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For use at 12:00 p.m., eastern time Thursday December 8, 2005 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Third Quarter 2005 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Third Quarter 2005 Domestic nonfinancial debt rose at a seasonally adjusted annual rate of 9 percent in the third quarter of 2005. Debt growth in the third quarter was a percentage point faster than the second-quarter pace, reflecting faster debt growth of the federal government, state and local governments, and the household sector. In the third quarter, household debt rose at a seasonally adjusted annual rate of 11-1/2 percent, a touch more rapid than the previous quarter, reflecting a robust expansion of mortgage debt and a moderate increase in consumer credit. Meanwhile, growth of nonfinancial business debt was 7-1/2 percent in the third quarter, about 1-3/4 percentage points below the second-quarter pace. The slowing in nonfinancial business borrowing in the third quarter was primarily accounted for by a decrease in short-term borrowing. On a seasonally adjusted basis, federal government debt expanded at an annual rate of 5 percent last quarter, after having been about unchanged in the second quarter. State and local government debt expanded at an annual rate of 12-1/2 percent in the third quarter, after having increased 6 percent in the second quarter. At the end of the third quarter of 2005, the seasonally adjusted level of domestic nonfinancial debt outstanding was $25.7 trillion. Debt of the nonfederal sectors was $21.1 trillion and federal debt held by the public was $4.6 trillion. Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates Nonfederal Total Federal Total Households Business State and local govts. 1995 1996 1997 1998 1999 5.3 5.2 5.3 6.7 6.4 4.1 4.0 0.6 -1.4 -1.9 5.7 5.7 7.0 9.5 8.9 7.1 6.7 5.9 7.6 8.2 7.2 6.2 9.0 12.3 10.7 -5.5 -1.5 4.0 6.3 3.4 2000 2001 2002 2003 2004 4.8 6.1 6.9 8.1 8.7 -8.0 -0.2 7.6 10.9 9.0 8.3 7.5 6.7 7.5 8.6 8.6 8.6 9.7 9.9 11.1 9.3 6.0 2.6 4.4 5.9 1.3 8.9 11.1 8.2 7.6 2004:Q1 Q2 Q3 Q4 9.2 7.5 8.3 8.7 12.5 8.8 6.3 7.2 8.5 7.2 8.8 9.0 11.2 10.3 11.0 10.0 4.7 4.2 5.9 8.1 10.0 3.2 9.0 7.3 2005:Q1 Q2 Q3 9.6 8.1 9.1 14.4 0.1 5.1 8.5 9.9 10.0 9.1 11.1 11.6 7.0 9.1 7.4 12.0 6.1 12.6 1. Changes shown are on an end-of-period basis. Table of Contents Title Table Page Flow of Funds Accounts, Third Quarter 2005 1 Availability of Data for Latest Quarter 3 Debt Growth by Sector D.1 6 Borrowing by Sector D.2 7 Debt Outstanding by Sector D.3 8 Flows Table Page Levels Table Page Total Net Borrowing and Lending in Credit Markets F.1 9 L.1 58 Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 59 Credit Market Borrowing by Financial Sectors F.3 10 L.3 59 Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 60 Total Liabilities and Its Relation to Total Financial Assets F.5 11 L.5 60 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 14 Derivation of Measures of Personal Saving F.10 15 L.10 61 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 16 L.100 62 Nonfinancial Business F.101 17 L.101 63 Nonfarm Nonfinancial Corporate Business F.102 18 L.102 64 Nonfarm Noncorporate Business F.103 19 L.103 65 Farm Business F.104 19 L.104 65 State and Local Governments F.105 20 L.105 66 Federal Government F.106 21 L.106 66 Rest of the World F.107 22 L.107 67 Monetary Authority F.108 23 L.108 68 Commercial Banking F.109 24 L.109 69 U.S.-Chartered Commercial Banks F.110 25 L.110 70 Foreign Banking Offices in U.S. F.111 26 L.111 71 Bank Holding Companies F.112 27 L.112 72 Banks in U.S.-Affiliated Areas F.113 27 L.113 72 Savings Institutions F.114 28 L.114 73 Credit Unions F.115 29 L.115 74 Property-Casualty Insurance Companies F.116 29 L.116 74 Life Insurance Companies F.117 30 L.117 75 Private Pension Funds F.118 30 L.118 75 State and Local Government Employee Retirement Funds F.119 31 L.119 76 Federal Government Retirement Funds F.120 31 L.120 76 Money Market Mutual Funds F.121 32 L.121 77 Mutual Funds F.122 32 L.122 77 Title Sectors Title Flows Table Page Levels Table Page Closed-End and Exchange-Traded Funds F.123 32 L.123 77 Government-Sponsored Enterprises F.124 33 L.124 78 Agency- and GSE-backed Mortgage Pools F.125 33 L.125 78 Issuers of Asset-Backed Securities F.126 34 L.126 79 Finance Companies F.127 34 L.127 79 Mortgage Companies F.128 35 L.128 80 Real Estate Investment Trusts F.129 35 L.129 80 Security Brokers and Dealers F.130 36 L.130 81 Funding Corporations F.131 36 L.131 81 Gold and Official Foreign Exchange Holdings F.200 37 L.200 82 SDR Certificates and Treasury Currency F.201 37 L.201 82 U.S. Deposits in Foreign Countries F.202 37 L.202 82 Net Interbank Transactions F.203 38 L.203 83 Checkable Deposits and Currency F.204 39 L.204 84 Time and Savings Deposits F.205 40 L.205 85 Money Market Mutual Fund Shares F.206 40 L.206 85 Federal Funds and Security Repurchase Agreements F.207 41 L.207 86 Open Market Paper F.208 41 L.208 86 Treasury Securities F.209 42 L.209 87 Instruments Flows Levels Title Table Page Table Page Agency- and GSE-backed Securities F.210 43 L.210 88 Municipal Securities and Loans F.211 44 L.211 89 Corporate and Foreign Bonds F.212 44 L.212 89 Corporate Equities F.213 45 L.213 90 Mutual Fund Shares F.214 45 L.214 90 Bank Loans Not Elsewhere Classified F.215 46 L.215 91 Other Loans and Advances F.216 47 L.216 92 Total Mortgages F.217 48 L.217 93 Home Mortgages F.218 49 L.218 94 Multifamily Residential Mortgages F.219 49 L.219 94 Commercial Mortgages F.220 50 L.220 95 Farm Mortgages F.221 50 L.221 95 Consumer Credit F.222 51 L.222 96 Trade Credit F.223 51 L.223 96 Security Credit F.224 51 L.224 96 Life Insurance and Pension Fund Reserves F.225 52 L.225 97 Taxes Payable by Businesses F.226 52 L.226 97 Proprietors' Equity in Noncorporate Business F.227 52 L.227 97 Total Miscellaneous Financial Claims F.228 53 L.228 98 Identified Miscellaneous Financial Claims - Part I F.229 54 L.229 99 Identified Miscellaneous Financial Claims - Part II F.230 55 L.230 100 Unidentified Miscellaneous Financial Claims F.231 56 L.231 101 Sector Discrepancies F.11 57 Instrument Discrepancies F.12 57 Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 102 R.100 105 Nonfinancial Corporate Business B.102 103 R.102 106 Nonfarm Noncorporate Business B.103 104 R.103 107 Title Reconciliation Balance Sheet and Reconciliation Tables Flows Table Page Levels Table Page Nonprofit Organizations F.100.a 108 L.100.a 109 Consolidated Statement for Federal, State, and Local Governments F.106.c 110 L.106.c 111 Private Pension Funds: Defined Benefit Plans F.118.b 112 L.118.b 113 Private Pension Funds: Defined Contribution Plans F.118.c 112 L.118.c 113 Individual Retirement Accounts (IRAs) F.225.i 112 L.225.i 113 Title Supplementary Tables Flow of Funds Matrix for 2004 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 114 115 B.100.e 116 1 Flow of Funds Accounts, Third Quarter 2005 This publication presents the flow of funds accounts for 2005:Q3. Data revisions and other changes. The statistics in the attached tables reflect the use of new or revised source data. Most significant revisions appear in recent quarters; however, new source information resulted in changes to data for earlier periods. In this release, assets of the state and local government employee retirement funds sector (tables F.119 and L.119) have been revised from 2003:Q3 onward to reflect new benchmark data from the Census Bureau for 2004. Explanatory notes for tables D.1, D.2, and D.3. Domestic debt comprises credit market funds borrowed by U.S. entities from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only. Financial sectors consist of government-sponsored enterprises, agency- and GSEbacked mortgage pools, and private financial institutions. Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, U.S. government loans, and other loans and advances; it excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources. 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. Seasonally adjusted levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those in table D.1. Relation of Flows to Outstandings. Estimates of financial assets and liabilities outstanding are linked to data on flows. However, figures on outstandings contain discontinuities or breaks in series that could affect analysis of particular relationships over time specifically, outstanding in the flow of funds accounts are related to the flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t where “t” is the time period. Discontinuities result from changes in valuation, breaks in source data, and changes in definitions. For most series, the value of the discontinuity is zero for nearly all time periods. However, in a few instances, the discontinuity is nonzero for almost all time periods, or is quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. The discontinuities in a series can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases should be calculated as: Percentage change t = (Flow t / Outstanding t-1) * 100 Preliminary Estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the latest quarter's data were compiled is provided in a table following this introduction. The distinction between “available” data and “missing” data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies. Margins of Uncertainty. Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of “discrepancies” for various sectors and instrument types. A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds. For an instrument category, a discrepancy is the difference between measured funds 2 borrowed through the financial instrument and measured funds lent through that instrument. The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis. For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data. Availability of Data. Flow of funds statistics are updated about ten weeks following the end of a quarter. This publication — the Z.1 release — is available from the Board's Publications Services. Flow of funds data are also available electronically through the Internet at the following location: http://www.federalreserve.gov/releases/Z1 The Internet site also provides quarterly data beginning in 1952, organized in compressed files that correspond to the tables published in this release. There are files for quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, and debt (tables D.1, D.2, and D.3). A Guide to the Flow of Funds Accounts is available. The 1,200-page Guide, published in two volumes in January 2000, explains in detail how the U.S. financial accounts are prepared and the principles underlying the accounts. The Guide can be purchased for $20.00 from the Board’s Publications Services. Publications Services accepts orders accompanied by checks as well as credit card orders. The Internet site for this release at the location shown above contains a link to an order form for the Guide that can be mailed or faxed to Publications Services. In addition, the Internet site includes a link to the Guide’s descriptions of the tables in the flow of funds accounts. Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. Inquiries for releases should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3244 3 Availability of Data for Latest Quarter Available at time of publication Major items missing 1. National income and product accounts (NIPA) Preliminary estimates, seasonally adjusted, for 2005:Q3. Unadjusted flows since 2004. 2. 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 2005: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. 3. Nonfarm nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2005:Q2; Internal Revenue Service Statistics of Income (IRS/SOI) preliminary data through 2003; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2005:Q3. Statistics of Income data since 2003. Quarterly Financial Report data for 2005:Q3. 4. Nonfarm noncorporate business (tables F.103 and L.103) IRS/SOI data through 2002; bank and finance company loans and mortgage borrowing through 2005:Q3. Statistics of Income data since 2002. 5. Farm business (tables F.104 and L.104) Mortgages, bank loans, loans from government-sponsored enterprises, U.S. government loans to farms, and equity in government-sponsored enterprises through 2005:Q3; preliminary data for checkable deposits and currency and trade payables through 2004. Consumption of fixed capital and undistributed profits since 2004. 6. State and local governments (tables F.105 and L.105) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2005:Q3; selected financial assets through 2003:Q3 from Census data and the comprehensive annual financial reports of state and local governments. Selected financial asset items since 2003:Q3. 7. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays through 2005:Q3; Treasury data for loan programs through 2005:Q3. None. 4 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 2005:Q2; NIPA estimates; data from bank Reports of Condition and Treasury International Capital System through 2005:Q3. Balance of payments data for 2005:Q3. 9. Monetary authority (tables F.108 and L.108) All data through 2005:Q3. None. 10. Commercial banking (tables F.109 through F.113 and tables L.109 through L.113) All data through 2005:Q3 for U.S.-chartered commercial banks, foreign banking offices in the U.S., bank holding companies, and commercial banks in U.S.-affiliated areas. Data since 2004 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 2005:Q3. None. 12. Credit unions (tables F.115 and L.115) All data through 2005:Q3. None. 13. Property-casualty insurance companies (tables F.116 and L.116) All data through 2005:Q2. Data for 2005:Q3. 14. Life insurance companies (tables F.117 and L.117) All data through 2005:Q2. Data for 2005:Q3. 15. Private pension funds (tables F.118 and L.118) Quarterly data through 2005:Q3; Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2000. Form 5500 data since 2000. 16. State and local government employee retirement funds (tables F.119 and L.119) Selected financial assets through 2005:Q2 from Census data and the comprehensive annual financial reports of state and local pension funds. Data for 2005:Q3. 17. Federal government retirement funds (tables F.120 and L.120) Data from the Monthly Treasury Statement, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2005:Q3. None. 18. Money market mutual funds (tables F.121 and L.121) All data through 2005:Q3. None. 19. Mutual funds (tables F.122 and L.122) All data through 2005:Q3. None. 20. Closed-end funds (tables F.123 and L.123) All data through 2005:Q2. Data for 2005:Q3. 5 21. Exchange-traded funds (tables F.123 and L.123) All data through 2005:Q3. None. 22. Government-sponsored enterprises (tables F.124 and L.124) Data for FHLBs, Farmer Mac, FCS, FICO and REFCORP through 2005:Q3. Data since 2004:Q3 for Fannie Mae. Freddie Mac data for 2005:Q3. 23. Agency- and GSE-backed mortgage pools (tables F.125 and L.125) All data through 2005:Q3. None. 24. Issuers of asset-backed securities (ABSs) (tables F.126 and L.126) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2005:Q3. None. 25. Finance companies (tables F.127 and L.127) All data through 2005:Q3. None. 26. Mortgage companies (tables F.128 and L.128) Mortgage data through 1997:Q4. Data since 1997:Q4. 27. Real estate investment trusts (REITs) (tables F.129 and L.129) Data from SNL REIT DataSource through 2005:Q3. None. 28. Security brokers and dealers (tables F.130 and L.130) Data for firms filing FOCUS and FOGS reports through 2005:Q3. None. 29. Funding corporations (tables F.131 and L.131) Estimates for this sector are largely residuals and are derived from data for other sectors. 6 Z.1, December 8, 2005 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1972 1973 1974 1975 1976 10.0 10.7 9.2 9.3 10.8 4.6 2.0 3.4 23.9 15.6 11.5 12.9 10.5 6.3 9.7 11.4 12.4 8.8 8.2 11.2 11.3 11.7 9.6 9.2 12.4 13.1 13.3 4.6 3.8 10.6 12.5 14.7 13.0 4.9 8.6 9.9 17.5 11.5 3.4 7.7 8.4 7.8 6.9 5.4 8.4 17.2 28.9 23.6 0.8 9.0 7.9 10.3 20.5 17.4 21.5 1977 1978 1979 1980 1981 12.8 13.8 12.2 9.5 10.4 11.0 9.2 5.8 11.8 11.6 13.3 15.0 13.7 9.0 10.1 15.6 16.9 15.3 8.5 7.6 16.6 17.5 16.3 10.9 7.2 15.5 17.5 13.9 1.0 5.5 12.5 13.1 13.5 10.0 12.9 12.0 11.4 11.1 8.3 13.6 8.4 15.4 9.0 6.9 8.0 18.9 22.1 22.1 14.5 18.2 11.6 18.6 9.5 13.9 11.8 1982 1983 1984 1985 1986 10.1 12.0 14.8 15.7 11.9 19.7 18.9 16.9 16.5 13.6 7.9 10.2 14.2 15.4 11.4 5.6 11.2 12.6 15.8 11.4 4.8 10.2 11.4 14.1 13.7 5.0 12.1 18.4 15.9 9.1 9.2 9.1 16.2 11.5 11.4 9.1 8.0 16.7 12.7 13.9 11.2 11.4 11.4 31.8 10.9 13.6 13.4 17.9 19.4 26.2 7.2 8.2 3.6 0.5 4.1 1987 1988 1989 1990 1991 9.0 9.1 7.3 6.5 4.3 8.0 8.0 7.0 11.0 11.1 9.3 9.4 7.4 5.2 2.2 10.4 9.8 9.3 7.0 5.2 13.5 11.8 11.0 8.9 7.0 4.8 6.7 6.3 1.9 -1.1 7.7 9.8 6.1 3.5 -2.2 8.9 11.0 7.2 5.6 -2.1 12.0 6.4 5.6 5.0 8.6 18.2 13.2 10.5 8.8 6.0 2.6 3.0 4.0 9.0 5.2 1992 1993 1994 1995 1996 4.5 4.8 4.6 5.3 5.2 10.9 8.3 4.7 4.1 4.0 2.4 3.5 4.6 5.7 5.7 5.3 5.9 7.6 7.1 6.7 6.4 5.4 5.5 4.9 6.2 1.1 7.4 15.2 14.4 8.9 -0.2 0.4 3.8 7.2 6.2 1.0 1.4 5.0 8.5 6.3 1.6 5.3 -4.0 -5.5 -1.5 8.6 9.6 13.9 11.6 12.1 7.9 21.9 -2.9 20.7 19.3 1997 1998 1999 2000 2001 5.3 6.7 6.4 4.8 6.1 0.6 -1.4 -1.9 -8.0 -0.2 7.0 9.5 8.9 8.3 7.5 5.9 7.6 8.2 8.6 8.6 6.1 7.8 9.1 8.2 9.5 5.5 7.1 7.9 10.8 7.6 9.0 12.3 10.7 9.3 6.0 9.4 11.7 9.9 8.3 4.9 4.0 6.3 3.4 1.3 8.9 12.0 19.3 16.1 10.6 10.8 12.9 6.1 2.9 9.5 -6.0 2002 2003 2004 6.9 8.1 8.7 7.6 10.9 9.0 6.7 7.5 8.6 9.7 9.9 11.1 11.9 12.3 13.5 4.7 4.5 4.5 2.6 4.4 5.9 0.5 3.1 5.2 11.1 8.2 7.6 9.2 10.3 7.4 10.3 7.2 10.2 1999 -- Q1 Q2 Q3 Q4 7.3 5.1 6.6 5.8 -2.6 -2.8 -3.1 0.9 10.3 7.4 9.3 7.2 8.8 7.5 8.9 6.7 9.8 8.0 9.9 7.7 9.1 7.4 8.0 6.2 12.9 8.5 10.8 8.9 13.3 8.2 9.8 6.8 5.9 1.9 4.4 1.1 18.7 14.8 15.6 11.7 4.0 -4.6 10.7 1.7 2000 -- Q1 Q2 Q3 Q4 5.5 4.8 3.7 4.8 -5.8 -12.2 -7.9 -7.2 8.5 9.3 6.7 7.7 8.2 9.1 8.0 8.1 8.0 8.7 7.8 7.2 8.7 11.2 10.4 11.4 10.5 11.4 6.0 8.1 10.2 10.3 4.9 6.8 0.4 -0.8 2.2 3.4 8.6 10.9 9.7 11.7 19.4 -2.3 11.3 8.5 2001 -- Q1 Q2 Q3 Q4 6.0 4.8 6.5 6.5 0.4 -10.1 6.0 3.3 7.3 8.2 6.6 7.2 8.1 9.2 7.7 8.4 8.5 10.8 9.0 8.3 8.2 6.6 3.9 11.0 6.1 7.2 5.3 5.0 5.1 6.3 4.2 3.5 8.9 7.5 6.8 11.2 10.6 9.4 11.9 9.8 -1.0 -8.1 -16.4 1.2 2002 -- Q1 Q2 Q3 Q4 6.0 6.8 6.3 7.8 4.1 10.0 7.8 7.7 6.4 6.1 5.9 7.8 9.5 8.7 8.9 10.6 11.3 10.5 11.5 12.4 4.9 6.1 4.5 2.9 3.1 2.2 1.5 3.7 1.4 -0.3 -1.0 2.0 6.7 11.1 11.7 13.1 8.7 8.9 7.7 10.1 18.0 8.9 2.9 10.2 2003 -- Q1 Q2 Q3 Q4 7.1 10.4 7.5 6.3 5.6 17.7 9.2 9.5 7.4 8.8 7.1 5.6 10.1 11.0 10.3 7.0 12.9 12.7 12.8 8.9 3.6 6.5 5.5 2.2 4.4 5.8 3.4 3.6 3.8 5.6 1.4 1.5 6.7 10.9 7.1 7.0 10.6 8.7 10.2 10.1 10.8 4.9 -1.0 13.5 2004 -- Q1 Q2 Q3 Q4 9.2 7.5 8.3 8.7 12.5 8.8 6.3 7.2 8.5 7.2 8.8 9.0 11.2 10.3 11.0 10.0 13.6 11.9 14.3 11.7 4.4 3.0 5.9 4.3 4.7 4.2 5.9 8.1 4.2 2.6 5.2 8.5 10.0 3.2 9.0 7.3 6.6 8.4 6.5 7.3 10.4 -7.7 12.0 25.1 2005 -- Q1 Q2 Q3 9.6 8.1 9.1 14.4 0.1 5.1 8.5 9.9 10.0 9.1 11.1 11.6 11.3 13.3 14.0 2.7 4.0 5.4 7.0 9.1 7.4 6.8 8.1 6.7 12.0 6.1 12.6 5.2 11.1 5.7 2.0 9.8 12.2 1. Data shown are on an end-of-period basis. Z.1, December 8, 2005 7 D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1972 1973 1974 1975 1976 156.0 183.8 175.1 192.9 244.7 15.0 6.9 11.9 85.6 69.2 141.0 176.9 163.2 107.3 175.5 56.8 69.4 55.3 56.2 82.8 34.9 40.5 37.0 39.0 57.3 19.5 22.5 8.9 7.8 22.0 70.2 93.4 94.4 39.9 74.2 38.5 75.0 56.6 18.7 43.7 14.0 14.1 13.4 11.1 18.5 23.9 47.0 49.6 2.1 23.5 4.4 6.3 13.8 14.1 20.5 1977 1978 1979 1980 1981 321.2 390.5 391.6 342.9 409.7 56.3 52.5 35.8 77.4 85.5 264.8 338.0 355.8 265.5 324.2 127.8 160.3 168.9 108.6 106.1 85.9 106.0 115.5 90.5 66.7 35.5 46.4 43.3 3.4 19.8 117.1 138.3 160.3 134.8 190.5 73.3 78.5 84.1 70.0 123.7 19.9 39.4 26.6 22.2 27.6 53.6 74.7 91.1 73.2 105.1 13.5 24.0 15.0 24.2 23.5 1982 1983 1984 1985 1986 439.8 572.9 791.7 963.0 845.8 161.3 185.2 197.2 225.7 216.0 278.4 387.7 594.5 737.4 629.8 84.0 176.1 218.8 307.3 260.1 47.5 105.6 127.1 175.0 197.9 18.8 48.2 81.7 84.0 55.8 152.8 164.3 323.2 266.5 295.5 93.3 89.6 205.1 181.8 224.9 41.7 47.3 52.5 163.6 74.2 93.0 104.4 157.8 204.0 328.8 16.0 17.3 8.4 1.2 9.7 1987 1988 1989 1990 1991 719.8 787.7 687.0 655.8 464.3 143.9 155.1 146.4 246.9 278.2 575.9 632.6 540.6 408.9 186.1 263.4 270.4 283.4 234.0 185.1 221.1 214.3 225.1 201.1 174.4 32.3 46.6 47.0 15.1 -8.8 222.0 308.1 207.2 127.7 -84.4 163.4 222.9 159.9 133.8 -53.7 90.4 54.0 50.1 47.2 85.4 290.6 250.2 225.0 211.1 155.8 6.3 7.4 10.2 23.9 15.1 1992 1993 1994 1995 1996 512.5 563.7 568.4 681.7 711.8 304.0 256.1 155.9 144.4 144.9 208.5 307.5 412.6 537.3 566.8 198.7 233.6 319.9 322.1 327.7 171.4 154.5 166.1 154.2 206.1 9.2 61.4 134.8 147.4 104.0 -7.1 16.2 138.9 276.0 255.0 24.1 34.4 126.5 227.1 182.8 16.9 57.7 -46.3 -60.9 -15.9 238.7 291.4 461.9 439.0 512.8 24.1 69.8 -11.2 78.3 88.0 1997 1998 1999 2000 2001 762.2 1020.8 1027.3 825.2 1094.6 23.1 -52.6 -71.2 -295.9 -5.6 739.1 1073.4 1098.6 1121.1 1100.2 304.9 419.1 487.5 551.1 600.5 217.0 293.8 369.7 359.5 451.2 69.4 95.8 113.0 168.1 132.3 392.7 586.6 572.6 554.5 393.9 291.8 396.5 373.3 346.2 220.7 41.5 67.7 38.5 15.5 105.8 570.5 1019.6 1015.6 778.4 877.5 69.9 37.2 19.0 63.0 -43.8 2002 2003 2004 1319.1 1651.3 1926.1 257.6 396.0 361.9 1061.6 1255.2 1564.2 736.2 825.2 1011.7 622.7 720.2 887.3 87.1 88.4 91.0 181.5 312.3 434.3 25.2 148.4 258.2 143.9 117.8 118.2 823.3 1009.2 799.1 70.8 54.3 82.2 1999 -- Q1 Q2 Q3 Q4 1184.2 841.6 1094.3 989.3 -96.9 -104.0 -115.8 32.0 1281.2 945.7 1210.1 957.3 521.9 455.0 548.5 424.4 395.6 332.1 417.9 333.1 130.4 108.3 119.2 94.0 691.9 468.3 610.3 519.7 501.4 319.1 392.1 280.4 67.3 22.3 51.3 13.1 1181.4 978.4 1068.7 833.8 25.9 -30.1 68.8 11.3 2000 -- Q1 Q2 Q3 Q4 941.5 838.5 662.1 858.6 -213.7 -442.4 -278.7 -248.6 1155.2 1280.9 940.8 1107.2 523.6 594.9 534.1 551.8 353.6 389.4 357.7 337.4 134.7 177.3 168.9 191.6 626.6 695.5 380.5 515.3 426.7 441.4 215.0 301.5 5.0 -9.5 26.2 40.1 633.2 815.4 745.6 919.5 128.9 -15.9 78.3 60.7 2001 -- Q1 Q2 Q3 Q4 1084.4 879.1 1196.7 1218.2 13.4 -342.1 197.0 109.2 1071.0 1221.2 999.6 1109.0 565.9 653.7 558.2 624.3 407.0 525.1 450.2 422.5 142.5 116.0 70.5 200.0 398.4 476.1 357.2 343.8 231.8 289.8 197.1 164.1 106.7 91.4 84.2 140.9 859.1 783.6 1010.6 856.5 -7.4 -59.1 -116.9 8.3 2002 -- Q1 Q2 Q3 Q4 1155.4 1312.1 1238.1 1570.8 138.6 340.6 274.5 276.4 1016.8 971.5 963.6 1294.4 717.6 672.5 701.4 853.0 592.5 563.2 633.6 701.4 91.1 115.9 86.0 55.3 212.3 152.4 103.6 257.9 68.3 -15.3 -48.7 96.4 86.8 146.6 158.6 183.4 783.6 814.3 726.2 969.3 123.4 63.9 21.1 74.7 2003 -- Q1 Q2 Q3 Q4 1455.0 2167.4 1606.1 1376.6 203.4 651.2 353.5 376.1 1251.7 1516.2 1252.6 1000.5 839.4 937.1 897.9 626.3 752.1 764.2 793.5 571.1 70.6 128.8 110.2 44.1 315.0 419.1 247.9 267.1 181.1 270.9 68.7 73.0 97.2 159.9 106.7 107.2 1042.8 874.4 1049.4 1070.0 81.3 38.3 -8.2 105.9 2004 -- Q1 Q2 Q3 Q4 2034.4 1701.0 1922.8 2046.3 502.9 367.2 266.3 311.2 1531.5 1333.8 1656.4 1735.2 1024.4 968.7 1063.3 990.4 891.0 810.6 996.4 851.1 89.7 61.8 121.7 90.9 351.1 314.0 447.9 624.3 207.4 131.8 261.5 432.0 156.0 51.1 145.2 120.5 710.8 926.0 727.4 832.2 84.2 -63.6 97.5 210.7 2005 -- Q1 Q2 Q3 2311.7 1998.3 2296.6 630.7 5.8 231.9 1680.9 1992.4 2064.6 929.4 1158.4 1235.9 840.6 1023.3 1106.6 57.7 85.2 117.0 549.3 728.3 608.0 351.4 429.8 362.3 202.2 105.7 220.7 598.5 1302.3 683.8 17.6 87.5 111.7 8 Z.1, December 8, 2005 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Total Corporate State and local governments Domestic financial sectors Foreign 633.7 726.5 820.5 862.2 933.8 427.9 492.6 548.9 569.4 610.4 180.7 194.8 208.2 219.4 237.8 162.8 209.8 258.3 260.4 283.9 61.1 67.4 81.2 95.6 116.0 264.9 311.3 354.6 358.0 377.9 1052.7 1186.5 1346.1 1477.0 1661.2 685.5 759.5 842.9 909.1 1026.5 256.2 295.6 322.2 344.4 372.1 337.8 412.5 504.9 578.1 682.4 129.4 157.6 174.3 198.9 222.8 1032.0 1117.6 1244.0 1444.3 1642.1 396.7 444.9 526.6 610.6 666.4 1810.6 1997.8 2323.9 2587.0 2881.5 1116.6 1229.1 1437.1 1615.5 1839.5 413.8 461.1 513.6 677.9 752.1 778.1 882.7 1052.4 1257.3 1593.6 212.6 229.8 238.0 239.3 241.0 2748.5 3035.9 3329.7 3592.9 3781.6 1821.2 2046.2 2269.6 2499.8 2677.8 698.6 745.2 809.3 824.4 815.6 3134.6 3422.2 3636.0 3761.9 3670.6 2033.9 2234.2 2401.1 2533.1 2477.3 841.0 895.0 945.2 992.3 1077.7 1895.5 2145.8 2399.3 2613.6 2769.6 247.4 254.8 265.0 288.8 304.0 8741.5 9063.9 9483.1 10019.9 10586.7 3980.3 4216.3 4535.9 4858.1 5185.8 2849.2 3006.0 3172.1 3326.3 3532.5 824.8 886.2 1021.0 1168.4 1272.4 3666.7 3695.3 3841.2 4116.8 4371.8 2502.9 2549.8 2682.9 2909.6 3092.3 1094.5 1152.2 1105.9 1045.0 1029.1 3024.1 3321.0 3791.1 4232.7 4745.5 318.7 388.5 377.5 456.0 544.1 3804.8 3752.2 3681.0 3385.1 3379.5 11324.3 12397.7 13534.3 14666.5 15767.3 5490.9 5910.1 6398.4 6960.6 7561.1 3749.4 4043.2 4410.6 4770.1 5221.4 1341.8 1437.6 1550.5 1729.8 1862.0 4762.7 5349.3 5959.1 6513.6 6908.1 3382.3 3778.8 4189.3 4535.4 4756.7 1070.7 1138.3 1176.9 1192.3 1298.1 5295.8 6315.5 7325.4 8104.8 8982.3 608.1 645.4 664.6 727.6 683.9 20465.9 22149.6 24090.5 3637.0 4033.1 4395.0 16828.9 18116.5 19695.5 8297.3 9142.9 10169.4 5844.0 6564.2 7466.3 1949.1 2037.5 2128.6 7089.6 7413.9 7848.2 4781.9 4942.3 5200.5 1442.0 1559.7 1678.0 9805.6 10800.8 11614.7 754.6 808.9 891.1 1999 -- Q1 Q2 Q3 Q4 16447.7 16658.1 16964.6 17215.3 3727.9 3701.9 3673.0 3681.0 12719.8 12956.2 13291.6 13534.3 6040.8 6154.6 6291.7 6398.4 4142.2 4225.2 4329.6 4410.6 1470.2 1497.2 1527.0 1550.5 5523.7 5640.8 5826.3 5959.1 3905.6 3985.3 4116.3 4189.3 1155.2 1160.8 1173.6 1176.9 6610.8 6855.4 7122.6 7325.4 651.9 644.4 661.6 664.6 2000 -- Q1 Q2 Q3 Q4 17450.7 17660.3 17836.9 18051.6 3627.5 3516.9 3447.2 3385.1 13823.2 14143.4 14389.7 14666.5 6529.3 6678.0 6822.6 6960.6 4499.0 4596.4 4685.8 4770.1 1584.2 1628.5 1681.9 1729.8 6115.8 6289.6 6384.8 6513.6 4295.9 4406.3 4460.0 4535.4 1178.1 1175.8 1182.3 1192.3 7483.7 7687.5 7877.9 8104.8 696.8 692.8 712.4 727.6 2001 -- Q1 Q2 Q3 Q4 18322.7 18543.0 18842.2 19146.8 3388.4 3302.9 3352.2 3379.5 14934.3 15240.1 15490.1 15767.3 7102.1 7265.5 7405.0 7561.1 4871.9 5003.2 5115.7 5221.4 1765.4 1794.4 1812.0 1862.0 6613.2 6732.8 6822.1 6908.1 4593.4 4666.4 4715.7 4756.7 1219.0 1241.9 1262.9 1298.1 8319.6 8515.5 8768.2 8982.3 725.8 711.0 681.8 683.9 2002 -- Q1 Q2 Q3 Q4 19435.6 19763.6 20073.2 20465.9 3414.1 3499.3 3567.9 3637.0 16021.5 16264.4 16505.3 16828.9 7740.5 7908.7 8084.0 8297.3 5369.5 5510.3 5668.7 5844.0 1884.8 1913.8 1935.3 1949.1 6961.1 6999.2 7025.1 7089.6 4773.8 4770.0 4757.8 4781.9 1319.8 1356.5 1396.1 1442.0 9178.2 9381.7 9563.3 9805.6 714.7 730.7 735.9 754.6 2003 -- Q1 Q2 Q3 Q4 20829.7 21371.5 21773.0 22149.6 3687.9 3850.7 3939.1 4033.1 17141.8 17520.8 17834.0 18116.5 8507.1 8741.4 8965.9 9142.9 6032.0 6223.1 6421.5 6564.2 1966.8 1999.0 2026.5 2037.5 7168.3 7273.1 7335.1 7413.9 4827.2 4894.9 4912.1 4942.3 1466.3 1506.3 1533.0 1559.7 10066.3 10284.9 10547.3 10800.8 774.9 784.5 782.4 808.9 2004 -- Q1 Q2 Q3 Q4 22658.2 23083.4 23578.9 24090.5 4158.8 4250.6 4317.2 4395.0 18499.4 18832.8 19261.7 19695.5 9399.0 9641.2 9921.8 10169.4 6787.0 6989.6 7253.5 7466.3 2059.9 2075.4 2105.8 2128.6 7501.6 7580.1 7692.1 7848.2 4994.2 5027.1 5092.5 5200.5 1598.8 1611.5 1647.8 1678.0 10978.5 11210.0 11406.7 11614.7 830.0 814.1 838.4 891.1 2005 -- Q1 Q2 Q3 24668.4 25168.0 25742.1 4552.7 4554.1 4612.1 20115.8 20613.9 21130.0 10401.7 10691.3 11000.3 7676.5 7932.3 8208.9 2143.0 2164.3 2193.5 7985.5 8167.6 8319.6 5288.3 5395.8 5486.3 1728.5 1754.9 1810.1 11764.4 12089.9 12260.9 895.5 917.4 945.3 Total Federal government Total nonfederal 1972 1973 1974 1975 1976 1711.2 1895.5 2069.9 2261.8 2505.3 339.4 346.3 358.2 443.9 513.1 1371.8 1549.2 1711.7 1817.9 1992.2 557.4 627.9 683.0 736.3 820.6 345.4 385.1 422.0 461.0 518.7 168.8 193.0 201.9 207.0 229.0 1977 1978 1979 1980 1981 2826.6 3211.2 3603.0 3953.5 4361.7 569.4 621.9 657.7 735.0 820.5 2257.2 2589.4 2945.3 3218.5 3541.2 948.3 1107.2 1277.0 1397.1 1508.0 604.6 710.5 827.6 927.6 999.0 1982 1983 1984 1985 1986 4783.4 5359.2 6146.2 7127.3 7970.6 981.8 1167.0 1364.2 1589.9 1805.9 3801.7 4192.3 4782.0 5537.5 6164.8 1577.3 1733.4 1944.5 2272.5 2531.1 1987 1988 1989 1990 1991 8673.9 9458.1 10162.1 10845.2 11306.2 1949.8 2104.9 2251.2 2498.1 2776.4 6724.1 7353.2 7910.9 8347.1 8529.9 1992 1993 1994 1995 1996 11821.9 12400.4 12975.4 13656.6 14368.4 3080.3 3336.5 3492.3 3636.7 3781.7 1997 1998 1999 2000 2001 15129.1 16149.9 17215.3 18051.6 19146.8 2002 2003 2004 1. Data shown are on an end-of-period basis. Business 9 Z.1, December 8, 2005 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 2 Total net borrowing Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Q2 Q3 Q4 Q1 2005 Q2 Q3 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 1 1094.6 1319.1 1651.3 1926.1 2034.4 1701.0 1922.8 2046.3 2311.7 1998.3 2296.6 2 -5.6 257.6 396.0 361.9 502.9 367.2 266.3 311.2 630.7 5.8 231.9 3 1100.2 1061.6 1255.2 1564.2 1531.5 1333.8 1656.4 1735.2 1680.9 1992.4 2064.6 4 600.5 220.7 162.7 10.5 105.8 736.2 25.2 148.5 7.9 143.9 825.2 148.4 156.1 7.7 117.8 1011.7 258.2 164.6 11.5 118.2 1024.4 207.4 137.5 6.2 156.0 968.7 131.8 169.0 13.1 51.1 1063.3 261.5 168.1 18.3 145.2 990.4 432.0 183.8 8.5 120.5 929.4 351.4 195.0 2.9 202.2 1158.4 429.8 281.5 17.0 105.7 1235.9 362.3 220.6 25.1 220.7 5 6 7 8 9 10 Rest of the world -43.8 70.8 54.3 82.2 84.2 -63.6 97.5 210.7 17.6 87.5 111.7 10 11 Financial sectors 877.5 823.3 1009.2 799.1 710.8 926.0 727.4 832.2 598.5 1302.3 683.8 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 52.9 30.2 -0.9 23.6 49.7 29.9 -0.4 20.3 49.2 13.9 -0.1 35.4 77.7 18.1 0.1 59.5 182.7 80.0 -0.1 102.8 6.8 -9.5 0.2 16.1 60.1 -0.8 0.5 60.4 61.2 2.6 -0.0 58.7 163.0 75.4 -0.3 87.9 41.4 19.3 0.6 21.4 82.7 30.8 0.3 51.7 12 13 14 15 16 17 Savings institutions Credit unions -2.0 1.5 -23.4 2.0 6.1 2.2 64.4 2.3 1.1 -2.7 166.6 4.9 -7.0 0.9 96.9 6.1 -30.6 1.5 82.4 3.1 -7.1 0.3 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.6 304.1 338.5 230.4 2.0 219.8 326.8 181.9 2.9 243.7 330.5 219.5 3.0 65.0 53.0 321.8 -0.4 0.6 126.7 147.1 2.7 211.9 88.0 355.1 0.1 93.1 62.1 417.0 9.7 -45.5 -64.6 367.9 -1.6 -209.6 64.7 430.3 2.3 -84.2 123.5 688.4 0.4 -243.9 178.4 620.6 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 1.3 0.0 3.2 1.4 -54.6 42.2 0.0 24.5 -1.7 -0.5 118.2 0.0 31.9 6.4 -1.4 117.9 0.0 97.6 15.2 -18.9 111.2 0.0 67.1 51.9 25.6 -8.4 0.0 63.9 2.5 32.1 115.5 0.0 42.1 33.2 -89.6 253.2 0.0 217.6 -26.6 -43.6 75.8 0.0 76.2 11.2 17.6 -23.6 0.0 92.8 -5.2 381.4 12.6 0.0 65.5 18.0 -43.9 22 23 24 25 26 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 27 -79.6 94.2 240.7 201.7 -169.2 102.2 445.0 428.9 57.1 44.6 358.7 28 -175.0 -4.3 6.4 93.4 -17.8 26.1 -0.6 86.5 186.1 -1.0 3.0 52.5 115.1 22.6 2.2 61.8 -288.6 22.5 2.7 94.2 30.8 42.5 2.7 26.2 426.3 -37.7 2.2 54.1 292.1 63.2 1.1 72.6 -81.4 6.9 0.8 130.7 -76.3 25.1 -0.1 95.8 189.6 18.2 -0.6 151.6 29 30 31 32 6.0 305.3 9.6 422.7 -2.5 531.6 3.9 754.4 4.7 814.0 -11.9 793.6 24.6 593.0 -1.9 817.0 0.2 788.1 -14.1 750.1 16.2 826.7 33 34 1696.5 1686.8 1945.0 1847.5 2180.0 1679.5 1685.1 1845.1 2082.5 2607.5 1890.4 35 27 28 29 30 31 32 Total net lending Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 37 38 39 40 41 42 43 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 39.9 205.2 191.6 -0.6 4.2 10.0 44.4 41.5 77.7 404.4 393.8 6.2 3.1 1.3 33.4 42.7 37.2 299.5 323.3 -43.0 8.6 10.6 126.0 50.7 51.2 582.2 548.0 20.3 -0.0 13.9 172.8 42.0 22.1 863.9 828.1 22.7 1.2 11.9 117.3 47.0 53.5 486.6 495.7 -25.3 -2.3 18.5 186.5 58.8 71.3 263.5 252.7 -2.7 3.0 10.5 128.0 18.9 57.6 714.7 615.5 86.5 -2.0 14.8 259.2 43.3 -10.5 982.5 760.2 219.7 -9.4 12.0 8.8 46.5 32.0 597.2 426.8 126.6 29.4 14.4 239.7 41.6 66.8 695.9 568.9 167.5 -46.1 5.6 141.0 47.8 36 37 38 39 40 41 42 43 44 45 46 47 48 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 9.0 130.9 13.3 -53.8 9.7 39.9 233.0 25.7 -50.7 13.0 67.0 180.6 14.2 11.2 6.3 73.6 173.0 34.9 27.2 4.6 105.3 216.7 44.7 109.7 0.8 65.1 162.2 22.9 67.4 6.8 73.5 158.2 44.9 -63.1 10.8 50.6 154.9 27.0 -5.1 0.1 89.0 187.4 7.5 -4.1 8.5 49.2 65.8 46.5 1.1 11.3 78.1 185.1 49.4 29.3 7.6 44 45 46 47 48 49 50 51 52 53 54 55 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 267.3 126.1 3.2 0.0 304.7 338.5 217.0 -17.7 144.2 8.6 3.7 224.1 326.8 189.9 -95.9 137.7 36.2 0.7 236.5 330.5 226.1 -124.9 117.1 11.2 3.8 46.2 53.0 322.3 -212.1 231.7 9.9 5.1 18.8 126.7 159.7 -151.8 8.1 21.7 3.5 168.0 88.0 372.4 -153.7 103.4 0.3 2.2 104.3 62.1 424.6 17.7 125.2 12.7 4.2 -106.0 -64.6 332.6 -198.5 206.9 6.4 11.7 -65.5 64.7 421.0 -78.5 123.4 1.7 3.5 -66.5 123.5 669.0 -49.2 94.0 4.1 7.1 -277.9 178.4 601.3 49 50 51 52 53 54 55 56 57 58 59 60 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations -4.8 0.0 8.6 92.4 -96.6 21.2 0.0 23.8 28.4 -85.1 84.2 0.0 25.7 79.6 90.9 129.6 0.0 87.9 -29.2 68.9 172.1 0.0 86.4 -190.0 244.2 64.9 0.0 56.0 -118.8 57.6 90.1 0.0 31.9 302.8 10.9 191.4 0.0 177.5 -110.7 -37.2 4.5 0.0 37.3 67.3 211.2 14.6 0.0 120.1 316.1 296.2 27.9 0.0 89.0 -322.3 237.0 56 57 58 59 60 (1) Excludes corporate equities and mutual fund shares. 10 Z.1, December 8, 2005 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency securities and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1094.6 1319.1 1651.3 1926.1 2034.4 1701.0 1922.8 2046.3 2311.7 1998.3 2296.6 1 -5.6 -5.1 -0.5 257.6 257.1 0.5 396.0 398.4 -2.4 361.9 362.5 -0.6 502.9 501.9 1.1 367.2 370.8 -3.6 266.3 266.5 -0.2 311.2 310.9 0.3 630.7 631.5 -0.7 5.8 7.2 -1.4 231.9 232.3 -0.4 2 3 4 1100.2 -88.3 122.9 347.7 -81.6 8.9 1061.6 -64.2 159.4 132.3 -87.0 20.3 1255.2 -40.0 135.1 158.3 -80.2 10.0 1564.2 15.8 133.1 77.7 33.6 25.0 1531.5 33.8 174.0 114.2 -38.4 14.3 1333.8 32.3 70.2 6.7 85.3 -15.3 1656.4 22.4 157.3 51.7 -31.5 0.2 1735.2 -25.4 130.9 138.3 119.1 100.7 1680.9 53.7 224.9 34.3 88.5 84.0 1992.4 9.2 127.7 30.1 210.3 70.2 2064.6 4.6 240.5 82.7 42.1 23.4 5 6 7 8 9 10 658.3 496.1 40.6 113.9 7.7 132.3 813.7 672.8 37.2 96.0 7.7 87.1 983.6 782.0 69.9 123.6 8.1 88.4 1188.0 972.7 47.8 159.4 8.1 91.0 1143.8 964.7 23.7 148.4 7.1 89.7 1092.9 889.6 67.5 125.3 10.4 61.8 1334.6 1097.9 42.3 185.2 9.1 121.7 1180.6 938.6 57.6 178.6 5.9 90.9 1137.8 918.7 30.9 183.1 5.1 57.7 1459.7 1137.4 64.2 246.7 11.4 85.2 1554.3 1225.3 30.6 289.5 8.8 117.0 11 12 13 14 15 16 1100.2 600.5 393.9 220.7 162.7 10.5 105.8 1061.6 736.2 181.5 25.2 148.5 7.9 143.9 1255.2 825.2 312.3 148.4 156.1 7.7 117.8 1564.2 1011.7 434.3 258.2 164.6 11.5 118.2 1531.5 1024.4 351.1 207.4 137.5 6.2 156.0 1333.8 968.7 314.0 131.8 169.0 13.1 51.1 1656.4 1063.3 447.9 261.5 168.1 18.3 145.2 1735.2 990.4 624.3 432.0 183.8 8.5 120.5 1680.9 929.4 549.3 351.4 195.0 2.9 202.2 1992.4 1158.4 728.3 429.8 281.5 17.0 105.7 2064.6 1235.9 608.0 362.3 220.6 25.1 220.7 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. -43.8 70.8 54.3 82.2 84.2 -63.6 97.5 210.7 17.6 87.5 111.7 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances -14.2 -18.5 -7.3 -3.8 36.1 31.6 5.3 -2.3 22.3 41.9 -7.7 -2.1 63.7 19.2 2.5 -3.1 99.6 -4.3 -6.7 -4.3 -30.1 -40.1 7.0 -0.4 24.4 86.8 -9.0 -4.8 160.7 34.4 18.5 -2.9 13.7 -4.6 12.1 -3.5 33.6 60.7 -5.3 -1.6 116.7 -3.5 5.2 -6.7 25 26 27 28 1050.8 1389.9 1705.6 2008.3 2118.7 1637.4 2020.2 2257.0 2329.3 2085.7 2408.3 29 29 Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 877.5 823.3 1009.2 799.1 710.8 926.0 727.4 832.2 598.5 1302.3 683.8 1 -45.3 304.1 338.5 239.4 13.0 25.5 2.2 -63.5 219.8 326.8 323.7 1.5 6.8 8.2 -63.8 243.7 330.5 463.9 -4.8 31.2 8.3 34.2 65.0 53.0 534.7 12.4 74.1 25.6 129.6 0.6 126.7 331.0 17.5 79.1 26.5 -2.5 211.9 88.0 490.3 -25.8 148.1 15.9 -31.4 93.1 62.1 554.6 44.2 -15.7 20.6 41.1 -45.5 -64.6 762.8 13.6 85.1 39.6 122.1 -209.6 64.7 563.3 5.8 27.0 25.2 473.2 -84.2 123.5 680.1 -24.0 114.5 19.3 140.2 -243.9 178.4 538.9 39.5 10.8 19.9 2 3 4 5 6 7 8 877.5 823.3 1009.2 799.1 710.8 926.0 727.4 832.2 598.5 1302.3 683.8 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 52.9 30.2 -0.9 23.6 49.7 29.9 -0.4 20.3 49.2 13.9 -0.1 35.4 77.7 18.1 0.1 59.5 182.7 80.0 -0.1 102.8 6.8 -9.5 0.2 16.1 60.1 -0.8 0.5 60.4 61.2 2.6 -0.0 58.7 163.0 75.4 -0.3 87.9 41.4 19.3 0.6 21.4 82.7 30.8 0.3 51.7 10 11 12 13 14 15 Savings institutions Credit unions -2.0 1.5 -23.4 2.0 6.1 2.2 64.4 2.3 1.1 -2.7 166.6 4.9 -7.0 0.9 96.9 6.1 -30.6 1.5 82.4 3.1 -7.1 0.3 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.6 304.1 338.5 230.4 2.0 219.8 326.8 181.9 2.9 243.7 330.5 219.5 3.0 65.0 53.0 321.8 -0.4 0.6 126.7 147.1 2.7 211.9 88.0 355.1 0.1 93.1 62.1 417.0 9.7 -45.5 -64.6 367.9 -1.6 -209.6 64.7 430.3 2.3 -84.2 123.5 688.4 0.4 -243.9 178.4 620.6 16 17 18 19 20 21 22 23 24 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 1.3 0.0 3.2 1.4 -54.6 42.2 0.0 24.5 -1.7 -0.5 118.2 0.0 31.9 6.4 -1.4 117.9 0.0 97.6 15.2 -18.9 111.2 0.0 67.1 51.9 25.6 -8.4 0.0 63.9 2.5 32.1 115.5 0.0 42.1 33.2 -89.6 253.2 0.0 217.6 -26.6 -43.6 75.8 0.0 76.2 11.2 17.6 -23.6 0.0 92.8 -5.2 381.4 12.6 0.0 65.5 18.0 -43.9 20 21 22 23 24 11 Z.1, December 8, 2005 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 9 10 Total Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 1 -147.8 -5.1 642.1 122.9 568.6 -91.5 257.1 547.2 159.4 487.6 -81.6 398.4 571.9 135.1 664.1 113.6 362.5 117.5 133.1 631.6 263.0 501.9 128.3 174.0 440.9 -0.3 370.8 296.3 70.2 456.8 15.4 266.5 155.1 157.3 693.0 176.4 310.9 -109.8 130.9 935.5 189.4 631.5 -145.7 224.9 593.1 516.0 7.2 37.9 127.7 770.9 261.5 232.3 -65.8 240.5 618.1 2 3 4 5 6 -75.8 30.6 660.5 132.3 -80.2 24.7 821.9 87.1 -92.6 39.1 991.9 88.4 48.5 96.0 1213.6 91.0 -27.6 89.1 1170.3 89.7 66.5 132.4 1108.8 61.8 3.7 -20.3 1355.1 121.7 151.3 182.9 1220.2 90.9 106.4 107.5 1163.0 57.7 180.9 183.1 1478.9 85.2 86.8 27.5 1574.1 117.0 7 8 9 10 299.5 228.8 407.1 333.5 553.9 214.9 301.0 264.3 378.6 27.3 -85.4 11 98.3 -48.1 46.3 -41.6 119.1 -57.8 34.5 -157.0 89.8 -82.2 99.3 -159.5 -7.9 -203.2 -43.3 -183.2 -21.7 -251.6 -196.4 -351.1 -264.4 -446.2 12 13 109.1 37.3 201.2 17.0 71.0 182.4 114.2 62.7 288.0 83.2 108.3 299.0 66.5 105.5 464.1 160.9 97.9 115.6 67.0 128.4 308.9 38.5 101.4 307.6 159.3 70.6 400.2 83.3 71.4 223.7 140.0 41.8 179.0 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) Official foreign exchange SDR certificates Treasury currency Foreign deposits 1928.3 2213.2 2714.7 2807.5 2829.5 2563.4 2747.7 3089.2 2927.8 3388.0 3092.0 1 4.3 0.0 1.3 6.8 3.2 0.0 1.0 21.0 -0.9 0.0 0.6 22.3 -3.2 0.0 0.7 111.3 -2.6 0.0 0.8 152.4 -4.8 0.0 1.2 16.2 -2.1 0.0 0.7 79.8 -3.2 0.0 0.1 196.6 -14.5 0.0 0.8 371.2 2.8 0.0 1.1 49.8 -8.2 0.0 0.9 104.8 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 -28.0 204.3 267.1 68.5 428.5 17.4 43.5 270.8 50.0 -16.7 -14.6 133.8 254.8 61.8 -207.5 -5.0 149.1 223.7 246.6 -136.5 -205.4 180.6 93.0 278.2 -132.4 239.0 114.0 404.4 178.1 -85.9 -45.7 78.7 181.8 207.4 -156.1 -8.0 223.3 215.7 322.8 -171.8 145.9 108.4 72.4 258.0 -71.4 167.6 0.4 229.7 237.3 60.7 -247.5 -24.0 445.2 392.8 222.2 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 23.7 98.3 201.2 -80.4 106.6 46.3 182.4 70.8 227.2 119.1 288.0 102.4 83.2 34.5 299.0 235.2 259.9 89.8 464.1 305.0 -278.2 99.3 115.6 170.2 396.8 -7.9 308.9 217.5 -45.8 -43.3 307.6 248.2 580.7 -21.7 400.2 187.0 424.4 -196.4 223.7 251.6 173.7 -264.4 179.0 292.2 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 3.1 77.2 213.2 14.4 -87.0 60.1 181.4 22.2 132.5 66.8 213.9 8.8 166.6 33.1 230.8 24.7 285.2 25.5 298.1 37.9 177.1 34.7 205.0 23.1 -10.2 37.9 211.8 21.9 214.3 34.4 208.2 15.7 9.7 56.0 226.8 36.7 73.3 56.9 181.1 3.5 23.4 56.4 218.5 -3.5 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous -24.6 674.1 -82.0 480.4 -78.3 486.7 -48.8 1280.6 -47.7 1669.3 -16.7 1001.4 -65.0 1333.9 -65.7 1117.7 -31.2 445.1 -76.5 1349.2 -77.2 709.1 19 20 21 Total financial sources 4081.2 3584.7 4531.9 5733.0 6581.0 4957.1 5537.7 5856.3 5688.0 6428.2 5285.4 21 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous -0.1 -7.5 17.2 -58.1 21.4 -301.0 -0.6 7.9 7.2 40.2 19.7 -42.9 -0.3 49.6 -4.4 -22.0 -31.5 -101.7 -0.3 61.6 15.0 -120.3 12.8 365.2 -0.4 92.4 0.7 -127.1 1.6 452.3 0.0 -53.1 70.4 -278.7 12.5 649.2 -0.3 124.9 -33.4 84.5 21.4 27.0 -0.5 82.3 22.2 -159.9 15.7 332.2 0.4 339.6 12.8 589.1 -54.7 -585.2 0.8 -95.2 -13.1 92.9 4.9 368.5 1.7 34.2 -0.6 -115.5 24.9 -84.0 22 23 24 25 26 27 28 29 30 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 5.7 -0.5 10.9 -1.6 -0.7 150.0 -8.9 -0.0 38.6 27.9 2.8 25.4 70.3 2.2 37.5 -15.3 2.6 -41.9 23.9 2.9 45.9 32.7 3.3 60.3 -18.3 5.0 -56.9 -35.5 5.4 1.1 29.7 6.8 33.2 28 29 30 31 Totals identified to sectors as assets 4393.2 3405.5 4612.5 5342.9 6051.4 4611.4 5240.7 5467.9 5456.2 6098.4 5355.0 31 12 Z.1, December 8, 2005 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 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 8 9 10 11 12 13 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations 14 15 16 17 18 Residential Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 19 20 21 22 Change in private inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business 2002 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 10127.9 10469.6 10971.3 11734.3 11457.1 11666.1 11818.8 11995.2 12198.8 12378.0 12601.0 1 7055.0 7350.7 7709.9 8214.3 8032.3 8145.6 8263.2 8416.1 8535.8 8677.0 8845.4 2 883.7 2017.1 4154.3 923.9 2079.6 4347.2 950.1 2189.0 4570.8 987.8 2368.3 4858.2 974.2 2302.7 4755.4 974.6 2355.2 4815.9 993.8 2378.4 4891.0 1008.6 2437.1 4970.4 1017.3 2476.6 5041.8 1035.5 2533.7 5107.8 1053.5 2605.3 5186.5 3 4 5 1614.3 1582.1 1670.4 1928.1 1818.2 1928.5 1961.2 2004.5 2058.5 2054.4 2097.6 6 1646.1 1570.2 1654.9 1872.6 1772.7 1856.6 1908.7 1952.6 1998.7 2058.5 2117.4 7 1176.8 80.6 837.7 132.1 26.6 99.8 1066.3 84.9 730.8 114.0 28.7 108.0 1082.4 91.7 744.1 117.6 29.3 99.7 1198.8 98.6 818.7 119.5 35.9 126.1 1140.7 94.7 777.7 115.4 32.6 120.2 1182.7 97.7 807.2 137.1 34.8 105.9 1219.0 99.9 833.0 113.1 37.0 136.0 1252.9 102.1 857.0 112.3 39.1 142.5 1280.1 104.2 875.5 120.2 40.0 140.2 1313.5 107.1 898.2 126.7 41.0 140.6 1349.3 110.4 922.4 136.6 42.0 138.0 8 9 10 11 12 13 469.3 398.2 3.6 63.4 4.1 503.9 427.7 3.7 68.0 4.5 572.5 492.8 4.0 76.0 -0.4 673.8 572.5 4.5 89.1 7.7 632.0 527.9 4.3 84.0 15.8 673.9 579.9 4.6 87.5 1.9 689.7 587.2 4.6 90.7 7.2 699.7 595.0 4.6 94.2 5.9 718.5 614.1 4.7 97.4 2.3 745.0 644.9 4.9 100.8 -5.6 768.2 654.3 5.0 104.2 4.7 14 15 16 17 18 -31.7 -30.1 -1.6 -0.0 11.9 13.6 0.7 -2.5 15.4 14.5 0.8 0.2 55.4 49.6 2.6 3.2 45.5 45.4 2.4 -2.3 71.9 57.7 3.0 11.2 52.5 43.2 2.3 7.0 51.9 52.1 2.7 -3.0 59.9 63.1 3.3 -6.5 -4.2 4.1 0.2 -8.5 -19.8 -9.9 -0.5 -9.4 19 20 21 22 23 Net U.S. exports of goods and services -367.0 -424.4 -500.9 -624.0 -559.6 -613.1 -638.0 -685.4 -697.5 -691.0 -734.2 23 24 25 Exports - Imports 1032.8 1399.9 1005.9 1430.3 1045.6 1546.5 1173.8 1797.8 1130.8 1690.3 1163.3 1776.4 1183.8 1821.8 1217.1 1902.5 1253.2 1950.6 1297.1 1988.1 1309.6 2043.8 24 25 26 Government consumption expenditures and gross investment 1825.6 1961.1 2091.9 2215.9 2166.2 2205.0 2232.5 2260.0 2302.0 2337.6 2392.2 26 1501.6 531.9 969.8 1616.9 591.5 1025.3 1736.7 661.9 1074.8 1843.4 725.7 1117.7 1805.8 710.7 1095.1 1830.1 721.1 1108.9 1859.6 735.7 1123.9 1878.2 735.1 1143.1 1918.6 759.6 1159.0 1938.5 762.8 1175.7 1988.0 784.0 1204.0 27 28 29 324.0 81.0 243.0 344.3 88.1 256.1 355.3 92.9 262.3 372.5 101.9 270.6 360.4 97.7 262.8 375.0 103.5 271.5 372.9 100.8 272.1 381.7 105.7 276.1 383.4 100.7 282.7 399.1 107.0 292.0 404.3 109.5 294.8 30 31 32 43.7 322.5 278.8 30.6 305.7 275.0 68.1 343.7 275.6 53.8 415.4 361.7 83.0 380.0 297.0 46.7 401.2 354.5 48.5 418.1 369.6 36.8 462.4 425.6 39.4 462.3 422.9 35.5 489.4 453.9 38.4 513.5 475.1 33 34 35 10171.6 10500.2 11039.3 11788.0 11540.1 11712.8 11867.3 12032.0 12238.2 12413.5 12639.4 36 27 28 29 Consumption expenditures (3) Federal State and local 30 31 32 Gross investment (3) Federal State and local Memo: 33 34 35 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 36 Gross National Product (GNP) = GDP + net U.S. income receipts (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 13 Z.1, December 8, 2005 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 9 Proprietors’ income with inventory valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital consumption adjustment) 10 Corporate profits with inventory valuation and capital consumption adjustments 6 7 8 11 Corporate profits with inventory valuation adjustment 2002 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 8979.9 9229.3 9660.9 10275.9 10091.2 10210.9 10242.4 10559.3 10750.4 10878.0 10772.5 1 5942.1 5585.5 356.6 0.0 6091.2 5725.9 365.2 0.0 6321.1 5941.1 380.0 0.0 6687.6 6284.9 402.7 0.0 6528.2 6131.8 394.9 1.5 6602.1 6205.6 398.0 -1.5 6724.2 6319.9 404.4 -0.0 6895.8 6482.4 413.4 0.0 7001.7 6579.9 421.9 0.0 7060.2 6636.7 423.5 0.0 7148.9 6722.0 426.9 0.0 2 3 4 5 771.9 752.2 19.7 768.4 757.8 10.6 810.2 782.4 27.7 889.6 853.8 35.8 870.2 825.4 44.8 898.4 854.2 44.1 889.1 859.4 29.7 900.9 876.3 24.6 917.9 893.2 24.7 936.6 917.1 19.6 938.3 920.1 18.2 6 7 8 167.4 152.9 131.7 134.2 144.2 141.8 122.1 128.7 118.0 104.4 26.9 9 767.4 886.3 1031.8 1161.5 1147.3 1162.0 1117.2 1219.5 1288.2 1347.5 1302.0 10 719.3 766.2 923.9 1019.7 1001.2 1016.5 981.3 1079.7 1339.2 1393.3 1368.5 11 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Foreign subsidiaries Domestic financial 707.9 309.8 0.8 169.7 227.6 768.4 336.4 -0.1 155.8 276.4 937.2 448.1 -0.0 176.0 313.0 1059.3 573.8 0.0 184.9 300.6 1030.2 508.4 -0.5 198.2 324.1 1064.9 572.3 -0.4 176.9 316.1 1018.2 589.5 0.0 185.9 242.8 1124.1 625.1 1.0 178.6 319.4 1378.3 809.5 -1.9 193.5 377.2 1412.2 867.5 -2.0 197.2 349.5 1395.9 894.7 1.2 215.1 284.9 12 13 14 15 16 17 18 19 20 Less: Taxes on corporate income Domestic nonfinancial Farm Domestic financial 204.2 111.4 0.3 92.5 192.6 96.6 0.5 95.6 232.1 126.1 0.5 105.6 271.1 165.5 0.5 105.2 257.9 145.5 0.4 112.0 274.7 164.8 0.5 109.4 259.0 171.4 0.4 87.2 293.0 180.4 0.5 112.2 362.6 231.3 0.6 130.7 372.5 248.0 0.6 123.9 363.5 258.5 0.7 104.3 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Net dividends Domestic nonfinancial Farm Foreign subsidiaries Domestic financial 503.8 370.9 243.5 1.9 40.9 84.6 575.8 399.2 252.7 2.1 47.9 96.5 705.1 423.2 293.3 2.2 29.8 97.9 788.2 493.0 358.9 2.3 35.9 95.8 772.3 445.9 327.1 2.1 22.9 93.8 790.2 460.9 321.4 2.2 45.2 92.2 759.2 475.9 325.0 2.2 55.4 93.2 831.1 589.3 462.2 2.8 20.1 104.2 1015.7 494.9 304.4 2.3 119.5 68.7 1039.7 506.3 295.2 2.4 142.0 66.7 1032.4 520.1 211.2 2.5 258.6 47.9 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Foreign subsidiaries Domestic financial 132.9 -45.0 -1.5 128.9 50.5 176.6 -13.0 -2.6 108.0 84.3 281.9 28.8 -2.7 146.2 109.5 295.2 49.4 -2.8 149.0 99.6 326.4 35.9 -3.0 175.3 118.3 329.2 86.2 -3.1 131.7 114.5 283.4 93.1 -2.6 130.5 62.4 241.8 -17.5 -2.3 158.5 103.0 520.8 273.8 -4.9 74.0 177.9 533.4 324.3 -5.0 55.2 158.9 512.3 425.0 -2.0 -43.5 132.8 27 28 29 30 31 32 Inventory valuation adjustment 11.4 -2.2 -13.3 -39.6 -28.9 -48.3 -36.9 -44.4 -39.1 -18.9 -27.4 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Domestic financial 48.1 34.7 0.5 12.9 120.1 94.5 0.8 24.8 107.9 89.3 0.7 17.9 141.8 119.2 0.4 22.1 146.1 123.4 0.4 22.3 145.4 122.6 0.4 22.4 135.8 113.8 0.5 21.6 139.8 117.2 0.4 22.2 -51.0 -51.8 0.4 0.4 -45.8 -47.5 0.4 1.2 -66.5 -67.6 0.6 0.5 33 34 35 36 37 Net interest and miscellaneous payments 566.4 520.9 528.5 505.5 519.9 512.2 497.5 492.7 498.3 488.7 493.4 37 38 39 40 41 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 728.6 55.3 92.8 -1.4 762.8 38.4 84.3 0.9 801.4 46.7 81.6 1.3 852.8 43.5 91.1 -3.0 837.1 42.3 88.2 -1.6 847.8 41.8 90.7 -2.2 855.5 43.2 83.0 -3.0 870.9 46.5 102.6 -5.2 883.8 50.6 99.0 -6.1 900.1 52.1 99.6 -7.0 909.9 56.1 31.8 -22.7 38 39 40 41 Memo: Calculation of Gross Domestic Product from National Income: (2) 42 National Income, from line 1 above 8979.9 9229.3 9660.9 10275.9 10091.2 10210.9 10242.4 10559.3 10750.4 10878.0 10772.5 42 43 44 45 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 1075.5 206.0 -89.8 1080.3 211.6 -21.0 1112.8 218.5 47.1 1206.2 229.1 76.8 1147.8 223.3 77.8 1165.8 228.1 108.1 1303.5 230.6 90.8 1207.6 234.5 30.6 1210.9 237.5 39.4 1216.9 240.4 78.3 1534.5 259.9 72.5 43 44 45 46 Less: Net U.S. income receipts from rest of the world 43.7 30.6 68.1 53.8 83.0 46.7 48.5 36.8 39.4 35.5 38.4 46 47 Equals: Gross Domestic Product 10127.9 10469.6 10971.3 11734.3 11457.1 11666.1 11818.8 11995.2 12198.8 12378.0 12601.0 47 (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce. 14 Z.1, December 8, 2005 F.8 Saving and Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 1657.7 1489.1 1474.1 1572.0 1534.7 1546.4 1590.1 1617.0 1635.5 1628.4 1674.0 1 2 Net saving 376.2 197.1 142.7 136.8 163.6 152.6 56.0 174.9 187.1 171.2 -120.5 2 324.6 479.2 549.3 549.1 599.4 567.6 486.9 542.6 478.1 447.2 285.5 3 3 Net private saving 4 Personal saving 132.3 184.7 172.8 151.8 155.8 141.2 104.6 205.4 47.4 -21.5 -132.9 4 5 6 7 8 9 Undistributed corporate profits w/IVA & CCA Undistributed profits Inventory valuation adjustment Capital consumption adjustment Wage accruals less disbursements 192.3 132.9 11.4 48.1 0.0 294.5 176.6 -2.2 120.1 0.0 376.5 281.9 -13.3 107.9 0.0 397.3 295.2 -39.6 141.8 0.0 443.5 326.4 -28.9 146.1 0.0 426.4 329.2 -48.3 145.4 0.0 382.3 283.4 -36.9 135.8 0.0 337.2 241.8 -44.4 139.8 0.0 430.7 520.8 -39.1 -51.0 0.0 468.7 533.4 -18.9 -45.8 0.0 418.4 512.3 -27.4 -66.5 0.0 5 6 7 8 9 51.6 -282.1 -406.5 -412.3 -435.8 -415.0 -430.9 -367.7 -290.9 -276.1 -406.0 10 46.7 4.9 -247.9 -34.2 -382.7 -23.8 -406.5 -5.9 -429.3 -6.5 -413.4 -1.6 -411.6 -19.3 -371.6 4.0 -298.3 7.4 -297.3 21.3 -403.2 -2.8 11 12 10 11 12 Net government saving Federal State and local 13 Consumption of fixed captal 1281.5 1292.0 1331.3 1435.3 1371.1 1393.8 1534.1 1442.1 1448.4 1457.2 1794.4 13 14 15 16 Private Domestic business Households and institutions 1075.5 903.7 171.8 1080.3 893.6 186.8 1112.8 911.5 201.3 1206.2 973.3 232.8 1147.8 935.1 212.7 1165.8 947.9 217.9 1303.5 1032.0 271.5 1207.6 978.4 229.2 1210.9 980.4 230.5 1216.9 984.5 232.4 1534.5 1145.3 389.2 14 15 16 17 18 19 Government Federal State and local 206.0 88.2 117.8 211.6 88.9 122.7 218.5 90.3 128.3 229.1 93.8 135.3 223.3 91.8 131.5 228.1 93.4 134.6 230.6 94.2 136.4 234.5 95.9 138.6 237.5 96.9 140.6 240.4 97.7 142.6 259.9 99.1 160.8 17 18 19 1567.9 1468.1 1521.1 1648.9 1612.5 1654.5 1680.9 1647.6 1675.0 1706.6 1746.4 20 1938.3 1926.4 2025.6 2300.6 2178.7 2303.4 2334.0 2386.2 2441.9 2453.5 2501.9 21 1614.3 1646.1 1176.8 469.3 -31.7 1582.1 1570.2 1066.3 503.9 11.9 1670.4 1654.9 1082.4 572.5 15.4 1928.1 1872.6 1198.8 673.8 55.4 1818.2 1772.7 1140.7 632.0 45.5 1928.5 1856.6 1182.7 673.9 71.9 1961.2 1908.7 1219.0 689.7 52.5 2004.5 1952.6 1252.9 699.7 51.9 2058.5 1998.7 1280.1 718.5 59.9 2054.4 2058.5 1313.5 745.0 -4.2 2097.6 2117.4 1349.3 768.2 -19.8 22 23 24 25 26 324.0 344.3 355.3 372.5 360.4 375.0 372.9 381.7 383.4 399.1 404.3 27 1.1 1.4 3.2 1.6 1.7 1.5 1.6 1.8 17.3 0.5 0.5 28 20 21 22 23 24 25 26 27 Gross domestic investment, capital account transactions, and net lending, NIPAs Gross domestic investment Gross private domestic investment Fixed investment Nonresidential Residential Change in private inventories Gross government investment 28 Capital account transactions (net) 29 Net lending or net borrowing (-), NIPAs -371.5 -459.7 -507.7 -653.4 -567.9 -650.4 -654.7 -740.4 -784.3 -747.3 -756.0 29 30 Statistical discrepancy (line 20 less line 1) -89.8 -21.0 47.1 76.8 77.8 108.1 90.8 30.6 39.4 78.3 72.5 30 (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 35.7 29.0 11.1 13.9 13.4 13.5 15.9 12.9 -1.8 13.9 14.5 1 2 3 4 5 6 7 Capital transfers received by government (net) Federal Estate and gift taxes paid by persons - Capital transfers paid to persons - Capital transfers paid to the rest of the world (net) - Federal investment grants to state and local govts. - Investment grants to business -12.9 28.0 0.0 0.0 40.8 0.0 -23.1 25.3 3.6 0.2 44.6 0.0 -40.4 22.0 14.8 1.9 45.5 0.2 -38.0 24.6 16.1 0.2 46.3 0.0 -37.6 23.8 15.9 0.2 45.3 0.0 -35.8 24.0 16.1 0.0 43.7 0.0 -40.8 26.8 16.3 0.1 51.2 0.1 -37.8 23.9 16.3 0.3 45.2 0.0 -55.1 24.9 16.0 16.3 47.8 0.0 -42.7 24.4 15.9 0.1 51.1 0.0 -39.1 25.1 15.9 0.1 48.2 0.0 2 3 4 5 6 7 8 9 10 State and local Estate and gift taxes paid by persons + Federal investment grants to state and local govts. 48.6 7.8 40.8 52.1 7.4 44.6 51.5 6.0 45.5 51.9 5.6 46.3 50.9 5.7 45.3 49.3 5.6 43.7 56.7 5.6 51.2 50.7 5.5 45.2 53.3 5.5 47.8 56.6 5.5 51.1 53.6 5.4 48.2 8 9 10 11 12 13 Capital transfers received by rest of the world (net) Capital transfers received from U.S. government (net) - Migrants’ transfers received by persons (net) 1.1 0.0 -1.1 1.4 0.2 -1.2 3.3 1.9 -1.4 1.7 0.2 -1.5 1.7 0.2 -1.5 1.5 0.0 -1.5 1.6 0.1 -1.5 1.8 0.3 -1.5 17.9 16.3 -1.6 1.7 0.1 -1.6 1.7 0.1 -1.6 11 12 13 14 15 16 17 Memo: Acquisition of nonproduced nonfinancial assets (net) Nonfinancial corporate business State and local governments Federal governments Rest of the world -8.6 9.3 -0.7 0.1 -10.9 10.6 0.3 0.0 -11.2 11.3 -0.2 0.1 -11.8 11.7 0.0 0.0 -11.6 11.5 0.0 0.0 -10.9 11.7 -0.7 0.0 -13.6 11.8 1.8 0.0 -11.0 12.0 -1.0 -0.0 -13.0 12.2 0.3 0.5 -13.0 12.4 -0.6 1.2 -12.2 12.6 -1.6 1.2 14 15 16 17 (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce. 15 Z.1, December 8, 2005 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Net acquisition of financial assets 672.4 595.2 1056.3 1004.5 973.9 804.2 1050.4 1189.6 860.1 786.7 1040.2 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -5.0 101.4 200.9 163.0 15.7 34.7 290.5 -40.9 -9.0 -69.5 402.6 -118.3 36.3 -26.3 369.2 -59.5 79.0 -5.1 332.6 18.7 0.5 -105.9 410.6 -33.0 0.6 -17.2 358.1 -190.9 65.0 23.0 375.5 -32.9 7.6 149.9 405.2 -30.0 77.1 79.0 258.6 108.5 9.5 -152.1 671.0 142.0 2 3 4 5 6 Securities -279.5 -10.9 327.1 103.9 -113.2 1.7 435.4 91.6 -148.1 -269.3 -238.4 6 -0.0 5.6 -88.1 -120.0 50.6 -27.5 -241.9 141.7 13.1 4.5 -119.9 -191.1 101.3 163.3 -93.4 111.3 -4.5 8.9 24.2 173.4 34.1 -60.1 -77.5 228.6 30.2 0.6 58.4 95.6 37.7 -117.8 -258.2 257.3 39.9 3.5 62.8 -200.7 38.3 -241.8 -237.8 422.6 8.3 1.5 22.1 177.7 -1.8 -187.9 -95.6 77.4 14.3 -1.1 -24.3 598.8 61.4 -233.3 -242.6 262.2 58.5 -1.4 173.0 -193.3 53.0 191.8 -456.9 266.9 5.2 0.1 135.6 32.3 84.0 -349.5 -414.1 358.2 57.3 0.7 -329.5 222.9 71.4 -111.9 -387.5 207.4 7.4 -1.7 61.3 338.7 122.1 -350.8 -556.4 140.9 7 8 9 10 11 12 13 14 7 8 9 10 11 12 13 14 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 Life insurance reserves Pension fund reserves 77.2 213.2 60.1 181.4 66.8 213.9 33.1 230.8 25.5 298.1 34.7 205.0 37.9 211.8 34.4 208.2 56.0 226.8 56.9 181.1 56.4 218.5 15 16 17 Miscellaneous and other assets 201.2 64.6 242.7 317.1 338.5 290.7 214.7 424.7 192.7 294.8 333.3 17 1513.5 461.6 239.3 814.2 -1.6 1571.9 495.7 227.5 850.4 -1.7 1686.1 568.8 238.6 877.7 1.0 1839.5 661.6 254.0 918.1 5.8 1758.1 611.9 242.8 903.4 0.1 1856.5 667.4 269.7 905.2 14.2 1861.6 677.9 250.0 924.3 9.3 1881.9 689.2 253.4 939.5 -0.2 1920.3 711.5 264.4 947.7 -3.2 1976.8 745.7 274.7 964.6 -8.3 2018.8 758.5 288.9 981.4 -9.9 18 19 20 21 22 18 19 20 21 22 Gross investment in tangible assets Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) 23 24 25 26 Consumption of fixed capital Residential fixed investment Other fixed assets (3) Consumer durables 971.4 174.8 176.8 619.8 1007.9 181.7 181.1 645.2 1056.9 195.8 192.7 668.4 1139.3 230.1 207.4 701.8 1080.5 217.8 181.9 680.8 1111.8 221.9 194.0 695.9 1209.7 250.2 249.6 709.9 1155.0 230.5 204.2 720.4 1140.5 230.4 201.4 708.7 1163.8 232.4 209.5 721.9 1455.7 420.0 257.8 777.9 23 24 25 26 27 Net investment in tangible assets (4) 542.0 564.0 629.2 700.2 677.6 744.6 651.9 726.8 779.8 813.0 563.1 27 286.8 62.5 194.4 -1.6 314.0 46.4 205.2 -1.7 373.0 45.9 209.3 1.0 431.5 46.6 216.3 5.8 394.1 60.9 222.6 0.1 445.5 75.7 209.3 14.2 427.7 0.5 214.4 9.3 458.7 49.3 219.1 -0.2 481.1 63.0 239.0 -3.2 513.3 65.2 242.7 -8.3 338.5 31.1 203.5 -9.9 28 29 30 31 787.5 899.1 1122.8 1376.2 1343.4 1320.9 1329.6 1510.8 1246.8 1538.4 1540.8 32 494.0 104.8 132.3 2.2 -38.8 92.9 672.1 95.3 87.1 1.1 -48.2 91.7 780.3 117.8 88.4 -0.6 34.3 102.7 968.6 91.2 91.0 1.7 81.5 142.1 961.1 83.2 89.7 -0.2 73.1 136.4 886.1 114.0 61.8 1.9 62.9 194.2 1093.0 79.4 121.7 3.3 -26.6 58.8 934.2 88.3 90.9 1.7 216.7 179.1 913.5 104.5 57.7 -1.4 8.2 164.3 1130.1 135.1 85.2 3.0 -10.5 195.7 1218.7 112.7 117.0 3.0 -35.7 125.1 33 34 35 36 37 38 28 29 30 31 32 33 34 35 36 37 38 Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 39 Net capital transfers (5) -36.8 -30.4 -14.6 -15.6 -15.1 -15.0 -17.6 -14.7 -16.1 -15.6 -16.2 39 40 Personal saving, with consumer durables (FOF) 463.8 290.4 577.2 344.2 323.3 242.9 390.3 420.2 409.3 76.8 78.7 40 41 Less net investment in consumer durables 194.4 205.2 209.3 216.3 222.6 209.3 214.4 219.1 239.0 242.7 203.5 41 42 = Personal saving, without consumer durables (FOF) (6) 269.4 85.2 367.9 127.8 100.7 33.6 175.9 201.1 170.3 -165.9 -124.8 42 43 Personal saving (NIPA, excludes consumer durables) 132.3 184.7 172.8 151.8 155.8 141.2 104.6 205.4 47.4 -21.5 -132.9 43 44 Difference 137.1 -99.5 195.1 -23.9 -55.1 -107.6 71.3 -4.3 122.9 -144.3 8.1 44 45 Memo: Disposable personal income 7486.8 7830.1 8169.2 8664.2 8475.3 8580.3 8670.9 8930.4 8902.0 8979.7 9042.8 45 46 47 48 49 Personal saving as a percentage of disposable personal income: With consumer durables (FOF) (line 41) Without consumer durables (FOF) (line 43) Without consumer durables (NIPA) (line 44) Difference (line 45) 6.2 3.6 1.8 1.8 3.7 1.1 2.4 -1.3 7.1 4.5 2.1 2.4 4.0 1.5 1.8 -0.3 3.8 1.2 1.8 -0.7 2.8 0.4 1.6 -1.3 4.5 2.0 1.2 0.8 4.7 2.3 2.3 -0.0 4.6 1.9 0.5 1.4 0.9 -1.8 -0.2 -1.6 0.9 -1.4 -1.5 0.1 46 47 48 49 (1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15 and 16)). (3) Includes corporate farms. (4) Line 18 less line 23. (5) Table F.9, line 13 plus line 4 less lines 3 and 9. (6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4). 16 Z.1, December 8, 2005 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital + Net capital transfers (4) 2002 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 8724.1 1237.3 7486.8 7354.5 132.3 8881.9 1051.8 7830.1 7645.3 184.7 9169.1 999.9 8169.2 7996.3 172.8 9713.3 1049.1 8664.2 8512.5 151.8 9484.8 1009.6 8475.3 8319.4 155.8 9614.3 1034.0 8580.3 8439.1 141.2 9729.2 1058.4 8670.9 8566.3 104.6 10024.8 1094.3 8930.4 8725.0 205.4 10073.4 1171.4 8902.0 8854.6 47.4 10185.7 1206.0 8979.7 9001.2 -21.5 10259.7 1216.8 9042.8 9175.7 -132.9 1 2 3 4 5 3.3 194.4 799.1 -36.8 -1.7 205.2 834.0 -30.4 -0.6 209.3 871.8 -14.6 0.0 216.3 936.9 -15.6 1.6 222.6 895.8 -15.1 -3.8 209.3 916.0 -15.0 -1.3 214.4 984.0 -17.6 3.5 219.1 951.9 -14.7 5.4 239.0 941.5 -16.1 -1.8 242.7 956.6 -15.6 -6.2 203.5 1169.8 -16.2 6 7 8 9 10 = Gross saving and net capital transfers 1092.2 1191.9 1238.8 1289.5 1260.7 1247.7 1284.1 1365.3 1217.2 1160.4 1218.1 10 11 Gross investment 1227.0 1095.8 1436.4 1267.8 1206.6 1146.6 1358.9 1359.3 1339.1 1022.3 1233.7 11 12 13 14 15 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential 1293.0 398.2 814.2 80.6 1363.0 427.7 850.4 84.9 1462.3 492.8 877.7 91.7 1589.2 572.5 918.1 98.6 1526.0 527.9 903.4 94.7 1582.8 579.9 905.2 97.7 1611.5 587.2 924.3 99.9 1636.6 595.0 939.5 102.1 1666.0 614.1 947.7 104.2 1716.6 644.9 964.6 107.1 1746.0 654.3 981.4 110.4 12 13 14 15 16 Net financial investment -66.0 -267.1 -25.8 -321.4 -319.4 -436.2 -252.6 -277.3 -326.8 -694.2 -512.3 16 17 Net acquisition of financial assets 493.4 428.7 842.5 782.4 786.9 607.3 794.4 940.9 621.5 461.3 694.6 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -5.0 100.4 193.7 153.4 15.7 28.6 279.1 -43.2 -9.0 -77.7 395.2 -110.1 36.3 -30.9 360.3 -56.4 79.0 -12.8 326.2 34.2 0.5 -110.6 400.1 -32.3 0.6 -22.7 348.5 -188.1 65.0 22.3 366.4 -39.3 7.6 149.5 395.2 -39.2 77.1 73.8 249.4 93.4 9.5 -154.9 661.2 122.1 18 19 20 21 22 Credit market instruments -175.0 -17.8 186.1 115.1 -288.6 30.8 426.3 292.1 -81.4 -76.3 189.6 22 -0.0 -85.2 5.6 -90.8 -120.0 49.6 -27.5 8.1 13.1 -115.4 4.5 -119.9 -191.1 101.4 163.3 10.9 -4.5 31.7 8.9 22.8 173.4 33.9 -60.1 11.6 30.2 57.0 0.6 56.4 95.6 37.5 -117.8 12.6 39.9 63.8 3.5 60.3 -200.7 38.0 -241.8 12.0 8.3 21.6 1.5 20.1 177.7 -2.0 -187.9 13.2 14.3 -27.5 -1.1 -26.4 598.8 61.2 -233.3 12.8 58.5 170.0 -1.4 171.4 -193.3 52.8 191.8 12.3 5.2 134.1 0.1 134.0 32.3 83.8 -349.5 12.6 57.3 -330.1 0.7 -330.8 222.9 71.2 -111.9 14.4 7.4 58.5 -1.7 60.2 338.7 121.9 -350.8 13.8 23 24 25 26 27 28 29 30 -241.9 141.7 41.9 77.2 213.2 -24.6 18.5 -93.4 111.3 -41.6 60.1 181.4 -82.0 30.6 -77.5 228.6 62.7 66.8 213.9 -78.3 42.0 -258.2 257.3 103.0 33.1 230.8 -48.8 40.9 -237.8 422.6 150.2 25.5 298.1 -47.7 38.2 -95.6 77.4 84.1 34.7 205.0 -16.7 29.9 -242.6 262.2 -38.3 37.9 211.8 -65.0 63.8 -456.9 266.9 215.9 34.4 208.2 -65.7 31.5 -414.1 358.2 -35.8 56.0 226.8 -31.2 29.9 -387.5 207.4 31.7 56.9 181.1 -76.5 30.9 -556.4 140.9 11.5 56.4 218.5 -77.2 73.5 31 32 33 34 35 36 37 559.5 695.8 868.3 1103.7 1106.3 1043.5 1047.0 1218.1 948.3 1155.5 1206.9 38 600.5 736.2 825.2 1011.7 1024.4 968.7 1063.3 990.4 929.4 1158.4 1235.9 39 451.2 132.3 13.8 -16.1 0.6 18.7 622.7 87.1 12.9 -3.0 0.3 16.2 720.2 88.4 14.1 -5.0 -1.5 8.9 887.3 91.0 9.9 5.4 0.5 17.6 891.0 89.7 13.4 13.5 -0.8 17.6 810.6 61.8 15.2 51.0 0.5 29.6 996.4 121.7 6.9 -74.9 1.8 11.4 851.1 90.9 4.0 32.1 0.5 11.7 840.6 57.7 17.0 19.0 -2.3 -2.6 1023.3 85.2 16.1 19.3 2.2 12.3 1106.6 117.0 14.6 -9.3 2.3 4.8 40 41 42 43 44 45 -38.8 -1.9 -48.2 7.0 34.3 7.9 81.5 9.0 73.1 8.6 62.9 8.8 -26.6 9.1 216.7 9.3 8.2 9.6 -10.5 4.8 -35.7 5.7 46 47 23 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 Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities (5) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (6) Consumer credit Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy -0.4 0.9 0.9 1.6 0.2 3.0 1.2 1.8 1.1 2.8 0.9 48 -134.8 96.0 -197.6 21.6 54.1 101.1 -74.8 6.0 -121.9 138.0 -15.7 49 (1) Sector includes farm households. 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 13 plus line 4 less lines 3 and 9. (5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32) and life insurance and pension reserves (lines 34 and 35). (6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23. 17 Z.1, December 8, 2005 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 Income before taxes 2 Gross saving and net capital transfers 3 Gross investment 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Q3 Q4 Q1 2005 Q2 Q3 1149.4 1164.3 1311.7 1509.9 1428.4 1519.7 1520.9 1570.5 1768.2 1840.2 1841.9 1 926.4 983.5 1058.8 1139.3 1122.1 1135.0 1219.6 1080.7 1132.0 1202.4 1350.9 2 1056.3 954.6 997.1 1185.6 1147.8 1199.9 1252.1 1142.6 1184.5 1262.4 1421.4 3 1023.0 946.1 975.3 1111.3 1048.0 1132.1 1117.2 1148.1 1184.7 1154.4 1178.1 4 1063.3 66.9 996.4 945.1 71.7 873.4 971.0 80.0 891.0 1067.7 93.6 974.1 1014.1 88.4 925.7 1071.2 92.1 979.1 1078.4 95.3 983.1 1107.2 98.8 1008.4 1137.8 102.2 1035.7 1171.6 105.7 1065.9 1210.1 109.2 1100.9 5 6 7 -31.7 -8.6 11.9 -10.9 15.4 -11.2 55.4 -11.8 45.5 -11.6 71.9 -10.9 52.5 -13.6 51.9 -11.0 59.9 -13.0 -4.2 -13.0 -19.8 -12.2 8 9 33.4 8.5 21.8 74.3 99.8 67.8 134.9 -5.4 -0.2 108.0 243.3 10 11 Net acquisition of financial assets 335.2 214.0 230.0 649.8 714.9 565.1 574.4 744.6 566.6 584.5 591.8 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -8.5 -48.4 0.9 120.1 -0.2 4.4 -11.3 6.6 28.4 2.2 18.3 129.1 9.0 -46.2 -0.2 6.4 114.3 16.6 -15.2 0.5 -5.2 167.1 11.6 -16.2 -3.2 4.5 137.2 -25.3 10.8 -1.4 -11.8 140.5 56.9 -27.9 3.6 38.0 12.4 23.0 -27.3 2.9 20.6 37.6 50.3 -29.1 -0.9 12.0 -97.7 -16.1 9.0 0.9 13.3 39.2 26.0 35.3 3.7 12 13 14 15 16 17 Credit market instruments 2.0 25.5 2.1 24.8 25.2 45.2 -35.5 64.3 7.8 25.0 17.6 17 2.4 1.4 2.1 -1.5 5.7 -8.1 4.6 14.5 -0.7 2.7 2.4 1.9 10.9 2.9 -4.7 3.3 3.9 -14.2 15.8 0.7 -0.5 4.9 2.4 1.5 21.1 1.0 -0.6 -9.2 2.6 10.3 -1.2 -1.4 -1.3 13.5 3.0 32.4 1.2 -6.3 -3.1 -3.3 2.4 -26.4 42.0 9.5 2.9 18.6 1.8 -10.6 -11.2 -4.1 -2.1 8.6 1.6 15.0 0.7 0.0 -5.5 -2.1 0.9 31.0 11.0 8.0 7.6 6.0 0.6 -15.5 18 19 20 21 22 23 4.0 -119.9 385.3 0.6 -79.7 237.3 11.0 37.5 69.5 5.0 192.7 304.7 5.0 243.9 286.7 5.0 197.1 192.1 5.0 170.2 273.4 5.0 159.5 466.8 5.0 213.2 262.1 5.0 207.4 439.0 5.0 226.3 225.3 24 25 26 301.9 205.6 208.2 575.5 615.1 497.3 439.5 750.1 566.8 476.5 348.5 27 393.9 181.5 312.3 434.3 351.1 314.0 447.9 624.3 549.3 728.3 608.0 28 18 19 20 21 22 23 24 25 26 27 28 Net financial investment Q2 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 29 30 31 Commercial paper Municipal securities Corporate bonds -88.3 3.5 347.7 -64.2 3.1 132.3 -40.0 3.4 158.3 15.8 5.2 77.7 33.8 4.7 114.2 32.3 4.0 6.7 22.4 5.3 51.7 -25.4 6.6 138.3 53.7 6.1 34.3 9.2 6.3 30.1 4.6 5.7 82.7 29 30 31 32 33 34 Bank loans n.e.c. Other loans and advances Mortgages -65.5 8.1 188.4 -84.0 19.5 174.9 -75.2 11.3 254.5 28.2 24.3 283.1 -51.9 15.0 235.2 34.2 -15.9 252.6 43.4 -1.7 326.7 87.1 99.9 317.8 69.4 86.0 299.8 190.9 67.7 424.1 51.4 20.6 442.9 32 33 34 -48.1 -108.3 7.1 78.6 -41.6 46.3 13.4 88.6 -57.8 -9.3 -2.4 40.1 -157.0 165.5 11.3 167.6 -82.2 214.3 23.2 149.4 -159.5 124.2 11.7 222.7 -203.2 157.1 7.6 98.0 -183.2 166.5 2.7 200.4 -251.6 137.5 22.0 142.6 -351.1 182.1 -4.9 -7.6 -446.2 194.7 -20.6 83.1 35 36 37 38 -21.3 -82.6 -74.7 -46.2 -40.7 -15.7 -67.9 -60.7 -33.1 -70.4 -70.5 39 -129.9 29.0 61.7 -46.3 -25.8 -64.9 -32.5 -62.0 -52.5 -60.0 -70.5 40 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities 39 Proprietors’ net investment 40 Discrepancy (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 18 Z.1, December 8, 2005 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 9 10 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 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 (2) = Total internal funds + IVA 309.8 111.4 243.5 677.5 632.5 111.2 11.4 0.0 755.0 336.4 96.6 252.7 733.9 720.9 92.6 -2.2 0.0 811.3 448.1 126.1 293.3 736.7 765.5 123.3 -13.3 0.2 875.7 573.8 165.5 358.9 804.3 853.7 125.2 -39.6 0.0 939.3 508.4 145.5 327.1 785.8 821.6 147.2 -28.9 0.0 939.9 572.3 164.8 321.4 793.3 879.4 110.7 -48.3 0.0 941.9 589.5 171.4 325.0 830.1 923.2 109.7 -36.9 0.1 996.1 625.1 180.4 462.2 808.1 790.7 133.1 -44.4 0.0 879.4 809.5 231.3 304.4 640.9 914.7 61.9 -39.1 0.0 937.5 867.5 248.0 295.2 648.1 972.3 46.2 -18.9 0.0 999.6 894.7 258.5 211.2 705.3 1130.2 -36.4 -27.4 0.0 1066.4 1 2 3 4 5 6 7 8 9 Gross investment 884.9 782.4 814.0 985.6 965.7 1006.8 1028.6 941.3 990.0 1059.7 1137.0 10 802.5 841.3 -30.1 -8.6 737.1 734.4 13.6 -10.9 751.5 748.1 14.5 -11.2 861.0 823.2 49.6 -11.8 815.9 782.0 45.4 -11.6 858.5 811.7 57.7 -10.9 867.1 837.6 43.2 -13.6 902.7 861.6 52.1 -11.0 930.3 880.3 63.1 -13.0 894.1 903.1 4.1 -13.0 905.3 927.4 -9.9 -12.2 11 12 13 14 82.4 45.2 62.5 124.6 149.8 148.3 161.5 38.6 59.6 165.5 231.7 15 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 15 Net financial investment 16 Net acquisition of financial assets 177.6 130.1 91.0 473.8 568.4 384.0 386.4 556.6 361.0 329.5 316.8 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -8.5 -49.5 -6.2 110.5 -0.2 4.4 -17.4 -4.8 26.1 2.2 18.3 120.8 1.5 -38.0 -0.2 6.4 109.7 7.7 -12.0 0.5 -5.2 159.4 5.2 -0.7 -3.2 4.5 132.6 -35.8 11.5 -1.4 -11.8 135.0 47.3 -25.1 3.6 38.0 11.7 13.9 -33.7 2.9 20.6 37.1 40.3 -38.3 -0.9 12.0 -102.8 -25.3 -6.1 0.9 13.3 36.4 16.2 15.4 3.7 17 18 19 20 21 22 23 24 25 26 27 28 29 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 2.4 -1.3 2.1 -2.6 3.1 -8.1 -121.7 4.0 4.6 14.5 -0.7 2.8 2.9 1.9 -98.6 0.6 10.9 1.5 -4.7 3.1 2.5 -14.2 -18.1 11.0 15.8 -1.4 -0.5 4.7 2.5 1.5 128.9 5.0 21.1 -1.5 -0.6 -9.4 2.5 10.3 184.3 5.0 -1.2 -3.4 -1.3 13.3 2.5 32.4 133.8 5.0 1.2 -8.4 -3.1 -3.6 2.5 -26.4 106.2 5.0 42.0 7.9 2.9 18.4 2.5 -10.6 91.2 5.0 -11.2 -5.7 -2.1 8.4 2.5 15.0 143.6 5.0 0.7 -1.2 -5.5 -2.3 2.5 31.0 134.5 5.0 11.0 6.9 7.6 5.8 2.5 -15.5 151.2 5.0 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 253.6 119.4 10.3 0.0 -1.7 125.5 191.6 138.3 17.4 0.0 -5.5 41.4 -3.5 109.2 18.4 0.0 5.8 -137.0 205.2 233.2 18.9 0.0 9.2 -56.1 201.2 180.4 16.8 0.0 10.1 -6.0 91.4 199.5 20.4 0.0 6.4 -135.0 163.8 137.2 39.2 0.0 9.1 -21.7 364.4 415.8 -0.8 0.0 11.0 -61.6 146.7 59.2 11.2 0.0 -7.1 83.4 286.1 107.7 14.9 0.0 4.4 159.2 57.3 96.7 46.3 0.0 7.9 -93.7 30 31 32 33 34 35 95.2 84.9 28.5 349.3 418.6 235.6 224.9 518.0 301.4 163.9 85.1 36 172.6 -48.1 220.7 -88.3 3.5 347.7 -109.6 -16.4 -41.6 25.2 -64.2 3.1 132.3 -108.2 90.6 -57.8 148.4 -40.0 3.4 158.3 -64.4 101.1 -157.0 258.2 15.8 5.2 77.7 10.1 125.2 -82.2 207.4 33.8 4.7 114.2 -60.2 -27.7 -159.5 131.8 32.3 4.0 6.7 15.2 58.3 -203.2 261.5 22.4 5.3 51.7 24.2 248.8 -183.2 432.0 -25.4 6.6 138.3 61.3 99.8 -251.6 351.4 53.7 6.1 34.3 48.3 78.7 -351.1 429.8 9.2 6.3 30.1 130.8 -83.9 -446.2 362.3 4.6 5.7 82.7 29.1 37 38 39 40 41 42 43 36 37 38 39 40 41 42 43 Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (5) Corporate bonds (4) Bank loans n.e.c. 44 45 46 47 48 49 50 51 Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 7.8 1.8 -10.3 -0.2 -0.3 -1.6 18.5 59.5 16.0 1.7 7.5 -0.3 0.3 10.1 -3.3 46.2 5.5 5.0 2.0 0.7 -0.2 -0.8 -1.1 85.6 21.2 0.7 12.9 0.5 -0.4 6.3 1.4 128.1 15.3 -13.4 51.8 1.0 -2.2 -12.7 -9.2 99.5 -19.2 11.7 -19.5 0.2 1.2 -13.1 0.3 92.7 -4.2 4.0 -12.5 0.5 -0.3 -14.7 18.7 162.2 93.0 0.4 31.5 0.3 -0.5 65.5 -4.3 158.2 89.2 -2.5 -23.4 0.4 -0.0 107.8 6.9 119.8 58.9 8.8 27.2 1.0 -0.2 51.2 -29.1 194.5 17.2 -2.6 29.6 0.9 2.4 5.5 -18.6 222.9 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other -103.7 3.1 23.3 84.5 0.6 -61.8 19.7 11.9 69.7 27.5 0.1 42.0 -54.2 -11.7 3.7 23.9 -1.4 -18.8 106.5 6.8 134.8 25.3 -2.5 112.0 160.5 17.6 115.3 40.4 -0.6 75.6 66.1 7.7 189.5 23.0 -2.6 169.0 98.3 2.8 65.5 8.0 1.7 55.8 101.2 -0.9 169.0 29.8 -8.2 147.4 71.2 18.3 112.1 44.3 -5.0 72.7 120.3 -8.0 -27.1 34.7 -2.4 -59.3 129.1 -23.4 63.4 44.3 -2.2 21.3 52 53 54 55 56 57 -129.9 29.0 61.7 -46.3 -25.8 -64.9 -32.5 -62.0 -52.5 -60.0 -70.5 58 158.7 18.4 -0.8 47.0 23.2 27.3 -19.2 156.5 54.8 -59.3 -197.5 59 58 Discrepancy 59 Memo: Financing gap (6) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 7. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 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) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 19 Z.1, December 8, 2005 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 819.9 149.3 817.4 151.5 835.8 161.9 900.2 177.4 875.2 161.0 903.2 171.6 901.6 198.9 920.8 178.0 934.0 173.8 953.2 181.9 929.1 254.9 1 2 3 Gross investment 149.3 151.5 161.9 177.4 161.0 171.6 198.9 178.0 173.8 181.9 254.9 3 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 193.9 195.5 -1.6 182.7 182.0 0.7 194.4 193.6 0.8 211.2 208.6 2.6 201.8 199.4 2.4 227.7 224.6 3.0 206.1 203.8 2.3 209.2 206.4 2.7 221.0 217.6 3.3 227.8 227.5 0.2 240.2 240.7 -0.5 4 5 6 7 Net financial investment -44.6 -31.2 -32.4 -33.8 -40.8 -56.1 -7.2 -31.2 -47.2 -45.9 14.7 7 8 Net acquisition of financial assets 155.2 79.3 133.7 170.3 141.9 174.7 177.4 187.2 202.8 251.0 265.8 8 9 10 11 12 13 14 15 16 17 18 19 20 Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other 0.5 7.1 9.6 2.7 1.1 2.6 0.0 1.8 129.9 2.5 0.1 127.3 5.6 11.5 2.3 0.0 -0.1 -0.5 0.0 18.9 41.7 4.2 0.0 37.5 7.6 7.4 -8.2 1.4 0.2 1.4 0.0 55.5 68.3 4.4 0.3 63.6 3.6 8.9 -3.2 2.1 0.2 -0.1 0.0 63.8 95.0 3.5 -0.1 91.6 6.7 6.4 -15.6 2.5 0.2 0.0 0.0 59.6 82.1 4.0 0.6 77.4 3.6 10.5 -0.7 2.0 0.2 0.5 0.0 63.3 95.3 4.9 -0.5 90.9 4.5 9.6 -2.8 2.1 0.2 -0.1 0.0 64.0 99.9 5.4 -0.5 95.1 -0.3 9.1 6.5 1.6 0.2 -0.8 0.0 68.3 102.6 -0.2 -0.1 102.9 -0.2 10.0 9.2 1.6 0.2 -1.0 0.0 69.6 113.3 2.6 0.6 110.1 4.5 9.2 15.1 1.3 0.2 -1.6 0.0 72.9 149.5 3.5 -0.8 146.7 2.1 9.8 19.9 1.1 0.2 -2.0 0.0 75.1 159.4 9.2 -0.3 150.5 9 10 11 12 13 14 15 16 17 18 19 20 199.8 110.5 166.1 204.1 182.8 230.8 184.5 218.4 250.0 296.8 251.1 21 162.7 44.0 -2.6 121.2 -4.9 4.0 55.3 -17.3 148.5 25.1 2.4 121.0 26.0 1.5 18.9 -84.3 156.1 -10.3 5.6 160.8 44.2 9.4 36.3 -79.9 164.6 15.9 1.9 146.8 58.1 4.5 32.8 -55.9 137.5 8.6 0.3 128.6 52.8 5.6 34.1 -47.3 169.0 16.5 3.0 149.5 57.2 4.0 33.2 -32.6 168.1 14.1 -1.4 155.4 57.9 4.7 32.5 -78.8 183.8 24.3 5.7 153.8 64.3 3.6 31.5 -64.8 195.0 24.5 -4.4 174.8 65.7 3.7 30.5 -44.8 281.5 58.2 5.2 218.2 60.6 3.1 19.5 -67.9 220.6 14.7 -5.3 211.2 64.6 2.9 19.7 -56.8 22 23 24 25 26 27 28 29 21 22 23 24 25 26 27 28 29 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment (1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Proprietors’ net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate 19.7 -1.0 23.0 4.0 19.0 10.6 -1.8 22.5 4.2 18.3 27.7 -1.9 23.1 5.1 18.0 35.8 -2.3 25.0 5.2 19.8 44.8 -2.6 23.8 5.0 18.8 44.1 -2.7 24.2 5.1 19.1 29.7 -2.2 26.8 5.7 21.2 24.6 -1.8 25.1 5.2 19.9 24.7 -4.4 25.2 4.8 20.4 19.6 -4.5 25.4 4.9 20.5 18.2 -1.5 31.0 5.4 25.6 1 2 3 4 5 6 Gross saving 22.1 20.7 21.2 22.7 21.2 21.6 24.6 23.3 20.8 20.8 29.5 6 7 Gross investment 22.1 20.7 21.2 22.7 21.2 21.6 24.6 23.3 20.8 20.8 29.5 7 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 26.6 26.6 -0.0 26.2 28.7 -2.5 29.5 29.3 0.2 39.1 35.9 3.2 30.3 32.6 -2.3 46.0 34.8 11.2 44.0 37.0 7.0 36.1 39.1 -3.0 33.4 40.0 -6.5 32.5 41.0 -8.5 32.6 42.0 -9.4 8 9 10 11 Net financial investment -4.5 -5.5 -8.3 -16.5 -9.2 -24.4 -19.4 -12.8 -12.6 -11.7 -3.0 11 12 Net acquisition of financial assets 2.4 4.6 5.3 5.6 4.5 6.5 10.7 0.8 2.8 4.0 9.3 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 0.6 1.8 1.4 0.4 0.5 4.1 4.0 0.1 0.7 4.6 4.2 0.4 1.0 4.6 4.4 0.2 1.0 3.5 3.9 -0.4 1.0 5.4 4.7 0.7 1.0 9.7 9.0 0.6 1.0 -0.2 -0.2 -0.1 0.7 2.1 2.5 -0.4 0.7 3.4 3.4 -0.0 0.7 8.6 7.8 0.8 13 14 15 16 6.9 10.2 13.6 22.1 13.7 30.9 30.1 13.6 15.4 15.7 12.3 17 10.5 -0.0 2.9 7.7 0.4 -4.1 7.9 -0.9 1.1 7.7 0.6 1.7 7.7 -0.4 0.1 8.1 0.7 5.2 11.5 2.2 1.2 8.1 0.9 9.6 6.2 -0.3 -0.6 7.1 0.9 6.6 13.1 2.5 0.2 10.4 0.9 16.9 18.3 5.2 4.0 9.1 0.9 10.9 8.5 1.5 1.1 5.9 1.0 4.1 2.9 -3.4 1.2 5.1 0.7 11.8 17.0 2.0 3.6 11.4 1.2 -2.5 25.1 7.6 8.7 8.8 1.0 -13.8 18 19 20 21 22 23 17 18 19 20 21 22 23 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (1) Corporate and noncorporate farms. (2) Nonresidential fixed investment, shown in table F.6, line 12. (3) Equity in the Farm Credit System. 20 Z.1, December 8, 2005 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 9 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 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1373.0 1410.1 1488.6 1581.7 1546.8 1579.7 1574.5 1625.7 1656.7 1694.9 1684.8 1 242.7 642.8 30.2 13.7 88.8 350.8 4.0 221.3 675.5 32.2 15.8 78.2 384.7 2.5 225.6 711.7 35.3 17.5 74.9 424.3 -0.6 247.2 758.8 41.5 19.7 77.1 439.8 -2.5 238.3 743.7 39.5 19.1 75.6 432.5 -1.9 247.7 754.3 42.2 19.6 76.7 441.8 -2.5 248.4 761.5 39.4 19.9 77.4 430.5 -2.6 254.6 775.8 44.8 20.1 78.8 454.5 -2.9 263.1 788.4 56.4 19.9 78.2 453.9 -3.2 281.8 801.8 57.7 19.8 78.8 458.4 -3.5 274.9 812.4 56.0 19.9 79.4 460.6 -18.5 2 3 4 5 6 7 8 1368.2 1444.3 1512.4 1587.5 1553.2 1581.3 1593.8 1621.7 1649.4 1673.7 1687.6 9 969.8 305.2 85.5 7.7 0.0 1025.3 332.0 86.0 0.9 0.0 1074.8 351.3 86.2 0.1 0.0 1117.7 380.5 88.9 0.5 0.0 1095.1 370.4 87.3 0.5 0.0 1108.9 383.5 88.4 0.5 0.0 1123.9 380.2 89.3 0.5 0.0 1143.1 387.7 90.4 0.5 0.0 1159.0 398.6 91.2 0.5 0.0 1175.7 405.7 91.8 0.5 0.0 1204.0 390.5 92.6 0.5 0.0 10 11 12 13 14 4.9 -34.2 -23.8 -5.9 -6.5 -1.6 -19.3 4.0 7.4 21.3 -2.8 15 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 15 Net state and local govt. saving, NIPA basis 16 17 + Consumption of fixed capital + Net capital transfers (2) 117.8 48.6 122.7 52.1 128.3 51.5 135.3 51.9 131.5 50.9 134.6 49.3 136.4 56.7 138.6 50.7 140.6 53.3 142.6 56.6 160.8 53.6 16 17 18 = Gross saving and net capital transfers 171.2 140.7 155.9 181.3 176.0 182.3 173.8 193.2 201.3 220.5 211.6 18 19 Gross investment 218.5 171.1 194.2 222.6 220.6 226.6 213.5 229.5 242.9 238.9 237.7 19 262.8 11.5 271.5 11.7 272.1 11.8 276.1 12.0 282.7 12.2 292.0 12.4 294.8 12.6 20 21 20 21 Fixed investment Nonproduced nonfinancial assets 243.0 9.3 256.1 10.6 262.3 11.3 270.6 11.7 22 Net financial investment -33.7 -95.6 -79.4 -59.8 -53.7 -56.5 -70.4 -58.5 -52.0 -65.6 -69.7 22 97.3 76.9 68.7 89.9 133.5 25.6 106.2 94.2 183.1 73.9 185.7 23 4.0 12.0 3.2 -11.1 5.2 8.8 1.6 -16.4 3.5 8.0 3.6 7.2 -4.6 6.9 3.2 6.4 1.6 7.5 3.9 7.7 -22.8 -1.0 0.3 0.5 8.3 24.0 3.4 6.7 -5.8 -2.9 5.3 10.5 43.4 59.8 3.1 6.2 1.7 -3.2 -1.0 -1.9 -23.6 43.6 4.0 8.0 24 25 26 27 93.4 86.5 52.5 61.8 94.2 26.2 54.1 72.6 130.7 95.8 151.6 28 23 Net acq. of financial assets 24 25 26 27 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 28 Credit market instruments 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities 17.4 18.3 47.2 14.4 26.3 41.9 9.4 8.3 20.4 8.3 22.6 18.1 10.1 46.5 22.0 0.7 22.9 1.5 8.7 13.1 18.9 13.8 7.8 29.9 8.1 92.5 17.6 -2.5 107.8 -5.5 10.4 102.4 22.7 29 30 31 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 0.2 11.2 -1.0 0.1 9.1 -5.4 0.3 6.5 7.7 0.2 5.7 6.8 0.3 7.0 8.3 0.0 0.5 0.6 0.2 6.0 7.2 0.4 9.5 11.3 0.2 5.6 6.7 -0.1 -1.7 -2.1 0.3 7.2 8.6 32 33 34 4.0 0.4 10.3 2.1 -17.5 -5.4 -5.0 -1.5 -2.1 -0.7 -2.7 -0.8 12.1 3.7 -27.3 -8.3 14.2 4.3 -8.7 -2.7 -7.1 -2.2 35 36 5.9 3.7 -18.2 2.6 4.8 -28.5 7.4 17.5 -8.1 6.5 20.7 -4.4 7.9 19.1 -5.7 0.6 20.6 4.7 6.8 19.1 -32.0 10.8 23.8 15.4 6.4 35.9 -120.9 -2.0 37.2 -41.3 8.2 35.6 -32.4 37 38 39 131.0 172.5 148.1 149.6 187.2 82.1 176.6 152.7 235.1 139.5 255.4 40 35 36 Corporate equities Mutual fund shares 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 40 Net increase in liabilities 41 Credit market instruments 105.8 143.9 117.8 118.2 156.0 51.1 145.2 120.5 202.2 105.7 220.7 41 42 43 44 45 Municipal securities Short-term Other U.S. government loans 105.5 23.8 81.7 0.2 143.4 25.2 118.2 0.5 117.5 7.2 110.3 0.3 118.0 -6.0 124.0 0.2 155.9 25.8 130.1 0.1 51.0 -60.7 111.6 0.2 145.0 20.1 125.0 0.2 120.2 -9.0 129.2 0.3 201.9 18.0 183.9 0.3 105.3 -31.3 136.7 0.4 220.1 11.7 208.4 0.6 42 43 44 45 25.2 28.7 30.4 31.4 31.2 31.0 31.4 32.2 32.9 33.8 34.7 46 -47.3 -30.5 -38.3 -41.2 -44.6 -44.3 -39.7 -36.3 -41.6 -18.4 -26.0 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.119. (2) Table F.9, line 8. 21 Z.1, December 8, 2005 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 9 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 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 2016.3 1853.2 1868.6 1974.8 1917.8 1951.4 1975.4 2054.6 2196.6 2227.9 2162.9 1 994.5 85.8 164.7 7.2 717.5 24.9 27.1 -5.5 830.5 87.3 150.5 7.3 734.3 20.2 24.8 -1.6 774.3 89.7 186.7 8.5 759.1 22.7 25.7 1.9 801.8 94.0 217.4 9.2 802.5 21.9 28.6 -0.5 771.3 93.4 206.9 9.2 787.2 22.0 27.6 0.3 786.3 93.4 219.9 8.5 793.5 21.5 28.1 0.3 810.0 94.0 207.5 7.9 806.0 21.8 28.7 -0.4 839.7 95.1 235.3 11.2 823.4 22.2 30.0 -2.3 908.3 95.4 291.7 9.7 841.1 23.0 30.4 -2.9 924.3 98.3 300.8 8.5 845.1 24.3 30.2 -3.6 941.9 97.5 293.3 8.5 852.5 22.8 -49.4 -4.2 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 1969.5 2101.1 2251.4 2381.3 2347.2 2364.9 2387.0 2426.2 2494.9 2525.2 2566.1 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 531.9 841.4 290.0 258.6 47.6 0.0 591.5 919.6 323.4 229.1 37.5 0.0 661.9 965.0 362.7 215.2 46.5 0.0 725.7 1017.1 374.1 221.5 43.0 0.0 710.7 1003.2 376.1 216.9 41.8 1.5 721.1 1010.3 372.3 218.4 41.3 -1.5 735.7 1019.9 364.1 224.5 42.8 -0.0 735.1 1034.9 384.1 226.1 46.1 0.0 759.6 1064.2 394.5 226.6 50.1 0.0 762.8 1077.9 382.1 250.8 51.6 0.0 784.0 1093.6 382.1 250.8 55.6 0.0 11 12 13 14 15 16 17 Net federal government saving, NIPA basis 46.7 -247.9 -382.7 -406.5 -429.3 -413.4 -411.6 -371.6 -298.3 -297.3 -403.2 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) + Net capital transfers (2) 88.2 3.3 -12.9 88.9 -1.7 -23.1 90.3 -0.6 -40.4 93.8 0.0 -38.0 91.8 1.6 -37.6 93.4 -3.8 -35.8 94.2 -1.3 -40.8 95.9 3.5 -37.8 96.9 5.4 -55.1 97.7 -1.8 -42.7 99.1 -6.2 -39.1 18 19 20 21 = Gross saving and net capital transfers 118.8 -180.5 -332.2 -350.7 -376.8 -352.0 -356.8 -317.1 -261.9 -240.5 -337.1 21 22 Gross investment 80.8 -191.1 -385.4 -358.1 -505.2 -327.9 -288.7 -310.7 -515.0 -55.2 -283.4 22 81.0 -0.7 88.1 0.3 92.9 -0.2 101.9 0.0 97.7 0.0 103.5 -0.7 100.8 1.8 105.7 -1.0 100.7 0.3 107.0 -0.6 109.5 -1.6 23 24 0.5 -279.5 -478.2 -460.1 -602.9 -430.7 -391.2 -415.4 -616.0 -161.7 -391.3 25 53.9 7.4 22.9 -27.9 -28.1 -4.9 -52.1 -26.5 76.1 -80.1 -95.5 26 23 24 Fixed investment Nonproduced nonfinancial assets 25 Net financial investment 26 Net acq. of financial assets 27 28 29 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 4.6 41.1 4.2 3.4 -17.1 17.1 -1.8 9.2 -25.2 -3.1 -31.0 -0.0 -2.5 -59.7 -2.2 -4.8 8.4 1.1 -2.0 -63.8 0.5 -3.2 -9.0 0.6 -21.6 63.0 -0.1 2.9 -36.8 -2.8 -14.4 -21.9 1.5 27 28 29 30 31 32 33 34 Credit market instruments Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (3) 6.0 0.0 -5.9 -1.1 13.1 9.6 0.0 -3.6 0.5 12.7 -2.5 0.0 -1.4 -2.5 1.3 3.9 0.0 -2.0 1.6 4.3 4.7 0.0 -2.4 8.0 -0.9 -11.9 0.0 -0.9 -6.0 -5.0 24.6 0.0 -2.5 0.7 26.3 -1.9 0.0 -2.2 3.6 -3.3 0.2 0.0 -10.0 1.1 9.1 -14.1 0.0 -6.7 0.6 -8.0 16.2 0.0 -8.8 3.9 21.1 30 31 32 33 34 35 36 37 Trade receivables Taxes receivable Miscellaneous assets 7.3 -10.6 1.3 -3.3 -2.3 0.0 19.1 22.8 1.4 10.6 -8.8 0.6 14.4 17.2 -0.0 12.2 -10.0 0.1 5.1 -18.5 2.1 10.5 -23.8 0.2 -9.2 55.4 -11.7 10.0 -38.7 -0.8 0.1 -64.0 -12.9 35 36 37 53.4 286.9 501.1 432.2 574.8 425.8 339.2 388.9 692.0 81.6 295.8 38 0.0 1.3 0.0 1.0 0.0 0.6 0.0 0.7 0.0 0.8 0.0 1.2 0.0 0.7 0.0 0.1 0.0 0.8 0.0 1.1 0.0 0.9 39 40 -5.6 5.6 -10.7 -0.5 0.0 257.6 4.5 252.5 0.5 0.0 396.0 8.9 389.5 -2.4 0.0 361.9 0.6 361.9 -0.6 0.0 502.9 3.5 498.4 1.1 0.0 367.2 1.5 369.4 -3.6 0.0 266.3 -1.1 267.6 -0.2 0.0 311.2 -1.4 312.3 0.3 0.0 630.7 0.1 631.3 -0.7 0.0 5.8 0.7 6.5 -1.4 0.0 231.9 -1.7 234.0 -0.4 0.0 41 42 43 44 45 3.4 1.4 53.0 60.8 -7.8 0.8 1.6 26.0 24.5 1.5 72.7 1.1 30.7 24.7 6.0 18.2 1.1 50.3 40.9 9.3 28.5 -0.0 42.6 32.3 10.4 20.3 1.9 35.3 25.0 10.2 19.4 0.2 52.5 48.4 4.1 4.6 2.3 70.7 58.0 12.7 14.3 0.0 46.2 42.2 4.0 19.2 1.7 53.7 28.6 25.1 12.7 0.3 50.0 42.9 7.1 46 47 48 49 50 38.0 10.7 53.2 7.5 128.5 -24.1 -68.2 -6.4 253.1 -185.2 -53.7 51 50.9 -1.6 -24.8 -3.1 8.4 -5.8 -39.4 24.4 44.6 -75.1 9.3 52 38 Net increase in liabilities 39 40 SDR certificates Treasury currency 41 42 43 44 45 Credit market instruments Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages 46 47 48 49 50 Trade payables Insurance reserves Miscellaneous liabilities (4) Nonmarketable securities held by pension plans Other 51 Discrepancy Memo: 52 Change in cash balance (5) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 2. (3) Student loans. (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. (5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7). 22 Z.1, December 8, 2005 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 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 1725.7 1399.9 278.8 47.0 1769.9 1430.3 275.0 64.5 1893.8 1546.5 275.6 71.7 2240.9 1797.8 361.7 81.5 2076.9 1690.3 297.0 89.6 2213.4 1776.4 354.5 82.6 2255.1 1821.8 369.6 63.6 2418.1 1902.5 425.6 90.0 2482.4 1950.6 422.9 108.8 2533.4 1988.1 453.9 91.3 2578.5 2043.8 475.1 59.7 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 1355.3 1032.8 322.5 1311.6 1005.9 305.7 1389.3 1045.6 343.7 1589.2 1173.8 415.4 1510.7 1130.8 380.0 1564.5 1163.3 401.2 1601.9 1183.8 418.1 1679.5 1217.1 462.4 1715.4 1253.2 462.3 1786.6 1297.1 489.4 1823.1 1309.6 513.5 5 6 7 8 9 Net capital transfers (1) Gross saving and net capital transfers (2) 1.1 371.5 1.4 459.7 3.3 507.8 1.7 653.4 1.7 567.9 1.5 650.4 1.6 654.8 1.8 740.4 17.9 784.8 1.7 748.6 1.7 757.2 8 9 Gross investment Nonproduced nonfinancial assets 399.1 0.1 499.0 0.0 557.5 0.1 583.0 0.0 509.8 0.0 682.7 0.0 465.3 0.0 674.0 -0.0 630.4 0.5 569.3 1.2 622.2 1.2 10 11 10 11 12 13 Net financial investment Net acquisition of financial assets 399.0 499.0 557.4 582.9 509.8 682.7 465.2 674.0 629.9 568.0 621.0 12 657.7 767.8 842.5 1307.1 1011.1 1274.0 1348.4 1594.8 1028.5 1142.0 1006.1 13 14 15 16 17 18 Gold and SDRs (3) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs -0.6 -45.6 18.8 11.9 59.4 -0.5 4.2 20.9 31.7 39.4 0.6 -10.1 28.9 -12.6 270.1 -0.4 -15.8 41.7 74.4 186.9 -0.4 -217.6 8.5 17.9 275.5 -0.4 143.5 84.2 152.5 87.9 -0.4 9.7 5.3 -8.5 198.5 -0.4 1.2 68.6 135.7 185.8 6.9 105.6 -55.0 -183.6 -162.9 -0.4 181.5 160.4 294.0 174.2 6.0 -227.7 35.1 17.4 150.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private U.S. corporate bonds (4) Loans to U.S. corporate business 305.3 -2.6 10.5 33.7 -23.2 103.7 20.9 82.8 195.4 -1.6 422.7 10.3 138.9 60.5 78.4 112.3 30.5 81.8 151.0 10.1 531.6 7.0 288.9 184.9 104.0 6.5 39.9 -33.4 230.0 -0.8 754.4 30.6 358.5 272.6 85.8 104.8 38.5 66.3 254.4 6.3 814.0 51.2 559.3 450.3 109.0 36.9 45.7 -8.8 179.3 -12.7 793.6 12.5 493.5 251.9 241.6 99.9 1.9 98.0 200.9 -13.1 593.0 9.2 206.6 221.4 -14.9 49.5 46.2 3.4 342.4 -14.7 817.0 49.3 174.5 166.9 7.6 232.8 60.2 172.7 294.8 65.5 788.1 -23.8 357.3 57.2 300.1 102.7 99.8 3.0 244.1 107.8 750.1 47.8 136.9 90.9 46.0 167.9 86.5 81.4 346.3 51.2 826.7 -34.0 211.6 38.2 173.4 225.6 72.7 152.8 418.1 5.5 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 U.S. corporate equities Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other 121.5 -3.1 0.0 190.1 167.0 23.1 54.1 3.1 0.0 192.2 80.8 111.3 35.0 1.8 0.0 -2.6 67.1 -69.7 61.9 -0.4 0.0 204.4 106.8 97.6 17.2 0.9 0.0 94.9 34.0 60.9 36.6 7.0 0.0 -31.0 124.2 -155.2 5.1 -8.2 0.0 553.8 142.7 411.1 188.7 -1.5 0.0 199.9 126.5 73.4 82.9 13.2 0.0 433.2 140.2 293.0 50.0 3.9 0.0 -471.7 70.4 -542.1 159.1 0.7 0.0 38.4 83.3 -44.9 29 30 31 32 33 34 258.6 268.8 285.1 724.1 501.2 591.3 883.1 920.8 398.6 573.9 385.2 35 4.3 6.8 3.2 21.0 -0.9 22.3 -3.2 111.3 -2.6 152.4 -4.8 16.2 -2.1 79.8 -3.2 196.6 -14.5 371.2 2.8 49.8 -8.2 104.8 36 37 35 36 37 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits 38 39 40 41 42 43 44 45 46 Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks -43.8 -14.2 -18.5 -7.3 0.8 -7.4 -0.7 -1.1 -2.6 70.8 36.1 31.6 5.3 0.8 -0.8 5.3 -1.9 -0.4 54.3 22.3 41.9 -7.7 -0.5 -1.5 -5.7 -2.1 0.0 82.2 63.7 19.2 2.5 0.9 2.8 -1.3 -3.2 0.1 84.2 99.6 -4.3 -6.7 1.5 2.9 -11.2 -4.6 0.3 -63.6 -30.1 -40.1 7.0 1.3 5.9 -0.2 -1.6 1.1 97.5 24.4 86.8 -9.0 -0.8 -3.2 -5.0 -3.5 -1.3 210.7 160.7 34.4 18.5 1.6 5.7 11.1 -3.0 0.1 17.6 13.7 -4.6 12.1 0.9 1.4 9.9 -3.7 0.2 87.5 33.6 60.7 -5.3 -1.9 -1.8 -1.6 -2.4 0.8 111.7 116.7 -3.5 5.2 -9.7 9.9 5.0 -5.4 -1.3 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (4,5) Other 109.1 -2.2 0.0 184.4 1.7 -0.1 142.3 40.4 17.0 -10.1 0.0 167.0 1.5 0.1 154.5 10.9 114.2 9.9 0.0 85.3 1.4 0.2 140.6 -56.9 83.2 3.3 0.0 447.4 2.0 -0.0 252.0 193.4 66.5 -3.1 0.0 203.8 1.4 0.3 209.5 -7.4 160.9 -4.1 0.0 486.7 2.1 -0.5 233.7 251.5 67.0 -8.2 0.0 649.2 3.4 0.2 164.9 480.8 38.5 28.4 0.0 449.8 1.2 -0.2 400.0 48.9 159.3 -3.0 0.0 -132.1 1.5 -15.7 108.0 -225.9 83.3 11.5 0.0 339.1 1.4 -0.0 134.4 203.2 140.0 11.5 0.0 25.3 3.3 -13.7 113.5 -77.7 47 48 49 50 51 52 53 54 -27.6 -39.3 -49.7 70.4 58.1 -32.3 189.5 66.4 154.4 179.3 135.0 55 -367.0 43.7 47.0 -370.4 -424.4 30.6 64.5 -458.3 -500.9 68.1 71.7 -504.5 -624.0 53.8 81.5 -651.7 -559.6 83.0 89.6 -566.2 -613.1 46.7 82.6 -648.9 -638.0 48.5 63.6 -653.2 -685.4 36.8 90.0 -738.6 -697.5 39.4 108.8 -767.0 -691.0 35.5 91.3 -746.8 -734.2 38.4 59.7 -755.4 56 57 58 59 55 Discrepancy (FOF basis) (7) 56 57 58 59 Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 11. (2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 with the sign reversed plus 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) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 23 Z.1, December 8, 2005 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 2.3 0.3 -0.7 3.3 3.2 3.2 3.4 3.4 1.3 1.4 1.5 1 2 Fixed nonresidential investment 2.4 2.1 1.9 2.2 2.0 2.1 2.2 2.3 2.4 2.4 2.5 2 3 Net acquisition of financial assets 47.0 70.7 43.2 44.4 21.2 69.5 50.9 36.1 26.1 26.8 27.4 3 0.3 0.0 1.4 0.3 0.0 1.6 0.3 0.0 0.9 0.3 0.0 1.0 0.3 0.0 1.1 0.3 0.0 1.1 0.3 0.0 1.0 0.4 0.0 0.6 0.3 0.0 0.4 0.3 0.0 0.3 0.2 0.0 -0.7 4 5 6 7 8 9 4 5 6 Gold and foreign exchange SDR certificates Treasury currency 7 8 9 Federal Reserve float Fed. Res. loans to domestic banks Security RPs -0.9 -0.1 6.9 0.4 0.0 -10.8 -0.7 0.0 4.3 1.2 -0.0 -10.8 -1.1 0.0 -0.8 3.0 1.0 13.8 6.7 -0.3 -28.0 -3.7 -0.8 -28.0 -9.4 0.0 52.9 1.7 0.7 -5.3 2.7 2.7 -41.1 Credit market instruments 39.9 77.7 37.2 51.2 22.1 53.5 71.3 57.6 -10.5 32.0 66.8 10 0.0 40.0 -0.1 0.0 0.0 77.7 0.0 0.0 0.0 37.3 -0.0 0.0 0.0 51.2 0.0 0.0 0.0 22.1 0.0 0.0 0.0 53.5 0.0 0.0 0.0 71.3 0.0 0.0 0.0 57.6 0.0 0.0 0.0 -10.5 0.0 0.0 0.0 32.0 0.0 0.0 0.0 66.8 0.0 0.0 11 12 13 14 -0.4 1.4 1.3 1.5 -0.6 -3.2 -0.0 9.9 -7.7 -2.9 -3.2 15 10 11 12 13 14 15 16 Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets 46.5 69.6 42.8 41.7 17.8 69.4 49.2 30.1 24.6 23.4 23.7 16 17 18 Depository institution reserves Vault cash of commercial banks -1.6 2.9 5.1 0.5 0.5 0.1 1.0 -6.4 0.4 12.1 15.7 5.5 -20.3 -8.1 8.1 -35.1 -6.5 43.3 -10.6 7.4 -4.3 -20.3 17 18 19 20 21 22 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 48.0 1.5 -0.2 46.7 41.5 -2.3 0.0 43.7 37.9 1.3 0.1 36.6 37.1 0.1 -0.1 37.1 15.2 -1.9 -0.3 17.4 50.9 -5.0 0.7 55.2 41.2 -1.7 -0.6 43.4 41.3 9.2 -0.2 32.3 11.0 -6.2 0.2 17.0 11.8 -8.8 -0.2 20.8 44.8 -0.7 0.2 45.4 19 20 21 22 23 24 25 Miscellaneous liabilities Federal Reserve Bank stock Other -2.8 0.4 -3.2 22.6 1.0 21.5 4.3 0.5 3.8 9.9 3.1 6.9 -9.9 0.5 -10.4 -2.6 1.0 -3.6 36.4 5.1 31.3 15.8 5.6 10.1 -23.1 2.6 -25.7 14.8 1.5 13.3 3.5 1.5 2.0 23 24 25 -0.6 -2.8 -3.1 -1.7 -2.2 0.9 -0.6 -4.9 -2.5 -4.5 -4.6 26 26 Net increase in liabilities 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. 24 Z.1, December 8, 2005 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 81.7 93.3 89.0 94.6 88.7 90.2 105.5 94.1 104.6 103.1 144.6 1 2 Fixed nonresidential investment 22.0 18.9 18.8 21.1 20.0 20.8 21.5 22.2 22.7 23.3 23.9 2 3 Net acquisition of financial assets 350.2 476.6 474.0 713.4 1133.8 666.2 563.2 490.5 1129.6 821.0 719.1 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency 2.9 -2.2 1.1 0.5 4.5 -0.3 0.1 -0.0 -0.0 -6.4 1.1 1.0 12.1 1.0 2.9 5.5 15.1 -1.8 -8.1 -20.7 1.4 -35.1 9.0 1.7 43.3 -5.2 0.5 7.4 -10.8 0.7 -20.3 -3.5 -2.2 4 5 6 7 Total bank credit 216.0 408.3 331.3 563.5 923.0 513.1 316.8 501.2 1013.8 648.8 743.9 7 -21.9 55.6 43.2 140.5 3.0 83.6 -22.8 96.9 32.9 380.2 1.0 65.7 -54.9 -217.6 -70.1 159.2 53.4 95.5 -50.6 -63.3 19.6 -55.5 8 9 6.1 97.0 1.5 -3.2 10.8 44.6 8.3 77.3 11.4 71.6 10.8 -32.3 1.7 148.6 9.2 121.0 24.1 255.9 7.0 186.0 16.8 115.5 10 11 71.3 0.0 -75.8 129.8 17.4 0.0 225.2 0.0 -80.2 268.5 34.1 2.8 193.2 0.0 -92.6 197.5 52.8 35.5 405.0 0.0 48.5 339.5 34.9 -17.9 431.5 0.0 -27.6 380.4 16.8 61.9 469.0 0.0 66.5 356.8 15.7 30.1 441.9 0.0 3.7 322.6 60.8 54.7 277.5 0.0 151.3 298.2 46.2 -218.2 590.7 0.0 106.4 468.6 -21.6 37.3 569.7 0.0 180.9 328.0 8.6 52.2 645.9 0.0 86.8 416.3 95.2 47.6 12 13 14 15 16 17 0.2 7.8 -0.6 1.7 2.3 -6.2 -0.2 -0.9 -0.0 -4.7 -1.2 -0.0 -0.2 -2.8 0.4 4.0 -0.9 -4.9 4.3 -4.3 -1.5 3.1 18 19 -2.9 135.3 -0.0 63.6 -0.2 142.8 -0.4 154.6 -1.9 196.8 2.4 132.0 -1.5 275.4 -0.3 14.0 0.1 77.1 0.6 174.3 1.1 0.0 20 21 8 9 Treasury securities Agency- and GSE-backed securities 10 11 Municipal securities Corporate and foreign bonds 12 13 14 15 16 17 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 18 19 Corporate equities Mutual fund shares 20 21 Customers’ liab. on acceptances (2) Miscellaneous assets 22 Net increase in liabilities 353.2 500.3 465.1 927.9 1263.4 921.5 766.1 760.6 1012.7 919.6 501.9 22 23 24 25 26 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks -29.4 -1.0 17.2 -45.6 11.9 0.4 7.2 4.2 -15.3 -0.7 -4.4 -10.1 0.4 1.2 15.0 -15.8 -218.0 -1.1 0.7 -217.6 217.9 4.0 70.4 143.5 -17.3 6.4 -33.4 9.7 19.0 -4.4 22.2 1.2 109.1 -9.3 12.8 105.6 170.8 2.5 -13.1 181.5 -222.9 5.4 -0.6 -227.7 23 24 25 26 27 28 29 30 Checkable deposits Federal government Rest of the world Private domestic 102.2 45.3 -4.8 61.7 -57.3 -16.4 -0.6 -40.3 30.9 -0.9 12.2 19.6 44.6 -3.2 26.9 20.9 95.0 12.6 16.0 66.4 -2.4 -1.8 48.4 -48.9 -22.3 -38.2 -4.3 20.3 107.9 14.6 47.5 45.9 26.8 50.9 -59.5 35.4 -75.7 -63.4 142.5 -154.8 -139.7 8.5 16.2 -164.4 27 28 29 30 31 32 33 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 249.4 32.7 -42.3 269.4 -2.8 115.5 230.4 18.8 67.6 281.8 186.3 4.1 307.2 217.7 222.3 351.3 148.9 122.9 242.4 132.4 -35.5 226.3 246.2 -293.3 216.8 205.3 189.1 185.1 165.4 180.8 409.2 340.3 66.0 31 32 33 34 Credit market instruments 52.9 49.7 49.2 77.7 182.7 6.8 60.1 61.2 163.0 41.4 82.7 34 -8.3 37.0 24.2 -2.5 22.0 30.2 -6.3 46.9 8.5 10.6 58.3 8.8 57.4 39.3 85.9 -19.2 54.8 -28.8 -0.0 61.4 -1.2 4.0 77.8 -20.6 26.9 79.3 56.8 -7.2 30.8 17.8 22.7 38.3 21.7 35 36 37 -8.1 2.4 -6.5 -10.7 2.6 121.9 -2.4 2.9 83.1 17.6 3.2 312.2 -0.6 3.1 453.8 -4.4 3.1 77.4 70.5 3.2 332.5 5.0 3.3 384.9 -22.1 3.3 121.3 11.3 3.4 237.1 -24.9 3.5 -12.3 38 39 40 62.8 98.1 61.3 288.0 198.3 324.7 286.9 342.0 -35.0 178.3 -96.5 41 205.2 404.4 299.5 582.2 863.9 486.6 263.5 714.7 982.5 597.2 695.9 42 35 36 37 38 39 40 41 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 42 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20). 25 Z.1, December 8, 2005 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 21.5 19.8 16.6 31.6 34.9 26.0 38.5 27.1 38.6 24.0 40.2 1 2 Fixed nonresidential investment 15.0 12.5 12.1 13.3 12.7 13.1 13.5 13.9 14.2 14.5 14.9 2 3 Net acquisition of financial assets 229.7 389.0 406.1 585.0 764.2 626.7 346.6 602.3 775.4 392.5 510.6 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 6 7 8 9 10 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 11 12 13 14 15 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 16 17 18 19 20 21 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 22 23 Corporate equities Mutual fund shares 24 25 26 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities 27 28 29 30 31 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 32 33 34 35 Checkable deposits Federal government Rest of the world Private domestic 36 37 38 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 39 40 41 42 43 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable 44 45 46 Miscellaneous liabilities Investment by bank holding companies Other 47 Discrepancy 0.6 4.4 0.5 -5.2 12.1 21.5 -29.5 -24.7 38.1 -5.2 -22.8 4 209.0 391.9 331.9 557.9 843.0 495.0 278.6 615.0 750.7 382.9 590.5 5 -31.4 73.7 52.8 57.2 -36.2 29.9 121.1 84.3 -9.2 46.0 7.1 85.1 56.6 2.4 26.1 -19.2 89.7 90.2 -4.7 4.2 24.2 378.4 346.5 20.7 11.2 7.4 45.5 35.3 -31.0 41.1 -51.9 -216.8 -168.4 -21.2 -27.2 -56.7 151.7 147.5 12.6 -8.4 45.1 102.2 77.0 30.3 -5.1 -33.0 -94.4 -64.7 -25.7 -3.9 19.6 -24.2 -4.5 -18.0 -1.8 6 7 8 9 10 6.3 63.7 21.2 2.8 39.7 1.5 -0.8 -13.3 8.1 4.4 10.7 41.6 0.2 25.2 16.2 8.5 58.4 6.7 13.4 38.3 11.2 36.9 6.4 7.3 23.2 10.7 1.8 -0.8 -0.1 2.8 3.2 136.3 13.6 24.2 98.5 8.9 58.7 7.6 22.1 28.9 24.0 101.1 13.2 56.6 31.2 7.0 91.0 12.6 47.8 30.6 17.0 37.6 -3.3 27.1 13.8 11 12 13 14 15 88.8 0.0 -61.5 125.8 17.4 7.2 239.0 0.0 -58.1 265.7 34.1 -2.7 191.3 0.0 -69.0 195.2 52.8 12.3 421.7 0.0 42.8 333.4 34.9 10.6 397.1 0.0 -13.7 375.9 16.8 18.0 430.8 0.0 53.2 359.3 15.7 2.6 410.8 0.0 9.8 313.3 60.8 26.9 448.1 0.0 121.8 285.0 46.2 -5.0 484.1 0.0 49.2 459.7 -21.6 -3.2 412.2 0.0 123.9 323.8 8.6 -44.1 539.0 0.0 25.6 397.5 95.2 20.8 16 17 18 19 20 21 0.2 7.8 -0.6 1.7 2.3 -6.2 -0.2 -0.9 -0.0 -4.7 -1.2 -0.0 -0.2 -2.8 0.4 4.0 -0.9 -4.9 4.3 -4.3 -1.5 3.1 22 23 -2.3 22.3 0.3 -7.6 -0.2 73.9 -0.5 32.7 -1.7 -89.3 2.1 108.2 -2.0 99.6 -0.2 12.2 0.4 -13.8 -0.2 15.0 0.8 -57.9 24 25 283.9 476.6 459.6 850.8 937.7 933.7 605.8 925.9 712.4 559.0 384.3 26 2.0 -0.9 -0.1 16.5 -13.6 57.2 0.4 0.0 20.9 35.9 11.5 -0.7 0.0 -66.4 78.6 122.9 1.2 -0.0 40.3 81.4 -81.9 -1.1 0.0 -53.0 -27.8 321.8 3.0 1.0 35.8 281.9 78.4 6.7 -0.3 50.5 21.5 173.3 -3.7 -0.8 127.8 49.9 21.4 -9.4 0.0 -55.9 86.6 144.9 1.7 0.7 87.2 55.2 -40.3 2.7 2.7 -53.9 8.3 27 28 29 30 31 98.7 45.3 -2.5 55.9 -55.6 -16.4 -0.3 -38.9 28.4 -0.9 12.6 16.7 43.7 -3.2 27.4 19.5 94.2 12.6 15.1 66.6 -2.0 -1.8 50.1 -50.3 -23.4 -38.2 -3.8 18.6 106.1 14.6 48.3 43.2 16.4 50.9 -72.0 37.5 -67.2 -63.4 154.7 -158.5 -135.7 8.5 15.5 -159.7 32 33 34 35 240.4 -25.2 -31.2 273.6 24.3 73.6 228.2 2.9 68.5 281.0 115.4 10.1 303.4 63.1 220.3 351.1 72.9 87.8 242.8 113.2 -84.7 226.8 212.4 -183.1 205.6 122.8 259.8 181.3 113.0 126.4 404.6 209.9 12.6 36 37 38 -2.3 8.3 24.2 7.2 2.4 0.3 -0.6 30.2 4.7 2.6 -0.2 5.5 8.5 7.2 2.9 -0.4 9.7 8.8 5.9 3.2 -1.7 -4.2 85.9 5.1 3.1 2.1 17.2 -28.8 3.9 3.1 -2.0 2.4 -1.2 9.9 3.2 -0.1 23.2 -20.6 4.9 3.3 0.4 18.2 56.8 7.2 3.3 -0.2 1.8 17.8 9.0 3.4 0.9 8.3 21.7 9.4 3.5 39 40 41 42 43 -40.5 60.7 -101.2 66.3 53.1 13.1 96.2 50.5 45.7 250.4 167.2 83.2 250.4 73.4 177.0 104.5 121.9 -17.5 267.1 323.3 -56.2 379.7 150.3 229.4 0.5 -14.7 15.1 28.8 91.8 -63.0 -110.5 4.9 -115.3 44 45 46 60.7 95.0 58.0 284.2 195.7 319.8 284.2 336.9 -38.6 176.0 -101.1 47 191.6 393.8 323.3 548.0 828.1 495.7 252.7 615.5 760.2 426.8 568.9 48 Memo: 48 Credit market funds advanced (2) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24). 26 Z.1, December 8, 2005 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 5.3 5.5 5.7 6.5 6.1 6.3 6.8 6.7 6.7 6.7 7.2 1 2 Fixed nonresidential investment 6.6 6.0 6.2 7.4 6.9 7.3 7.6 8.0 8.2 8.4 8.6 2 3 Net acquisition of financial assets 3.1 9.2 -67.0 -164.0 88.7 -135.7 -283.5 -325.6 334.4 211.5 123.4 3 4 Reserves at Federal Reserve 5 Total bank credit 0.2 0.6 -0.4 -0.1 1.0 -1.0 0.7 -1.4 -0.1 1.8 -1.0 4 -7.2 12.0 -19.8 -8.3 66.8 1.9 24.7 -126.6 260.5 222.2 194.0 5 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9.8 -22.0 0.0 30.6 12.9 10.9 0.0 0.3 -6.5 -7.1 0.0 1.3 -4.1 0.6 0.0 17.7 9.7 -5.6 0.0 35.1 -11.1 12.4 0.0 -31.2 2.4 -13.8 0.0 14.1 -17.6 9.5 0.0 52.7 9.1 -9.3 0.0 158.9 -18.7 27.9 0.0 59.7 0.1 -27.0 0.0 120.6 6 7 8 9 10 11 12 13 14 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit -25.6 0.0 -19.1 0.7 -7.2 -12.0 0.0 -18.6 1.1 5.5 -7.5 0.0 -29.0 -1.8 23.2 -22.4 0.0 6.4 -0.3 -28.5 27.7 0.0 -16.8 0.7 43.8 31.8 0.0 14.0 -9.7 27.5 22.0 0.0 -7.8 2.0 27.8 -171.2 0.0 36.3 5.7 -213.2 101.8 0.0 61.2 0.1 40.5 153.3 0.0 55.3 1.7 96.3 100.4 0.0 62.5 11.1 26.8 10 11 12 13 14 15 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 -0.6 10.7 -0.4 -3.1 -0.0 -46.8 0.1 -155.7 -0.3 21.1 0.3 -136.9 0.5 -309.4 -0.1 -197.5 -0.3 74.3 0.8 -13.3 0.3 -69.9 16 17 7.1 13.6 -62.2 -158.7 93.9 -130.5 -278.2 -320.2 340.0 217.1 129.2 18 -16.1 -35.3 19.2 -42.3 -32.3 -10.0 -37.6 -43.9 6.3 -125.0 -123.5 -1.5 -133.7 -185.3 51.6 -108.4 -153.6 45.3 -153.4 -90.6 -62.8 -104.4 -64.5 -39.9 116.0 19.1 96.9 27.9 131.2 -103.3 -190.9 -256.7 65.8 19 20 21 0.4 4.5 53.3 -0.7 -2.3 -25.1 1.0 0.9 14.6 -0.7 -0.8 69.3 -1.8 3.6 154.4 -1.9 -1.6 74.1 0.6 -3.9 15.7 0.2 -1.3 33.1 10.3 5.3 76.6 -11.8 -2.1 46.4 1.5 -1.1 124.8 22 23 24 6 7 8 9 16 17 Customers’ liab. on acceptances (2) Miscellaneous assets 18 Net increase in liabilities 19 20 21 Net interbank liabilities To foreign banks To domestic banks 22 23 24 Checkable deposits Small time and savings deposits Large time deposits 25 26 Federal funds and security RPs (net) Acceptance liabilities -11.0 -0.9 39.5 -0.4 -1.9 -0.1 -4.7 0.1 5.4 -0.1 34.4 0.2 49.9 0.5 -108.6 -0.0 -69.2 -0.3 47.6 0.6 56.0 0.3 25 26 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other -23.1 8.4 -30.8 -0.7 44.8 3.6 24.7 16.5 -39.1 4.5 -1.7 -41.8 -97.0 16.7 30.4 -144.2 65.9 1.7 108.4 -44.1 -127.3 5.5 -82.3 -50.6 -187.5 50.9 15.6 -254.1 -139.2 8.8 80.0 -228.0 201.2 19.4 39.8 142.0 108.5 9.2 45.8 53.4 138.6 2.7 18.5 117.5 27 28 29 30 2.7 3.9 4.3 4.3 4.3 4.2 4.5 4.1 4.1 4.0 4.3 31 -0.6 6.2 -43.0 20.3 22.7 -25.3 -2.7 86.5 219.7 126.6 167.5 32 31 Discrepancy Memo: 32 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16). 27 Z.1, December 8, 2005 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 6 7 8 9 10 11 12 Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Q2 Q3 Q4 Q1 2005 Q2 Q3 54.9 67.9 66.6 56.4 47.5 57.8 60.0 60.2 59.1 72.3 97.1 1 0.2 0.4 0.3 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 2 100.5 83.4 126.6 276.6 264.7 161.5 478.2 201.9 6.0 203.6 83.4 3 4.2 3.1 8.6 -0.0 1.2 -2.3 3.0 -2.0 -9.4 29.4 -46.1 4 0.4 1.4 2.1 0.3 0.1 4.5 -2.4 0.9 1.4 0.9 1.3 5.0 -0.8 1.9 1.3 -2.5 -2.3 3.6 -1.1 1.0 1.0 1.4 -1.9 -2.9 -3.4 5.8 -1.0 1.6 1.7 -3.2 9.2 -9.7 -1.6 0.3 -3.3 -4.9 3.2 -3.1 34.4 -5.1 0.1 -5.2 -41.8 0.8 5 6 7 8 96.4 60.7 29.8 5.9 80.3 53.1 -0.2 27.3 117.9 50.5 45.0 22.4 276.6 167.2 77.0 32.4 263.5 73.4 112.4 77.7 163.8 121.9 41.8 0.1 475.2 323.3 105.1 46.8 204.0 150.3 48.6 5.1 15.5 -14.7 8.2 21.9 174.2 91.8 44.7 37.6 129.4 4.9 121.4 3.2 9 10 11 12 13 Net increase in liabilities 45.8 15.7 60.2 220.4 217.4 103.9 418.3 141.9 -52.9 131.5 -13.6 13 14 15 16 Net interbank liabilities To domestic banks To foreign banks -15.3 -18.6 3.3 -3.0 -3.6 0.6 10.9 55.8 -44.9 2.5 -23.8 26.3 -2.4 2.0 -4.4 4.5 -10.7 15.2 57.6 -21.1 78.7 -49.9 -65.6 15.7 -28.3 -28.2 -0.1 -2.0 2.9 -4.9 8.2 -12.5 20.7 14 15 16 17 Federal funds and security RPs (net) -0.1 2.4 0.9 -1.3 -3.4 0.7 -0.7 -1.6 -1.5 6.7 -2.5 17 18 19 20 Credit market instruments Commercial paper Corporate bonds 23.6 -5.1 28.7 20.3 -2.3 22.6 35.4 -6.0 41.4 59.5 10.8 48.7 102.8 59.2 43.6 16.1 -21.5 37.6 60.4 1.5 59.0 58.7 4.1 54.6 87.9 26.8 61.1 21.4 -7.6 29.0 51.7 21.6 30.1 18 19 20 21 22 23 24 Corporate equity issues Miscellaneous liabilities Equity, etc. Other -15.3 52.9 -8.9 61.8 -15.4 11.5 -44.0 55.4 -9.6 22.6 -37.5 60.1 11.7 148.0 129.4 18.6 -5.7 126.1 90.0 36.1 -8.3 91.0 47.0 43.9 60.6 240.3 258.7 -18.4 0.2 134.6 121.9 12.6 -29.4 -81.7 -117.5 35.7 2.3 103.0 47.8 55.2 -34.4 -36.6 249.6 -286.2 21 22 23 24 -0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 -0.0 -0.1 -0.1 -0.1 25 25 Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 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 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 2 3 Net acquisition of financial assets 17.0 -5.0 8.4 15.9 16.2 13.6 21.9 11.9 13.7 13.5 1.8 3 4 Checkable deposits and currency 1.1 -0.3 -0.0 1.0 2.9 -1.8 1.4 1.7 0.5 0.7 -2.2 4 5 Credit market instruments 6 7 8 9 10 11 12 13 14 10.0 1.3 10.6 13.9 11.9 18.5 10.5 14.8 12.0 14.4 5.6 5 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -0.6 2.5 -0.2 0.6 0.3 3.9 0.0 -0.3 1.0 4.7 0.1 0.4 1.4 4.7 -0.2 -0.2 1.3 3.9 0.2 0.7 3.6 6.4 0.1 -1.0 -1.9 7.2 -1.5 -0.7 2.5 1.2 0.3 0.4 0.8 2.4 0.1 -0.8 -2.1 6.3 0.0 0.9 -0.2 1.0 -0.1 -0.8 6 7 8 9 Bank loans n.e.c. Home mortgages Commercial mortgages 4.5 -0.9 4.2 -4.3 1.5 0.2 0.3 2.5 1.6 1.8 3.4 3.1 2.0 2.2 1.6 2.2 4.4 2.8 0.1 3.5 3.9 2.9 3.4 4.1 0.9 19.1 -10.4 6.8 -0.3 2.8 -2.1 0.8 7.0 10 11 12 5.9 -6.0 -2.2 0.9 1.4 -3.0 10.0 -4.6 1.2 -1.5 -1.7 13 16.4 -5.7 7.5 15.5 14.5 14.3 20.2 12.9 13.2 12.0 2.1 14 Miscellaneous assets Net increase in liabilities 15 16 17 Checkable deposits Small time and savings deposits Large time deposits 3.1 4.6 4.6 -1.1 -1.9 -1.9 1.5 1.3 1.3 1.6 1.6 1.6 2.6 0.2 0.2 1.5 1.8 1.8 0.5 3.5 3.5 1.6 0.7 0.7 0.0 5.9 5.9 3.3 6.0 6.0 -5.5 5.7 5.7 15 16 17 18 Miscellaneous liabilities 4.2 -0.7 3.4 10.8 11.4 9.3 12.6 9.8 1.4 -3.2 -3.8 18 -0.5 -0.7 -0.9 -0.4 -1.7 0.7 -1.8 1.0 -0.4 -1.6 0.3 19 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 28 Z.1, December 8, 2005 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 7.6 12.2 9.1 8.9 7.3 8.3 9.6 10.5 14.5 13.2 11.5 1 2 Fixed nonresidential investment 2.7 2.3 2.2 2.4 2.3 2.4 2.5 2.6 2.6 2.7 2.8 2 3 Net acquisition of financial assets 73.3 58.8 113.5 184.8 162.9 223.3 129.5 223.3 -76.0 289.5 191.3 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.6 2.0 0.8 5.4 0.6 3.8 0.4 -0.3 0.5 0.0 0.0 -7.7 -0.1 -3.5 0.6 -3.2 -0.6 -8.7 1.4 34.1 0.6 1.1 1.2 -21.0 0.4 -2.3 -0.2 -9.9 -0.9 -4.1 0.1 -15.8 -1.3 3.5 -1.6 1.1 0.2 3.5 -0.1 1.1 -0.8 2.9 0.5 21.3 4 5 6 7 8 Credit market instruments 44.4 33.4 126.0 172.8 117.3 186.5 128.0 259.2 8.8 239.7 141.0 8 0.0 2.7 21.0 6.7 0.0 14.3 0.0 -2.2 14.7 17.0 0.0 -2.3 0.0 3.0 22.6 5.4 0.0 17.1 0.0 -3.9 -13.6 5.7 -1.4 -18.0 0.0 -9.2 -27.6 16.2 -0.6 -43.2 0.0 -3.1 -14.2 1.5 -11.2 -4.4 0.0 -5.4 -30.6 -13.8 -0.4 -16.4 0.0 2.3 17.9 19.0 6.8 -7.9 0.0 -3.2 -6.2 -10.5 6.0 -1.7 0.0 5.6 -8.7 -14.4 -6.4 12.2 0.0 -1.4 -17.7 -1.1 -12.1 -4.5 9 10 11 12 13 14 1.3 -25.6 -5.8 0.0 -19.7 1.0 -4.0 -2.6 0.0 -1.4 0.8 -8.8 0.1 0.0 -8.9 0.8 -12.2 -2.5 -5.3 -4.4 0.7 -30.1 -5.3 -21.5 -3.3 0.3 -19.9 -2.4 -12.8 -4.8 1.2 -5.5 -2.0 5.0 -8.5 1.0 6.9 -0.2 8.1 -1.0 1.0 13.2 -4.7 18.9 -1.1 3.0 7.4 -1.7 10.2 -1.1 1.6 35.1 9.4 25.0 0.7 15 16 17 18 19 3.6 35.1 6.3 3.3 23.0 -2.4 10.0 89.2 9.1 1.3 186.8 13.4 -26.8 196.0 14.4 23.4 173.4 26.7 8.0 156.1 4.2 0.7 221.8 8.5 -5.0 11.1 -2.1 17.6 201.7 13.0 -5.1 98.9 29.6 20 21 22 3.2 16.9 2.0 19.0 -1.0 -4.3 -1.1 19.3 3.0 16.5 -2.3 57.2 -1.3 14.6 -3.9 -11.3 -1.8 -84.8 -0.9 46.1 -0.8 27.2 23 24 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 15 16 17 18 19 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 20 21 22 Other loans and advances Mortgages Consumer credit 23 24 Corporate equities Miscellaneous assets 25 Net increase in liabilities 70.7 53.7 105.8 168.8 147.9 206.8 112.4 208.1 -96.5 261.8 162.5 25 26 27 28 29 Deposits Checkable Small time and savings Large time 46.6 50.7 -30.9 26.8 66.7 54.4 -31.7 44.0 84.5 57.4 -5.2 32.2 40.0 59.9 -73.8 54.0 -46.6 58.6 -161.4 56.2 68.4 64.9 -18.4 21.9 72.8 55.5 -50.2 67.5 65.3 60.5 -65.3 70.2 16.1 57.4 -87.6 46.3 124.7 68.0 -9.0 65.7 89.1 65.9 -23.0 46.2 26 27 28 29 30 Security RPs 5.8 -15.0 20.1 4.7 -13.6 -11.7 12.8 31.4 -46.3 5.1 29.7 30 31 32 33 34 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances -2.0 -2.6 1.5 -0.9 -23.4 -0.2 4.2 -27.4 6.1 1.7 -13.2 17.6 64.4 2.5 1.9 60.0 1.1 3.4 1.5 -3.8 166.6 -3.8 1.1 169.3 -7.0 3.7 4.8 -15.5 96.9 6.7 0.4 89.9 -30.6 -0.4 -0.5 -29.7 82.4 0.7 -9.5 91.3 -7.1 -0.6 5.1 -11.6 31 32 33 34 35 36 37 38 Taxes payable Miscellaneous liabilities Investment by parent Other -0.7 21.0 0.8 20.2 -0.2 25.6 0.9 24.7 -0.2 -4.6 1.0 -5.6 0.6 59.1 1.2 57.9 2.2 204.7 1.1 203.5 -1.2 -15.4 1.1 -16.5 0.6 33.2 1.2 32.1 0.7 13.8 1.2 12.6 -0.2 -35.4 1.2 -36.6 0.2 49.4 1.3 48.1 1.1 49.8 1.3 48.4 35 36 37 38 2.2 4.9 -0.8 -9.5 -10.0 -10.6 -10.0 -7.3 -8.5 -17.2 -20.1 39 39 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 29 Z.1, December 8, 2005 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 6.0 7.4 7.5 7.9 7.7 7.8 8.1 8.1 12.6 11.4 10.0 1 2 Fixed nonresidential investment 1.9 1.7 1.8 2.1 1.9 2.0 2.2 2.3 2.3 2.4 2.4 2 3 Net acquisition of financial assets 64.4 55.3 56.6 37.4 26.0 39.1 38.1 46.4 20.5 30.5 62.3 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 10.1 7.4 -1.5 1.6 1.6 -0.8 3.2 1.8 -0.1 -1.4 -0.0 2.6 5.6 -1.0 -5.5 -42.3 5.7 4.1 13.3 -3.3 0.9 18.0 -1.5 10.8 -21.5 -9.4 -11.4 -23.2 -1.1 0.3 13.1 2.5 12.0 4 5 6 7 Credit market instruments 41.5 42.7 50.7 42.0 47.0 58.8 18.9 43.3 46.5 41.6 47.8 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 1.2 -0.8 19.6 1.2 0.4 16.8 -2.0 1.1 18.2 0.2 0.1 1.5 2.5 -1.5 9.0 -1.8 5.6 7.9 -0.7 0.1 -20.6 1.0 -3.8 9.8 0.6 -2.0 6.7 -2.5 -0.5 -5.8 -2.0 -1.1 -9.1 8 9 10 11 12 Home mortgages Consumer credit 16.4 5.1 18.2 6.2 23.2 10.1 30.6 9.5 19.4 17.5 37.7 9.4 34.6 5.6 30.7 5.5 23.7 17.6 40.8 9.7 30.6 29.3 11 12 13 14 Mutual fund shares Miscellaneous assets 1.5 5.4 -0.2 10.4 0.5 0.5 -0.9 -4.8 0.4 -20.5 -1.2 14.0 -1.6 10.0 -1.4 -22.7 -1.3 17.4 -1.1 13.9 -1.2 -11.9 13 14 15 Net increase in liabilities 60.8 50.1 51.3 34.7 28.6 35.6 36.1 38.6 18.2 27.5 56.8 15 16 17 18 19 Shares/deposits Checkable Small time and savings Large time 61.1 3.5 48.6 9.0 46.7 5.0 33.1 8.7 48.0 7.6 29.6 10.8 29.7 7.5 15.7 6.4 -36.8 11.7 -52.8 4.2 79.4 0.5 71.6 7.3 1.3 4.3 -10.5 7.6 74.7 13.6 54.7 6.4 -37.2 13.2 -56.8 6.4 56.1 -3.6 53.6 6.2 70.3 5.0 59.0 6.3 16 17 18 19 20 21 Other loans and advances Miscellaneous liabilities 1.5 -1.8 2.0 1.4 2.2 1.2 2.3 2.8 -2.7 68.1 4.9 -48.6 0.9 33.9 6.1 -42.2 1.5 53.8 3.1 -31.7 0.3 -13.8 20 21 0.4 0.5 0.5 3.2 8.4 2.4 3.9 -2.0 7.9 6.1 2.0 22 22 Discrepancy F.116 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -6.2 11.8 27.0 9.8 27.9 26.5 -32.7 17.7 28.7 28.5 -54.3 1 2 Fixed nonresidential investment 4.3 4.5 4.6 5.7 5.2 5.5 5.8 6.2 6.3 6.4 6.6 2 3 Net acquisition of financial assets 16.6 79.8 95.7 81.4 104.2 85.9 137.7 -2.3 117.3 57.0 107.4 3 4 5 Checkable deposits and currency Security RPs 9.4 -8.1 12.8 14.2 8.6 8.5 -8.7 10.2 -13.9 -2.6 -0.1 -8.8 13.5 31.6 -34.4 20.6 -7.2 10.7 -3.1 -3.6 12.5 4.0 4 5 6 Credit market instruments 9.0 39.9 67.0 73.6 105.3 65.1 73.5 50.6 89.0 49.2 78.1 6 -0.0 10.1 9.2 19.0 3.5 2.2 6.6 -3.3 9.9 3.8 5.7 -4.4 6.5 -4.0 4.1 -8.5 9.1 14.3 5.0 7.9 6.7 7.5 7 8 -10.3 8.9 0.2 9.2 2.4 0.1 41.2 20.0 0.1 43.6 26.4 0.3 53.8 37.5 0.2 40.1 23.4 0.3 44.1 26.3 0.5 36.3 18.4 0.3 34.2 31.3 0.2 18.8 17.2 0.2 39.9 23.7 0.3 9 10 11 -0.3 5.3 1.3 -1.1 4.9 9.1 -2.7 4.5 9.7 -3.5 0.3 9.5 -5.7 12.1 9.0 6.0 11.7 12.0 4.6 4.6 9.9 -18.9 -27.2 7.1 -1.0 10.4 15.4 -4.6 11.0 8.2 4.7 3.8 4.4 12 13 14 7 8 9 10 11 12 13 14 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Trade receivables Miscellaneous assets 15 Net increase in liabilities 29.8 58.6 53.0 48.1 50.4 49.1 96.3 -3.4 35.5 36.7 124.9 15 16 17 18 Corporate equity issues Taxes payable Miscellaneous liabilities 0.5 2.7 26.5 6.2 3.2 49.2 4.1 3.7 45.2 -4.0 4.2 47.9 1.6 4.0 44.7 -5.7 4.1 50.6 -4.6 4.3 96.6 -7.2 4.4 -0.6 -3.6 4.5 34.6 -5.0 4.6 37.0 -3.8 4.7 124.0 16 17 18 2.7 -13.8 -20.3 -29.1 -31.1 -15.9 -79.9 10.4 -59.4 1.7 -43.5 19 19 Discrepancy 30 Z.1, December 8, 2005 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Q2 Q3 Q4 Q1 2005 Q2 Q3 -5.3 -2.4 2.2 -1.3 -0.5 -1.4 -1.5 -1.8 -4.2 -3.6 -3.7 1 3.4 2.8 2.8 2.6 2.6 2.6 2.5 2.5 2.5 2.6 2.6 2 Net acquisition of financial assets 250.6 279.8 258.2 264.4 394.3 227.5 259.8 176.0 289.1 150.7 271.2 3 4 5 Checkable deposits and currency Money market fund shares 31.9 31.0 -1.6 -13.5 12.0 -8.3 6.0 -30.7 -3.9 -29.2 20.6 -18.1 2.8 -38.5 4.5 -37.2 -24.5 -28.5 20.9 -4.3 1.4 1.7 4 5 6 Credit market instruments 130.9 233.0 180.6 173.0 216.7 162.2 158.2 154.9 187.4 65.8 185.1 6 Open market paper Treasury securities Agency- and GSE-backed securities -11.9 -4.4 18.1 14.7 24.8 77.4 -18.2 -6.6 18.0 -7.6 6.6 8.2 -6.2 8.1 16.0 -16.1 6.7 8.7 -23.3 6.5 7.3 15.0 5.3 0.8 -17.9 5.2 29.5 -16.7 0.1 11.8 -20.7 5.8 32.5 7 8 9 Municipal securities Corporate and foreign bonds Policy loans Mortgages -0.4 120.2 2.2 7.1 1.2 106.8 1.0 7.0 6.2 171.0 -0.7 10.9 4.0 147.8 1.6 12.4 4.5 184.0 -0.2 10.5 4.0 149.4 1.8 7.6 4.0 144.9 3.2 15.6 3.5 112.8 1.6 15.9 2.7 158.8 -1.5 10.6 1.1 53.8 2.9 12.9 3.0 150.8 2.9 10.8 10 11 12 13 70.2 2.1 52.7 2.6 45.5 0.5 51.5 12.8 60.4 12.8 46.2 12.8 74.8 12.8 24.4 12.8 81.8 10.0 50.9 10.0 80.2 8.0 14 15 7 8 9 10 11 12 13 14 15 16 Corporate equities Mutual fund shares -15.5 6.7 27.9 51.9 137.4 3.8 49.7 16.6 62.9 7.3 -5.2 16 17 Net increase in liabilities 248.5 259.7 230.0 228.0 380.2 164.5 241.7 125.7 285.5 155.0 239.9 17 18 19 20 21 Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) -0.9 0.6 75.8 130.9 -6.5 2.0 58.5 166.1 -3.9 2.9 65.7 143.2 -17.3 3.0 32.0 181.7 -4.3 -0.4 25.5 203.3 -32.7 2.7 32.8 185.3 -18.3 0.1 37.7 182.2 -13.9 9.7 32.1 156.2 -13.8 -1.6 56.0 152.2 -5.0 2.3 55.2 126.9 -5.6 0.4 56.1 167.2 18 19 20 21 22 23 Taxes payable Miscellaneous liabilities 2.0 40.1 2.4 37.2 2.8 19.4 3.2 25.4 3.0 153.0 3.1 -26.7 3.2 36.8 3.3 -61.7 3.4 89.3 3.5 -27.9 3.6 18.2 22 23 -10.8 -25.4 -28.9 -40.2 -17.2 -66.9 -22.1 -54.5 -10.4 -2.0 -37.7 24 24 Miscellaneous assets Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23). F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 1 2 Fixed nonresidential investment 0.7 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets -74.6 -38.2 8.0 -4.2 22.6 -23.3 12.1 -28.1 28.0 17.3 -22.1 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.4 7.1 3.8 1.5 0.3 4.6 2.3 1.0 0.1 2.4 1.5 0.5 0.1 2.0 0.8 0.4 0.1 1.1 0.6 0.2 1.2 2.6 0.6 0.4 0.1 2.0 0.9 0.4 -0.9 2.3 1.0 0.5 0.2 2.8 1.4 0.6 0.2 4.4 1.1 0.6 0.3 5.0 2.2 1.0 4 5 6 7 8 Credit market instruments 13.3 25.7 14.2 34.9 44.7 22.9 44.9 27.0 7.5 46.5 49.4 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 1.0 0.2 7.4 2.6 4.6 5.7 -2.2 1.4 6.8 1.2 4.9 13.2 -0.1 6.4 17.9 0.1 4.1 7.3 0.5 7.4 14.4 4.2 1.6 13.3 0.9 0.5 2.3 3.9 4.6 16.7 1.8 5.8 17.1 9 10 11 12 13 Corporate and foreign bonds Mortgages 4.7 0.1 12.7 0.0 8.2 -0.1 15.8 -0.2 20.8 -0.2 11.6 -0.2 22.3 0.3 8.5 -0.7 4.2 -0.3 21.5 -0.1 24.7 -0.1 12 13 -129.8 17.9 -121.4 50.4 -44.8 51.7 -44.0 25.8 -29.3 29.1 -36.0 18.8 -58.7 26.3 -52.2 29.1 -15.6 29.6 -48.2 9.6 -55.8 22.0 14 15 14 15 Corporate equities Mutual fund shares 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 11.2 10.1 0.6 0.4 -1.1 -4.6 0.1 3.3 -17.6 -17.1 -1.4 0.8 -24.1 -16.5 -2.5 -5.1 -23.9 -18.0 -0.6 -5.3 -33.6 -27.7 -2.6 -3.3 -3.9 -11.4 1.7 5.8 -34.9 -9.0 -8.2 -17.7 1.5 10.0 -5.0 -3.4 3.2 -0.1 -2.4 5.7 -46.2 -22.5 -2.2 -21.5 16 17 18 19 20 Pension fund reserves (liabilities) (3) -74.5 -38.6 7.6 -4.6 22.2 -23.7 11.6 -28.5 27.5 16.9 -22.5 20 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 31 Z.1, December 8, 2005 F.119 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 86.9 8.5 14.9 -1.1 27.3 7.5 -46.2 7.1 -9.2 -5.2 15.7 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1.5 0.2 2.2 -5.9 1.5 -0.1 0.1 -6.9 4.3 -0.3 -2.9 -5.0 0.4 0.3 -3.1 -5.3 5.8 1.1 -2.9 -5.0 3.4 1.0 -5.2 -9.1 -7.0 -0.7 -3.8 -6.6 -0.6 -0.1 -0.4 -0.6 0.2 0.0 0.1 0.1 -0.1 -0.0 -0.0 -0.1 2.0 0.2 1.1 1.9 4 5 6 7 8 Credit market instruments -53.8 -50.7 11.2 27.2 109.7 67.4 -63.1 -5.1 -4.1 1.1 29.3 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 4.0 -24.0 1.9 -3.2 3.8 11.8 -9.0 -10.9 55.7 -9.5 -17.5 44.2 -8.9 -21.7 111.2 -16.1 -35.8 94.0 -11.8 -12.1 -27.2 -1.1 -0.5 -1.0 0.3 -0.7 -1.6 -0.1 0.2 0.5 3.4 2.9 9.4 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages -0.1 -34.6 -1.1 -0.8 -62.4 0.1 0.1 -24.1 -0.7 0.7 10.2 -0.9 1.6 32.9 -5.4 0.3 30.2 -5.2 0.7 -19.6 7.0 0.0 -2.6 0.1 0.0 -1.8 -0.2 -0.0 0.3 0.3 0.2 11.2 2.2 12 13 14 115.1 25.8 50.2 13.9 -0.6 7.3 -22.6 1.6 -82.5 -0.4 -55.0 3.8 32.3 3.3 14.6 -0.4 -4.7 -0.8 -5.9 -0.2 -19.5 3.3 15 16 1.8 0.4 0.9 0.5 1.5 1.3 -0.6 -0.3 0.0 0.0 -2.6 17 86.9 8.5 14.9 -1.1 27.3 7.5 -46.2 7.1 -9.2 -5.2 15.7 18 15 16 Corporate equities Mutual fund shares 17 Miscellaneous assets 18 Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 Federal Government Retirement Funds (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 Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets(2) Pension fund reserves (liabilities) (3) 69.9 45.4 48.2 54.7 45.3 35.9 64.2 73.4 56.3 42.5 58.1 1 9.7 13.0 6.3 4.6 0.8 6.8 10.8 0.1 8.5 11.3 7.6 2 7.2 1.6 0.9 9.3 2.4 1.3 4.8 1.1 0.5 5.4 -0.5 -0.3 2.1 -0.8 -0.5 8.3 -1.0 -0.5 10.2 0.4 0.2 0.9 -0.5 -0.3 8.8 -0.2 -0.1 10.8 0.3 0.2 7.7 -0.1 -0.0 3 4 5 -0.6 60.8 7.9 24.5 17.2 24.7 9.1 40.9 12.2 32.3 4.0 25.0 5.0 48.4 15.3 58.0 5.6 42.2 2.6 28.6 7.5 42.9 6 7 69.9 45.4 48.2 54.7 45.3 35.9 64.2 73.4 56.3 42.5 58.1 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) 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. (3) Liabilities of the sector are assets of the household sector. 32 Z.1, December 8, 2005 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Net acquisition of financial assets 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 27.8 3.9 89.3 43.4 -6.8 -6.8 -23.9 47.1 -36.6 -0.7 -53.3 -20.8 7.0 2.7 0.4 -18.7 -13.8 -16.9 -11.9 64.2 64.4 45.4 19.8 -54.0 -34.0 2.0 -7.3 40.7 11.4 -19.9 0.9 -125.6 3.5 -4.8 24.0 64.5 55.9 -22.4 -77.3 173.2 47.8 31.2 77.3 77.0 2 3 4 5 267.3 3.4 46.0 141.5 34.2 42.3 -17.7 -38.6 4.7 8.7 1.8 5.6 -95.9 -125.2 -10.2 -4.6 13.6 30.5 -124.9 -54.1 -33.9 -61.1 21.8 2.3 -212.1 -126.2 -27.3 -53.6 18.9 -23.8 -151.8 -97.4 -44.9 -56.2 11.9 34.9 -153.7 -16.7 -9.6 -107.7 12.7 -32.4 17.7 23.9 -53.5 -26.9 43.7 30.6 -198.5 -7.6 11.2 -176.2 19.1 -45.0 -78.5 47.4 -10.0 -149.6 25.2 8.5 -49.2 98.6 -12.3 -182.5 9.4 37.5 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Net share issues (liabilities) -3.3 -8.6 -0.2 -2.9 58.0 -9.7 -3.8 -56.3 40.0 9.8 38.1 12 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets -8.4 -21.6 1.7 5.8 8.4 2.8 2.7 9.1 6.4 5.7 4.8 1 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 2 3 Security RPs -31.8 6.8 12.5 18.6 -15.6 2.1 57.9 29.9 42.3 -17.7 -41.7 3 4 5 6 7 8 9 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 126.1 -31.8 -8.5 85.3 23.0 58.1 144.2 -11.8 19.7 61.5 23.8 50.9 137.7 12.8 9.4 25.3 12.9 77.4 117.1 18.5 4.9 15.2 4.1 74.5 231.7 3.7 19.4 60.6 41.2 106.8 8.1 10.3 1.6 4.9 -42.0 33.4 103.4 48.9 -6.7 -21.0 10.5 71.7 125.2 10.9 5.2 16.3 6.8 86.0 206.9 59.9 11.6 36.5 27.0 71.8 123.4 -5.8 4.0 12.5 18.4 94.3 94.0 -49.9 6.2 19.5 33.9 84.3 4 5 6 7 8 9 Corporate equities Miscellaneous assets 109.8 -2.9 31.4 0.1 136.8 1.0 158.3 5.1 234.1 13.9 110.4 -5.0 143.6 3.9 145.0 7.5 145.9 5.2 124.1 -6.1 126.6 -0.0 10 11 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 12 -8.4 -21.6 1.7 5.8 8.4 2.8 2.7 9.1 6.4 5.7 4.8 13 10 11 12 Net share issues (liabilities) 13 Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 Net acquisition of financial assets 1.9 18.0 43.9 32.8 62.0 35.9 20.9 12.5 40.6 23.5 32.1 1 2 3 4 5 Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds 3.2 0.1 7.0 -3.8 8.6 -2.8 11.3 0.0 36.2 1.4 3.2 31.6 11.2 2.4 -0.1 8.9 9.9 5.4 -1.8 6.4 21.7 2.4 5.8 13.5 0.3 0.9 -2.0 1.5 12.7 0.9 -2.4 14.1 6.4 0.6 1.1 4.7 1.7 1.7 2.5 -2.6 4.1 1.1 1.8 1.1 2 3 4 5 6 Corporate equities -1.3 9.4 7.6 21.7 52.0 14.2 20.6 -0.2 34.2 21.8 28.0 6 1.9 18.0 43.9 32.8 62.0 35.9 20.9 12.5 40.6 23.5 32.1 7 31.0 45.3 15.8 55.0 30.1 60.8 27.1 102.2 35.7 40.6 12.6 8 0.0 0.0 0.0 3.7 2.0 1.8 0.7 0.1 0.6 3.8 2.8 1.0 5.1 3.6 1.5 3.5 3.0 0.6 2.2 1.5 0.8 4.2 3.2 1.0 11.7 9.3 2.4 3.5 2.1 1.4 7.1 4.5 2.6 9 10 11 31.0 41.6 15.1 51.2 25.0 57.2 24.8 98.0 24.0 37.1 5.5 12 31.0 45.3 15.8 55.0 30.1 60.8 27.1 102.2 35.7 40.6 12.6 13 7 Net share issues (liabilities) Exchange-traded funds 8 Net acquisition of financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 12 Corporate equities 13 Net share issues (liabilities) 33 Z.1, December 8, 2005 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 3.0 3.1 3.2 3.5 3.1 3.8 3.6 3.3 5.6 5.0 4.3 1 2 Fixed nonresidential investment 0.4 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 2 3 Net acquisition of financial assets 344.4 240.0 236.5 84.5 46.8 191.2 73.3 26.7 -195.9 -80.3 -188.6 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 2.3 8.1 23.8 8.1 -5.1 -9.1 12.0 -8.5 -20.0 10.1 9.0 15.8 1.0 19.7 37.8 -8.2 25.0 -14.0 -34.2 -22.7 16.5 81.8 13.9 23.0 -62.9 -7.1 -11.6 -42.5 19.8 10.0 0.2 2.7 92.6 4 5 6 7 Credit market instruments 304.7 224.1 236.5 46.2 18.8 168.0 104.3 -106.0 -65.5 -66.5 -277.9 7 2.7 0.4 206.9 -23.5 12.1 131.7 -2.4 -12.3 88.8 -2.0 -0.6 -130.3 1.4 -1.7 -200.7 -1.6 2.7 -93.5 -4.6 -2.8 -33.9 -3.1 -0.7 -192.9 2.5 0.7 -185.4 3.5 -1.9 -227.6 -3.0 1.0 -297.7 8 9 10 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 Municipal securities Corporate and foreign bonds 6.2 24.6 4.0 33.5 5.0 36.6 0.2 110.8 14.0 111.5 6.9 165.0 12.6 144.7 -32.7 22.1 5.7 60.8 -1.6 56.0 -9.7 34.6 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 28.3 -0.0 2.9 25.4 8.9 -0.4 2.0 7.2 31.1 -0.1 0.0 31.2 73.5 -0.3 -0.2 74.1 84.8 0.0 5.6 79.1 140.3 -0.6 -7.3 148.1 -17.6 -0.6 -1.3 -15.7 86.8 -0.3 2.0 85.1 35.2 0.0 8.2 27.0 116.4 0.0 1.9 114.5 17.6 0.0 6.8 10.8 13 14 15 16 17 18 19 20 21 Mortgages Home Multifamily residential Farm Consumer credit (2) 33.2 20.5 8.2 4.5 2.4 59.8 45.5 8.5 5.8 -2.5 106.0 92.2 10.9 2.9 -16.3 15.1 -0.4 12.4 3.2 -20.6 27.8 16.8 8.5 2.6 -18.4 3.2 -15.2 14.6 3.9 -55.0 14.8 -2.6 14.6 2.8 -8.9 14.5 -0.7 11.7 3.5 0.0 15.0 12.1 0.9 2.0 0.0 -11.5 -14.9 -1.9 5.3 0.0 -20.5 -23.8 0.5 2.7 0.0 17 18 19 20 21 22 23 24 25 26 27 28 Miscellaneous assets Net increase in liabilities Credit market instruments GSE issues (3) U.S. government loans Miscellaneous liabilities Discrepancy 5.5 22.0 16.5 3.4 -30.5 20.5 9.4 14.1 -48.7 -1.0 -6.3 22 351.6 247.6 217.2 63.5 70.6 124.6 25.8 32.8 -222.5 -77.5 -226.2 23 304.1 304.1 0.0 219.8 219.8 0.0 243.7 243.7 0.0 65.0 65.0 0.0 0.6 0.6 0.0 211.9 211.9 0.0 93.1 93.1 0.0 -45.5 -45.5 0.0 -209.6 -209.6 0.0 -84.2 -84.2 0.0 -243.9 -243.9 0.0 24 25 26 47.4 27.7 -26.6 -1.6 70.1 -87.3 -67.3 78.2 -12.9 6.7 17.7 27 9.8 10.2 -16.7 -18.2 26.4 -63.4 -44.5 8.6 -21.8 7.1 -34.0 28 (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, 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. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. F.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 322.9 15.6 0.0 0.0 315.2 12.9 0.0 -1.3 303.2 26.6 0.0 0.6 49.6 3.6 0.0 -0.1 139.7 -12.8 0.0 -0.1 69.9 18.1 0.0 0.0 57.9 4.3 0.0 -0.0 -69.2 4.7 0.0 -0.1 62.3 2.6 0.0 -0.2 120.2 3.3 0.0 -0.0 171.3 7.3 0.0 -0.2 2 3 4 5 338.5 326.8 330.5 53.0 126.7 88.0 62.1 -64.6 64.7 123.5 178.4 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. 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. 34 Z.1, December 8, 2005 F.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 1 2 Fixed nonresidential investment 1.1 -0.4 0.4 -0.2 -0.2 -0.2 -0.1 -0.2 -0.2 -0.2 -0.1 2 3 Net acquisition of financial assets 230.2 183.0 219.7 322.5 147.9 355.9 417.7 368.6 430.9 689.0 621.3 3 18.9 18.5 70.7 -3.3 69.1 -1.1 -110.7 1.4 -122.5 -9.2 31.8 0.3 -249.5 18.7 -102.5 -4.3 -112.8 6.9 -58.2 -29.1 -112.8 -18.6 4 5 101.2 56.4 5.9 38.8 85.0 54.1 5.5 25.4 170.2 117.9 8.1 44.3 455.0 393.5 7.9 53.6 316.0 263.8 7.3 44.9 367.5 300.6 6.3 60.6 662.5 607.9 5.1 49.5 473.9 401.6 12.9 59.5 490.9 396.9 8.6 85.5 700.2 572.3 22.6 105.3 746.9 650.1 3.0 93.8 6 7 8 9 78.4 13.2 37.4 -6.9 -12.1 -6.4 -23.3 0.2 -24.5 -11.8 -27.3 -16.5 -7.0 -7.0 -34.5 36.0 35.9 10.0 56.2 20.1 -14.2 19.9 10 11 230.4 181.9 219.5 321.8 147.1 355.1 417.0 367.9 430.3 688.4 620.6 12 120.0 110.4 -13.0 194.9 -35.6 255.1 27.1 294.6 26.8 120.3 -15.0 370.2 -4.2 421.1 100.9 267.0 117.2 313.0 205.1 483.3 188.7 431.9 13 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 0.3 -3.2 -1.1 7.8 -0.2 15.6 -0.7 51.8 -0.8 27.4 -0.8 25.8 -0.7 35.9 -0.7 117.9 -0.7 40.1 -0.6 16.8 -0.6 14.2 16 17 4 5 Agency- and GSE-backed securities (1) Other loans and advances 6 7 8 9 Mortgages (2) Home Multifamily residential Commercial 10 11 12 13 14 Consumer credit Trade credit Net increase in liabilities Commercial paper Corporate bonds 15 Discrepancy 16 17 Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (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 tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (4) Included in table F.129. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 68.3 78.5 78.7 84.0 85.7 86.5 83.1 80.8 100.0 82.4 88.0 1 2 Fixed nonresidential investment 38.8 40.1 33.1 38.4 35.6 37.5 39.4 41.2 42.1 43.2 44.3 2 3 Net acquisition of financial assets 18.8 33.7 192.1 71.5 130.1 -51.9 38.0 170.0 -99.6 27.4 20.4 3 4 Checkable deposits and currency 2.9 3.1 3.3 3.5 3.4 3.4 3.5 3.6 3.6 3.7 3.7 4 5 6 Credit market instruments Other loans and advances -4.8 -11.5 21.2 8.3 84.2 2.2 129.6 14.3 172.1 57.6 64.9 -21.6 90.1 -13.8 191.4 35.0 4.5 -26.0 14.6 30.2 27.9 32.9 5 6 -11.0 17.6 13.2 -0.3 24.4 57.6 43.9 71.4 40.0 74.6 21.7 64.9 36.8 67.1 77.3 79.0 26.8 3.7 9.6 -25.2 23.4 -28.5 7 8 20.8 9.5 104.6 -61.6 -45.5 -120.3 -55.6 -25.0 -107.7 9.1 -11.2 9 7 8 9 10 11 12 13 14 Mortgages Consumer credit Miscellaneous assets Net increase in liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 15 Taxes payable 16 17 18 19 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 21.3 64.2 222.6 130.0 209.3 -3.7 92.3 222.3 -31.3 43.7 111.4 10 1.3 42.2 118.2 117.9 111.2 -8.4 115.5 253.2 75.8 -23.6 12.6 11 -80.3 66.6 14.9 -17.1 62.0 -2.8 -5.2 115.2 8.1 27.7 81.1 9.1 41.0 54.0 16.1 -10.0 33.8 -32.2 48.2 30.4 36.9 31.4 206.3 15.5 -24.8 108.9 -8.3 -74.1 66.4 -15.9 -14.9 -5.9 33.4 12 13 14 1.2 1.4 1.6 1.8 1.7 1.8 1.8 1.9 2.0 2.0 2.1 15 18.9 7.8 -3.3 14.5 20.7 -3.5 -11.0 35.2 102.8 19.2 11.7 71.9 10.4 11.0 18.3 -19.0 96.4 6.1 20.2 70.1 2.9 13.9 12.8 -23.8 -25.0 11.2 18.2 -54.5 -32.8 13.0 22.1 -67.8 -109.1 6.4 -14.2 -101.3 65.3 5.0 8.7 51.6 96.7 0.9 15.8 80.0 16 17 18 19 20 Discrepancy 32.0 68.9 76.0 104.1 129.3 97.2 97.9 91.9 126.2 55.5 134.7 20 21 Memo: Consumer leases not included above (2) -4.6 -20.2 -13.3 -7.5 -13.7 -6.6 -8.1 -1.6 4.7 14.2 6.1 21 (1) Includes retail captive finance companies. (2) See footnote (3), table F.126. 35 Z.1, December 8, 2005 F.128 Mortgage Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 3 4 Home mortgages Multifamily residential mortgages Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 5 6 7 Net increase in liabilities Bank loans n.e.c. Investment by parent (1) No data are available after 1997:Q4. F.129 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 7.1 6.1 1.6 2.1 9.6 2.8 -0.6 -3.3 0.6 -5.8 -4.2 1 2 3 Fixed nonresidential investment Multifamily residential investment 6.6 4.1 24.4 4.5 22.7 -0.4 38.9 7.7 38.6 15.8 20.4 1.9 46.8 7.2 49.8 5.9 45.6 2.3 43.5 -5.6 38.5 4.7 2 3 4 Net acquisition of financial assets 10.0 25.9 33.9 102.3 103.0 69.1 34.7 202.1 54.0 137.4 101.3 4 5 Checkable deposits and currency 1.1 -0.1 3.9 3.2 4.8 5.7 -7.6 9.9 4.4 4.8 5.2 5 6 Credit market instruments 8.6 23.8 25.7 87.9 86.4 56.0 31.9 177.5 37.3 120.1 89.0 6 7.0 2.3 9.7 2.3 -2.4 8.4 16.1 17.4 36.9 21.5 -2.8 11.6 -1.4 14.2 31.5 22.3 -2.2 9.4 10.6 50.1 0.2 28.7 7 8 -0.7 0.2 -0.4 -0.4 11.8 11.4 -0.2 0.5 19.8 17.7 0.1 1.9 54.5 51.1 -0.0 3.5 27.9 21.1 -0.1 7.0 47.2 44.1 0.6 2.5 19.2 18.3 -0.7 1.5 123.7 120.8 0.1 2.8 30.1 27.1 0.1 2.9 59.4 49.1 -0.3 10.6 60.0 45.0 0.3 14.8 9 10 11 12 7 8 9 10 11 12 13 14 Agency- and GSE-backed securities Corporate and foreign bonds Mortgages Home Multifamily residential Commercial Miscellaneous assets Net increase in liabilities 0.2 2.2 4.4 11.1 11.9 7.5 10.4 14.7 12.3 12.5 7.1 13 18.6 50.6 52.7 153.2 143.3 98.2 84.1 287.1 86.0 171.5 146.7 14 15 Security RPs 9.3 15.1 5.9 25.0 39.9 29.0 14.6 16.6 15.9 45.3 51.4 15 16 Credit market instruments 3.2 24.5 31.9 97.6 67.1 63.9 42.1 217.6 76.2 92.8 65.5 16 0.0 4.4 -3.3 2.2 0.0 16.2 0.1 8.2 0.0 23.3 0.3 8.3 0.0 70.6 1.4 25.6 0.0 40.7 -0.1 26.5 0.0 42.5 5.4 15.9 0.0 19.0 2.5 20.6 0.0 180.1 -2.2 39.6 0.0 36.4 14.6 25.2 0.0 72.2 1.3 19.3 0.0 44.6 1.0 19.9 17 18 19 20 6.1 0.1 8.4 2.6 13.3 1.6 21.5 9.0 25.8 10.6 13.8 -8.5 21.6 5.7 24.7 28.2 10.7 -16.9 20.1 13.4 23.7 6.2 21 22 5.2 1.8 -2.0 6.4 -4.6 9.6 -5.2 25.8 -15.2 -9.5 -1.9 23 -3.2 -3.1 0.2 -0.0 -0.2 7.8 -0.1 7.2 -0.0 0.6 15.6 -0.1 15.9 -0.0 -0.1 51.8 -0.1 50.4 -0.0 1.5 27.4 -0.3 21.5 -0.0 6.2 25.8 0.0 25.5 -0.0 0.3 35.9 -0.1 36.1 -0.0 -0.1 117.9 -0.0 118.4 -0.1 -0.5 40.1 -0.1 39.1 0.4 0.7 16.8 -0.0 15.7 -0.2 1.2 14.2 0.0 9.9 -0.0 4.3 24 25 26 27 28 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities 23 Discrepancy 24 25 26 27 28 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 36 Z.1, December 8, 2005 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Gross saving 4.5 12.6 6.6 9.1 11.9 5.1 9.7 9.5 5.4 5.9 6.5 1 2 Fixed nonresidential investment 15.6 10.9 10.7 12.0 11.3 11.8 12.2 12.6 12.9 13.2 13.5 2 3 Net acquisition of financial assets 244.3 -130.2 277.6 231.9 382.6 -38.7 352.8 230.8 431.0 584.0 85.6 3 4 Checkable deposits and currency 16.8 -2.9 2.9 15.7 23.2 1.9 -1.4 39.2 -8.2 -13.5 -4.7 4 5 Credit market instruments 92.4 28.4 79.6 -29.2 -190.0 -118.8 302.8 -110.7 67.3 316.1 -322.3 5 9.0 13.1 14.1 7.7 48.6 -4.7 -13.7 14.1 2.0 30.7 5.9 41.7 -8.1 3.8 36.4 -1.3 -82.4 23.5 7.1 23.9 0.7 -217.3 40.2 0.7 -14.2 1.7 -176.5 -29.9 20.6 65.3 -0.3 67.8 182.4 13.6 39.3 -7.4 -3.4 -98.5 -6.5 5.2 9.5 -42.4 3.6 17.5 79.0 36.9 89.3 111.0 -15.7 94.6 -1.5 -261.7 -71.4 15.5 -3.2 6 7 8 9 10 17.3 -38.8 156.6 3.2 -48.2 -110.8 3.8 34.3 157.0 15.5 81.5 148.3 43.3 73.1 433.0 17.3 62.9 -2.0 -28.0 -26.6 106.1 29.6 216.7 55.9 27.9 8.2 335.8 -31.4 -10.5 323.3 -35.0 -35.7 483.3 11 12 13 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets 14 Net increase in liabilities 239.4 -118.2 257.0 227.5 357.8 -10.8 358.1 204.7 451.6 567.7 78.3 14 15 16 17 Security RPs (net) Corporate bonds Corporate equity issues 51.0 1.4 6.7 -9.0 -1.7 10.2 133.7 6.4 -8.0 49.3 15.2 2.6 11.2 51.9 -9.1 -418.4 2.5 30.2 404.8 33.2 11.1 199.5 -26.6 -21.9 422.0 11.2 23.2 193.2 -5.2 -14.1 26.6 18.0 7.8 15 16 17 18 19 20 21 22 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 3.3 41.9 41.9 0.0 -0.2 -1.8 -38.9 -41.6 2.8 -0.5 -9.2 98.2 62.7 35.5 0.4 7.8 85.1 103.0 -17.9 0.4 25.5 212.0 150.2 61.9 0.7 -10.1 114.2 84.1 30.1 0.5 8.6 16.4 -38.3 54.7 1.2 7.2 -2.3 215.9 -218.2 -0.6 -4.3 1.5 -35.8 37.3 1.7 0.1 83.9 31.7 52.2 -5.4 32.9 59.1 11.5 47.6 2.1 18 19 20 21 22 23 24 25 26 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 138.5 -1.3 65.9 74.0 -77.1 2.2 23.0 -102.4 39.1 3.2 57.0 -21.1 69.6 1.8 52.8 14.9 72.6 -1.4 6.3 67.7 271.4 0.5 173.3 97.6 -120.2 5.1 51.0 -176.3 54.4 3.0 -19.3 70.7 -5.5 0.8 51.1 -57.4 321.5 1.5 391.7 -71.8 -61.6 -1.0 78.6 -139.2 23 24 25 26 27 28 Proprietors’ net investment Discrepancy -3.3 0.6 -3.6 -2.5 -7.0 -1.0 2.9 -5.0 1.9 -6.2 -6.7 27 -16.0 13.7 -24.7 -7.3 -24.3 21.2 2.8 -29.1 13.1 -23.5 -14.4 28 F.131 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Money market fund shares 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 14 15 16 Open market paper Corporate and foreign bonds Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 22.6 -34.2 62.8 50.3 134.9 72.5 80.6 -86.8 308.8 657.1 277.6 1 114.7 7.7 -45.2 -35.2 -122.8 -41.9 97.9 -74.0 20.8 -37.5 55.7 2 -96.6 -85.1 90.9 68.9 244.2 57.6 10.9 -37.2 211.2 296.2 237.0 3 -142.4 45.8 -70.8 -14.4 35.9 54.9 83.4 -14.5 273.7 -29.5 100.4 -42.7 -10.0 20.9 -30.6 -6.6 162.9 48.3 346.5 -50.3 240.1 -3.1 4 5 4.4 -30.8 35.2 43.3 24.7 18.6 17.1 -1.7 18.8 16.6 30.4 -13.8 13.5 108.4 -94.9 56.8 -82.3 139.0 -28.2 15.6 -43.8 24.4 80.0 -55.6 76.8 39.8 37.0 398.4 45.8 352.6 -15.1 18.5 -33.6 6 7 8 22.6 -34.2 62.8 50.3 134.9 72.5 80.6 -86.8 308.8 657.1 277.6 9 -54.6 -0.5 -1.4 -18.9 25.6 32.1 -89.6 -43.6 17.6 381.4 -43.9 10 -76.8 22.2 -30.9 30.5 -16.8 15.4 -31.1 12.2 4.3 21.3 41.7 -9.7 -75.4 -14.2 -95.2 51.5 2.7 14.9 349.4 32.0 -56.3 12.5 11 12 77.2 59.0 70.1 -51.9 -33.7 43.7 -2.9 -74.6 64.2 18.5 102.6 -56.9 69.2 35.5 86.9 -53.2 109.3 -12.1 248.7 -127.3 40.5 24.7 -16.7 32.4 170.2 61.5 21.5 87.3 -43.1 68.0 93.9 -205.1 291.2 59.2 230.4 1.6 275.7 17.0 298.0 -39.3 321.4 28.7 322.8 -30.1 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 37 Z.1, December 8, 2005 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 Q3 Q4 Q1 2005 Q2 Q3 4.9 3.7 -1.5 -2.8 -2.2 -4.5 -1.7 -2.8 -21.3 3.2 -14.2 1 0.6 0.5 -0.6 0.4 0.4 0.4 0.4 0.4 -6.9 0.4 -6.0 2 0.6 -0.0 0.5 -0.0 -0.6 0.0 0.4 0.0 0.4 0.0 0.4 -0.0 0.4 -0.0 0.4 0.0 -6.9 -0.0 0.4 0.0 -6.0 0.0 3 4 4.3 3.2 -0.9 -3.2 -2.6 -4.8 -2.1 -3.2 -14.5 2.8 -8.2 5 Official foreign currency holdings Treasury Monetary authority 0.7 0.3 0.3 0.6 0.3 0.3 0.6 0.3 0.3 0.6 0.3 0.3 0.6 0.3 0.3 0.5 0.3 0.3 0.6 0.3 0.3 0.7 0.4 0.4 0.6 0.3 0.3 0.5 0.3 0.3 0.5 0.2 0.2 6 7 8 Net IMF position Federal government Monetary authority 3.6 3.6 0.0 2.6 2.6 0.0 -1.5 -1.5 0.0 -3.8 -3.8 0.0 -3.3 -3.3 0.0 -5.4 -5.4 0.0 -2.7 -2.7 0.0 -4.0 -4.0 0.0 -15.1 -15.1 0.0 2.3 2.3 0.0 -8.7 -8.7 0.0 9 10 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings. (2) Treasury gold stock. F.201 SDR 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 1.3 1.4 1.0 1.6 0.6 0.9 0.7 1.0 0.8 1.1 1.2 1.1 0.7 1.0 0.1 0.6 0.8 0.4 1.1 0.3 0.9 -0.7 3 4 5 Discrepancy (seigniorage) -0.1 -0.6 -0.3 -0.3 -0.4 0.0 -0.3 -0.5 0.4 0.8 1.7 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 6.8 21.0 22.3 111.3 152.4 16.2 79.8 196.6 371.2 49.8 104.8 1 -5.0 -8.5 27.8 15.7 4.4 -6.8 -9.0 18.3 -36.6 36.3 6.4 7.0 79.0 -5.2 -13.8 0.5 4.5 64.4 0.6 -11.8 -34.0 65.0 38.0 11.4 7.6 20.6 3.5 77.1 12.0 55.9 9.5 13.3 47.8 2 3 4 -7.5 7.9 49.6 61.6 92.4 -53.1 124.9 82.3 339.6 -95.2 34.2 5 38 Z.1, December 8, 2005 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 Net change in liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries Q2 Q3 Q4 Q1 2005 Q2 Q3 -28.0 17.4 -14.6 -5.0 -205.4 239.0 -45.7 -8.0 145.9 167.6 -247.5 1 1.4 -1.6 2.9 5.6 5.1 0.5 0.6 0.5 0.1 -5.4 1.0 -6.4 12.5 0.4 12.1 21.2 15.7 5.5 -28.4 -20.3 -8.1 -27.0 8.1 -35.1 36.7 -6.5 43.3 -3.2 -10.6 7.4 -24.6 -4.3 -20.3 2 3 4 -29.4 -1.0 11.9 0.4 -15.3 -0.7 0.4 1.2 -218.0 -1.1 217.9 4.0 -17.3 6.4 19.0 -4.4 109.1 -9.3 170.8 2.5 -222.9 5.4 5 6 -45.6 4.2 -10.1 -15.8 -217.6 143.5 9.7 1.2 105.6 181.5 -227.7 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates -44.3 -12.3 22.8 35.1 13.9 46.1 -0.9 -47.0 -13.1 75.7 109.9 34.2 -10.2 86.7 33.8 -52.8 -211.9 -22.5 17.4 40.0 154.0 292.5 106.8 -185.6 -1.7 9.6 -71.7 -81.3 18.9 67.1 82.7 15.6 103.7 74.0 -74.0 -148.0 132.4 16.6 129.4 112.7 -232.4 3.9 70.3 66.4 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -35.4 29.7 65.0 -32.8 13.0 45.8 -43.9 21.6 65.5 -123.1 60.8 184.0 -184.9 17.7 202.6 -153.7 -13.7 139.9 -90.0 14.1 104.1 -64.0 225.3 289.3 29.7 -9.2 -38.9 120.6 105.7 -15.0 -257.0 0.2 257.1 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates 3.3 12.2 8.8 0.6 2.0 1.4 -44.9 -40.2 4.7 26.3 19.8 -6.5 -4.4 2.7 7.1 15.2 3.1 -12.0 78.7 47.0 -31.7 15.7 26.3 10.6 -0.1 20.4 20.5 -4.9 4.1 9.0 20.7 0.9 -19.9 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. 1.3 1.3 -0.0 9.7 10.2 -0.6 -2.9 -3.0 0.0 5.6 5.3 0.3 5.7 5.3 0.4 10.5 10.6 -0.1 -11.4 -12.0 0.5 17.7 17.2 0.5 -2.0 -12.6 10.6 -49.1 -38.6 -10.5 -4.7 -4.4 -0.3 18 19 20 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 21 16.5 1.5 -15.8 0.1 17.2 20.9 19.1 10.9 1.0 7.2 -66.4 -3.2 1.3 -0.1 -4.4 40.3 42.1 26.8 0.2 15.0 -53.0 11.6 10.6 0.2 0.7 35.8 86.8 16.2 0.2 70.4 50.5 -15.9 15.6 1.8 -33.4 127.8 85.8 64.8 -1.3 22.2 -55.9 -42.9 -55.9 0.2 12.8 87.2 18.4 31.0 0.6 -13.1 -53.9 -18.2 -16.9 -0.7 -0.6 22 23 24 25 26 3.4 -18.4 0.9 -2.6 7.5 55.7 25.4 -23.6 62.2 2.3 61.5 -10.5 -47.2 -19.3 24.9 -66.9 40.9 -27.9 -72.3 3.4 48.9 -13.2 27 28 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 19.2 3.4 -15.8 -10.0 0.9 10.9 6.3 7.5 1.3 -1.5 25.4 26.8 51.6 62.2 10.6 45.3 61.5 16.2 -62.8 -47.2 15.6 -39.9 24.9 64.8 96.9 40.9 -55.9 -103.3 -72.3 31.0 65.8 48.9 -16.9 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks -18.6 -18.4 0.1 -3.6 -2.6 1.0 55.8 55.7 -0.1 -23.8 -23.6 0.2 2.0 2.3 0.2 -10.7 -10.5 0.2 -21.1 -19.3 1.8 -65.6 -66.9 -1.3 -28.2 -27.9 0.2 2.9 3.4 0.6 -12.5 -13.2 -0.7 32 33 34 -45.2 10.2 -10.2 -20.0 -206.1 168.7 -12.3 -30.2 133.1 180.8 -246.9 35 -45.6 4.2 -10.1 -15.8 -217.6 143.5 9.7 1.2 105.6 181.5 -227.7 36 0.4 6.0 -0.1 -4.2 11.4 25.2 -22.0 -31.4 27.4 -0.7 -19.2 37 35 Net change in assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks -1.0 -0.9 -0.1 0.4 0.4 0.0 -0.7 -0.7 0.0 1.2 1.2 -0.0 -1.1 -1.1 0.0 4.0 3.0 1.0 6.4 6.7 -0.3 -4.4 -3.7 -0.8 -9.3 -9.4 0.0 2.5 1.7 0.7 5.4 2.7 2.7 38 39 40 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 0.7 -2.2 2.9 5.0 4.5 0.5 0.1 -0.0 0.1 -5.3 1.1 -6.4 13.1 1.0 12.1 20.5 15.1 5.5 -28.8 -20.7 -8.1 -26.1 9.0 -35.1 38.0 -5.2 43.3 -3.4 -10.8 7.4 -23.8 -3.5 -20.3 41 42 43 0.6 0.6 0.5 -0.1 -0.6 0.6 0.4 -0.9 -1.3 0.2 -0.8 44 17.2 7.2 -4.4 15.0 0.7 70.4 -33.4 22.2 12.8 -13.1 -0.6 45 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 39 Z.1, December 8, 2005 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 Net change in liabilities 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 204.3 43.5 133.8 149.1 180.6 114.0 78.7 223.3 108.4 0.4 -24.0 1 48.0 1.5 -0.2 46.7 41.5 -2.3 0.0 43.7 37.9 1.3 0.1 36.6 37.1 0.1 -0.1 37.1 15.2 -1.9 -0.3 17.4 50.9 -5.0 0.7 55.2 41.2 -1.7 -0.6 43.4 41.3 9.2 -0.2 32.3 11.0 -6.2 0.2 17.0 11.8 -8.8 -0.2 20.8 44.8 -0.7 0.2 45.4 2 3 4 5 102.2 45.3 -4.8 61.7 -57.3 -16.4 -0.6 -40.3 30.9 -0.9 12.2 19.6 44.6 -3.2 26.9 20.9 95.0 12.6 16.0 66.4 -2.4 -1.8 48.4 -48.9 -22.3 -38.2 -4.3 20.3 107.9 14.6 47.5 45.9 26.8 50.9 -59.5 35.4 -75.7 -63.4 142.5 -154.8 -139.7 8.5 16.2 -164.4 6 7 8 9 64.9 0.5 55.5 4.3 60.5 13.6 57.4 13.2 68.0 -3.6 65.9 5.0 10 11 10 11 Savings institutions Credit unions 50.7 3.5 54.4 5.0 57.4 7.6 59.9 7.5 58.6 11.7 12 Net change in assets 204.3 43.5 133.8 149.1 180.6 114.0 78.7 223.3 108.4 0.4 -24.0 12 13 Household sector 100.4 28.6 -77.7 -30.9 -12.8 -110.6 -22.7 22.3 149.5 73.8 -154.9 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm -48.4 -49.5 0.5 0.6 -11.3 -17.4 5.6 0.5 129.1 120.8 7.6 0.7 114.3 109.7 3.6 1.0 167.1 159.4 6.7 1.0 137.2 132.6 3.6 1.0 140.5 135.0 4.5 1.0 12.4 11.7 -0.3 1.0 37.6 37.1 -0.2 0.7 -97.7 -102.8 4.5 0.7 39.2 36.4 2.1 0.7 14 15 16 17 18 19 State and local governments Federal government 4.0 41.1 5.2 -17.1 3.5 9.2 -4.6 -31.0 1.6 -59.7 -22.8 8.4 8.3 -63.8 -5.8 -9.0 43.4 63.0 1.7 -36.8 -23.6 -21.9 18 19 20 21 22 Rest of the world Checkable deposits Currency 18.8 -5.0 23.8 20.9 -0.6 21.5 28.9 12.3 16.6 41.7 26.8 14.8 8.5 15.7 -7.2 84.2 49.2 35.0 5.3 -4.9 10.2 68.6 47.3 21.3 -55.0 -59.3 4.3 160.4 142.3 18.0 35.1 16.4 18.7 20 21 22 23 Financial sectors 83.3 19.5 49.7 29.1 3.3 30.2 -15.8 98.6 -116.7 -71.0 65.6 23 24 25 26 Commercial banking Savings institutions Credit unions 1.1 2.0 10.1 -0.3 3.8 1.6 -0.0 0.0 3.2 1.0 -3.5 -1.4 2.9 -8.7 5.6 -1.8 1.1 -42.3 1.4 -2.3 13.3 1.7 -4.1 18.0 0.5 3.5 -21.5 0.7 3.5 -23.2 -2.2 2.9 13.1 24 25 26 27 28 29 30 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 9.4 31.9 0.4 1.5 12.8 -1.6 0.3 1.5 8.6 12.0 0.1 4.3 -8.7 6.0 0.1 0.4 -13.9 -3.9 0.1 5.8 -0.1 20.6 1.2 3.4 13.5 2.8 0.1 -7.0 -34.4 4.5 -0.9 -0.6 -7.2 -24.5 0.2 0.2 -3.1 20.9 0.2 -0.1 12.5 1.4 0.3 2.0 27 28 29 30 31 32 33 34 35 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 3.9 2.3 2.9 1.1 16.8 -6.8 8.1 3.1 -0.1 -2.9 -0.7 12.0 3.3 3.9 2.9 2.7 10.1 3.5 3.2 15.7 -16.9 1.0 3.4 4.8 23.2 45.4 -8.2 3.4 5.7 1.9 2.0 -34.2 3.5 -7.6 -1.4 -19.9 81.8 3.6 9.9 39.2 -4.8 -62.9 3.6 4.4 -8.2 -22.4 -42.5 3.7 4.8 -13.5 31.2 0.2 3.7 5.2 -4.7 31 32 33 34 35 5.2 -2.3 -8.9 30.7 72.5 -12.7 26.9 36.0 -13.3 -30.1 36.4 36 36 Mail float 40 Z.1, December 8, 2005 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 2 Net change in liabilities Small time and savings deposits Q2 Q3 Q4 Q1 2005 Q2 Q3 335.6 320.8 316.6 470.4 371.2 582.5 389.2 538.6 330.4 467.0 838.0 1 267.1 270.8 254.8 223.7 93.0 404.4 181.8 215.7 72.4 229.7 445.2 2 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 249.4 240.4 4.5 4.6 269.4 273.6 -2.3 -1.9 230.4 228.2 0.9 1.3 281.8 281.0 -0.8 1.6 307.2 303.4 3.6 0.2 351.3 351.1 -1.6 1.8 242.4 242.8 -3.9 3.5 226.3 226.8 -1.3 0.7 216.8 205.6 5.3 5.9 185.1 181.3 -2.1 6.0 409.2 404.6 -1.1 5.7 3 4 5 6 7 8 Savings institutions Credit unions -30.9 48.6 -31.7 33.1 -5.2 29.6 -73.8 15.7 -161.4 -52.8 -18.4 71.6 -50.2 -10.5 -65.3 54.7 -87.6 -56.8 -9.0 53.6 -23.0 59.0 7 8 9 Large time deposits (1) 68.5 50.0 61.8 246.6 278.2 178.1 207.4 322.8 258.0 237.3 392.8 9 32.7 -25.2 53.3 4.6 -2.8 24.3 -25.1 -1.9 18.8 2.9 14.6 1.3 186.3 115.4 69.3 1.6 217.7 63.1 154.4 0.2 148.9 72.9 74.1 1.8 132.4 113.2 15.7 3.5 246.2 212.4 33.1 0.7 205.3 122.8 76.6 5.9 165.4 113.0 46.4 6.0 340.3 209.9 124.8 5.7 10 11 12 13 26.8 9.0 44.0 8.7 32.2 10.8 54.0 6.4 56.2 4.2 21.9 7.3 67.5 7.6 70.2 6.4 46.3 6.4 65.7 6.2 46.2 6.3 14 15 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Net change in assets 335.6 320.8 316.6 470.4 371.2 582.5 389.2 538.6 330.4 467.0 838.0 16 17 Household sector 193.7 279.1 395.2 360.3 326.2 400.1 348.5 366.4 395.2 249.4 661.2 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 0.9 -6.2 7.1 6.6 -4.8 11.5 9.0 1.5 7.4 16.6 7.7 8.9 11.6 5.2 6.4 -25.3 -35.8 10.5 56.9 47.3 9.6 23.0 13.9 9.1 50.3 40.3 10.0 -16.1 -25.3 9.2 26.0 16.2 9.8 18 19 20 21 22 23 State and local governments Federal government Rest of the world 12.0 4.2 11.9 8.8 17.1 31.7 8.0 -25.2 -12.6 6.9 -0.0 74.4 7.5 -2.2 17.9 -1.0 1.1 152.5 24.0 0.5 -8.5 -2.9 0.6 135.7 59.8 -0.1 -183.6 -3.2 -2.8 294.0 43.6 1.5 17.4 21 22 23 24 Financial sectors 112.9 -22.5 -57.8 12.3 10.3 55.1 -32.1 15.7 8.7 -54.3 88.2 24 0.8 7.4 0.4 1.6 0.0 1.8 0.6 -0.0 1.4 -1.0 1.2 5.7 -0.2 -3.3 0.1 -1.5 -1.6 -9.4 -0.1 -1.1 0.5 2.5 25 26 7.1 0.2 89.3 8.1 4.6 -0.1 -23.9 -5.1 2.4 -0.3 -53.3 -8.5 2.0 0.3 0.4 9.0 1.1 1.1 -11.9 19.7 2.6 1.0 19.8 25.0 2.0 -0.7 -7.3 -22.7 2.3 -0.1 0.9 13.9 2.8 0.0 24.0 -7.1 4.4 -0.0 -77.3 19.8 5.0 0.2 77.3 2.7 27 28 29 30 25 26 Savings institutions Credit unions 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises (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 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 1 2 Net purchases 3 4 5 6 7 8 9 10 428.5 -16.7 -207.5 -136.5 -132.4 -85.9 -156.1 -171.8 -71.4 60.7 222.2 2 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 153.4 110.5 9.6 3.2 -43.2 26.1 2.3 1.6 -110.1 -38.0 -8.2 3.6 -56.4 -12.0 -3.2 3.2 34.2 -0.7 -15.6 3.9 -32.3 11.5 -0.7 0.3 -188.1 -25.1 -2.8 3.4 -39.3 -33.7 6.5 5.3 -39.2 -38.3 9.2 3.1 93.4 -6.1 15.1 -1.0 122.1 15.4 19.9 4.0 3 4 5 6 Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 31.0 3.8 2.2 114.7 -13.5 2.3 0.1 7.7 -8.3 1.5 -2.9 -45.2 -30.7 0.8 -3.1 -35.2 -29.2 0.6 -2.9 -122.8 -18.1 0.6 -5.2 -41.9 -38.5 0.9 -3.8 97.9 -37.2 1.0 -0.4 -74.0 -28.5 1.4 0.1 20.8 -4.3 1.1 -0.0 -37.5 1.7 2.2 1.1 55.7 7 8 9 10 41 Z.1, December 8, 2005 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 Net change in liabilities 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 6 7 8 Savings institutions REITs Brokers and dealers (net) 9 Net change in assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 17 18 19 20 21 22 23 Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 23.7 106.6 227.2 83.2 259.9 -278.2 396.8 -45.8 580.7 424.4 173.7 1 -42.3 -31.2 -11.0 -0.1 115.5 73.6 39.5 2.4 67.6 68.5 -1.9 0.9 4.1 10.1 -4.7 -1.3 222.3 220.3 5.4 -3.4 122.9 87.8 34.4 0.7 -35.5 -84.7 49.9 -0.7 -293.3 -183.1 -108.6 -1.6 189.1 259.8 -69.2 -1.5 180.8 126.4 47.6 6.7 66.0 12.6 56.0 -2.5 2 3 4 5 5.8 9.3 51.0 -15.0 15.1 -9.0 20.1 5.9 133.7 4.7 25.0 49.3 -13.6 39.9 11.2 -11.7 29.0 -418.4 12.8 14.6 404.8 31.4 16.6 199.5 -46.3 15.9 422.0 5.1 45.3 193.2 29.7 51.4 26.6 6 7 8 81.9 66.4 249.2 203.4 387.0 0.5 312.3 114.1 -8.4 331.5 289.2 9 -0.2 -11.1 59.4 2.2 -16.4 39.4 -0.2 7.2 270.1 0.5 6.4 186.9 -3.2 7.7 275.5 -1.4 0.5 87.9 3.6 6.7 198.5 2.9 10.5 185.8 -0.9 6.2 -162.9 0.9 -1.9 174.2 3.7 8.0 150.5 10 11 12 33.8 6.9 5.4 -1.5 41.3 -10.8 -0.3 -0.8 -27.9 4.3 -7.7 -0.1 9.7 -10.8 -3.2 2.6 106.9 -0.8 34.1 -5.5 -86.5 13.8 -21.0 4.1 103.5 -28.0 -9.9 0.9 -85.2 -28.0 -15.8 10.8 149.2 52.9 1.1 -11.4 158.4 -5.3 1.1 0.3 127.1 -41.1 21.3 12.0 13 14 15 16 -8.1 1.5 -5.9 43.4 -31.8 23.8 14.2 1.0 -6.9 47.1 6.8 -9.1 8.5 0.5 -5.0 -20.8 12.5 -20.0 10.2 0.4 -5.3 -18.7 18.6 15.8 -2.6 0.2 -5.0 64.2 -15.6 37.8 -8.8 0.4 -9.1 -54.0 2.1 -14.0 31.6 0.4 -6.6 40.7 57.9 16.5 20.6 0.5 -0.6 -125.6 29.9 23.0 10.7 0.6 0.1 64.5 42.3 -11.6 -3.6 0.6 -0.1 173.2 -17.7 10.0 4.0 1.0 1.9 77.0 -41.7 92.6 17 18 19 20 21 22 -58.1 40.2 -22.0 -120.3 -127.1 -278.7 84.5 -159.9 589.1 92.9 -115.5 23 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -147.8 -91.5 -81.6 113.6 263.0 -0.3 15.4 176.4 189.4 516.0 261.5 1 -144.6 -91.4 -81.3 113.9 264.8 -2.5 16.9 176.5 189.3 515.6 260.3 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial -88.3 -14.2 -23.3 9.1 -64.2 36.1 4.8 31.3 -40.0 22.3 -3.7 25.9 15.8 63.7 -2.3 65.9 33.8 99.6 -1.6 101.2 32.3 -30.1 -3.7 -26.4 22.4 24.4 -6.4 30.8 -25.4 160.7 2.4 158.3 53.7 13.7 2.4 11.3 9.2 33.6 -12.8 46.4 4.6 116.7 16.8 99.8 3 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations -42.1 -5.1 120.0 -80.3 0.0 -76.8 -63.3 -2.3 -13.0 -17.1 0.0 -30.9 -63.6 -6.0 -35.6 -5.2 0.0 -16.8 34.5 10.8 27.1 27.7 0.0 -31.1 131.4 59.2 26.8 41.0 0.0 4.3 -4.8 -21.5 -15.0 -10.0 0.0 41.7 -29.9 1.5 -4.2 48.2 0.0 -75.4 41.2 4.1 100.9 31.4 0.0 -95.2 122.0 26.8 117.2 -24.8 0.0 2.7 472.8 -7.6 205.1 -74.1 0.0 349.4 139.0 21.6 188.7 -14.9 0.0 -56.3 7 8 9 10 11 12 13 Bankers acceptances (1) -3.2 -0.2 -0.2 -0.3 -1.8 2.3 -1.5 -0.1 0.1 0.4 1.2 13 14 Net purchases, by sector -147.8 -91.5 -81.6 113.6 263.0 -0.3 15.4 176.4 189.4 516.0 261.5 14 -0.0 2.4 17.4 -2.6 13.1 4.6 14.4 10.3 -4.5 10.9 9.4 7.0 30.2 15.8 8.3 30.6 39.9 21.1 10.1 51.2 8.3 -1.2 0.7 12.5 14.3 1.2 8.7 9.2 58.5 42.0 13.8 49.3 5.2 -11.2 8.1 -23.8 57.3 0.7 -2.5 47.8 7.4 11.0 10.4 -34.0 15 16 17 18 0.0 0.0 0.0 1.2 0.0 0.0 0.0 1.2 0.0 0.0 0.0 -2.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 2.5 0.0 0.0 0.0 -1.8 0.0 0.0 0.0 -0.7 0.0 0.0 0.0 1.0 0.0 0.0 0.0 0.6 0.0 0.0 0.0 -2.5 0.0 0.0 0.0 -2.0 19 20 21 22 -11.9 1.0 4.0 14.7 2.6 -3.2 -18.2 -2.2 -9.0 -7.6 1.2 -9.5 -6.2 -0.1 -8.9 -16.1 0.1 -16.1 -23.3 0.5 -11.8 15.0 4.2 -1.1 -17.9 0.9 0.3 -16.7 3.9 -0.1 -20.7 1.8 3.4 23 24 25 3.4 -31.8 2.7 9.0 -142.4 -38.6 -11.8 -23.5 -4.7 -70.8 -125.2 12.8 -2.4 5.9 35.9 -54.1 18.5 -2.0 -1.3 83.4 -126.2 3.7 1.4 0.7 273.7 -97.4 10.3 -1.6 1.7 100.4 -16.7 48.9 -4.6 -0.3 -10.0 23.9 10.9 -3.1 -7.4 -30.6 -7.6 59.9 2.5 9.5 162.9 47.4 -5.8 3.5 36.9 346.5 98.6 -49.9 -3.0 -1.5 240.1 26 27 28 29 30 2 3 4 5 6 Total net issues, all types Commercial paper 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 19 20 21 22 Monetary authority Commercial banking (1) Savings institutions Credit unions 23 24 25 Life insurance companies Private pension funds State and local govt. retirement funds 26 27 28 29 30 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations (1) Excludes banks’ holdings of own acceptances. 42 Z.1, December 8, 2005 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 -5.1 257.1 398.4 362.5 501.9 370.8 266.5 310.9 631.5 7.2 232.3 1 5.6 -10.7 4.5 252.5 8.9 389.5 0.6 361.9 3.5 498.4 1.5 369.4 -1.1 267.6 -1.4 312.3 0.1 631.3 0.7 6.5 -1.7 234.0 2 3 -5.1 257.1 398.4 362.5 501.9 370.8 266.5 310.9 631.5 7.2 232.3 4 -85.2 5.6 -90.8 -115.4 4.5 -119.9 31.7 8.9 22.8 57.0 0.6 56.4 63.8 3.5 60.3 21.6 1.5 20.1 -27.5 -1.1 -26.4 170.0 -1.4 171.4 134.1 0.1 134.0 -330.1 0.7 -330.8 58.5 -1.7 60.2 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments -1.3 2.7 18.3 14.5 0.0 26.3 1.5 1.4 8.3 -1.4 2.1 22.6 -1.5 2.5 46.5 -3.4 2.0 22.9 -8.4 2.1 13.1 7.9 1.6 7.8 -5.7 1.6 92.5 -1.2 1.3 107.8 6.9 1.1 102.4 8 9 10 11 12 Rest of the world Monetary authority 10.5 40.0 138.9 77.7 288.9 37.3 358.5 51.2 559.3 22.1 493.5 53.5 206.6 71.3 174.5 57.6 357.3 -10.5 136.9 32.0 211.6 66.8 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -21.9 -31.4 9.8 0.4 -0.6 43.2 29.9 12.9 0.1 0.3 3.0 7.1 -6.5 1.4 1.0 -22.8 -19.2 -4.1 -0.8 1.4 32.9 24.2 9.7 -2.3 1.3 1.0 7.4 -11.1 1.0 3.6 -54.9 -51.9 2.4 -3.4 -1.9 -70.1 -56.7 -17.6 1.7 2.5 53.4 45.1 9.1 -1.6 0.8 -50.6 -33.0 -18.7 3.2 -2.1 19.6 19.6 0.1 0.1 -0.2 13 14 15 16 17 18 19 Savings institutions Credit unions 2.7 -0.8 -2.2 0.4 3.0 1.1 -3.9 0.1 -9.2 -1.5 -3.1 5.6 -5.4 0.1 2.3 -3.8 -3.2 -2.0 5.6 -0.5 -1.4 -1.1 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -0.0 -4.4 0.2 -24.0 7.2 9.2 24.8 4.6 3.8 9.3 3.5 -6.6 1.4 -10.9 4.8 6.6 6.6 4.9 -17.5 5.4 9.9 8.1 6.4 -21.7 2.1 5.7 6.7 4.1 -35.8 8.3 6.5 6.5 7.4 -12.1 10.2 4.1 5.3 1.6 -0.5 0.9 9.1 5.2 0.5 -0.7 8.8 5.0 0.1 4.6 0.2 10.8 6.7 5.8 5.8 2.9 7.7 20 21 22 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 46.0 -8.5 0.1 0.0 0.4 13.1 4.7 19.7 -2.8 2.0 12.1 -13.7 -10.2 9.4 1.4 0.1 -12.3 41.7 -33.9 4.9 2.4 2.8 -0.6 -82.4 -27.3 19.4 5.4 3.6 -1.7 -217.3 -44.9 1.6 2.4 3.0 2.7 -176.5 -9.6 -6.7 0.9 1.5 -2.8 67.8 -53.5 5.2 0.9 3.2 -0.7 -3.4 11.2 11.6 0.6 9.3 0.7 -42.4 -10.0 4.0 1.7 2.1 -1.9 89.3 -12.3 6.2 1.1 4.5 1.0 -261.7 25 26 27 28 29 30 -5.6 257.6 396.0 361.9 502.9 367.2 266.3 311.2 630.7 5.8 231.9 31 Memo: 31 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 43 Z.1, December 8, 2005 F.210 Agency- and GSE-backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases Household sector Nonfinancial corporate business State and local governments 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 642.1 547.2 571.9 117.5 128.3 296.3 155.1 -109.8 -145.7 37.9 -65.8 1 -0.5 304.1 338.5 0.5 219.8 326.8 -2.4 243.7 330.5 -0.6 65.0 53.0 1.1 0.6 126.7 -3.6 211.9 88.0 -0.2 93.1 62.1 0.3 -45.5 -64.6 -0.7 -209.6 64.7 -1.4 -84.2 123.5 -0.4 -243.9 178.4 2 3 4 642.1 547.2 571.9 117.5 128.3 296.3 155.1 -109.8 -145.7 37.9 -65.8 5 -120.0 2.1 47.2 -191.1 -0.7 41.9 173.4 -4.7 20.4 95.6 -0.5 18.1 -200.7 -0.6 22.0 177.7 -1.3 1.5 598.8 -3.1 18.9 -193.3 2.9 29.9 32.3 -2.1 17.6 222.9 -5.5 -5.5 338.7 7.6 22.7 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 103.7 -0.1 0.0 112.3 0.0 0.0 6.5 -0.0 0.0 104.8 0.0 0.0 36.9 0.0 0.0 99.9 0.0 0.0 49.5 0.0 0.0 232.8 0.0 0.0 102.7 0.0 0.0 167.9 0.0 0.0 225.6 0.0 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 55.6 73.7 -22.0 1.4 2.5 140.5 121.1 10.9 4.5 3.9 83.6 85.1 -7.1 0.9 4.7 96.9 89.7 0.6 1.9 4.7 380.2 378.4 -5.6 3.6 3.9 65.7 45.5 12.4 1.4 6.4 -217.6 -216.8 -13.8 5.8 7.2 159.2 151.7 9.5 -3.2 1.2 95.5 102.2 -9.3 0.3 2.4 -63.3 -94.4 27.9 -3.1 6.3 -55.5 -24.2 -27.0 -5.2 1.0 12 13 14 15 16 17 18 Savings institutions Credit unions 21.0 19.6 14.7 16.8 22.6 18.2 -13.6 1.5 -27.6 9.0 -14.2 7.9 -30.6 -20.6 17.9 9.8 -6.2 6.7 -8.7 -5.8 -17.7 -9.1 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 10.1 18.1 7.4 1.9 1.6 19.0 77.4 5.7 11.8 2.4 2.2 18.0 6.8 55.7 1.1 -3.3 8.2 13.2 44.2 -0.5 3.8 16.0 17.9 111.2 -0.8 -4.4 8.7 7.3 94.0 -1.0 -4.0 7.3 14.4 -27.2 0.4 -8.5 0.8 13.3 -1.0 -0.5 14.3 29.5 2.3 -1.6 -0.2 7.9 11.8 16.7 0.5 0.3 7.5 32.5 17.1 9.4 -0.1 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 141.5 85.3 206.9 8.7 61.5 131.7 -4.6 25.3 88.8 -61.1 15.2 -130.3 -53.6 60.6 -200.7 -56.2 4.9 -93.5 -107.7 -21.0 -33.9 -26.9 16.3 -192.9 -176.2 36.5 -185.4 -149.6 12.5 -227.6 -182.5 19.5 -297.7 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 18.9 7.0 14.1 70.7 9.7 14.1 69.1 -2.4 -8.1 -110.7 16.1 23.5 -122.5 36.9 40.2 31.8 -2.8 -29.9 -249.5 -1.4 182.4 -102.5 31.5 -98.5 -112.8 -2.2 3.6 -58.2 10.6 111.0 -112.8 0.2 -71.4 27 28 29 (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 FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, 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 32. 44 Z.1, December 8, 2005 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 Net change in liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 6 7 Net change in assets 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 12 13 Commercial banking Savings institutions 14 15 16 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 17 18 19 20 21 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers Q2 Q3 Q4 Q1 2005 Q2 Q3 122.9 159.4 135.1 133.1 174.0 70.2 157.3 130.9 224.9 127.7 240.5 1 105.5 23.8 81.7 143.4 25.2 118.2 117.5 7.2 110.3 118.0 -6.0 124.0 155.9 25.8 130.1 51.0 -60.7 111.6 145.0 20.1 125.0 120.2 -9.0 129.2 201.9 18.0 183.9 105.3 -31.3 136.7 220.1 11.7 208.4 2 3 4 13.8 12.9 14.1 9.9 13.4 15.2 6.9 4.0 17.0 16.1 14.6 5 3.5 3.1 3.4 5.2 4.7 4.0 5.3 6.6 6.1 6.3 5.7 6 122.9 159.4 135.1 133.1 174.0 70.2 157.3 130.9 224.9 127.7 240.5 7 49.6 -2.6 1.1 0.2 101.4 2.8 -0.1 0.1 33.9 3.1 0.2 0.3 37.5 4.7 0.2 0.2 38.0 -9.4 0.2 0.3 -2.0 13.3 0.2 0.0 61.2 -3.6 0.2 0.2 52.8 18.4 0.2 0.4 83.8 8.4 0.2 0.2 71.2 -2.3 0.2 -0.1 121.9 5.8 0.2 0.3 8 9 10 11 6.1 1.3 1.5 1.0 10.8 0.8 8.3 0.8 11.4 0.7 10.8 0.3 1.7 1.2 9.2 1.0 24.1 1.0 7.0 3.0 16.8 1.6 12 13 -10.3 -0.4 -0.1 9.2 1.2 -0.8 41.2 6.2 0.1 43.6 4.0 0.7 53.8 4.5 1.6 40.1 4.0 0.3 44.1 4.0 0.7 36.3 3.5 0.0 34.2 2.7 0.0 18.8 1.1 -0.0 39.9 3.0 0.2 14 15 16 34.2 23.0 7.0 6.2 7.7 1.8 23.8 11.3 4.0 2.0 13.6 12.9 3.2 5.0 3.8 21.8 4.1 -0.1 0.2 7.1 18.9 41.2 -1.8 14.0 0.7 11.9 -42.0 5.8 6.9 20.6 12.7 10.5 -2.0 12.6 13.6 43.7 6.8 -2.4 -32.7 -6.5 19.1 27.0 1.1 5.7 17.5 25.2 18.4 2.5 -1.6 -15.7 9.4 33.9 1.8 -9.7 15.5 17 18 19 20 21 (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). F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 568.6 487.6 664.1 631.6 440.9 456.8 693.0 935.5 593.1 770.9 618.1 1 2 3 Nonfinancial corporate business Rest of the world (1) 347.7 -18.5 132.3 31.6 158.3 41.9 77.7 19.2 114.2 -4.3 6.7 -40.1 51.7 86.8 138.3 34.4 34.3 -4.6 30.1 60.7 82.7 -3.5 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 239.4 37.0 -2.6 323.7 22.0 -0.2 463.9 46.9 1.7 534.7 58.3 2.5 331.0 39.3 3.4 490.3 54.8 -3.8 554.6 61.4 3.7 762.8 77.8 6.7 563.3 79.3 -0.4 680.1 30.8 0.7 538.9 38.3 -0.6 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 110.4 66.6 4.4 1.4 22.2 194.9 62.0 16.2 -1.7 30.5 255.1 115.2 23.3 6.4 15.4 294.6 81.1 70.6 15.2 12.2 120.3 54.0 40.7 51.9 21.3 370.2 33.8 42.5 2.5 -9.7 421.1 30.4 19.0 33.2 -14.2 267.0 206.3 180.1 -26.6 51.5 313.0 108.9 36.4 11.2 14.9 483.3 66.4 72.2 -5.2 32.0 431.9 -5.9 44.6 18.0 12.5 7 8 9 10 11 12 Net issues 568.6 487.6 664.1 631.6 440.9 456.8 693.0 935.5 593.1 770.9 618.1 12 13 14 15 Net purchases Household sector State and local governments Rest of the world (2) -27.5 11.2 195.4 163.3 9.1 151.0 -60.1 6.5 230.0 -117.8 5.7 254.4 -241.8 7.0 179.3 -187.9 0.5 200.9 -233.3 6.0 342.4 191.8 9.5 294.8 -349.5 5.6 244.1 -111.9 -1.7 346.3 -350.8 7.2 418.1 13 14 15 16 17 Commercial banking Savings institutions 97.0 -25.6 -3.2 -4.0 44.6 -8.8 77.3 -12.2 71.6 -30.1 -32.3 -19.9 148.6 -5.5 121.0 6.9 255.9 13.2 186.0 7.4 115.5 35.1 16 17 18 19 20 21 22 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 8.9 120.2 4.7 -34.6 0.9 2.4 106.8 12.7 -62.4 1.3 20.0 171.0 8.2 -24.1 0.5 26.4 147.8 15.8 10.2 -0.3 37.5 184.0 20.8 32.9 -0.5 23.4 149.4 11.6 30.2 -0.5 26.3 144.9 22.3 -19.6 0.2 18.4 112.8 8.5 -2.6 -0.3 31.3 158.8 4.2 -1.8 -0.1 17.2 53.8 21.5 0.3 0.2 23.7 150.8 24.7 11.2 -0.0 18 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 42.3 58.1 -3.8 0.0 5.6 50.9 0.0 1.8 30.5 77.4 31.6 0.6 2.3 74.5 8.9 1.0 -23.8 106.8 6.4 1.5 34.9 33.4 13.5 0.6 -32.4 71.7 1.5 0.8 30.6 86.0 14.1 1.0 -45.0 71.8 4.7 2.4 8.5 94.3 -2.6 1.4 37.5 84.3 1.1 2.6 23 24 25 26 27 28 29 30 Government-sponsored enterprises REITs Brokers and dealers Funding corporations 24.6 2.3 48.6 45.8 33.5 2.3 30.7 -14.4 36.6 8.4 36.4 54.9 110.8 17.4 23.9 -14.5 111.5 21.5 -14.2 -29.5 165.0 11.6 65.3 -42.7 144.7 14.2 39.3 20.9 22.1 22.3 5.2 -6.6 60.8 9.4 79.0 48.3 56.0 50.1 94.6 -50.3 34.6 28.7 -3.2 -3.1 27 28 29 30 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. 45 Z.1, December 8, 2005 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 Q3 Q4 Q1 2005 Q2 Q3 98.3 46.3 119.1 34.5 89.8 99.3 -7.9 -43.3 -21.7 -196.4 -264.4 1 2 Nonfinancial corporate business -48.1 -41.6 -57.8 -157.0 -82.2 -159.5 -203.2 -183.2 -251.6 -351.1 -446.2 2 3 Rest of the world (2) 109.1 17.0 114.2 83.2 66.5 160.9 67.0 38.5 159.3 83.3 140.0 3 37.3 -8.1 0.5 -0.9 1.9 31.0 6.1 6.7 71.0 -10.7 6.2 -6.5 18.0 45.3 8.4 10.2 62.7 -2.4 4.1 -3.9 43.9 15.8 13.3 -8.0 108.3 17.6 -4.0 -17.3 32.8 55.0 21.5 2.6 105.5 -0.6 1.6 -4.3 62.0 30.1 25.8 -9.1 97.9 -4.4 -5.7 -32.7 35.9 60.8 13.8 30.2 128.4 70.5 -4.6 -18.3 20.9 27.1 21.6 11.1 101.4 5.0 -7.2 -13.9 12.5 102.2 24.7 -21.9 70.6 -22.1 -3.6 -13.8 40.6 35.7 10.7 23.2 71.4 11.3 -5.0 -5.0 23.5 40.6 20.1 -14.1 41.8 -24.9 -3.8 -5.6 32.1 12.6 23.7 7.8 4 5 6 7 8 9 10 11 4 5 6 7 8 9 10 11 12 Net issues Q2 Financial sectors Commercial banking Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds REITs Brokers and dealers Net purchases 13 14 15 Household sector State and local governments Rest of the world (3) 16 17 Commercial banking Savings institutions 18 19 20 21 22 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 23 24 25 26 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 98.3 46.3 119.1 34.5 89.8 99.3 -7.9 -43.3 -21.7 -196.4 -264.4 12 -241.9 4.0 121.5 -93.4 10.3 54.1 -77.5 -17.5 35.0 -258.2 -5.0 61.9 -237.8 -2.1 17.2 -95.6 -2.7 36.6 -242.6 12.1 5.1 -456.9 -27.3 188.7 -414.1 14.2 82.9 -387.5 -8.7 50.0 -556.4 -7.1 159.1 13 14 15 0.2 3.2 -0.6 2.0 2.3 -1.0 -0.2 -1.1 -0.0 3.0 -1.2 -2.3 -0.2 -1.3 0.4 -3.9 -0.9 -1.8 4.3 -0.9 -1.5 -0.8 16 17 -0.3 70.2 -129.8 115.1 -0.6 -1.1 52.7 -121.4 50.2 7.9 -2.7 45.5 -44.8 -0.6 17.2 -3.5 51.5 -44.0 -22.6 9.1 -5.7 60.4 -29.3 -82.5 12.2 6.0 46.2 -36.0 -55.0 4.0 4.6 74.8 -58.7 32.3 5.0 -18.9 24.4 -52.2 14.6 15.3 -1.0 81.8 -15.6 -4.7 5.6 -4.6 50.9 -48.2 -5.9 2.6 4.7 80.2 -55.8 -19.5 7.5 18 19 20 21 22 109.8 -1.3 31.0 17.3 31.4 9.4 41.6 3.2 136.8 7.6 15.1 3.8 158.3 21.7 51.2 15.5 234.1 52.0 25.0 43.3 110.4 14.2 57.2 17.3 143.6 20.6 24.8 -28.0 145.0 -0.2 98.0 29.6 145.9 34.2 24.0 27.9 124.1 21.8 37.1 -31.4 126.6 28.0 5.5 -35.0 23 24 25 26 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) 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 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 1 2 Net purchases 201.2 182.4 288.0 299.0 464.1 115.6 308.9 307.6 400.2 223.7 179.0 2 141.7 4.0 0.4 111.3 0.6 2.1 228.6 11.0 -5.4 257.3 5.0 -1.5 422.6 5.0 -0.7 77.4 5.0 -0.8 262.2 5.0 3.7 266.9 5.0 -8.3 358.2 5.0 4.3 207.4 5.0 -2.7 140.9 5.0 -2.2 3 4 5 7.8 1.5 1.7 -0.2 -6.2 0.5 -0.9 -0.9 -4.7 0.4 -0.0 -1.2 -2.8 -1.6 4.0 -1.4 -4.9 -1.3 -4.3 -1.1 3.1 -1.2 6 7 2.1 17.9 25.8 2.6 50.4 13.9 0.5 51.7 7.3 12.8 25.8 1.6 12.8 29.1 -0.4 12.8 18.8 3.8 12.8 26.3 3.3 12.8 29.1 -0.4 10.0 29.6 -0.8 10.0 9.6 -0.2 8.0 22.0 3.3 8 9 10 3 4 5 Household sector Nonfinancial corporate business State and local governments 6 7 Commercial banking Credit unions 8 9 10 Life insurance companies 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. 46 Z.1, December 8, 2005 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Total loans by commercial banking, flow of funds basis 71.3 225.2 193.2 405.0 431.5 469.0 441.9 277.5 590.7 569.7 645.9 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 0.0 129.8 17.4 0.0 0.0 268.5 34.1 2.8 0.0 197.5 52.8 35.5 0.0 339.5 34.9 -17.9 0.0 380.4 16.8 61.9 0.0 356.8 15.7 30.1 0.0 322.6 60.8 54.7 0.0 298.2 46.2 -218.2 0.0 468.6 -21.6 37.3 0.0 328.0 8.6 52.2 0.0 416.3 95.2 47.6 2 3 4 5 6 = Banking sector total bank loans n.e.c. -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 6 -61.5 -19.1 0.3 4.5 -58.1 -18.6 0.9 -4.3 -69.0 -29.0 5.0 0.3 42.8 6.4 -2.5 1.8 -13.7 -16.8 1.0 2.0 53.2 14.0 -2.9 2.2 9.8 -7.8 1.6 0.1 121.8 36.3 -9.7 2.9 49.2 61.2 -4.9 0.9 123.9 55.3 -5.1 6.8 25.6 62.5 0.8 -2.1 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 12 13 Net change in liabilities -75.8 -80.2 -92.6 48.5 -27.6 66.5 3.7 151.3 106.4 180.9 86.8 13 -88.9 -81.6 -87.9 36.1 -45.1 92.3 -40.5 137.6 100.6 205.0 47.3 14 -16.1 -109.6 44.0 -0.0 -3.0 -108.2 25.1 -0.9 -5.0 -64.4 -10.3 -0.4 5.4 10.1 15.9 2.2 13.5 -60.2 8.6 -0.3 51.0 15.2 16.5 2.5 -74.9 24.2 14.1 5.2 32.1 61.3 24.3 1.5 19.0 48.3 24.5 -3.4 19.3 130.8 58.2 2.0 -9.3 29.1 14.7 7.6 15 16 17 18 -7.3 0.8 -7.4 -0.7 5.3 0.8 -0.8 5.3 -7.7 -0.5 -1.5 -5.7 2.5 0.9 2.8 -1.3 -6.7 1.5 2.9 -11.2 7.0 1.3 5.9 -0.2 -9.0 -0.8 -3.2 -5.0 18.5 1.6 5.7 11.1 12.1 0.9 1.4 9.9 -5.3 -1.9 -1.8 -1.6 5.2 -9.7 9.9 5.0 19 20 21 22 13.0 1.5 -4.8 12.4 17.5 -25.8 44.2 13.6 5.8 -24.0 39.5 23 1.5 14.9 0.0 -3.3 4.2 -2.8 0.0 0.1 -13.2 8.1 0.0 0.3 1.9 9.1 0.0 1.4 1.5 16.1 0.0 -0.1 1.1 -32.2 0.0 5.4 4.8 36.9 0.0 2.5 0.4 15.5 0.0 -2.2 -0.5 -8.3 0.0 14.6 -9.5 -15.9 0.0 1.3 5.1 33.4 0.0 1.0 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 47 Z.1, December 8, 2005 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Total other loans and advances 30.6 24.7 39.1 96.0 89.1 132.4 -20.3 182.9 107.5 183.1 27.5 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises -5.9 -1.6 -0.2 -3.2 0.0 0.2 -1.1 0.0 -3.6 -0.8 -0.3 -0.7 -0.3 0.5 -1.9 0.0 -1.4 -0.7 0.7 0.7 -0.2 0.3 -2.1 0.0 -2.1 -0.9 0.5 1.5 -0.3 0.2 -3.2 0.0 -2.5 -0.6 1.0 1.9 -0.2 0.1 -4.6 0.0 -1.0 -0.9 0.2 1.3 -0.2 0.2 -1.6 0.0 -2.6 -1.0 0.5 1.6 -0.4 0.2 -3.5 0.0 -2.3 -0.9 0.3 1.3 -0.3 0.3 -3.0 0.0 -10.1 -0.9 0.4 -5.9 -0.3 0.3 -3.7 0.0 -6.8 -0.8 1.0 -4.7 -0.3 0.4 -2.4 0.0 -8.9 -0.7 0.9 -3.9 -0.3 0.6 -5.4 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -1.6 -1.6 10.1 10.1 -0.8 -0.8 6.3 6.3 -12.7 -12.7 -13.1 -13.1 -14.7 -14.7 65.5 65.5 107.8 107.8 51.2 51.2 5.5 5.5 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world -2.9 -0.3 -2.6 -0.0 0.3 -0.4 -0.2 -0.2 0.0 -0.4 -0.4 0.1 -1.9 -2.2 0.3 2.4 1.2 1.1 -1.5 -0.3 -1.3 -0.3 -0.5 0.1 0.1 -0.0 0.2 0.6 -0.2 0.8 1.1 2.4 -1.3 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 3.6 1.8 1.8 3.3 1.7 1.7 10.0 5.0 5.0 1.3 0.7 0.7 -26.8 -13.4 -13.4 23.4 11.7 11.7 8.0 4.0 4.0 0.7 0.4 0.4 -5.0 -2.5 -2.5 17.6 8.8 8.8 -5.1 -2.6 -2.6 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 2.2 0.0 2.2 1.1 0.0 1.0 -0.6 0.0 -0.7 1.7 0.1 1.6 -0.2 0.1 -0.2 1.9 0.1 1.8 3.3 0.1 3.2 1.7 0.1 1.6 -1.4 0.1 -1.5 3.0 0.1 2.9 3.0 0.1 2.9 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 28.3 -0.1 0.0 2.9 24.2 -0.9 1.5 0.6 8.9 0.1 0.6 1.4 30.2 -27.4 2.0 2.0 31.1 -0.1 -0.3 0.3 8.5 17.6 2.2 2.9 73.5 -0.3 -1.7 1.5 8.8 60.0 2.3 3.0 84.8 0.0 6.0 -0.4 85.9 -3.8 -2.7 -0.4 140.3 -0.6 -7.8 0.5 -28.8 169.3 4.9 2.7 -17.6 -0.6 -5.6 4.3 -1.2 -15.5 0.9 0.1 86.8 -0.3 0.5 1.4 -20.6 89.9 6.1 9.7 35.2 0.0 6.7 1.5 56.8 -29.7 1.5 -1.6 116.4 0.0 -1.9 3.9 17.8 91.3 3.1 2.3 17.6 0.0 -2.2 9.0 21.7 -11.6 0.3 0.4 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 18.5 18.5 -3.3 -3.3 -1.1 -1.1 1.4 1.4 -9.2 -9.2 0.3 0.3 18.7 18.7 -4.3 -4.3 6.9 6.9 -29.1 -29.1 -18.6 -18.6 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business -11.5 -10.3 -1.1 8.3 7.5 0.8 2.2 2.0 0.2 14.3 12.9 1.4 57.6 51.8 5.8 -21.6 -19.5 -2.2 -13.8 -12.5 -1.4 35.0 31.5 3.5 -26.0 -23.4 -2.6 30.2 27.2 3.0 32.9 29.6 3.3 31 32 33 48 Z.1, December 8, 2005 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Net change in mortgages 660.5 821.9 991.9 1213.6 1170.3 1108.8 1355.1 1220.2 1163.0 1478.9 1574.1 1 2 3 4 5 Home Multifamily residential Commercial Farm 496.1 42.2 114.5 7.7 672.8 38.8 102.6 7.7 782.0 70.5 131.3 8.1 972.7 51.9 180.9 8.1 964.7 31.6 166.9 7.1 889.6 67.8 140.9 10.4 1097.9 47.9 200.1 9.1 938.6 60.1 215.7 5.9 918.7 34.4 204.7 5.1 1137.4 59.0 271.2 11.4 1225.3 37.0 303.0 8.8 2 3 4 5 6 660.5 821.9 991.9 1213.6 1170.3 1108.8 1355.1 1220.2 1163.0 1478.9 1574.1 6 Household sector 469.9 638.8 729.1 904.9 908.6 840.2 1007.9 862.8 838.1 1035.6 1111.4 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 188.4 59.5 121.2 7.7 174.9 46.2 121.0 7.7 254.5 85.6 160.8 8.1 283.1 128.1 146.8 8.1 235.2 99.5 128.6 7.1 252.6 92.7 149.5 10.4 326.7 162.2 155.4 9.1 317.8 158.2 153.8 5.9 299.8 119.8 174.8 5.1 424.1 194.5 218.2 11.4 442.9 222.9 211.2 8.8 8 9 10 11 12 13 Federal government REITs 0.0 2.2 0.0 8.2 0.0 8.3 0.0 25.6 0.0 26.5 0.0 15.9 0.0 20.6 0.0 39.6 0.0 25.2 0.0 19.3 0.0 19.9 12 13 14 Net change in assets 660.5 821.9 991.9 1213.6 1170.3 1108.8 1355.1 1220.2 1163.0 1478.9 1574.1 14 8.1 3.1 2.6 10.9 2.9 -0.5 11.6 2.5 1.4 12.6 2.5 -0.1 12.0 2.5 0.0 13.2 2.5 0.5 12.8 2.5 -0.1 12.3 2.5 -0.8 12.6 2.5 -1.0 14.4 2.5 -1.6 13.8 2.5 -2.0 15 16 17 -1.0 -1.1 -5.4 0.5 7.7 -2.5 6.8 1.6 8.3 8.0 0.6 -6.0 7.2 0.7 11.3 3.6 6.7 1.1 -2.1 0.6 8.6 3.9 18 19 129.8 35.1 16.4 268.5 23.0 18.2 197.5 89.2 23.2 339.5 186.8 30.6 380.4 196.0 19.4 356.8 173.4 37.7 322.6 156.1 34.6 298.2 221.8 30.7 468.6 11.1 23.7 328.0 201.7 40.8 416.3 98.9 30.6 20 21 22 0.2 7.1 0.1 -1.1 0.1 7.0 0.0 0.1 0.1 10.9 -0.1 -0.7 0.3 12.4 -0.2 -0.9 0.2 10.5 -0.2 -5.4 0.3 7.6 -0.2 -5.2 0.5 15.6 0.3 7.0 0.3 15.9 -0.7 0.1 0.2 10.6 -0.3 -0.2 0.2 12.9 -0.1 0.3 0.3 10.8 -0.1 2.2 23 24 25 26 7 Net borrowing 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 20 21 22 Commercial banking Savings institutions (1) Credit unions 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 33.2 338.5 101.2 59.8 326.8 85.0 106.0 330.5 170.2 15.1 53.0 455.0 27.8 126.7 316.0 3.2 88.0 367.5 14.8 62.1 662.5 14.5 -64.6 473.9 15.0 64.7 490.9 -11.5 123.5 700.2 -20.5 178.4 746.9 27 28 29 30 31 32 Finance companies Mortgage companies REITs -11.0 0.0 -0.7 13.2 0.0 11.8 24.4 0.0 19.8 43.9 0.0 54.5 40.0 0.0 27.9 21.7 0.0 47.2 36.8 0.0 19.2 77.3 0.0 123.7 26.8 0.0 30.1 9.6 0.0 59.4 23.4 0.0 60.0 30 31 32 (1) FHLB loans to savings institutions are included in other loans and advances. 49 Z.1, December 8, 2005 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 496.1 672.8 782.0 972.7 964.7 889.6 1097.9 938.6 918.7 1137.4 1225.3 1 451.2 2.1 42.8 622.7 0.7 49.5 720.2 1.8 60.1 887.3 4.1 81.3 891.0 3.6 70.1 810.6 3.5 75.5 996.4 4.9 96.6 851.1 4.4 83.1 840.6 5.2 72.9 1023.3 7.3 106.8 1106.6 6.6 112.2 2 3 4 496.1 672.8 782.0 972.7 964.7 889.6 1097.9 938.6 918.7 1137.4 1225.3 5 7.4 1.5 1.2 8.7 1.9 -0.2 9.5 1.5 1.7 10.4 1.5 2.0 10.0 1.5 1.9 10.3 1.5 2.0 10.5 1.5 2.1 10.7 1.5 2.2 11.0 1.5 2.3 11.2 1.5 2.4 11.4 1.5 2.5 6 7 8 9 10 State and local governments Federal government -0.5 -0.6 -2.7 -0.9 3.9 -0.9 3.5 -0.5 4.2 -0.5 0.3 -0.6 3.7 -0.4 5.8 -0.3 3.4 -0.5 -1.1 -0.2 4.4 -0.6 9 10 11 12 13 Commercial banking Savings institutions Credit unions 58.2 26.2 16.4 198.3 10.7 18.2 124.9 71.7 23.2 221.0 171.7 30.6 276.5 171.1 19.4 247.9 160.1 37.7 191.1 148.6 34.6 168.4 207.2 30.7 353.4 2.5 23.7 176.5 175.4 40.8 215.5 88.1 30.6 11 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 0.0 -3.1 -0.3 -0.3 -1.8 -0.0 -0.3 -1.1 -0.5 0.6 -0.2 0.5 0.7 -0.8 -0.7 0.1 -0.0 6.5 0.2 0.0 -3.2 1.4 -0.1 -0.7 0.1 -0.1 -5.6 0.2 -0.0 -6.8 0.2 -0.0 -9.4 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 20.5 322.9 56.4 45.5 315.2 54.1 92.2 303.2 117.9 -0.4 49.6 393.5 16.8 139.7 263.8 -15.2 69.9 300.6 -2.6 57.9 607.9 -0.7 -69.2 401.6 12.1 62.3 396.9 -14.9 120.2 572.3 -23.8 171.3 650.1 17 18 19 20 21 22 Finance companies Mortgage companies REITs -10.5 0.0 0.2 14.9 0.0 11.4 17.2 0.0 17.7 37.9 0.0 51.1 40.0 0.0 21.1 24.4 0.0 44.1 27.9 0.0 18.3 59.4 0.0 120.8 28.7 0.0 27.1 10.7 0.0 49.1 38.6 0.0 45.0 20 21 22 25.0 23.6 5.1 4.2 2.5 -10.5 66.2 44.7 0.6 3.1 3.0 14.9 101.5 62.7 17.1 3.8 0.7 17.2 203.0 117.6 25.6 12.1 9.8 37.9 128.3 96.2 -20.3 4.4 7.3 40.7 213.0 133.1 36.3 12.6 7.0 24.1 248.5 138.1 50.4 19.3 16.1 24.6 222.2 102.8 36.0 12.4 8.7 62.3 135.0 69.9 19.8 5.0 10.5 29.8 191.4 119.2 37.3 16.1 8.8 10.0 139.6 39.0 33.5 16.9 15.2 35.1 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 28) include some first liens. Excludes home equity loans held by mortgage companies and individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing 42.2 38.8 70.5 51.9 31.6 67.8 47.9 60.1 34.4 59.0 37.0 1 1.4 39.2 1.5 35.7 1.6 68.3 1.8 45.9 1.7 21.9 1.8 65.7 1.8 40.5 1.8 55.7 1.9 29.0 2.0 62.3 2.0 28.6 2 3 Federal government REITs 0.0 1.6 0.0 1.7 0.0 0.6 0.0 4.1 0.0 7.9 0.0 0.3 0.0 5.7 0.0 2.5 0.0 3.5 0.0 -5.2 0.0 6.4 4 5 Net change in assets 42.2 38.8 70.5 51.9 31.6 67.8 47.9 60.1 34.4 59.0 37.0 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.0 0.1 1.2 0.0 0.0 -0.2 0.0 0.0 -0.2 0.0 0.0 -1.6 0.0 0.0 -1.5 0.0 0.0 -1.0 0.0 0.0 -1.6 0.0 0.0 -2.2 0.0 0.0 -2.4 0.0 0.0 -3.0 0.1 0.0 -3.3 7 8 9 10 11 State and local governments Federal government -0.4 -0.2 -2.1 0.5 3.1 0.2 2.7 0.4 3.3 0.9 0.2 0.3 2.9 -0.3 4.5 0.9 2.7 0.7 -0.8 -0.7 3.4 -0.4 10 11 12 13 Commercial banking Savings institutions 7.0 3.3 9.3 4.1 10.7 9.3 14.4 9.5 11.3 14.8 12.6 9.0 16.6 7.4 17.3 6.9 14.0 11.4 24.8 19.0 26.2 6.6 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 2.0 0.3 -0.2 1.2 0.5 -0.0 1.7 0.3 -0.5 1.9 0.0 0.4 0.5 0.1 -0.6 1.0 -0.0 5.7 2.1 0.1 -2.8 4.0 -0.1 -0.6 0.8 -0.1 -4.9 1.8 -0.0 -5.9 1.6 -0.0 -8.2 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 8.2 15.6 5.9 8.5 12.9 5.5 10.9 26.6 8.1 12.4 3.6 7.9 8.5 -12.8 7.3 14.6 18.1 6.3 14.6 4.3 5.1 11.7 4.7 12.9 0.9 2.6 8.6 -1.9 3.3 22.6 0.5 7.3 3.0 17 18 19 20 21 22 Finance companies Mortgage companies REITs -0.2 0.0 -0.4 -1.0 0.0 -0.2 0.1 0.0 0.1 0.1 0.0 -0.0 -0.2 0.0 -0.1 0.4 0.0 0.6 0.2 0.0 -0.7 0.0 0.0 0.1 -0.0 0.0 0.1 -0.0 0.0 -0.3 0.0 0.0 0.3 20 21 22 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 7 8 9 50 Z.1, December 8, 2005 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 114.5 102.6 131.3 180.9 166.9 140.9 200.1 215.7 204.7 271.2 303.0 1 18.7 56.0 39.2 0.6 16.2 44.1 35.8 6.6 8.9 82.2 32.5 7.7 17.6 122.2 19.5 21.5 17.6 94.2 36.6 18.5 29.6 87.5 8.3 15.6 11.4 155.4 18.4 14.9 11.7 151.9 14.9 37.1 -2.6 112.7 72.9 21.6 12.3 185.3 49.1 24.5 4.8 214.3 70.5 13.5 2 3 4 5 114.5 102.6 131.3 180.9 166.9 140.9 200.1 215.7 204.7 271.2 303.0 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.7 1.5 0.1 0.7 1.0 -0.0 0.6 1.0 -0.2 0.6 1.0 -0.5 0.6 1.0 -0.4 0.6 1.0 -0.5 0.6 1.0 -0.6 0.6 1.0 -0.7 0.6 1.0 -0.8 0.7 1.0 -0.9 0.7 1.0 -1.0 7 8 9 10 11 State and local governments Federal government -0.1 -0.1 -0.4 1.2 0.6 -1.6 0.5 1.8 0.7 7.8 0.0 -5.2 0.6 1.3 0.9 3.4 0.5 0.8 -0.2 1.6 0.7 4.9 10 11 12 13 Commercial banking Savings institutions 63.0 5.6 58.3 8.2 59.3 8.2 100.2 5.6 89.4 10.1 91.9 4.3 110.8 0.1 108.7 7.9 99.2 -2.8 123.6 7.2 170.7 4.2 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.2 4.6 2.8 -0.6 0.1 6.7 1.4 0.2 0.1 8.9 0.8 0.3 0.3 10.1 0.0 -1.8 0.2 9.1 0.4 -4.1 0.3 6.1 -0.1 -17.5 0.5 12.8 0.2 12.9 0.3 12.5 -0.4 1.4 0.2 9.4 -0.2 10.3 0.2 10.2 -0.0 13.0 0.3 8.5 -0.0 19.8 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.0 38.8 -0.3 0.0 -0.4 0.0 25.4 -0.7 0.0 0.5 0.0 44.3 7.1 0.0 1.9 0.0 53.6 5.9 0.0 3.5 0.0 44.9 0.2 0.0 7.0 0.0 60.6 -3.1 0.0 2.5 0.0 49.5 8.7 0.0 1.5 0.0 59.5 17.8 0.0 2.8 0.0 85.5 -1.8 0.0 2.9 0.0 105.3 -1.0 0.0 10.6 0.0 93.8 -15.2 0.0 14.8 18 19 20 21 22 7 8 9 Net change in assets 2002 F.221 Farm Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 1 2 Net change in assets 7.7 7.7 8.1 8.1 7.1 10.4 9.1 5.9 5.1 11.4 8.8 2 1.3 0.1 1.4 -0.0 1.5 0.1 1.5 0.0 1.3 0.0 2.2 0.0 1.6 0.0 0.9 -0.0 1.0 -0.0 2.5 -0.0 1.7 -0.1 3 4 -0.0 -0.2 -0.1 -0.3 0.1 -0.3 0.1 -0.2 0.1 -0.2 0.0 -0.5 0.1 0.1 0.1 -0.2 0.1 0.1 -0.0 -0.1 0.1 0.0 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 1.5 0.0 2.5 0.0 2.6 0.1 3.9 -0.0 3.3 0.0 4.4 -0.0 4.1 -0.0 3.8 -0.1 2.0 -0.0 3.1 0.0 4.0 0.0 7 8 9 10 Life insurance companies State and local govt. retirement funds 0.5 0.0 -0.6 0.0 0.5 0.0 -0.3 0.0 0.2 0.0 0.4 0.0 0.4 0.0 -2.0 0.0 0.3 0.0 0.6 0.0 0.6 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4.5 0.0 5.8 -1.3 2.9 0.6 3.2 -0.1 2.6 -0.1 3.9 0.0 2.8 -0.0 3.5 -0.1 2.0 -0.2 5.3 -0.0 2.7 -0.2 11 12 51 Z.1, December 8, 2005 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 1 Net change in liabilities (Households) 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 1 2 Net change in assets 132.3 87.1 88.4 91.0 89.7 61.8 121.7 90.9 57.7 85.2 117.0 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government -8.1 0.0 13.1 1.9 0.0 12.7 -14.2 0.0 1.3 1.5 0.0 4.3 10.3 0.0 -0.9 32.4 0.0 -5.0 -26.4 0.0 26.3 -10.6 0.0 -3.3 15.0 0.0 9.1 31.0 0.0 -8.0 -15.5 0.0 21.1 3 4 5 6 7 8 Commercial banking Savings institutions Credit unions 17.4 6.3 5.1 34.1 -2.4 6.2 52.8 9.1 10.1 34.9 13.4 9.5 16.8 14.4 17.5 15.7 26.7 9.4 60.8 4.2 5.6 46.2 8.5 5.5 -21.6 -2.1 17.6 8.6 13.0 9.7 95.2 29.6 29.3 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 2.4 78.4 17.6 -2.5 37.4 -0.3 -16.3 -12.1 57.6 -20.6 -23.3 71.4 -18.4 -24.5 74.6 -55.0 -27.3 64.9 -8.9 -7.0 67.1 0.0 -34.5 79.0 0.0 35.9 3.7 0.0 56.2 -25.2 0.0 -14.2 -28.5 9 10 11 9 10 11 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables -80.4 70.8 102.4 235.2 305.0 170.2 217.5 248.2 187.0 251.6 292.2 1 -1.9 7.0 7.9 9.0 8.6 8.8 9.1 9.3 9.6 4.8 5.7 2 -103.7 -4.9 0.4 19.7 26.0 0.6 -54.2 44.2 0.7 106.5 58.1 0.9 160.5 52.8 0.9 66.1 57.2 0.9 98.3 57.9 0.9 101.2 64.3 1.0 71.2 65.7 0.7 120.3 60.6 1.2 129.1 64.6 1.0 3 4 5 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 State and local governments Federal government 25.2 3.4 28.7 0.8 30.4 72.7 31.4 18.2 31.2 28.5 31.0 20.3 31.4 19.4 32.2 4.6 32.9 14.3 33.8 19.2 34.7 12.7 6 7 8 9 Rest of the world Brokers and dealers -2.2 3.3 -10.1 -1.8 9.9 -9.2 3.3 7.8 -3.1 25.5 -4.1 -10.1 -8.2 8.6 28.4 7.2 -3.0 -4.3 11.5 0.1 11.5 32.9 8 9 10 Net change in trade receivables -91.3 -79.2 63.8 209.8 267.5 212.0 171.6 188.0 244.0 250.4 258.9 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business -121.7 1.8 -98.6 18.9 -18.1 55.5 128.9 63.8 184.3 59.6 133.8 63.3 106.2 64.0 91.2 68.3 143.6 69.6 134.5 72.9 151.2 75.1 11 12 13 14 15 State and local governments Federal government Rest of the world 5.9 7.3 -3.1 2.6 -3.3 3.1 7.4 19.1 1.8 6.5 10.6 -0.4 7.9 14.4 0.9 0.6 12.2 7.0 6.8 5.1 -8.2 10.8 10.5 -1.5 6.4 -9.2 13.2 -2.0 10.0 3.9 8.2 0.1 0.7 13 14 15 16 17 Property-casualty insurance companies ABS issuers 5.3 13.2 4.9 -6.9 4.5 -6.4 0.3 0.2 12.1 -11.8 11.7 -16.5 4.6 -7.0 -27.2 36.0 10.4 10.0 11.0 20.1 3.8 19.9 16 17 10.9 150.0 38.6 25.4 37.5 -41.9 45.9 60.3 -56.9 1.1 33.2 18 18 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 3.1 -87.0 132.5 166.6 285.2 177.1 -10.2 214.3 9.7 73.3 23.4 1 -38.8 0.0 -48.2 0.0 34.3 0.0 81.5 0.0 73.1 0.0 62.9 0.0 -26.6 0.0 216.7 0.0 8.2 0.0 -10.5 0.0 -35.7 0.0 2 3 41.9 41.9 7.2 -7.2 -38.9 -41.6 -2.7 5.5 98.2 62.7 12.3 23.2 85.1 103.0 10.6 -28.5 212.0 150.2 18.0 43.8 114.2 84.1 2.6 27.5 16.4 -38.3 26.9 27.8 -2.3 215.9 -5.0 -213.2 1.5 -35.8 -3.2 40.5 83.9 31.7 -44.1 96.3 59.1 11.5 20.8 26.8 4 5 6 7 8 Net change in assets 3.1 -87.0 132.5 166.6 285.2 177.1 -10.2 214.3 9.7 73.3 23.4 8 9 10 Household sector Rest of the world 41.9 0.0 -41.6 0.0 62.7 0.0 103.0 0.0 150.2 0.0 84.1 0.0 -38.3 0.0 215.9 0.0 -35.8 0.0 31.7 0.0 11.5 0.0 9 10 11 12 Commercial banking Brokers and dealers 0.0 -38.8 2.8 -48.2 35.5 34.3 -17.9 81.5 61.9 73.1 30.1 62.9 54.7 -26.6 -218.2 216.7 37.3 8.2 52.2 -10.5 47.6 -35.7 11 12 52 Z.1, December 8, 2005 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 77.2 60.1 66.8 33.1 25.5 34.7 37.9 34.4 56.0 56.9 56.4 1 1.4 75.8 1.6 58.5 1.1 65.7 1.1 32.0 -0.0 25.5 1.9 32.8 0.2 37.7 2.3 32.1 0.0 56.0 1.7 55.2 0.3 56.1 2 3 77.2 60.1 66.8 33.1 25.5 34.7 37.9 34.4 56.0 56.9 56.4 4 213.2 181.4 213.9 230.8 298.1 205.0 211.8 208.2 226.8 181.1 218.5 5 130.9 -74.5 86.9 69.9 166.1 -38.6 8.5 45.4 143.2 7.6 14.9 48.2 181.7 -4.6 -1.1 54.7 203.3 22.2 27.3 45.3 185.3 -23.7 7.5 35.9 182.2 11.6 -46.2 64.2 156.2 -28.5 7.1 73.4 152.2 27.5 -9.2 56.3 126.9 16.9 -5.2 42.5 167.2 -22.5 15.7 58.1 6 7 8 9 213.2 181.4 213.9 230.8 298.1 205.0 211.8 208.2 226.8 181.1 218.5 10 Pension fund reserves: 5 6 7 8 9 10 Net change in liabilities Life insurance companies Private pension funds (1) State and local govt. retirement funds Federal government retirement funds (2) Net change in assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 14.4 22.2 8.8 24.7 37.9 23.1 21.9 15.7 36.7 3.5 -3.5 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 3.1 4.0 11.9 1.5 -11.7 9.4 6.8 4.5 17.6 5.6 7.7 4.0 2.8 4.7 -0.9 3.6 18.3 3.7 -8.0 3.1 -23.4 2.9 2 3 4 5 U.S.-chartered commercial banks Savings institutions 2.4 -0.7 2.6 -0.2 2.9 -0.2 3.2 0.6 3.1 2.2 3.1 -1.2 3.2 0.6 3.3 0.7 3.3 -0.2 3.4 0.2 3.5 1.1 4 5 6 7 Property-casualty insurance companies Life insurance companies 2.7 2.0 3.2 2.4 3.7 2.8 4.2 3.2 4.0 3.0 4.1 3.1 4.3 3.2 4.4 3.3 4.5 3.4 4.6 3.5 4.7 3.6 6 7 8 9 Finance companies Brokers and dealers 1.2 -0.2 1.4 -0.5 1.6 0.4 1.8 0.4 1.7 0.7 1.8 0.5 1.8 1.2 1.9 -0.6 2.0 1.7 2.0 -5.4 2.1 2.1 8 9 -7.0 2.5 40.3 11.9 36.3 10.6 0.6 0.0 91.3 -1.5 -28.4 10 3.7 -10.6 4.8 -2.3 17.5 22.8 20.7 -8.8 19.1 17.2 20.6 -10.0 19.1 -18.5 23.8 -23.8 35.9 55.4 37.2 -38.7 35.6 -64.0 11 12 21.4 19.7 -31.5 12.8 1.6 12.5 21.4 15.7 -54.7 4.9 24.9 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers -24.6 -82.0 -78.3 -48.8 -47.7 -16.7 -65.0 -65.7 -31.2 -76.5 -77.2 1 -17.3 -4.1 -3.3 -84.3 1.7 0.6 -79.9 5.2 -3.6 -55.9 9.6 -2.5 -47.3 6.6 -7.0 -32.6 16.9 -1.0 -78.8 10.9 2.9 -64.8 4.1 -5.0 -44.8 11.8 1.9 -67.9 -2.5 -6.2 -56.8 -13.8 -6.7 2 3 4 53 Z.1, December 8, 2005 F.228 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 Net change in liabilities 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 674.1 480.4 486.7 1280.6 1669.3 1001.4 1333.9 1117.7 445.1 1349.2 709.1 1 -0.4 23.3 55.3 0.9 69.7 18.9 0.9 3.7 36.3 1.6 134.8 32.8 0.2 115.3 34.1 3.0 189.5 33.2 1.2 65.5 32.5 1.8 169.0 31.5 1.1 112.1 30.5 2.8 -27.1 19.5 0.9 63.4 19.7 2 3 4 Federal government Rest of the world 53.0 184.4 26.0 167.0 30.7 85.3 50.3 447.4 42.6 203.8 35.3 486.7 52.5 649.2 70.7 449.8 46.2 -132.1 53.7 339.1 50.0 25.3 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions -2.8 -6.5 21.0 -1.8 22.6 121.9 25.6 1.4 4.3 83.1 -4.6 1.2 9.9 312.2 59.1 2.8 -9.9 453.8 204.7 68.1 -2.6 77.4 -15.4 -48.6 36.4 332.5 33.2 33.9 15.8 384.9 13.8 -42.2 -23.1 121.3 -35.4 53.8 14.8 237.1 49.4 -31.7 3.5 -12.3 49.8 -13.8 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 26.5 40.1 49.2 37.2 45.2 19.4 47.9 25.4 44.7 153.0 50.6 -26.7 96.6 36.8 -0.6 -61.7 34.6 89.3 37.0 -27.9 124.0 18.2 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 47.4 18.9 0.0 27.7 20.7 0.0 -26.6 102.8 0.0 -1.6 10.4 0.0 70.1 96.4 0.0 -87.3 2.9 0.0 -67.3 -25.0 0.0 78.2 -32.8 0.0 -12.9 -109.1 0.0 6.7 65.3 0.0 17.7 96.7 0.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 0.1 138.5 77.2 2.6 -77.1 -33.7 1.6 39.1 64.2 9.0 69.6 69.2 10.6 72.6 109.3 -8.5 271.4 40.5 5.7 -120.2 170.2 28.2 54.4 -43.1 -16.9 -5.5 291.2 13.4 321.5 275.7 6.2 -61.6 321.4 16 17 18 975.1 523.3 588.4 915.4 1217.0 352.2 1306.9 785.4 1030.3 980.8 793.0 19 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 5 6 19 Net change in assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 18.5 253.6 129.9 1.8 30.6 191.6 41.7 4.1 42.0 -3.5 68.3 4.6 40.9 205.2 95.0 4.6 38.2 201.2 82.1 3.5 29.9 91.4 95.3 5.4 63.8 163.8 99.9 9.7 31.5 364.4 102.6 -0.2 29.9 146.7 113.3 2.1 30.9 286.1 149.5 3.4 73.5 57.3 159.4 8.6 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world -18.2 1.3 190.1 -28.5 0.0 192.2 -8.1 1.4 -2.6 -4.4 0.6 204.4 -5.7 -0.0 94.9 4.7 0.1 -31.0 -32.0 2.1 553.8 15.4 0.2 199.9 -120.9 -11.7 433.2 -41.3 -0.8 -471.7 -32.4 -12.9 38.4 24 25 26 27 28 29 30 Monetary authority Commercial banking Savings institutions Credit unions -0.4 135.3 16.9 5.4 1.4 63.6 19.0 10.4 1.3 142.8 -4.3 0.5 1.5 154.6 19.3 -4.8 -0.6 196.8 16.5 -20.5 -3.2 132.0 57.2 14.0 -0.0 275.4 14.6 10.0 9.9 14.0 -11.3 -22.7 -7.7 77.1 -84.8 17.4 -2.9 174.3 46.1 13.9 -3.2 0.0 27.2 -11.9 27 28 29 30 31 32 33 34 35 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 1.3 -15.5 11.2 1.8 60.8 9.1 6.7 -1.1 0.4 24.5 9.7 27.9 -17.6 0.9 24.7 9.5 51.9 -24.1 0.5 40.9 9.0 137.4 -23.9 1.5 32.3 12.0 3.8 -33.6 1.3 25.0 9.9 49.7 -3.9 -0.6 48.4 7.1 16.6 -34.9 -0.3 58.0 15.4 62.9 1.5 0.0 42.2 8.2 7.3 3.2 0.0 28.6 4.4 -5.2 -46.2 -2.6 42.9 31 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises -3.3 -2.9 5.5 -8.6 0.1 22.0 -0.2 1.0 16.5 -2.9 5.1 3.4 58.0 13.9 -30.5 -9.7 -5.0 20.5 -3.8 3.9 9.4 -56.3 7.5 14.1 40.0 5.2 -48.7 9.8 -6.1 -1.0 38.1 -0.0 -6.3 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 20.8 0.2 156.6 4.4 9.5 2.2 -110.8 43.3 104.6 4.4 157.0 17.1 -61.6 11.1 148.3 16.6 -45.5 11.9 433.0 13.5 -120.3 7.5 -2.0 56.8 -55.6 10.4 106.1 -28.2 -25.0 14.7 55.9 24.4 -107.7 12.3 335.8 76.8 9.1 12.5 323.3 398.4 -11.2 7.1 483.3 -15.1 39 40 41 42 -301.0 -42.9 -101.7 365.2 452.3 649.2 27.0 332.2 -585.2 368.5 -84.0 43 43 Discrepancy 54 Z.1, December 8, 2005 F.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts 142.3 60.9 69.8 11.6 154.5 42.7 85.3 26.5 140.6 19.2 131.0 -9.6 252.0 80.7 176.5 -5.2 209.5 38.4 164.0 7.1 233.7 84.4 164.8 -15.5 164.9 -1.8 176.3 -9.6 400.0 201.8 201.0 -2.9 108.0 37.1 102.4 -31.5 134.4 48.7 111.1 -25.4 113.5 35.0 102.4 -24.0 1 2 3 4 Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 119.4 0.9 1.3 2.9 17.3 0.6 138.3 3.1 9.1 0.8 3.8 -0.6 109.2 4.4 9.7 3.8 10.3 3.0 233.2 4.4 9.5 3.8 -4.5 5.5 180.4 5.6 9.0 2.6 8.5 3.5 199.5 2.0 12.0 3.4 9.9 6.9 137.2 3.7 9.9 4.6 6.8 2.8 415.8 6.5 7.1 4.8 -43.1 9.1 59.2 2.7 15.4 2.4 24.8 3.3 107.7 3.0 8.2 3.8 5.9 5.9 96.7 1.2 4.4 2.0 5.5 3.6 5 6 7 8 9 10 84.5 0.1 8.4 0.4 8.1 7.8 -1.3 59.0 27.5 0.2 3.6 5.1 2.0 -3.5 2.2 43.7 23.9 -0.1 4.5 -1.4 -0.8 19.2 3.2 18.5 25.3 0.0 16.7 -0.0 16.4 11.0 1.8 35.5 40.4 -0.1 1.7 2.3 -2.6 6.1 -1.4 -12.1 23.0 -0.1 5.5 -1.1 57.7 13.9 0.5 24.7 8.0 0.2 50.9 -2.6 8.3 11.2 5.1 61.5 29.8 0.1 8.8 1.4 2.4 13.0 3.0 68.0 44.3 0.0 19.4 6.4 3.6 6.4 0.8 59.2 34.7 -0.0 9.2 -0.7 3.7 5.0 1.5 17.0 44.3 -0.1 2.7 5.4 2.4 0.9 -1.0 28.7 11 12 13 14 15 16 17 18 167.0 140.9 -33.8 60.0 80.8 102.1 3.4 -24.7 67.1 87.0 11.8 -31.7 106.8 68.7 56.0 -17.8 34.0 11.5 16.5 6.0 124.2 110.6 61.3 -47.8 142.7 77.4 74.4 -9.2 126.5 75.1 71.7 -20.2 140.2 41.7 48.2 50.3 70.4 34.9 76.2 -40.8 83.3 29.9 54.1 -0.6 19 20 21 22 1.7 1.7 1.5 1.5 1.4 1.4 2.0 2.0 1.4 1.4 2.1 2.1 3.4 3.4 1.2 1.2 1.5 1.5 1.4 1.4 3.3 3.3 23 24 0.4 0.4 1.0 1.0 0.5 0.5 3.1 3.1 0.5 0.5 1.0 1.0 5.1 5.1 5.6 5.6 2.6 2.6 1.5 1.5 1.5 1.5 25 26 3.3 2.0 3.2 2.5 7.2 4.5 0.1 -1.9 1.4 3.1 3.2 27 0.0 0.1 0.4 0.0 1.4 1.2 0.2 -0.1 0.0 0.0 0.1 0.0 2.3 -1.0 0.3 0.2 0.0 0.3 0.4 0.0 1.2 0.4 0.2 0.7 0.0 -0.1 0.2 0.0 0.6 1.0 0.2 0.6 0.0 0.6 -0.4 0.0 1.5 4.6 0.5 0.2 0.0 -0.5 0.7 0.0 0.7 3.4 0.2 0.1 0.0 -0.5 0.6 0.0 1.3 -1.4 0.1 0.0 0.0 -0.1 -0.1 0.0 -1.0 -2.7 0.1 1.9 0.0 0.6 -0.4 0.0 2.7 -1.2 -0.0 -0.2 0.0 -0.8 -0.0 0.0 0.1 3.8 0.2 -0.2 0.0 -0.3 0.8 0.0 0.4 2.1 0.3 -0.0 28 29 30 31 32 33 34 35 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises 28 29 30 31 32 33 34 35 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 37 38 39 40 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 60.7 0.8 -1.7 0.0 30.7 53.1 0.9 -5.5 0.0 4.4 50.5 1.0 5.8 0.0 38.1 167.2 1.2 9.2 0.0 66.7 73.4 1.1 10.1 0.0 101.2 121.9 1.1 6.4 0.0 34.3 323.3 1.2 9.1 0.0 94.8 150.3 1.2 11.0 0.0 36.4 -14.7 1.2 -7.1 0.0 14.1 91.8 1.3 4.4 0.0 39.1 4.9 1.3 7.9 0.0 112.2 36 37 38 39 40 41 Asset: Bank holding companies 90.4 53.0 95.5 244.2 185.8 163.7 428.3 198.9 -6.4 136.6 126.2 41 -1.7 -1.7 -5.5 -5.5 5.8 5.8 9.2 9.2 10.1 10.1 6.4 6.4 9.1 9.1 11.0 11.0 -7.1 -7.1 4.4 4.4 7.9 7.9 42 43 -30.8 35.2 24.7 18.6 -1.7 18.8 30.4 -13.8 108.4 -94.9 -82.3 139.0 15.6 -43.8 80.0 -55.6 39.8 37.0 45.8 352.6 18.5 -33.6 44 45 4.4 43.3 17.1 16.6 13.5 56.8 -28.2 24.4 76.8 398.4 -15.1 46 NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers 46 Asset: Funding corporations (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. 55 Z.1, December 8, 2005 F.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government -0.1 -0.1 0.1 0.1 0.2 0.2 -0.0 -0.0 0.3 0.3 -0.5 -0.5 0.2 0.2 -0.2 -0.2 -15.7 -15.7 -0.0 -0.0 -13.7 -13.7 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 8.6 8.6 1.9 1.9 -7.1 -7.1 -2.2 -2.2 17.6 17.6 -23.3 -23.3 -4.8 -4.8 1.8 1.8 -0.5 -0.5 -1.5 -1.5 5.3 5.3 5 6 -0.4 -0.4 0.9 0.9 0.9 0.9 1.6 1.6 0.2 0.2 3.0 3.0 1.2 1.2 1.8 1.8 1.1 1.1 2.8 2.8 0.9 0.9 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 6.5 3.1 1.0 2.4 10.2 10.1 0.1 0.0 13.9 10.9 -0.0 3.0 11.4 9.8 1.2 0.5 11.4 9.2 -0.4 2.6 -0.3 -2.9 3.4 -0.7 12.3 8.9 2.6 0.8 22.4 23.9 -0.8 -0.7 6.8 4.9 1.8 0.1 4.4 3.5 0.4 0.4 8.1 7.2 0.4 0.4 9 10 11 12 13 Asset: Household sector 6.5 10.2 13.9 11.4 11.4 -0.3 12.3 22.4 6.8 4.4 8.1 13 Policy payables: 14 Liab.: Property-casualty insurance companies 26.1 44.1 46.6 47.9 42.5 51.7 99.2 -1.9 28.2 37.8 118.6 14 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 11.9 10.3 2.5 1.4 18.5 17.4 4.2 4.0 19.5 18.4 4.4 4.2 21.1 18.9 3.5 4.4 17.8 16.8 4.0 3.9 21.7 20.4 4.9 4.7 45.6 39.2 5.4 9.0 -0.8 -0.8 -0.2 -0.2 11.9 11.2 2.6 2.5 15.9 14.9 3.5 3.4 55.2 46.3 9.2 7.8 15 16 17 18 10.1 10.1 -4.6 -4.6 -17.1 -17.1 -16.5 -16.5 -18.0 -18.0 -27.7 -27.7 -11.4 -11.4 -9.0 -9.0 10.0 10.0 -0.1 -0.1 -22.5 -22.5 19 20 0.6 0.6 0.1 0.1 -1.4 -1.4 -2.5 -2.5 -0.6 -0.6 -2.6 -2.6 1.7 1.7 -8.2 -8.2 -5.0 -5.0 -2.4 -2.4 -2.2 -2.2 21 22 70.1 70.1 -2.9 -2.9 102.6 102.6 86.9 86.9 248.7 248.7 -16.7 -16.7 21.5 21.5 93.9 93.9 230.4 230.4 298.0 298.0 322.8 322.8 23 24 60.8 60.8 24.5 24.5 24.7 24.7 40.9 40.9 32.3 32.3 25.0 25.0 48.4 48.4 58.0 58.0 42.2 42.2 28.6 28.6 42.9 42.9 25 26 0.0 0.0 1.9 1.9 8.6 8.6 8.4 8.4 9.0 9.0 8.5 8.5 6.0 6.0 10.0 10.0 11.2 11.2 10.5 10.5 10.3 10.3 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Uniformed Services Retiree Health Care Fund: 27 28 Liab.: Federal government Asset: Household sector 56 Z.1, December 8, 2005 F.231 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 2002 2003 2004 2004 Q1 1 Net change in liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 Federal government Rest of the world Monetary authority Q2 Q3 Q4 Q1 2005 Q2 Q3 83.8 73.4 -16.4 468.4 864.1 391.8 434.2 183.5 -180.5 221.0 -85.2 1 -61.8 55.2 42.0 18.7 -18.8 36.4 112.0 32.8 75.6 34.2 169.0 33.3 55.8 32.4 147.4 31.4 72.7 30.5 -59.3 19.5 21.3 19.8 2 3 -7.8 40.4 -3.2 -0.4 10.9 21.5 -2.6 -56.9 3.8 1.0 193.4 6.9 1.4 -7.4 -10.4 1.7 251.5 -3.6 -1.9 480.8 31.3 2.7 48.9 10.1 -7.2 -225.9 -25.7 14.6 203.2 13.3 -3.2 -77.7 2.0 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -44.8 -101.2 -0.7 52.9 4.2 40.4 13.1 16.5 11.5 -0.7 29.8 45.7 -41.8 22.6 3.4 97.7 83.2 -144.2 148.0 10.8 270.4 177.0 -44.1 126.1 11.4 32.2 -17.5 -50.6 91.0 9.3 -57.3 -56.2 -254.1 240.3 12.6 145.8 229.4 -228.0 134.6 9.8 76.8 15.1 142.0 -81.7 1.4 90.2 -63.0 53.4 103.0 -3.2 -38.2 -115.3 117.5 -36.6 -3.8 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 20.2 -1.8 15.3 35.6 24.7 1.4 29.5 23.8 -5.6 1.2 23.4 -22.7 57.9 2.8 14.0 -1.9 203.5 68.1 162.3 45.3 -16.5 -48.6 -56.4 -68.5 32.1 33.9 27.7 -62.6 12.6 -42.2 -77.5 78.3 -36.6 53.8 68.9 -13.8 48.1 -31.7 -35.9 5.1 48.4 -13.8 30.3 9.1 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 14.5 0.1 74.0 -51.9 35.2 2.6 -102.4 -74.6 71.9 1.6 -21.1 -56.9 -19.0 9.0 14.9 -53.2 70.1 10.6 67.7 -127.3 -23.8 -8.5 97.6 32.4 -54.5 5.7 -176.3 87.3 -67.8 28.2 70.7 -205.1 -101.3 -16.9 -57.4 1.6 51.6 13.4 -71.8 -39.3 80.0 6.2 -139.2 -30.1 16 17 18 19 384.8 116.3 85.3 103.2 411.8 -257.4 407.2 -148.7 404.6 -147.4 -1.3 20 125.5 127.3 -18.2 41.4 37.5 -28.5 -137.0 63.6 -8.1 -56.1 91.6 -4.4 -6.0 77.4 -5.7 -135.0 90.9 4.7 -21.7 95.1 -32.0 -61.6 102.9 15.4 83.4 110.1 -120.9 159.2 146.7 -41.3 -93.7 150.5 -32.4 21 22 23 20 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority -0.3 23.1 -0.4 -1.6 111.3 1.4 -0.2 -69.7 1.3 -1.4 97.6 1.5 -1.7 60.9 -0.6 -1.4 -155.2 -3.2 -1.4 411.1 -0.0 -0.8 73.4 9.9 2.5 293.0 -7.7 -2.2 -542.1 -2.9 -2.5 -44.9 -3.2 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 42.2 19.7 10.7 5.9 5.9 4.2 -14.0 -3.1 27.3 -6.0 41.2 67.8 -46.8 22.4 -2.2 -97.8 24.5 -155.7 32.4 0.9 3.3 -96.9 21.1 77.7 1.4 -35.4 104.5 -136.9 0.1 -3.0 -163.1 89.4 -309.4 46.8 10.0 -196.0 1.0 -197.5 5.1 -4.6 75.6 -21.8 74.3 21.9 1.2 33.1 10.3 -13.3 37.6 -1.5 -129.3 -61.0 -69.9 3.2 -1.7 27 28 29 30 31 32 33 Savings institutions Credit unions 7.1 5.2 18.0 10.1 2.4 0.2 20.5 -5.0 -5.7 -21.0 77.2 13.8 20.8 9.9 -10.4 -22.9 -83.1 17.4 43.7 13.7 19.8 -12.3 32 33 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds -17.9 0.4 1.8 4.8 3.3 0.4 22.6 0.8 0.9 45.9 -5.1 0.5 134.4 -5.3 1.5 -2.8 -3.3 1.3 43.8 5.8 -0.6 8.2 -17.7 -0.3 59.6 -3.4 0.0 0.9 5.7 0.0 -8.1 -21.5 -2.6 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises -3.3 -2.9 5.5 -8.6 0.1 22.0 -0.2 1.0 16.5 -2.9 5.1 3.4 58.0 13.9 -30.5 -9.7 -5.0 20.5 -3.8 3.9 9.4 -56.3 7.5 14.1 40.0 5.2 -48.7 9.8 -6.1 -1.0 38.1 -0.0 -6.3 37 38 39 40 41 42 Finance companies REITs Brokers and dealers 3.5 0.2 85.8 5.6 2.2 -107.3 94.3 4.4 51.4 -57.1 11.1 55.8 -54.0 11.9 180.8 -130.2 7.5 7.7 -62.4 10.4 81.9 18.2 14.7 -47.0 -132.5 12.3 102.0 3.2 12.5 19.4 -16.7 7.1 156.8 40 41 42 -301.0 -42.9 -101.7 365.2 452.3 649.2 27.0 332.2 -585.2 368.5 -84.0 43 43 Discrepancy 57 Z.1, December 8, 2005 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 All sectors 2 3 Household sector Nonfinancial corporate business 4 5 6 State and local governments Federal government Rest of the world 7 Financial sectors 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 -222.2 200.3 -127.6 313.3 451.8 237.6 206.2 357.8 192.3 251.5 -142.0 1 -134.8 -129.9 96.0 29.0 -197.6 61.7 21.6 -46.3 54.1 -25.8 101.1 -64.9 -74.8 -32.5 6.0 -62.0 -121.9 -52.5 138.0 -60.0 -15.7 -70.5 2 3 -47.3 38.0 -27.6 -30.5 10.7 -39.3 -38.3 53.2 -49.7 -41.2 7.5 70.4 -44.6 128.5 58.1 -44.3 -24.1 -32.3 -39.7 -68.2 189.5 -36.3 -6.4 66.4 -41.6 253.1 154.4 -18.4 -185.2 179.3 -26.0 -53.7 135.0 4 5 6 79.3 134.4 43.1 301.4 281.5 302.0 231.9 390.0 0.8 197.9 -111.1 7 8 9 Monetary authority Commercial banking -0.6 62.8 -2.8 98.1 -3.1 61.3 -1.7 288.0 -2.2 198.3 0.9 324.7 -0.6 286.9 -4.9 342.0 -2.5 -35.0 -4.5 178.3 -4.6 -96.5 8 9 10 11 Savings institutions Credit unions 2.2 0.4 4.9 0.5 -0.8 0.5 -9.5 3.2 -10.0 8.4 -10.6 2.4 -10.0 3.9 -7.3 -2.0 -8.5 7.9 -17.2 6.1 -20.1 2.0 10 11 12 13 Property-casualty insurance companies Life insurance companies 2.7 -10.8 -13.8 -25.4 -20.3 -28.9 -29.1 -40.2 -31.1 -17.2 -15.9 -66.9 -79.9 -22.1 10.4 -54.5 -59.4 -10.4 1.7 -2.0 -43.5 -37.7 12 13 14 15 Mutual funds Government-sponsored enterprises -8.4 9.8 -21.6 10.2 1.7 -16.7 5.8 -18.2 8.4 26.4 2.8 -63.4 2.7 -44.5 9.1 8.6 6.4 -21.8 5.7 7.1 4.8 -34.0 14 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 32.0 5.2 -16.0 0.0 68.9 1.8 13.7 0.0 76.0 -2.0 -24.7 0.0 104.1 6.4 -7.3 0.0 129.3 -4.6 -24.3 0.0 97.2 9.6 21.2 0.0 97.9 -5.2 2.8 0.0 91.9 25.8 -29.1 0.0 126.2 -15.2 13.1 0.0 55.5 -9.5 -23.5 0.0 134.7 -1.9 -14.4 16 17 18 19 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types -222.2 200.3 -127.6 313.3 451.8 237.6 206.2 357.8 192.3 251.5 -142.0 1 -0.1 -7.5 -0.6 7.9 -0.3 49.6 -0.3 61.6 -0.4 92.4 0.0 -53.1 -0.3 124.9 -0.5 82.3 0.4 339.6 0.8 -95.2 1.7 34.2 2 3 17.2 -58.1 7.2 40.2 -4.4 -22.0 15.0 -120.3 0.7 -127.1 70.4 -278.7 -33.4 84.5 22.2 -159.9 12.8 589.1 -13.1 92.9 -0.6 -115.5 4 5 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security RPs 6 7 Mail floats: Federal government Other 5.7 -0.5 -1.6 -0.7 -8.9 -0.0 27.9 2.8 70.3 2.2 -15.3 2.6 23.9 2.9 32.7 3.3 -18.3 5.0 -35.5 5.4 29.7 6.8 6 7 8 9 Trade credit Taxes payable 10.9 21.4 150.0 19.7 38.6 -31.5 25.4 12.8 37.5 1.6 -41.9 12.5 45.9 21.4 60.3 15.7 -56.9 -54.7 1.1 4.9 33.2 24.9 8 9 10 Miscellaneous -301.0 -42.9 -101.7 365.2 452.3 649.2 27.0 332.2 -585.2 368.5 -84.0 10 11 Nonfinancial 89.8 21.0 -47.1 -76.8 -77.8 -108.1 -90.8 -30.6 -39.4 -78.3 -72.5 11 -89.8 0.0 -21.0 0.0 47.1 0.0 76.8 0.0 77.8 0.0 108.1 0.0 90.8 0.0 30.6 0.0 39.4 0.0 78.3 0.0 72.5 0.0 12 13 12 13 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements 58 Z.1, December 8, 2005 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 26884.0 28812.9 31026.1 33759.2 34362.7 34964.1 35706.0 36596.3 37217.3 38029.5 38828.8 1 18051.6 19146.8 20465.9 22149.6 22582.2 22987.1 23501.6 24090.5 24583.5 25070.2 25663.8 2 3 Federal government 3385.1 3379.5 3637.0 4033.1 4168.9 4209.6 4292.9 4395.0 4559.7 4516.8 4589.6 3 4 Nonfederal sectors 14666.5 15767.3 16828.9 18116.5 18413.3 18777.5 19208.7 19695.5 20023.8 20553.4 21074.2 4 6960.6 4535.4 1796.7 181.5 1192.3 7561.1 4756.7 1959.3 192.0 1298.1 8297.3 4781.9 2107.8 199.8 1442.0 9142.9 4942.3 2264.0 207.6 1559.7 9324.9 4985.5 2298.7 205.6 1598.6 9574.7 5022.3 2341.1 212.5 1626.9 9882.9 5081.4 2382.0 217.5 1644.9 10169.4 5200.5 2428.6 219.1 1678.0 10324.4 5277.3 2477.7 216.2 1728.1 10621.5 5388.3 2548.2 224.1 1771.2 10959.5 5474.4 2602.2 230.8 1807.2 5 6 7 8 9 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 10 Rest of the world 727.6 683.9 754.6 808.9 829.9 814.7 839.1 891.1 895.9 918.7 945.8 10 11 Financial sectors 8104.8 8982.3 9805.6 10800.8 10950.6 11162.2 11365.3 11614.7 11737.9 12040.6 12219.3 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 509.3 264.8 2.0 242.5 562.1 294.9 1.1 266.1 611.8 324.8 0.7 286.4 661.0 338.7 0.6 321.8 703.2 355.2 0.6 347.5 710.2 358.1 0.6 351.5 723.4 356.1 0.7 366.6 738.8 356.7 0.7 381.3 776.3 372.3 0.6 403.3 792.0 382.7 0.8 408.6 810.7 388.3 0.8 421.5 12 13 14 15 16 17 Savings institutions Credit unions 287.7 3.4 285.7 4.9 262.3 6.9 268.3 9.1 267.2 8.4 308.0 9.6 308.2 9.9 332.8 11.4 324.3 11.8 344.1 12.5 344.3 12.6 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 2.5 1826.4 2493.2 1475.5 3.1 2130.6 2831.8 1706.0 5.1 2350.4 3158.6 1887.8 8.0 2594.1 3489.1 2093.3 7.9 2594.3 3510.2 2123.8 8.6 2647.3 3523.5 2214.1 8.6 2670.5 3543.6 2314.0 11.1 2659.2 3542.2 2415.1 10.7 2606.8 3547.1 2516.6 11.2 2585.7 3568.1 2690.1 11.3 2524.8 3617.2 2840.6 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 778.0 16.0 168.0 40.9 503.9 779.2 16.0 171.2 42.3 449.3 821.4 16.0 195.7 40.6 448.8 939.6 16.0 227.7 47.0 447.4 959.0 16.0 244.4 60.0 456.1 963.1 16.0 260.4 60.6 440.8 995.1 16.0 285.8 68.9 421.3 1057.4 16.0 340.1 62.2 428.5 1067.7 16.0 359.2 65.0 436.5 1068.3 16.0 382.4 63.7 506.2 1076.0 16.0 398.8 68.2 498.8 22 23 24 25 26 26884.0 28812.9 31026.1 33759.2 34362.7 34964.1 35706.0 36596.3 37217.3 38029.5 38828.8 27 3519.4 3387.0 3428.8 3692.8 3594.6 3657.0 3730.4 3882.4 3854.8 3910.2 3941.5 28 2312.4 250.4 65.0 891.5 2084.6 246.1 71.3 985.0 2014.4 272.2 70.7 1071.4 2223.8 271.3 73.7 1124.0 2108.4 266.0 74.4 1145.8 2160.0 269.3 75.1 1152.6 2222.9 269.4 75.6 1162.5 2326.9 293.9 75.9 1185.8 2279.3 283.1 76.1 1216.4 2312.0 281.9 76.1 1240.3 2294.1 297.0 75.9 1274.6 29 30 31 32 272.6 2590.8 278.6 2949.0 288.2 3424.1 285.6 3918.4 286.8 4113.6 283.8 4321.2 289.9 4475.4 289.5 4679.7 289.5 4866.7 286.0 5065.3 290.0 5277.7 33 34 20501.2 22198.3 23885.1 25862.5 26367.7 26702.1 27210.3 27744.7 28206.2 28768.0 29319.6 35 27 28 29 30 31 32 Total credit market assets held by: Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 37 38 39 40 41 42 43 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 511.8 5006.3 4419.5 511.3 20.5 55.0 1088.8 379.7 551.7 5210.5 4610.1 510.7 24.7 65.0 1133.2 421.2 629.4 5614.9 5003.9 516.9 27.8 66.3 1166.6 463.9 666.7 5960.8 5361.7 485.8 36.4 76.9 1292.6 514.5 674.1 6135.3 5525.9 492.9 36.7 79.9 1348.8 524.2 687.4 6270.2 5665.7 484.0 36.1 84.5 1391.2 541.5 700.3 6336.9 5734.3 478.6 36.9 87.1 1426.9 547.7 717.8 6543.0 5909.7 506.1 36.4 90.8 1485.4 556.5 717.3 6745.2 6054.3 563.1 34.0 93.8 1495.8 566.0 724.7 6909.7 6178.8 592.1 41.4 97.4 1550.2 579.0 736.4 7084.1 6327.2 628.2 29.9 98.8 1588.6 592.5 36 37 38 39 40 41 42 43 44 45 46 47 48 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 509.4 1943.9 624.0 743.2 35.1 518.4 2074.8 637.3 689.4 44.8 558.3 2307.8 663.0 638.7 57.8 625.2 2488.3 677.2 649.9 64.1 651.5 2546.3 688.4 677.3 64.3 667.8 2586.1 694.2 694.1 66.0 686.2 2631.6 705.4 678.4 68.8 698.8 2661.4 712.1 677.1 68.8 721.1 2713.8 714.0 676.1 70.9 733.4 2728.9 725.6 676.4 73.7 752.9 2781.0 738.0 683.7 75.6 44 45 46 47 48 49 50 51 52 53 54 55 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 1317.5 1097.7 105.3 0.0 1794.4 2493.2 1385.7 1584.9 1223.8 108.5 0.0 2099.1 2831.8 1602.6 1567.1 1368.0 117.1 3.7 2323.2 3158.6 1792.5 1471.3 1505.7 153.3 4.5 2559.7 3489.1 2004.6 1416.9 1558.9 155.8 5.7 2555.7 3510.2 2038.2 1352.0 1558.9 161.2 6.6 2603.8 3523.5 2132.8 1322.1 1586.7 161.3 7.2 2631.3 3543.6 2234.7 1346.3 1622.8 164.5 8.2 2605.9 3542.2 2326.9 1294.3 1670.0 166.0 11.2 2581.4 3547.1 2426.1 1252.7 1698.0 166.5 12.0 2571.2 3568.1 2594.8 1246.8 1723.8 167.5 13.8 2503.1 3617.2 2740.5 49 50 51 52 53 54 55 56 57 58 59 60 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 851.2 32.1 39.3 223.6 318.9 846.4 32.1 48.0 316.0 223.8 867.6 32.1 71.8 344.4 138.7 951.8 32.1 97.5 424.1 229.5 989.2 32.1 119.0 405.0 270.5 1009.9 32.1 133.0 325.5 264.2 1033.4 32.1 155.8 453.5 266.5 1081.4 32.1 200.2 394.9 298.4 1076.8 32.1 209.5 440.0 331.5 1085.4 32.1 239.5 466.2 379.9 1094.2 32.1 261.8 442.9 443.2 56 57 58 59 60 (1) Excludes corporate equities and mutual fund shares. 59 Z.1, December 8, 2005 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency secur. and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 18051.6 19146.8 20465.9 22149.6 22582.2 22987.1 23501.6 24090.5 24583.5 25070.2 25663.8 1 3385.1 3357.8 27.3 3379.5 3352.7 26.8 3637.0 3609.8 27.3 4033.1 4008.2 24.9 4168.9 4143.8 25.1 4209.6 4185.4 24.2 4292.9 4268.7 24.2 4395.0 4370.7 24.3 4559.7 4535.6 24.1 4516.8 4493.1 23.7 4589.6 4566.0 23.6 2 3 4 14666.5 278.4 1480.9 2230.3 1338.0 932.1 15767.3 190.1 1603.7 2578.0 1257.0 941.0 16828.9 126.0 1763.1 2710.3 1170.0 961.3 18116.5 85.9 1898.2 2868.6 1122.3 971.3 18413.3 95.5 1940.4 2897.1 1107.1 969.5 18777.5 102.5 1974.0 2898.8 1127.7 976.8 19208.7 109.3 1993.7 2911.7 1120.6 971.1 19695.5 101.7 2031.3 2946.3 1155.9 996.3 20023.8 115.6 2085.9 2954.9 1172.5 1010.3 20553.4 114.6 2135.0 2962.4 1224.4 1041.1 21074.2 119.6 2174.5 2983.1 1235.8 1040.7 5 6 7 8 9 10 6677.1 5075.2 388.2 1103.5 110.2 1729.8 7335.4 5571.3 428.8 1217.5 117.8 1862.0 8149.1 6244.2 466.0 1313.5 125.5 1949.1 9132.7 7026.2 535.9 1437.1 133.6 2037.5 9381.3 7235.0 541.8 1469.2 135.3 2022.3 9664.0 7465.8 558.7 1501.2 138.3 2033.7 10024.3 7768.3 569.3 1546.2 140.5 2078.0 10335.5 8013.7 583.6 1596.4 141.7 2128.6 10581.0 8209.6 591.4 1637.0 143.0 2103.7 10955.0 8502.0 607.4 1699.4 146.2 2120.8 11355.1 8821.1 615.1 1770.6 148.3 2165.4 11 12 13 14 15 16 14666.5 6960.6 6513.6 4535.4 1796.7 181.5 1192.3 15767.3 7561.1 6908.1 4756.7 1959.3 192.0 1298.1 16828.9 8297.3 7089.6 4781.9 2107.8 199.8 1442.0 18116.5 9142.9 7413.9 4942.3 2264.0 207.6 1559.7 18413.3 9324.9 7489.9 4985.5 2298.7 205.6 1598.6 18777.5 9574.7 7576.0 5022.3 2341.1 212.5 1626.9 19208.7 9882.9 7680.9 5081.4 2382.0 217.5 1644.9 19695.5 10169.4 7848.2 5200.5 2428.6 219.1 1678.0 20023.8 10324.4 7971.3 5277.3 2477.7 216.2 1728.1 20553.4 10621.5 8160.6 5388.3 2548.2 224.1 1771.2 21074.2 10959.5 8307.4 5474.4 2602.2 230.8 1807.2 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 727.6 683.9 754.6 808.9 829.9 814.7 839.1 891.1 895.9 918.7 945.8 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 120.9 486.0 70.5 50.2 106.7 467.5 63.2 46.4 142.8 499.1 68.6 44.1 165.1 541.0 60.9 42.0 190.0 539.9 59.2 40.8 183.4 529.9 60.9 40.5 189.2 551.6 58.7 39.7 228.7 560.2 63.3 38.9 232.6 559.0 66.3 38.0 242.1 574.2 65.0 37.3 270.1 573.3 66.3 36.0 25 26 27 28 18779.2 19830.6 21220.5 22958.5 23412.1 23801.9 24340.7 24981.6 25479.4 25988.9 26609.6 29 29 Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 10 11 12 13 Commercial banks Bank holding companies Savings institutions Credit unions 14 15 16 17 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 18 19 20 21 22 Brokers and dealers Finance companies Mortgage companies REITs Funding corporations 8104.8 8982.3 9805.6 10800.8 10950.6 11162.2 11365.3 11614.7 11737.9 12040.6 12219.3 1 1214.7 1826.4 2493.2 1957.8 91.1 438.3 83.4 1169.4 2130.6 2831.8 2197.2 104.1 463.7 85.6 1105.9 2350.4 3158.6 2520.9 105.6 470.5 93.8 1042.1 2594.1 3489.1 2970.8 100.8 501.7 102.1 1055.0 2594.3 3510.2 3061.1 104.8 516.6 108.7 1028.2 2647.3 3523.5 3193.2 99.2 558.1 112.7 1022.0 2670.5 3543.6 3344.6 112.5 554.3 117.8 1076.3 2659.2 3542.2 3520.3 113.2 575.8 127.7 1087.9 2606.8 3547.1 3668.9 114.6 578.6 134.0 1179.2 2585.7 3568.1 3847.3 109.5 611.9 138.8 1216.7 2524.8 3617.2 3980.5 121.7 614.5 143.8 2 3 4 5 6 7 8 8104.8 8982.3 9805.6 10800.8 10950.6 11162.2 11365.3 11614.7 11737.9 12040.6 12219.3 9 266.7 242.5 287.7 3.4 296.0 266.1 285.7 4.9 325.5 286.4 262.3 6.9 339.3 321.8 268.3 9.1 355.8 347.5 267.2 8.4 358.7 351.5 308.0 9.6 356.8 366.6 308.2 9.9 357.5 381.3 332.8 11.4 373.0 403.3 324.3 11.8 383.4 408.6 344.1 12.5 389.1 421.5 344.3 12.6 10 11 12 13 2.5 1826.4 2493.2 1475.5 3.1 2130.6 2831.8 1706.0 5.1 2350.4 3158.6 1887.8 8.0 2594.1 3489.1 2093.3 7.9 2594.3 3510.2 2123.8 8.6 2647.3 3523.5 2214.1 8.6 2670.5 3543.6 2314.0 11.1 2659.2 3542.2 2415.1 10.7 2606.8 3547.1 2516.6 11.2 2585.7 3568.1 2690.1 11.3 2524.8 3617.2 2840.6 14 15 16 17 40.9 778.0 16.0 168.0 503.9 42.3 779.2 16.0 171.2 449.3 40.6 821.4 16.0 195.7 448.8 47.0 939.6 16.0 227.7 447.4 60.0 959.0 16.0 244.4 456.1 60.6 963.1 16.0 260.4 440.8 68.9 995.1 16.0 285.8 421.3 62.2 1057.4 16.0 340.1 428.5 65.0 1067.7 16.0 359.2 436.5 63.7 1068.3 16.0 382.4 506.2 68.2 1076.0 16.0 398.8 498.8 18 19 20 21 22 60 Z.1, December 8, 2005 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 6 7 8 9 10 11 12 Total 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 26884.0 28812.9 31026.1 33759.2 34362.7 34964.1 35706.0 36596.3 37217.3 38029.5 38828.8 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1614.0 3357.8 4347.0 1480.9 4674.1 1466.2 3352.7 4989.1 1603.7 5242.7 1374.7 3609.8 5536.3 1763.1 5730.3 1293.1 4008.2 6108.1 1898.2 6380.4 1340.4 4143.8 6129.6 1940.4 6498.2 1314.2 4185.4 6195.0 1974.0 6621.9 1320.5 4268.7 6238.3 1993.7 6807.9 1406.7 4370.7 6225.6 2031.3 7026.8 1436.1 4535.6 6177.9 2085.9 7182.8 1535.9 4493.1 6177.6 2135.0 7383.9 1606.4 4566.0 6165.6 2174.5 7537.0 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1499.6 1420.5 6760.5 1729.8 1424.3 1451.1 7421.0 1862.0 1344.2 1475.9 8242.9 1949.1 1283.9 1515.0 9234.8 2037.5 1271.1 1527.0 9490.0 2022.3 1287.9 1575.4 9776.7 2033.7 1291.8 1565.1 10142.1 2078.0 1332.4 1611.0 10463.2 2128.6 1353.5 1626.8 10715.0 2103.7 1398.9 1690.3 11093.9 2120.8 1423.8 1691.2 11498.9 2165.4 7 8 9 10 17627.0 4435.3 15310.6 4135.5 11900.5 3638.4 15618.5 4653.2 15953.0 4912.0 16108.6 4966.2 15771.0 4983.2 17376.8 5436.0 16985.2 5471.6 17138.4 5593.7 17852.5 5882.0 11 12 Memo: Selected claims not included above: Corporate equities Mutual fund shares 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) 26884.0 28812.9 31026.1 33759.2 34362.7 34964.1 35706.0 36596.3 37217.3 38029.5 38828.8 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 46.1 2.2 23.2 803.3 221.3 46.8 2.2 24.5 810.1 191.4 55.8 2.2 25.5 831.1 206.0 62.3 2.2 26.0 853.4 192.9 61.5 2.2 26.2 891.5 113.4 58.9 2.2 26.5 895.6 167.1 58.7 2.2 26.7 915.5 168.3 62.2 2.2 26.7 964.7 187.6 56.3 2.2 26.9 1057.5 196.4 54.3 2.2 27.2 1070.0 229.7 52.0 2.2 27.4 1096.2 184.1 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 RPs 1413.1 2860.4 1052.6 1812.1 1197.3 1603.2 3127.5 1121.0 2240.6 1233.7 1646.7 3398.3 1171.0 2223.9 1340.3 1780.6 3653.1 1232.8 2016.4 1567.5 1791.8 3720.7 1331.5 1968.9 1618.4 1847.7 3793.5 1378.6 1914.8 1569.2 1857.4 3830.2 1436.4 1866.9 1673.5 1929.7 3876.8 1504.9 1879.8 1650.7 1921.5 3940.9 1575.4 1841.0 1782.8 1952.3 3970.8 1637.1 1832.4 1911.8 1934.1 4071.2 1741.5 1876.6 1962.9 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 4435.3 822.7 819.1 9000.1 4135.5 825.9 880.0 8571.8 3638.4 738.8 920.9 7814.8 4653.2 871.3 1013.2 9213.9 4912.0 952.8 1022.5 9426.6 4966.2 987.2 1031.9 9537.5 4983.2 985.5 1038.2 9534.5 5436.0 1037.9 1060.4 10150.0 5471.6 1051.5 1069.4 9957.0 5593.7 1058.5 1087.2 10151.3 5882.0 1066.3 1107.5 10438.9 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 2747.7 204.8 10669.4 2667.3 219.2 11469.8 2738.1 241.4 12201.4 2840.5 250.2 12714.5 2897.6 264.8 12960.4 2942.9 270.1 13089.6 3003.9 283.1 13288.8 3075.7 274.9 13783.7 3103.7 289.2 13802.9 3170.0 290.0 13991.2 3248.6 297.3 13530.2 16 17 18 19 Total liabilities 65014.7 67983.3 70220.9 76703.1 78325.6 79443.8 80659.0 83500.2 84363.5 86058.9 87347.8 19 20 21 22 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 21.6 17627.0 4773.4 21.8 15310.6 4875.8 23.2 11900.5 5037.9 23.7 15618.5 5387.3 23.7 15953.0 5443.9 23.7 16108.6 5579.4 23.8 15771.0 5778.3 24.6 17376.8 5927.4 22.6 16985.2 6186.0 22.3 17138.4 6416.8 19.3 17852.5 6648.0 20 21 22 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -8.5 628.6 -4.3 -8.6 621.1 11.1 -9.1 629.0 15.5 -9.5 678.6 12.6 -9.6 701.7 16.5 -9.5 688.4 27.4 -9.6 719.6 20.4 -9.7 740.2 27.3 -9.6 825.1 35.7 -9.4 801.3 23.3 -9.0 809.8 27.5 23 24 25 417.9 120.0 -3296.1 372.4 93.3 -3385.4 412.6 126.3 -3089.1 390.7 79.1 -2768.0 354.9 68.1 -2827.5 306.3 87.5 -2640.8 339.8 98.9 -2562.5 270.4 103.0 -2585.5 414.5 96.2 -2855.6 459.2 99.4 -2831.7 447.4 82.4 -3320.5 26 27 28 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit -2.3 22.0 135.0 -12.3 21.6 145.9 -11.7 20.9 295.9 -17.9 20.8 334.5 1.1 17.4 314.1 0.1 21.5 254.9 3.1 14.7 280.9 11.2 23.6 359.9 4.9 20.9 314.9 1.7 25.6 264.8 2.5 19.9 289.2 29 30 31 32 Totals identified to sectors as assets 89424.3 90332.5 88792.3 99011.8 101109.5 102419.9 103326.7 107888.6 108710.4 110802.1 113518.3 32 61 Z.1, December 8, 2005 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 29873.1 28356.0 25863.2 29913.2 30400.7 30709.4 30620.4 32370.6 32211.8 32548.6 33345.6 1 63.5 524.5 3210.8 1009.2 58.5 625.9 3411.7 1172.2 74.2 660.6 3702.2 1131.3 65.2 591.2 4104.8 1012.9 84.9 590.8 4255.5 1003.3 85.0 548.7 4335.8 962.4 85.2 539.3 4430.6 905.7 101.4 564.9 4499.5 953.4 103.3 604.7 4648.2 924.9 122.6 608.8 4688.3 928.2 125.0 564.4 4860.4 952.4 2 3 4 5 13369.9 11560.9 9421.4 11527.0 11546.0 11664.0 11489.5 12336.1 12151.9 12135.0 12384.8 6 97.3 184.8 474.6 507.6 97.3 190.3 323.2 398.0 110.4 194.9 151.9 205.9 105.9 203.8 293.0 377.8 115.8 204.4 286.6 301.8 117.9 204.6 306.4 346.3 121.5 204.1 278.2 481.2 136.1 204.4 343.3 454.7 137.4 204.2 352.0 455.8 151.7 204.2 294.3 510.3 153.6 203.6 282.0 578.9 7 8 9 10 541.8 431.7 8090.7 3041.5 592.4 404.3 6720.9 2834.5 693.7 567.6 4997.2 2499.9 727.8 415.4 6215.5 3187.8 734.8 362.6 6145.3 3394.7 754.5 325.1 6188.3 3420.8 750.6 279.5 5937.0 3437.4 765.6 312.5 6393.7 3725.9 784.0 232.9 6171.9 3813.7 822.0 213.3 6059.0 3880.3 832.6 124.1 6117.9 4092.2 11 12 13 14 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 782.7 1465.9 4402.6 3168.1 842.2 1494.6 3964.0 3151.0 881.6 1583.8 3357.0 2913.4 972.7 1786.5 4074.5 3393.4 982.0 1840.3 4182.9 3443.8 991.0 1885.1 4222.6 3470.8 997.2 1916.8 4201.5 3457.2 1018.8 1987.0 4519.0 3685.6 1027.8 2022.9 4331.3 3644.3 1045.2 2060.3 4444.1 3688.8 1065.5 2123.8 4572.0 3785.2 15 16 17 18 19 Miscellaneous and other assets 1876.0 2075.0 2137.8 2385.0 2471.2 2544.0 2597.4 2704.9 2752.5 2827.2 2912.2 19 10226.2 11013.1 11912.2 13055.3 13313.9 13655.6 14029.6 14446.5 14677.7 15073.5 15487.0 20 20 Total liabilities 21 22 23 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 5061.8 1246.8 1729.8 5555.8 1351.6 1862.0 6227.9 1446.9 1949.1 7008.2 1564.7 2037.5 7216.1 1587.0 2022.3 7446.1 1612.4 2033.7 7747.3 1634.9 2078.0 7991.6 1655.9 2128.6 8186.3 1683.5 2103.7 8476.7 1713.8 2120.8 8794.2 1744.9 2165.4 21 22 23 24 25 26 Policy loans Security credit Other liabilities (3) 102.8 235.1 1849.9 105.0 196.4 1942.2 106.1 148.2 2033.9 105.5 182.5 2157.0 105.4 200.8 2182.3 105.9 216.5 2241.1 106.7 209.9 2252.9 107.1 264.0 2299.2 106.8 266.1 2331.4 107.5 263.4 2391.1 108.3 254.5 2419.7 24 25 26 (1) Combined statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18). (3) Includes corporate farms. 62 Z.1, December 8, 2005 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 33148.1 31581.3 29167.8 33427.2 33935.0 34333.9 34396.3 36248.5 36297.2 36801.6 37760.9 1 4327.5 4770.0 5050.2 5248.5 5409.2 5403.1 5428.8 5583.2 5740.1 5799.7 5945.7 2 63.5 231.0 3073.3 959.8 58.5 331.4 3267.0 1113.2 74.2 360.0 3546.0 1070.0 65.2 282.3 3941.2 959.8 84.9 279.9 4090.2 954.1 85.0 236.7 4168.0 913.4 85.2 225.9 4260.3 857.4 101.4 251.3 4327.0 903.5 103.3 291.0 4473.1 872.6 122.6 293.9 4511.0 872.2 125.0 248.7 4680.6 891.4 3 4 5 6 2312.4 2084.6 2014.4 2223.8 2108.4 2160.0 2222.9 2326.9 2279.3 2312.0 2294.1 7 8 9 10 11 12 Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities 97.3 619.2 184.8 434.5 507.6 97.3 470.7 190.3 280.4 398.0 110.4 304.0 194.9 109.1 205.9 105.9 452.5 203.8 248.7 377.8 115.8 446.1 204.4 241.7 301.8 117.9 465.6 204.6 261.0 346.3 121.5 436.4 204.1 232.3 481.2 136.1 501.3 204.4 296.9 454.7 137.4 509.4 204.2 305.2 455.8 151.7 451.4 204.2 247.2 510.3 153.6 438.3 203.6 234.7 578.9 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Mortgages 539.3 431.7 117.3 588.9 404.3 125.4 690.3 567.6 136.2 724.3 415.4 147.9 731.2 362.6 150.9 750.9 325.1 154.2 746.9 279.5 157.4 761.8 312.5 160.4 780.2 232.9 163.6 818.1 213.3 167.2 828.6 124.1 170.7 13 14 15 16 17 18 19 20 21 22 Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets 8090.7 3041.5 412.4 819.1 9000.1 4773.4 370.9 6720.9 2834.5 454.3 880.0 8571.8 4875.8 389.4 4997.2 2499.9 412.7 920.9 7814.8 5037.9 420.0 6215.5 3187.8 475.4 1013.2 9213.9 5387.3 462.0 6145.3 3394.7 512.9 1022.5 9426.6 5443.9 471.5 6188.3 3420.8 533.9 1031.9 9537.5 5579.4 479.0 5937.0 3437.4 524.3 1038.2 9534.5 5778.3 495.0 6393.7 3725.9 578.3 1060.4 10150.0 5927.4 502.8 6171.9 3813.7 569.4 1069.4 9957.0 6186.0 510.3 6059.0 3880.3 577.3 1087.2 10151.3 6416.8 518.0 6117.9 4092.2 580.2 1107.5 10438.9 6648.0 536.4 16 17 18 19 20 21 22 7350.0 7909.5 8605.3 9494.0 9696.5 9965.0 10269.2 10612.6 10772.3 11068.7 11399.5 23 6960.6 7561.1 8297.3 9142.9 9324.9 9574.7 9882.9 10169.4 10324.4 10621.5 10959.5 24 4770.1 1729.8 143.0 5221.4 1862.0 156.9 5844.0 1949.1 169.8 6564.2 2037.5 183.9 6754.6 2022.3 186.7 6965.7 2033.7 190.8 7242.8 2078.0 191.3 7466.3 2128.6 193.8 7642.8 2103.7 197.4 7906.5 2120.8 201.8 8196.0 2165.4 204.1 25 26 27 77.2 119.8 120.7 61.1 120.4 139.4 58.1 120.7 155.5 73.5 119.3 164.4 71.8 119.1 170.4 91.0 119.2 174.3 71.4 119.6 179.9 79.0 119.7 182.0 78.6 119.2 182.9 90.6 119.7 182.1 87.4 120.3 186.3 28 29 30 235.1 134.7 196.4 132.9 148.2 139.8 182.5 147.7 200.8 149.9 216.5 152.1 209.9 154.4 264.0 156.7 266.1 159.1 263.4 160.3 254.5 161.7 31 32 19.6 19.1 20.0 20.9 21.0 21.7 22.0 22.5 22.7 23.5 23.7 33 23 24 Total liabilities Credit market instruments 25 26 27 Home mortgages (3) Consumer credit Municipal securities 28 29 30 Bank loans n.e.c. Other loans and advances Commercial mortgages 31 32 33 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17) and life insurance and pension reserves (lines 19 and 20). (3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. 63 Z.1, December 8, 2005 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 11259.2 11543.3 11670.1 11984.5 12144.4 12302.6 12429.2 12673.9 12779.1 12944.8 13101.2 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 24.0 674.9 274.9 240.8 4.2 15.5 626.5 275.8 360.9 4.0 19.9 615.1 282.5 389.3 6.2 38.2 744.2 291.4 343.1 6.0 36.9 770.5 294.3 339.0 5.2 38.0 819.1 288.0 341.7 4.8 35.0 862.0 302.2 334.7 5.7 44.5 858.5 308.0 327.9 6.5 49.7 852.0 320.6 320.7 6.2 52.7 843.0 316.6 322.9 6.5 56.0 861.0 323.1 331.7 7.4 2 3 4 5 6 7 Credit market instruments 315.4 317.4 343.0 345.0 340.4 344.4 345.0 369.8 359.2 358.0 372.9 7 57.8 58.3 15.4 34.4 65.9 83.7 60.2 59.7 17.5 32.8 71.6 75.6 64.8 74.2 16.9 35.5 74.1 77.5 75.7 77.1 12.1 38.8 78.0 63.3 76.0 77.3 12.0 36.5 78.7 60.0 76.0 77.0 11.7 39.8 79.4 60.5 80.6 75.4 10.9 39.0 80.0 59.1 91.5 77.8 11.6 43.7 80.5 64.8 83.7 76.7 11.1 45.8 80.8 61.0 83.9 76.8 9.7 45.3 81.1 61.2 91.4 78.8 11.6 46.8 81.2 63.1 8 9 10 11 12 13 124.0 2279.2 7321.8 113.0 2159.3 7670.8 95.0 2079.6 7839.5 125.0 2117.1 7974.5 129.9 2185.9 8042.1 131.8 2286.5 8048.3 131.6 2323.5 8089.3 143.0 2309.8 8305.8 150.6 2372.2 8347.9 158.6 2477.5 8409.1 167.0 2526.3 8455.8 14 15 16 12487.6 12913.1 13229.7 13443.8 13577.6 13674.9 13771.7 13940.5 14054.7 14156.3 14226.6 17 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 2001 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 6513.6 6908.1 7089.6 7413.9 7489.9 7576.0 7680.9 7848.2 7971.3 8160.6 8307.4 18 19 20 21 Commercial paper Municipal securities Corporate bonds 278.4 154.2 2230.3 190.1 157.7 2578.0 126.0 160.8 2710.3 85.9 164.2 2868.6 95.5 164.8 2897.1 102.5 166.0 2898.8 109.3 167.3 2911.7 101.7 169.3 2946.3 115.6 170.3 2954.9 114.6 172.0 2962.4 119.6 173.4 2983.1 19 20 21 22 23 24 Bank loans n.e.c. Other loans and advances Mortgages 1260.8 803.6 1786.3 1195.9 811.6 1974.7 1111.9 831.2 2149.6 1048.7 842.4 2404.1 1035.3 840.8 2456.3 1036.7 847.9 2524.0 1049.2 841.7 2601.7 1076.9 866.7 2687.1 1094.0 881.2 2755.4 1133.8 911.4 2866.4 1148.3 910.2 2972.8 22 23 24 1822.2 142.6 4009.1 1714.0 149.7 4141.3 1760.3 163.1 4216.7 1751.0 160.7 4118.1 1783.3 171.7 4132.8 1816.0 174.1 4108.9 1862.0 183.4 4045.3 1916.6 172.0 4003.7 1930.1 182.7 3970.6 1977.8 181.4 3836.5 2032.4 184.4 3702.4 25 26 27 25 26 27 Credit market instruments Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 64 Z.1, December 8, 2005 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 6 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 9772.5 9898.9 9941.8 10117.2 10240.5 10353.4 10433.0 10630.6 10684.5 10786.4 10874.0 1 24.0 381.4 137.3 191.4 4.2 15.5 331.9 131.1 301.9 4.0 19.9 314.5 126.3 328.0 6.2 38.2 435.3 127.8 290.0 6.0 36.9 459.7 129.1 289.8 5.2 38.0 507.0 120.2 292.7 4.8 35.0 548.6 132.0 286.4 5.7 44.5 545.0 135.5 278.0 6.5 49.7 538.3 145.6 268.4 6.2 52.7 528.1 139.2 266.9 6.5 56.0 545.4 143.3 270.7 7.4 2 3 4 5 6 7 8 9 10 11 12 13 14 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 57.8 18.1 15.4 31.9 43.5 83.7 1937.1 124.0 60.2 16.9 17.5 29.3 46.6 75.6 1815.4 113.0 64.8 31.4 16.9 32.1 49.6 77.5 1716.8 95.0 75.7 32.8 12.1 35.2 52.1 63.3 1698.7 125.0 76.0 32.4 12.0 32.8 52.7 60.0 1752.7 129.9 76.0 31.6 11.7 36.2 53.4 60.5 1837.4 131.8 80.6 29.5 10.9 35.3 54.0 59.1 1858.4 131.6 91.5 31.5 11.6 39.9 54.6 64.8 1827.6 143.0 83.7 30.0 11.1 42.0 55.3 61.0 1872.6 150.6 83.9 29.7 9.7 41.4 55.9 61.2 1959.7 158.6 91.4 31.4 11.6 42.8 56.5 63.1 1989.7 167.0 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 6722.6 1322.2 190.4 0.0 51.3 5158.7 6940.0 1462.7 200.8 0.0 49.6 5226.9 7062.9 1577.3 218.2 0.0 44.1 5223.3 7124.9 1731.4 236.6 0.0 49.9 5107.0 7171.2 1779.6 240.8 0.0 52.5 5098.3 7152.2 1834.5 245.9 0.0 54.1 5017.7 7165.8 1871.2 255.7 0.0 56.3 4982.6 7356.7 1988.6 255.5 0.0 59.1 5053.5 7369.9 2007.6 258.3 0.0 57.3 5046.7 7392.9 2040.7 262.0 0.0 58.4 5031.8 7397.6 2066.5 273.6 0.0 60.4 4997.1 15 16 17 18 19 20 9611.4 9809.5 9922.8 9882.5 9960.2 9984.4 10011.2 10106.6 10149.4 10151.6 10139.1 21 21 Total liabilities 22 Credit market instruments 4535.4 4756.7 4781.9 4942.3 4985.5 5022.3 5081.4 5200.5 5277.3 5388.3 5474.4 22 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c. 278.4 154.2 2230.3 852.7 190.1 157.7 2578.0 743.7 126.0 160.8 2710.3 635.5 85.9 164.2 2868.6 583.1 95.5 164.8 2897.1 570.1 102.5 166.0 2898.8 564.3 109.3 167.3 2911.7 571.7 101.7 169.3 2946.3 593.2 115.6 170.3 2954.9 607.6 114.6 172.0 2962.4 629.9 119.6 173.4 2983.1 638.5 23 24 25 26 27 28 29 30 31 32 33 34 Other loans and advances Savings institutions Finance companies Federal government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 651.3 19.7 412.6 7.6 4.3 117.3 89.8 368.5 659.1 21.5 402.3 7.4 4.1 115.7 108.3 428.0 675.1 23.1 409.7 7.0 4.4 125.8 105.0 474.3 680.7 28.1 411.7 7.8 4.2 125.0 103.9 559.9 679.7 24.8 428.1 8.0 3.7 113.6 101.6 578.2 685.2 27.7 424.2 8.1 4.2 119.4 101.6 605.6 679.3 28.7 410.7 8.2 3.7 121.7 106.3 642.1 701.9 28.8 424.6 8.3 3.8 131.2 105.3 688.0 717.7 28.2 422.3 8.4 3.8 148.2 107.0 711.3 744.8 30.4 430.2 8.6 3.9 172.0 99.7 764.5 743.9 29.7 427.1 8.8 4.0 179.1 95.1 816.0 27 28 29 30 31 32 33 34 1541.4 78.0 3456.5 1114.6 121.3 2220.6 1437.7 81.0 3534.0 1091.6 121.9 2320.5 1457.4 93.0 3590.6 1037.3 122.0 2431.3 1403.2 81.2 3455.7 1051.2 120.6 2283.8 1422.1 90.7 3461.8 1062.5 120.5 2278.8 1440.2 92.2 3429.6 1046.9 119.8 2262.9 1471.6 100.4 3357.9 1053.4 120.2 2184.2 1509.8 88.0 3308.3 1083.0 118.2 2107.1 1506.7 97.8 3267.6 1096.5 116.9 2054.1 1539.0 95.7 3128.6 1081.7 116.3 1930.5 1577.1 98.0 2989.5 1098.0 115.8 1775.8 35 36 37 38 39 40 395.6 12685.0 377.7 10804.8 259.4 7839.3 295.5 10043.6 330.6 10112.4 397.2 10300.6 386.9 9907.3 317.9 10846.9 365.9 10639.1 420.7 10629.6 412.6 11005.5 41 42 35 36 37 38 39 40 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 41 42 Trade receivables net of payables Market value of equities 43 44 Securities and mortgages Loans and short-term paper 2753.0 1782.4 3163.7 1593.0 3345.3 1436.6 3592.6 1349.7 3640.2 1345.4 3670.3 1352.0 3721.1 1360.3 3803.6 1396.8 3836.5 1440.9 3898.9 1489.4 3972.5 1501.9 43 44 45 46 Total short-term liabilities (3) Total liquid assets (4) 3401.8 985.6 3111.7 1021.3 2987.0 1035.0 2834.2 1178.1 2858.2 1203.9 2884.4 1249.9 2932.2 1295.7 2994.6 1326.9 3045.3 1325.7 3124.1 1316.7 3177.1 1367.1 45 46 47 48 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 60.7 39.3 66.5 33.5 70.0 30.0 72.7 27.3 73.0 27.0 73.1 26.9 73.2 26.8 73.1 26.9 72.7 27.3 72.4 27.6 72.6 27.4 47 48 49 Liquid assets/short-term liabilities 29.0 32.8 34.7 41.6 42.1 43.3 44.2 44.3 43.5 42.1 43.0 49 (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 (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (4) Sum of lines 2 through 10, plus line 14. 65 Z.1, December 8, 2005 L.103 Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 8 Treasury securities Municipal securities Mortgages Consumer credit 9 10 11 12 13 14 15 16 17 18 19 20 21 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1421.8 1577.0 1656.4 1790.1 1825.5 1869.2 1913.6 1960.4 2011.1 2073.8 2140.3 1 274.1 137.6 49.4 274.5 144.7 59.0 280.1 156.2 61.3 287.7 163.6 53.1 289.4 165.2 49.2 290.3 167.8 49.0 291.4 170.2 48.3 291.3 172.5 49.9 291.2 175.0 52.2 292.3 177.3 56.0 292.9 179.8 61.0 2 3 4 40.2 2.4 22.4 0.0 42.8 3.5 25.0 0.0 42.8 3.4 24.5 0.0 44.3 3.6 25.9 0.0 44.9 3.6 25.9 0.0 45.4 3.7 26.0 0.0 45.9 3.7 26.0 0.0 46.3 3.8 25.8 0.0 46.7 3.8 25.6 0.0 47.0 3.9 25.2 0.0 47.3 3.9 24.7 0.0 5 6 7 8 342.1 553.7 45.8 1.6 506.2 343.9 683.6 48.3 1.8 633.5 362.8 725.2 52.5 1.8 671.0 418.4 793.6 56.9 2.1 734.6 433.3 814.1 57.9 2.2 753.9 449.1 837.9 59.1 2.1 776.7 465.1 862.9 60.5 2.0 800.4 482.2 888.5 60.5 1.9 826.2 499.6 916.9 61.1 2.1 853.7 517.8 954.3 62.0 1.9 890.4 536.6 994.1 64.3 1.8 928.0 9 10 11 12 13 2673.9 2890.3 3085.1 3331.2 3389.0 3455.0 3519.7 3591.3 3665.4 3756.7 3832.5 14 1796.7 1959.3 2107.8 2264.0 2298.7 2341.1 2382.0 2428.6 2477.7 2548.2 2602.2 15 361.2 127.8 1307.6 405.3 125.3 1428.8 430.4 127.6 1549.8 420.1 133.3 1710.6 422.2 133.7 1742.8 426.4 134.6 1780.1 429.9 133.1 1819.0 436.0 135.2 1857.4 442.1 134.5 1901.1 456.6 135.9 1955.7 460.3 133.4 2008.5 16 17 18 259.9 64.6 552.6 255.0 68.7 607.3 281.0 70.2 626.2 325.2 79.5 662.4 338.4 80.9 671.0 352.7 81.9 679.3 367.2 83.1 687.4 383.3 84.0 695.4 399.7 84.9 703.0 414.9 85.7 707.9 431.0 86.4 712.8 19 20 21 (1) Equity in the Farm Credit System. L.104 Farm Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 64.9 67.3 71.9 77.3 78.4 80.0 82.7 82.9 83.6 84.6 86.9 1 2 Checkable deposits and currency 19.4 20.0 20.6 21.2 21.5 21.8 22.0 22.3 22.4 22.6 22.8 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 45.5 43.9 1.6 47.3 45.3 2.0 51.4 49.3 2.1 56.0 53.5 2.5 56.9 54.5 2.4 58.2 55.7 2.6 60.7 57.9 2.7 60.6 57.9 2.7 61.1 58.5 2.6 62.0 59.3 2.6 64.1 61.3 2.8 3 4 5 202.4 213.3 221.8 230.1 228.4 235.6 240.8 242.6 240.0 248.0 255.0 6 181.5 192.0 199.8 207.6 205.6 212.5 217.5 219.1 216.2 224.1 230.8 7 46.9 24.4 110.2 46.9 27.3 117.8 46.0 28.4 125.5 45.5 28.5 133.6 42.9 27.4 135.3 46.0 28.2 138.3 47.6 29.3 140.5 47.7 29.6 141.7 44.3 29.0 143.0 47.2 30.6 146.2 49.5 32.9 148.3 8 9 10 20.9 21.3 21.9 22.6 22.8 23.0 23.3 23.5 23.7 24.0 24.2 11 6 7 8 9 10 11 Total financial assets Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. 66 Z.1, December 8, 2005 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1670.6 1755.4 1807.2 1905.3 1939.3 1947.0 1967.5 2007.4 2047.8 2068.6 2115.5 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 32.3 117.8 54.2 143.6 36.3 129.8 57.4 132.5 41.5 138.7 59.0 116.1 44.9 146.7 62.6 123.2 42.3 148.7 63.6 125.2 36.8 148.6 63.7 125.3 36.7 150.7 64.5 127.0 40.3 153.6 65.8 129.6 48.2 168.7 66.6 131.2 48.5 168.0 66.4 130.7 40.4 174.5 67.4 132.7 2 3 4 5 6 Credit market instruments 7 8 9 10 11 12 Total financial assets 2001 891.5 985.0 1071.4 1124.0 1145.8 1152.6 1162.5 1185.8 1216.4 1240.3 1274.6 6 Open market paper Treasury securities Agency- and GSE-backed securities 120.2 310.9 241.1 137.6 329.3 288.3 152.0 355.6 330.2 161.4 363.9 350.6 163.9 373.7 356.1 164.1 379.7 356.5 166.2 379.4 361.3 169.7 386.4 368.7 171.7 407.5 373.1 171.1 434.3 371.8 173.7 456.4 377.4 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 3.7 84.3 131.3 4.0 95.5 130.3 4.1 104.6 124.9 4.4 111.1 132.6 4.4 112.8 134.7 4.4 113.0 134.9 4.5 114.5 136.7 4.6 116.8 139.5 4.7 118.2 141.2 4.6 117.8 140.6 4.7 119.6 142.8 10 11 12 93.8 31.0 88.4 28.3 79.6 24.4 84.5 25.9 85.9 26.3 85.9 26.3 87.1 26.7 88.9 27.2 90.0 27.5 89.6 27.4 91.0 27.8 13 14 110.5 42.4 153.6 116.4 46.1 135.4 119.0 50.8 106.9 126.3 68.4 98.7 128.3 72.9 100.4 128.4 78.6 100.7 130.1 83.6 98.6 132.8 89.0 94.3 134.4 97.7 67.2 133.9 107.7 56.2 136.0 116.7 54.5 15 16 17 1828.3 1959.2 2131.8 2279.9 2326.5 2362.6 2388.4 2429.6 2487.9 2539.5 2584.1 18 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 Credit market instruments 1192.3 1298.1 1442.0 1559.7 1598.6 1626.9 1644.9 1678.0 1728.1 1771.2 1807.2 19 20 21 22 23 Municipal securities Short-term Other U.S. government loans 1183.6 45.1 1138.5 8.7 1289.2 69.0 1220.2 8.9 1432.6 94.2 1338.4 9.4 1550.1 101.3 1448.8 9.7 1588.9 105.5 1483.4 9.7 1617.2 87.7 1529.5 9.7 1635.1 93.8 1541.3 9.8 1668.1 95.4 1572.7 9.9 1718.2 97.1 1621.1 9.9 1761.2 86.6 1674.6 10.0 1797.0 90.8 1706.3 10.2 20 21 22 23 635.9 661.1 689.8 720.2 727.9 735.7 743.5 751.6 759.8 768.2 776.9 24 24 Trade payables (1) Data for employee retirement funds are shown in table L.119. L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (1) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 14 15 SDR certificates Treasury currency 16 Credit market instruments 17 18 19 20 21 22 23 24 25 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (2) Nonmarketable securities held by pension plans Other 513.8 614.9 611.4 653.2 649.0 651.8 642.3 615.5 617.6 614.9 625.0 1 41.0 24.3 6.3 43.1 66.9 10.5 51.1 47.5 27.6 55.1 54.1 2.4 54.3 22.7 1.9 52.3 46.8 2.1 52.0 35.4 2.2 54.5 21.9 2.4 47.5 20.8 2.4 46.1 33.5 1.7 40.9 35.1 2.1 2 3 4 272.6 278.6 288.2 285.6 286.8 283.8 289.9 289.5 289.5 286.0 290.0 5 0.0 128.6 76.9 67.0 0.0 122.7 75.8 80.1 0.0 119.1 76.3 92.8 0.0 117.7 73.8 94.1 0.0 117.1 75.8 93.9 0.0 116.9 74.3 92.6 0.0 116.3 74.5 99.2 0.0 115.7 75.4 98.4 0.0 113.2 75.7 100.6 0.0 111.5 75.8 98.6 0.0 109.3 76.8 103.9 6 7 8 9 28.1 42.4 99.1 35.5 79.8 100.4 32.2 64.3 100.5 51.3 102.8 101.9 57.6 123.9 101.9 61.0 103.9 101.9 59.8 100.5 102.4 61.8 82.9 102.5 62.5 95.3 99.5 65.3 83.0 99.3 62.6 98.2 96.1 10 11 12 4227.2 4288.2 4575.4 5078.9 5212.7 5270.4 5375.3 5509.8 5671.5 5633.8 5726.4 13 2.2 23.2 2.2 24.5 2.2 25.5 2.2 26.0 2.2 26.2 2.2 26.5 2.2 26.7 2.2 26.7 2.2 26.9 2.2 27.2 2.2 27.4 14 15 3385.1 3379.5 3637.0 4033.1 4168.9 4209.6 4292.9 4395.0 4559.7 4516.8 4589.6 16 184.8 3173.0 27.3 0.0 190.3 3162.4 26.8 0.0 194.9 3414.9 27.3 0.0 203.8 3804.4 24.9 0.0 204.4 3939.4 25.1 0.0 204.6 3980.8 24.2 0.0 204.1 4064.6 24.2 0.0 204.4 4166.3 24.3 0.0 204.2 4331.4 24.1 0.0 204.2 4289.0 23.7 0.0 203.6 4362.4 23.6 0.0 17 18 19 20 69.0 36.4 711.3 704.9 6.4 72.3 37.8 772.0 765.8 6.2 73.2 39.4 798.2 790.3 7.9 145.8 40.5 831.3 815.0 16.3 155.1 40.5 819.8 801.2 18.6 161.4 40.9 829.8 809.2 20.6 166.0 41.0 846.5 824.3 22.1 164.1 41.6 880.3 855.9 24.4 169.6 41.6 871.6 844.3 27.2 175.7 42.0 869.9 840.1 29.8 178.6 42.1 886.5 854.2 32.4 21 22 23 24 25 (1) Student loans. (2) 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. 67 Z.1, December 8, 2005 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 5 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 6 Credit market instruments 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 6584.9 7065.9 7576.8 8380.8 8725.0 8964.6 9093.4 9836.2 10180.5 10468.9 10680.9 1 161.1 286.9 108.7 91.3 115.5 305.7 120.6 150.7 119.7 326.6 152.3 190.1 109.6 355.5 139.7 460.2 31.4 357.7 144.1 529.1 66.2 378.7 182.3 551.1 79.1 380.0 180.1 600.7 93.8 397.2 214.0 647.1 94.9 383.4 168.2 606.4 138.7 423.5 241.6 650.0 92.9 432.3 246.0 687.6 2 3 4 5 2590.8 2949.0 3424.1 3918.4 4113.6 4321.2 4475.4 4679.7 4866.7 5065.3 5277.7 6 7 Open market paper 90.1 87.5 97.8 104.7 117.5 120.7 123.0 135.3 129.3 141.3 132.8 7 8 9 10 Treasury securities Official Private 1021.4 639.8 381.6 1095.2 720.1 375.1 1285.5 812.0 473.5 1533.6 990.4 543.2 1673.5 1103.0 570.5 1796.8 1166.0 630.9 1848.5 1221.3 627.1 1900.2 1260.5 639.7 1989.5 1274.8 714.7 2023.8 1297.5 726.2 2076.7 1307.1 769.6 8 9 10 11 12 13 Agency- and GSE-backed securities Official Private 441.4 116.4 325.1 534.7 126.9 407.8 648.0 158.4 489.7 658.1 201.8 456.2 667.3 213.3 454.0 692.3 213.7 478.5 704.6 225.3 479.4 761.6 239.1 522.5 787.3 264.0 523.3 829.3 285.6 543.6 885.7 303.8 581.8 11 12 13 14 15 U.S. corporate bonds (1) Loans to U.S. corporate business 920.6 117.3 1115.9 115.7 1267.0 125.8 1497.0 125.0 1541.8 113.6 1592.0 119.4 1677.6 121.7 1751.3 131.2 1812.4 148.2 1898.9 172.0 2003.5 179.1 14 15 16 17 18 U.S. corporate equities Trade receivables Security credit 1643.2 47.0 0.0 1572.7 43.9 0.0 1335.8 47.0 0.0 1826.9 48.8 0.0 1865.2 49.0 0.0 1867.2 50.7 0.0 1846.6 48.7 0.0 2070.7 48.3 0.0 2067.9 51.6 0.0 2094.9 52.6 0.0 2255.2 52.8 0.0 16 17 18 19 20 21 Miscellaneous assets Foreign direct investment in U.S. (2) Other 1655.8 1421.0 234.8 1807.9 1518.5 289.4 1981.2 1517.4 463.8 1521.8 1585.9 -64.1 1634.8 1593.3 41.5 1547.3 1626.3 -79.1 1482.7 1663.6 -180.9 1685.3 1708.9 -23.5 1941.3 1742.8 198.6 1802.4 1762.5 39.8 1636.5 1785.0 -148.5 19 20 21 3562.3 3747.0 4276.2 4501.1 4577.9 4727.9 4872.0 5333.5 5446.3 5632.5 5207.7 22 22 Total liabilities 23 24 U.S. official foreign exchange and net IMF position U.S. private deposits 46.1 803.3 46.8 810.1 55.8 831.1 62.3 853.4 61.5 891.5 58.9 895.6 58.7 915.5 62.2 964.7 56.3 1057.5 54.3 1070.0 52.0 1096.2 23 24 25 Credit market instruments 727.6 683.9 754.6 808.9 829.9 814.7 839.1 891.1 895.9 918.7 945.8 25 120.9 486.0 106.7 467.5 142.8 499.1 165.1 541.0 190.0 539.9 183.4 529.9 189.2 551.6 228.7 560.2 232.6 559.0 242.1 574.2 270.1 573.3 26 27 70.5 3.5 13.2 53.8 47.0 3.1 63.2 4.3 5.9 53.1 45.9 0.5 68.6 5.1 5.1 58.4 44.0 0.2 60.9 4.6 3.7 52.7 41.8 0.2 59.2 4.9 4.4 49.9 40.7 0.1 60.9 5.3 5.9 49.8 40.3 0.3 58.7 5.1 5.1 48.6 39.4 0.3 63.3 5.5 6.5 51.4 38.6 0.3 66.3 5.7 6.8 53.8 37.7 0.3 65.0 5.2 6.4 53.4 37.1 0.2 66.3 2.8 8.9 54.7 35.8 0.3 28 29 30 31 32 33 49.9 0.0 47.8 0.0 37.6 0.0 47.5 0.0 46.8 0.0 45.7 0.0 43.7 0.0 50.8 0.0 50.0 0.0 52.9 0.0 55.8 0.0 34 35 1935.3 35.4 2.8 1531.6 365.6 2158.4 37.1 2.7 1693.1 425.5 2597.0 38.6 2.8 1860.4 695.2 2729.0 40.0 3.0 2062.6 623.4 2748.3 40.3 3.1 2118.4 586.6 2912.9 40.8 2.9 2181.7 687.4 3015.0 41.7 3.0 2225.3 745.0 3364.7 42.0 2.9 2367.4 952.4 3386.5 42.3 -1.0 2399.0 946.2 3536.7 42.7 -1.0 2438.6 1056.4 3058.0 43.5 -4.4 2468.6 550.4 36 37 38 39 40 1852.8 1612.7 1374.7 2079.4 2170.0 2189.0 2192.9 2520.1 2546.9 2523.5 2821.1 41 26 27 Commercial paper Bonds 28 29 30 31 32 33 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 34 35 Trade payables Security debt 36 37 38 39 40 Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 41 Market value of foreign equities held by U.S. residents (3) (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) Includes American Depositary Receipts (ADRs). 68 Z.1, December 8, 2005 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 636.0 683.0 753.6 796.9 788.0 807.9 818.5 841.3 834.7 845.7 849.0 1 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 26.6 2.2 31.6 25.5 2.2 33.0 27.9 2.2 34.6 30.8 2.2 35.5 30.9 2.2 35.8 30.4 2.2 36.0 30.6 2.2 36.3 32.3 2.2 36.4 31.5 2.2 36.5 30.5 2.2 36.6 30.3 2.2 36.4 2 3 4 5 6 7 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 0.9 0.1 43.4 -0.0 0.0 50.3 0.4 0.0 39.5 -0.3 0.1 43.8 -0.6 0.1 27.5 0.2 0.3 33.5 1.8 0.2 29.3 0.9 0.0 33.0 -1.4 0.1 31.0 -1.0 0.2 34.5 -0.3 0.9 25.8 5 6 7 8 Credit market instruments 511.8 551.7 629.4 666.7 674.1 687.4 700.3 717.8 717.3 724.7 736.4 8 0.0 511.7 0.1 0.0 0.0 551.7 0.0 0.0 0.0 629.4 0.0 0.0 0.0 666.7 0.0 0.0 0.0 674.1 0.0 0.0 0.0 687.4 0.0 0.0 0.0 700.3 0.0 0.0 0.0 717.8 0.0 0.0 0.0 717.3 0.0 0.0 0.0 724.7 0.0 0.0 0.0 736.4 0.0 0.0 9 10 11 12 19.3 20.3 19.6 18.2 18.1 17.9 17.7 18.6 17.5 17.9 17.3 13 629.2 675.7 745.3 788.0 778.3 798.2 808.3 829.7 822.7 832.8 835.2 14 9 10 11 12 13 14 Total financial assets 2001 Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets Total liabilities 15 16 Depository institution reserves Vault cash of commercial banks 19.0 44.4 17.5 47.3 22.5 47.8 23.1 47.9 25.0 41.0 29.6 43.4 24.7 42.0 24.0 41.5 25.0 42.1 23.1 45.3 21.9 41.2 15 16 17 18 19 20 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 555.2 5.6 0.3 549.3 603.1 7.1 0.1 596.0 644.6 4.8 0.1 639.7 682.5 6.0 0.2 676.3 681.5 6.3 0.1 675.2 696.4 6.3 0.3 689.8 702.8 6.3 0.2 696.4 719.7 6.2 0.1 713.3 718.2 5.5 0.2 712.5 724.1 4.6 0.2 719.4 730.1 4.6 0.2 725.3 17 18 19 20 21 22 23 Miscellaneous liabilities Federal Reserve Bank stock Other 10.6 7.0 3.6 7.7 7.4 0.4 30.3 8.4 21.9 34.5 8.8 25.7 30.8 9.0 21.9 28.7 9.2 19.5 38.8 10.5 28.3 44.4 11.9 32.5 37.4 12.6 24.9 40.2 12.9 27.3 42.0 13.3 28.7 21 22 23 (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. 69 Z.1, December 8, 2005 L.109 Commercial Banking (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 6468.7 6829.1 7329.4 7810.4 8041.3 8199.1 8379.8 8496.6 8727.8 8947.6 9156.1 1 44.4 17.4 1.7 47.3 15.2 2.8 47.8 19.7 2.5 47.9 19.7 2.5 41.0 21.7 3.2 43.4 26.3 2.7 42.0 21.2 3.1 41.5 20.8 3.5 42.1 22.1 3.6 45.3 20.1 3.8 41.2 19.1 3.3 2 3 4 5200.8 5411.3 5811.4 6202.0 6402.8 6534.6 6615.1 6772.8 6993.3 7159.9 7352.3 5 6 7 Treasury securities Agency- and GSE-backed securities 184.5 721.8 162.7 777.4 205.8 917.9 132.9 999.5 144.2 1094.5 140.9 1111.0 122.1 1056.6 110.1 1096.4 126.0 1120.2 109.8 1104.4 109.0 1090.6 6 7 8 9 Municipal securities Corporate and foreign bonds 114.1 266.1 120.2 363.1 121.7 359.9 132.5 482.5 133.9 500.4 137.2 492.3 139.2 529.5 140.8 559.7 145.3 623.7 147.8 670.2 153.7 699.1 8 9 3887.3 1.5 1499.6 1660.1 551.1 175.2 3957.8 0.0 1424.3 1789.8 568.4 175.2 4183.0 0.0 1344.2 2058.3 602.6 177.9 4422.6 0.0 1283.9 2255.8 669.4 213.5 4497.6 0.0 1271.1 2329.3 658.0 239.2 4621.3 0.0 1287.9 2436.0 660.6 236.8 4736.8 0.0 1291.8 2517.4 676.3 251.3 4827.6 0.0 1332.4 2595.3 704.3 195.6 4942.0 0.0 1353.5 2689.4 683.1 216.1 5091.1 0.0 1398.9 2790.5 684.0 217.8 5259.0 0.0 1423.8 2895.4 708.2 231.6 10 11 12 13 14 15 11.9 15.0 8.9 21.3 3.5 19.6 15.1 17.1 16.0 16.2 15.7 16.2 15.4 15.4 20.3 18.0 19.4 16.6 20.9 15.6 23.6 17.3 16 17 7.5 1196.9 4.6 1347.9 4.6 1443.4 4.4 1533.9 3.9 1568.8 4.4 1587.8 4.0 1694.4 4.0 1653.9 4.0 1662.6 4.1 1714.4 4.3 1736.0 18 19 6407.2 6770.4 7330.8 7834.7 8068.9 8279.4 8442.3 8599.8 8824.1 9053.7 9146.2 20 10 11 12 13 14 15 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 16 17 Corporate equities Mutual fund shares 18 19 20 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 21 22 23 24 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 157.8 1.0 -4.3 161.1 126.6 0.0 11.1 115.5 135.7 0.5 15.5 119.7 121.9 -0.3 12.6 109.6 47.4 -0.5 16.5 31.4 94.1 0.5 27.4 66.2 101.6 2.1 20.4 79.1 122.1 1.0 27.3 93.8 129.3 -1.4 35.7 94.9 161.3 -0.7 23.3 138.7 121.0 0.6 27.5 92.9 21 22 23 24 25 26 27 28 Checkable deposits Federal government Rest of the world Private domestic 540.9 16.4 30.7 493.8 628.8 47.5 25.8 555.6 571.5 31.1 25.2 515.3 602.4 30.2 37.4 534.8 597.0 17.5 41.4 538.1 621.6 40.6 53.5 527.5 610.0 32.3 52.4 525.3 647.0 26.9 64.3 555.7 622.6 20.2 49.4 552.9 631.3 30.6 85.1 515.7 589.4 33.0 89.1 467.3 25 26 27 28 29 30 31 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 2228.7 885.4 816.1 2478.1 918.1 786.5 2747.6 915.3 902.0 2977.9 934.1 969.5 3079.1 992.3 1021.3 3148.7 1032.1 1062.5 3205.4 1071.2 1059.5 3259.7 1120.4 973.7 3338.4 1177.8 1019.1 3367.7 1221.5 1075.8 3465.2 1312.9 1101.9 29 30 31 32 Credit market instruments 509.3 562.1 611.8 661.0 703.2 710.2 723.4 738.8 776.3 792.0 810.7 32 63.6 273.2 172.4 55.4 310.2 196.6 52.9 332.2 226.8 46.6 379.1 235.3 61.0 389.0 253.3 56.2 402.6 251.4 56.1 418.0 249.3 57.2 437.4 244.1 63.9 457.3 255.1 62.1 465.0 265.0 67.7 474.6 268.4 33 34 35 11.1 1257.8 13.5 1256.6 16.2 1430.8 19.1 1548.7 19.8 1608.7 20.6 1589.6 21.4 1649.8 22.2 1716.0 23.0 1737.7 23.9 1780.2 24.8 1720.4 36 37 5006.3 5210.5 5614.9 5960.8 6135.3 6270.2 6336.9 6543.0 6745.2 6909.7 7084.1 38 33 34 35 36 37 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities Memo: 38 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18). 70 Z.1, December 8, 2005 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 4774.1 5014.5 5427.2 5840.3 5998.3 6144.9 6259.1 6398.1 6560.4 6671.1 6816.6 1 61.3 61.9 66.3 66.8 61.6 68.8 62.2 61.6 63.5 64.3 59.4 2 4515.2 4718.6 5102.3 5481.6 5650.8 5790.4 5865.3 6046.8 6188.3 6302.3 6460.1 3 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 87.9 626.5 297.8 111.0 217.6 56.5 700.2 350.6 168.2 181.4 86.4 821.3 434.9 159.1 227.4 93.5 906.4 491.5 161.4 253.5 102.6 1001.0 578.1 166.6 256.3 100.9 1012.4 586.9 158.9 266.6 82.9 958.2 544.8 153.6 259.8 74.2 996.1 581.7 156.7 257.7 88.1 1021.7 600.9 164.3 256.4 76.3 998.1 584.8 157.9 255.4 75.5 992.0 583.7 153.4 255.0 4 5 6 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 113.4 201.4 4.1 56.5 140.8 119.7 265.1 25.3 59.3 180.5 121.2 264.3 12.0 67.4 185.0 131.9 306.0 12.2 92.6 201.2 133.3 315.2 13.8 94.4 207.0 136.6 315.6 13.6 94.4 207.7 139.0 349.7 17.0 100.4 232.3 140.4 364.4 18.9 106.0 239.5 145.0 389.6 22.2 120.1 247.3 147.5 412.4 25.3 132.1 255.0 153.4 421.8 24.5 138.8 258.4 9 10 11 12 13 14 15 16 17 18 19 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 3459.1 0.9 1205.4 1627.0 551.1 74.7 3546.9 0.0 1143.8 1752.8 568.4 81.9 3785.9 0.0 1085.7 2018.5 602.6 79.2 4011.7 0.0 1037.2 2213.6 669.4 91.5 4066.5 0.0 1026.4 2286.0 658.0 96.0 4193.0 0.0 1042.4 2393.3 660.6 96.7 4304.6 0.0 1052.5 2472.4 676.3 103.4 4433.4 0.0 1080.0 2547.0 704.3 102.2 4507.9 0.0 1084.6 2638.8 683.1 101.3 4631.5 0.0 1118.4 2738.9 684.0 90.3 4776.5 0.0 1133.7 2839.1 708.2 95.5 14 15 16 17 18 19 20 21 Corporate equities Mutual fund shares 11.9 15.0 8.9 21.3 3.5 19.6 15.1 17.1 16.0 16.2 15.7 16.2 15.4 15.4 20.3 18.0 19.4 16.6 20.9 15.6 23.6 17.3 20 21 5.9 191.7 3.6 230.4 3.9 254.7 3.8 288.2 3.3 282.6 3.9 281.8 3.4 328.4 3.3 286.3 3.4 305.2 3.4 301.1 3.6 293.5 22 23 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 22 23 24 Customers’ liab. on acceptances (1) Miscellaneous assets 5169.7 5455.3 5948.2 6409.1 6603.9 6827.7 7003.0 7226.5 7366.1 7515.5 7630.1 24 25 26 27 28 29 Total liabilities Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 137.5 0.9 0.1 -33.0 169.5 138.2 -0.0 0.0 -17.7 155.9 192.6 0.4 0.0 0.3 191.8 205.5 -0.3 0.1 -64.6 270.4 181.2 -0.6 0.1 -73.2 254.9 253.6 0.2 0.3 -70.5 323.6 272.0 1.8 0.2 -57.4 327.3 328.2 0.9 0.0 -24.5 351.8 329.4 -1.4 0.1 -32.5 363.2 354.1 -1.0 0.2 -19.1 374.0 347.7 -0.3 0.9 -29.4 376.4 25 26 27 28 29 30 31 32 33 Checkable deposits Federal government Rest of the world Private domestic 523.7 16.4 25.0 482.3 608.2 47.5 22.6 538.2 552.7 31.1 22.3 499.3 581.0 30.2 34.9 516.0 575.5 17.5 38.7 519.3 600.1 40.6 51.2 508.4 588.3 32.3 50.2 505.8 624.8 26.9 62.3 535.5 597.8 20.2 44.3 533.3 608.7 30.6 83.0 495.1 567.7 33.0 86.9 447.9 30 31 32 33 34 35 36 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 2208.0 553.6 682.4 2448.3 528.4 663.9 2722.0 552.7 737.4 2950.2 555.7 806.0 3050.4 575.2 851.2 3119.9 596.0 879.6 3176.8 630.2 871.1 3231.2 671.1 816.1 3307.0 707.8 872.1 3335.4 738.4 911.3 3431.8 797.2 931.0 34 35 36 37 38 39 40 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 6.0 86.4 172.4 11.1 3.7 94.7 196.6 13.5 3.9 94.1 226.8 16.2 3.8 99.6 235.3 19.1 3.3 98.6 253.3 19.8 3.9 102.9 251.4 20.6 3.4 103.5 249.3 21.4 3.4 109.3 244.1 22.2 3.4 113.8 255.1 23.0 3.4 114.3 265.0 23.9 3.6 116.3 268.4 24.8 37 38 39 40 41 42 43 Miscellaneous liabilities Investment by bank holding companies Other 788.6 525.4 263.2 759.8 586.1 173.7 849.8 639.2 210.6 953.0 689.8 263.2 995.3 708.1 287.2 999.8 738.6 261.2 1087.2 819.4 267.7 1176.2 857.0 319.2 1156.5 853.3 303.2 1160.9 876.3 284.7 1141.7 877.5 264.2 41 42 43 4419.5 4610.1 5003.9 5361.7 5525.9 5665.7 5734.3 5909.7 6054.3 6178.8 6327.2 44 Memo: 44 Credit market funds advanced (2) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22). 71 Z.1, December 8, 2005 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 1 Total financial assets 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 9 10 11 12 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 13 Corporate equities 14 15 16 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities Q2 Q3 Q4 2005 Q2 Q1 Q3 789.4 791.9 801.1 734.0 736.7 704.2 645.6 570.0 634.0 688.9 730.5 1 0.5 0.6 1.2 0.9 1.1 0.9 1.1 0.7 0.7 1.1 0.9 2 610.2 603.0 615.0 607.1 635.5 623.5 625.8 598.8 677.2 718.9 763.5 3 94.0 72.7 0.0 50.7 103.8 50.7 0.0 81.3 116.7 61.6 0.0 81.6 34.2 52.5 0.0 160.9 36.6 51.1 0.0 169.6 33.8 54.2 0.0 161.8 34.5 50.7 0.0 165.4 30.0 53.1 0.0 178.5 32.3 50.8 0.0 218.3 27.6 57.8 0.0 233.2 27.7 51.0 0.0 263.3 4 5 6 7 392.8 0.6 274.6 17.1 100.5 367.2 0.0 256.1 17.9 93.3 355.2 0.0 237.5 19.0 98.7 359.6 0.0 220.4 17.2 121.9 378.1 0.0 217.6 17.4 143.1 373.7 0.0 218.6 15.0 140.1 375.3 0.0 211.9 15.5 147.9 337.1 0.0 226.8 16.9 93.4 375.9 0.0 244.2 16.9 114.7 400.3 0.0 255.4 17.4 127.5 421.5 0.0 265.3 20.1 136.1 8 9 10 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 1.6 177.1 1.0 187.2 0.6 184.2 0.6 125.5 0.5 99.6 0.6 79.3 0.6 18.1 0.7 -30.2 0.6 -44.6 0.7 -31.9 0.8 -34.7 14 15 818.4 824.8 838.4 776.3 780.2 749.0 691.7 617.5 682.8 739.2 782.3 16 17 18 19 Net interbank liabilities To foreign banks To domestic banks 7.4 -15.5 22.9 -9.3 -50.9 41.6 -51.6 -83.1 31.5 -89.2 -127.0 37.8 -138.7 -188.5 49.8 -165.6 -226.3 60.7 -190.8 -236.8 45.9 -214.2 -250.5 36.3 -201.0 -260.7 59.7 -193.3 -226.5 33.2 -229.2 -280.0 50.8 17 18 19 20 21 22 Checkable deposits Small time and savings deposits Large time deposits 8.7 7.2 318.2 9.1 11.6 371.5 8.4 9.4 346.4 9.4 10.3 361.0 9.0 11.2 399.6 8.5 10.8 418.1 8.7 9.8 422.1 8.7 9.5 430.3 11.3 10.8 449.5 8.3 10.3 461.1 8.7 10.0 492.3 20 21 22 23 24 Federal funds and security RPs (net) Acceptance liabilities 134.8 2.0 123.9 1.1 163.4 0.7 161.5 0.6 168.8 0.6 181.5 0.6 187.2 0.7 156.8 0.7 146.5 0.6 162.3 0.8 169.5 0.8 23 24 25 26 27 28 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 340.1 64.2 138.7 137.2 316.9 67.2 107.9 141.9 361.8 75.5 132.6 153.7 322.7 87.5 130.8 104.3 329.9 87.9 157.9 84.0 295.1 89.3 137.4 68.5 254.2 102.0 141.3 10.9 225.7 123.3 161.3 -58.9 265.2 128.2 171.2 -34.2 289.6 130.5 182.7 -23.5 330.2 131.1 187.3 11.8 25 26 27 28 511.3 510.7 516.9 485.8 492.9 484.0 478.6 506.1 563.1 592.1 628.2 29 Memo: 29 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14). 72 Z.1, December 8, 2005 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 6 7 8 9 10 11 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 841.9 942.4 1025.8 1152.4 1218.6 1259.0 1378.5 1429.0 1430.5 1481.4 1502.2 1 20.5 24.7 27.8 36.4 36.7 36.1 36.9 36.4 34.0 41.4 29.9 2 0.8 4.8 13.2 1.6 1.2 6.2 15.3 1.9 1.3 10.7 12.9 2.9 2.7 11.6 14.2 7.9 2.1 12.5 13.9 8.1 2.4 12.9 13.5 7.4 1.6 14.3 13.2 7.8 2.0 13.5 15.5 5.3 1.6 13.6 14.7 4.1 2.4 12.8 23.3 2.9 2.4 11.5 12.9 3.1 3 4 5 6 821.4 525.4 189.7 106.3 917.8 586.1 219.5 112.2 998.1 639.2 219.3 139.5 1116.0 689.8 264.3 161.9 1181.9 708.1 292.4 181.4 1222.8 738.6 302.8 181.4 1341.6 819.4 329.1 193.1 1392.6 857.0 341.3 194.4 1396.5 853.3 343.3 199.9 1440.0 876.3 354.5 209.2 1472.4 877.5 384.8 210.1 7 8 9 10 358.7 413.4 473.1 570.8 602.6 616.8 656.8 661.7 677.9 698.8 633.0 11 12 13 14 Net interbank liabilities To domestic banks To foreign banks 12.9 5.8 7.1 -2.3 -12.8 10.4 -5.3 -16.4 11.1 5.6 39.4 -33.8 5.0 39.9 -34.9 6.1 37.2 -31.1 20.5 31.9 -11.5 8.0 15.5 -7.5 0.9 8.5 -7.6 0.4 9.2 -8.8 2.5 6.1 -3.6 12 13 14 15 Federal funds and security RPs (net) -1.1 -1.2 1.2 2.1 1.2 1.4 1.2 0.8 0.4 2.1 1.5 15 16 17 18 Credit market instruments Commercial paper Corporate bonds 242.5 55.7 186.8 266.1 50.6 215.5 286.4 48.3 238.1 321.8 42.3 279.5 347.5 57.1 290.4 351.5 51.7 299.8 366.6 52.1 314.5 381.3 53.1 328.2 403.3 59.8 343.5 408.6 57.9 350.7 421.5 63.3 358.2 16 17 18 19 Miscellaneous liabilities 104.4 150.8 190.9 241.4 249.0 257.9 268.4 271.6 273.2 287.6 207.4 19 83.6 87.7 91.1 96.6 99.5 102.9 106.3 106.8 1 L.113 Banks in U.S.-Affiliated Areas (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 6 7 8 9 10 11 12 63.3 80.2 75.2 1.7 2.8 2.5 2.5 3.2 2.7 3.1 3.5 3.6 3.8 3.3 2 55.0 65.0 66.3 76.9 79.9 84.5 87.1 90.8 93.8 97.4 98.8 3 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1.8 17.8 0.7 0.8 1.2 20.3 0.5 1.4 1.5 24.2 0.5 1.1 2.5 28.9 0.6 1.4 2.8 29.9 0.6 1.6 3.7 31.5 0.6 1.4 3.2 33.3 0.3 1.2 3.8 33.6 0.3 1.3 4.0 34.2 0.4 1.1 3.5 35.8 0.4 1.3 3.5 36.0 0.3 1.1 4 5 6 7 Bank loans n.e.c. Home mortgages Commercial mortgages 18.0 9.1 6.8 22.5 8.2 11.0 18.2 9.7 11.2 18.5 12.2 12.8 19.0 12.7 13.2 19.5 13.8 13.9 19.6 14.7 14.8 20.3 15.6 15.9 20.5 20.3 13.3 22.2 20.3 14.0 21.7 20.5 15.7 8 9 10 6.6 12.5 6.4 4.3 4.6 3.9 6.4 5.2 5.5 5.1 4.7 11 Miscellaneous assets 60.4 76.8 71.1 78.6 82.2 85.8 90.8 94.0 97.4 100.3 100.9 12 13 14 15 Total liabilities Checkable deposits Small time and savings deposits Large time deposits 8.4 13.6 13.6 11.5 18.1 18.1 10.4 16.2 16.2 11.9 17.5 17.5 12.6 17.5 17.5 13.0 18.0 18.0 13.1 18.8 18.8 13.5 19.0 19.0 13.5 20.5 20.5 14.3 22.0 22.0 12.9 23.4 23.4 13 14 15 16 Miscellaneous liabilities 24.8 29.0 28.3 31.7 34.6 36.9 40.0 42.5 42.8 42.0 41.1 16 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 73 Z.1, December 8, 2005 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 5 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 6 Credit market instruments 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1217.7 1291.4 1349.5 1465.4 1519.3 1560.5 1593.8 1649.0 1648.2 1702.7 1749.5 1 1.6 19.0 1.4 14.9 2.3 21.0 2.2 20.3 2.8 24.8 2.6 20.0 3.4 24.8 2.6 12.3 3.2 22.7 3.0 20.8 3.4 22.9 3.2 15.6 3.5 22.4 3.2 13.1 3.3 21.3 3.2 9.1 2.9 22.2 2.8 9.4 3.0 23.1 2.8 9.7 2.8 23.8 2.9 15.0 2 3 4 5 1088.8 1133.2 1166.6 1292.6 1348.8 1391.2 1426.9 1485.4 1495.8 1550.2 1588.6 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 0.0 8.7 140.4 109.0 0.0 31.4 0.0 11.4 161.4 115.7 0.0 45.7 0.0 9.2 176.2 132.7 0.0 43.5 0.0 12.2 198.7 138.1 0.0 60.6 0.0 9.9 211.8 117.9 44.2 49.8 0.0 9.1 208.3 118.2 41.4 48.7 0.0 7.8 200.6 114.8 41.3 44.6 0.0 8.4 205.1 119.5 43.0 42.6 0.0 7.6 203.6 116.9 44.5 42.2 0.0 9.0 201.4 113.3 42.9 45.2 0.0 8.6 197.0 113.0 39.9 44.1 7 8 9 10 11 12 13 14 15 16 17 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 3.2 109.4 19.0 0.0 90.4 4.5 83.9 13.2 0.0 70.7 5.5 79.9 10.6 0.0 69.3 6.3 71.1 10.7 0.0 60.4 6.4 63.5 9.4 40.4 13.8 6.5 58.6 8.8 37.2 12.6 6.8 57.2 8.3 38.4 10.4 7.1 58.9 8.2 40.5 10.2 7.3 62.2 7.1 45.2 9.9 8.1 64.0 6.6 47.7 9.7 8.5 72.8 9.0 54.0 9.8 13 14 15 16 17 18 19 20 Other loans and advances Mortgages Consumer credit 39.3 723.0 64.8 42.9 758.0 71.1 46.2 781.0 68.7 56.3 870.2 77.9 49.6 926.1 81.4 55.4 965.2 88.1 57.4 1007.9 89.1 57.6 1057.0 91.3 56.4 1068.0 90.8 60.8 1112.9 94.0 59.5 1140.8 101.4 18 19 20 24.2 67.6 27.9 84.5 29.1 103.6 30.4 99.2 28.2 92.6 27.9 96.3 28.9 95.9 28.2 98.5 27.1 88.0 26.1 87.8 26.1 90.4 21 22 1185.8 1256.5 1310.2 1418.5 1471.6 1508.5 1536.2 1587.3 1582.1 1630.3 1669.9 23 726.7 265.8 318.9 142.1 773.3 316.5 288.0 168.8 840.1 370.9 256.3 212.9 924.5 428.3 251.1 245.1 945.3 443.0 217.7 284.5 954.4 459.2 205.2 290.0 975.8 473.1 195.8 306.9 989.9 488.2 177.3 324.4 1002.5 502.5 163.9 336.0 1024.6 519.5 152.7 352.4 1050.2 536.0 150.2 364.0 24 25 26 27 66.7 72.4 57.4 77.5 74.1 71.2 74.4 82.2 70.6 71.9 79.3 28 21 22 23 Corporate equities Miscellaneous assets Total liabilities 24 25 26 27 Deposits Checkable Small time and savings Large time 28 Security RPs 29 30 31 32 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 287.7 6.3 21.5 260.0 285.7 3.6 23.0 259.1 262.3 3.4 27.2 231.7 268.3 5.1 13.9 249.3 267.2 6.0 14.3 247.0 308.0 5.0 14.6 288.4 308.2 6.0 15.8 286.5 332.8 7.6 15.9 309.3 324.3 7.5 15.7 301.1 344.1 7.7 13.4 323.1 344.3 7.5 14.6 322.1 29 30 31 32 33 34 35 36 Taxes payable Miscellaneous liabilities Investment by parent Other 2.5 102.3 6.6 95.7 1.7 123.3 7.4 115.9 1.5 148.9 8.3 140.6 1.3 146.9 9.3 137.6 1.8 183.2 9.6 173.6 1.5 173.3 9.9 163.4 1.7 176.2 10.2 166.0 1.9 180.6 10.5 170.1 1.8 182.9 10.8 172.1 1.9 187.8 11.1 176.7 2.1 194.0 11.4 182.5 33 34 35 36 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 74 Z.1, December 8, 2005 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 6 7 8 Open market paper Treasury securities Agency- and GSE-backed securities 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 441.1 505.5 560.8 617.3 634.5 643.0 648.7 654.7 670.2 677.1 688.4 1 26.7 15.5 4.0 36.8 23.0 2.5 38.4 24.5 1.7 41.5 26.4 1.6 50.4 27.5 4.3 39.8 28.7 2.6 38.9 27.1 3.9 40.2 26.3 4.1 43.7 25.4 5.5 37.5 24.8 2.9 36.2 24.8 6.9 2 3 4 379.7 421.2 463.9 514.5 524.2 541.5 547.7 556.5 566.0 579.0 592.5 5 1.2 8.2 60.9 2.4 7.4 80.6 3.6 7.8 97.3 1.6 8.9 115.5 2.3 8.5 120.3 1.8 9.9 121.6 1.6 10.0 115.0 1.9 9.0 117.0 2.0 8.5 121.2 1.4 8.4 119.0 0.9 8.1 115.2 6 7 8 9 10 Home mortgages Consumer credit 124.9 184.4 141.3 189.6 159.4 195.7 182.6 205.9 186.0 207.1 196.5 211.7 206.7 214.5 213.2 215.4 217.6 216.7 228.8 221.4 238.1 230.2 9 10 11 12 Mutual fund shares Miscellaneous assets 2.2 12.9 3.7 18.3 3.5 28.7 4.1 29.2 4.2 23.8 3.9 26.5 3.5 27.7 3.1 24.4 2.8 26.8 2.6 30.3 2.3 25.6 11 12 398.1 458.9 509.0 560.3 578.1 585.7 591.0 595.1 609.9 616.1 626.0 13 389.1 51.3 312.7 25.1 450.2 54.7 361.3 34.1 496.9 59.7 394.4 42.8 544.9 67.4 424.0 53.6 548.8 70.3 423.8 54.7 566.5 70.4 439.6 56.5 558.9 71.5 429.0 58.4 574.6 74.9 439.7 60.0 578.4 78.2 438.7 61.6 590.8 77.3 450.4 63.1 599.0 78.5 455.8 64.7 14 15 16 17 3.4 5.6 4.9 3.8 6.9 5.1 9.1 6.3 8.4 20.9 9.6 9.6 9.9 22.3 11.4 9.1 11.8 19.7 12.5 12.8 12.6 14.3 18 19 13 Total liabilities 14 15 16 17 Shares/deposits Checkable Small time and savings Large time 18 19 Other loans and advances Miscellaneous liabilities L.116 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Security RPs 4 Credit market instruments 5 6 Treasury securities Agency- and GSE-backed securities 7 8 9 Municipal securities Corporate and foreign bonds Commercial mortgages 10 11 12 13 14 15 Corporate equities Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 862.0 859.9 939.8 1060.4 1093.5 1116.4 1149.8 1166.5 1190.2 1208.4 1242.2 1 3.7 38.3 13.1 30.2 25.9 44.4 34.6 52.8 31.1 52.2 31.1 50.0 34.5 57.9 25.9 63.1 24.0 65.7 23.3 64.8 26.4 65.8 2 3 509.4 518.4 558.3 625.2 651.5 667.8 686.2 698.8 721.1 733.4 752.9 4 52.1 84.1 52.0 94.2 61.2 113.2 64.7 115.4 67.2 116.4 68.6 115.3 70.2 114.3 71.3 112.1 73.5 115.7 74.8 117.7 76.5 119.6 5 6 184.1 187.5 1.6 173.8 196.4 1.9 183.0 198.9 2.0 224.2 218.9 2.1 237.6 228.2 2.1 247.7 234.1 2.2 258.7 240.7 2.4 267.8 245.3 2.4 276.3 253.1 2.5 281.0 257.4 2.5 291.0 263.3 2.6 7 8 9 194.3 64.6 51.8 173.9 69.9 54.4 152.3 74.8 84.1 182.7 79.3 85.7 188.3 82.4 88.0 191.2 85.3 91.0 191.3 86.4 93.4 201.8 79.6 97.2 196.0 82.2 101.1 198.8 85.0 103.1 206.9 85.9 104.2 10 11 12 562.7 597.0 650.6 698.3 710.4 724.1 749.4 750.4 760.2 770.6 802.8 13 19.7 543.0 22.4 574.6 25.6 625.0 29.3 668.9 30.3 680.1 31.4 692.8 32.4 716.9 33.5 716.9 34.6 725.5 35.8 734.8 37.0 765.8 14 15 75 Z.1, December 8, 2005 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 Checkable deposits and currency Money market fund shares 4 Credit market instruments 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Policy loans Mortgages 12 13 Corporate equities Mutual fund shares 14 Miscellaneous assets 15 Total liabilities 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 3135.7 3224.6 3335.0 3772.8 3894.6 3952.7 4004.0 4130.3 4176.3 4236.2 4351.4 1 5.0 142.3 36.8 173.3 35.3 159.8 47.3 151.4 46.3 144.2 51.5 139.6 52.2 130.0 53.3 120.7 47.2 113.6 52.4 112.5 52.8 113.0 2 3 1943.9 2074.8 2307.8 2488.3 2546.3 2586.1 2631.6 2661.4 2713.8 2728.9 2781.0 4 71.2 58.1 235.4 59.3 53.7 253.5 74.0 78.5 330.9 55.9 71.8 348.9 59.4 73.9 352.9 54.7 75.5 355.1 54.9 77.2 356.9 48.2 78.5 357.1 50.6 79.8 364.5 45.2 79.8 367.4 45.9 81.3 375.6 5 6 7 19.1 1222.2 101.9 235.9 18.7 1342.4 104.1 243.0 19.9 1449.3 105.1 250.0 26.1 1620.2 104.5 260.9 27.2 1666.2 104.4 262.2 28.2 1703.6 104.9 264.1 29.2 1739.8 105.7 267.9 30.1 1768.0 106.1 273.3 30.8 1807.7 105.7 274.7 31.0 1821.2 106.4 277.8 31.8 1858.9 107.1 280.5 8 9 10 11 891.9 97.0 811.3 88.3 708.9 76.6 919.3 91.7 951.2 97.6 964.2 101.2 964.4 103.4 1053.9 114.4 1044.5 114.9 1079.2 119.0 1138.1 123.7 12 13 55.6 40.1 46.8 74.7 109.1 110.0 122.4 126.6 142.3 144.1 142.8 14 2942.8 3034.8 3140.4 3539.4 3652.9 3707.0 3752.6 3869.7 3914.7 3976.4 4076.0 15 16 17 18 Other loans and advances Life insurance reserves Pension fund reserves (1) 2.5 782.7 1465.9 3.1 842.2 1494.6 5.1 881.6 1583.8 8.0 972.7 1786.5 7.9 982.0 1840.3 8.6 991.0 1885.1 8.6 997.2 1916.8 11.1 1018.8 1987.0 10.7 1027.8 2022.9 11.2 1045.2 2060.3 11.3 1065.5 2123.8 16 17 18 19 20 Taxes payable Miscellaneous liabilities 17.8 674.0 19.7 675.1 22.1 647.9 24.9 747.3 25.6 797.1 26.4 795.9 27.2 802.8 28.1 824.9 28.9 824.3 29.8 829.8 30.7 844.8 19 20 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20). L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 4355.0 3916.3 3309.3 4027.4 4135.7 4175.6 4154.6 4472.9 4285.7 4398.9 4527.1 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 9.4 136.4 76.7 30.0 9.9 143.5 80.5 31.6 10.2 148.0 82.8 32.5 10.4 150.4 84.4 33.1 10.4 150.7 84.5 33.1 10.7 151.3 84.6 33.2 10.7 151.8 84.9 33.3 10.5 152.4 85.1 33.4 10.5 153.1 85.5 33.6 10.6 154.2 85.8 33.7 10.6 155.5 86.3 34.0 2 3 4 5 6 Credit market instruments 7 8 9 10 11 Total financial assets 624.0 637.3 663.0 677.2 688.4 694.2 705.4 712.1 714.0 725.6 738.0 6 Open market paper Treasury securities Agency- and GSE-backed securities 36.2 80.2 207.3 37.2 80.5 214.7 39.8 85.1 220.4 37.7 86.5 227.3 37.7 88.1 231.8 37.7 89.2 233.6 37.8 91.0 237.2 38.9 91.4 240.5 39.1 91.5 241.1 40.0 92.7 245.3 40.5 94.1 249.5 7 8 9 Corporate and foreign bonds Mortgages 289.9 10.3 294.6 10.4 307.3 10.4 315.5 10.3 320.7 10.2 323.6 10.2 329.1 10.2 331.3 10.0 332.3 10.0 337.7 9.9 343.9 9.9 10 11 1915.0 946.2 1562.1 862.1 1096.7 752.0 1491.9 993.7 1547.5 1029.2 1562.5 1050.2 1532.0 1050.9 1691.2 1173.7 1578.1 1119.1 1623.2 1160.6 1683.0 1215.6 12 13 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 617.3 368.6 121.3 127.4 589.4 339.7 121.9 127.8 523.9 270.7 122.0 131.2 586.3 333.7 120.6 132.0 591.9 340.7 120.5 130.7 588.9 339.2 119.8 129.8 585.7 334.1 120.2 131.3 614.4 369.3 118.2 126.9 591.9 349.0 116.9 126.0 605.2 361.4 116.3 127.5 604.0 366.2 115.8 122.1 14 15 16 17 18 Pension fund reserves (liabilities) (3) 4402.6 3964.0 3357.0 4074.5 4182.9 4222.6 4201.5 4519.0 4331.3 4444.1 4572.0 18 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. 76 Z.1, December 8, 2005 L.119 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 12 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 2293.1 2206.6 1930.5 2344.0 2403.3 2418.3 2387.8 2572.0 2540.8 2585.0 2660.9 1 9.9 1.6 13.2 39.8 11.4 1.8 15.4 34.0 12.9 1.7 15.5 27.1 17.2 1.4 12.6 22.0 18.7 1.7 11.9 20.8 19.5 1.9 10.6 18.5 17.8 1.8 9.6 16.8 17.6 1.8 9.6 16.7 17.7 1.8 9.6 16.7 17.6 1.8 9.6 16.7 18.1 1.8 9.8 17.2 2 3 4 5 743.2 689.4 638.7 649.9 677.3 694.1 678.4 677.1 676.1 676.4 683.7 6 Open market paper Treasury securities Agency- and GSE-backed securities 47.3 179.1 178.9 51.3 155.1 180.7 48.0 158.9 192.6 39.1 147.9 248.3 36.9 142.5 276.1 32.8 133.6 299.6 29.9 130.5 292.8 29.6 130.4 292.5 29.7 130.2 292.1 29.6 130.3 292.2 30.5 131.0 294.6 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 1.7 314.2 22.1 1.7 279.7 21.0 0.9 217.3 21.1 1.0 193.2 20.4 1.4 201.4 19.1 1.5 208.9 17.8 1.6 204.0 19.5 1.7 203.4 19.5 1.7 202.9 19.5 1.6 203.0 19.5 1.7 205.8 20.1 10 11 12 1298.7 178.3 1260.4 184.3 1056.8 167.4 1421.5 208.0 1447.4 213.9 1445.8 215.8 1437.1 214.4 1607.0 230.5 1581.0 226.2 1621.7 229.5 1683.0 236.0 13 14 8.2 10.0 10.4 11.3 11.7 12.0 11.9 11.8 11.8 11.8 11.2 15 2335.0 2253.5 1980.0 2393.9 2453.0 2467.6 2436.5 2620.0 2588.0 2631.2 2705.9 16 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 2001 Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 Federal Government Retirement Funds (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 Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets (2) Pension fund reserves (liabilities) (3) 796.7 859.7 894.0 959.0 950.4 962.3 979.7 1024.0 1014.7 1015.6 1037.2 1 35.1 44.8 57.8 64.1 64.3 66.0 68.8 68.8 70.9 73.7 75.6 2 33.4 1.0 0.7 40.6 2.6 1.6 49.9 5.0 2.9 54.7 6.1 3.4 55.2 5.9 3.3 57.3 5.6 3.1 59.8 5.8 3.2 60.0 5.6 3.1 62.2 5.6 3.1 64.9 5.6 3.1 66.9 5.6 3.1 3 4 5 56.6 704.9 49.1 765.8 45.9 790.3 79.9 815.0 84.9 801.2 87.0 809.2 86.6 824.3 99.3 855.9 99.5 844.3 101.8 840.1 107.4 854.2 6 7 796.7 859.7 894.0 959.0 950.4 962.3 979.7 1024.0 1014.7 1015.6 1037.2 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) 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. (3) Liabilities of the sector are assets of the household sector. 77 Z.1, December 8, 2005 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 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) 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1812.1 2240.6 2223.9 2016.4 1968.9 1914.8 1866.9 1879.8 1841.0 1832.4 1876.6 1 87.2 1.5 154.8 182.8 115.0 5.4 244.0 226.2 108.1 -1.4 220.2 273.4 71.5 -2.1 166.8 252.6 68.1 -11.0 168.4 270.5 84.2 0.7 170.0 256.4 75.7 0.9 164.8 255.6 78.5 0.6 167.2 234.0 79.4 -5.8 176.4 251.2 93.4 -11.0 156.5 293.7 105.3 -3.3 171.9 301.1 2 3 4 5 1317.5 1584.9 1567.1 1471.3 1416.9 1352.0 1322.1 1346.3 1294.3 1252.7 1246.8 6 620.4 91.6 182.9 242.5 180.2 623.7 137.5 324.4 276.7 222.5 585.2 142.2 333.1 278.5 228.1 459.9 132.1 328.6 292.1 258.7 434.6 126.0 304.1 299.5 252.7 407.4 102.8 282.7 297.7 261.4 393.6 100.6 275.5 299.0 253.3 405.8 98.2 267.5 313.8 261.0 408.3 102.5 212.7 321.1 249.7 420.6 88.3 168.3 323.6 251.9 433.4 84.9 143.6 323.7 261.2 7 8 9 10 11 68.3 65.1 56.5 56.2 56.0 51.5 47.8 53.3 45.5 47.1 54.8 12 1812.1 2240.6 2223.9 2016.4 1968.9 1914.8 1866.9 1879.8 1841.0 1832.4 1876.6 13 5436.0 5471.6 5593.7 5882.0 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 4 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 4435.3 4135.5 3638.4 4653.2 4912.0 4966.2 4983.2 106.5 74.8 81.5 94.0 90.1 90.6 105.1 112.6 123.2 118.8 108.3 2 1097.7 1223.8 1368.0 1505.7 1558.9 1558.9 1586.7 1622.8 1670.0 1698.0 1723.8 3 106.5 123.6 275.2 230.5 361.9 74.8 115.1 360.5 253.4 420.1 63.0 134.7 422.0 277.3 470.9 75.8 144.1 447.3 290.2 548.3 71.9 149.0 462.4 300.5 575.0 72.5 149.4 463.7 290.0 583.4 86.7 147.7 458.4 292.6 601.3 94.2 149.0 462.5 294.3 622.8 104.6 151.9 471.6 301.1 640.8 100.3 152.9 474.7 305.7 664.3 90.1 154.4 479.6 314.1 685.4 4 5 6 7 8 3227.3 3.8 2836.1 0.8 2188.0 0.9 3051.6 1.9 3257.6 5.4 3312.5 4.2 3286.2 5.1 3693.5 7.0 3670.1 8.3 3770.1 6.8 4043.1 6.8 9 10 4435.3 4135.5 3638.4 4653.2 4912.0 4966.2 4983.2 5436.0 5471.6 5593.7 5882.0 11 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 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) 141.9 139.5 150.8 205.6 222.2 231.8 235.5 246.0 253.8 261.5 272.9 1 105.3 6.7 67.7 30.9 108.5 6.7 74.7 27.1 117.1 3.9 86.0 27.1 153.3 5.3 89.3 58.7 155.8 6.7 88.8 60.3 161.2 7.2 90.2 63.7 161.3 7.5 89.7 64.1 164.5 7.7 89.1 67.6 166.0 7.8 89.4 68.8 166.5 8.3 90.1 68.1 167.5 8.6 90.5 68.4 2 3 4 5 36.6 31.1 33.7 52.3 66.5 70.6 74.2 81.5 87.8 95.1 105.4 6 141.9 139.5 150.8 205.6 222.2 231.8 235.5 246.0 253.8 261.5 272.9 7 65.6 83.0 102.0 150.8 161.3 178.4 181.1 225.9 228.6 242.3 259.3 8 0.0 0.0 0.0 0.0 0.0 0.0 3.7 2.0 1.8 4.5 2.1 2.4 5.7 3.0 2.8 6.6 3.7 2.9 7.2 4.1 3.1 8.2 4.9 3.3 11.2 7.2 3.9 12.0 7.7 4.3 13.8 8.9 4.9 9 10 11 65.6 83.0 98.2 146.3 155.6 171.8 173.9 217.7 217.4 230.2 245.5 12 65.6 83.0 102.0 150.8 161.3 178.4 181.1 225.9 228.6 242.3 259.3 13 Exchange-traded funds 8 Total financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 12 Corporate equities 13 Total shares outstanding (liabilities) 78 Z.1, December 8, 2005 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1965.0 2309.4 2549.4 2785.9 2797.6 2845.4 2863.7 2870.4 2821.5 2801.4 2754.2 1 4.4 22.2 80.6 6.7 30.3 104.4 14.8 25.3 95.3 26.8 16.7 75.3 27.0 21.7 84.8 25.0 27.9 81.3 16.4 22.3 85.4 36.9 25.7 91.1 21.2 23.9 88.2 10.5 28.9 90.7 10.6 29.6 113.9 2 3 4 1794.4 2099.1 2323.2 2559.7 2555.7 2603.8 2631.3 2605.9 2581.4 2571.2 2503.1 5 Open market paper Treasury securities Agency- and GSE-backed securities 31.1 13.3 810.9 33.8 13.6 1017.8 10.4 25.7 1149.5 8.0 13.5 1238.3 8.3 13.0 1188.1 7.9 13.7 1164.8 6.8 13.0 1156.3 6.0 12.9 1108.0 6.6 13.0 1061.7 7.5 12.6 1004.8 6.7 12.8 930.4 6 7 8 9 10 Municipal securities Corporate and foreign bonds 29.2 131.1 35.4 155.7 39.4 189.3 44.4 225.8 47.9 253.7 49.6 294.9 52.8 331.1 44.6 336.6 46.0 351.8 45.6 365.8 43.2 374.5 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 477.6 0.8 38.9 437.9 505.9 0.8 41.8 463.3 514.7 0.4 43.8 470.5 545.8 0.3 43.8 501.7 561.2 0.3 44.3 516.6 601.5 0.2 43.2 558.1 597.4 0.1 43.1 554.3 619.4 0.0 43.6 575.8 623.2 0.0 44.6 578.6 657.8 0.0 45.9 611.9 662.2 0.0 47.7 614.5 11 12 13 14 15 16 17 18 19 Mortgages Home Multifamily residential Farm Consumer credit (2) 264.3 205.1 25.0 34.2 37.0 297.5 225.6 33.2 38.7 39.4 357.3 271.1 41.7 44.5 36.9 463.3 363.3 52.6 47.4 20.6 467.4 364.6 54.7 48.0 16.0 469.2 361.8 58.4 49.0 2.2 474.0 362.3 62.0 49.7 0.0 478.4 362.9 65.0 50.6 0.0 479.0 362.7 65.2 51.1 0.0 477.1 360.0 64.7 52.4 0.0 473.3 355.4 64.9 53.1 0.0 15 16 17 18 19 63.4 68.9 90.9 107.4 108.4 107.4 108.4 110.7 106.8 100.0 97.1 20 1920.5 2272.0 2519.6 2736.7 2754.4 2785.5 2792.0 2800.2 2744.6 2725.2 2668.6 21 1826.4 1826.4 0.0 2130.6 2130.6 0.0 2350.4 2350.4 0.0 2594.1 2594.1 0.0 2594.3 2594.3 0.0 2647.3 2647.3 0.0 2670.5 2670.5 0.0 2659.2 2659.2 0.0 2606.8 2606.8 0.0 2585.7 2585.7 0.0 2524.8 2524.8 0.0 22 23 24 94.0 141.5 169.2 142.6 160.1 138.3 121.5 141.0 137.8 139.5 143.9 25 6 7 8 20 21 Miscellaneous assets Total liabilities 22 23 24 Credit market instruments GSE issues (3) U.S. government loans 25 Miscellaneous liabilities (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, 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. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. L.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2493.2 2831.8 3158.6 3489.1 3510.2 3523.5 3543.6 3542.2 3547.1 3568.1 3617.2 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 2425.6 66.0 0.0 1.6 2748.5 81.6 0.0 1.7 3063.7 94.5 0.0 0.4 3366.9 121.2 0.0 1.0 3391.2 118.0 0.0 1.0 3400.0 122.5 0.0 1.0 3419.1 123.6 0.0 1.0 3416.5 124.7 0.0 0.9 3420.8 125.4 0.0 0.9 3441.0 126.2 0.0 0.9 3488.3 128.0 0.0 0.8 2 3 4 5 6 Total pool securities (liabilities)(2) 2493.2 2831.8 3158.6 3489.1 3510.2 3523.5 3543.6 3542.2 3547.1 3568.1 3617.2 6 (1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. 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. 79 Z.1, December 8, 2005 L.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1469.0 1699.1 1882.1 2087.8 2118.5 2209.0 2309.1 2410.3 2511.9 2685.6 2836.3 1 2 3 Agency- and GSE-backed securities (1) Other loans and advances 163.8 89.8 182.8 108.3 253.5 105.0 322.6 103.9 295.6 101.6 302.9 101.6 241.6 106.3 211.9 105.3 187.6 107.0 172.2 99.7 145.2 95.1 2 3 4 5 6 7 Mortgages (2) Home Multifamily residential Commercial 610.7 376.9 47.8 185.9 711.9 433.4 53.8 224.8 796.9 487.5 59.2 250.2 967.1 605.4 67.3 294.5 1042.5 671.4 69.1 302.0 1135.0 746.5 70.7 317.8 1299.6 898.5 72.0 329.1 1422.1 998.9 75.2 348.1 1540.9 1098.1 77.3 365.5 1716.9 1241.2 83.0 392.7 1902.4 1403.7 83.7 415.0 4 5 6 7 8 9 Consumer credit Trade receivables 521.3 83.3 599.7 96.5 637.1 89.6 611.0 83.2 598.6 80.2 593.3 76.1 587.2 74.4 587.6 83.4 590.5 85.9 606.0 90.9 597.8 95.9 8 9 1475.5 1706.0 1887.8 2093.3 2123.8 2214.1 2314.0 2415.1 2516.6 2690.1 2840.6 10 645.8 829.7 765.8 940.1 752.8 1135.0 717.3 1376.0 710.1 1413.7 698.3 1515.8 695.1 1618.9 744.4 1670.7 759.8 1756.7 804.2 1885.9 848.2 1992.4 11 12 6.6 10.0 6.8 6.8 5.7 14.5 5.5 30.1 5.3 37.0 5.1 43.4 5.0 52.4 4.8 81.9 4.6 91.9 4.5 96.1 4.3 99.7 13 14 10 11 12 13 14 Total financial assets 2001 Total liabilities Commercial paper Corporate bonds Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (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 tangible asset. (4) Included in table L.129. L.127 Finance Companies (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 6 7 8 9 10 11 12 Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 13 Taxes payable 14 15 16 17 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 18 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table L.126. 1140.1 1158.9 1192.6 1384.8 1402.1 1387.6 1408.0 1456.3 1415.1 1420.1 1439.2 1 27.9 30.8 33.8 37.1 37.9 38.8 39.7 40.6 41.5 42.4 43.3 2 851.2 846.4 867.6 951.8 989.2 1009.9 1033.4 1081.4 1076.8 1085.4 1094.2 3 458.4 172.3 220.5 447.0 161.3 238.1 455.3 174.5 237.8 457.5 198.9 295.4 475.6 206.2 307.4 471.3 213.9 324.7 456.3 224.5 352.6 471.7 242.9 366.8 469.2 246.7 360.9 478.1 251.7 355.6 474.6 258.8 360.8 4 5 6 261.0 281.8 291.3 395.9 375.0 338.9 334.9 334.3 296.8 292.3 301.7 7 1161.4 1182.7 1246.9 1469.5 1506.6 1504.1 1538.1 1599.5 1575.4 1584.4 1626.3 8 778.0 779.2 821.4 939.6 959.0 963.1 995.1 1057.4 1067.7 1068.3 1076.0 9 238.8 503.2 35.9 158.6 569.9 50.8 141.5 631.9 48.0 136.3 747.1 56.2 138.6 760.6 59.8 141.4 769.1 52.6 154.3 776.7 64.1 163.9 828.3 65.2 149.2 855.5 63.1 136.2 872.1 60.0 134.6 870.6 70.8 10 11 12 9.1 10.2 11.6 13.2 13.6 14.1 14.5 15.0 15.5 16.0 16.5 13 374.3 63.2 102.5 208.5 393.2 68.6 99.2 225.4 413.9 57.8 88.2 267.9 516.7 71.3 99.9 345.5 534.0 72.8 104.9 356.2 526.9 76.3 108.1 342.5 528.5 79.1 112.7 336.7 527.1 69.9 118.2 339.0 492.1 71.5 114.7 306.0 500.1 72.7 116.8 310.6 533.8 72.9 120.8 340.1 14 15 16 17 108.2 103.5 83.3 70.0 66.6 65.0 62.9 62.5 63.7 67.3 68.8 18 80 Z.1, December 8, 2005 L.128 Mortgage Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 1 2 3 4 5 6 7 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Total liabilities Bank loans n.e.c. Investment by parent Q2 Q3 Q4 Q1 2005 Q2 Q3 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 2 3 4 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 5 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 6 7 136.2 162.0 179.3 202.8 253.3 266.8 301.1 326.5 1 (1) No data are available after 1997:Q4. L.129 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 66.4 76.4 102.3 4.4 5.5 5.4 9.3 10.5 11.9 10.0 12.5 13.6 14.8 16.1 2 39.3 48.0 71.8 97.5 119.0 133.0 155.8 200.2 209.5 239.5 261.8 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 15.0 5.6 22.0 7.9 31.8 10.2 29.3 18.6 38.5 24.0 37.8 26.9 37.5 30.4 45.4 36.0 44.8 38.3 47.5 50.8 47.5 58.0 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 18.7 8.5 2.2 8.0 18.0 8.7 1.8 7.6 29.8 20.1 1.5 8.1 49.6 37.8 1.7 10.0 56.5 43.1 1.6 11.8 68.3 54.1 1.8 12.4 87.9 73.5 1.6 12.8 118.8 103.7 1.6 13.5 126.4 110.5 1.7 14.2 141.2 122.7 1.6 16.9 156.2 134.0 1.7 20.6 6 7 8 9 22.7 22.9 25.1 29.5 32.4 34.3 36.9 40.6 43.7 46.8 48.6 10 218.3 230.9 273.1 312.5 341.9 363.0 393.5 459.1 477.9 515.8 546.5 11 10 Miscellaneous assets 11 Total liabilities 12 Security RPs 13 Credit market instruments 14 15 16 17 18 19 20 21 22 23 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 12.4 21.6 36.7 42.6 52.6 59.9 63.5 67.7 71.6 83.0 95.8 12 168.0 171.2 195.7 227.7 244.4 260.4 285.8 340.1 359.2 382.4 398.8 13 0.0 67.0 17.6 83.4 0.0 71.4 14.3 85.6 0.0 87.6 14.4 93.8 0.0 110.9 14.7 102.1 0.0 121.1 14.7 108.7 0.0 131.7 16.0 112.7 0.0 151.3 16.6 117.8 0.0 196.3 16.1 127.7 0.0 205.4 19.7 134.0 0.0 223.5 20.1 138.8 0.0 234.6 20.3 143.8 14 15 16 17 38.0 38.0 40.6 42.3 44.9 42.8 44.2 51.3 47.1 50.4 51.9 18 10.0 3.5 5.3 0.1 1.1 6.8 0.3 5.5 0.1 0.8 14.5 0.3 12.7 0.1 1.4 30.1 0.1 28.6 0.1 1.3 37.0 0.0 34.0 0.1 2.9 43.4 0.1 40.3 0.1 3.0 52.4 0.0 49.4 0.1 2.9 81.9 0.0 79.0 0.1 2.8 91.9 0.0 88.8 0.2 3.0 96.1 0.0 92.7 0.1 3.3 99.7 0.0 95.2 0.1 4.4 19 20 21 22 23 81 Z.1, December 8, 2005 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total financial assets 2 Checkable deposits and currency 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 Corporate equities Security credit Miscellaneous assets Total liabilities 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1221.4 1465.6 1335.4 1613.0 1703.3 1652.8 1772.4 1844.9 1950.0 2049.0 2104.6 1 30.3 47.1 44.2 47.2 53.0 53.4 53.1 62.9 60.8 57.5 56.3 2 223.6 316.0 344.4 424.1 405.0 325.5 453.5 394.9 440.0 466.2 442.9 3 39.2 -3.3 63.7 11.3 112.7 48.2 9.8 77.8 19.0 161.3 43.5 -3.9 91.8 21.0 192.0 49.4 37.8 83.7 24.9 228.3 49.5 11.9 93.8 25.0 224.8 50.0 -82.1 86.3 30.2 241.1 49.9 -12.8 131.9 33.6 250.9 48.0 -44.6 107.3 32.0 252.2 50.4 -26.9 108.2 36.3 272.0 59.6 -57.4 135.9 32.4 295.6 59.2 -65.5 118.1 36.3 294.8 4 5 6 7 8 77.2 235.1 655.1 85.1 196.4 821.0 74.9 148.2 723.7 100.5 182.5 858.8 113.5 200.8 931.1 117.8 216.5 939.5 110.3 209.9 945.7 129.1 264.0 994.0 134.6 266.1 1048.5 127.7 263.4 1134.2 126.3 254.5 1224.7 9 10 11 1151.4 1440.8 1315.2 1583.6 1671.7 1620.9 1738.4 1812.6 1916.6 2016.6 2070.1 12 13 14 Security RPs (net) Corporate bonds 302.2 40.9 353.2 42.3 344.2 40.6 477.9 47.0 470.4 60.0 375.7 60.6 476.1 68.9 527.1 62.2 621.4 65.0 681.1 63.7 685.8 68.2 13 14 15 16 17 18 19 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 35.9 587.6 412.4 175.2 2.1 39.2 629.5 454.3 175.2 1.9 37.4 590.6 412.7 177.9 1.3 28.2 688.8 475.4 213.5 1.8 34.6 752.1 512.9 239.2 1.9 32.1 770.7 533.9 236.8 2.0 34.2 775.6 524.3 251.3 2.3 36.0 773.9 578.3 195.6 2.2 35.0 785.4 569.4 216.1 2.6 35.0 795.1 577.3 217.8 1.3 43.2 811.7 580.2 231.6 1.8 15 16 17 18 19 20 21 22 23 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 182.7 20.1 532.7 -370.1 374.6 72.2 598.6 -296.1 301.0 77.9 621.6 -398.5 340.0 81.0 678.5 -419.5 352.8 80.6 680.1 -408.0 379.8 80.8 723.4 -424.4 381.2 82.1 736.2 -437.1 411.1 84.4 731.4 -404.6 407.1 84.6 744.1 -421.6 440.5 84.9 842.1 -486.6 459.3 84.7 861.7 -487.1 20 21 22 23 L.131 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1199.6 1223.7 1189.5 1252.4 1266.0 1263.4 1283.2 1302.7 1360.2 1498.8 1572.2 1 2 Money market fund shares 325.2 439.9 447.6 402.4 371.7 361.2 385.7 367.2 372.4 363.0 377.0 2 3 Credit market instruments 318.9 223.8 138.7 229.5 270.5 264.2 266.5 298.4 331.5 379.9 443.2 3 293.9 24.9 153.0 70.8 82.3 56.4 118.2 111.3 166.6 104.0 170.9 93.3 168.0 98.5 201.6 96.8 222.6 108.9 283.6 96.3 347.7 95.6 4 5 555.6 138.7 416.9 560.0 107.9 452.1 603.3 132.6 470.7 620.4 130.8 489.6 623.8 157.9 465.8 638.0 137.4 500.6 630.9 141.3 489.6 637.0 161.3 475.7 656.2 171.2 485.0 755.8 182.7 573.1 752.0 187.3 564.8 6 7 8 1199.6 1223.7 1189.5 1252.4 1266.0 1263.4 1283.2 1302.7 1360.2 1498.8 1572.2 9 503.9 449.3 448.8 447.4 456.1 440.8 421.3 428.5 436.5 506.2 498.8 10 266.4 237.5 189.6 259.7 158.7 290.1 141.9 305.5 145.3 310.8 132.3 308.4 116.4 304.9 110.8 317.7 115.0 321.5 176.7 329.5 166.2 332.6 11 12 695.8 51.7 508.2 135.9 774.4 110.7 578.3 85.4 740.7 154.5 575.4 10.8 804.9 173.0 678.0 -46.0 809.9 167.7 740.2 -97.9 822.6 197.2 736.0 -110.6 861.9 209.6 741.4 -89.1 874.1 208.5 764.8 -99.2 923.7 219.8 822.4 -118.5 992.6 249.6 896.9 -154.0 1073.4 253.2 977.6 -157.4 13 14 15 16 4 5 6 7 8 9 10 11 12 13 14 15 16 Open market paper Corporate and foreign bonds Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 82 Z.1, December 8, 2005 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 Q3 Q4 2005 Q2 Q1 Q3 67.6 68.7 79.0 85.9 85.2 82.7 82.6 86.8 78.9 76.6 71.3 1 21.6 21.8 23.2 23.7 23.7 23.7 23.8 24.6 22.6 22.3 19.3 2 10.5 11.0 10.8 11.0 12.2 11.0 12.6 11.0 12.7 11.0 12.7 11.0 12.8 11.0 13.6 11.0 11.6 11.0 11.2 11.0 8.2 11.0 3 4 46.1 46.8 55.8 62.3 61.5 58.9 58.7 62.2 56.3 54.3 52.0 5 Official foreign currency holdings Treasury Monetary authority 31.2 15.6 15.7 29.0 14.4 14.6 33.8 16.9 16.9 39.7 19.9 19.9 39.8 19.9 19.9 38.9 19.4 19.4 39.3 19.6 19.7 42.7 21.4 21.4 41.1 20.5 20.5 39.0 19.5 19.5 38.7 19.4 19.4 6 7 8 Net IMF position Federal government Monetary authority 14.8 14.9 -0.1 17.9 17.9 -0.1 22.0 22.1 -0.1 22.5 22.6 -0.1 21.6 21.7 -0.1 20.1 20.2 -0.1 19.4 19.5 -0.1 19.5 19.6 -0.1 15.3 15.4 -0.1 15.3 15.4 -0.1 13.2 13.3 -0.1 9 10 11 (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR 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 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 23.2 31.6 24.5 33.0 25.5 34.6 26.0 35.5 26.2 35.8 26.5 36.0 26.7 36.3 26.7 36.4 26.9 36.5 27.2 36.6 27.4 36.4 3 4 5 Discrepancy (seigniorage) -8.5 -8.6 -9.1 -9.5 -9.6 -9.5 -9.6 -9.7 -9.6 -9.4 -9.0 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 803.3 810.1 831.1 853.4 891.5 895.6 915.5 964.7 1057.5 1070.0 1096.2 1 63.5 24.0 87.2 58.5 15.5 115.0 74.2 19.9 108.1 65.2 38.2 71.5 84.9 36.9 68.1 85.0 38.0 84.2 85.2 35.0 75.7 101.4 44.5 78.5 103.3 49.7 79.4 122.6 52.7 93.4 125.0 56.0 105.3 2 3 4 628.6 621.1 629.0 678.6 701.7 688.4 719.6 740.2 825.1 801.3 809.8 5 83 Z.1, December 8, 2005 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Total liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries, net 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 221.3 191.4 206.0 192.9 113.4 167.1 168.3 187.6 196.4 229.7 184.1 1 63.4 19.0 44.4 64.8 17.5 47.3 70.4 22.5 47.8 71.0 23.1 47.9 65.9 25.0 41.0 73.0 29.6 43.4 66.7 24.7 42.0 65.6 24.0 41.5 67.1 25.0 42.1 68.4 23.1 45.3 63.1 21.9 41.2 2 3 4 157.8 1.0 126.6 0.0 135.7 0.5 121.9 -0.3 47.4 -0.5 94.1 0.5 101.6 2.1 122.1 1.0 129.3 -1.4 161.3 -0.7 121.0 0.6 5 6 161.1 115.5 119.7 109.6 31.4 66.2 79.1 93.8 94.9 138.7 92.9 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 171.6 179.3 302.0 122.7 127.3 167.0 324.8 157.8 141.1 213.1 323.9 110.8 128.1 288.8 433.8 145.0 51.3 274.6 438.2 163.6 88.7 346.0 464.9 118.9 98.8 346.6 446.9 100.3 117.9 375.4 467.6 92.2 118.5 383.7 449.1 65.5 150.0 384.8 481.5 96.7 103.0 386.2 499.0 112.9 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -14.8 133.6 148.4 -50.2 163.3 213.5 -83.0 176.2 259.3 -126.9 197.8 324.7 -188.3 202.3 390.6 -226.1 198.8 424.9 -236.4 202.4 438.8 -250.0 258.7 508.7 -257.6 256.4 514.0 -226.0 282.8 508.8 -279.6 282.8 562.4 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates 7.1 39.3 32.2 10.4 51.4 41.0 11.1 53.4 42.4 -33.8 13.2 47.0 -34.9 13.9 48.8 -31.1 14.7 45.8 -11.5 26.4 37.9 -7.5 33.0 40.5 -7.6 38.1 45.6 -8.8 39.1 47.9 -3.6 39.3 42.9 15 16 17 10.5 9.8 0.7 11.8 11.1 0.7 21.4 21.3 0.1 18.5 18.3 0.1 19.9 19.7 0.2 22.5 22.3 0.2 19.7 19.3 0.4 24.1 23.6 0.5 23.6 20.5 3.1 11.3 10.8 0.5 10.2 9.7 0.4 18 19 20 -4.3 11.1 15.5 12.6 16.5 27.4 20.4 27.3 35.7 23.3 27.5 21 -33.0 59.4 63.1 0.6 -4.3 -17.7 59.7 47.9 0.7 11.1 0.3 76.0 58.8 1.7 15.5 -64.6 74.2 60.0 1.6 12.6 -73.2 85.2 67.0 1.7 16.5 -70.5 99.4 70.3 1.7 27.4 -57.4 96.7 74.2 2.2 20.4 -24.5 116.1 86.9 1.8 27.3 -32.5 115.2 77.6 1.9 35.7 -19.1 110.1 84.7 2.0 23.3 -29.4 109.8 80.4 1.9 27.5 22 23 24 25 26 86.0 6.4 89.5 -12.1 90.3 -14.7 97.9 41.0 116.8 41.6 131.0 38.9 120.1 34.1 123.2 17.4 137.3 10.4 118.0 11.3 131.2 7.9 27 28 22.9 86.0 63.1 41.6 89.5 47.9 31.5 90.3 58.8 37.8 97.9 60.0 49.8 116.8 67.0 60.7 131.0 70.3 45.9 120.1 74.2 36.3 123.2 86.9 59.7 137.3 77.6 33.2 118.0 84.7 50.8 131.2 80.4 29 30 31 5.8 6.4 0.6 -12.8 -12.1 0.7 -16.4 -14.7 1.7 39.4 41.0 1.6 39.9 41.6 1.7 37.2 38.9 1.7 31.9 34.1 2.2 15.5 17.4 1.8 8.5 10.4 1.9 9.2 11.3 2.0 6.1 7.9 1.9 32 33 34 225.5 180.3 190.5 180.3 96.8 139.7 147.9 160.3 160.7 206.4 156.5 35 161.1 115.5 119.7 109.6 31.4 66.2 79.1 93.8 94.9 138.7 92.9 36 64.4 64.8 70.8 70.7 65.4 73.5 68.8 66.5 65.8 67.7 63.7 37 1.0 0.9 0.1 0.0 -0.0 0.0 0.5 0.4 0.0 -0.3 -0.3 0.1 -0.5 -0.6 0.1 0.5 0.2 0.3 2.1 1.8 0.2 1.0 0.9 0.0 -1.4 -1.4 0.1 -0.7 -1.0 0.2 0.6 -0.3 0.9 38 39 40 61.8 17.4 44.4 62.6 15.2 47.3 67.5 19.7 47.8 67.6 19.7 47.9 62.7 21.7 41.0 69.7 26.3 43.4 63.2 21.2 42.0 62.3 20.8 41.5 64.2 22.1 42.1 65.5 20.1 45.3 60.3 19.1 41.2 41 42 43 18 19 20 21 22 23 24 25 26 27 28 Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S. To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 35 Total assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 1.6 2.3 2.8 3.4 3.2 3.4 3.5 3.3 2.9 3.0 2.8 44 -4.3 11.1 15.5 12.6 16.5 27.4 20.4 27.3 35.7 23.3 27.5 45 84 Z.1, December 8, 2005 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1413.1 1603.2 1646.7 1780.6 1791.8 1847.7 1857.4 1929.7 1921.5 1952.3 1934.1 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 555.2 5.6 0.3 549.3 603.1 7.1 0.1 596.0 644.6 4.8 0.1 639.7 682.5 6.0 0.2 676.3 681.5 6.3 0.1 675.2 696.4 6.3 0.3 689.8 702.8 6.3 0.2 696.4 719.7 6.2 0.1 713.3 718.2 5.5 0.2 712.5 724.1 4.6 0.2 719.4 730.1 4.6 0.2 725.3 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 540.9 16.4 30.7 493.8 628.8 47.5 25.8 555.6 571.5 31.1 25.2 515.3 602.4 30.2 37.4 534.8 597.0 17.5 41.4 538.1 621.6 40.6 53.5 527.5 610.0 32.3 52.4 525.3 647.0 26.9 64.3 555.7 622.6 20.2 49.4 552.9 631.3 30.6 85.1 515.7 589.4 33.0 89.1 467.3 6 7 8 9 Savings institutions Credit unions 265.8 51.3 316.5 54.7 370.9 59.7 428.3 67.4 443.0 70.3 459.2 70.4 473.1 71.5 488.2 74.9 502.5 78.2 519.5 77.3 536.0 78.5 10 11 10 11 12 Total liabilities 2001 1413.1 1603.2 1646.7 1780.6 1791.8 1847.7 1857.4 1929.7 1921.5 1952.3 1934.1 12 13 Total assets Household sector 231.0 331.4 360.0 282.3 279.9 236.7 225.9 251.3 291.0 293.9 248.7 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 674.9 381.4 274.1 19.4 626.5 331.9 274.5 20.0 615.1 314.5 280.1 20.6 744.2 435.3 287.7 21.2 770.5 459.7 289.4 21.5 819.1 507.0 290.3 21.8 862.0 548.6 291.4 22.0 858.5 545.0 291.3 22.3 852.0 538.3 291.2 22.4 843.0 528.1 292.3 22.6 861.0 545.4 292.9 22.8 14 15 16 17 18 19 State and local governments Federal government 32.3 24.3 36.3 66.9 41.5 47.5 44.9 54.1 42.3 22.7 36.8 46.8 36.7 35.4 40.3 21.9 48.2 20.8 48.5 33.5 40.4 35.1 18 19 20 21 22 Rest of the world Checkable deposits Currency 286.9 30.9 256.0 305.7 25.9 279.8 326.6 25.3 301.3 355.5 37.6 317.9 357.7 41.6 316.1 378.7 53.8 324.9 380.0 52.6 327.4 397.2 64.5 332.7 383.4 49.6 333.8 423.5 85.2 338.3 432.3 89.3 343.0 20 21 22 23 Financial sectors 144.0 227.3 246.8 296.5 300.2 308.0 299.5 325.6 300.2 282.5 294.2 23 1.7 19.0 26.7 2.8 21.0 36.8 2.5 24.8 38.4 2.5 24.8 41.5 3.2 22.7 50.4 2.7 22.9 39.8 3.1 22.4 38.9 3.5 21.3 40.2 3.6 22.2 43.7 3.8 23.1 37.5 3.3 23.8 36.2 24 25 26 3.7 5.0 9.4 9.9 13.1 36.8 9.9 11.4 25.9 35.3 10.2 12.9 34.6 47.3 10.4 17.2 31.1 46.3 10.4 18.7 31.1 51.5 10.7 19.5 34.5 52.2 10.7 17.8 25.9 53.3 10.5 17.6 24.0 47.2 10.5 17.7 23.3 52.4 10.6 17.6 26.4 52.8 10.6 18.1 27 28 29 30 1.5 4.4 27.9 4.4 30.3 5.4 6.7 30.8 5.5 47.1 -1.4 14.8 33.8 5.4 44.2 -2.1 26.8 37.1 9.3 47.2 -11.0 27.0 37.9 10.5 53.0 0.7 25.0 38.8 11.9 53.4 0.9 16.4 39.7 10.0 53.1 0.6 36.9 40.6 12.5 62.9 -5.8 21.2 41.5 13.6 60.8 -11.0 10.5 42.4 14.8 57.5 -3.3 10.6 43.3 16.1 56.3 31 32 33 34 35 19.7 9.2 9.2 2.9 18.5 21.5 17.9 34.8 25.8 27.4 22.4 36 24 25 26 Commercial banking Savings institutions Credit unions 27 28 29 30 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 31 32 33 34 35 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 36 Mail float 85 Z.1, December 8, 2005 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 1 2 Total liabilities Small time and savings deposits Q2 Q3 Q4 Q1 2005 Q2 Q3 3912.9 4248.5 4569.3 4885.8 5052.2 5172.1 5266.6 5381.6 5516.4 5607.9 5812.8 1 2860.4 3127.5 3398.3 3653.1 3720.7 3793.5 3830.2 3876.8 3940.9 3970.8 4071.2 2 2228.7 2208.0 7.2 13.6 2478.1 2448.3 11.6 18.1 2747.6 2722.0 9.4 16.2 2977.9 2950.2 10.3 17.5 3079.1 3050.4 11.2 17.5 3148.7 3119.9 10.8 18.0 3205.4 3176.8 9.8 18.8 3259.7 3231.2 9.5 19.0 3338.4 3307.0 10.8 20.5 3367.7 3335.4 10.3 22.0 3465.2 3431.8 10.0 23.4 3 4 5 6 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 7 8 Savings institutions Credit unions 318.9 312.7 288.0 361.3 256.3 394.4 251.1 424.0 217.7 423.8 205.2 439.6 195.8 429.0 177.3 439.7 163.9 438.7 152.7 450.4 150.2 455.8 7 8 9 Large time deposits (1) 1052.6 1121.0 1171.0 1232.8 1331.5 1378.6 1436.4 1504.9 1575.4 1637.1 1741.5 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 885.4 553.6 318.2 13.6 918.1 528.4 371.5 18.1 915.3 552.7 346.4 16.2 934.1 555.7 361.0 17.5 992.3 575.2 399.6 17.5 1032.1 596.0 418.1 18.0 1071.2 630.2 422.1 18.8 1120.4 671.1 430.3 19.0 1177.8 707.8 449.5 20.5 1221.5 738.4 461.1 22.0 1312.9 797.2 492.3 23.4 10 11 12 13 14 15 Savings institutions Credit unions 142.1 25.1 168.8 34.1 212.9 42.8 245.1 53.6 284.5 54.7 290.0 56.5 306.9 58.4 324.4 60.0 336.0 61.6 352.4 63.1 364.0 64.7 14 15 16 Total assets 3912.9 4248.5 4569.3 4885.8 5052.2 5172.1 5266.6 5381.6 5516.4 5607.9 5812.8 16 3073.3 3267.0 3546.0 3941.2 4090.2 4168.0 4260.3 4327.0 4473.1 4511.0 4680.6 17 Nonfinancial business Corporate Nonfarm noncorporate 274.9 137.3 137.6 275.8 131.1 144.7 282.5 126.3 156.2 291.4 127.8 163.6 294.3 129.1 165.2 288.0 120.2 167.8 302.2 132.0 170.2 308.0 135.5 172.5 320.6 145.6 175.0 316.6 139.2 177.3 323.1 143.3 179.8 18 19 20 21 22 23 State and local governments Federal government Rest of the world 117.8 6.3 108.7 129.8 10.5 120.6 138.7 27.6 152.3 146.7 2.4 139.7 148.7 1.9 144.1 148.6 2.1 182.3 150.7 2.2 180.1 153.6 2.4 214.0 168.7 2.4 168.2 168.0 1.7 241.6 174.5 2.1 246.0 21 22 23 24 Financial sectors 331.9 444.8 422.2 364.4 373.0 383.1 371.0 376.7 383.4 369.0 386.5 24 1.4 15.5 2.2 23.0 2.6 24.5 2.6 26.4 3.0 27.5 3.2 28.7 3.2 27.1 3.2 26.3 2.8 25.4 2.8 24.8 2.9 24.8 25 26 136.4 1.6 154.8 22.2 143.5 1.8 244.0 30.3 148.0 1.7 220.2 25.3 150.4 1.4 166.8 16.7 150.7 1.7 168.4 21.7 151.3 1.9 170.0 27.9 151.8 1.8 164.8 22.3 152.4 1.8 167.2 25.7 153.1 1.8 176.4 23.9 154.2 1.8 156.5 28.9 155.5 1.8 171.9 29.6 27 28 29 30 17 Household sector 18 19 20 25 26 Savings institutions Credit unions 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises (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 1812.1 2240.6 2223.9 2016.4 1968.9 1914.8 1866.9 1879.8 1841.0 1832.4 1876.6 1 2 3 4 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 959.8 191.4 49.4 54.2 1113.2 301.9 59.0 57.4 1070.0 328.0 61.3 59.0 959.8 290.0 53.1 62.6 954.1 289.8 49.2 63.6 913.4 292.7 49.0 63.7 857.4 286.4 48.3 64.5 903.5 278.0 49.9 65.8 872.6 268.4 52.2 66.6 872.2 266.9 56.0 66.4 891.4 270.7 61.0 67.4 2 3 4 5 6 7 8 9 Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 142.3 76.7 13.2 325.2 173.3 80.5 15.4 439.9 159.8 82.8 15.5 447.6 151.4 84.4 12.6 402.4 144.2 84.5 11.9 371.7 139.6 84.6 10.6 361.2 130.0 84.9 9.6 385.7 120.7 85.1 9.6 367.2 113.6 85.5 9.6 372.4 112.5 85.8 9.6 363.0 113.0 86.3 9.8 377.0 6 7 8 9 86 Z.1, December 8, 2005 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 1 Q3 Q4 2005 Q2 Q1 Q3 1197.3 1233.7 1340.3 1567.5 1618.4 1569.2 1673.5 1650.7 1782.8 1911.8 1962.9 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 816.1 682.4 134.8 -1.1 786.5 663.9 123.9 -1.2 902.0 737.4 163.4 1.2 969.5 806.0 161.5 2.1 1021.3 851.2 168.8 1.2 1062.5 879.6 181.5 1.4 1059.5 871.1 187.2 1.2 973.7 816.1 156.8 0.8 1019.1 872.1 146.5 0.4 1075.8 911.3 162.3 2.1 1101.9 931.0 169.5 1.5 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 66.7 12.4 302.2 72.4 21.6 353.2 57.4 36.7 344.2 77.5 42.6 477.9 74.1 52.6 470.4 71.2 59.9 375.7 74.4 63.5 476.1 82.2 67.7 527.1 70.6 71.6 621.4 71.9 83.0 681.1 79.3 95.8 685.8 6 7 8 779.4 861.3 927.7 1176.9 1263.5 1262.9 1333.7 1380.3 1368.3 1452.5 1515.5 9 9 Total liabilities Q2 Total assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 4.2 143.6 91.3 4.0 132.5 150.7 6.2 116.1 190.1 6.0 123.2 460.2 5.2 125.2 529.1 4.8 125.3 551.1 5.7 127.0 600.7 6.5 129.6 647.1 6.2 131.2 606.4 6.5 130.7 650.0 7.4 132.7 687.6 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 540.3 43.4 14.9 4.0 574.1 50.3 20.3 2.5 615.4 39.5 20.0 1.7 587.5 43.8 12.3 1.6 604.0 27.5 20.8 4.3 581.7 33.5 15.6 2.6 600.4 29.3 13.1 3.9 597.1 33.0 9.1 4.1 624.5 31.0 9.4 5.5 665.4 34.5 9.7 2.9 687.9 25.8 15.0 6.9 13 14 15 16 17 18 19 20 21 22 Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 38.3 30.0 39.8 182.8 106.5 80.6 30.2 31.6 34.0 226.2 74.8 104.4 44.4 32.5 27.1 273.4 81.5 95.3 52.8 33.1 22.0 252.6 94.0 75.3 52.2 33.1 20.8 270.5 90.1 84.8 50.0 33.2 18.5 256.4 90.6 81.3 57.9 33.3 16.8 255.6 105.1 85.4 63.1 33.4 16.7 234.0 112.6 91.1 65.7 33.6 16.7 251.2 123.2 88.2 64.8 33.7 16.7 293.7 118.8 90.7 65.8 34.0 17.2 301.1 108.3 113.9 17 18 19 20 21 22 417.9 372.4 412.6 390.7 354.9 306.3 339.8 270.4 414.5 459.2 447.4 23 23 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 Total outstanding, all types Commercial paper Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 1614.0 1466.2 1374.7 1293.1 1340.4 1314.2 1320.5 1406.7 1436.1 1535.9 1606.4 1 1606.1 1461.4 1370.1 1288.7 1336.5 1309.7 1316.4 1402.6 1432.0 1531.8 1602.0 2 278.4 120.9 37.6 83.3 190.1 106.7 14.3 92.4 126.0 142.8 19.1 123.7 85.9 165.1 15.4 149.6 95.5 190.0 15.0 174.9 102.5 183.4 15.1 168.3 109.3 189.2 13.1 176.0 101.7 228.7 13.2 215.6 115.6 232.6 14.2 218.4 114.6 242.1 12.1 230.0 119.6 270.1 15.1 255.0 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 1206.7 55.7 645.8 238.8 0.0 266.4 1164.6 50.6 765.8 158.6 0.0 189.6 1101.3 48.3 752.8 141.5 0.0 158.7 1037.7 42.3 717.3 136.3 0.0 141.9 1051.1 57.1 710.1 138.6 0.0 145.3 1023.8 51.7 698.3 141.4 0.0 132.3 1018.0 52.1 695.1 154.3 0.0 116.4 1072.2 53.1 744.4 163.9 0.0 110.8 1083.8 59.8 759.8 149.2 0.0 115.0 1175.0 57.9 804.2 136.2 0.0 176.7 1212.4 63.3 848.2 134.6 0.0 166.2 7 8 9 10 11 12 13 Bankers acceptances (1) 7.9 4.8 4.6 4.4 3.9 4.4 4.0 4.1 4.1 4.1 4.4 13 1614.0 1466.2 1374.7 1293.1 1340.4 1314.2 1320.5 1406.7 1436.1 1535.9 1606.4 14 97.3 57.8 120.2 90.1 97.3 60.2 137.6 87.5 110.4 64.8 152.0 97.8 105.9 75.7 161.4 104.7 115.8 76.0 163.9 117.5 117.9 76.0 164.1 120.7 121.5 80.6 166.2 123.0 136.1 91.5 169.7 135.3 137.4 83.7 171.7 129.3 151.7 83.9 171.1 141.3 153.6 91.4 173.7 132.8 15 16 17 18 0.0 1.5 0.0 1.2 0.0 0.0 0.0 2.4 0.0 0.0 0.0 3.6 0.0 0.0 0.0 1.6 0.0 0.0 0.0 2.3 0.0 0.0 0.0 1.8 0.0 0.0 0.0 1.6 0.0 0.0 0.0 1.9 0.0 0.0 0.0 2.0 0.0 0.0 0.0 1.4 0.0 0.0 0.0 0.9 19 20 21 22 71.2 36.2 47.3 59.3 37.2 51.3 74.0 39.8 48.0 55.9 37.7 39.1 59.4 37.7 36.9 54.7 37.7 32.8 54.9 37.8 29.9 48.2 38.9 29.6 50.6 39.1 29.7 45.2 40.0 29.6 45.9 40.5 30.5 23 24 25 620.4 106.5 31.1 39.2 293.9 623.7 74.8 33.8 48.2 153.0 585.2 63.0 10.4 43.5 82.3 459.9 75.8 8.0 49.4 118.2 434.6 71.9 8.3 49.5 166.6 407.4 72.5 7.9 50.0 170.9 393.6 86.7 6.8 49.9 168.0 405.8 94.2 6.0 48.0 201.6 408.3 104.6 6.6 50.4 222.6 420.6 100.3 7.5 59.6 283.6 433.4 90.1 6.7 59.2 347.7 26 27 28 29 30 14 Holdings, by sector 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 19 20 21 22 Monetary authority Commercial banking (1) Savings institutions Credit unions 23 24 25 Life insurance companies Private pension funds State and local govt. retirement funds 26 27 28 29 30 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations (1) Excludes banks’ holdings of own acceptances. 87 Z.1, December 8, 2005 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 3357.8 3352.7 3609.8 4008.2 4143.8 4185.4 4268.7 4370.7 4535.6 4493.1 4566.0 1 184.8 3173.0 190.3 3162.4 194.9 3414.9 203.8 3804.4 204.4 3939.4 204.6 3980.8 204.1 4064.6 204.4 4166.3 204.2 4331.4 204.2 4289.0 203.6 4362.4 2 3 3357.8 3352.7 3609.8 4008.2 4143.8 4185.4 4268.7 4370.7 4535.6 4493.1 4566.0 4 Household sector Savings bonds Other Treasury issues 619.2 184.8 434.5 470.7 190.3 280.4 304.0 194.9 109.1 452.5 203.8 248.7 446.1 204.4 241.7 465.6 204.6 261.0 436.4 204.1 232.3 501.3 204.4 296.9 509.4 204.2 305.2 451.4 204.2 247.2 438.3 203.6 234.7 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 18.1 40.2 310.9 16.9 42.8 329.3 31.4 42.8 355.6 32.8 44.3 363.9 32.4 44.9 373.7 31.6 45.4 379.7 29.5 45.9 379.4 31.5 46.3 386.4 30.0 46.7 407.5 29.7 47.0 434.3 31.4 47.3 456.4 8 9 10 11 12 Rest of the world Monetary authority 1021.4 511.7 1095.2 551.7 1285.5 629.4 1533.6 666.7 1673.5 674.1 1796.8 687.4 1848.5 700.3 1900.2 717.8 1989.5 717.3 2023.8 724.7 2076.7 736.4 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 184.5 87.9 94.0 0.8 1.8 162.7 56.5 103.8 1.2 1.2 205.8 86.4 116.7 1.3 1.5 132.9 93.5 34.2 2.7 2.5 144.2 102.6 36.6 2.1 2.8 140.9 100.9 33.8 2.4 3.7 122.1 82.9 34.5 1.6 3.2 110.1 74.2 30.0 2.0 3.8 126.0 88.1 32.3 1.6 4.0 109.8 76.3 27.6 2.4 3.5 109.0 75.5 27.7 2.4 3.5 13 14 15 16 17 18 19 Savings institutions Credit unions 8.7 8.2 11.4 7.4 9.2 7.8 12.2 8.9 9.9 8.5 9.1 9.9 7.8 10.0 8.4 9.0 7.6 8.5 9.0 8.4 8.6 8.1 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 52.1 58.1 80.2 179.1 33.4 52.0 53.7 80.5 155.1 40.6 61.2 78.5 85.1 158.9 49.9 64.7 71.8 86.5 147.9 54.7 67.2 73.9 88.1 142.5 55.2 68.6 75.5 89.2 133.6 57.3 70.2 77.2 91.0 130.5 59.8 71.3 78.5 91.4 130.4 60.0 73.5 79.8 91.5 130.2 62.2 74.8 79.8 92.7 130.3 64.9 76.5 81.3 94.1 131.0 66.9 20 21 22 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 91.6 123.6 6.7 0.0 13.3 -3.3 137.5 115.1 6.7 0.0 13.6 9.8 142.2 134.7 3.9 2.0 25.7 -3.9 132.1 144.1 5.3 2.1 13.5 37.8 126.0 149.0 6.7 3.0 13.0 11.9 102.8 149.4 7.2 3.7 13.7 -82.1 100.6 147.7 7.5 4.1 13.0 -12.8 98.2 149.0 7.7 4.9 12.9 -44.6 102.5 151.9 7.8 7.2 13.0 -26.9 88.3 152.9 8.3 7.7 12.6 -57.4 84.9 154.4 8.6 8.9 12.8 -65.5 25 26 27 28 29 30 3385.1 3379.5 3637.0 4033.1 4168.9 4209.6 4292.9 4395.0 4559.7 4516.8 4589.6 31 2 3 4 5 6 7 Total liabilities 2001 Savings bonds Other Treasury issues Total assets Memo: 31 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12). 88 Z.1, December 8, 2005 L.210 Agency- and GSE-backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 4347.0 4989.1 5536.3 6108.1 6129.6 6195.0 6238.3 6225.6 6177.9 6177.6 6165.6 1 27.3 1826.4 2493.2 26.8 2130.6 2831.8 27.3 2350.4 3158.6 24.9 2594.1 3489.1 25.1 2594.3 3510.2 24.2 2647.3 3523.5 24.2 2670.5 3543.6 24.3 2659.2 3542.2 24.1 2606.8 3547.1 23.7 2585.7 3568.1 23.6 2524.8 3617.2 2 3 4 4347.0 4989.1 5536.3 6108.1 6129.6 6195.0 6238.3 6225.6 6177.9 6177.6 6165.6 5 Household sector Nonfinancial corporate business State and local governments 507.6 15.4 241.1 398.0 17.5 288.3 205.9 16.9 330.2 377.8 12.1 350.6 301.8 12.0 356.1 346.3 11.7 356.5 481.2 10.9 361.3 454.7 11.6 368.7 455.8 11.1 373.1 510.3 9.7 371.8 578.9 11.6 377.4 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 441.4 0.1 0.0 534.7 0.0 0.0 648.0 0.0 0.0 658.1 0.0 0.0 667.3 0.0 0.0 692.3 0.0 0.0 704.6 0.0 0.0 761.6 0.0 0.0 787.3 0.0 0.0 829.3 0.0 0.0 885.7 0.0 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 721.8 626.5 72.7 4.8 17.8 777.4 700.2 50.7 6.2 20.3 917.9 821.3 61.6 10.7 24.2 999.5 906.4 52.5 11.6 28.9 1094.5 1001.0 51.1 12.5 29.9 1111.0 1012.4 54.2 12.9 31.5 1056.6 958.2 50.7 14.3 33.3 1096.4 996.1 53.1 13.5 33.6 1120.2 1021.7 50.8 13.6 34.2 1104.4 998.1 57.8 12.8 35.8 1090.6 992.0 51.0 11.5 36.0 12 13 14 15 16 17 18 Savings institutions Credit unions 140.4 60.9 161.4 80.6 176.2 97.3 198.7 115.5 211.8 120.3 208.3 121.6 200.6 115.0 205.1 117.0 203.6 121.2 201.4 119.0 197.0 115.2 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 84.1 235.4 207.3 178.9 1.0 94.2 253.5 214.7 180.7 2.6 113.2 330.9 220.4 192.6 5.0 115.4 348.9 227.3 248.3 6.1 116.4 352.9 231.8 276.1 5.9 115.3 355.1 233.6 299.6 5.6 114.3 356.9 237.2 292.8 5.8 112.1 357.1 240.5 292.5 5.6 115.7 364.5 241.1 292.1 5.6 117.7 367.4 245.3 292.2 5.6 119.6 375.6 249.5 294.6 5.6 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 182.9 275.2 810.9 324.4 360.5 1017.8 333.1 422.0 1149.5 328.6 447.3 1238.3 304.1 462.4 1188.1 282.7 463.7 1164.8 275.5 458.4 1156.3 267.5 462.5 1108.0 212.7 471.6 1061.7 168.3 474.7 1004.8 143.6 479.6 930.4 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 163.8 15.0 63.7 182.8 22.0 77.8 253.5 31.8 91.8 322.6 29.3 83.7 295.6 38.5 93.8 302.9 37.8 86.3 241.6 37.5 131.9 211.9 45.4 107.3 187.6 44.8 108.2 172.2 47.5 135.9 145.2 47.5 118.1 27 28 29 6 7 8 Total assets 2001 (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 FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, 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 31. 89 Z.1, December 8, 2005 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 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 2005 Q2 Q3 1480.9 1603.7 1763.1 1898.2 1940.4 1974.0 1993.7 2031.3 2085.9 2135.0 2174.5 1 1183.6 45.1 1138.5 1289.2 69.0 1220.2 1432.6 94.2 1338.4 1550.1 101.3 1448.8 1588.9 105.5 1483.4 1617.2 87.7 1529.5 1635.1 93.8 1541.3 1668.1 95.4 1572.7 1718.2 97.1 1621.1 1761.2 86.6 1674.6 1797.0 90.8 1706.3 2 3 4 143.0 154.2 156.9 157.7 169.8 160.8 183.9 164.2 186.7 164.8 190.8 166.0 191.3 167.3 193.8 169.3 197.4 170.3 201.8 172.0 204.1 173.4 5 6 1480.9 1603.7 1763.1 1898.2 1940.4 1974.0 1993.7 2031.3 2085.9 2135.0 2174.5 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 539.3 31.9 2.4 3.7 588.9 29.3 3.5 4.0 690.3 32.1 3.4 4.1 724.3 35.2 3.6 4.4 731.2 32.8 3.6 4.4 750.9 36.2 3.7 4.4 746.9 35.3 3.7 4.5 761.8 39.9 3.8 4.6 780.2 42.0 3.8 4.7 818.1 41.4 3.9 4.6 828.6 42.8 3.9 4.7 8 9 10 11 12 13 14 15 16 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 114.1 3.2 184.1 19.1 1.7 120.2 4.5 173.8 18.7 1.7 121.7 5.5 183.0 19.9 0.9 132.5 6.3 224.2 26.1 1.0 133.9 6.4 237.6 27.2 1.4 137.2 6.5 247.7 28.2 1.5 139.2 6.8 258.7 29.2 1.6 140.8 7.1 267.8 30.1 1.7 145.3 7.3 276.3 30.8 1.7 147.8 8.1 281.0 31.0 1.6 153.7 8.5 291.0 31.8 1.7 12 13 14 15 16 17 18 19 20 21 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 242.5 230.5 67.7 29.2 11.3 276.7 253.4 74.7 35.4 19.0 278.5 277.3 86.0 39.4 21.0 292.1 290.2 89.3 44.4 24.9 299.5 300.5 88.8 47.9 25.0 297.7 290.0 90.2 49.6 30.2 299.0 292.6 89.7 52.8 33.6 313.8 294.3 89.1 44.6 32.0 321.1 301.1 89.4 46.0 36.3 323.6 305.7 90.1 45.6 32.4 323.7 314.1 90.5 43.2 36.3 17 18 19 20 21 (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). L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 4674.1 5242.7 5730.3 6380.4 6498.2 6621.9 6807.9 7026.8 7182.8 7383.9 7537.0 1 2 3 Nonfinancial corporate business Rest of the world (1) 2230.3 486.0 2578.0 467.5 2710.3 499.1 2868.6 541.0 2897.1 539.9 2898.8 529.9 2911.7 551.6 2946.3 560.2 2954.9 559.0 2962.4 574.2 2983.1 573.3 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 1957.8 273.2 6.3 2197.2 310.2 3.6 2520.9 332.2 3.4 2970.8 379.1 5.1 3061.1 389.0 6.0 3193.2 402.6 5.0 3344.6 418.0 6.0 3520.3 437.4 7.6 3668.9 457.3 7.5 3847.3 465.0 7.7 3980.5 474.6 7.5 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 829.7 503.2 67.0 40.9 237.5 940.1 569.9 71.4 42.3 259.7 1135.0 631.9 87.6 40.6 290.1 1376.0 747.1 110.9 47.0 305.5 1413.7 760.6 121.1 60.0 310.8 1515.8 769.1 131.7 60.6 308.4 1618.9 776.7 151.3 68.9 304.9 1670.7 828.3 196.3 62.2 317.7 1756.7 855.5 205.4 65.0 321.5 1885.9 872.1 223.5 63.7 329.5 1992.4 870.6 234.6 68.2 332.6 7 8 9 10 11 4674.1 5242.7 5730.3 6380.4 6498.2 6621.9 6807.9 7026.8 7182.8 7383.9 7537.0 12 431.7 84.3 920.6 404.3 95.5 1115.9 567.6 104.6 1267.0 415.4 111.1 1497.0 362.6 112.8 1541.8 325.1 113.0 1592.0 279.5 114.5 1677.6 312.5 116.8 1751.3 232.9 118.2 1812.4 213.3 117.8 1898.9 124.1 119.6 2003.5 13 14 15 266.1 109.4 187.5 1222.2 289.9 314.2 0.7 363.1 83.9 196.4 1342.4 294.6 279.7 1.6 359.9 79.9 198.9 1449.3 307.3 217.3 2.9 482.5 71.1 218.9 1620.2 315.5 193.2 3.4 500.4 63.5 228.2 1666.2 320.7 201.4 3.3 492.3 58.6 234.1 1703.6 323.6 208.9 3.1 529.5 57.2 240.7 1739.8 329.1 204.0 3.2 559.7 58.9 245.3 1768.0 331.3 203.4 3.1 623.7 62.2 253.1 1807.7 332.3 202.9 3.1 670.2 64.0 257.4 1821.2 337.7 203.0 3.1 699.1 72.8 263.3 1858.9 343.9 205.8 3.1 16 17 18 19 20 21 22 180.2 361.9 30.9 0.0 131.1 5.6 112.7 24.9 222.5 420.1 27.1 0.0 155.7 7.9 161.3 70.8 228.1 470.9 27.1 1.8 189.3 10.2 192.0 56.4 258.7 548.3 58.7 2.4 225.8 18.6 228.3 111.3 252.7 575.0 60.3 2.8 253.7 24.0 224.8 104.0 261.4 583.4 63.7 2.9 294.9 26.9 241.1 93.3 253.3 601.3 64.1 3.1 331.1 30.4 250.9 98.5 261.0 622.8 67.6 3.3 336.6 36.0 252.2 96.8 249.7 640.8 68.8 3.9 351.8 38.3 272.0 108.9 251.9 664.3 68.1 4.3 365.8 50.8 295.6 96.3 261.2 685.4 68.4 4.9 374.5 58.0 294.8 95.6 23 24 25 26 27 28 29 30 12 Total liabilities Total assets 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 19 20 21 22 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 23 24 25 26 27 28 29 30 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises REITs Brokers and dealers Funding corporations (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. 90 Z.1, December 8, 2005 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 Issues at market value 2 Nonfinancial corporate business 3 4 Rest of the world (2) Financial corporations 5 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 17627.0 15310.6 11900.5 15618.5 15953.0 16108.6 15771.0 17376.8 16985.2 17138.4 17852.5 1 12685.0 10804.8 7839.3 10043.6 10112.4 10300.6 9907.3 10846.9 10639.1 10629.6 11005.5 2 1852.8 3089.1 1612.7 2893.2 1374.7 2686.5 2079.4 3495.5 2170.0 3670.5 2189.0 3619.0 2192.9 3670.8 2520.1 4009.8 2546.9 3799.2 2523.5 3985.2 2821.1 4026.0 3 4 17627.0 15310.6 11900.5 15618.5 15953.0 16108.6 15771.0 17376.8 16985.2 17138.4 17852.5 5 Household sector State and local governments Rest of the world (3) 8090.7 93.8 1643.2 6720.9 88.4 1572.7 4997.2 79.6 1335.8 6215.5 84.5 1826.9 6145.3 85.9 1865.2 6188.3 85.9 1867.2 5937.0 87.1 1846.6 6393.7 88.9 2070.7 6171.9 90.0 2067.9 6059.0 89.6 2094.9 6117.9 91.0 2255.2 6 7 8 9 10 11 12 13 14 15 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 11.9 24.2 194.3 891.9 1915.0 1298.7 56.6 8.9 27.9 173.9 811.3 1562.1 1260.4 49.1 3.5 29.1 152.3 708.9 1096.7 1056.8 45.9 15.1 30.4 182.7 919.3 1491.9 1421.5 79.9 16.0 28.2 188.3 951.2 1547.5 1447.4 84.9 15.7 27.9 191.2 964.2 1562.5 1445.8 87.0 15.4 28.9 191.3 964.4 1532.0 1437.1 86.6 20.3 28.2 201.8 1053.9 1691.2 1607.0 99.3 19.4 27.1 196.0 1044.5 1578.1 1581.0 99.5 20.9 26.1 198.8 1079.2 1623.2 1621.7 101.8 23.6 26.1 206.9 1138.1 1683.0 1683.0 107.4 9 10 11 12 13 14 15 16 17 18 19 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 3227.3 36.6 65.6 77.2 2836.1 31.1 83.0 85.1 2188.0 33.7 98.2 74.9 3051.6 52.3 146.3 100.5 3257.6 66.5 155.6 113.5 3312.5 70.6 171.8 117.8 3286.2 74.2 173.9 110.3 3693.5 81.5 217.7 129.1 3670.1 87.8 217.4 134.6 3770.1 95.1 230.2 127.7 4043.1 105.4 245.5 126.3 16 17 18 19 15388.6 13316.1 10163.3 13042.1 13243.1 13352.4 13012.9 14206.4 13783.1 13942.2 14323.8 20 6 7 8 Holdings at market value 2001 Memo: 20 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 9, 11, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 4435.3 4135.5 3638.4 4653.2 4912.0 4966.2 4983.2 5436.0 5471.6 5593.7 5882.0 1 2 Holdings at market value 4435.3 4135.5 3638.4 4653.2 4912.0 4966.2 4983.2 5436.0 5471.6 5593.7 5882.0 2 3041.5 124.0 31.0 2834.5 113.0 28.3 2499.9 95.0 24.4 3187.8 125.0 25.9 3394.7 129.9 26.3 3420.8 131.8 26.3 3437.4 131.6 26.7 3725.9 143.0 27.2 3813.7 150.6 27.5 3880.3 158.6 27.4 4092.2 167.0 27.8 3 4 5 15.0 2.2 21.3 3.7 19.6 3.5 17.1 4.1 16.2 4.2 16.2 3.9 15.4 3.5 18.0 3.1 16.6 2.8 15.6 2.6 17.3 2.3 6 7 97.0 946.2 178.3 88.3 862.1 184.3 76.6 752.0 167.4 91.7 993.7 208.0 97.6 1029.2 213.9 101.2 1050.2 215.8 103.4 1050.9 214.4 114.4 1173.7 230.5 114.9 1119.1 226.2 119.0 1160.6 229.5 123.7 1215.6 236.0 8 9 10 3 4 5 Household sector Nonfinancial corporate business State and local governments 6 7 Commercial banking Credit unions 8 9 10 Life insurance companies 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. 91 Z.1, December 8, 2005 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1 Total loans by commercial banking, flow of funds basis 3887.3 3957.8 4183.0 4422.6 4497.6 4621.3 4736.8 4827.6 4942.0 5091.1 5259.0 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 1.5 1660.1 551.1 175.2 0.0 1789.8 568.4 175.2 0.0 2058.3 602.6 177.9 0.0 2255.8 669.4 213.5 0.0 2329.3 658.0 239.2 0.0 2436.0 660.6 236.8 0.0 2517.4 676.3 251.3 0.0 2595.3 704.3 195.6 0.0 2689.4 683.1 216.1 0.0 2790.5 684.0 217.8 0.0 2895.4 708.2 231.6 2 3 4 5 6 = Banking sector total bank loans n.e.c. 1499.6 1424.3 1344.2 1283.9 1271.1 1287.9 1291.8 1332.4 1353.5 1398.9 1423.8 6 1205.4 274.6 1.6 18.0 1143.8 256.1 1.9 22.5 1085.7 237.5 2.9 18.2 1037.2 220.4 7.9 18.5 1026.4 217.6 8.1 19.0 1042.4 218.6 7.4 19.5 1052.5 211.9 7.8 19.6 1080.0 226.8 5.3 20.3 1084.6 244.2 4.1 20.5 1118.4 255.4 2.9 22.2 1133.7 265.3 3.1 21.7 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 1499.6 1424.3 1344.2 1283.9 1271.1 1287.9 1291.8 1332.4 1353.5 1398.9 1423.8 12 13 Total liabilities 1499.6 1424.3 1344.2 1283.9 1271.1 1287.9 1291.8 1332.4 1353.5 1398.9 1423.8 13 1408.5 1320.2 1238.6 1183.1 1166.3 1188.7 1179.3 1219.2 1238.9 1289.4 1302.1 14 77.2 852.7 361.2 46.9 61.1 743.7 405.3 46.9 58.1 635.5 430.4 46.0 73.5 583.1 420.1 45.5 71.8 570.1 422.2 42.9 91.0 564.3 426.4 46.0 71.4 571.7 429.9 47.6 79.0 593.2 436.0 47.7 78.6 607.6 442.1 44.3 90.6 629.9 456.6 47.2 87.4 638.5 460.3 49.5 15 16 17 18 70.5 3.5 13.2 53.8 63.2 4.3 5.9 53.1 68.6 5.1 5.1 58.4 60.9 4.6 3.7 52.7 59.2 4.9 4.4 49.9 60.9 5.3 5.9 49.8 58.7 5.1 5.1 48.6 63.3 5.5 6.5 51.4 66.3 5.7 6.8 53.8 65.0 5.2 6.4 53.4 66.3 2.8 8.9 54.7 19 20 21 22 91.1 104.1 105.6 100.8 104.8 99.2 112.5 113.2 114.6 109.5 121.7 23 21.5 35.9 16.0 17.6 23.0 50.8 16.0 14.3 27.2 48.0 16.0 14.4 13.9 56.2 16.0 14.7 14.3 59.8 16.0 14.7 14.6 52.6 16.0 16.0 15.8 64.1 16.0 16.6 15.9 65.2 16.0 16.1 15.7 63.1 16.0 19.7 13.4 60.0 16.0 20.1 14.6 70.8 16.0 20.3 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Households Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 92 Z.1, December 8, 2005 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1 Total other loans and advances 1420.5 1451.1 1475.9 1515.0 1527.0 1575.4 1565.1 1611.0 1626.8 1690.3 1691.2 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 127.7 16.6 7.6 42.8 5.0 8.7 47.0 0.0 121.8 15.0 7.4 39.6 5.0 8.9 45.9 0.0 118.2 14.2 7.0 38.9 4.7 9.4 44.0 0.0 116.7 13.5 7.8 39.6 4.5 9.7 41.8 0.0 116.1 13.3 8.0 40.1 4.4 9.7 40.7 0.0 115.9 13.1 8.1 40.4 4.4 9.7 40.3 0.0 115.2 12.8 8.2 40.8 4.3 9.8 39.4 0.0 114.6 12.6 8.3 41.1 4.2 9.9 38.6 0.0 112.1 12.4 8.4 39.6 4.1 9.9 37.7 0.0 110.4 12.2 8.6 38.5 4.0 10.0 37.1 0.0 108.2 12.0 8.8 37.5 3.9 10.2 35.8 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 117.3 117.3 115.7 115.7 125.8 125.8 125.0 125.0 113.6 113.6 119.4 119.4 121.7 121.7 131.2 131.2 148.2 148.2 172.0 172.0 179.1 179.1 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 7.5 4.3 3.1 4.6 4.1 0.5 4.6 4.4 0.2 4.4 4.2 0.2 3.9 3.7 0.1 4.4 4.2 0.3 4.0 3.7 0.3 4.0 3.8 0.3 4.0 3.8 0.3 4.1 3.9 0.2 4.3 4.0 0.3 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 39.3 19.7 19.7 42.9 21.5 21.5 46.2 23.1 23.1 56.3 28.1 28.1 49.6 24.8 24.8 55.4 27.7 27.7 57.4 28.7 28.7 57.6 28.8 28.8 56.4 28.2 28.2 60.8 30.4 30.4 59.5 29.7 29.7 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 102.8 0.9 101.9 105.0 0.9 104.1 106.1 0.9 105.1 105.5 1.0 104.5 105.4 1.0 104.4 105.9 1.0 104.9 106.7 1.0 105.7 107.1 1.1 106.1 106.8 1.1 105.7 107.5 1.1 106.4 108.3 1.1 107.1 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 477.6 0.4 19.5 19.4 172.4 260.0 3.4 2.5 505.9 0.4 19.5 22.3 196.6 259.1 4.9 3.1 514.7 0.4 20.1 23.7 226.8 231.7 6.9 5.1 545.8 0.3 19.8 24.0 235.3 249.3 9.1 8.0 561.2 0.3 21.3 22.9 253.3 247.0 8.4 7.9 601.5 0.2 19.4 23.8 251.4 288.4 9.6 8.6 597.4 0.1 18.0 25.1 249.3 286.5 9.9 8.6 619.4 0.0 18.1 25.5 244.1 309.3 11.4 11.1 623.2 0.0 19.8 24.9 255.1 301.1 11.8 10.7 657.8 0.0 19.3 26.6 265.0 323.1 12.5 11.2 662.2 0.0 18.8 29.0 268.4 322.1 12.6 11.3 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 89.8 89.8 108.3 108.3 105.0 105.0 103.9 103.9 101.6 101.6 101.6 101.6 106.3 106.3 105.3 105.3 107.0 107.0 99.7 99.7 95.1 95.1 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 458.4 412.6 45.8 447.0 402.3 44.7 455.3 409.7 45.5 457.5 411.7 45.7 475.6 428.1 47.6 471.3 424.2 47.1 456.3 410.7 45.6 471.7 424.6 47.2 469.2 422.3 46.9 478.1 430.2 47.8 474.6 427.1 47.5 31 32 33 93 Z.1, December 8, 2005 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 6760.5 7421.0 8242.9 9234.8 9490.0 9776.7 10142.1 10463.2 10715.0 11093.9 11498.9 1 5075.2 405.6 1169.4 110.2 5571.3 447.8 1284.0 117.8 6244.2 486.7 1386.6 125.5 7026.2 557.1 1517.9 133.6 7235.0 565.0 1554.7 135.3 7465.8 582.0 1590.5 138.3 7768.3 594.0 1639.3 140.5 8013.7 609.0 1698.8 141.7 8209.6 617.6 1744.8 143.0 8502.0 632.4 1813.3 146.2 8821.1 641.6 1887.9 148.3 2 3 4 5 6760.5 7421.0 8242.9 9234.8 9490.0 9776.7 10142.1 10463.2 10715.0 11093.9 11498.9 6 Household sector 4890.8 5360.7 5999.6 6728.7 6925.0 7140.0 7422.6 7648.4 7825.6 8088.6 8382.3 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 1786.3 368.5 1307.6 110.2 1974.7 428.0 1428.8 117.8 2149.6 474.3 1549.8 125.5 2404.1 559.9 1710.6 133.6 2456.3 578.2 1742.8 135.3 2524.0 605.6 1780.1 138.3 2601.7 642.1 1819.0 140.5 2687.1 688.0 1857.4 141.7 2755.4 711.3 1901.1 143.0 2866.4 764.5 1955.7 146.2 2972.8 816.0 2008.5 148.3 8 9 10 11 12 13 Federal government REITs 0.0 83.4 0.0 85.6 0.0 93.8 0.0 102.1 0.0 108.7 0.0 112.7 0.0 117.8 0.0 127.7 0.0 134.0 0.0 138.8 0.0 143.8 12 13 6760.5 7421.0 8242.9 9234.8 9490.0 9776.7 10142.1 10463.2 10715.0 11093.9 11498.9 14 7 14 Total liabilities 2001 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 117.3 43.5 22.4 125.4 46.6 25.0 136.2 49.6 24.5 147.9 52.1 25.9 150.9 52.7 25.9 154.2 53.4 26.0 157.4 54.0 26.0 160.4 54.6 25.8 163.6 55.3 25.6 167.2 55.9 25.2 170.7 56.5 24.7 15 16 17 18 19 State and local governments Federal government 131.3 76.9 130.3 75.8 124.9 76.3 132.6 73.8 134.7 75.8 134.9 74.3 136.7 74.5 139.5 75.4 141.2 75.7 140.6 75.8 142.8 76.8 18 19 20 21 22 Commercial banking Savings institutions (1) Credit unions 1660.1 723.0 124.9 1789.8 758.0 141.3 2058.3 781.0 159.4 2255.8 870.2 182.6 2329.3 926.1 186.0 2436.0 965.2 196.5 2517.4 1007.9 206.7 2595.3 1057.0 213.2 2689.4 1068.0 217.6 2790.5 1112.9 228.8 2895.4 1140.8 238.1 20 21 22 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 1.6 235.9 10.3 22.1 1.9 243.0 10.4 21.0 2.0 250.0 10.4 21.1 2.1 260.9 10.3 20.4 2.1 262.2 10.2 19.1 2.2 264.1 10.2 17.8 2.4 267.9 10.2 19.5 2.4 273.3 10.0 19.5 2.5 274.7 10.0 19.5 2.5 277.8 9.9 19.5 2.6 280.5 9.9 20.1 23 24 25 26 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 264.3 2493.2 610.7 297.5 2831.8 711.9 357.3 3158.6 796.9 463.3 3489.1 967.1 467.4 3510.2 1042.5 469.2 3523.5 1135.0 474.0 3543.6 1299.6 478.4 3542.2 1422.1 479.0 3547.1 1540.9 477.1 3568.1 1716.9 473.3 3617.2 1902.4 27 28 29 30 31 32 Finance companies Mortgage companies REITs 172.3 32.1 18.7 161.3 32.1 18.0 174.5 32.1 29.8 198.9 32.1 49.6 206.2 32.1 56.5 213.9 32.1 68.3 224.5 32.1 87.9 242.9 32.1 118.8 246.7 32.1 126.4 251.7 32.1 141.2 258.8 32.1 156.2 30 31 32 (1) FHLB loans to savings institutions are included in other loans and advances. 94 Z.1, December 8, 2005 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 1 2 3 4 5 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Q3 Q4 2005 Q2 Q1 Q3 5075.2 5571.3 6244.2 7026.2 7235.0 7465.8 7768.3 8013.7 8209.6 8502.0 8821.1 1 4770.1 13.5 291.6 5221.4 15.6 334.4 5844.0 16.2 383.9 6564.2 18.0 444.0 6754.6 18.9 461.5 6965.7 19.8 480.4 7242.8 21.0 504.5 7466.3 22.1 525.3 7642.8 23.4 543.5 7906.5 25.2 570.2 8196.0 26.9 598.2 2 3 4 5075.2 5571.3 6244.2 7026.2 7235.0 7465.8 7768.3 8013.7 8209.6 8502.0 8821.1 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 87.4 21.4 8.7 94.9 23.0 9.9 103.6 24.9 9.6 113.1 26.4 11.4 115.6 26.8 11.9 118.2 27.2 12.3 120.8 27.6 12.9 123.5 28.0 13.4 126.2 28.4 14.0 129.0 28.7 14.6 131.9 29.1 15.2 6 7 8 9 10 State and local governments Federal government 67.0 17.7 66.4 17.1 63.7 16.2 67.7 15.3 68.7 15.2 68.8 15.0 69.7 14.9 71.1 14.8 72.0 14.7 71.7 14.7 72.8 14.5 9 10 11 12 13 Commercial banking Savings institutions Credit unions 965.6 594.2 124.9 1023.9 620.4 141.3 1222.2 631.1 159.4 1347.0 702.8 182.6 1394.6 752.5 186.0 1473.6 788.2 196.5 1522.2 829.0 206.7 1568.0 874.5 213.2 1633.2 883.4 217.6 1696.0 921.7 228.8 1750.9 946.9 238.1 11 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 4.9 7.7 7.1 4.9 4.6 6.9 4.7 2.8 6.8 4.4 1.7 6.3 4.6 1.5 6.1 4.6 1.5 7.8 4.7 1.5 7.0 5.0 1.4 6.8 5.0 1.4 5.4 5.1 1.4 3.7 5.1 1.4 1.3 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 205.1 2425.6 376.9 225.6 2748.5 433.4 271.1 3063.7 487.5 363.3 3366.9 605.4 364.6 3391.2 671.4 361.8 3400.0 746.5 362.3 3419.1 898.5 362.9 3416.5 998.9 362.7 3420.8 1098.1 360.0 3441.0 1241.2 355.4 3488.3 1403.7 17 18 19 20 21 22 Finance companies Mortgage companies REITs 130.6 21.8 8.5 120.1 21.8 8.7 135.0 21.8 20.1 152.2 21.8 37.8 159.5 21.8 43.1 167.9 21.8 54.1 176.2 21.8 73.5 190.1 21.8 103.7 194.5 21.8 110.5 199.7 21.8 122.7 210.6 21.8 134.0 20 21 22 489.0 235.0 72.8 40.7 9.9 130.6 514.0 258.6 77.9 44.9 12.5 120.1 580.3 303.3 78.5 48.1 15.4 135.0 681.7 366.0 95.6 51.8 16.1 152.2 710.9 390.1 90.5 52.9 17.9 159.5 766.6 423.3 99.6 56.1 19.7 167.9 830.8 457.9 112.2 60.9 23.7 176.2 884.7 483.6 121.2 64.0 25.9 190.1 915.4 501.0 126.1 65.2 28.5 194.5 966.0 530.8 135.5 69.3 30.7 199.7 1003.0 540.6 143.8 73.5 34.5 210.6 23 24 25 26 27 28 6 7 8 23 24 25 26 27 28 Total assets Q2 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 28) include some first liens. Excludes home equity loans held by mortgage companies and 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 Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 405.6 447.8 486.7 557.1 565.0 582.0 594.0 609.0 617.6 632.4 641.6 1 25.9 362.2 27.3 401.5 28.8 437.2 30.4 505.4 30.9 510.9 31.4 527.3 31.9 537.4 32.4 551.2 32.9 558.5 33.4 574.0 33.9 581.2 2 3 0.0 17.4 0.0 19.0 0.0 20.7 0.0 21.3 0.0 23.2 0.0 23.3 0.0 24.7 0.0 25.4 0.0 26.2 0.0 24.9 0.0 26.5 4 5 405.6 447.8 486.7 557.1 565.0 582.0 594.0 609.0 617.6 632.4 641.6 6 1.4 0.8 7.8 1.4 0.9 9.0 1.4 0.9 8.8 1.5 1.0 8.5 1.5 1.0 8.2 1.5 1.0 7.9 1.5 1.0 7.5 1.5 1.0 6.9 1.5 1.0 6.3 1.5 1.0 5.6 1.5 1.1 4.7 7 8 9 10 11 State and local governments Federal government 52.5 13.9 52.1 13.7 50.0 14.3 53.1 14.5 53.9 14.7 54.0 14.8 54.7 14.7 55.8 15.0 56.5 15.1 56.3 15.0 57.1 14.8 10 11 12 13 Commercial banking Savings institutions 77.8 61.3 84.9 64.6 94.2 68.6 104.9 77.9 107.7 81.6 110.8 83.9 115.0 85.7 119.3 87.4 122.8 90.3 129.0 95.0 135.6 96.7 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 33.7 1.1 6.2 35.6 1.4 6.0 36.8 1.9 6.0 38.6 2.2 5.5 38.7 2.2 5.4 38.9 2.2 6.8 39.5 2.2 6.1 40.5 2.2 5.9 40.7 2.1 4.7 41.1 2.1 3.2 41.5 2.1 1.2 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 25.0 66.0 47.8 33.2 81.6 53.8 41.7 94.5 59.2 52.6 121.2 67.3 54.7 118.0 69.1 58.4 122.5 70.7 62.0 123.6 72.0 65.0 124.7 75.2 65.2 125.4 77.3 64.7 126.2 83.0 64.9 128.0 83.7 17 18 19 20 21 22 Finance companies Mortgage companies REITs 2.9 5.2 2.2 2.7 5.2 1.8 1.7 5.2 1.5 1.7 5.2 1.7 1.7 5.2 1.6 1.8 5.2 1.8 1.8 5.2 1.6 1.8 5.2 1.6 1.8 5.2 1.7 1.8 5.2 1.6 1.8 5.2 1.7 20 21 22 95 Z.1, December 8, 2005 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1169.4 1284.0 1386.6 1517.9 1554.7 1590.5 1639.3 1698.8 1744.8 1813.3 1887.9 1 120.7 329.1 653.8 65.9 139.4 385.2 692.9 66.5 155.5 429.2 728.7 73.1 164.4 511.4 761.2 80.8 170.4 528.4 770.4 85.5 174.3 554.4 772.5 89.4 179.9 589.2 777.1 93.1 182.0 633.5 780.9 102.4 182.9 655.0 799.2 107.8 182.1 705.9 811.5 113.9 186.3 755.2 829.1 117.3 2 3 4 5 1169.4 1284.0 1386.6 1517.9 1554.7 1590.5 1639.3 1698.8 1744.8 1813.3 1887.9 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 8.6 21.2 5.1 7.9 22.7 5.2 8.6 23.7 5.2 9.2 24.7 5.0 9.4 24.9 4.9 9.5 25.2 4.8 9.7 25.4 4.7 9.9 25.6 4.5 10.0 25.9 4.3 10.2 26.1 4.0 10.4 26.4 3.8 7 8 9 10 11 State and local governments Federal government 10.5 41.1 10.4 41.0 10.0 42.1 10.6 40.5 10.8 42.5 10.8 41.2 10.9 41.5 11.2 42.4 11.3 42.6 11.3 43.0 11.4 44.2 10 11 12 13 Commercial banking Savings institutions 582.6 67.0 645.6 72.5 704.0 80.7 763.3 88.9 785.7 91.4 808.6 92.5 836.3 92.5 863.5 94.5 888.3 93.8 919.2 95.6 961.9 96.6 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 1.6 183.8 1.5 8.8 1.9 188.4 4.3 8.1 2.0 195.0 5.7 8.3 2.1 203.9 6.4 8.6 2.1 204.9 6.6 7.6 2.2 206.4 6.5 3.2 2.4 209.5 6.6 6.4 2.4 214.1 6.5 6.8 2.5 215.2 6.4 9.4 2.5 217.6 6.4 12.6 2.6 219.7 6.4 17.6 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.0 185.9 38.8 5.1 8.0 0.0 224.8 38.5 5.1 7.6 0.0 250.2 37.8 5.1 8.1 0.0 294.5 45.0 5.1 10.0 0.0 302.0 45.0 5.1 11.8 0.0 317.8 44.2 5.1 12.4 0.0 329.1 46.4 5.1 12.8 0.0 348.1 50.9 5.1 13.5 0.0 365.5 50.4 5.1 14.2 0.0 392.7 50.2 5.1 16.9 0.0 415.0 46.4 5.1 20.6 18 19 20 21 22 7 8 9 Total assets 2001 L.221 Farm Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 110.2 117.8 125.5 133.6 135.3 138.3 140.5 141.7 143.0 146.2 148.3 1 2 Total assets 110.2 117.8 125.5 133.6 135.3 138.3 140.5 141.7 143.0 146.2 148.3 2 19.9 0.8 21.2 0.9 22.7 0.9 24.1 1.0 24.4 1.0 25.0 1.0 25.4 1.0 25.6 1.0 25.9 1.0 26.5 1.0 26.9 1.0 3 4 1.3 4.1 1.3 4.0 1.2 3.7 1.3 3.4 1.3 3.4 1.3 3.3 1.4 3.3 1.4 3.2 1.4 3.3 1.4 3.2 1.4 3.2 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 34.0 0.5 35.5 0.5 38.0 0.6 40.6 0.6 41.4 0.6 42.9 0.6 43.9 0.6 44.6 0.6 45.0 0.6 46.2 0.6 47.1 0.6 7 8 9 10 Life insurance companies State and local govt. retirement funds 13.6 0.0 14.1 0.0 13.5 0.0 14.0 0.0 14.1 0.0 14.2 0.0 14.3 0.0 13.8 0.0 13.9 0.0 14.0 0.0 14.2 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 34.2 1.6 38.7 1.7 44.5 0.4 47.4 1.0 48.0 1.0 49.0 1.0 49.7 1.0 50.6 0.9 51.1 0.9 52.4 0.9 53.1 0.8 11 12 96 Z.1, December 8, 2005 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 1 Total liabilities (Households) 1729.8 1862.0 1949.1 2037.5 2022.3 2033.7 2078.0 2128.6 2103.7 2120.8 2165.4 1 2 Total assets 1729.8 1862.0 1949.1 2037.5 2022.3 2033.7 2078.0 2128.6 2103.7 2120.8 2165.4 2 83.7 0.0 67.0 75.6 0.0 80.1 77.5 0.0 92.8 63.3 0.0 94.1 60.0 0.0 93.9 60.5 0.0 92.6 59.1 0.0 99.2 64.8 0.0 98.4 61.0 0.0 100.6 61.2 0.0 98.6 63.1 0.0 103.9 3 4 5 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 6 7 8 Commercial banking Savings institutions Credit unions 551.1 64.8 184.4 568.4 71.1 189.6 602.6 68.7 195.7 669.4 77.9 205.9 658.0 81.4 207.1 660.6 88.1 211.7 676.3 89.1 214.5 704.3 91.3 215.4 683.1 90.8 216.7 684.0 94.0 221.4 708.2 101.4 230.2 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 37.0 521.3 220.5 39.4 599.7 238.1 36.9 637.1 237.8 20.6 611.0 295.4 16.0 598.6 307.4 2.2 593.3 324.7 0.0 587.2 352.6 0.0 587.6 366.8 0.0 590.5 360.9 0.0 606.0 355.6 0.0 597.8 360.8 9 10 11 9 10 11 L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total trade payables 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 State and local governments Federal government 8 9 Rest of the world Brokers and dealers 10 Total trade receivables 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 15 State and local governments Federal government Rest of the world 16 17 Property-casualty insurance companies ABS issuers 18 Discrepancy 2747.7 2667.3 2738.1 2840.5 2897.6 2942.9 3003.9 3075.7 3103.7 3170.0 3248.6 1 134.7 132.9 139.8 147.7 149.9 152.1 154.4 156.7 159.1 160.3 161.7 2 1541.4 259.9 20.9 1437.7 255.0 21.3 1457.4 281.0 21.9 1403.2 325.2 22.6 1422.1 338.4 22.8 1440.2 352.7 23.0 1471.6 367.2 23.3 1509.8 383.3 23.5 1506.7 399.7 23.7 1539.0 414.9 24.0 1577.1 431.0 24.2 3 4 5 635.9 69.0 661.1 72.3 689.8 73.2 720.2 145.8 727.9 155.1 735.7 161.4 743.5 166.0 751.6 164.1 759.8 169.6 768.2 175.7 776.9 178.6 6 7 49.9 35.9 47.8 39.2 37.6 37.4 47.5 28.2 46.8 34.6 45.7 32.1 43.7 34.2 50.8 36.0 50.0 35.0 52.9 35.0 55.8 43.2 8 9 2612.7 2521.4 2442.2 2506.0 2583.5 2688.1 2723.0 2715.8 2788.8 2905.2 2959.4 10 1937.1 342.1 1815.4 343.9 1716.8 362.8 1698.7 418.4 1752.7 433.3 1837.4 449.1 1858.4 465.1 1827.6 482.2 1872.6 499.6 1959.7 517.8 1989.7 536.6 11 12 110.5 28.1 47.0 116.4 35.5 43.9 119.0 32.2 47.0 126.3 51.3 48.8 128.3 57.6 49.0 128.4 61.0 50.7 130.1 59.8 48.7 132.8 61.8 48.3 134.4 62.5 51.6 133.9 65.3 52.6 136.0 62.6 52.8 13 14 15 64.6 83.3 69.9 96.5 74.8 89.6 79.3 83.2 82.4 80.2 85.3 76.1 86.4 74.4 79.6 83.4 82.2 85.9 85.0 90.9 85.9 95.9 16 17 135.0 145.9 295.9 334.5 314.1 254.9 280.9 359.9 314.9 264.8 289.2 18 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 822.7 825.9 738.8 871.3 952.8 987.2 985.5 1037.9 1051.5 1058.5 1066.3 1 2 3 Household sector Rest of the world 235.1 0.0 196.4 0.0 148.2 0.0 182.5 0.0 200.8 0.0 216.5 0.0 209.9 0.0 264.0 0.0 266.1 0.0 263.4 0.0 254.5 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 587.6 412.4 74.7 100.5 629.5 454.3 81.9 93.3 590.6 412.7 79.2 98.7 688.8 475.4 91.5 121.9 752.1 512.9 96.0 143.1 770.7 533.9 96.7 140.1 775.6 524.3 103.4 147.9 773.9 578.3 102.2 93.4 785.4 569.4 101.3 114.7 795.1 577.3 90.3 127.5 811.7 580.2 95.5 136.1 4 5 6 7 822.7 825.9 738.8 871.3 952.8 987.2 985.5 1037.9 1051.5 1058.5 1066.3 8 8 Total liabilities Total assets 9 10 Household sector Rest of the world 412.4 0.0 454.3 0.0 412.7 0.0 475.4 0.0 512.9 0.0 533.9 0.0 524.3 0.0 578.3 0.0 569.4 0.0 577.3 0.0 580.2 0.0 9 10 11 12 Commercial banking Brokers and dealers 175.2 235.1 175.2 196.4 177.9 148.2 213.5 182.5 239.2 200.8 236.8 216.5 251.3 209.9 195.6 264.0 216.1 266.1 217.8 263.4 231.6 254.5 11 12 97 Z.1, December 8, 2005 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 Life insurance reserves: 1 Total liabilities 819.1 880.0 920.9 1013.2 1022.5 1031.9 1038.2 1060.4 1069.4 1087.2 1107.5 1 2 3 Federal government Life insurance companies 36.4 782.7 37.8 842.2 39.4 881.6 40.5 972.7 40.5 982.0 40.9 991.0 41.0 997.2 41.6 1018.8 41.6 1027.8 42.0 1045.2 42.1 1065.5 2 3 4 Total assets (Households) 819.1 880.0 920.9 1013.2 1022.5 1031.9 1038.2 1060.4 1069.4 1087.2 1107.5 4 9000.1 8571.8 7814.8 9213.9 9426.6 9537.5 9534.5 10150.0 9957.0 10151.3 10438.9 5 Pension fund reserves: 5 Total liabilities 6 7 Life insurance companies Private pension funds (1) 1465.9 4402.6 1494.6 3964.0 1583.8 3357.0 1786.5 4074.5 1840.3 4182.9 1885.1 4222.6 1916.8 4201.5 1987.0 4519.0 2022.9 4331.3 2060.3 4444.1 2123.8 4572.0 6 7 8 9 State and local govt. retirement funds Federal government retirement funds (2) 2335.0 796.7 2253.5 859.7 1980.0 894.0 2393.9 959.0 2453.0 950.4 2467.6 962.3 2436.5 979.7 2620.0 1024.0 2588.0 1014.7 2631.2 1015.6 2705.9 1037.2 8 9 9000.1 8571.8 7814.8 9213.9 9426.6 9537.5 9534.5 10150.0 9957.0 10151.3 10438.9 10 10 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 204.8 219.2 241.4 250.2 264.8 270.1 283.1 274.9 289.2 290.0 297.3 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 78.0 64.6 81.0 68.7 93.0 70.2 81.2 79.5 90.7 80.9 92.2 81.9 100.4 83.1 88.0 84.0 97.8 84.9 95.7 85.7 98.0 86.4 2 3 4 5 U.S.-chartered commercial banks Savings institutions 11.1 2.5 13.5 1.7 16.2 1.5 19.1 1.3 19.8 1.8 20.6 1.5 21.4 1.7 22.2 1.9 23.0 1.8 23.9 1.9 24.8 2.1 4 5 6 7 Property-casualty insurance companies Life insurance companies 19.7 17.8 22.4 19.7 25.6 22.1 29.3 24.9 30.3 25.6 31.4 26.4 32.4 27.2 33.5 28.1 34.6 28.9 35.8 29.8 37.0 30.7 6 7 8 9 Finance companies Brokers and dealers 9.1 2.1 10.2 1.9 11.6 1.3 13.2 1.8 13.6 1.9 14.1 2.0 14.5 2.3 15.0 2.2 15.5 2.6 16.0 1.3 16.5 1.8 8 9 84.7 125.9 115.1 171.1 196.7 182.6 184.1 171.9 193.0 190.6 214.9 10 42.4 42.4 46.1 79.8 50.8 64.3 68.4 102.8 72.9 123.9 78.6 103.9 83.6 100.5 89.0 82.9 97.7 95.3 107.7 83.0 116.7 98.2 11 12 120.0 93.3 126.3 79.1 68.1 87.5 98.9 103.0 96.2 99.4 82.4 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total household equity Nonfarm noncorporate business Farm business Brokers and dealers 4773.4 4875.8 5037.9 5387.3 5443.9 5579.4 5778.3 5927.4 6186.0 6416.8 6648.0 1 3817.5 944.3 11.7 3893.5 976.2 6.2 4006.7 1026.2 5.0 4283.1 1098.2 6.0 4318.4 1119.8 5.7 4436.9 1136.8 5.7 4626.5 1145.7 6.1 4760.2 1160.9 6.2 4936.3 1243.7 6.0 5155.7 1255.7 5.5 5368.0 1274.5 5.5 2 3 4 98 Z.1, December 8, 2005 L.228 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 1 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 10669.4 11469.8 12201.4 12714.5 12960.4 13089.6 13288.8 13783.7 13802.9 13991.2 13530.2 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 19.6 3456.5 552.6 19.1 3534.0 607.3 20.0 3590.6 626.2 20.9 3455.7 662.4 21.0 3461.8 671.0 21.7 3429.6 679.3 22.0 3357.9 687.4 22.5 3308.3 695.4 22.7 3267.6 703.0 23.5 3128.6 707.9 23.7 2989.5 712.8 2 3 4 5 6 Federal government Rest of the world 711.3 1935.3 772.0 2158.4 798.2 2597.0 831.3 2729.0 819.8 2748.3 829.8 2912.9 846.5 3015.0 880.3 3364.7 871.6 3386.5 869.9 3536.7 886.5 3058.0 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 10.6 1257.8 102.3 5.6 7.7 1256.6 123.3 3.8 30.3 1430.8 148.9 5.1 34.5 1548.7 146.9 6.3 30.8 1608.7 183.2 20.9 28.7 1589.6 173.3 9.6 38.8 1649.8 176.2 22.3 44.4 1716.0 180.6 9.1 37.4 1737.7 182.9 19.7 40.2 1780.2 187.8 12.8 42.0 1720.4 194.0 14.3 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 543.0 674.0 574.6 675.1 625.0 647.9 668.9 747.3 680.1 797.1 692.8 795.9 716.9 802.8 716.9 824.9 725.5 824.3 734.8 829.8 765.8 844.8 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 94.0 374.3 16.0 141.5 393.2 16.0 169.2 413.9 16.0 142.6 516.7 16.0 160.1 534.0 16.0 138.3 526.9 16.0 121.5 528.5 16.0 141.0 527.1 16.0 137.8 492.1 16.0 139.5 500.1 16.0 143.9 533.8 16.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 38.0 182.7 695.8 38.0 374.6 774.4 40.6 301.0 740.7 42.3 340.0 804.9 44.9 352.8 809.9 42.8 379.8 822.6 44.2 381.2 861.9 51.3 411.1 874.1 47.1 407.1 923.7 50.4 440.5 992.6 51.9 459.3 1073.4 16 17 18 13965.5 14855.2 15290.5 15482.5 15787.9 15730.5 15851.3 16369.2 16658.5 16822.9 16850.6 19 19 Total liabilities 2001 Total assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 370.9 6722.6 553.7 45.5 389.4 6940.0 683.6 47.3 420.0 7062.9 725.2 51.4 462.0 7124.9 793.6 56.0 471.5 7171.2 814.1 56.9 479.0 7152.2 837.9 58.2 495.0 7165.8 862.9 60.7 502.8 7356.7 888.5 60.6 510.3 7369.9 916.9 61.1 518.0 7392.9 954.3 62.0 536.4 7397.6 994.1 64.1 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world 153.6 99.1 1655.8 135.4 100.4 1807.9 106.9 100.5 1981.2 98.7 101.9 1521.8 100.4 101.9 1634.8 100.7 101.9 1547.3 98.6 102.4 1482.7 94.3 102.5 1685.3 67.2 99.5 1941.3 56.2 99.3 1802.4 54.5 96.1 1636.5 24 25 26 27 28 29 30 Monetary authority Commercial banking Savings institutions Credit unions 19.3 1196.9 67.6 12.9 20.3 1347.9 84.5 18.3 19.6 1443.4 103.6 28.7 18.2 1533.9 99.2 29.2 18.1 1568.8 92.6 23.8 17.9 1587.8 96.3 26.5 17.7 1694.4 95.9 27.7 18.6 1653.9 98.5 24.4 17.5 1662.6 88.0 26.8 17.9 1714.4 87.8 30.3 17.3 1736.0 90.4 25.6 27 28 29 30 31 32 33 34 35 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 51.8 55.6 617.3 8.2 704.9 54.4 40.1 589.4 10.0 765.8 84.1 46.8 523.9 10.4 790.3 85.7 74.7 586.3 11.3 815.0 88.0 109.1 591.9 11.7 801.2 91.0 110.0 588.9 12.0 809.2 93.4 122.4 585.7 11.9 824.3 97.2 126.6 614.4 11.8 855.9 101.1 142.3 591.9 11.8 844.3 103.1 144.1 605.2 11.8 840.1 104.2 142.8 604.0 11.2 854.2 31 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 68.3 3.8 63.4 65.1 0.8 68.9 56.5 0.9 90.9 56.2 1.9 107.4 56.0 5.4 108.4 51.5 4.2 107.4 47.8 5.1 108.4 53.3 7.0 110.7 45.5 8.3 106.8 47.1 6.8 100.0 54.8 6.8 97.1 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 261.0 22.7 655.1 555.6 281.8 22.9 821.0 560.0 291.3 25.1 723.7 603.3 395.9 29.5 858.8 620.4 375.0 32.4 931.1 623.8 338.9 34.3 939.5 638.0 334.9 36.9 945.7 630.9 334.3 40.6 994.0 637.0 296.8 43.7 1048.5 656.2 292.3 46.8 1134.2 755.8 301.7 48.6 1224.7 752.0 39 40 41 42 -3296.1 -3385.4 -3089.1 -2768.0 -2827.5 -2640.8 -2562.5 -2585.5 -2855.6 -2831.7 -3320.5 43 43 Discrepancy 99 Z.1, December 8, 2005 L.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 1531.6 1322.2 43.5 51.8 17.5 76.6 20.0 1693.1 1462.7 49.6 54.4 18.2 93.9 14.3 1860.4 1577.3 49.9 84.1 24.5 111.7 12.9 2062.6 1731.4 61.0 85.7 27.6 143.2 13.6 2118.4 1779.6 62.8 88.0 28.2 145.4 14.5 2181.7 1834.5 63.2 91.0 29.1 147.8 16.2 2225.3 1871.2 64.1 93.4 30.2 149.5 16.9 2367.4 1988.6 69.0 97.2 31.6 162.8 18.1 2399.0 2007.6 70.1 101.1 32.2 169.0 18.9 2438.6 2040.7 70.6 103.1 33.2 170.5 20.4 2468.6 2066.5 71.0 104.2 33.7 171.9 21.3 1 2 3 4 5 6 7 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 1114.6 3.4 64.2 60.9 42.9 63.2 20.1 51.7 1091.6 2.9 67.2 66.4 38.8 68.6 72.2 110.7 1037.3 3.1 75.5 72.7 38.7 57.8 77.9 154.5 1051.2 3.0 87.5 70.0 48.9 71.3 81.0 173.0 1062.5 3.0 87.9 70.5 48.2 72.8 80.6 167.7 1046.9 3.0 89.3 70.2 62.6 76.3 80.8 197.2 1053.4 3.0 102.0 69.6 64.7 79.1 82.1 209.6 1083.0 3.2 123.3 70.0 66.6 69.9 84.4 208.5 1096.5 3.2 128.2 71.6 67.5 71.5 84.6 219.8 1081.7 3.2 130.5 71.4 68.5 72.7 84.9 249.6 1098.0 3.1 131.1 72.8 69.1 72.9 84.7 253.2 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 1421.0 1518.5 1517.4 1585.9 1593.3 1626.3 1663.6 1708.9 1742.8 1762.5 1785.0 16 35.4 35.4 37.1 37.1 38.6 38.6 40.0 40.0 40.3 40.3 40.8 40.8 41.7 41.7 42.0 42.0 42.3 42.3 42.7 42.7 43.5 43.5 17 18 7.0 7.0 7.4 7.4 8.4 8.4 8.8 8.8 9.0 9.0 9.2 9.2 10.5 10.5 11.9 11.9 12.6 12.6 12.9 12.9 13.3 13.3 19 20 Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 33.8 37.1 39.1 42.3 44.1 45.2 45.2 44.8 45.1 45.9 46.7 21 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.0 1.6 1.6 0.0 13.8 15.7 0.6 0.4 0.0 1.8 2.0 0.0 15.2 17.0 0.9 0.3 0.0 1.8 2.1 0.0 17.5 16.0 1.2 0.5 0.0 2.1 2.5 0.0 18.7 16.4 1.4 1.1 0.0 2.2 2.4 0.0 19.1 17.6 1.5 1.2 0.0 2.1 2.6 0.0 19.3 18.4 1.6 1.2 0.0 2.0 2.7 0.0 19.6 18.1 1.6 1.2 0.0 1.9 2.7 0.0 19.3 17.4 1.7 1.7 0.0 2.1 2.6 0.0 20.0 17.1 1.7 1.7 0.0 1.9 2.6 0.0 20.0 18.1 1.7 1.6 0.0 1.8 2.8 0.0 20.1 18.6 1.8 1.6 22 23 24 25 26 27 28 29 BHC investment in subsidiaries: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 525.4 6.6 51.3 16.0 115.8 586.1 7.4 49.6 16.0 146.4 639.2 8.3 44.1 16.0 150.9 689.8 9.3 49.9 16.0 189.0 708.1 9.6 52.5 16.0 214.3 738.6 9.9 54.1 16.0 222.8 819.4 10.2 56.3 16.0 246.5 857.0 10.5 59.1 16.0 255.6 853.3 10.8 57.3 16.0 259.1 876.3 11.1 58.4 16.0 268.9 877.5 11.4 60.4 16.0 297.0 30 31 32 33 34 35 Asset: Bank holding companies 715.1 805.6 858.5 954.0 1000.5 1041.4 1148.5 1198.2 1196.6 1230.8 1262.3 35 51.3 51.3 49.6 49.6 44.1 44.1 49.9 49.9 52.5 52.5 54.1 54.1 56.3 56.3 59.1 59.1 57.3 57.3 58.4 58.4 60.4 60.4 36 37 NFC inv. in finance company subs.: 36 37 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 38 39 Liab.: Foreign banking offices in U.S. Brokers and dealers 138.7 416.9 107.9 452.1 132.6 470.7 130.8 489.6 157.9 465.8 137.4 500.6 141.3 489.6 161.3 475.7 171.2 485.0 182.7 573.1 187.3 564.8 38 39 40 Asset: Funding corporations 555.6 560.0 603.3 620.4 623.8 638.0 630.9 637.0 656.2 755.8 752.0 40 100 Z.1, December 8, 2005 L.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 2005 Q2 Q1 Q3 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 2.8 2.8 2.7 2.7 2.8 2.8 3.0 3.0 3.1 3.1 2.9 2.9 3.0 3.0 2.9 2.9 -1.0 -1.0 -1.0 -1.0 -4.4 -4.4 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 17.1 17.1 25.7 25.7 27.6 27.6 20.5 20.5 24.9 24.9 19.1 19.1 17.9 17.9 18.3 18.3 18.2 18.2 17.8 17.8 19.1 19.1 5 6 19.6 19.6 19.1 19.1 20.0 20.0 20.9 20.9 21.0 21.0 21.7 21.7 22.0 22.0 22.5 22.5 22.7 22.7 23.5 23.5 23.7 23.7 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 168.9 97.4 39.5 32.0 175.4 100.5 40.4 34.4 185.6 110.6 40.6 34.5 199.5 121.5 40.5 37.5 202.4 123.8 40.4 38.1 202.3 123.1 41.3 37.9 205.4 125.3 41.9 38.1 211.0 131.3 41.7 38.0 212.7 132.5 42.2 38.0 213.8 133.4 42.3 38.1 215.8 135.2 42.4 38.2 9 10 11 12 13 Asset: Household sector 168.9 175.4 185.6 199.5 202.4 202.3 205.4 211.0 212.7 213.8 215.8 13 Policy payables: 14 Liab.: Property-casualty insurance companies 482.1 508.2 552.4 599.0 609.6 622.5 647.3 646.9 653.9 663.4 693.0 14 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 202.0 190.4 45.8 43.9 214.0 200.8 48.3 45.3 232.4 218.2 52.5 49.3 252.0 236.6 56.9 53.5 256.4 240.8 57.9 54.5 261.8 245.9 59.1 55.7 273.2 255.7 60.5 57.9 273.0 255.5 60.5 57.9 276.0 258.3 61.1 58.5 280.0 262.0 62.0 59.3 293.8 273.6 64.3 61.3 15 16 17 18 368.6 368.6 339.7 339.7 270.7 270.7 333.7 333.7 340.7 340.7 339.2 339.2 334.1 334.1 369.3 369.3 349.0 349.0 361.4 361.4 366.2 366.2 19 20 121.3 121.3 121.9 121.9 122.0 122.0 120.6 120.6 120.5 120.5 119.8 119.8 120.2 120.2 118.2 118.2 116.9 116.9 116.3 116.3 115.8 115.8 21 22 508.2 508.2 578.3 578.3 575.4 575.4 678.0 678.0 740.2 740.2 736.0 736.0 741.4 741.4 764.8 764.8 822.4 822.4 896.9 896.9 977.6 977.6 23 24 704.9 704.9 765.8 765.8 790.3 790.3 815.0 815.0 801.2 801.2 809.2 809.2 824.3 824.3 855.9 855.9 844.3 844.3 840.1 840.1 854.2 854.2 25 26 0.0 0.0 0.0 0.0 1.9 1.9 10.5 10.5 12.7 12.7 14.8 14.8 16.3 16.3 18.8 18.8 21.6 21.6 24.3 24.3 26.8 26.8 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Uniformed Services Retiree Health Care Fund: 27 28 Liab.: Federal government Asset: Household sector 101 Z.1, December 8, 2005 L.231 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2000 2001 2002 2003 2004 Q1 1 Total liabilities Q2 Q3 Q4 Q1 2005 Q2 Q3 3925.2 4224.7 4682.9 4549.9 4602.4 4565.2 4534.7 4685.8 4590.1 4487.1 3810.5 1 2220.6 549.2 2320.5 604.3 2431.3 623.1 2283.8 659.4 2278.8 668.0 2262.9 676.3 2184.2 684.4 2107.1 692.2 2054.1 699.9 1930.5 704.7 1775.8 709.7 2 3 Federal government Rest of the world Monetary authority 6.4 365.6 3.6 6.2 425.5 0.4 6.0 695.2 21.9 5.8 623.4 25.7 5.9 586.6 21.9 5.8 687.4 19.5 5.8 745.0 28.3 5.6 952.4 32.5 5.6 946.2 24.9 5.5 1056.4 27.3 5.6 550.4 28.7 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 529.5 263.2 137.2 104.4 24.8 495.4 173.7 141.9 150.8 29.0 583.5 210.6 153.7 190.9 28.3 640.6 263.2 104.3 241.4 31.7 654.7 287.2 84.0 249.0 34.6 624.4 261.2 68.5 257.9 36.9 587.1 267.7 10.9 268.4 40.0 574.4 319.2 -58.9 271.6 42.5 585.0 303.2 -34.2 273.2 42.8 590.7 284.7 -23.5 287.6 42.0 524.5 264.2 11.8 207.4 41.1 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 95.7 5.6 93.7 43.1 115.9 3.8 121.2 78.7 140.6 5.1 152.8 102.5 137.6 6.3 165.2 79.8 173.6 20.9 205.8 91.1 163.4 9.6 191.7 74.0 166.0 22.3 198.6 58.4 170.1 9.1 177.9 77.9 172.1 19.7 195.1 74.5 176.7 12.8 186.2 75.8 182.5 14.3 193.7 78.0 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 208.5 38.0 -370.1 135.9 225.4 38.0 -296.1 85.4 267.9 40.6 -398.5 10.8 345.5 42.3 -419.5 -46.0 356.2 44.9 -408.0 -97.9 342.5 42.8 -424.4 -110.6 336.7 44.2 -437.1 -89.1 339.0 51.3 -404.6 -99.2 306.0 47.1 -421.6 -118.5 310.6 50.4 -486.6 -154.0 340.1 51.9 -487.1 -157.4 16 17 18 19 7221.3 7610.1 7772.0 7317.9 7430.0 7206.0 7097.2 7271.3 7445.7 7318.7 7131.0 20 5158.7 506.2 153.6 5226.9 633.5 135.4 5223.3 671.0 106.9 5107.0 734.6 98.7 5098.3 753.9 100.4 5017.7 776.7 100.7 4982.6 800.4 98.6 5053.5 826.2 94.3 5046.7 853.7 67.2 5031.8 890.4 56.2 4997.1 928.0 54.5 21 22 23 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 20 Total assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 61.0 234.8 19.3 60.7 289.4 20.3 59.1 463.8 19.6 58.9 -64.1 18.2 58.5 41.5 18.1 58.1 -79.1 17.9 57.7 -180.9 17.7 57.5 -23.5 18.6 58.2 198.6 17.5 57.6 39.8 17.9 57.0 -148.5 17.3 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 417.4 127.4 177.1 106.3 6.6 470.1 158.2 187.2 112.2 12.5 509.0 178.9 184.2 139.5 6.4 491.3 199.6 125.5 161.9 4.3 477.4 191.8 99.6 181.4 4.6 454.7 190.2 79.3 181.4 3.9 451.7 234.2 18.1 193.1 6.4 355.4 186.1 -30.2 194.4 5.2 363.4 202.6 -44.6 199.9 5.5 380.0 197.5 -31.9 209.2 5.1 369.2 189.1 -34.7 210.1 4.7 27 28 29 30 31 32 33 Savings institutions Credit unions 34.8 12.3 41.9 17.4 59.9 27.6 62.3 27.8 50.1 22.2 58.8 24.9 60.0 26.0 62.8 22.8 52.7 25.1 51.9 28.6 52.7 23.9 32 33 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds 18.2 127.4 8.2 2.5 127.8 10.0 1.8 131.2 10.4 25.1 132.0 11.3 58.7 130.7 11.7 58.0 129.8 12.0 68.9 131.3 11.9 70.8 126.9 11.8 85.7 126.0 11.8 85.9 127.5 11.8 83.9 122.1 11.2 34 35 36 37 38 39 Mutual funds Money market mutual funds Government-sponsored enterprises 3.8 68.3 63.4 0.8 65.1 68.9 0.9 56.5 90.9 1.9 56.2 107.4 5.4 56.0 108.4 4.2 51.5 107.4 5.1 47.8 108.4 7.0 53.3 110.7 8.3 45.5 106.8 6.8 47.1 100.0 6.8 54.8 97.1 37 38 39 40 41 42 Finance companies REITs Brokers and dealers 184.4 22.7 126.9 187.9 22.9 228.4 179.6 25.1 135.4 252.7 29.5 167.2 229.6 32.4 176.5 191.0 34.3 187.4 185.4 36.9 187.5 171.5 40.6 211.1 127.8 43.7 207.1 121.8 46.8 216.8 129.8 48.6 225.7 40 41 42 -3296.1 -3385.4 -3089.1 -2768.0 -2827.5 -2640.8 -2562.5 -2585.5 -2855.6 -2831.7 -3320.5 43 43 Discrepancy 102 Z.1, December 8, 2005 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2001 1 2 3 4 5 6 7 8 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 2002 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 48589.8 47566.3 53436.3 58774.5 54349.6 55356.8 56315.3 58774.5 59475.1 60841.1 62485.4 1 17008.5 18398.5 20009.1 22526.0 20414.6 21022.8 21918.9 22526.0 23177.9 24039.5 24724.5 2 13709.6 12490.2 1219.4 14956.8 13676.1 1280.7 16441.9 15067.7 1374.2 18746.1 17237.1 1509.0 16787.7 15393.4 1394.3 17341.0 15915.7 1425.4 18203.4 16738.7 1464.7 18746.1 17237.1 1509.0 19324.8 17767.6 1557.2 20125.5 18496.2 1629.3 20778.1 19111.2 1667.0 3 4 5 154.7 3144.2 168.7 3273.0 184.1 3383.2 201.9 3578.0 188.3 3438.6 193.4 3488.4 196.3 3519.2 201.9 3578.0 208.3 3644.8 214.3 3699.7 213.6 3732.8 6 7 31581.3 29167.8 33427.2 36248.5 33935.0 34333.9 34396.3 36248.5 36297.2 36801.6 37760.9 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 4770.0 58.5 331.4 3267.0 1113.2 5050.2 74.2 360.0 3546.0 1070.0 5248.5 65.2 282.3 3941.2 959.8 5583.2 101.4 251.3 4327.0 903.5 5409.2 84.9 279.9 4090.2 954.1 5403.1 85.0 236.7 4168.0 913.4 5428.8 85.2 225.9 4260.3 857.4 5583.2 101.4 251.3 4327.0 903.5 5740.1 103.3 291.0 4473.1 872.6 5799.7 122.6 293.9 4511.0 872.2 5945.7 125.0 248.7 4680.6 891.4 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 2084.6 97.3 470.7 190.3 280.4 398.0 588.9 404.3 125.4 2014.4 110.4 304.0 194.9 109.1 205.9 690.3 567.6 136.2 2223.8 105.9 452.5 203.8 248.7 377.8 724.3 415.4 147.9 2326.9 136.1 501.3 204.4 296.9 454.7 761.8 312.5 160.4 2108.4 115.8 446.1 204.4 241.7 301.8 731.2 362.6 150.9 2160.0 117.9 465.6 204.6 261.0 346.3 750.9 325.1 154.2 2222.9 121.5 436.4 204.1 232.3 481.2 746.9 279.5 157.4 2326.9 136.1 501.3 204.4 296.9 454.7 761.8 312.5 160.4 2279.3 137.4 509.4 204.2 305.2 455.8 780.2 232.9 163.6 2312.0 151.7 451.4 204.2 247.2 510.3 818.1 213.3 167.2 2294.1 153.6 438.3 203.6 234.7 578.9 828.6 124.1 170.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (6) Miscellaneous assets 6720.9 2834.5 454.3 880.0 8571.8 4875.8 389.4 4997.2 2499.9 412.7 920.9 7814.8 5037.9 420.0 6215.5 3187.8 475.4 1013.2 9213.9 5387.3 462.0 6393.7 3725.9 578.3 1060.4 10150.0 5927.4 502.8 6145.3 3394.7 512.9 1022.5 9426.6 5443.9 471.5 6188.3 3420.8 533.9 1031.9 9537.5 5579.4 479.0 5937.0 3437.4 524.3 1038.2 9534.5 5778.3 495.0 6393.7 3725.9 578.3 1060.4 10150.0 5927.4 502.8 6171.9 3813.7 569.4 1069.4 9957.0 6186.0 510.3 6059.0 3880.3 577.3 1087.2 10151.3 6416.8 518.0 6117.9 4092.2 580.2 1107.5 10438.9 6648.0 536.4 23 24 25 26 27 28 29 7909.5 8605.3 9494.0 10612.6 9696.5 9965.0 10269.2 10612.6 10772.3 11068.7 11399.5 30 7561.1 5221.4 1862.0 156.9 61.1 120.4 139.4 8297.3 5844.0 1949.1 169.8 58.1 120.7 155.5 9142.9 6564.2 2037.5 183.9 73.5 119.3 164.4 10169.4 7466.3 2128.6 193.8 79.0 119.7 182.0 9324.9 6754.6 2022.3 186.7 71.8 119.1 170.4 9574.7 6965.7 2033.7 190.8 91.0 119.2 174.3 9882.9 7242.8 2078.0 191.3 71.4 119.6 179.9 10169.4 7466.3 2128.6 193.8 79.0 119.7 182.0 10324.4 7642.8 2103.7 197.4 78.6 119.2 182.9 10621.5 7906.5 2120.8 201.8 90.6 119.7 182.1 10959.5 8196.0 2165.4 204.1 87.4 120.3 186.3 31 32 33 34 35 36 37 196.4 132.9 148.2 139.8 182.5 147.7 264.0 156.7 200.8 149.9 216.5 152.1 209.9 154.4 264.0 156.7 266.1 159.1 263.4 160.3 254.5 161.7 38 39 19.1 20.0 20.9 22.5 21.0 21.7 22.0 22.5 22.7 23.5 23.7 40 40680.3 38961.1 43942.3 48161.9 44653.1 45391.8 46046.1 48161.9 48702.8 49772.3 51085.9 41 9141.9 8760.7 235.3 145.9 866.6 9765.6 9369.3 244.9 151.3 907.3 10535.2 10120.5 257.2 157.5 951.9 11707.5 11260.9 277.8 168.9 1042.3 10836.7 10413.3 262.7 160.6 975.3 11194.5 10760.6 269.5 164.4 998.7 11481.0 11039.5 274.4 167.1 1020.9 11707.5 11260.9 277.8 168.9 1042.3 11862.1 11413.2 279.4 169.6 1075.4 12100.5 11646.2 282.9 171.4 1108.8 12315.8 11857.1 286.0 172.7 1154.2 42 43 44 45 46 7486.8 7830.1 8169.2 8664.2 8475.3 8580.3 8670.9 8930.4 8902.0 8979.7 9042.8 47 543.4 497.6 537.9 555.9 526.9 529.0 531.0 539.3 547.1 554.3 564.9 48 7268.9 7832.1 8503.4 9770.8 8638.8 8950.0 9495.9 9770.8 10124.9 10589.7 10915.2 49 58.2 57.3 56.4 56.7 56.1 56.2 56.7 56.7 57.0 57.3 57.1 50 30 Liabilities 31 32 33 34 35 36 37 Credit market instruments Home mortgages (7) Consumer credit Municipal securities (8) Bank loans n.e.c. Other loans and advances Commercial mortgages (8) 38 39 Security credit Trade payables (8) Deferred and unpaid life insurance premiums 40 41 Net worth 42 43 44 45 46 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 47 48 49 50 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (9) Owners’ equity as percentage of household real estate (10) (1) Sector includes farm households. (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) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (8) Liabilities of nonprofit organizations. (9) Line 4 less line 32. (10) Line 49 divided by line 4. 103 Z.1, December 8, 2005 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2001 2002 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 With tangible assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Assets Tangible assets Real estate (1) Equipment and software (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 19029.1 19327.0 19901.3 21148.3 20157.5 20449.8 20719.3 21148.3 21457.0 21881.2 22159.2 1 9130.2 9385.2 9784.1 10517.6 9917.1 10096.5 10286.4 10517.6 10772.5 11094.8 11285.2 2 4697.3 3167.3 1265.6 4888.5 3193.3 1303.4 5180.1 3256.7 1347.4 5633.3 3403.1 1481.3 5251.0 3286.3 1379.7 5351.7 3328.4 1416.3 5477.7 3358.2 1450.4 5633.3 3403.1 1481.3 5799.2 3461.4 1511.8 6066.8 3510.3 1517.7 6199.8 3539.2 1546.2 3 4 5 9898.9 9941.8 10117.2 10630.6 10240.5 10353.4 10433.0 10630.6 10684.5 10786.4 10874.0 6 15.5 331.9 131.1 301.9 4.0 60.2 16.9 17.5 29.3 46.6 75.6 1815.4 113.0 6940.0 19.9 314.5 126.3 328.0 6.2 64.8 31.4 16.9 32.1 49.6 77.5 1716.8 95.0 7062.9 38.2 435.3 127.8 290.0 6.0 75.7 32.8 12.1 35.2 52.1 63.3 1698.7 125.0 7124.9 44.5 545.0 135.5 278.0 6.5 91.5 31.5 11.6 39.9 54.6 64.8 1827.6 143.0 7356.7 36.9 459.7 129.1 289.8 5.2 76.0 32.4 12.0 32.8 52.7 60.0 1752.7 129.9 7171.2 38.0 507.0 120.2 292.7 4.8 76.0 31.6 11.7 36.2 53.4 60.5 1837.4 131.8 7152.2 35.0 548.6 132.0 286.4 5.7 80.6 29.5 10.9 35.3 54.0 59.1 1858.4 131.6 7165.8 44.5 545.0 135.5 278.0 6.5 91.5 31.5 11.6 39.9 54.6 64.8 1827.6 143.0 7356.7 49.7 538.3 145.6 268.4 6.2 83.7 30.0 11.1 42.0 55.3 61.0 1872.6 150.6 7369.9 52.7 528.1 139.2 266.9 6.5 83.9 29.7 9.7 41.4 55.9 61.2 1959.7 158.6 7392.9 56.0 545.4 143.3 270.7 7.4 91.4 31.4 11.6 42.8 56.5 63.1 1989.7 167.0 7397.6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 9809.5 9922.8 9882.5 10106.6 9960.2 9984.4 10011.2 10106.6 10149.4 10151.6 10139.1 21 22 23 24 25 26 27 28 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c. Other loans and advances Mortgages 4756.7 190.1 157.7 2578.0 743.7 659.1 428.0 4781.9 126.0 160.8 2710.3 635.5 675.1 474.3 4942.3 85.9 164.2 2868.6 583.1 680.7 559.9 5200.5 101.7 169.3 2946.3 593.2 701.9 688.0 4985.5 95.5 164.8 2897.1 570.1 679.7 578.2 5022.3 102.5 166.0 2898.8 564.3 685.2 605.6 5081.4 109.3 167.3 2911.7 571.7 679.3 642.1 5200.5 101.7 169.3 2946.3 593.2 701.9 688.0 5277.3 115.6 170.3 2954.9 607.6 717.7 711.3 5388.3 114.6 172.0 2962.4 629.9 744.8 764.5 5474.4 119.6 173.4 2983.1 638.5 743.9 816.0 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1437.7 81.0 3534.0 1457.4 93.0 3590.6 1403.2 81.2 3455.7 1509.8 88.0 3308.3 1422.1 90.7 3461.8 1440.2 92.2 3429.6 1471.6 100.4 3357.9 1509.8 88.0 3308.3 1506.7 97.8 3267.6 1539.0 95.7 3128.6 1577.1 98.0 2989.5 29 30 31 32 Net worth (market value) 9219.7 9404.1 10018.9 11041.7 10197.3 10465.5 10708.1 11041.7 11307.6 11729.6 12020.1 32 105.0 4216.9 110.1 4363.8 115.9 4500.8 126.0 4943.6 118.6 4613.9 121.8 4727.3 124.3 4839.1 126.0 4943.6 127.0 5104.3 128.8 5266.5 130.6 5498.5 33 34 10804.8 51.6 44.0 117.2 7839.3 50.8 61.0 83.4 10043.6 49.3 49.2 100.2 10846.9 47.1 47.9 98.2 10112.4 48.9 49.3 99.2 10300.6 48.0 48.8 98.4 9907.3 47.5 51.3 92.5 10846.9 47.1 47.9 98.2 10639.1 46.7 49.6 94.1 10629.6 45.9 50.7 90.6 11005.5 45.5 49.7 91.6 35 36 37 38 16727.7 16939.7 17306.0 18151.9 17534.5 17729.5 17891.0 18151.9 18347.8 18546.9 18736.9 39 6828.8 2644.2 2975.0 1209.5 6997.9 2752.8 3013.5 1231.6 7188.8 2860.9 3058.5 1269.4 7521.3 2971.7 3158.3 1391.3 7294.0 2890.0 3078.1 1325.9 7376.1 2918.4 3102.7 1355.0 7458.0 2943.8 3125.1 1389.1 7521.3 2971.7 3158.3 1391.3 7663.3 3003.7 3194.9 1464.7 7760.5 3037.1 3235.2 1488.3 7862.9 3069.9 3264.4 1528.5 40 41 42 43 33 34 35 36 37 38 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 39 40 41 42 43 Assets (8) Tangible assets Real estate Equipment and software Inventories 44 Net worth (historical cost) (9) 6918.2 7016.9 7423.6 8045.3 7574.3 7745.1 7879.8 8045.3 8198.4 8395.4 8597.8 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 44.3 2408.8 68.8 46.8 2514.7 68.1 49.5 2619.8 66.6 52.7 2732.6 64.6 50.3 2646.8 65.8 51.1 2675.2 64.8 51.9 2702.9 64.5 52.7 2732.6 64.6 53.5 2763.1 64.4 54.4 2795.3 64.2 55.2 2827.3 63.7 45 46 47 (1) At market value. (2) At replacement (current) cost. (3) 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. (4) 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. (5) Line 22 divided by line 32. (6) Line 22 divided by line 35. (7) Line 35 divided by line 32. (8) Sum of lines 6 and 40. (9) Line 39 less line 21. (10) Line 22 divided by line 44. 104 Z.1, December 8, 2005 B.103 Balance Sheet of Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2001 1 2 Assets Tangible assets 2002 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 6783.8 7091.9 7614.3 8351.5 7707.4 7891.9 8146.1 8351.5 8601.7 8912.4 9200.5 1 5206.8 5435.5 5824.2 6391.2 5881.9 6022.7 6232.6 6391.2 6590.6 6838.5 7060.2 2 4762.7 3621.2 1141.5 4976.7 3817.0 1159.7 5347.6 4151.2 1196.3 5883.6 4625.4 1258.3 5398.5 4200.3 1198.2 5530.8 4315.3 1215.5 5733.8 4500.2 1233.6 5883.6 4625.4 1258.3 6071.5 4789.3 1282.2 6310.7 4977.8 1332.8 6524.0 5174.5 1349.5 3 4 5 377.4 39.8 337.6 390.2 40.4 349.8 405.7 40.3 365.4 429.6 41.8 387.8 410.7 40.7 370.1 417.3 41.1 376.2 422.4 41.2 381.2 429.6 41.8 387.8 439.5 43.6 395.9 448.0 44.9 403.1 454.8 45.6 409.3 6 7 8 3 4 5 Real estate (1) Residential Nonresidential 6 7 8 Equipment and software (2) Residential (3) Nonresidential 9 Inventories (2) 66.6 68.6 70.9 78.0 72.6 74.5 76.3 78.0 79.6 79.9 81.4 9 10 Financial assets 1577.0 1656.4 1790.1 1960.4 1825.5 1869.2 1913.6 1960.4 2011.1 2073.8 2140.3 10 274.5 144.7 59.0 280.1 156.2 61.3 287.7 163.6 53.1 291.3 172.5 49.9 289.4 165.2 49.2 290.3 167.8 49.0 291.4 170.2 48.3 291.3 172.5 49.9 291.2 175.0 52.2 292.3 177.3 56.0 292.9 179.8 61.0 11 12 13 42.8 3.5 25.0 0 42.8 3.4 24.5 0 44.3 3.6 25.9 0 46.3 3.8 25.8 0 44.9 3.6 25.9 0 45.4 3.7 26.0 0 45.9 3.7 26.0 0 46.3 3.8 25.8 0 46.7 3.8 25.6 0 47.0 3.9 25.2 0 47.3 3.9 24.7 0 14 15 16 17 343.9 683.6 48.3 1.8 633.5 362.8 725.2 52.5 1.8 671.0 418.4 793.6 56.9 2.1 734.6 482.2 888.5 60.5 1.9 826.2 433.3 814.1 57.9 2.2 753.9 449.1 837.9 59.1 2.1 776.7 465.1 862.9 60.5 2.0 800.4 482.2 888.5 60.5 1.9 826.2 499.6 916.9 61.1 2.1 853.7 517.8 954.3 62.0 1.9 890.4 536.6 994.1 64.3 1.8 928.0 18 19 20 21 22 11 12 13 Checkable deposits and currency Time and savings deposits Money market fund shares 14 15 16 17 Treasury securities Municipal securities Mortgages Consumer credit 18 19 20 21 22 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 23 24 25 26 27 28 29 30 31 Liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) 2890.3 3085.1 3331.2 3591.3 3389.0 3455.0 3519.7 3591.3 3665.4 3756.7 3832.5 23 1959.3 2107.8 2264.0 2428.6 2298.7 2341.1 2382.0 2428.6 2477.7 2548.2 2602.2 24 405.3 125.3 1428.8 430.4 127.6 1549.8 420.1 133.3 1710.6 436.0 135.2 1857.4 422.2 133.7 1742.8 426.4 134.6 1780.1 429.9 133.1 1819.0 436.0 135.2 1857.4 442.1 134.5 1901.1 456.6 135.9 1955.7 460.3 133.4 2008.5 25 26 27 255.0 68.7 607.3 281.0 70.2 626.2 325.2 79.5 662.4 383.3 84.0 695.4 338.4 80.9 671.0 352.7 81.9 679.3 367.2 83.1 687.4 383.3 84.0 695.4 399.7 84.9 703.0 414.9 85.7 707.9 431.0 86.4 712.8 28 29 30 3893.5 4006.7 4283.1 4760.2 4318.4 4436.9 4626.5 4760.2 4936.3 5155.7 5368.0 31 2217.9 959.8 2317.4 985.6 2437.0 1004.5 2639.8 1077.2 2490.8 1023.4 2555.7 1042.2 2607.9 1060.8 2639.8 1077.2 2655.1 1105.7 2688.7 1134.2 2737.2 1178.2 32 33 50.3 52.6 52.9 51.0 53.2 52.8 51.5 51.0 50.2 49.4 48.5 34 Memo: 32 33 Replacement-cost value of structures: Residential Nonresidential 34 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 23. Included in table B.100, line 28. (6) Line 24 divided by line 31. 105 Z.1, December 8, 2005 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2001 1 2 Change in net worth (1) Net investment 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities 9 10 11 12 13 14 15 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Holding gains on assets at current cost (2) 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 -895.6 -1719.3 4981.2 4219.6 710.8 738.6 654.3 2115.9 540.8 1069.6 1313.6 1 427.9 261.9 564.6 330.9 106.9 31.9 17.5 174.6 126.8 5.1 -71.7 2 493.9 1293.0 799.1 529.0 1363.0 834.0 590.4 1462.3 871.8 652.3 1589.2 936.9 139.7 363.7 223.9 171.2 400.2 229.0 170.1 416.1 246.0 171.2 409.2 238.0 161.3 396.6 235.4 194.6 433.7 239.1 158.9 451.3 292.5 3 4 5 -66.0 493.4 559.5 -267.1 428.7 695.8 -25.8 842.5 868.3 -321.4 782.4 1103.7 -32.8 169.6 202.4 -139.3 129.2 268.5 -152.6 136.8 289.4 3.3 346.7 343.4 -34.5 125.3 159.8 -189.5 107.0 296.4 -230.5 100.2 330.7 6 7 8 -1198.5 -1846.2 4518.4 3912.2 601.6 709.6 657.9 1943.0 408.4 1072.3 1404.7 9 808.9 -1127.9 -348.7 127.0 943.6 -1630.3 -445.9 244.0 1124.8 1295.9 459.4 427.7 1886.6 436.4 280.8 588.8 268.9 1.1 94.2 74.4 439.9 71.2 4.4 135.4 747.2 -199.6 -42.0 214.6 430.6 563.7 224.3 164.5 485.0 -106.5 -9.0 271.4 674.9 -11.9 13.5 244.9 545.6 189.4 183.1 250.7 10 11 12 13 -657.8 -957.5 1210.6 719.5 163.0 58.7 -62.2 560.0 -232.5 150.9 235.9 14 -65.8 -76.5 -98.8 -21.5 -0.4 -2.2 -23.0 4.1 7.7 -5.9 -18.4 15 16 17 Consumer durable goods Equipment and software -65.1 -0.7 -76.5 -0.1 -99.2 0.3 -21.5 -0.0 -0.2 -0.1 -2.6 0.3 -22.8 -0.2 4.1 0.0 7.0 0.7 -5.8 -0.1 -17.8 -0.6 16 17 18 Other volume changes (3) -59.2 -58.4 -2.9 -2.0 2.7 -0.7 1.9 -5.8 -2.1 -2.0 -1.0 18 40680.3 7486.8 38961.1 7830.1 43942.3 8169.2 48161.9 8664.2 44653.1 8475.3 45391.8 8580.3 46046.1 8670.9 48161.9 8930.4 48702.8 8902.0 49772.3 8979.7 51085.9 9042.8 19 20 Memo: 19 20 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18). (2) Calculated as change in amount outstanding less net purchases during period. (3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities. (4) Table B.100, line 41. 106 Z.1, December 8, 2005 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2001 1 2 Change in net worth (1) Net investment 2002 2003 2004 2004 Q1 Q2 Q3 Q4 Q1 2005 Q2 Q3 -108.7 184.5 614.7 1022.8 178.5 268.1 242.6 333.6 265.9 422.0 290.5 1 191.3 114.5 133.2 194.9 38.2 70.3 38.4 48.0 -3.3 21.5 -9.2 2 3 4 5 6 7 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Nonproduced nonfinancial assets 157.0 802.5 642.8 11.4 -8.6 110.9 737.1 639.4 -2.2 -10.9 128.4 751.5 647.4 -13.3 -11.2 227.4 861.0 685.1 -39.6 -11.8 47.1 204.0 165.6 -5.8 -2.9 60.5 214.6 167.7 -10.8 -2.7 56.6 216.8 179.1 -15.5 -3.4 63.2 225.7 172.7 -7.5 -2.7 70.3 232.6 173.2 -7.6 -3.3 55.6 223.5 173.9 -2.7 -3.3 51.3 226.3 193.2 -15.2 -3.0 3 4 5 6 7 8 9 10 Net financial investment Net acquisition of financial assets - Net increase in liabilities 82.4 177.6 95.2 45.2 130.1 84.9 62.5 91.0 28.5 124.6 473.8 349.3 11.7 116.3 104.7 49.7 108.6 58.9 32.6 88.9 56.2 30.6 160.1 129.5 -10.7 64.7 75.4 53.7 94.7 41.0 51.0 72.3 21.3 8 9 10 11 Net corporate equity issues -48.1 -41.6 -57.8 -157.0 -20.6 -39.9 -50.8 -45.8 -62.9 -87.8 -111.6 11 -164.9 119.4 256.8 417.5 60.0 88.0 115.5 154.0 156.7 257.4 125.5 12 -149.9 -15.0 137.9 -18.6 237.8 19.0 404.5 13.0 56.4 3.6 87.4 0.6 116.9 -1.4 143.8 10.2 150.3 6.4 250.6 6.7 118.5 7.1 13 14 80.1 65.9 88.4 116.2 26.0 30.3 17.5 42.3 31.6 13.6 18.6 15 12 13 14 Holding gains on assets at market value (2) Real estate Mutual fund shares 15 Holding gains on assets less liabilities at current cost (2) 16 17 18 19 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. -21.9 -26.5 21.0 -107.5 -14.3 22.0 -23.6 -81.8 17.3 16.2 44.8 -10.0 54.0 44.7 24.0 6.5 10.9 15.1 0 0.0 18.9 11.4 0 0.0 9.7 7.8 0 -0.0 14.4 10.4 24.0 6.5 24.5 7.1 0 -0.0 11.4 2.2 0 0.0 2.7 15.8 0.0 0.0 16 17 18 19 20 Other volume changes (4) -215.2 -115.2 136.4 294.2 54.2 79.6 71.1 89.3 80.9 129.6 155.6 20 9219.7 9404.1 10018.9 11041.7 10197.3 10465.5 10708.1 11041.7 11307.6 11729.6 12020.1 21 Memo: 21 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities. (5) Table B.102, line 32. 107 Z.1, December 8, 2005 R.103 Change in Net Worth of Nonfarm Noncorporate Business Billions of dollars; not seasonally adjusted 2001 2002 2003 2004 2004 Q1 1 2 Change in net worth (1) Net investment (2) Q2 Q3 Q4 Q1 2005 Q2 Q3 76.0 113.3 276.4 477.1 35.3 118.5 189.6 133.8 176.0 219.4 212.3 1 -17.3 -84.3 -79.9 -55.9 -21.1 -0.2 -18.8 -15.7 -19.6 -8.4 -14.0 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 44.6 193.9 149.3 31.2 182.7 151.5 32.4 194.4 161.9 33.8 211.2 177.4 1.3 41.5 40.2 22.0 64.9 42.9 1.6 51.3 49.7 9.0 53.5 44.5 3.8 47.2 43.4 20.1 65.6 45.5 -4.7 59.1 63.7 3 4 5 6 Net acquisition of financial assets 155.2 79.3 133.7 170.3 35.5 43.7 44.3 46.8 50.7 62.7 66.4 6 7 8 9 10 - Net increase in liabilities from: Credit market instruments Trade payables Taxes payable Miscellaneous liabilities 162.7 -4.9 4.0 55.3 148.5 26.0 1.5 18.9 156.1 44.2 9.4 36.3 164.6 58.1 4.5 32.8 34.8 13.2 1.4 8.5 42.4 14.3 1.0 8.3 40.9 14.5 1.2 8.1 46.6 16.1 0.9 7.9 49.1 16.4 0.9 7.6 70.5 15.1 0.8 4.9 54.0 16.2 0.7 4.9 7 8 9 10 11 Holding gains on real estate (3) 101.4 208.9 365.0 536.2 55.4 128.1 201.0 151.7 191.3 238.1 184.8 11 141.9 -40.5 177.7 31.2 310.5 54.5 446.2 90.1 42.7 12.7 108.7 19.4 175.5 25.5 119.3 32.5 157.2 34.1 181.0 57.1 174.3 10.5 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) -4.3 -5.8 -4.6 2.0 0.7 -8.7 9.0 1.0 7.7 -7.2 13.7 14 15 16 17 Residential equipment and software Nonresidential equipment and software Inventories -0.0 -2.2 -2.0 -0.6 -6.5 1.3 -1.4 -4.8 1.6 -0.3 -2.1 4.4 -0.1 -0.3 1.1 -0.1 -9.8 1.2 -0.3 8.0 1.2 0.1 -0.0 0.9 1.2 5.7 0.8 0.7 -8.1 0.3 0.4 11.7 1.6 15 16 17 -21.2 -89.8 -84.0 -61.1 -20.8 -0.9 -20.4 -19.0 -23.0 -11.5 13.8 18 3893.5 4006.7 4283.1 4760.2 4318.4 4436.9 4626.5 4760.2 4936.3 5155.7 5368.0 19 18 Other volume changes (4) Memo: 19 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 18). (2) Also equal to proprietor’s net investment shown on table F.103, line 29. (3) Calculated as change in amount outstanding less net investment during period. (4) Consists of statistical discontinuities. (5) Table B.103, line 31. 108 Z.1, December 8, 2005 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1 Net financial investment 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 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (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 7 Credit market instruments 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 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 13.5 19.3 21 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 Net increase in liabilities Credit market instruments 22 23 24 25 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 1.8 0.2 -0.0 5.8 3.5 -5.2 -0.0 13.8 3.3 -1.1 0.3 9.7 4.0 -2.8 0.4 12.9 2.0 2.4 -0.2 5.4 1.4 5.0 0.1 7.7 3.6 6.4 0.1 -7.4 0.7 8.9 -0.1 -9.6 6.6 0.2 0.0 4.7 10.0 4.8 -0.2 -1.2 12.0 3.1 -0.1 8.6 10.4 -4.3 0.1 7.3 5.8 1.3 -0.3 12.5 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 2.4 7.1 16.2 5.5 9.3 10.5 9.4 13.7 5.9 14.2 6.0 14.0 5.2 16.0 7.9 28.6 8.0 16.8 8.9 15.8 8.7 21.2 4.1 17.0 3.8 45.4 26 27 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. 109 Z.1, December 8, 2005 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 RPs (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 19 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 281.9 301.2 20 19 20 Liabilities Credit market instruments 21 22 23 24 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.9 15.5 0.3 59.0 83.3 10.3 0.3 72.8 86.6 9.2 0.5 82.5 90.6 6.4 0.9 95.5 92.6 8.8 0.7 100.9 94.0 13.8 0.8 108.5 97.6 19.9 0.9 101.5 98.3 28.8 0.8 91.9 104.9 29.0 0.9 96.6 114.9 34.1 0.7 95.1 126.9 37.2 0.6 103.7 137.3 35.8 0.7 108.2 143.0 37.1 0.4 120.7 21 22 23 24 25 26 Trade payables Miscellaneous liabilities (2) 41.3 57.9 57.4 63.3 66.8 73.9 76.2 87.6 82.1 101.8 88.1 115.8 93.2 131.8 101.1 160.4 109.1 177.2 118.0 193.0 126.8 214.2 130.9 231.2 134.7 276.6 25 26 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 110 Z.1, December 8, 2005 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2001 1 2 3 4 5 6 7 8 9 2002 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 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 3113.2 1237.3 728.6 195.0 7.2 731.2 113.7 101.8 -1.4 2958.7 1051.8 762.8 182.6 7.3 750.0 98.4 104.9 0.9 3018.1 999.9 801.4 221.9 8.5 776.6 97.6 110.9 1.3 3208.2 1049.1 852.8 258.9 9.2 822.2 99.0 120.1 -3.0 3122.0 1009.6 837.1 246.5 9.2 806.3 97.6 117.5 -1.6 3181.2 1034.0 847.8 262.1 8.5 813.0 98.2 119.9 -2.2 3208.0 1058.4 855.5 246.9 7.9 825.9 99.2 117.2 -3.0 3321.6 1094.3 870.9 280.1 11.2 843.5 101.0 125.7 -5.2 3497.2 1171.4 883.8 348.1 9.7 861.0 101.2 128.2 -6.1 3564.3 1206.0 900.1 358.5 8.5 864.9 103.1 130.1 -7.0 3493.6 1216.8 909.9 349.4 8.5 872.5 102.2 57.1 -22.7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 3061.6 1501.6 1146.6 14.0 344.1 55.3 0.0 3240.8 1616.9 1251.6 18.8 315.1 38.4 0.0 3424.7 1736.7 1316.4 23.6 301.4 46.7 0.0 3620.6 1843.4 1397.5 25.9 310.3 43.5 0.0 3557.8 1805.8 1373.5 33.5 304.2 42.3 1.5 3596.3 1830.1 1393.8 22.4 306.8 41.8 -1.5 3638.9 1859.6 1400.1 22.2 313.8 43.2 -0.0 3689.2 1878.2 1422.6 25.3 316.5 46.5 0.0 3788.1 1918.6 1462.9 38.3 317.8 50.6 0.0 3840.3 1938.5 1483.6 23.5 342.6 52.1 0.0 3899.6 1988.0 1484.1 28.0 343.5 56.1 0.0 10 11 12 13 14 15 16 17 18 19 20 Net government saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) + Net capital transfers (3) 51.6 206.0 3.3 35.7 -282.1 211.6 -1.7 29.0 -406.5 218.5 -0.6 11.1 -412.3 229.1 0.0 13.9 -435.8 223.3 1.6 13.4 -415.0 228.1 -3.8 13.5 -430.9 230.6 -1.3 15.9 -367.7 234.5 3.5 12.9 -290.9 237.5 5.4 -1.8 -276.1 240.4 -1.8 13.9 -406.0 259.9 -6.2 14.5 17 18 19 20 21 = Gross saving and net capital transfers 290.0 -39.8 -176.3 -169.3 -200.7 -169.7 -183.1 -123.8 -60.6 -20.0 -125.5 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets 299.3 324.0 8.6 -20.0 344.3 10.9 -191.2 355.3 11.1 -135.6 372.5 11.8 -284.6 360.4 11.6 -101.3 375.0 10.9 -75.1 372.9 13.6 -81.2 381.7 11.0 -272.1 383.4 12.5 183.7 399.1 11.8 -45.7 404.3 11.0 22 23 24 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -33.2 132.6 4.6 45.1 16.2 3.2 -11.1 -375.2 57.5 3.4 -12.0 25.9 1.6 -16.4 -557.6 83.1 -1.8 12.7 -17.2 3.6 7.2 -519.8 39.2 -3.1 -35.7 6.9 3.2 6.4 -656.6 58.8 -2.5 -58.0 5.2 3.9 7.7 -487.2 -2.3 -4.8 -14.3 0.1 0.3 0.5 -461.6 40.9 -2.0 -55.5 24.4 3.4 6.7 -473.9 59.6 -3.2 -14.7 -2.2 5.3 10.5 -668.0 166.3 -21.6 106.4 59.7 3.1 6.2 -227.3 -114.4 2.9 -35.1 -6.0 -1.0 -1.9 -461.0 -12.8 -14.4 -45.5 45.1 4.0 8.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Credit market instruments Open market paper Agency- and GSE-backed securities (4) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (5) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 80.8 17.4 47.2 0.2 11.2 -2.1 13.1 -6.2 4.0 0.4 13.2 -7.0 -16.8 69.3 14.4 41.9 0.1 9.1 -4.8 12.7 -4.1 10.3 2.1 -0.7 2.5 -28.5 41.5 9.4 20.4 0.3 6.5 5.3 1.3 -1.6 -17.5 -5.4 26.4 40.3 -6.8 42.9 8.3 18.1 0.2 5.7 8.4 4.3 -2.2 -5.0 -1.5 17.1 11.9 -3.8 52.3 10.1 22.0 0.3 7.0 16.3 -0.9 -2.5 -2.1 -0.7 22.4 36.3 -5.7 -8.8 0.7 1.5 0.0 0.5 -5.4 -5.0 -1.1 -2.7 -0.8 12.7 10.6 4.8 65.5 8.7 18.9 0.2 6.0 7.9 26.3 -2.7 12.1 3.7 12.0 0.6 -29.9 62.7 13.8 29.9 0.4 9.5 15.0 -3.3 -2.5 -27.3 -8.3 21.3 0.0 15.5 38.1 8.1 17.6 0.2 5.6 7.7 9.1 -10.4 14.2 4.3 -2.8 91.3 -132.7 -26.4 -2.5 -5.5 -0.1 -1.7 -1.5 -8.0 -7.1 -8.7 -2.7 8.0 -1.5 -42.0 64.7 10.4 22.7 0.3 7.2 12.4 21.1 -9.4 -7.1 -2.2 8.2 -28.4 -45.3 32 33 34 35 36 37 38 39 40 41 42 43 44 165.8 0.0 1.3 81.6 5.6 -29.0 -0.5 105.5 0.0 28.6 1.4 53.0 432.7 0.0 1.0 374.7 4.5 226.2 0.5 143.4 0.0 29.5 1.6 26.0 640.7 0.0 0.6 505.3 8.9 381.2 -2.4 117.5 0.0 103.0 1.1 30.7 559.1 0.0 0.7 457.4 0.6 339.4 -0.6 118.0 0.0 49.6 1.1 50.3 715.4 0.0 0.8 612.4 3.5 451.9 1.1 155.9 0.0 59.7 -0.0 42.6 484.9 0.0 1.2 395.3 1.5 346.5 -3.6 51.0 0.0 51.3 1.9 35.3 502.5 0.0 0.7 398.3 -1.1 254.5 -0.2 145.0 0.0 50.8 0.2 52.5 533.5 0.0 0.1 423.6 -1.4 304.5 0.3 120.2 0.0 36.8 2.3 70.7 834.3 0.0 0.8 740.1 0.1 538.8 -0.7 201.9 0.0 47.2 0.0 46.2 112.9 0.0 1.1 3.4 0.7 -101.3 -1.4 105.3 0.0 53.0 1.7 53.7 448.2 0.0 0.9 349.6 -1.7 131.5 -0.4 220.1 0.0 47.3 0.3 50.0 45 46 47 48 49 50 51 52 53 54 55 56 -9.3 -19.8 14.9 -33.8 83.9 -68.3 -107.9 -42.7 211.5 -203.7 -79.7 57 -272.4 239.1 -33.2 -626.4 260.9 -365.5 -761.8 214.4 -547.4 -784.9 264.4 -520.4 -796.2 139.4 -656.9 -790.0 301.9 -488.1 -803.8 341.3 -462.4 -749.4 275.1 -474.3 -674.3 4.8 -669.5 -675.1 447.0 -228.1 -810.3 347.6 -462.6 58 59 60 45 46 47 48 49 50 51 52 53 54 55 56 Net increase in liabilities SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities (6) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (7) 57 Discrepancy 58 59 60 Memo: Net govt. saving less fixed investment (8) Adjustment between NIPA and FOF (9) Items to be financed (10) (1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce. (2) 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. (3) Table F.9, line 1. (4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (5) Excludes loans to state and local governments. (6) Excludes Treasury securities owed to state and local governments. (7) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (8) Line 17 less line 23. (9) Line 18 plus line 20 less sum of lines 19, 24, and 56. (10) Line 57 plus line 58. 111 Z.1, December 8, 2005 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2001 1 2003 2004 Q1 Q2 2004 Q3 Q4 Q1 2005 Q2 Q3 2032.1 2053.7 2184.9 2226.6 2204.9 2209.3 2220.6 2226.6 2248.0 2239.2 2274.0 1 2 3 4 5 6 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 43.1 103.2 140.3 57.4 132.5 51.1 89.0 166.3 59.0 116.1 55.1 99.1 149.1 62.6 123.2 54.5 62.2 156.0 65.8 129.6 54.3 65.0 150.6 63.6 125.2 52.3 83.6 150.7 63.7 125.3 52.0 72.1 152.9 64.5 127.0 54.5 62.2 156.0 65.8 129.6 47.5 69.0 171.0 66.6 131.2 46.1 82.0 169.7 66.4 130.7 40.9 75.4 176.6 67.4 132.7 2 3 4 5 6 7 Credit market instruments 925.3 994.6 1036.1 1079.0 1049.1 1046.9 1063.3 1079.0 1088.5 1081.9 1098.1 7 137.6 288.3 4.0 95.5 206.1 80.1 113.8 152.0 330.2 4.1 104.6 201.2 92.8 109.7 161.4 350.6 4.4 111.1 206.5 94.1 108.1 169.7 368.7 4.6 116.8 214.9 98.4 105.8 163.9 356.1 4.4 112.8 210.5 93.9 107.4 164.1 356.5 4.4 113.0 209.2 92.6 107.1 166.2 361.3 4.5 114.5 211.2 99.2 106.5 169.7 368.7 4.6 116.8 214.9 98.4 105.8 171.7 373.1 4.7 118.2 216.8 100.6 103.3 171.1 371.8 4.6 117.8 216.5 98.6 101.5 173.7 377.4 4.7 119.6 219.6 103.9 99.1 8 9 10 11 12 13 14 88.4 28.3 79.6 24.4 84.5 25.9 88.9 27.2 85.9 26.3 85.9 26.3 87.1 26.7 88.9 27.2 90.0 27.5 89.6 27.4 91.0 27.8 15 16 151.9 125.9 235.9 151.2 115.1 207.4 177.6 171.1 200.6 194.7 171.9 196.8 185.9 196.7 202.3 189.4 182.6 202.6 190.0 184.1 201.0 194.7 171.9 196.8 196.9 193.0 166.7 199.3 190.6 155.5 198.6 214.9 150.6 17 18 19 5909.3 6342.2 6985.2 7543.1 7155.8 7243.6 7374.5 7543.1 7742.1 7729.0 7844.0 20 2.2 24.5 2.2 25.5 2.2 26.0 2.2 26.7 2.2 26.2 2.2 26.5 2.2 26.7 2.2 26.7 2.2 26.9 2.2 27.2 2.2 27.4 21 22 4339.4 190.3 2833.1 26.8 1289.2 0.0 4714.0 194.9 3059.3 27.3 1432.6 0.0 5219.3 203.8 3440.5 24.9 1550.1 0.0 5676.7 204.4 3779.9 24.3 1668.1 0.0 5384.1 204.4 3565.6 25.1 1588.9 0.0 5447.0 204.6 3601.1 24.2 1617.2 0.0 5548.6 204.1 3685.2 24.2 1635.1 0.0 5676.7 204.4 3779.9 24.3 1668.1 0.0 5870.4 204.2 3923.9 24.1 1718.2 0.0 5843.7 204.2 3854.6 23.7 1761.2 0.0 5930.3 203.6 3906.0 23.6 1797.0 0.0 23 24 25 26 27 28 733.5 37.8 772.0 762.9 39.4 798.2 866.0 40.5 831.3 915.6 41.6 880.3 883.0 40.5 819.8 897.1 40.9 829.8 909.6 41.0 846.5 915.6 41.6 880.3 929.4 41.6 871.6 944.0 42.0 869.9 955.5 42.1 886.5 29 30 31 8 9 10 11 12 13 14 Total financial assets 2002 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 15 16 Corporate equities Mutual fund shares 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 20 Total liabilities 21 22 SDR certificates Treasury currency 23 24 25 26 27 28 Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 29 30 31 Trade payables Insurance reserves Miscellaneous liabilities (4) (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 civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 112 Z.1, December 8, 2005 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1 Net acquisition of financial assets 11.8 47.8 45.2 -27.2 -40.6 -47.0 -49.3 -88.5 -103.6 -90.9 -55.5 -16.2 -22.7 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.0 -9.1 0.0 -1.1 -0.0 6.4 0.0 -0.0 0.8 13.1 0.0 -4.2 0.3 4.8 0.0 -0.2 0.2 10.8 0.0 3.2 0.4 13.3 0.0 0.3 0.6 15.1 0.0 0.6 0.2 -9.3 0.0 2.0 1.2 17.4 0.0 -2.5 0.2 6.2 0.0 0.8 0.2 4.1 0.0 0.5 0.1 1.7 0.0 0.2 0.1 1.7 0.0 0.2 2 3 4 5 6 Credit market instruments 17.1 22.9 35.6 24.1 -8.9 39.7 -20.1 84.6 -88.2 5.3 16.3 13.3 25.3 6 -1.1 -11.0 11.5 -0.0 -5.6 15.9 -4.2 10.1 30.7 -0.2 2.0 4.7 3.2 -4.6 -10.8 0.3 3.7 8.6 0.6 -20.2 -16.7 2.0 4.1 32.0 -2.5 -8.4 -26.6 0.8 0.6 1.8 0.5 1.9 6.1 0.2 1.6 5.1 0.2 2.8 10.0 7 8 9 20.8 -3.1 14.0 -1.4 2.7 -3.7 17.4 0.2 3.1 0.1 26.5 0.6 16.4 -0.3 46.5 0.1 -49.9 -0.8 2.3 -0.0 7.8 0.0 6.5 -0.1 12.4 -0.1 10 11 8.7 2.3 6.8 4.4 -3.8 3.7 -51.1 1.9 -55.3 -2.2 -100.9 1.3 -54.6 3.3 -154.6 -4.5 -65.7 34.4 -124.0 15.6 -90.0 10.0 -43.3 18.2 -36.3 -6.2 12 13 -6.1 -5.0 5.6 -6.7 7.3 -0.6 7.4 0.6 0.1 -5.1 6.2 -1.0 -6.9 -6.0 -0.3 -0.6 11.7 2.3 -0.3 9.7 -1.2 -5.6 3.5 0.9 5.9 -3.8 8.0 1.8 -7.0 -14.4 2.7 4.8 -0.2 -4.6 11.8 -7.4 4.9 5.1 -0.1 -0.1 3.5 3.2 0.1 0.1 -6.4 -4.6 -1.1 -0.7 -7.6 -5.3 -1.4 -0.9 14 15 16 17 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 (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 52.4 51.4 40.4 53.4 38.7 29.4 33.4 12.9 9.7 16.3 17.3 24.2 18.5 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.1 -8.0 1.0 1.3 0.2 -9.9 6.5 0.9 0.1 -6.3 5.3 -2.0 0.4 -0.2 6.0 0.2 0.4 -5.5 10.8 1.3 0.8 -5.8 13.1 0.6 -1.5 13.3 1.9 0.6 1.0 -19.6 11.7 1.7 1.3 0.2 1.7 0.1 0.2 0.9 3.8 0.7 0.2 0.5 2.3 0.5 0.1 0.7 1.5 0.3 0.1 0.3 0.8 0.1 2 3 4 5 6 Credit market instruments 8.8 13.3 4.1 -7.6 2.4 6.1 -5.9 14.7 -8.2 8.0 9.4 0.9 9.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 0.9 2.6 -0.9 0.7 1.2 -1.8 -2.0 6.7 10.2 0.7 -2.5 -2.0 2.4 -0.2 0.2 0.9 -1.2 -0.9 2.5 -13.0 0.1 5.0 -1.8 6.3 -2.6 1.2 0.9 0.2 -0.3 5.7 2.1 2.7 -0.4 -2.4 -0.2 1.8 0.9 2.1 3.2 7 8 9 Corporate and foreign bonds Mortgages 6.9 -0.6 13.2 -0.2 -9.3 -1.4 -4.3 0.5 -0.5 0.5 7.2 0.1 4.5 -0.0 3.6 1.6 -7.8 0.0 2.4 0.1 4.9 -0.0 1.7 -0.0 3.4 -0.1 10 11 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 27.6 13.0 13.4 22.4 4.1 20.1 -21.0 43.1 -20.4 25.3 -41.3 41.4 24.1 -6.8 -105.7 107.1 -17.0 49.6 -5.8 2.3 -31.4 40.4 -1.5 33.4 -7.8 32.0 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 8.8 10.6 4.4 -6.2 4.6 12.9 4.9 -13.2 15.0 8.9 5.5 0.6 32.6 23.7 4.4 4.5 24.2 12.2 4.3 7.7 14.7 4.6 3.6 6.5 7.8 -11.0 13.4 5.5 2.1 4.5 -10.3 7.9 -17.9 -19.6 2.2 -0.5 6.3 5.1 0.7 0.5 -4.6 -7.8 -0.0 3.2 -11.2 -12.5 -0.3 1.5 -16.5 -11.3 -1.0 -4.2 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Total held at: 82.9 86.7 85.6 122.2 132.8 151.8 191.5 219.7 239.8 182.9 194.8 211.7 244.7 1 2 3 4 Commercial banking Saving institutions Credit unions -0.5 -8.3 0.9 -2.9 -9.1 -0.3 -1.1 -6.3 -0.0 6.5 -1.9 1.2 0.7 -3.9 0.9 0.1 -6.0 1.2 -0.5 -5.3 0.3 -3.4 -3.1 0.9 8.9 -2.3 0.4 3.1 -1.8 3.2 5.4 -0.7 3.4 0.4 1.3 3.5 2.0 -1.5 0.9 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 4.9 3.0 39.0 43.8 12.6 5.0 58.7 22.7 13.2 13.7 11.6 54.5 11.2 12.9 64.0 28.3 10.3 13.8 48.8 62.1 47.5 2.0 93.4 13.6 24.6 25.0 88.7 58.6 40.8 20.0 93.8 70.6 19.5 4.0 48.4 160.9 26.6 18.0 31.1 102.7 82.2 11.0 20.4 73.1 5.2 -14.0 107.0 108.3 29.7 -11.0 73.5 151.2 5 6 7 8 (1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7). 113 Z.1, December 8, 2005 L.118.b Private Pension Funds: Defined Benefit Plans 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 RPs 6 Credit market instruments 7 8 9 10 11 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.4 2071.7 1914.0 1685.5 1409.2 1680.0 1810.6 1 1.0 47.6 0.0 15.8 1.0 54.1 0.0 15.8 1.8 67.1 0.0 11.6 2.1 71.9 0.0 11.4 2.2 82.7 0.0 14.6 2.6 96.0 0.0 14.9 3.2 111.1 0.0 15.5 3.4 101.7 0.0 17.5 4.7 119.1 0.0 15.0 4.9 125.3 0.0 15.8 5.1 129.4 0.0 16.3 5.1 131.1 0.0 16.5 5.2 132.9 0.0 16.7 2 3 4 5 379.8 402.7 438.3 462.4 453.5 493.1 473.0 557.6 469.5 474.8 491.1 504.5 529.8 6 Open market paper Treasury securities Agency- and GSE-backed securities 15.8 73.7 135.8 15.8 68.1 151.7 11.6 78.2 182.4 11.4 80.2 187.1 14.6 75.6 176.4 14.9 79.3 185.0 15.5 59.1 168.3 17.5 63.2 200.2 15.0 54.8 173.6 15.8 55.4 175.4 16.3 57.3 181.5 16.5 58.9 186.6 16.7 61.7 196.6 7 8 9 Corporate and foreign bonds Mortgages 144.7 9.9 158.7 8.5 161.4 4.7 178.8 4.9 181.9 5.0 208.4 5.6 224.8 5.3 271.3 5.3 221.5 4.6 223.7 4.6 231.5 4.6 238.0 4.5 250.4 4.4 10 11 12 13 Corporate equities Mutual fund shares 484.5 15.6 555.6 22.3 559.9 39.0 699.6 54.8 785.8 63.8 876.0 81.4 986.6 101.0 1069.9 122.8 958.7 150.3 723.8 148.5 456.6 130.8 643.0 185.0 719.9 206.0 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other 135.5 69.6 30.7 35.2 143.5 69.7 38.0 35.8 158.2 79.2 44.2 34.8 158.3 80.3 43.9 34.2 176.4 88.9 43.6 43.9 182.6 90.7 47.1 44.8 194.9 93.3 55.1 46.6 198.7 89.6 57.8 51.4 196.9 83.4 69.6 43.9 192.3 79.0 69.5 43.9 179.9 66.4 69.6 43.9 194.8 83.1 68.5 43.2 200.1 90.7 67.1 42.3 14 15 16 17 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 956.1 1087.9 1157.9 1428.3 1627.7 1942.5 2219.4 2499.6 2441.0 2230.8 1900.1 2347.4 2662.3 1 2.0 51.1 19.8 11.6 2.2 41.3 26.3 12.6 2.3 35.0 31.6 10.6 2.7 34.7 37.5 10.7 3.1 29.3 48.4 12.1 4.0 23.4 61.4 12.7 2.5 36.7 63.4 13.2 3.5 17.0 75.1 14.9 4.8 17.3 76.7 15.0 5.0 18.2 80.5 15.8 5.2 18.6 82.8 16.2 5.2 19.3 84.4 16.5 5.3 19.6 85.1 16.7 2 3 4 5 135.8 149.0 153.1 145.5 147.9 154.0 148.1 162.7 154.5 162.5 171.9 172.8 182.3 6 Open market paper Treasury securities Agency- and GSE-backed securities 13.6 35.0 20.7 14.3 36.3 18.9 12.3 43.0 29.1 13.0 40.5 27.1 15.4 40.2 27.3 16.3 39.0 26.4 18.8 26.0 26.5 23.8 24.2 32.8 21.2 25.4 33.7 21.4 25.1 39.3 23.6 27.8 39.0 21.2 27.6 40.7 22.1 29.7 43.9 7 8 9 Corporate and foreign bonds Mortgages 61.8 4.7 75.0 4.5 65.7 3.1 61.4 3.6 61.0 4.0 68.1 4.1 72.7 4.1 76.2 5.7 68.5 5.7 70.9 5.8 75.8 5.8 77.5 5.8 80.9 5.6 10 11 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 389.2 80.6 458.7 119.9 453.8 166.9 578.3 272.0 659.4 348.5 790.6 488.2 961.2 567.1 1011.4 774.8 956.3 796.0 838.3 713.5 640.1 621.3 848.9 808.7 971.3 967.7 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 266.1 178.0 23.7 64.4 278.0 198.2 28.6 51.3 304.7 218.7 34.1 51.9 346.8 252.0 38.5 56.4 379.1 272.2 42.8 64.1 408.3 291.3 46.4 70.6 427.2 291.3 59.8 76.1 440.2 306.8 49.5 83.9 420.4 285.2 51.7 83.4 397.1 260.7 52.4 84.0 344.0 204.3 52.4 87.2 391.5 250.6 52.2 88.7 414.3 278.6 51.1 84.5 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total held at: 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2651.0 2629.0 2619.0 2533.0 3080.0 3475.0 1 2 3 4 Commercial banking Saving institutions Credit unions 148.6 94.2 32.1 145.8 85.1 31.8 144.7 78.9 31.8 151.1 76.9 33.0 151.9 73.0 33.8 152.0 67.0 35.0 151.5 61.8 35.3 148.1 58.7 36.2 157.0 56.4 36.7 160.1 54.6 39.9 165.6 53.8 43.3 166.0 55.1 46.8 168.0 53.7 47.7 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 55.6 42.6 187.2 312.6 69.5 47.6 263.1 350.2 78.7 61.3 274.9 385.8 94.3 74.2 381.3 477.2 110.3 88.0 482.0 527.9 160.0 90.0 654.0 570.0 190.1 115.0 818.0 778.3 245.5 135.0 1078.0 949.5 245.5 139.0 1045.0 949.4 251.0 157.0 958.0 998.4 308.3 168.0 821.0 973.0 338.4 154.0 1092.0 1227.6 379.0 143.0 1279.0 1404.7 5 6 7 8 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7). 114 Flow of Funds Matrix for 2004 Z.1, December 8, 2005 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S U (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Memo: National Saving and Investment (18) 1 2 3 Gross saving and net cap. transfers Capital consumption Net saving (1 less 2) ---- 1289.5 936.9 352.5 ---- 1139.3 887.4 251.9 ---- 181.3 135.3 46.1 ---- -350.7 93.8 -444.5 ---- 2259.5 2053.5 206.0 ---- 653.4 -653.4 ---- 229.0 83.6 145.5 ---- 3141.9 2137.0 1004.8 ---- 2488.5 2137.0 351.4 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 1267.8 1589.2 918.1 572.5 98.6 --- -------- 1185.6 1111.3 -93.6 974.1 55.4 -11.8 -------- 222.6 282.3 --270.6 -11.7 -------- -358.1 101.9 --101.9 -0.0 -------- 2317.9 3084.8 918.1 666.1 1445.2 55.4 -0.0 -------- 583.0 0.0 ----0.0 -------- -72.3 133.8 -7.7 126.1 --- -------- 2828.5 3218.7 918.1 673.8 1571.3 55.4 -- -------- 313.3 -76.8 ------ 2635.7 3218.7 987.8 673.8 1571.3 55.4 -- 11 12 13 Net financial investment Financial uses Financial sources -321.4 782.4 -- --1103.7 74.3 649.8 -- --575.5 -59.8 89.9 -- --149.6 -460.1 -27.9 -- --432.2 -766.9 1494.1 -- --2261.1 582.9 1307.1 -- --724.1 -206.2 2541.7 -- --2747.8 -390.2 5342.9 -- --5733.0 390.2 390.2 -- -582.9 724.1 1307.1 ---36.3 --30.9 360.3 -56.4 -- ---------- ---6.4 -114.3 16.6 -15.2 0.5 ---------- ------4.6 6.9 3.2 6.4 ---------- -3.1 -----31.0 -0.0 --- -0.0 0.7 ------- -3.1 --42.6 -47.7 383.7 -68.3 6.8 -0.0 0.7 ------- -0.4 ----15.8 41.7 74.4 -186.9 -3.2 --111.3 ------ 0.3 0.0 1.0 7.0 -4.2 29.1 12.3 -68.2 9.7 -----5.0 149.1 470.4 -136.5 83.2 -3.2 0.0 1.0 49.6 -20.0 118.4 470.4 -136.5 203.4 -3.2 0.0 0.7 111.3 -5.0 149.1 470.4 -136.5 83.2 ---0.3 61.6 15.0 30.7 ---120.3 ---------- 14 15 16 17 18 19 20 21 22 Gold and off. fgn. exchange 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 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 115.1 30.2 57.0 95.6 37.5 -117.8 --12.6 -- 1011.7 ---9.9 -5.4 0.5 904.9 91.0 24.8 15.8 0.7 -0.5 4.9 ---2.4 1.5 434.3 15.8 --5.2 77.7 28.2 24.3 283.1 -- 61.8 8.3 22.6 18.1 0.2 5.7 --6.8 -- 118.2 ---118.0 --0.2 --- 3.9 --0.0 ----2.0 1.6 4.3 361.9 -362.5 -0.6 ----0.0 -- 205.6 54.4 80.2 113.2 42.6 -112.0 --2.0 23.5 5.7 1926.1 15.8 362.5 -0.6 133.1 77.7 33.6 25.0 1188.0 91.0 754.4 30.6 358.5 104.8 -254.4 -6.3 --- 82.2 63.7 ---19.2 2.5 -3.1 --- 1847.5 28.7 -76.2 -100.5 90.5 489.2 48.5 91.8 1190.1 85.3 799.1 34.2 -118.1 -534.7 12.4 74.1 25.6 -- 2807.5 113.6 362.5 117.5 133.1 631.6 48.5 96.0 1213.6 91.0 2807.5 113.6 362.5 117.5 133.1 631.6 48.5 96.0 1213.6 91.0 ----------- ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -258.2 257.3 -103.0 --9.0 81.5 -5.0 192.7 -- -157.0 -165.5 -- -5.0 -1.5 6.5 -- --31.4 -- --10.6 -- --18.2 -- -263.2 260.7 209.8 103.0 -157.0 -224.1 81.5 61.9 --0.4 0.0 83.2 -3.3 0.0 235.8 38.3 0.5 63.6 108.3 299.0 7.8 85.1 34.5 299.0 209.8 166.6 34.5 299.0 235.2 166.6 --25.4 -- ----- 37 38 39 40 41 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 33.1 230.8 --48.8 40.9 ----1.6 ----304.7 --11.3 -46.2 167.6 --20.7 --4.4 ------ ---8.8 -0.6 1.1 ---50.3 33.1 230.8 11.9 -48.8 341.8 1.1 -11.3 -46.2 219.5 ----204.4 ----447.4 ----369.2 32.0 230.8 13.4 -2.5 613.7 33.1 230.8 11.9 -48.8 915.4 33.1 230.8 24.7 -48.8 1280.6 --12.8 -365.2 ------ 42 Sector discrepancies (1 less 4) 21.6 -- -46.3 -- -41.2 -- 7.5 -- -58.4 -- 70.4 -- 301.4 -- 313.3 -- 313.3 -147.3 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. Flow of Funds Matrix for 2004 Z.1, December 8, 2005 (Billions of dollars; All Sectors -- Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors A L A L A L A L A L A L A L A L (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Total financial assets Total liabilities and equity Total liabilities 36248.5 --- -10612.6 10612.6 12673.9 --- -30708.6 13940.5 2007.4 --- -2429.6 2429.6 615.5 --- -5509.8 5509.8 51545.3 --- -49260.5 32492.5 9836.2 --- -7853.6 5333.5 46507.1 --- -49690.3 45674.2 107888.6 --- -106804.4 83500.2 -1084.2 --- 4 5 6 7 8 9 10 Monetary gold and SDRs IMF Position Official foreign exchange SDR certificates Treasury currency Foreign deposits Interbank claims -----101.4 -- -------- -----44.5 -- -------- -------- -------- 13.6 19.6 21.4 ----- ---2.2 26.7 --- 13.6 19.6 21.4 --146.0 -- ---2.2 26.7 --- ------93.8 -19.5 42.7 --964.7 -- 11.0 -0.1 21.4 2.2 36.4 78.5 66.5 ------187.6 24.6 19.5 42.7 2.2 36.4 224.5 160.3 -19.5 42.7 2.2 26.7 964.7 187.6 -24.6 ----9.7 740.2 27.3 11 12 13 14 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 251.3 4327.0 903.5 -- ----- 858.5 308.0 327.9 6.5 ----- 40.3 153.6 65.8 129.6 ----- 21.9 2.4 --- ----- 1172.1 4790.9 1297.2 136.1 ----- 397.2 214.0 -647.1 ----- 325.6 376.7 582.6 597.1 1929.7 5381.6 1879.8 1650.7 1894.9 5381.6 1879.8 1380.3 1929.7 5381.6 1879.8 1650.7 34.8 --270.4 15 16 17 18 19 20 21 22 23 24 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 2326.9 136.1 501.3 454.7 761.8 312.5 --160.4 -- 10169.4 ---193.8 -79.0 119.7 7648.4 2128.6 369.8 91.5 77.8 11.6 43.7 ---80.5 64.8 7848.2 101.7 --169.3 2946.3 1076.9 866.7 2687.1 -- 1185.8 169.7 386.4 368.7 4.6 116.8 --139.5 -- 1678.0 ---1668.1 --9.9 --- 289.5 --0.0 ---115.7 75.4 98.4 4395.0 -4370.7 24.3 ----0.0 -- 4171.9 397.3 965.5 835.1 810.0 429.3 -115.7 455.8 163.2 24090.5 101.7 4370.7 24.3 2031.3 2946.3 1155.9 996.3 10335.5 2128.6 4679.7 135.3 1900.2 761.6 -1751.3 -131.2 --- 891.1 228.7 ---560.2 63.3 38.9 --- 27744.7 874.2 1505.0 4628.9 1221.2 4846.1 1332.4 1364.1 10007.4 1965.4 11614.7 1076.3 -6201.3 -3520.3 113.2 575.8 127.7 -- 36596.3 1406.7 4370.7 6225.6 2031.3 7026.8 1332.4 1611.0 10463.2 2128.6 36596.3 1406.7 4370.7 6225.6 2031.3 7026.8 1332.4 1611.0 10463.2 2128.6 ----------- 25 26 27 28 Corporate equities Mutual fund shares Trade credit Security credit 6393.7 3725.9 -578.3 --156.7 264.0 -143.0 2309.8 -- 10846.9 -1916.6 -- 88.9 27.2 132.8 -- --751.6 -- --61.8 -- --164.1 -- 6482.6 3896.1 2504.5 578.3 10846.9 -2988.9 264.0 2070.7 -48.3 0.0 2520.1 -50.8 0.0 8823.5 1539.9 163.0 459.6 4009.8 5436.0 36.0 773.9 17376.8 5436.0 2715.8 1037.9 17376.8 5436.0 3075.7 1037.9 --359.9 -- 29 30 31 32 33 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 1060.4 10150.0 -5927.4 502.8 ----22.5 ----8305.8 --172.0 5921.1 4003.7 --89.0 -94.3 ------ --82.9 -102.5 41.6 ---880.3 1060.4 10150.0 171.9 5927.4 9005.5 41.6 -172.0 5921.1 4906.6 ----1685.3 ----3364.7 ----5678.3 1018.8 10150.0 102.9 6.2 5512.4 1060.4 10150.0 171.9 5927.4 16369.2 1060.4 10150.0 274.9 5927.4 13783.7 --103.0 --2585.5 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 25) and equity in noncorporate business (line 32). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities. 115 116 Z.1, December 8, 2005 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1993 1 Assets 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 28465.1 29428.3 32646.2 35550.6 39633.1 43426.5 48865.0 48925.9 48589.8 47566.3 53436.3 58774.5 1 2 Tangible assets 10306.2 10639.3 11244.1 11725.3 12388.2 13400.9 14478.7 15777.8 17008.5 18398.5 20009.1 22526.0 2 3 Financial assets 18159.0 18789.0 21402.1 23825.3 27245.0 30025.6 34386.3 33148.1 31581.3 29167.8 33427.2 36248.5 3 4 5 Deposits Credit market instruments 3191.2 1876.7 3145.7 2164.6 3336.5 2186.0 3484.0 2358.7 3653.9 2307.1 3857.9 2339.4 4033.4 2463.3 4327.5 2312.4 4770.0 2084.6 5050.2 2014.4 5248.5 2223.8 5583.2 2326.9 4 5 6 Equity shares at market value 5683.8 5680.2 7605.7 9194.4 11829.0 13725.1 17266.3 15329.1 13085.3 9981.8 12998.6 14333.3 6 7 Directly held 3404.5 3249.0 4347.5 5112.5 6635.0 7481.1 9596.0 8090.7 6720.9 4997.2 6215.5 6393.7 7 8 Indirectly held 2279.4 2431.2 3258.2 4081.9 5194.0 6244.0 7670.3 7238.4 6364.5 4984.6 6783.1 7939.5 8 163.5 1096.1 565.5 530.6 506.2 4.4 497.7 199.6 1135.9 578.6 557.3 521.7 6.2 546.3 274.7 1490.4 729.9 760.5 703.5 11.5 743.3 373.3 1727.2 825.9 901.4 846.6 18.8 1070.1 510.5 2087.3 931.0 1156.4 1051.3 29.9 1451.9 665.4 2456.1 1056.7 1399.5 1188.1 43.0 1811.0 904.4 2796.3 1161.2 1635.1 1407.7 56.9 2400.1 882.8 2657.4 1068.0 1589.4 1298.7 56.6 2213.1 806.5 2178.3 825.7 1352.5 1260.4 49.1 1943.9 692.5 1585.5 535.3 1050.2 1056.8 45.9 1503.3 887.3 2167.4 764.3 1403.0 1421.5 79.9 2090.5 1028.9 2516.1 859.9 1656.3 1607.0 99.3 2531.6 9 10 11 12 13 14 15 9 10 11 12 13 14 15 Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 16 Other 7407.2 7798.6 8273.9 8788.2 9454.9 10103.1 10623.3 11179.0 11641.4 12121.5 12956.4 14005.2 16 17 Liabilities 4396.8 4721.0 5055.3 5407.6 5758.7 6206.8 6776.6 7350.0 7909.5 8605.3 9494.0 10612.6 17 18 Net worth 24068.4 24707.4 27590.9 30143.0 33874.4 37219.7 42088.4 41575.9 40680.3 38961.1 43942.3 48161.9 18 4600.8 4558.3 6137.5 7476.0 9783.7 11400.0 14592.5 12832.6 10872.9 8282.2 10658.6 11690.5 19 20.0 31.3 19.3 30.2 23.3 35.5 25.9 38.6 29.8 43.4 31.6 45.7 35.3 50.2 31.3 46.2 26.9 41.4 21.0 34.2 24.3 38.9 24.4 39.5 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 12, 14 and part of line 15) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 15 could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
@FedFRASER