.7 1301.1 453.7 847.4 3981.5 2652.9 1328.6 458.8 869.7 3928.5 2626.8 1301.7 460.0 841.7 4018.0 2689.0 1329.0 469.8 859.2 4138.8 2813.5 1325.2 475.7 849.5 30 31 32 33 34 Alternative valuations of direct investment assets: U.S. direct investment abroad: 35 36 37 Market value Equity Intercompany debt 4809.6 4620.9 188.7 4514.3 4320.1 194.3 5196.5 4981.0 215.5 6275.4 6070.0 205.4 5440.1 5237.9 202.2 5381.0 5162.2 218.8 5907.9 5699.0 208.9 6275.4 6070.0 205.4 6330.4 6135.4 194.9 6625.1 6430.6 194.5 6698.0 6504.7 193.3 35 36 37 38 39 40 Historical cost Equity Intercompany debt 3741.9 3553.2 188.7 4050.0 3855.8 194.3 4384.7 4169.2 215.5 4660.9 4455.5 205.4 4419.6 4217.5 202.2 4504.7 4285.9 218.8 4623.3 4414.4 208.9 4660.9 4455.5 205.4 4697.4 4502.5 194.9 4797.9 4603.4 194.5 4836.7 4643.3 193.3 38 39 40 Foreign direct investment in U.S.: 41 42 43 Market value Equity Intercompany debt 3422.3 2927.8 494.5 3498.7 2968.4 530.4 3929.1 3409.9 519.2 4985.9 4462.0 523.9 4273.8 3753.3 520.6 4366.1 3845.4 520.6 4560.2 4041.3 518.9 4985.9 4462.0 523.9 4901.8 4387.2 514.6 5133.4 4621.3 512.1 5193.6 4686.1 507.5 41 42 43 44 45 46 Historical cost Equity Intercompany debt 2280.0 1785.5 494.5 2433.8 1903.5 530.4 2605.8 2086.6 519.2 2764.0 2240.0 523.9 2642.0 2121.4 520.6 2672.9 2152.3 520.6 2708.8 2189.9 518.9 2764.0 2240.0 523.9 2728.5 2213.9 514.6 2788.1 2276.1 512.1 2709.8 2202.2 507.5 44 45 46 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 113 Z.1, December 11, 2014 L.230 Total Miscellaneous Financial Claims 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 15901.3 16560.0 17177.0 16979.3 17262.9 17184.0 17317.6 16979.3 17158.4 17221.4 17399.0 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 24.7 3295.9 1192.4 24.3 3551.1 1226.8 24.9 3673.4 1244.4 27.9 3863.0 1250.2 25.9 3764.9 1248.5 27.8 3783.1 1247.1 26.8 3832.7 1250.5 27.9 3863.0 1250.2 28.9 3856.3 1252.7 30.2 3921.8 1251.2 29.6 3880.8 1244.3 2 3 4 5 6 7 State and local governments Federal government Rest of the world 1343.4 3083.1 190.6 1648.3 3189.0 323.6 1622.2 3291.6 183.5 1204.1 3393.7 160.2 1452.9 3312.2 205.2 1430.9 3332.0 164.4 1353.1 3456.1 189.9 1204.1 3393.7 160.2 1276.3 3416.5 158.4 1173.6 3442.8 164.7 1289.5 3466.2 159.3 5 6 7 8 9 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 58.4 2247.6 293.3 23.3 11.1 31.7 2236.1 303.4 19.4 12.4 33.7 2446.4 267.8 17.3 12.7 43.5 2520.4 234.6 14.3 14.2 34.7 2503.7 283.7 16.4 15.3 32.1 2497.1 276.5 16.5 15.5 41.2 2484.5 240.7 15.7 15.4 43.5 2520.4 234.6 14.3 14.2 47.8 2581.3 236.0 14.8 13.8 50.0 2644.6 232.6 15.3 16.1 50.3 2738.4 248.3 12.6 15.8 8 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies 761.2 1162.2 796.4 1179.5 813.4 1221.6 813.1 1281.9 804.9 1228.4 810.9 1222.7 813.3 1243.7 813.1 1281.9 814.0 1295.0 822.6 1320.2 829.3 1320.1 13 14 15 16 17 Government-sponsored enterprises Finance companies REITs 179.4 157.3 63.7 130.2 173.0 70.8 124.1 142.9 96.3 114.7 134.9 74.6 119.9 137.6 89.4 121.9 127.9 92.3 119.6 126.3 78.5 114.7 134.9 74.6 111.2 132.3 81.1 111.1 124.4 85.5 112.8 120.7 85.5 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations 394.6 524.6 894.5 375.1 484.4 784.6 367.4 822.3 771.1 408.7 739.4 686.0 390.8 883.8 744.6 365.8 885.5 734.2 378.9 894.5 756.3 408.7 739.4 686.0 413.1 736.4 692.3 410.1 743.9 660.7 390.4 718.7 686.5 18 19 20 21780.5 22668.1 23453.6 23700.1 23629.2 23778.3 23751.1 23700.1 24069.0 24131.8 24376.2 21 808.2 6707.4 2134.4 878.8 6782.0 2141.8 872.7 6943.8 2186.4 924.9 7445.8 2203.8 878.2 7106.9 2183.6 887.5 7189.4 2190.0 901.1 7173.5 2196.2 924.9 7445.8 2203.8 929.1 7476.2 2216.2 938.7 7593.9 2239.6 942.2 7658.2 2257.5 22 23 24 21 Total liabilities 2011 Total assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 State and local governments Federal government 96.3 143.2 96.2 145.1 104.4 144.0 110.6 149.9 107.6 144.8 108.9 141.9 109.4 145.7 110.6 149.9 113.3 152.7 110.2 157.6 109.1 161.3 25 26 27 28 29 30 31 32 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Life insurance companies 83.1 683.0 29.2 11.0 74.1 305.6 225.8 704.8 44.2 11.8 61.9 353.4 199.5 594.9 43.9 12.0 62.7 377.0 233.1 511.0 57.0 20.5 61.1 404.1 219.9 550.2 52.9 12.4 70.9 397.4 228.1 575.2 60.6 18.4 71.7 388.9 226.8 533.9 57.1 21.2 61.8 393.5 233.1 511.0 57.0 20.5 61.1 404.1 235.0 478.3 71.0 17.4 72.2 421.8 235.7 485.2 72.0 22.5 68.3 441.4 235.4 504.0 74.2 21.3 69.5 440.7 27 28 29 30 31 32 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds 1536.6 1596.3 2876.6 1668.9 1891.5 2964.3 1582.5 1859.5 3054.1 1380.0 1464.3 3144.5 1492.0 1688.9 3076.0 1485.0 1671.4 3098.2 1436.3 1603.1 3222.8 1380.0 1464.3 3144.5 1375.1 1545.2 3168.1 1328.7 1453.5 3191.8 1358.1 1576.6 3215.5 33 34 35 36 37 Money market mutual funds Mutual funds 23.5 2.9 22.7 5.7 28.8 -27.4 31.7 -8.3 31.5 -16.2 31.9 -15.3 33.9 17.0 31.7 -8.3 37.2 24.4 16.0 2.6 18.8 2.6 36 37 38 39 40 Government-sponsored enterprises Finance companies REITs 148.6 -129.0 66.1 148.5 -138.7 74.7 152.6 -168.1 100.4 165.6 -189.5 112.6 167.9 -180.5 105.9 167.7 -183.1 115.7 166.8 -191.2 102.0 165.6 -189.5 112.6 152.1 -194.5 122.4 151.4 -197.4 133.6 149.3 -182.4 135.2 38 39 40 41 42 43 Brokers and dealers Holding companies Funding corporations 786.0 3129.4 667.9 730.9 3165.9 687.6 639.8 3995.3 694.8 761.4 4008.3 707.8 728.2 4083.8 726.8 797.0 4028.7 720.6 777.8 4055.6 706.8 761.4 4008.3 707.8 889.2 4055.4 711.2 833.0 4129.6 723.8 810.8 4085.2 733.1 41 42 43 -5879.2 -6108.0 -6276.6 -6720.8 -6366.2 -6594.3 -6433.4 -6720.8 -6910.7 -6910.5 -6977.2 44 44 Discrepancy Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 114 Z.1, December 11, 2014 L.231 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 52.3 52.3 54.9 54.9 57.3 57.3 59.5 59.5 57.3 57.3 59.4 59.4 59.4 59.4 59.5 59.5 59.5 59.5 61.2 61.2 62.6 62.6 1 2 26.5 26.5 26.9 26.9 27.4 27.4 27.5 27.5 27.6 27.6 27.5 27.5 27.4 27.4 27.5 27.5 28.1 28.1 28.2 28.2 28.2 28.2 3 4 Liab.: Government-sponsored enterprises 49.0 43.1 41.2 41.7 40.4 40.6 40.5 41.7 40.6 42.1 42.4 5 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.6 6.7 0.0 36.7 2.2 2.9 0.5 7.0 0.0 30.6 2.9 2.1 0.6 7.2 0.0 28.4 2.9 2.2 0.6 7.8 0.0 27.8 2.4 3.2 0.6 7.1 0.0 27.6 3.0 2.1 0.6 7.4 0.0 27.6 3.0 2.1 0.6 7.6 0.0 27.0 3.0 2.3 0.6 7.8 0.0 27.8 2.4 3.2 0.7 8.0 0.0 26.2 2.4 3.2 0.7 8.1 0.0 27.3 2.6 3.4 0.7 8.3 0.0 27.2 2.8 3.5 6 7 8 9 10 11 Federal Reserve Bank stock: 3 4 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in government-sponsored enterprises: 5 6 7 8 9 10 11 Levels Holding company net transactions with subsidiaries: 12 13 14 15 16 17 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 1632.8 0.0 62.7 115.0 626.6 135.6 1709.0 0.0 72.0 94.6 613.5 166.3 1889.2 11.2 17.2 91.1 1060.5 114.7 1937.3 5.2 10.7 75.4 1087.6 97.8 1916.9 5.1 17.4 74.7 1054.3 137.2 1880.5 5.1 17.3 75.8 1072.5 100.7 1898.0 5.3 17.7 75.9 1032.3 127.3 1937.3 5.2 10.7 75.4 1087.6 97.8 1978.7 4.7 11.0 77.8 1095.9 95.8 2030.3 5.1 11.5 76.9 1111.3 100.7 2059.6 5.1 11.5 75.7 1071.8 93.8 12 13 14 15 16 17 18 Asset: Holding companies 2572.7 2655.4 3184.0 3214.0 3205.6 3151.8 3156.6 3214.0 3263.8 3335.9 3317.5 18 60.7 60.7 69.1 69.1 71.7 71.7 86.4 86.4 85.7 85.7 86.9 86.9 87.1 87.1 86.4 86.4 89.2 89.2 88.2 88.2 86.8 86.8 19 20 NFC investment in finance company subsidiaries: 19 20 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 21 22 Liab.: Foreign banking offices in U.S. Brokers and dealers 171.6 496.4 137.8 549.7 126.0 568.8 123.5 584.3 142.9 583.9 142.1 578.5 118.7 588.1 123.5 584.3 123.9 587.3 120.8 602.9 127.8 605.2 21 22 23 Asset: Funding corporations 667.9 687.6 694.8 707.8 726.8 720.6 706.8 707.8 711.2 723.8 733.1 23 7.7 3.8 3.8 8.8 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 24 25 26 Equity investment under Public-Private Inv. Program: 24 25 26 Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 115 Z.1, December 11, 2014 L.232 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 2.7 2.6 0.1 102.5 2.6 99.8 11.5 2.6 8.9 2.9 2.6 0.3 10.7 2.6 8.1 4.3 2.6 1.7 3.1 2.6 0.5 2.9 2.6 0.3 3.0 2.6 0.4 2.8 2.6 0.1 2.9 2.6 0.2 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 14.4 14.4 12.6 12.6 13.7 13.7 10.6 10.6 13.4 13.4 12.0 12.0 10.5 10.5 10.6 10.6 10.4 10.4 9.0 9.0 9.3 9.3 6 7 24.7 24.7 24.3 24.3 24.9 24.9 27.9 27.9 25.9 25.9 27.8 27.8 26.8 26.8 27.9 27.9 28.9 28.9 30.2 30.2 29.6 29.6 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 290.7 209.4 39.7 41.6 305.5 225.0 37.9 42.6 303.7 222.6 38.3 42.8 304.2 222.8 38.5 42.8 302.3 220.6 38.6 43.1 302.0 220.6 38.2 43.2 305.6 223.8 38.2 43.5 304.2 222.8 38.5 42.8 307.9 226.5 38.4 43.1 311.1 229.5 38.9 42.7 311.5 228.7 39.1 43.7 10 11 12 13 14 Asset: Household sector 290.7 305.5 303.7 304.2 302.3 302.0 305.6 304.2 307.9 311.1 311.5 14 Policy payables: 15 Liab.: Property-casualty insurance companies 761.2 796.4 802.1 807.8 799.8 805.8 808.0 807.8 809.3 817.4 824.2 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 310.8 318.7 131.7 347.5 328.8 120.1 329.8 336.4 135.9 369.5 329.8 108.5 337.9 333.3 128.6 349.9 333.5 122.4 360.2 332.2 115.6 369.5 329.8 108.5 370.6 330.4 108.4 374.3 333.8 109.4 377.5 336.6 110.2 16 17 18 620.9 469.4 151.5 624.7 484.6 140.1 638.6 503.8 134.7 683.9 540.4 143.6 641.8 511.8 130.0 644.5 513.9 130.6 661.7 525.4 136.3 683.9 540.4 143.6 692.2 547.6 144.7 706.4 557.3 149.1 709.4 559.1 150.3 19 20 21 90.8 90.8 93.8 93.8 81.4 81.4 80.9 80.9 81.8 81.8 81.8 81.8 81.6 81.6 80.9 80.9 80.7 80.7 81.1 81.1 82.0 82.0 22 23 733.4 733.4 658.7 658.7 579.5 579.5 673.5 673.5 638.6 638.6 713.2 713.2 702.3 702.3 673.5 673.5 793.5 793.5 746.1 746.1 735.4 735.4 24 25 1142.9 1142.9 1213.7 1213.7 1254.1 1254.1 1352.3 1352.3 1265.5 1265.5 1178.4 1178.4 1161.5 1161.5 1352.3 1352.3 1339.7 1339.7 1342.6 1342.6 1361.8 1361.8 26 27 202.9 202.9 221.4 221.4 234.8 234.8 246.9 246.9 233.6 233.6 231.3 231.3 231.0 231.0 246.9 246.9 246.2 246.2 249.0 249.0 248.8 248.8 28 29 Unallocated insurance company contracts: 19 20 21 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 30 31 32 Liab.: Nonfinancial corporate business State and local governments Federal government 446.5 1343.4 1733.7 517.2 1648.3 1750.7 389.8 1622.2 1800.0 131.4 1204.1 1792.1 295.7 1452.9 1810.4 279.6 1430.9 1919.9 208.2 1353.1 2061.2 131.4 1204.1 1792.1 103.8 1276.3 1828.4 31.7 1173.6 1849.3 49.7 1289.5 1853.7 30 31 32 33 34 35 Asset: Private pension funds State and local govt. retirement funds Federal government retirement funds 446.5 1343.4 1733.7 517.2 1648.3 1750.7 389.8 1622.2 1800.0 131.4 1204.1 1792.1 295.7 1452.9 1810.4 279.6 1430.9 1919.9 208.2 1353.1 2061.2 131.4 1204.1 1792.1 103.8 1276.3 1828.4 31.7 1173.6 1849.3 49.7 1289.5 1853.7 33 34 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Levels Life insurance company reserves: 10 11 12 13 116 Z.1, December 11, 2014 L.233 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2013 Q1 1 Q3 Q4 Q1 2014 Q2 Q3 5056.2 5044.6 5335.5 5515.2 5538.4 5457.2 5616.6 5515.2 5436.8 5583.2 5611.9 1 2758.5 1192.4 2940.1 1226.8 3202.1 1244.4 3650.7 1250.2 3387.4 1248.5 3421.6 1247.1 3542.9 1250.5 3650.7 1250.2 3671.8 1252.7 3809.0 1251.2 3749.0 1244.3 2 3 Federal government Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 3.6 31.9 614.7 121.4 23.3 11.1 3.2 4.8 527.1 165.3 19.4 12.4 2.8 6.3 557.2 141.4 17.3 12.7 2.3 16.0 583.1 110.8 14.3 14.2 2.6 7.2 586.8 140.4 16.4 15.3 2.5 4.6 616.6 134.1 16.5 15.5 2.4 13.7 586.4 121.8 15.7 15.4 2.3 16.0 583.1 110.8 14.3 14.2 2.2 19.8 602.6 111.9 14.8 13.8 2.0 21.9 614.3 111.5 15.3 16.1 1.9 22.1 678.8 120.2 12.6 15.8 4 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs 187.9 115.9 -18.4 63.7 177.2 74.5 9.3 70.8 262.1 69.2 -19.9 96.3 283.1 62.4 -26.9 74.6 266.9 66.2 -22.9 89.4 258.9 69.3 -34.7 92.3 258.7 68.7 -36.7 78.5 283.1 62.4 -26.9 74.6 283.8 60.2 -34.7 81.1 291.2 59.9 -40.7 85.5 287.7 61.0 -41.9 85.5 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations -728.3 524.6 153.5 -788.1 484.4 117.1 -1261.8 822.3 182.9 -1263.1 739.4 3.8 -1247.4 883.8 97.4 -1285.2 885.5 12.3 -1241.5 894.5 45.3 -1263.1 739.4 3.8 -1270.1 736.4 -109.9 -1304.1 743.9 -94.1 -1286.6 718.7 -57.6 14 15 16 10935.4 11152.6 11612.1 12236.0 11904.7 12051.5 12050.0 12236.0 12347.4 12493.7 12589.1 17 6327.4 1996.0 6383.6 2014.8 6535.1 2043.3 7028.9 2087.5 6687.3 2047.8 6768.4 2060.2 6753.7 2073.0 7028.9 2087.5 7055.8 2099.9 7171.3 2122.1 7234.2 2139.1 18 19 96.3 84.5 96.2 83.2 104.4 79.8 110.6 83.4 107.6 80.5 108.9 75.5 109.4 79.3 110.6 83.4 113.3 86.2 110.2 89.5 109.1 91.7 20 21 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 6 7 8 9 17 Levels Total liabilities Q2 Total assets 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 20 21 State and local governments Federal government 22 23 24 25 26 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 83.0 605.3 29.2 11.0 71.9 126.0 634.8 44.2 11.8 59.1 190.6 525.4 43.9 12.0 59.8 232.8 445.1 57.0 20.5 58.8 211.9 481.7 52.9 12.4 67.9 226.5 508.2 60.6 18.4 68.7 226.3 469.0 57.1 21.2 58.8 232.8 445.1 57.0 20.5 58.8 234.6 413.7 71.0 17.4 69.9 235.6 420.7 72.0 22.5 65.7 235.2 439.3 74.2 21.3 66.8 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds 278.0 529.9 101.4 327.0 573.3 103.1 349.9 607.4 102.6 373.1 627.3 116.7 369.4 602.8 106.0 359.0 609.6 109.9 364.4 621.1 113.6 373.1 627.3 116.7 389.7 643.0 124.2 407.8 658.7 130.8 407.7 667.2 136.8 27 28 29 30 31 Mutual funds Money market mutual funds 2.9 23.5 5.7 22.7 -27.4 28.8 -8.3 31.7 -16.2 31.5 -15.3 31.9 17.0 33.9 -8.3 31.7 24.4 37.2 2.6 16.0 2.6 18.8 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs 148.6 -129.0 66.1 148.5 -138.7 74.7 152.6 -168.1 100.4 165.6 -189.5 112.6 167.9 -180.5 105.9 167.7 -183.1 115.7 166.8 -191.2 102.0 165.6 -189.5 112.6 152.1 -194.5 122.4 151.4 -197.4 133.6 149.3 -182.4 135.2 32 33 34 35 36 Brokers and dealers Holding companies 52.6 556.7 72.2 510.4 60.3 811.3 87.9 794.3 89.6 878.2 83.9 876.9 75.5 899.0 87.9 794.3 95.6 791.5 86.9 793.7 75.4 767.7 35 36 -5879.2 -6108.0 -6276.6 -6720.8 -6366.2 -6594.3 -6433.4 -6720.8 -6910.7 -6910.5 -6977.2 37 37 Discrepancy 117 Z.1, December 11, 2014 B.100 Balance Sheet of Households and Nonprofit Organizations (1) 2010 1 2 3 4 5 6 7 8 9 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment (nonprofits) (4) Intellectual property products (nonprofits) (4) Consumer durable goods (4) Financial assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 76244.6 77250.1 83156.7 92659.7 85889.6 87464.1 89943.2 92659.7 93864.9 95430.2 95410.0 1 23338.9 23371.1 25073.7 27673.6 25766.7 26509.5 27136.7 27673.6 28118.8 28358.2 28653.4 2 18370.4 16396.0 1974.4 280.1 101.8 4586.7 18245.5 16084.6 2160.9 293.0 109.4 4723.3 19816.1 17510.4 2305.7 299.7 117.7 4840.1 22300.3 19638.8 2661.5 306.9 124.1 4942.2 20467.6 18094.2 2373.4 301.3 119.1 4878.6 21180.2 18699.3 2480.9 303.2 120.7 4905.4 21785.1 19187.0 2598.2 305.2 122.3 4924.1 22300.3 19638.8 2661.5 306.9 124.1 4942.2 22715.9 20051.7 2664.1 309.2 126.1 4967.6 22905.7 20172.1 2733.6 312.1 127.9 5012.5 23151.0 20352.3 2798.7 315.2 129.3 5057.9 3 4 5 6 7 8 52905.7 53879.0 58083.0 64986.2 60122.9 60954.5 62806.5 64986.2 65746.1 67072.1 66756.6 9 10 11 12 13 14 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8071.9 67.3 423.7 6450.8 1130.1 8746.6 57.4 752.2 6822.2 1114.9 9275.1 49.7 921.1 7194.2 1110.1 9699.3 52.5 1111.6 7399.9 1135.4 9325.0 52.9 961.5 7250.9 1059.7 9325.1 56.2 958.0 7258.6 1052.2 9453.5 56.7 959.9 7342.5 1094.3 9699.3 52.5 1111.6 7399.9 1135.4 9865.4 51.5 1161.2 7553.7 1099.0 9943.4 49.8 1228.2 7579.4 1086.1 10105.6 48.8 1271.1 7672.9 1112.8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) 4921.7 21.1 1126.5 335.5 1871.5 1362.3 26.2 100.1 78.4 4383.1 19.4 706.6 300.7 1805.9 1352.0 23.4 100.8 74.5 4178.3 18.8 928.1 153.5 1662.1 1242.3 20.9 86.9 65.6 3852.5 15.0 944.1 102.5 1618.2 1011.7 25.9 76.0 59.1 4025.2 18.0 953.5 97.5 1669.7 1115.8 22.7 84.1 63.8 3944.5 17.8 1002.7 107.5 1665.4 983.9 24.0 81.2 61.9 3870.0 17.6 976.7 96.3 1640.8 975.5 24.5 78.5 60.0 3852.5 15.0 944.1 102.5 1618.2 1011.7 25.9 76.0 59.1 3645.6 14.3 895.4 4.7 1609.1 963.4 26.6 74.3 57.8 3496.0 11.5 726.6 23.9 1604.1 978.9 22.2 72.3 56.5 3365.2 9.5 724.0 4.8 1557.6 919.2 24.9 70.3 54.8 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business (8) Miscellaneous assets 8680.5 4636.3 725.2 1137.2 17035.7 6889.0 808.2 8475.1 4658.2 726.1 1199.0 17447.7 7364.3 878.8 9623.1 5701.8 757.0 1186.1 18460.8 8028.1 872.7 12457.3 7142.9 815.5 1232.8 19890.1 8970.7 924.9 10586.8 6191.3 743.6 1194.8 18934.7 8243.5 878.2 10869.3 6344.5 794.0 1201.6 19089.2 8498.9 887.5 11599.4 6750.4 791.5 1218.3 19444.8 8777.7 901.1 12457.3 7142.9 815.5 1232.8 19890.1 8970.7 924.9 12628.5 7422.8 866.2 1248.1 20092.5 9047.8 929.1 13365.9 7720.0 867.8 1254.6 20415.1 9070.6 938.7 12884.5 7620.3 892.6 1258.6 20499.4 9188.2 942.2 24 25 26 27 28 29 30 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (9) Consumer credit Municipal securities (10) Depository institution loans n.e.c. Other loans and advances Commercial mortgages (10) 39 40 41 Security credit Trade payables (10) Deferred and unpaid life insurance premiums 42 43 44 45 46 47 Net worth Memo: Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) Disposable personal income (SAAR) Household net worth as percentage of 48 disposable personal income (SAAR) Owners’ equity in household real 49 estate (11) Owners’ equity as percentage of 50 household real estate (12) 13782.2 13574.5 13645.1 13793.6 13594.6 13617.8 13734.1 13793.6 13780.7 13940.5 14061.2 31 13230.5 9915.0 2647.4 263.2 61.0 136.1 207.7 13061.3 9698.9 2755.9 255.5 11.5 138.1 201.4 13062.5 9496.8 2923.6 241.0 62.6 139.3 199.1 13171.5 9407.9 3097.9 227.8 92.7 141.3 203.9 13006.6 9449.2 2923.8 239.4 56.3 139.4 198.4 13033.0 9425.9 2966.4 235.7 64.6 140.7 199.7 13138.8 9435.3 3036.6 232.4 92.3 140.9 201.3 13171.5 9407.9 3097.9 227.8 92.7 141.3 203.9 13175.2 9374.2 3104.7 227.6 123.0 141.0 204.6 13277.3 9361.0 3171.6 227.0 168.4 142.6 206.7 13384.0 9373.4 3245.5 224.6 188.9 143.0 208.5 32 33 34 35 36 37 38 278.2 248.8 24.7 238.9 250.0 24.3 303.7 254.0 24.9 339.2 255.0 27.9 307.9 254.3 25.9 302.6 254.5 27.8 313.7 254.8 26.8 339.2 255.0 27.9 320.6 256.0 28.9 376.1 256.9 30.2 390.3 257.4 29.6 39 40 41 62462.4 63675.6 69511.6 78866.2 72295.0 73846.2 76209.2 78866.2 80084.3 81489.7 81348.8 42 12730.1 12526.6 203.5 1420.7 12845.4 12641.9 203.4 1464.6 13228.8 13020.5 208.3 1508.4 14187.3 13967.6 219.7 1596.2 13468.0 13256.8 211.2 1527.2 13671.9 13458.5 213.4 1554.8 13892.8 13676.8 216.0 1572.0 14187.3 13967.6 219.7 1596.2 14518.8 14293.8 225.0 1609.0 14584.5 14358.5 226.1 1618.7 14857.4 14627.0 230.4 1632.1 43 44 45 46 11237.9 11801.4 12384.0 12505.1 12340.4 12470.7 12585.8 12623.7 12772.9 12945.2 13061.4 47 555.8 539.6 561.3 630.7 585.8 592.2 605.5 624.7 627.0 629.5 622.8 48 6481.0 6385.7 8013.6 10230.9 8645.0 9273.5 9751.6 10230.9 10677.5 10811.2 10978.9 49 39.5 39.7 45.8 52.1 47.8 49.6 50.8 52.1 53.2 53.6 53.9 50 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Net worth of nonfinancial noncorporate business (table B.103, line 34) and owners’ equity in unincorporated security brokers and dealers. (9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (10) Liabilities of nonprofit organizations. (11) Line 4 less line 33. (12) Line 49 divided by line 4. Balance Sheets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 118 Z.1, December 11, 2014 B.102 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 With nonfinancial assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) Financial assets 28957.8 30545.3 31979.4 34708.0 32584.9 33303.1 34067.6 34708.0 34885.5 35603.9 36065.1 1 14941.1 16039.7 16894.5 18542.2 17204.3 17675.7 18219.9 18542.2 18651.2 19059.1 19387.4 2 7545.7 3853.6 1669.1 1872.7 8275.3 4008.0 1746.9 2009.6 8823.5 4138.0 1839.4 2093.6 10217.0 4261.7 1916.9 2146.6 9078.5 4164.8 1854.3 2106.7 9501.5 4195.3 1872.2 2106.7 9970.9 4229.8 1893.8 2125.3 10217.0 4261.7 1916.9 2146.6 10224.8 4300.2 1942.5 2183.6 10538.5 4346.0 1964.5 2210.0 10797.4 4394.7 1981.7 2213.6 3 4 5 6 14016.8 14505.6 15084.9 16165.8 15380.6 15627.4 15847.7 16165.8 16234.3 16544.8 16677.6 7 8 9 10 11 12 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 40.6 234.5 548.7 497.8 12.1 34.8 264.2 561.9 462.4 12.6 35.4 257.3 595.2 480.6 9.7 86.6 279.4 644.9 521.1 8.7 55.9 260.5 594.7 476.0 9.2 67.4 222.7 612.4 473.1 8.6 69.2 254.9 649.9 500.0 12.5 86.6 279.4 644.9 521.1 8.7 74.8 243.4 661.7 497.1 11.2 86.4 255.3 660.7 493.4 13.4 81.8 224.0 659.1 512.9 13.3 8 9 10 11 12 13 14 15 16 17 18 19 Credit market instruments Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 229.4 68.0 48.0 16.0 23.9 28.0 45.5 222.3 67.9 43.0 14.3 22.3 27.4 47.4 209.7 59.5 39.4 13.1 22.9 25.5 49.2 165.7 37.7 39.9 9.3 11.5 23.7 43.5 176.3 56.2 32.9 6.0 13.8 25.1 42.4 177.0 50.5 37.9 7.6 13.8 24.6 42.6 169.0 42.2 38.2 7.7 14.0 24.1 42.8 165.7 37.7 39.9 9.3 11.5 23.7 43.5 158.8 34.6 38.1 10.7 9.8 23.2 42.4 153.2 28.7 37.9 12.6 8.7 22.7 42.6 154.6 29.2 39.8 13.3 7.3 22.2 42.8 13 14 15 16 17 18 19 20 21 22 23 Mutual fund shares (1) Trade receivables U.S. direct investment abroad (3) Miscellaneous assets 186.8 2156.5 3402.9 6707.4 165.9 2240.3 3759.2 6782.0 180.1 2292.1 4081.0 6943.8 211.4 2432.1 4370.0 7445.8 189.3 2399.9 4111.8 7106.9 190.9 2486.7 4199.3 7189.4 199.8 2507.5 4311.4 7173.5 211.4 2432.1 4370.0 7445.8 213.9 2502.3 4394.9 7476.2 219.6 2582.8 4486.1 7593.9 216.2 2598.5 4559.1 7658.2 20 21 22 23 24 Balance Sheets Assets 13226.7 13878.4 14695.2 15591.2 14925.8 15120.2 15379.9 15591.2 15692.6 15925.9 16114.3 24 25 26 27 28 29 30 31 Credit market instruments Commercial paper Municipal securities (4) Corporate bonds (3) Depository institution loans n.e.c. Other loans and advances Mortgages 6012.9 82.9 485.4 3376.6 477.1 948.1 642.7 6273.4 116.3 493.9 3538.3 546.0 1008.3 570.4 6721.3 130.3 509.1 3862.6 607.9 1036.8 574.6 7121.5 144.5 518.5 4140.9 654.4 1063.6 599.7 6801.2 140.1 510.4 3940.7 604.0 1036.9 569.1 6916.6 147.2 515.0 3983.4 620.9 1076.2 573.8 7055.1 171.2 516.4 4090.5 627.0 1066.0 584.0 7121.5 144.5 518.5 4140.9 654.4 1063.6 599.7 7259.2 180.2 517.7 4212.1 653.6 1095.6 600.2 7336.4 185.9 516.4 4270.0 674.8 1081.0 608.2 7446.5 208.5 514.8 4323.0 682.7 1098.4 619.2 25 26 27 28 29 30 31 32 33 34 35 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities 1746.4 42.9 2128.7 3295.9 1771.6 51.7 2230.7 3551.1 1837.8 54.0 2408.9 3673.4 1951.5 45.0 2610.3 3863.0 1858.4 60.4 2441.0 3764.9 1899.8 48.1 2472.7 3783.1 1932.3 49.7 2510.1 3832.7 1951.5 45.0 2610.3 3863.0 1955.9 51.2 2569.9 3856.3 1995.6 47.1 2625.0 3921.8 2013.1 55.7 2718.2 3880.8 32 33 34 35 15731.1 16666.9 17284.2 19116.7 17659.0 18182.9 18687.7 19116.7 19193.0 19678.0 19950.7 36 166.3 7123.9 14371.6 38.2 41.8 91.4 165.7 7425.5 14387.7 37.6 43.6 86.3 168.6 7620.7 15993.1 38.9 42.0 92.5 175.0 7933.5 20762.0 37.3 34.3 108.6 170.2 7681.6 17700.6 38.5 38.4 100.2 171.3 7787.7 18019.7 38.0 38.4 99.1 172.7 7842.3 19185.9 37.8 36.8 102.7 175.0 7933.5 20762.0 37.3 34.3 108.6 179.0 7999.5 21042.5 37.8 34.5 109.6 179.8 8051.0 22063.2 37.3 33.3 112.1 183.1 8120.9 21666.0 37.3 34.4 108.6 37 38 39 40 41 42 25006.1 25954.2 27029.9 28578.2 27471.9 27803.8 28159.4 28578.2 28829.4 29250.2 29538.2 43 10989.4 4377.1 3482.4 1570.3 1559.5 11448.7 4537.7 3592.0 1637.6 1681.4 11945.0 4725.0 3727.3 1707.5 1785.3 12412.4 4919.8 3875.8 1781.5 1835.3 12091.4 4767.9 3763.7 1726.3 1833.5 12176.4 4808.0 3799.3 1744.4 1824.7 12311.7 4865.2 3835.5 1762.6 1848.4 12412.4 4919.8 3875.8 1781.5 1835.3 12595.1 4974.7 3914.4 1801.3 1904.7 12705.4 5028.8 3956.8 1822.2 1897.6 12860.6 5084.6 4002.8 1844.1 1929.2 44 45 46 47 48 11779.4 12075.8 12334.7 12986.9 12546.1 12683.6 12779.6 12986.9 13136.8 13324.3 13423.9 49 81.6 3808.7 51.0 82.7 3949.4 51.9 84.5 4126.9 54.5 87.2 4307.9 54.8 85.0 4168.8 54.2 85.7 4212.7 54.5 86.4 4258.8 55.2 87.2 4307.9 54.8 87.9 4357.7 55.3 88.6 4410.0 55.1 89.4 4462.7 55.5 50 51 52 36 37 38 39 40 41 42 Liabilities Net worth (market value) Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (line 25 divided by line 36) Debt/equities (percent) (line 25 divided by line 39) Equities/net worth (percent) (line 39 divided by line 36) With nonfinancial assets stated at historical cost: 43 44 45 46 47 48 49 Assets (sum of lines 7 and 44) Nonfinancial assets Real estate Equipment Intellectual property products Inventories Net worth (historical cost) (line 43 less line 24) Memo: Historical-cost value of structures: 50 Residential 51 Nonresidential 52 Debt/net worth (percent) (line 25 divided by line 49) (1) At market value. (2) At replacement (current) cost. (3) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (4) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. 119 Z.1, December 11, 2014 B.103 Balance Sheet of Nonfinancial Noncorporate Business 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 12548.6 13107.5 13868.9 14942.9 14088.9 14383.3 14706.4 14942.9 15053.1 15145.8 15308.3 1 2 Nonfinancial assets 8820.4 9362.6 10049.5 11086.4 10272.8 10554.4 10864.8 11086.4 11174.8 11226.5 11357.7 2 3 4 5 Real estate (1) Residential Nonresidential 7664.5 4410.7 3253.7 8133.9 4600.5 3533.4 8781.4 4976.1 3805.3 9789.3 5499.9 4289.3 8993.7 5089.6 3904.1 9267.1 5220.6 4046.5 9570.2 5374.2 4196.0 9789.3 5499.9 4289.3 9891.6 5596.3 4295.3 9970.9 5586.7 4384.2 10143.4 5685.7 4457.7 3 4 5 6 7 8 Equipment (2) Residential (3) Nonresidential 709.2 42.2 667.0 740.7 43.9 696.8 763.2 44.3 718.9 784.9 43.3 741.5 770.7 44.3 726.4 778.5 43.9 734.7 785.3 43.5 741.8 784.9 43.3 741.5 780.0 43.4 736.5 770.2 42.5 727.7 756.4 42.4 714.0 6 7 8 Intellectual property products (2) Inventories (2) 189.9 256.9 196.6 291.3 206.4 298.5 214.9 297.3 209.5 298.9 212.9 295.8 215.2 294.1 214.9 297.3 198.2 305.1 178.5 306.9 155.3 302.6 9 10 3728.3 3744.9 3819.4 3856.5 3816.0 3829.0 3841.6 3856.5 3878.3 3919.3 3950.6 11 531.6 356.2 76.8 529.3 360.1 77.7 544.2 365.2 78.7 540.8 372.9 80.4 541.7 365.8 78.9 541.3 368.1 79.4 540.9 370.4 79.9 540.8 372.9 80.4 543.8 375.0 80.9 549.5 379.0 81.7 553.8 382.1 82.4 12 13 14 95.8 96.8 98.1 100.2 98.3 98.9 99.6 100.2 100.8 101.9 102.7 15 48.1 5.6 42.1 0.0 48.6 5.7 42.5 0.0 49.3 5.8 43.1 0.0 50.3 5.9 44.0 0.0 49.4 5.8 43.2 0.0 49.7 5.8 43.5 0.0 50.0 5.8 43.7 0.0 50.3 5.9 44.0 0.0 50.6 5.9 44.3 0.0 51.1 6.0 44.8 0.0 51.6 6.0 45.1 0.0 16 17 18 19 533.4 2134.4 131.7 6.7 1996.0 539.2 2141.8 120.1 7.0 2014.8 546.7 2186.4 135.9 7.2 2043.3 558.3 2203.8 108.5 7.8 2087.5 547.7 2183.6 128.6 7.1 2047.8 551.2 2190.0 122.4 7.4 2060.2 554.6 2196.2 115.6 7.6 2073.0 558.3 2203.8 108.5 7.8 2087.5 561.5 2216.2 108.4 8.0 2099.9 567.5 2239.6 109.4 8.1 2122.1 572.1 2257.5 110.2 8.3 2139.1 20 21 22 23 24 5675.6 5755.0 5858.0 5989.8 5863.3 5902.3 5945.2 5989.8 6023.7 6093.8 6139.3 25 3950.9 3986.1 4070.1 4184.9 4066.7 4104.5 4140.7 4184.9 4212.5 4278.7 4328.0 26 927.4 170.8 2852.7 984.2 171.3 2830.6 1072.2 180.7 2817.2 1121.8 186.9 2876.2 1076.8 180.2 2809.7 1094.4 180.6 2829.5 1105.9 181.5 2853.3 1121.8 186.9 2876.2 1132.1 187.8 2892.6 1170.8 188.5 2919.5 1185.4 190.4 2952.1 27 28 29 427.8 99.2 5.3 1192.4 435.7 100.3 6.1 1226.8 434.5 102.4 6.6 1244.4 442.0 105.5 7.3 1250.2 438.9 102.6 6.5 1248.5 440.6 103.6 6.6 1247.1 442.5 104.5 7.0 1250.5 442.0 105.5 7.3 1250.2 444.7 106.4 7.5 1252.7 448.4 108.0 7.5 1251.2 450.5 109.2 7.4 1244.3 30 31 32 33 6873.1 7352.5 8010.9 8953.1 8225.6 8481.0 8761.2 8953.1 9029.4 9052.0 9169.0 34 2839.6 1680.2 2831.2 1730.1 2870.4 1774.5 2989.8 1853.4 2900.0 1794.1 2921.8 1822.3 2947.6 1835.5 2989.8 1853.4 3055.5 1860.5 3064.7 1860.5 3117.7 1864.6 35 36 57.5 54.2 50.8 46.7 49.4 48.4 47.3 46.7 46.7 47.3 47.2 37 9 10 11 Assets 2011 Financial assets 12 13 14 Checkable deposits and currency Time and savings deposits Money market fund shares 15 Credit market instruments 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other Liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities Net worth (5) Memo: 35 36 37 Replacement-cost value of structures: Residential Nonresidential Debt/net worth (percent) (6) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Line 1 less line 25. Included in table B.100, line 29. (6) Line 26 divided by line 34. Balance Sheets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 120 Z.1, December 11, 2014 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2010 1 2 Change in net worth (1) Net investment 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 4215.1 1213.2 5835.9 9354.6 2783.5 1551.2 2363.0 2657.0 1218.1 1405.5 -140.9 1 1031.7 1290.9 1171.1 1134.9 465.0 139.2 90.5 440.2 404.7 228.1 72.8 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 134.9 1448.9 1314.0 164.8 1501.3 1336.5 249.1 1614.3 1365.2 328.7 1740.4 1411.7 78.5 425.9 347.3 82.0 433.2 351.2 84.7 439.6 354.9 83.5 441.7 358.2 84.7 437.8 353.1 95.2 450.1 355.0 100.3 458.9 358.7 3 4 5 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 896.8 790.7 -106.0 1126.1 1059.6 -66.5 922.0 1194.8 272.8 806.2 1042.4 236.2 386.4 362.2 -24.2 57.2 105.0 47.8 5.8 142.9 137.1 356.8 432.3 75.6 319.9 321.0 1.1 133.0 304.7 171.7 -27.5 104.6 132.1 6 7 8 2459.5 24.8 4438.5 8075.2 2332.8 1311.2 2269.7 2161.5 888.0 1212.6 -314.3 9 -391.0 1645.4 254.9 454.6 21.7 474.9 -1.0 -152.7 55.9 -268.6 525.2 -7.4 -127.4 -0.2 1515.7 1389.4 326.6 667.2 18.9 520.8 -0.1 2364.8 2889.4 803.1 984.7 27.5 1005.6 0.0 626.1 912.3 192.4 214.9 8.2 378.9 0.0 682.0 281.7 15.5 268.9 1.0 62.2 0.0 572.6 872.2 271.9 296.4 7.7 248.9 0.0 484.2 823.2 323.3 204.6 10.5 315.6 0.0 389.7 292.9 58.4 74.5 1.7 70.8 0.0 161.0 671.8 160.6 34.0 5.0 180.3 0.0 214.4 -400.3 -173.1 110.4 -4.8 -60.8 0.0 10 11 12 13 14 15 16 9 10 11 12 13 14 15 16 17 18 19 20 21 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance reserves Pension entitlements Equity investment under PPIP Holding gains on assets at current cost (2) Consumer durable goods Equipment Intellectual property products Other volume changes (3) -91.1 22.4 -38.9 -91.1 -11.2 -21.2 -28.8 -29.9 -28.3 -16.2 -18.7 17 -88.3 -2.4 -0.4 17.7 2.5 2.2 -41.5 -0.1 2.8 -92.2 -0.3 1.4 -10.4 -0.7 -0.2 -21.4 -0.1 0.3 -29.5 0.3 0.4 -30.9 0.2 0.9 -31.2 1.5 1.3 -19.1 1.8 1.0 -21.2 1.9 0.7 18 19 20 815.1 -124.8 265.3 235.6 -3.0 122.0 31.6 85.1 -46.2 -19.0 119.3 21 62462.4 11237.9 63675.6 11801.4 69511.6 12384.0 78866.2 12505.1 72295.0 12340.4 73846.2 12470.7 76209.2 12585.8 78866.2 12623.7 80084.3 12772.9 81489.7 12945.2 81348.8 13061.4 22 23 Memo: Balance Sheets 22 23 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.100, line 42. 121 Z.1, December 11, 2014 R.102 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2010 1 2 Change in net worth (1) Net investment 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 10 Net corporate equity issues 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1451.3 935.8 617.2 1832.6 374.9 523.9 504.8 429.0 76.2 485.1 272.7 1 74.0 -595.2 -533.1 -300.3 -56.8 -46.5 -144.7 -52.3 -132.5 22.1 -137.1 2 184.0 1235.4 1092.4 -41.0 262.4 1331.9 1137.8 -68.3 305.3 1478.0 1182.2 -9.5 293.5 1525.8 1228.9 3.3 56.7 359.0 302.7 -0.4 66.0 375.1 305.3 3.8 85.8 395.7 309.2 0.7 85.0 396.1 311.8 -0.7 89.5 399.4 316.0 -6.2 100.5 415.8 318.5 -3.2 102.5 425.2 321.6 1.0 3 4 5 6 145.2 632.7 487.6 -400.9 493.4 894.3 -478.9 506.2 985.1 -221.2 897.9 1119.1 -58.7 233.7 292.4 -18.7 233.7 252.4 -126.9 183.0 310.0 -16.8 247.5 264.3 -95.3 56.1 151.3 -12.9 273.9 286.8 -111.6 133.7 245.3 7 8 9 -255.1 -456.7 -359.5 -372.6 -54.8 -93.8 -103.5 -120.5 -126.7 -65.4 -128.0 10 11 Holding gains on assets at market value (2) 738.3 676.9 492.4 1356.8 260.7 412.7 448.0 235.5 -20.5 295.0 226.9 11 12 13 Real estate Mutual fund shares 724.6 13.6 684.9 -8.1 478.1 14.3 1326.3 30.5 251.7 9.0 411.2 1.4 439.4 8.7 224.1 11.4 -22.7 2.2 289.5 5.5 230.6 -3.7 12 13 1.9 181.2 84.2 11.6 -35.2 15.3 59.5 -27.9 -46.6 36.8 -37.3 14 41.1 22.5 69.1 76.6 27.9 33.7 30.1 43.5 12.7 8.6 26.1 -0.3 -1.0 1.6 4.7 3.4 5.5 -5.6 6.4 9.1 -2.1 -0.2 10.0 2.8 7.6 11.7 22.6 11.4 7.1 2.8 10.7 1.2 -13.6 15 16 17 -145.6 -14.8 -47.6 -90.7 5.9 8.1 -28.4 -5.7 -42.8 -2.4 -12.7 -24.8 30.6 -15.4 -3.6 36.9 -17.8 70.7 11.5 -4.2 4.1 39.8 18 19 637.1 673.0 573.7 764.4 206.2 142.4 142.0 273.8 275.7 131.1 220.3 20 15731.1 16666.9 17284.2 19116.7 17659.0 18182.9 18687.7 19116.7 19193.0 19678.0 19950.7 21 14 15 16 17 Holding gains on assets less liabilities at current cost (2) Equipment Intellectual property products Inventories (3) 18 19 Direct investment abroad - Foreign direct investment in U.S. 20 Other volume changes (4) Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.102, line 36. Balance Sheets Memo: 21 122 Z.1, December 11, 2014 R.103 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2010 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q2 Q1 Q3 632.3 479.4 658.4 942.2 214.7 255.5 280.2 191.9 76.3 22.6 117.0 1 -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 2 170.7 -52.9 -3.5 -42.7 0.5 -14.9 -14.7 -13.6 1.1 -11.6 4.9 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital -21.7 245.1 266.9 16.7 281.7 265.0 32.0 303.7 271.8 56.2 337.9 281.7 10.5 79.7 69.2 12.4 82.4 70.0 16.6 87.4 70.8 16.8 88.4 71.7 14.0 86.7 72.7 18.2 91.4 73.3 19.6 93.6 74.0 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 29.5 152.0 122.4 -15.1 16.6 31.7 -27.0 74.5 101.6 -56.2 37.1 93.4 -10.5 -3.4 7.1 -12.4 12.9 25.3 -16.6 12.6 29.2 -16.8 14.9 31.7 -14.0 21.8 35.8 -18.2 41.0 59.1 -19.6 31.4 51.0 7 8 9 10 Proprietor’s net investment (2) 163.0 -54.5 -8.4 -42.7 0.5 -14.9 -14.7 -13.6 1.1 -11.6 4.9 10 11 Holding gains on real estate (3) 387.3 479.2 646.6 992.3 210.5 270.0 298.3 213.5 95.8 72.4 165.0 11 156.0 231.2 204.3 274.9 389.2 257.4 522.1 470.2 114.4 96.1 130.9 139.1 152.4 145.9 124.4 89.1 94.6 1.3 -11.4 83.7 96.7 68.3 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) 59.3 45.7 17.0 -11.8 2.4 -0.9 -4.5 -8.8 -21.4 -38.8 -53.5 14 15 16 17 18 19 Residential equipment Nonresidential equipment Intellectual property products Inventories - Foreign direct investment in U.S. -2.3 23.9 7.2 30.7 0.2 1.0 15.6 2.3 27.6 0.8 -0.4 9.1 4.0 4.1 -0.1 -2.1 6.4 2.6 -18.5 0.2 -0.3 3.6 1.6 -2.5 0.0 -0.8 4.4 1.9 -6.5 0.0 -0.6 3.3 0.8 -7.9 0.0 -0.4 -4.9 -1.7 -1.6 0.2 0.3 -9.4 -18.3 6.0 0.0 -0.8 -14.1 -21.2 -2.8 0.0 0.0 -19.7 -24.9 -8.9 0.0 15 16 17 18 19 20 Other volume changes (4) 22.8 9.0 3.2 4.5 1.3 1.2 1.1 0.8 0.7 0.7 0.6 20 6873.1 7352.5 8010.9 8953.1 8225.6 8481.0 8761.2 8953.1 9029.4 9052.0 9169.0 21 Memo: Balance Sheets 21 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Shown on table F.103, line 31. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 34. 123 Z.1, December 11, 2014 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 76244.6 77250.1 83156.7 92659.7 85889.6 87464.1 89943.2 92659.7 93864.9 95430.2 95410.0 1 2 Nonfinancial assets 23338.9 23371.1 25073.7 27673.6 25766.7 26509.5 27136.7 27673.6 28118.8 28358.2 28653.4 2 3 Financial assets 52905.7 53879.0 58083.0 64986.2 60122.9 60954.5 62806.5 64986.2 65746.1 67072.1 66756.6 3 8071.9 4921.7 8746.6 4383.1 9275.1 4178.3 9699.3 3852.5 9325.0 4025.2 9325.1 3944.5 9453.5 3870.0 9699.3 3852.5 9865.4 3645.6 9943.4 3496.0 10105.6 3365.2 4 5 15459.1 14923.9 17045.6 22076.1 18709.0 19194.8 20505.3 22076.1 22480.3 23612.5 22948.1 6 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 8680.5 8475.1 9623.1 12457.3 10586.8 10869.3 11599.4 12457.3 12628.5 13365.9 12884.5 7 8 Indirectly held 6778.6 6448.8 7422.6 9618.8 8122.2 8325.5 8905.9 9618.8 9851.7 10246.6 10063.6 8 1420.5 2174.6 250.2 128.5 2804.7 1395.7 2085.5 223.4 124.0 2620.1 1556.5 2362.1 241.9 138.3 3123.8 1825.5 3059.9 299.0 195.0 4239.4 1654.4 2604.3 261.9 157.3 3444.3 1678.8 2681.9 263.9 163.3 3537.6 1733.8 2851.7 279.8 174.2 3866.5 1825.5 3059.9 299.0 195.0 4239.4 1846.6 3117.0 301.8 200.8 4385.4 1895.1 3236.1 310.2 210.5 4594.7 1850.7 3229.8 312.4 213.8 4456.9 9 10 11 12 13 9 10 11 12 13 Life insurance companies Private pension funds (1) State and local govt. retirement funds (1) Federal govt. retirement funds (1) Mutual funds 14 Other 24453.1 25825.4 27583.9 29358.1 28063.8 28490.2 28977.8 29358.1 29754.7 30020.2 30337.7 14 15 Liabilities 13782.2 13574.5 13645.1 13793.6 13594.6 13617.8 13734.1 13793.6 13780.7 13940.5 14061.2 15 16 Net worth 62462.4 63675.6 69511.6 78866.2 72295.0 73846.2 76209.2 78866.2 80084.3 81489.7 81348.8 16 20.3 29.2 19.3 27.7 20.5 29.3 23.8 34.0 21.8 31.1 21.9 31.5 22.8 32.6 23.8 34.0 23.9 34.2 24.7 35.2 24.1 34.4 17 18 Memo: 17 18 Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) Supplements (1) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 14. 124 Z.1, December 11, 2014 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 1.5 1.6 -0.0 4.4 3.2 1.4 -0.0 7.2 3.0 1.4 0.3 7.2 3.8 1.6 0.4 8.6 2.4 1.2 -0.2 6.6 1.1 2.0 0.1 10.7 3.2 -0.2 0.1 -0.8 0.2 -0.1 -0.1 -0.6 6.1 0.8 0.0 4.1 7.1 0.6 -0.2 3.1 11.8 1.9 -0.1 9.9 10.4 0.5 0.1 2.5 5.8 2.2 -0.3 11.6 22 23 24 25 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements (2) 7 Credit market instruments 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 18 19 Equity in noncorporate business Miscellaneous assets (2) 20 21 22 23 24 25 26 27 Net increase in liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. Supplements 1994 125 Z.1, December 11, 2014 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 79.6 11.8 0.3 62.7 82.7 13.1 0.3 70.0 85.7 14.5 0.5 77.2 89.5 16.1 0.9 85.8 91.9 17.3 0.7 92.3 93.0 19.3 0.8 103.0 96.1 19.2 0.9 102.2 96.4 19.1 0.8 101.6 102.4 19.8 0.9 105.7 109.6 20.4 0.7 108.8 121.3 22.3 0.6 118.7 131.7 22.7 0.7 121.2 137.5 24.9 0.4 132.8 21 22 23 24 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 19 20 21 22 23 24 25 26 Liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) Supplements (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 126 Z.1, December 11, 2014 F.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 3 4 5 6 7 8 9 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 3885.0 1191.5 1057.1 346.3 15.7 989.0 137.2 171.1 -22.9 4077.6 1400.6 1102.6 349.6 16.7 922.2 135.6 174.7 -24.5 4301.0 1503.7 1132.0 422.7 18.0 955.8 132.3 161.8 -25.3 4788.6 1661.8 1162.4 440.2 19.2 1109.9 244.4 180.4 -29.6 4648.8 1636.8 1154.8 442.0 18.6 1096.0 152.8 175.5 -27.8 4896.0 1660.6 1152.2 425.9 18.6 1107.5 378.9 181.9 -29.6 4715.6 1661.5 1167.1 433.6 19.9 1113.2 173.5 177.0 -30.1 4894.1 1688.1 1175.7 459.3 19.6 1122.9 272.4 187.0 -31.0 4929.5 1711.8 1184.5 525.9 20.4 1152.2 187.3 178.5 -31.1 4965.6 1715.3 1197.9 570.3 17.8 1159.8 159.5 178.6 -33.6 5042.1 1739.9 1206.5 566.2 20.1 1168.9 142.6 234.2 -36.4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 5451.0 2522.2 2250.5 49.7 572.7 55.9 5537.6 2530.9 2274.8 55.6 616.4 60.1 5612.7 2549.7 2325.7 48.8 630.4 58.0 5662.9 2547.6 2391.1 46.4 617.7 60.2 5612.9 2543.6 2371.5 45.6 592.2 60.0 5678.4 2544.9 2381.0 49.6 641.6 61.1 5695.3 2555.9 2403.1 51.1 624.6 60.6 5665.0 2545.9 2408.7 39.2 612.3 58.9 5730.5 2564.5 2446.8 43.0 618.6 57.7 5791.3 2572.1 2487.2 2.6 671.9 57.5 5894.9 2616.7 2528.7 50.3 641.8 57.4 10 11 12 13 14 15 16 17 18 19 20 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers (2) -1566.0 458.1 -1.7 4.9 8.1 -1460.1 479.6 -0.4 4.4 7.6 -1311.7 496.0 -1.4 4.6 5.8 -874.3 506.4 -1.2 5.4 -13.2 -964.2 501.5 -1.7 5.3 -7.4 -782.3 504.5 -0.5 5.4 -11.8 -979.7 507.8 -2.7 5.4 -15.4 -770.9 511.8 0.0 5.4 -18.1 -801.0 515.2 -1.8 5.6 -13.4 -825.7 518.5 0.0 5.6 -13.6 -852.9 521.8 -0.4 5.6 -15.3 16 17 18 19 20 21 = Gross saving less net capital transfers -1119.3 -992.1 -824.7 -358.8 -458.8 -270.9 -459.2 -246.4 -276.2 -299.3 -321.0 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets -1062.1 651.8 9.6 -1021.3 637.9 8.3 -725.4 619.4 6.8 -332.8 596.3 6.5 -610.0 592.4 7.1 56.1 597.4 6.2 -568.0 598.7 5.3 -209.4 596.7 7.5 -359.8 574.6 7.3 -209.2 591.0 6.4 -556.1 591.0 1.6 22 23 24 -1723.5 348.1 1.6 154.5 -5.8 14.1 -1.1 -1667.6 -132.7 16.2 -241.0 15.3 3.7 -3.4 -1351.6 184.7 4.3 -2.7 19.7 8.0 6.8 -935.7 249.3 -3.3 76.3 11.9 4.7 4.2 -1209.5 314.4 3.3 0.6 14.5 15.0 12.3 -547.6 224.1 -1.0 122.1 -6.3 3.2 3.0 -1172.1 -43.7 -4.2 -164.8 29.3 -2.0 -1.1 -813.7 502.3 -11.2 347.2 10.2 2.5 2.5 -941.7 290.9 -4.0 -26.1 47.8 11.8 9.9 -806.7 -107.2 3.0 -101.5 -11.3 -23.1 -17.9 -1148.8 143.9 -9.6 92.5 39.3 -11.0 -8.3 25 26 27 28 29 30 31 143.2 13.2 -23.5 1.4 8.1 8.1 133.1 2.8 24.0 2.9 12.4 28.1 -25.8 1.6 -11.1 -125.0 0.4 -0.5 5.5 128.5 3.9 37.8 0.3 7.1 27.7 1.9 112.6 -5.9 -33.2 0.5 5.9 11.1 132.1 2.0 -9.9 1.7 7.2 29.9 7.2 108.4 -8.1 -13.8 0.2 2.4 8.1 113.1 6.7 -3.5 0.7 6.9 31.0 12.1 195.8 -2.6 18.5 1.1 13.1 25.0 132.4 8.3 1.9 3.6 -0.8 52.2 16.0 90.7 -9.0 -18.6 0.1 0.8 1.9 106.6 8.9 -2.3 0.2 20.9 0.3 -6.7 62.8 -11.6 -34.3 -0.4 -4.5 -0.9 107.0 7.4 -12.7 -1.2 4.4 28.7 17.1 84.6 -9.4 -20.9 0.0 0.1 6.5 106.2 2.0 -1.1 0.0 3.0 42.8 21.8 155.3 -5.0 6.9 0.8 9.8 14.8 121.2 6.9 4.7 2.7 9.7 57.2 21.9 -68.3 -20.4 -94.3 -2.1 -26.3 -29.4 104.7 -0.5 -15.0 -7.2 8.4 118.1 7.5 6.6 -14.8 -58.4 -1.1 -13.7 -13.4 110.0 -2.0 -11.5 -3.8 9.8 29.6 10.4 32 33 34 35 36 37 38 39 40 41 42 43 44 2071.6 0.0 0.0 -0.3 1641.1 -3.3 1575.0 0.7 68.7 0.0 43.7 0.9 386.2 1534.9 0.0 0.0 0.0 1046.1 -2.7 1101.3 1.1 -53.6 0.0 47.2 1.3 440.3 1536.3 0.0 0.0 0.0 1088.0 -2.8 1096.8 -0.4 -5.7 0.0 52.2 0.3 395.8 1185.0 0.0 0.0 -0.4 734.2 -3.3 777.3 -0.4 -39.4 0.0 56.1 0.3 394.8 1523.9 0.0 0.0 0.0 1075.4 -2.8 1023.1 -1.0 56.0 0.0 42.3 0.2 406.0 771.7 0.0 0.0 0.0 400.7 -3.6 407.7 1.3 -4.8 0.0 64.4 0.8 305.8 1128.4 0.0 0.0 -1.4 287.4 -3.4 400.1 0.5 -109.9 0.0 60.5 -0.5 782.4 1316.0 0.0 0.0 0.0 1173.3 -3.4 1278.2 -2.4 -99.1 0.0 57.2 0.5 84.9 1232.6 0.0 0.0 0.0 701.1 -3.3 745.3 -1.9 -39.0 0.0 44.2 -0.0 487.4 699.4 0.0 0.0 0.0 391.9 -3.0 359.7 0.1 35.2 0.0 72.5 0.6 234.4 1292.7 0.0 0.0 -1.0 847.4 -3.5 935.6 -0.7 -84.0 0.0 60.6 1.3 384.4 45 46 47 48 49 50 51 52 53 54 55 56 57 -57.2 29.2 -99.3 -26.0 151.2 -326.9 108.8 -37.0 83.6 -90.1 235.1 58 -2217.8 494.3 -1723.5 -2097.9 430.4 -1667.6 -1931.1 579.5 -1351.6 -1470.6 534.9 -935.7 -1556.5 347.0 -1209.5 -1379.8 832.2 -547.6 -1578.4 406.3 -1172.1 -1367.7 554.0 -813.7 -1375.6 433.9 -941.7 -1416.7 610.1 -806.7 -1443.9 295.1 -1148.8 59 60 61 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Supplements 2011 45 46 47 48 49 50 51 52 53 54 55 56 57 Net lending (+) or net borrowing (-) Net acquisition of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements Credit market instruments Open market paper Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (4) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments U.S. savings securities Treasury bills and other Treasury securities (4) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) 58 Discrepancy 59 60 61 Memo: Net govt. saving less fixed investment (6) Adjustment between NIPA and FOF (7) Items to be financed (8) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (2) Table F.9, line 60 less line 12. (3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (4) Excludes transactions with state and local governments. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Line 16 less line 23. (7) Line 17 less the sum of lines 18, 19, 20, 24, and 58. (8) Line 59 plus line 60. 127 Z.1, December 11, 2014 L.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets 2 3 4 5 6 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 3766.1 3582.9 3776.0 4041.9 3849.1 3921.8 3926.6 4041.9 4103.4 4066.3 4109.3 1 95.1 446.9 242.6 150.2 125.0 110.9 205.8 257.9 154.0 121.6 114.2 209.3 291.5 162.0 128.4 109.8 286.9 303.5 166.7 132.6 111.6 194.0 295.1 165.7 131.5 111.3 246.6 293.6 166.5 132.2 112.6 203.6 300.9 166.0 131.9 109.8 286.9 303.5 166.7 132.6 109.3 263.8 315.4 169.6 135.0 110.1 260.5 312.6 163.8 130.5 103.7 283.9 322.4 161.1 128.5 2 3 4 5 6 1774.9 1774.2 1884.8 1992.2 1943.1 1953.8 1981.4 1992.2 2041.6 2013.3 2026.5 7 102.1 663.1 12.9 165.5 310.1 356.2 165.1 91.0 538.1 13.2 164.9 313.3 484.7 169.0 85.1 505.0 13.7 170.8 322.4 616.8 171.0 77.0 491.2 13.9 173.2 329.4 729.8 177.7 84.4 509.6 14.0 174.1 328.3 659.5 173.1 82.2 505.0 14.0 174.3 328.5 674.6 175.3 79.3 496.4 13.9 173.1 328.0 713.5 177.2 77.0 491.2 13.9 173.2 329.4 729.8 177.7 75.7 492.9 14.1 175.6 333.0 770.9 179.4 70.6 469.3 13.6 169.1 325.4 786.0 179.3 66.9 454.7 13.3 165.6 321.9 825.2 178.8 8 9 10 11 12 13 14 15 16 Corporate equities Mutual fund shares 176.2 58.4 183.0 59.3 180.6 67.3 202.8 81.2 190.7 73.2 192.2 74.3 194.2 76.7 202.8 81.2 205.4 82.6 205.7 82.9 202.3 81.7 15 16 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 195.1 262.1 239.5 202.2 272.8 241.3 209.4 279.9 248.4 216.3 289.6 260.5 209.5 282.2 252.4 215.8 284.8 250.7 216.8 287.4 255.0 216.3 289.6 260.5 218.5 296.2 266.0 222.0 297.0 267.8 224.3 304.5 270.4 17 18 19 17254.9 18760.1 19977.2 20451.4 20187.0 20174.9 20299.4 20451.4 20818.1 20727.3 21075.7 20 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 52.9 5.2 25.9 53.1 5.2 25.9 54.2 5.2 25.6 54.4 5.2 25.6 54.6 5.2 25.6 54.6 5.2 25.6 54.6 5.2 25.3 21 22 23 11815.7 188.0 8580.0 24.2 3023.6 0.0 12861.9 185.3 9681.3 25.3 2970.0 0.0 13949.9 182.5 10778.2 24.9 2964.3 0.0 14684.1 179.2 11555.5 24.5 2924.9 0.0 14291.7 181.8 11106.4 24.6 2978.9 0.0 14263.0 181.0 11086.7 25.0 2970.4 0.0 14327.1 180.0 11185.0 25.1 2937.0 0.0 14684.1 179.2 11555.5 24.5 2924.9 0.0 14936.7 178.4 11818.9 24.0 2915.5 0.0 14902.5 177.7 11782.9 24.0 2918.0 0.0 15098.0 176.8 12005.6 23.9 2891.8 0.0 24 25 26 27 28 29 878.7 48.4 4426.6 925.9 49.7 4837.3 978.0 50.0 4913.9 1034.2 50.3 4597.7 996.0 50.1 4765.2 1014.5 50.2 4762.9 1028.0 50.1 4809.2 1034.2 50.3 4597.7 1052.9 50.3 4692.8 1072.6 50.4 4616.4 1086.2 50.7 4755.7 30 31 32 20 Total liabilities 21 22 23 SDR allocations SDR certificates Treasury currency 24 25 26 27 28 29 Credit market instruments U.S. savings securities Treasury bills and other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) Supplements (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 128 Z.1, December 11, 2014 F.115.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Net acquisition of financial assets 126.9 176.4 56.5 84.6 71.5 31.7 80.7 154.5 200.8 89.8 120.7 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements -2.0 -12.7 0.7 3.0 7.9 -0.8 1.4 -1.4 -1.6 -4.8 -5.9 -0.0 4.5 -27.4 -6.9 -38.7 -6.2 -0.5 36.2 10.0 5.4 -21.2 0.1 2.0 13.8 -5.4 -6.2 -6.1 -5.6 -1.9 14.9 1.5 0.5 2 3 4 5 Credit market instruments 111.7 122.4 37.9 70.1 47.7 72.3 43.7 116.6 135.4 103.2 102.3 5 -12.0 15.2 -5.6 -12.6 10.3 -1.5 15.9 1.3 -4.9 1.4 -11.3 -6.6 -11.5 -18.3 -5.2 -6.2 -10.8 -5.4 3.5 -8.0 -10.9 19.7 -8.2 -4.7 6.6 13.0 -10.0 -13.3 11.5 -11.4 -13.9 8.0 -16.1 6 7 8 39.5 83.4 -0.2 -8.6 9.2 93.3 7.9 15.8 9.0 1.6 1.9 13.1 9.2 57.0 3.5 16.9 9.6 72.5 -3.3 3.9 9.7 64.3 6.9 13.9 7.2 25.1 3.5 23.3 10.3 66.1 7.0 26.4 8.3 96.6 8.0 12.8 10.8 84.5 5.5 15.7 4.0 96.8 8.0 15.6 9 10 11 12 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 4.0 -0.1 0.3 0.7 -2.5 0.2 0.8 -0.2 -9.3 -0.7 6.5 -0.1 -15.6 0.0 21.7 0.0 2.7 0.0 8.7 0.0 1.3 0.0 13 14 15 16 U.S. direct investment abroad Miscellaneous assets 1.9 23.4 3.3 39.7 5.2 17.3 1.2 23.4 0.1 63.5 4.1 -5.6 -0.5 1.4 1.0 34.2 -0.3 60.8 -4.3 -4.2 -4.3 4.4 15 16 17 91.2 151.2 17.8 68.7 46.8 38.2 86.8 102.8 157.3 58.9 99.9 17 18 19 20 Net increase in liabilities Security repurchase agreements Corporate equity issues Other loans and advances -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -9.2 7.8 0.5 -6.6 5.2 0.6 -9.7 6.5 -1.8 -10.7 -2.9 -2.5 -9.6 22.5 0.8 -14.3 7.7 -0.5 -11.8 8.0 1.9 -14.0 13.7 18 19 20 21 22 Life insurance reserves Pension entitlements (1) 32.0 21.0 73.0 36.4 -6.2 9.7 28.3 21.6 10.1 47.6 26.5 8.6 44.3 15.7 32.4 14.4 62.7 59.9 4.4 -14.4 36.3 50.5 21 22 23 24 Taxes payable (net) Foreign direct investment in U.S. 2.6 6.3 5.2 -5.4 -4.6 1.4 -2.3 5.1 -0.6 6.4 -6.7 10.4 0.0 6.8 -1.8 -3.3 5.0 5.8 -1.0 13.1 -3.4 15.2 23 24 25 Miscellaneous liabilities 39.5 51.6 19.5 18.1 -15.7 2.1 35.3 50.8 29.7 61.0 -0.4 25 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 25). F.115.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 54.6 52.6 70.5 18.1 25.4 -10.3 35.2 21.9 24.3 110.7 18.8 1 2 Checkable deposits and currency 3.0 -0.9 1.3 -4.4 -4.7 -4.6 -4.3 -4.1 -2.1 -2.1 -2.1 2 3 Credit market instruments 39.9 3.0 36.4 7.3 6.8 7.1 7.5 7.8 -2.0 -2.0 -2.0 3 3.1 8.0 9.6 1.4 8.5 -0.0 -2.0 4.2 -8.5 1.8 -0.9 -0.2 1.7 -0.9 -0.2 1.8 -0.9 -0.2 1.8 -0.9 -0.2 1.8 -0.9 -0.2 0.5 0.8 -7.9 0.5 0.8 -7.9 0.5 0.8 -7.9 4 5 6 -0.3 19.5 -0.0 -0.0 0.2 -6.2 -0.0 -0.8 0.7 43.3 -0.1 -1.1 0.9 3.8 0.0 1.9 0.9 3.6 0.0 1.8 0.9 3.8 0.0 1.9 1.0 3.9 0.0 2.0 1.0 4.1 0.0 2.0 0.9 3.2 0.0 0.5 0.9 3.2 0.0 0.5 0.9 3.2 0.0 0.5 7 8 9 10 41.6 1.1 37.5 0.4 17.7 1.1 12.6 1.5 12.1 2.0 12.7 1.4 12.8 1.4 12.8 1.4 28.6 1.4 28.6 1.4 28.6 1.4 11 12 -31.0 12.7 13.9 1.0 9.2 -26.9 17.9 4.0 -1.7 84.8 -7.1 13 Supplements 4 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 11 12 Corporate equities Mutual fund shares 13 Miscellaneous assets 14 Net increase in liabilities 53.8 52.5 72.7 18.5 27.5 -10.9 35.7 21.6 24.3 110.9 18.0 14 15 16 17 Life insurance reserves Pension entitlements (1) Miscellaneous liabilities -18.4 51.0 21.1 6.9 49.2 -3.6 -5.9 70.8 7.8 1.4 16.3 0.7 1.4 29.0 -2.9 1.4 17.1 -29.4 1.4 10.5 23.8 1.4 8.8 11.4 1.9 6.3 16.1 12.2 76.8 21.9 2.7 8.9 6.4 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 17). 129 Z.1, December 11, 2014 L.115.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 16 U.S. direct investment abroad Miscellaneous assets 17 Total liabilities 18 19 Security repurchase agreements Other loans and advances 20 21 22 23 Life insurance reserves Pension entitlements (1) Taxes payable (net) Foreign direct investment in U.S. 24 Miscellaneous liabilities 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 3335.5 3512.5 3570.3 3657.0 3591.0 3599.7 3630.2 3657.0 3708.5 3734.6 3770.0 1 32.4 21.0 10.9 35.3 28.8 10.1 36.7 27.5 8.5 31.9 21.6 8.5 37.8 20.6 6.8 28.1 19.1 6.6 37.2 21.6 8.0 31.9 21.6 8.5 35.4 20.2 6.9 33.8 18.8 6.5 37.6 19.2 6.6 2 3 4 2887.0 3009.3 3047.3 3117.3 3056.1 3076.2 3092.4 3117.3 3147.6 3175.6 3206.9 5 21.2 128.9 283.5 8.6 139.2 282.0 24.5 140.5 277.1 25.9 129.2 270.5 19.8 135.9 275.8 19.7 133.2 274.4 24.0 131.2 271.7 25.9 129.2 270.5 25.2 132.4 268.0 23.5 135.3 265.1 23.9 137.3 261.1 6 7 8 108.3 1897.7 140.2 307.1 117.5 1991.0 148.1 322.9 126.6 1992.6 150.0 336.0 135.7 2049.6 153.6 352.8 129.0 2010.8 149.2 335.7 131.4 2026.8 150.9 339.7 133.2 2033.1 151.8 347.4 135.7 2049.6 153.6 352.8 137.8 2073.8 155.6 354.7 140.5 2094.9 156.9 359.3 141.5 2119.1 158.9 365.0 9 10 11 12 74.3 2.6 75.3 3.1 74.0 3.4 76.5 3.7 75.2 3.4 76.0 3.4 77.3 3.5 76.5 3.7 79.2 3.7 83.3 3.8 83.1 3.7 13 14 46.3 261.2 54.2 296.3 67.0 305.9 65.5 332.0 67.0 324.0 68.0 322.2 67.9 322.4 65.5 332.0 65.4 350.1 64.3 348.5 63.2 349.6 15 16 3007.6 3170.3 3198.0 3275.9 3211.4 3223.4 3247.8 3275.9 3318.8 3336.5 3364.9 17 10.3 45.1 10.4 46.8 13.5 51.6 12.7 59.4 13.7 52.9 13.8 54.5 13.4 53.8 12.7 59.4 12.9 61.3 12.8 63.3 13.3 66.8 18 19 1001.5 1012.1 -28.8 84.3 1074.5 1048.5 -23.6 103.6 1068.3 1058.3 -28.3 106.0 1096.6 1079.8 -30.5 97.7 1070.8 1070.2 -28.4 107.6 1077.4 1072.3 -30.1 110.2 1088.5 1076.2 -30.1 111.9 1096.6 1079.8 -30.5 97.7 1112.3 1094.8 -29.3 99.1 1113.4 1091.2 -29.5 102.4 1122.4 1103.8 -30.4 106.2 20 21 22 23 883.2 910.1 928.6 960.2 924.7 925.2 934.1 960.2 967.6 982.9 982.8 24 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24). L.115.s Life Insurance Companies: Separate Accounts 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Corporate equities Mutual fund shares Miscellaneous assets Total liabilities Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 1832.4 1827.6 2044.4 2320.3 2147.6 2151.1 2226.8 2320.3 2340.9 2410.4 2375.0 1 19.3 18.4 19.7 15.3 18.5 17.4 16.3 15.3 14.7 14.2 13.7 2 287.3 290.2 326.6 333.9 328.3 330.1 332.0 333.9 333.4 332.9 332.4 3 19.7 27.7 92.4 21.1 36.2 92.4 19.1 40.4 83.8 20.9 39.5 83.6 19.5 40.1 83.8 20.0 39.9 83.7 20.4 39.7 83.7 20.9 39.5 83.6 21.0 39.7 81.6 21.1 39.9 79.6 21.3 40.1 77.7 4 5 6 4.0 132.5 0.5 10.3 4.3 126.2 0.5 9.6 4.9 169.6 0.4 8.5 5.9 173.4 0.4 10.4 5.2 170.5 0.4 8.9 5.4 171.4 0.4 9.4 5.6 172.4 0.4 9.8 5.9 173.4 0.4 10.4 6.1 174.2 0.4 10.5 6.3 175.0 0.4 10.6 6.5 175.8 0.4 10.7 7 8 9 10 1328.2 153.1 1314.9 147.0 1471.0 155.9 1717.9 181.1 1563.1 164.2 1571.5 165.4 1635.0 172.4 1717.9 181.1 1739.2 181.9 1784.7 185.7 1754.8 182.9 11 12 44.5 57.2 71.1 72.1 73.4 66.7 71.1 72.1 71.7 92.9 91.1 13 1836.6 1831.9 2050.8 2327.0 2154.5 2157.8 2233.7 2327.0 2347.6 2417.0 2381.5 14 228.4 1329.2 279.0 227.8 1334.7 269.4 240.7 1517.1 292.9 269.7 1735.6 321.7 249.3 1601.5 303.7 250.7 1609.7 297.4 258.8 1665.3 309.7 269.7 1735.6 321.7 271.9 1748.4 327.3 279.9 1799.8 337.3 275.8 1768.3 337.4 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 17). Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 130 Z.1, December 11, 2014 F.117.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 47.5 46.6 24.8 18.8 12.2 13.2 19.0 30.8 30.8 30.8 30.8 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 2.7 -0.2 -5.1 -0.2 1.8 1.2 -0.3 0.0 -1.0 -3.3 -4.0 -0.3 -0.2 -0.7 -0.8 -0.1 0.0 0.1 0.1 0.0 -0.4 -1.2 -1.5 -0.1 -0.6 -1.8 -1.9 -0.1 0.1 0.2 0.2 0.0 0.6 1.8 -0.7 0.2 0.9 2.9 3.3 0.3 -0.4 -1.3 -1.5 -0.1 2 3 4 5 6 Credit market instruments 71.7 78.0 83.8 35.2 8.2 37.1 47.3 48.3 -3.7 65.8 19.1 6 -1.0 7.4 2.7 61.4 1.2 1.1 19.3 14.3 45.8 -2.4 -3.6 15.9 11.0 60.7 -0.1 -3.8 24.8 9.8 6.9 -2.4 0.1 35.7 9.0 -34.6 -2.1 -1.3 29.3 9.3 2.3 -2.4 -7.4 18.1 10.1 28.9 -2.4 -6.7 15.9 10.8 30.9 -2.6 2.2 10.1 -1.1 -13.0 -1.9 2.8 14.6 12.4 33.5 2.6 -1.3 16.6 -4.1 5.8 2.0 7 8 9 10 11 7 8 9 10 11 Net acquisition of financial assets (1) 2011 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares -4.1 -10.8 -65.4 12.5 -11.0 -46.4 -21.7 -7.9 -1.1 14.1 -23.2 -8.0 -25.5 -8.8 -37.0 -28.9 -4.8 -1.6 -22.6 -13.3 -24.4 -8.4 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other -6.2 -8.2 13.4 -20.7 9.3 18.8 12.7 1.7 -16.8 21.2 7.1 -9.5 -12.4 8.4 20.6 14.9 -0.3 -0.8 12.1 4.0 -9.2 1.0 0.9 -5.1 -6.0 10.5 -0.5 -0.0 -4.7 15.7 10.4 1.2 -0.6 7.0 2.8 48.0 -3.0 -3.5 51.2 3.3 39.1 1.2 -0.2 8.2 29.9 -6.6 4.8 2.1 -47.1 33.6 47.8 4.5 -0.5 31.9 12.0 14 15 16 17 18 47.5 46.6 24.9 18.8 12.2 13.2 19.0 30.8 30.8 30.8 30.8 19 19 Net increase in pension entitlements (liabilities) (4) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. F.117.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 3 4 5 6 Supplements 7 8 9 10 11 130.4 49.0 89.2 103.4 68.1 118.5 115.4 111.4 95.1 130.5 107.0 1 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -0.5 -0.4 -5.1 0.0 3.8 0.4 16.8 0.0 -0.7 -0.6 -13.1 0.0 0.4 0.4 2.9 0.0 1.1 0.6 15.6 0.0 2.0 0.3 -0.9 0.0 -0.7 0.5 -4.0 0.0 -1.0 0.3 1.0 0.0 0.5 0.0 -5.4 0.0 2.4 0.2 8.0 0.0 0.5 0.1 -6.7 0.0 2 3 4 5 Credit market instruments 48.9 -4.4 62.8 14.6 20.0 53.4 -5.7 -9.3 -4.4 13.0 26.4 6 -1.0 23.9 3.8 20.7 1.6 1.4 7.7 -10.0 -1.2 -2.2 -1.2 28.4 11.2 23.2 1.3 0.5 11.3 5.4 -1.6 -1.0 2.4 11.8 5.0 2.2 -1.3 0.2 22.6 7.3 24.2 -0.9 -0.4 3.7 4.2 -12.0 -1.1 -0.3 7.2 5.3 -20.8 -0.7 1.9 4.8 -4.3 -5.8 -1.0 -0.1 4.0 3.9 4.2 0.9 1.0 8.9 -2.6 17.1 2.0 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 26.8 45.8 5.2 -4.2 -7.6 20.2 22.1 35.6 23.1 31.3 23.8 22.9 13.1 47.1 28.5 41.2 20.8 29.6 24.4 36.0 -3.1 54.4 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 14.8 7.9 2.0 4.9 31.4 8.0 1.3 22.2 28.1 14.5 0.1 13.5 27.4 11.2 0.2 16.0 -23.5 -11.2 0.4 -12.7 17.0 4.9 0.4 11.8 65.1 22.2 -0.3 43.2 50.8 28.8 0.5 21.5 54.1 22.0 -0.6 32.7 46.4 17.5 -0.2 29.1 35.4 9.1 4.1 22.2 14 15 16 17 130.4 49.0 89.2 103.4 68.1 118.5 115.4 111.4 95.1 130.5 107.0 18 18 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. F.226.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 51.8 208.0 101.0 -141.3 -384.2 -110.8 249.1 -319.4 136.0 102.5 ND 1 26.6 3.0 12.3 -24.0 125.5 -91.7 20.3 1.2 16.3 9.0 41.4 119.7 24.4 1.4 16.2 6.0 82.3 -29.4 -0.4 -0.7 6.1 13.0 105.5 -264.8 -15.4 0.1 15.8 -20.0 180.4 -545.1 38.4 0.1 1.0 60.0 -21.5 -188.9 2.3 -0.1 5.1 24.0 117.1 100.6 -26.9 -2.8 2.4 -12.0 145.9 -426.0 -27.0 -1.2 12.5 -16.0 117.8 50.0 -6.9 -1.5 14.4 -16.0 175.3 -62.7 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (F.100). IRA assets are not included in pension entitlements (table F.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5). 131 Z.1, December 11, 2014 L.117.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets (1) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 19 Pension entitlements (liabilities) (4) 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2835.7 2947.1 3017.8 3068.5 3028.8 3040.1 3052.8 3068.5 3076.2 3083.9 3091.6 1 7.7 27.5 34.7 2.7 9.5 28.7 34.3 2.7 8.4 25.4 30.3 2.4 8.2 24.7 29.6 2.3 8.4 25.4 30.4 2.4 8.3 25.1 30.0 2.4 8.2 24.6 29.5 2.3 8.2 24.7 29.6 2.3 8.4 25.1 29.4 2.4 8.6 25.8 30.2 2.4 8.5 25.5 29.9 2.4 2 3 4 5 615.1 693.2 777.0 812.2 779.0 788.3 800.1 812.2 811.3 827.7 832.5 6 30.2 119.4 119.0 328.3 18.2 31.3 138.8 133.3 374.1 15.8 27.6 154.7 144.3 434.7 15.7 23.8 179.5 154.1 441.6 13.3 27.7 163.6 146.5 426.1 15.1 27.3 170.9 148.8 426.6 14.5 25.5 175.5 151.4 433.9 13.9 23.8 179.5 154.1 441.6 13.3 24.4 182.0 153.8 438.3 12.8 25.0 185.6 156.9 446.7 13.4 24.7 189.8 155.9 448.2 14.0 7 8 9 10 11 1010.7 349.8 929.5 356.6 1048.0 359.3 1247.0 427.5 1121.0 387.9 1132.1 391.8 1185.1 410.1 1247.0 427.5 1267.6 434.6 1306.3 446.5 1293.3 442.0 12 13 787.5 53.0 63.1 446.5 224.8 892.6 64.5 64.8 517.2 246.0 767.0 58.2 52.4 389.8 266.6 517.0 63.4 51.6 131.4 270.6 674.2 60.7 52.7 295.7 265.1 662.2 60.8 52.6 279.6 269.1 592.7 62.3 52.5 208.2 269.8 517.0 63.4 51.6 131.4 270.6 497.5 64.0 51.6 103.8 278.1 436.3 66.1 52.1 31.7 286.5 457.6 66.5 52.0 49.7 289.5 14 15 16 17 18 2872.2 2983.7 3054.3 3105.0 3065.3 3076.6 3089.3 3105.0 3112.7 3120.4 3128.1 19 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.117.c Private Pension Funds: Defined Contribution Plans (1) 1 Total financial assets 3777.8 3769.7 4223.7 5037.2 4510.6 4599.0 4795.9 5037.2 5118.4 5282.4 5290.9 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 4.8 3.9 101.7 0.0 8.6 4.3 118.5 0.0 7.9 3.7 105.4 0.0 8.3 4.1 108.3 0.0 8.2 3.9 109.3 0.0 8.7 3.9 109.1 0.0 8.5 4.1 108.1 0.0 8.3 4.1 108.3 0.0 8.4 4.1 107.0 0.0 9.0 4.2 109.0 0.0 9.1 4.2 107.3 0.0 2 3 4 5 6 Credit market instruments 280.8 276.4 339.2 353.8 344.2 357.5 356.1 353.8 352.7 355.9 362.5 6 10.0 87.4 65.0 110.2 8.3 11.3 95.1 54.9 108.9 6.1 10.1 123.5 66.1 132.1 7.4 10.5 134.9 71.5 130.5 6.4 10.7 126.5 67.3 132.6 7.1 10.7 132.1 69.2 138.7 6.8 10.6 133.1 70.2 135.7 6.6 10.5 134.9 71.5 130.5 6.4 11.0 136.1 70.5 129.0 6.1 11.0 137.1 71.4 130.0 6.4 11.3 139.3 70.8 134.3 6.9 7 8 9 10 11 838.4 1799.1 821.6 1763.9 925.7 2026.3 1156.9 2542.8 1014.6 2212.6 1035.6 2261.3 1085.6 2389.9 1156.9 2542.8 1177.1 2591.5 1221.8 2690.1 1210.6 2696.6 12 13 749.1 416.4 27.7 305.1 776.3 420.1 29.0 327.3 815.5 445.7 29.0 340.8 863.0 477.0 29.3 356.7 817.8 451.1 29.1 337.6 822.9 453.1 29.2 340.6 843.6 463.1 29.1 351.4 863.0 477.0 29.3 356.7 877.6 483.6 29.1 364.9 892.5 491.2 29.0 372.2 900.5 492.6 30.1 377.7 14 15 16 17 3777.8 3769.7 4223.7 5037.2 4510.6 4599.0 4795.9 5037.2 5118.4 5282.4 5290.9 18 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 18 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted L.226.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 5029.0 5241.0 5830.0 6840.0 6143.0 6209.0 6505.0 6840.0 6944.0 7171.0 ND 1 383.3 77.2 440.0 202.0 1945.0 1981.5 403.6 78.4 449.0 211.0 1905.0 2193.9 428.0 79.9 484.0 217.0 2160.0 2461.1 427.6 79.2 524.0 230.0 2625.0 2954.2 424.2 79.9 501.0 212.0 2313.0 2613.0 433.8 79.9 502.0 227.0 2325.0 2641.3 434.4 79.9 512.0 233.0 2460.0 2785.8 427.6 79.2 524.0 230.0 2625.0 2954.2 420.9 78.9 529.0 226.0 2682.0 3007.2 419.2 78.5 538.0 222.0 2795.0 3118.3 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension entitlements (table L.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5). 132 Z.1, December 11, 2014 F.118.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 220.7 215.2 208.3 202.8 201.5 202.6 203.9 203.1 203.1 203.1 203.1 1 2 3 Checkable deposits and currency Time and savings deposits 0.5 5.9 0.2 2.8 -0.1 -0.3 0.9 7.7 0.6 5.0 0.3 2.6 0.4 3.8 2.2 19.3 -1.7 -15.1 -1.6 -13.8 -1.4 -12.7 2 3 4 5 Money market fund shares Security repurchase agreements 2.3 0.3 -1.4 0.1 -3.1 -0.1 8.1 0.7 5.3 0.4 2.8 0.2 4.0 0.3 20.3 1.7 -15.9 -1.3 -14.6 -1.2 -13.4 -1.1 4 5 6 Credit market instruments 19.2 12.4 6.6 64.7 40.8 114.9 14.8 88.3 62.8 239.5 108.0 6 5.7 7.8 1.1 2.4 9.2 13.2 -0.7 18.8 21.4 8.2 16.1 13.6 5.4 17.5 15.9 2.8 30.6 27.6 4.1 12.4 6.8 20.6 4.1 4.2 -16.2 20.6 13.1 -14.8 108.8 37.3 -13.5 55.0 12.7 7 8 9 0.7 4.4 -0.4 -0.7 -11.5 -0.1 -0.9 -31.3 -0.7 -0.1 29.5 -2.6 -0.3 4.5 -2.2 -0.2 56.2 -1.9 -0.3 -6.1 -2.0 0.3 63.3 -4.2 -0.7 36.3 9.6 -0.0 103.7 4.6 -0.2 44.7 9.3 10 11 12 7 8 9 10 11 12 Net acquisition of financial assets (1) 2011 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 13 14 Corporate equities Mutual fund shares -80.6 -18.2 -56.2 -61.0 -44.1 -50.1 -170.7 -11.7 -160.0 -10.1 -141.7 -8.9 -141.9 -9.0 -239.3 -19.0 -240.5 -23.2 -129.1 -11.6 -187.7 -15.7 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 291.2 275.5 15.7 318.3 316.6 1.7 299.6 300.1 -0.5 303.2 289.9 13.3 319.5 305.9 13.6 232.5 218.3 14.2 331.3 316.2 15.1 329.6 319.3 10.3 438.2 408.2 30.0 135.5 112.7 22.8 327.1 302.9 24.2 15 16 17 220.7 215.2 208.4 202.9 201.6 202.8 204.1 203.3 203.3 203.3 203.3 18 18 Pension entitlements (liabilities) (3) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. F.118.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 23.6 -11.2 -7.4 22.3 1.9 25.9 25.0 36.6 23.0 38.6 58.4 1 2 3 Checkable deposits and currency Time and savings deposits 0.0 -0.5 0.2 -0.4 0.4 -0.3 -0.2 0.3 0.0 0.2 2.2 -0.1 -0.3 1.2 -2.7 -0.1 0.0 -0.3 3.0 -0.1 0.1 -0.2 2 3 4 5 Money market fund shares Security repurchase agreements 0.0 0.0 0.4 0.0 -0.4 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 -1.3 0.0 1.4 0.0 -3.1 0.0 4 5 6 Credit market instruments Supplements 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 Corporate equities Mutual fund shares 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 3.1 2.0 1.4 -1.8 -0.1 0.4 -4.1 -3.6 -1.4 1.5 0.2 6 -1.2 2.8 -0.2 0.1 1.6 -0.3 2.4 -0.8 0.0 0.7 -0.6 0.3 -0.5 0.2 2.0 0.6 -2.9 -0.1 0.4 0.1 2.0 0.1 -0.9 -0.0 -1.2 -0.7 -3.2 0.6 1.5 2.3 3.1 -4.3 -0.5 -0.0 -2.3 -1.8 -4.0 0.4 -0.0 1.8 2.2 0.2 -4.1 -0.1 0.4 -1.0 -0.8 2.6 0.1 0.6 1.0 -1.7 -1.3 0.3 2.0 7 8 9 10 11 2.0 4.8 2.7 -5.4 -2.0 0.5 13.9 2.3 12.2 12.5 22.1 -2.4 5.8 2.1 15.4 -2.9 16.4 5.7 13.4 0.0 16.9 39.6 12 13 14.2 14.2 0.1 -10.8 -10.7 -0.0 -6.9 -6.9 -0.0 7.1 6.3 0.8 -22.9 -22.9 0.0 3.7 2.1 1.5 20.2 20.4 -0.2 27.5 25.5 2.0 3.9 3.8 0.1 19.4 16.1 3.3 4.9 4.8 0.1 14 15 16 23.6 -11.2 -7.4 22.3 1.9 25.9 25.0 36.6 23.0 38.6 58.4 17 133 Z.1, December 11, 2014 L.118.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 4302.2 4493.4 4637.3 4721.7 4657.5 4682.4 4702.7 4721.7 4771.8 4816.1 4860.1 1 2 3 Checkable deposits and currency Time and savings deposits 4.1 34.6 4.3 37.4 4.2 37.1 5.0 44.8 4.3 38.4 4.4 39.0 4.5 40.0 5.0 44.8 4.6 41.0 4.2 37.6 3.9 34.4 2 3 4 5 Money market fund shares Security repurchase agreements 43.5 3.4 42.2 3.4 39.1 3.3 47.2 3.9 40.4 3.4 41.1 3.4 42.1 3.5 47.2 3.9 43.2 3.6 39.6 3.3 36.2 3.0 4 5 6 Credit market instruments 761.6 774.1 780.6 845.3 790.8 819.6 823.3 845.3 861.0 920.9 947.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 38.0 159.3 159.8 40.3 168.5 172.9 39.6 187.3 194.3 47.9 203.4 207.9 41.0 191.6 198.3 41.7 199.3 205.2 42.7 202.4 206.9 47.9 203.4 207.9 43.8 208.5 211.2 40.1 235.7 220.5 36.7 249.5 223.7 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 2.1 390.6 11.9 1.4 379.0 11.9 0.5 347.7 11.2 0.4 377.2 8.6 0.4 348.8 10.7 0.4 362.9 10.2 0.3 361.4 9.7 0.4 377.2 8.6 0.2 386.3 11.0 0.2 412.2 12.1 0.2 423.4 14.5 10 11 12 7 8 9 10 11 12 Total financial assets (1) 2011 13 14 Corporate equities Mutual fund shares 1793.6 217.0 1728.8 152.2 1926.9 121.6 2309.4 146.4 2089.7 131.9 2102.1 132.7 2185.3 138.0 2309.4 146.4 2276.1 142.8 2360.6 147.6 2267.6 142.9 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 1444.4 1343.4 101.0 1751.1 1648.3 102.7 1724.5 1622.2 102.2 1319.6 1204.1 115.5 1558.6 1452.9 105.6 1540.1 1430.9 109.2 1466.0 1353.1 113.0 1319.6 1204.1 115.5 1399.3 1276.3 123.0 1302.3 1173.6 128.7 1424.2 1289.5 134.8 15 16 17 4408.7 4604.1 4762.4 4862.9 4787.2 4812.3 4837.7 4862.9 4913.7 4964.5 5015.4 18 18 Pension entitlements (liabilities) (3) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. L.118.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) 1 476.3 441.1 460.2 526.9 477.0 479.1 500.3 526.9 530.9 547.1 551.5 1 2 3 Checkable deposits and currency Time and savings deposits 0.1 1.0 0.3 0.7 0.6 0.3 0.4 0.6 0.6 0.4 1.2 0.4 1.1 0.7 0.4 0.6 0.4 0.6 1.2 0.5 1.2 0.5 2 3 4 5 Money market fund shares Security repurchase agreements 0.0 0.0 0.4 0.0 0.0 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.0 0.4 0.0 0.8 0.0 0.0 0.0 4 5 6 Credit market instruments 33.7 35.7 37.1 35.3 37.1 37.2 36.1 35.3 34.9 35.3 35.3 6 3.9 13.3 9.9 0.2 6.4 3.7 15.7 9.1 0.2 7.1 3.0 16.0 8.6 0.4 9.1 3.6 13.1 8.4 0.8 9.2 3.5 16.0 8.3 0.4 8.8 3.3 15.2 8.5 0.8 9.4 4.1 14.1 8.4 0.8 8.8 3.6 13.1 8.4 0.8 9.2 4.2 13.2 7.4 0.8 9.3 3.9 13.0 8.1 0.8 9.5 4.2 12.6 7.8 0.8 10.0 7 8 9 10 11 7 8 9 10 11 Total financial assets Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 Corporate equities Mutual fund shares 136.5 153.1 121.8 141.8 132.0 155.0 162.0 183.0 142.7 165.9 142.6 166.5 150.7 174.6 162.0 183.0 162.3 186.4 167.1 191.2 164.2 197.9 12 13 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other 151.9 151.5 0.4 140.5 140.1 0.4 135.1 134.7 0.3 144.8 143.6 1.2 130.3 130.0 0.3 131.3 130.6 0.7 137.0 136.3 0.7 144.8 143.6 1.2 145.9 144.7 1.2 151.1 149.1 2.0 152.4 150.3 2.1 14 15 16 476.3 441.1 460.2 526.9 477.0 479.1 500.3 526.9 530.9 547.1 551.5 17 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 134 Z.1, December 11, 2014 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 3 4 5 Net acquisition of financial assets (2) Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 84.2 90.0 88.6 89.9 86.5 88.7 90.6 93.9 92.7 93.4 93.0 1 -0.8 0.3 -0.0 -0.0 -0.7 -0.5 1.5 -0.3 -0.7 -0.4 -0.6 2 -0.2 -0.2 -0.3 -0.3 -0.2 0.8 -0.3 -0.2 0.4 -0.0 -0.0 0.1 -0.2 -0.1 -0.5 -0.1 -0.0 -0.3 0.2 0.0 1.3 -0.1 -0.0 -0.2 -0.2 -0.1 -0.5 -0.1 -0.0 -0.3 -0.1 -0.0 -0.4 3 4 5 6 Corporate equities -0.9 -1.9 -2.0 -1.5 -1.3 -0.9 -3.2 -0.5 -1.3 -0.8 -1.1 6 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 85.9 65.7 20.2 91.6 70.8 20.8 90.7 40.4 50.3 91.4 98.2 -6.8 88.5 172.5 -84.0 90.1 -308.1 398.2 92.4 -63.5 155.9 94.7 592.0 -497.3 94.7 74.9 19.8 94.7 52.6 42.1 94.7 79.9 14.7 7 8 9 84.2 90.0 88.6 89.9 86.5 88.7 90.6 93.9 92.7 93.4 93.0 10 10 Pension entitlements (liabilities) (5) (1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 Net acquisition of financial assets Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Claims of pension fund on sponsor (misc. assets) (3) Pension entitlements (liabilities) 18.0 23.0 13.3 20.0 4.3 -33.6 18.0 91.3 11.6 25.2 10.4 0.8 0.5 23.7 0.9 0.6 6.3 -2.3 15.4 9.4 -13.3 -43.8 -382.8 12.4 1.7 1.3 12.5 -1.7 -1.4 -9.3 -2.2 -1.8 -40.5 -1.8 -1.5 -379.5 -1.8 -1.5 -2.1 10.6 17.6 10.2 10.4 28.6 1 477.7 6.8 9.9 21.2 2 479.2 -0.8 -0.7 12.2 -2.8 -2.7 8.4 0.7 0.7 21.2 -0.0 -0.0 3 4 5 -6.0 20.5 8.5 0.5 7.4 6 0.0 0.0 0.0 0.0 0.0 0.0 406.8 -406.8 0.0 0.0 0.0 7 18.0 23.0 13.3 20.0 4.3 -33.6 18.0 91.3 15.3 10.4 28.6 8 (1) Thrift Savings Plan. (2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. Supplements 15.3 135 Z.1, December 11, 2014 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 Total financial assets (2) Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 Pension entitlements (liabilities) (5) 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 2894.8 2980.8 3070.0 3161.7 3092.4 3114.5 3137.5 3161.7 3185.1 3208.9 3232.1 1 5.8 6.1 6.1 6.1 5.9 5.8 6.1 6.1 5.9 5.8 5.7 2 2.1 0.9 2.9 1.7 0.7 3.7 1.5 0.5 4.1 1.4 0.5 4.1 1.4 0.5 4.0 1.4 0.5 3.9 1.4 0.5 4.2 1.4 0.5 4.1 1.4 0.5 4.0 1.4 0.5 4.0 1.3 0.5 3.9 3 4 5 12.4 10.4 9.8 11.2 10.5 10.5 10.3 11.2 11.0 11.3 11.0 6 2876.6 1142.9 1733.7 2964.3 1213.7 1750.7 3054.1 1254.1 1800.0 3144.5 1352.3 1792.1 3076.0 1265.5 1810.4 3098.2 1178.4 1919.9 3121.1 1161.5 1959.5 3144.5 1352.3 1792.1 3168.1 1339.7 1828.4 3191.8 1342.6 1849.3 3215.5 1361.8 1853.7 7 8 9 2894.8 2980.8 3070.0 3161.7 3092.4 3114.5 3137.5 3161.7 3185.1 3208.9 3232.1 10 (1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Claims of pension fund on sponsor (misc. assets) (3) Pension entitlements (liabilities) 264.5 285.2 314.9 381.0 330.5 325.6 342.5 381.0 388.5 400.7 409.3 1 136.0 161.2 176.6 186.0 173.3 162.3 66.6 186.0 187.7 190.2 195.5 2 128.0 4.9 3.0 151.7 5.8 3.7 164.1 7.5 5.0 176.6 5.9 3.6 161.8 7.0 4.5 151.7 6.5 4.1 56.8 6.1 3.8 176.6 5.9 3.6 179.6 5.2 2.9 181.7 5.4 3.1 187.1 5.3 3.1 3 4 5 128.5 124.0 138.3 195.0 157.3 163.3 174.2 195.0 200.8 210.5 213.8 6 0.0 0.0 0.0 0.0 0.0 0.0 101.7 0.0 0.0 0.0 0.0 7 264.5 285.2 314.9 381.0 330.5 325.6 342.5 381.0 388.5 400.7 409.3 8 Supplements (1) Thrift Savings Plan. (2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 136 Z.1, December 11, 2014 F.127.e Equity Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 1 Net acquisition of financial assets -0.8 8.1 14.1 13.3 -5.3 19.9 24.8 13.6 30.4 43.9 -6.7 1 2 Checkable deposits and currency -4.1 -2.3 4.1 1.0 -2.8 7.0 19.1 -19.1 -3.6 15.4 -0.8 2 3 Credit market instruments 0.7 2.3 1.5 -1.9 -11.2 1.4 -0.3 2.4 3.9 2.4 -0.2 3 4 Corporate and foreign bonds 0.4 -0.6 -0.2 -1.8 -4.0 -0.3 -1.0 -2.0 0.4 1.4 -0.4 4 5 6 7 8 Mortgages Home Multifamily residential Commercial 0.4 0.0 0.0 0.3 2.9 0.1 -0.0 2.9 1.6 0.0 0.1 1.5 -0.1 0.0 -0.0 -0.1 -7.1 -0.1 -0.2 -6.9 1.7 0.0 0.9 0.7 0.6 -0.0 -0.2 0.9 4.4 0.1 -0.6 4.9 3.4 -0.0 -0.1 3.6 1.0 0.0 -0.0 1.0 0.2 0.0 -0.1 0.4 5 6 7 8 2.6 8.1 8.5 14.2 8.7 11.5 6.1 30.3 30.1 26.1 -5.7 9 9 10 11 Miscellaneous assets Net increase in liabilities Credit market instruments 12 13 Corporate bonds Depository institution loans n.e.c. 14 15 16 Mortgages Multifamily residential Commercial 17 Miscellaneous liabilities -0.4 37.4 38.5 36.4 -3.2 20.2 48.0 80.5 53.8 70.9 1.8 10 0.1 32.8 33.9 34.5 3.9 20.5 38.8 74.8 51.7 59.1 -4.7 11 1.0 -1.8 13.2 6.1 27.6 1.4 28.9 -2.2 3.7 -20.4 10.0 5.9 35.4 17.8 66.5 -11.9 27.6 11.5 61.1 -8.4 -4.7 0.3 12 13 0.8 0.4 0.4 13.5 0.1 13.3 4.8 -1.1 6.0 7.8 3.3 4.5 20.6 18.3 2.3 4.6 -0.6 5.2 -14.3 -1.7 -12.7 20.2 -2.7 22.9 12.6 -1.8 14.4 6.5 2.1 4.4 -0.3 -0.6 0.3 14 15 16 -0.5 4.6 4.6 1.9 -7.1 -0.4 9.2 5.7 2.1 11.9 6.5 17 36.8 10.4 474.4 -149.1 -188.4 68.9 54.8 1.1 1 F.127.m Mortgage Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Checkable deposits and currency -1.6 4.8 3.6 -2.3 25.1 -20.6 -9.4 -4.4 -1.0 3.1 0.3 2 3 Credit market instruments 43.3 117.9 126.1 41.1 -28.0 467.5 -79.2 -195.9 60.8 32.9 -11.0 3 123.1 146.9 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 38.2 6.8 104.7 4.4 109.5 9.7 -95.6 1.6 -46.7 17.1 -73.4 -0.1 -82.7 2.1 -179.7 -12.6 -35.4 5.6 44.1 -4.1 -21.4 -0.6 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial -1.7 0.1 -0.3 -1.5 8.8 10.9 -0.2 -1.9 6.9 6.8 0.1 -0.0 135.1 -3.3 0.5 137.8 1.7 0.9 1.3 -0.4 540.9 18.3 1.7 520.9 1.4 0.0 -0.2 1.5 -3.7 -32.4 -0.6 29.3 90.6 9.1 -0.7 82.2 -7.0 6.8 0.2 -14.0 11.0 28.7 4.5 -22.3 6 7 8 9 -1.2 0.4 17.2 -2.0 13.2 27.6 -60.6 11.9 9.2 18.8 11.9 10 10 11 Supplements 40.5 Miscellaneous assets 34.4 93.1 124.9 53.8 -10.6 493.0 -149.0 -118.4 59.1 33.0 -2.8 11 12 Security repurchase agreements 29.9 97.7 102.4 -66.6 5.8 -48.9 -84.1 -139.3 -53.2 36.8 -1.8 12 13 Credit market instruments -0.1 -7.2 1.6 143.9 4.1 529.7 -0.3 42.1 88.3 -9.7 5.7 13 0.0 -0.0 -0.0 0.0 -5.7 -1.5 0.0 -0.9 2.5 0.0 144.7 -0.8 0.0 7.2 -3.1 0.0 527.3 2.4 0.0 -0.3 0.0 0.0 44.5 -2.5 0.0 87.8 0.5 0.0 -5.9 -3.8 0.0 3.7 1.9 14 15 16 4.6 2.5 20.9 -23.5 -20.5 12.2 -64.7 -21.2 24.0 5.8 -6.7 17 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 139.6 0.0 4.0 0.0 135.6 1.3 0.0 1.7 0.1 -0.6 521.9 0.0 8.2 -0.0 513.7 2.8 0.0 0.5 -0.0 2.3 32.3 0.0 5.7 -0.1 26.8 81.6 0.0 1.4 -0.2 80.3 -23.5 0.0 -1.6 0.3 -22.3 -5.5 0.0 3.7 -0.1 -9.1 18 19 20 21 22 14 15 16 17 18 19 20 21 22 Net increase in liabilities Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 137 Z.1, December 11, 2014 L.127.e Equity Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets 2011 2012 2013 Q1 Q2 2013 Q3 Q4 Q1 2014 Q2 Q3 94.3 102.3 116.4 129.7 115.1 120.1 126.3 129.7 137.3 148.3 146.6 1 2 Checkable deposits and currency 19.3 17.0 21.1 22.1 20.4 22.1 26.9 22.1 21.2 25.1 24.9 2 3 Credit market instruments 21.3 23.6 25.0 23.1 22.2 22.6 22.5 23.1 24.0 24.6 24.6 3 4 Corporate and foreign bonds 5 6 7 8 Mortgages Home Multifamily residential Commercial 9 10 11 Miscellaneous assets Total liabilities Credit market instruments 5.4 4.8 4.6 2.8 3.6 3.5 3.3 2.8 2.9 3.2 3.1 4 15.9 0.1 0.3 15.5 18.8 0.2 0.3 18.3 20.4 0.2 0.4 19.9 20.3 0.2 0.3 19.8 18.6 0.2 0.3 18.1 19.0 0.2 0.5 18.3 19.2 0.2 0.5 18.5 20.3 0.2 0.3 19.8 21.2 0.2 0.3 20.6 21.4 0.2 0.3 20.9 21.5 0.2 0.3 21.0 5 6 7 8 53.7 61.8 70.3 84.5 72.5 75.4 76.9 84.5 92.0 98.5 97.1 9 346.8 384.1 422.6 459.0 421.8 426.9 438.9 459.0 472.5 490.2 490.7 10 300.9 333.6 367.5 402.0 368.5 373.6 383.3 402.0 415.0 429.7 428.6 11 12 13 Corporate bonds Depository institution loans n.e.c. 108.4 16.4 121.6 22.5 149.2 23.9 178.1 21.7 150.2 18.8 152.7 20.3 161.5 24.7 178.1 21.7 185.0 24.6 200.3 22.5 199.1 22.6 12 13 14 15 16 Mortgages Multifamily residential Commercial 176.1 27.8 148.3 189.5 27.9 161.7 194.4 26.7 167.7 202.2 30.0 172.1 199.5 31.3 168.3 200.7 31.1 169.6 197.1 30.7 166.4 202.2 30.0 172.1 205.3 29.6 175.7 206.9 30.1 176.8 206.9 29.9 176.9 14 15 16 45.9 50.5 55.1 57.0 53.3 53.2 55.5 57.0 57.5 60.4 62.1 17 514.5 480.4 598.9 561.6 514.5 531.7 545.4 545.6 1 17 Miscellaneous liabilities L.127.m Mortgage Real Estate Investment Trusts (REITs) 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 11 Miscellaneous assets Total liabilities 12 Security repurchase agreements 13 Credit market instruments 14 15 16 17 18 19 20 21 22 Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 208.1 331.1 477.8 5.8 10.7 14.2 11.9 20.5 15.3 13.0 11.9 11.6 12.4 12.5 2 189.9 307.6 433.5 474.5 426.5 543.3 523.5 474.5 489.7 497.9 495.1 3 143.4 17.8 248.1 22.2 357.6 31.9 261.9 33.6 345.9 36.2 327.5 36.2 306.9 36.7 261.9 33.6 253.1 35.0 264.1 33.9 258.8 33.8 4 5 28.7 8.8 1.6 18.2 37.3 19.6 1.4 16.3 44.1 26.3 1.5 16.3 179.0 22.9 2.0 154.1 44.4 26.4 1.8 16.2 179.6 31.0 2.2 146.4 179.9 31.0 2.2 146.8 179.0 22.9 2.0 154.1 201.6 25.1 1.9 174.7 199.9 26.8 1.9 171.2 202.6 33.9 3.0 165.6 6 7 8 9 12.5 12.8 30.1 28.1 33.4 40.3 25.1 28.1 30.4 35.1 38.1 10 177.2 270.3 395.2 448.9 392.5 515.8 478.5 448.9 463.7 472.0 471.3 11 120.4 218.1 320.6 254.0 322.0 309.8 288.8 254.0 240.6 249.9 249.4 12 39.0 31.9 33.5 177.4 34.5 166.9 166.8 177.4 199.4 197.0 198.4 13 0.0 37.0 2.0 0.0 31.3 0.5 0.0 30.4 3.1 0.0 175.1 2.3 0.0 32.2 2.3 0.0 164.0 2.9 0.0 163.9 2.9 0.0 175.1 2.3 0.0 197.0 2.4 0.0 195.6 1.5 0.0 196.5 1.9 14 15 16 17.8 20.3 41.2 17.6 36.0 39.1 22.9 17.6 23.6 25.1 23.4 17 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 155.2 0.0 14.2 0.3 140.7 16.0 0.0 10.6 0.3 5.0 146.4 0.0 12.6 0.3 133.5 147.1 0.0 12.8 0.3 134.0 155.2 0.0 14.2 0.3 140.7 175.6 0.0 14.5 0.3 160.8 169.7 0.0 14.2 0.3 155.2 168.4 0.0 15.1 0.3 153.0 18 19 20 21 22 Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 138 Z.1, December 11, 2014 S.1.a Total Economy - Current Account Integrated Accounts Billions of dollars 1 Gross value added (income approach) 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12283.5 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16372.3 16980.0 1 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2530.2 2627.2 2 10451.8 6748.8 5431.2 1317.6 817.6 2885.5 11147.2 7097.9 5703.1 1394.8 873.6 3175.7 11937.2 7513.7 6068.8 1444.9 940.5 3483.0 12195.8 7908.8 6405.7 1503.1 980.0 3307.0 12255.8 8090.0 6543.6 1546.4 989.4 3176.5 11975.0 7795.7 6260.1 1535.6 967.8 3211.6 12533.6 7969.5 6385.6 1583.9 1001.2 3562.8 13105.6 8277.1 6641.2 1635.9 1042.6 3785.9 13842.1 8614.9 6940.5 1674.4 1074.0 4153.2 14352.7 8853.6 7133.6 1720.1 1102.3 4396.8 3 4 5 6 7 8 451.4 362.3 575.8 483.2 724.2 656.6 875.7 750.1 856.9 684.9 648.9 497.8 720.0 514.1 792.6 546.0 793.8 566.5 810.4 586.1 9 10 9 10 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Equals: Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Taxes on production and imports, receivable Subsidies paid Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on U.S. direct investment abroad Rents on land and natural resources Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on foreign direct investment Rents on land and natural resources 10540.9 2885.5 6739.5 5421.9 1317.6 863.9 -46.4 4880.3 2828.3 1842.3 809.8 1032.5 192.5 17.1 4781.9 2935.0 1779.9 747.5 1032.5 49.8 17.1 11239.8 3175.7 7086.8 5692.0 1394.8 934.5 -60.9 5624.9 3420.9 2164.3 1109.8 1054.5 20.4 19.4 5521.3 3556.3 1903.4 848.9 1054.5 42.1 19.4 12004.8 3483.0 7502.3 6057.4 1444.9 991.9 -51.5 6618.0 4150.9 2199.1 1067.3 1131.8 247.8 20.3 6539.1 4328.1 2121.2 989.4 1131.8 69.5 20.3 12321.4 3307.0 7898.3 6395.2 1503.1 1034.6 -54.6 7291.8 4706.7 2300.9 1234.4 1066.6 261.4 22.6 7155.7 4924.0 2160.5 1093.9 1066.6 48.5 22.6 12427.8 3176.5 8078.3 6531.9 1546.4 1041.9 -52.6 6916.9 4234.7 2390.7 1255.5 1135.2 265.6 25.9 6733.1 4457.7 2210.1 1075.0 1135.2 39.4 25.9 12126.1 3211.6 7787.0 6251.4 1535.6 1026.1 -58.3 5815.3 3464.1 2072.0 989.3 1082.6 260.9 18.3 5655.5 3661.6 1953.8 871.2 1082.6 21.9 18.3 12739.5 3562.8 7961.4 6377.5 1583.9 1057.1 -55.9 5752.9 3230.4 2166.7 1007.3 1159.4 336.6 19.2 5538.8 3411.5 2045.3 885.9 1159.4 62.8 19.2 13352.3 3785.9 8269.0 6633.2 1635.9 1102.6 -60.1 6011.3 3233.2 2410.7 1118.0 1292.8 345.7 21.7 5756.6 3400.4 2255.8 963.1 1292.8 78.7 21.7 14069.5 4153.2 8606.5 6932.1 1674.4 1132.0 -58.0 6276.1 3179.1 2751.8 1324.8 1427.0 322.7 22.5 6040.3 3345.1 2574.9 1147.9 1427.0 97.7 22.5 14577.1 4396.8 8844.8 7124.7 1720.1 1162.4 -60.2 6425.3 3098.0 2935.3 1424.2 1511.1 370.2 21.7 6192.1 3267.9 2802.4 1291.3 1511.1 100.1 21.7 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 10540.9 1347.9 1352.1 2233.5 2239.7 468.2 554.3 11239.8 1616.5 1620.9 2364.3 2370.9 494.1 597.4 12004.8 1821.0 1825.5 2515.3 2523.2 497.2 585.5 12321.4 1923.9 1933.4 2658.3 2666.9 532.5 639.1 12427.8 1735.1 1744.3 2840.4 2851.1 560.9 676.1 12126.1 1405.8 1414.4 3070.9 3081.9 668.8 782.0 12739.5 1553.5 1562.0 3223.0 3234.6 719.3 840.4 13352.3 1766.9 1779.7 3179.9 3192.6 697.4 819.1 14069.5 1944.4 1958.5 3263.4 3276.9 649.3 763.0 14577.1 2121.1 2136.0 3482.1 3495.6 672.7 782.5 32 33 34 35 36 37 38 39 Equals: Disposable income, net 10444.5 11125.6 11904.1 12196.7 12292.8 11993.2 12598.3 13205.1 13928.2 14438.8 39 40 Less: Final consumption expenditures 10129.0 10774.2 11393.8 11960.2 12382.2 12289.0 12724.4 13220.2 13632.9 14031.9 40 41 Equals: Net saving 315.6 351.4 510.2 236.5 -89.5 -295.8 -126.1 -15.1 295.4 406.8 41 42 43 44 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) 12283.5 -8.6 12274.9 13129.2 -35.5 13093.7 14073.2 -217.3 13855.9 14460.1 17.5 14477.6 14619.2 99.4 14718.6 14343.4 75.3 14418.7 14915.2 49.2 14964.4 15556.3 -38.3 15517.9 16372.3 -209.2 16163.1 16980.0 -211.9 16768.0 42 43 44 139 Z.1, December 11, 2014 S.2.a Selected Aggregates for Total Economy and Sectors 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1 2 3 4 5 6 7 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 12283.5 1510.9 2079.1 6107.9 922.1 525.8 1137.7 13129.2 1599.5 2218.8 6532.1 1034.3 552.7 1191.7 14073.2 1689.4 2440.1 6988.0 1127.6 577.6 1250.3 14460.1 1749.6 2513.9 7203.9 1068.8 605.4 1318.5 14619.2 1855.3 2632.4 7256.8 851.9 637.6 1385.2 14343.4 1913.6 2466.4 6859.8 1015.4 668.8 1419.4 14915.2 1928.8 2546.2 7238.7 1042.8 704.5 1454.2 15556.3 1974.4 2751.6 7592.3 1045.8 720.9 1471.4 16372.3 2023.9 2926.1 8030.3 1178.3 722.7 1491.0 16980.0 2094.6 3055.2 8287.0 1307.1 711.3 1524.8 1 2 3 4 5 6 7 8 9 10 11 12 13 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government 315.6 410.0 312.7 100.5 -399.2 -108.4 351.4 237.9 411.7 73.1 -304.7 -66.6 510.2 329.5 386.5 60.7 -227.0 -39.4 236.5 310.3 313.1 -48.5 -265.6 -72.7 -89.5 542.2 296.7 -129.4 -634.0 -165.1 -295.8 672.0 381.0 171.9 -1248.8 -271.9 -126.1 628.0 603.5 208.4 -1328.7 -237.3 -15.1 711.1 584.2 149.7 -1244.1 -215.9 295.4 896.2 563.7 147.2 -1079.1 -232.6 406.8 608.1 571.3 101.7 -649.1 -225.1 8 9 10 11 12 13 14 15 16 17 18 19 20 Net capital transfers Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 1.4 -5.0 -6.7 16.2 39.3 -48.0 2.8 -21.9 -13.1 -15.5 27.7 60.3 -50.4 12.8 16.6 0.0 -0.0 0.0 43.2 -57.8 -2.0 6.8 0.0 -0.0 0.0 53.0 -59.3 -0.4 7.7 -3.3 -3.7 -60.5 117.6 -63.2 5.4 -28.4 -6.0 38.3 -121.9 186.3 -67.7 -0.6 -20.6 -7.8 20.9 -41.5 126.3 -76.7 -0.7 2.0 -1.6 -6.4 -32.4 113.9 -73.8 -1.6 -5.0 -4.9 -16.7 9.6 84.7 -74.2 6.5 19.7 -0.0 -5.7 0.0 58.4 -71.6 -0.8 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Gross fixed capital formation Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 2701.3 765.9 260.3 1010.1 176.5 211.0 277.5 2981.2 865.0 289.2 1133.4 180.0 222.9 290.8 3166.0 860.1 305.0 1259.9 188.7 238.0 314.3 3201.5 736.1 313.5 1348.2 211.5 251.4 340.8 3091.4 580.4 307.5 1372.7 196.2 275.8 358.8 2672.7 468.1 248.8 1141.9 166.9 284.0 363.0 2691.1 452.4 243.1 1181.0 162.8 300.0 351.9 2836.0 451.9 274.8 1303.9 167.5 297.4 340.5 3033.7 502.9 300.7 1420.5 190.2 287.8 331.6 3170.2 569.4 320.6 1482.5 201.5 268.5 327.8 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Consumption of fixed capital Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 1831.7 323.4 196.4 850.2 139.3 178.6 143.8 1982.0 362.1 214.4 909.9 148.9 189.4 157.3 2136.0 396.2 232.6 979.4 156.8 200.7 170.3 2264.4 413.7 245.6 1040.3 165.4 212.8 186.6 2363.4 414.6 254.5 1093.9 173.9 226.3 200.2 2368.4 403.3 253.0 1092.0 177.4 234.5 208.2 2381.6 400.5 251.8 1094.6 176.7 245.3 212.7 2450.6 398.2 265.0 1139.2 168.6 257.4 222.2 2530.2 404.5 271.7 1183.8 174.1 264.1 231.8 2627.2 427.1 281.7 1229.8 182.2 268.0 238.4 28 29 30 31 32 33 34 35 36 37 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 63.9 13.5 50.3 59.6 7.1 52.5 67.0 5.3 61.7 34.5 3.3 31.2 -32.0 -2.3 -29.7 -147.6 -16.8 -130.8 61.5 3.6 57.9 41.8 6.8 34.9 64.9 3.0 61.8 74.1 17.4 56.7 35 36 37 38 39 40 41 42 43 44 Net lending (+) or net borrowing (-) (capital account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Statistical discrepancy (NIPA) Rest of the world -615.1 -25.2 -72.4 111.0 47.1 -470.1 -205.4 -694.5 -234.0 -68.8 150.2 14.3 -396.6 -159.7 -588.8 -140.8 -77.7 30.7 28.8 -293.2 -136.6 -735.0 -7.7 -71.1 -26.4 -94.6 -353.9 -181.2 -780.1 379.7 -47.5 33.8 -91.2 -780.6 -274.3 -453.2 645.2 27.0 417.2 304.4 -1475.7 -371.4 -497.8 605.2 12.8 439.3 263.8 -1508.7 -310.3 -443.8 663.3 -15.1 391.4 183.3 -1397.1 -269.6 -266.5 810.5 -27.1 280.9 121.5 -1185.6 -266.9 -211.1 454.0 -56.2 266.2 82.5 -705.6 -252.0 38 39 40 41 42 43 44 -8.6 623.7 -35.5 730.0 -217.3 806.1 17.5 717.5 99.4 680.7 75.3 377.8 49.2 448.6 -38.3 482.1 -209.2 475.7 -211.9 423.0 45 46 -413.2 133.1 -59.1 165.0 -17.8 -474.1 -160.3 -434.4 -296.1 -54.0 -20.9 336.8 -422.8 22.6 -637.7 -364.3 -63.9 -139.0 244.1 -310.4 -4.2 -346.7 242.8 -57.0 -208.2 126.0 -390.6 -59.7 -1151.3 1080.4 -37.1 -947.7 -136.5 -789.0 -321.4 -526.9 599.6 44.8 548.5 17.0 -1298.2 -438.5 -644.3 896.8 29.5 145.2 7.8 -1414.9 -308.6 -908.7 1126.1 -15.1 -400.9 48.7 -1352.4 -315.2 -816.4 922.0 -27.0 -478.9 119.1 -1117.2 -234.4 -261.2 806.2 -56.2 -221.2 145.7 -662.9 -272.8 47 48 49 50 51 52 53 54 Net lending (+) or net borrowing (-) (financial account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Rest of the world 452.1 698.5 529.8 151.5 765.2 28.0 268.2 416.7 446.6 371.9 54 55 56 57 58 59 60 61 Total other volume changes Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 1441.0 68.0 267.2 -391.5 -28.2 -697.2 -179.0 270.4 -76.1 288.5 29.4 -47.0 215.7 -34.9 496.5 1.3 576.9 -433.3 30.2 324.2 -145.3 600.4 -48.7 685.6 -68.2 9.7 231.5 -537.5 814.8 -315.4 -740.1 1252.4 86.7 -974.6 75.3 582.1 -96.6 173.6 -1079.1 121.5 358.9 -335.3 1198.1 178.0 383.7 -834.0 -32.0 36.5 -181.8 456.9 -47.0 -56.1 -104.0 46.4 -45.3 -69.6 535.1 -10.1 -180.2 -432.4 41.3 358.9 -34.8 782.1 -38.3 259.8 -1024.4 27.3 676.7 -45.4 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Holding gains/losses Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 5073.1 1148.7 56.5 96.2 115.7 516.3 -363.6 5362.7 1178.2 87.2 120.7 115.3 478.9 -708.1 3685.4 429.7 -1389.5 15.4 116.8 621.8 -565.2 -489.4 132.5 -247.0 1328.2 93.3 466.0 -761.7 -11603.3 -1133.9 4188.1 487.6 1.2 350.4 1154.7 465.3 -1146.2 -5022.8 442.0 -157.9 -71.7 -900.5 2368.3 446.7 -1374.3 127.8 18.5 197.3 -192.9 47.1 525.6 385.1 238.6 36.4 394.7 876.2 4399.6 663.5 -1388.3 -13.9 37.0 246.1 -288.5 7984.1 980.7 -3773.1 -61.3 59.0 264.2 294.6 62 63 64 65 66 67 68 45 46 47 48 49 50 51 52 53 Integrated Accounts Billions of dollars 140 Z.1, December 11, 2014 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars Integrated Accounts 69 70 71 72 73 74 75 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6922.7 1221.8 643.1 -211.0 -351.1 -241.3 81.0 5892.9 1115.0 802.9 195.5 -296.8 678.4 -13.0 4494.8 429.9 -426.0 -357.2 -123.3 964.4 95.6 414.4 83.6 751.7 1211.6 -215.6 684.1 -581.7 -10253.9 -1446.3 3748.3 1671.1 -663.7 -726.1 1910.8 1747.8 -1237.8 -4506.5 -343.2 -1471.5 83.0 -857.9 4215.1 632.3 -408.1 -456.3 -1468.5 73.2 73.9 1213.2 479.4 919.6 316.7 -1275.3 207.3 1288.7 5835.9 658.4 -988.2 -308.6 -1085.6 446.6 152.3 9354.6 942.2 -2936.3 -983.9 -621.3 787.4 672.2 69 70 71 72 73 74 75 141 Z.1, December 11, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2023.9 2094.6 1 323.4 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.5 427.1 2 1293.2 590.9 490.9 100.0 130.8 571.5 1335.9 616.8 516.0 100.8 135.1 584.0 1440.7 658.2 549.9 108.3 143.2 639.3 1510.3 686.6 566.1 120.5 152.4 671.3 1528.3 696.4 577.3 119.1 152.8 679.1 1576.1 723.9 597.0 126.9 154.9 697.2 1619.4 752.0 622.3 129.7 156.6 710.7 1667.5 776.1 641.3 134.8 157.2 734.2 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation paid by households and NPISHs Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1187.5 545.6 452.2 93.4 114.7 527.2 1237.5 563.4 466.2 97.1 120.7 553.4 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 9244.8 527.2 6739.5 5421.9 1317.6 2537.5 942.9 1594.5 562.1 1032.5 559.5 9733.1 10437.5 10936.7 553.4 571.5 584.0 7086.8 7502.3 7898.3 5692.0 6057.4 6395.2 1394.8 1444.9 1503.1 2722.2 3071.6 3234.6 1089.4 1216.1 1351.5 1632.8 1855.5 1883.1 578.3 723.7 816.5 1054.5 1131.8 1066.6 629.3 707.9 780.2 11247.7 10643.4 10889.5 11566.0 12255.9 12617.9 639.3 671.3 679.1 697.2 710.7 734.2 8078.3 7787.0 7961.4 8269.0 8606.5 8844.8 6531.9 6251.4 6377.5 6633.2 6932.1 7124.7 1546.4 1535.6 1583.9 1635.9 1674.4 1720.1 3303.6 2901.9 2900.2 3207.9 3516.9 3592.1 1363.0 1265.5 1196.2 1232.9 1257.2 1256.5 1940.6 1636.4 1704.0 1975.0 2259.7 2335.6 805.4 553.7 544.6 682.2 832.7 824.5 1135.2 1082.6 1159.4 1292.8 1427.0 1511.1 773.5 716.8 651.2 608.2 578.2 553.2 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 9244.8 1046.0 1399.9 829.2 16.8 116.3 9733.1 10437.5 10936.7 1208.5 1352.1 1487.9 1486.3 1588.2 1692.2 873.3 922.6 961.4 25.7 21.5 30.6 131.2 138.9 149.3 11247.7 10643.4 10889.5 11566.0 12255.9 12617.9 1435.2 1144.9 1191.5 1400.6 1503.7 1661.8 1847.3 2101.5 2234.0 2257.7 2307.6 2372.2 988.2 964.4 984.1 917.8 951.2 1104.5 36.6 38.7 43.0 50.2 43.1 42.3 152.3 155.2 160.6 155.1 172.4 173.8 20 21 22 23 24 25 26 Equals: Disposable income, net 8670.0 9032.0 9633.5 10060.8 10555.9 10519.0 10830.2 11400.4 11979.3 12092.4 26 27 Less: Final consumption expenditures 8260.0 8794.1 9304.0 9750.5 10013.6 27 28 Equals: Net saving 410.0 237.9 329.5 310.3 542.2 672.0 628.0 711.1 896.2 608.1 28 9847.0 10202.2 10689.3 11083.1 11484.3 Capital account 29 30 31 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 408.6 410.0 1.4 259.8 237.9 -21.9 313.0 329.5 16.6 303.5 310.3 6.8 534.6 542.2 7.7 700.4 672.0 -28.4 648.6 628.0 -20.6 709.1 711.1 2.0 901.2 896.2 -5.0 588.4 608.1 19.7 29 30 31 32 33 34 35 36 37 Capital formation, net Gross fixed capital formation, excluding consumer durables Residential Nonresidential (nonprofit organizations) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 433.8 765.9 643.8 122.1 323.4 -8.7 493.8 865.0 738.9 126.1 362.1 -9.1 453.8 860.1 722.7 137.4 396.2 -10.1 311.2 736.1 582.3 153.9 413.7 -11.2 154.9 580.4 425.3 155.1 414.6 -11.0 55.2 468.1 321.0 147.1 403.3 -9.7 43.4 452.4 318.3 134.1 400.5 -8.5 45.8 451.9 321.1 130.8 398.2 -7.8 90.7 502.9 368.0 134.9 404.5 -7.7 134.4 569.4 433.4 136.0 427.1 -7.9 32 33 34 35 36 37 38 Net lending (+) or borrowing (-), capital account (lines 29-32) -25.2 -234.0 -140.8 -7.7 379.7 645.2 605.2 663.3 810.5 454.0 38 -25.2 -234.0 -140.8 -7.7 379.7 645.2 605.2 663.3 810.5 454.0 39 1284.5 863.3 910.7 1205.1 1090.7 675.2 790.7 1059.6 1194.8 1042.4 40 405.1 -58.2 454.4 8.9 0.0 369.7 -113.9 481.5 2.1 0.0 452.7 -40.0 486.5 6.1 0.0 426.1 -75.3 483.6 17.8 0.0 420.0 176.8 261.0 -17.8 0.0 199.7 101.0 105.9 -7.2 0.0 206.3 38.9 162.8 4.5 0.0 690.0 328.5 371.4 -9.9 0.0 591.9 182.6 417.0 -7.7 0.0 398.1 190.4 204.9 2.8 0.0 41 42 43 44 45 108.2 6.4 -11.0 133.0 118.5 -138.7 48.2 14.7 -121.3 148.4 77.8 -71.4 -97.1 19.0 -103.7 -23.3 34.7 -23.9 478.9 -10.2 -37.9 339.6 37.9 149.5 577.5 -101.3 146.1 239.9 47.3 245.5 83.8 16.7 533.1 -670.9 107.1 97.7 -69.0 -1.5 320.4 -9.9 43.6 -421.6 -220.8 -1.8 -229.7 -10.9 -65.6 87.2 -238.0 -0.6 210.9 -136.4 -143.8 -168.1 -530.1 -3.8 -191.8 -90.7 -44.0 -199.8 46 47 48 49 50 51 127.4 117.0 10.4 -0.9 -9.0 8.1 70.8 87.9 -17.1 220.4 233.3 -12.9 -159.2 -160.4 1.1 -47.6 -46.8 -0.9 1.6 12.5 -10.9 -5.1 -5.9 0.7 16.8 30.7 -13.9 46.1 56.9 -10.9 52 53 54 39 Net lending (+) or borrowing (-) (line 38) 40 Net acquisition of financial assets 41 42 43 44 45 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 46 47 48 49 50 51 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 52 53 54 Loans Short term Long term (mortgages) Integrated Accounts Financial account 142 Z.1, December 11, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 55 56 57 58 59 60 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 61 62 63 64 65 66 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 67 Net incurrence of liabilities 68 Debt securities (municipals) 69 70 71 72 73 74 75 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 76 Insurance, pension and standardized guarantee schemes 77 Other accounts payable (trade debt) 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 79 80 81 82 83 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-78) (5) 2004 2005 2006 2007 2008 2009 2010 2011 2012 -80.3 -274.8 180.1 -56.2 70.5 0.0 -224.4 -412.6 196.6 44.4 -52.8 0.0 -213.8 -625.2 -608.2 -1065.5 182.0 247.7 218.0 239.3 -5.5 -46.7 0.0 0.0 724.1 23.6 33.1 638.6 11.4 17.4 670.8 25.6 15.1 597.7 9.5 23.0 698.1 4.6 57.8 603.0 14.8 18.1 1151.3 1159.4 14.7 15.1 1118.6 179.0 117.2 -20.0 0.3 81.5 939.7 2013 -413.6 -321.2 -20.9 234.5 -306.1 0.0 -17.1 -19.0 375.6 -267.3 -107.6 1.2 44.9 -220.9 281.0 -183.0 163.8 4.0 -46.2 -308.8 334.4 -15.2 -57.3 0.7 359.2 -241.4 607.0 -4.8 -1.7 0.0 561.6 -55.2 638.0 25.4 -46.6 0.0 55 56 57 58 59 60 704.9 6.7 18.2 620.6 15.5 43.9 666.0 11.0 59.9 551.0 17.6 26.5 456.5 8.7 24.6 398.2 8.4 16.6 607.0 -35.2 6.2 596.4 17.1 22.5 641.8 36.7 73.5 498.3 14.8 18.5 464.9 -17.7 -26.6 497.6 -1.8 13.3 566.8 39.7 19.2 495.3 0.4 12.2 61 62 63 64 65 66 1275.1 962.3 10.3 75.6 -106.0 -66.5 272.8 236.2 67 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 -13.1 68 1130.3 69.2 100.4 0.3 0.0 -31.6 1061.1 1244.6 229.1 120.5 44.2 4.8 59.7 1015.4 925.5 178.8 151.3 -9.1 3.2 33.4 746.8 -24.3 -114.9 34.9 4.6 6.2 -160.7 90.6 33.2 -36.6 -103.6 28.3 0.5 38.1 69.8 -77.1 102.4 -25.3 50.1 2.4 75.2 -179.5 -59.5 16.2 108.5 -54.9 1.9 -39.3 -75.7 282.7 346.6 169.7 110.8 1.2 64.9 -64.0 245.4 241.8 174.3 30.0 2.0 35.4 3.6 69 70 71 72 73 74 75 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 76 16.5 13.0 13.6 14.6 22.2 41.4 -29.4 1.2 4.0 1.0 77 133.1 -296.1 -364.3 242.8 1080.4 599.6 896.8 1126.1 922.0 806.2 78 1441.0 254.8 -12.0 1039.9 -158.3 270.4 252.4 -50.4 130.5 62.1 496.5 239.6 0.0 480.4 223.5 600.4 231.1 0.0 118.7 -250.5 814.8 134.6 -8.3 -12.1 -700.7 582.1 50.3 0.0 577.5 45.6 1198.1 86.9 0.0 819.7 -291.6 456.9 119.0 0.0 -124.8 -462.8 535.1 158.4 -20.9 286.1 -111.5 782.1 194.3 0.0 235.6 -352.2 79 80 81 82 83 267.7 -1861.5 316.0 -1802.5 -46.9 -55.6 -0.6 -3.1 -0.8 -0.3 -3676.5 -3642.0 -32.0 -1.3 -1.2 -1194.4 -1146.9 -40.8 -4.7 -2.0 -482.2 -391.0 -88.3 -2.4 -0.4 -130.3 -152.7 17.7 2.5 2.2 1476.8 1515.7 -41.5 -0.1 2.8 2273.7 2364.8 -92.2 -0.3 1.4 84 85 86 87 88 Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 2400.9 2438.5 -34.5 -2.0 -1.1 2827.8 2874.5 -44.1 -2.6 -0.1 89 90 91 92 93 94 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 2672.1 967.4 316.4 1156.2 0.0 232.2 2535.0 1031.9 38.7 1192.8 0.0 271.6 3417.7 2209.5 334.8 433.3 0.0 440.1 1372.1 851.2 269.4 131.6 0.0 119.8 -7926.8 -3830.5 -1311.2 -1144.4 0.0 -1640.6 1659.6 1514.2 465.4 -1137.7 -0.3 817.9 2850.5 1645.4 254.9 454.6 -1.0 496.7 177.5 55.9 -268.6 525.2 -0.2 -134.8 2922.7 1389.4 326.6 667.2 -0.1 539.7 5710.4 2889.4 803.1 984.7 0.0 1033.1 89 90 91 92 93 94 5073.1 5362.7 3685.4 -489.4 -11603.3 465.3 2368.3 47.1 4399.6 7984.1 95 6922.7 5892.9 4494.8 414.4 -10253.9 1747.8 4215.1 1213.2 5835.9 9354.6 96 66955.3 74006.6 79800.6 81149.2 70779.4 72310.5 76244.6 77250.1 83156.7 92659.7 97 25006.6 28531.8 29494.1 28175.6 20842.2 24138.4 24884.8 23366.2 3899.5 4107.8 4300.5 4476.0 189.4 206.1 226.0 245.8 75.5 79.5 82.8 87.6 24780.9 23693.0 23338.9 23371.1 25073.7 27673.6 98 19846.6 18736.5 18370.4 18245.5 19816.1 22300.3 99 4578.6 4588.1 4586.7 4723.3 4840.1 4942.2 100 264.0 271.9 280.1 293.0 299.7 306.9 101 91.6 96.4 101.8 109.4 117.7 124.1 102 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 32+38+79+95) Changes in balance sheet account Balance sheet account (end of period) Integrated Accounts 97 98 99 100 101 102 Total assets Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 143 Z.1, December 11, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2004 103 Financial assets 2005 2006 2007 41948.8 45474.8 50306.4 52973.6 2008 2009 2010 2011 2012 2013 45998.6 48617.5 52905.7 53879.0 58083.0 64986.2 103 104 105 106 107 108 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 4944.8 399.8 61.8 4483.2 0.0 5314.8 285.9 63.8 4965.0 0.0 5793.7 239.7 69.9 5484.1 0.0 6214.7 153.3 87.7 5973.6 0.0 6599.7 295.2 69.9 6234.6 0.0 6784.9 396.1 62.7 6326.0 0.0 6941.8 423.7 67.3 6450.8 0.0 7631.7 752.2 57.4 6822.2 0.0 8165.1 921.1 49.7 7194.2 0.0 8563.9 1111.6 52.5 7399.9 0.0 104 105 106 107 108 109 110 111 112 113 114 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 3145.2 83.7 472.7 443.7 1522.9 622.2 3311.4 98.4 425.7 587.4 1600.6 599.3 3256.5 117.5 325.8 613.4 1635.7 564.1 3782.4 107.3 202.9 874.0 1673.5 924.6 4230.6 6.0 184.1 1056.6 1720.8 1263.2 4611.0 22.7 854.1 357.4 1827.9 1549.0 4717.0 21.1 1126.5 335.5 1871.5 1362.3 4184.5 19.4 706.6 300.7 1805.9 1352.0 4004.8 18.8 928.1 153.5 1662.1 1242.3 3691.5 15.0 944.1 102.5 1618.2 1011.7 109 110 111 112 113 114 115 116 117 Loans Short term Long term (mortgages) 773.8 641.1 132.6 772.9 632.1 140.8 912.5 788.9 123.6 1132.9 1022.1 110.7 973.6 861.8 111.8 928.3 817.4 110.9 929.9 829.8 100.1 924.7 824.0 100.8 930.5 843.6 86.9 118 119 120 121 122 123 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 18899.8 20914.2 24158.8 24787.4 7406.7 8026.0 10126.8 9912.5 3287.1 3522.4 4074.5 4591.5 898.3 942.7 1106.6 1345.9 7307.7 8423.1 8851.0 8937.5 0.0 0.0 0.0 0.0 18089.9 18926.0 21339.7 21616.9 24467.4 29710.8 118 5760.8 7256.0 8680.5 8475.1 9623.1 12457.3 119 3259.4 4100.5 4636.3 4658.2 5701.8 7142.9 120 1580.5 1313.1 1130.1 1114.9 1110.1 1135.4 121 7489.2 6255.5 6889.0 7364.3 8028.1 8970.7 122 0.0 0.9 3.8 4.4 4.4 4.4 123 124 125 126 127 128 129 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 14185.2 15161.5 16185.0 17056.2 290.4 316.0 320.5 327.3 1060.4 1082.6 1055.2 1076.8 12571.1 13470.3 14483.7 15267.2 211.0 217.3 232.1 247.6 52.4 75.4 93.5 137.3 16104.7 17367.4 18977.3 19521.2 20515.2 22043.5 124 337.3 346.0 310.8 347.5 329.8 369.5 125 1049.8 1109.2 1137.2 1199.0 1186.1 1232.8 126 14288.6 15458.1 17035.7 17447.7 18460.8 19890.1 127 265.2 273.6 290.7 305.5 303.7 304.2 128 163.8 180.4 202.9 221.4 234.8 246.9 129 66955.3 74006.6 79800.6 81149.2 70779.4 72310.5 76244.6 77250.1 83156.7 92659.7 130 11004.1 12162.4 13461.5 14395.8 14279.9 14063.2 13782.2 13574.5 13645.1 13793.6 131 130 131 Total liabilities and net worth Liabilities 132 Debt securities (municipals) 133 134 135 136 137 138 139 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 140 Insurance, pension and standardized guarantee schemes 141 Other accounts payable (trade debt) 142 Net worth 197.6 212.7 229.1 250.2 10610.8 11741.1 13009.7 13907.2 2586.3 2655.5 2908.7 3090.1 2220.1 2320.6 2461.9 2615.7 -16.8 -16.5 30.9 21.8 119.0 119.0 123.8 127.0 264.0 232.4 292.1 325.5 8024.5 9085.5 10101.0 10817.1 259.5 265.4 263.2 255.5 241.0 976.5 115 900.5 116 76.0 117 227.8 132 13756.6 13497.5 13245.5 13044.7 13125.2 13282.8 133 2975.1 2873.6 3122.8 3144.4 3429.3 3671.1 134 2650.6 2552.8 2647.4 2755.9 2923.6 3097.9 135 26.4 -15.9 61.0 11.5 62.6 92.7 136 133.2 133.7 136.1 138.1 139.3 141.3 137 164.8 203.0 278.2 238.9 303.7 339.2 138 10781.5 10623.9 10122.7 9900.3 9695.9 9611.7 139 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 140 173.3 186.3 199.9 214.5 236.7 278.2 248.8 250.0 254.0 255.0 141 55951.3 61844.2 66339.0 66753.5 56499.6 58247.3 62462.4 63675.6 69511.6 78866.2 142 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. NPISHs Nonprofit institutions serving households n.e.c. Not elsewhere classified 144 Z.1, December 11, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2079.1 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2926.1 3055.2 1 196.4 214.4 232.6 245.6 254.5 253.0 251.8 265.0 271.7 281.7 2 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1882.7 599.1 503.5 95.6 125.4 1158.3 2004.4 664.7 557.9 106.8 130.2 1209.4 2207.5 747.4 631.2 116.3 147.0 1313.0 2268.3 827.5 701.8 125.7 157.6 1283.2 2378.0 843.4 712.1 131.3 157.9 1376.7 2213.4 805.4 675.0 130.4 145.4 1262.6 2294.4 816.6 684.6 131.9 150.7 1327.1 2486.6 845.9 713.1 132.8 158.7 1482.0 2654.4 895.8 756.0 139.9 163.9 1594.6 2773.5 926.6 781.4 145.2 167.1 1679.9 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Property income (interest received) Less: Uses of property income (paid) Interest Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 20.1 1158.3 17.3 1155.5 170.3 985.1 0.1 0.0 21.8 1209.4 18.1 1205.7 198.8 1006.8 0.1 0.0 22.7 1313.0 19.1 1309.5 227.6 1081.8 0.1 0.0 19.8 1283.2 17.7 1281.1 254.2 1026.8 0.1 0.0 15.0 1376.7 13.6 1375.3 263.1 1112.2 0.1 0.0 21.0 1262.6 9.4 1251.0 242.7 1008.3 0.0 0.0 23.0 1327.1 8.4 1312.5 237.9 1074.5 0.1 0.0 25.5 1482.0 9.1 1465.5 226.9 1238.4 0.2 0.0 26.5 1594.6 10.6 1578.7 225.7 1352.8 0.2 0.0 24.8 1679.9 9.4 1664.5 231.7 1432.6 0.2 0.0 9 10 11 12 13 14 15 16 17 18 Net national income/Balance of primary incomes, net Less: Other current transfers (paid) 20.1 20.1 21.8 21.8 22.7 22.7 19.8 19.8 15.0 15.0 21.0 21.0 23.0 23.0 25.5 25.5 26.5 26.5 24.8 24.8 17 18 19 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 5.0 0.0 -5.0 13.1 0.0 -13.1 0.0 0.0 0.0 0.0 0.0 0.0 3.3 0.0 -3.3 6.0 0.0 -6.0 7.8 0.0 -7.8 1.6 0.0 -1.6 4.9 0.0 -4.9 0.0 0.0 -0.0 21 22 23 Capital account 21 22 23 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 77.4 260.3 162.2 98.1 196.4 13.5 81.9 289.2 180.5 108.7 214.4 7.1 77.7 305.0 198.9 106.2 232.6 5.3 71.1 313.5 215.0 98.5 245.6 3.3 50.8 307.5 223.8 83.7 254.5 -2.3 -21.0 248.8 182.9 65.8 253.0 -16.8 -5.1 243.1 184.9 58.3 251.8 3.6 16.7 274.8 214.6 60.2 265.0 6.8 32.0 300.7 231.8 68.9 271.7 3.0 56.3 320.6 240.7 79.9 281.7 17.4 24 25 26 27 28 29 30 Net lending (+) or borrowing (-), capital account (lines 21-24) -72.4 -68.8 -77.7 -71.1 -47.5 27.0 12.8 -15.1 -27.1 -56.2 30 Integrated Accounts Financial account 31 Net lending (+) or borrowing (-) (line 30) -72.4 -68.8 -77.7 -71.1 -47.5 27.0 12.8 -15.1 -27.1 -56.2 31 32 Net acquisition of financial assets 370.8 437.3 519.9 479.5 97.3 -117.1 152.0 16.6 74.5 37.1 32 93.7 106.9 -13.2 100.2 76.7 23.5 95.0 74.7 20.3 81.8 66.9 14.9 2.5 3.8 -1.2 10.1 14.9 -4.8 0.2 -2.7 2.9 1.5 -2.4 3.9 20.0 15.0 5.0 4.3 -3.4 7.8 33 34 35 33 34 35 Currency and deposits Currency and transferable deposits Time and savings deposits 36 37 38 Debt securities Treasury securities Municipal securities 7.0 5.3 1.7 6.1 6.0 0.1 1.5 0.2 1.3 2.5 3.0 -0.5 -7.9 -7.5 -0.4 -5.5 -5.7 0.2 2.5 1.9 0.5 0.6 0.5 0.1 0.8 0.7 0.1 1.2 1.0 0.1 36 37 38 39 40 41 Loans Short term (consumer credit) Long term (mortgages) 4.6 0.0 4.6 5.3 0.0 5.3 -1.5 0.0 -1.5 7.4 0.0 7.4 -3.0 0.0 -3.0 -1.2 0.0 -1.2 4.2 0.0 4.2 0.5 0.0 0.5 0.6 0.0 0.6 0.9 0.0 0.9 39 40 41 42 43 44 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 3.0 2.9 0.0 2.4 2.4 -0.1 3.3 3.2 0.2 2.9 2.2 0.7 2.2 1.0 1.2 -1.7 -1.7 -0.0 3.5 3.1 0.4 1.1 0.8 0.3 1.2 1.1 0.2 2.3 1.7 0.6 42 43 44 45 Insurance, pension and standardized guarantee schemes (3) 46 47 48 Other accounts receivable Trade receivables Other (miscellaneous assets) 49 50 51 52 53 54 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 4.6 5.5 4.4 3.7 3.4 -9.8 29.9 -11.6 15.9 -27.4 45 258.1 26.6 231.4 317.8 66.6 251.2 417.2 40.0 377.2 381.1 54.7 326.4 100.0 -3.0 102.9 -109.0 -26.3 -82.7 111.8 37.0 74.7 24.6 5.8 18.8 36.1 7.5 28.6 55.8 11.6 44.2 46 47 48 430.0 491.3 583.8 536.5 134.4 -161.8 122.4 31.7 101.6 93.4 49 254.7 34.1 33.0 1.2 220.6 341.8 164.3 157.9 6.4 177.5 415.4 132.1 115.3 16.8 283.3 463.2 154.5 140.9 13.7 308.7 325.5 131.8 119.6 12.3 193.7 -97.1 -107.3 -102.0 -5.3 10.2 -19.4 -12.1 -16.8 4.7 -7.4 42.7 57.3 56.7 0.6 -14.6 88.4 95.0 85.7 9.3 -6.6 119.2 55.7 49.5 6.2 63.5 50 51 52 53 54 145 Z.1, December 11, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2004 55 56 57 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States 58 59 60 61 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) 2005 2006 2007 2008 2009 2010 2011 2012 2013 74.4 74.6 -0.2 -51.5 -51.6 0.1 0.4 1.3 -0.9 -50.5 -50.3 -0.2 -317.9 -317.7 -0.2 -108.0 -108.1 0.1 163.3 163.0 0.3 -54.5 -54.5 0.0 -7.8 -8.4 0.6 -42.2 -42.7 0.5 55 56 57 100.8 23.7 8.4 68.8 201.0 49.7 8.7 142.7 168.0 14.3 9.0 144.6 123.7 26.0 3.8 93.9 126.8 5.8 6.7 114.3 43.3 16.9 -6.3 32.6 -21.4 30.3 -0.7 -50.9 43.4 7.9 1.2 34.4 20.9 1.2 2.0 17.6 16.4 7.5 3.2 5.8 58 59 60 61 -59.1 -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -27.0 -56.2 62 68.0 -6.6 74.6 -76.1 -24.5 -51.6 1.3 0.0 1.3 -48.7 0.0 -48.7 -315.4 -4.4 -311.0 -96.6 0.0 -96.6 178.0 0.0 178.0 -47.0 0.0 -47.0 -10.1 -8.6 -1.5 -38.3 -0.0 -38.3 63 64 65 1148.7 1123.1 665.0 458.2 23.9 -0.5 24.3 5.1 -3.4 1178.2 1142.8 801.3 341.5 22.8 1.1 21.8 7.5 5.0 429.7 393.7 62.9 330.8 28.4 0.7 27.7 8.5 -0.9 132.5 78.5 -367.9 446.4 24.2 -0.5 24.7 8.6 21.2 -1133.9 -1169.5 -807.6 -361.8 34.6 0.1 34.4 6.4 -5.4 -1146.2 -1172.1 -470.4 -701.7 18.7 -2.7 21.4 7.5 -0.3 446.7 387.3 156.0 231.2 21.6 -2.3 23.9 7.2 30.7 525.6 479.2 204.3 274.9 16.5 1.0 15.6 2.3 27.6 663.5 646.6 389.2 257.4 8.8 -0.4 9.1 4.0 4.1 980.7 992.3 522.1 470.2 4.3 -2.1 6.4 2.6 -18.5 66 67 68 69 70 71 72 73 74 -0.0 0.2 1.2 0.2 0.3 1.0 0.2 0.8 -0.1 0.2 75 1148.7 1178.0 428.6 132.3 -1134.2 -1147.2 446.5 524.8 663.6 980.5 76 1221.8 1115.0 429.9 83.6 -1446.3 -1237.8 632.3 479.4 658.4 942.2 77 10933.8 12591.9 13605.4 14274.4 13273.8 11971.7 12548.6 13107.5 13868.9 14942.9 78 Other changes in volume account 63 64 65 Total other volume changes Disaster losses Other volume changes Revaluation account 66 67 68 69 70 71 72 73 74 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 75 Liabilities (direct investment in the U.S.) 76 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 77 Change in net worth (lines 24+30+63+76) 78 Total assets 79 80 81 82 83 84 85 86 87 Nonfinancial assets Real estate Residential (4) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 8774.3 7896.7 5000.9 2895.8 536.0 38.5 497.5 135.3 206.3 9995.1 9054.6 5817.4 3237.2 574.4 41.7 532.7 147.6 218.4 10488.7 9485.9 5908.4 3577.4 620.5 44.4 576.1 159.5 222.8 10678.3 9601.5 5558.9 4042.6 659.4 45.5 613.9 170.1 247.3 9580.4 8462.5 4752.1 3710.4 699.6 46.6 653.0 178.6 239.6 8395.4 7293.3 4271.7 3021.6 696.3 44.0 652.4 183.2 222.5 8820.4 7664.5 4410.7 3253.7 709.2 42.2 667.0 189.9 256.9 9362.6 8133.9 4600.5 3533.4 740.7 43.9 696.8 196.6 291.3 10049.5 8781.4 4976.1 3805.3 763.2 44.3 718.9 206.4 298.5 11086.4 9789.3 5499.9 4289.3 784.9 43.3 741.5 214.9 297.3 79 80 81 82 83 84 85 86 87 88 Financial assets 2159.5 2596.8 3116.6 3596.1 3693.4 3576.3 3728.3 3744.9 3819.4 3856.5 88 598.1 297.5 300.6 698.3 374.2 324.1 793.2 448.8 344.4 875.0 515.7 359.3 877.6 519.5 358.1 887.7 534.4 353.3 887.9 531.6 356.2 889.4 529.3 360.1 909.4 544.2 365.2 913.7 540.8 372.9 89 90 91 89 90 91 Currency and deposits Currency and transferable deposits Time and savings deposits 92 93 94 Debt securities Treasury securities Municipal securities 54.5 50.2 4.3 60.6 56.2 4.4 62.1 56.3 5.8 64.6 59.3 5.3 56.7 51.8 4.9 51.2 46.1 5.1 53.7 48.1 5.6 54.3 48.6 5.7 55.0 49.3 5.8 56.2 50.3 5.9 92 93 94 95 96 97 Loans Short term (consumer credit) Long term (mortgages) 30.8 0.0 30.8 36.2 0.0 36.2 34.6 0.0 34.6 42.1 0.0 42.1 39.1 0.0 39.1 37.9 0.0 37.9 42.1 0.0 42.1 42.5 0.0 42.5 43.1 0.0 43.1 44.0 0.0 44.0 95 96 97 98 99 100 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 70.8 66.5 4.2 73.1 69.0 4.1 76.5 72.2 4.3 79.3 74.3 5.0 81.7 75.4 6.4 80.1 73.7 6.3 83.5 76.8 6.7 84.7 77.7 7.0 85.9 78.7 7.2 88.2 98 80.4 99 7.8 100 93.8 99.3 103.7 107.4 111.6 101.8 131.7 120.1 135.9 108.5 101 1311.5 364.3 947.1 1629.3 430.9 1198.4 2046.5 470.9 1575.6 2427.6 525.6 1902.0 2526.6 522.7 2003.9 2417.6 496.3 1921.3 2529.4 533.4 1996.0 2553.9 539.2 2014.8 2590.1 546.7 2043.3 2645.9 102 558.3 103 2087.5 104 101 Insurance, pension and standardized guarantee schemes (3) 102 103 104 Other accounts receivable Trade receivables Other (miscellaneous assets) Integrated Accounts Balance sheet account (end of period) 146 Z.1, December 11, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars 105 106 Total liabilities and net worth Liabilities 107 108 109 110 111 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 112 Equity and investment fund shares (direct investment in the U.S.) 113 114 115 116 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 117 Net worth 2004 2005 2006 2007 2008 2009 2010 2011 2012 10933.8 12591.9 13605.4 14274.4 13273.8 11971.7 12548.6 13107.5 13868.9 14942.9 105 3637.4 4180.5 4764.1 5349.5 5795.2 5731.0 5675.6 5755.0 5858.0 5989.8 106 2556.2 640.9 512.6 128.3 1915.3 2898.0 805.2 670.5 134.6 2092.9 3313.4 937.3 785.8 151.5 2376.1 3775.1 1091.8 926.7 165.2 2683.3 4094.0 1223.7 1046.2 177.4 2870.3 3985.4 1116.4 944.2 172.1 2869.0 3950.9 1098.2 927.4 170.8 2852.7 3986.1 1155.5 984.2 171.3 2830.6 4070.1 1252.9 1072.2 180.7 2817.2 4184.9 1308.6 1121.8 186.9 2876.2 3.0 3.3 3.6 3.6 3.7 4.8 5.3 6.1 6.6 1078.1 284.9 78.0 715.2 1279.1 334.5 86.7 857.9 1447.1 348.9 95.7 1002.5 1570.8 374.9 99.5 1096.4 1697.6 380.7 106.2 1210.7 1740.8 397.6 99.9 1243.3 1719.4 427.8 99.2 1192.4 1762.9 435.7 100.3 1226.8 1781.3 434.5 102.4 1244.4 1797.7 442.0 105.5 1250.2 7296.5 8411.4 8841.3 8924.9 7478.6 6240.7 6873.1 7352.5 8010.9 8953.1 117 Integrated Accounts Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Net equity in reserves of property-casualty insurance companies. (4) Farm houses are included in the household sector. n.e.c. Not elsewhere classified 2013 107 108 109 110 111 7.3 112 113 114 115 116 147 Z.1, December 11, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6107.9 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8030.3 8287.0 1 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1183.8 1229.8 2 5257.7 3762.8 3099.9 662.9 530.9 964.1 5622.2 3930.3 3238.0 692.3 573.2 1118.7 6008.7 4129.3 3420.9 708.5 610.1 1269.3 6163.6 4305.3 3572.1 733.3 632.5 1225.8 6162.8 4358.0 3619.5 738.5 632.7 1172.2 5767.8 4088.4 3377.5 710.9 605.9 1073.5 6144.2 4158.7 3446.1 712.6 633.0 1352.5 6453.1 4363.4 3622.9 740.4 670.6 1419.1 6846.5 4592.9 3826.5 766.4 692.2 1561.3 7057.2 4749.4 3956.0 793.3 715.2 1592.6 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations (dividends) Reinvested earnings on foreign direct investment Rent 561.7 964.1 480.6 251.9 66.3 162.4 883.0 394.6 430.8 40.5 17.1 757.8 1118.7 614.6 296.9 300.3 17.4 975.6 451.0 471.1 34.0 19.4 764.6 1269.3 644.1 357.6 79.7 206.9 1148.8 521.1 550.8 56.6 20.3 669.1 1225.8 687.4 379.4 92.3 215.7 1244.1 605.7 576.9 38.9 22.6 574.5 1172.2 626.9 302.8 108.0 216.1 1224.6 584.5 582.2 32.1 25.9 630.6 1073.5 563.8 214.6 139.0 210.2 1006.8 480.0 490.4 18.1 18.2 907.3 1352.5 580.3 177.5 134.4 268.3 1025.4 444.5 509.9 51.8 19.2 903.4 1419.1 549.6 176.3 94.8 278.5 1065.3 444.3 535.8 63.5 21.7 927.5 1561.3 534.8 163.7 106.3 264.8 1168.6 440.6 626.9 78.6 22.5 985.7 1592.6 563.0 166.3 91.9 304.7 1169.9 438.4 628.8 81.0 21.7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 561.7 187.0 62.0 757.8 271.9 74.2 764.6 307.7 70.4 669.1 293.8 62.2 574.5 227.4 50.3 630.6 177.8 71.8 907.3 220.6 83.3 903.4 228.8 90.4 927.5 271.4 92.4 985.7 329.3 85.0 20 21 22 23 Equals: Disposable income, net 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 23 24 Equals: Net saving 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 24 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 319.3 312.7 -6.7 427.2 411.7 -15.5 386.5 386.5 -0.0 313.1 313.1 -0.0 300.4 296.7 -3.7 342.7 381.0 38.3 582.5 603.5 20.9 590.6 584.2 -6.4 580.4 563.7 -16.7 577.0 571.3 -5.7 25 26 27 28 208.4 277.0 355.8 339.5 266.6 -74.6 143.3 199.1 299.5 310.7 28 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets Change in private inventories 1010.1 850.2 -1.8 50.3 1133.4 909.9 1.0 52.5 1259.9 979.4 13.6 61.7 1348.2 1040.3 0.4 31.2 1372.7 1093.9 17.6 -29.7 1141.9 1092.0 6.3 -130.8 1181.0 1094.6 -1.1 57.9 1303.9 1139.2 -0.5 34.9 1420.5 1183.8 0.9 61.8 1482.5 1229.8 1.3 56.7 29 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 25-28) 111.0 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 280.9 266.2 33 Capital account 34 Net lending (+) or borrowing (-) (line 33) 111.0 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 280.9 266.2 34 35 Net acquisition of financial assets 779.1 944.5 700.1 1072.8 -608.8 299.8 632.7 493.4 506.2 897.9 35 36 37 38 39 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 56.2 3.0 37.7 15.6 120.6 60.8 49.9 9.9 -84.8 -117.2 46.6 -14.2 -62.4 -7.6 -55.7 0.9 -214.0 -59.0 -129.4 -25.5 254.5 70.8 176.9 6.8 148.6 79.6 59.9 9.1 37.1 29.7 13.2 -5.8 27.0 -6.8 33.3 0.6 123.0 22.1 49.7 51.2 36 37 38 39 40 41 42 43 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 16.2 19.3 0.3 0.1 -3.6 40.4 16.0 18.1 6.0 0.3 -1.2 11.7 -6.7 -2.2 -4.0 -61.7 -53.2 -7.1 -2.4 1.1 -25.7 -12.2 -7.9 -2.6 -3.0 16.3 -1.3 12.5 4.2 0.9 15.6 12.0 5.1 1.7 -3.2 -8.5 -0.1 -5.1 -1.7 -1.6 -12.5 -8.4 -3.5 -1.2 0.6 -36.5 -21.8 0.5 -3.8 -11.4 40 41 42 43 44 45 46 47 Loans Short term (security repos and consumer credit) Long term (mortgages) 15.4 0.6 14.8 10.2 8.5 1.7 -14.0 -5.5 -8.4 -21.6 -3.2 -18.4 -9.8 -2.0 -7.7 -5.5 -1.4 -4.1 -8.7 -7.1 -1.6 1.8 2.4 -0.6 -3.0 -1.1 -1.9 -8.5 -6.6 -1.9 45 46 47 48 49 50 51 52 53 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 284.1 10.3 -1.3 272.4 0.1 2.6 142.5 52.7 0.7 24.7 0.0 64.4 334.9 69.1 23.6 219.2 0.1 22.9 374.6 127.2 -4.9 307.0 0.1 -54.8 423.5 178.5 -16.5 262.6 -0.1 -1.1 224.3 -71.4 35.3 269.7 0.0 -9.3 183.5 -157.7 11.1 303.3 0.1 26.7 364.0 -35.4 -12.8 403.9 -0.0 8.4 336.6 18.2 -0.1 315.9 0.0 2.6 373.7 40.6 0.9 317.4 0.0 14.7 48 49 50 51 52 53 54 Insurance, pension and standardized guarantee schemes (2) 19.7 21.2 7.6 8.3 10.9 -4.0 11.7 10.1 7.6 -6.6 54 Integrated Accounts Financial account 148 Z.1, December 11, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars 2004 55 56 57 58 Other accounts receivable Trade receivables Other (miscellaneous assets) Net incurrence of liabilities 2005 2006 2007 2008 2009 2010 2011 2012 2013 387.4 128.8 258.6 609.6 277.6 332.0 457.6 -13.8 471.4 835.5 159.8 675.7 -793.8 -169.6 -624.3 -185.9 -31.2 -154.7 282.0 105.7 176.3 88.9 83.8 5.1 150.4 51.8 98.6 452.8 140.0 312.9 55 56 57 614.1 965.4 839.1 1281.0 338.9 -248.7 487.6 894.3 985.1 1119.1 58 59 60 61 62 Debt securities Open market paper Municipal securities Corporate bonds 13.6 15.3 10.6 -12.2 -7.1 -7.7 41.9 -41.3 150.4 22.4 53.3 74.6 199.5 11.3 68.4 119.9 190.2 7.7 66.0 116.5 179.7 -73.1 37.2 215.6 237.1 24.5 33.2 179.4 203.7 33.4 8.5 161.7 353.5 14.0 15.2 324.2 301.9 14.2 9.3 278.3 59 60 61 62 63 64 65 66 67 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 129.8 55.0 4.0 51.1 74.7 274.1 83.0 -27.1 110.1 191.1 237.7 149.9 22.0 127.9 87.8 453.0 383.8 96.3 287.5 69.2 72.1 132.1 64.2 68.0 -60.1 -538.5 -394.8 -234.0 -160.8 -143.7 -308.3 -177.5 -87.0 -90.4 -130.9 56.8 129.1 68.9 60.2 -72.3 50.9 46.8 80.4 -33.7 4.2 125.3 100.3 46.6 53.7 25.1 63 64 65 66 67 68 69 70 Equity and investment fund shares Corporate equities Foreign direct investment in the United States 2.5 -93.4 96.0 -201.5 -300.2 98.7 -304.9 -496.9 192.0 -500.9 -713.0 212.1 -130.1 -319.6 189.6 52.2 -52.5 104.6 -98.1 -255.1 157.0 -264.0 -456.7 192.7 -189.4 -359.5 170.1 -165.5 -372.6 207.1 68 69 70 71 72 73 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 81.2 -3.1 84.3 91.2 -1.9 93.0 146.4 -2.0 148.4 -0.4 4.5 -5.0 138.2 14.7 123.4 74.2 -8.6 82.8 -5.3 15.4 -20.7 -13.8 3.0 -16.8 -4.0 -12.3 8.4 11.5 -0.6 12.1 71 72 73 74 75 76 77 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 386.9 97.7 6.8 282.5 808.8 199.0 -1.8 611.6 609.4 109.1 -0.8 501.2 1129.8 85.1 -49.6 1094.3 68.5 -225.2 3.1 290.6 -16.3 -82.6 -3.3 69.6 662.1 156.3 7.2 498.6 911.7 25.2 8.8 877.7 774.1 66.2 2.3 705.6 846.0 113.7 -9.0 741.3 74 75 76 77 165.0 -20.9 -139.0 -208.2 -947.7 548.5 145.2 -400.9 -478.9 -221.2 78 267.2 -9.2 182.9 -54.0 -39.5 288.5 -22.7 450.2 171.2 -32.1 576.9 0.0 711.0 169.7 -35.7 685.6 0.0 827.8 181.7 -39.5 -740.1 -5.8 210.2 981.5 -37.0 173.6 0.0 49.0 -131.2 6.7 383.7 0.0 636.8 294.1 -41.0 -56.1 0.0 667.9 792.3 -68.3 -180.2 -6.9 577.0 759.8 -9.5 259.8 0.0 750.5 487.4 3.3 79 80 81 82 83 1316.0 1198.7 64.9 10.9 41.4 931.9 811.3 45.0 27.9 47.7 973.4 872.8 70.9 20.5 9.2 1466.7 1343.5 22.6 30.2 70.4 -1108.0 -1152.7 99.9 13.2 -68.4 -2628.0 -2646.5 -16.1 3.1 31.6 857.3 724.6 41.1 22.5 69.1 823.1 684.9 76.6 27.9 33.7 564.5 478.1 30.1 43.5 12.7 1360.7 1326.3 8.6 26.1 -0.3 84 85 86 87 88 89.2 11.9 77.2 94.5 8.1 86.3 31.0 15.2 15.9 154.8 9.7 145.1 -199.6 -55.2 -144.4 -15.3 20.4 -35.7 -131.9 13.6 -145.6 -55.7 -8.1 -47.6 20.2 14.3 5.9 2.0 30.5 -28.4 89 90 91 1348.6 1336.8 11.8 939.1 898.2 41.0 2393.9 2412.7 -18.8 1868.5 1841.4 27.1 -5495.7 -5394.5 -101.2 2379.6 2548.1 -168.5 2099.7 2114.5 -14.8 382.2 472.9 -90.7 1973.0 1964.9 8.1 5135.8 5141.5 -5.7 92 93 94 56.5 87.2 -1389.5 -247.0 4188.1 -5022.8 -1374.3 385.1 -1388.3 -3773.1 95 643.1 802.9 -426.0 751.7 3748.3 -4506.5 -408.1 919.6 -988.2 -2936.3 96 23867.4 26068.4 28197.4 31172.0 29515.0 27183.4 28957.8 30545.3 31979.4 34708.0 97 12930.1 7050.9 3145.4 1242.2 1491.6 14167.8 7924.1 3297.8 1322.0 1623.9 15538.0 8892.7 3513.6 1401.1 1730.5 17419.2 10381.8 3673.4 1492.3 1871.7 16591.8 9360.0 3857.2 1564.1 1810.5 13865.9 6767.5 3793.1 1600.7 1704.6 14941.1 7545.7 3853.6 1669.1 1872.7 16039.7 8275.3 4008.0 1746.9 2009.6 16894.5 8823.5 4138.0 1839.4 2093.6 18542.2 10217.0 4261.7 1916.9 2146.6 98 99 100 101 102 10937.3 11900.6 12659.5 13752.8 12923.2 13317.5 14016.8 14505.6 15084.9 16165.8 103 661.3 207.2 400.5 53.7 781.9 268.0 450.4 63.6 697.1 150.7 497.0 49.3 634.7 143.1 441.3 50.3 420.7 84.2 311.9 24.7 675.2 154.9 488.8 31.5 823.8 234.5 548.7 40.6 860.9 264.2 561.9 34.8 887.9 257.3 595.2 35.4 1010.9 279.4 644.9 86.6 104 105 106 107 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-58) 79 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (3) Less: Inventory valuation adjustment Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 89 90 91 Financial assets Mutual fund shares Direct investment abroad 92 93 94 Liabilities Corporate equity Foreign direct investment in the United States 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 28+33+79+95) (4) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 105 106 107 Total assets Nonfinancial assets (5) Real estate Equipment Intellectual property products Inventories Financial assets Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 149 Z.1, December 11, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 172.2 95.0 34.0 11.3 31.8 212.6 111.0 52.1 17.4 32.1 211.4 122.7 45.5 15.2 28.1 149.7 69.5 38.3 12.8 29.2 124.1 57.3 30.5 10.2 26.2 140.4 56.0 43.0 14.3 27.1 155.9 68.0 48.0 16.0 23.9 147.4 67.9 43.0 14.3 22.3 135.0 59.5 39.4 13.1 22.9 98.5 37.7 39.9 9.3 11.5 108 109 110 111 112 113 114 115 116 117 Loans Short term Security repurchases Consumer credit Long term (mortgages) 132.2 65.6 6.4 59.2 66.6 142.4 74.1 14.6 59.6 68.3 127.5 67.7 15.5 52.1 59.8 105.8 64.5 8.1 56.4 41.4 96.1 62.4 7.2 55.2 33.6 90.6 61.0 7.9 53.2 29.5 85.6 57.6 12.1 45.5 28.0 87.4 60.0 12.6 47.4 27.4 84.4 58.9 9.7 49.2 25.5 75.9 52.2 8.7 43.5 23.7 113 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 2543.9 299.6 125.6 2094.7 0.5 23.6 2809.9 352.2 134.4 2205.7 0.5 117.0 3175.9 421.3 173.2 2440.7 0.6 140.1 3701.6 548.5 178.0 2892.9 0.7 81.5 3925.3 727.0 106.3 3011.1 0.4 80.5 4134.3 655.5 162.0 3245.1 0.4 71.2 4148.8 497.8 186.8 3402.9 0.6 60.7 4457.1 462.4 165.9 3759.2 0.5 69.1 4813.9 480.6 180.1 4081.0 0.6 71.7 5189.6 521.1 211.4 4370.0 0.6 86.4 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes (2) 262.7 283.9 291.5 299.8 310.9 307.0 318.7 328.8 336.4 329.8 124 125 126 127 Other accounts receivable Trade receivables Other (miscellaneous assets) 7165.0 1830.6 5334.3 7670.0 2108.2 5561.7 8156.1 2095.4 6060.7 8861.1 2255.2 6605.8 8046.1 2085.7 5960.5 7970.0 2054.5 5915.5 8483.9 2156.5 6327.4 8623.9 2240.3 6383.6 8827.2 2292.1 6535.1 9461.0 2432.1 7028.9 125 126 127 128 Total liabilities and net worth 23867.4 26068.4 28197.4 31172.0 29515.0 27183.4 28957.8 30545.3 31979.4 34708.0 128 22470.2 23868.3 26423.4 28646.2 23240.9 25415.8 27598.3 28266.1 30688.4 36353.3 129 129 Liabilities 130 131 132 133 Debt securities Open market paper Municipal securities Corporate bonds 2995.1 97.8 185.4 2711.8 2987.9 90.1 227.3 2670.5 3138.3 112.5 280.6 2745.2 3337.9 123.8 349.0 2865.0 3528.0 131.5 415.0 2981.5 3707.8 58.4 452.2 3197.2 3944.9 82.9 485.4 3376.6 4148.6 116.3 493.9 3538.3 4502.0 130.3 509.1 3862.6 4803.9 144.5 518.5 4140.9 130 131 132 133 134 135 136 137 138 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 2006.6 1411.3 618.0 793.3 595.3 2280.7 1494.3 590.9 903.4 786.4 2539.2 1641.4 612.9 1028.4 897.9 2998.7 2031.7 715.7 1316.0 967.0 3065.8 2163.8 779.9 1383.9 902.0 2443.2 1684.8 545.8 1139.0 758.3 2068.0 1425.3 477.1 948.1 642.7 2124.8 1554.4 546.0 1008.3 570.4 2219.3 1644.6 607.9 1036.8 574.6 2317.7 1718.0 654.4 1063.6 599.7 134 135 136 137 138 139 140 141 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 13498.4 12088.6 1409.8 14236.0 12686.6 1549.4 16325.1 14602.3 1722.7 17692.7 15730.7 1961.9 12066.9 10016.6 2050.3 14498.6 12512.2 1986.4 16500.3 14371.6 2128.7 16618.5 14387.7 2230.7 18402.0 15993.1 2408.9 23372.3 20762.0 2610.3 139 140 141 142 143 144 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 80.9 46.6 34.3 14.6 44.8 -30.1 35.9 64.7 -28.8 48.5 69.3 -20.8 761.4 84.0 677.4 573.0 75.4 497.6 537.4 90.8 446.5 611.0 93.8 517.2 471.2 81.4 389.8 212.2 80.9 131.4 142 143 144 145 146 147 148 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 3889.2 1501.5 88.0 2299.6 4349.0 1700.5 86.2 2562.3 4384.9 1812.9 85.4 2486.6 4568.4 1897.9 35.8 2634.6 3818.8 1672.7 39.0 2107.1 4193.3 1590.1 35.7 2567.5 4547.7 1746.4 42.9 2758.5 4763.3 1771.6 51.7 2940.1 5093.9 1837.8 54.0 3202.1 5647.2 1951.5 45.0 3650.7 145 146 147 148 1397.1 2200.1 1774.1 2525.8 6274.1 1767.6 1359.6 2279.2 1291.0 -1645.3 149 149 Net worth Integrated Accounts Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) Net equity in reserves of property-casualty insurance companies. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States. (5) Excludes nonproduced nonfinancial assets. n.e.c. Not elsewhere classified 150 Z.1, December 11, 2014 S.6.a Financial Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Current account 1 Gross value added 922.1 1034.3 1127.6 1068.8 851.9 1015.4 1042.8 1045.8 1178.3 1307.1 1 2 Less: Consumption of fixed capital 139.3 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.1 182.2 2 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 782.8 498.5 423.0 75.5 46.6 237.7 885.5 535.4 449.4 86.0 49.5 300.6 970.9 579.8 490.8 89.0 52.5 338.5 903.4 618.2 527.1 91.1 54.7 230.5 678.1 612.9 517.9 95.0 55.6 9.5 838.0 549.0 466.2 82.8 64.2 224.8 866.1 574.3 486.4 87.9 64.8 227.1 877.2 606.8 513.5 93.3 58.3 212.1 1004.1 631.1 537.5 93.7 61.2 311.8 1124.9 642.3 546.7 95.5 62.8 419.8 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 213.1 237.7 1742.7 1533.2 179.4 30.1 1767.3 1394.0 364.1 316.7 47.4 9.3 0.0 200.3 300.6 2154.2 1922.3 229.0 2.9 2254.5 1820.9 425.5 377.9 47.7 8.0 0.0 205.2 338.5 2747.1 2444.6 261.6 40.9 2880.4 2379.0 488.6 438.6 50.0 12.8 0.0 110.7 230.5 3200.8 2831.9 323.1 45.7 3320.6 2754.2 556.9 517.0 39.8 9.5 0.0 -2.1 9.5 2833.1 2444.8 338.8 49.5 2844.7 2321.6 515.8 492.8 23.0 7.3 0.0 290.1 224.8 2203.8 1877.4 275.7 50.7 2138.6 1679.7 455.1 380.8 74.4 3.7 0.0 376.8 227.1 2126.7 1749.5 308.9 68.3 1977.0 1505.2 460.8 376.0 84.9 10.9 0.0 320.0 212.1 2109.1 1722.4 319.5 67.2 2001.2 1504.6 481.5 427.2 54.3 15.1 0.0 309.0 311.8 2081.6 1662.3 361.3 57.9 2084.4 1470.2 595.2 521.0 74.2 18.9 0.0 249.3 419.8 2016.3 1578.1 372.7 65.5 2186.8 1426.9 741.0 662.5 78.5 18.9 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 213.1 119.1 -6.5 200.3 140.5 -13.4 205.2 165.7 -21.1 110.7 151.7 7.5 -2.1 81.7 45.6 290.1 91.6 26.5 376.8 150.0 18.4 320.0 150.3 20.0 309.0 183.4 -21.6 249.3 144.9 2.7 22 23 24 25 Equals: Disposable income, net 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 25 26 Equals: Net saving 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 84.3 100.5 16.2 45.4 73.1 27.7 60.7 60.7 0.0 -48.5 -48.5 0.0 -68.9 -129.4 -60.5 293.9 171.9 -121.9 249.9 208.4 -41.5 182.1 149.7 -32.4 137.6 147.2 9.6 101.7 101.7 0.0 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 37.2 176.5 139.3 31.1 180.0 148.9 31.9 188.7 156.8 46.1 211.5 165.4 22.3 196.2 173.9 -10.5 166.9 177.4 -13.9 162.8 176.7 -1.2 167.5 168.6 16.1 190.2 174.1 19.2 201.5 182.2 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 47.1 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 121.5 82.5 33 Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 47.1 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 121.5 82.5 34 3799.1 3766.2 4616.4 5491.4 3820.5 -1290.0 35.6 2154.3 1838.5 3541.9 35 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 43.8 -12.2 74.7 170.6 1009.7 228.2 -143.6 528.7 -44.2 827.7 37 36 Monetary gold 37 Currency and deposits 38 39 40 41 42 43 44 45 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 485.5 0.0 61.1 -42.3 -209.6 79.5 555.9 40.9 641.7 0.0 193.8 52.1 -249.9 115.7 490.1 40.0 1101.4 0.0 232.9 85.2 97.2 131.2 519.3 35.8 982.2 0.0 -120.5 36.4 283.5 184.7 564.8 33.3 836.4 0.0 5.7 442.6 726.9 42.2 -444.2 63.3 730.1 3.0 -389.8 366.2 680.6 38.4 -30.2 61.9 783.3 0.0 -93.3 504.0 52.1 44.2 210.6 65.7 1275.0 0.0 -76.0 977.6 158.3 13.4 130.9 70.8 1100.2 0.0 -1.9 296.3 221.5 138.3 405.7 40.4 1485.9 0.0 34.4 533.0 432.6 7.5 380.3 98.2 38 39 40 41 42 43 44 45 46 47 48 Loans Short term Long term (mortgages) 1879.5 665.4 1214.1 2064.8 653.2 1411.6 2110.7 710.3 1400.4 2695.5 1563.4 1132.1 1455.4 1224.3 231.1 -2944.6 -2877.7 -66.9 -509.7 -192.9 -316.8 151.6 306.9 -155.3 440.2 497.7 -57.4 158.2 54.6 103.7 46 47 48 49 50 51 52 53 54 55 56 Equity and investment fund shares Corporate equities Mutual fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 665.9 332.5 102.6 -110.3 2.4 43.8 3.1 291.9 543.6 289.5 53.8 12.0 2.0 11.5 1.6 173.2 513.7 185.4 104.6 -6.6 -0.0 25.8 1.8 202.8 1245.0 430.8 101.5 331.2 8.3 107.0 3.1 263.1 851.1 223.6 55.0 283.6 -5.3 66.4 2.6 225.0 25.8 155.1 65.0 -175.4 0.0 40.7 4.6 -64.1 -131.9 84.5 16.8 -172.6 -3.2 -2.3 0.9 -56.0 -76.6 -58.8 -58.1 -71.3 -6.2 15.2 0.4 102.4 50.0 36.7 -73.4 -38.0 -2.0 17.1 0.5 109.1 290.9 202.6 22.3 -60.0 -0.2 32.1 0.1 94.0 49 50 51 52 53 54 55 56 151 Z.1, December 11, 2014 S.6.a Financial Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 57 Insurance, pension and standardized guarantee schemes 266.1 209.3 277.0 217.8 252.4 505.9 315.2 340.8 359.8 325.5 57 58 Other accounts receivable 458.2 319.1 538.9 180.2 -584.5 164.6 -277.7 -65.2 -67.4 453.6 58 59 Net incurrence of liabilities 3816.9 3429.5 4372.3 5365.4 3957.0 -1307.0 27.8 2105.6 1719.4 3396.2 59 60 Currency and deposits 601.8 608.9 620.6 548.7 2146.1 262.3 334.1 1457.3 595.0 1867.7 60 61 62 63 64 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 805.8 115.8 668.3 21.7 1039.8 80.4 745.2 214.2 1320.1 328.2 795.5 196.4 1523.7 905.7 729.5 -111.5 441.7 768.7 -201.7 -125.4 -956.7 -60.1 -448.6 -448.1 -695.5 -46.9 -546.4 -102.2 -327.4 -21.9 -237.4 -68.2 -306.4 -22.4 -225.2 -58.8 106.2 239.9 -84.8 -48.9 61 62 63 64 65 66 67 Loans Short term Long term (mortgages) 609.9 584.4 25.5 547.3 533.2 14.1 589.9 583.4 6.6 882.8 878.1 4.7 -155.5 -162.3 6.8 -1646.0 -1657.8 11.8 -59.6 -60.5 0.8 197.7 184.3 13.5 130.7 125.8 4.8 -217.7 -225.5 7.8 65 66 67 68 69 70 71 72 73 74 75 76 Equity and investment fund shares Money market mutual fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 649.7 -136.4 118.1 296.3 2.5 50.2 -4.2 320.1 3.1 698.0 125.1 78.4 260.2 1.9 13.9 -1.2 218.1 1.6 931.5 303.1 60.0 336.8 0.2 52.0 -6.8 184.4 1.8 1469.0 736.8 179.6 361.5 9.1 9.3 3.6 166.1 3.1 1717.3 724.2 639.2 -9.9 -4.2 120.7 11.6 233.0 2.6 270.5 -498.7 315.9 497.1 0.0 45.7 0.6 -94.5 4.6 73.8 -503.2 191.4 370.1 -2.7 48.5 0.9 -32.0 0.9 506.1 -112.8 164.1 338.4 -5.9 43.4 -2.9 81.5 0.4 973.5 7.1 168.3 624.9 -1.8 4.5 6.7 163.3 0.5 981.0 28.7 162.5 638.7 0.5 28.7 -3.9 125.7 0.1 68 69 70 71 72 73 74 75 76 77 Insurance, pension and standardized guarantee schemes 748.3 689.8 700.9 724.8 582.7 542.2 647.3 638.0 487.6 548.3 77 78 Other accounts payable 401.5 -154.3 209.1 216.5 -775.3 220.7 -272.3 -366.1 -160.9 110.7 78 -17.8 336.8 244.1 126.0 -136.5 17.0 7.8 48.7 119.1 145.7 79 -391.5 -1.7 -325.0 64.8 29.4 -1.7 -291.4 -322.5 -433.3 0.0 -648.6 -215.3 -68.2 0.0 -288.8 -220.6 1252.4 -0.6 1298.3 45.3 -1079.1 0.0 -791.7 287.4 -834.0 0.0 -578.0 256.0 -104.0 0.0 30.6 134.6 -432.4 -2.0 -428.0 2.4 -1024.4 0.0 -1087.6 -63.2 80 81 82 83 79 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-59) 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-79) (3) Other changes in volume account Revaluation account 84 85 86 87 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 66.5 61.3 6.6 -1.4 72.6 72.1 0.6 -0.1 63.8 62.7 0.8 0.3 28.6 34.0 -4.9 -0.5 55.7 54.2 3.0 -1.5 -61.9 -50.2 -5.6 -6.1 -2.7 -0.3 1.2 -3.6 42.2 33.2 8.3 0.6 20.2 15.7 4.2 0.3 34.8 31.2 2.2 1.4 84 85 86 87 88 89 90 91 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 1197.1 1007.1 139.4 50.6 938.6 613.1 294.8 30.7 1802.3 1457.8 308.8 35.7 769.4 620.2 103.4 45.8 -6083.7 -5119.4 -975.1 10.8 2730.2 2162.2 513.9 54.2 1745.9 1418.0 287.2 40.7 -632.8 -531.2 -56.1 -45.5 1910.3 1538.0 337.7 34.5 3817.0 3170.7 656.3 -10.0 88 89 90 91 92 93 94 95 96 97 98 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Pension fund reserves Investment by parent 1167.4 459.1 483.8 4.0 2.4 218.1 0.0 890.5 262.4 352.4 9.4 1.7 264.5 0.0 1850.7 716.1 682.6 22.5 4.8 424.6 0.0 -530.2 -985.4 396.0 -56.7 -0.6 116.4 0.0 -6515.6 -2366.0 -2424.7 -157.6 -13.6 -1553.8 0.0 2226.4 386.8 1035.6 17.9 3.6 783.1 -0.6 1615.4 525.9 582.2 34.1 0.3 474.9 -2.0 -829.2 -388.8 -340.4 28.9 -1.2 -127.4 -0.3 1944.4 692.3 720.3 12.5 -1.3 520.8 -0.1 3913.2 1372.0 1579.6 -48.2 4.2 1005.6 0.0 92 93 94 95 96 97 98 96.2 120.7 15.4 1328.2 487.6 442.0 127.8 238.6 -13.9 -61.3 99 -211.0 195.5 -357.2 1211.6 1671.1 -343.2 -456.3 316.7 -308.6 -983.9 100 53015.4 57480.5 63348.6 69555.4 68981.4 69963.7 71083.6 72697.8 76871.0 82789.5 101 1277.0 743.3 429.2 104.5 1383.7 824.1 449.9 109.7 1484.5 895.9 473.3 115.3 1564.8 946.7 492.8 125.3 1649.4 1015.8 498.6 134.9 1586.3 971.3 470.3 144.7 1580.2 963.9 471.9 144.3 1621.2 986.3 485.5 149.4 1655.5 992.7 504.9 157.9 1709.6 1017.3 525.8 166.4 102 103 104 105 99 Changes in net worth due to nominal holding gains/losses 100 Change in net worth (lines 30+33+80+99) Balance sheet account (end of period) 101 102 103 104 105 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products Integrated Accounts Changes in balance sheet account 152 Z.1, December 11, 2014 S.6.a Financial Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 106 Financial assets 51738.4 56096.8 61864.1 67990.6 67332.1 68377.4 69503.4 71076.6 75215.5 81080.0 106 107 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107 108 Currency and deposits 779.8 764.8 814.5 987.4 2032.9 2275.7 2177.8 2706.6 2686.7 3513.1 108 109 110 111 112 113 114 115 116 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 14133.9 2.2 929.2 1595.3 4390.1 1230.5 5130.7 855.9 14758.1 2.2 1124.7 1647.4 4140.2 1346.1 5614.5 882.9 15771.6 2.2 1353.0 1737.2 4153.0 1477.0 6130.5 918.7 16757.4 2.2 1236.1 1773.6 4436.6 1661.7 6695.3 952.0 17598.1 2.2 1243.2 2216.3 5163.4 1703.9 6253.9 1015.3 18350.7 5.2 853.2 2582.5 5898.5 1742.3 6191.7 1077.2 18559.3 5.2 764.2 3086.6 5487.8 1786.5 6286.2 1142.9 19834.2 5.2 688.4 4064.1 5646.1 1799.9 6416.8 1213.7 21026.5 5.2 686.2 4372.4 5881.8 1938.1 6888.7 1254.1 22425.4 5.2 720.2 4905.4 6305.9 1945.6 7190.7 1352.3 109 110 111 112 113 114 115 116 117 118 119 Loans Short term Long term (mortgages) 17716.9 7498.9 10218.0 19781.7 8152.1 11629.6 21829.2 8775.6 13053.6 24482.6 10328.6 14154.0 25801.7 11552.6 14249.1 22569.0 8622.4 13946.6 21817.8 8503.8 13313.9 21817.6 8810.8 13006.9 22285.5 9481.4 12804.1 22325.8 9509.1 12816.7 117 118 119 120 121 122 123 124 125 126 127 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 14057.5 9473.1 1836.9 504.4 40.1 403.8 11.9 1787.3 15539.7 10375.7 2185.4 516.4 42.0 446.0 13.5 1960.6 17408.1 11519.5 2563.5 563.9 42.0 507.4 15.3 2196.5 19422.5 12570.6 2768.5 895.0 50.3 660.2 18.5 2459.6 14189.9 7674.8 1848.4 1178.6 45.0 737.4 21.1 2684.6 17622.1 9992.1 2427.3 1003.2 45.0 832.3 25.6 3296.6 19236.1 11494.6 2731.4 830.6 41.7 870.7 26.5 3240.6 18526.7 10904.5 2617.2 759.3 35.5 840.3 26.9 3343.0 20913.6 12479.3 2881.5 721.3 33.5 891.9 27.4 3878.8 24970.5 15852.5 3560.1 661.3 33.4 914.0 27.5 3921.7 120 121 122 123 124 125 126 127 128 Insurance, pension and standardized guarantee schemes 2286.7 2306.6 2370.0 2480.4 4157.6 4031.4 4401.2 4812.0 4729.8 4104.0 128 129 Other accounts receivable 2752.6 2934.9 3659.7 3849.2 3540.9 3517.5 3300.2 3368.4 3562.2 3730.1 129 130 Total liabilities and net worth 53015.4 57480.5 63348.6 69555.4 68981.4 69963.7 71083.6 72697.8 76871.0 82789.5 130 54378.2 58647.7 64873.0 69868.2 67623.2 68948.7 70524.9 71822.3 76304.2 83206.6 131 7474.0 8082.9 8703.5 9252.2 11398.3 11660.6 11990.6 13447.9 14015.0 15882.7 132 10979.4 6060.3 3963.1 956.0 11964.7 6140.7 4653.8 1170.2 13255.0 6468.9 5422.5 1363.5 14889.6 7374.6 6262.9 1252.1 15251.2 8143.4 5981.5 1126.3 14498.2 8083.3 5736.7 678.2 13432.9 7574.0 5282.9 576.0 13032.8 7552.1 4972.8 507.9 12849.1 7529.7 4870.3 449.1 12888.2 7769.7 4718.3 400.2 133 134 135 136 4482.5 4351.1 131.4 5029.8 4884.3 145.5 5616.5 5464.5 152.1 6499.3 6342.6 156.7 6343.8 6180.3 163.5 4768.4 4593.2 175.3 4720.7 4544.6 176.1 4913.1 4723.5 189.5 5106.5 4912.1 194.4 4888.8 4686.6 202.2 137 138 139 131 Liabilities 132 Currency and deposits 133 134 135 136 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 137 138 139 Loans Short term Long term (mortgages) 140 141 142 143 144 145 146 147 148 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 13793.2 1868.0 4291.1 5433.0 44.8 329.9 11.2 1803.4 11.9 15146.2 1993.1 4631.9 6045.6 46.7 353.2 11.7 2050.4 13.5 17537.1 2296.3 5408.0 7065.0 46.9 427.8 9.7 2268.1 15.3 18355.7 3033.0 4602.2 7822.6 56.0 380.4 12.6 2430.5 18.5 15111.2 3757.3 2875.4 5388.0 51.8 343.5 10.7 2663.5 21.1 17501.1 3258.6 3578.1 6920.7 51.8 407.0 14.8 3244.5 25.6 18678.2 2755.4 4295.4 7873.0 49.0 489.6 15.9 3173.4 26.5 18482.5 2642.5 4070.7 7870.9 43.1 561.9 11.9 3254.6 26.9 21416.2 2649.6 4931.3 9326.1 41.2 578.9 17.3 3844.4 27.4 25253.8 2678.3 6465.8 11544.4 41.7 559.3 17.6 3919.1 27.5 140 141 142 143 144 145 146 147 148 149 Insurance, pension and standardized guarantee schemes 14955.4 15959.4 17099.3 17993.0 16895.5 18270.1 19938.3 20476.6 21514.3 23052.3 149 150 Other accounts payable 2693.6 2464.7 2661.6 2878.4 2623.3 2250.2 1764.2 1469.5 1403.1 1240.9 150 -1362.7 -1167.2 -1524.4 -312.8 1358.2 1015.0 558.7 875.5 566.9 -417.1 151 151 Integrated Accounts 2004 Net worth Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Excludes land. Includes corporate and noncorporate financial business. SDRs Special Drawing Rights 153 Z.1, December 11, 2014 S.7.a Federal Government Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Current account 1 Gross value added 525.8 552.7 577.6 605.4 637.6 668.8 704.5 720.9 722.7 711.3 1 2 Less: Consumption of fixed capital 178.6 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.1 268.0 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 347.2 342.3 249.9 92.4 4.9 363.3 362.4 263.5 98.9 0.9 376.9 375.1 271.7 103.5 1.8 392.6 390.5 283.3 107.3 2.0 411.3 410.4 296.7 113.7 0.8 434.3 433.5 312.2 121.3 0.7 459.1 462.2 328.5 133.7 -3.1 463.5 470.6 331.7 138.9 -7.1 458.6 467.8 327.1 140.7 -9.1 443.3 458.6 320.6 138.1 -15.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) -226.6 4.9 95.2 -46.0 25.3 16.6 0.1 8.7 306.1 -277.4 0.9 99.4 -60.5 27.2 17.3 0.2 9.7 344.4 -293.5 1.8 99.2 -51.1 29.0 18.8 0.3 9.9 372.3 -325.6 2.0 94.6 -47.5 33.4 22.1 0.2 11.1 408.2 -308.9 0.8 94.0 -49.6 33.9 19.5 0.6 13.8 388.0 -269.9 0.7 91.4 -56.9 48.5 22.8 18.7 7.0 353.6 -286.6 -3.1 96.8 -54.3 54.6 29.5 17.0 8.0 380.6 -327.3 -7.1 108.6 -59.5 56.4 27.7 18.8 9.9 425.7 -321.8 -9.1 115.0 -57.6 53.6 22.3 21.1 10.2 423.8 -206.8 -15.3 120.9 -59.7 164.7 24.4 131.3 9.0 417.4 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) -226.6 1058.8 808.9 1025.5 29.0 362.4 -277.4 1285.2 853.4 1090.9 32.0 383.5 -293.5 1459.2 905.7 1196.7 36.8 374.7 -325.6 1542.5 947.2 1272.2 41.0 400.2 -308.9 1354.1 974.4 1407.4 46.5 412.9 -269.9 1072.4 950.8 1624.9 64.0 507.5 -286.6 1208.2 970.9 1726.6 64.4 555.0 -327.3 1392.7 904.0 1744.4 65.0 528.0 -321.8 1536.5 938.1 1785.1 49.9 493.2 -206.8 1690.9 1092.3 1825.6 59.5 496.3 17 18 19 20 21 22 23 24 Equals: Disposable income, net Less: Final consumption expenditures 282.2 681.4 418.7 723.4 536.9 763.9 532.7 798.4 245.8 879.8 -315.1 933.7 -324.8 1003.9 -238.1 1006.1 -75.5 1003.6 313.9 963.0 23 24 25 Equals: Net saving -399.2 -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1079.1 -649.1 25 -438.6 -399.2 39.3 -365.1 -304.7 60.3 -270.2 -227.0 43.2 -318.6 -265.6 53.0 -751.6 -634.0 117.6 -1435.1 -1248.8 186.3 -1455.0 -1328.7 126.3 -1358.0 -1244.1 113.9 -1163.9 -1079.1 84.7 -707.5 -649.1 58.4 26 27 28 31.6 31.5 22.9 35.3 29.1 40.6 53.7 39.1 21.7 -2.0 29 211.0 178.6 -0.8 222.9 189.4 -2.0 238.0 200.7 -14.4 251.4 212.8 -3.3 275.8 226.3 -20.4 284.0 234.5 -8.9 300.0 245.3 -1.0 297.4 257.4 -0.9 287.8 264.1 -1.9 268.5 268.0 -2.4 30 31 32 -470.1 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1185.6 -705.6 33 -470.1 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1185.6 -705.6 34 Capital account 26 27 28 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 Net lending (+) or borrowing (-), capital account (lines 26-29) 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 36 37 38 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 45 46 47 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 48 49 50 51 52 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 53 54 55 56 57 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 5.3 30.8 -14.4 0.6 580.0 237.8 281.9 -150.7 132.4 217.4 35 0.4 -0.0 0.4 -4.5 0.0 -4.5 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 48.2 0.0 48.2 0.0 0.0 0.0 -1.8 0.0 -1.8 0.0 0.0 0.0 0.0 0.0 0.0 36 37 38 -34.5 0.3 -3.8 -31.0 -0.0 0.0 1.3 0.3 -10.2 12.2 -1.0 0.0 -5.4 0.4 -3.3 -2.7 0.2 0.0 25.8 0.5 -1.0 25.1 1.2 0.0 316.0 0.6 3.5 313.1 -1.3 0.0 -170.2 0.3 3.4 -174.2 0.3 0.0 150.5 0.3 1.3 148.9 0.1 0.0 -239.9 -0.2 18.2 -257.6 -0.3 0.0 11.1 0.2 4.0 6.7 0.2 0.0 65.8 0.2 -3.4 69.6 -0.5 -0.0 39 40 41 42 43 44 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 142.5 142.0 0.6 -46.9 -47.2 0.3 -118.2 -118.1 -0.1 -31.3 -31.1 -0.2 -0.1 0.0 -0.1 45 46 47 2.3 0.7 3.7 -3.0 1.6 -3.1 -5.5 3.7 -9.2 2.4 5.9 2.2 1.6 0.5 3.7 6.8 4.7 7.0 -2.3 2.1 39.0 25.5 19.5 6.1 13.5 166.7 154.1 87.9 66.2 12.6 131.4 136.8 133.1 3.6 -5.4 136.5 133.2 128.5 4.8 3.3 136.2 134.5 132.1 2.4 1.6 124.2 120.3 113.1 7.2 4.0 48 49 50 51 52 2.0 0.0 2.0 0.0 0.0 1.3 0.0 1.3 0.0 0.0 2.0 0.0 2.0 0.0 0.0 1.7 0.0 1.7 0.0 0.0 257.7 256.3 1.4 0.0 0.0 3.4 0.6 1.7 0.0 1.2 30.4 24.1 2.3 0.0 4.0 43.5 40.3 2.6 0.0 0.7 -10.7 -13.2 2.4 0.0 0.0 -2.6 -4.8 2.2 0.0 0.0 53 54 55 56 57 Integrated Accounts Financial account 154 Z.1, December 11, 2014 S.7.a Federal Government Billions of dollars 2004 58 59 60 61 62 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) Net incurrence of liabilities 2005 2006 2007 2008 2009 2010 2011 2012 2013 35.1 10.5 23.3 1.4 35.8 9.2 26.0 0.6 -17.1 -11.6 -6.5 1.0 -33.8 1.2 -35.4 0.4 -87.2 4.2 -62.0 -29.4 47.1 -21.1 35.9 32.3 16.5 -0.7 27.1 -9.8 29.1 4.8 25.6 -1.3 27.1 2.6 27.9 -3.5 30.0 -1.5 27.8 3.7 58 59 60 61 479.4 453.6 296.0 391.2 1369.0 1536.0 1696.8 1201.7 1249.6 880.3 62 63 SDR allocations 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 63 64 Currency and deposits 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 -0.4 64 65 66 67 68 69 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 402.8 0.0 362.5 -0.6 40.9 346.9 0.0 307.3 -0.4 40.0 219.1 0.0 183.7 -0.3 35.8 270.4 0.0 237.5 -0.4 33.3 1302.5 0.0 1239.0 0.2 63.3 1508.8 3.0 1443.7 0.1 61.9 1645.9 0.0 1579.6 0.7 65.7 1138.7 0.0 1066.8 1.1 70.8 1180.6 0.0 1140.6 -0.4 40.4 857.3 0.0 759.5 -0.4 98.2 65 66 67 68 69 70 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70 71 72 73 74 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 59.5 1.1 17.4 41.0 67.2 1.1 23.0 43.1 64.5 1.5 18.1 44.9 92.7 1.2 43.9 47.7 45.1 1.0 26.5 17.6 33.3 1.1 16.6 15.6 43.5 0.9 22.5 20.2 40.6 1.3 18.5 20.8 63.9 0.3 13.3 50.3 5.6 0.3 12.2 -6.8 71 72 73 74 75 76 77 Other accounts payable Trade payables Other (miscellaneous liabilities) 16.4 15.4 1.0 38.7 33.7 5.0 11.8 6.2 5.6 28.7 29.3 -0.6 22.2 22.6 -0.3 -53.3 -56.2 2.9 7.6 5.2 2.4 22.4 8.8 13.6 5.1 13.4 -8.3 17.8 16.5 1.3 75 76 77 -474.1 -422.8 -310.4 -390.6 -789.0 -1298.2 -1414.9 -1352.4 -1117.2 -662.9 78 -28.2 0.0 -24.2 4.0 -47.0 -0.5 -20.3 26.2 30.2 0.0 47.4 17.2 9.7 0.0 46.4 36.7 86.7 0.0 95.0 8.3 121.5 0.0 -56.0 -177.5 -32.0 0.0 -125.8 -93.8 46.4 0.0 1.7 -44.7 41.3 0.0 -27.1 -68.3 27.3 0.0 -15.4 -42.6 79 80 81 82 114.8 91.6 10.9 12.2 116.8 94.1 7.3 15.4 116.4 95.2 10.4 10.8 93.0 60.7 7.6 24.8 69.0 44.0 11.8 13.2 -36.0 -48.4 8.6 3.8 61.3 18.1 5.0 38.2 69.3 49.4 12.2 7.7 41.8 36.2 0.9 4.7 58.9 41.1 3.3 14.5 83 84 85 86 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 79 80 81 82 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (2) Revaluation account 83 84 85 86 Nonfinancial assets Structures Equipment Intellectual property products 87 88 89 90 91 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program 1.3 0.5 0.8 0.0 0.0 -2.1 -0.9 -1.2 0.0 0.0 0.8 0.4 0.3 0.0 0.0 0.7 0.5 0.2 0.0 0.0 -67.9 -0.2 -0.0 -67.7 0.0 -121.6 0.2 0.3 -121.9 -0.3 -43.7 -1.0 -0.2 -41.5 -1.0 -33.2 -0.1 -0.5 -32.4 -0.2 -4.7 0.1 0.0 -4.7 -0.1 0.1 0.1 0.0 0.0 0.0 87 88 89 90 91 92 93 Liabilities SDR allocations 0.3 0.3 -0.6 -0.6 0.4 0.4 0.4 0.4 -0.2 -0.2 0.2 0.2 -1.0 -1.0 -0.2 -0.2 0.1 0.1 0.1 0.1 92 93 94 Changes in net worth due to nominal holding gains/losses 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 37.0 59.0 94 -351.1 -296.8 -123.3 -215.6 -663.7 -1471.5 -1468.5 -1275.3 -1085.6 -621.3 95 2917.7 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4649.1 4905.4 96 2277.1 1088.2 498.3 690.6 2426.5 1176.5 520.7 729.3 2579.8 1266.6 550.7 762.4 2711.3 1325.4 576.7 809.3 2829.2 1369.8 616.2 843.2 2842.1 1326.1 649.8 866.2 2957.5 1352.5 680.9 924.1 3066.8 1406.9 711.0 948.9 3132.3 1439.7 725.2 967.4 3191.7 1472.1 732.2 987.4 97 98 99 100 640.6 643.7 658.3 703.8 1292.3 1387.1 1612.2 1411.3 1516.9 1713.7 101 13.6 0.0 13.6 8.2 0.0 8.2 8.9 0.0 8.9 9.5 0.0 9.5 9.3 0.0 9.3 57.8 0.0 57.8 56.8 0.0 56.8 55.0 0.0 55.0 55.1 0.0 55.1 55.2 0.0 55.2 102 103 104 Changes in balance sheet account 95 Change in net worth (lines 29+33+79+94) 96 Total assets Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 Nonfinancial assets (3) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings 155 Z.1, December 11, 2014 S.7.a Federal Government Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 105 106 107 108 109 110 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 67.9 21.1 19.6 22.2 2.4 2.6 68.0 18.7 8.1 37.0 1.4 2.6 62.8 20.2 5.2 33.2 1.7 2.6 88.9 22.2 4.4 56.9 2.8 2.6 404.8 24.5 7.8 368.3 1.6 2.6 234.9 25.0 11.5 193.9 1.9 2.6 385.2 25.7 12.6 342.3 2.0 2.6 144.8 25.6 30.3 84.6 1.7 2.6 155.9 24.7 34.4 92.2 2.0 2.6 221.8 23.6 31.0 163.0 1.5 2.6 105 106 107 108 109 110 111 112 113 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 197.0 196.4 0.6 150.1 149.2 0.9 31.9 31.1 0.8 0.6 0.0 0.6 0.6 0.0 0.6 111 112 113 114 115 116 117 118 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 274.8 200.7 86.1 114.6 74.2 271.7 195.2 89.8 105.3 76.6 294.8 214.6 108.7 105.9 80.3 301.6 219.3 115.7 103.6 82.4 340.6 244.8 135.1 109.7 95.8 507.3 398.9 223.1 175.9 108.4 642.3 535.7 356.2 179.5 106.6 778.8 668.9 484.7 184.3 109.9 915.0 803.5 616.8 186.7 111.5 1039.2 923.7 729.8 193.9 115.5 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 42.0 0.0 42.0 0.0 0.0 43.2 0.0 43.2 0.0 0.0 45.3 0.0 45.3 0.0 0.0 46.9 0.0 46.9 0.0 0.0 237.0 188.7 48.3 0.0 0.0 118.2 67.4 50.0 0.0 0.9 106.1 49.9 52.3 0.0 3.8 117.0 57.8 54.9 0.0 4.4 101.5 39.9 57.3 0.0 4.4 98.9 35.1 59.5 0.0 4.4 119 120 121 122 123 124 125 126 127 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 242.3 61.8 91.2 89.3 252.5 71.0 91.6 89.9 246.5 59.4 96.1 91.0 257.0 60.6 105.0 91.4 246.2 64.7 119.4 62.0 271.8 43.6 133.9 94.3 271.7 42.9 144.3 84.5 283.7 47.7 152.8 83.2 288.7 50.3 158.6 79.8 298.1 48.8 165.8 83.4 124 125 126 127 128 Total liabilities and net worth 2917.7 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4649.1 4905.4 128 6921.1 7370.3 7661.5 8054.1 9424.2 11003.4 12812.4 13996.0 15252.6 16130.3 129 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 130 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 25.6 131 5253.1 2.2 4370.7 24.3 855.9 5587.0 2.2 4678.0 23.8 882.9 5806.1 2.2 4861.7 23.5 918.7 6076.5 2.2 5099.2 23.1 952.0 7379.0 2.2 6338.2 23.3 1015.3 8887.8 5.2 7781.9 23.5 1077.2 10533.8 5.2 9361.5 24.2 1142.9 11672.5 5.2 10428.3 25.3 1213.7 12853.0 5.2 11568.9 24.9 1254.1 13710.3 5.2 12328.3 24.5 1352.3 132 133 134 135 136 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137 1459.1 41.6 52.4 1365.2 1540.9 42.7 75.4 1422.8 1606.0 44.2 93.5 1468.3 1699.5 45.4 137.3 1516.8 1746.1 46.4 163.8 1535.8 1825.5 47.5 180.4 1597.6 1985.0 48.4 202.9 1733.7 2021.8 49.7 221.4 1750.7 2084.8 50.0 234.8 1800.0 2089.3 50.3 246.9 1792.1 138 139 140 141 174.6 169.0 5.6 208.0 202.6 5.4 213.9 208.8 5.1 243.0 238.2 4.9 265.0 260.7 4.3 208.5 204.5 4.0 213.3 209.7 3.6 221.7 218.5 3.2 234.6 231.9 2.8 250.6 248.4 2.3 142 143 144 -4003.4 -4300.1 -4423.4 -4639.0 -5302.7 -6774.2 -8242.7 -9518.0 -10603.5 -11224.8 145 129 Liabilities 130 SDR allocations 131 Currency and deposits 132 133 134 135 136 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 137 Loans (mortgages) 138 139 140 141 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 142 143 144 Other accounts payable Trade payables Other (miscellaneous liabilities) 145 Net worth Integrated Accounts Note. The Federal government accounts exclude Federal employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. IMF International Monetary Fund SDRs Special Drawing Rights 156 Z.1, December 11, 2014 S.8.a State and Local Governments Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1491.0 1524.8 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 143.8 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.8 238.4 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 993.9 1000.6 702.7 297.9 -6.7 1034.4 1041.8 728.0 313.7 -7.3 1080.0 1091.1 763.3 327.8 -11.1 1131.9 1150.4 805.6 344.9 -18.5 1185.0 1207.1 847.4 359.7 -22.0 1211.3 1232.6 862.9 369.7 -21.4 1241.5 1261.3 862.6 398.7 -19.8 1249.2 1266.5 863.1 403.5 -17.4 1259.1 1275.3 871.2 404.1 -16.2 1286.4 1300.7 887.5 413.2 -14.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) 728.0 -6.7 768.7 -0.4 76.8 66.4 2.0 8.5 110.5 804.2 -7.3 835.1 -0.4 88.6 76.8 2.0 9.8 111.8 868.3 -11.1 892.7 -0.4 107.2 94.7 2.1 10.4 120.1 910.7 -18.5 940.0 -7.1 117.9 104.2 2.2 11.5 121.5 901.6 -22.0 947.9 -3.0 105.7 91.0 2.6 12.1 127.0 811.0 -21.4 934.8 -1.4 87.8 74.4 2.1 11.2 188.8 829.5 -19.8 960.4 -1.6 82.6 69.1 2.3 11.2 192.1 864.6 -17.4 994.0 -0.5 79.2 64.8 2.6 11.7 190.7 872.4 -16.2 1017.0 -0.5 78.6 63.0 3.4 12.3 206.6 906.2 -14.3 1041.6 -0.5 79.7 63.2 3.7 12.7 200.3 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) 728.0 289.2 24.7 385.0 422.4 804.2 331.4 24.6 406.6 436.4 868.3 361.7 21.5 403.9 438.9 910.7 381.4 18.9 433.3 460.9 901.6 381.0 18.7 455.4 477.8 811.0 333.4 18.6 492.6 566.1 829.5 345.3 18.1 523.8 612.0 864.6 374.3 18.2 530.4 582.1 872.4 407.8 17.7 540.6 556.2 906.2 430.2 17.7 565.4 570.8 17 18 19 20 21 22 Equals: Disposable income, net 1079.2 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1308.9 1313.6 1359.4 22 23 Less: Final consumption expenditures 1187.6 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1524.8 1546.1 1584.5 23 24 Equals: Net saving -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -232.6 -225.1 24 -60.4 -108.4 -48.0 -16.2 -66.6 -50.4 18.4 -39.4 -57.8 -13.4 -72.7 -59.3 -101.8 -165.1 -63.2 -204.2 -271.9 -67.7 -160.6 -237.3 -76.7 -142.1 -215.9 -73.8 -158.3 -232.6 -74.2 -153.5 -225.1 -71.6 25 26 27 145.0 143.5 155.0 167.9 172.5 167.2 149.7 127.6 108.5 98.4 28 277.5 143.8 11.3 290.8 157.3 10.0 314.3 170.3 11.0 340.8 186.6 13.6 358.8 200.2 13.8 363.0 208.2 12.3 351.9 212.7 10.6 340.5 222.2 9.2 331.6 231.8 8.7 327.8 238.4 9.0 29 30 31 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -266.9 -252.0 32 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -266.9 -252.0 33 Capital account 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 28 29 30 31 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 32 Net lending (+) or borrowing (-), capital account (lines 25-28) Integrated Accounts Financial account 33 Net lending (+) or borrowing (-) (line 32) 34 Net acquisition of financial assets 172.4 253.9 205.8 240.4 -101.1 17.4 74.9 -12.9 99.2 17.9 34 35 36 37 Currency and deposits Currency and transferable deposits Time and savings deposits 4.4 -3.5 7.9 18.7 15.8 3.0 22.5 5.5 17.1 32.4 -0.4 32.8 26.1 8.3 17.8 29.5 19.6 10.0 -0.2 5.7 -5.9 32.2 16.6 15.6 10.2 -9.4 19.6 19.1 6.7 12.4 35 36 37 38 39 40 41 42 43 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 96.4 2.9 43.3 37.1 1.1 11.9 155.7 -0.1 107.3 35.7 1.2 11.5 110.3 -1.4 58.4 39.1 1.4 12.7 137.0 -2.2 77.8 45.0 1.7 14.6 -90.5 -21.9 -46.0 -17.7 0.4 -5.4 -41.1 -39.0 -16.9 10.3 1.0 3.5 53.8 13.2 7.8 23.7 1.4 7.8 -49.8 -11.1 -31.8 -6.8 0.4 -0.5 45.1 -5.9 46.5 -2.1 0.5 6.1 -33.9 -8.1 -14.5 -13.8 0.2 2.4 38 39 40 41 42 43 44 45 46 Loans Short term Long term (mortgages) 22.2 7.2 15.0 20.3 5.7 14.6 21.9 5.7 16.1 25.4 6.4 19.0 -15.9 -11.9 -4.0 4.5 -4.1 8.6 12.4 -1.1 13.5 -1.2 -3.4 2.2 16.3 6.8 9.5 8.3 4.2 4.1 44 45 46 47 48 49 50 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 21.6 12.8 5.4 3.5 21.5 13.6 4.4 3.5 23.8 15.4 4.5 3.9 27.6 18.0 5.1 4.5 -5.5 2.8 -7.7 -0.6 9.4 10.0 -2.2 1.7 17.0 14.1 -0.0 2.9 1.6 3.7 -2.5 0.3 12.9 8.0 3.2 1.7 6.6 4.7 1.3 0.7 47 48 49 50 51 52 53 54 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 27.9 8.5 12.9 6.5 37.7 17.4 14.3 6.0 27.4 8.9 12.1 6.4 18.1 7.8 3.0 7.3 -15.3 -15.4 5.2 -5.2 14.9 -4.6 -5.8 25.3 -8.1 13.1 1.0 -22.2 4.3 2.3 2.1 -0.1 14.8 4.5 2.0 8.2 17.7 8.4 3.2 6.2 51 52 53 54 157 Z.1, December 11, 2014 S.8.a State and Local Governments Billions of dollars 55 Net incurrence of liabilities 56 57 58 Debt securities (municipals) Short term Other 59 Loans (short term) 60 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 61 Other accounts payable (trade payables) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 34-55) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 332.7 231.2 210.0 300.1 220.2 455.9 383.5 302.3 333.6 290.7 55 178.5 22.2 156.3 141.1 -1.7 142.8 100.3 -8.2 108.5 146.0 16.8 129.2 17.1 4.6 12.5 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 56 57 58 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.5 59 124.0 57.6 74.8 116.6 163.7 304.0 275.5 316.6 300.1 289.9 60 30.0 31.9 34.3 36.7 38.6 38.9 38.5 38.4 38.8 39.6 61 -160.3 22.6 -4.2 -59.7 -321.4 -438.5 -308.6 -315.2 -234.4 -272.8 62 -697.2 0.0 -742.3 -45.1 215.7 -10.7 44.1 -182.4 324.2 0.0 191.8 -132.4 231.5 0.0 109.9 -121.5 -974.6 0.0 -927.6 47.0 358.9 0.0 426.1 67.2 36.5 0.0 34.8 -1.7 -45.3 0.0 0.2 45.5 358.9 -7.6 334.0 -32.5 676.7 0.0 697.5 20.8 63 64 65 66 504.5 501.0 2.6 0.9 473.4 472.2 0.4 0.8 605.0 602.7 1.1 1.1 460.9 457.9 0.6 2.4 411.4 403.0 6.6 1.8 -105.1 -104.3 -1.1 0.3 175.7 171.9 2.4 1.4 392.7 389.2 1.6 1.9 227.5 224.8 1.5 1.2 225.3 222.7 1.3 1.3 67 68 69 70 11.8 5.5 16.9 5.2 -61.1 33.5 21.6 2.0 18.6 38.9 71 516.3 478.9 621.8 466.0 350.4 -71.7 197.3 394.7 246.1 264.2 72 -241.3 678.4 964.4 684.1 -726.1 83.0 73.2 207.3 446.6 787.4 73 Other changes in volume account 63 64 65 66 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 32-62) (2) Revaluation account 67 68 69 70 Nonfinancial assets Structures Equipment Intellectual property products 71 Equity and investment fund shares 72 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 73 Change in net worth (lines 28+32+63+72) 74 7720.6 8576.2 9547.9 10408.1 10814.7 10911.6 11319.3 11817.2 12271.3 12641.2 74 75 76 77 78 Total assets Nonfinancial assets (3) Structures Equipment Intellectual property products 5662.8 5388.1 203.3 71.4 6259.0 5976.8 206.9 75.3 7008.0 6715.1 212.7 80.2 7623.1 7314.8 221.5 86.9 8193.3 7863.3 236.4 93.6 8243.0 7903.6 240.9 98.5 8557.5 8207.7 245.4 104.4 9068.6 8711.9 246.5 110.2 9388.3 9026.8 246.5 115.1 9703.2 9335.6 247.6 120.0 75 76 77 78 79 Financial assets 2057.9 2317.2 2539.9 2785.0 2621.4 2668.6 2761.8 2748.6 2883.0 2938.1 79 216.1 50.3 165.8 234.8 66.0 168.8 257.4 71.5 185.9 289.8 71.1 218.6 315.9 79.4 236.5 345.4 99.0 246.4 345.2 104.6 240.6 377.4 121.2 256.2 406.7 117.2 289.5 425.8 123.9 301.9 80 81 82 1061.8 153.4 405.0 377.7 5.7 120.0 1217.4 153.3 512.3 413.4 6.9 131.5 1327.7 152.0 570.7 452.6 8.3 144.1 1464.7 149.8 648.5 497.6 10.0 158.7 1374.1 127.9 602.6 479.9 10.4 153.3 1333.0 88.9 585.6 490.2 11.5 156.8 1386.9 102.1 593.5 513.9 12.9 164.6 1337.1 91.0 561.7 507.0 13.2 164.1 1382.2 85.1 608.2 505.0 13.7 170.2 1348.3 77.0 593.6 491.2 13.9 172.6 83 84 85 86 87 88 80 81 82 Currency and deposits Currency and transferable deposits Time and savings deposits 83 84 85 86 87 88 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 89 90 91 Loans Short term Long term (mortgages) 268.6 124.3 144.3 288.9 130.0 158.9 310.8 135.7 175.0 335.7 142.1 193.6 318.1 130.2 187.9 319.1 126.1 193.0 328.5 125.0 203.5 325.0 121.6 203.4 339.3 128.4 210.9 346.5 132.6 214.0 89 90 91 92 93 94 95 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 219.7 76.3 107.6 35.8 246.6 89.9 116.0 40.7 287.3 105.3 132.9 49.1 320.0 123.3 141.7 55.0 253.4 126.1 91.0 36.3 296.3 136.1 111.8 48.5 334.9 150.2 126.3 58.4 338.5 154.0 125.2 59.3 370.0 162.0 140.7 67.3 415.6 166.7 167.7 81.2 92 93 94 95 96 97 98 99 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 291.7 125.0 88.0 78.6 329.4 142.5 102.3 84.6 356.7 151.3 114.4 91.0 374.8 159.1 117.4 98.3 359.9 143.7 123.0 93.2 374.7 139.1 117.1 118.5 366.3 152.2 117.8 96.3 370.7 154.5 120.0 96.2 384.8 159.1 121.3 104.4 401.8 167.5 123.8 110.6 96 97 98 99 100 Total liabilities and net worth 7720.6 8576.2 9547.9 10408.1 10814.7 10911.6 11319.3 11817.2 12271.3 12641.2 100 3208.7 3385.9 3393.2 3569.4 4702.0 4715.8 5050.4 5341.0 5348.4 4931.0 101 101 Liabilities Integrated Accounts Balance sheet account (end of period) 158 Z.1, December 11, 2014 S.8.a State and Local Governments Billions of dollars 102 103 104 Debt securities (municipals) Short term Other 105 Loans (short term) 106 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 107 108 Other accounts payable (trade payables) Net worth 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2438.2 44.2 2393.9 2579.2 42.5 2536.7 2679.6 34.3 2645.2 2825.6 51.2 2774.4 2842.7 55.8 2786.9 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 102 103 104 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 16.2 105 310.5 314.0 186.2 178.9 1254.9 1116.9 1343.4 1648.3 1622.2 1204.1 106 450.1 482.0 516.2 553.0 591.6 630.5 669.0 707.4 746.2 785.8 107 4511.9 5190.3 6154.7 6838.8 6112.7 6195.7 6268.9 6476.3 6922.9 7710.2 108 Integrated Accounts Note. The state and local government accounts exclude state and local employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. 159 Z.1, December 11, 2014 S.9.a Rest of the World Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Current account 1 2 3 4 Foreign income from U.S. U.S. imports of goods and services U.S. income payments to rest of world Current taxes and trans. payments to rest of world 2259.4 1800.7 362.3 96.4 2627.5 2030.1 483.2 114.2 3004.6 2247.3 656.6 100.7 3257.9 2383.2 750.1 124.7 3385.0 2565.0 684.9 135.1 2613.9 1983.2 497.8 132.9 3020.3 2365.0 514.1 141.2 3379.5 2686.4 546.0 147.2 3470.2 2762.5 566.5 141.3 3494.8 2770.4 586.1 138.3 1 2 3 4 5 6 7 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world 1633.0 1181.5 451.4 1884.7 1308.9 575.8 2200.6 1476.3 724.2 2540.3 1664.6 875.7 2698.9 1841.9 856.9 2236.6 1587.7 648.9 2572.4 1852.3 720.0 2899.0 2106.4 792.6 2988.0 2194.2 793.8 3072.6 2262.2 810.4 5 6 7 8 Equals: Net saving (current external balance) 626.4 742.9 804.0 717.6 686.1 377.3 447.9 480.5 482.2 422.2 8 626.4 742.9 804.0 717.6 686.1 377.3 447.9 480.5 482.2 422.2 9 Capital account 9 Net saving 10 Less: Net capital transfers 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.5 -0.8 10 11 Less: Acquisition of nonproduced nonfinancial assets 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.0 -0.1 0.0 11 12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 623.7 730.0 806.1 717.5 680.7 377.8 448.6 482.1 475.7 423.0 12 623.7 730.0 806.1 717.5 680.7 377.8 448.6 482.1 475.7 423.0 13 1227.1 1048.2 1479.7 1470.6 666.8 201.0 1087.5 1049.7 832.9 1191.5 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 13 Net lending (+) or borrowing (-) (line 12) 14 Net acquisition of U.S. financial assets 15 16 17 Monetary gold and SDRs Monetary gold SDR allocations 18 19 20 21 22 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 16.6 13.3 9.1 22.8 -28.6 24.8 8.4 6.4 20.6 -10.6 50.7 2.2 9.2 34.0 5.3 -78.3 -10.7 5.2 36.7 -109.5 492.9 29.2 34.8 73.4 355.4 -284.3 12.6 -21.8 -73.3 -201.9 -27.5 28.3 1.2 4.9 -61.8 343.1 55.0 26.8 47.3 213.9 -29.9 57.1 11.0 37.9 -136.0 415.5 37.7 13.2 52.5 312.2 18 19 20 21 22 23 24 25 26 27 28 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 804.0 16.5 366.9 154.6 6.5 259.5 737.2 20.8 245.1 139.8 3.0 328.5 968.7 54.9 150.3 217.1 5.4 541.0 856.6 16.5 165.3 239.5 10.7 424.6 404.7 -59.0 711.6 -231.9 5.9 -21.8 160.4 -48.4 554.4 -226.0 7.7 -127.3 639.4 -10.7 740.4 -66.6 13.1 -36.8 203.6 0.7 355.3 -41.6 0.6 -111.5 495.7 -0.1 589.7 -73.6 -0.6 -19.7 554.6 -1.4 431.3 -84.7 4.3 205.2 23 24 25 26 27 28 29 30 31 Loans (short term) Security repurchases Loans to U.S. corporate business 196.7 190.5 6.3 72.7 41.4 31.3 66.0 59.7 6.2 174.9 72.6 102.3 -674.3 -629.7 -44.7 -98.7 -54.8 -44.0 72.2 92.4 -20.2 126.5 92.6 33.9 -58.8 -6.6 -52.2 58.7 62.1 -3.5 29 30 31 32 33 34 35 36 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 207.8 4.1 46.3 11.5 146.0 201.9 0.1 83.6 5.6 112.6 388.6 4.1 118.7 22.7 243.2 496.8 19.0 243.9 12.7 221.2 436.9 23.7 130.0 -26.9 310.1 369.7 7.2 192.7 19.4 150.4 384.8 -7.1 127.8 58.2 205.9 359.4 4.6 44.0 74.7 236.1 414.3 22.6 126.8 89.7 175.2 150.9 16.4 -78.7 -23.1 236.3 32 33 34 35 36 37 Other accounts receivable 2.0 11.6 5.7 20.6 6.7 6.3 18.6 17.1 11.6 11.9 37 38 Net incurrence of liabilities 775.0 349.7 949.8 1319.0 -98.4 173.0 819.3 633.0 386.3 819.7 38 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 0.0 39 39 SDR holdings 40 41 42 43 44 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 151.0 0.6 -3.8 154.2 0.0 12.3 0.6 -10.2 21.9 0.0 177.9 0.7 -3.3 180.5 0.0 294.5 1.0 -1.0 294.5 0.0 -326.3 1.3 3.5 -331.0 0.0 -39.8 0.7 3.4 -43.9 0.0 73.4 0.5 1.3 71.6 0.0 -197.3 -0.5 18.1 -215.0 0.0 -139.6 0.4 4.0 -144.0 0.0 29.6 0.3 -3.4 32.7 -0.0 40 41 42 43 44 45 46 47 Debt securities Commercial paper Bonds 101.7 69.2 32.5 93.4 38.6 54.8 277.2 98.4 178.9 234.8 -69.3 304.1 -211.9 -71.0 -140.8 236.6 59.4 177.2 124.7 -2.7 127.4 128.2 -53.5 181.7 152.6 27.9 124.7 228.4 34.0 194.4 45 46 47 48 49 50 51 52 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 145.6 148.2 -3.6 1.0 0.0 3.4 -7.1 -6.8 17.3 0.0 65.4 55.9 -7.4 16.9 0.0 173.3 123.2 -3.3 29.4 24.0 160.5 -382.8 -1.5 15.1 529.7 -471.8 86.0 0.5 -14.8 -543.5 222.0 207.9 0.3 24.0 -10.2 240.7 96.4 1.4 43.2 99.7 -14.5 40.4 5.6 30.4 -90.9 -51.7 -83.5 1.4 39.1 -8.6 48 49 50 51 52 Integrated Accounts Financial account 160 Z.1, December 11, 2014 S.9.a Rest of the World Billions of dollars 2004 53 54 55 56 57 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 58 Other accounts payable 59 Addendum: Net lending (+) or borrowing (-), financial account (lines 14-38) 2005 2006 2007 2008 2009 2010 2011 2012 2013 377.4 84.8 2.0 316.2 -25.6 243.8 186.7 1.3 36.2 19.6 425.6 137.3 2.0 244.9 41.3 605.7 147.8 1.7 414.0 42.2 282.8 -38.6 1.4 329.1 -9.1 399.3 63.7 1.7 310.4 23.5 393.1 79.2 2.3 301.1 10.6 459.2 7.0 2.6 419.1 30.6 387.1 103.3 2.4 333.0 -51.5 610.0 275.2 2.2 349.5 -17.0 53 54 55 56 57 -1.1 1.3 3.5 10.7 -3.7 0.5 6.0 4.0 0.7 3.4 58 452.1 698.5 529.8 151.5 765.2 28.0 268.2 416.7 446.6 371.9 59 -179.0 -7.5 171.6 -34.9 -3.4 31.5 -145.3 131.0 276.3 -537.5 28.5 566.0 75.3 -9.2 -84.5 -335.3 14.5 349.8 -181.8 -1.5 180.3 -69.6 -4.2 65.5 -34.8 -5.7 29.1 -45.4 5.8 51.1 60 61 62 228.1 -65.7 384.4 298.2 -1633.9 480.9 604.3 167.2 605.1 979.8 63 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 64 12.4 -0.3 -0.0 5.1 0.0 0.0 4.2 0.1 -0.2 -0.7 65 Other changes in volume account 60 61 62 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 12-59) (2) Revaluation account 63 Financial assets 64 SDR allocations 65 Currency and deposits 66 67 68 69 70 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds -22.5 -11.8 -62.7 46.0 6.0 -206.6 -1.7 -74.3 4.7 -135.3 36.6 1.6 -8.5 35.0 8.5 157.6 -3.6 85.0 79.1 -2.9 -148.8 -1.8 164.9 57.3 -369.3 64.0 0.1 -136.8 -26.2 226.9 132.3 -4.3 47.9 12.4 76.3 293.5 -0.2 190.3 23.9 79.4 120.4 0.2 -22.6 -3.4 146.3 -327.5 0.4 -207.8 -31.3 -88.7 66 67 68 69 70 71 72 73 74 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 237.7 208.8 13.1 15.8 142.1 82.1 9.4 50.6 347.3 323.1 19.3 4.9 134.8 152.1 12.1 -29.3 -1484.6 -1161.0 -65.0 -258.6 416.3 540.5 25.5 -149.6 468.7 429.8 19.4 19.6 -126.1 -56.8 -8.3 -61.0 484.8 429.1 35.4 20.4 1307.8 1285.1 76.4 -53.7 71 72 73 74 75 Other accounts receivable 0.2 -0.3 0.2 0.3 -0.3 0.3 0.1 -0.1 0.0 0.0 75 591.7 642.4 949.7 1059.8 -2788.6 1381.3 797.1 -709.0 893.7 685.2 76 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 0.1 77 76 Liabilities 77 SDR holdings 78 79 80 81 82 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 37.3 2.3 0.8 34.3 0.0 -5.3 -5.5 -1.2 1.4 0.0 2.9 2.3 0.3 0.2 0.0 -0.4 3.8 0.2 -4.4 0.0 0.2 2.5 -0.0 -2.3 0.0 -0.0 0.3 0.3 -0.7 0.0 -25.2 1.1 -0.2 -26.1 0.0 -22.7 0.3 -0.5 -22.5 0.0 -1.8 -2.3 0.0 0.4 0.0 -3.3 -2.6 0.0 -0.7 0.0 78 79 80 81 82 83 Debt securities (corporate bonds) 29.6 -38.6 20.6 97.3 -193.7 179.3 102.5 54.2 148.2 -130.6 83 84 85 86 Equity and investment fund shares Corporate equities U.S. direct investment abroad 524.1 396.2 127.8 687.6 570.6 117.0 925.5 873.9 51.5 962.1 771.2 190.9 -2594.7 -2461.0 -133.7 1201.6 1183.2 18.5 720.9 825.8 -104.9 -740.4 -647.3 -93.1 747.3 706.8 40.4 819.1 857.5 -38.4 84 85 86 87 Other accounts payable 0.2 -0.4 0.3 0.3 -0.3 0.1 -0.0 0.0 -0.1 -0.1 87 -363.6 -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -288.5 294.6 88 81.0 -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 152.3 672.2 89 9699.1 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18951.0 21114.3 90 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 91 535.5 272.0 13.3 202.9 47.3 560.1 280.4 19.7 223.2 36.7 610.7 282.6 28.9 257.2 42.0 537.5 272.0 34.2 298.9 -67.5 1030.4 301.1 69.0 372.4 287.9 746.1 313.8 47.2 299.2 86.0 722.8 342.1 48.4 308.2 24.2 1066.0 397.1 75.2 355.6 238.1 1035.9 454.2 86.2 393.4 102.1 1450.7 491.9 99.4 445.1 414.2 92 93 94 95 96 88 Changes in net worth due to nominal holding gains/losses 89 Change in net worth (lines 12+60+88) Changes in balance sheet account Financial balance sheet account (end of period) (3) Integrated Accounts 90 Total financial assets 91 SDR allocations 92 93 94 95 96 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 161 Z.1, December 11, 2014 S.9.a Rest of the World Billions of dollars 97 98 99 100 101 102 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 103 104 105 Loans (short term) Security repurchases Loans to U.S. corporate business 106 107 108 109 110 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 111 Other accounts receivable 112 Total liabilities and net worth 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 4449.6 137.7 1813.6 861.7 26.0 1610.6 4980.2 156.8 1984.4 1006.1 29.0 1803.8 5985.4 213.3 2126.2 1258.2 34.4 2353.3 6999.6 226.3 2376.4 1576.8 45.1 2775.0 7255.5 165.5 3253.0 1402.2 51.0 2383.9 7479.9 117.2 3670.6 1150.0 58.7 2483.5 8251.6 102.1 4458.8 1095.8 71.7 2523.1 8748.7 102.7 5004.4 1078.2 72.4 2491.0 9364.8 102.8 5571.5 1001.2 71.8 2617.6 9592.0 101.7 5794.9 885.3 76.1 2734.0 97 98 99 100 101 102 794.9 663.7 131.2 867.6 705.0 162.5 1194.5 1025.8 168.8 1369.5 1098.4 271.1 789.6 563.2 226.4 671.9 489.4 182.5 744.0 581.8 162.3 874.6 678.5 196.1 815.8 671.9 143.9 874.5 734.1 140.4 103 104 105 3866.0 22.9 1952.7 147.7 1742.7 4210.0 23.0 2118.4 162.7 1906.0 4946.0 27.0 2560.2 204.7 2154.1 5577.6 46.0 2956.2 229.5 2345.9 4529.8 69.7 1925.2 137.6 2397.4 5315.9 76.9 2658.4 182.4 2398.2 6169.4 69.8 3216.0 260.0 2623.6 6640.6 74.4 3397.2 370.4 2798.7 7539.7 96.9 3953.0 495.4 2994.3 8998.4 113.3 5159.4 548.8 3176.9 106 107 108 109 110 45.4 53.3 59.2 80.0 86.5 93.1 111.8 128.8 140.5 144.4 111 9699.1 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18951.0 21114.3 112 8035.3 9027.4 11056.9 13407.3 10624.0 12144.8 13762.7 13932.9 15218.6 16709.7 113 113 Total liabilities 114 SDR holdings 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 114 115 116 117 118 119 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 1206.8 42.5 19.5 1142.2 2.6 1213.8 37.6 8.0 1165.5 2.6 1394.5 40.7 5.0 1346.1 2.6 1688.6 45.5 4.2 1636.2 2.6 1362.5 49.3 7.7 1302.9 2.6 1322.7 50.2 11.4 1258.4 2.6 1370.8 51.8 12.5 1303.9 2.6 1150.8 51.6 30.1 1066.4 2.6 1009.3 49.7 34.2 922.8 2.6 1035.6 47.4 30.8 954.8 2.6 115 116 117 118 119 120 121 122 Debt securities Commercial paper Bonds 1153.9 345.3 808.6 1208.8 384.0 824.8 1506.6 482.3 1024.3 1838.7 413.0 1425.7 1433.2 342.0 1091.2 1849.1 401.3 1447.8 2076.3 398.6 1677.6 2258.7 345.1 1913.6 2559.5 373.0 2186.5 2657.3 407.0 2250.4 120 121 122 123 124 125 126 127 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 519.9 388.1 38.7 93.1 0.0 523.3 381.0 31.9 110.4 0.0 718.7 566.9 24.5 127.4 0.0 863.5 681.1 21.2 137.3 24.0 1127.8 402.3 19.4 152.4 553.7 622.5 454.8 19.9 137.5 10.3 846.0 663.7 20.2 162.0 0.1 1091.3 764.7 21.5 205.2 99.8 1082.5 805.1 30.8 237.7 8.9 1030.8 721.6 32.2 276.7 0.3 123 124 125 126 127 128 129 130 131 132 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 5108.4 2560.4 42.0 2498.5 7.5 6039.8 3317.7 43.2 2651.7 27.1 7390.8 4329.0 45.3 2948.2 68.4 8958.6 5248.0 46.9 3553.1 110.6 6646.8 2748.4 48.3 3748.5 101.5 8247.7 3995.3 50.0 4077.4 125.1 9361.7 4900.2 52.3 4273.6 135.6 9322.0 4501.4 54.9 4599.5 166.3 10456.4 5311.5 57.3 4972.9 114.7 11885.5 6444.2 59.5 5284.0 97.8 128 129 130 131 132 133 134 Other accounts payable Net worth (external account) 32.7 33.6 37.4 48.4 44.4 45.1 51.1 55.1 55.7 45.3 133 1663.7 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3732.4 4404.6 134 Integrated Accounts (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes nonfinancial assets, including nonproduced nonfinancial assets. IBRD International Bank for Reconstruction and Development IMF International Monetary Fund SDRs Special Drawing Rights n.e.c. Not elsewhere classified
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