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For use at 12:00 p.m., eastern time December 8, 2011 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Third Quarter 2011 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Third Quarter 2011 C Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of 4¼ percent in the third quarter of 2011, about 1¼ percentage points faster than the pace registered in the second quarter. Household debt declined at an annual rate of 1¼ percent in the third quarter, continuing the contraction that began in the third quarter of 2008. Home mortgage debt fell at an annual rate of 1¾ percent in the third quarter, slightly less of a decline than in the first half of the year. In contrast, consumer credit rose at an annual rate of 1¼ percent, the fourth consecutive quarter of increase. Nonfinancial business debt rose at an annual rate of 3½ percent in the third quarter, 1 percentage point slower than the pace registered in the second quarter of this year. Corporate bonds outstanding and business loans increased while commercial mortgage debt continued to decline, albeit at a more moderate pace than during 2010. State and local government debt remained unchanged in the third quarter. Federal government debt increased at an annual rate of 14 percent in the third quarter. At the end of the third quarter of 2011, the level of domestic nonfinancial debt outstanding was $37.8 trillion; household debt was $13.2 trillion, nonfinancial business debt was $11.5 trillion, and total government debt was $13.1 trillion. Household net worth—the difference between the value of assets and liabilities—was $57.4 trillion at the end of the third quarter, about $2.4 trillion less than at the end of the previous quarter. Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates P P Total Households Business 2001 2002 2003 2004 2005 6.3 7.4 8.1 9.2 9.2 9.4 10.6 12.0 11.0 11.1 5.9 3.0 2.2 6.5 9.0 State and local govts. 8.8 11.1 8.3 11.9 5.5 2006 2007 2008 2009 2010 8.7 8.5 6.0 3.0 4.1 9.9 6.7 0.1 -1.7 -2.1 11.1 13.6 6.2 -2.4 0.7 3.7 5.4 0.7 3.9 2.2 3.9 4.9 24.2 22.7 20.2 2010:Q1 Q2 Q3 Q4 3.5 3.9 3.7 4.9 -3.1 -2.2 -2.2 -0.7 -0.1 -1.3 1.8 2.4 2.4 -0.5 2.1 4.8 20.6 22.5 16.0 16.4 2011:Q1 2.3 -1.8 Q2 3.1 -0.6 Q3 4.3 -1.2 1. Changes shown are on an end-of-period basis. 4.2 4.5 3.5 -3.3 -3.5 0.0 7.9 8.6 14.1 Federal -0.2 7.6 10.9 9.0 7.0 Table of Contents Title Table Page Flow of Funds Accounts, Third Quarter 2011 1 Availability of Data for Latest Quarter 4 Credit Market Debt Growth by Sector D.1 7 Credit Market Borrowing by Sector D.2 8 Credit Market Debt Outstanding by Sector D.3 9 Flows Table Page Levels Table Page Total Credit Market Borrowing and Lending F.1 10 L.1 61 Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 62 Credit Market Borrowing by Financial Sectors F.3 11 L.3 62 Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 63 Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 63 Distribution of Gross Domestic Product F.6 13 Distribution of National Income F.7 14 Saving and Investment F.8 15 Net Capital Transfers F.9 16 Derivation of Measures of Personal Saving F.10 17 L.10 64 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 18 L.100 65 Nonfinancial Business F.101 19 L.101 66 Nonfarm Nonfinancial Corporate Business F.102 20 L.102 67 Nonfarm Noncorporate Business F.103 21 L.103 68 Farm Business F.104 21 L.104 68 State and Local Governments F.105 22 L.105 69 Federal Government F.106 23 L.106 69 Rest of the World F.107 24 L.107 70 Financial Business F.108 25 L.108 71 Monetary Authority F.109 26 L.109 72 U.S.-Chartered Commercial Banks F.110 27 L.110 73 Foreign Banking Offices in U.S. F.111 28 L.111 74 Bank Holding Companies F.112 29 L.112 75 Banks in U.S.-Affiliated Areas F.113 29 L.113 75 Savings Institutions F.114 30 L.114 76 Credit Unions F.115 31 L.115 77 Property-Casualty Insurance Companies F.116 31 L.116 77 Life Insurance Companies F.117 32 L.117 78 Private Pension Funds F.118 32 L.118 78 State and Local Government Employee Retirement Funds F.119 33 L.119 79 Federal Government Retirement Funds F.120 33 L.120 79 Money Market Mutual Funds F.121 34 L.121 80 Mutual Funds F.122 34 L.122 80 Closed-End and Exchange-Traded Funds F.123 34 L.123 80 Government-Sponsored Enterprises F.124 35 L.124 81 Title Sectors Flows Table Page Levels Table Page Agency- and GSE-Backed Mortgage Pools F.125 35 L.125 81 Issuers of Asset-Backed Securities F.126 36 L.126 82 Finance Companies F.127 36 L.127 82 Real Estate Investment Trusts F.128 37 L.128 83 Security Brokers and Dealers F.129 38 L.129 84 Funding Corporations F.130 38 L.130 84 F.200 39 L.200 85 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 39 L.201 85 U.S. Deposits in Foreign Countries F.202 39 L.202 85 Net Interbank Transactions F.203 40 L.203 86 Checkable Deposits and Currency F.204 41 L.204 87 Time and Savings Deposits F.205 42 L.205 88 Money Market Mutual Fund Shares F.206 42 L.206 88 Federal Funds and Security Repurchase Agreements F.207 43 L.207 89 Open Market Paper F.208 43 L.208 89 Treasury Securities F.209 44 L.209 90 Agency- and GSE-Backed Securities F.210 45 L.210 91 Municipal Securities and Loans F.211 46 L.211 92 Corporate and Foreign Bonds F.212 47 L.212 93 Corporate Equities F.213 48 L.213 94 Mutual Fund Shares F.214 48 L.214 94 Bank Loans Not Elsewhere Classified F.215 49 L.215 95 Other Loans and Advances F.216 50 L.216 96 Title Instruments U.S. Official Reserve Assets and SDR Allocations Flows Levels Title Table Page Table Page Total Mortgages F.217 51 L.217 97 Home Mortgages F.218 52 L.218 98 Multifamily Residential Mortgages F.219 52 L.219 98 Commercial Mortgages F.220 53 L.220 99 Farm Mortgages F.221 53 L.221 99 Consumer Credit F.222 54 L.222 100 Trade Credit F.223 54 L.223 100 Security Credit F.224 54 L.224 100 Life Insurance and Pension Fund Reserves F.225 55 L.225 101 Taxes Payable by Businesses F.226 55 L.226 101 Proprietors' Equity in Noncorporate Business F.227 55 L.227 101 Total Miscellaneous Financial Claims F.228 56 L.228 102 Identified Miscellaneous Financial Claims - Part I F.229 57 L.229 103 Identified Miscellaneous Financial Claims - Part II F.230 58 L.230 104 Unidentified Miscellaneous Financial Claims F.231 59 L.231 105 Sector Discrepancies F.11 60 Instrument Discrepancies F.12 60 Title Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 106 R.100 109 Nonfinancial Corporate Business B.102 107 R.102 110 Nonfarm Noncorporate Business B.103 108 R.103 111 Reconciliation Balance Sheet and Reconciliation Tables Flows Table Page Levels Table Page Nonprofit Organizations F.100.a 112 L.100.a 113 Consolidated Statement for Federal, State, and Local Governments F.106.c 114 L.106.c 115 Private Pension Funds: Defined Benefit Plans F.118.b 116 L.118.b 117 Private Pension Funds: Defined Contribution Plans F.118.c 116 L.118.c 117 Individual Retirement Accounts (IRAs) F.225.i 116 L.225.i 117 Title Supplementary Tables Flow of Funds Matrix for 2010 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 118 119 B.100.e 120 1 Flow of Funds Accounts, Third Quarter 2011 This publication presents the Flow of Funds Accounts for 2011: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. 1. In the nonfarm noncorporate business sector (tables F.103, L.103, B.103, and R.103), data have been revised from 2009:Q1 forward, owing to benchmark statistics available from the IRS/SOI for 2009. 2. The federal government sector (tables F.106 and L.106) has been modified to show additional detail on the composition of Treasury debt. Treasury bills, considered short-term debt, are now shown separately from other Treasury debt. This new detail is also shown on the instrument table for the Treasury securities (tables F.209 and L.209). 3. The instrument tables on municipal securities and loans (tables F.211 and L.211) have been revised from 2004:Q1 forward to reflect a change in data sources. Data on debt outstanding and net issuance for state and local governments, nonprofit organizations, and nonfinancial corporate business (industrial revenue bonds) are now based on data from Mergent, a private data vendor. The new data indicate that municipal securities and loans outstanding in 2004:Q1 is $740 billion greater than previously estimated in the flow of funds accounts. The estimate of household holdings of municipal securities and loans is revised up by about $840 billion, on average, from 2004 forward. 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 GSE-backed mortgage pools, the monetary authority, 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. This definition is consistent with the presentation of credit market borrowing and lending on tables F.1 through F.4. Net lending (+) or net borrowing (-) on the individual sector tables and the matrix is defined as net acquisition of financial assets less net increase in liabilities. 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, outstandings in the Flow of Funds Accounts are related to flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuityt where “t” is the time period. B B B B B B B B 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 B B B B B B 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” 2 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 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: www.federalreserve.gov/releases/Z1 This Internet site also provides coded tables and historical annual tables beginning in 1945 that correspond to the tables published in this release. There are also compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), and supplementary tables. In addition, these data, as well as data for the quarterly and annual Integrated Macroeconomic Accounts for the United States tables, are available as customizable download datasets through the Data Download Program (DDP) at the following location: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 An interactive, web-based guide to the Flow of Funds Accounts is available through the Z.1 release page. The tools and descriptions within this guide are designed to help users explore the structure and content of the Z.1 and the Integrated Macroeconomic 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 [THIS PAGE INTENTIONALLY LEFT BLANK] 4 Availability of Data for Latest Quarter Available at time of publication U U Major items missing U U 1. National income and product accounts (NIPA) Second estimate, seasonally adjusted, for 2011:Q3. Unadjusted flows since 2010 for the government sectors. Unadjusted flows since 2006 for all other sectors. 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 2011: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 2011:Q2; Internal Revenue Service Statistics of Income (IRS/SOI) data through 2009; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2011:Q3. Statistics of Income data since 2009. QFR for 2011:Q3. 4. Nonfarm noncorporate business (tables F.103 and L.103) IRS/SOI data through 2009; bank and finance company loans and mortgage borrowing through 2011:Q3. Statistics of Income data since 2009. 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 2011:Q3; preliminary data for checkable deposits and currency and trade payables through 2010. Consumption of fixed capital and undistributed profits since 2010. 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 2011:Q3; total financial assets through 2009:Q2 from the Census Bureau; breakdown of financial assets through 2004:Q2 from the comprehensive annual financial reports of state and local governments. Total financial assets since 2009:Q2 and selected financial asset detail since 2004:Q2. 7. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2011:Q3. None. 5 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 2011:Q2. NIPA estimates; data from bank Reports of Condition and from Treasury International Capital System through 2011:Q3. Balance of payments data for 2011:Q3. 9. Monetary authority (tables F.109 and L.109) All data through 2011:Q3. None. 10. U.S.-chartered commercial banks (tables F.110 and L.110) All data through 2011:Q3. None. 11. Foreign banking offices in U.S. (tables F.111 and L.111) All data through 2011:Q3. None. 12. Bank holding companies (table F.112 and L.112) All data through 2011:Q3. None. 13. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2011:Q3 for commercial banks in U.S.-affiliated areas. All data through 2010 for branches of domestic commercial banks located in U.S.-affiliated areas. Data since 2010 for branches of domestic commercial banks located in U.S.-affiliated areas. 14. Savings institutions (tables F.114 and L.114) All data through 2011:Q3. None. 15. Credit unions (tables F.115 and L.115) All data through 2011:Q3. None. 16. Property-casualty insurance companies (tables F.116 and L.116) All data through 2011:Q2. Preliminary data for 2011:Q3. None. 17. Life insurance companies (tables F.117 and L.117) All data through 2011:Q2. Preliminary data for 2011:Q3. None. 18. Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2007. Form 5500 data since 2007. 19. State and local government employee retirement funds (tables F.119 and L.119) Detailed data through 2008:Q2 from the Census Bureau; sample data through 2011:Q3 from the Census Bureau. Detailed data since 2008:Q2. 20. Federal government retirement funds (tables F.120 and L.120) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2011:Q3. None. 6 21. Money market mutual funds (tables F.121 and L.121) All data through 2011:Q3. None. 22. Mutual funds (tables F.122 and L.122) All data through 2011:Q3. None. 23. Closed-end funds (tables F.123 and L.123) All data through 2011:Q3. None. 24. Exchange-traded funds (tables F.123 and L.123) All data through 2011:Q3. None. 25. Government-sponsored enterprises (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, Farmer Mac, FHLB, FICO, FCS, and REFCORP through 2011:Q3. None. 26. Agency- and GSE-backed mortgage pools (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, and Ginnie Mae through 2011:Q3. None. 27. 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 2011:Q3. None. 28. Finance companies (tables F.127 and L.127) All data through 2011:Q3. None. 29. Real estate investment trusts (REITs) (tables F.128 and L.128) Data from SNL Financial through 2011:Q3. None. 30. Security brokers and dealers (tables F.129 and L.129) Data for firms filing FOCUS and FOGS reports through 2011:Q3. None. 31. Funding corporations (tables F.130 and L.130) Estimates for this sector are largely residuals and are derived from data for other sectors. Z.1, December 8, 2011 7 D.1 Credit Market Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1978 1979 1980 1981 1982 13.8 12.2 9.5 10.4 10.4 16.9 15.2 8.4 7.6 5.6 17.5 16.4 10.9 7.2 4.8 17.5 13.9 1.0 5.5 5.0 13.2 13.5 10.1 12.9 9.9 11.5 11.1 8.4 13.6 10.3 15.4 9.0 6.9 8.0 11.2 9.2 5.8 11.8 11.6 19.7 22.1 22.1 14.5 18.2 13.6 18.7 9.6 14.3 12.2 7.5 1983 1984 1985 1986 1987 12.0 14.8 15.6 11.9 9.1 11.1 12.7 16.2 11.4 10.4 10.2 11.4 14.6 13.7 13.4 12.1 18.4 15.9 9.1 4.8 9.2 16.1 11.0 11.5 7.8 8.2 16.5 12.7 13.9 9.0 11.4 11.4 31.8 10.9 12.0 18.9 16.9 16.5 13.6 8.0 13.4 17.9 19.4 26.2 18.2 8.3 3.7 0.5 4.0 2.5 1988 1989 1990 1991 1992 9.0 7.2 6.5 4.3 4.5 9.8 9.1 6.9 5.1 5.4 11.8 10.9 8.9 7.0 6.5 6.7 6.3 1.9 -1.1 1.1 9.9 6.3 3.6 -2.1 -0.3 11.0 7.5 5.7 -1.9 0.9 6.0 5.3 5.0 9.2 1.5 8.0 7.0 11.0 11.1 10.9 13.2 10.5 8.8 6.0 8.6 2.9 3.8 8.3 4.8 6.9 1993 1994 1995 1996 1997 4.7 4.6 5.2 5.4 5.6 6.1 7.8 7.0 6.9 5.9 5.5 5.6 4.9 6.2 6.1 7.4 15.2 14.4 9.0 5.5 0.1 3.7 7.2 6.6 9.9 1.0 4.8 8.5 6.8 10.5 5.3 -3.9 -5.5 -2.0 4.9 8.3 4.7 4.1 4.0 0.6 9.6 13.9 11.6 12.1 12.1 18.7 -2.4 17.7 15.5 10.6 1998 1999 2000 2001 2002 6.6 6.4 5.0 6.3 7.4 7.7 8.2 9.0 9.4 10.6 8.1 9.4 8.7 10.6 13.3 7.2 7.8 11.4 8.6 5.6 11.7 10.9 9.4 5.9 3.0 11.1 10.1 8.6 4.8 1.0 6.2 3.3 1.4 8.8 11.1 -1.4 -1.9 -8.0 -0.2 7.6 19.4 16.2 11.0 10.7 9.7 5.1 2.4 8.4 -1.4 10.8 2003 2004 2005 2006 2007 8.1 9.2 9.2 8.7 8.5 12.0 11.0 11.1 9.9 6.7 14.6 13.5 13.3 11.1 6.9 5.3 5.6 4.5 4.1 5.8 2.2 6.5 9.0 11.1 13.6 1.6 4.3 6.9 9.4 13.5 8.3 11.9 5.5 3.7 5.4 10.9 9.0 7.0 3.9 4.9 10.7 8.9 9.4 10.0 12.5 4.0 12.4 7.9 22.0 9.0 2008 2009 2010 6.0 3.0 4.1 0.1 -1.7 -2.1 -0.5 -1.4 -2.9 1.5 -4.4 -1.8 6.2 -2.4 0.7 4.9 -1.8 4.0 0.7 3.9 2.2 24.2 22.7 20.2 5.6 -10.8 -6.2 -10.6 12.4 4.2 2005 -- Q1 Q2 Q3 Q4 8.9 8.7 8.6 9.4 9.7 11.6 11.1 10.3 11.7 13.4 13.6 12.0 5.1 5.0 4.3 3.4 7.8 8.2 8.2 10.7 5.6 5.7 5.9 9.6 7.8 5.2 5.0 3.7 9.4 4.7 5.2 7.9 8.3 9.8 5.4 12.8 4.6 7.8 9.7 8.5 2006 -- Q1 Q2 Q3 Q4 9.6 9.1 6.7 8.2 11.7 11.3 8.6 6.8 13.6 12.9 9.8 6.4 3.2 4.0 4.1 4.9 11.1 10.5 7.5 13.4 9.5 8.6 4.5 13.8 0.1 4.7 4.5 5.5 7.0 3.4 1.5 3.4 11.1 11.7 7.0 8.9 13.9 12.4 37.0 18.7 2007 -- Q1 Q2 Q3 Q4 8.3 8.3 8.5 7.7 7.3 7.4 6.3 5.3 8.3 7.7 6.1 4.8 5.0 5.6 6.7 5.2 11.5 13.9 14.0 12.5 10.1 14.2 14.8 12.4 6.8 5.9 4.2 4.3 6.0 1.2 5.8 6.1 11.0 10.1 16.6 10.0 12.9 18.2 1.4 3.0 2008 -- Q1 Q2 Q3 Q4 6.1 3.6 7.4 6.3 3.3 0.1 -0.9 -2.1 2.7 -0.6 -2.0 -2.1 4.9 3.5 -0.2 -2.1 9.2 7.7 5.6 1.8 9.2 6.9 4.7 -1.5 1.8 0.8 0.7 -0.5 9.4 5.9 36.5 38.3 6.1 5.8 6.7 3.2 10.4 -0.0 -28.5 -24.8 2009 -- Q1 Q2 Q3 Q4 4.3 4.1 2.0 1.6 -0.9 -1.7 -2.4 -1.8 0.1 -1.9 -2.4 -1.4 -3.6 -5.0 -4.1 -5.3 -0.1 -2.5 -3.8 -3.2 1.7 -2.0 -3.9 -3.2 2.1 4.2 3.8 5.1 24.4 27.2 18.7 13.8 -11.0 -13.7 -10.9 -8.7 11.3 12.7 15.9 7.6 2010 -- Q1 Q2 Q3 Q4 3.5 3.9 3.7 4.9 -3.1 -2.2 -2.2 -0.7 -4.8 -2.5 -2.5 -1.8 -3.9 -3.3 -2.2 2.3 -0.1 -1.3 1.8 2.4 5.2 1.7 4.9 3.8 2.4 -0.5 2.1 4.8 20.6 22.5 16.0 16.4 -8.1 -7.5 -4.8 -5.6 5.7 -2.0 6.3 6.8 2011 -- Q1 Q2 Q3 2.3 3.1 4.3 -1.8 -0.6 -1.2 -2.6 -2.4 -1.8 2.2 3.4 1.2 4.2 4.5 3.5 6.5 6.9 4.5 -3.3 -3.5 0.0 7.9 8.6 14.1 -1.1 -7.0 -3.6 9.7 -0.7 -8.3 1. Data shown are on an end-of-period basis. 8 Z.1, December 8, 2011 D.2 Credit Market Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1978 1979 1980 1981 1982 390.5 391.6 342.9 409.7 451.8 160.3 169.0 108.0 106.5 84.3 105.7 116.5 90.2 67.0 47.4 46.4 43.3 3.4 19.8 18.8 138.3 160.2 135.3 190.0 164.4 78.5 84.0 70.5 123.3 105.0 39.4 26.6 22.2 27.6 41.7 52.5 35.8 77.4 85.5 161.3 74.7 91.1 73.2 105.1 93.0 24.0 15.0 24.2 23.5 16.0 1983 1984 1985 1986 1987 572.9 791.7 958.8 845.7 722.0 174.6 221.2 314.8 260.5 264.0 105.1 127.3 181.5 198.8 221.5 48.2 81.7 84.0 55.8 32.3 165.7 320.9 254.7 295.0 223.7 91.0 202.7 181.8 223.7 165.9 47.3 52.5 163.6 74.2 90.4 185.2 197.2 225.7 216.0 143.9 104.4 157.8 204.0 328.8 290.6 17.3 8.4 1.2 9.7 6.3 1988 1989 1990 1991 1992 784.1 684.3 655.5 469.8 511.9 270.1 276.3 230.2 180.8 201.9 215.7 224.9 200.1 174.6 173.1 46.6 47.0 15.1 -8.8 9.2 308.5 214.3 131.3 -80.5 -10.5 223.5 166.6 137.4 -48.8 21.8 50.4 47.4 47.1 91.2 16.5 155.1 146.4 246.9 278.2 304.0 250.2 225.0 211.2 156.0 238.9 7.4 10.2 23.9 15.1 24.1 1993 1994 1995 1996 1997 560.1 575.9 678.1 732.4 812.5 240.5 328.4 318.4 335.2 304.6 156.3 166.5 153.6 204.9 215.5 61.4 135.0 147.0 105.7 70.3 5.5 137.2 276.0 272.7 434.1 26.4 121.7 228.2 199.3 328.8 57.9 -45.5 -60.8 -20.5 50.8 256.1 155.9 144.4 144.9 23.1 291.5 462.0 439.5 514.0 574.1 69.8 -11.2 78.3 88.0 69.9 1998 1999 2000 2001 2002 1005.5 1040.3 864.2 1149.1 1418.7 425.2 486.8 579.2 659.2 810.4 301.4 378.0 383.3 507.1 704.5 97.1 112.4 176.5 150.6 105.2 566.2 587.4 563.9 390.1 206.2 382.5 388.2 364.5 222.0 48.2 66.8 37.3 16.9 105.5 144.6 -52.6 -71.2 -295.9 -5.6 257.6 1026.8 1023.5 807.3 872.0 886.6 37.2 19.0 63.0 -11.2 93.4 2003 2004 2005 2006 2007 1683.5 2068.7 2324.1 2392.5 2539.8 1011.5 1044.3 1174.3 1167.2 867.3 874.9 929.0 1041.6 982.8 677.5 105.9 117.2 100.4 95.4 139.3 155.4 475.7 705.6 943.7 1288.5 76.5 214.8 356.8 520.9 819.2 120.5 186.8 137.2 98.3 146.9 396.0 361.9 306.9 183.4 237.1 1071.6 971.3 1116.5 1300.0 1793.9 43.0 155.3 113.0 332.6 170.3 2008 2009 2010 1938.0 1050.9 1445.1 14.7 -232.0 -278.4 -53.2 -146.4 -298.2 38.8 -115.3 -44.2 664.1 -272.5 77.0 337.3 -133.4 279.1 20.0 111.5 66.2 1239.2 1443.9 1580.2 901.9 -1844.0 -968.5 -226.2 211.7 88.2 2005 -- Q1 Q2 Q3 Q4 2242.3 2251.6 2274.4 2527.9 1026.4 1250.6 1236.5 1183.7 913.3 1084.7 1137.0 1031.3 113.6 112.3 97.0 78.9 610.2 656.4 670.5 885.4 290.5 299.2 315.7 521.8 193.7 131.0 129.2 95.0 411.9 213.6 238.2 363.9 992.2 1190.9 674.7 1608.3 66.0 112.9 144.4 128.8 2006 -- Q1 Q2 Q3 Q4 2653.6 2577.0 1933.9 2405.7 1374.1 1368.7 1063.6 862.3 1204.4 1182.4 925.7 618.8 73.2 93.7 97.5 117.2 946.3 919.3 678.0 1231.3 524.4 489.2 258.7 811.3 3.8 124.1 118.7 146.4 329.4 164.8 73.6 165.7 1442.6 1557.8 960.9 1238.7 209.7 194.2 596.8 329.6 2007 -- Q1 Q2 Q3 Q4 2500.3 2545.7 2664.2 2449.1 938.4 966.4 848.7 715.9 814.9 775.7 623.0 496.6 121.9 137.9 166.8 130.7 1085.2 1355.5 1412.1 1301.4 610.2 885.9 953.1 827.5 184.8 163.4 116.6 122.6 291.9 60.4 286.8 309.2 1576.2 1490.9 2527.9 1580.8 243.3 350.1 28.3 59.6 2008 -- Q1 Q2 Q3 Q4 1975.1 1192.1 2460.7 2124.1 455.8 20.1 -130.4 -286.6 279.4 -59.1 -207.9 -225.2 125.4 89.7 -6.1 -53.8 986.0 842.0 625.2 203.2 636.0 486.6 338.3 -111.8 50.8 21.7 21.5 -14.1 482.4 308.4 1944.4 2221.7 996.7 955.5 1115.4 540.2 221.3 -0.1 -622.8 -503.3 2009 -- Q1 Q2 Q3 Q4 1479.1 1439.7 702.0 582.8 -119.9 -236.3 -324.1 -247.9 6.7 -194.4 -248.6 -149.4 -94.1 -128.6 -105.2 -133.0 -12.8 -283.6 -434.4 -359.0 119.8 -143.8 -283.7 -225.9 61.8 122.4 111.6 150.2 1550.0 1837.1 1348.9 1039.6 -1874.8 -2327.8 -1792.1 -1381.5 192.3 224.0 287.6 143.0 2010 -- Q1 Q2 Q3 Q4 1247.9 1389.3 1354.7 1788.4 -419.2 -296.9 -298.8 -98.7 -498.3 -254.2 -257.3 -183.1 -97.6 -82.1 -53.5 56.5 -10.2 -147.6 200.6 265.4 366.6 119.7 353.3 277.0 72.2 -15.9 62.0 146.6 1605.1 1849.8 1390.9 1475.1 -1257.2 -1107.8 -703.5 -805.3 119.1 -43.5 132.0 145.1 2011 -- Q1 Q2 Q3 862.1 1143.6 1622.9 -243.7 -85.0 -158.8 -262.7 -240.8 -181.4 52.5 84.1 29.5 464.2 508.8 398.0 475.7 515.3 343.1 -99.9 -106.5 1.0 741.5 826.4 1382.6 -151.5 -994.2 -499.2 221.4 -17.4 -191.8 Z.1, December 8, 2011 9 D.3 Credit Market Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Domestic financial sectors Total Total 1978 1979 1980 1981 1982 3211.2 3603.0 3953.5 4361.7 4783.4 1109.5 1279.3 1399.4 1510.7 1580.3 708.6 826.7 926.5 998.2 1031.1 311.3 354.6 358.0 377.9 396.7 1184.3 1343.8 1474.7 1658.5 1807.6 757.2 840.5 906.8 1023.8 1113.6 295.6 322.2 344.4 372.1 413.8 621.9 657.7 735.0 820.5 981.8 412.5 504.9 578.1 682.4 778.1 155.7 168.5 193.4 214.0 208.1 1983 1984 1985 1986 1987 5359.2 6146.2 7123.1 7966.3 8670.1 1734.9 1947.7 2283.3 2542.3 2760.3 1116.2 1242.8 1449.6 1648.3 1827.9 444.9 526.6 610.6 666.4 698.6 1996.2 2320.6 2572.0 2866.0 3117.4 1227.5 1433.8 1612.3 1835.0 2028.7 461.1 513.6 677.9 752.1 842.6 1167.0 1364.2 1589.9 1805.9 1949.8 882.7 1052.4 1257.3 1593.6 1895.5 224.1 232.8 242.5 251.9 259.0 1988 1989 1990 1991 1992 9450.7 10152.1 10834.9 11301.4 11816.5 3047.3 3316.2 3575.6 3760.0 3961.9 2054.2 2259.5 2488.8 2667.0 2840.0 745.2 809.3 824.4 815.6 824.8 3405.5 3644.3 3773.8 3686.4 3679.1 2229.6 2412.2 2547.8 2496.9 2520.3 893.0 940.4 987.4 1078.6 1095.1 2104.9 2251.2 2498.1 2776.4 3080.3 2145.8 2399.3 2613.6 2769.6 3024.1 269.8 287.9 318.2 350.4 372.4 1993 1994 1995 1996 1997 12391.4 12973.6 13667.5 14399.8 15210.8 4204.8 4532.5 4850.9 5186.1 5491.2 2998.7 3165.3 3318.9 3523.8 3739.3 886.2 1021.2 1168.2 1273.9 1344.2 3697.1 3841.3 4133.1 4405.8 4837.9 2559.1 2687.8 2931.8 3131.1 3457.9 1153.0 1107.5 1046.7 1026.2 1076.9 3336.5 3492.3 3636.7 3781.7 3804.8 3321.0 3791.1 4233.5 4747.5 5301.4 468.2 443.1 567.6 657.2 723.6 1998 1999 2000 2001 2002 16216.4 17291.3 18165.4 19297.5 20716.1 5916.4 6403.6 6992.7 7651.8 8462.2 4040.6 4416.3 4798.4 5305.5 6010.0 1441.3 1553.6 1741.3 1891.8 1997.0 5404.0 6025.8 6589.7 6962.8 7169.0 3840.4 4263.0 4627.5 4832.5 4880.7 1143.8 1181.0 1197.9 1303.4 1447.9 3752.2 3681.0 3385.1 3379.5 3637.0 6328.2 7349.4 8157.8 9155.9 10042.5 783.2 748.2 814.5 865.4 1072.8 2003 2004 2005 2006 2007 22443.8 25264.5 27588.5 29979.4 32525.7 9503.8 10568.4 11742.7 12909.8 13777.1 6894.6 7838.5 8880.1 9862.9 10540.4 2102.9 2220.1 2320.6 2416.0 2555.3 7338.5 7815.7 8521.3 9463.4 10758.4 4971.3 5187.5 5544.3 6063.5 6889.2 1568.4 2485.4 2622.6 2720.9 2867.8 4033.1 4395.0 4701.9 4885.3 5122.3 10949.3 11935.5 12997.5 14296.3 16217.5 1253.3 1438.8 1513.9 1882.6 2126.3 2008 2009 2010 34463.7 35430.4 36931.6 13796.8 13564.7 13324.1 10492.2 10345.7 10046.4 2594.1 2478.9 2434.7 11417.6 11061.0 11156.4 7221.5 7004.0 7300.4 2887.8 2999.3 3065.5 6361.5 7805.4 9385.6 17119.1 15539.1 14153.1 1708.8 2090.3 2273.1 2005 -- Q1 Q2 Q3 Q4 25825.1 26388.0 26956.6 27588.5 10825.0 11137.6 11446.8 11742.7 8066.8 8338.0 8622.3 8880.1 2248.5 2276.6 2300.8 2320.6 7968.3 8132.4 8300.0 8521.3 5260.1 5334.9 5413.8 5544.3 2533.9 2566.6 2598.9 2622.6 4498.0 4551.4 4610.9 4701.9 12183.5 12481.3 12576.4 12997.5 1455.3 1483.5 1519.6 1513.9 2006 -- Q1 Q2 Q3 Q4 28249.9 28894.5 29378.0 29979.4 12086.2 12428.4 12694.3 12909.8 9181.2 9476.8 9708.2 9862.9 2338.9 2362.3 2386.7 2416.0 8755.8 8986.1 9155.6 9463.4 5673.3 5796.0 5860.7 6063.5 2623.6 2654.6 2684.3 2720.9 4784.2 4825.4 4843.8 4885.3 13354.8 13746.4 13986.6 14296.3 1566.3 1614.9 1764.1 1882.6 2007 -- Q1 Q2 Q3 Q4 30611.0 31247.4 31913.4 32525.7 13144.4 13386.0 13598.2 13777.1 10066.6 10260.6 10416.3 10540.4 2446.4 2480.9 2522.6 2555.3 9741.2 10080.1 10433.1 10758.4 6222.6 6444.1 6682.4 6889.2 2767.1 2808.0 2837.1 2867.8 4958.2 4973.3 5045.0 5122.3 14817.6 15190.4 15822.3 16217.5 1924.0 2011.5 2018.6 2126.3 2008 -- Q1 Q2 Q3 Q4 33019.5 33317.5 33932.6 34463.7 13891.1 13896.1 13868.4 13796.8 10610.3 10595.5 10548.5 10492.2 2586.6 2609.1 2607.6 2594.1 11004.9 11215.4 11366.8 11417.6 7048.2 7169.9 7249.5 7221.5 2880.5 2885.9 2891.3 2887.8 5242.9 5320.0 5806.1 6361.5 16466.7 16705.6 16984.1 17119.1 2181.6 2181.6 2025.6 1708.8 2009 -- Q1 Q2 Q3 Q4 34843.0 35202.9 35378.4 35430.4 13766.8 13707.7 13626.7 13564.7 10493.9 10445.3 10383.1 10345.7 2570.6 2538.4 2512.1 2478.9 11424.0 11353.1 11244.5 11061.0 7261.1 7225.1 7154.2 7004.0 2903.2 2933.8 2961.7 2999.3 6749.0 7208.3 7545.5 7805.4 17032.4 16450.4 15968.2 15539.1 1756.8 1812.8 1884.7 2090.3 2010 -- Q1 Q2 Q3 Q4 35798.6 36145.9 36484.6 36931.6 13497.7 13423.5 13348.8 13324.1 10220.0 10156.5 10092.1 10046.4 2454.5 2433.9 2420.6 2434.7 11076.9 11040.0 11090.1 11156.4 7112.9 7142.8 7231.2 7300.4 3017.3 3013.3 3028.8 3065.5 8206.7 8669.1 9016.9 9385.6 14807.2 14530.3 14354.4 14153.1 2120.6 2109.7 2142.7 2273.1 2011 -- Q1 Q2 Q3 37147.2 37438.5 37844.2 13263.2 13247.3 13207.6 9980.7 9920.5 9875.1 2447.8 2468.8 2476.2 11272.5 11399.7 11499.2 7419.3 7548.2 7633.9 3040.5 3013.9 3014.1 9571.0 9777.6 10123.3 14115.2 13861.3 13736.5 2328.5 2324.1 2276.2 1. Data shown are on an end-of-period basis. Total State and local governments Foreign 10 Z.1, December 8, 2011 F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 3 4 5 6 7 8 Credit market borrowing Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Q2 Q3 Q4 Q1 2011 Q2 Q3 4504.1 2613.7 -581.5 564.8 109.9 238.0 783.1 1128.1 932.0 132.0 931.8 1 2539.8 1938.0 1050.9 1445.1 1247.9 1389.3 1354.7 1788.4 862.1 1143.6 1622.9 2 867.3 819.2 454.8 14.6 146.9 237.1 14.7 337.3 321.8 5.1 20.0 1239.2 -232.0 -133.4 -132.7 -6.3 111.5 1443.9 -278.4 279.1 -213.2 11.1 66.2 1580.2 -419.2 366.6 -376.2 -0.5 72.2 1605.1 -296.9 119.7 -271.4 4.1 -15.9 1849.8 -298.8 353.3 -176.0 23.3 62.0 1390.9 -98.7 277.0 -29.0 17.5 146.6 1475.1 -243.7 475.7 -17.8 6.3 -99.9 741.5 -85.0 515.3 10.8 -17.3 -106.5 826.4 -158.8 343.1 71.7 -16.8 1.0 1382.6 3 4 5 6 7 8 9 Rest of the world 170.3 -226.2 211.7 88.2 119.1 -43.5 132.0 145.1 221.4 -17.4 -191.8 9 10 Financial sectors 1793.9 901.9 -1844.0 -968.5 -1257.2 -1107.8 -703.5 -805.3 -151.5 -994.2 -499.2 10 11 12 13 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 131.8 0.0 129.4 79.1 -0.2 84.0 -152.6 0.0 -10.3 -133.5 0.0 -42.6 -118.7 0.0 -75.4 -127.7 0.0 -118.4 -175.6 0.0 204.4 -111.9 0.0 -180.9 -15.6 0.0 44.3 -67.1 0.0 -186.9 -94.9 0.0 -107.7 11 12 13 14 15 Savings institutions Credit unions 104.1 13.4 -67.1 8.3 -169.6 -14.1 -29.0 -0.4 -60.2 -4.4 -41.6 -1.6 -61.9 0.8 47.9 3.6 -39.9 -9.6 -33.3 -3.5 -63.1 3.7 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 14.5 282.4 623.3 339.4 26.2 271.7 497.0 -408.0 -6.6 -475.3 415.3 -740.1 -3.2 -233.8 186.9 -515.2 -10.8 -60.1 169.7 -632.7 0.0 -248.6 228.6 -551.2 -1.2 -372.1 159.7 -465.7 -0.8 -254.3 189.6 -411.2 1.8 11.1 263.7 -369.0 2.4 -479.9 146.5 -242.0 0.9 -138.3 124.0 -252.7 16 17 18 19 20 21 22 23 Finance companies REITs Brokers and dealers Funding corporations 34.9 10.2 -4.0 114.5 -79.4 -53.8 77.7 466.4 -156.2 -50.0 -49.7 -434.8 -173.9 4.6 36.9 -65.3 -309.9 4.6 -2.4 -156.9 -176.2 -8.6 34.6 -97.1 -143.0 35.7 -19.2 134.5 -66.5 -13.4 134.4 -141.8 -9.7 44.5 -5.9 -67.1 -169.8 75.9 -72.7 36.3 35.6 25.9 -43.5 10.9 20 21 22 23 24 Credit market lending 4504.1 2613.7 -581.5 564.8 109.9 238.0 783.1 1128.1 932.0 132.0 931.8 24 517.8 -93.3 121.1 297.6 -70.9 557.5 -313.6 1017.5 -556.1 -976.5 -635.3 25 502.5 -79.1 10.0 77.9 6.6 -5.0 -32.2 -10.9 -131.8 86.5 -141.3 9.6 -6.7 -36.6 296.1 195.2 13.2 -3.7 7.7 85.3 -320.8 76.6 -6.2 119.7 59.8 644.9 -11.5 -4.7 -92.3 21.1 -528.8 51.0 -3.4 -13.6 181.3 985.6 -63.4 -0.6 16.9 79.0 -664.3 16.8 -0.1 -30.4 121.9 -748.0 10.8 0.3 -166.1 -73.4 -492.9 4.3 1.0 -162.9 15.1 26 27 28 29 30 25 26 27 28 29 30 Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 31 Rest of the world 943.8 357.7 143.5 520.5 455.2 545.1 843.1 238.6 14.4 77.9 653.8 31 32 Financial sectors 3042.5 2349.3 -846.1 -253.4 -274.5 -864.6 253.6 -128.0 1473.7 1030.5 913.3 32 33 34 35 36 37 38 39 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions -38.3 535.7 201.7 23.2 -6.4 63.0 35.3 245.4 531.1 100.8 13.9 -1.9 -276.1 40.0 1001.6 -116.8 -285.8 -16.0 -2.8 -249.6 33.1 271.5 -184.3 -30.8 22.1 -19.3 6.6 24.6 803.3 -316.6 -41.5 13.2 -17.4 -118.9 36.8 106.9 -480.2 11.6 -64.2 -46.2 -15.9 26.2 -221.5 107.7 472.2 180.3 -11.7 -23.7 -41.0 397.3 -48.1 -565.7 -40.7 -1.7 184.8 76.4 1043.0 -180.9 46.1 30.8 -5.1 -187.2 50.5 842.0 -128.9 102.8 -1.4 -9.6 -30.3 10.8 -133.8 400.5 111.2 20.7 -6.1 -53.5 17.0 33 34 35 36 37 38 39 40 41 42 43 44 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 5.3 84.8 102.5 12.3 11.7 -15.9 11.6 90.6 13.3 24.2 33.3 139.8 111.6 -8.8 7.4 3.9 151.6 108.0 -8.2 11.0 0.4 84.4 108.2 -3.9 6.5 1.7 158.2 97.0 -17.7 17.0 19.7 202.8 97.5 -14.0 18.9 -6.3 161.1 129.5 2.8 1.5 20.4 168.3 80.3 34.2 13.9 -19.3 106.4 106.9 -18.1 15.8 0.7 221.7 113.5 57.5 32.3 40 41 42 43 44 45 46 47 48 49 50 51 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 375.6 271.1 -0.9 13.3 239.0 623.3 336.5 738.6 73.3 -41.1 23.0 242.9 497.0 -391.4 -644.0 380.7 9.4 46.0 -337.8 415.3 -705.5 -410.0 374.3 4.2 29.7 -328.2 186.9 -505.4 -630.6 517.4 10.0 41.2 -290.0 169.7 -607.7 -344.8 163.6 -8.2 45.4 -334.1 228.6 -546.7 -345.3 565.3 9.2 35.2 -493.2 159.7 -465.8 -319.4 250.8 6.0 -3.2 -195.6 189.6 -401.5 58.5 527.5 8.3 29.7 21.8 263.7 -375.8 -109.8 388.9 -2.6 43.6 -297.1 146.5 -231.9 109.8 145.7 -15.8 52.2 -358.8 124.0 -237.9 45 46 47 48 49 50 51 52 53 54 55 Finance companies REITs Brokers and dealers Funding corporations 16.6 -19.9 219.7 -62.7 -72.3 -68.9 -85.7 657.1 -223.3 -8.7 -192.1 -233.0 -141.7 37.1 32.2 111.0 -241.2 16.8 135.6 50.0 -116.1 19.1 11.5 222.8 -159.2 59.3 76.2 25.3 -50.4 53.4 -94.3 145.9 -53.3 207.8 69.3 -397.9 -108.7 175.8 30.9 17.7 -84.2 89.2 -86.7 394.1 52 53 54 55 (1) Excludes corporate equities and mutual fund shares. 11 Z.1, December 8, 2011 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 2539.8 1938.0 1050.9 1445.1 1247.9 1389.3 1354.7 1788.4 862.1 1143.6 1622.9 1 2539.8 11.3 237.5 -0.4 235.9 311.2 240.2 311.0 1938.0 7.7 1239.0 0.2 95.3 204.6 192.5 74.9 1050.9 -73.1 1443.7 0.1 154.5 377.2 -296.0 -154.2 1445.1 24.5 1579.6 0.7 97.7 420.6 -33.0 -85.3 1247.9 50.3 1604.8 0.3 126.3 432.4 -54.7 -122.4 1389.3 62.7 1848.7 1.1 -4.8 231.6 -55.0 -96.7 1354.7 43.8 1390.4 0.5 76.9 510.6 -84.3 -50.3 1788.4 -58.7 1474.4 0.8 192.4 507.7 62.0 -71.9 862.1 31.7 740.4 1.2 -74.3 392.0 110.9 -8.3 1143.6 55.4 826.2 0.2 -110.3 447.1 212.0 15.5 1622.9 35.6 1380.7 1.9 -9.6 294.0 141.8 60.7 2 3 4 5 6 7 8 9 1053.8 714.3 84.4 250.4 4.6 139.3 85.0 -110.3 46.2 127.1 22.0 38.8 -286.2 -200.4 7.5 -90.0 -3.4 -115.3 -515.5 -342.4 -10.2 -167.8 4.9 -44.2 -691.5 -557.7 -19.9 -118.8 4.9 -97.6 -516.2 -313.4 -14.5 -193.3 4.9 -82.1 -479.4 -292.1 0.8 -193.1 5.0 -53.5 -374.9 -206.4 -7.4 -166.1 5.0 56.5 -383.9 -296.4 7.1 -90.6 -4.1 52.5 -386.6 -271.4 2.9 -113.9 -4.1 84.1 -311.7 -203.4 3.8 -108.0 -4.2 29.5 10 11 12 13 14 15 2539.8 867.3 1288.5 819.2 454.8 14.6 146.9 237.1 1938.0 14.7 664.1 337.3 321.8 5.1 20.0 1239.2 1050.9 -232.0 -272.5 -133.4 -132.7 -6.3 111.5 1443.9 1445.1 -278.4 77.0 279.1 -213.2 11.1 66.2 1580.2 1247.9 -419.2 -10.2 366.6 -376.2 -0.5 72.2 1605.1 1389.3 -296.9 -147.6 119.7 -271.4 4.1 -15.9 1849.8 1354.7 -298.8 200.6 353.3 -176.0 23.3 62.0 1390.9 1788.4 -98.7 265.4 277.0 -29.0 17.5 146.6 1475.1 862.1 -243.7 464.2 475.7 -17.8 6.3 -99.9 741.5 1143.6 -85.0 508.8 515.3 10.8 -17.3 -106.5 826.4 1622.9 -158.8 398.0 343.1 71.7 -16.8 1.0 1382.6 16 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. 170.3 -226.2 211.7 88.2 119.1 -43.5 132.0 145.1 221.4 -17.4 -191.8 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances -69.3 218.7 24.1 -3.2 -71.0 -158.8 5.1 -1.5 59.4 163.2 -11.2 0.3 -2.7 72.8 17.9 0.2 -24.9 143.0 -0.5 1.5 -55.6 -0.6 13.8 -1.1 13.9 89.8 28.2 0.1 55.8 58.9 29.9 0.5 128.9 44.2 47.9 0.5 -43.2 13.4 13.7 -1.4 -248.2 15.0 41.3 0.1 25 26 27 28 2710.1 1711.8 1262.6 1533.2 1367.1 1345.8 1486.6 1933.4 1083.6 1126.2 1431.0 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 1793.9 901.9 -1844.0 -968.5 -1257.2 -1107.8 -703.5 -805.3 -151.5 -994.2 -499.2 1 -111.4 282.4 623.3 698.3 70.9 225.8 4.7 -125.6 271.7 497.0 -277.4 496.1 33.3 6.8 -448.2 -475.3 415.3 -589.1 -467.5 -282.6 3.4 -101.7 -233.8 186.9 -591.8 -90.2 -144.7 6.9 -201.7 -60.1 169.7 -932.7 -86.6 -146.6 0.8 -189.0 -248.6 228.6 -640.9 -108.8 -151.1 1.9 189.6 -372.1 159.7 -336.5 -103.4 -244.0 3.1 -206.0 -254.3 189.6 -457.1 -62.1 -37.3 21.8 92.2 11.1 263.7 -438.5 -46.7 -40.4 7.1 -99.8 -479.9 146.5 -366.2 -115.8 -97.4 18.4 31.0 -138.3 124.0 -339.4 -39.7 -141.2 4.2 2 3 4 5 6 7 8 1793.9 901.9 -1844.0 -968.5 -1257.2 -1107.8 -703.5 -805.3 -151.5 -994.2 -499.2 9 10 11 12 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 131.8 0.0 129.4 79.1 -0.2 84.0 -152.6 0.0 -10.3 -133.5 0.0 -42.6 -118.7 0.0 -75.4 -127.7 0.0 -118.4 -175.6 0.0 204.4 -111.9 0.0 -180.9 -15.6 0.0 44.3 -67.1 0.0 -186.9 -94.9 0.0 -107.7 10 11 12 13 14 Savings institutions Credit unions 104.1 13.4 -67.1 8.3 -169.6 -14.1 -29.0 -0.4 -60.2 -4.4 -41.6 -1.6 -61.9 0.8 47.9 3.6 -39.9 -9.6 -33.3 -3.5 -63.1 3.7 13 14 15 16 17 18 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 14.5 282.4 623.3 339.4 26.2 271.7 497.0 -408.0 -6.6 -475.3 415.3 -740.1 -3.2 -233.8 186.9 -515.2 -10.8 -60.1 169.7 -632.7 0.0 -248.6 228.6 -551.2 -1.2 -372.1 159.7 -465.7 -0.8 -254.3 189.6 -411.2 1.8 11.1 263.7 -369.0 2.4 -479.9 146.5 -242.0 0.9 -138.3 124.0 -252.7 15 16 17 18 19 20 21 22 Finance companies REITs Brokers and dealers Funding corporations 34.9 10.2 -4.0 114.5 -79.4 -53.8 77.7 466.4 -156.2 -50.0 -49.7 -434.8 -173.9 4.6 36.9 -65.3 -309.9 4.6 -2.4 -156.9 -176.2 -8.6 34.6 -97.1 -143.0 35.7 -19.2 134.5 -66.5 -13.4 134.4 -141.8 -9.7 44.5 -5.9 -67.1 -169.8 75.9 -72.7 36.3 35.6 25.9 -43.5 10.9 19 20 21 22 12 Z.1, December 8, 2011 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 3 4 5 6 7 8 9 10 Total Q2 Q3 Q4 Q1 2011 Q2 Q3 4504.1 2613.7 -581.5 564.8 109.9 238.0 783.1 1128.1 932.0 132.0 931.8 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -169.4 237.5 905.3 235.9 1228.2 -189.0 1239.0 768.9 95.3 -231.6 -461.9 1443.7 -59.9 154.5 -48.6 -79.9 1579.6 -46.2 97.7 -98.4 -176.3 1604.8 109.9 126.3 -357.3 -181.9 1848.7 -18.9 -4.8 -409.8 247.3 1390.4 -211.8 76.9 263.8 -208.8 1474.4 -64.0 192.4 109.6 252.7 740.4 276.0 -74.3 -2.3 -87.5 826.2 -333.3 -110.3 94.3 -181.6 1380.7 -12.4 -9.6 -30.4 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 335.1 533.6 1058.5 139.3 693.7 106.7 91.7 38.8 -774.6 -436.5 -282.8 -115.3 -105.4 -229.8 -508.6 -44.2 -141.8 -267.5 -690.7 -97.6 -150.1 -248.8 -514.3 -82.1 -159.5 -294.2 -476.3 -53.5 29.8 -108.7 -353.1 56.5 112.1 -48.2 -376.8 52.5 109.9 -83.3 -368.1 84.1 143.4 -80.3 -307.5 29.5 7 8 9 10 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 -95.8 294.0 803.8 379.9 440.5 242.0 510.2 326.9 964.4 217.6 -433.9 11 -460.5 -786.8 263.1 -336.0 313.2 -64.6 -8.7 -278.0 -118.1 -200.2 219.3 -214.3 -60.0 -336.5 -76.1 -360.8 -40.2 -327.2 -209.0 -509.2 -190.2 -593.4 12 13 147.8 178.6 364.7 -38.5 637.6 31.0 63.6 314.2 490.5 79.1 190.1 388.6 45.1 37.0 558.6 89.0 344.6 22.7 67.6 208.9 570.3 114.8 169.9 403.0 188.5 98.5 1004.6 106.8 193.5 426.6 95.1 308.0 -243.7 14 15 16 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 Net flows through credit markets (from table F.4, line 1) 4504.1 2613.7 -581.5 564.8 109.9 238.0 783.1 1128.1 932.0 132.0 931.8 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits 0.1 0.0 -0.7 256.0 4.8 0.0 -0.8 -394.3 99.9 3.0 -0.4 -106.1 1.8 0.0 -0.3 71.7 3.1 0.0 0.0 4.4 0.7 0.0 -0.0 151.2 4.4 0.0 -1.1 33.6 -0.8 0.0 0.0 97.4 14.5 0.0 0.0 181.8 25.1 0.0 0.0 -32.2 20.4 0.0 0.0 -18.2 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 -97.5 36.7 316.4 283.4 720.9 1801.9 568.4 524.8 -190.6 724.2 -609.0 -7.9 517.2 -141.8 -499.0 -185.8 266.3 298.4 -182.3 -502.9 -192.5 36.6 177.4 -307.4 -1109.4 -520.2 439.9 199.0 -366.3 -576.6 -305.2 112.0 453.7 94.2 -130.6 274.7 476.9 363.6 -149.7 -195.1 2801.6 -511.1 99.1 116.2 -92.6 132.2 510.3 914.1 1.9 -60.3 385.4 428.5 754.5 -687.3 -318.7 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 8.1 -460.5 364.7 202.0 -889.5 263.1 31.0 -170.0 207.8 313.2 490.5 -23.8 -201.3 -8.7 388.6 199.0 107.9 -118.1 558.6 309.7 -542.6 219.3 22.7 60.0 -340.8 -60.0 570.3 323.9 -29.8 -76.1 403.0 102.3 104.9 -40.2 1004.6 328.8 -182.0 -209.0 426.6 221.4 -834.6 -190.2 -243.7 304.6 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 276.5 34.2 201.1 -69.3 -397.9 67.0 125.7 -123.8 -95.9 26.5 135.4 -3.4 123.6 17.2 208.9 11.5 25.4 0.9 192.2 -5.6 160.1 13.8 165.2 -10.9 105.2 49.0 219.9 29.5 203.7 5.3 258.3 32.8 128.2 36.4 141.8 62.4 273.2 57.8 -113.3 -32.6 240.3 110.7 500.5 -3.5 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous -7.5 2450.5 -288.2 2050.1 -12.8 -460.2 46.0 1081.9 124.8 1113.3 72.7 1680.5 12.3 1423.3 -25.9 110.6 -22.7 1568.5 -34.6 1184.3 -60.2 2208.3 19 20 2 3 4 5 21 Total financial sources 9019.2 6319.7 -748.1 2198.4 1031.2 1406.4 3376.7 2979.4 6854.2 3214.8 3528.4 21 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous -1.2 196.5 1.8 -231.4 -36.5 12.9 -0.8 -347.1 30.6 -604.9 -64.0 1953.5 -4.4 -74.4 34.4 466.5 -41.6 -350.4 -1.1 18.1 -20.2 -85.4 -57.8 314.0 -0.2 -5.4 -98.4 231.9 -73.1 16.3 -1.8 98.7 -180.0 -219.6 -52.1 977.9 -1.9 -56.8 61.0 -392.8 -44.4 295.0 -0.5 36.0 136.6 39.0 -61.6 -33.2 -1.0 136.5 54.0 -400.4 -24.9 148.9 -0.7 -69.9 -241.2 -220.3 -73.9 225.4 -0.5 64.1 176.0 -229.9 -135.7 832.2 22 23 24 25 26 27 28 29 30 31 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 0.0 1.2 -0.1 -53.0 0.0 -3.3 -2.0 12.8 0.0 0.7 -1.0 77.4 0.0 0.0 -1.1 68.1 0.0 -51.6 -2.4 314.6 0.0 46.9 -0.2 -130.0 0.0 1.1 1.4 136.4 0.0 3.7 -3.0 -48.8 0.0 -62.7 1.3 133.8 0.0 62.6 0.2 20.4 0.0 -5.7 2.9 119.5 28 29 30 31 32 Totals identified to sectors as assets 9129.2 5344.9 -855.4 1963.8 699.4 866.6 3377.8 2911.2 6868.7 3512.3 2705.6 32 13 Z.1, December 8, 2011 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 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 institutions 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 Q2 Q3 Q4 Q1 2011 Q2 Q3 14028.7 14291.5 13938.9 14526.6 14277.9 14467.8 14605.5 14755.0 14867.8 15012.8 15180.9 1 9772.3 10035.5 9866.1 10245.5 10103.7 10184.8 10276.6 10417.1 10571.7 10676.0 10798.7 2 1188.4 2175.5 6408.3 1108.9 2272.8 6653.8 1029.6 2167.8 6668.7 1085.5 2301.5 6858.5 1058.0 2280.1 6765.6 1071.7 2268.3 6844.7 1087.5 2299.0 6890.1 1124.7 2358.7 6933.7 1154.5 2437.8 6979.4 1143.8 2478.9 7053.3 1157.7 2502.4 7138.6 3 4 5 2295.2 2087.6 1546.8 1795.1 1702.3 1809.7 1850.5 1818.0 1853.1 1895.3 1895.4 6 2266.1 2128.7 1707.6 1728.2 1658.0 1731.6 1743.8 1779.3 1791.1 1841.7 1902.4 7 1637.5 120.2 1092.4 204.3 33.1 187.5 1656.3 132.0 1116.1 173.7 39.5 195.0 1353.0 123.6 890.3 134.6 36.3 168.1 1390.1 118.8 912.4 134.9 42.3 181.7 1318.7 118.1 861.1 126.8 38.9 173.9 1377.1 118.3 902.0 134.7 41.5 180.7 1416.5 119.4 930.9 137.8 43.6 184.9 1447.9 119.3 955.5 140.3 45.3 187.5 1460.5 117.3 962.6 145.4 46.0 189.2 1506.0 120.2 993.5 151.9 47.1 193.3 1565.1 121.7 1032.3 163.2 49.0 199.0 8 9 10 11 12 13 628.7 541.7 15.7 80.5 -9.3 472.4 397.2 5.5 69.6 0.1 354.7 296.0 4.4 54.4 -0.1 338.1 287.7 -2.1 47.8 4.7 339.3 288.9 -3.5 47.7 6.2 354.5 302.1 -0.1 49.5 3.0 327.3 278.3 -5.5 46.8 7.7 331.3 281.6 0.8 47.3 1.7 330.6 281.0 0.7 47.2 1.6 335.7 285.1 -1.2 48.0 3.9 337.3 286.4 -6.6 48.2 9.3 14 15 16 17 18 29.1 28.3 1.5 -0.7 -41.1 -40.6 -2.1 1.6 -160.8 -151.1 -7.9 -1.8 66.9 65.1 3.4 -1.6 44.3 37.1 1.9 5.3 78.1 73.2 3.8 1.0 106.7 107.3 5.7 -6.2 38.7 42.9 2.3 -6.5 62.0 68.0 3.5 -9.4 53.6 60.5 3.0 -9.9 -7.1 5.7 0.1 -12.8 19 20 21 22 23 Net U.S. exports of goods and services -713.1 -709.7 -391.5 -516.9 -495.8 -531.2 -540.3 -500.2 -571.3 -597.1 -560.3 23 24 25 Exports - Imports 1661.7 2374.8 1846.8 2556.5 1583.0 1974.6 1839.8 2356.7 1749.5 2245.3 1813.8 2345.0 1860.6 2400.9 1935.3 2435.5 2024.1 2595.4 2085.3 2682.4 2117.2 2677.5 24 25 26 Government consumption expenditures and gross investment 2674.2 2878.1 2917.5 3002.8 2967.7 3004.6 3018.7 3020.2 3014.4 3038.6 3047.2 26 2217.8 848.9 1368.9 2381.0 931.7 1449.2 2412.2 986.6 1425.5 2497.5 1054.0 1443.5 2477.0 1033.9 1443.1 2497.7 1056.0 1441.8 2505.6 1066.6 1438.9 2509.7 1059.6 1450.1 2530.7 1059.1 1471.7 2560.4 1077.5 1482.9 2560.1 1084.8 1475.3 27 28 29 456.5 127.4 329.0 497.2 148.4 348.8 505.4 156.1 349.3 505.3 168.8 336.5 490.8 161.3 329.5 506.9 168.5 338.3 513.1 170.8 342.3 510.5 174.7 335.9 483.6 160.9 322.8 478.2 159.6 318.6 487.1 163.6 323.5 30 31 32 123.3 871.0 747.7 169.2 856.1 686.9 152.3 639.8 487.5 189.4 702.9 513.5 169.5 674.0 504.6 196.2 699.0 502.8 207.4 708.9 501.6 184.4 729.4 545.0 227.1 752.1 525.0 261.2 803.2 542.0 266.9 794.8 527.8 33 34 35 14151.9 14460.7 14091.2 14715.9 14447.4 14664.0 14812.8 14939.4 15094.9 15274.0 15447.8 36 -11.3 -1.7 13.8 -1.3 0.5 -11.2 16.3 14.1 -19.2 -0.0 -11.2 3.9 14.4 -7.1 0.0 -11.3 -3.4 14.5 0.2 0.0 -11.2 -3.0 14.4 -0.2 0.0 -11.2 -2.4 14.4 -0.8 0.0 -11.4 -5.0 14.6 1.8 0.0 -11.6 -3.4 14.8 0.1 0.0 -11.8 -3.6 15.2 0.3 0.0 -12.1 -3.2 15.5 -0.2 0.0 -12.2 -3.5 15.7 -0.6 0.7 37 38 39 40 41 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 37 38 39 40 41 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business State and local governments Federal governments Rest of the world (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 14 Z.1, December 8, 2011 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 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 2008 2009 2010 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 12396.4 12609.1 12147.6 12840.1 12595.9 12803.7 12942.1 13018.8 13232.6 13344.1 13434.6 1 7855.9 7402.2 459.9 -6.3 8068.3 7603.2 470.1 -5.0 7806.4 7343.4 458.0 5.0 7971.4 7498.2 473.2 0.0 7852.5 7385.0 467.5 0.0 7960.0 7487.4 472.6 0.0 8022.2 7546.5 475.7 0.0 8050.8 7573.9 476.9 0.0 8172.5 7681.1 491.4 0.0 8219.7 7725.7 494.0 0.0 8249.6 7754.2 495.4 0.0 2 3 4 5 1090.4 1052.6 37.8 1097.9 1046.1 51.8 941.2 902.0 39.2 1036.4 984.2 52.2 981.7 937.1 44.6 1025.6 979.7 45.8 1057.0 998.7 58.3 1081.5 1021.4 60.1 1095.6 1029.5 66.1 1106.5 1039.2 67.3 1115.0 1047.8 67.2 6 7 8 143.7 231.6 305.9 350.2 344.1 349.1 352.8 354.8 385.0 396.9 406.4 9 1510.6 1248.4 1362.0 1800.1 1724.2 1785.8 1833.1 1857.4 1876.4 1937.6 1977.4 10 1691.1 1315.5 1456.3 1780.4 1797.0 1859.9 1812.6 1652.2 1761.1 1830.2 1874.2 11 1738.4 1037.6 4.4 350.9 345.5 1359.9 829.6 1.6 406.6 122.2 1455.7 692.0 1.4 360.4 401.8 1819.5 941.5 1.3 381.9 494.7 1825.3 975.6 1.0 368.9 479.8 1865.5 983.1 1.1 390.6 490.6 1844.5 960.1 1.4 395.3 487.8 1742.5 847.3 1.6 372.9 520.8 1877.1 973.3 1.5 410.8 491.5 1890.6 1004.8 1.5 445.4 438.9 1921.5 1012.8 1.5 451.8 455.4 12 13 14 15 16 445.5 293.0 0.8 151.7 309.0 227.0 0.3 81.6 272.4 174.6 0.4 97.4 411.1 228.7 0.6 181.8 409.7 232.8 0.5 176.3 399.6 231.4 0.5 167.6 430.3 238.9 0.6 190.9 404.7 211.8 0.5 192.3 422.3 237.9 0.6 183.8 420.5 251.6 0.6 168.3 414.9 250.4 0.6 163.9 17 18 19 20 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Rest of the world Domestic financial 17 18 19 20 Less: Taxes on corporate income Domestic nonfinancial Farm Domestic financial 21 22 23 24 25 26 Equals: Profits after tax Net dividends Domestic nonfinancial Farm Rest of the world Domestic financial 1292.9 794.5 480.4 4.2 144.8 165.2 1050.9 786.9 470.6 3.5 180.5 132.2 1183.3 620.0 346.5 2.5 103.6 167.4 1408.4 737.3 396.8 2.0 122.0 216.5 1415.6 684.8 378.7 1.9 103.1 201.1 1465.9 729.3 374.2 2.0 138.9 214.2 1414.2 760.5 403.9 2.1 131.2 223.3 1337.8 774.8 430.2 2.1 115.0 227.5 1454.8 793.8 419.9 2.2 149.6 222.2 1470.1 807.4 457.0 2.2 143.3 204.9 1506.6 820.7 431.7 2.2 207.4 179.4 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Rest of the world Domestic financial 498.4 264.2 -0.5 206.1 28.7 264.0 131.9 -2.3 226.1 -91.7 563.3 171.0 -1.5 256.8 137.0 671.1 316.0 -1.3 259.9 96.4 730.8 364.0 -1.4 265.8 102.4 736.6 377.5 -1.4 251.7 108.8 653.7 317.3 -1.2 264.1 73.6 563.0 205.2 -1.0 257.9 100.9 660.9 315.5 -1.2 261.1 85.5 662.7 296.1 -1.2 302.1 65.7 685.9 330.7 -1.3 244.4 112.1 27 28 29 30 31 32 Inventory valuation adjustment -47.2 -44.5 0.6 -39.1 -28.4 -5.6 -32.0 -90.3 -116.0 -60.4 -47.3 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Domestic financial -180.5 -158.8 0.0 -21.7 -67.1 -31.7 0.0 -35.4 -94.3 -52.0 0.0 -42.3 19.7 47.8 0.0 -28.1 -72.7 -34.9 0.0 -37.9 -74.1 -36.2 0.0 -37.9 20.5 48.3 0.0 -27.8 205.2 214.1 0.0 -8.8 115.4 133.6 0.0 -18.2 107.3 127.2 0.0 -19.9 103.3 123.5 0.0 -20.3 33 34 35 36 37 Net interest and miscellaneous payments 38 39 40 41 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 731.6 870.1 656.7 564.3 589.1 569.2 550.1 548.7 556.6 525.6 531.9 37 1027.2 54.6 103.3 -11.8 1038.6 52.9 123.0 -16.0 1017.9 59.7 132.0 -14.9 1054.0 57.3 136.7 -15.7 1040.9 56.4 134.6 -14.7 1050.6 56.8 135.7 -15.5 1059.0 57.0 140.9 -16.0 1065.5 59.1 135.7 -16.5 1087.4 60.0 134.7 -15.6 1101.1 62.7 133.9 -14.6 1099.2 64.1 133.7 -14.5 38 39 40 41 12396.4 12609.1 12147.6 12840.1 12595.9 12803.7 12942.1 13018.8 13232.6 13344.1 13434.6 42 1476.2 291.3 -12.0 1542.9 311.2 -2.4 1542.4 323.7 77.4 1540.9 334.0 0.8 1529.6 329.0 -7.2 1534.4 332.5 -6.6 1542.6 335.5 -7.4 1557.0 339.1 24.5 1570.5 343.8 -52.0 1590.5 349.4 -10.0 1606.7 355.2 51.4 43 44 45 123.3 169.2 152.3 189.4 169.5 196.2 207.4 184.4 227.1 261.2 266.9 46 14028.7 14291.5 13938.9 14526.6 14277.9 14467.8 14605.5 14755.0 14867.8 15012.8 15180.9 47 Memo: Calculation of Gross Domestic Product from National Income: (2) 42 National Income, from line 1 above 43 44 45 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 46 Less: Net U.S. income receipts from rest of the world 47 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. 15 Z.1, December 8, 2011 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 Gross saving 2047.7 1908.2 1597.3 1820.4 1718.4 1840.9 1883.2 1839.3 1895.2 1890.5 1887.3 1 2 3 4 5 6 7 8 9 10 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 280.2 513.2 270.7 226.3 44.3 242.5 -233.0 -245.2 12.2 54.1 739.8 152.5 237.5 -85.0 587.3 -685.7 -613.5 -72.2 -268.8 1027.1 469.6 325.6 143.9 557.6 -1296.0 -1217.9 -78.1 -54.5 1244.5 651.7 533.7 118.0 592.8 -1299.0 -1273.7 -25.3 -140.2 1163.8 629.7 489.2 140.5 534.1 -1304.0 -1271.8 -32.3 -25.9 1280.3 657.0 522.3 134.7 623.3 -1306.2 -1278.0 -28.2 5.0 1267.9 642.3 547.4 94.9 625.6 -1262.9 -1257.7 -5.2 -56.8 1266.0 677.9 575.8 102.1 588.1 -1322.8 -1287.3 -35.5 -19.1 1239.2 660.3 564.3 96.0 578.9 -1258.3 -1201.1 -57.2 -49.4 1266.2 709.6 608.3 101.4 556.5 -1315.6 -1275.4 -40.2 -74.5 1176.4 741.8 623.6 118.2 434.6 -1251.0 -1172.8 -78.2 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business (2) Nonfinancial noncorporate business (3) Financial business Households and institutions Government Federal State and local 1767.5 1476.2 1190.7 840.1 210.1 140.6 285.5 291.3 112.6 178.7 1854.1 1542.9 1248.3 864.3 211.3 172.7 294.6 311.2 120.0 191.2 1866.2 1542.4 1249.9 862.2 210.8 176.9 292.5 323.7 124.7 199.0 1874.9 1540.9 1245.7 856.8 209.7 179.1 295.2 334.0 130.0 204.0 1858.6 1529.6 1235.6 850.3 209.4 175.9 294.0 329.0 127.9 201.1 1866.9 1534.4 1241.2 853.9 209.0 178.2 293.2 332.5 129.4 203.1 1878.2 1542.6 1247.2 857.7 209.7 179.8 295.4 335.5 130.5 205.0 1896.1 1557.0 1258.7 865.4 210.8 182.5 298.4 339.1 132.3 206.8 1914.3 1570.5 1270.1 873.4 212.4 184.3 300.4 343.8 134.6 209.2 1939.9 1590.5 1287.8 885.4 214.8 187.6 302.7 349.4 136.8 212.6 1961.9 1606.7 1302.3 895.7 216.9 189.7 304.4 355.2 139.2 216.0 11 12 13 14 15 16 17 18 19 20 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2035.7 1905.8 1674.8 1821.3 1711.2 1834.3 1875.7 1863.8 1843.2 1880.5 1938.8 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business (2) Nonfinancial noncorporate business (3) Financial business Households and institutions Gross government investment Federal State and local 2751.7 2295.2 1633.3 1162.2 283.7 187.5 661.9 456.5 127.4 329.0 2584.8 2087.6 1558.4 1096.2 267.2 195.0 529.2 497.2 148.4 348.8 2052.2 1546.8 1127.2 756.7 202.4 168.1 419.6 505.4 156.1 349.3 2300.4 1795.1 1388.6 995.5 211.4 181.7 406.5 505.3 168.8 336.5 2193.1 1702.3 1295.4 914.7 206.8 173.9 407.0 490.8 161.3 329.5 2316.5 1809.7 1389.3 994.6 214.0 180.7 420.4 506.9 168.5 338.3 2363.6 1850.5 1452.8 1055.0 212.9 184.9 397.7 513.1 170.8 342.3 2328.5 1818.0 1417.1 1017.7 212.0 187.5 400.9 510.5 174.7 335.9 2336.7 1853.1 1454.7 1052.1 213.4 189.2 398.4 483.6 160.9 322.8 2373.5 1895.3 1490.0 1079.4 217.2 193.3 405.3 478.2 159.6 318.6 2382.4 1895.4 1487.2 1064.9 223.4 199.0 408.1 487.1 163.6 323.5 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (4) Private Domestic business Nonfinancial corporate business (2) Nonfinancial noncorporate business (3) Financial business Households and institutions Government Federal State and local -0.1 -10.0 -1.7 -1.7 0.0 0.0 -8.3 10.0 55.0 -45.1 -5.4 -71.0 -51.2 12.6 -3.3 -60.5 -19.8 65.6 114.3 -48.7 0.6 -143.5 -85.7 42.2 -6.0 -121.9 -57.8 144.1 197.0 -52.9 0.7 -85.3 -31.4 17.8 -7.8 -41.5 -53.9 86.0 149.8 -63.8 0.5 -95.1 -11.5 56.0 -4.4 -63.0 -83.6 95.5 144.9 -49.3 0.5 -128.0 -88.5 4.8 -16.1 -77.2 -39.5 128.6 192.1 -63.6 1.2 -58.2 -31.0 -8.2 -8.0 -14.9 -27.1 59.4 132.8 -73.4 0.5 -60.1 5.3 18.7 -2.6 -10.8 -65.4 60.7 129.6 -68.9 0.5 -67.8 -23.8 -8.8 -2.5 -12.5 -44.0 68.4 125.5 -57.1 3.7 -87.3 -46.0 -8.3 -3.4 -34.3 -41.3 91.0 151.2 -60.2 3.1 -85.9 -38.3 -10.3 -0.3 -27.7 -47.6 88.9 152.5 -63.6 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Net lending (+) or net borrowing (-), NIPAs (5) Private Domestic business Nonfinancial corporate business (2) (5) Nonfinancial noncorporate business (3) Financial business Households and institutions Government Federal State and local -715.9 -307.8 -182.2 -106.0 -73.6 -2.6 -125.7 -408.1 -315.0 -93.1 -673.6 263.7 -108.8 -9.5 -52.6 -46.7 372.6 -937.3 -756.2 -181.1 -378.0 1243.7 755.4 466.3 14.5 274.6 488.3 -1621.7 -1446.3 -175.4 -479.9 1076.4 541.0 378.0 6.1 156.9 535.4 -1556.3 -1462.3 -94.0 -482.4 1079.0 574.3 361.7 7.0 205.6 504.7 -1561.4 -1450.0 -111.4 -482.7 1126.4 590.8 370.3 11.1 209.4 535.6 -1609.1 -1509.2 -99.9 -489.1 1010.8 460.3 350.8 4.8 104.7 550.5 -1499.8 -1430.8 -69.0 -465.3 1089.6 538.6 429.3 1.5 107.9 551.0 -1554.9 -1459.2 -95.7 -494.0 972.5 447.5 342.4 1.5 103.5 525.0 -1466.5 -1352.8 -113.7 -496.7 1038.7 543.5 412.6 1.0 130.0 495.2 -1535.4 -1449.4 -86.0 -446.7 1025.0 646.6 516.2 -6.3 136.6 378.5 -1471.7 -1349.7 -122.0 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) -12.0 -2.4 77.4 0.8 -7.2 -6.6 -7.4 24.5 -52.0 -10.0 51.4 52 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19.1 19.1 10.8 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Includes corporate farms. (3) Includes noncorporate farms. (4) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (5) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). 16 Z.1, December 8, 2011 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 Capital transfers paid, by sector By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 114.5 209.6 290.1 209.9 254.3 248.9 167.0 169.3 133.0 167.5 160.9 1 0.0 0.0 0.0 0.0 0.0 0.0 7.6 7.6 7.6 0.0 0.0 0.0 40.4 0.0 0.0 0.0 40.4 0.0 25.8 0.0 0.0 0.0 25.8 0.0 62.2 0.0 0.0 0.0 62.2 0.0 15.3 0.0 0.0 0.0 15.3 0.0 0.5 0.0 0.0 0.0 0.5 0.0 25.3 0.0 0.0 0.0 25.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to the rest of the world (net) State and local Disaster-related insurance benefits 82.8 82.8 53.7 0.0 0.0 0.0 28.7 0.4 0.0 0.0 161.8 161.8 57.1 2.8 67.7 0.1 33.3 0.8 0.0 0.0 224.7 224.7 62.8 0.0 121.9 8.1 31.3 0.6 0.0 0.0 164.6 164.6 73.6 0.0 41.5 12.3 36.4 0.7 0.0 0.0 166.4 166.4 59.3 0.0 63.0 7.7 35.8 0.5 0.0 0.0 211.0 211.0 73.3 0.0 77.2 24.2 35.8 0.5 0.0 0.0 146.4 146.4 82.9 0.0 14.9 11.6 35.8 1.2 0.0 0.0 134.4 134.4 79.0 0.0 10.8 5.8 38.3 0.5 0.0 0.0 126.7 126.7 67.5 0.0 12.5 7.7 38.5 0.5 0.0 0.0 157.0 157.0 70.9 0.0 34.3 8.6 39.6 3.7 0.0 0.0 154.7 154.7 74.5 0.0 27.7 7.1 41.6 3.7 0.0 0.0 8 9 10 11 12 13 14 15 16 17 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 31.7 26.5 5.3 34.0 28.3 5.8 25.1 20.6 4.5 19.5 15.0 4.5 25.7 21.3 4.4 22.6 18.1 4.5 20.0 15.5 4.6 9.6 5.0 4.6 6.3 1.5 4.8 10.4 5.7 4.8 6.2 1.5 4.7 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 6.2 6.2 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 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 114.5 209.6 290.1 209.9 254.3 248.9 167.0 169.3 133.0 167.5 160.9 24 25 26 27 28 29 30 31 32 33 34 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75.0 68.1 0.4 67.7 3.7 3.6 0.1 3.3 3.3 0.0 130.0 121.9 0.0 121.9 2.1 0.0 2.1 6.0 0.0 6.0 53.8 41.5 0.0 41.5 4.6 0.0 4.6 7.8 0.0 7.8 70.8 63.0 0.0 63.0 3.3 0.0 3.3 4.4 0.0 4.4 101.4 77.2 0.0 77.2 8.1 0.0 8.1 16.1 0.0 16.1 26.5 14.9 0.0 14.9 3.6 0.0 3.6 8.0 0.0 8.0 16.6 10.8 0.0 10.8 3.2 0.0 3.2 2.6 0.0 2.6 20.2 12.5 0.0 12.5 5.2 0.0 5.2 2.5 0.0 2.5 42.8 34.3 0.0 34.3 5.1 0.0 5.1 3.4 0.0 3.4 34.8 27.7 0.0 27.7 6.8 0.0 6.8 0.3 0.0 0.3 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 By government Federal Estate and gift taxes paid by persons State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 85.4 26.5 26.5 58.9 0.0 5.3 53.7 0.0 91.1 28.3 28.3 62.8 0.0 5.8 57.1 0.0 87.9 20.6 20.6 67.3 0.0 4.5 62.8 0.0 93.3 15.0 15.0 78.3 0.0 4.5 73.6 0.2 85.0 21.3 21.3 63.7 0.0 4.4 59.3 0.0 96.1 18.1 18.1 78.0 0.0 4.5 73.3 0.2 103.5 15.5 15.5 88.0 0.0 4.6 82.9 0.5 88.7 5.0 5.0 83.7 0.0 4.6 79.0 0.1 73.8 1.5 1.5 72.3 0.0 4.8 67.5 0.0 81.3 5.7 5.7 75.7 0.0 4.8 70.9 0.0 80.8 1.5 1.5 79.3 0.0 4.7 74.5 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 28.7 0.0 28.7 42.6 9.3 33.3 71.7 0.0 71.7 62.0 0.0 62.0 98.1 0.0 98.1 50.9 0.0 50.9 35.8 0.0 35.8 63.5 0.0 63.5 38.5 0.0 38.5 39.6 0.0 39.6 41.6 0.0 41.6 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.4 0.4 0.0 0.8 0.8 0.0 0.6 0.6 0.0 0.7 0.7 0.0 0.5 0.5 0.0 0.5 0.5 0.0 1.2 1.2 0.0 0.5 0.5 0.0 0.5 0.5 0.0 3.7 3.7 0.0 3.7 3.7 0.0 46 47 48 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -67.5 -60.5 7.6 -29.7 -29.3 -0.4 -3.2 -6.9 -28.3 -3.7 -3.3 -89.6 -121.9 0.0 -18.2 -18.2 0.0 -11.3 -87.1 -5.3 38.3 -6.0 -28.0 -41.5 0.0 2.4 2.4 0.0 -1.5 -40.2 -2.2 21.3 -7.8 -8.5 -63.0 0.0 6.9 6.9 0.0 0.0 -61.2 -8.7 58.9 -4.4 -86.1 -77.2 0.0 -1.2 -1.2 0.0 0.0 -76.0 0.0 7.2 -16.1 -26.0 -14.9 0.0 4.3 4.3 0.0 -6.0 -13.2 0.0 -3.2 -8.0 8.7 -10.8 0.0 -0.4 -0.4 0.0 0.0 -10.4 0.0 22.1 -2.6 -20.2 -12.5 0.0 13.5 13.5 0.0 0.0 -12.4 -13.6 -5.2 -2.5 -42.8 -34.3 0.0 -0.3 -0.3 0.0 0.0 -34.0 0.0 -5.1 -3.4 -34.8 -27.7 0.0 -1.4 -1.4 0.0 0.0 -26.3 0.0 -6.8 -0.3 49 50 51 52 53 54 55 56 57 58 59 -2.6 56.3 -58.9 70.6 133.5 -62.8 136.8 204.1 -67.3 71.2 149.6 -78.3 81.4 145.1 -63.7 114.9 192.9 -78.0 43.0 131.0 -88.0 45.7 129.4 -83.7 52.9 125.2 -72.3 75.7 151.4 -75.7 73.9 153.2 -79.3 60 61 62 3.0 -8.6 -46.6 -42.6 -72.4 -28.2 -15.8 -53.8 -32.2 -29.2 -35.4 63 -0.4 5.4 -0.6 -0.7 -0.5 -0.5 -1.2 -0.5 -0.5 -3.7 -3.7 64 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered commercial banks Financial stabilization payments (2) Other (lines 5-27) Bank holding companies (GMAC) (2) Government-sponsored enterprises (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 63 By persons (lines 18-43) 64 By the rest of the world (lines 21-46) (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts. 17 Z.1, December 8, 2011 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Net acquisition of financial assets 1509.3 763.6 120.0 393.2 -183.6 583.7 178.7 994.3 522.1 293.4 516.8 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.4 -5.0 492.1 231.1 -23.7 240.5 193.0 236.6 -6.4 58.7 102.4 -274.4 4.3 -166.0 216.0 -187.8 0.3 -279.0 321.9 -268.0 9.1 -170.4 188.1 -133.4 2.0 -107.3 236.6 -132.6 5.8 -107.5 117.2 -217.4 10.9 52.6 -7.8 90.4 -1.9 27.3 814.3 96.4 -1.1 342.6 158.6 -87.9 2 3 4 5 -127.9 -10.2 -6.0 -41.0 314.8 43.6 207.6 -845.9 209.1 -133.5 -101.3 -2.4 151.7 98.4 41.4 -214.2 -108.4 1.4 258.6 28.7 -2.8 419.6 -567.4 131.4 -141.3 51.8 338.6 346.9 28.8 -3.3 361.4 92.5 59.0 -333.4 -148.7 290.6 -17.6 39.8 -4.0 128.4 -49.8 129.0 -556.7 -138.2 434.1 584.4 38.5 -3.1 991.7 114.1 4.6 -490.9 31.9 -102.4 -72.2 35.4 -2.6 -30.3 15.2 -38.9 -499.3 -78.2 526.5 892.9 1.7 -3.5 356.0 290.5 141.2 213.3 -410.3 304.2 173.9 17.7 -4.6 -917.8 425.0 -4.4 -168.3 -41.7 867.9 -809.1 -11.9 -3.9 -419.3 -165.3 -116.8 -14.1 -371.3 293.5 -801.8 -8.8 -2.8 227.8 -302.2 -72.4 -325.2 -49.5 -268.6 6 7 8 9 10 11 12 13 14 6 7 8 9 10 11 12 13 14 Securities Open market paper U.S. savings bonds Treasury bills and 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 34.2 201.1 67.0 125.7 26.5 135.4 17.2 208.9 0.9 192.2 13.8 165.2 49.0 219.9 5.3 258.3 36.4 141.8 57.8 -113.3 110.7 500.5 15 16 17 Miscellaneous and other assets 668.3 57.9 -180.8 -46.2 -134.3 -73.1 -16.9 39.5 23.9 222.0 295.2 17 18 19 20 21 22 23 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 2041.1 622.2 322.4 1106.8 -11.3 0.9 1826.5 466.8 330.4 1041.3 -11.2 -0.9 1576.1 350.3 281.0 965.3 -11.2 -9.3 1622.8 335.5 280.2 1016.2 -11.3 2.2 1593.1 336.6 271.2 990.5 -11.2 6.0 1626.5 351.6 278.2 1003.3 -11.2 4.6 1617.4 325.1 284.7 1018.1 -11.4 0.9 1654.2 328.8 286.7 1052.9 -11.6 -2.7 1680.7 328.3 287.2 1080.8 -11.8 -3.7 1681.3 333.1 294.0 1070.8 -12.1 -4.5 1703.1 334.6 306.5 1083.8 -12.2 -9.7 18 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1346.1 269.8 202.2 874.0 1412.4 272.2 233.7 906.5 1420.5 266.0 237.3 917.2 1420.3 266.7 238.3 915.3 1415.8 264.8 238.1 912.9 1416.5 265.6 236.5 914.5 1421.3 267.0 238.2 916.1 1427.7 269.5 240.3 917.9 1401.5 271.8 241.6 888.1 1415.4 275.3 242.8 897.3 1432.7 278.1 243.8 910.8 24 25 26 27 28 Net investment in nonfinancial assets (3) 695.0 414.0 155.6 202.5 177.3 209.9 196.1 226.5 279.2 265.9 270.4 28 352.4 120.2 232.8 -11.3 0.9 194.7 96.7 134.8 -11.2 -0.9 84.3 43.6 48.1 -11.2 -9.3 68.8 41.9 100.9 -11.3 2.2 71.8 33.0 77.6 -11.2 6.0 86.0 41.7 88.8 -11.2 4.6 58.1 46.5 102.0 -11.4 0.9 59.3 46.4 135.0 -11.6 -2.7 56.4 45.6 192.7 -11.8 -3.7 57.8 51.2 173.5 -12.1 -4.5 56.5 62.7 173.0 -12.2 -9.7 29 30 31 32 33 1505.1 328.8 -288.9 -376.8 -789.5 -451.8 -381.7 116.0 -57.5 -28.5 -272.4 34 711.4 286.4 139.3 3.6 33.4 330.9 -100.1 230.9 38.8 5.9 -160.7 314.0 -188.0 21.1 -115.3 0.7 38.1 -45.6 -335.6 -103.7 -44.2 3.4 75.2 28.1 -550.0 -100.0 -97.6 2.5 -26.4 -18.0 -303.5 -128.1 -82.1 2.8 82.5 -23.4 -287.4 -109.3 -53.5 4.6 66.7 -2.8 -201.5 -77.4 56.5 3.8 178.0 156.5 -291.7 -27.1 52.5 1.2 150.2 57.3 -267.3 -26.7 84.1 2.8 -11.5 190.2 -200.8 -25.7 29.5 3.7 -243.7 164.7 35 36 37 38 39 40 3.0 -11.9 -52.6 -50.3 -76.8 -44.3 -23.8 -56.4 -34.7 -32.6 -35.7 41 29 30 31 32 33 34 35 36 37 38 39 40 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt Consumer credit Policy loans Security credit Other liabilities 41 Net capital transfers paid (4) 42 Personal saving, FOF concept (FOF) 702.2 836.9 511.8 922.1 706.4 1201.1 732.7 1048.4 824.1 555.2 1023.9 42 43 44 - Net investment in consumer durables - Government insurance and pension fund reserves (5) 232.8 0.1 134.8 -0.6 48.1 0.5 100.9 -1.7 77.6 -3.4 88.8 -1.0 102.0 -2.1 135.0 -0.4 192.7 -2.1 173.5 -0.1 173.0 0.5 43 44 45 = Personal saving, NIPA concept (FOF) (6) 469.3 702.8 463.2 823.0 632.2 1113.2 632.8 913.8 633.5 381.7 850.4 45 46 Personal saving, NIPA concept (NIPA) 248.7 592.3 552.6 592.8 534.1 623.3 625.6 588.1 578.9 556.5 434.6 46 47 Difference 220.6 110.4 -89.3 230.2 98.1 490.0 7.2 325.7 54.6 -174.8 415.8 47 48 Memo: Disposable personal income 10423.6 11024.5 10788.8 11179.7 10991.3 11150.2 11240.4 11336.7 11481.0 11559.2 11565.2 48 49 50 51 52 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 42) NIPA concept (FOF data) (line 45) NIPA concept (NIPA data) (line 46) Difference (line 47) 7.6 6.4 5.4 1.0 4.7 4.3 5.1 -0.8 8.2 7.4 5.3 2.1 6.4 5.8 4.9 0.9 10.8 10.0 5.6 4.4 6.5 5.6 5.6 0.1 9.2 8.1 5.2 2.9 7.2 5.5 5.0 0.5 4.8 3.3 4.8 -1.5 8.9 7.4 3.8 3.6 49 50 51 52 6.7 4.5 2.4 2.1 (1) Consolidated statement for households and nonprofit organizations, nonfarm nonfinancial noncorporate business, and noncorporate farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14) and life insurance and pension reserves (lines 15 and 16)). (3) Line 18 less line 24. (4) Table F.9, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 44) plus net investment in nonfinancial assets net of consumer durables (line 28 less line 43) less net increase in liabilities (line 34) plus net capital transfers paid (line 41). Line 46 is disposable personal income (line 48) less personal outlays (table F.100, line 4). 18 Z.1, December 8, 2011 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 2008 2009 2010 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 11912.3 1488.7 10423.6 10174.9 248.7 12460.2 1435.7 11024.5 10432.2 592.3 11930.2 1141.4 10788.8 10236.3 552.6 12373.5 1193.9 11179.7 10586.9 592.8 12137.7 1146.4 10991.3 10457.2 534.1 12325.6 1175.4 11150.2 10527.0 623.3 12453.2 1212.8 11240.4 10614.8 625.6 12577.6 1240.9 11336.7 10748.6 588.1 12846.9 1365.9 11481.0 10902.1 578.9 12955.3 1396.2 11559.2 11002.6 556.5 12975.2 1410.0 11565.2 11130.6 434.6 1 2 3 4 5 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) 0.1 232.8 1161.8 3.0 -0.6 134.8 1201.2 -8.6 0.5 48.1 1209.7 -46.6 -1.7 100.9 1210.6 -42.6 -3.4 77.6 1206.9 -72.4 -1.0 88.8 1207.7 -28.2 -2.1 102.0 1211.5 -15.8 -0.4 135.0 1216.3 -53.8 -2.1 192.7 1188.5 -32.2 -0.1 173.5 1200.0 -29.2 0.5 173.0 1215.1 -35.4 6 7 8 9 10 = Gross saving less net capital transfers paid 1640.4 1936.2 1857.4 1945.0 1887.6 1947.0 1952.8 1992.8 1990.2 1959.1 1858.7 10 11 Gross investment 1861.0 2046.6 1768.1 2175.3 1985.7 2437.0 1960.0 2318.5 2044.8 1784.3 2274.5 11 1757.4 541.7 1106.8 120.2 -11.3 1559.3 397.2 1041.3 132.0 -11.2 1373.7 296.0 965.3 123.6 -11.2 1411.3 287.7 1016.2 118.8 -11.3 1386.3 288.9 990.5 118.1 -11.2 1412.4 302.1 1003.3 118.3 -11.2 1404.5 278.3 1018.1 119.4 -11.4 1442.2 281.6 1052.9 119.3 -11.6 1467.3 281.0 1080.8 117.3 -11.8 1464.0 285.1 1070.8 120.2 -12.1 1479.7 286.4 1083.8 121.7 -12.2 12 13 14 15 16 17 12 13 14 15 16 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Nonproduced nonfinancial assets 17 Net lending (+) or net borrowing (-) 103.6 487.4 394.4 763.9 599.4 1024.6 555.5 876.3 577.5 320.3 794.8 18 Net acquisition of financial assets 1020.0 366.7 211.6 584.8 185.1 835.0 333.2 985.9 505.6 239.6 400.9 18 19 20 21 22 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.4 -71.8 477.2 229.0 -23.7 236.8 194.3 235.5 -6.4 38.2 107.2 -272.7 4.3 -144.6 230.6 -184.8 0.3 -243.1 346.4 -262.9 9.1 -143.3 206.6 -129.5 2.0 -87.6 250.0 -129.8 5.8 -104.5 119.4 -216.9 10.9 50.9 -7.4 90.5 -1.9 23.0 813.1 96.2 -1.1 334.3 154.6 -88.7 19 20 21 22 23 Credit market instruments 502.5 -5.0 -141.3 195.2 -320.8 644.9 -528.8 985.6 -664.3 -748.0 -492.9 23 -10.2 -50.0 -6.0 -44.0 314.8 44.1 207.6 8.5 -12.4 -101.3 156.8 -2.4 159.2 98.4 41.8 -214.2 12.2 1.4 28.7 422.5 -2.8 425.2 -567.4 131.3 -141.3 -5.3 -9.7 28.8 360.1 -3.3 363.4 92.5 59.2 -333.4 -0.6 -11.3 39.8 127.6 -4.0 131.6 -49.8 129.3 -556.7 -4.4 -6.5 38.5 991.0 -3.1 994.1 114.1 4.9 -490.9 0.8 -13.5 35.4 -31.1 -2.6 -28.5 15.2 -38.7 -499.3 2.0 -12.3 1.7 352.8 -3.5 356.2 290.5 141.2 213.3 -0.8 -13.0 17.7 -922.3 -4.6 -917.7 425.0 -4.4 -168.3 -1.6 -10.4 -11.9 -423.4 -3.9 -419.5 -165.3 -116.8 -14.1 -3.3 -13.3 -8.8 224.5 -2.8 227.3 -302.2 -72.4 -325.2 -1.0 -7.6 24 25 26 27 28 29 30 31 32 -845.9 209.1 210.8 34.2 201.1 -7.5 66.1 -108.4 1.4 -123.8 67.0 125.7 -288.2 55.1 51.8 338.6 -74.1 26.5 135.4 -12.8 21.1 -148.7 290.6 25.7 17.2 208.9 46.0 44.4 -138.2 434.1 45.7 0.9 192.2 124.8 5.7 31.9 -102.4 23.9 13.8 165.2 72.7 42.2 -78.2 526.5 43.2 49.0 219.9 12.3 54.7 -410.3 304.2 -10.1 5.3 258.3 -25.9 75.0 -41.7 867.9 36.2 36.4 141.8 -22.7 7.1 -371.3 293.5 217.7 57.8 -113.3 -34.6 7.5 -49.5 -268.6 188.8 110.7 500.5 -60.2 73.0 33 34 35 36 37 38 39 916.4 -120.6 -182.8 -179.2 -414.3 -189.6 -222.3 109.6 -71.8 -80.7 -394.0 40 867.3 14.7 -232.0 -278.4 -419.2 -296.9 -298.8 -98.7 -243.7 -85.0 -158.8 41 677.5 139.3 20.6 13.4 3.2 13.3 -53.2 38.8 8.0 18.0 6.2 -3.0 -146.4 -115.3 6.0 30.1 0.5 -6.9 -298.2 -44.2 -2.3 76.5 2.4 -12.6 -498.3 -97.6 4.5 180.2 2.2 -10.2 -254.2 -82.1 -8.9 61.1 1.7 -14.4 -257.3 -53.5 -10.9 32.5 4.5 -14.2 -183.1 56.5 5.9 32.2 1.3 -11.6 -262.7 52.5 -1.4 -25.8 0.9 -7.2 -240.8 84.1 -4.7 81.3 2.1 -6.9 -181.4 29.5 -18.5 15.1 3.7 -7.1 42 43 44 45 46 47 33.4 14.6 -160.7 22.2 38.1 16.0 75.2 21.4 -26.4 21.2 82.5 21.2 66.7 21.6 178.0 21.6 150.2 20.0 -11.5 14.0 -243.7 13.6 48 49 1.0 3.2 -4.9 2.7 10.1 3.6 -11.8 8.7 1.7 1.9 -5.0 50 -220.6 -110.4 89.3 -230.2 -98.1 -490.0 -7.2 -325.7 -54.6 174.8 -415.8 51 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Corporate equities (6) 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 (7) Consumer credit Municipal securities Bank loans n.e.c. (8) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy (1) Sector includes farm households, domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.9, line 63. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 34) and life insurance and pension reserves (lines 36 and 37). (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. (8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.109, line 17. 19 Z.1, December 8, 2011 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Income before taxes 2203.6 2029.1 1747.3 2098.1 2075.3 2128.5 2138.1 2050.5 2201.0 2247.5 2267.3 1 2 Gross saving less net capital transfers paid 1251.0 1318.9 1365.0 1585.8 1518.2 1608.8 1623.9 1592.2 1636.3 1717.7 1724.4 2 3 Gross investment 1147.8 383.6 1540.6 1500.0 1410.8 1637.4 1543.5 1408.4 1496.0 1566.0 1648.1 3 1453.4 1379.6 963.2 1198.8 1112.3 1203.2 1255.2 1224.6 1260.3 1289.6 1275.5 4 1426.0 96.2 1329.8 1404.4 75.1 1329.3 1120.0 58.8 1061.2 1135.3 45.7 1089.6 1070.9 44.1 1026.8 1127.6 49.4 1078.2 1153.5 41.3 1112.3 1189.2 48.1 1141.2 1201.9 48.0 1153.9 1239.3 46.8 1192.5 1286.1 41.6 1244.5 5 6 7 29.1 -1.7 -41.1 16.3 -160.8 3.9 66.9 -3.4 44.3 -3.0 78.1 -2.4 106.7 -5.0 38.7 -3.4 62.0 -3.6 53.6 -3.2 -7.1 -3.5 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net lending (+) or net borrowing (-) -305.6 -996.0 577.4 301.2 298.5 434.2 288.3 183.9 235.7 276.4 372.6 10 11 Net acquisition of financial assets 1554.3 -506.7 208.0 686.2 592.8 535.6 882.5 733.9 1080.2 939.9 976.8 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 58.4 -40.7 130.2 -7.5 -25.5 -104.9 -60.7 159.3 -0.9 6.8 147.8 102.1 -58.1 0.7 40.5 257.5 -31.9 -131.7 4.3 28.2 258.1 -147.6 -316.5 4.6 43.1 165.1 -97.4 -179.5 1.0 41.9 233.7 118.6 -13.1 -10.8 48.8 372.9 -0.9 -17.5 22.6 27.7 229.3 201.4 -80.6 2.5 20.9 230.0 97.3 -65.4 -2.8 20.8 233.6 109.3 -88.1 -2.4 12 13 14 15 16 17 Credit market instruments -69.1 -43.0 2.9 9.5 70.4 -16.2 47.6 -64.0 16.7 11.1 5.3 17 -53.2 -4.1 -2.4 0.6 -11.0 1.0 -12.2 -15.4 -2.6 -3.4 -10.7 1.2 -1.3 6.8 4.2 1.1 -5.3 -2.6 15.5 -1.5 0.1 -6.5 -5.7 7.5 28.5 23.7 9.0 -16.1 -6.7 32.1 1.8 7.6 3.3 -12.4 -6.1 -10.4 41.7 3.0 1.6 4.6 -5.5 2.3 -10.1 -40.3 -13.3 -2.0 -4.3 6.1 39.2 -2.5 -0.8 -2.3 -4.1 -12.7 -25.9 29.8 9.9 -1.0 -4.0 2.3 -0.3 -0.2 -0.2 -1.2 -3.7 11.0 18 19 20 21 22 23 0.2 217.8 1264.1 -6.1 -174.9 -250.0 40.4 -56.9 22.3 16.7 110.0 411.2 16.7 -43.1 721.9 16.7 182.5 420.3 16.7 173.9 274.0 16.7 126.7 228.7 16.7 174.9 491.5 16.7 187.7 444.3 16.7 175.3 506.3 24 25 26 1859.9 489.2 -369.5 385.0 294.2 101.4 594.2 550.0 844.5 663.5 604.3 27 1288.5 664.1 -272.5 77.0 -10.2 -147.6 200.6 265.4 464.2 508.8 398.0 28 18 19 20 21 22 23 24 25 26 27 28 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 11.3 69.0 311.2 7.7 68.2 204.6 -73.1 37.8 377.2 24.5 34.7 420.6 50.3 50.2 432.4 62.7 20.4 231.6 43.8 26.3 510.6 -58.7 41.9 507.7 31.7 27.4 392.0 55.4 1.7 447.1 35.6 9.0 294.0 29 30 31 32 33 34 Bank loans n.e.c. Other loans and advances Mortgages 226.8 307.2 363.0 174.6 67.9 141.2 -326.1 -155.5 -132.8 -109.5 -88.6 -204.7 -234.9 -125.2 -183.0 -116.2 -98.7 -247.5 -116.8 -55.4 -207.9 29.8 -75.3 -180.2 136.8 -9.7 -114.0 130.7 12.6 -138.8 126.7 56.0 -123.2 32 33 34 -786.8 111.1 -45.8 1302.8 -336.0 -219.4 9.8 670.3 -64.6 -77.6 -9.5 63.8 -278.0 140.8 -1.5 401.0 -200.2 218.2 5.0 157.1 -214.3 29.5 -16.6 383.6 -336.5 203.8 -3.1 508.6 -360.8 112.0 8.5 554.6 -327.2 225.7 29.2 466.3 -509.2 235.6 -26.1 489.0 -593.4 275.0 14.3 579.3 35 36 37 38 -9.9 -299.7 -9.1 45.6 124.3 66.8 20.8 -29.6 -13.8 -34.5 -69.0 39 128.2 936.3 -172.5 92.7 112.8 -20.8 86.0 192.8 151.8 167.9 94.1 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. 20 Z.1, December 8, 2011 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 10 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) - Net capital transfers paid (2) = Total internal funds + IVA Gross investment 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1037.6 293.0 480.4 673.4 937.6 168.5 -47.2 -0.0 1058.9 829.6 227.0 470.6 822.4 954.3 183.9 -44.5 -3.7 1097.5 692.0 174.6 346.5 798.9 969.8 207.7 0.6 38.3 1139.8 941.5 228.7 396.8 892.1 1208.1 211.4 -39.1 21.3 1359.2 975.6 232.8 378.7 803.2 1167.2 216.3 -28.4 58.9 1296.2 983.1 231.4 374.2 805.2 1182.7 205.1 -5.6 7.2 1375.0 960.1 238.9 403.9 893.0 1210.3 215.5 -32.0 -3.2 1396.9 847.3 211.8 430.2 1067.1 1272.3 208.7 -90.3 22.1 1368.6 973.3 237.9 419.9 994.3 1309.8 212.3 -116.0 -5.2 1411.4 1004.8 251.6 457.0 1001.8 1297.9 246.5 -60.4 -5.1 1489.2 1012.8 250.4 431.7 1006.5 1337.2 200.3 -47.3 -6.8 1497.0 1 2 3 4 5 6 7 8 9 930.7 161.2 1312.3 1266.5 1183.4 1395.8 1310.9 1175.8 1259.6 1321.3 1402.8 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 1134.7 1108.0 28.3 -1.7 1097.3 1121.7 -40.6 16.3 747.6 894.8 -151.1 3.9 972.0 910.3 65.1 -3.4 891.7 857.6 37.1 -3.0 972.7 901.8 73.2 -2.4 1027.6 925.4 107.3 -5.0 995.8 956.3 42.9 -3.4 1027.6 963.3 68.0 -3.6 1049.5 992.2 60.5 -3.2 1027.9 1025.7 5.7 -3.5 11 12 13 14 15 Net lending (+) or net borrowing (-) -204.0 -936.2 564.7 294.5 291.7 423.1 283.2 179.9 232.0 271.8 374.9 15 16 Net acquisition of financial assets 1073.3 -605.5 307.3 831.6 836.5 719.3 1015.5 755.1 1077.4 921.0 930.4 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 -9.0 -55.7 128.1 -7.5 -25.5 -109.2 -59.4 158.2 -0.9 6.8 126.9 106.9 -56.5 0.7 40.5 278.7 -17.2 -128.6 4.3 28.2 293.7 -123.1 -311.4 4.6 43.1 191.9 -79.0 -175.7 1.0 41.9 253.1 132.0 -10.3 -10.8 48.8 375.8 1.3 -17.0 22.6 27.7 227.6 201.8 -80.5 2.5 20.9 225.9 96.1 -65.7 -2.8 20.8 225.5 105.3 -88.9 -2.4 17 18 19 20 21 22 Credit market instruments -79.1 -32.2 9.6 13.2 76.6 -11.5 51.0 -63.4 16.8 10.8 4.3 22 -53.2 -7.1 -2.4 1.1 -18.4 1.0 -12.2 -7.9 -2.6 -3.0 -7.7 1.2 -1.3 12.5 4.2 0.9 -4.1 -2.6 15.5 0.4 0.1 -6.3 -4.1 7.5 28.5 26.9 9.0 -15.8 -4.1 32.1 1.8 10.0 3.3 -12.2 -4.1 -10.4 41.7 4.7 1.6 4.8 -4.1 2.3 -10.1 -40.0 -13.3 -2.0 -4.1 6.1 39.2 -2.4 -0.8 -2.3 -4.1 -12.7 -25.9 29.7 9.9 -1.1 -4.1 2.3 -0.3 -0.7 -0.2 -1.3 -4.1 11.0 23 24 25 26 27 28 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 29 30 Mutual fund shares Trade receivables 0.2 163.1 -6.1 -172.0 40.4 -30.6 16.7 130.6 16.7 -8.7 16.7 208.5 16.7 192.8 16.7 129.8 16.7 175.4 16.7 186.0 16.7 169.8 29 30 31 32 33 34 35 36 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 932.3 307.0 7.4 0.0 -54.8 672.7 -358.4 262.6 9.9 0.0 -1.1 -629.9 103.1 279.8 -1.8 0.0 -9.3 -165.7 493.5 322.1 2.5 0.0 20.3 148.6 859.8 417.5 -1.4 0.0 98.8 344.9 524.2 238.3 10.5 0.0 -5.3 280.6 349.2 267.5 7.0 0.0 -1.4 76.1 240.6 365.0 -6.1 0.0 -10.9 -107.3 489.2 348.0 -0.8 0.0 -5.3 147.4 433.0 483.3 20.9 0.0 14.8 -86.0 479.3 490.2 11.8 0.0 -0.9 -21.7 31 32 33 34 35 36 1277.3 330.7 -257.4 537.1 544.8 296.1 732.2 575.2 845.4 649.2 555.5 37 32.4 1.3 -198.0 1.2 166.4 -94.7 16.8 -83.8 148.5 6.0 -250.2 38 -786.8 -336.0 -64.6 -278.0 -200.2 -214.3 -336.5 -360.8 -327.2 -509.2 -593.4 39 819.2 337.3 -133.4 279.1 366.6 119.7 353.3 277.0 475.7 515.3 343.1 40 11.3 69.0 311.2 85.1 288.5 54.1 7.7 68.2 204.6 53.7 54.8 -51.7 -73.1 37.8 377.2 -210.4 -144.1 -120.9 24.5 34.7 420.6 -26.1 -98.3 -76.3 50.3 50.2 432.4 -17.2 -107.3 -41.8 62.7 20.4 231.6 -10.2 -99.9 -85.0 43.8 26.3 510.6 -48.8 -95.4 -83.1 -58.7 41.9 507.7 -28.4 -90.5 -95.2 31.7 27.4 392.0 100.7 -11.5 -64.6 55.4 1.7 447.1 70.1 31.9 -91.0 35.6 9.0 294.0 27.7 60.5 -83.5 41 42 43 44 45 46 85.9 -49.6 1208.6 211.6 4.4 992.6 -229.9 3.1 556.2 189.5 0.7 366.0 -86.9 -3.3 30.7 112.0 2.5 -83.8 162.3 3.6 370.0 186.2 -1.2 185.0 237.7 13.7 127.0 185.0 -2.2 -55.7 47.4 -10.1 353.5 105.9 -1.3 248.9 236.3 1.6 477.5 250.4 -0.8 227.9 127.8 9.3 521.8 203.3 -0.6 319.1 235.9 29.4 431.7 100.2 -0.4 331.9 220.7 -26.5 449.0 156.4 -0.4 293.0 258.7 12.9 534.1 164.4 -0.4 370.1 47 48 49 50 51 52 37 38 Net increase in liabilities Net funds raised in markets 39 Net new equity issues 40 Credit market instruments 41 42 43 44 45 46 47 48 49 50 51 52 Commercial paper Municipal securities (5) Corporate bonds (4) Bank loans n.e.c. Other loans and advances (6) Mortgages Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 53 Discrepancy 128.2 936.3 -172.5 92.7 112.8 -20.8 86.0 192.8 151.8 167.9 94.1 53 54 Memo: Financing gap (7) 244.3 187.5 -222.8 -197.1 -247.1 -204.4 -150.6 -186.1 -166.2 -188.0 -262.0 54 (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 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) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 21 Z.1, December 8, 2011 F.103 Nonfarm Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving = consumption of fixed capital 161.9 187.9 187.1 185.8 185.2 185.1 185.8 187.3 188.6 190.8 192.6 1 2 Gross saving less net capital transfers paid (1) 161.9 191.2 193.1 193.6 189.6 201.1 193.8 189.9 191.1 194.2 192.9 2 3 Gross investment 161.9 191.2 193.1 193.6 189.6 201.1 193.8 189.9 191.1 194.2 192.9 3 286.3 284.8 1.5 241.1 243.3 -2.1 181.0 189.0 -7.9 186.1 182.7 3.4 176.4 174.5 1.9 188.1 184.2 3.8 190.2 184.5 5.7 189.9 187.6 2.3 196.1 192.6 3.5 202.9 199.9 3.0 211.5 211.4 0.1 4 5 6 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 7 Net lending (+) or net borrowing (-) -124.4 -49.9 12.1 7.5 13.2 13.1 3.6 -0.0 -5.0 -8.7 -18.6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Net acquisition of financial assets 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 (3) Other 475.9 65.7 14.9 2.2 3.0 -0.5 7.4 0.0 54.7 328.4 1.7 0.3 326.4 95.9 3.3 -1.2 1.0 -7.5 -0.4 -3.0 0.0 -3.0 106.6 2.1 1.6 102.9 -101.8 20.1 -4.8 -1.7 -5.7 0.2 -1.2 0.0 -26.3 -82.4 0.2 0.0 -82.7 -146.1 -21.4 -14.6 -3.1 -1.9 -0.2 -1.6 0.0 -20.6 -82.7 0.6 0.0 -83.4 -244.5 -35.9 -24.5 -5.1 -3.2 -0.4 -2.6 0.0 -34.4 -138.4 -0.3 -0.1 -138.0 -184.5 -27.1 -18.5 -3.9 -2.4 -0.3 -2.0 0.0 -26.0 -104.4 2.5 0.8 -107.8 -133.7 -19.6 -13.4 -2.8 -1.7 -0.2 -1.4 0.0 -18.8 -75.7 1.7 0.2 -77.6 -22.0 -3.2 -2.2 -0.5 -0.3 -0.0 -0.2 0.0 -3.1 -12.4 -1.5 -0.8 -10.1 -4.0 -0.6 -0.4 -0.1 -0.1 -0.0 -0.0 0.0 -0.6 -2.2 -0.2 -1.2 -0.9 12.0 1.8 1.2 0.3 0.2 0.0 0.1 0.0 1.7 6.8 5.0 1.5 0.3 39.4 5.8 4.0 0.8 0.5 0.1 0.4 0.0 5.6 22.3 2.8 1.6 17.9 8 9 10 11 12 13 14 15 16 17 18 19 20 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 600.3 454.8 139.4 11.1 304.3 29.3 3.8 94.2 18.2 145.9 321.8 117.7 33.2 170.9 -11.9 6.7 114.1 -284.8 -113.9 -132.7 -115.5 -8.7 -8.6 2.7 -6.3 33.1 -10.7 -153.6 -213.2 -83.1 3.2 -133.3 -15.3 -5.2 31.0 49.1 -257.7 -376.2 -216.0 -14.2 -146.0 -25.7 -8.6 30.1 122.8 -197.5 -271.4 -105.7 1.7 -167.4 -19.4 -6.5 30.1 69.7 -137.3 -176.0 -68.2 21.9 -129.8 -14.0 -4.7 31.1 26.4 -22.0 -29.0 57.5 3.5 -90.0 -2.3 -0.8 32.7 -22.6 1.0 -17.8 39.5 -11.9 -45.3 -0.4 -0.1 34.7 -15.3 20.7 10.8 61.5 -7.0 -43.7 1.3 0.4 40.0 -31.7 58.1 71.7 93.9 13.3 -35.5 4.1 1.4 45.2 -64.3 21 22 23 24 25 26 27 28 29 (1) Net capital transfers paid from table F.9, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (3) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Gross saving Corporate Noncorporate = consumption of fixed capital 30.2 7.8 22.3 30.2 6.9 23.3 32.1 8.4 23.8 33.0 9.1 23.9 32.4 8.7 23.7 32.6 8.8 23.8 33.1 9.2 23.9 33.8 9.6 24.2 33.8 9.5 24.4 34.2 9.6 24.7 34.5 9.6 24.9 1 2 3 4 Gross investment 55.2 31.2 35.2 40.0 37.8 40.5 38.8 42.8 45.3 50.5 52.4 4 5 6 7 Capital expenditures Fixed investment (2) Change in inventories 32.4 33.1 -0.7 41.1 39.5 1.6 34.5 36.3 -1.8 40.7 42.3 -1.6 44.2 38.9 5.3 42.5 41.5 1.0 37.4 43.6 -6.2 38.8 45.3 -6.5 36.5 46.0 -9.4 37.2 47.1 -9.9 36.1 49.0 -12.8 5 6 7 8 Net lending (+) or net borrowing (-) 22.8 -9.9 0.7 -0.7 -6.3 -2.0 1.4 4.0 8.7 13.3 16.2 8 9 10 11 12 13 Net acquisition of financial assets Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 5.2 1.8 3.4 2.9 0.5 2.8 0.9 1.8 2.4 -0.6 2.5 0.9 1.7 1.7 0.0 0.8 0.3 0.5 0.0 0.5 0.7 0.3 0.5 0.3 0.2 0.8 0.3 0.5 1.1 -0.6 0.8 0.3 0.5 -0.8 1.3 0.8 0.3 0.5 -0.5 1.0 6.8 2.3 4.5 3.1 1.4 6.9 2.3 4.5 5.8 -1.3 6.9 2.4 4.6 5.8 -1.2 9 10 11 12 13 14 15 16 17 18 19 20 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (noncorporate) -17.6 14.6 2.3 7.6 4.6 -4.1 -28.1 12.7 5.1 3.2 -20.1 22.0 22.5 -14.9 1.9 -6.3 -0.1 -2.8 -3.4 6.6 1.6 1.5 11.1 -0.3 6.4 4.9 -6.1 -3.5 7.1 -0.5 -1.7 -3.7 4.9 6.1 1.5 2.7 4.1 -0.3 -0.5 4.9 1.5 -2.8 -0.7 23.3 0.2 18.1 5.0 -18.4 -5.5 -3.2 17.5 0.7 11.7 5.0 -13.6 -7.1 -1.9 6.3 -3.4 13.8 -4.1 -9.7 1.5 -6.4 -17.3 -0.9 -12.3 -4.1 13.6 -2.8 -9.3 -16.8 5.1 -17.7 -4.2 12.1 -4.7 14 15 16 17 18 19 20 -25.0 -1.0 -3.1 -7.0 -5.4 -7.9 -5.7 -9.1 -11.4 -16.3 -17.8 21 21 Discrepancy (corporate) (1) Corporate and noncorporate farms. (2) Nonresidential fixed investment, shown in table F.6, line 12. (3) Equity in the Farm Credit System. 22 Z.1, December 8, 2011 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1923.1 1944.8 1953.6 2064.7 2034.0 2043.3 2082.1 2099.3 2092.5 2128.0 2063.7 1 323.1 932.7 57.8 18.9 114.5 485.1 -9.1 334.4 944.6 47.4 19.0 106.8 505.0 -12.3 284.8 920.6 47.4 20.2 93.3 597.8 -10.5 297.5 952.6 57.9 20.8 90.9 655.9 -10.8 289.9 942.6 64.2 20.6 91.4 635.4 -10.0 286.6 948.6 58.2 20.7 91.5 648.3 -10.6 300.5 955.4 57.9 20.9 90.5 668.1 -11.1 313.1 963.6 51.1 21.1 90.3 671.8 -11.6 319.0 980.7 51.7 21.3 90.6 642.1 -12.9 330.8 989.1 54.4 21.6 89.1 656.4 -13.3 326.7 986.9 51.7 21.7 89.3 600.8 -13.4 2 3 4 5 6 7 8 Current expenditures, NIPA basis 1910.8 2017.0 2031.7 2090.0 2066.2 2071.6 2087.4 2134.8 2149.7 2168.2 2141.8 9 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 1368.9 433.7 101.1 7.1 0.0 1449.2 456.7 108.1 3.0 0.0 1425.5 498.1 106.7 1.4 0.0 1443.5 534.6 110.4 1.6 0.0 1443.1 513.9 107.6 1.6 0.0 1441.8 518.5 109.2 2.1 0.0 1438.9 535.5 111.4 1.6 0.0 1450.1 570.6 113.2 1.0 0.0 1471.7 563.6 113.7 0.9 0.0 1482.9 570.4 114.5 0.4 0.0 1475.3 548.9 117.2 0.4 0.0 10 11 12 13 14 15 Net state and local govt. saving, NIPA basis 12.2 -72.2 -78.1 -25.3 -32.3 -28.2 -5.2 -35.5 -57.2 -40.2 -78.2 15 16 17 + Consumption of fixed capital - Net capital transfers paid (2) 178.7 -58.9 191.2 -62.8 199.0 -67.3 204.0 -78.3 201.1 -63.7 203.1 -78.0 205.0 -88.0 206.8 -83.7 209.2 -72.3 212.6 -75.7 216.0 -79.3 16 17 18 = Gross saving less net capital transfers paid 249.8 181.8 188.3 257.0 232.5 252.9 287.8 255.0 224.3 248.1 217.1 18 19 Gross investment 270.5 201.8 219.4 286.5 250.8 272.8 324.7 297.5 241.8 267.8 228.2 19 329.0 13.8 348.8 14.1 349.3 14.4 336.5 14.5 329.5 14.4 338.3 14.4 342.3 14.6 335.9 14.8 322.8 15.2 318.6 15.5 323.5 15.7 20 21 2 3 4 5 6 7 8 9 Current receipts, NIPA basis 2008 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 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net lending (+) or net borrowing (-) 23 Net acq. of financial assets -72.4 -161.2 -144.3 -64.6 -93.0 -79.9 -32.2 -53.1 -96.1 -66.3 -111.0 22 111.6 -102.0 5.0 40.0 17.1 -57.5 68.4 132.2 -156.8 -133.3 -70.4 23 24 25 26 27 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -4.8 36.4 6.6 13.0 8.5 19.1 -1.8 -3.5 19.2 10.8 4.1 8.0 6.7 -0.4 5.4 10.6 2.7 20.1 13.5 26.7 10.7 -32.3 -3.6 -7.0 10.2 6.8 4.8 9.4 3.0 3.6 6.7 13.1 14.1 5.4 5.0 9.8 27.9 20.4 -2.4 -4.7 8.7 9.3 -4.5 -8.9 24 25 26 27 28 Credit market instruments 77.9 -131.8 -36.6 7.7 119.7 -92.3 -13.6 16.9 -30.4 -166.1 -162.9 28 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities -3.0 18.3 37.0 -64.6 -50.0 -9.9 -54.5 18.8 -17.1 -26.2 9.7 10.0 -5.1 15.5 55.9 -49.2 11.1 -40.0 -27.6 -0.6 6.9 -22.8 12.8 17.4 -27.2 -35.9 7.9 -46.2 -77.1 -33.4 -51.7 -48.0 -45.4 29 30 31 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 0.5 11.7 13.3 -0.1 -3.1 -4.0 0.3 7.3 8.6 0.4 9.5 4.2 0.9 24.0 28.4 -0.2 -6.3 -7.5 0.3 8.5 -1.1 0.5 11.9 -2.8 0.3 8.8 15.6 -0.2 -4.3 -5.0 -0.3 -8.0 -9.5 32 33 34 0.7 -0.1 19.0 13.1 15.9 -7.7 -28.9 -8.5 -53.9 -6.8 18.4 -5.2 -40.8 -11.3 -39.4 -10.8 -28.4 -8.1 -1.1 -0.4 63.5 17.7 35 36 13.3 2.7 -34.3 -3.6 2.2 -23.2 8.2 -4.8 -12.2 10.8 6.7 30.1 27.3 2.7 -134.9 -7.2 6.5 54.5 9.7 7.4 85.6 13.5 10.3 115.3 10.0 8.7 -142.9 -4.8 13.1 -15.1 -9.2 11.9 3.9 37 38 39 183.9 59.2 149.2 104.6 110.1 22.4 100.5 185.3 -60.7 -67.1 40.5 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 146.9 20.0 111.5 66.2 72.2 -15.9 62.0 146.6 -99.9 -106.5 1.0 41 42 43 44 45 Municipal securities Short-term Other U.S. government loans 146.2 16.8 129.4 0.7 19.2 4.7 14.4 0.8 110.7 7.7 102.9 0.8 65.3 -0.6 66.0 0.9 71.6 2.2 69.4 0.6 -16.3 -16.8 0.5 0.4 61.5 7.1 54.4 0.5 144.6 5.0 139.6 2.0 -100.3 -8.9 -91.4 0.4 -107.3 -37.9 -69.4 0.8 -0.0 26.0 -26.1 1.1 42 43 44 45 37.0 39.2 37.7 38.4 38.0 38.4 38.6 38.7 39.1 39.5 39.5 46 -20.7 -20.0 -31.1 -29.4 -18.3 -19.9 -36.9 -42.6 -17.6 -19.7 -11.1 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.119. (2) Table F.9, line 62. 23 Z.1, December 8, 2011 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 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 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 2654.7 2502.2 2232.5 2429.6 2364.8 2407.8 2475.4 2470.5 2527.9 2554.1 2572.5 1 1165.6 94.5 362.8 14.7 945.3 29.8 44.8 -2.7 1101.3 94.0 233.7 18.8 973.1 30.7 54.4 -3.7 856.6 97.3 201.7 14.7 948.9 48.1 69.8 -4.4 896.4 101.5 329.6 13.3 970.9 53.1 69.7 -4.8 856.5 98.3 322.3 13.2 960.3 49.8 69.1 -4.7 888.7 102.0 318.1 13.2 969.9 52.3 68.6 -4.9 912.3 103.6 348.9 13.0 975.5 55.3 71.6 -4.8 927.8 101.9 329.1 13.9 977.9 55.0 69.7 -4.9 1046.8 106.7 345.4 14.3 894.6 54.6 68.1 -2.7 1065.4 112.0 340.0 15.3 900.3 54.9 67.4 -1.2 1083.3 112.3 336.1 15.5 903.9 55.5 66.9 -1.1 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 2900.0 3115.7 3450.4 3703.3 3636.6 3685.8 3733.1 3757.8 3729.0 3829.5 3745.2 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 848.9 1267.5 423.0 313.2 47.4 0.0 931.7 1401.2 440.7 292.1 49.9 0.0 986.6 1617.9 535.7 251.9 58.3 0.0 1054.0 1724.9 588.8 279.9 55.8 0.0 1033.9 1706.5 576.5 264.9 54.8 0.0 1056.0 1712.2 576.8 286.2 54.7 0.0 1066.6 1733.0 598.9 279.1 55.4 0.0 1059.6 1747.7 602.9 289.4 58.2 0.0 1059.1 1741.5 571.2 298.0 59.2 0.0 1077.5 1754.3 592.6 342.8 62.2 0.0 1084.8 1762.3 528.0 306.5 63.7 0.0 11 12 13 14 15 16 17 Net federal government saving, NIPA basis -245.2 -613.5 -1217.9 -1273.7 -1271.8 -1278.0 -1257.7 -1287.3 -1201.1 -1275.4 -1172.8 17 18 19 20 21 + Consumption of fixed capital - Insurance and pension reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers paid (2) 112.6 0.1 4.7 56.3 120.0 -0.6 4.8 65.8 124.7 0.5 4.9 82.2 130.0 -1.7 4.9 108.1 127.9 -3.4 4.8 82.1 129.4 -1.0 4.9 115.7 130.5 -2.1 4.9 116.1 132.3 -0.4 4.9 118.6 134.6 -2.1 4.4 112.7 136.8 -0.1 4.4 117.1 139.2 0.5 4.5 125.5 18 19 20 21 22 = Gross saving less net capital transfers paid -193.8 -563.5 -1180.8 -1254.9 -1227.3 -1268.1 -1246.1 -1278.0 -1181.5 -1260.0 -1164.1 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets -217.2 127.4 -1.3 -649.0 148.4 -19.2 -1139.5 156.1 -7.1 -1215.6 168.8 0.2 -1235.6 161.3 -0.2 -1518.8 168.5 -0.8 -944.5 170.8 1.8 -1163.6 174.7 0.1 -1254.9 160.9 0.3 -319.5 159.6 -0.2 -1850.8 163.6 -0.6 23 24 25 -343.3 -778.2 -1288.5 -1384.7 -1396.7 -1686.6 -1117.2 -1338.4 -1416.1 -478.9 -2013.8 26 0.2 573.2 232.0 309.2 266.3 239.2 361.3 370.2 -568.7 30.2 -139.1 27 -0.4 25.1 1.2 6.6 0.0 0.0 -2.2 2.1 6.7 0.0 1.2 -35.5 1.9 4.2 313.1 -1.3 86.5 54.4 0.0 6.0 13.5 12.6 256.3 4.2 -61.9 -28.0 51.9 -174.2 0.3 296.1 142.0 0.6 66.0 12.6 75.0 0.6 -21.1 43.0 35.4 1.6 148.9 0.1 85.3 -47.2 0.3 3.5 -1.8 130.4 15.1 -0.7 62.5 -3.5 2.7 151.4 0.4 59.8 -40.0 0.1 14.4 -5.2 90.6 -14.4 -5.7 64.8 7.3 0.5 197.3 -0.7 21.1 -44.3 0.3 -1.7 5.2 61.5 65.7 -13.6 34.8 -65.8 4.1 71.7 -0.2 181.3 -43.7 0.4 3.7 -7.2 228.1 10.7 1.3 66.5 26.0 -1.0 175.2 0.8 79.0 -60.7 0.5 -2.2 0.0 141.4 -1.7 15.1 84.2 18.6 16.3 -846.0 -1.8 121.9 -43.1 -0.0 8.6 4.9 151.5 68.7 -5.1 78.7 -1.3 24.8 -14.9 0.5 -73.4 -139.1 0.0 -11.6 6.2 71.1 54.5 3.1 28.3 7.3 21.4 -320.8 0.6 15.1 -132.3 -0.3 6.5 -0.1 141.4 26.0 -7.1 120.2 5.5 28 29 30 31 32 33 34 35 36 37 38 39 40 343.5 1351.4 1520.5 1694.0 1663.0 1925.7 1478.4 1708.6 847.3 509.1 1874.6 41 0.0 0.0 -0.7 237.1 -6.0 58.8 184.7 -0.4 0.0 29.3 1.2 76.6 33.3 43.3 0.0 0.0 -0.8 1239.2 -2.4 861.6 379.8 0.2 0.0 22.6 1.0 89.5 63.3 26.2 47.6 3.0 -0.4 1443.9 -2.8 -73.3 1519.8 0.1 0.0 -56.2 1.1 81.4 61.9 19.5 0.0 0.0 -0.3 1580.2 -3.3 -19.0 1601.8 0.7 0.0 22.6 0.9 90.6 65.7 24.9 0.0 0.0 0.0 1605.1 -4.0 200.4 1408.3 0.3 0.0 27.4 -0.3 30.9 52.0 -21.1 0.0 0.0 -0.0 1849.8 -3.1 -244.0 2095.8 1.1 0.0 -5.5 0.7 80.7 55.4 25.3 0.0 0.0 -1.1 1390.9 -2.6 26.6 1366.4 0.5 0.0 14.4 0.7 73.5 63.3 10.3 0.0 0.0 0.0 1475.1 -3.5 -59.0 1536.8 0.8 0.0 53.9 2.5 177.1 92.1 85.0 0.0 0.0 0.0 741.5 -4.6 -297.0 1041.9 1.2 0.0 48.3 0.3 57.2 66.6 -9.4 0.0 0.0 0.0 826.4 -3.9 -661.1 1491.2 0.2 0.0 -12.5 1.7 -306.5 -305.9 -0.6 0.0 0.0 0.0 1382.6 -2.8 -215.4 1598.9 1.9 0.0 27.8 1.2 463.0 426.5 36.6 42 43 44 45 46 47 48 49 50 51 52 53 54 55 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 Net lending (+) or net borrowing (-) Net acq. of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) Nonmarketable securities held by pension plans Other 56 Discrepancy 23.4 85.5 -41.3 -39.2 8.3 250.7 -301.5 -114.4 73.4 -940.5 686.7 56 57 Memo: Change in cash balance (6) 27.5 308.6 -173.2 148.9 100.1 243.4 72.5 179.8 -910.5 48.2 -325.9 57 (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 61 less line 12. (3) Student loans. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Time and savings deposits (line 30) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 8). 24 Z.1, December 8, 2011 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 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 3248.7 2374.8 747.7 126.2 3381.9 2556.5 686.9 138.4 2600.3 1974.6 487.5 138.2 3021.8 2356.7 513.5 151.6 2905.4 2245.3 504.6 155.5 2995.0 2345.0 502.8 147.2 3057.4 2400.9 501.6 155.0 3129.4 2435.5 545.0 148.9 3269.7 2595.4 525.0 149.3 3381.5 2682.4 542.0 157.1 3355.6 2677.5 527.8 150.3 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 2532.6 1661.7 871.0 2702.9 1846.8 856.1 2222.8 1583.0 639.8 2542.7 1839.8 702.9 2423.5 1749.5 674.0 2512.9 1813.8 699.0 2569.5 1860.6 708.9 2664.7 1935.3 729.4 2776.2 2024.1 752.1 2888.5 2085.3 803.2 2912.0 2117.2 794.8 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.4 716.4 5.4 673.6 -0.6 378.0 -0.7 479.9 -0.5 482.4 -0.5 482.7 -1.2 489.1 -0.5 465.3 -0.5 494.0 -3.7 496.7 -3.7 447.4 8 9 Gross investment Nonproduced nonfinancial assets 618.1 0.5 736.6 -0.0 245.8 0.0 254.1 0.0 129.9 0.0 112.3 0.0 657.0 0.0 117.4 0.0 624.1 0.0 99.6 0.0 543.5 0.7 10 11 10 11 12 Net lending (+) or net borrowing (-) 617.6 736.6 245.8 254.1 129.9 112.3 657.0 117.4 624.1 99.6 542.8 12 13 Net acquisition of financial assets 1692.8 501.4 181.8 1082.5 802.8 1093.5 1185.7 1247.9 1659.5 705.8 814.1 13 0.0 0.0 -153.6 -5.4 40.3 19.0 -35.2 943.8 -8.3 165.3 98.4 66.8 248.8 236.1 12.7 10.7 424.6 102.7 218.5 38.2 20.8 0.0 606.5 221.2 385.4 0.0 0.0 419.8 64.0 65.5 23.7 -214.0 357.7 -45.1 711.6 548.7 162.9 -228.6 -31.3 -197.3 5.4 -21.4 -64.1 105.1 -2.0 6.5 0.0 -324.9 310.1 -635.0 0.0 47.6 -293.9 -9.2 -43.1 10.1 -146.4 143.5 -41.4 555.0 569.9 -14.9 -226.0 -169.5 -56.5 6.5 -125.7 -24.9 193.1 17.7 6.6 0.0 255.7 158.6 97.1 0.0 0.0 -58.7 29.5 17.7 1.5 -128.6 520.5 0.8 654.2 397.8 256.4 -89.1 -88.1 -0.9 16.0 -39.4 -22.0 152.9 18.0 19.4 0.0 510.3 236.2 274.0 0.0 0.0 -88.0 11.6 -33.5 1.5 -245.7 455.2 10.2 633.2 363.3 269.8 -153.3 -61.5 -91.8 16.0 -100.4 49.5 231.4 28.7 33.7 0.0 407.9 208.3 199.6 0.0 0.0 20.6 12.4 14.9 1.5 -366.6 545.1 -26.8 608.7 216.0 392.7 45.9 86.7 -40.8 16.0 -104.6 5.8 132.4 5.6 24.9 0.0 702.7 135.7 567.0 0.0 0.0 -199.5 33.0 23.6 1.5 17.7 843.1 20.6 1030.6 785.8 244.8 -127.8 -261.0 133.2 16.0 30.4 -126.7 124.0 22.9 0.8 0.0 318.6 318.6 -0.0 0.0 0.0 31.9 61.0 65.9 1.5 80.3 238.6 -0.9 344.4 226.1 118.4 -121.0 -116.7 -4.3 16.0 16.9 -16.8 123.8 14.6 18.4 0.0 611.8 282.2 329.5 0.0 0.0 953.0 77.9 57.0 1.5 238.5 14.4 32.9 47.2 110.0 -62.7 -91.1 44.5 -135.6 8.8 -30.3 46.8 92.1 49.0 5.7 0.0 170.5 114.0 56.5 0.0 0.0 -391.4 63.3 -2.6 1.5 -73.2 77.9 -23.3 222.3 412.1 -189.8 -92.5 -2.7 -89.9 8.0 -71.5 34.9 98.1 24.8 9.6 0.0 897.7 190.9 706.8 0.0 0.0 221.3 74.2 54.6 1.5 -204.2 653.8 -19.5 592.0 187.0 405.0 45.0 -56.0 101.0 5.2 -33.0 64.1 -50.7 -14.8 38.6 0.0 39.7 141.4 -101.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 1075.2 -235.2 -64.0 828.3 672.9 981.2 528.7 1130.5 1035.4 606.2 271.2 39 0.1 256.0 170.3 -69.3 218.7 24.1 -0.0 8.3 15.8 -3.3 0.1 147.8 12.4 0.0 488.6 1.7 23.9 414.0 49.0 4.8 -394.3 -226.2 -71.0 -158.8 5.1 0.7 2.8 1.6 -1.5 0.0 -38.5 -9.9 0.0 428.9 1.4 529.8 329.1 -431.3 52.3 -106.1 211.7 59.4 163.2 -11.2 0.6 -5.1 -6.6 0.3 0.0 63.6 7.4 0.0 -292.9 1.7 -543.3 303.6 -54.8 1.8 71.7 88.2 -2.7 72.8 17.9 1.1 11.8 4.9 0.2 0.0 79.1 27.8 0.0 559.8 2.3 -10.1 351.4 216.2 3.1 4.4 119.1 -24.9 143.0 -0.5 -0.7 10.2 -9.9 1.5 0.0 45.1 36.4 0.0 464.8 1.9 -41.1 440.6 63.4 0.7 151.2 -43.5 -55.6 -0.6 13.8 1.1 10.7 2.0 -1.1 0.0 89.0 17.3 0.0 766.4 5.3 5.6 277.9 477.6 4.4 33.6 132.0 13.9 89.8 28.2 1.0 4.1 23.1 0.1 0.0 67.6 33.3 0.0 258.0 1.3 -4.5 314.9 -53.7 -0.8 97.4 145.1 55.8 58.9 29.9 3.0 22.3 4.6 0.5 0.0 114.8 24.1 0.0 749.9 0.8 -0.3 372.0 377.4 14.5 181.8 221.4 128.9 44.2 47.9 -0.1 24.2 23.8 0.5 0.0 188.5 -6.0 0.0 435.2 2.3 -0.6 356.8 76.7 25.1 -32.2 -17.4 -43.2 13.4 13.7 -4.2 13.7 4.1 -1.4 0.0 106.8 -58.6 0.0 582.5 5.8 1.2 536.3 39.1 20.4 -18.2 -191.8 -248.2 15.0 41.3 -0.5 15.6 26.2 0.1 0.0 95.1 -39.0 0.0 404.8 6.3 1.3 523.9 -126.7 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 98.3 -63.0 132.2 225.7 352.4 370.4 -167.9 347.9 -130.1 397.1 -96.1 59 -713.1 123.3 126.2 -716.0 -709.7 169.2 138.4 -679.0 -391.5 152.3 138.2 -377.4 -516.9 189.4 151.6 -479.2 -495.8 169.5 155.5 -481.9 -531.2 196.2 147.2 -482.2 -540.3 207.4 155.0 -487.9 -500.2 184.4 148.9 -464.7 -571.3 227.1 149.3 -493.5 -597.1 261.2 157.1 -493.0 -560.3 266.9 150.3 -443.7 60 61 62 63 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs (net) Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other Net increase in liabilities U.S. official reserve assets U.S. private deposits Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (4,5) Other Discrepancy (FOF basis) (7) 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 64. (2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 63 with the sign reversed minus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) 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. 25 Z.1, December 8, 2011 F.108 Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving less net capital transfers paid 208.1 81.7 322.2 298.1 292.6 298.2 276.8 324.9 301.7 288.3 326.8 1 2 Gross investment 288.1 -68.4 275.8 81.7 310.3 -160.6 -157.8 335.1 280.2 343.6 -200.1 2 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 178.2 -9.3 187.5 195.1 0.1 195.0 168.0 -0.1 168.1 186.4 4.7 181.7 180.1 6.2 173.9 183.7 3.0 180.7 192.6 7.7 184.9 189.2 1.7 187.5 190.8 1.6 189.2 197.1 3.9 193.3 208.3 9.3 199.0 3 4 5 6 Net lending (+) or net borrowing (-) 109.9 -263.4 107.9 -104.6 130.2 -344.3 -350.4 145.9 89.4 146.5 -408.3 6 7 Net acqisition of financial assets 4750.3 4512.2 -1693.8 -739.0 -1164.7 -1779.0 546.7 -558.8 4348.9 1730.3 723.3 7 0.5 0.0 0.5 43.2 54.2 0.6 0.0 -0.0 2.0 1351.5 0.3 3.0 4.0 -32.2 -349.5 0.3 0.0 0.9 8.7 -106.9 0.4 0.0 0.2 -18.7 -6.0 0.2 0.0 1.8 0.3 -360.8 0.3 0.0 0.8 46.5 -166.6 0.2 0.0 0.5 6.8 106.1 -1.8 0.0 1.0 6.6 1794.6 0.3 0.0 0.7 18.8 764.8 -1.0 0.0 0.5 -102.0 -12.0 8 9 10 11 12 34.2 85.6 336.2 269.2 56.1 117.3 307.5 -66.2 -29.4 198.0 -182.3 -121.0 -30.5 -99.9 -193.4 -2.3 -90.0 -315.7 -545.1 90.4 151.0 -258.3 -265.5 49.6 -151.5 149.2 6.0 35.8 -31.3 25.2 31.1 -184.9 24.1 -39.3 -109.0 254.4 118.3 -12.8 -90.2 119.0 101.3 -261.2 -138.9 -389.1 13 14 15 16 3042.5 2349.3 -846.1 -253.4 -274.5 -864.6 253.6 -128.0 1473.7 1030.5 913.3 17 -94.8 108.0 307.0 180.1 584.3 34.2 436.0 857.3 51.7 7.1 -393.4 440.6 604.5 15.3 210.5 -98.9 557.1 -12.6 28.6 264.6 -249.7 804.8 288.2 -3.8 275.7 -146.2 230.3 -97.9 -13.0 191.8 177.2 388.5 -64.0 94.7 723.7 -176.7 804.6 -176.8 36.8 -132.9 190.1 1653.8 -21.9 -76.7 187.4 19.7 1074.5 87.1 -0.3 184.2 -101.3 612.3 422.9 59.2 336.2 18 19 20 21 22 335.1 424.7 1066.5 131.6 693.7 152.6 91.6 25.0 -774.6 -472.4 -288.9 -187.6 -105.4 -210.7 -494.0 -182.1 -141.8 -327.0 -700.6 -220.2 -150.1 -253.7 -492.4 -133.3 -159.5 -173.1 -450.1 -283.9 29.8 -88.9 -333.0 -90.9 112.1 -102.1 -382.7 -86.2 109.9 -103.2 -352.1 10.7 143.4 -149.9 -286.5 -122.9 23 24 25 26 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 17 Credit market instruments 18 19 20 21 22 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 23 24 25 26 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 27 28 Corporate equities Mutual fund shares 166.3 117.2 -8.9 24.7 51.7 101.4 0.9 71.9 -142.9 85.8 -29.1 108.1 -75.8 15.4 251.6 78.3 -130.9 79.0 10.7 91.9 -179.6 5.3 27 28 29 30 31 Trade receivables Security credit Miscellaneous assets 1.8 65.7 533.3 -14.9 -274.2 667.5 -38.0 -21.8 -431.9 -8.6 97.9 -224.7 -17.2 -20.4 89.0 3.5 136.2 -451.3 1.7 61.9 369.3 -22.5 213.9 -905.6 9.5 92.0 894.9 5.4 55.5 -382.7 -12.5 51.6 747.8 29 30 31 4640.4 4775.7 -1801.6 -634.3 -1294.8 -1434.7 897.1 -704.7 4259.5 1583.8 1131.7 32 32 Net increase in liabilities 33 Net interbank liabilities -97.5 1801.9 -609.0 -185.8 -192.5 -520.2 -305.2 274.7 2801.6 132.2 385.4 33 34 35 36 37 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 36.7 599.9 720.9 8.1 568.4 334.2 724.2 -889.5 -7.9 375.4 -499.0 207.8 266.3 116.1 -502.9 -201.3 36.6 -130.0 -1109.4 107.9 439.9 -167.3 -576.6 -542.6 112.0 547.9 -130.6 -340.8 476.9 213.9 -195.1 -29.8 -511.1 215.3 -92.6 104.9 510.3 916.0 -60.3 -182.0 428.5 67.2 -318.7 -834.6 34 35 36 37 38 Credit market instruments 1793.9 901.9 -1844.0 -968.5 -1257.2 -1107.8 -703.5 -805.3 -151.5 -994.2 -499.2 38 -111.4 905.7 698.3 -125.6 768.7 -277.4 -448.2 -60.1 -589.1 -101.7 -46.9 -591.8 -201.7 109.5 -932.7 -189.0 -20.0 -640.9 189.6 -212.3 -336.5 -206.0 -64.7 -457.1 92.2 274.8 -438.5 -99.8 -333.4 -366.2 31.0 -14.3 -339.4 39 40 41 70.9 225.8 4.7 496.1 33.3 6.8 -467.5 -282.6 3.4 -90.2 -144.7 6.9 -86.6 -146.6 0.8 -108.8 -151.1 1.9 -103.4 -244.0 3.1 -62.1 -37.3 21.8 -46.7 -40.4 7.1 -115.8 -97.4 18.4 -39.7 -141.2 4.2 42 43 44 39 40 41 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 42 43 44 Bank loans n.e.c. Other loans and advances Mortgages 45 46 Corporate equities Mutual fund shares 178.6 364.7 637.6 31.0 314.2 490.5 190.1 388.6 37.0 558.6 344.6 22.7 208.9 570.3 169.9 403.0 98.5 1004.6 193.5 426.6 308.0 -243.7 45 46 47 48 Trade payables Security credit -2.4 243.0 -24.7 -237.3 48.9 -134.0 -52.0 48.4 -31.4 51.8 -40.9 77.6 12.3 38.5 -148.0 25.7 1.6 -22.0 3.4 284.7 -12.2 484.1 47 48 49 50 Life insurance reserves Pension fund reserves 33.0 201.1 66.0 125.7 25.4 135.4 16.4 208.9 1.2 192.2 13.1 165.2 48.3 219.9 2.9 258.3 36.1 141.8 56.0 -113.3 109.5 500.5 49 50 51 52 53 Taxes payable Equity in noncorporate business Miscellaneous liabilities -23.5 2.4 581.5 -133.6 11.5 858.3 6.1 -3.6 -307.7 13.0 0.4 28.0 -10.6 0.5 450.4 5.7 5.8 446.2 32.6 -8.5 595.0 24.3 3.7 -1379.7 33.2 -8.8 608.1 -6.4 -0.1 417.4 -17.9 8.8 766.1 51 52 53 -80.0 150.0 46.4 216.4 -17.7 458.8 434.6 -10.2 21.5 -55.3 526.9 54 54 Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.130. 26 Z.1, December 8, 2011 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 1.2 3.0 -0.7 -8.5 -4.6 3.0 -13.6 -18.8 -0.1 0.1 1.1 1 2 Fixed nonresidential investment 0.8 0.6 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.8 2 3 Net acquisition of financial assets 43.1 1319.3 -3.4 186.0 432.5 63.9 -216.3 463.6 977.3 896.6 -136.5 3 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 0.5 0.0 0.5 0.6 0.0 -0.0 0.3 3.0 4.0 0.3 0.0 0.9 0.4 0.0 0.2 0.2 0.0 1.8 0.3 0.0 0.8 0.2 0.0 0.5 -1.8 0.0 1.0 0.3 0.0 0.7 -1.0 0.0 0.5 4 5 6 7 Federal Reserve float 0.3 -1.5 -0.6 0.7 1.9 -1.3 1.5 0.6 0.2 1.9 0.6 7 48.6 48.6 0.0 511.1 495.4 15.7 -463.1 -447.4 -15.7 -96.4 -96.4 0.0 -340.4 -340.4 0.0 -43.4 -43.4 0.0 -1.5 -1.5 0.0 -0.3 -0.3 0.0 -0.7 -0.7 0.0 0.2 0.2 0.0 -0.0 -0.0 0.0 8 9 10 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 -38.3 245.4 1001.6 271.5 803.3 106.9 -221.5 397.3 1043.0 842.0 -133.8 12 0.0 -38.3 0.0 0.0 -264.7 19.7 0.0 300.7 1048.5 0.0 244.9 71.4 0.0 147.2 677.7 0.0 -34.0 180.8 0.0 65.3 -201.0 0.0 801.2 -372.2 0.0 1438.6 -279.8 0.0 1073.8 -176.4 0.0 103.5 -185.6 13 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 -347.6 47.5 0.0 -45.5 0.1 -16.7 -3.5 -5.9 -323.6 -44.8 -22.8 0.0 0.0 -3.4 -2.2 -2.5 -4.4 -9.4 -21.6 -1.2 0.0 0.0 0.2 12.8 -2.9 -4.7 -25.7 -39.9 -19.0 0.0 0.0 0.2 -2.8 -2.4 -4.1 -11.8 -85.8 -51.1 0.0 0.0 -4.5 -23.1 -2.4 -4.6 0.0 -31.8 -20.0 0.0 0.0 -9.4 4.2 -2.3 -4.3 0.0 -115.7 -22.0 0.0 0.0 -6.8 -79.8 -2.6 -4.6 0.0 -55.4 -25.8 0.0 0.0 -10.1 0.0 -17.0 -2.4 0.0 -51.7 -5.8 0.0 0.0 -34.6 0.0 -5.5 -5.8 0.0 16 17 18 19 20 21 22 23 24 0.0 25.8 24.0 1.8 0.0 530.2 529.7 0.5 25.1 -493.8 -543.5 49.6 1.3 7.8 -10.2 18.0 1.2 -34.1 -41.1 7.0 1.3 -1.6 5.0 -6.5 1.3 2.9 -4.7 7.6 1.3 64.0 0.1 64.0 -105.5 41.1 -0.3 41.4 0.0 51.5 0.0 51.5 0.0 -2.8 2.0 -4.8 25 26 27 28 39.9 1316.7 -8.0 185.1 431.2 49.5 -219.4 479.0 978.2 895.8 -134.6 29 8 9 10 Federal Reserve loans to domestic banks Discount window (2) AMLF (3) 11 Security RPs 12 Credit market instruments 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities 16 17 18 19 20 21 22 23 24 Bank loans n.e.c. Households (TALF) (4) Rest of world Brokers and dealers (5) Funding corporations (Maiden Lane) (6) Funding corporations (AIG) Funding corporations (Maiden Lane II) (7) Funding corporations (Maiden Lane III) (8) Funding corporations (CPFF) (9) 25 26 27 28 29 Corporate equities (10) Miscellaneous assets Nonofficial foreign currencies (11) Other Net increase in liabilities 30 31 Depository institution reserves Vault cash of commercial banks 2.1 3.3 839.2 2.7 117.0 -2.8 -8.9 -2.2 307.6 24.9 -321.5 5.4 -155.7 -10.9 134.0 -28.2 1755.7 39.3 755.8 6.9 6.2 -18.8 30 31 32 Checkable deposits and currency 17.8 428.2 -117.6 185.0 84.8 361.3 64.0 230.0 -822.6 165.2 -81.8 32 33 34 35 36 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 11.4 0.0 11.4 0.0 349.3 0.0 90.0 259.3 -173.8 -0.0 80.5 -254.3 149.0 -0.1 -45.9 195.0 100.0 -0.1 -379.8 479.9 287.0 0.0 -13.0 299.9 81.0 0.0 81.0 -0.0 128.2 -0.2 128.5 0.0 -897.0 0.1 -117.3 -779.9 78.5 -0.2 78.8 0.0 -315.6 -0.1 -295.6 -20.0 33 34 35 36 37 38 39 Due to rest of the world Due to government-sponsored enterprises Currency outside banks -0.0 0.9 5.5 1.3 19.4 58.2 1.0 14.0 41.2 0.9 -21.6 56.7 -3.0 -63.2 50.9 -1.8 32.2 44.0 5.0 -93.5 71.5 3.5 37.9 60.4 -12.8 -13.3 100.6 0.9 -11.6 97.3 9.1 150.1 74.7 37 38 39 40 Security RPs 14.4 44.4 -10.6 -18.0 -79.9 37.8 -13.7 -16.4 9.9 32.6 55.3 40 41 42 43 Miscellaneous liabilities Federal Reserve Bank stock Other 2.5 3.1 -0.7 2.2 2.6 -0.5 6.1 4.6 1.5 29.2 0.9 28.3 93.8 2.5 91.4 -33.5 1.5 -35.0 -103.1 0.3 -103.4 159.6 -0.6 160.3 -4.1 -0.9 -3.2 -64.6 0.8 -65.4 -95.5 -1.9 -93.6 41 42 43 -2.8 -0.2 -6.0 -10.1 -6.6 -12.1 -17.5 -4.1 0.1 -1.4 2.2 44 44 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (10) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (11) Reciprocal currency arrangements (swap lines) with foreign central banks. 27 Z.1, December 8, 2011 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 Gross saving less net capital transfers paid (1) 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 Vault cash and reserves at Federal Reserve 5 Total bank credit Q2 Q3 Q4 Q1 2011 Q2 Q3 -45.1 3.3 86.1 41.6 79.0 17.1 29.1 41.1 68.7 56.7 53.0 1 -1.5 23.8 22.0 21.9 22.9 22.2 21.5 20.9 19.8 20.1 19.2 2 613.8 1245.3 -81.9 -355.1 -98.0 -700.2 -503.1 -119.0 787.9 421.7 -110.4 3 4.4 562.9 44.4 -91.2 55.1 -132.0 -250.4 -37.3 515.9 657.3 -365.3 4 570.3 547.6 -154.4 -196.4 -321.4 -464.7 11.3 -11.0 -187.1 -75.0 494.4 5 0.0 11.1 -111.4 -54.9 0.0 -4.4 0.0 -52.0 15.7 -19.6 139.7 152.0 0.0 14.3 0.0 -26.6 -15.7 64.3 148.4 -0.5 0.1 59.9 0.1 89.0 0.0 93.9 87.1 -14.7 -0.2 117.3 -0.3 -14.9 0.0 233.1 -17.4 -148.6 0.4 179.1 -1.6 -46.7 0.0 20.8 -24.9 -145.6 -0.9 96.2 -0.5 25.9 0.0 83.5 186.7 119.2 0.1 105.9 0.3 -38.7 0.0 38.3 204.1 116.0 -0.4 88.2 0.4 -0.1 0.0 -28.0 124.1 38.8 1.4 75.9 4.4 3.5 0.0 -105.1 -7.5 -42.0 2.3 110.6 1.9 -80.3 0.0 -48.5 80.0 63.3 10.5 77.0 15.3 -86.1 6 7 8 9 10 11 12 13 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 14 15 16 17 18 19 20 Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 12.0 101.7 15.5 0.0 64.8 0.0 21.4 23.2 -30.4 -24.4 0.0 -1.5 0.0 -4.5 1.0 49.9 9.2 1.1 -20.8 -3.7 64.2 28.4 -88.2 -9.3 -6.5 -64.5 -1.3 -6.6 0.7 -160.0 -7.8 -2.9 -119.2 -1.6 -28.5 -2.1 -94.8 -27.2 -19.9 -50.5 -3.0 5.8 33.4 -0.8 -1.4 -2.6 -42.5 -1.0 46.6 81.7 -97.4 -0.9 -0.5 -45.8 0.2 -50.4 17.8 -55.4 26.1 -8.7 -28.4 -18.3 -26.1 15.8 -19.7 -23.5 0.5 -24.2 -0.5 28.0 68.5 80.2 -3.6 1.6 -7.7 18.7 71.3 14 15 16 17 18 19 20 21 22 23 24 Bank loans n.e.c. Mortgages Consumer credit Security credit 233.7 225.7 62.9 29.3 137.9 190.0 74.5 12.8 -298.1 -16.1 -50.6 -59.2 -45.4 -186.5 -73.7 -5.8 -117.4 -267.1 11.5 8.0 -76.6 -251.4 -51.3 17.7 -60.2 -15.9 -119.0 -81.6 72.4 -211.5 -135.8 32.8 130.8 -315.6 -54.7 -0.7 92.5 -168.0 63.0 44.3 167.3 93.6 -40.7 95.5 21 22 23 24 25 26 Corporate equities Mutual fund shares 1.6 3.6 2.4 1.3 6.8 14.8 -0.5 -5.8 5.7 -18.5 -6.8 4.7 -5.4 -9.5 4.5 -0.2 -3.9 -1.6 16.1 -6.4 -1.2 -0.5 25 26 0.0 39.1 0.0 134.8 0.0 28.1 0.0 -67.5 0.0 168.4 0.0 -103.6 0.0 -264.0 0.0 -70.7 0.0 459.1 0.0 -160.7 0.0 -239.5 27 28 27 28 29 Customers’ liab. on acceptances (2) Miscellaneous assets 521.1 1232.7 92.2 -234.6 -181.8 -268.7 -144.0 -344.0 782.9 280.1 141.8 29 30 31 32 33 34 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 139.0 0.3 48.6 32.2 58.0 789.0 -1.5 511.1 113.4 166.1 -562.7 -0.6 -463.1 -4.9 -94.1 -247.2 0.7 -96.4 -62.4 -89.0 -874.9 1.9 -340.4 -171.0 -365.4 -189.3 -1.3 -43.4 -136.1 -8.5 -31.9 1.5 -1.5 -64.4 32.5 107.5 0.6 -0.3 121.7 -14.6 39.8 0.2 -0.7 133.2 -92.9 -901.3 1.9 0.2 -604.7 -298.7 -284.4 0.6 -0.0 98.2 -383.2 30 31 32 33 34 35 36 37 38 Checkable deposits Federal government Rest of the world Private domestic 9.0 14.9 5.0 -10.9 140.8 -39.5 31.2 149.1 80.9 0.3 -28.7 109.2 70.3 -0.1 -3.8 74.3 -57.7 -0.3 4.1 -61.5 81.0 -42.8 7.1 116.7 40.9 -8.2 -19.7 68.9 217.1 50.7 -6.7 173.1 282.4 -11.7 45.9 248.1 346.0 -30.9 -2.3 379.2 416.8 -10.9 17.0 410.7 35 36 37 38 39 40 41 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 255.0 23.1 -36.1 540.2 24.6 -259.0 382.9 -174.0 244.9 276.9 -150.1 -190.9 329.8 -106.1 225.8 200.7 -90.1 -200.0 307.0 -138.5 -459.0 269.9 -265.8 -330.2 208.2 -15.2 -98.8 920.4 -37.6 -50.8 617.5 -160.5 -359.9 39 40 41 42 43 44 45 46 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable (net) 0.0 25.1 106.7 4.3 -13.6 0.0 8.0 71.0 10.4 -85.7 0.0 -28.3 -124.2 10.1 7.1 -19.7 10.3 -124.1 11.4 6.9 0.0 -25.9 -92.8 15.6 -24.3 13.0 -9.0 -131.6 10.6 36.0 -26.3 26.6 -175.9 16.2 -0.9 -65.3 49.5 -96.0 3.2 16.8 -14.9 -11.0 10.3 6.4 16.9 -0.5 -3.4 -63.2 8.6 20.8 3.4 -12.9 -85.4 15.5 12.4 42 43 44 45 46 47 48 49 Miscellaneous liabilities Investment by bank holding companies Other 8.6 130.7 -122.2 -6.7 46.6 -53.3 255.5 106.9 148.6 121.5 -46.7 168.2 428.7 -20.3 448.9 10.0 92.6 -82.6 297.7 83.3 214.4 -250.5 -342.5 92.0 358.8 -31.9 390.7 41.3 163.2 -121.9 -20.8 117.7 -138.5 47 48 49 -136.2 -33.1 238.2 140.1 -27.7 426.3 366.7 -204.8 44.0 -104.9 286.1 50 535.7 -1.8 531.1 -1.7 -116.8 -2.6 -184.3 -0.8 -316.6 2.4 -480.2 -4.5 107.7 -1.2 -48.1 0.2 -180.9 -0.2 -128.9 0.2 400.5 0.1 51 52 50 Net increase in liabilities Discrepancy Memo: 51 52 Credit market funds advanced (3) Consumer leases not included above (4) (1) Net capital transfers paid from table F.9, line 54. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23). (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 28 Z.1, December 8, 2011 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 3.6 2.5 2.5 2.6 2.5 2.6 2.6 2.6 2.7 2.7 2.7 1 2 Fixed nonresidential investment 4.1 2.9 2.7 2.6 2.5 2.6 2.7 2.8 2.8 2.9 3.0 2 3 Net acquisition of financial assets 219.8 576.8 -357.3 69.3 273.9 176.6 537.2 -710.7 1466.2 428.0 1200.6 3 4 Reserves at Federal Reserve 5 Total bank credit 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Bank loans n.e.c. Mortgages Security credit 14 Corporate equities 15 16 Customers’ liab. on acceptances (2) Miscellaneous assets 0.4 238.0 45.1 66.7 189.4 -129.5 63.9 143.0 1160.3 146.7 339.8 4 204.6 -25.3 -286.6 -2.3 -43.4 47.5 549.1 -562.4 -11.4 125.4 311.0 5 0.0 3.6 2.0 0.0 77.0 0.0 5.1 -6.5 0.0 32.1 0.0 22.0 -19.3 0.0 -156.7 0.0 3.5 -4.8 0.0 -11.0 0.0 2.3 -2.2 0.0 -33.1 0.0 -13.6 -3.0 0.0 63.2 0.0 51.5 -2.0 0.0 440.5 0.0 -26.4 -11.9 0.0 -514.6 0.0 20.8 19.6 0.0 -53.3 0.0 -10.0 -3.4 0.0 35.6 0.0 -22.0 6.5 0.0 102.8 6 7 8 9 10 105.0 14.1 3.0 65.1 5.2 -126.3 -125.4 -6.4 -0.8 -16.1 -2.5 28.5 -8.8 0.3 -1.9 -28.5 -6.7 36.0 -14.2 -3.6 76.9 -12.9 0.2 3.0 65.1 -6.1 -57.5 83.8 -3.2 22.8 22.7 1.2 199.8 11 12 13 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.2 -0.0 -0.2 0.0 14 0.0 14.7 -0.2 364.3 0.0 -115.9 0.0 4.9 0.0 128.0 0.0 258.6 0.0 -75.9 0.0 -291.2 0.0 317.2 0.0 156.0 0.0 549.7 15 16 17 Net increase in liabilities 222.9 572.1 -355.9 70.5 272.5 175.6 544.6 -710.8 1480.0 426.6 1206.7 17 18 19 20 Net interbank liabilities To foreign banks To domestic banks -191.1 -169.4 -21.7 240.5 244.7 -4.3 -158.9 -176.3 17.5 48.1 40.8 7.3 332.1 308.5 23.6 -78.4 -106.7 28.3 -134.8 -154.2 19.4 73.6 115.7 -42.1 955.9 990.8 -35.0 121.6 164.7 -43.2 699.9 643.0 56.9 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 2.6 6.9 273.4 1.7 0.1 -123.2 2.6 4.4 173.9 5.7 5.8 -49.6 1.0 1.2 -215.5 0.2 5.3 -272.7 8.4 76.7 199.6 13.3 -60.2 90.2 -4.4 27.7 112.2 9.8 19.2 33.3 59.8 14.0 -562.7 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities -13.6 0.0 -96.3 -0.2 40.3 0.0 52.9 0.0 74.6 0.0 46.0 0.0 48.6 0.0 42.6 0.0 -26.5 0.0 -87.3 0.0 196.2 0.0 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 144.8 -0.8 43.7 101.9 549.5 24.8 35.6 489.1 -418.2 15.3 -73.5 -360.0 7.5 7.5 -31.5 31.5 79.0 13.3 -55.6 121.3 475.1 9.3 -155.1 620.9 346.0 10.2 106.7 229.2 -870.3 -3.0 -22.0 -845.4 415.2 15.6 69.5 330.1 330.1 5.3 -62.1 387.0 799.5 15.5 -133.1 917.2 26 27 28 29 2.6 -5.1 1.3 1.1 -1.4 -1.0 7.3 -0.3 13.7 -1.5 5.8 30 201.7 100.8 -285.8 -30.8 -41.5 11.6 472.2 -565.7 46.1 102.8 111.2 31 30 Discrepancy Memo: 31 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 (through 2008:Q4). (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15). 29 Z.1, December 8, 2011 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 109.8 80.5 96.8 108.2 76.3 139.8 99.7 117.1 130.6 140.2 151.0 1 2 Fixed nonresidential investment 39.5 52.2 54.1 55.1 52.0 54.7 56.4 57.5 58.5 59.8 62.0 2 3 Net acquisition of financial assets 122.4 195.9 41.2 -38.1 -96.1 88.0 390.2 -534.3 206.7 33.7 21.1 3 23.2 13.9 -16.0 22.1 13.2 -64.2 180.3 -40.7 30.8 -1.4 20.7 4 4.6 -1.3 19.2 0.7 -4.0 15.9 -0.0 2.0 2.7 -7.0 -8.4 -3.2 13.8 -3.2 7.3 4.3 -0.1 -7.0 10.3 10.0 -3.1 -1.8 -64.8 5.6 48.8 32.1 99.2 0.2 9.6 -36.2 -15.5 1.3 -14.2 4.6 8.5 32.0 -28.4 37.1 0.6 -10.6 45.6 46.9 -74.3 2.4 5 6 7 8 99.2 130.7 -63.0 31.5 182.1 46.6 42.0 93.4 57.2 106.9 -91.4 41.7 -60.2 -46.7 -15.6 2.1 -109.3 -20.3 -5.8 -83.2 152.1 92.6 11.9 47.6 209.9 83.3 104.1 22.5 -493.6 -342.5 -172.6 21.6 175.9 -31.9 27.1 180.6 35.2 163.2 -179.2 51.3 0.4 117.7 -105.3 -12.0 9 10 11 12 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 13 Net increase in liabilities 47.2 154.7 -11.3 -98.1 -125.0 -3.9 338.9 -602.4 125.5 -56.1 -79.1 13 14 15 16 Net interbank liabilities To domestic banks To foreign banks -50.9 -8.7 -42.2 -69.5 -78.6 9.1 -1.6 21.9 -23.5 24.4 34.9 -10.6 17.9 49.1 -31.2 63.6 -72.3 135.9 28.1 106.0 -77.9 -12.2 57.0 -69.2 10.8 -44.2 55.1 149.2 406.7 -257.5 -17.6 20.9 -38.5 14 15 16 17 Federal funds and security RPs (net) 0.1 -0.4 -19.9 -1.8 -15.0 -30.3 -33.2 71.2 -32.3 -11.4 35.7 17 18 19 20 Credit market instruments Commercial paper Corporate bonds 129.4 35.0 94.4 84.0 -39.0 123.0 -10.3 -18.1 7.8 -42.6 3.9 -46.5 -75.4 52.7 -128.2 -118.4 -41.0 -77.4 204.4 2.7 201.8 -180.9 1.4 -182.3 44.3 35.6 8.7 -186.9 13.3 -200.1 -107.7 -20.9 -86.8 18 19 20 21 22 23 24 Corporate equity issues Miscellaneous liabilities Equity, etc. Other -28.0 -3.4 -65.3 61.9 321.4 -180.7 46.1 -226.8 68.6 -48.0 13.2 -61.2 19.8 -97.9 -44.3 -53.5 0.6 -53.0 -44.0 -9.0 28.5 52.6 92.5 -39.8 45.8 93.7 97.3 -3.6 4.4 -484.9 -323.2 -161.7 14.9 87.7 57.1 30.6 -22.4 15.3 -0.2 15.5 20.4 -9.9 51.1 -61.0 21 22 23 24 -4.9 -12.9 -9.8 -7.0 -4.6 -6.7 -8.1 -8.5 -9.1 -9.5 -11.2 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 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets -0.6 -2.3 -6.4 -15.6 -14.9 -16.9 -17.0 -13.7 -2.6 -4.1 -5.4 3 4 Checkable deposits and currency -0.3 0.6 1.0 -0.9 -1.3 6.1 -0.5 -7.7 3.1 1.2 1.9 4 5 Credit market instruments 6 7 8 9 10 11 12 13 14 -6.4 -1.9 -2.8 -19.3 -17.4 -46.2 -11.7 -1.7 -5.1 -9.6 -6.1 5 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -1.9 -2.7 0.7 0.1 -0.6 -2.0 0.5 0.0 -0.7 -3.9 0.9 1.5 0.6 -7.7 -0.9 -1.4 1.6 -8.4 -1.5 -2.3 1.5 -8.8 -4.4 -3.5 -0.7 -12.9 2.9 -0.0 -0.2 -0.6 -0.7 0.2 0.0 -23.5 1.2 21.1 2.1 -3.7 -1.3 -2.6 -2.6 -2.6 1.4 -2.8 6 7 8 9 Bank loans n.e.c. Home mortgages Commercial mortgages -4.2 4.3 -2.7 -1.7 1.4 0.4 -0.3 -0.3 -0.0 -3.3 -2.5 -4.0 -4.0 -1.5 -1.4 -10.7 -5.8 -14.5 0.5 -1.4 -0.2 0.8 -1.3 0.2 -0.1 -5.4 1.5 -0.3 -2.2 -1.5 2.7 -1.1 -1.1 10 11 12 6.1 -1.0 -4.5 4.5 3.7 23.3 -4.7 -4.3 -0.6 4.3 -1.2 13 -7.7 -3.4 -1.1 -14.8 -12.5 -18.9 -16.5 -11.4 -2.0 -4.1 -7.2 14 1.7 1.1 1.1 -1.1 1.1 1.1 1.4 -2.9 -2.9 0.5 -5.2 -5.2 0.7 -1.0 -1.0 2.1 -18.3 -18.3 0.7 0.5 0.5 -1.3 -1.9 -1.9 2.2 0.3 0.3 3.9 -0.8 -0.8 -0.5 -0.1 -0.1 15 16 17 -11.6 -4.5 3.3 -5.0 -11.2 15.6 -18.2 -6.3 -4.9 -6.4 -6.6 18 -7.1 -1.1 5.3 0.8 2.5 -2.0 0.5 2.4 0.5 0.0 -1.8 19 Miscellaneous assets Net increase in liabilities 15 16 17 Checkable deposits Small time and savings deposits Large time deposits 18 Miscellaneous liabilities 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. 30 Z.1, December 8, 2011 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 11.1 19.2 6.1 4.0 3.6 1.8 3.9 6.6 6.5 5.6 7.7 1 2 Fixed nonresidential investment 3.9 3.3 2.7 2.5 2.4 2.5 2.6 2.6 2.7 2.7 2.9 2 3 Net acquisition of financial assets 99.6 -290.4 -269.8 -12.4 -185.5 -36.6 -54.9 227.3 -209.5 -50.4 21.6 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.6 -0.5 3.3 27.3 36.4 -11.2 -1.6 -10.9 6.5 -4.2 7.0 -22.7 -0.7 -2.4 -0.0 -6.6 39.2 -14.8 15.4 -10.1 -21.4 17.5 -3.9 -6.8 -14.2 9.9 -2.0 -3.2 -6.5 -22.1 -9.5 -6.3 47.3 5.6 23.2 -3.7 -23.2 5.3 -7.9 4.3 46.7 -13.3 13.4 5.2 4 5 6 7 8 Credit market instruments 63.0 -276.1 -249.6 6.6 -118.9 -15.9 -23.7 184.8 -187.2 -30.3 -53.5 8 9 10 11 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 0.0 -5.4 0.3 5.8 0.0 -1.5 0.0 -4.0 0.0 -4.1 -3.5 1.9 0.0 5.6 0.0 -11.0 0.0 3.8 19.6 -12.9 0.0 10.2 -0.0 22.3 0.0 -0.9 22.9 12.5 0.0 12.1 -0.0 -1.7 0.0 1.5 36.5 6.9 0.0 15.4 0.0 14.1 0.0 -1.8 -11.2 2.3 0.0 -14.6 0.0 1.0 0.0 -2.7 16.0 9.9 0.0 19.5 0.0 -13.4 0.0 -0.5 50.5 30.9 0.0 28.1 -0.0 -8.5 0.0 0.5 14.2 -18.9 0.5 21.4 0.0 11.2 0.0 -1.9 -1.3 -10.7 1.6 18.9 1.1 -12.2 0.0 -3.2 -12.0 6.5 0.1 11.1 0.0 -29.8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other -0.1 49.5 -4.5 0.0 39.5 0.0 14.5 -3.3 -33.7 -1.4 0.0 -41.9 0.0 9.5 1.5 -24.0 -2.6 0.0 -30.8 -0.0 9.5 1.8 -10.5 -0.4 0.0 -6.1 -0.0 -4.1 1.4 -13.6 0.3 0.0 -9.2 0.0 -4.8 1.9 -0.8 -0.3 -0.0 -1.4 0.1 0.8 0.4 -18.9 -1.1 0.0 -9.3 0.0 -8.6 3.6 -8.8 -0.5 0.1 -4.4 -0.2 -3.9 -0.9 -12.2 -0.6 -0.4 -5.8 -0.0 -5.4 0.9 -7.8 -1.0 -0.0 -3.7 0.0 -3.1 0.0 -2.4 -0.3 -0.0 -5.0 0.1 2.9 17 18 19 20 21 22 23 24 25 26 Other loans and advances Mortgages Consumer credit 6.2 17.2 -4.8 6.4 -233.4 -4.5 -14.5 -227.3 -8.8 6.4 -18.5 5.3 -1.2 -129.4 -14.2 -3.7 -10.6 10.5 27.2 -51.9 6.1 3.5 117.9 18.7 0.6 -181.1 -8.3 -25.5 -5.4 10.8 12.9 -56.3 7.4 24 25 26 -0.1 6.2 -1.5 -25.4 -0.5 -6.2 -1.3 -8.0 -9.0 -87.3 -1.5 -4.6 0.7 -22.3 4.8 82.2 -5.5 -89.1 0.7 0.7 4.7 18.4 27 28 27 28 Corporate equities Miscellaneous assets 29 Net increase in liabilities 116.7 -251.8 -269.8 -22.5 -201.8 -44.9 -65.5 222.1 -203.6 -54.7 10.6 29 30 31 32 33 Deposits Checkable Small time and savings Large time 13.2 4.5 27.6 -19.0 -156.0 -2.9 -59.6 -93.5 -53.3 13.1 89.4 -155.8 13.9 -0.8 -5.2 19.9 -138.0 1.5 -151.5 12.0 -17.7 -3.7 -27.9 14.0 44.5 -3.0 19.3 28.2 166.7 2.1 139.4 25.3 -112.7 6.4 -133.3 14.3 -56.1 -8.2 -54.7 6.8 109.4 13.1 65.0 31.3 30 31 32 33 34 Security RPs -24.1 -0.0 1.8 -6.0 1.0 -14.8 -4.2 -6.2 -37.6 -5.0 -6.2 34 35 36 37 38 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 104.1 -0.3 13.3 91.1 -67.1 -8.0 13.0 -72.2 -169.6 -0.2 -29.8 -139.6 -29.0 -3.6 -1.2 -24.2 -60.2 -12.4 1.4 -49.2 -41.6 -0.8 -10.3 -30.6 -61.9 -0.9 8.6 -69.6 47.9 -0.2 -4.4 52.5 -39.9 -2.1 5.7 -43.4 -33.3 0.2 1.0 -34.5 -63.1 -0.2 -2.0 -60.9 35 36 37 38 39 40 41 42 43 Corporate equities Taxes payable Miscellaneous liabilities Investment by parent Other 3.3 -2.0 22.2 0.2 22.0 1.7 -0.3 -30.1 2.5 -32.6 1.5 0.3 -50.5 10.6 -61.1 0.5 -0.3 -1.6 -1.0 -0.6 0.7 1.0 -6.4 -0.2 -6.3 0.2 -2.0 30.9 -1.2 32.2 0.6 -0.5 -44.1 2.3 -46.5 0.4 0.2 13.1 -5.1 18.2 0.6 1.9 -16.0 1.0 -17.0 0.4 -2.4 41.6 -2.1 43.7 0.6 0.3 -30.3 -1.3 -29.0 39 40 41 42 43 24.3 54.4 3.4 -8.7 -15.1 -9.0 -9.4 -1.2 9.6 -1.5 -6.1 44 44 Discrepancy (1) State-chartered savings banks, federal savings banks, cooperative banks, and savings and loan associations. 31 Z.1, December 8, 2011 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 9.0 7.0 6.8 8.8 8.4 9.0 9.1 8.9 8.3 7.2 9.9 1 2 Fixed nonresidential investment 3.8 3.9 3.5 3.4 3.2 3.3 3.4 3.5 3.6 3.6 3.8 2 3 Net acquisition of financial assets 42.5 53.8 70.3 29.3 -20.6 37.5 58.2 42.0 25.2 25.1 82.8 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 0.0 -1.1 -0.0 -2.6 4.7 -5.7 11.4 -4.8 18.1 1.4 9.5 2.4 14.1 -6.3 5.6 -0.1 48.9 -64.1 6.3 -0.2 -33.3 52.7 4.3 0.1 34.0 14.9 6.9 -0.5 6.6 -28.6 4.9 0.0 71.5 -77.0 -3.7 -0.0 -18.1 50.4 -0.3 75.4 -33.8 87.3 13.7 -31.4 4 5 6 7 8 Credit market instruments 35.3 40.0 33.1 24.6 36.8 26.2 -41.0 76.4 50.5 10.8 17.0 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds -0.5 3.0 -4.1 3.9 -0.4 -1.6 14.4 -8.9 0.0 5.3 27.9 -7.0 0.0 5.8 40.8 -15.0 0.0 6.9 36.6 -0.6 0.0 5.5 30.5 -0.4 0.0 -25.8 22.5 -27.4 0.0 36.7 73.7 -31.4 0.0 7.5 45.2 0.2 0.0 0.1 7.7 0.2 0.0 -3.5 23.8 -0.5 9 10 11 12 13 14 15 Other loans and advances Home mortgages Consumer credit 0.0 31.8 1.2 2.7 33.2 0.5 2.7 3.2 1.0 0.8 2.8 -10.7 -4.1 15.7 -17.8 5.0 -3.3 -11.1 2.7 9.0 -21.9 -0.5 -10.1 8.0 -6.2 17.0 -13.2 5.6 -11.4 8.6 3.1 5.2 -11.0 13 14 15 -0.0 11.0 -0.0 8.4 -0.7 6.4 0.2 -8.7 0.9 -49.1 0.0 -12.5 -0.0 43.8 -0.1 -17.1 0.6 -16.7 0.6 -93.7 -0.2 30.2 16 17 16 17 Mutual fund shares Miscellaneous assets 18 Net increase in liabilities 39.5 54.5 72.6 25.6 -24.8 32.0 54.2 41.1 19.8 13.2 77.1 18 19 20 21 22 Shares/deposits Checkable Small time and savings Large time 31.7 1.1 25.8 4.8 45.1 1.6 43.0 0.5 72.0 11.6 43.4 17.0 34.4 5.5 26.2 2.7 8.5 6.3 -1.1 3.3 38.9 -1.1 39.2 0.8 55.5 1.0 50.1 4.4 34.7 15.8 16.4 2.5 25.7 25.0 -3.9 4.6 23.9 -6.4 30.0 0.3 83.8 21.0 58.1 4.7 19 20 21 22 23 24 Other loans and advances Miscellaneous liabilities 13.4 -5.6 8.3 1.1 -14.1 14.7 -0.4 -8.4 -4.4 -28.9 -1.6 -5.3 0.8 -2.1 3.6 2.7 -9.6 3.8 -3.5 -7.2 3.7 -10.5 23 24 2.3 3.7 5.6 1.8 1.0 0.1 1.7 4.4 -0.6 -8.4 0.4 25 25 Discrepancy F.116 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving less net capital transfers paid (1) 56.1 30.0 45.1 41.0 40.4 37.9 42.6 43.0 48.4 43.7 47.9 1 2 Fixed nonresidential investment 19.5 19.9 19.9 20.1 19.0 20.0 20.6 21.0 21.4 21.8 22.7 2 3 Net acquisition of financial assets 43.0 25.1 40.6 -15.6 -27.2 25.9 32.9 -94.0 26.5 -4.5 -17.7 3 4 5 6 Checkable deposits and currency Money market fund shares Security RPs 12.8 7.2 1.7 -14.8 12.1 0.8 -0.3 -3.2 0.1 5.0 -4.0 -0.7 2.6 -17.2 15.0 35.3 -2.7 -8.8 8.9 13.3 -0.7 -26.8 -9.3 -8.3 4.8 8.4 -1.2 7.1 -6.4 -4.7 -39.7 -10.2 -1.3 4 5 6 7 Credit market instruments 5.3 -15.9 33.3 3.9 0.4 1.7 19.7 -6.3 20.4 -19.3 0.7 7 -3.1 -38.7 3.8 36.1 5.9 1.3 5.8 -5.6 -11.5 10.6 -15.4 0.2 -9.3 22.9 1.9 -12.6 30.8 -0.5 -1.9 3.2 -0.4 -21.0 24.3 -0.3 5.1 -5.7 -0.4 -21.5 23.6 -0.7 -2.9 2.2 -0.4 -21.1 24.1 -0.1 5.6 10.9 -0.4 -20.8 24.6 -0.1 -15.5 5.5 -0.4 -20.5 25.0 -0.4 2.6 6.2 1.7 5.2 4.8 -0.2 -2.0 -5.2 -1.9 -5.8 -5.4 1.0 -11.1 -4.7 2.3 6.9 6.4 1.0 8 9 10 11 12 13 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages 14 15 Corporate equities Mutual fund shares 0.5 -0.5 35.1 -0.4 -2.4 0.1 -20.9 -0.1 -43.1 -0.0 -2.1 -0.0 -22.2 -0.1 -16.3 -0.1 1.8 -0.2 -10.3 -0.0 27.0 -0.0 14 15 16 17 Trade receivables Miscellaneous assets -1.6 17.6 1.3 6.8 -3.7 16.7 0.8 0.4 7.4 7.7 7.7 -5.2 1.3 12.7 -13.1 -13.7 2.5 -9.9 15.2 13.9 2.0 3.8 16 17 18 Net increase in liabilities 9.4 14.3 0.2 2.4 -17.3 5.9 21.8 -0.8 -1.2 31.4 -13.1 18 19 20 21 22 Security RPs Corporate equity issues Taxes payable (net) Miscellaneous liabilities -0.7 -13.2 -2.4 25.8 1.9 0.4 -28.1 40.2 -1.7 -5.3 5.3 1.9 0.8 -12.7 5.6 8.7 -0.6 -23.6 12.6 -5.6 0.7 -3.8 -25.8 34.8 -0.5 -10.0 13.6 18.7 3.7 -13.4 22.2 -13.3 -3.4 -11.1 8.8 4.5 0.2 2.9 -20.7 49.0 -0.6 -18.4 -25.1 31.0 19 20 21 22 3.1 -0.6 -15.1 38.8 31.3 -2.1 11.0 115.2 -0.6 57.7 29.8 23 23 Discrepancy (1) Net capital transfers paid from table F.9, line 51. 32 Z.1, December 8, 2011 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 5.2 -44.8 16.4 28.2 18.5 40.1 32.1 21.9 19.4 19.2 20.6 1 2 Fixed nonresidential investment 14.1 14.4 14.3 14.5 13.7 14.4 14.9 15.2 15.4 15.8 16.4 2 3 Net acquisition of financial assets 240.5 167.1 115.3 189.9 143.2 362.1 230.6 23.8 85.2 191.1 297.1 3 4 5 6 Checkable deposits and currency Money market fund shares Security RPs 2.3 -1.6 0.2 24.4 17.5 5.2 -32.1 -5.5 2.2 1.0 -12.7 0.7 -12.0 -15.6 4.4 40.3 -13.1 -1.3 6.9 -11.7 0.1 -31.2 -10.4 -0.6 -17.6 -5.0 -4.8 5.7 -7.3 -3.6 40.8 -3.7 8.0 4 5 6 7 Credit market instruments 84.8 11.6 139.8 151.6 84.4 158.2 202.8 161.1 168.3 106.4 221.7 7 13.1 -17.3 5.5 -3.4 35.1 -16.7 11.5 27.7 5.8 -8.9 23.2 4.0 -58.1 20.6 3.6 8.0 22.3 3.9 32.8 24.0 4.1 -18.3 25.9 4.5 -5.8 -12.1 40.4 -15.1 1.8 14.5 23.4 34.9 21.3 8 9 10 4.8 43.1 13.2 22.4 5.7 -45.5 20.3 16.3 26.1 97.6 -12.6 -16.3 39.2 102.9 -0.2 -8.6 32.8 102.1 -3.7 -12.9 36.7 100.8 0.2 -13.7 41.2 102.2 2.8 -4.4 46.1 106.7 -0.2 -3.6 11.0 127.8 -2.6 9.5 4.3 73.5 7.3 20.1 6.3 115.1 3.1 17.7 11 12 13 14 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 15 16 Corporate equities Mutual fund shares 84.1 31.3 81.8 -10.7 33.4 0.0 45.6 1.0 66.5 1.0 62.6 1.0 26.6 1.0 26.6 1.0 22.5 1.0 28.6 1.0 45.5 1.2 15 16 17 Miscellaneous assets 39.5 37.2 -22.5 2.8 14.5 114.4 4.9 -122.7 -79.2 60.2 -16.3 17 18 Net increase in liabilities 198.7 166.9 30.9 168.1 100.1 317.2 214.7 40.3 98.2 129.7 259.9 18 19 20 21 22 23 Security RPs Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) -1.1 -30.6 14.5 33.0 118.6 -7.3 -10.7 26.2 66.0 65.5 -0.5 -0.9 -6.6 25.4 25.1 -2.2 -4.8 -3.2 16.4 104.2 -13.1 -7.6 -10.8 1.2 112.9 2.8 -13.3 0.0 13.1 68.4 4.5 7.8 -1.2 48.3 139.9 -2.9 -6.1 -0.8 2.9 95.7 -3.0 -8.7 1.8 36.1 30.8 2.1 -11.5 2.4 56.0 108.5 -1.4 -16.0 0.9 109.5 51.1 19 20 21 22 23 24 25 Taxes payable (net) Miscellaneous liabilities -3.4 67.6 -19.7 46.8 -7.0 -4.6 2.6 55.1 5.8 11.7 -2.7 249.0 11.7 3.7 -4.5 -44.0 3.8 37.4 -4.8 -23.1 -4.9 120.8 24 25 -50.7 -59.4 -82.4 -8.2 -38.3 -19.2 1.4 23.2 16.9 -58.0 -32.9 26 26 Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1 2 Fixed nonresidential investment 1.0 0.8 0.6 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 2 3 Net acquisition of financial assets 31.7 -36.8 60.0 61.2 46.5 87.8 49.5 61.1 78.6 108.5 71.6 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.6 4.6 3.4 3.4 0.5 0.3 2.3 7.3 4.2 4.7 0.6 3.1 11.5 4.4 -0.1 0.9 10.0 4.0 0.2 0.3 11.8 5.0 0.0 -19.8 11.0 3.3 -0.4 21.9 13.4 5.4 -0.2 1.2 13.3 3.8 -0.2 0.8 13.5 3.9 -0.2 -17.0 12.2 3.9 -0.2 3.9 4 5 6 7 8 Credit market instruments 102.5 90.6 111.6 108.0 108.2 97.0 97.5 129.5 80.3 106.9 113.5 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities -4.8 38.7 28.2 10.2 15.4 21.3 -10.5 125.8 -49.0 -11.7 176.0 -98.1 -19.7 123.6 -38.1 -14.2 263.0 -194.5 -4.3 238.2 -163.1 -8.6 79.0 3.2 -0.8 53.3 -22.5 -1.1 89.3 -11.5 -1.1 93.3 -11.9 9 10 11 12 13 Corporate and foreign bonds Mortgages 39.8 0.7 42.7 0.9 42.8 2.6 40.6 1.3 38.5 3.9 38.2 4.5 28.7 -2.1 56.9 -1.0 51.3 -1.0 31.3 -1.0 34.3 -1.0 12 13 -188.3 88.1 -184.6 35.5 -175.6 89.8 -111.1 80.4 -134.8 106.3 -111.1 108.0 -111.4 28.0 -87.0 79.2 -83.6 91.4 -80.8 99.5 -81.7 22.2 14 15 14 15 Corporate equities Mutual fund shares 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 17.5 26.3 4.4 -13.2 11.3 38.2 0.7 -27.6 21.6 10.1 2.5 9.0 -32.8 -4.4 -1.2 -27.2 -47.6 -28.1 -2.2 -17.3 -3.1 14.6 -1.3 -16.4 -0.4 5.2 -0.8 -4.8 -80.3 -9.2 -0.6 -70.5 -27.0 -9.0 -0.4 -17.6 -17.5 0.0 -0.4 -17.1 -2.2 0.0 -0.4 -1.8 16 17 18 19 20 Pension fund reserves (liabilities) (3) 32.3 -36.4 60.1 61.3 46.5 87.8 49.5 61.2 78.7 108.5 71.7 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 nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 33 Z.1, December 8, 2011 F.119 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1 2 Fixed nonresidential investment 2.1 1.4 0.9 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 2 3 Net acquisition of financial assets 0.8 17.0 -28.2 -38.5 -34.1 -64.0 -47.5 -8.5 -48.1 -42.5 -63.9 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 4.8 -0.1 -1.4 -2.5 -0.2 -0.0 1.9 1.8 -0.0 -0.0 -0.0 -0.0 -0.5 -0.0 -0.4 -0.6 0.2 0.0 0.2 0.4 -1.0 -0.0 -0.8 -1.4 -1.2 -0.0 -0.9 -1.5 0.1 0.0 0.1 0.1 3.5 0.1 2.9 4.7 -0.9 -0.0 -0.8 -1.2 3.9 0.2 3.1 5.1 4 5 6 7 8 Credit market instruments 12.3 13.3 -8.8 -8.2 -3.9 -17.7 -14.0 2.8 34.2 -18.1 57.5 8 -4.4 -14.6 23.3 -12.5 4.8 6.3 -2.0 28.1 -30.5 -1.6 11.1 -21.7 0.5 18.5 -23.6 -5.6 11.4 -34.7 -1.5 14.3 -29.1 0.1 0.3 0.4 4.6 9.2 14.1 -1.2 -4.0 -6.1 5.0 7.3 11.3 9 10 11 -0.8 13.6 -4.7 -1.0 15.9 -0.3 0.0 -4.3 -0.1 0.1 3.8 0.1 0.0 0.5 0.3 0.0 11.3 -0.2 0.3 1.5 0.4 0.0 1.9 0.0 0.2 7.0 -0.8 -0.1 -6.8 0.0 -0.3 33.8 0.4 12 13 14 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 15 16 Corporate equities Mutual fund shares -6.4 -5.2 1.2 -1.1 -17.3 -2.5 -25.8 -3.8 -27.3 -4.0 -38.2 -5.6 -27.4 -4.0 -10.2 -1.5 -82.8 -12.1 -18.6 -2.7 -119.1 -17.4 15 16 17 Miscellaneous assets -0.6 -0.0 0.5 0.7 0.3 0.8 1.6 0.2 1.4 -0.1 2.8 17 2.3 17.7 -28.0 -38.5 -34.1 -64.0 -47.5 -8.5 -48.1 -42.5 -63.9 18 80.4 -287.8 441.5 1 18 Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of nonfinancial 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) 47.8 78.9 78.2 81.9 66.9 72.9 78.0 109.8 11.7 24.2 7.4 11.0 6.5 17.0 18.9 1.5 13.9 15.8 32.3 2 11.3 0.3 0.1 24.2 0.0 -0.1 6.8 0.6 0.1 10.1 0.7 0.2 5.8 0.5 0.2 15.7 1.0 0.3 14.9 2.6 1.4 3.9 -1.3 -1.1 14.9 -0.5 -0.6 13.7 1.3 0.7 30.5 1.1 0.7 3 4 5 2.7 33.3 -8.6 63.3 8.8 61.9 5.2 65.7 8.4 52.0 0.6 55.4 -4.2 63.3 16.2 92.1 0.0 66.6 2.4 -305.9 -17.3 426.5 6 7 47.8 78.9 78.2 81.9 66.9 72.9 78.0 109.8 80.4 -287.8 441.5 8 (1) Includes the 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. 34 Z.1, December 8, 2011 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Net acquisition of financial assets 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 -318.7 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 43.2 -4.8 63.9 211.3 2.0 5.6 84.6 -63.5 -32.2 10.4 217.9 -62.5 8.7 -3.7 -105.2 -0.5 -18.7 1.7 -310.1 -94.8 0.3 0.2 -276.6 228.1 46.5 -0.0 154.9 -9.3 6.8 -16.7 11.1 -126.1 6.6 55.9 -58.6 -90.8 18.8 15.7 -6.9 217.3 -102.0 -40.0 -252.3 -57.7 2 3 4 5 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 375.6 66.3 95.5 104.5 100.7 8.5 738.6 -56.1 399.5 520.3 23.6 -148.8 -644.0 -108.0 -171.3 -213.2 -93.3 -58.1 -410.0 -116.3 -71.0 -140.1 -66.9 -15.7 -630.6 -205.7 -25.0 -304.3 -119.9 24.4 -344.8 -142.1 -77.8 -43.6 -53.6 -27.7 -345.3 -26.5 -152.5 -78.8 -54.3 -33.3 -319.4 -90.8 -28.7 -133.9 -39.9 -26.1 58.5 69.9 141.3 -104.6 -45.9 -2.3 -109.8 -27.0 21.9 -57.3 -45.5 -1.9 109.8 -81.3 144.3 177.6 -30.5 -100.3 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Miscellaneous assets Net share issues (liabilities) 31.8 -43.1 11.3 7.7 -57.1 -183.9 22.7 249.2 -64.2 -195.4 23.5 12 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 -318.7 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 3 Security RPs 4 5 6 7 8 9 10 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 14 Discrepancy 13.4 -5.7 -83.3 -103.6 -96.4 -102.0 -106.5 -109.4 -103.6 -103.6 -88.6 1 364.7 31.0 490.5 388.6 558.6 22.7 570.3 403.0 1004.6 426.6 -243.7 2 -0.6 -7.4 28.6 -15.8 -12.9 -90.0 29.4 10.3 324.3 13.1 -317.6 3 271.1 -0.4 18.5 66.2 27.8 123.0 36.1 73.3 -62.5 8.7 27.3 17.4 69.9 12.4 380.7 28.6 67.6 46.4 90.6 146.2 1.3 374.3 -13.9 41.9 152.0 46.4 148.7 -0.8 517.4 -4.4 57.7 180.7 85.2 205.1 -6.9 163.6 -120.5 33.7 105.5 50.9 91.4 2.6 565.3 48.0 64.0 200.5 74.4 172.3 6.2 250.8 21.2 12.4 121.4 -24.9 125.9 -5.2 527.5 320.5 2.9 9.1 -45.9 184.7 56.2 388.9 -26.1 32.9 102.9 20.1 225.6 33.5 145.7 -287.8 57.1 178.9 30.5 170.8 -3.9 4 5 6 7 8 9 10 91.3 2.8 -38.1 3.2 86.3 -5.1 42.2 -12.0 80.4 -26.4 -29.0 -21.8 3.4 -27.8 113.9 28.0 142.2 10.5 -7.0 31.6 -71.8 0.1 11 12 364.7 31.0 490.5 388.6 558.6 22.7 570.3 403.0 1004.6 426.6 -243.7 13 13.4 -5.7 -83.3 -103.6 -96.4 -102.0 -106.5 -109.4 -103.6 -103.6 -88.6 14 (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 2 3 4 5 6 7 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 17.6 -63.4 5.4 -0.6 -3.5 4.4 13.3 -16.5 1.2 0.6 30.4 1 -0.9 -1.7 1.9 -1.0 18.4 -41.1 -2.4 -13.3 -25.3 -22.3 9.4 1.2 2.9 5.3 -3.9 4.2 0.7 -0.6 4.1 -4.8 10.0 2.5 0.9 6.6 -13.5 -8.2 -0.5 0.6 -8.2 12.5 9.2 0.5 1.9 6.8 4.2 6.0 0.4 -5.9 11.4 -22.5 8.3 0.5 -2.6 10.3 -7.0 -2.6 -0.1 -0.2 -2.3 3.2 -15.8 -1.5 -4.4 -9.9 46.2 2 3 4 5 6 17.6 -63.4 5.4 -0.6 -3.5 4.4 13.3 -16.5 1.2 0.6 30.4 7 150.5 177.2 116.5 117.8 27.9 123.5 133.2 186.7 94.3 116.8 83.5 8 13.3 6.6 0.6 6.2 137.2 23.0 7.4 1.7 13.9 154.2 46.0 14.7 3.6 27.6 70.5 29.7 9.2 1.7 18.7 88.2 41.2 18.4 2.6 20.2 -13.3 45.4 22.2 2.9 20.3 78.1 35.2 -0.8 2.2 33.7 98.0 -3.2 -2.8 -0.8 0.4 189.9 29.7 7.1 -0.6 23.1 64.7 43.6 15.6 1.1 27.0 73.1 52.2 17.8 0.4 34.0 31.4 9 10 11 12 13 150.5 177.2 116.5 117.8 27.9 123.5 133.2 186.7 94.3 116.8 83.5 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 35 Z.1, December 8, 2011 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 4.8 6.7 9.7 10.7 10.0 10.7 11.2 10.9 7.5 6.9 8.6 1 2 Fixed nonresidential investment 1.3 1.7 1.0 3.1 3.0 3.1 3.2 3.3 3.3 3.4 3.5 2 3 Net acquisition of financial assets 301.4 233.7 -360.7 -314.0 -80.6 -411.7 -601.8 -161.9 -93.3 -495.3 -223.1 3 -2.7 12.8 25.3 39.7 21.9 -28.2 11.1 -42.8 7.6 -36.0 0.3 20.6 -1.6 -18.0 188.4 0.4 9.8 -50.4 -207.1 -6.5 -0.3 64.2 15.9 -55.2 28.2 -9.3 25.2 -32.7 -2.5 -164.5 5.7 -45.7 -3.4 4 5 6 239.0 242.9 -337.8 -328.2 -290.0 -334.1 -493.2 -195.6 21.8 -297.1 -358.8 7 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 7 Credit market instruments 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities -4.7 1.3 -11.1 14.1 1.2 207.0 3.0 5.1 -27.4 0.2 33.3 -85.1 -4.5 153.0 -180.4 7.3 48.3 -117.1 -7.5 -10.6 -50.6 5.3 -57.4 7.8 -1.7 13.5 -12.4 -0.8 19.2 -22.6 -0.3 20.8 -0.4 8 9 10 11 12 Municipal securities Corporate and foreign bonds -2.8 -17.4 -2.0 -77.7 -2.2 -33.8 -4.2 -16.9 -4.2 55.8 -3.5 -47.0 -3.8 -18.9 -5.2 -57.7 -4.3 -36.6 -3.7 -59.0 -3.8 -22.9 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 237.7 0.0 11.9 225.8 38.1 0.0 4.8 33.3 -284.8 0.0 -0.2 -284.6 -144.7 0.0 7.2 -151.9 -169.8 0.0 -12.6 -157.2 -160.8 0.0 3.0 -163.8 -222.4 0.0 23.5 -245.9 -25.6 0.0 15.1 -40.7 -36.8 0.0 4.2 -41.0 -107.6 0.0 -8.8 -98.8 -156.2 0.0 -14.4 -141.8 13 14 15 16 17 18 19 20 21 22 23 24 25 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 35.9 -9.7 0.0 -9.7 42.3 0.0 42.3 3.3 0.0 62.2 8.8 0.0 8.8 42.5 0.0 42.5 10.9 0.0 2.4 -11.3 0.0 -11.3 14.2 0.0 14.2 -0.5 0.0 -110.8 -117.3 -232.5 115.1 2.0 25.3 -23.3 4.6 0.0 -139.9 -123.4 30.2 -153.6 -19.3 35.2 -54.5 2.8 0.0 -61.3 -64.5 -572.2 507.7 -1.9 4.4 -6.3 5.1 0.0 -179.4 -192.7 -251.7 59.0 8.5 12.0 -3.5 4.8 0.0 -62.8 -88.8 -136.2 47.4 20.5 49.5 -29.0 5.5 0.0 100.2 102.9 89.3 13.6 -1.6 23.9 -25.5 -1.0 0.0 -122.7 -115.5 -71.5 -44.0 -5.8 23.9 -29.6 -1.4 0.0 -196.1 -201.5 -252.3 50.8 7.1 21.3 -14.1 -1.7 0.0 17 18 19 20 21 22 23 24 25 27.0 -42.6 1.2 29.3 40.6 -37.4 105.4 8.8 -159.2 1.5 179.2 26 325.6 336.4 -317.1 -263.8 -3.1 -374.5 -499.7 -178.0 -37.4 -463.7 -138.8 27 282.4 282.4 0.0 282.4 0.0 271.7 271.7 0.0 271.7 0.0 -475.3 -475.3 0.0 -475.3 0.0 -233.8 -233.8 -207.2 -26.5 0.0 -60.1 -60.1 65.4 -125.5 0.0 -248.6 -248.6 -567.8 319.2 0.0 -372.1 -372.1 -239.7 -132.3 0.0 -254.3 -254.3 -86.8 -167.5 0.0 11.1 11.1 113.1 -102.0 0.0 -479.9 -479.9 -47.6 -432.3 0.0 -138.3 -138.3 -231.0 92.7 0.0 28 29 30 31 32 27.6 96.0 38.1 58.6 76.1 10.6 6.9 8.0 27.5 27.1 33 26 27 Miscellaneous assets Net increase in liabilities 28 29 30 31 32 Credit market instruments GSE issues (4) Consolidated trusts (2) Other U.S. government loans 33 Corporate equities 25.5 Miscellaneous liabilities 17.7 37.1 62.2 -68.1 -1.6 -202.0 -138.2 69.4 -56.5 -11.3 -27.7 34 27.7 107.8 52.2 57.7 84.4 44.8 110.1 -8.5 60.2 35.2 89.4 35 34 35 Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. F.125 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 124.0 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 622.6 -0.7 0.0 1.4 492.2 4.6 0.0 0.1 402.5 13.0 0.0 -0.2 175.8 11.3 0.0 -0.2 170.2 2.1 0.0 -2.6 210.5 16.2 0.0 1.9 145.6 14.2 0.0 -0.1 176.9 12.8 0.0 -0.2 248.3 17.5 0.0 -2.1 123.2 23.4 0.0 -0.1 114.1 15.9 0.0 -6.0 2 3 4 5 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 124.0 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.124). 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. 36 Z.1, December 8, 2011 F.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 339.9 -407.6 -739.8 -514.9 -632.3 -550.9 -465.4 -410.9 -368.8 -241.7 -252.4 3 24.7 27.6 88.6 -13.6 -27.8 37.9 -18.3 -227.9 -51.1 -13.8 -107.5 -39.0 -16.7 -148.2 -41.7 -14.1 -139.6 -42.1 -14.4 -93.0 -19.2 -9.9 -49.3 -52.8 -16.7 -55.2 -81.9 -13.2 24.7 38.8 -17.4 28.9 -6.7 4 5 6 173.0 34.6 20.6 117.8 -350.6 -310.9 -10.8 -28.9 -366.9 -319.7 -5.8 -41.4 -288.4 -239.7 -8.7 -40.1 -269.9 -234.4 -3.7 -31.8 -305.7 -244.6 -6.7 -54.4 -299.3 -235.6 -8.5 -55.3 -278.6 -244.0 -15.8 -18.8 -206.2 -216.5 -2.8 13.1 -239.5 -194.2 -7.0 -38.3 -221.3 -185.2 -8.7 -27.4 7 8 9 10 22.6 3.4 -37.3 -16.1 -41.3 -34.3 -56.8 -9.5 -131.2 -24.6 -45.3 -4.2 -39.9 0.4 -10.9 -9.5 -15.8 7.1 -42.8 -9.8 -21.4 -14.5 11 12 4 5 6 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 7 8 9 10 Mortgages (2) Home Multifamily residential Commercial 11 12 Consumer credit Trade credit 13 Net increase in liabilities 339.4 -408.0 -740.1 -515.2 -632.7 -551.2 -465.7 -411.2 -369.0 -242.0 -252.7 13 14 15 Commercial paper Corporate bonds (net) (5) -194.2 533.6 -83.9 -324.1 -266.2 -473.9 -40.3 -474.9 -104.8 -527.8 -62.7 -488.5 114.8 -580.5 -108.6 -302.7 54.3 -423.3 -44.3 -197.6 51.2 -303.8 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 16 -0.5 -17.9 -0.4 -46.7 -0.4 -25.3 -0.3 -4.6 -0.3 13.6 -0.3 -4.2 -0.3 -2.5 -0.3 -25.3 -0.3 2.7 -0.3 -1.4 -0.3 3.6 17 18 16 Discrepancy 17 18 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (4) Included in table F.128. (5) Net issuance less net acquisition of corporate bonds held as assets. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 76.1 88.4 92.4 111.5 89.1 98.7 120.8 137.3 77.5 73.0 75.3 1 2 Fixed nonresidential investment 61.9 42.5 16.5 29.0 27.3 28.7 29.7 30.2 30.9 31.4 32.6 2 3 Net acquisition of financial assets 19.9 -59.5 -189.2 -164.3 -332.1 -114.8 -174.1 -36.4 -22.9 -128.9 -28.7 3 4 5 Checkable deposits and currency Time and savings deposits 0.4 1.2 0.3 0.8 0.5 1.6 -1.7 -5.0 -4.4 -13.3 1.1 3.2 -2.4 -7.3 -0.9 -2.7 1.7 5.2 0.3 0.8 1.9 5.7 4 5 16.6 4.5 24.9 -62.5 49.7 -72.3 3.0 16.9 -84.0 -8.3 -223.3 6.3 -91.0 -50.5 -88.0 -141.7 -19.6 -19.0 -56.9 -46.2 -241.2 -51.9 -60.2 -60.5 -68.6 -116.1 12.3 -46.0 -46.5 -36.0 -159.2 -28.6 35.6 -56.9 -109.3 -50.4 -10.3 -5.6 -63.5 29.1 -53.3 20.4 -18.3 -61.2 5.8 -108.7 3.3 -53.5 -29.5 -28.9 -84.2 22.3 0.3 -49.6 -57.2 6 7 8 9 10 6 7 8 9 10 11 12 Credit market instruments Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Net increase in liabilities 1.7 11.8 31.9 -15.9 -73.1 -2.8 -5.1 17.5 23.4 -21.4 47.9 11 26.5 -69.1 -250.2 -185.5 -339.8 -154.1 -220.0 -28.1 -84.6 -128.9 -14.6 12 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances 34.9 -15.1 -2.8 52.8 0.0 -79.4 -22.6 -49.6 -7.1 0.0 -156.2 -38.8 -87.0 -30.4 0.0 -173.9 1.7 -110.7 -64.9 0.0 -309.9 33.7 -284.6 -59.0 0.0 -176.2 -10.2 -94.6 -71.3 0.0 -143.0 -16.0 -46.1 -80.9 0.0 -66.5 -0.7 -17.5 -48.2 0.0 -9.7 30.7 -90.8 50.4 0.0 -169.8 -26.3 -58.8 -84.8 0.0 35.6 18.4 28.1 -10.9 0.0 13 14 15 16 17 18 19 20 21 22 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other -1.5 -6.9 -5.6 -13.4 12.0 -0.1 10.4 12.2 -8.4 6.5 -2.8 -91.2 12.1 -32.6 -70.7 0.3 -11.8 2.4 -15.9 1.6 -0.4 -29.4 1.5 -12.4 -18.5 0.3 21.8 1.5 -15.3 35.6 0.6 -77.6 6.5 -4.1 -80.0 0.5 37.9 0.4 -31.7 69.2 -0.5 -74.3 4.3 -28.2 -50.5 0.1 40.8 12.1 42.3 -13.6 2.0 -52.2 1.8 -2.7 -51.3 18 19 20 21 22 23 Discrepancy 20.8 36.3 14.9 61.3 54.1 30.6 45.3 115.4 -15.0 41.6 56.8 23 24 Memo: Consumer leases not included above (2) 16.9 -11.8 -25.7 -15.7 -30.8 -14.1 -9.7 -8.3 2.4 2.0 4.3 24 (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table F.126. 37 Z.1, December 8, 2011 F.128 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency 6 Credit market instruments 7 8 9 10 11 12 13 14 Q2 Q3 Q4 Q1 2011 Q2 Q3 -18.0 -11.6 7.1 7.3 12.1 3.7 6.0 7.4 7.1 5.2 7.1 1 11.2 -9.3 6.0 0.1 3.8 -0.1 2.6 4.7 2.5 6.2 2.6 3.0 2.6 7.7 2.7 1.7 2.7 1.6 2.8 3.9 2.9 9.3 2 3 -26.1 -67.9 -9.3 41.8 22.6 46.2 70.6 27.8 254.5 177.5 114.1 4 -1.8 1.8 7.9 -2.8 -4.2 3.1 -5.6 -4.4 22.0 -12.9 13.8 5 -19.9 -68.9 -8.7 37.1 16.8 19.1 59.3 53.4 207.8 175.8 89.2 6 Agency- and GSE-backed securities Corporate and foreign bonds 23.5 -30.2 0.7 -22.8 15.5 3.8 38.2 5.3 16.1 8.0 22.5 2.6 55.7 7.7 58.4 3.0 189.6 15.1 104.8 6.5 88.8 3.6 7 8 Mortgages Home Multifamily residential Commercial -13.2 -23.5 0.2 10.1 -46.9 -46.4 -0.9 0.4 -28.0 -21.7 -2.0 -4.3 -6.3 -3.7 -0.4 -2.3 -7.3 -6.5 -0.5 -0.3 -5.9 -8.4 -0.0 2.5 -4.1 -0.6 -0.5 -3.0 -8.1 0.6 -0.5 -8.2 3.1 0.4 -0.5 3.1 64.5 54.4 -0.0 10.1 -3.1 5.6 -0.3 -8.4 9 10 11 12 -4.4 -0.8 -8.5 7.4 10.0 23.9 16.9 -21.2 24.7 14.5 11.1 13 25.7 -56.1 -28.5 71.0 65.0 62.2 85.5 71.4 287.3 231.3 166.4 14 Miscellaneous assets Net increase in liabilities 15 Security RPs -6.2 -12.3 11.1 30.0 -6.2 22.0 30.6 73.7 161.9 104.5 95.2 15 16 Credit market instruments 10.2 -53.8 -50.0 4.6 4.6 -8.6 35.7 -13.4 44.5 75.9 25.9 16 0.0 0.7 4.8 4.7 0.0 -60.3 -0.3 6.8 0.0 -41.3 -12.1 3.4 0.0 -0.1 -2.2 6.9 0.0 12.5 -8.7 0.8 0.0 -4.3 -6.3 1.9 0.0 28.9 3.7 3.1 0.0 -37.5 2.4 21.8 0.0 46.4 -9.0 7.1 0.0 59.9 -2.4 18.4 0.0 2.6 19.1 4.2 17 18 19 20 17.1 4.6 12.8 -2.7 24.2 -13.8 28.2 8.2 10.9 55.7 33.2 15.5 24.4 -5.2 44.4 -33.2 64.1 16.7 39.8 11.2 30.7 14.7 21 22 31.9 -5.8 -15.8 29.3 45.8 14.1 10.6 46.7 35.7 52.4 47.3 23 -17.9 0.0 -20.2 -0.0 2.4 -46.7 0.0 -40.6 -0.0 -6.1 -25.3 0.0 -25.7 -0.0 0.4 -4.6 0.0 1.1 -0.0 -5.7 13.6 0.0 5.3 0.0 8.2 -4.2 0.0 -0.0 -0.0 -4.1 -2.5 0.0 -0.9 -0.0 -1.5 -25.3 0.0 -0.0 -0.0 -25.2 2.7 0.0 0.6 -0.0 2.2 -1.4 0.0 0.3 -0.0 -1.7 3.6 0.0 5.0 -0.0 -1.3 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 38 Z.1, December 8, 2011 F.129 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Gross saving -20.7 -98.5 35.4 44.6 51.9 34.1 38.1 54.5 27.0 29.6 28.5 1 2 Fixed nonresidential investment 25.7 21.3 25.1 24.6 23.3 24.4 25.2 25.6 26.1 26.7 27.7 2 3 Net acquisition of financial assets 350.3 -874.8 -133.0 -9.1 247.7 -436.5 230.1 -77.5 342.1 108.6 -555.3 3 24.5 219.7 22.8 7.1 152.2 -0.7 27.3 11.1 25.4 33.4 47.3 15.1 -85.7 -21.4 250.6 -47.5 -11.4 -259.0 3.1 -28.5 -160.7 -615.1 -29.4 -192.1 -24.2 -67.6 -131.8 -3.3 47.5 -12.7 -4.6 38.1 54.9 6.2 32.2 -5.3 -28.5 38.9 4.6 35.2 -12.7 -18.5 75.2 -104.2 -2.2 135.6 -12.2 59.7 66.5 19.6 33.8 -31.9 -65.4 -26.4 206.1 -16.4 11.5 -21.6 -71.3 137.5 -21.3 -3.8 -8.0 3.2 82.5 -517.3 13.8 76.2 4.4 -19.7 46.6 16.8 33.9 -5.9 -40.7 66.7 114.1 29.6 -94.3 8.2 -82.6 -94.9 3.2 76.8 -5.1 28.9 178.0 -219.6 -19.5 69.3 13.4 8.6 13.7 -12.0 47.7 -2.0 31.9 150.2 110.1 65.5 30.9 10.6 -28.1 85.9 14.3 -50.8 -1.0 3.6 -11.5 20.1 26.9 -86.7 -6.0 160.5 -31.9 -15.9 -191.5 -1.9 -43.4 -243.7 -208.5 4 5 6 7 8 9 10 11 12 13 14 392.4 -683.2 -205.4 -6.3 172.4 -349.3 238.7 -86.9 311.0 152.1 -406.4 15 75.5 -4.0 -4.0 0.0 32.3 -2.4 243.0 210.8 29.3 3.0 -0.6 46.2 9.0 -36.1 73.4 2.4 -560.3 77.7 32.3 45.5 120.2 -24.7 -237.3 -123.8 12.8 -126.3 0.3 -70.7 55.8 65.8 -192.2 11.5 -57.5 -49.7 -4.2 -45.5 -32.4 48.9 -134.0 -74.1 -59.2 -0.8 3.2 19.8 3.5 -81.6 97.9 -3.6 -66.2 36.9 36.9 0.0 -11.1 -52.0 48.4 25.7 -5.8 28.5 -2.1 39.5 30.5 -15.7 24.7 0.4 -78.8 -2.4 -2.4 0.0 -52.6 -31.4 51.8 45.7 8.0 -1.9 -5.3 290.7 4.6 91.9 194.1 0.5 -406.9 34.6 34.6 0.0 83.9 -40.9 77.6 23.9 17.7 36.0 -0.1 -103.4 4.8 -22.8 -85.3 5.8 86.1 -19.2 -19.2 0.0 -34.4 12.3 38.5 43.2 -81.6 76.9 8.0 155.9 43.5 153.6 -41.3 -8.5 134.7 134.4 134.4 0.0 -41.4 -148.0 25.7 -10.1 32.8 3.0 -10.9 -185.2 69.0 -285.6 31.3 3.7 134.7 -5.9 -5.9 0.0 -11.0 1.6 -22.0 36.2 -0.7 -57.5 2.3 220.2 6.8 83.2 130.2 -8.8 -166.8 -72.7 -72.7 0.0 30.8 3.4 284.7 217.7 44.3 22.8 0.5 72.2 18.0 -131.4 185.6 -0.1 -848.8 -43.5 -43.5 0.0 134.0 -12.2 484.1 188.8 95.5 199.8 -2.6 -126.2 -20.5 -73.4 -32.3 8.8 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 -4.3 71.9 -62.1 22.9 -46.6 97.0 21.6 19.4 -30.2 46.4 149.8 32 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Checkable deposits and currency Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Security credit Miscellaneous assets Net increase in liabilities Security RPs (net) Credit market instruments Corporate bonds Bank loans n.e.c. (1) Corporate equity issues Trade payables Security credit Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other Proprietors’ net investment Discrepancy (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). F.130 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Net acquisition of financial assets Money market fund shares Security RPs Credit market instruments Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. (3) Other loans and advances (4) Corporate equities (5) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) 383.6 972.8 -449.2 -110.6 -519.8 -210.9 203.6 84.9 -507.8 -35.3 190.6 1 328.7 0.0 -62.7 -179.0 109.6 6.7 0.0 117.6 43.7 73.9 273.6 0.0 657.1 144.7 497.3 15.1 0.0 42.1 35.6 6.4 -174.2 0.1 -233.0 -266.8 43.6 -9.8 25.1 -67.2 -73.5 6.3 -176.3 0.0 111.0 60.6 51.9 -1.5 1.3 -46.5 -31.5 -15.0 -512.7 0.0 50.0 49.2 8.4 -7.6 1.2 -58.3 -55.6 -2.7 -248.9 0.0 222.8 145.3 78.4 -1.0 1.3 -186.0 -155.1 -30.9 5.6 0.0 25.3 126.2 -100.9 -0.0 1.3 171.3 106.7 64.7 50.9 0.0 145.9 -78.4 221.6 2.7 1.3 -113.2 -22.0 -91.2 -115.1 0.0 -397.9 -212.5 -174.4 -11.1 -105.5 110.8 69.5 41.3 -75.6 0.0 17.7 82.4 -63.9 -0.9 0.0 22.7 -62.1 84.8 -127.9 0.0 394.1 257.9 136.9 -0.7 0.0 -75.5 -133.1 57.6 2 3 4 5 6 7 8 9 10 11 383.6 972.8 -449.2 -110.6 -519.8 -210.9 203.6 84.9 -507.8 -35.3 190.6 12 114.5 62.9 51.5 0.0 0.0 0.0 269.1 0.6 -2.1 0.0 270.6 466.4 20.1 1.4 444.9 0.0 40.0 466.3 0.6 -353.2 0.0 819.0 -434.8 -125.1 37.9 -349.6 2.0 30.5 -44.8 0.6 -30.2 2.4 -17.6 -65.3 -47.4 -3.2 -21.9 7.2 3.5 -48.7 0.6 -123.5 7.9 66.3 -156.9 -183.3 36.1 -20.4 10.7 10.0 -372.9 0.6 -30.6 13.4 -356.3 -97.1 -88.0 -0.9 -20.9 12.8 1.3 -115.0 0.6 -334.5 10.2 208.7 134.5 114.5 52.8 -34.7 1.9 1.3 67.8 0.6 31.7 5.0 30.5 -141.8 -32.7 -100.8 -11.8 3.4 1.3 225.4 0.6 -160.5 3.1 382.2 -67.1 -13.5 39.6 -93.8 0.6 -60.4 -380.4 0.6 -95.2 0.6 -286.4 36.3 -41.9 106.4 -29.6 1.4 0.0 -71.5 0.6 72.9 2.5 -147.5 10.9 -21.0 77.2 -45.9 0.6 0.0 179.7 0.6 -4.4 2.2 181.3 13 14 15 16 17 18 19 20 21 22 23 (1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. 39 Z.1, December 8, 2011 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 Net change in liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Net change in assets Q2 Q3 Q4 Q1 2011 Q2 Q3 0.1 4.8 99.9 1.8 3.1 0.7 4.4 -0.8 14.5 25.1 20.4 1 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 0.1 0.2 -1.0 1.0 4.8 0.1 3.5 1.3 52.3 48.2 3.4 0.7 1.8 0.0 1.3 0.5 3.1 0.0 2.3 0.7 0.7 0.0 0.3 0.3 4.4 0.0 3.8 0.5 -0.8 0.0 -1.3 0.4 14.5 -7.8 25.7 -3.4 25.1 0.6 23.9 0.5 20.4 -2.8 25.2 -2.0 3 4 5 6 0.1 4.8 99.9 1.8 3.1 0.7 4.4 -0.8 14.5 25.1 20.4 7 -0.4 0.0 0.2 -1.0 0.5 4.2 0.0 0.1 3.5 0.6 51.9 0.0 48.2 3.4 0.3 1.6 0.0 0.0 1.3 0.3 2.7 0.0 0.0 2.3 0.4 0.5 0.0 0.0 0.3 0.2 4.1 0.0 0.0 3.8 0.3 -1.0 0.0 0.0 -1.3 0.2 16.3 0.0 -7.8 25.8 -1.7 24.8 0.0 0.6 23.9 0.3 21.4 0.0 -2.8 25.2 -1.0 8 9 10 11 12 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 14 15 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 0.5 0.0 0.0 0.5 0.6 0.0 -0.0 0.6 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3 0.4 0.0 0.0 0.4 0.2 0.0 0.0 0.2 0.3 0.0 0.0 0.3 0.2 0.0 0.0 0.2 -1.8 0.0 -0.1 -1.7 0.3 0.0 0.0 0.3 -1.0 0.0 0.0 -1.0 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 3.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority -0.7 0.5 -0.8 -0.0 -0.4 4.0 -0.3 0.9 0.0 0.2 -0.0 1.8 -1.1 0.8 0.0 0.5 0.0 1.0 0.0 0.7 0.0 0.5 3 4 5 Discrepancy (seigniorage) -1.2 -0.8 -4.4 -1.1 -0.2 -1.8 -1.9 -0.5 -1.0 -0.7 -0.5 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 256.0 -394.3 -106.1 71.7 4.4 151.2 33.6 97.4 181.8 -32.2 -18.2 1 15.4 0.9 43.2 -23.7 -25.5 2.0 -6.4 6.8 -32.2 4.3 40.5 8.7 0.3 28.2 -18.7 9.1 43.1 0.3 2.0 41.9 46.5 5.8 48.8 6.8 10.9 27.7 6.6 -1.9 20.9 18.8 -1.1 20.8 -102.0 2 3 4 196.5 -347.1 -74.4 18.1 -5.4 98.7 -56.8 36.0 136.5 -69.9 64.1 5 40 Z.1, December 8, 2011 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Net change in assets Rest of the world Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions Credit unions Discrepancy Q2 Q3 Q4 Q1 2011 Q2 Q3 -97.5 1801.9 -609.0 -185.8 -192.5 -520.2 -305.2 274.7 2801.6 132.2 385.4 1 5.4 139.0 -191.1 -50.9 842.0 789.0 240.5 -69.5 114.2 -562.7 -158.9 -1.6 -11.1 -247.2 48.1 24.4 332.4 -874.9 332.1 17.9 -316.2 -189.3 -78.4 63.6 -166.6 -31.9 -134.8 28.1 105.8 107.5 73.6 -12.2 1795.1 39.8 955.9 10.8 762.7 -901.3 121.6 149.2 -12.6 -284.4 699.9 -17.6 2 3 4 5 -99.3 1771.4 -643.4 -165.6 -94.0 -340.2 -366.2 138.0 2747.6 373.4 209.3 6 -153.6 48.9 4.4 0.4 0.6 0.0 419.8 509.6 562.9 238.0 36.4 4.7 -293.9 -463.7 44.4 45.1 6.5 18.1 -58.7 -95.7 -91.2 66.7 -0.7 14.1 -88.0 -338.5 55.1 189.4 39.2 48.9 20.6 -44.7 -132.0 -129.5 -21.4 -33.3 -199.5 -0.0 -250.4 63.9 -14.2 34.0 31.9 0.3 -37.3 143.0 -6.5 6.6 953.0 -0.5 515.9 1160.3 47.3 71.5 -391.4 2.1 657.3 146.7 -23.2 -18.1 221.3 0.6 -365.3 339.8 46.7 -33.8 7 8 9 10 11 12 1.8 30.6 34.4 -20.2 -98.4 -180.0 61.0 136.6 54.0 -241.2 176.0 13 3.3 3.3 2.7 2.7 -2.8 -2.8 -2.2 -2.2 24.9 24.9 5.4 5.4 -10.9 -10.9 -28.2 -28.2 39.3 39.3 6.9 6.9 -18.8 -18.8 14 15 2.1 1.1 0.4 0.6 0.0 839.2 560.2 238.0 36.4 4.7 117.0 47.2 45.1 6.5 18.1 -8.9 -89.0 66.7 -0.7 14.1 307.6 30.2 189.4 39.2 48.9 -321.5 -137.4 -129.5 -21.4 -33.3 -155.7 -239.5 63.9 -14.2 34.0 134.0 -9.1 143.0 -6.5 6.6 1755.7 476.6 1160.3 47.3 71.5 755.8 650.4 146.7 -23.2 -18.1 6.2 -346.5 339.8 46.7 -33.8 16 17 18 19 20 48.9 0.3 48.6 48.9 509.6 -1.5 511.1 509.6 -463.7 -0.6 -463.1 -463.7 -95.7 0.7 -96.4 -95.7 -338.5 1.9 -340.4 -338.5 -44.7 -1.3 -43.4 -44.7 -0.0 1.5 -1.5 -0.0 0.3 0.6 -0.3 0.3 -0.5 0.2 -0.7 -0.5 2.1 1.9 0.2 2.1 0.6 0.6 -0.0 0.6 21 22 23 24 63.9 64.2 0.3 172.6 131.5 -41.1 -109.3 -21.3 88.0 -83.3 22.7 106.0 -356.2 6.6 362.8 6.4 72.1 65.7 24.8 3.0 -21.8 -8.3 9.1 17.4 -93.0 -44.0 49.0 -299.6 -454.0 -154.4 -380.6 -6.4 374.2 25 26 27 -168.8 4.5 173.3 244.3 7.4 -236.9 -171.2 2.5 173.7 44.0 96.7 52.7 317.2 154.4 -162.8 -106.2 -4.2 102.1 -145.2 94.4 239.6 110.0 142.0 31.9 997.2 531.3 -465.9 158.9 -80.6 -239.4 645.3 90.5 -554.8 28 29 30 -42.2 31.9 74.1 9.1 92.0 83.0 -23.5 -15.7 7.8 -10.6 -7.6 3.0 -31.2 -33.9 -2.7 135.9 74.6 -61.3 -77.9 -64.5 13.4 -69.2 -6.5 62.7 55.1 77.2 22.2 -257.5 -183.5 74.0 -38.5 1.9 40.5 31 32 33 6.6 6.0 0.6 6.2 6.6 -0.4 -10.1 -15.2 5.1 8.8 5.7 3.1 17.8 9.1 8.7 15.4 14.9 0.5 1.2 -7.7 8.9 0.6 6.3 -5.7 6.2 -0.1 6.4 -6.8 -1.0 -5.9 4.9 2.6 2.3 34 35 36 -153.6 419.8 -293.9 -58.7 -88.0 20.6 -199.5 31.9 953.0 -391.4 221.3 37 32.2 16.5 15.4 -0.7 113.4 -16.9 -47.3 -0.1 -4.9 8.3 -22.2 -3.9 -62.4 -23.2 -1.7 -1.3 -171.0 -120.7 -25.6 3.3 -136.1 -225.7 -25.6 -20.1 -64.4 86.8 21.1 4.7 121.7 166.9 23.3 6.9 133.2 81.4 21.2 6.3 -604.7 -275.7 -44.5 10.0 98.2 185.8 8.6 1.2 38 39 40 41 -15.7 -6.3 -9.4 -130.3 -51.6 -78.7 13.2 -4.7 17.9 39.3 5.6 33.7 50.3 -2.0 52.4 -89.6 2.8 -92.4 151.2 40.5 110.7 45.1 -18.8 63.9 -51.7 -13.8 -37.9 329.1 -87.6 416.7 87.6 65.4 22.2 42 43 44 1.8 30.6 34.4 -20.2 -98.4 -180.0 61.0 136.6 54.0 -241.2 176.0 45 Memo: Vault cash: 14 15 Liab.: Monetary authority Asset: U.S.-chartered commercial banks Depository institution reserves: 16 17 18 19 20 Liab.: Monetary authority Asset: U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions Credit unions Other transactions with the monetary authority 21 22 23 24 Liab: U.S.-chartered commercial banks Federal Reserve float Loans to member banks Asset: Monetary authority Transactions with banks in foreign countries (net): 25 26 27 Liab.: U.S.-chartered commercial banks (net) Due to foreign affiliates - Due from foreign affiliates 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 31 32 33 Bank holding companies (net) Due to foreign affiliates - Due from foreign affiliates 34 35 36 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. 37 Asset: Rest of the world (1) Transactions between U.S. banks (net) (2): 38 39 40 41 42 43 44 45 U.S.-chartered commercial banks (net) Due to (3): Foreign banking offices in U.S. Bank holding companies - Due from: Foreign banking offices in U.S. Bank holding companies Unallocated (2) (1) Sum of lines 25, 28, and 31 less line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 45), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, and 45. 41 Z.1, December 8, 2011 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 3 4 5 6 Net change in liabilities Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks Q2 Q3 Q4 Q1 2011 Q2 Q3 36.7 568.4 -7.9 266.3 36.6 439.9 112.0 476.9 -511.1 510.3 428.5 1 17.8 11.4 0.9 -0.0 5.5 428.2 349.3 19.4 1.3 58.2 -117.6 -173.8 14.0 1.0 41.2 185.0 149.0 -21.6 0.9 56.7 84.8 100.0 -63.2 -3.0 50.9 361.3 287.0 32.2 -1.8 44.0 64.0 81.0 -93.5 5.0 71.5 230.0 128.2 37.9 3.5 60.4 -822.6 -897.0 -13.3 -12.8 100.6 165.2 78.5 -11.6 0.9 97.3 -81.8 -315.6 150.1 9.1 74.7 2 3 4 5 6 9.0 14.9 5.0 -10.9 140.8 -39.5 31.2 149.1 80.9 0.3 -28.7 109.2 70.3 -0.1 -3.8 74.3 -57.7 -0.3 4.1 -61.5 81.0 -42.8 7.1 116.7 40.9 -8.2 -19.7 68.9 217.1 50.7 -6.7 173.1 282.4 -11.7 45.9 248.1 346.0 -30.9 -2.3 379.2 416.8 -10.9 17.0 410.7 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 2.6 0.3 2.3 1.7 2.4 -0.7 2.6 5.8 -3.2 5.7 4.1 1.7 1.0 1.4 -0.5 0.2 -1.3 1.5 8.4 5.6 2.8 13.3 10.5 2.8 -4.4 -5.5 1.1 9.8 8.7 1.1 59.8 9.6 50.1 11 12 13 14 15 16 Banks in U.S.-affiliated areas Savings institutions Credit unions 1.7 4.5 1.1 -1.1 -2.9 1.6 1.4 13.1 11.6 0.5 -0.8 5.5 0.7 1.5 6.3 2.1 -3.7 -1.1 0.7 -3.0 1.0 -1.3 2.1 15.8 2.2 6.4 25.0 3.9 -8.2 -6.4 -0.5 13.1 21.0 14 15 16 568.4 -7.9 266.3 36.6 439.9 112.0 476.9 -511.1 510.3 428.5 17 17 Net change in assets 36.7 18 Household sector -71.8 236.8 38.2 -144.6 -243.1 -143.3 -87.6 -104.5 50.9 23.0 334.3 18 19 20 21 22 Nonfinancial business Corporate Nonfarm noncorporate Farm 58.4 -9.0 65.7 1.8 -104.9 -109.2 3.3 0.9 147.8 126.9 20.1 0.9 257.5 278.7 -21.4 0.3 258.1 293.7 -35.9 0.3 165.1 191.9 -27.1 0.3 233.7 253.1 -19.6 0.3 372.9 375.8 -3.2 0.3 229.3 227.6 -0.6 2.3 230.0 225.9 1.8 2.3 233.6 225.5 5.8 2.4 19 20 21 22 23 24 State and local governments Federal government -4.8 25.1 8.5 313.1 19.2 -174.2 6.7 148.9 2.7 151.4 10.7 197.3 10.2 71.7 3.0 175.2 14.1 -846.0 27.9 -14.9 8.7 -320.8 23 24 25 26 27 Rest of the world Checkable deposits Currency -5.4 5.2 -10.7 64.0 34.8 29.2 -9.2 -21.8 12.6 29.5 1.2 28.3 11.6 2.5 9.1 12.4 4.0 8.4 33.0 -9.0 42.1 61.0 7.2 53.8 77.9 27.6 50.3 63.3 7.3 56.0 74.2 35.7 38.5 25 26 27 28 Financial sectors 34.2 56.1 -29.4 -30.5 -90.0 151.0 -151.5 -31.3 24.1 118.3 101.3 28 29 30 31 Banks in U.S.-affiliated areas Savings institutions Credit unions -0.3 -0.5 -1.1 0.6 -11.2 -5.7 1.0 -4.2 1.4 -0.9 -2.4 -6.3 -1.3 -14.8 -64.1 6.1 17.5 52.7 -0.5 9.9 14.9 -7.7 -22.1 -28.6 3.1 5.6 -77.0 1.2 5.3 50.4 1.9 -13.3 87.3 29 30 31 32 33 34 35 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 12.8 2.3 0.6 4.8 -14.8 24.4 0.5 -0.2 -0.3 -32.1 4.2 -0.0 5.0 1.0 11.5 -0.5 2.6 -12.0 10.0 0.2 35.3 40.3 11.8 -1.0 8.9 6.9 11.0 -1.2 -26.8 -31.2 13.4 0.1 4.8 -17.6 13.3 3.5 7.1 5.7 13.5 -0.9 -39.7 40.8 12.2 3.9 32 33 34 35 36 37 38 39 40 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers -4.8 -2.7 0.4 -1.8 24.5 5.6 39.7 0.3 1.8 15.1 10.4 11.1 0.5 7.9 -29.4 -3.7 -36.0 -1.7 -2.8 6.2 1.7 -1.6 -4.4 -4.2 -2.2 0.2 0.4 1.1 3.1 -16.4 -0.0 -207.1 -2.4 -5.6 13.8 -16.7 64.2 -0.9 -4.4 29.6 55.9 28.2 1.7 22.0 -19.5 15.7 -32.7 0.3 -12.9 65.5 -40.0 5.7 1.9 13.8 26.9 36 37 38 39 40 1.0 -5.2 -0.3 -1.1 -54.1 46.7 2.4 0.7 -61.4 62.7 -2.8 41 41 Mail float 42 Z.1, December 8, 2011 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 Net change in liabilities Small time and savings deposits Q2 Q3 Q4 Q1 2011 Q2 Q3 599.9 334.2 375.4 116.1 -130.0 -167.3 547.9 213.9 215.3 916.0 67.2 1 316.4 524.8 517.2 298.4 177.4 199.0 453.7 363.6 99.1 914.1 754.5 2 255.0 6.9 1.1 540.2 0.1 1.1 382.9 4.4 -2.9 276.9 5.8 -5.2 329.8 1.2 -1.0 200.7 5.3 -18.3 307.0 76.7 0.5 269.9 -60.2 -1.9 208.2 27.7 0.3 920.4 19.2 -0.8 617.5 14.0 -0.1 3 4 5 3 4 5 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 6 7 Savings institutions Credit unions 27.6 25.8 -59.6 43.0 89.4 43.4 -5.2 26.2 -151.5 -1.1 -27.9 39.2 19.3 50.1 139.4 16.4 -133.3 -3.9 -54.7 30.0 65.0 58.1 6 7 8 Large time deposits (1) 283.4 -190.6 -141.8 -182.3 -307.4 -366.3 94.2 -149.7 116.2 1.9 -687.3 8 9 10 11 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 23.1 273.4 1.1 24.6 -123.2 1.1 -174.0 173.9 -2.9 -150.1 -49.6 -5.2 -106.1 -215.5 -1.0 -90.1 -272.7 -18.3 -138.5 199.6 0.5 -265.8 90.2 -1.9 -15.2 112.2 0.3 -37.6 33.3 -0.8 -160.5 -562.7 -0.1 9 10 11 12 13 Savings institutions Credit unions -19.0 4.8 -93.5 0.5 -155.8 17.0 19.9 2.7 12.0 3.3 14.0 0.8 28.2 4.4 25.3 2.5 14.3 4.6 6.8 0.3 31.3 4.7 12 13 375.4 116.1 -130.0 -167.3 547.9 213.9 215.3 916.0 67.2 14 14 Net change in assets 599.9 334.2 15 Household sector 477.2 194.3 107.2 230.6 346.4 206.6 250.0 119.4 -7.4 813.1 154.6 15 16 17 18 Nonfinancial business Corporate Nonfarm noncorporate -40.7 -55.7 14.9 -60.7 -59.4 -1.2 102.1 106.9 -4.8 -31.9 -17.2 -14.6 -147.6 -123.1 -24.5 -97.4 -79.0 -18.5 118.6 132.0 -13.4 -0.9 1.3 -2.2 201.4 201.8 -0.4 97.3 96.1 1.2 109.3 105.3 4.0 16 17 18 19 20 21 State and local governments Federal government Rest of the world 36.4 1.2 40.3 19.1 -1.3 65.5 10.8 0.3 -43.1 -0.4 0.1 17.7 20.1 0.4 -33.5 -32.3 -0.7 14.9 6.8 -0.2 23.6 3.6 0.8 65.9 5.4 -1.8 57.0 20.4 0.5 -2.6 9.3 0.6 54.6 19 20 21 22 Financial sectors 85.6 117.3 198.0 -99.9 -315.7 -258.3 149.2 25.2 -39.3 -12.8 -261.2 22 23 24 Savings institutions Credit unions 3.3 -0.0 -1.6 11.4 7.0 9.5 -0.0 5.6 15.4 6.3 -3.9 4.3 -2.0 6.9 -9.5 4.9 23.2 -3.7 -7.9 -0.3 13.4 13.7 23 24 25 26 Private pension funds State and local govt. retirement funds 4.6 -0.1 0.3 -0.0 4.7 -0.0 4.4 -0.0 4.0 0.0 5.0 -0.0 3.3 -0.0 5.4 0.0 3.8 0.1 3.9 -0.0 3.9 0.2 25 26 27 28 29 Money market mutual funds Government-sponsored enterprises Finance companies 63.9 12.8 1.2 84.6 21.9 0.8 217.9 -42.8 1.6 -105.2 0.3 -5.0 -310.1 -18.0 -13.3 -276.6 9.8 3.2 154.9 -6.5 -7.3 11.1 15.9 -2.7 -58.6 -9.3 5.2 -6.9 -2.5 0.8 -252.3 -45.7 5.7 27 28 29 1 (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 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 -318.7 2 Net purchases 3 4 5 6 7 8 9 10 11 12 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 -318.7 2 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 229.0 128.1 2.2 6.6 19.0 235.5 158.2 1.0 -1.8 23.7 -272.7 -56.5 -1.7 4.1 10.1 -184.8 -128.6 -3.1 5.4 1.5 -262.9 -311.4 -5.1 13.5 1.5 -129.5 -175.7 -3.9 -3.6 1.5 -129.8 -10.3 -2.8 4.8 1.5 -216.9 -17.0 -0.5 6.7 1.5 90.5 -80.5 -0.1 5.0 1.5 96.2 -65.7 0.3 -2.4 1.5 -88.7 -88.9 0.8 -4.5 1.5 3 4 5 6 7 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 7.2 -1.6 3.4 -1.4 328.7 12.1 17.5 2.3 1.9 273.6 -3.2 -5.5 0.6 -0.0 -174.2 -4.0 -12.7 -0.1 -0.4 -176.3 -17.2 -15.6 0.2 0.2 -512.7 -2.7 -13.1 0.0 -0.8 -248.9 13.3 -11.7 -0.4 -0.9 5.6 -9.3 -10.4 -0.2 0.1 50.9 8.4 -5.0 -0.2 2.9 -115.1 -6.4 -7.3 -0.2 -0.8 -75.6 -10.2 -3.7 -0.2 3.1 -127.9 8 9 10 11 12 43 Z.1, December 8, 2011 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 10 11 Net change in liabilities Monetary authority U.S.-chartered commercial banks (net) Foreign banking offices in U.S. (net) Bank holding companies (net) Savings institutions Property-casualty insurance companies Life insurance companies REITs Brokers and dealers (net) Net change in assets 2008 2009 2010 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 8.1 -889.5 207.8 -201.3 107.9 -542.6 -340.8 -29.8 104.9 -182.0 -834.6 1 14.4 -36.1 -13.6 0.1 -24.1 -0.7 -1.1 -6.2 75.5 44.4 -259.0 -96.3 -0.4 -0.0 1.9 -7.3 -12.3 -560.3 -10.6 244.9 40.3 -19.9 1.8 -1.7 -0.5 11.1 -57.5 -18.0 -190.9 52.9 -1.8 -6.0 0.8 -2.2 30.0 -66.2 -79.9 225.8 74.6 -15.0 1.0 -0.6 -13.1 -6.2 -78.8 37.8 -200.0 46.0 -30.3 -14.8 0.7 2.8 22.0 -406.9 -13.7 -459.0 48.6 -33.2 -4.2 -0.5 4.5 30.6 86.1 -16.4 -330.2 42.6 71.2 -6.2 3.7 -2.9 73.7 134.7 9.9 -98.8 -26.5 -32.3 -37.6 -3.4 -3.0 161.9 134.7 32.6 -50.8 -87.3 -11.4 -5.0 0.2 2.1 104.5 -166.8 55.3 -359.9 196.2 35.7 -6.2 -0.6 -1.4 95.2 -848.8 2 3 4 5 6 7 8 9 10 239.5 -284.6 -258.7 -116.0 -124.0 -323.0 52.1 -68.8 505.3 38.3 -604.7 11 12 13 14 15 16 17 Nonfinancial corporate business State and local governments Rest of the world (net) Monetary authority Savings institutions Credit unions (net) -7.5 13.0 -35.2 5.8 27.3 -2.6 -0.9 -3.5 -214.0 33.5 -10.9 -4.8 0.7 8.0 -146.4 -80.0 -22.7 2.4 4.3 10.6 -128.6 0.0 -6.6 -0.1 4.6 26.7 -245.7 0.0 -10.1 -0.2 1.0 -7.0 -366.6 0.0 -6.8 0.1 -10.8 9.4 17.7 0.0 -3.2 -0.5 22.6 13.1 80.3 0.0 -6.3 0.0 2.5 9.8 238.5 0.0 -3.7 -0.0 -2.8 -4.7 -73.2 0.0 4.3 75.4 -2.4 -8.9 -204.2 0.0 5.2 -31.4 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises (net) Funding corporations 1.7 0.2 3.4 -2.5 211.3 -0.6 25.3 0.0 0.8 5.2 7.3 1.8 -63.5 -7.4 -28.2 0.0 0.1 2.2 3.1 -0.0 -62.5 28.6 7.6 0.1 -0.7 0.7 0.9 -0.6 -0.5 -15.8 20.6 0.0 15.0 4.4 0.3 0.4 -94.8 -12.9 188.4 0.0 -8.8 -1.3 -19.8 -1.4 228.1 -90.0 -50.4 0.0 -0.7 0.1 21.9 -1.5 -9.3 29.4 -0.3 0.0 -8.3 -0.6 1.2 0.1 -126.1 10.3 -55.2 0.0 -1.2 -4.8 0.8 4.7 -90.8 324.3 25.2 0.0 -4.7 -3.6 -17.0 -1.2 217.3 13.1 -164.5 0.0 -1.3 8.0 3.9 5.1 -57.7 -317.6 -3.4 0.0 18 19 20 21 22 23 24 25 -231.4 -604.9 466.5 -85.4 231.9 -219.6 -392.8 39.0 -400.4 -220.3 -229.9 26 26 Discrepancy--unallocated assets F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Total net issues, all types 2 3 4 5 6 7 8 9 10 11 12 13 Commercial paper Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial Financial sectors U.S.-chartered commercial banks Bank holding companies ABS issuers Finance companies REITs Funding corporations 14 15 16 Bankers’ acceptances (1) U.S.-chartered commercial banks Foreign banking offices in U.S. 17 Net purchases, by sector 18 19 20 21 22 23 24 25 26 Household sector Nonfinancial corporate business State and local governments Rest of the world Monetary authority U.S.-chartered commercial banks (1) Foreign banking offices in U.S. (1) Savings institutions Credit unions 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 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations (1) Excludes banks’ holdings of own acceptances. -169.4 -189.0 -461.9 -79.9 -176.3 -181.9 247.3 -208.8 252.7 -87.5 -181.6 1 -169.4 11.3 -69.3 2.0 -71.3 -111.4 0.0 35.0 -194.2 -15.1 0.0 62.9 -188.8 7.7 -71.0 20.7 -91.7 -125.4 0.0 -39.0 -83.9 -22.6 0.0 20.1 -461.9 -73.1 59.4 -15.2 74.5 -448.2 0.0 -18.1 -266.2 -38.8 0.0 -125.1 -79.9 24.5 -2.7 -3.8 1.1 -101.7 -19.7 3.9 -40.3 1.7 0.0 -47.4 -176.3 50.3 -24.9 31.4 -56.3 -201.7 0.0 52.7 -104.8 33.7 0.0 -183.3 -181.9 62.7 -55.6 -24.3 -31.3 -189.0 13.0 -41.0 -62.7 -10.2 0.0 -88.0 247.3 43.8 13.9 -0.6 14.5 189.6 -26.3 2.7 114.8 -16.0 0.0 114.5 -208.8 -58.7 55.8 -21.9 77.7 -206.0 -65.3 1.4 -108.6 -0.7 0.0 -32.7 252.7 31.7 128.9 28.2 100.7 92.2 -14.9 35.6 54.3 30.7 0.0 -13.5 -87.5 55.4 -43.2 26.3 -69.5 -99.8 -0.5 13.3 -44.3 -26.3 0.0 -41.9 -181.6 35.6 -248.2 -18.9 -229.3 31.0 3.4 -20.9 51.2 18.4 0.0 -21.0 2 3 4 5 6 7 8 9 10 11 12 13 0.0 0.0 0.0 -0.2 0.0 -0.2 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 0.0 0.0 0.0 0.0 0.0 14 15 16 -169.4 -189.0 -461.9 -79.9 -176.3 -181.9 247.3 -208.8 252.7 -87.5 -181.6 17 -10.2 -53.2 -3.0 -8.3 0.0 0.0 0.0 0.0 -0.5 -101.3 -12.2 -64.6 -45.1 0.0 15.7 0.0 0.0 -0.4 28.7 -1.3 -54.5 -41.4 0.0 -15.7 0.0 0.0 0.0 28.8 15.5 -26.2 0.8 0.0 0.0 0.0 0.0 0.0 39.8 28.5 -5.1 10.2 0.0 0.0 0.0 0.0 0.0 38.5 1.8 -49.2 -26.8 0.0 0.0 0.0 0.0 0.0 35.4 41.7 -27.6 20.6 0.0 0.0 0.0 0.0 0.0 1.7 -10.1 -22.8 -0.9 0.0 0.0 0.0 0.0 0.0 17.7 39.2 -27.2 32.9 0.0 0.0 0.0 0.0 0.0 -11.9 -25.9 -46.2 -23.3 0.0 0.0 0.0 0.0 0.0 -8.8 -0.3 -51.7 -19.5 0.0 0.0 0.0 0.0 0.0 18 19 20 21 22 23 24 25 26 -3.1 13.1 -4.8 -4.4 66.3 -0.4 -4.7 22.8 -179.0 5.8 -3.4 10.2 -12.5 -56.1 -62.5 14.1 -21.4 144.7 -9.3 11.5 -10.5 -2.0 -108.0 28.6 3.0 -24.2 -266.8 -1.9 -8.9 -11.7 -1.6 -116.3 -13.9 0.2 -5.3 60.6 5.1 -58.1 -19.7 0.5 -205.7 -4.4 -4.5 -12.2 49.2 -2.9 8.0 -14.2 -5.6 -142.1 -120.5 7.3 -21.6 145.3 5.6 32.8 -4.3 -1.5 -26.5 48.0 -7.5 4.4 126.2 -15.5 -18.3 -8.6 0.1 -90.8 21.2 5.3 8.2 -78.4 2.6 -5.8 -0.8 4.6 69.9 320.5 -1.7 13.4 -212.5 -2.0 -15.1 -1.1 -1.2 -27.0 -26.1 -0.8 10.6 82.4 -11.1 23.4 -1.1 5.0 -81.3 -287.8 -0.3 -6.0 257.9 27 28 29 30 31 32 33 34 35 44 Z.1, December 8, 2011 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 Net issues Savings bonds Treasury bills Other Treasury securities Net purchases Household sector Savings bonds Bills and other Treasury securities 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 237.5 1239.0 1443.7 1579.6 1604.8 1848.7 1390.4 1474.4 740.4 826.2 1380.7 1 -6.0 58.8 184.7 -2.4 861.6 379.8 -2.8 -73.3 1519.8 -3.3 -19.0 1601.8 -4.0 200.4 1408.3 -3.1 -244.0 2095.8 -2.6 26.6 1366.4 -3.5 -59.0 1536.8 -4.6 -297.0 1041.9 -3.9 -661.1 1491.2 -2.8 -215.4 1598.9 2 3 4 237.5 1239.0 1443.7 1579.6 1604.8 1848.7 1390.4 1474.4 740.4 826.2 1380.7 5 -50.0 -6.0 -44.0 156.8 -2.4 159.2 422.5 -2.8 425.2 360.1 -3.3 363.4 127.6 -4.0 131.6 991.0 -3.1 994.1 -31.1 -2.6 -28.5 352.8 -3.5 356.2 -922.3 -4.6 -917.7 -423.4 -3.9 -419.5 224.5 -2.8 227.3 6 7 8 -7.1 3.0 18.3 -7.9 -7.5 -50.0 12.5 -5.7 18.8 0.4 -1.9 9.7 26.9 -3.2 15.5 10.0 -2.4 11.1 4.7 -1.7 -0.6 -40.0 -0.3 12.8 -2.4 -0.1 -35.9 29.7 0.2 -77.1 -0.7 0.5 -48.0 9 10 11 165.3 -38.3 711.6 -264.7 555.0 300.7 654.2 244.9 633.2 147.2 608.7 -34.0 1030.6 65.3 344.4 801.2 47.2 1438.6 222.3 1073.8 592.0 103.5 12 13 9 10 11 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 12 13 Rest of the world Monetary authority 14 15 16 17 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11.1 3.6 4.6 -1.9 -19.6 5.1 -4.0 -0.6 64.3 22.0 2.7 -0.7 93.9 3.5 13.8 0.6 233.1 2.3 -0.1 1.6 20.8 -13.6 -3.1 1.5 83.5 51.5 48.8 -0.7 38.3 -26.4 9.6 -0.2 -28.0 20.8 -14.2 0.0 -105.1 -10.0 -28.4 2.1 -48.5 -22.0 45.6 -2.6 14 15 16 17 18 19 Savings institutions Credit unions -5.4 3.0 -4.1 -1.6 3.8 5.3 -0.9 5.8 1.5 6.9 -1.8 5.5 -2.7 -25.8 -0.5 36.7 0.5 7.5 -1.9 0.1 -3.2 -3.5 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 -38.7 -17.3 38.7 -14.6 11.3 -5.6 35.1 15.4 4.8 24.2 22.9 27.7 125.8 28.1 6.8 3.2 23.2 176.0 11.1 10.1 -5.7 20.6 123.6 18.5 5.8 2.2 22.3 263.0 11.4 15.7 10.9 24.0 238.2 14.3 14.9 5.5 25.9 79.0 0.3 3.9 6.2 -12.1 53.3 9.2 14.9 -5.2 1.8 89.3 -4.0 13.7 -4.7 34.9 93.3 7.3 30.5 20 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers 95.5 18.5 -1.7 6.6 1.3 24.7 7.1 399.5 8.7 -2.4 7.4 1.2 -13.6 250.6 -171.3 67.6 1.2 14.7 5.1 -18.3 -67.6 -71.0 41.9 0.7 9.2 33.3 -13.8 -28.5 -25.0 57.7 2.5 18.4 153.0 -16.7 59.7 -77.8 33.7 -0.5 22.2 48.3 -14.1 -71.3 -152.5 64.0 0.5 -0.8 -10.6 -14.4 -19.7 -28.7 12.4 0.4 -2.8 -57.4 -9.9 -82.6 141.3 2.9 0.5 7.1 13.5 -16.7 8.6 21.9 32.9 -0.1 15.6 19.2 -13.2 -28.1 144.3 57.1 -1.5 17.8 20.8 -17.4 160.5 25 26 27 28 29 30 31 237.1 1239.2 1443.9 1580.2 1605.1 1849.8 1390.9 1475.1 741.5 826.4 1382.6 32 Memo: 32 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). 45 Z.1, December 8, 2011 F.210 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2009 2010 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 905.3 768.9 -59.9 -46.2 109.9 -18.9 -211.8 -64.0 276.0 -333.3 -12.4 1 -0.4 282.4 623.3 0.2 271.7 497.0 0.1 -475.3 415.3 0.7 -233.8 186.9 0.3 -60.1 169.7 1.1 -248.6 228.6 0.5 -372.1 159.7 0.8 -254.3 189.6 1.2 11.1 263.7 0.2 -479.9 146.5 1.9 -138.3 124.0 2 3 4 905.3 768.9 -59.9 -46.2 109.9 -18.9 -211.8 -64.0 276.0 -333.3 -12.4 5 Household sector Nonfinancial corporate business State and local governments 314.8 -2.4 37.0 98.4 -2.6 -9.9 -567.4 4.2 -17.1 92.5 0.1 10.0 -49.8 9.0 55.9 114.1 3.3 -40.0 15.2 1.6 6.9 290.5 -13.3 17.4 425.0 -0.8 7.9 -165.3 9.9 -33.4 -302.2 -0.2 -45.4 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 248.8 0.0 54.4 -228.6 19.7 142.0 -226.0 1048.5 -47.2 -89.1 71.4 -40.0 -153.3 677.7 -44.3 45.9 180.8 -43.7 -127.8 -201.0 -60.7 -121.0 -372.2 -43.1 -91.1 -279.8 -139.1 -92.5 -176.4 -132.3 45.0 -185.6 9 10 11 12 13 14 15 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -111.4 2.0 -1.3 -2.7 139.7 -6.5 15.9 -2.0 148.4 -19.3 -7.0 -3.9 87.1 -4.8 -3.2 -7.7 -17.4 -2.2 -7.0 -8.4 -24.9 -3.0 -1.8 -8.8 186.7 -2.0 32.1 -12.9 204.1 -11.9 -36.2 -0.6 124.1 19.6 4.6 -23.5 -7.5 -3.4 37.1 -3.7 80.0 6.5 46.9 -2.6 12 13 14 15 16 17 Savings institutions Credit unions 0.3 -4.1 -3.5 14.4 19.6 27.9 22.9 40.8 36.5 36.6 -11.2 30.5 16.0 22.5 50.5 73.7 14.2 45.2 -1.3 7.7 -12.0 23.8 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 3.8 5.5 28.2 23.3 0.3 -11.5 -16.7 21.3 6.3 0.0 1.9 5.8 -49.0 -30.5 0.6 -0.4 4.0 -98.1 -21.7 0.7 -0.4 3.6 -38.1 -23.6 0.5 -0.4 3.9 -194.5 -34.7 1.0 -0.4 4.1 -163.1 -29.1 2.6 -0.4 4.5 3.2 0.4 -1.3 1.7 40.4 -22.5 14.1 -0.5 -1.9 14.5 -11.5 -6.1 1.3 2.3 21.3 -11.9 11.3 1.1 18 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Government-sponsored enterprises 104.5 66.2 -11.1 520.3 27.3 207.0 -213.2 46.4 -27.4 -140.1 152.0 -85.1 -304.3 180.7 -180.4 -43.6 105.5 -117.1 -78.8 200.5 -50.6 -133.9 121.4 7.8 -104.6 9.1 -12.4 -57.3 102.9 -22.6 177.6 178.9 -0.4 23 24 25 26 27 28 ABS issuers REITs Brokers and dealers 27.6 23.5 152.2 -27.8 0.7 -47.5 -227.9 15.5 -131.8 -107.5 38.2 38.9 -148.2 16.1 66.5 -139.6 22.5 137.5 -93.0 55.7 46.6 -49.3 58.4 -94.9 -55.2 189.6 13.7 24.7 104.8 85.9 28.9 88.8 -31.9 26 27 28 6 7 8 Net purchases 2008 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 31. 46 Z.1, December 8, 2011 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 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 Q2 Q3 Q4 Q1 2011 Q2 Q3 235.9 95.3 154.5 97.7 126.3 -4.8 76.9 192.4 -74.3 -110.3 -9.6 1 146.2 16.8 129.4 19.2 4.7 14.4 110.7 7.7 102.9 65.3 -0.6 66.0 71.6 2.2 69.4 -16.3 -16.8 0.5 61.5 7.1 54.4 144.6 5.0 139.6 -100.3 -8.9 -91.4 -107.3 -37.9 -69.4 -0.0 26.0 -26.1 2 3 4 20.6 8.0 6.0 -2.3 4.5 -8.9 -10.9 5.9 -1.4 -4.7 -18.5 5 69.0 68.2 37.8 34.7 50.2 20.4 26.3 41.9 27.4 1.7 9.0 6 235.9 95.3 154.5 97.7 126.3 -4.8 76.9 192.4 -74.3 -110.3 -9.6 7 8 9 10 11 12 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 44.1 1.1 -0.5 0.5 10.7 41.8 -3.0 -0.4 -0.1 5.4 131.3 0.9 0.2 0.3 6.5 59.2 -6.3 -0.2 0.4 16.0 129.3 -15.8 -0.4 0.9 16.0 4.9 -12.2 -0.3 -0.2 16.0 -38.7 4.8 -0.2 0.3 16.0 141.2 -2.0 -0.0 0.5 16.0 -4.4 -2.3 -0.0 0.3 8.8 -116.8 -1.1 0.0 -0.2 8.0 -72.4 -1.3 0.1 -0.3 5.2 8 9 10 11 12 13 14 15 16 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions 12.0 0.0 0.7 -0.1 23.2 0.0 0.5 -3.3 1.0 0.0 0.9 1.5 28.4 0.0 -0.9 1.8 0.7 0.0 -1.5 1.4 -2.1 0.0 -4.4 1.9 33.4 0.0 2.9 0.4 81.7 0.0 -0.7 3.6 17.8 0.0 1.2 -0.9 15.8 0.0 -1.3 0.9 68.5 0.0 1.4 0.0 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 36.1 4.8 -0.8 10.6 5.7 -1.0 -12.6 26.1 0.0 -21.0 39.2 0.1 -21.5 32.8 0.0 -21.1 36.7 0.0 -20.8 41.2 0.3 -20.5 46.1 0.0 5.2 11.0 0.2 -5.8 4.3 -0.1 6.9 6.3 -0.3 17 18 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 100.7 27.8 1.9 0.6 -2.8 -0.7 23.6 17.4 -13.3 1.7 -2.0 -11.4 -93.3 90.6 2.9 3.6 -2.2 -3.3 -66.9 46.4 -0.6 1.7 -4.2 4.6 -119.9 85.2 0.9 2.6 -4.2 19.6 -53.6 50.9 0.6 2.9 -3.5 -21.3 -54.3 74.4 1.9 2.2 -3.8 16.8 -39.9 -24.9 -5.9 -0.8 -5.2 3.2 -45.9 -45.9 -2.6 -0.6 -4.3 -12.0 -45.5 20.1 -0.2 1.1 -3.7 14.3 -30.5 30.5 -4.4 0.4 -3.8 -15.9 20 21 22 23 24 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). 47 Z.1, December 8, 2011 F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 Q3 Q4 Q1 2011 Q2 Q3 1228.2 -231.6 -48.6 -98.4 -357.3 -409.8 263.8 109.6 -2.3 94.3 -30.4 1 2 3 Nonfinancial corporate business Rest of the world (1) 311.2 218.7 204.6 -158.8 377.2 163.2 420.6 72.8 432.4 143.0 231.6 -0.6 510.6 89.8 507.7 58.9 392.0 44.2 447.1 13.4 294.0 15.0 2 3 4 Financial sectors 698.3 -277.4 -589.1 -591.8 -932.7 -640.9 -336.5 -457.1 -438.5 -366.2 -339.4 4 25.1 94.4 -0.3 8.0 123.0 -8.0 -28.3 7.8 -0.2 10.3 -46.5 -3.6 -25.9 -128.2 -12.4 -9.0 -77.4 -0.8 26.6 201.8 -0.9 49.5 -182.3 -0.2 -11.0 8.7 -2.1 -3.4 -200.1 0.2 -12.9 -86.8 -0.2 5 6 7 533.6 -2.8 0.7 -4.0 51.5 -324.1 -49.6 -60.3 32.3 1.4 -473.9 -87.0 -41.3 -4.2 37.9 -474.9 -110.7 -0.1 36.9 -3.2 -527.8 -284.6 12.5 -2.4 36.1 -488.5 -94.6 -4.3 34.6 -0.9 -580.5 -46.1 28.9 -19.2 52.8 -302.7 -17.5 -37.5 134.4 -100.8 -423.3 -90.8 46.4 -5.9 39.6 -197.6 -58.8 59.9 -72.7 106.4 -303.8 28.1 2.6 -43.5 77.2 8 9 10 11 12 1228.2 -231.6 -48.6 -98.4 -357.3 -409.8 263.8 109.6 -2.3 94.3 -30.4 13 5 6 7 8 9 10 11 12 13 Net issues Q2 U.S.-chartered commercial banks Bank holding companies Savings institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations Net purchases 14 15 16 17 Household sector State and local governments Federal government Rest of the world (2) 207.6 11.7 0.0 424.6 -214.2 -3.1 0.0 -21.4 -141.3 7.3 0.6 -125.7 -333.4 9.5 0.3 -39.4 -556.7 24.0 0.1 -100.4 -490.9 -6.3 0.3 -104.6 -499.3 8.5 0.4 30.4 213.3 11.9 0.5 16.9 -168.3 8.8 -0.0 -30.3 -14.1 -4.3 0.0 -71.5 -325.2 -8.0 -0.3 -33.0 14 15 16 17 18 19 20 21 22 23 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 101.7 77.0 19.2 0.1 49.5 3.9 -30.4 32.1 -0.0 0.0 -33.7 -8.9 49.9 -156.7 -8.4 1.5 -24.0 -7.0 -88.2 -11.0 7.3 -1.4 -10.5 -15.0 -160.0 -33.1 10.3 -2.3 -13.6 -0.6 -94.8 63.2 -64.8 -3.5 -0.8 -0.4 -0.8 440.5 99.2 -0.0 -18.9 -27.4 -97.4 -514.6 -15.5 0.2 -8.8 -31.4 -55.4 -53.3 8.5 21.1 -12.2 0.2 -19.7 35.6 0.6 -2.6 -7.8 0.2 80.2 102.8 -74.3 -2.8 -2.4 -0.5 18 19 20 21 22 23 24 25 26 27 28 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 5.9 43.1 39.8 13.6 0.1 -15.4 -45.5 42.7 15.9 -0.1 30.8 97.6 42.8 -4.3 0.1 24.3 102.9 40.6 3.8 0.2 23.6 102.1 38.5 0.5 0.2 24.1 100.8 38.2 11.3 0.3 24.6 102.2 28.7 1.5 1.4 25.0 106.7 56.9 1.9 -1.1 4.8 127.8 51.3 7.0 -0.6 -5.4 73.5 31.3 -6.8 0.7 6.4 115.1 34.3 33.8 0.7 24 25 26 27 28 29 30 31 32 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 8.5 123.0 -1.0 6.2 -148.8 69.9 -25.3 13.9 -58.1 146.2 5.3 27.6 -15.7 148.7 4.1 18.7 24.4 205.1 6.6 20.2 -27.7 91.4 -8.2 20.3 -33.3 172.3 6.8 33.7 -26.1 125.9 11.4 0.4 -2.3 184.7 10.3 23.1 -1.9 225.6 -2.3 27.0 -100.3 170.8 -9.9 34.0 29 30 31 32 33 34 35 36 37 Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations -17.4 4.5 -30.2 27.3 109.6 -77.7 3.0 -22.8 -259.0 497.3 -33.8 6.3 3.8 47.5 43.6 -16.9 -19.6 5.3 35.2 51.9 55.8 -51.9 8.0 33.8 8.4 -47.0 12.3 2.6 -3.8 78.4 -18.9 -28.6 7.7 33.9 -100.9 -57.7 -10.3 3.0 76.8 221.6 -36.6 20.4 15.1 47.7 -174.4 -59.0 3.3 6.5 -50.8 -63.9 -22.9 22.3 3.6 -191.5 136.9 33 34 35 36 37 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. (3) Net issuance less net acquisition of corporate bonds held as assets. 48 Z.1, December 8, 2011 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 Net issues Q4 Q1 2011 Q2 Q3 263.1 313.2 -8.7 -118.1 219.3 -60.0 -76.1 -40.2 -209.0 -190.2 1 -786.8 -336.0 -64.6 -278.0 -200.2 -214.3 -336.5 -360.8 -327.2 -509.2 -593.4 2 Rest of the world (2) 147.8 -38.5 63.6 79.1 45.1 89.0 67.6 114.8 188.5 106.8 95.1 3 Financial sectors U.S.-chartered commercial banks Bank holding companies Savings institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds REITs Government-sponsored enterprises Brokers and dealers Funding corporations (3) 178.6 4.3 -28.0 3.3 -13.2 -30.6 17.6 150.5 17.1 25.5 32.3 0.0 637.6 10.4 321.4 1.7 0.4 -10.7 -63.4 177.2 12.8 27.6 120.2 40.0 314.2 10.1 68.6 1.5 -5.3 -0.9 5.4 116.5 24.2 96.0 -32.4 30.5 190.1 11.4 19.8 0.5 -12.7 -4.8 -0.6 117.8 28.2 38.1 -11.1 3.5 37.0 15.6 0.6 0.7 -23.6 -7.6 -3.5 27.9 10.9 58.6 -52.6 10.0 344.6 10.6 28.5 0.2 -3.8 -13.3 4.4 123.5 33.2 76.1 83.9 1.3 208.9 16.2 45.8 0.6 -10.0 7.8 13.3 133.2 24.4 10.6 -34.4 1.3 169.9 3.2 4.4 0.4 -13.4 -6.1 -16.5 186.7 44.4 6.9 -41.4 1.3 98.5 6.4 14.9 0.6 -11.1 -8.7 1.2 94.3 64.1 8.0 -11.0 -60.4 193.5 8.6 -22.4 0.4 2.9 -11.5 0.6 116.8 39.8 27.5 30.8 0.0 308.0 15.5 20.4 0.6 -18.4 -16.0 30.4 83.5 30.7 27.1 134.0 0.0 4 5 6 7 8 9 10 11 12 13 14 15 -460.5 263.1 313.2 -8.7 -118.1 219.3 -60.0 -76.1 -40.2 -209.0 -190.2 16 -845.9 0.7 0.0 218.5 -108.4 19.0 256.3 105.1 51.8 15.9 0.6 193.1 -148.7 -28.9 15.1 152.9 -138.2 -53.9 -14.4 231.4 31.9 18.4 65.7 132.4 -78.2 -40.8 10.7 124.0 -410.3 -39.4 -1.7 123.8 -41.7 -28.4 68.7 92.1 -371.3 -1.1 54.5 98.1 -49.5 63.5 26.0 -50.7 17 18 19 20 0.0 1.6 0.0 -0.1 0.0 2.4 0.0 -1.5 25.1 6.8 0.0 -0.5 1.3 -0.5 0.1 -1.3 1.2 5.7 0.0 -9.0 1.3 -6.8 0.0 -1.5 1.3 -5.4 0.0 0.7 1.3 4.5 0.2 4.8 -105.5 -3.9 -0.0 -5.5 0.0 16.1 -0.2 0.7 0.0 -1.2 0.0 4.7 21 22 23 24 0.5 84.1 -188.3 -6.4 2.7 35.1 81.8 -184.6 1.2 -8.6 -2.4 33.4 -175.6 -17.3 8.8 -20.9 45.6 -111.1 -25.8 5.2 -43.1 66.5 -134.8 -27.3 8.4 -2.1 62.6 -111.1 -38.2 0.6 -22.2 26.6 -111.4 -27.4 -4.2 -16.3 26.6 -87.0 -10.2 16.2 1.8 22.5 -83.6 -82.8 0.0 -10.3 28.6 -80.8 -18.6 2.4 27.0 45.5 -81.7 -119.1 -17.3 25 26 27 28 29 91.3 18.4 137.2 25.4 0.0 -38.1 -22.3 154.2 -28.5 0.0 86.3 -3.9 70.5 -4.6 25.1 42.2 -4.8 88.2 -18.5 1.3 80.4 -13.5 -13.3 -65.4 1.2 -29.0 12.5 78.1 3.2 1.3 3.4 4.2 98.0 -40.7 1.3 113.9 -22.5 189.9 28.9 1.3 142.2 -7.0 64.7 31.9 -105.5 -7.0 3.2 73.1 3.6 0.0 -71.8 46.2 31.4 -43.4 0.0 30 31 32 33 34 -243.7 1 Nonfinancial corporate business 3 16 Q3 -460.5 2 4 5 6 7 8 9 10 11 12 13 14 15 Q2 Net purchases 17 18 19 20 Household sector State and local governments Federal government Rest of the world (4) 21 22 23 24 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions 25 26 27 28 29 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 30 31 32 33 34 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Funding corporations (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) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (4) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 364.7 31.0 490.5 388.6 558.6 22.7 2 Net purchases 364.7 31.0 490.5 388.6 558.6 22.7 209.1 0.2 -0.1 38.2 1.4 -6.1 13.1 -2.0 338.6 40.4 -7.7 17.7 290.6 16.7 -8.5 18.0 434.1 16.7 -6.8 28.7 -102.4 16.7 -5.2 5.6 570.3 403.0 1004.6 426.6 570.3 403.0 1004.6 426.6 -243.7 2 526.5 16.7 -11.3 22.9 304.2 16.7 -10.8 14.6 867.9 16.7 -8.1 49.0 293.5 16.7 -0.4 24.8 -268.6 16.7 17.7 -14.8 3 4 5 6 3 4 5 6 Household sector Nonfinancial corporate business State and local governments Rest of the world 7 8 U.S.-chartered commercial banks Credit unions 3.6 -0.0 1.3 -0.0 14.8 -0.7 -5.8 0.2 -18.5 0.9 4.7 0.0 -9.5 -0.0 -0.2 -0.1 -1.6 0.6 -6.4 0.6 -0.5 -0.2 7 8 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -0.5 31.3 88.1 -5.2 -0.4 -10.7 35.5 -1.1 0.1 0.0 89.8 -2.5 -0.1 1.0 80.4 -3.8 -0.0 1.0 106.3 -4.0 -0.0 1.0 108.0 -5.6 -0.1 1.0 28.0 -4.0 -0.1 1.0 79.2 -1.5 -0.2 1.0 91.4 -12.1 -0.0 1.0 99.5 -2.7 -0.0 1.2 22.2 -17.4 9 10 11 12 9 10 11 12 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 49 Z.1, December 8, 2011 F.215 Bank Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net change in liabilities Nonfinancial sectors Household sector Corporate business Nonfarm noncorporate business Farm business Rest of the world Foreign official institutions Foreign banks Other foreign Financial sectors Savings institutions Finance companies REITs Brokers and dealers Funding corporations Net change in assets Monetary authority (2) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Q2 Q3 Q4 Q1 2011 Q2 Q3 335.1 693.7 -774.6 -105.4 -141.8 -150.1 -159.5 29.8 112.1 109.9 143.4 1 264.2 197.7 -307.2 -15.1 -55.2 -41.2 -56.1 91.9 158.8 225.7 183.1 2 13.4 85.1 139.4 2.3 18.0 53.7 117.7 3.2 30.1 -210.4 -115.5 -0.1 76.5 -26.1 -83.1 -0.3 180.2 -17.2 -216.0 -1.7 61.1 -10.2 -105.7 -0.3 32.5 -48.8 -68.2 0.2 32.2 -28.4 57.5 0.7 -25.8 100.7 39.5 -3.4 81.3 70.1 61.5 -0.9 15.1 27.7 93.9 5.1 3 4 5 6 24.1 -0.0 8.3 15.8 5.1 0.7 2.8 1.6 -11.2 0.6 -5.1 -6.6 17.9 1.1 11.8 4.9 -0.5 -0.7 10.2 -9.9 13.8 1.1 10.7 2.0 28.2 1.0 4.1 23.1 29.9 3.0 22.3 4.6 47.9 -0.1 24.2 23.8 13.7 -4.2 13.7 4.1 41.3 -0.5 15.6 26.2 7 8 9 10 70.9 496.1 -467.5 -90.2 -86.6 -108.8 -103.4 -62.1 -46.7 -115.8 -39.7 11 13.3 52.8 4.8 0.0 0.0 13.0 -7.1 -0.3 45.5 444.9 -29.8 -30.4 -12.1 -45.5 -349.6 -1.2 -64.9 -2.2 0.0 -21.9 1.4 -59.0 -8.7 0.0 -20.4 -10.3 -71.3 -6.3 0.0 -20.9 8.6 -80.9 3.7 0.0 -34.7 -4.4 -48.2 2.4 0.0 -11.8 5.7 50.4 -9.0 0.0 -93.8 1.0 -84.8 -2.4 0.0 -29.6 -2.0 -10.9 19.1 0.0 -45.9 12 13 14 15 16 335.1 693.7 -774.6 -105.4 -141.8 -150.1 -159.5 29.8 112.1 109.9 143.4 17 0.0 233.7 105.0 0.7 -4.2 490.4 137.9 65.1 2.0 -1.7 -347.6 -298.1 -125.4 -3.2 -0.3 -44.8 -45.4 -16.1 4.3 -3.3 -21.6 -117.4 -8.8 10.0 -4.0 -39.9 -76.6 -28.5 5.6 -10.7 -85.8 -60.2 -14.2 0.2 0.5 -31.8 72.4 -12.9 1.3 0.8 -115.7 130.8 65.1 32.0 -0.1 -55.4 92.5 83.8 -10.6 -0.3 -51.7 167.3 22.7 2.4 2.7 18 19 20 21 22 (1) Excludes bank lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.109. 50 Z.1, December 8, 2011 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 Total other loans and advances Q2 Q3 Q4 Q1 2011 Q2 Q3 533.6 106.7 -436.5 -229.8 -267.5 -248.8 -294.2 -108.7 -48.2 -83.3 -80.3 1 2 3 4 5 6 7 8 9 10 11 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 Finance companies Funding corporations -2.2 -0.4 -0.3 1.2 -0.0 0.7 -3.3 0.0 0.0 0.0 6.1 0.3 4.4 2.1 0.0 0.8 -1.5 0.0 0.0 0.0 66.1 -0.2 59.4 3.3 0.5 0.8 0.3 0.0 0.0 2.0 3.6 -1.0 -4.4 0.3 0.4 0.9 0.2 0.0 0.0 7.2 14.4 -0.2 -1.4 2.9 0.4 0.6 1.5 0.0 0.0 10.7 -1.6 -1.2 -14.7 1.3 0.9 0.4 -1.1 0.0 0.0 12.8 3.7 -0.0 3.1 -2.5 0.6 0.5 0.1 0.0 0.0 1.9 -2.1 -2.5 -4.8 -0.8 -0.0 2.0 0.5 0.0 0.0 3.4 8.7 -0.3 5.2 2.2 0.1 0.4 0.5 0.0 0.0 0.6 -11.6 -0.7 -16.5 3.9 1.0 0.8 -1.4 0.0 0.0 1.4 6.5 -0.0 2.9 1.4 0.5 1.1 0.1 0.0 0.0 0.6 2 3 4 5 6 7 8 9 10 11 12 13 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 102.7 102.7 -64.1 -64.1 -24.9 -24.9 -22.0 -22.0 49.5 49.5 5.8 5.8 -126.7 -126.7 -16.8 -16.8 46.8 46.8 34.9 34.9 64.1 64.1 12 13 14 15 16 17 Customers’ liability on acceptances outstanding Asset: U.S.-chartered commercial banks Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 0.0 0.0 -0.1 0.1 0.0 -0.2 -0.2 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 16 17 18 19 20 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 6.2 3.1 3.1 6.4 3.2 3.2 -14.5 -7.2 -7.2 6.4 3.2 3.2 -1.2 -0.6 -0.6 -3.7 -1.9 -1.9 27.2 13.6 13.6 3.5 1.7 1.7 0.6 0.3 0.3 -25.5 -12.8 -12.8 12.9 6.5 6.5 18 19 20 21 22 23 Credit unions loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 0.0 0.0 0.0 2.7 1.4 1.4 2.7 1.4 1.4 0.8 0.4 0.4 -4.1 -2.0 -2.0 5.0 2.5 2.5 2.7 1.3 1.3 -0.5 -0.3 -0.3 -6.2 -3.1 -3.1 5.6 2.8 2.8 3.1 1.6 1.6 21 22 23 24 25 26 Policy loans (Household liability) Asset: Federal government Life insurance companies 3.6 -0.0 3.6 5.9 -0.0 5.9 0.7 -0.0 0.7 3.4 -0.0 3.4 2.5 -0.0 2.5 2.8 -0.0 2.8 4.6 -0.0 4.6 3.8 -0.0 3.8 1.2 -0.1 1.3 2.8 -0.0 2.9 3.7 -0.0 3.7 24 25 26 27 28 29 30 31 32 33 34 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) U.S.-chartered coml. banks (FHLB & SLMA) Savings institutions (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 237.7 0.0 4.3 7.7 106.7 91.1 13.4 14.5 38.1 0.0 24.8 -20.1 71.0 -72.2 8.3 26.2 -284.8 0.0 3.1 -3.3 -124.2 -139.6 -14.1 -6.6 -144.7 0.0 1.3 6.0 -124.1 -24.2 -0.4 -3.2 -169.8 0.0 -8.5 -4.1 -92.8 -49.2 -4.4 -10.8 -160.8 0.0 4.4 -1.4 -131.6 -30.6 -1.6 0.0 -222.4 0.0 6.0 17.5 -175.9 -69.6 0.8 -1.2 -25.6 0.0 3.4 11.7 -96.0 52.5 3.6 -0.8 -36.8 0.0 -9.5 13.7 10.3 -43.4 -9.6 1.8 -107.6 0.0 4.4 -13.3 -63.2 -34.5 -3.5 2.4 -156.2 0.0 3.9 -18.3 -85.4 -60.9 3.7 0.9 27 28 29 30 31 32 33 34 35 36 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -4.0 -4.0 -15.6 -15.6 -23.7 -23.7 -5.0 -5.0 -18.0 -18.0 -1.9 -1.9 13.5 13.5 -13.6 -13.6 -15.3 -15.3 -1.2 -1.2 -0.4 -0.4 35 36 37 38 39 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 24.9 22.4 2.5 16.9 15.2 1.7 -91.0 -81.9 -9.1 -19.0 -17.1 -1.9 -60.2 -54.2 -6.0 -46.0 -41.4 -4.6 35.6 32.1 3.6 -5.6 -5.1 -0.6 -18.3 -16.4 -1.8 -53.5 -48.1 -5.3 0.3 0.3 0.0 37 38 39 40 41 42 43 44 45 46 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 164.6 8.5 9.6 36.1 92.6 11.1 6.7 110.5 12.2 14.3 12.4 53.4 3.1 15.1 -67.1 -5.3 -13.3 1.3 -27.4 -12.7 -9.8 -53.3 -0.6 -3.7 -0.8 -34.0 -12.7 -1.5 -80.7 -4.4 -6.2 -6.9 -23.8 -31.9 -7.6 -48.4 0.8 -2.6 2.6 -40.2 -8.0 -1.0 -32.3 2.0 -1.8 6.2 -32.7 -5.9 -0.0 -51.7 -0.8 -4.0 -5.2 -39.2 -5.1 2.7 -29.0 -1.6 -3.9 56.2 -66.6 -2.0 -11.1 72.8 -3.3 4.4 33.5 40.0 -1.0 -0.9 -14.4 -1.0 -0.7 -3.9 -6.3 -1.9 -0.7 40 41 42 43 44 45 46 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere. 51 Z.1, December 8, 2011 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Net change in mortgages 1058.5 91.7 -282.8 -508.6 -690.7 -514.3 -476.3 -353.1 -376.8 -368.1 -307.5 1 2 3 4 5 Home Multifamily residential Commercial Farm 714.3 82.1 257.4 4.6 -110.3 48.6 131.5 22.0 -200.4 9.3 -88.4 -3.4 -342.4 -9.4 -161.7 4.9 -557.7 -18.9 -118.9 4.9 -313.4 -14.5 -191.4 4.9 -292.1 3.1 -192.4 5.0 -206.4 -7.4 -144.3 5.0 -296.4 4.8 -81.2 -4.1 -271.4 3.2 -95.8 -4.1 -203.4 4.8 -104.7 -4.2 2 3 4 5 6 1058.5 91.7 -282.8 -508.6 -690.7 -514.3 -476.3 -353.1 -376.8 -368.1 -307.5 6 Household sector 690.8 -56.2 -153.3 -310.8 -508.5 -268.6 -271.5 -194.7 -269.9 -247.8 -188.5 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 363.0 54.1 304.3 4.6 141.2 -51.7 170.9 22.0 -132.8 -120.9 -8.6 -3.4 -204.7 -76.3 -133.3 4.9 -183.0 -41.8 -146.0 4.9 -247.5 -85.0 -167.4 4.9 -207.9 -83.1 -129.8 5.0 -180.2 -95.2 -90.0 5.0 -114.0 -64.6 -45.3 -4.1 -138.8 -91.0 -43.7 -4.1 -123.2 -83.5 -35.5 -4.2 8 9 10 11 12 13 Federal government REITs 0.0 4.7 0.0 6.8 0.0 3.4 0.0 6.9 0.0 0.8 0.0 1.9 0.0 3.1 0.0 21.8 0.0 7.1 0.0 18.4 0.0 4.2 12 13 14 Net change in assets 1058.5 91.7 -282.8 -508.6 -690.7 -514.3 -476.3 -353.1 -376.8 -368.1 -307.5 14 -12.4 -18.4 7.4 1.4 -7.7 -3.0 -9.7 -4.1 -1.2 -11.3 -4.1 -1.6 -6.5 -4.1 -2.6 -13.5 -4.1 -2.0 -12.3 -4.1 -1.4 -13.0 -4.1 -0.2 -10.4 -4.1 -0.0 -13.3 -4.1 0.1 -7.6 -4.1 0.4 15 16 17 13.3 2.1 -4.0 13.5 8.6 12.6 4.2 -1.8 28.4 -5.2 -7.5 5.2 -1.1 -7.2 -2.8 0.0 15.6 4.9 -5.0 6.2 -9.5 -0.1 18 19 225.7 14.1 1.6 17.2 31.8 190.0 5.2 1.8 -233.4 33.2 -16.1 -6.4 -0.3 -227.3 3.2 -186.5 -2.5 -6.5 -18.5 2.8 -267.1 0.3 -2.8 -129.4 15.7 -251.4 -6.7 -20.3 -10.6 -3.3 -15.9 -3.6 -1.6 -51.9 9.0 -211.5 0.2 -1.1 117.9 -10.1 -315.6 -6.1 -3.9 -181.1 17.0 -168.0 -3.2 -3.7 -5.4 -11.4 93.6 1.2 -2.2 -56.3 5.2 20 21 22 23 24 1.3 22.4 0.7 -4.7 0.2 16.3 0.9 -0.3 -0.5 -16.3 2.6 -0.1 -0.3 -8.6 1.3 0.1 -0.7 -12.9 3.9 0.3 -0.1 -13.7 4.5 -0.2 -0.1 -4.4 -2.1 0.4 -0.4 -3.6 -1.0 0.0 -0.2 9.5 -1.0 -0.8 1.0 20.1 -1.0 0.0 1.0 17.7 -1.0 0.4 25 26 27 28 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 23 24 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions (1) Credit unions 25 26 27 28 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 29 30 31 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 35.9 623.3 173.0 62.2 497.0 -350.6 2.4 415.3 -366.9 -110.8 186.9 -288.4 -139.9 169.7 -269.9 -61.3 228.6 -305.7 -179.4 159.7 -299.3 -62.8 189.6 -278.6 100.2 263.7 -206.2 -122.7 146.5 -239.5 -196.1 124.0 -221.3 29 30 31 32 33 Finance companies REITs -62.5 -13.2 -84.0 -46.9 -50.5 -28.0 -56.9 -6.3 -60.5 -7.3 -46.5 -5.9 -56.9 -4.1 -63.5 -8.1 -61.2 3.1 -29.5 64.5 -49.6 -3.1 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 52 Z.1, December 8, 2011 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 3 4 5 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business Q3 Q4 Q1 2011 Q2 Q3 714.3 -110.3 -200.4 -342.4 -557.7 -313.4 -292.1 -206.4 -296.4 -271.4 -203.4 1 677.5 2.9 33.9 -53.2 -10.2 -46.9 -146.4 -12.4 -41.5 -298.2 -6.8 -37.4 -498.3 -7.8 -51.7 -254.2 -9.8 -49.3 -257.3 -4.6 -30.2 -183.1 -4.9 -18.4 -262.7 -4.7 -29.0 -240.8 -4.1 -26.5 -181.4 -2.7 -19.4 2 3 4 714.3 -110.3 -200.4 -342.4 -557.7 -313.4 -292.1 -206.4 -296.4 -271.4 -203.4 5 6 7 8 9 10 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government -12.1 -10.9 2.7 7.1 0.3 0.4 -4.8 -1.1 -1.9 2.7 -8.0 -2.5 -0.4 4.4 5.7 -8.0 -2.5 -0.6 1.6 1.8 -8.0 -2.5 -1.0 14.6 4.6 -8.0 -2.5 -0.7 -3.9 2.6 -8.0 -2.5 -0.5 -1.6 -1.2 -8.0 -2.5 -0.1 -2.8 1.2 -8.0 -2.5 -0.0 7.8 1.8 -8.0 -2.5 0.0 -2.6 2.4 -8.0 -2.5 0.2 -4.9 -1.5 6 7 8 9 10 11 12 13 14 15 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions Credit unions 124.1 0.0 4.3 11.1 31.8 28.3 -1.5 1.4 -212.6 33.2 20.7 -6.0 -0.3 -217.7 3.2 -81.3 0.1 -2.5 -18.2 2.8 -192.7 0.9 -1.5 -129.6 15.7 -152.9 -0.1 -5.8 5.9 -3.3 99.0 -0.0 -1.4 -52.6 9.0 -78.5 -0.2 -1.3 103.8 -10.1 -224.3 -0.1 -5.4 -167.3 17.0 -104.6 0.1 -2.2 6.0 -11.4 175.2 0.8 -1.1 -58.0 5.2 11 12 13 14 15 16 17 18 Life insurance companies Private pension funds State and local govt. retirement funds -0.9 -0.1 -1.7 -0.8 0.1 -0.1 -2.2 0.7 -0.0 -0.2 0.1 0.0 -3.2 0.1 0.1 -0.1 0.3 -0.1 0.8 -0.0 0.1 1.6 -0.0 0.0 0.6 -0.2 -0.3 1.6 -0.3 0.0 1.9 -0.4 0.1 16 17 18 19 20 21 22 23 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs -9.7 622.6 34.6 -65.4 -23.5 8.8 492.2 -310.9 -97.3 -46.4 -11.3 402.5 -319.7 -47.8 -21.7 -117.3 175.8 -239.7 -50.8 -3.7 -123.4 170.2 -234.4 -61.3 -6.5 -64.5 210.5 -244.6 -37.9 -8.4 -192.7 145.6 -235.6 -49.8 -0.6 -88.8 176.9 -244.0 -54.1 0.6 102.9 248.3 -216.5 -50.7 0.4 -115.5 123.2 -194.2 -17.9 54.4 -201.5 114.1 -185.2 -43.5 5.6 19 20 21 22 23 64.5 38.6 0.0 42.9 7.2 -11.2 -13.1 -17.9 83.0 -0.4 -61.0 4.6 -24.5 -19.5 -82.2 -13.8 -0.6 -39.5 -4.1 -14.7 -9.6 -90.5 -60.3 0.0 -6.0 -6.4 -8.5 -9.4 -107.5 -73.7 0.1 -6.2 -7.5 -11.6 -8.5 -71.0 -40.6 -0.1 -7.3 -3.6 -8.5 -10.9 -80.9 -57.7 0.1 -4.4 -6.0 -6.4 -6.4 -102.6 -69.1 -0.0 -6.1 -8.3 -7.4 -11.7 -97.4 -69.0 -0.0 -6.6 -6.6 -6.6 -8.5 -83.9 -59.4 -0.1 -7.0 -6.5 -4.1 -6.9 -67.7 -44.3 0.0 -6.9 -5.0 -6.1 -5.4 24 25 26 27 28 29 30 24 25 26 27 28 29 30 Net change in assets Q2 Memo: Home equity loans included above (2) U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 82.1 48.6 9.3 -9.4 -18.9 -14.5 3.1 -7.4 4.8 3.2 4.8 1 2 3 Net borrowing Nonfinancial corporate business Nonfarm noncorporate business 6.0 78.4 1.9 44.3 1.5 6.0 -1.0 -9.2 -1.6 -18.3 -0.2 -14.2 -2.4 3.1 0.1 -7.6 0.1 7.0 -0.7 3.6 -2.8 6.7 2 3 4 5 Federal government REITs 0.0 -2.3 0.0 2.3 0.0 1.8 0.0 0.8 0.0 1.0 0.0 -0.0 0.0 2.4 0.0 -0.0 0.0 -2.3 0.0 0.3 0.0 0.9 4 5 6 Net change in assets 82.1 48.6 9.3 -9.4 -18.9 -14.5 3.1 -7.4 4.8 3.2 4.8 6 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 0.0 -0.3 2.6 5.6 -0.3 0.0 -0.1 -1.0 -1.5 0.1 0.0 -0.1 -0.4 3.5 0.1 0.0 -0.1 -0.5 1.7 -0.3 0.0 -0.1 -0.9 11.5 -0.8 0.0 -0.1 -0.7 -3.0 0.2 0.0 -0.1 -0.5 -0.3 -0.8 0.0 -0.1 -0.1 -1.1 0.1 0.0 -0.1 -0.0 7.0 -0.2 0.0 -0.1 0.0 -2.0 -0.8 0.0 -0.1 0.1 -3.8 -0.1 7 8 9 10 11 12 13 14 U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions 10.9 0.0 -3.1 42.4 -0.2 -27.5 -3.7 -0.4 -5.3 -13.6 -0.5 1.4 -6.2 0.2 1.6 -9.9 -0.3 -6.5 -10.8 -0.8 3.1 -27.3 -1.1 7.2 -13.5 0.0 -0.0 -3.8 -1.3 -1.0 -9.6 -1.1 2.9 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 5.8 0.1 -1.4 -0.1 0.3 -0.1 -3.2 0.3 -0.0 -1.3 0.4 0.0 -2.4 1.1 0.1 -2.1 1.2 -0.1 0.2 -0.4 0.1 -0.7 -0.2 0.0 0.6 -0.2 -0.3 2.8 -0.7 0.0 3.6 -0.5 0.1 15 16 17 18 19 20 21 22 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs 42.3 -0.7 20.6 -0.1 0.2 42.5 4.6 -10.8 0.8 -0.9 14.2 13.0 -5.8 -0.7 -2.0 2.0 11.3 -8.7 -1.0 -0.4 -19.3 2.1 -3.7 -1.6 -0.5 -1.9 16.2 -6.7 -0.9 -0.0 8.5 14.2 -8.5 -0.4 -0.5 20.5 12.8 -15.8 -1.3 -0.5 -1.6 17.5 -2.8 -1.1 -0.5 -5.8 23.4 -7.0 -0.7 -0.0 7.1 15.9 -8.7 -0.8 -0.3 18 19 20 21 22 53 Z.1, December 8, 2011 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 2 3 4 5 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business Q2 Q3 Q4 Q1 2011 Q2 Q3 257.4 131.5 -88.4 -161.7 -118.9 -191.4 -192.4 -144.3 -81.2 -95.8 -104.7 1 13.3 45.3 191.9 7.0 -3.0 -43.4 173.5 4.5 -6.9 -110.1 27.0 1.6 -12.6 -68.5 -86.7 6.1 -10.2 -32.5 -76.1 -0.1 -14.4 -74.9 -103.9 1.9 -14.2 -76.2 -102.7 0.7 -11.6 -90.4 -64.0 21.8 -7.2 -60.0 -23.4 9.4 -6.9 -86.2 -20.8 18.1 -7.1 -78.0 -22.8 3.3 2 3 4 5 257.4 131.5 -88.4 -161.7 -118.9 -191.4 -192.4 -144.3 -81.2 -95.8 -104.7 6 2.1 -7.3 2.0 0.9 -2.8 -0.8 -0.7 -1.6 -0.3 -2.5 -1.6 -0.4 -1.8 -1.6 -0.7 -2.3 -1.6 -0.5 -2.7 -1.6 -0.4 -3.2 -1.6 -0.1 -3.6 -1.6 -0.0 -4.1 -1.6 0.0 -4.5 -1.6 0.1 7 8 9 1.1 2.1 -0.3 10.4 0.7 6.4 0.9 -3.7 2.3 -9.4 -0.6 2.3 0.8 -6.2 1.1 -1.6 0.8 3.5 -0.4 4.1 -0.8 1.1 10 11 10 11 State and local governments Federal government 12 13 14 15 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions 89.0 14.1 -2.7 9.1 110.7 6.8 0.4 6.7 -32.5 0.1 -0.0 -4.2 -93.4 -2.1 -4.0 -1.7 -69.9 -0.9 -1.4 -1.3 -90.3 -6.3 -14.5 -10.0 -105.9 -2.7 -0.2 -2.4 -107.5 1.4 0.2 6.9 -76.3 -6.1 1.5 -13.8 -58.0 -2.0 -1.5 -10.5 -70.4 1.5 -1.1 -1.4 12 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 1.3 16.8 0.7 -1.6 0.2 14.9 0.5 -0.1 -0.5 -9.4 1.5 -0.0 -0.3 -6.4 0.8 0.0 -0.7 -6.6 2.7 0.1 -0.1 -10.7 3.0 -0.1 -0.1 -4.6 -1.6 0.1 -0.4 -3.7 -0.8 0.0 -0.2 8.7 -0.6 -0.3 1.0 16.2 -0.1 0.0 1.0 12.6 -0.1 0.1 16 17 18 19 20 21 Agency- and GSE-backed mortgage pools ABS issuers 0.0 117.8 0.0 -28.9 0.0 -41.4 0.0 -40.1 0.0 -31.8 0.0 -54.4 0.0 -55.3 0.0 -18.8 0.0 13.1 0.0 -38.3 0.0 -27.4 20 21 22 23 Finance companies REITs 2.9 10.1 12.6 0.4 -2.0 -4.3 -5.1 -2.3 2.3 -0.3 -7.7 2.5 -6.7 -3.0 -8.1 -8.2 -9.4 3.1 -10.9 10.1 -5.4 -8.4 22 23 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.1 -4.1 -4.2 1 2 Net change in assets 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.1 -4.1 -4.2 2 3 4 Household sector Nonfarm noncorporate business -2.4 0.1 0.1 -0.1 -0.9 -0.0 -0.8 -0.0 3.3 -0.1 -3.1 -0.0 -1.6 -0.0 -1.8 -0.0 1.2 0.0 -1.2 0.0 4.9 0.0 3 4 5 6 State and local governments Federal government -0.5 0.1 -0.3 0.2 0.0 0.4 0.0 0.4 0.0 0.3 0.0 0.0 0.0 0.9 0.0 0.3 0.0 -0.2 0.0 0.5 0.0 0.3 5 6 7 8 9 U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions 1.7 0.0 0.1 8.7 0.0 0.0 -0.5 -0.0 -0.0 1.8 0.0 0.0 1.8 0.1 -0.1 1.8 -0.0 0.0 1.8 -0.0 0.0 1.8 -0.0 0.1 -1.6 0.0 0.0 -1.6 0.0 -0.0 -1.6 0.0 0.2 7 8 9 10 11 Life insurance companies State and local govt. retirement funds 0.7 0.0 2.2 0.0 -1.5 0.0 -0.7 0.0 -0.7 0.0 -0.7 0.0 -0.7 0.0 -0.7 0.0 -0.4 0.0 -0.4 0.0 -0.4 0.0 10 11 12 13 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.3 1.4 10.9 0.1 -0.5 -0.2 4.6 -0.2 2.8 -2.6 5.1 1.9 4.8 -0.1 5.5 -0.2 -1.0 -2.1 -1.4 -0.1 -1.7 -6.0 12 13 (1) Excludes mortgages on farm houses. 54 Z.1, December 8, 2011 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1 Net change in liabilities (Households) 139.3 38.8 -115.3 -44.2 -97.6 -82.1 -53.5 56.5 52.5 84.1 29.5 1 2 Net change in assets 139.3 38.8 -115.3 -44.2 -97.6 -82.1 -53.5 56.5 52.5 84.1 29.5 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 1.0 0.0 6.7 1.2 0.0 12.6 -2.6 0.0 75.0 7.5 0.0 130.4 32.1 0.0 90.6 -10.4 0.0 61.5 2.3 0.0 228.1 6.1 0.0 141.4 -12.7 0.0 151.5 2.3 0.0 71.1 11.0 0.0 141.4 3 4 5 6 7 8 U.S.-chartered commercial banks Savings institutions Credit unions 62.9 -4.8 1.2 74.5 -4.5 0.5 -50.6 -8.8 1.0 -73.7 5.3 -10.7 11.5 -14.2 -17.8 -51.3 10.5 -11.1 -119.0 6.1 -21.9 -135.8 18.7 8.0 -54.7 -8.3 -13.2 63.0 10.8 8.6 -40.7 7.4 -11.0 6 7 8 9 10 11 Government-sponsored enterprises ABS issuers Finance companies 0.0 22.6 49.7 0.0 -37.3 -8.3 0.0 -41.3 -88.0 0.0 -56.8 -46.2 0.0 -131.2 -68.6 0.0 -45.3 -36.0 0.0 -39.9 -109.3 0.0 -10.9 29.1 0.0 -15.8 5.8 0.0 -42.8 -28.9 0.0 -21.4 -57.2 9 10 11 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 202.0 -170.0 -23.8 199.0 309.7 60.0 323.9 102.3 328.8 221.4 304.6 1 2 Household sector 14.6 22.2 16.0 21.4 21.2 21.2 21.6 21.6 20.0 14.0 13.6 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 85.9 29.3 -4.1 -229.9 -11.9 22.5 -86.9 2.7 6.6 162.3 -15.3 -6.1 237.7 -25.7 6.1 47.4 -19.4 1.5 236.3 -14.0 -18.4 127.8 -2.3 -13.6 235.9 -0.4 -9.7 220.7 1.3 13.6 258.7 4.1 12.1 3 4 5 6 7 State and local governments Federal government 37.0 29.3 39.2 22.6 37.7 -56.2 38.4 22.6 38.0 27.4 38.4 -5.5 38.6 14.4 38.7 53.9 39.1 48.3 39.5 -12.5 39.5 27.8 6 7 8 9 Rest of the world Brokers and dealers 12.4 -2.4 -9.9 -24.7 7.4 48.9 27.8 -52.0 36.4 -31.4 17.3 -40.9 33.3 12.3 24.1 -148.0 -6.0 1.6 -58.6 3.4 -39.0 -12.2 8 9 10 Net change in trade receivables 255.0 -182.8 -101.2 130.9 -5.0 190.1 187.5 151.2 195.0 201.0 185.1 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 163.1 54.7 -172.0 -3.0 -30.6 -26.3 130.6 -20.6 -8.7 -34.4 208.5 -26.0 192.8 -18.8 129.8 -3.1 175.4 -0.6 186.0 1.7 169.8 5.6 11 12 13 14 15 State and local governments Federal government Rest of the world 13.3 1.2 20.8 -3.6 4.2 6.5 8.2 -21.1 6.6 10.8 -0.7 19.4 27.3 -5.7 33.7 -7.2 -13.6 24.9 9.7 1.3 0.8 13.5 15.1 18.4 10.0 -5.1 5.7 -4.8 3.1 9.6 -9.2 -7.1 38.6 13 14 15 16 17 Property-casualty insurance companies ABS issuers -1.6 3.4 1.3 -16.1 -3.7 -34.3 0.8 -9.5 7.4 -24.6 7.7 -4.2 1.3 0.4 -13.1 -9.5 2.5 7.1 15.2 -9.8 2.0 -14.5 16 17 -53.0 12.8 77.4 68.1 314.6 -130.0 136.4 -48.8 133.8 20.4 119.5 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. 276.5 -397.9 -95.9 123.6 25.4 160.1 105.2 203.7 128.2 273.2 240.3 1 33.4 0.0 -160.7 0.0 38.1 0.0 75.2 0.0 -26.4 0.0 82.5 0.0 66.7 0.0 178.0 0.0 150.2 0.0 -11.5 0.0 -243.7 0.0 2 3 243.0 210.8 29.3 3.0 -237.3 -123.8 12.8 -126.3 -134.0 -74.1 -59.2 -0.8 48.4 25.7 -5.8 28.5 51.8 45.7 8.0 -1.9 77.6 23.9 17.7 36.0 38.5 43.2 -81.6 76.9 25.7 -10.1 32.8 3.0 -22.0 36.2 -0.7 -57.5 284.7 217.7 44.3 22.8 484.1 188.8 95.5 199.8 4 5 6 7 8 Net change in assets 276.5 -397.9 -95.9 123.6 25.4 160.1 105.2 203.7 128.2 273.2 240.3 8 9 10 Household sector Rest of the world 210.8 0.0 -123.8 0.0 -74.1 0.0 25.7 0.0 45.7 0.0 23.9 0.0 43.2 0.0 -10.1 0.0 36.2 0.0 217.7 0.0 188.8 0.0 9 10 11 12 13 U.S.-chartered commercial banks Foreign banking offices in U.S. Brokers and dealers 29.3 3.0 33.4 12.8 -126.3 -160.7 -59.2 -0.8 38.1 -5.8 28.5 75.2 8.0 -1.9 -26.4 17.7 36.0 82.5 -81.6 76.9 66.7 32.8 3.0 178.0 -0.7 -57.5 150.2 44.3 22.8 -11.5 95.5 199.8 -243.7 11 12 13 55 Z.1, December 8, 2011 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 34.2 67.0 26.5 17.2 0.9 13.8 49.0 5.3 36.4 57.8 110.7 1 1.2 33.0 1.0 66.0 1.1 25.4 0.9 16.4 -0.3 1.2 0.7 13.1 0.7 48.3 2.5 2.9 0.3 36.1 1.7 56.0 1.2 109.5 2 3 34.2 67.0 26.5 17.2 0.9 13.8 49.0 5.3 36.4 57.8 110.7 4 201.1 125.7 135.4 208.9 192.2 165.2 219.9 258.3 141.8 -113.3 500.5 5 118.6 32.3 2.3 47.8 65.5 -36.4 17.7 78.9 25.1 60.1 -28.0 78.2 104.2 61.3 -38.5 81.9 112.9 46.5 -34.1 66.9 68.4 87.8 -64.0 72.9 139.9 49.5 -47.5 78.0 95.7 61.2 -8.5 109.8 30.8 78.7 -48.1 80.4 108.5 108.5 -42.5 -287.8 51.1 71.7 -63.9 441.5 6 7 8 9 201.1 125.7 135.4 208.9 192.2 165.2 219.9 258.3 141.8 -113.3 500.5 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 Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other 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 -69.3 -123.8 -3.4 11.5 -5.6 -10.9 29.5 32.8 62.4 -32.6 -3.5 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business -49.6 3.8 3.1 6.7 -3.3 -6.3 3.6 -5.2 13.7 -8.6 -10.1 -6.5 1.6 -4.7 9.3 -0.8 29.4 -0.1 -26.5 0.4 12.9 1.4 2 3 4 5 U.S.-chartered commercial banks Savings institutions -13.6 -2.0 -85.7 -0.3 7.1 0.3 6.9 -0.3 -24.3 1.0 36.0 -2.0 -0.9 -0.5 16.8 0.2 16.9 1.9 20.8 -2.4 12.4 0.3 4 5 6 7 Property-casualty insurance companies Life insurance companies -2.4 -3.4 -28.1 -19.7 5.3 -7.0 5.6 2.6 12.6 5.8 -25.8 -2.7 13.6 11.7 22.2 -4.5 8.8 3.8 -20.7 -4.8 -25.1 -4.9 6 7 8 9 Finance companies Brokers and dealers -1.5 -0.6 -0.1 0.3 -2.8 3.2 0.3 -2.1 -0.4 -5.3 0.3 -0.1 0.6 8.0 0.5 -10.9 -0.5 2.3 0.1 0.5 2.0 -2.6 8 9 -32.7 -59.8 38.2 69.3 67.5 41.2 73.9 94.4 87.4 41.3 132.1 10 2.7 -35.5 2.2 -61.9 -4.8 43.0 6.7 62.5 2.7 64.8 6.5 34.8 7.4 66.5 10.3 84.2 8.7 78.7 13.1 28.3 11.9 120.2 11 12 -36.5 -64.0 -41.6 -57.8 -73.1 -52.1 -44.4 -61.6 -24.9 -73.9 -135.7 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 -7.5 -288.2 -12.8 46.0 124.8 72.7 12.3 -25.9 -22.7 -34.6 -60.2 1 18.2 -28.1 2.4 -284.8 -14.9 11.5 -10.7 1.6 -3.6 49.1 -3.5 0.4 122.8 1.5 0.5 69.7 -2.8 5.8 26.4 -5.5 -8.5 -22.6 -7.1 3.7 -15.3 1.5 -8.8 -31.7 -2.8 -0.1 -64.3 -4.7 8.8 2 3 4 56 Z.1, December 8, 2011 F.228 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 Net change in liabilities 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 2450.5 2050.1 -460.2 1081.9 1113.3 1680.5 1423.3 110.6 1568.5 1184.3 2208.3 1 1.0 1208.6 94.2 3.2 556.2 114.1 -4.9 30.7 33.1 2.7 370.0 31.0 10.1 127.0 30.1 3.6 353.5 30.1 -11.8 477.5 31.1 8.7 521.8 32.7 1.7 431.7 34.7 1.9 449.0 40.0 -5.0 534.1 45.2 2 3 4 Federal government Rest of the world 76.6 488.6 89.5 428.9 81.4 -292.9 90.6 559.8 30.9 464.8 80.7 766.4 73.5 258.0 177.1 749.9 57.2 435.2 -306.5 582.5 463.0 404.8 5 6 7 8 9 10 11 12 13 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 2.5 8.6 144.8 -3.4 -11.6 22.2 -5.6 2.2 -6.7 549.5 -180.7 -4.5 -30.1 1.1 6.1 255.5 -418.2 -48.0 3.3 -50.5 14.7 29.2 121.5 7.5 -97.9 -5.0 -1.6 -8.4 93.8 428.7 79.0 -53.0 -11.2 -6.4 -28.9 -33.5 10.0 475.1 52.6 15.6 30.9 -5.3 -103.1 297.7 346.0 93.7 -18.2 -44.1 -2.1 159.6 -250.5 -870.3 -484.9 -6.3 13.1 2.7 -4.1 358.8 415.2 87.7 -4.9 -16.0 3.8 -64.6 41.3 330.1 15.3 -6.4 41.6 -7.2 -95.5 -20.8 799.5 -9.9 -6.6 -30.3 -10.5 7 8 9 10 11 12 13 14 15 Property-casualty insurance companies Life insurance companies 25.8 67.6 40.2 46.8 1.9 -4.6 8.7 55.1 -5.6 11.7 34.8 249.0 18.7 3.7 -13.3 -44.0 4.5 37.4 49.0 -23.1 31.0 120.8 14 15 16 17 Government-sponsored enterprises Finance companies 17.7 -6.9 37.1 10.4 62.2 -91.2 -68.1 -11.8 -1.6 -29.4 -202.0 21.8 -138.2 -77.6 69.4 37.9 -56.5 -74.3 -11.3 40.8 -27.7 -52.2 16 17 18 19 20 REITs Brokers and dealers Funding corporations 4.6 46.2 269.1 -2.7 -70.7 466.3 -13.8 19.8 -44.8 8.2 39.5 -48.7 55.7 290.7 -372.9 15.5 -103.4 -115.0 -5.2 155.9 67.8 -33.2 -185.2 225.4 16.7 220.2 -380.4 11.2 72.2 -71.5 14.7 -126.2 179.7 18 19 20 2437.7 96.6 -109.8 767.9 1097.0 702.5 1128.3 143.8 1419.7 958.9 1376.1 21 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 5 6 21 Net change in assets 22 23 24 25 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 66.1 932.3 328.4 3.4 55.1 -358.4 106.6 1.8 21.1 103.1 -82.4 1.7 44.4 493.5 -82.7 0.5 5.7 859.8 -138.4 0.5 42.2 524.2 -104.4 0.5 54.7 349.2 -75.7 0.5 75.0 240.6 -12.4 0.5 7.1 489.2 -2.2 4.5 7.5 433.0 6.8 4.5 73.0 479.3 22.3 4.6 22 23 24 25 26 27 28 State and local governments Federal government Rest of the world -34.3 1.9 606.5 -23.2 -28.0 -324.9 -12.2 35.4 255.7 30.1 -3.5 510.3 -134.9 7.3 407.9 54.5 -65.8 702.7 85.6 26.0 318.6 115.3 18.6 611.8 -142.9 -1.3 170.5 -15.1 7.3 897.7 3.9 5.5 39.7 26 27 28 29 30 31 32 33 34 35 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 25.8 39.1 14.7 99.2 6.1 6.2 11.0 530.2 134.8 364.3 182.1 -1.0 -25.4 8.4 -493.8 28.1 -115.9 57.2 -4.5 -6.2 6.4 7.8 -67.5 4.9 -60.2 4.5 -8.0 -8.7 -34.1 168.4 128.0 -109.3 3.7 -87.3 -49.1 -1.6 -103.6 258.6 152.1 23.3 -4.6 -12.5 2.9 -264.0 -75.9 209.9 -4.7 -22.3 43.8 64.0 -70.7 -291.2 -493.6 -4.3 82.2 -17.1 41.1 459.1 317.2 175.9 -0.6 -89.1 -16.7 51.5 -160.7 156.0 35.2 4.3 0.7 -93.7 -2.8 -239.5 549.7 0.4 -1.2 18.4 30.2 29 30 31 32 33 34 35 36 37 38 39 40 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 17.6 39.5 17.5 -0.6 33.3 6.8 37.2 11.3 -0.0 63.3 16.7 -22.5 21.6 0.5 61.9 0.4 2.8 -32.8 0.7 65.7 7.7 14.5 -47.6 0.3 52.0 -5.2 114.4 -3.1 0.8 55.4 12.7 4.9 -0.4 1.6 63.3 -13.7 -122.7 -80.3 0.2 92.1 -9.9 -79.2 -27.0 1.4 66.6 13.9 60.2 -17.5 -0.1 -305.9 3.8 -16.3 -2.2 2.8 426.5 36 37 38 39 40 41 42 43 Money market mutual funds Mutual funds Government-sponsored enterprises 31.8 2.8 27.0 -43.1 3.2 -42.6 11.3 -5.1 1.2 7.7 -12.0 29.3 -57.1 -26.4 40.6 -183.9 -21.8 -37.4 22.7 -27.8 105.4 249.2 28.0 8.8 -64.2 10.5 -159.2 -195.4 31.6 1.5 23.5 0.1 179.2 41 42 43 44 45 46 47 Finance companies REITs Brokers and dealers Funding corporations 1.7 -4.4 47.3 117.6 11.8 -0.8 -615.1 42.1 31.9 -8.5 54.9 -67.2 -15.9 7.4 -104.2 -46.5 -73.1 10.0 206.1 -58.3 -2.8 23.9 -517.3 -186.0 -5.1 16.9 114.1 171.3 17.5 -21.2 -219.6 -113.2 23.4 24.7 110.1 110.8 -21.4 14.5 20.1 22.7 47.9 11.1 -208.5 -75.5 44 45 46 47 12.9 1953.5 -350.4 314.0 16.3 977.9 295.0 -33.2 148.9 225.4 832.2 48 48 Discrepancy 57 Z.1, December 8, 2011 F.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 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 Asset: Nonfinancial corporate business U.S.-chartered commercial banks Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 414.0 200.9 230.5 -17.3 307.0 32.8 17.6 5.8 26.4 24.4 329.1 127.0 233.1 -31.1 262.6 17.6 6.8 4.6 24.2 13.3 303.6 24.5 237.7 41.4 279.8 -10.8 16.7 2.1 8.6 7.2 351.4 47.7 320.5 -16.9 322.1 -1.1 0.4 3.0 12.5 14.5 440.6 136.2 312.0 -7.6 417.5 -9.4 7.7 2.6 -4.2 26.4 277.9 43.1 304.4 -69.6 238.3 19.6 -5.2 4.3 13.1 7.7 314.9 14.2 318.3 -17.6 267.5 4.1 12.7 1.3 19.5 9.8 372.0 -2.7 347.4 27.3 365.0 -18.8 -13.7 3.7 21.7 14.2 356.8 12.1 341.8 2.9 348.0 7.6 -9.9 0.3 2.9 7.9 536.3 115.9 378.9 41.5 483.3 10.1 13.9 4.6 16.9 7.6 523.9 107.7 381.0 35.3 490.2 21.1 3.8 2.5 1.8 4.5 1 2 3 4 5 6 7 8 9 10 211.6 0.3 -0.8 7.1 -1.0 -5.6 9.0 0.6 221.2 142.3 48.2 30.7 189.5 -0.2 24.8 14.9 12.5 12.2 55.8 0.6 310.1 255.7 39.1 15.2 112.0 0.5 15.3 7.0 7.7 12.1 3.5 0.6 158.6 134.3 13.5 10.8 186.2 -0.0 7.5 2.3 6.8 2.4 30.5 0.6 236.2 114.7 93.7 27.8 185.0 0.0 13.3 -2.0 5.3 1.5 4.6 0.6 208.3 86.7 79.1 42.6 105.9 -0.1 9.3 8.1 5.6 1.5 4.8 0.6 135.7 61.5 85.7 -11.5 250.4 -0.1 10.2 0.9 6.6 6.5 43.5 0.6 318.6 214.0 87.3 17.3 203.3 0.1 -3.0 2.2 9.6 0.4 69.0 0.6 282.2 96.7 122.7 62.8 100.2 0.0 15.6 6.5 -20.0 4.3 6.8 0.6 114.0 33.4 104.9 -24.4 156.4 -0.0 5.3 -4.0 2.4 12.1 18.0 0.6 190.9 111.9 101.2 -22.2 164.4 -0.0 15.5 1.0 -21.5 1.8 -20.5 0.6 141.4 110.6 101.6 -70.8 11 12 13 14 15 16 17 18 19 20 21 22 1.7 1.7 1.4 1.4 1.7 1.7 2.3 2.3 1.9 1.9 5.3 5.3 1.3 1.3 0.8 0.8 2.3 2.3 5.8 5.8 6.3 6.3 23 24 3.1 3.1 2.6 2.6 4.6 4.6 0.9 0.9 2.5 2.5 1.5 1.5 0.3 0.3 -0.6 -0.6 -0.9 -0.9 0.8 0.8 -1.9 -1.9 25 26 9.1 0.0 0.3 0.5 0.0 3.8 3.3 0.6 0.6 -4.2 0.0 1.6 -0.6 0.0 -1.0 -5.4 0.3 1.0 0.0 0.0 0.0 0.0 0.0 -0.9 1.6 -0.4 -0.3 -2.7 0.0 0.0 0.5 0.0 -1.8 -1.2 -0.2 -0.0 -3.1 0.0 -0.1 0.2 0.0 -2.6 -0.2 -0.0 -0.4 -1.9 0.0 0.8 -0.6 0.0 -1.7 -0.7 0.0 0.3 0.4 0.0 0.2 1.3 0.0 1.5 -3.0 0.2 0.2 -6.4 0.0 -0.8 1.0 0.0 -4.5 -0.9 -1.0 -0.3 -1.6 0.0 -1.2 1.4 0.0 0.6 -2.7 0.1 0.1 -17.7 0.0 1.5 -1.3 0.0 -20.0 3.5 -0.7 -0.7 -2.9 0.0 1.6 -1.2 0.0 -1.4 -2.0 0.1 0.0 27 28 29 30 31 32 33 34 35 130.7 0.2 5.3 41.5 -110.0 67.8 46.6 2.5 -12.5 -7.3 59.4 88.7 106.9 10.6 9.3 -23.3 -87.9 15.5 -46.7 -1.0 22.2 -36.2 -0.7 -62.3 -20.3 -0.2 10.9 -111.2 94.7 -26.1 92.6 -1.2 15.0 -10.0 8.1 104.5 83.3 2.3 15.5 -2.7 89.0 187.4 -342.5 -5.1 47.5 -20.7 -194.4 -515.2 -31.9 1.0 7.2 -22.9 41.8 -4.8 163.2 -2.1 11.6 27.5 -216.2 -16.1 117.7 -1.3 28.8 -1.7 -131.0 12.4 36 37 38 39 40 41 -54.8 -54.8 -1.1 -1.1 -9.3 -9.3 20.3 20.3 98.8 98.8 -5.3 -5.3 -1.4 -1.4 -10.9 -10.9 -5.3 -5.3 14.8 14.8 -0.9 -0.9 42 43 43.7 73.9 117.6 35.6 6.4 42.1 -73.5 6.3 -67.2 -31.5 -15.0 -46.5 -55.6 -2.7 -58.3 -155.1 -30.9 -186.0 106.7 64.7 171.3 -22.0 -91.2 -113.2 69.5 41.3 110.8 -62.1 84.8 22.7 -133.1 57.6 -75.5 44 45 46 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1.2 1.2 7.9 4.0 4.0 13.4 6.7 6.7 10.2 5.1 5.1 5.0 2.5 2.5 3.1 1.5 1.5 0.6 0.3 0.3 2.5 1.3 1.3 2.2 1.1 1.1 47 48 49 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 19 20 21 22 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 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: U.S.-chartered commercial banks Equity in govt.-sponsored enterprises: 27 28 29 30 31 32 33 34 35 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (Farm Credit System) Farm business (Farm Credit System) Federal government U.S.-chartered commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 37 38 39 40 41 Liab.: U.S.-chartered commercial banks Savings institutions Life insurance companies Finance companies Brokers and dealers Asset: Bank holding companies NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 46 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 47 48 49 Liab.: Funding corporations Asset: Households (2) Federal government (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-are not available before 1982. (2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 58 Z.1, December 8, 2011 F.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 23.9 -0.1 24.0 529.8 0.0 529.7 -543.3 0.2 -543.5 -10.1 0.1 -10.2 -41.1 -0.0 -41.1 5.6 0.6 5.0 -4.5 0.2 -4.7 -0.3 -0.4 0.1 -0.6 -0.3 -0.3 1.2 1.2 0.0 1.3 -0.7 2.0 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 1.9 1.9 -5.4 -5.4 0.4 0.4 -1.5 -1.5 21.0 21.0 -13.3 -13.3 7.5 7.5 -21.1 -21.1 2.4 2.4 -3.6 -3.6 8.6 8.6 6 7 1.0 1.0 3.2 3.2 -4.9 -4.9 2.7 2.7 10.1 10.1 3.6 3.6 -11.8 -11.8 8.7 8.7 1.7 1.7 1.9 1.9 -5.0 -5.0 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 15.5 13.5 0.2 1.8 17.6 19.5 -3.4 1.5 8.4 9.7 -1.1 -0.1 14.8 14.7 0.4 -0.4 5.5 1.7 -0.3 4.1 20.1 16.2 -1.3 5.2 26.7 25.0 1.2 0.4 6.9 15.9 2.2 -11.2 11.2 7.1 0.9 3.3 10.4 17.5 -5.2 -2.0 26.5 24.5 -0.6 2.6 10 11 12 13 14 Asset: Household sector 15.5 17.6 8.4 14.8 5.5 20.1 26.7 6.9 11.2 10.4 26.5 14 18.7 25.4 -5.0 6.3 -3.6 26.6 17.8 -15.5 -2.0 52.9 29.9 15 6.7 7.4 1.7 2.9 11.0 9.9 2.1 2.4 -5.1 -1.8 0.2 1.7 3.2 2.5 0.6 0.0 -2.1 -1.4 -0.3 0.3 12.5 10.5 2.5 1.1 9.9 7.0 1.7 -0.8 -7.4 -6.1 -1.5 -0.5 -4.1 -0.8 -0.2 3.1 21.2 20.9 5.0 5.8 9.5 11.8 2.8 5.8 16 17 18 19 26.3 26.3 38.2 38.2 10.1 10.1 -4.4 -4.4 -28.1 -28.1 14.6 14.6 5.2 5.2 -9.2 -9.2 -9.0 -9.0 0.0 0.0 0.0 0.0 20 21 4.4 4.4 0.7 0.7 2.5 2.5 -1.2 -1.2 -2.2 -2.2 -1.3 -1.3 -0.8 -0.8 -0.6 -0.6 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 22 23 -2.1 -2.1 -353.2 -353.2 -30.2 -30.2 -123.5 -123.5 -30.6 -30.6 -334.5 -334.5 31.7 31.7 -160.5 -160.5 -95.2 -95.2 72.9 72.9 -4.4 -4.4 24 25 33.3 33.3 63.3 63.3 61.9 61.9 65.7 65.7 52.0 52.0 55.4 55.4 63.3 63.3 92.1 92.1 66.6 66.6 -305.9 -305.9 426.5 426.5 26 27 43.9 43.9 26.5 26.5 16.6 16.6 22.5 22.5 -4.3 -4.3 4.6 4.6 15.7 15.7 74.0 74.0 -0.3 -0.3 -25.4 -25.4 35.9 35.9 28 29 Policy payables: 15 Liab.: Property-casualty insurance companies 16 17 18 19 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business Unallocated insurance company contracts: 20 21 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 59 Z.1, December 8, 2011 F.231 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 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 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 12 13 14 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 15 16 17 18 Finance companies REITs Brokers and dealers Funding corporations 19 Net change in assets Q2 Q3 Q4 Q1 2011 Q2 Q3 1504.0 935.5 -386.6 603.3 456.7 1557.3 274.7 124.3 1022.3 640.3 1084.3 1 992.6 93.9 366.0 114.3 -83.8 32.6 185.0 31.0 -55.7 30.1 248.9 30.2 227.9 31.2 319.1 32.6 331.9 34.7 293.0 40.0 370.1 45.2 2 3 -0.6 49.0 -0.7 -0.3 -431.3 -0.5 2.9 -54.8 1.5 2.4 216.2 28.3 -16.8 63.4 91.4 20.8 477.6 -35.0 -5.4 -53.7 -103.4 11.0 377.4 160.3 -9.1 76.7 -3.2 24.7 39.1 -65.4 0.6 -126.7 -93.6 4 5 6 -122.2 101.9 -3.4 -11.6 -53.3 489.1 -180.7 -4.5 148.6 -360.0 -48.0 3.3 168.2 31.5 -97.9 -5.0 448.9 121.3 -53.0 -11.2 -82.6 620.9 52.6 15.6 214.4 229.2 93.7 -18.2 92.0 -845.4 -484.9 -6.3 390.7 330.1 87.7 -4.9 -121.9 387.0 15.3 -6.4 -138.5 917.2 -9.9 -6.6 7 8 9 10 22.0 -5.6 21.4 6.7 -32.6 1.1 -9.0 46.7 -61.1 14.7 -40.1 61.8 -0.6 -8.4 15.7 -63.9 -6.3 -28.9 18.1 -19.5 32.2 -5.3 193.7 -186.8 -46.5 -2.1 -50.2 -146.1 18.2 2.7 -98.9 96.9 -17.0 3.8 48.1 -57.3 43.7 -7.2 -47.5 10.1 -29.0 -10.5 87.0 -33.4 11 12 13 14 12.0 4.6 73.4 270.6 6.5 -2.7 -192.2 819.0 -70.7 -13.8 97.9 -17.6 1.6 8.2 24.7 66.3 -18.5 55.7 194.1 -356.3 35.6 15.5 -85.3 208.7 -80.0 -5.2 -41.3 30.5 69.2 -33.2 31.3 382.2 -50.5 16.7 130.2 -286.4 -13.6 11.2 185.6 -147.5 -51.3 14.7 -32.3 181.3 15 16 17 18 1491.1 -1018.0 -36.2 289.2 440.4 579.3 -20.3 157.6 873.4 415.0 252.1 19 20 21 22 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 672.7 326.4 -34.3 -629.9 102.9 -23.2 -165.7 -82.7 -12.2 148.6 -83.4 30.1 344.9 -138.0 -134.9 280.6 -107.8 54.5 76.1 -77.6 85.6 -107.3 -10.1 115.3 147.4 -0.9 -142.9 -86.0 0.3 -15.1 -21.7 17.9 3.9 20 21 22 23 24 25 Federal government Rest of the world Monetary authority 0.4 385.4 1.8 -29.4 -635.0 0.5 32.3 97.1 49.6 -9.8 274.0 18.0 -1.3 199.6 7.0 -76.8 567.0 -6.5 22.0 -0.0 7.6 16.7 329.5 64.0 -3.6 56.5 41.4 -1.0 706.8 51.5 -1.2 -101.7 -4.8 23 24 25 26 27 28 29 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -0.6 14.7 31.5 6.1 115.7 364.3 93.4 -1.0 35.2 -115.9 41.7 -4.5 -65.4 4.9 2.1 4.5 177.9 128.0 -83.2 3.7 -122.9 258.6 47.6 23.3 -269.8 -75.9 22.5 -4.7 -46.8 -291.2 21.6 -4.3 451.7 317.2 180.6 -0.6 -151.6 156.0 51.3 4.3 -257.2 549.7 -12.0 -1.2 26 27 28 29 30 31 Savings institutions Credit unions 1.0 10.4 -14.6 8.1 -8.2 6.8 -5.3 -8.5 -108.1 -49.1 9.4 -12.5 -26.8 43.6 104.2 -16.1 -88.9 -16.7 0.8 -93.0 11.8 30.2 30 31 32 33 34 Life insurance companies Private pension funds State and local govt. retirement funds 32.1 -13.2 -0.6 28.5 -27.6 -0.0 -19.3 9.0 0.5 -2.9 -27.2 0.7 2.1 -17.3 0.3 106.1 -16.4 0.8 15.1 -4.8 1.6 -134.8 -70.5 0.2 -81.4 -17.6 1.4 54.3 -17.1 -0.1 -13.8 -1.8 2.8 32 33 34 35 36 37 Money market mutual funds Mutual funds Government-sponsored enterprises 31.8 2.8 27.0 -43.1 3.2 -42.6 11.3 -5.1 1.2 7.7 -12.0 29.3 -57.1 -26.4 40.6 -183.9 -21.8 -37.4 22.7 -27.8 105.4 249.2 28.0 8.8 -64.2 10.5 -159.2 -195.4 31.6 1.5 23.5 0.1 179.2 35 36 37 38 39 40 Finance companies REITs Brokers and dealers -24.7 -4.4 24.9 -12.4 -0.8 -275.1 23.3 -8.5 78.0 -28.4 7.4 4.7 -68.9 10.0 210.3 -15.9 23.9 -190.5 -24.7 16.9 72.6 -4.1 -21.2 -73.4 20.5 24.7 197.5 -38.2 14.5 -60.4 46.1 11.1 -208.6 38 39 40 12.9 1953.5 -350.4 314.0 16.3 977.9 295.0 -33.2 148.9 225.4 832.2 41 41 Discrepancy 60 Z.1, December 8, 2011 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2010 Q1 1 All sectors Q2 Q3 Q4 Q1 2011 Q2 Q3 -96.4 977.4 19.9 228.9 334.0 541.4 1.5 38.8 33.1 -292.0 767.0 1 -220.6 128.2 -25.0 -110.4 936.3 -1.0 89.3 -172.5 -3.1 -230.2 92.7 -7.0 -98.1 112.8 -5.4 -490.0 -20.8 -7.9 -7.2 86.0 -5.7 -325.7 192.8 -9.1 -54.6 151.8 -11.4 174.8 167.9 -16.3 -415.8 94.1 -17.8 2 3 4 State and local governments Federal government Rest of the world -20.7 23.4 98.3 -20.0 85.5 -63.0 -31.1 -41.3 132.2 -29.4 -39.2 225.7 -18.3 8.3 352.4 -19.9 250.7 370.4 -36.9 -301.5 -167.9 -42.6 -114.4 347.9 -17.6 73.4 -130.1 -19.7 -940.5 397.1 -11.1 686.7 -96.1 5 6 7 Financial sectors -80.0 150.0 46.4 216.4 -17.7 458.8 434.6 -10.2 21.5 -55.3 526.9 8 -2.8 -136.2 2.6 -4.9 -7.1 24.3 2.3 -0.2 -33.1 -5.1 -12.9 -1.1 54.4 3.7 -6.0 238.2 1.3 -9.8 5.3 3.4 5.6 -10.1 140.1 1.1 -7.0 0.8 -8.7 1.8 -6.6 -27.7 -1.4 -4.6 2.5 -15.1 1.0 -12.1 426.3 -1.0 -6.7 -2.0 -9.0 0.1 -17.5 366.7 7.3 -8.1 0.5 -9.4 1.7 -4.1 -204.8 -0.3 -8.5 2.4 -1.2 4.4 0.1 44.0 13.7 -9.1 0.5 9.6 -0.6 -1.4 -104.9 -1.5 -9.5 0.0 -1.5 -8.4 2.2 286.1 5.8 -11.2 -1.8 -6.1 0.4 9 10 11 12 13 14 15 3.1 -50.7 -0.6 -59.4 -15.1 -82.4 38.8 -8.2 31.3 -38.3 -2.1 -19.2 11.0 1.4 115.2 23.2 -0.6 16.9 57.7 -58.0 29.8 -32.9 16 17 2 3 4 Household sector Nonfarm nonfinancial corporate business Corporate farms 5 6 7 8 9 10 11 12 13 14 15 Monetary authority U.S.-chartered commercial banks Foreign banking officed in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 16 17 Property-casualty insurance companies Life insurance companies 18 19 Mutual funds Government-sponsored enterprises 13.4 27.7 -5.7 107.8 -83.3 52.2 -103.6 57.7 -96.4 84.4 -102.0 44.8 -106.5 110.1 -109.4 -8.5 -103.6 60.2 -103.6 35.2 -88.6 89.4 18 19 20 21 22 23 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 20.8 31.9 -4.3 0.0 36.3 -5.8 71.9 0.0 14.9 -15.8 -62.1 0.0 61.3 29.3 22.9 0.0 54.1 45.8 -46.6 0.0 30.6 14.1 97.0 0.0 45.3 10.6 21.6 0.0 115.4 46.7 19.4 0.0 -15.0 35.7 -30.2 0.0 41.6 52.4 46.4 -0.0 56.8 47.3 149.8 20 21 22 23 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security RPs 6 7 8 9 Mail floats State and local governments Federal government Private domestic -96.4 977.4 19.9 228.9 334.0 541.4 1.5 38.8 33.1 -292.0 767.0 1 -1.2 196.5 -0.8 -347.1 -4.4 -74.4 -1.1 18.1 -0.2 -5.4 -1.8 98.7 -1.9 -56.8 -0.5 36.0 -1.0 136.5 -0.7 -69.9 -0.5 64.1 2 3 1.8 -231.4 30.6 -604.9 34.4 466.5 -20.2 -85.4 -98.4 231.9 -180.0 -219.6 61.0 -392.8 136.6 39.0 54.0 -400.4 -241.2 -220.3 176.0 -229.9 4 5 1.0 0.0 1.2 -0.1 -5.2 0.0 -3.3 -2.0 -0.3 0.0 0.7 -1.0 -1.1 0.0 0.0 -1.1 -54.1 0.0 -51.6 -2.4 46.7 0.0 46.9 -0.2 2.4 0.0 1.1 1.4 0.7 0.0 3.7 -3.0 -61.4 0.0 -62.7 1.3 62.7 0.0 62.6 0.2 -2.8 0.0 -5.7 2.9 6 7 8 9 10 11 Trade credit Taxes payable -53.0 -36.5 12.8 -64.0 77.4 -41.6 68.1 -57.8 314.6 -73.1 -130.0 -52.1 136.4 -44.4 -48.8 -61.6 133.8 -24.9 20.4 -73.9 119.5 -135.7 10 11 12 Miscellaneous 12.9 1953.5 -350.4 314.0 16.3 977.9 295.0 -33.2 148.9 225.4 832.2 12 13 Nonfinancial 13.5 2.6 -87.3 -5.7 2.3 1.7 2.5 -29.3 47.6 5.5 -55.9 13 -12.0 -6.3 4.7 -2.4 -5.0 4.8 77.4 5.0 4.9 0.8 0.0 4.9 -7.2 0.0 4.8 -6.6 0.0 4.9 -7.4 0.0 4.9 24.5 0.0 4.9 -52.0 0.0 4.4 -10.0 0.0 4.4 51.4 0.0 4.5 14 15 16 14 15 16 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements Contr. for govt. soc. insur., U.S. affiliated areas 61 Z.1, December 8, 2011 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 Total credit market debt owed by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 46158.4 50869.5 53291.6 53059.8 52677.7 52661.2 52935.4 53357.9 53557.7 53504.1 53824.8 1 29979.4 32525.7 34463.7 35430.4 35800.5 36040.1 36455.0 36931.6 37165.9 37341.1 37829.0 2 12909.8 6063.5 3195.6 204.3 2720.9 4885.3 13777.1 6889.2 3650.3 218.9 2867.8 5122.3 13796.8 7221.5 3972.1 224.0 2887.8 6361.5 13564.7 7004.0 3839.4 217.7 2999.3 7805.4 13446.3 7087.2 3746.7 214.9 3022.3 8283.2 13381.2 7121.3 3679.1 216.8 3014.0 8627.7 13345.0 7217.2 3634.9 222.7 3017.4 9017.8 13324.1 7300.4 3627.3 228.7 3065.5 9385.6 13214.0 7409.0 3623.2 228.1 3045.7 9645.9 13206.6 7532.5 3626.1 224.3 3013.0 9738.6 13204.3 7630.9 3644.0 220.1 3002.2 10127.6 3 4 5 6 7 8 9 Rest of the world 1882.6 2126.3 1708.8 2090.3 2113.0 2106.8 2136.0 2273.1 2325.9 2321.3 2270.6 9 10 Financial sectors 14296.3 16217.5 17119.1 15539.1 14764.2 14514.3 14344.4 14153.1 14066.0 13841.8 13725.2 10 11 12 13 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 497.8 0.5 503.3 629.6 0.5 632.7 708.6 0.0 716.6 576.1 0.0 1089.5 906.8 0.0 1070.7 878.5 0.0 1041.1 839.9 0.0 1092.2 824.9 0.0 1046.9 796.9 0.0 1058.0 783.2 0.0 1011.3 765.8 0.0 984.4 11 12 13 14 15 Savings institutions Credit unions 319.1 18.9 423.3 32.3 356.1 40.6 152.3 26.5 143.3 25.4 136.2 25.0 133.8 25.2 127.4 26.1 121.0 23.7 116.2 22.8 113.3 23.7 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 14.2 2627.8 3841.1 4204.4 28.7 2910.2 4464.4 4543.8 54.9 3181.9 4961.4 4135.9 48.3 2706.6 5376.7 3292.0 45.6 6653.3 980.2 2695.5 45.6 6591.1 1046.5 2563.1 45.3 6498.1 1096.0 2448.5 45.1 6434.5 1139.5 2343.5 45.5 6437.3 1187.0 2245.9 46.2 6317.3 1236.0 2191.6 46.4 6282.7 1277.3 2131.0 16 17 18 19 20 21 22 23 Finance companies REITs Brokers and dealers Funding corporations 1144.2 411.0 68.8 645.3 1279.6 421.2 64.8 786.4 1200.3 367.4 142.6 1252.8 1044.1 317.4 92.9 816.8 1048.1 318.5 92.3 784.6 1017.7 316.4 100.9 752.3 974.9 325.3 96.1 769.2 962.1 321.9 129.7 751.4 949.6 333.1 128.2 739.8 917.4 352.0 110.1 737.7 916.9 358.5 99.2 726.1 20 21 22 23 46158.4 50869.5 53291.6 53059.8 52677.7 52661.2 52935.4 53357.9 53557.7 53504.1 53824.8 24 6432.3 7041.2 6882.5 7375.4 7519.7 7623.9 7612.1 7694.2 7669.3 7385.3 7298.8 25 4337.8 328.8 96.7 1389.0 279.9 4931.3 249.7 106.7 1466.9 286.5 4860.9 217.5 95.8 1335.2 373.1 5091.4 227.1 89.1 1298.5 669.2 5187.6 228.7 87.6 1330.5 685.4 5306.0 233.8 86.4 1309.6 688.0 5249.0 243.9 85.6 1299.7 734.0 5316.4 231.6 85.4 1306.2 754.5 5266.7 230.5 85.4 1300.8 785.9 5035.1 239.1 85.5 1261.0 764.7 4994.4 235.7 85.7 1213.8 769.2 26 27 28 29 30 24 25 26 27 28 29 30 Total credit market assets held by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 31 Rest of the world 6199.7 7272.6 7504.6 7724.2 7852.0 7960.2 8160.4 8375.8 8394.7 8384.7 8537.8 31 32 Financial sectors 33526.3 36555.8 38904.4 37960.2 37306.0 37077.1 37162.9 37287.9 37493.7 37734.1 37988.2 32 33 34 35 36 37 38 39 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 778.9 7144.1 761.6 36.0 99.3 1533.2 622.7 740.6 7666.8 963.3 59.1 92.8 1596.1 657.9 986.0 8197.9 1063.8 73.0 90.9 1320.0 697.9 1987.7 8071.7 778.0 75.8 88.1 1070.4 731.0 2151.8 8311.6 767.2 79.1 83.8 1073.0 737.3 2187.3 8212.3 760.5 63.0 72.2 1061.7 750.2 2150.3 8252.6 881.5 108.1 69.3 1067.2 741.1 2259.2 8270.4 747.1 97.9 68.9 1081.0 755.5 2479.2 8157.7 757.6 105.7 67.6 1064.8 765.4 2700.4 8148.1 773.4 105.3 65.2 1049.3 774.3 2686.1 8261.4 804.4 110.5 63.7 1048.4 779.7 33 34 35 36 37 38 39 40 41 42 43 44 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 864.1 2786.4 758.3 808.0 84.3 869.3 2871.2 860.8 820.3 96.1 853.4 2882.8 951.4 833.5 120.3 886.7 3022.6 1063.0 824.7 127.7 886.8 3042.6 1090.0 823.7 129.4 887.2 3083.7 1114.3 819.3 133.6 892.2 3134.3 1138.7 815.8 138.3 890.6 3174.2 1171.0 816.5 138.7 895.7 3215.3 1191.1 825.0 142.2 890.8 3243.5 1217.8 820.5 146.1 891.0 3298.8 1246.2 834.9 154.2 40 41 42 43 44 45 46 47 48 49 50 51 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 1560.8 1932.0 171.8 20.7 2590.5 3841.1 4092.6 1936.4 2203.1 170.9 34.0 2829.5 4464.4 4429.0 2675.0 2276.4 129.9 57.0 3037.5 4961.4 4037.6 2031.0 2657.2 139.2 102.9 2699.7 5376.7 3228.4 1828.5 2784.9 141.7 113.2 6577.4 980.2 2638.2 1703.3 2834.3 139.7 124.6 6494.1 1046.5 2506.9 1599.5 2971.1 142.0 133.4 6385.1 1096.0 2392.2 1621.0 3031.4 143.5 132.6 6333.1 1139.5 2289.7 1583.7 3160.9 145.5 140.0 6327.9 1187.0 2190.4 1521.0 3267.8 144.9 150.9 6252.4 1236.0 2138.6 1527.2 3299.3 140.9 164.0 6176.5 1277.3 2081.7 45 46 47 48 49 50 51 52 53 54 55 Finance companies REITs Brokers and dealers Funding corporations 1811.6 266.4 583.4 378.7 1828.2 246.5 803.1 316.0 1755.9 177.6 717.4 1007.7 1532.6 168.9 525.3 770.9 1556.9 173.1 544.9 790.8 1526.1 177.8 529.1 849.3 1504.8 192.7 539.7 817.2 1482.8 206.0 557.5 879.9 1464.6 258.0 556.8 811.8 1435.3 301.9 549.6 800.8 1434.1 324.2 516.5 867.1 52 53 54 55 (1) Excludes corporate equities and mutual fund shares. 62 Z.1, December 8, 2011 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 29979.4 32525.7 34463.7 35430.4 35800.5 36040.1 36455.0 36931.6 37165.9 37341.1 37829.0 1 29979.4 112.5 4861.7 23.5 3212.2 3246.7 1400.7 1403.7 32525.7 123.8 5099.2 23.1 3448.1 3557.9 1647.4 1714.7 34463.7 131.5 6338.2 23.3 3543.4 3762.5 1839.9 1789.6 35430.4 58.4 7781.9 23.5 3697.9 4139.7 1553.5 1541.7 35800.5 73.6 8259.6 23.6 3730.8 4247.8 1573.9 1504.1 36040.1 82.0 8603.8 23.9 3730.7 4305.7 1550.0 1491.5 36455.0 97.9 8993.8 24.0 3734.7 4433.4 1548.0 1473.5 36931.6 82.9 9361.5 24.2 3795.6 4560.3 1577.7 1455.3 37165.9 110.5 9621.4 24.5 3778.6 4658.3 1579.6 1448.0 37341.1 106.9 9714.1 24.5 3750.5 4770.1 1627.5 1463.0 37829.0 124.7 10102.6 25.0 3733.6 4843.5 1683.0 1473.8 2 3 4 5 6 7 8 9 13302.4 10453.4 677.4 2063.4 108.0 2416.0 14356.2 11167.8 761.9 2313.9 112.7 2555.3 14441.1 11065.8 812.6 2428.0 134.7 2594.1 14155.0 10865.5 820.1 2338.0 131.3 2478.9 13981.0 10727.3 815.3 2305.9 132.5 2406.1 13865.1 10660.3 811.7 2259.3 133.8 2387.5 13742.0 10581.4 811.9 2213.7 135.0 2407.8 13639.4 10522.0 810.0 2171.1 136.3 2434.7 13543.2 10450.4 811.8 2145.7 135.2 2401.9 13461.2 10395.5 812.6 2118.9 134.2 2423.5 13378.2 10336.3 813.5 2095.2 133.2 2464.6 10 11 12 13 14 15 29979.4 12909.8 9463.4 6063.5 3195.6 204.3 2720.9 4885.3 32525.7 13777.1 10758.4 6889.2 3650.3 218.9 2867.8 5122.3 34463.7 13796.8 11417.6 7221.5 3972.1 224.0 2887.8 6361.5 35430.4 13564.7 11061.0 7004.0 3839.4 217.7 2999.3 7805.4 35800.5 13446.3 11048.8 7087.2 3746.7 214.9 3022.3 8283.2 36040.1 13381.2 11017.2 7121.3 3679.1 216.8 3014.0 8627.7 36455.0 13345.0 11074.8 7217.2 3634.9 222.7 3017.4 9017.8 36931.6 13324.1 11156.4 7300.4 3627.3 228.7 3065.5 9385.6 37165.9 13214.0 11260.3 7409.0 3623.2 228.1 3045.7 9645.9 37341.1 13206.6 11383.0 7532.5 3626.1 224.3 3013.0 9738.6 37829.0 13204.3 11495.0 7630.9 3644.0 220.1 3002.2 10127.6 16 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 1882.6 2126.3 1708.8 2090.3 2113.0 2106.8 2136.0 2273.1 2325.9 2321.3 2270.6 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 482.3 1275.5 98.3 26.6 413.0 1587.1 102.8 23.4 342.0 1237.3 107.9 21.6 401.3 1570.3 96.8 21.9 387.5 1606.1 97.2 22.2 378.3 1606.0 100.6 22.0 378.0 1628.4 107.7 22.0 398.6 1737.3 115.1 22.1 428.2 1748.3 127.1 22.2 417.2 1751.7 130.5 21.9 352.4 1755.4 140.8 21.9 25 26 27 28 31862.0 34652.0 36172.4 37520.7 37913.5 38146.9 38591.0 39204.8 39491.7 39662.4 40099.6 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 14296.3 16217.5 17119.1 15539.1 14764.2 14514.3 14344.4 14153.1 14066.0 13841.8 13725.2 1 1363.2 2627.8 3841.1 5464.6 206.2 641.4 152.1 1251.8 2910.2 4464.4 6290.1 277.1 867.1 156.7 1125.8 3181.9 4961.4 6012.8 773.2 900.5 163.5 677.6 2706.6 5376.7 5721.9 271.5 617.9 166.9 619.8 6653.3 980.2 5536.4 246.0 561.4 167.1 567.7 6591.1 1046.5 5380.2 230.7 530.5 167.6 574.6 6498.1 1096.0 5319.3 200.1 488.0 168.3 575.9 6434.5 1139.5 5175.0 181.3 473.2 173.8 592.5 6437.3 1187.0 5065.5 165.6 442.5 175.6 557.5 6317.3 1236.0 4981.2 144.8 424.8 180.2 527.3 6282.7 1277.3 4919.4 128.6 408.7 181.2 2 3 4 5 6 7 8 14296.3 16217.5 17119.1 15539.1 14764.2 14514.3 14344.4 14153.1 14066.0 13841.8 13725.2 9 497.8 0.5 503.3 319.1 18.9 629.6 0.5 632.7 423.3 32.3 708.6 0.0 716.6 356.1 40.6 576.1 0.0 1089.5 152.3 26.5 906.8 0.0 1070.7 143.3 25.4 878.5 0.0 1041.1 136.2 25.0 839.9 0.0 1092.2 133.8 25.2 824.9 0.0 1046.9 127.4 26.1 796.9 0.0 1058.0 121.0 23.7 783.2 0.0 1011.3 116.2 22.8 765.8 0.0 984.4 113.3 23.7 10 11 12 13 14 10 11 12 13 14 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Savings institutions Credit unions 15 16 17 18 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 14.2 2627.8 3841.1 4204.4 28.7 2910.2 4464.4 4543.8 54.9 3181.9 4961.4 4135.9 48.3 2706.6 5376.7 3292.0 45.6 6653.3 980.2 2695.5 45.6 6591.1 1046.5 2563.1 45.3 6498.1 1096.0 2448.5 45.1 6434.5 1139.5 2343.5 45.5 6437.3 1187.0 2245.9 46.2 6317.3 1236.0 2191.6 46.4 6282.7 1277.3 2131.0 15 16 17 18 19 20 21 22 Finance companies REITs Brokers and dealers Funding corporations 1144.2 411.0 68.8 645.3 1279.6 421.2 64.8 786.4 1200.3 367.4 142.6 1252.8 1044.1 317.4 92.9 816.8 1048.1 318.5 92.3 784.6 1017.7 316.4 100.9 752.3 974.9 325.3 96.1 769.2 962.1 321.9 129.7 751.4 949.6 333.1 128.2 739.8 917.4 352.0 110.1 737.7 916.9 358.5 99.2 726.1 19 20 21 22 63 Z.1, December 8, 2011 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 9 10 11 12 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 Memo: Selected claims not included above: Corporate equities Mutual fund shares 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 46158.4 50869.5 53291.6 53059.8 52677.7 52661.2 52935.4 53357.9 53557.7 53504.1 53824.8 1 1958.0 4861.7 6492.4 3212.2 9986.8 1788.6 5099.2 7397.7 3448.1 11435.1 1599.3 6338.2 8166.7 3543.4 11012.5 1137.4 7781.9 8106.8 3697.9 11431.9 1081.0 8259.6 7657.0 3730.8 11390.3 1028.0 8603.8 7661.4 3730.7 11291.9 1050.6 8993.8 7618.0 3734.7 11381.0 1057.5 9361.5 7598.2 3795.6 11472.5 1131.2 9621.4 7648.7 3778.6 11472.1 1081.6 9714.1 7577.8 3750.5 11502.9 1004.4 10102.6 7585.0 3733.6 11518.3 2 3 4 5 6 1705.2 2071.6 13454.4 2416.0 2027.3 2605.3 14512.9 2555.3 2721.1 2711.7 14604.6 2594.1 1921.8 2181.4 14321.8 2478.9 1917.0 2087.8 14148.1 2406.1 1881.3 2043.9 14032.7 2387.5 1855.7 1983.5 13910.3 2407.8 1874.1 1950.6 13813.2 2434.7 1872.3 1912.8 13718.8 2401.9 1902.8 1909.7 13641.3 2423.5 1952.5 1904.4 13559.4 2464.6 7 8 9 10 24339.3 7068.3 25580.9 7829.0 15640.5 5435.3 20123.2 6961.6 21006.8 7295.0 18729.1 6764.2 21063.8 7401.8 23240.1 7934.5 24587.8 8471.9 24450.6 8570.5 20337.9 7513.4 11 12 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) 46158.4 50869.5 53291.6 53059.8 52677.7 52661.2 52935.4 53357.9 53557.7 53504.1 53824.8 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 62.2 2.2 28.1 1085.0 186.1 67.3 2.2 27.4 1340.9 88.6 74.2 2.2 26.6 946.7 1890.5 175.1 5.2 26.2 840.6 1281.5 170.1 5.2 26.2 841.7 1194.1 165.7 5.2 26.2 879.5 1139.4 177.0 5.2 25.9 887.9 1029.3 175.8 5.2 25.9 912.3 1091.6 184.3 5.2 25.9 957.7 1755.4 189.3 5.2 25.9 949.7 1871.9 186.4 5.2 25.9 945.1 1929.6 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 1507.3 4945.1 2050.8 2312.1 2151.7 1532.9 5224.5 2382.2 3033.1 2159.8 2101.3 5749.3 2191.6 3757.3 1270.3 2093.4 6326.5 1989.8 3258.3 1452.4 2067.1 6459.4 1887.8 2930.7 1461.3 2173.1 6443.4 1799.3 2760.4 1324.0 2181.2 6539.7 1836.9 2746.1 1290.6 2359.8 6624.9 1807.5 2755.3 1227.4 2193.3 6741.5 1811.8 2679.4 1258.5 2314.6 6898.8 1815.3 2637.8 1220.8 2404.2 7067.0 1658.3 2578.4 1062.0 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 7068.3 1249.9 1163.7 12750.6 7829.0 1526.4 1201.5 13390.7 5435.3 1128.5 1179.8 10408.5 6961.6 1091.2 1242.1 11914.5 7295.0 1108.8 1249.5 12291.0 6764.2 1146.1 1235.7 11610.2 7401.8 1173.7 1261.9 12331.9 7934.5 1214.8 1278.3 13102.3 8471.9 1258.1 1297.8 13497.9 8570.5 1323.8 1311.2 13427.5 7513.4 1385.5 1318.5 12496.6 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 3195.9 237.0 15661.7 3398.0 167.7 17439.2 3228.0 44.0 19843.9 3204.2 40.6 19676.3 3277.2 49.5 19613.8 3313.5 43.7 20414.4 3387.5 54.2 20156.6 3403.2 52.0 20447.5 3478.5 78.4 20399.4 3553.5 66.6 20504.1 3627.0 69.3 21576.9 16 17 18 19 Total liabilities 101816.1 111681.0 112569.3 114639.2 114606.2 113905.1 115422.9 117776.2 119652.7 120190.6 119674.2 19 20 21 22 + Financial assets not included in liabilities: Gold Corporate equities Household equity in noncorp. bus. 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions 2 3 4 5 6 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 32 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 33 Totals identified to sectors as assets 11.0 24339.3 8887.8 11.0 25580.9 8751.6 11.0 15640.5 7146.8 11.0 20123.2 6297.2 11.0 21006.8 6499.1 11.0 18729.1 6847.1 11.0 21063.8 6581.1 11.0 23240.1 7001.9 11.0 24587.8 7016.1 11.0 24450.6 6999.5 11.0 20337.9 7363.6 20 21 22 -10.1 886.3 19.3 -11.3 1082.9 21.1 -12.1 735.8 51.7 -16.5 661.4 86.1 -16.5 660.1 58.9 -17.0 684.8 74.0 -17.5 670.6 69.4 -17.6 679.6 61.8 -17.9 713.7 75.3 -18.0 696.2 83.3 -18.2 712.2 104.6 23 24 25 868.5 -48.1 -6591.3 628.0 -174.8 -7275.2 32.6 -345.3 -4940.2 410.9 -375.5 -5433.0 462.0 -371.4 -5557.8 438.8 -386.2 -5322.0 359.3 -388.3 -5686.0 295.6 -396.8 -5525.3 218.0 -379.8 -5610.3 206.7 -400.3 -5801.6 162.6 -393.8 -5771.3 26 27 28 0.0 0.1 7.4 171.1 0.0 2.8 7.3 118.1 0.0 1.2 5.3 130.9 0.0 2.0 4.2 208.3 0.0 1.4 3.3 221.7 0.0 -0.6 3.4 162.0 0.0 1.6 3.5 201.7 0.0 2.5 3.2 267.6 0.0 2.6 3.3 250.2 0.0 3.5 3.4 224.0 0.0 1.7 3.9 258.2 29 30 31 32 139751.2 151625.6 139707.8 145522.7 146661.5 143855.2 147864.5 152658.7 156012.7 156654.5 152326.7 33 64 Z.1, December 8, 2011 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 Treasury bills and other Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 43282.3 46353.0 38751.4 42739.4 43498.8 41747.9 43708.7 45702.4 46963.8 46858.7 43846.8 1 65.2 621.9 5744.8 1192.5 80.5 605.9 6247.9 1423.6 56.9 811.4 6440.9 1660.2 50.5 870.1 6543.3 1385.8 50.6 768.4 6669.3 1268.6 52.8 722.5 6667.4 1209.1 53.3 675.6 6724.0 1194.3 54.8 703.9 6759.2 1198.0 57.5 680.4 6804.0 1167.8 57.0 683.3 6954.2 1165.4 56.8 751.2 6988.9 1163.7 2 3 4 5 18111.7 19103.2 13850.8 16562.7 17063.0 16132.1 17353.0 18481.6 19326.8 19073.8 16814.6 6 117.5 202.4 253.6 439.9 107.3 196.4 127.6 684.7 6.0 194.0 114.4 729.9 34.6 191.2 670.5 134.1 44.6 190.2 827.7 103.2 54.2 189.6 1012.4 144.4 63.0 188.7 1036.5 177.8 63.4 187.9 972.2 215.4 67.9 186.8 876.5 301.4 64.9 186.0 708.0 271.8 62.7 185.1 797.6 230.9 7 8 9 10 1687.1 1568.2 9652.6 4190.5 1730.7 2021.9 9636.8 4597.9 1772.1 1960.4 5746.9 3327.2 1903.5 2080.4 7369.7 4178.6 1937.5 2009.3 7590.9 4359.8 1941.6 1891.2 6840.7 4058.1 1922.5 1789.9 7758.8 4415.8 1962.5 1847.7 8527.6 4704.8 1964.1 1805.7 9044.2 5080.1 1934.7 1809.6 8942.3 5156.5 1909.0 1751.5 7400.2 4477.7 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 1119.5 2332.4 6120.5 4341.8 1156.1 2450.8 6444.8 4540.5 1133.4 2184.6 4588.0 3682.2 1194.5 2323.0 5507.4 4131.7 1202.1 2371.5 5745.0 4221.9 1188.1 2305.3 5352.4 4000.1 1214.1 2406.1 5765.0 4208.6 1229.9 2504.7 6148.3 4497.8 1249.3 2566.0 6377.6 4602.8 1262.3 2587.2 6382.8 4506.4 1269.2 2514.0 5780.5 4251.3 15 16 17 18 19 Miscellaneous and other assets 3631.9 4299.6 4342.9 4170.4 4138.3 4118.0 4114.8 4124.2 4131.6 4186.2 4256.6 19 18235.5 19740.3 20074.8 19786.2 19576.1 19471.8 19413.8 19445.1 19380.9 19386.4 19354.2 20 10414.1 2015.4 2416.0 11125.5 2301.9 2555.3 11033.1 2529.9 2594.1 10845.2 2551.9 2478.9 10708.9 2526.4 2406.1 10644.4 2493.9 2387.5 10566.6 2466.1 2407.8 10508.5 2445.9 2434.7 10438.1 2438.8 2401.9 10384.1 2431.6 2423.5 10325.6 2424.6 2464.6 21 22 23 110.9 292.1 2987.0 114.5 325.5 3317.6 120.4 164.8 3632.4 121.1 203.0 3586.2 121.7 196.4 3616.6 122.4 217.0 3606.6 123.5 233.7 3616.1 124.5 278.2 3653.4 124.8 315.7 3661.6 125.5 312.8 3708.8 126.4 251.9 3761.1 24 25 26 20 Total liabilities 21 22 23 Mortgage debt on nonfarm homes Other mortgage debt Consumer credit 24 25 26 Policy loans Security credit Other liabilities (1) Combined statement for households and nonprofit organizations, nonfarm nonfinancial noncorporate business, and noncorporate 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). 65 Z.1, December 8, 2011 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 49043.8 51497.0 42195.6 45432.1 46452.4 45095.9 46825.2 49244.5 50520.4 50395.0 47736.8 1 6759.0 7408.6 8016.6 7882.9 7806.4 7713.7 7718.1 7788.3 7781.9 7931.1 8028.7 2 65.2 173.1 5400.4 1120.3 80.5 90.3 5888.5 1349.3 56.9 292.0 6082.8 1584.8 50.5 330.3 6190.0 1312.1 50.6 237.6 6322.1 1196.2 52.8 198.4 6324.8 1137.6 53.3 156.4 6384.7 1123.6 54.8 185.6 6420.6 1127.3 57.5 161.8 6465.4 1097.2 57.0 164.0 6615.3 1094.7 56.8 230.1 6649.0 1092.8 3 4 5 6 4337.8 4931.3 4860.9 5091.4 5187.6 5306.0 5249.0 5316.4 5266.7 5035.1 4994.4 7 117.5 399.6 202.4 197.2 439.9 107.3 264.6 196.4 68.3 684.7 6.0 256.5 194.0 62.6 729.9 34.6 815.5 191.2 624.3 134.1 44.6 972.5 190.2 782.3 103.2 54.2 1157.2 189.6 967.6 144.4 63.0 1180.8 188.7 992.1 177.8 63.4 1115.9 187.9 928.0 215.4 67.9 1019.1 186.8 832.3 301.4 64.9 849.7 186.0 663.7 271.8 62.7 938.3 185.1 753.2 230.9 8 9 10 11 12 8 9 10 11 12 Open market paper Treasury securities Savings bonds Bills and other Treasury securities Agency- and GSE-backed securities 13 14 15 16 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages 1681.4 1568.2 9.1 122.2 1725.4 2021.9 17.6 109.8 1767.2 1960.4 29.7 111.2 1898.5 2080.4 26.8 101.5 1932.5 2009.3 25.7 99.9 1936.7 1891.2 25.9 96.5 1917.6 1789.9 26.4 93.4 1957.6 1847.7 26.2 90.2 1959.2 1805.7 25.8 87.6 1929.8 1809.6 24.9 84.3 1904.1 1751.5 24.7 82.4 13 14 15 16 17 18 19 20 21 22 23 Corporate equities (3) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets 9652.6 4190.5 655.7 1163.7 12750.6 8887.8 646.1 9636.8 4597.9 866.4 1201.5 13390.7 8751.6 712.2 5746.9 3327.2 742.7 1179.8 10408.5 7146.8 766.3 7369.7 4178.6 668.6 1242.1 11914.5 6297.2 787.1 7590.9 4359.8 680.0 1249.5 12291.0 6499.1 788.1 6840.7 4058.1 686.0 1235.7 11610.2 6847.1 798.4 7758.8 4415.8 696.8 1261.9 12331.9 6581.1 811.9 8527.6 4704.8 694.3 1278.3 13102.3 7001.9 830.6 9044.2 5080.1 703.3 1297.8 13497.9 7016.1 832.3 8942.3 5156.5 757.7 1311.2 13427.5 6999.5 834.1 7400.2 4477.7 804.9 1318.5 12496.6 7363.6 852.3 17 18 19 20 21 22 23 24 25 Total liabilities Credit market instruments 26 27 28 Home mortgages (4) Consumer credit Municipal securities 29 30 31 Bank loans n.e.c. (5) Other loans and advances Commercial mortgages 32 33 34 Security credit Trade payables Deferred and unpaid life insurance premiums 13424.7 14341.1 14225.4 14042.6 13925.3 13887.1 13870.0 13901.1 13834.1 13827.7 13766.6 24 12909.8 13777.1 13796.8 13564.7 13446.3 13381.2 13345.0 13324.1 13214.0 13206.6 13204.3 25 9862.9 2416.0 230.1 10540.4 2555.3 250.7 10492.2 2594.1 258.7 10345.7 2478.9 264.6 10222.3 2406.1 265.7 10170.2 2387.5 263.5 10099.9 2407.8 260.8 10046.4 2434.7 262.3 9983.2 2401.9 261.9 9935.9 2423.5 260.7 9882.2 2464.6 256.1 26 27 28 86.4 123.8 190.7 99.7 127.0 204.0 117.7 133.2 200.9 147.8 133.7 194.0 226.4 134.3 191.5 237.5 134.7 187.9 256.3 135.8 184.3 263.2 136.1 181.4 251.0 136.4 179.6 271.7 136.9 177.9 287.4 137.8 176.1 29 30 31 292.1 199.9 325.5 214.5 164.8 236.7 203.0 252.7 196.4 258.0 217.0 263.3 233.7 268.7 278.2 274.1 315.7 279.1 312.8 282.6 251.9 286.0 32 33 22.8 23.9 27.0 22.1 24.6 25.5 22.6 24.7 25.2 25.6 24.4 34 (1) Sector includes farm households, domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 18) and life insurance and pension reserves (lines 20 and 21). (4) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. (5) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.109, line 15. 66 Z.1, December 8, 2011 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 15784.0 17358.0 16630.8 16933.5 17075.3 17156.0 17413.9 17689.0 17956.6 18191.0 18339.0 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 49.3 604.5 841.4 488.5 15.5 50.3 662.9 800.7 618.7 8.1 24.7 558.0 740.0 777.9 7.2 31.5 705.8 842.1 719.8 7.9 38.6 770.4 805.2 640.7 9.0 49.4 811.6 780.9 595.8 9.2 59.8 870.1 810.5 592.5 6.5 72.0 963.3 810.3 588.2 12.2 79.0 1020.6 860.6 568.0 12.8 84.2 1078.1 884.9 551.7 12.1 89.4 1136.5 912.3 529.6 11.5 2 3 4 5 6 7 Credit market instruments 425.6 356.4 313.4 316.3 316.3 320.3 329.5 317.0 315.9 324.5 321.5 7 122.7 101.8 15.2 33.9 94.5 57.6 69.5 97.7 12.8 34.5 83.5 58.6 57.3 82.3 10.2 31.1 72.8 59.8 56.0 89.1 14.3 32.2 67.5 57.2 57.2 95.0 16.6 28.2 65.8 53.5 63.8 96.9 17.4 25.0 64.2 52.8 72.5 97.7 17.8 26.2 62.9 52.4 71.5 87.6 14.5 25.7 61.8 56.0 76.0 87.0 14.3 25.1 60.7 52.8 75.7 94.5 16.7 24.9 59.8 53.1 73.9 94.4 16.7 24.5 58.8 53.1 8 9 10 11 12 13 180.7 2560.8 10617.7 191.1 2778.7 11891.2 125.8 2603.7 11480.0 190.2 2546.8 11573.1 199.2 2592.3 11703.7 188.1 2684.5 11716.2 206.6 2717.9 11820.5 222.9 2665.5 12037.6 234.8 2751.6 12113.3 236.5 2849.8 12169.1 214.7 2885.1 12238.5 14 15 16 16632.3 18315.2 19074.4 18641.9 18636.8 18621.8 18729.2 18819.0 18965.5 19065.3 19175.1 17 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 2007 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 9463.4 10758.4 11417.6 11061.0 11048.8 11017.2 11074.8 11156.4 11260.3 11383.0 11495.0 18 19 20 21 Commercial paper Municipal securities Corporate bonds 112.5 272.4 3246.7 123.8 341.5 3557.9 131.5 409.7 3762.5 58.4 447.5 4139.7 73.6 456.4 4247.8 82.0 466.9 4305.7 97.9 470.3 4433.4 82.9 482.3 4560.3 110.5 485.4 4658.3 106.9 491.4 4770.1 124.7 490.3 4843.5 19 20 21 22 23 24 Bank loans n.e.c. Other loans and advances Mortgages 1314.3 1268.7 3248.8 1547.7 1575.8 3611.8 1722.2 1643.7 3748.0 1405.7 1394.4 3615.2 1347.6 1356.2 3567.2 1312.4 1343.1 3507.1 1291.6 1323.7 3457.7 1314.5 1304.8 3411.6 1328.6 1297.1 3380.3 1355.8 1311.4 3347.4 1395.7 1321.0 3319.8 22 23 24 2161.7 181.1 4826.0 2272.8 135.3 5148.7 2053.4 145.1 5458.2 1975.8 135.6 5469.6 2019.4 147.2 5421.5 2037.2 140.0 5427.4 2085.2 142.3 5427.0 2116.6 134.1 5411.9 2162.6 152.1 5390.5 2231.9 141.9 5308.6 2298.1 149.1 5233.0 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. 67 Z.1, December 8, 2011 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 12653.2 13746.1 12920.2 13322.2 13525.0 13651.5 13942.7 14223.1 14490.0 14719.7 14856.1 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 49.3 150.9 497.0 416.3 15.5 50.3 141.9 441.3 544.4 8.1 24.7 32.7 381.9 702.6 7.2 31.5 159.6 488.8 646.1 7.9 38.6 233.0 458.0 568.3 9.0 49.4 281.0 438.3 524.3 9.2 59.8 344.3 471.3 521.8 6.5 72.0 438.2 471.6 517.5 12.2 79.0 495.1 522.0 497.4 12.8 84.2 551.6 546.1 481.0 12.1 89.4 608.0 572.4 458.7 11.5 2 3 4 5 6 7 Credit market instruments 328.8 249.7 217.5 227.1 228.7 233.8 243.9 231.6 230.5 239.1 235.7 7 122.7 45.5 15.2 28.1 59.8 57.6 69.5 38.3 12.8 29.2 41.4 58.6 57.3 30.5 10.2 26.2 33.6 59.8 56.0 43.0 14.3 27.1 29.5 57.2 57.2 49.7 16.6 23.2 28.5 53.5 63.8 52.2 17.4 20.1 27.5 52.8 72.5 53.4 17.8 21.3 26.5 52.4 71.5 43.4 14.5 20.8 25.4 56.0 76.0 42.8 14.3 20.2 24.4 52.8 75.7 50.2 16.7 20.0 23.4 53.1 73.9 50.0 16.7 19.7 22.4 53.1 8 9 10 11 12 13 8 9 10 11 12 13 Total financial assets 2007 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 14 15 Mutual fund shares Trade receivables 180.7 2090.0 191.1 2253.0 125.8 2081.1 190.2 2050.5 199.2 2104.5 188.1 2203.3 206.6 2241.4 222.9 2189.7 234.8 2275.9 236.5 2373.8 214.7 2407.6 14 15 16 17 18 19 20 21 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 8924.7 2440.7 282.7 0.0 140.1 6061.1 9866.4 2892.9 290.1 0.0 81.5 6601.9 9346.7 3011.1 300.0 0.0 80.5 5955.2 9520.6 3294.0 298.2 0.0 71.2 5857.3 9685.7 3404.4 297.8 0.0 95.9 5887.6 9724.1 3471.6 300.4 0.0 94.6 5857.5 9847.2 3545.5 302.2 0.0 94.2 5905.3 10067.3 3585.2 300.7 0.0 91.5 6090.0 10142.5 3681.6 300.5 0.0 90.1 6070.3 10195.4 3811.0 305.7 0.0 93.8 5984.8 10258.1 3937.3 308.7 0.0 93.6 5918.6 16 17 18 19 20 21 11781.9 12872.6 13173.3 12843.9 12931.0 12981.3 13128.5 13217.3 13360.4 13448.0 13528.4 22 22 Total liabilities 23 Credit market instruments 6063.5 6889.2 7221.5 7004.0 7087.2 7121.3 7217.2 7300.4 7409.0 7532.5 7630.9 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 112.5 272.4 3246.7 123.8 341.5 3557.9 131.5 409.7 3762.5 58.4 447.5 4139.7 73.6 456.4 4247.8 82.0 466.9 4305.7 97.9 470.3 4433.4 82.9 482.3 4560.3 110.5 485.4 4658.3 106.9 491.4 4770.1 124.7 490.3 4843.5 24 25 26 27 28 29 Bank loans n.e.c. Other loans and advances (3) Mortgages 518.3 1061.7 851.9 609.9 1350.2 906.0 663.6 1405.0 849.3 462.8 1167.2 728.4 462.5 1131.2 715.7 451.1 1119.4 696.2 446.6 1090.8 678.1 454.9 1066.8 653.2 463.5 1057.0 634.3 472.8 1078.1 613.3 487.2 1089.5 595.6 27 28 29 1813.0 85.4 3819.9 1722.7 42.8 2054.4 1898.9 35.8 4048.6 1961.9 47.2 2039.5 1669.0 39.0 4243.9 2050.3 47.9 2145.7 1582.0 35.7 4222.2 2025.8 50.5 2146.0 1628.0 49.5 4166.4 2070.8 49.9 2045.6 1651.4 43.9 4164.7 2099.2 49.6 2015.9 1707.6 47.3 4156.5 2166.0 49.4 1941.1 1744.3 39.3 4133.2 2175.2 49.2 1908.8 1790.8 57.4 4103.2 2199.5 49.1 1854.6 1857.1 47.1 4011.2 2241.4 49.0 1720.9 1919.2 53.9 3924.3 2285.8 48.9 1589.6 30 31 32 33 34 35 277.0 14602.3 354.1 15730.7 412.1 10016.6 468.4 12494.7 476.5 12914.4 551.9 11488.3 533.8 12905.5 445.4 14422.3 485.2 15338.7 516.7 15247.7 488.4 12896.4 36 37 30 31 32 33 34 35 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 36 37 Trade receivables net of payables Market value of equities 38 39 Securities and mortgages Loans and short-term paper 4371.0 1692.6 4805.3 2083.9 5021.5 2200.1 5315.6 1688.3 5419.9 1667.3 5468.8 1652.5 5581.8 1635.4 5695.8 1604.6 5778.0 1631.0 5874.7 1657.8 5929.4 1701.5 38 39 40 41 Total short-term liabilities (4) Total liquid assets (5) 3591.0 1521.2 4018.6 1526.7 3908.0 1398.9 3306.1 1664.4 3344.8 1652.7 3347.7 1643.8 3390.3 1775.2 3388.3 1884.6 3479.2 1994.4 3562.0 2074.0 3674.6 2114.9 40 41 42 43 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 72.1 27.9 69.8 30.2 69.5 30.5 75.9 24.1 76.5 23.5 76.8 23.2 77.3 22.7 78.0 22.0 78.0 22.0 78.0 22.0 77.7 22.3 42 43 44 Liquid assets/short-term liabilities 42.4 38.0 35.8 50.3 49.4 49.1 52.4 55.6 57.3 58.2 57.6 44 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) 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. (5) Sum of lines 2 through 6, lines 8 through 11, and line 14. 68 Z.1, December 8, 2011 L.103 Nonfarm Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 3057.2 3533.1 3629.0 3527.2 3466.1 3419.9 3386.5 3381.0 3380.0 3383.0 3392.9 1 428.6 344.4 72.2 494.3 359.3 74.3 497.6 358.1 75.4 517.7 353.3 73.7 508.7 347.2 72.4 501.9 342.6 71.5 497.0 339.2 70.8 496.2 338.7 70.7 496.1 338.6 70.6 496.5 338.9 70.7 498.0 339.9 70.9 2 3 4 56.3 5.8 34.6 0.0 59.3 5.3 42.1 0.0 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 45.3 5.0 37.2 0.0 44.7 4.9 36.8 0.0 44.3 4.9 36.4 0.0 44.2 4.9 36.3 0.0 44.2 4.9 36.3 0.0 44.3 4.9 36.4 0.0 44.4 4.9 36.5 0.0 5 6 7 8 470.9 1644.4 66.9 1.9 1575.6 525.6 1972.8 68.6 2.2 1902.0 522.7 2079.4 70.7 4.8 2003.9 496.3 1997.0 71.0 4.8 1921.3 487.7 1962.4 70.9 4.8 1886.8 481.2 1936.3 71.5 5.0 1859.8 476.5 1917.4 71.9 5.0 1840.4 475.8 1914.3 71.6 4.8 1837.9 475.6 1913.7 71.5 4.5 1837.7 476.1 1915.4 72.7 4.9 1837.8 477.4 1921.0 73.5 5.3 1842.2 9 10 11 12 13 4646.8 5228.6 5659.4 5556.1 5462.7 5396.2 5355.1 5354.9 5359.3 5372.7 5403.2 14 3195.6 3650.3 3972.1 3839.4 3746.7 3679.1 3634.9 3627.3 3623.2 3626.1 3644.0 15 742.8 163.9 2288.9 882.3 174.9 2593.1 1000.0 208.1 2764.0 884.4 199.5 2755.5 830.4 197.3 2719.0 804.0 198.0 2677.1 786.9 203.3 2644.7 801.3 203.8 2622.2 811.2 201.2 2610.8 826.5 199.7 2599.9 850.0 202.9 2591.0 16 17 18 349.4 95.7 1006.1 378.7 99.5 1100.0 366.8 106.2 1214.3 369.5 99.9 1247.4 363.1 97.7 1255.2 358.3 96.1 1262.7 354.8 94.9 1270.5 354.2 94.7 1278.7 354.1 94.7 1287.3 354.4 94.8 1297.3 355.4 95.2 1308.6 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 73.7 78.8 81.6 84.1 84.3 84.5 84.7 84.9 86.6 88.3 90.0 1 2 Checkable deposits and currency 25.0 26.8 27.7 28.6 28.7 28.7 28.8 28.9 29.4 30.0 30.6 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 48.6 45.6 3.0 52.0 48.5 3.6 53.8 51.8 2.0 55.5 53.5 2.0 55.6 53.6 2.1 55.8 53.9 1.9 55.9 53.7 2.2 56.0 53.5 2.5 57.1 54.3 2.8 58.3 55.8 2.5 59.4 57.2 2.2 3 4 5 203.6 214.1 241.6 241.9 243.1 244.4 245.6 246.9 245.8 244.7 243.6 6 204.3 218.9 224.0 217.7 214.9 216.8 222.7 228.7 228.1 224.3 220.1 7 53.2 43.0 108.0 55.5 50.7 112.7 58.7 30.6 134.7 58.5 27.8 131.3 54.6 27.7 132.5 57.4 25.6 133.8 58.1 29.6 135.0 58.3 34.2 136.3 53.9 38.9 135.2 56.5 33.5 134.2 58.4 28.6 133.2 8 9 10 -0.7 -4.8 17.7 24.2 28.2 27.6 22.9 18.1 17.7 20.4 23.4 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 (3) Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. (3) Excludes mortgages on farm houses. 69 Z.1, December 8, 2011 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 7 8 9 10 11 12 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 13 14 15 16 17 Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 20 21 22 23 Credit market instruments Municipal securities Short-term Other U.S. government loans 24 Trade payables 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2295.8 2516.9 2423.3 2502.7 2592.1 2562.5 2585.4 2631.9 2655.8 2623.5 2577.1 1 61.9 209.6 72.7 143.0 57.1 245.9 79.3 156.1 65.6 265.1 77.5 152.6 84.9 275.9 81.6 160.6 81.0 281.9 85.0 167.3 81.8 265.1 84.1 165.5 81.4 268.7 85.3 167.9 91.5 275.5 86.9 171.2 90.0 278.8 88.2 173.6 95.4 274.4 87.6 172.4 94.7 278.9 86.5 170.2 2 3 4 5 1389.0 187.3 506.8 407.0 5.1 129.0 154.0 1466.9 184.3 525.1 444.0 5.5 140.7 167.3 1335.2 119.8 475.1 434.1 5.4 137.5 163.3 1298.5 65.3 493.9 417.0 5.7 144.8 171.8 1330.5 64.0 499.9 430.9 5.9 150.8 179.0 1309.6 51.7 504.8 420.9 5.9 149.2 177.1 1299.7 44.8 498.1 422.7 6.0 151.3 176.8 1306.2 39.1 503.6 427.0 6.1 154.3 176.1 1300.8 32.3 496.8 429.0 6.2 156.5 180.0 1261.0 20.8 479.3 420.6 6.1 155.5 178.7 1213.8 7.9 460.8 409.3 6.0 153.4 176.4 6 7 8 9 10 11 12 98.1 30.0 146.6 189.0 -44.1 108.0 32.8 159.9 237.5 -26.7 82.1 32.0 156.4 269.8 -13.0 117.7 33.7 164.6 280.9 4.3 114.7 35.1 171.5 281.8 43.3 106.0 29.7 169.7 286.9 64.1 107.6 30.2 172.1 295.5 77.0 109.9 30.9 175.4 298.0 86.3 111.6 31.4 177.9 303.5 99.9 110.8 31.2 176.7 308.2 105.9 109.2 30.7 174.5 300.4 118.1 13 14 15 16 17 3237.3 3421.3 3480.4 3629.7 3662.2 3663.5 3676.6 3734.3 3724.3 3701.5 3700.6 18 2720.9 2709.7 34.3 2675.4 11.2 2867.8 2855.9 51.2 2804.7 11.9 2887.8 2875.0 55.9 2819.2 12.7 2999.3 2985.7 63.6 2922.1 13.5 3022.3 3008.6 63.7 2945.0 13.7 3014.0 3000.2 47.3 2952.9 13.8 3017.4 3003.5 52.0 2951.5 13.9 3065.5 3051.1 63.0 2988.1 14.4 3045.7 3031.2 60.1 2971.0 14.5 3013.0 2998.3 37.6 2960.7 14.7 3002.2 2987.2 48.0 2939.2 15.0 19 20 21 22 23 516.4 553.5 592.7 630.4 639.9 649.5 659.1 668.8 678.6 688.5 698.4 24 (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 2 3 4 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits 641.3 686.6 1268.2 1351.3 1378.3 1431.8 1512.6 1570.0 1402.7 1415.0 1347.9 1 34.5 32.9 1.7 36.4 56.5 2.8 41.9 368.0 1.6 94.6 193.6 1.9 92.2 219.5 2.0 89.8 291.6 1.8 96.3 310.2 1.8 95.4 342.1 2.0 102.1 117.5 1.5 105.9 135.5 1.7 105.0 57.6 1.8 2 3 4 5 6 7 8 9 10 Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (1) 279.9 0.0 0.0 108.0 80.3 91.7 286.5 0.0 0.0 105.8 82.4 98.4 373.1 54.4 0.0 111.8 95.8 111.0 669.2 196.4 0.6 177.9 108.4 186.0 685.4 186.4 0.6 181.5 107.1 209.8 688.0 175.3 0.7 181.1 108.4 222.6 734.0 164.4 0.8 182.0 106.6 280.3 754.5 149.2 0.9 181.4 106.6 316.4 785.9 138.4 0.9 183.6 107.8 355.2 764.7 103.7 0.9 180.7 109.3 370.1 769.2 70.6 0.8 182.3 109.3 406.1 5 6 7 8 9 10 11 12 13 14 Corporate equities (2) Trade receivables Taxes receivable Miscellaneous assets 0.0 59.4 96.1 136.8 0.0 60.6 105.0 138.7 188.7 64.7 119.4 110.8 67.4 43.6 135.1 145.8 48.0 45.0 139.1 147.2 45.1 42.0 143.0 130.5 44.1 42.7 146.9 136.8 40.9 42.9 150.8 141.4 55.0 45.0 154.8 141.0 60.0 45.8 158.7 142.8 63.4 44.2 162.6 144.1 11 12 13 14 6193.2 6537.4 7888.4 9405.9 9877.4 10235.4 10648.2 11096.1 11359.4 11366.1 11877.0 15 7.4 2.2 28.1 7.7 2.2 27.4 7.5 2.2 26.6 55.4 5.2 26.2 53.6 5.2 26.2 52.2 5.2 26.2 55.0 5.2 25.9 54.4 5.2 25.9 56.0 5.2 25.9 56.5 5.2 25.9 55.2 5.2 25.9 16 17 18 15 Total liabilities 16 17 18 SDR allocations SDR certificates Treasury currency 19 20 21 22 23 24 Credit market instruments Savings bonds Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages 4885.3 202.4 940.8 3718.6 23.5 0.0 5122.3 196.4 999.5 3903.3 23.1 0.0 6361.5 194.0 1861.2 4283.0 23.3 0.0 7805.4 191.2 1787.9 5802.8 23.5 0.0 8283.2 190.2 1838.0 6231.4 23.6 0.0 8627.7 189.6 1777.0 6637.2 23.9 0.0 9017.8 188.7 1783.7 7021.4 24.0 0.0 9385.6 187.9 1768.9 7404.7 24.2 0.0 9645.9 186.8 1694.7 7739.9 24.5 0.0 9738.6 186.0 1529.4 7998.7 24.5 0.0 10127.6 185.1 1475.6 8442.0 25.0 0.0 19 20 21 22 23 24 25 26 27 28 29 Trade payables Insurance reserves Miscellaneous liabilities (3) Nonmarketable securities held by pension plans Other 208.9 44.2 1017.2 918.7 98.6 238.2 45.4 1094.2 952.0 142.2 260.8 46.4 1183.5 1015.3 168.2 204.6 47.5 1261.6 1077.2 184.4 218.0 47.4 1243.8 1060.6 183.2 227.4 47.6 1249.1 1064.8 184.3 227.0 47.8 1269.6 1081.5 188.1 227.1 48.4 1349.4 1142.9 206.5 242.9 48.5 1335.1 1128.8 206.3 249.0 48.9 1242.0 1042.1 199.9 255.8 49.2 1358.1 1149.3 208.8 25 26 27 28 29 (1) Student loans. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) 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. 70 Z.1, December 8, 2011 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 5 6 7 SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs (net) 8 Credit market instruments 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 13979.6 15875.4 14994.5 15601.0 15830.8 16050.5 16435.3 17163.2 17606.7 17728.7 18026.4 1 7.4 96.7 311.6 167.4 27.0 364.6 7.7 -56.9 306.1 207.6 46.0 338.4 7.5 362.9 370.1 273.1 69.7 114.9 55.4 69.0 361.0 230.0 79.8 31.0 53.6 19.6 363.9 221.6 80.2 -31.4 52.2 39.4 367.0 225.3 80.6 -123.1 55.0 -24.0 375.2 231.2 81.0 -118.6 54.4 10.2 390.5 247.7 81.3 -98.6 56.0 221.1 409.9 261.9 81.7 -38.9 56.5 138.0 425.7 261.3 82.1 -57.2 55.2 177.5 444.3 274.9 82.5 -108.3 2 3 4 5 6 7 6199.7 7272.6 7504.6 7724.2 7852.0 7960.2 8160.4 8375.8 8394.7 8384.7 8537.8 8 9 Open market paper 286.3 278.1 232.9 191.5 194.1 187.4 192.6 192.3 200.6 194.7 189.9 9 10 11 12 Treasury securities Official Private 2126.2 1558.3 567.9 2376.4 1736.7 639.8 3253.0 2400.5 852.5 3671.4 2879.6 791.8 3852.9 2977.0 876.0 3966.7 3008.7 958.0 4216.4 3197.7 1018.7 4385.3 3320.7 1064.6 4422.3 3354.2 1068.1 4437.8 3433.5 1004.3 4578.1 3473.1 1105.0 10 11 12 13 14 15 Agency- and GSE-backed securities Official Private 1263.6 695.2 568.4 1582.4 954.3 628.0 1406.9 940.5 466.4 1154.8 749.0 405.9 1116.5 733.6 382.9 1128.0 755.3 372.7 1096.1 690.0 406.0 1077.3 669.2 408.1 1054.6 680.3 374.2 1031.4 679.7 351.8 1042.7 665.7 377.0 13 14 15 16 17 18 Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 34.4 2320.5 168.8 45.1 2719.1 271.5 50.5 2354.0 207.3 57.0 2467.0 182.5 61.0 2441.9 185.6 65.0 2415.7 197.4 69.0 2423.3 163.1 73.0 2487.4 160.4 75.2 2479.8 162.3 77.2 2461.9 181.7 78.5 2453.7 195.0 16 17 18 19 20 21 22 U.S. corporate equities Mutual fund shares Trade receivables Security credit 2448.1 316.8 62.8 0.0 2812.2 373.5 83.6 0.0 1806.6 256.2 90.1 0.0 2516.2 321.7 96.7 0.0 2732.2 337.1 106.8 0.0 2421.1 312.5 114.4 0.0 2765.2 342.0 111.9 0.0 3061.7 366.6 116.1 0.0 3265.3 391.5 115.9 0.0 3281.1 396.0 117.8 0.0 2758.9 347.2 128.8 0.0 19 20 21 22 23 24 25 Miscellaneous assets Foreign direct investment in U.S. (2) Other 3977.7 2154.1 1823.7 4484.6 2345.9 2138.7 4138.7 2397.4 1741.3 4116.2 2441.7 1674.5 4095.3 2492.9 1602.4 4600.7 2528.7 2072.0 4456.1 2612.6 1843.4 4557.5 2658.9 1898.6 4447.6 2686.7 1760.9 4642.6 2737.2 1905.5 5327.6 2775.9 2551.7 23 24 25 7234.2 8542.3 8599.1 8790.5 8898.7 9580.7 9162.9 9728.9 9844.4 9957.2 10697.5 26 26 Total liabilities 27 28 U.S. official reserve assets (3) U.S. private deposits 54.9 1085.0 59.5 1340.9 66.6 946.7 119.7 840.6 116.5 841.7 113.5 879.5 122.1 887.9 121.4 912.3 128.3 957.7 132.8 949.7 131.3 945.1 27 28 29 Credit market instruments 1882.6 2126.3 1708.8 2090.3 2113.0 2106.8 2136.0 2273.1 2325.9 2321.3 2270.6 29 482.3 1275.5 413.0 1587.1 342.0 1237.3 401.3 1570.3 387.5 1606.1 378.3 1606.0 378.0 1628.4 398.6 1737.3 428.2 1748.3 417.2 1751.7 352.4 1755.4 30 31 98.3 1.9 21.9 74.4 26.4 0.2 102.8 1.9 30.2 70.8 23.1 0.3 107.9 2.6 33.0 72.4 21.6 0.0 96.8 3.2 27.9 65.8 21.9 0.0 97.2 3.0 30.4 63.8 22.2 0.0 100.6 3.3 33.1 64.3 22.0 0.0 107.7 3.5 34.1 70.0 22.0 0.0 115.1 4.3 39.7 71.2 22.1 0.0 127.1 4.2 45.7 77.1 22.2 0.0 130.5 3.2 49.1 78.2 21.9 0.0 140.8 3.1 53.0 84.7 21.9 0.0 32 33 34 35 36 37 60.7 0.0 73.1 0.0 63.2 0.0 70.6 0.0 79.7 0.0 84.0 0.0 92.3 0.0 98.4 0.0 96.9 0.0 82.2 0.0 72.5 0.0 38 39 4151.0 45.3 0.6 2948.2 1157.1 4942.4 46.9 24.5 3553.1 1318.0 5813.9 48.3 554.2 3748.5 1462.8 5669.2 50.0 10.9 4067.5 1540.8 5747.8 50.4 0.7 4184.1 1512.6 6396.8 51.8 2.1 4260.2 2082.9 5924.5 52.1 0.9 4345.7 1525.8 6323.8 52.3 0.8 4429.4 1841.2 6335.7 52.9 0.7 4528.1 1754.1 6471.3 54.3 1.0 4669.9 1746.1 7278.1 55.9 1.3 4804.4 2416.5 40 41 42 43 44 4329.0 5248.0 2748.4 3995.3 4103.8 3624.9 4261.3 4485.6 4674.3 4660.9 3712.7 45 30 31 Commercial paper Bonds 32 33 34 35 36 37 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 38 39 Trade payables Security debt 40 41 42 43 44 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (1,2) Other Memo: 45 Market value of foreign equities held by U.S. residents (4) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). 71 Z.1, December 8, 2011 L.108 Financial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 Total financial assets U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 7 8 9 10 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 11 Credit market instruments 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17 18 19 20 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 21 22 Corporate equities Mutual fund shares 23 24 25 Trade receivables Security credit Miscellaneous assets 26 Total liabilities 27 Net interbank liabilities 28 29 30 31 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 32 Credit market instruments 33 34 35 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 36 37 38 Bank loans n.e.c. Other loans and advances Mortgages 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 58006.6 63691.7 62195.4 63702.0 63332.5 61558.5 63092.1 64360.1 65870.4 66301.2 64299.5 1 31.4 2.2 38.2 84.1 70.1 34.2 2.2 38.7 127.3 124.4 35.7 2.2 38.7 129.3 1475.9 36.2 5.2 42.7 97.1 1126.4 35.4 5.2 42.7 92.5 1115.6 34.7 5.2 43.2 92.5 1026.0 36.8 5.2 43.4 104.2 983.8 37.0 5.2 43.5 105.9 1019.6 37.2 5.2 43.8 107.5 1459.0 37.9 5.2 44.0 112.2 1650.6 37.4 5.2 44.1 86.7 1647.5 2 3 4 5 6 315.8 375.5 603.7 760.1 350.0 461.1 939.8 1029.2 441.0 578.4 1247.3 963.0 411.6 776.4 1065.0 842.0 390.2 714.3 928.7 854.4 419.8 644.7 862.3 833.5 382.9 679.7 863.8 875.5 381.1 676.5 871.6 846.9 387.6 685.0 844.3 893.0 408.9 676.4 821.8 886.8 435.4 608.3 787.1 826.0 7 8 9 10 33526.3 36555.8 38904.4 37960.2 37306.0 37077.1 37162.9 37287.9 37493.7 37734.1 37988.2 11 1244.3 1727.4 4366.8 1457.5 5969.1 1149.5 1835.4 4673.9 1637.6 6553.4 1183.4 2271.3 5531.2 1689.2 6560.6 790.0 2712.0 6190.1 1704.5 6739.2 721.1 2839.2 5803.4 1703.2 6787.8 671.0 2878.1 5775.4 1698.0 6835.1 677.7 3000.7 5739.3 1715.9 7015.7 691.1 3269.1 5714.7 1733.2 6982.3 754.4 3596.2 5711.1 1712.9 7029.1 725.5 3852.8 5733.5 1712.4 7075.0 670.1 4031.0 5814.9 1720.5 7158.9 12 13 14 15 16 1705.2 1785.8 13003.5 2266.7 2027.3 2210.4 14070.0 2398.3 2721.1 2362.7 14161.6 2423.3 1921.8 1794.3 13872.7 2235.7 1917.0 1695.1 13696.4 2142.8 1881.3 1639.7 13586.5 2112.1 1855.7 1612.1 13470.7 2075.1 1874.1 1582.6 13378.6 2062.3 1872.3 1541.1 13282.7 1993.9 1902.8 1522.4 13209.2 2000.3 1952.5 1502.4 13132.5 2005.3 17 18 19 20 12140.5 2350.2 13023.9 2633.8 7816.2 1694.1 10052.3 2237.4 10521.0 2363.9 9316.1 2175.8 10388.1 2407.2 11500.0 2609.2 12111.8 2734.1 12056.4 2750.3 10006.2 2443.1 21 22 195.2 594.3 6918.9 197.1 660.0 7514.3 182.2 385.8 8301.1 144.2 422.6 8482.6 139.9 428.8 8394.0 140.8 460.1 8426.6 141.2 476.9 8540.3 135.6 520.5 8319.5 138.0 554.8 8375.6 139.3 566.1 8411.3 136.2 580.5 8667.7 23 24 25 55094.3 60523.7 59301.6 60128.7 59605.8 57916.6 59336.0 60496.6 61924.9 62272.8 60457.4 26 186.1 88.6 1890.5 1281.5 1194.1 1139.4 1029.3 1091.6 1755.4 1871.9 1929.6 27 1507.3 6995.8 2312.1 2151.7 1532.9 7606.7 3033.1 2159.8 2101.3 7940.9 3757.3 1270.3 2093.4 8316.3 3258.3 1452.4 2067.1 8347.2 2930.7 1461.3 2173.1 8242.7 2760.4 1324.0 2181.2 8376.6 2746.1 1290.6 2359.8 8432.4 2755.3 1227.4 2193.3 8553.3 2679.4 1258.5 2314.6 8714.0 2637.8 1220.8 2404.2 8725.3 2578.4 1062.0 28 29 30 31 14296.3 16217.5 17119.1 15539.1 14764.2 14514.3 14344.4 14153.1 14066.0 13841.8 13725.2 32 1363.2 6468.9 5464.6 1251.8 7374.6 6290.1 1125.8 8143.4 6012.8 677.6 8083.3 5721.9 619.8 7633.4 5536.4 567.7 7637.6 5380.2 574.6 7594.1 5319.3 575.9 7574.0 5175.0 592.5 7624.3 5065.5 557.5 7553.3 4981.2 527.3 7560.0 4919.4 33 34 35 206.2 641.4 152.1 277.1 867.1 156.7 773.2 900.5 163.5 271.5 617.9 166.9 246.0 561.4 167.1 230.7 530.5 167.6 200.1 488.0 168.3 181.3 473.2 173.8 165.6 442.5 175.6 144.8 424.8 180.2 128.6 408.7 181.2 36 37 38 7068.3 48.3 957.8 7829.0 45.8 1200.9 5435.3 21.2 963.6 6961.6 70.1 888.2 7295.0 62.2 912.4 6764.2 52.0 929.1 7401.8 55.1 940.0 7934.5 18.1 936.6 8471.9 18.5 942.3 8570.5 19.3 1011.0 7513.4 16.3 1133.5 39 40 41 39 40 41 Mutual fund shares Trade payables Security credit 42 43 Life insurance reserves Pension fund reserves 1119.5 12750.6 1156.1 13390.7 1133.4 10408.5 1194.5 11914.5 1202.1 12291.0 1188.1 11610.2 1214.1 12331.9 1229.9 13102.3 1249.3 13497.9 1262.3 13427.5 1269.2 12496.6 42 43 44 45 Taxes payable Miscellaneous liabilities 55.9 5644.5 32.4 6230.1 -101.1 7361.3 -95.0 7253.8 -97.7 7176.1 -96.3 7315.5 -88.1 7512.9 -82.0 7337.7 -73.7 7312.9 -75.3 7456.6 -79.8 7683.4 44 45 5408.0 9.8 4602.2 11.6 2875.4 9.5 3633.2 12.1 3988.6 14.2 3615.9 14.0 3897.0 13.0 4332.2 13.8 4574.9 13.4 4541.9 13.0 3728.7 12.4 46 47 Memo: 46 47 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.109 through L.130. 72 Z.1, December 8, 2011 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 908.2 951.3 2270.6 2267.2 2338.7 2363.4 2327.7 2453.2 2656.8 2891.6 2876.7 1 2 3 4 U.S. official reserve assets SDR certificates Treasury currency 31.4 2.2 38.2 34.2 2.2 38.7 35.7 2.2 38.7 36.2 5.2 42.7 35.4 5.2 42.7 34.7 5.2 43.2 36.8 5.2 43.4 37.0 5.2 43.5 37.2 5.2 43.8 37.9 5.2 44.0 37.4 5.2 44.1 2 3 4 5 Federal Reserve float -0.3 -0.0 -1.5 -2.1 -1.6 -1.9 -1.6 -1.4 -1.4 -0.9 -0.8 5 6 7 8 Federal Reserve loans to domestic banks Discount window (2) AMLF (3) 0.1 0.1 0.0 48.6 48.6 0.0 559.7 544.0 15.7 96.6 96.6 0.0 11.5 11.5 0.0 0.7 0.7 0.0 0.3 0.3 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 6 7 8 9 Security RPs 40.8 46.5 80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 778.9 740.6 986.0 1987.7 2151.8 2187.3 2150.3 2259.2 2479.2 2700.4 2686.1 10 0.0 778.9 0.0 0.0 740.6 0.0 0.0 475.9 19.7 0.0 776.6 1068.3 0.0 776.7 1237.7 0.0 777.0 1282.9 0.0 811.7 1232.6 0.0 1021.5 1139.6 0.0 1340.4 1069.7 0.0 1619.5 1025.6 0.0 1664.7 979.2 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 142.8 47.5 0.0 0.0 29.2 22.2 16.0 18.5 9.4 137.4 47.2 0.0 0.0 29.3 25.4 15.3 17.3 2.9 127.5 42.5 0.0 0.0 29.3 24.7 14.7 16.3 0.0 106.0 29.7 0.0 0.0 28.2 18.9 14.1 15.1 0.0 98.1 24.7 0.0 0.0 25.8 20.0 13.5 14.1 0.0 69.1 19.2 0.0 0.0 24.1 0.0 12.8 12.9 0.0 55.3 12.8 0.0 0.0 21.6 0.0 8.6 12.3 0.0 42.3 11.3 0.0 0.0 13.0 0.0 7.2 10.9 0.0 14 15 16 17 18 19 20 21 22 0.0 17.0 0.0 17.0 0.0 40.5 24.0 16.5 0.0 569.8 553.7 16.1 25.1 75.9 10.3 65.6 25.4 68.2 0.0 68.2 25.7 68.6 1.2 67.3 26.1 67.2 0.1 67.1 26.4 83.1 0.1 83.0 0.0 92.8 0.0 92.8 0.0 105.0 0.0 105.0 0.0 104.6 0.5 104.1 23 24 25 26 892.9 932.8 2249.6 2241.6 2312.7 2333.9 2297.4 2426.7 2630.5 2865.1 2850.7 27 10 Total financial assets 2007 Credit market instruments 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities 14 15 16 17 18 19 20 21 22 Bank loans n.e.c. Households (TALF) (4) Rest of world Brokers and dealers (5) Funding corporations (Maiden Lane) (6) Funding corporations (AIG) Funding corporations (Maiden Lane II) (7) Funding corporations (Maiden Lane III)(8) Funding corporations (CPFF) (9) 23 24 25 26 27 Corporate equities (10) Miscellaneous assets Nonofficial foreign currencies (11) Other Total liabilities 28 29 Depository institution reserves Vault cash of commercial banks 18.7 51.7 20.8 55.0 860.0 57.7 977.0 54.9 1053.9 51.8 973.5 53.8 934.6 50.5 968.1 52.7 1407.0 53.3 1595.9 55.4 1597.5 50.6 28 29 30 Checkable deposits and currency 774.3 792.1 1220.3 1102.7 1120.5 1207.8 1218.8 1287.8 1078.7 1116.4 1090.8 30 5.0 0.3 4.7 0.0 16.4 0.3 16.1 0.0 365.7 0.3 106.1 259.3 191.9 0.2 186.6 5.0 216.7 0.2 91.5 125.0 287.8 0.2 87.6 200.0 308.1 0.2 107.9 200.0 340.9 0.2 140.8 200.0 116.4 0.2 111.2 5.0 135.3 0.1 130.1 5.0 56.4 0.1 56.3 0.0 31 32 33 34 0.1 0.8 768.5 0.1 1.7 773.9 1.4 21.1 832.2 2.4 35.1 873.3 1.7 19.3 882.8 1.2 27.4 891.3 2.5 4.0 904.2 3.4 13.5 930.0 0.1 10.2 952.0 0.4 7.3 973.5 2.6 44.8 986.9 35 36 37 31 32 33 34 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 35 36 37 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 38 Security RPs 29.6 44.0 88.4 77.7 57.8 67.2 63.8 59.7 62.2 70.3 84.1 38 39 40 41 Miscellaneous liabilities Federal Reserve Bank stock Other 18.5 15.3 3.2 21.0 18.5 2.5 23.1 21.1 2.1 29.2 25.6 3.6 28.7 26.3 2.5 31.6 26.6 5.0 29.7 26.7 3.0 58.4 26.5 31.9 29.3 26.3 3.0 27.0 26.5 0.5 27.7 26.0 1.7 39 40 41 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (10) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (11) Reciprocal currency arrangements (swap lines) with foreign central banks. 73 Z.1, December 8, 2011 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 12 13 14 15 16 17 18 Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 19 20 21 22 Bank loans n.e.c. Mortgages Consumer credit Security credit 23 24 Corporate equities Mutual fund shares 25 26 27 Customers’ liab. on acceptances (1) Miscellaneous assets Total liabilities 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 8171.6 8840.8 10247.7 10044.6 10255.7 10152.4 10088.2 10076.5 10094.5 10262.4 10349.6 1 67.8 72.2 635.1 679.5 684.0 651.6 588.5 588.4 708.1 872.9 781.4 2 7320.5 7883.7 8382.9 8306.2 8549.5 8437.3 8467.3 8505.8 8398.9 8401.4 8513.5 3 0.0 61.9 1040.3 647.8 0.0 147.2 0.0 245.3 0.0 73.0 928.9 592.8 0.0 142.8 0.0 193.3 15.7 53.4 1068.7 744.9 0.0 157.1 0.0 166.7 0.0 117.7 1224.0 744.3 3.5 217.0 3.9 255.2 0.0 181.6 1219.3 707.2 3.6 261.7 3.6 243.3 0.0 181.2 1213.1 670.8 3.4 285.8 3.4 249.7 0.0 220.2 1259.8 700.6 3.4 312.2 3.5 240.1 0.0 211.6 1310.8 729.6 3.3 334.3 3.6 240.0 0.0 210.0 1341.9 739.3 3.7 353.3 4.7 240.9 0.0 177.7 1340.0 728.8 4.3 380.9 5.2 220.8 0.0 187.0 1360.0 744.6 6.9 400.2 9.0 199.3 4 5 6 7 8 9 10 11 178.9 470.7 32.7 0.0 158.8 0.0 279.1 190.9 572.4 48.2 0.0 223.7 0.0 300.5 214.1 542.0 23.8 0.0 222.2 0.0 296.0 215.1 582.6 13.8 17.7 170.5 25.9 354.7 216.2 523.2 11.8 17.0 140.7 25.5 328.2 218.4 499.5 5.0 12.0 128.1 24.8 329.6 226.4 499.3 4.7 11.4 117.4 24.5 341.3 243.5 474.9 4.4 11.3 106.0 24.6 328.7 249.0 461.1 11.0 9.1 98.9 20.0 322.2 256.2 456.2 5.1 9.2 92.8 19.9 329.2 272.8 476.2 4.2 9.6 90.9 24.6 347.0 12 13 14 15 16 17 18 1312.2 3338.9 741.2 116.5 1532.9 3564.6 804.1 145.9 1670.8 3754.7 878.6 158.6 1338.4 3738.6 855.3 158.0 1340.2 3681.9 1149.2 160.0 1332.3 3634.1 1133.7 164.5 1328.6 3603.0 1115.2 144.1 1350.7 3580.1 1098.7 152.3 1354.6 3482.3 1058.9 152.1 1390.6 3455.0 1072.3 163.2 1443.1 3448.7 1073.8 187.0 19 20 21 22 35.3 24.5 41.5 29.6 6.7 19.6 30.3 46.1 34.7 43.2 21.8 38.7 29.5 41.2 38.2 45.0 42.0 47.1 45.1 45.0 28.4 36.6 23 24 0.0 783.4 0.0 884.8 0.0 1229.7 0.0 1058.9 0.0 1022.3 0.0 1063.5 0.0 1032.4 0.0 982.4 0.0 987.4 0.0 988.1 0.0 1054.7 25 26 7849.1 8434.3 9818.3 9786.5 9949.0 9947.3 9955.0 9882.5 9920.3 10046.4 10178.7 27 28 29 30 31 32 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 363.0 -0.3 0.1 -57.1 420.3 502.0 -0.0 48.6 -24.9 478.3 1291.0 -1.5 559.7 88.5 644.4 672.2 -2.1 96.6 27.4 550.3 441.5 -1.6 11.5 -26.4 458.0 442.9 -1.9 0.7 -1.5 445.7 422.7 -1.6 0.3 -29.4 453.3 420.9 -1.4 0.2 -39.2 461.3 421.6 -1.4 0.1 -14.2 437.2 251.2 -0.9 0.1 -99.4 351.4 166.0 -0.8 0.1 -88.7 255.3 28 29 30 31 32 33 34 35 36 Checkable deposits Federal government Rest of the world Private domestic 551.2 28.0 26.8 496.4 560.2 42.9 31.7 485.5 700.9 3.5 62.9 634.6 781.9 3.8 34.3 743.8 735.4 4.1 35.3 696.0 754.7 3.2 37.1 714.4 750.1 3.6 32.1 714.3 852.2 3.6 30.4 818.1 887.5 3.6 41.9 841.9 971.3 3.7 41.4 926.2 1063.2 3.0 45.6 1014.6 33 34 35 36 37 38 39 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 3770.9 968.0 647.5 4025.9 991.1 611.4 4566.2 1015.6 352.4 4949.1 841.7 624.0 5056.5 789.9 667.3 5047.9 770.5 603.7 5128.1 749.9 538.6 5225.9 691.6 409.5 5303.9 663.0 393.0 5469.5 656.6 375.6 5629.1 631.3 333.2 37 38 39 40 41 42 43 Open market paper Corporate bonds Other loans and advances Taxes payable (net) 0.0 149.2 348.5 24.7 0.0 174.4 455.2 11.1 0.0 182.4 526.3 -74.6 0.0 174.1 402.0 -67.5 132.5 417.3 357.0 -73.6 135.8 415.0 327.6 -64.6 129.2 421.7 289.0 -64.8 112.9 434.1 277.9 -60.6 109.2 431.3 256.4 -56.4 109.0 430.5 243.7 -51.2 109.9 427.2 228.6 -48.1 40 41 42 43 44 45 46 Miscellaneous liabilities Investment by bank holding companies Other 1026.2 1067.0 -40.9 1103.1 1197.8 -94.7 1258.1 1244.4 13.6 1409.2 1413.5 -4.4 1425.2 1408.5 16.7 1513.7 1431.6 82.1 1590.5 1452.4 138.1 1518.2 1366.8 151.4 1510.8 1358.8 152.0 1590.3 1399.6 190.6 1638.2 1429.0 209.2 44 45 46 7144.1 0.0 7666.8 11.2 8197.9 9.5 8071.7 6.9 8311.6 7.5 8212.3 6.4 8252.6 6.1 8270.4 6.2 8157.7 6.1 8148.1 6.1 8261.4 6.2 47 48 Memo: 47 48 Credit market funds advanced (2) Consumer leases not included above (3) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21). (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. 74 Z.1, December 8, 2011 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 828.2 1048.0 1624.8 1267.5 1306.7 1367.8 1493.0 1336.8 1672.6 1797.9 2086.9 1 0.6 1.0 239.0 284.1 331.4 299.1 315.0 350.8 640.8 677.5 762.5 2 946.8 1151.4 1126.1 839.5 839.5 839.2 980.7 837.2 844.6 863.6 946.0 3 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 26.8 55.1 0.0 292.5 0.0 30.4 57.1 0.0 369.5 0.0 35.5 50.6 0.0 401.6 0.0 57.5 31.3 0.0 244.9 0.0 58.0 30.8 0.0 236.6 0.0 54.7 30.0 0.0 252.4 0.0 67.5 29.5 0.0 362.5 0.0 60.9 26.5 0.0 233.9 0.0 66.1 31.4 0.0 220.6 0.0 63.6 30.6 0.0 229.5 0.0 58.1 32.2 0.0 255.2 4 5 6 7 8 9 10 11 Bank loans n.e.c. Mortgages Security credit 361.8 24.9 185.6 466.8 39.0 188.6 531.9 44.2 62.3 406.5 37.8 61.6 403.9 37.9 72.3 387.3 36.2 78.6 386.7 35.3 99.2 390.4 35.4 90.1 405.7 33.8 86.9 416.7 33.0 90.1 425.6 33.3 141.6 9 10 11 12 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 12 0.4 -119.6 0.5 -104.9 0.0 259.7 0.0 143.9 0.0 135.8 0.0 229.5 0.0 197.2 0.0 148.7 0.0 187.2 0.0 256.8 0.0 378.4 13 14 844.6 1067.5 1639.6 1283.7 1322.5 1383.3 1510.4 1354.1 1693.5 1818.4 2108.9 15 -213.0 -255.3 42.2 -404.1 -424.6 20.5 -163.7 -179.9 16.2 -322.5 -356.2 33.7 -257.5 -305.5 48.0 -251.1 -307.4 56.3 -305.9 -359.0 53.1 -274.4 -315.4 41.0 -53.5 -94.2 40.6 5.0 -27.1 32.1 155.6 118.1 37.5 16 17 18 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 13 14 15 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 16 17 18 Net interbank liabilities To foreign banks To domestic banks 19 20 21 Checkable deposits Small time and savings deposits Large time deposits 9.3 18.6 634.5 11.8 25.5 907.9 13.5 25.6 784.7 16.1 29.9 958.6 16.4 30.2 904.7 16.4 31.6 836.6 18.5 50.8 886.5 21.9 35.7 909.0 20.7 42.6 937.1 23.2 47.4 945.4 38.1 50.9 804.7 19 20 21 22 23 Federal funds and security RPs (net) Acceptance liabilities 239.9 0.5 226.3 0.5 130.0 0.0 170.3 0.0 195.3 0.0 216.1 0.0 231.7 0.0 223.2 0.0 224.4 0.0 212.7 0.0 265.5 0.0 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 154.8 135.4 197.3 -177.9 299.6 94.2 241.0 -35.6 849.4 71.7 276.6 501.1 431.3 104.9 203.1 123.2 433.4 108.3 189.2 135.9 533.8 110.6 150.4 272.8 628.8 113.1 177.1 338.6 438.7 111.3 171.6 155.9 522.1 115.2 188.9 218.0 584.6 116.5 173.4 294.7 794.0 120.4 140.1 533.5 24 25 26 27 761.6 963.3 1063.8 778.0 767.2 760.5 881.5 747.1 757.6 773.4 804.4 28 Memo: 28 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 (through 2008:Q4). (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 11) less corporate equities (line 12) plus customers’ liability on acceptances (line 13). 75 Z.1, December 8, 2011 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 1760.4 1882.8 2078.7 2876.9 2852.8 2874.8 2972.4 2838.8 2890.5 2898.9 2904.2 1 36.0 59.1 73.0 75.8 79.1 63.0 108.1 97.9 105.7 105.3 110.5 2 2.5 11.2 16.7 5.6 7.1 9.9 35.9 6.3 3.1 25.8 35.8 8.2 5.8 24.3 31.1 14.6 5.8 22.6 33.6 17.1 5.0 22.1 17.4 18.5 17.2 30.1 42.2 18.6 19.6 21.1 38.3 18.9 16.1 22.2 40.5 26.9 9.0 31.5 40.6 24.2 20.4 43.2 22.0 24.8 3 4 5 6 1724.4 1067.0 407.4 250.0 1823.6 1197.8 344.4 281.4 2005.7 1244.4 386.4 374.8 2801.1 1413.5 909.0 478.5 2773.8 1408.5 907.6 457.7 2811.8 1431.6 910.6 469.6 2864.3 1452.4 936.6 475.2 2740.9 1366.8 893.4 480.6 2784.8 1358.8 900.2 525.8 2793.6 1399.6 855.4 538.6 2793.7 1429.0 829.1 535.6 7 8 9 10 764.2 876.7 985.4 1489.8 1469.5 1445.4 1505.8 1436.0 1453.1 1439.1 1406.6 11 -34.2 34.2 -68.4 -85.1 25.5 -110.6 -154.6 -53.0 -101.5 -100.0 25.0 -125.1 -95.6 37.3 -132.9 -79.7 19.2 -98.9 -72.6 45.7 -118.3 -75.7 60.0 -135.6 -73.0 48.9 -121.9 -35.7 150.6 -186.2 -40.1 155.8 -195.9 12 13 14 0.8 0.8 0.4 -47.7 -51.4 -59.0 -67.3 -49.5 -57.6 -60.4 -51.5 15 12 13 14 Net interbank liabilities To domestic banks To foreign banks 15 Federal funds and security RPs (net) 16 17 18 Credit market instruments Commercial paper Corporate bonds 503.3 81.7 421.5 632.7 116.7 516.0 716.6 77.7 638.9 1089.5 60.8 1028.7 1070.7 74.0 996.7 1041.1 63.7 977.3 1092.2 64.4 1027.8 1046.9 64.7 982.2 1058.0 73.6 984.4 1011.3 76.9 934.3 984.4 71.7 912.7 16 17 18 19 Miscellaneous liabilities 294.4 328.3 422.9 548.0 545.8 543.0 553.6 514.2 525.6 523.9 513.8 19 98.8 95.1 90.9 86.6 83.2 82.6 81.5 80.2 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 12 108.1 107.5 105.2 2.9 2.6 3.2 4.2 3.9 5.4 5.3 3.3 4.1 4.4 4.9 2 99.3 92.8 90.9 88.1 83.8 72.2 69.3 68.9 67.6 65.2 63.7 3 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3.7 29.0 1.3 0.4 1.8 26.3 2.0 0.5 1.2 24.4 2.5 0.5 0.5 20.5 3.5 2.0 0.9 18.4 3.1 1.4 1.3 16.2 2.0 0.5 1.1 13.0 2.7 0.5 1.1 12.8 2.5 0.6 1.1 6.9 2.8 5.9 1.6 6.0 2.5 5.2 0.9 5.4 2.8 4.5 4 5 6 7 Bank loans n.e.c. Home mortgages Commercial mortgages 25.6 17.2 22.0 21.4 21.5 19.3 19.7 22.9 19.7 19.4 22.6 19.6 18.4 22.3 19.3 15.7 20.8 15.7 15.9 20.5 15.6 16.1 20.1 15.7 16.0 18.8 16.1 16.0 18.2 15.7 16.6 17.9 15.4 8 9 10 5.9 12.1 11.1 6.5 7.5 13.3 12.1 11.0 10.9 11.9 11.7 11 Miscellaneous assets 102.1 94.4 91.0 90.0 86.9 82.1 78.0 75.2 74.7 73.6 71.8 12 13 14 15 Total liabilities Checkable deposits Small time and savings deposits Large time deposits 14.0 25.2 25.2 15.7 26.3 26.3 14.6 27.4 27.4 16.1 24.5 24.5 16.2 24.2 24.2 16.7 19.6 19.6 16.9 19.8 19.8 16.6 19.3 19.3 17.1 19.4 19.4 18.1 19.2 19.2 18.0 19.2 19.2 13 14 15 16 Miscellaneous liabilities 37.7 26.2 21.7 25.0 22.2 26.1 21.6 20.0 18.8 17.2 15.5 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. 76 Z.1, December 8, 2011 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 7 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 15 16 17 18 19 20 21 Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 22 23 24 Other loans and advances Mortgages Consumer credit 25 26 27 Corporate equities Miscellaneous assets Total liabilities 28 29 30 31 Deposits Checkable Small time and savings Large time 32 Security RPs 33 34 35 36 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 37 38 39 40 Taxes payable Miscellaneous liabilities Investment by parent Other 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 1714.8 1815.0 1523.5 1253.7 1262.2 1244.8 1244.3 1244.1 1250.0 1228.1 1240.4 1 2.0 20.4 6.6 18.3 2.6 20.0 9.9 45.6 39.0 8.7 8.3 34.7 45.5 4.5 15.3 12.0 55.3 0.8 19.1 9.5 49.9 5.2 18.2 7.8 46.4 7.7 17.7 7.0 44.8 2.2 15.3 5.4 56.6 3.6 21.1 4.5 50.8 4.9 19.1 5.5 62.5 1.6 22.4 6.8 2 3 4 5 1533.2 1596.1 1320.0 1070.4 1073.0 1061.7 1067.2 1081.0 1064.8 1049.3 1048.4 6 0.0 12.5 177.0 98.4 0.0 32.8 0.0 45.9 0.0 7.0 177.4 104.2 0.0 31.3 0.0 41.8 0.0 3.0 173.8 106.1 0.0 36.9 0.0 30.8 0.0 6.8 193.4 93.2 0.0 47.0 0.0 53.2 0.0 7.1 202.6 95.0 0.0 50.9 0.0 56.7 0.0 6.7 199.8 95.5 0.0 47.2 0.0 56.9 0.0 6.0 203.8 98.0 0.0 52.1 0.0 53.6 0.0 5.9 216.4 105.7 0.0 59.2 0.0 51.5 0.0 6.0 219.9 101.0 0.1 64.5 0.0 54.2 0.0 5.6 219.6 98.3 0.5 69.2 0.3 51.2 0.0 4.7 216.6 100.0 0.6 72.0 0.3 43.7 7 8 9 10 11 12 13 14 11.2 92.7 11.0 0.0 65.8 0.0 16.0 11.0 142.2 6.5 0.0 105.2 0.0 30.4 7.8 108.5 5.2 0.0 63.4 0.0 39.9 9.2 84.5 2.5 0.1 32.4 0.1 49.4 9.6 81.1 2.6 0.1 30.1 0.1 48.2 10.1 80.9 2.5 0.1 29.8 0.1 48.4 10.2 76.1 2.2 0.1 27.4 0.1 46.2 11.1 73.9 2.1 0.1 26.3 0.1 45.3 10.9 70.9 1.9 0.0 24.9 0.1 43.9 11.1 68.9 1.7 0.0 24.0 0.1 43.2 11.1 68.3 1.6 0.0 22.7 0.1 43.9 15 16 17 18 19 20 21 67.5 1076.8 95.5 73.7 1094.0 90.8 80.1 860.6 86.3 65.6 633.3 77.5 65.3 629.3 78.0 64.4 619.3 80.6 71.1 617.8 82.1 72.0 614.8 86.8 72.2 600.2 84.7 65.8 590.9 87.4 69.0 589.3 89.3 22 23 24 24.9 109.3 25.3 115.5 22.7 90.0 22.2 83.8 21.8 82.7 21.7 80.4 19.5 78.9 19.7 75.8 21.9 77.6 21.8 76.7 20.2 78.4 25 26 1535.8 1649.2 1395.7 1124.4 1126.7 1107.0 1105.9 1105.4 1109.0 1086.2 1098.3 27 1091.4 85.9 647.5 358.0 1104.6 79.4 638.1 387.1 948.6 76.6 578.5 293.5 895.3 89.7 667.9 137.7 905.6 90.1 674.8 140.7 899.3 89.2 665.9 144.2 901.5 88.4 661.9 151.3 909.2 88.9 662.7 157.6 927.9 90.5 676.2 161.2 912.5 88.5 661.2 162.9 926.1 91.7 663.7 170.7 28 29 30 31 41.8 17.6 17.6 53.6 53.9 50.2 49.2 47.6 38.2 37.0 35.4 32 319.1 10.7 48.6 259.8 423.3 10.4 62.0 350.9 356.1 2.4 75.0 278.7 152.3 2.3 11.0 139.1 143.3 3.2 11.3 128.8 136.2 3.0 8.8 124.4 133.8 2.8 10.9 120.2 127.4 2.7 9.8 114.9 121.0 2.2 11.2 107.6 116.2 2.2 11.5 102.5 113.3 2.2 11.0 100.1 33 34 35 36 3.3 80.2 10.7 69.5 1.3 102.4 10.9 91.5 1.0 72.3 13.4 58.9 1.3 21.8 24.0 -2.2 1.6 22.4 24.0 -1.6 1.1 20.3 23.7 -3.4 1.0 20.5 24.3 -3.8 1.0 20.2 23.0 -2.8 1.5 20.5 23.2 -2.8 0.9 19.6 22.7 -3.1 1.0 22.6 22.4 0.2 37 38 39 40 (1) State-chartered savings banks, federal savings banks, cooperative banks, and savings and loan associations. 77 Z.1, December 8, 2011 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 (net) 6 Credit market instruments 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 11 12 13 Other loans and advances Home mortgages Consumer credit 14 15 16 Mutual fund shares Miscellaneous assets Total liabilities 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 716.2 758.7 812.4 882.7 895.7 901.9 905.7 912.0 937.0 940.2 949.5 1 0.0 44.4 17.0 5.1 0.0 43.3 17.0 2.5 4.7 37.6 28.3 -2.3 22.8 39.1 37.8 0.1 35.0 37.2 41.0 0.1 26.7 39.9 42.6 0.1 35.2 36.8 43.1 0.0 36.9 32.8 43.4 0.0 54.7 28.2 44.3 0.0 50.2 29.8 44.7 18.8 41.8 44.6 46.8 10.9 2 3 4 5 622.7 657.9 697.9 731.0 737.3 750.2 741.1 755.5 765.4 774.3 779.7 6 1.0 7.4 72.5 30.6 0.4 10.4 68.4 34.6 0.0 8.8 82.9 25.7 0.0 14.2 110.8 18.6 0.0 15.9 123.5 18.5 0.0 17.2 133.6 18.4 0.0 10.8 136.3 11.5 0.0 20.0 151.6 3.7 0.0 21.8 166.6 3.7 0.0 21.9 170.9 3.8 0.0 21.0 173.9 3.6 7 8 9 10 26.8 249.7 234.5 26.9 281.5 235.7 29.6 314.7 236.2 32.3 317.9 237.2 31.3 320.1 228.0 32.5 322.6 225.8 33.2 324.4 224.9 33.1 320.8 226.5 31.5 323.5 218.1 32.9 324.0 220.9 33.7 324.6 222.8 11 12 13 2.1 24.9 2.1 35.9 2.0 44.2 1.3 50.6 1.6 43.5 1.6 40.8 1.6 47.9 1.5 41.9 1.7 42.8 1.8 20.5 1.8 24.0 14 15 648.7 688.2 742.7 815.3 827.2 832.0 834.8 840.9 864.6 864.8 872.6 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 620.6 72.6 483.0 65.0 652.3 73.7 508.7 69.9 697.4 75.3 551.7 70.4 769.4 86.9 655.1 27.3 790.4 88.5 673.7 28.2 795.0 88.2 678.4 28.4 797.2 88.5 679.3 29.4 803.8 92.4 681.3 30.1 829.3 98.7 699.4 31.2 829.8 97.1 701.4 31.3 838.9 102.3 704.1 32.4 17 18 19 20 21 22 Other loans and advances Miscellaneous liabilities 18.9 9.2 32.3 3.6 40.6 4.7 26.5 19.4 25.4 11.4 25.0 12.0 25.2 12.4 26.1 11.0 23.7 11.6 22.8 12.2 23.7 10.0 21 22 L.116 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security RPs 5 Credit market instruments 6 7 8 9 10 11 1335.8 1385.8 1305.5 1384.5 1385.5 1368.7 1394.3 1404.4 1414.2 1413.2 1384.6 1 29.9 13.5 1.9 42.7 20.7 3.6 27.9 32.8 4.4 27.6 29.6 4.5 28.3 25.3 8.3 37.1 24.6 6.1 39.3 27.9 5.9 32.6 25.6 3.8 33.8 27.7 3.5 35.6 26.1 2.3 25.7 23.6 2.0 2 3 4 864.1 869.3 853.4 886.7 886.8 887.2 892.2 890.6 895.7 890.8 891.0 5 Open market paper Treasury securities Agency- and GSE-backed securities 16.4 110.0 122.0 13.3 71.3 125.8 19.1 65.6 114.3 9.8 88.5 116.2 11.1 87.1 116.1 10.4 87.7 116.0 11.8 90.4 115.9 7.9 91.7 115.8 8.5 93.3 116.2 8.0 92.0 115.7 5.3 90.9 116.3 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 335.2 277.0 3.5 371.3 282.9 4.8 381.9 267.5 5.0 369.4 298.3 4.4 364.0 304.2 4.3 358.7 310.2 4.2 353.5 316.4 4.2 348.4 322.6 4.1 349.7 323.8 4.1 348.2 322.5 4.3 349.9 324.1 4.6 9 10 11 12 13 Corporate equities Mutual fund shares 227.0 6.9 236.2 6.8 193.3 4.4 219.8 5.3 216.7 5.4 193.4 5.0 204.8 5.4 219.2 5.7 222.7 5.8 220.2 5.8 203.4 5.2 12 13 14 15 Trade receivables Miscellaneous assets 87.0 105.5 85.4 121.1 86.7 102.6 83.0 128.0 84.8 129.9 86.7 128.6 87.1 131.8 83.8 143.1 84.4 140.6 88.2 144.1 88.7 145.0 14 15 826.3 818.6 792.3 817.4 819.0 821.5 829.4 836.0 838.4 845.5 846.9 16 1.2 9.4 815.7 0.5 7.0 811.1 2.4 -21.1 811.0 0.6 -15.8 832.6 0.5 -12.6 831.2 0.6 -19.1 839.9 0.5 -15.7 844.6 1.5 -10.1 844.6 0.6 -7.9 845.8 0.6 -13.1 858.0 0.5 -19.4 865.7 17 18 19 16 17 18 19 Total liabilities Security RPs Taxes payable (net) Miscellaneous liabilities 78 Z.1, December 8, 2011 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security RPs 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 4685.3 4949.7 4515.5 4823.9 4914.0 4872.1 5048.1 5176.3 5276.4 5320.2 5232.6 1 56.1 23.3 2.6 58.3 21.6 2.7 82.8 39.2 8.0 50.7 33.7 10.2 47.7 29.8 11.3 57.8 26.5 11.0 59.5 23.6 11.0 51.7 21.0 10.9 47.3 19.7 9.7 48.7 17.9 8.8 58.9 17.0 10.8 2 3 4 2786.4 2871.2 2882.8 3022.6 3042.6 3083.7 3134.3 3174.2 3215.3 3243.5 3298.8 5 28.7 87.9 377.4 41.7 70.6 382.9 38.3 105.7 366.2 49.8 133.5 371.9 35.7 138.6 372.8 39.3 144.2 373.8 46.0 150.2 374.8 40.9 156.6 376.0 39.9 153.6 386.1 38.0 154.1 389.7 42.1 162.8 395.0 6 7 8 36.6 1819.5 132.6 303.8 41.4 1862.6 145.8 326.2 47.1 1817.0 166.1 342.4 73.1 1927.2 140.9 326.1 81.3 1952.8 140.0 321.4 90.5 1978.0 140.1 317.9 100.8 2003.5 140.8 318.2 112.3 2030.2 140.7 317.5 115.1 2062.1 140.1 318.4 116.1 2080.5 141.9 323.1 117.7 2109.3 142.7 329.2 9 10 11 12 1364.8 148.8 1464.6 188.4 1001.7 121.0 1208.5 140.8 1275.8 144.8 1169.4 134.3 1286.6 144.1 1402.6 155.7 1484.8 158.7 1487.8 158.5 1355.6 142.9 13 14 303.3 342.9 380.1 357.6 361.9 389.4 389.0 360.3 341.0 355.0 348.7 15 4412.0 4661.7 4266.5 4532.5 4611.0 4567.5 4723.5 4850.8 4957.6 4985.0 4897.3 16 17 18 19 20 Security RPs Other loans and advances Life insurance reserves Pension fund reserves (1) 21.2 14.2 1119.5 2332.4 20.2 28.7 1156.1 2450.8 12.9 54.9 1133.4 2184.6 12.4 48.3 1194.5 2323.0 9.2 45.6 1202.1 2371.5 9.8 45.6 1188.1 2305.3 11.0 45.3 1214.1 2406.1 10.3 45.1 1229.9 2504.7 9.5 45.5 1249.3 2566.0 10.0 46.2 1262.3 2587.2 9.7 46.4 1269.2 2514.0 17 18 19 20 21 22 Taxes payable (net) Miscellaneous liabilities -1.3 925.9 -4.7 1010.6 -24.4 905.0 -31.4 985.6 -30.0 1012.6 -30.6 1049.3 -27.7 1074.7 -28.8 1089.8 -27.9 1115.1 -29.1 1108.4 -30.3 1088.3 21 22 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 22). L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 6082.8 6410.6 4552.7 5471.0 5708.6 5315.9 5728.5 6111.8 6341.1 6346.3 5743.9 1 11.2 63.1 90.1 22.4 11.8 67.7 93.5 25.8 12.3 67.9 95.7 33.1 16.4 72.7 96.4 36.2 18.9 73.7 96.4 36.3 21.9 74.9 96.4 31.3 24.6 75.7 96.3 36.8 28.0 77.1 96.3 37.1 31.3 78.0 96.2 37.3 34.6 79.0 96.2 33.0 37.7 80.0 96.1 34.0 2 3 4 5 758.3 860.8 951.4 1063.0 1090.0 1114.3 1138.7 1171.0 1191.1 1217.8 1246.2 6 Open market paper Treasury securities Agency- and GSE-backed securities 31.7 130.8 268.6 26.9 169.5 296.8 37.2 184.9 318.1 26.7 310.7 269.1 21.7 341.6 259.6 18.2 407.4 210.9 17.1 466.9 170.2 15.0 486.7 170.9 14.8 500.0 165.3 14.5 522.3 162.4 14.2 545.7 159.5 7 8 9 Corporate and foreign bonds Mortgages 317.6 9.5 357.4 10.2 400.1 11.1 442.9 13.6 452.5 14.6 462.1 15.7 469.2 15.2 483.5 15.0 496.3 14.7 504.1 14.5 512.7 14.2 10 11 2724.8 1880.4 2673.3 2110.6 1599.7 1366.0 1835.7 1817.3 1918.2 1929.6 1673.9 1784.0 1832.6 1980.2 2012.3 2140.6 2100.0 2248.5 2063.3 2268.9 1714.2 2033.1 12 13 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 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 532.5 387.9 42.8 101.8 567.1 431.3 47.2 88.6 426.5 317.6 47.9 61.0 533.3 412.8 50.5 70.0 545.5 429.9 49.9 65.7 519.2 408.0 49.6 61.6 543.5 433.8 49.4 60.4 549.5 457.5 49.2 42.8 558.8 471.3 49.1 38.4 553.4 470.3 49.0 34.1 502.6 420.0 48.9 33.7 14 15 16 17 18 Pension fund reserves (liabilities) (3) 6120.5 6444.8 4588.0 5507.4 5745.0 5352.4 5765.0 6148.3 6377.6 6382.8 5780.5 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 nonfinancial and financial assets. These liabilities are assets of the household sector. 79 Z.1, December 8, 2011 L.119 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 3089.8 3198.8 2324.5 2673.7 2771.7 2554.4 2726.8 2931.5 3034.2 3013.2 2664.1 1 13.1 0.8 13.8 24.1 17.9 0.7 12.4 21.7 17.8 0.7 14.3 23.5 17.7 0.7 14.3 23.5 17.8 0.7 14.4 23.6 17.5 0.7 14.2 23.2 17.2 0.7 13.9 22.8 17.3 0.7 13.9 22.8 18.1 0.7 14.7 24.0 17.9 0.7 14.5 23.7 18.9 0.8 15.2 25.0 2 3 4 5 808.0 820.3 833.5 824.7 823.7 819.3 815.8 816.5 825.0 820.5 834.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 42.8 156.2 307.8 38.4 141.6 331.1 25.9 146.4 337.5 24.0 174.5 306.9 24.1 179.1 301.0 22.7 182.0 292.3 22.3 185.5 285.1 22.4 185.6 285.2 23.5 187.9 288.7 23.2 186.9 287.2 24.4 188.7 290.0 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 3.3 283.4 14.4 2.4 297.0 9.7 1.4 312.9 9.4 1.5 308.6 9.3 1.5 308.7 9.4 1.5 311.5 9.3 1.6 311.9 9.4 1.6 312.4 9.4 1.6 314.1 9.2 1.6 312.4 9.2 1.5 320.9 9.3 10 11 12 1926.1 287.5 2013.7 296.4 1237.9 181.1 1549.8 226.7 1636.0 239.3 1450.8 212.2 1604.6 234.8 1782.5 260.8 1861.9 272.4 1848.2 270.4 1527.8 223.5 13 14 16.3 15.7 15.7 16.2 16.3 16.5 16.9 17.0 17.3 17.3 18.0 15 3156.6 3297.9 2414.7 2759.8 2856.7 2641.4 2815.4 3024.0 3131.3 3116.3 2774.4 16 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 2007 Pension fund reserves (liabilities) (1) (1) Equal to the value of nonfinancial 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) 1141.1 1197.2 1221.2 1324.4 1317.7 1311.0 1345.5 1425.3 1423.1 1341.1 1427.6 1 84.3 96.1 120.3 127.7 129.4 133.6 138.3 138.7 142.2 146.1 154.2 2 76.7 4.7 2.9 88.0 5.0 3.0 112.3 5.1 2.9 119.1 5.6 3.0 120.6 5.8 3.0 124.5 6.0 3.1 128.2 6.6 3.5 129.2 6.3 3.2 132.9 6.2 3.1 136.3 6.5 3.2 144.0 6.8 3.4 3 4 5 138.1 918.7 149.1 952.0 85.6 1015.3 119.4 1077.2 127.8 1060.6 112.6 1064.8 125.6 1081.5 143.7 1142.9 152.1 1128.8 152.9 1042.1 124.1 1149.3 6 7 1141.1 1197.2 1221.2 1324.4 1317.7 1311.0 1345.5 1425.3 1423.1 1341.1 1427.6 8 (1) Includes the 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. 80 Z.1, December 8, 2011 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 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) 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2312.1 3033.1 3757.3 3258.3 2930.7 2760.4 2746.1 2755.3 2679.4 2637.8 2578.4 1 84.1 6.7 206.7 394.6 127.3 1.9 270.6 605.9 129.3 7.5 355.2 542.4 97.1 17.9 573.2 479.9 92.5 5.3 510.8 438.9 92.5 7.7 436.2 462.6 104.2 15.5 473.9 493.3 105.9 14.2 468.0 479.4 107.5 14.0 469.9 439.2 112.2 20.7 462.3 457.6 86.7 18.8 397.8 479.7 2 3 4 5 1560.8 1936.4 2675.0 2031.0 1828.5 1703.3 1599.5 1621.0 1583.7 1521.0 1527.2 6 608.3 82.7 131.4 370.3 368.3 674.6 178.1 235.9 471.0 376.8 618.5 577.7 756.2 494.6 228.0 510.5 406.4 543.0 401.3 169.9 445.6 371.5 465.5 370.0 176.0 382.9 348.9 450.4 352.0 169.1 382.8 308.1 414.8 333.0 160.8 394.2 335.4 402.8 334.4 154.2 398.1 337.7 373.4 320.7 153.7 361.1 341.5 359.4 305.8 153.2 349.5 373.5 384.1 292.0 128.1 7 8 9 10 11 59.2 90.9 47.9 59.1 54.8 58.1 59.8 66.9 65.2 64.0 68.3 12 2312.1 3033.1 3757.3 3258.3 2930.7 2760.4 2746.1 2755.3 2679.4 2637.8 2578.4 13 7934.5 8471.9 8570.5 7513.4 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 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 7068.3 7829.0 5435.3 6961.6 7295.0 6764.2 7401.8 132.8 132.2 124.7 153.3 150.1 127.6 134.9 137.5 218.5 221.8 142.4 2 1932.0 2203.1 2276.4 2657.2 2784.9 2834.3 2971.1 3031.4 3160.9 3267.8 3299.3 3 114.5 160.7 499.1 344.4 767.0 46.3 114.1 179.2 565.4 372.2 889.9 82.4 51.6 187.9 592.7 389.6 959.9 94.8 80.2 255.5 639.1 480.2 1126.8 75.4 77.4 269.9 684.3 501.5 1178.1 73.7 55.9 278.3 710.7 514.2 1200.9 74.3 63.3 294.3 760.8 532.8 1244.0 75.9 66.3 297.4 791.1 526.6 1275.4 74.6 144.0 298.2 793.4 515.1 1321.6 88.6 147.2 306.4 819.1 520.1 1378.0 97.0 70.2 320.7 863.9 527.7 1420.7 96.0 4 5 6 7 8 9 4989.6 14.0 5476.9 16.8 3014.1 20.0 4136.2 14.9 4351.8 8.3 3799.5 2.8 4299.9 -4.1 4762.7 2.9 5087.0 5.5 5067.4 13.4 4058.3 13.4 10 11 7068.3 7829.0 5435.3 6961.6 7295.0 6764.2 7401.8 7934.5 8471.9 8570.5 7513.4 12 (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) 293.3 315.8 201.2 225.3 229.4 220.3 232.6 238.7 244.3 244.0 236.0 1 171.8 7.4 89.4 75.1 121.5 170.9 5.6 91.3 74.0 144.9 129.9 3.2 77.9 48.7 71.3 139.2 4.3 80.9 54.0 86.1 141.7 5.0 81.1 55.6 87.7 139.7 4.8 81.3 53.6 80.6 142.0 5.0 81.7 55.3 90.6 143.5 5.1 80.3 58.1 95.2 145.5 5.2 79.6 60.7 98.8 144.9 5.2 79.6 60.1 99.1 140.9 4.8 78.5 57.7 95.1 2 3 4 5 6 293.3 315.8 201.2 225.3 229.4 220.3 232.6 238.7 244.3 244.0 236.0 7 422.8 607.7 530.9 772.9 800.5 767.1 874.9 986.5 1048.9 1070.2 946.7 8 20.7 13.1 0.0 7.6 402.0 34.0 19.7 0.6 13.8 573.7 57.0 27.0 2.3 27.7 473.9 102.9 41.7 5.9 55.3 669.9 113.2 46.3 6.5 60.4 687.2 124.6 51.9 7.3 65.5 642.5 133.4 51.7 7.8 73.9 741.5 132.6 51.0 7.6 74.0 853.9 140.0 52.8 7.5 79.8 908.9 150.9 56.7 7.7 86.5 919.3 164.0 61.1 7.8 95.0 782.8 9 10 11 12 13 422.8 607.7 530.9 772.9 800.5 767.1 874.9 986.5 1048.9 1070.2 946.7 14 Exchange-traded funds 8 9 10 11 12 13 14 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 81 Z.1, December 8, 2011 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 5 Credit market instruments 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2872.9 3174.3 3407.9 3047.3 7003.5 6900.8 6764.6 6721.1 6687.1 6562.0 6520.1 1 16.4 33.9 117.4 13.7 46.6 142.7 88.3 68.5 114.5 99.4 25.7 122.1 99.0 21.2 176.4 99.1 23.7 163.8 47.3 22.1 163.8 63.4 26.1 150.0 70.4 23.7 156.3 62.3 23.1 115.1 63.7 11.7 114.3 2 3 4 2590.5 2829.5 3037.5 2699.7 6577.4 6494.1 6385.1 6333.1 6327.9 6252.4 6176.5 5 Open market paper Treasury securities Agency- and GSE-backed securities 32.4 14.2 714.0 27.7 15.5 702.9 6.8 16.8 910.0 9.7 21.9 924.5 8.6 60.1 417.0 10.4 72.2 387.7 8.6 69.5 375.1 9.9 55.2 377.0 9.5 58.5 373.9 9.3 63.3 368.2 9.2 68.5 368.1 6 7 8 9 10 Municipal securities Corporate and foreign bonds 36.1 481.7 33.3 464.4 31.3 386.6 29.1 310.8 28.0 324.8 27.2 313.0 26.2 308.3 24.9 293.9 23.8 284.7 22.9 270.0 22.0 264.3 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 704.9 0.0 63.5 641.4 942.6 0.0 75.5 867.1 980.7 0.0 80.3 900.5 695.9 0.0 80.0 615.9 634.5 0.0 77.7 556.8 599.1 0.0 76.5 522.6 561.6 0.0 81.9 479.7 551.3 0.0 87.3 464.0 522.8 0.0 89.6 433.2 500.2 0.0 85.1 415.1 479.8 0.0 81.0 398.9 11 12 13 14 15 16 17 18 19 20 21 22 23 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 607.2 457.6 0.0 457.6 105.4 0.0 105.4 44.2 0.0 643.1 447.9 0.0 447.9 147.7 0.0 147.7 47.6 0.0 705.3 456.6 0.0 456.6 190.2 0.0 190.2 58.5 0.0 707.7 445.4 0.0 445.4 204.4 0.0 204.4 57.9 0.0 5104.4 4795.6 4386.4 409.2 249.7 58.9 190.8 59.1 0.0 5084.4 4774.8 4238.7 536.1 249.2 60.0 189.2 60.4 0.0 5035.8 4722.8 4177.2 545.6 251.3 63.0 188.3 61.6 0.0 5021.0 4701.5 4141.0 560.5 256.5 75.4 181.1 63.0 0.0 5054.6 4735.8 4170.5 565.3 256.1 81.4 174.7 62.7 0.0 5018.4 4701.4 4146.4 555.0 254.6 87.3 167.3 62.4 0.0 4964.6 4646.3 4085.3 561.0 256.4 92.6 163.7 62.0 0.0 15 16 17 18 19 20 21 22 23 6 7 8 24 25 Miscellaneous assets Total liabilities 26 27 28 29 30 Credit market instruments GSE issues (4) Consolidated trusts (2) Other U.S. government loans 31 Miscellaneous liabilities 114.7 141.7 99.1 100.3 129.5 120.1 146.4 148.6 108.8 109.2 154.0 24 2781.2 3081.3 3390.2 2977.0 6875.6 6762.9 6635.4 6589.1 6577.8 6455.0 6413.5 25 2627.8 2627.8 0.0 2627.8 0.0 2910.2 2910.2 0.0 2910.2 0.0 3181.9 3181.9 0.0 3181.9 0.0 2706.6 2706.6 0.0 2706.6 0.0 6653.3 6653.3 4445.3 2207.9 0.0 6591.1 6591.1 4298.7 2292.4 0.0 6498.1 6498.1 4240.3 2257.8 0.0 6434.5 6434.5 4216.4 2218.1 0.0 6437.3 6437.3 4251.8 2185.5 0.0 6317.3 6317.3 4233.7 2083.6 0.0 6282.7 6282.7 4177.9 2104.8 0.0 26 27 28 29 30 153.4 171.1 208.2 270.4 222.3 171.8 137.3 154.6 140.5 137.7 130.7 31 (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. L.125 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 3841.1 4464.4 4961.4 5376.7 980.2 1046.5 1096.0 1139.5 1187.0 1236.0 1277.3 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 3749.1 88.8 0.0 3.2 4371.8 88.1 0.0 4.5 4864.0 92.8 0.0 4.7 5266.5 105.7 0.0 4.5 920.7 56.1 0.0 3.3 982.5 60.1 0.0 3.8 1028.5 63.7 0.0 3.8 1068.8 66.9 0.0 3.8 1112.5 71.3 0.0 3.2 1155.7 77.1 0.0 3.2 1194.5 81.1 0.0 1.7 2 3 4 5 6 Total pool securities (liabilities)(2) 3841.1 4464.4 4961.4 5376.7 980.2 1046.5 1096.0 1139.5 1187.0 1236.0 1277.3 6 (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.124). 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. 82 Z.1, December 8, 2011 L.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 14 15 16 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Memo: Securitized assets not included above Consumer leases (4) REIT assets (5) Securitized liabilities not included above Commercial paper (6) 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 4200.8 4540.7 4133.1 3289.6 2693.3 2561.0 2446.4 2341.5 2243.9 2189.8 2129.2 1 61.1 353.3 253.4 85.8 380.9 341.9 72.2 353.1 379.8 53.9 125.2 252.2 49.7 90.0 229.6 46.2 53.3 219.1 42.6 28.7 214.3 40.1 17.7 201.0 35.9 5.3 180.6 32.6 9.4 190.3 28.3 15.0 188.6 2 3 4 2763.8 2144.6 103.4 515.8 2936.7 2179.1 124.0 633.6 2586.1 1868.2 113.2 604.7 2219.3 1548.5 107.4 563.3 2118.2 1458.2 106.5 553.5 2043.6 1397.1 104.8 541.8 1970.1 1338.2 102.7 529.2 1899.2 1277.2 98.7 523.3 1846.2 1223.0 98.0 525.2 1788.4 1174.5 96.3 517.6 1734.7 1128.2 94.1 512.4 5 6 7 8 661.1 108.3 683.7 111.7 646.4 95.5 577.9 61.3 150.7 55.1 144.8 54.1 136.6 54.2 131.7 51.8 122.4 53.6 117.9 51.1 115.1 47.5 9 10 4204.4 4543.8 4135.9 3292.0 2695.5 2563.1 2448.5 2343.5 2245.9 2191.6 2131.0 11 837.4 3367.1 643.1 3900.7 559.3 3576.6 293.1 2998.9 126.4 2569.1 112.2 2450.9 119.4 2329.1 120.2 2223.4 128.3 2117.6 116.2 2075.5 108.5 2022.6 12 13 3.6 110.0 3.1 92.1 2.7 45.4 2.3 20.1 2.3 23.5 2.2 22.5 2.1 21.9 2.0 15.5 2.0 16.2 1.9 15.9 1.8 16.8 14 15 0.0 0.0 0.0 0.0 132.5 135.8 129.2 112.9 109.2 109.0 109.9 16 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Liabilities net of assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (5) Included in table L.128. (6) Included in table L.110 line 36. L.127 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Time and savings deposits 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table L.126. 1891.3 1911.2 1851.7 1662.5 1665.8 1642.9 1613.4 1590.0 1581.1 1555.9 1562.9 1 15.8 47.4 16.2 48.6 16.5 49.4 17.0 51.0 15.9 47.6 16.1 48.4 15.5 46.6 15.3 45.9 15.7 47.2 15.8 47.4 16.3 48.9 2 3 1811.6 1828.2 1755.9 1532.6 1556.9 1526.1 1504.8 1482.8 1464.6 1435.3 1434.1 4 184.8 498.0 594.4 534.4 189.4 523.0 531.9 584.1 192.4 539.9 447.9 575.8 198.6 448.9 397.4 487.8 185.6 447.5 386.9 536.9 188.7 439.2 371.1 527.2 181.6 445.7 361.2 516.3 179.0 441.0 344.2 518.6 184.1 439.7 331.0 509.8 184.9 429.1 319.5 501.8 190.5 428.1 311.2 504.3 5 6 7 8 16.4 18.2 30.0 61.9 45.3 52.2 46.5 46.0 53.5 57.3 63.6 9 1876.8 1949.6 1880.5 1630.3 1631.7 1599.0 1558.0 1536.7 1512.4 1487.2 1497.7 10 1144.2 1279.6 1200.3 1044.1 1048.1 1017.7 974.9 962.1 949.6 917.4 916.9 11 165.3 849.7 129.2 0.0 123.5 974.1 182.0 0.0 100.9 924.5 174.9 0.0 62.1 837.5 144.5 0.0 64.0 858.2 125.9 0.0 63.1 834.6 120.0 0.0 56.8 823.0 95.0 0.0 63.8 818.7 79.6 0.0 65.4 796.0 88.2 0.0 61.0 781.3 75.2 0.0 62.4 788.3 66.2 0.0 12 13 14 15 17.0 715.7 51.1 338.5 326.0 15.5 654.4 68.6 321.4 264.4 15.4 664.8 78.1 313.0 273.7 12.7 573.6 75.0 280.5 218.1 12.6 571.0 75.3 277.3 218.3 12.6 568.7 75.7 273.5 219.4 12.8 570.4 77.3 272.5 220.6 12.9 561.7 83.6 264.6 213.5 12.8 550.0 84.7 257.5 207.7 12.8 556.9 87.7 268.1 201.1 13.3 567.5 88.2 267.5 211.8 16 17 18 19 20 106.0 122.9 111.1 85.4 80.7 77.2 74.8 72.7 73.3 73.8 74.9 21 83 Z.1, December 8, 2011 L.128 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 344.5 318.5 250.6 241.2 246.9 258.4 276.1 283.0 346.6 391.0 419.5 1 18.4 16.6 18.4 26.3 25.2 26.0 24.6 23.5 29.0 25.8 29.3 2 266.4 246.5 177.6 168.9 173.1 177.8 192.7 206.0 258.0 301.9 324.2 3 65.4 64.6 88.9 34.4 89.6 11.7 105.1 15.5 109.1 17.5 114.7 18.1 128.7 20.1 143.3 20.8 190.7 24.6 216.9 26.2 239.1 27.1 4 5 136.3 104.2 5.0 27.1 123.1 80.7 5.2 37.3 76.3 34.3 4.3 37.7 48.3 12.6 2.3 33.4 46.4 11.0 2.1 33.3 45.0 8.9 2.1 34.0 43.9 8.7 2.0 33.2 41.9 8.9 1.9 31.2 42.7 9.0 1.8 31.9 58.8 22.6 1.8 34.5 58.0 24.0 1.7 32.4 6 7 8 9 59.7 55.4 54.6 46.1 48.6 54.5 58.8 53.5 59.6 63.3 66.0 10 11 Total liabilities 571.8 580.5 511.6 458.8 472.4 479.6 494.9 501.7 557.4 605.3 639.3 11 12 Security RPs 97.9 91.7 79.4 90.4 88.9 94.4 102.0 120.5 160.9 187.1 210.8 12 13 Credit market instruments 411.0 421.2 367.4 317.4 318.5 316.4 325.3 321.9 333.1 352.0 358.5 13 0.0 230.6 28.4 152.1 0.0 231.3 33.2 156.7 0.0 171.0 32.8 163.5 0.0 129.8 20.7 166.9 0.0 132.9 18.5 167.1 0.0 131.8 17.0 167.6 0.0 139.1 17.9 168.3 0.0 129.7 18.5 173.8 0.0 141.3 16.2 175.6 0.0 156.2 15.6 180.2 0.0 156.9 20.4 181.2 14 15 16 17 63.0 67.6 64.9 51.1 65.0 68.9 67.6 59.3 63.4 66.2 69.9 18 110.0 0.0 92.7 0.4 17.0 92.1 0.0 72.4 0.4 19.3 45.4 0.0 31.8 0.4 13.2 20.1 0.0 6.1 0.4 13.7 23.5 0.0 7.4 0.4 15.7 22.5 0.0 7.4 0.4 14.7 21.9 0.0 7.2 0.4 14.3 15.5 0.0 7.2 0.4 8.0 16.2 0.0 7.3 0.4 8.5 15.9 0.0 7.4 0.3 8.1 16.8 0.0 8.6 0.3 7.8 19 20 21 22 23 14 15 16 17 18 19 20 21 22 23 Miscellaneous assets 2007 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 84 Z.1, December 8, 2011 L.129 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total financial assets 2 Checkable deposits and currency 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 Other loans and advances 10 11 12 13 Corporate equities Security credit Miscellaneous assets Total liabilities 14 Security RPs (net) 15 16 17 Credit market instruments Corporate bonds Bank loans n.e.c. (1) 18 19 20 21 22 23 Trade payables Security credit Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. Taxes payable 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2741.7 3092.0 2217.2 2084.2 2092.0 1977.9 2025.7 2075.1 2101.8 2128.3 1978.9 1 80.5 105.0 120.1 90.7 90.2 86.1 89.5 96.9 92.1 108.4 115.2 2 583.4 64.3 -67.0 138.0 50.9 355.5 41.7 803.1 87.1 -60.0 290.2 50.1 382.8 52.8 717.4 65.7 190.6 242.6 38.7 123.8 55.9 525.3 41.5 123.0 110.9 35.4 154.4 60.1 544.9 38.5 123.6 127.5 40.3 162.8 52.1 529.1 33.1 87.1 161.9 35.0 161.9 50.1 539.7 34.2 73.8 173.5 39.2 170.3 48.7 557.5 36.2 94.5 149.8 40.0 189.5 47.4 556.8 39.6 78.6 153.2 37.0 201.5 46.9 549.6 42.2 56.6 174.7 40.6 188.8 46.7 516.5 40.7 85.3 166.7 36.6 140.9 46.2 3 4 5 6 7 8 9 186.4 292.1 1599.4 224.8 325.5 1633.7 109.2 164.8 1105.7 124.2 203.0 1141.0 112.4 196.4 1148.1 98.4 217.0 1047.3 100.6 233.7 1062.2 117.2 278.2 1025.3 131.7 315.7 1005.5 131.3 312.8 1026.2 96.3 251.9 999.0 10 11 12 2669.1 3019.4 2158.1 1987.8 1989.7 1875.1 1935.8 1990.2 2014.1 2043.8 1895.9 13 1071.8 1147.3 586.9 470.9 440.0 340.9 361.1 404.7 427.1 387.9 174.2 14 68.8 68.8 0.0 64.8 64.8 0.0 142.6 97.1 45.5 92.9 92.9 0.0 92.3 92.3 0.0 100.9 100.9 0.0 96.1 96.1 0.0 129.7 129.7 0.0 128.2 128.2 0.0 110.1 110.1 0.0 99.2 99.2 0.0 15 16 17 48.3 957.8 655.7 116.5 185.6 2.8 45.8 1200.9 866.4 145.9 188.6 2.2 21.2 963.6 742.7 158.6 62.3 2.5 70.1 888.2 668.6 158.0 61.6 5.7 62.2 912.4 680.0 160.0 72.3 4.4 52.0 929.1 686.0 164.5 78.6 4.4 55.1 940.0 696.8 144.1 99.2 6.4 18.1 936.6 694.3 152.3 90.1 3.6 18.5 942.3 703.3 152.1 86.9 4.2 19.3 1011.0 757.7 163.2 90.1 4.3 16.3 1133.5 804.9 187.0 141.6 3.7 18 19 20 21 22 23 519.5 61.0 596.5 -137.9 558.4 62.6 560.4 -64.6 441.4 72.1 626.1 -256.8 460.1 74.5 1158.5 -773.0 478.5 75.7 1181.5 -778.6 447.8 76.9 1175.8 -804.8 477.1 87.7 1214.2 -824.9 497.5 103.0 1142.8 -748.2 493.7 104.7 1163.6 -774.6 511.1 109.2 1130.7 -728.8 469.0 104.1 1112.4 -747.4 24 25 26 27 (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). L.130 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1475.5 1859.1 2866.5 2413.5 2290.9 2241.0 2253.5 2301.0 2205.4 2181.1 2196.6 1 2 3 Money market fund shares Security RPs 463.0 0.0 791.6 0.0 1065.3 0.0 891.1 0.1 762.9 0.1 700.7 0.1 702.1 0.1 714.8 0.1 686.0 0.1 667.1 0.1 635.2 0.1 2 3 4 Credit market instruments 378.7 316.0 1007.7 770.9 790.8 849.3 817.2 879.9 811.8 800.8 867.1 4 304.2 60.4 14.1 125.2 170.0 20.8 304.6 667.3 35.9 37.8 710.2 22.9 58.4 711.4 21.0 98.1 730.4 20.8 91.5 704.9 20.8 98.4 760.1 21.4 76.7 716.5 18.7 82.0 700.4 18.4 114.4 734.5 18.3 5 6 7 0.0 633.9 197.3 436.5 0.0 751.5 241.0 510.5 0.0 793.5 276.6 516.9 25.1 726.3 203.1 523.2 25.4 711.7 189.2 522.5 25.7 665.2 150.4 514.8 26.1 708.0 177.1 531.0 26.4 679.8 171.6 508.2 0.0 707.4 188.9 518.5 0.0 713.1 173.4 539.7 0.0 694.2 140.1 554.1 8 9 10 11 1475.5 1859.1 2866.5 2413.5 2290.9 2241.0 2253.5 2301.0 2205.4 2181.1 2196.6 12 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. (3) Other loans and advances (4) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) 645.3 786.4 1252.8 816.8 784.6 752.3 769.2 751.4 739.8 737.7 726.1 13 278.3 367.0 0.0 0.0 367.9 418.5 0.0 0.0 388.0 419.9 444.9 0.0 261.7 457.8 95.3 2.0 222.9 466.8 90.2 4.7 193.0 466.6 85.0 7.8 204.8 479.8 76.3 8.3 214.3 454.6 73.4 9.2 216.0 464.5 49.9 9.3 194.4 491.1 42.5 9.7 174.8 510.4 31.0 9.8 14 15 16 17 830.2 9.0 1242.3 0.0 -421.1 1072.7 9.6 1240.2 0.0 -177.2 1613.7 10.2 887.0 0.0 716.5 1596.7 10.8 856.8 1.8 727.3 1506.4 11.0 849.2 4.2 642.0 1488.6 11.1 765.6 6.2 705.8 1484.3 11.3 773.5 7.1 692.5 1549.5 11.4 733.4 7.7 797.1 1465.6 11.6 709.5 7.8 736.7 1443.4 11.7 727.8 8.3 695.7 1470.5 11.9 726.7 8.7 723.3 18 19 20 21 22 (1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. 85 Z.1, December 8, 2011 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Total assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 Rest of the world: SDR allocations 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 18 Discrepancy: monetary gold 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 62.2 67.3 74.2 175.1 170.1 165.7 177.0 175.8 184.3 189.3 186.4 1 7.4 7.7 7.5 55.4 53.6 52.2 55.0 54.4 56.0 56.5 55.2 2 54.9 8.9 5.0 40.9 59.5 9.5 4.2 45.8 66.6 9.3 7.7 49.6 119.7 57.8 11.4 50.5 116.5 56.0 11.6 48.9 113.5 54.6 11.4 47.6 122.1 57.4 12.9 51.7 121.4 56.8 12.5 52.1 128.3 56.5 19.3 52.4 132.8 57.2 21.7 53.8 131.3 55.9 22.7 52.8 3 4 5 6 73.3 78.3 85.2 186.1 181.1 176.7 188.1 186.8 195.3 200.4 197.5 7 34.5 0.0 8.9 5.2 20.5 36.4 0.0 9.5 4.4 22.5 41.9 0.0 9.3 7.8 24.8 94.6 0.0 57.8 11.5 25.2 92.2 0.0 56.0 11.7 24.4 89.8 0.0 54.6 11.5 23.8 96.3 0.0 57.4 13.1 25.8 95.4 0.0 56.8 12.6 26.0 102.1 0.0 56.5 19.5 26.1 105.9 0.0 57.2 21.9 26.8 105.0 0.0 55.9 22.8 26.3 8 9 10 11 12 7.4 7.7 7.5 55.4 53.6 52.2 55.0 54.4 56.0 56.5 55.2 13 31.4 11.0 -0.1 20.5 34.2 11.0 -0.1 23.3 35.7 11.0 -0.1 24.8 36.2 11.0 -0.1 25.3 35.4 11.0 -0.1 24.5 34.7 11.0 -0.1 23.8 36.8 11.0 -0.1 25.9 37.0 11.0 -0.1 26.1 37.2 11.0 -0.2 26.3 37.9 11.0 -0.2 27.0 37.4 11.0 -0.1 26.5 14 15 16 17 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 28.1 38.2 27.4 38.7 26.6 38.7 26.2 42.7 26.2 42.7 26.2 43.2 25.9 43.4 25.9 43.5 25.9 43.8 25.9 44.0 25.9 44.1 3 4 5 Discrepancy (seigniorage) -10.1 -11.3 -12.1 -16.5 -16.5 -17.0 -17.5 -17.6 -17.9 -18.0 -18.2 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 1085.0 1340.9 946.7 840.6 841.7 879.5 887.9 912.3 957.7 949.7 945.1 1 65.2 49.3 84.1 80.5 50.3 127.3 56.9 24.7 129.3 50.5 31.5 97.1 50.6 38.6 92.5 52.8 49.4 92.5 53.3 59.8 104.2 54.8 72.0 105.9 57.5 79.0 107.5 57.0 84.2 112.2 56.8 89.4 86.7 2 3 4 886.3 1082.9 735.8 661.4 660.1 684.8 670.6 679.6 713.7 696.2 712.2 5 86 Z.1, December 8, 2011 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Net change in assets Rest of the world Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions Credit unions Discrepancy 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 186.1 88.6 1890.5 1281.5 1194.1 1139.4 1029.3 1091.6 1755.4 1871.9 1929.6 1 70.4 363.0 -213.0 -34.2 75.8 502.0 -404.1 -85.1 917.7 1291.0 -163.7 -154.6 1031.9 672.2 -322.5 -100.0 1105.7 441.5 -257.5 -95.6 1027.3 442.9 -251.1 -79.7 985.1 422.7 -305.9 -72.6 1020.8 420.9 -274.4 -75.7 1460.3 421.6 -53.5 -73.0 1651.4 251.2 5.0 -35.7 1648.1 166.0 155.6 -40.1 2 3 4 5 166.8 67.5 1838.9 1195.4 1135.2 1065.4 959.8 1029.8 1680.1 1788.6 1825.0 6 96.7 -0.3 67.8 0.6 2.0 0.0 -56.9 48.6 72.2 1.0 2.6 0.0 362.9 558.2 635.1 239.0 39.0 4.7 69.0 94.5 679.5 284.1 45.5 22.8 19.6 9.9 684.0 331.4 55.3 35.0 39.4 -1.3 651.6 299.1 49.9 26.7 -24.0 -1.3 588.5 315.0 46.4 35.2 10.2 -1.2 588.4 350.8 44.8 36.9 221.1 -1.3 708.1 640.8 56.6 54.7 138.0 -0.8 872.9 677.5 50.8 50.2 177.5 -0.7 781.4 762.5 62.5 41.8 7 8 9 10 11 12 19.3 21.1 51.7 86.1 58.9 74.0 69.4 61.8 75.3 83.3 104.6 13 51.7 51.7 55.0 55.0 57.7 57.7 54.9 54.9 51.8 51.8 53.8 53.8 50.5 50.5 52.7 52.7 53.3 53.3 55.4 55.4 50.6 50.6 14 15 18.7 16.1 0.6 2.0 0.0 20.8 17.2 1.0 2.6 0.0 860.0 577.4 239.0 39.0 4.7 977.0 624.6 284.1 45.5 22.8 1053.9 632.2 331.4 55.3 35.0 973.5 597.8 299.1 49.9 26.7 934.6 537.9 315.0 46.4 35.2 968.1 535.7 350.8 44.8 36.9 1407.0 654.8 640.8 56.6 54.7 1595.9 817.4 677.5 50.8 50.2 1597.5 730.8 762.5 62.5 41.8 16 17 18 19 20 -0.3 -0.3 0.1 -0.3 48.6 -0.0 48.6 48.6 558.2 -1.5 559.7 558.2 94.5 -2.1 96.6 94.5 9.9 -1.6 11.5 9.9 -1.3 -1.9 0.7 -1.3 -1.3 -1.6 0.3 -1.3 -1.2 -1.4 0.2 -1.2 -1.3 -1.4 0.1 -1.3 -0.8 -0.9 0.1 -0.8 -0.7 -0.8 0.1 -0.7 21 22 23 24 432.3 586.4 154.2 496.2 650.7 154.5 668.8 782.2 113.3 559.6 760.8 201.3 469.5 762.5 292.9 461.0 780.5 319.5 466.7 781.3 314.6 476.2 783.5 307.3 452.1 772.5 320.4 366.0 659.0 293.0 270.6 657.4 386.8 25 26 27 -255.2 524.5 779.7 -424.0 529.0 953.0 -179.6 536.4 716.1 -350.9 538.9 889.8 -298.0 577.5 875.5 -299.8 576.5 876.3 -349.1 600.1 949.2 -306.9 635.6 942.5 -84.1 768.4 852.5 -18.5 748.3 766.8 127.3 770.9 643.7 28 29 30 -68.4 19.7 88.1 -110.6 51.6 162.2 -101.5 143.6 245.1 -125.1 127.9 253.0 -132.9 119.5 252.3 -98.9 138.1 237.0 -118.3 122.0 240.3 -135.6 120.4 256.0 -121.9 139.7 261.6 -186.2 93.8 280.1 -195.9 94.3 290.2 31 32 33 12.0 11.9 0.1 18.6 17.9 0.7 24.7 24.5 0.3 14.6 9.3 5.4 19.1 11.6 7.5 22.9 15.3 7.6 23.3 13.4 9.9 23.4 14.9 8.5 25.0 14.9 10.1 23.3 14.7 8.6 24.5 15.3 9.2 34 35 36 96.7 -56.9 362.9 69.0 19.6 39.4 -24.0 10.2 221.1 138.0 177.5 37 -57.1 118.7 97.8 1.6 -24.9 135.1 113.2 0.8 88.5 118.2 65.8 0.7 27.4 141.0 43.6 11.2 -26.4 111.1 40.1 12.1 -1.5 122.6 41.6 7.0 -29.4 120.5 42.9 8.2 -39.2 113.7 41.9 10.0 -14.2 138.2 51.4 11.5 -99.4 145.2 47.9 14.0 -88.7 164.6 45.6 14.3 38 39 40 41 175.8 140.0 35.8 160.1 133.7 26.4 29.8 82.1 -52.3 113.6 77.4 36.3 137.5 88.1 49.4 124.1 97.9 26.3 149.9 96.0 53.9 152.9 82.9 69.9 152.4 92.0 60.4 244.6 80.0 164.6 253.2 83.1 170.2 42 43 44 19.3 21.1 51.7 86.1 58.9 74.0 69.4 61.8 75.3 83.3 104.6 45 Memo: Vault cash: 14 15 Liab.: Monetary authority Asset: U.S.-chartered commercial banks Depository institution reserves: 16 17 18 19 20 Liab.: Monetary authority Asset: U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions Credit unions Other transactions with the monetary authority 21 22 23 24 Liab: U.S.-chartered commercial banks Federal Reserve float Loans to member banks Asset: Monetary authority Transactions with banks in foreign countries (net): 25 26 27 Liab.: U.S.-chartered commercial banks (net) Due to foreign affiliates - Due from foreign affiliates 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 31 32 33 Bank holding companies (net) Due to foreign affiliates - Due from foreign affiliates 34 35 36 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. 37 Asset: Rest of the world (1) Transactions between U.S. banks (net) (2): 38 39 40 41 42 43 44 45 U.S.-chartered commercial banks (net) Due to (3): Foreign banking offices in U.S. Bank holding companies - Due from: Foreign banking offices in U.S. Bank holding companies Unallocated (2) (1) Sum of lines 25, 28, and 31 less line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 45), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, and 45. 87 Z.1, December 8, 2011 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 Q1 1 Q3 Q4 2011 Q2 Q1 Q3 1507.3 1532.9 2101.3 2093.4 2067.1 2173.1 2181.2 2359.8 2193.3 2314.6 2404.2 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 774.3 5.0 0.8 0.1 768.5 792.1 16.4 1.7 0.1 773.9 1220.3 365.7 21.1 1.4 832.2 1102.7 191.9 35.1 2.4 873.3 1120.5 216.7 19.3 1.7 882.8 1207.8 287.8 27.4 1.2 891.3 1218.8 308.1 4.0 2.5 904.2 1287.8 340.9 13.5 3.4 930.0 1078.7 116.4 10.2 0.1 952.0 1116.4 135.3 7.3 0.4 973.5 1090.8 56.4 44.8 2.6 986.9 2 3 4 5 6 7 8 9 10 U.S.-chartered commercial banks Federal government deposits Deposits due to foreign Private domestic deposits 551.2 28.0 26.8 496.4 560.2 42.9 31.7 485.5 700.9 3.5 62.9 634.6 781.9 3.8 34.3 743.8 735.4 4.1 35.3 696.0 754.7 3.2 37.1 714.4 750.1 3.6 32.1 714.3 852.2 3.6 30.4 818.1 887.5 3.6 41.9 841.9 971.3 3.7 41.4 926.2 1063.2 3.0 45.6 1014.6 7 8 9 10 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 9.3 2.1 7.2 11.8 2.3 9.5 13.5 4.7 8.8 16.1 10.5 5.6 16.4 10.9 5.5 16.4 10.5 5.9 18.5 11.9 6.6 21.9 14.6 7.3 20.7 13.2 7.6 23.2 15.3 7.9 38.1 17.8 20.4 11 12 13 14 15 16 Banks in U.S.-affiliated areas Savings institutions Credit unions 14.0 85.9 72.6 15.7 79.4 73.7 14.6 76.6 75.3 16.1 89.7 86.9 16.2 90.1 88.5 16.7 89.2 88.2 16.9 88.4 88.5 16.6 88.9 92.4 17.1 90.5 98.7 18.1 88.5 97.1 18.0 91.7 102.3 14 15 16 1507.3 1532.9 2101.3 2093.4 2067.1 2173.1 2181.2 2359.8 2193.3 2314.6 2404.2 17 2 3 4 5 6 17 Total liabilities Q2 Total assets 18 Household sector 173.1 90.3 292.0 330.3 237.6 198.4 156.4 185.6 161.8 164.0 230.1 18 19 20 21 22 Nonfinancial business Corporate Nonfarm noncorporate Farm 604.5 150.9 428.6 25.0 662.9 141.9 494.3 26.8 558.0 32.7 497.6 27.7 705.8 159.6 517.7 28.6 770.4 233.0 508.7 28.7 811.6 281.0 501.9 28.7 870.1 344.3 497.0 28.8 963.3 438.2 496.2 28.9 1020.6 495.1 496.1 29.4 1078.1 551.6 496.5 30.0 1136.5 608.0 498.0 30.6 19 20 21 22 23 24 State and local governments Federal government 61.9 32.9 57.1 56.5 65.6 368.0 84.9 193.6 81.0 219.5 81.8 291.6 81.4 310.2 91.5 342.1 90.0 117.5 95.4 135.5 94.7 57.6 23 24 25 26 27 Rest of the world Checkable deposits Currency 311.6 28.9 282.6 306.1 34.2 272.0 370.1 69.0 301.1 361.0 47.2 313.8 363.9 47.8 316.0 367.0 48.8 318.1 375.2 46.6 328.7 390.5 48.4 342.1 409.9 55.3 354.7 425.7 57.1 368.7 444.3 66.0 378.3 25 26 27 28 Financial sectors 315.8 350.0 441.0 411.6 390.2 419.8 382.9 381.1 387.6 408.9 435.4 28 29 30 31 Banks in U.S.-affiliated areas Savings institutions Credit unions 2.9 20.4 44.4 2.6 20.0 43.3 3.2 8.7 37.6 4.2 4.5 39.1 3.9 0.8 37.2 5.4 5.2 39.9 5.3 7.7 36.8 3.3 2.2 32.8 4.1 3.6 28.2 4.4 4.9 29.8 4.9 1.6 44.6 29 30 31 32 33 34 35 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 29.9 56.1 11.2 13.1 42.7 58.3 11.8 17.9 27.9 82.8 12.3 17.8 27.6 50.7 16.4 17.7 28.3 47.7 18.9 17.8 37.1 57.8 21.9 17.5 39.3 59.5 24.6 17.2 32.6 51.7 28.0 17.3 33.8 47.3 31.3 18.1 35.6 48.7 34.6 17.9 25.7 58.9 37.7 18.9 32 33 34 35 36 37 38 39 40 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 6.7 16.4 15.8 18.4 80.5 1.9 13.7 16.2 16.6 105.0 7.5 88.3 16.5 18.4 120.1 17.9 99.4 17.0 26.3 90.7 5.3 99.0 15.9 25.2 90.2 7.7 99.1 16.1 26.0 86.1 15.5 47.3 15.5 24.6 89.5 14.2 63.4 15.3 23.5 96.9 14.0 70.4 15.7 29.0 92.1 20.7 62.3 15.8 25.8 108.4 18.8 63.7 16.3 29.3 115.2 36 37 38 39 40 7.5 10.0 6.4 6.3 4.7 2.8 5.0 5.7 5.9 7.0 5.6 41 41 Mail float 88 Z.1, December 8, 2011 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 Q1 1 2 Total liabilities Small time and savings deposits Q2 Q3 Q4 Q1 2011 Q2 Q3 6995.8 7606.7 7940.9 8316.3 8347.2 8242.7 8376.6 8432.4 8553.3 8714.0 8725.3 1 4945.1 5224.5 5749.3 6326.5 6459.4 6443.4 6539.7 6624.9 6741.5 6898.8 7067.0 2 3770.9 18.6 25.2 4025.9 25.5 26.3 4566.2 25.6 27.4 4949.1 29.9 24.5 5056.5 30.2 24.2 5047.9 31.6 19.6 5128.1 50.8 19.8 5225.9 35.7 19.3 5303.9 42.6 19.4 5469.5 47.4 19.2 5629.1 50.9 19.2 3 4 5 3 4 5 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 6 7 Savings institutions Credit unions 647.5 483.0 638.1 508.7 578.5 551.7 667.9 655.1 674.8 673.7 665.9 678.4 661.9 679.3 662.7 681.3 676.2 699.4 661.2 701.4 663.7 704.1 6 7 8 Large time deposits (1) 2050.8 2382.2 2191.6 1989.8 1887.8 1799.3 1836.9 1807.5 1811.8 1815.3 1658.3 8 9 10 11 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 968.0 634.5 25.2 991.1 907.9 26.3 1015.6 784.7 27.4 841.7 958.6 24.5 789.9 904.7 24.2 770.5 836.6 19.6 749.9 886.5 19.8 691.6 909.0 19.3 663.0 937.1 19.4 656.6 945.4 19.2 631.3 804.7 19.2 9 10 11 12 13 Savings institutions Credit unions 358.0 65.0 387.1 69.9 293.5 70.4 137.7 27.3 140.7 28.2 144.2 28.4 151.3 29.4 157.6 30.1 161.2 31.2 162.9 31.3 170.7 32.4 12 13 6995.8 7606.7 7940.9 8316.3 8347.2 8242.7 8376.6 8432.4 8553.3 8714.0 8725.3 14 14 Total assets 15 Household sector 5400.4 5888.5 6082.8 6190.0 6322.1 6324.8 6384.7 6420.6 6465.4 6615.3 6649.0 15 16 17 18 Nonfinancial business Corporate Nonfarm noncorporate 841.4 497.0 344.4 800.7 441.3 359.3 740.0 381.9 358.1 842.1 488.8 353.3 805.2 458.0 347.2 780.9 438.3 342.6 810.5 471.3 339.2 810.3 471.6 338.7 860.6 522.0 338.6 884.9 546.1 338.9 912.3 572.4 339.9 16 17 18 19 20 21 State and local governments Federal government Rest of the world 209.6 1.7 167.4 245.9 2.8 207.6 265.1 1.6 273.1 275.9 1.9 230.0 281.9 2.0 221.6 265.1 1.8 225.3 268.7 1.8 231.2 275.5 2.0 247.7 278.8 1.5 261.9 274.4 1.7 261.3 278.9 1.8 274.9 19 20 21 22 Financial sectors 375.5 461.1 578.4 776.4 714.3 644.7 679.7 676.5 685.0 676.4 608.3 22 23 24 Savings institutions Credit unions 6.6 17.0 9.9 17.0 8.3 28.3 15.3 37.8 19.1 41.0 18.2 42.6 17.7 43.1 15.3 43.4 21.1 44.3 19.1 44.7 22.4 46.8 23 24 25 26 Private pension funds State and local govt. retirement funds 63.1 0.8 67.7 0.7 67.9 0.7 72.7 0.7 73.7 0.7 74.9 0.7 75.7 0.7 77.1 0.7 78.0 0.7 79.0 0.7 80.0 0.8 25 26 27 28 29 Money market mutual funds Government-sponsored enterprises Finance companies 206.7 33.9 47.4 270.6 46.6 48.6 355.2 68.5 49.4 573.2 25.7 51.0 510.8 21.2 47.6 436.2 23.7 48.4 473.9 22.1 46.6 468.0 26.1 45.9 469.9 23.7 47.2 462.3 23.1 47.4 397.8 11.7 48.9 27 28 29 (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 2 3 4 5 6 7 8 9 10 11 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 2312.1 3033.1 3757.3 3258.3 2930.7 2760.4 2746.1 2755.3 2679.4 2637.8 2578.4 1 1120.3 416.3 72.2 72.7 27.0 1349.3 544.4 74.3 79.3 46.0 1584.8 702.6 75.4 77.5 69.7 1312.1 646.1 73.7 81.6 79.8 1196.2 568.3 72.4 85.0 80.2 1137.6 524.3 71.5 84.1 80.6 1123.6 521.8 70.8 85.3 81.0 1127.3 517.5 70.7 86.9 81.3 1097.2 497.4 70.6 88.2 81.7 1094.7 481.0 70.7 87.6 82.1 1092.8 458.7 70.9 86.5 82.5 2 3 4 5 6 13.5 23.3 90.1 13.8 463.0 20.7 21.6 93.5 12.4 791.6 32.8 39.2 95.7 14.3 1065.3 29.6 33.7 96.4 14.3 891.1 25.3 29.8 96.4 14.4 762.9 24.6 26.5 96.4 14.2 700.7 27.9 23.6 96.3 13.9 702.1 25.6 21.0 96.3 13.9 714.8 27.7 19.7 96.2 14.7 686.0 26.1 17.9 96.2 14.5 667.1 23.6 17.0 96.1 15.2 635.2 7 8 9 10 11 89 Z.1, December 8, 2011 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 9 10 11 Total liabilities Monetary authority U.S.-chartered commercial banks (net) Foreign banking offices in U.S. (net) Bank holding companies (net) Savings institutions Property-casualty insurance companies Life insurance companies REITs Brokers and dealers (net) Total assets 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2151.7 2159.8 1270.3 1452.4 1461.3 1324.0 1290.6 1227.4 1258.5 1220.8 1062.0 1 29.6 647.5 239.9 0.8 41.8 1.2 21.2 97.9 1071.8 44.0 611.4 226.3 0.8 17.6 0.5 20.2 91.7 1147.3 88.4 352.4 130.0 0.4 17.6 2.4 12.9 79.4 586.9 77.7 624.0 170.3 -47.7 53.6 0.6 12.4 90.4 470.9 57.8 667.3 195.3 -51.4 53.9 0.5 9.2 88.9 440.0 67.2 603.7 216.1 -59.0 50.2 0.6 9.8 94.4 340.9 63.8 538.6 231.7 -67.3 49.2 0.5 11.0 102.0 361.1 59.7 409.5 223.2 -49.5 47.6 1.5 10.3 120.5 404.7 62.2 393.0 224.4 -57.6 38.2 0.6 9.5 160.9 427.1 70.3 375.6 212.7 -60.4 37.0 0.6 10.0 187.1 387.9 84.1 333.2 265.5 -51.5 35.4 0.5 9.7 210.8 174.2 2 3 4 5 6 7 8 9 10 1283.2 1531.8 1237.7 1041.5 999.3 885.2 931.3 931.7 1040.5 1014.1 899.5 11 12 13 14 15 16 17 Nonfinancial corporate business State and local governments Rest of the world (net) Monetary authority Savings institutions Credit unions (net) 15.5 143.0 364.6 40.8 18.3 5.1 8.1 156.1 338.4 46.5 45.6 2.5 7.2 152.6 114.9 80.0 34.7 -2.3 7.9 160.6 31.0 0.0 12.0 0.1 9.0 167.3 -31.4 0.0 9.5 0.1 9.2 165.5 -123.1 0.0 7.8 0.1 6.5 167.9 -118.6 0.0 7.0 0.0 12.2 171.2 -98.6 0.0 5.4 0.0 12.8 173.6 -38.9 0.0 4.5 0.0 12.1 172.4 -57.2 0.0 5.5 18.8 11.5 170.2 -108.3 0.0 6.8 10.9 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises (net) Funding corporations 1.9 2.6 22.4 24.1 394.6 132.8 117.4 0.0 3.6 2.7 25.8 21.7 605.9 132.2 142.7 0.0 4.4 8.0 33.1 23.5 542.4 124.7 114.5 0.0 4.5 10.2 36.2 23.5 479.9 153.3 122.1 0.1 8.3 11.3 36.3 23.6 438.9 150.1 176.4 0.1 6.1 11.0 31.3 23.2 462.6 127.6 163.8 0.1 5.9 11.0 36.8 22.8 493.3 134.9 163.8 0.1 3.8 10.9 37.1 22.8 479.4 137.5 150.0 0.1 3.5 9.7 37.3 24.0 439.2 218.5 156.3 0.1 2.3 8.8 33.0 23.7 457.6 221.8 115.1 0.1 2.0 10.8 34.0 25.0 479.7 142.4 114.3 0.1 18 19 20 21 22 23 24 25 868.5 628.0 32.6 410.9 462.0 438.8 359.3 295.6 218.0 206.7 162.6 26 26 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total outstanding, all types 2 3 4 5 6 7 8 9 10 11 12 13 Commercial paper Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial Financial business U.S.-chartered commercial banks Bank holding companies ABS issuers Finance companies REITs Funding corporations 14 15 16 Bankers’ acceptances (1) U.S.-chartered commercial banks Foreign banking offices in U.S. 17 Holdings, by sector 1958.0 1788.6 1599.3 1137.4 1081.0 1028.0 1050.6 1057.5 1131.2 1081.6 1004.4 1 1957.5 112.5 482.3 27.0 455.3 1362.7 0.0 81.7 837.4 165.3 0.0 278.3 1788.1 123.8 413.0 29.0 384.0 1251.3 0.0 116.7 643.1 123.5 0.0 367.9 1599.3 131.5 342.0 49.7 292.3 1125.8 0.0 77.7 559.3 100.9 0.0 388.0 1137.4 58.4 401.3 34.5 366.8 677.6 0.0 60.8 293.1 62.1 0.0 261.7 1081.0 73.6 387.5 34.8 352.8 619.8 132.5 74.0 126.4 64.0 0.0 222.9 1028.0 82.0 378.3 33.4 345.0 567.7 135.8 63.7 112.2 63.1 0.0 193.0 1050.6 97.9 378.0 29.4 348.6 574.6 129.2 64.4 119.4 56.8 0.0 204.8 1057.5 82.9 398.6 30.6 368.0 575.9 112.9 64.7 120.2 63.8 0.0 214.3 1131.2 110.5 428.2 35.1 393.2 592.5 109.2 73.6 128.3 65.4 0.0 216.0 1081.6 106.9 417.2 41.4 375.8 557.5 109.0 76.9 116.2 61.0 0.0 194.4 1004.4 124.7 352.4 34.0 318.5 527.3 109.9 71.7 108.5 62.4 0.0 174.8 2 3 4 5 6 7 8 9 10 11 12 13 0.5 0.0 0.5 0.5 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 0.0 0.0 0.0 0.0 0.0 14 15 16 1958.0 1788.6 1599.3 1137.4 1081.0 1028.0 1050.6 1057.5 1131.2 1081.6 1004.4 17 18 19 20 21 22 23 24 25 26 Household sector Nonfinancial corporate business State and local governments Rest of the world Monetary authority U.S.-chartered commercial banks (1) Foreign banking offices in U.S. (1) Savings institutions Credit unions 117.5 122.7 187.3 286.3 0.0 0.0 0.0 0.0 1.0 107.3 69.5 184.3 278.1 0.0 0.0 0.0 0.0 0.4 6.0 57.3 119.8 232.9 0.0 15.7 0.0 0.0 0.0 34.6 56.0 65.3 191.5 0.0 0.0 0.0 0.0 0.0 44.6 57.2 64.0 194.1 0.0 0.0 0.0 0.0 0.0 54.2 63.8 51.7 187.4 0.0 0.0 0.0 0.0 0.0 63.0 72.5 44.8 192.6 0.0 0.0 0.0 0.0 0.0 63.4 71.5 39.1 192.3 0.0 0.0 0.0 0.0 0.0 67.9 76.0 32.3 200.6 0.0 0.0 0.0 0.0 0.0 64.9 75.7 20.8 194.7 0.0 0.0 0.0 0.0 0.0 62.7 73.9 7.9 189.9 0.0 0.0 0.0 0.0 0.0 18 19 20 21 22 23 24 25 26 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 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 16.4 28.7 31.7 42.8 608.3 114.5 32.4 64.3 304.2 13.3 41.7 26.9 38.4 674.6 114.1 27.7 87.1 125.2 19.1 38.3 37.2 25.9 618.5 51.6 6.8 65.7 304.6 9.8 49.8 26.7 24.0 510.5 80.2 9.7 41.5 37.8 11.1 35.7 21.7 24.1 445.6 77.4 8.6 38.5 58.4 10.4 39.3 18.2 22.7 382.9 55.9 10.4 33.1 98.1 11.8 46.0 17.1 22.3 382.8 63.3 8.6 34.2 91.5 7.9 40.9 15.0 22.4 394.2 66.3 9.9 36.2 98.4 8.5 39.9 14.8 23.5 398.1 144.0 9.5 39.6 76.7 8.0 38.0 14.5 23.2 361.1 147.2 9.3 42.2 82.0 5.3 42.1 14.2 24.4 349.5 70.2 9.2 40.7 114.4 27 28 29 30 31 32 33 34 35 (1) Excludes banks’ holdings of own acceptances. 90 Z.1, December 8, 2011 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 Total liabilities Savings bonds Treasury bills Other Treasury securities 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 4861.7 5099.2 6338.2 7781.9 8259.6 8603.8 8993.8 9361.5 9621.4 9714.1 10102.6 1 202.4 940.8 3718.6 196.4 999.5 3903.3 194.0 1861.2 4283.0 191.2 1787.9 5802.8 190.2 1838.0 6231.4 189.6 1777.0 6637.2 188.7 1783.7 7021.4 187.9 1768.9 7404.7 186.8 1694.7 7739.9 186.0 1529.4 7998.7 185.1 1475.6 8442.0 2 3 4 4861.7 5099.2 6338.2 7781.9 8259.6 8603.8 8993.8 9361.5 9621.4 9714.1 10102.6 5 Household sector Savings bonds Bills and other Treasury securities 399.6 202.4 197.2 264.6 196.4 68.3 256.5 194.0 62.6 815.5 191.2 624.3 972.5 190.2 782.3 1157.2 189.6 967.6 1180.8 188.7 992.1 1115.9 187.9 928.0 1019.1 186.8 832.3 849.7 186.0 663.7 938.3 185.1 753.2 6 7 8 9 10 11 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 45.5 56.3 506.8 38.3 59.3 525.1 30.5 51.8 475.1 43.0 46.1 493.9 49.7 45.3 499.9 52.2 44.7 504.8 53.4 44.3 498.1 43.4 44.2 503.6 42.8 44.2 496.8 50.2 44.3 479.3 50.0 44.4 460.8 9 10 11 12 13 Rest of the world Monetary authority 2126.2 778.9 2376.4 740.6 3253.0 475.9 3671.4 776.6 3852.9 776.7 3966.7 777.0 4216.4 811.7 4385.3 1021.5 4422.3 1340.4 4437.8 1619.5 4578.1 1664.7 12 13 14 15 16 17 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 61.9 26.8 2.5 3.7 73.0 30.4 7.1 1.8 53.4 35.5 3.1 1.2 117.7 57.5 5.8 0.5 181.6 58.0 5.8 0.9 181.2 54.7 5.0 1.3 220.2 67.5 17.2 1.1 211.6 60.9 19.6 1.1 210.0 66.1 16.1 1.1 177.7 63.6 9.0 1.6 187.0 58.1 20.4 0.9 14 15 16 17 18 19 Savings institutions Credit unions 12.5 7.4 7.0 10.4 3.0 8.8 6.8 14.2 7.1 15.9 6.7 17.2 6.0 10.8 5.9 20.0 6.0 21.8 5.6 21.9 4.7 21.0 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 110.0 87.9 130.8 156.2 76.7 71.3 70.6 169.5 141.6 88.0 65.6 105.7 184.9 146.4 112.3 88.5 133.5 310.7 174.5 119.1 87.1 138.6 341.6 179.1 120.6 87.7 144.2 407.4 182.0 124.5 90.4 150.2 466.9 185.5 128.2 91.7 156.6 486.7 185.6 129.2 93.3 153.6 500.0 187.9 132.9 92.0 154.1 522.3 186.9 136.3 90.9 162.8 545.7 188.7 144.0 20 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers 82.7 160.7 7.4 13.1 14.2 61.1 -67.0 178.1 179.2 5.6 19.7 15.5 85.8 -60.0 577.7 187.9 3.2 27.0 16.8 72.2 190.6 406.4 255.5 4.3 41.7 21.9 53.9 123.0 371.5 269.9 5.0 46.3 60.1 49.7 123.6 348.9 278.3 4.8 51.9 72.2 46.2 87.1 308.1 294.3 5.0 51.7 69.5 42.6 73.8 335.4 297.4 5.1 51.0 55.2 40.1 94.5 337.7 298.2 5.2 52.8 58.5 35.9 78.6 341.5 306.4 5.2 56.7 63.3 32.6 56.6 373.5 320.7 4.8 61.1 68.5 28.3 85.3 25 26 27 28 29 30 31 4885.3 5122.3 6361.5 7805.4 8283.2 8627.7 9017.8 9385.6 9645.9 9738.6 10127.6 32 6 7 8 Total assets 2007 Memo: 32 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). 91 Z.1, December 8, 2011 L.210 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets Household sector Nonfinancial corporate business State and local governments 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 6492.4 7397.7 8166.7 8106.8 7657.0 7661.4 7618.0 7598.2 7648.7 7577.8 7585.0 1 23.5 2627.8 3841.1 23.1 2910.2 4464.4 23.3 3181.9 4961.4 23.5 2706.6 5376.7 23.6 6653.3 980.2 23.9 6591.1 1046.5 24.0 6498.1 1096.0 24.2 6434.5 1139.5 24.5 6437.3 1187.0 24.5 6317.3 1236.0 25.0 6282.7 1277.3 2 3 4 6492.4 7397.7 8166.7 8106.8 7657.0 7661.4 7618.0 7598.2 7648.7 7577.8 7585.0 5 439.9 15.2 407.0 684.7 12.8 444.0 729.9 10.2 434.1 134.1 14.3 417.0 103.2 16.6 430.9 144.4 17.4 420.9 177.8 17.8 422.7 215.4 14.5 427.0 301.4 14.3 429.0 271.8 16.7 420.6 230.9 16.7 409.3 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 1263.6 0.0 0.0 1582.4 0.0 54.4 1406.9 19.7 196.4 1154.8 1068.3 186.4 1116.5 1237.7 175.3 1128.0 1282.9 164.4 1096.1 1232.6 149.2 1077.3 1139.6 138.4 1054.6 1069.7 103.7 1031.4 1025.6 70.6 1042.7 979.2 9 10 11 12 13 14 15 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 1040.3 55.1 11.2 29.0 928.9 57.1 9.9 26.3 1068.7 50.6 25.8 24.4 1224.0 31.3 24.3 20.5 1219.3 30.8 22.6 18.4 1213.1 30.0 22.1 16.2 1259.8 29.5 30.1 13.0 1310.8 26.5 21.1 12.8 1341.9 31.4 22.2 6.9 1340.0 30.6 31.5 6.0 1360.0 32.2 43.2 5.4 12 13 14 15 16 17 Savings institutions Credit unions 177.0 72.5 177.4 68.4 173.8 82.9 193.4 110.8 202.6 123.5 199.8 133.6 203.8 136.3 216.4 151.6 219.9 166.6 219.6 170.9 216.6 173.9 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 122.0 377.4 268.6 307.8 4.7 125.8 382.9 296.8 331.1 5.0 114.3 366.2 318.1 337.5 5.1 116.2 371.9 269.1 306.9 5.6 116.1 372.8 259.6 301.0 5.8 116.0 373.8 210.9 292.3 6.0 115.9 374.8 170.2 285.1 6.6 115.8 376.0 170.9 285.2 6.3 116.2 386.1 165.3 288.7 6.2 115.7 389.7 162.4 287.2 6.5 116.3 395.0 159.5 290.0 6.8 18 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Government-sponsored enterprises 131.4 499.1 714.0 235.9 565.4 702.9 756.2 592.7 910.0 543.0 639.1 924.5 465.5 684.3 417.0 450.4 710.7 387.7 414.8 760.8 375.1 402.8 791.1 377.0 373.4 793.4 373.9 359.4 819.1 368.2 384.1 863.9 368.1 23 24 25 26 27 28 ABS issuers REITs Brokers and dealers 353.3 65.4 138.0 380.9 88.9 290.2 353.1 89.6 242.6 125.2 105.1 110.9 90.0 109.1 127.5 53.3 114.7 161.9 28.7 128.7 173.5 17.7 143.3 149.8 5.3 190.7 153.2 9.4 216.9 174.7 15.0 239.1 166.7 26 27 28 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mac, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 31. 92 Z.1, December 8, 2011 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 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 2011 Q2 Q3 3212.2 3448.1 3543.4 3697.9 3730.8 3730.7 3734.7 3795.6 3778.6 3750.5 3733.6 1 2709.7 34.3 2675.4 2855.9 51.2 2804.7 2875.0 55.9 2819.2 2985.7 63.6 2922.1 3008.6 63.7 2945.0 3000.2 47.3 2952.9 3003.5 52.0 2951.5 3051.1 63.0 2988.1 3031.2 60.1 2971.0 2998.3 37.6 2960.7 2987.2 48.0 2939.2 2 3 4 230.1 272.4 250.7 341.5 258.7 409.7 264.6 447.5 265.7 456.4 263.5 466.9 260.8 470.3 262.3 482.3 261.9 485.4 260.7 491.4 256.1 490.3 5 6 3212.2 3448.1 3543.4 3697.9 3730.8 3730.7 3734.7 3795.6 3778.6 3750.5 3733.6 7 8 9 10 11 12 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 1681.4 28.1 5.8 5.1 34.4 1725.4 29.2 5.3 5.5 45.1 1767.2 26.2 4.9 5.4 50.5 1898.5 27.1 5.1 5.7 57.0 1932.5 23.2 5.0 5.9 61.0 1936.7 20.1 4.9 5.9 65.0 1917.6 21.3 4.9 6.0 69.0 1957.6 20.8 4.9 6.1 73.0 1959.2 20.2 4.9 6.2 75.2 1929.8 20.0 4.9 6.1 77.2 1904.1 19.7 4.9 6.0 78.5 8 9 10 11 12 13 14 15 16 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions 178.9 0.0 1.3 11.2 190.9 0.0 2.0 11.0 214.1 0.0 2.5 7.8 215.1 0.0 3.5 9.2 216.2 0.0 3.1 9.6 218.4 0.0 2.0 10.1 226.4 0.0 2.7 10.2 243.5 0.0 2.5 11.1 249.0 0.0 2.8 10.9 256.2 0.0 2.5 11.1 272.8 0.0 2.8 11.1 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 335.2 36.6 3.3 371.3 41.4 2.4 381.9 47.1 1.4 369.4 73.1 1.5 364.0 81.3 1.5 358.7 90.5 1.5 353.5 100.8 1.6 348.4 112.3 1.6 349.7 115.1 1.6 348.2 116.1 1.6 349.9 117.7 1.5 17 18 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 370.3 344.4 89.4 0.0 36.1 50.9 471.0 372.2 91.3 0.6 33.3 50.1 494.6 389.6 77.9 2.3 31.3 38.7 401.3 480.2 80.9 5.9 29.1 35.4 370.0 501.5 81.1 6.5 28.0 40.3 352.0 514.2 81.3 7.3 27.2 35.0 333.0 532.8 81.7 7.8 26.2 39.2 334.4 526.6 80.3 7.6 24.9 40.0 320.7 515.1 79.6 7.5 23.8 37.0 305.8 520.1 79.6 7.7 22.9 40.6 292.0 527.7 78.5 7.8 22.0 36.6 20 21 22 23 24 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). 93 Z.1, December 8, 2011 L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 9986.8 11435.1 11012.5 11431.9 11390.3 11291.9 11381.0 11472.5 11472.1 11502.9 11518.3 1 2 3 Nonfinancial corporate business Rest of the world (1) 3246.7 1275.5 3557.9 1587.1 3762.5 1237.3 4139.7 1570.3 4247.8 1606.1 4305.7 1606.0 4433.4 1628.4 4560.3 1737.3 4658.3 1748.3 4770.1 1751.7 4843.5 1755.4 2 3 4 Financial sectors 5464.6 6290.1 6012.8 5721.9 5536.4 5380.2 5319.3 5175.0 5065.5 4981.2 4919.4 4 149.2 421.5 10.7 174.4 516.0 10.4 182.4 638.9 2.4 174.1 1028.7 2.3 417.3 996.7 3.2 415.0 977.3 3.0 421.7 1027.8 2.8 434.1 982.2 2.7 431.3 984.4 2.2 430.5 934.3 2.2 427.2 912.7 2.2 5 6 7 3367.1 849.7 230.6 68.8 367.0 3900.7 974.1 231.3 64.8 418.5 3576.6 924.5 171.0 97.1 419.9 2998.9 837.5 129.8 92.9 457.8 2569.1 858.2 132.9 92.3 466.8 2450.9 834.6 131.8 100.9 466.6 2329.1 823.0 139.1 96.1 479.8 2223.4 818.7 129.7 129.7 454.6 2117.6 796.0 141.3 128.2 464.5 2075.5 781.3 156.2 110.1 491.1 2022.6 788.3 156.9 99.2 510.4 8 9 10 11 12 9986.8 11435.1 11012.5 11431.9 11390.3 11291.9 11381.0 11472.5 11472.1 11502.9 11518.3 13 1568.2 129.0 0.0 2320.5 2021.9 140.7 0.0 2719.1 1960.4 137.5 0.0 2354.0 2080.4 144.8 0.6 2467.0 2009.3 150.8 0.6 2441.9 1891.2 149.2 0.7 2415.7 1789.9 151.3 0.8 2423.3 1847.7 154.3 0.9 2487.4 1805.7 156.5 0.9 2479.8 1809.6 155.5 0.9 2461.9 1751.5 153.4 0.8 2453.7 14 15 16 17 470.7 292.5 16.7 0.4 92.7 30.6 572.4 369.5 35.9 0.5 142.2 34.6 542.0 401.6 35.8 0.5 108.5 25.7 582.6 244.9 31.1 2.0 84.5 18.6 523.2 236.6 33.6 1.4 81.1 18.5 499.5 252.4 17.4 0.5 80.9 18.4 499.3 362.5 42.2 0.5 76.1 11.5 474.9 233.9 38.3 0.6 73.9 3.7 461.1 220.6 40.5 5.9 70.9 3.7 456.2 229.5 40.6 5.2 68.9 3.8 476.2 255.2 22.0 4.5 68.3 3.6 18 19 20 21 22 23 277.0 1819.5 317.6 283.4 2.9 282.9 1862.6 357.4 297.0 3.0 267.5 1817.0 400.1 312.9 2.9 298.3 1927.2 442.9 308.6 3.0 304.2 1952.8 452.5 308.7 3.0 310.2 1978.0 462.1 311.5 3.1 316.4 2003.5 469.2 311.9 3.5 322.6 2030.2 483.5 312.4 3.2 323.8 2062.1 496.3 314.1 3.1 322.5 2080.5 504.1 312.4 3.2 324.1 2109.3 512.7 320.9 3.4 24 25 26 27 28 5 6 7 8 9 10 11 12 13 Total liabilities 2007 U.S.-chartered commercial banks Bank holding companies Savings institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations Total assets 14 15 16 17 Household sector State and local governments Federal government Rest of the world (2) 18 19 20 21 22 23 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 24 25 26 27 28 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 29 30 31 32 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 368.3 767.0 75.1 7.6 376.8 889.9 74.0 13.8 228.0 959.9 48.7 27.7 169.9 1126.8 54.0 55.3 176.0 1178.1 55.6 60.4 169.1 1200.9 53.6 65.5 160.8 1244.0 55.3 73.9 154.2 1275.4 58.1 74.0 153.7 1321.6 60.7 79.8 153.2 1378.0 60.1 86.5 128.1 1420.7 57.7 95.0 29 30 31 32 33 34 35 36 37 Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations 481.7 184.8 64.6 355.5 60.4 464.4 189.4 34.4 382.8 170.0 386.6 192.4 11.7 123.8 667.3 310.8 198.6 15.5 154.4 710.2 324.8 185.6 17.5 162.8 711.4 313.0 188.7 18.1 161.9 730.4 308.3 181.6 20.1 170.3 704.9 293.9 179.0 20.8 189.5 760.1 284.7 184.1 24.6 201.5 716.5 270.0 184.9 26.2 188.8 700.4 264.3 190.5 27.1 140.9 734.5 33 34 35 36 37 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. (3) Liabilities net of assets. 94 Z.1, December 8, 2011 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 Q1 1 Issues at market value 2 Nonfinancial corporate business 3 4 Rest of the world (2) Financial corporations 5 Q3 Q4 Q1 2011 Q2 Q3 24339.3 25580.9 15640.5 20123.2 21006.8 18729.1 21063.8 23240.1 24587.8 24450.6 20337.9 1 14602.3 15730.7 10016.6 12494.7 12914.4 11488.3 12905.5 14422.3 15338.7 15247.7 12896.4 2 4329.0 5408.0 5248.0 4602.2 2748.4 2875.4 3995.3 3633.2 4103.8 3988.6 3624.9 3615.9 4261.3 3897.0 4485.6 4332.2 4674.3 4574.9 4660.9 4541.9 3712.7 3728.7 3 4 24339.3 25580.9 15640.5 20123.2 21006.8 18729.1 21063.8 23240.1 24587.8 24450.6 20337.9 5 Household sector State and local governments Federal government Rest of the world (3) 9652.6 98.1 0.0 2448.1 9636.8 108.0 0.0 2812.2 5746.9 82.1 188.7 1806.6 7369.7 117.7 67.4 2516.2 7590.9 114.7 48.0 2732.2 6840.7 106.0 45.1 2421.1 7758.8 107.6 44.1 2765.2 8527.6 109.9 40.9 3061.7 9044.2 111.6 55.0 3265.3 8942.3 110.8 60.0 3281.1 7400.2 109.2 63.4 2758.9 6 7 8 9 10 11 12 13 14 15 16 17 18 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.0 35.3 0.0 24.9 227.0 1364.8 2724.8 1926.1 138.1 0.0 41.5 0.0 25.3 236.2 1464.6 2673.3 2013.7 149.1 0.0 6.7 0.0 22.7 193.3 1001.7 1599.7 1237.9 85.6 25.1 30.3 0.0 22.2 219.8 1208.5 1835.7 1549.8 119.4 25.4 34.7 0.0 21.8 216.7 1275.8 1918.2 1636.0 127.8 25.7 21.8 0.0 21.7 193.4 1169.4 1673.9 1450.8 112.6 26.1 29.5 0.0 19.5 204.8 1286.6 1832.6 1604.6 125.6 26.4 38.2 0.1 19.7 219.2 1402.6 2012.3 1782.5 143.7 0.0 42.0 0.0 21.9 222.7 1484.8 2100.0 1861.9 152.1 0.0 45.1 0.0 21.8 220.2 1487.8 2063.3 1848.2 152.9 0.0 28.4 0.0 20.2 203.4 1355.6 1714.2 1527.8 124.1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Funding corporations 4989.6 121.5 402.0 186.4 0.0 5476.9 144.9 573.7 224.8 0.0 3014.1 71.3 473.9 109.2 0.0 4136.2 86.1 669.9 124.2 25.1 4351.8 87.7 687.2 112.4 25.4 3799.5 80.6 642.5 98.4 25.7 4299.9 90.6 741.5 100.6 26.1 4762.7 95.2 853.9 117.2 26.4 5087.0 98.8 908.9 131.7 0.0 5067.4 99.1 919.3 131.3 0.0 4058.3 95.1 782.8 96.3 0.0 19 20 21 22 23 19013.2 19086.6 12014.9 14950.3 15717.1 14020.1 15589.8 17384.7 18487.5 18352.9 15399.0 24 6 7 8 9 Holdings at market value Q2 Memo: 24 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 11, 12, 13, 14, 20, 21,22, and 23; 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 7068.3 7829.0 5435.3 6961.6 7295.0 6764.2 7401.8 7934.5 8471.9 8570.5 7513.4 1 2 Holdings at market value 7068.3 7829.0 5435.3 6961.6 7295.0 6764.2 7401.8 7934.5 8471.9 8570.5 7513.4 2 4190.5 180.7 30.0 316.8 4597.9 191.1 32.8 373.5 3327.2 125.8 32.0 256.2 4178.6 190.2 33.7 321.7 4359.8 199.2 35.1 337.1 4058.1 188.1 29.7 312.5 4415.8 206.6 30.2 342.0 4704.8 222.9 30.9 366.6 5080.1 234.8 31.4 391.5 5156.5 236.5 31.2 396.0 4477.7 214.7 30.7 347.2 3 4 5 6 24.5 2.1 29.6 2.1 19.6 2.0 46.1 1.3 43.2 1.6 38.7 1.6 41.2 1.6 45.0 1.5 47.1 1.7 45.0 1.8 36.6 1.8 7 8 6.9 148.8 1880.4 287.5 6.8 188.4 2110.6 296.4 4.4 121.0 1366.0 181.1 5.3 140.8 1817.3 226.7 5.4 144.8 1929.6 239.3 5.0 134.3 1784.0 212.2 5.4 144.1 1980.2 234.8 5.7 155.7 2140.6 260.8 5.8 158.7 2248.5 272.4 5.8 158.5 2268.9 270.4 5.2 142.9 2033.1 223.5 9 10 11 12 3 4 5 6 Household sector Nonfinancial corporate business State and local governments Rest of the world 7 8 U.S.-chartered commercial banks Credit unions 9 10 11 12 Property-casualty insurance companies 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. 95 Z.1, December 8, 2011 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net change in liabilities Nonfinancial sectors Household sector Corporate business Nonfarm noncorporate business Farm business Rest of the world Foreign official institutions Foreign banks Other foreign Financial sectors Savings institutions Finance companies REITs Brokers and dealers Funding corporations Net change in assets Monetary authority (2) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 1705.2 2027.3 2721.1 1921.8 1917.0 1881.3 1855.7 1874.1 1872.3 1902.8 1952.5 1 1499.0 1750.2 1947.9 1650.3 1671.1 1650.6 1655.6 1692.8 1706.7 1758.0 1823.9 2 86.4 518.3 742.8 53.2 99.7 609.9 882.3 55.5 117.7 663.6 1000.0 58.7 147.8 462.8 884.4 58.5 226.4 462.5 830.4 54.6 237.5 451.1 804.0 57.4 256.3 446.6 786.9 58.1 263.2 454.9 801.3 58.3 251.0 463.5 811.2 53.9 271.7 472.8 826.5 56.5 287.4 487.2 850.0 58.4 3 4 5 6 98.3 1.9 21.9 74.4 102.8 1.9 30.2 70.8 107.9 2.6 33.0 72.4 96.8 3.2 27.9 65.8 97.2 3.0 30.4 63.8 100.6 3.3 33.1 64.3 107.7 3.5 34.1 70.0 115.1 4.3 39.7 71.2 127.1 4.2 45.7 77.1 130.5 3.2 49.1 78.2 140.8 3.1 53.0 84.7 7 8 9 10 206.2 277.1 773.2 271.5 246.0 230.7 200.1 181.3 165.6 144.8 128.6 11 48.6 129.2 28.4 0.0 0.0 62.0 182.0 33.2 0.0 0.0 75.0 174.9 32.8 45.5 444.9 11.0 144.5 20.7 0.0 95.3 11.3 125.9 18.5 0.0 90.2 8.8 120.0 17.0 0.0 85.0 10.9 95.0 17.9 0.0 76.3 9.8 79.6 18.5 0.0 73.4 11.2 88.2 16.2 0.0 49.9 11.5 75.2 15.6 0.0 42.5 11.0 66.2 20.4 0.0 31.0 12 13 14 15 16 1705.2 2027.3 2721.1 1921.8 1917.0 1881.3 1855.7 1874.1 1872.3 1902.8 1952.5 17 0.0 1312.2 361.8 5.6 25.6 0.0 1532.9 466.8 6.3 21.4 490.4 1670.8 531.9 8.2 19.7 142.8 1338.4 406.5 14.6 19.4 137.4 1340.2 403.9 17.1 18.4 127.5 1332.3 387.3 18.5 15.7 106.0 1328.6 386.7 18.6 15.9 98.1 1350.7 390.4 18.9 16.1 69.1 1354.6 405.7 26.9 16.0 55.3 1390.6 416.7 24.2 16.0 42.3 1443.1 425.6 24.8 16.6 18 19 20 21 22 (1) Excludes bank lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.109. 96 Z.1, December 8, 2011 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Total other loans and advances 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2071.6 2605.3 2711.7 2181.4 2087.8 2043.9 1983.5 1950.6 1912.8 1909.7 1904.4 1 2 3 4 5 6 7 8 9 10 11 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 Finance companies Funding corporations 107.3 12.9 10.4 42.7 3.7 11.2 26.4 0.0 0.0 0.0 105.2 12.5 10.2 43.8 3.7 11.9 23.1 0.0 0.0 0.0 111.3 12.8 14.5 46.0 3.7 12.7 21.6 0.0 0.0 0.0 177.4 12.6 73.9 49.2 4.2 13.5 21.9 0.0 0.0 2.0 180.9 12.6 73.6 50.0 4.3 13.7 22.2 0.0 0.0 4.7 180.5 12.3 69.9 50.3 4.5 13.8 22.0 0.0 0.0 7.8 181.5 12.3 70.7 49.7 4.6 13.9 22.0 0.0 0.0 8.3 180.9 11.6 69.5 49.5 4.6 14.4 22.1 0.0 0.0 9.2 183.1 11.6 70.8 50.0 4.6 14.5 22.2 0.0 0.0 9.3 180.2 11.4 66.7 51.0 4.9 14.7 21.9 0.0 0.0 9.7 181.8 11.4 67.4 51.3 5.0 15.0 21.9 0.0 0.0 9.8 2 3 4 5 6 7 8 9 10 11 12 13 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 168.8 168.8 271.5 271.5 207.3 207.3 182.5 182.5 185.6 185.6 197.4 197.4 163.1 163.1 160.4 160.4 162.3 162.3 181.7 181.7 195.0 195.0 12 13 14 15 16 17 Customers’ liability on acceptances outstanding Asset: U.S.-chartered commercial banks Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 0.0 0.4 0.3 0.2 0.0 0.5 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 16 17 18 19 20 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 67.5 33.7 33.7 73.7 36.9 36.9 80.1 40.0 40.0 65.6 32.8 32.8 65.3 32.6 32.6 64.4 32.2 32.2 71.1 35.6 35.6 72.0 36.0 36.0 72.2 36.1 36.1 65.8 32.9 32.9 69.0 34.5 34.5 18 19 20 21 22 23 Credit unions loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 26.8 13.4 13.4 26.9 13.4 13.4 29.6 14.8 14.8 32.3 16.2 16.2 31.3 15.6 15.6 32.5 16.3 16.3 33.2 16.6 16.6 33.1 16.5 16.5 31.5 15.8 15.8 32.9 16.5 16.5 33.7 16.9 16.9 21 22 23 24 25 26 Policy loans (Household liability) Asset: Federal government Life insurance companies 110.9 0.6 110.2 114.5 0.6 113.9 120.4 0.6 119.8 121.1 0.5 120.6 121.7 0.5 121.2 122.4 0.5 121.9 123.5 0.5 123.0 124.5 0.5 124.0 124.8 0.5 124.3 125.5 0.5 125.0 126.4 0.5 126.0 24 25 26 27 28 29 30 31 32 33 34 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) U.S.-chartered coml. banks (FHLB & SLMA) Savings institutions (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 704.9 0.0 24.2 39.3 348.5 259.8 18.9 14.2 942.6 0.0 28.5 47.0 455.2 350.9 32.3 28.7 980.7 0.0 53.4 26.9 526.3 278.7 40.6 54.9 695.9 0.0 56.4 23.6 402.0 139.1 26.5 48.3 634.5 0.0 54.3 23.4 357.0 128.8 25.4 45.6 599.1 0.0 55.4 21.2 327.6 124.4 25.0 45.6 561.6 0.0 56.9 25.0 289.0 120.2 25.2 45.3 551.3 0.0 57.7 29.6 277.9 114.9 26.1 45.1 522.8 0.0 55.3 34.3 256.4 107.6 23.7 45.5 500.2 0.0 56.4 28.7 243.7 102.5 22.8 46.2 479.8 0.0 57.4 23.6 228.6 100.1 23.7 46.4 27 28 29 30 31 32 33 34 35 36 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 97.7 97.7 93.7 93.7 78.1 78.1 54.4 54.4 37.7 37.7 37.2 37.2 40.6 40.6 37.2 37.2 33.4 33.4 33.1 33.1 33.0 33.0 35 36 37 38 39 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 498.0 448.2 49.8 523.0 470.7 52.3 539.9 485.9 54.0 448.9 404.0 44.9 447.5 402.8 44.8 439.2 395.3 43.9 445.7 401.2 44.6 441.0 396.9 44.1 439.7 395.8 44.0 429.1 386.2 42.9 428.1 385.3 42.8 37 38 39 40 41 42 43 44 45 46 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 289.2 9.1 22.4 46.3 155.7 41.7 14.1 453.8 17.6 31.9 82.4 248.3 52.8 20.8 564.3 29.7 46.3 94.8 301.7 55.9 35.9 403.4 26.8 20.4 75.4 197.8 60.1 22.9 383.3 25.7 18.9 73.7 191.9 52.1 21.0 371.2 25.9 18.2 74.3 181.8 50.1 20.8 363.1 26.4 17.7 75.9 173.6 48.7 20.8 350.2 26.2 16.7 74.6 163.8 47.4 21.4 342.9 25.8 15.8 88.6 147.2 46.9 18.7 361.1 24.9 16.9 97.0 157.2 46.7 18.4 357.5 24.7 16.7 96.0 155.6 46.2 18.3 40 41 42 43 44 45 46 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere. 97 Z.1, December 8, 2011 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 Total mortgages Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 12 13 Federal government REITs 14 Total assets 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 13454.4 14512.9 14604.6 14321.8 14148.1 14032.7 13910.3 13813.2 13718.8 13641.3 13559.4 1 10453.4 702.5 2190.4 108.0 11167.8 784.6 2447.9 112.7 11065.8 837.7 2566.4 134.7 10865.5 847.0 2478.1 131.3 10727.3 842.4 2445.9 132.5 10660.3 838.8 2399.8 133.8 10581.4 839.6 2354.4 135.0 10522.0 837.7 2317.3 136.3 10450.4 838.9 2294.2 135.2 10395.5 839.7 2271.9 134.2 10336.3 840.9 2249.0 133.2 2 3 4 5 13454.4 14512.9 14604.6 14321.8 14148.1 14032.7 13910.3 13813.2 13718.8 13641.3 13559.4 6 10053.6 10744.4 10693.1 10539.8 10413.8 10358.0 10284.2 10227.8 10162.8 10113.8 10058.3 7 3248.8 851.9 2288.9 108.0 3611.8 906.0 2593.1 112.7 3748.0 849.3 2764.0 134.7 3615.2 728.4 2755.5 131.3 3567.2 715.7 2719.0 132.5 3507.1 696.2 2677.1 133.8 3457.7 678.1 2644.7 135.0 3411.6 653.2 2622.2 136.3 3380.3 634.3 2610.8 135.2 3347.4 613.3 2599.9 134.2 3319.8 595.6 2591.0 133.2 8 9 10 11 0.0 152.1 0.0 156.7 0.0 163.5 0.0 166.9 0.0 167.1 0.0 167.6 0.0 168.3 0.0 173.8 0.0 175.6 0.0 180.2 0.0 181.2 12 13 13454.4 14512.9 14604.6 14321.8 14148.1 14032.7 13910.3 13813.2 13718.8 13641.3 13559.4 14 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 122.2 59.8 34.6 109.8 41.4 42.1 111.2 33.6 39.1 101.5 29.5 37.9 99.9 28.5 37.2 96.5 27.5 36.8 93.4 26.5 36.4 90.2 25.4 36.3 87.6 24.4 36.3 84.3 23.4 36.4 82.4 22.4 36.5 15 16 17 18 19 State and local governments Federal government 154.0 80.3 167.3 82.4 163.3 95.8 171.8 108.4 179.0 107.1 177.1 108.4 176.8 106.6 176.1 106.6 180.0 107.8 178.7 109.3 176.4 109.3 18 19 20 21 22 23 24 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions (1) Credit unions 3338.9 24.9 39.2 1076.8 249.7 3564.6 39.0 40.8 1094.0 281.5 3754.7 44.2 42.6 860.6 314.7 3738.6 37.8 42.3 633.3 317.9 3681.9 37.9 41.6 629.3 320.1 3634.1 36.2 36.5 619.3 322.6 3603.0 35.3 36.1 617.8 324.4 3580.1 35.4 35.8 614.8 320.8 3482.3 33.8 34.8 600.2 323.5 3455.0 33.0 33.9 590.9 324.0 3448.7 33.3 33.4 589.3 324.6 20 21 22 23 24 25 26 27 28 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 3.5 303.8 9.5 14.4 4.8 326.2 10.2 9.7 5.0 342.4 11.1 9.4 4.4 326.1 13.6 9.3 4.3 321.4 14.6 9.4 4.2 317.9 15.7 9.3 4.2 318.2 15.2 9.4 4.1 317.5 15.0 9.4 4.1 318.4 14.7 9.2 4.3 323.1 14.5 9.2 4.6 329.2 14.2 9.3 25 26 27 28 29 30 31 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 607.2 3841.1 2763.8 643.1 4464.4 2936.7 705.3 4961.4 2586.1 707.7 5376.7 2219.3 5104.4 980.2 2118.2 5084.4 1046.5 2043.6 5035.8 1096.0 1970.1 5021.0 1139.5 1899.2 5054.6 1187.0 1846.2 5018.4 1236.0 1788.4 4964.6 1277.3 1734.7 29 30 31 32 33 Finance companies REITs 594.4 136.3 531.9 123.1 447.9 76.3 397.4 48.3 386.9 46.4 371.1 45.0 361.2 43.9 344.2 41.9 331.0 42.7 319.5 58.8 311.2 58.0 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 98 Z.1, December 8, 2011 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 9 10 State and local governments Federal government 11 12 13 14 15 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions Credit unions 16 17 18 Life insurance companies Private pension funds State and local govt. retirement funds 19 20 21 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 22 23 Finance companies REITs 24 25 26 27 28 29 30 Memo: Home equity loans included above (2) U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions Credit unions ABS issuers Finance companies 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 10453.4 11167.8 11065.8 10865.5 10727.3 10660.3 10581.4 10522.0 10450.4 10395.5 10336.3 1 9862.9 39.4 551.2 10540.4 42.2 585.1 10492.2 32.7 540.9 10345.7 20.3 499.4 10222.3 18.4 486.5 10170.2 15.9 474.2 10099.9 14.8 466.7 10046.4 13.6 462.1 9983.2 12.4 454.8 9935.9 11.4 448.2 9882.2 10.7 443.4 2 3 4 10453.4 11167.8 11065.8 10865.5 10727.3 10660.3 10581.4 10522.0 10450.4 10395.5 10336.3 5 102.9 35.9 12.7 90.8 25.0 15.4 91.2 20.2 14.3 83.2 17.7 13.9 81.2 17.1 13.6 79.2 16.5 13.4 77.2 15.9 13.3 75.2 15.3 13.3 73.2 14.6 13.3 71.2 14.0 13.3 69.2 13.4 13.3 6 7 8 78.5 13.3 85.7 13.7 83.8 16.4 88.2 22.1 91.8 23.2 90.9 23.9 90.5 23.6 89.8 23.9 91.7 24.3 91.1 24.9 89.8 24.5 9 10 2064.9 0.0 17.2 867.8 249.7 2189.0 0.0 21.5 879.0 281.5 2217.3 7.0 22.9 666.3 314.7 2238.0 0.9 22.6 448.6 317.9 2198.8 1.1 22.3 444.5 320.1 2175.6 1.1 20.8 438.7 322.6 2173.2 1.1 20.5 437.0 324.4 2183.6 1.1 20.1 430.5 320.8 2108.6 1.1 18.8 419.3 323.5 2097.2 1.1 18.2 412.8 324.0 2111.2 1.3 17.9 410.9 324.6 11 12 13 14 15 10.3 1.3 5.2 9.4 1.2 3.5 8.6 1.3 3.4 6.4 2.0 3.3 5.6 2.1 3.4 5.6 2.1 3.4 5.8 2.1 3.4 6.2 2.1 3.4 6.3 2.1 3.3 6.7 2.0 3.3 7.2 1.9 3.4 16 17 18 457.6 3749.1 2144.6 447.9 4371.8 2179.1 456.6 4864.0 1868.2 445.4 5266.5 1548.5 4795.6 920.7 1458.2 4774.8 982.5 1397.1 4722.8 1028.5 1338.2 4701.5 1068.8 1277.2 4735.8 1112.5 1223.0 4701.4 1155.7 1174.5 4646.3 1194.5 1128.2 19 20 21 538.1 104.2 472.7 80.7 375.4 34.3 327.7 12.6 317.0 11.0 303.3 8.9 295.3 8.7 280.6 8.9 270.0 9.0 261.4 22.6 254.7 24.0 22 23 1066.5 653.6 0.0 137.6 86.9 80.8 107.6 1131.0 692.3 0.0 180.5 94.1 69.6 94.5 1114.3 775.2 0.8 119.5 98.7 45.0 75.1 1032.1 761.5 0.3 80.0 94.6 30.3 65.5 1013.4 751.2 0.3 78.4 92.7 27.4 63.4 995.6 741.0 0.3 76.6 91.8 25.3 60.7 975.4 726.6 0.3 75.5 90.3 23.7 59.1 949.7 709.3 0.3 74.0 88.2 21.8 56.1 925.4 692.1 0.3 72.3 86.6 20.2 54.0 904.4 677.2 0.3 70.6 84.9 19.1 52.3 887.5 666.1 0.3 68.8 83.7 17.6 50.9 24 25 26 27 28 29 30 (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 702.5 784.6 837.7 847.0 842.4 838.8 839.6 837.7 838.9 839.7 840.9 1 36.5 640.9 38.3 723.6 39.7 772.9 40.9 779.3 41.4 773.9 41.2 770.5 40.7 771.2 40.3 769.8 39.7 772.1 40.1 772.4 40.2 773.3 2 3 0.0 25.1 0.0 22.7 0.0 25.1 0.0 26.8 0.0 27.1 0.0 27.1 0.0 27.7 0.0 27.7 0.0 27.1 0.0 27.2 0.0 27.4 4 5 702.5 784.6 837.7 847.0 842.4 838.8 839.6 837.7 838.9 839.7 840.9 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.0 0.9 11.7 0.0 0.6 14.3 0.0 0.5 13.3 0.0 0.5 12.9 0.0 0.4 12.7 0.0 0.4 12.5 0.0 0.4 12.4 0.0 0.4 12.3 0.0 0.4 12.3 0.0 0.4 12.3 0.0 0.3 12.4 7 8 9 10 11 State and local governments Federal government 61.6 14.8 67.2 14.4 65.7 14.5 69.2 14.7 72.0 14.5 71.3 14.5 71.2 14.3 70.9 14.4 72.6 14.3 72.1 14.1 71.2 14.1 10 11 12 13 14 U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions 157.6 0.0 95.8 168.4 0.0 92.7 210.8 4.3 65.2 207.1 4.0 59.9 205.6 4.0 60.3 203.2 4.0 58.7 200.5 3.8 59.5 193.7 3.5 61.2 190.3 3.5 61.2 189.3 3.2 61.0 186.9 2.9 61.7 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 46.1 2.0 4.3 51.8 2.1 2.9 51.8 2.4 2.8 48.5 2.7 2.8 47.9 3.0 2.8 47.4 3.3 2.8 47.4 3.2 2.8 47.2 3.1 2.8 47.4 3.1 2.8 48.1 2.9 2.8 49.0 2.8 2.8 15 16 17 18 19 20 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 105.4 88.8 103.4 147.7 88.1 124.0 190.2 92.8 113.2 204.4 105.7 107.4 249.7 56.1 106.5 249.2 60.1 104.8 251.3 63.7 102.7 256.5 66.9 98.7 256.1 71.3 98.0 254.6 77.1 96.3 256.4 81.1 94.1 18 19 20 21 22 Finance companies REITs 5.1 5.0 5.1 5.2 5.8 4.3 5.1 2.3 4.7 2.1 4.5 2.1 4.4 2.0 4.1 1.9 3.8 1.8 3.6 1.8 3.4 1.7 21 22 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets 99 Z.1, December 8, 2011 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2190.4 2447.9 2566.4 2478.1 2445.9 2399.8 2354.4 2317.3 2294.2 2271.9 2249.0 1 190.7 776.0 1096.8 127.0 204.0 825.5 1284.4 134.0 200.9 776.9 1450.2 138.4 194.0 667.2 1476.8 140.1 191.5 655.8 1458.5 140.0 187.9 639.1 1432.3 140.5 184.3 622.6 1406.7 140.7 181.4 599.4 1390.3 146.1 179.6 582.2 1383.9 148.5 177.9 561.8 1379.3 153.0 176.1 544.7 1374.3 153.8 2 3 4 5 2190.4 2447.9 2566.4 2478.1 2445.9 2399.8 2354.4 2317.3 2294.2 2271.9 2249.0 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 17.0 23.0 9.5 19.1 15.8 11.5 20.0 13.0 10.7 19.2 11.4 10.4 18.8 11.0 10.2 18.2 10.6 10.1 17.5 10.2 10.0 16.7 9.8 10.0 15.8 9.4 10.0 14.8 9.0 10.0 13.6 8.6 10.0 7 8 9 10 11 State and local governments Federal government 12.3 48.9 13.4 51.0 13.1 61.4 13.8 67.8 14.4 65.4 14.3 66.0 14.5 64.5 14.7 64.1 15.0 64.9 14.8 66.0 14.7 66.3 10 11 12 13 14 15 U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas Savings institutions 1076.3 24.9 22.0 112.4 1165.3 39.0 19.3 121.5 1276.0 32.8 19.7 128.1 1243.5 32.9 19.6 123.9 1226.9 32.7 19.3 123.6 1204.3 31.1 15.7 121.1 1177.9 30.4 15.6 120.5 1151.0 30.8 15.7 122.2 1131.9 29.2 16.1 118.8 1117.4 28.7 15.7 116.2 1099.8 29.1 15.4 115.8 12 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 3.5 235.4 6.2 4.9 4.8 252.2 6.8 3.3 5.0 267.1 7.4 3.2 4.4 257.7 8.9 3.2 4.3 254.6 9.5 3.2 4.2 251.8 10.3 3.2 4.2 252.0 9.9 3.2 4.1 251.3 9.7 3.2 4.1 252.1 9.5 3.1 4.3 255.8 9.5 3.1 4.6 260.6 9.5 3.2 16 17 18 19 20 21 Agency- and GSE-backed mortgage pools ABS issuers 0.0 515.8 0.0 633.6 0.0 604.7 0.0 563.3 0.0 553.5 0.0 541.8 0.0 529.2 0.0 523.3 0.0 525.2 0.0 517.6 0.0 512.4 20 21 22 23 Finance companies REITs 51.1 27.1 54.0 37.3 66.6 37.7 64.6 33.4 65.2 33.3 63.3 34.0 61.6 33.2 59.5 31.2 57.2 31.9 54.5 34.5 53.1 32.4 22 23 7 8 9 Total assets 2007 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 108.0 112.7 134.7 131.3 132.5 133.8 135.0 136.3 135.2 134.2 133.2 1 2 Total assets 108.0 112.7 134.7 131.3 132.5 133.8 135.0 136.3 135.2 134.2 133.2 2 3 4 Household sector Nonfarm noncorporate business 2.3 0.7 -0.0 0.8 0.0 0.8 -0.9 0.8 -0.1 0.7 -0.9 0.7 -1.3 0.7 -1.7 0.7 -1.4 0.7 -1.7 0.7 -0.5 0.7 3 4 5 6 State and local governments Federal government 1.5 3.2 1.0 3.3 0.7 3.5 0.7 3.9 0.7 4.0 0.7 4.0 0.7 4.2 0.7 4.3 0.7 4.2 0.7 4.3 0.7 4.4 5 6 7 8 9 U.S.-chartered commercial banks Foreign banking offices in U.S. Savings institutions 40.1 0.0 0.7 41.9 0.0 0.9 50.6 0.1 0.9 50.1 0.0 0.9 50.5 0.0 0.9 51.0 0.0 0.9 51.4 0.0 0.9 51.9 0.0 0.9 51.5 0.0 0.9 51.1 0.0 0.9 50.7 0.0 0.9 7 8 9 10 11 Life insurance companies State and local govt. retirement funds 12.0 0.0 12.8 0.0 15.0 0.0 13.5 0.0 13.3 0.0 13.1 0.0 12.9 0.0 12.8 0.0 12.7 0.0 12.6 0.0 12.5 0.0 10 11 12 13 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 44.2 3.2 47.6 4.5 58.5 4.7 57.9 4.5 59.1 3.3 60.4 3.8 61.6 3.8 63.0 3.8 62.7 3.2 62.4 3.2 62.0 1.7 12 13 (1) Excludes mortgages on farm houses. 100 Z.1, December 8, 2011 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 1 Total liabilities (Households) 2416.0 2555.3 2594.1 2478.9 2406.1 2387.5 2407.8 2434.7 2401.9 2423.5 2464.6 1 2 Total assets 2416.0 2555.3 2594.1 2478.9 2406.1 2387.5 2407.8 2434.7 2401.9 2423.5 2464.6 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 57.6 0.0 91.7 58.6 0.0 98.4 59.8 0.0 111.0 57.2 0.0 186.0 53.5 0.0 209.8 52.8 0.0 222.6 52.4 0.0 280.3 56.0 0.0 316.4 52.8 0.0 355.2 53.1 0.0 370.1 53.1 0.0 406.1 3 4 5 6 7 8 U.S.-chartered commercial banks Savings institutions Credit unions 741.2 95.5 234.5 804.1 90.8 235.7 878.6 86.3 236.2 855.3 77.5 237.2 1149.2 78.0 228.0 1133.7 80.6 225.8 1115.2 82.1 224.9 1098.7 86.8 226.5 1058.9 84.7 218.1 1072.3 87.4 220.9 1073.8 89.3 222.8 6 7 8 9 10 11 Government-sponsored enterprises ABS issuers Finance companies 0.0 661.1 534.4 0.0 683.7 584.1 0.0 646.4 575.8 0.0 577.9 487.8 0.0 150.7 536.9 0.0 144.8 527.2 0.0 136.6 516.3 0.0 131.7 518.6 0.0 122.4 509.8 0.0 117.9 501.8 0.0 115.1 504.3 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 3398.0 3228.0 3204.2 3277.2 3313.5 3387.5 3403.2 3478.5 3553.5 3627.0 1 199.9 214.5 236.7 252.7 258.0 263.3 268.7 274.1 279.1 282.6 286.0 2 1813.0 349.4 -0.7 1898.9 378.7 -4.8 1669.0 366.8 17.7 1582.0 369.5 24.2 1628.0 363.1 28.2 1651.4 358.3 27.6 1707.6 354.8 22.9 1744.3 354.2 18.1 1790.8 354.1 17.7 1857.1 354.4 20.4 1919.2 355.4 23.4 3 4 5 516.4 208.9 553.5 238.2 592.7 260.8 630.4 204.6 639.9 218.0 649.5 227.4 659.1 227.0 668.8 227.1 678.6 242.9 688.5 249.0 698.4 255.8 6 7 60.7 48.3 73.1 45.8 63.2 21.2 70.6 70.1 79.7 62.2 84.0 52.0 92.3 55.1 98.4 18.1 96.9 18.5 82.2 19.3 72.5 16.3 8 9 3024.8 3279.9 3097.1 2995.9 3055.5 3151.4 3185.8 3135.6 3228.4 3329.5 3368.8 10 2090.0 470.9 2253.0 525.6 2081.1 522.7 2050.5 496.3 2104.5 487.7 2203.3 481.2 2241.4 476.5 2189.7 475.8 2275.9 475.6 2373.8 476.1 2407.6 477.4 11 12 State and local governments Federal government Rest of the world 146.6 59.4 62.8 159.9 60.6 83.6 156.4 64.7 90.1 164.6 43.6 96.7 171.5 45.0 106.8 169.7 42.0 114.4 172.1 42.7 111.9 175.4 42.9 116.1 177.9 45.0 115.9 176.7 45.8 117.8 174.5 44.2 128.8 13 14 15 Property-casualty insurance companies ABS issuers 87.0 108.3 85.4 111.7 86.7 95.5 83.0 61.3 84.8 55.1 86.7 54.1 87.1 54.2 83.8 51.8 84.4 53.6 88.2 51.1 88.7 47.5 16 17 171.1 118.1 130.9 208.3 221.7 162.0 201.7 267.6 250.2 224.0 258.2 18 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 15 16 17 18 3195.9 Discrepancy L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1249.9 1526.4 1128.5 1091.2 1108.8 1146.1 1173.7 1214.8 1258.1 1323.8 1385.5 1 2 3 Household sector Rest of the world 292.1 0.0 325.5 0.0 164.8 0.0 203.0 0.0 196.4 0.0 217.0 0.0 233.7 0.0 278.2 0.0 315.7 0.0 312.8 0.0 251.9 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. 957.8 655.7 116.5 185.6 1200.9 866.4 145.9 188.6 963.6 742.7 158.6 62.3 888.2 668.6 158.0 61.6 912.4 680.0 160.0 72.3 929.1 686.0 164.5 78.6 940.0 696.8 144.1 99.2 936.6 694.3 152.3 90.1 942.3 703.3 152.1 86.9 1011.0 757.7 163.2 90.1 1133.5 804.9 187.0 141.6 4 5 6 7 1249.9 1526.4 1128.5 1091.2 1108.8 1146.1 1173.7 1214.8 1258.1 1323.8 1385.5 8 8 Total liabilities Total assets 9 10 Household sector Rest of the world 655.7 0.0 866.4 0.0 742.7 0.0 668.6 0.0 680.0 0.0 686.0 0.0 696.8 0.0 694.3 0.0 703.3 0.0 757.7 0.0 804.9 0.0 9 10 11 12 13 U.S.-chartered commercial banks Foreign banking offices in U.S. Brokers and dealers 116.5 185.6 292.1 145.9 188.6 325.5 158.6 62.3 164.8 158.0 61.6 203.0 160.0 72.3 196.4 164.5 78.6 217.0 144.1 99.2 233.7 152.3 90.1 278.2 152.1 86.9 315.7 163.2 90.1 312.8 187.0 141.6 251.9 11 12 13 101 Z.1, December 8, 2011 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 Life insurance reserves: 1 Total liabilities 1163.7 1201.5 1179.8 1242.1 1249.5 1235.7 1261.9 1278.3 1297.8 1311.2 1318.5 1 2 3 Federal government Life insurance companies 44.2 1119.5 45.4 1156.1 46.4 1133.4 47.5 1194.5 47.4 1202.1 47.6 1188.1 47.8 1214.1 48.4 1229.9 48.5 1249.3 48.9 1262.3 49.2 1269.2 2 3 4 Total assets (Households) 1163.7 1201.5 1179.8 1242.1 1249.5 1235.7 1261.9 1278.3 1297.8 1311.2 1318.5 4 12750.6 13390.7 10408.5 11914.5 12291.0 11610.2 12331.9 13102.3 13497.9 13427.5 12496.6 5 Pension fund reserves: 5 Total liabilities 6 7 Life insurance companies Private pension funds (1) 2332.4 6120.5 2450.8 6444.8 2184.6 4588.0 2323.0 5507.4 2371.5 5745.0 2305.3 5352.4 2406.1 5765.0 2504.7 6148.3 2566.0 6377.6 2587.2 6382.8 2514.0 5780.5 6 7 8 9 State and local govt. retirement funds Federal government retirement funds (2) 3156.6 1141.1 3297.9 1197.2 2414.7 1221.2 2759.8 1324.4 2856.7 1317.7 2641.4 1311.0 2815.4 1345.5 3024.0 1425.3 3131.3 1423.1 3116.3 1341.1 2774.4 1427.6 8 9 12750.6 13390.7 10408.5 11914.5 12291.0 11610.2 12331.9 13102.3 13497.9 13427.5 12496.6 10 10 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other 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 237.0 167.7 44.0 40.6 49.5 43.7 54.2 52.0 78.4 66.6 69.3 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 85.4 95.7 35.8 99.5 39.0 106.2 35.7 99.9 49.5 97.7 43.9 96.1 47.3 94.9 39.3 94.7 57.4 94.7 47.1 94.8 53.9 95.2 2 3 4 5 U.S.-chartered commercial banks Savings institutions 24.7 3.3 11.1 1.3 -74.6 1.0 -67.5 1.3 -73.6 1.6 -64.6 1.1 -64.8 1.0 -60.6 1.0 -56.4 1.5 -51.2 0.9 -48.1 1.0 4 5 6 7 Property-casualty insurance companies Life insurance companies 9.4 -1.3 7.0 -4.7 -21.1 -24.4 -15.8 -31.4 -12.6 -30.0 -19.1 -30.6 -15.7 -27.7 -10.1 -28.8 -7.9 -27.9 -13.1 -29.1 -19.4 -30.3 6 7 8 9 Finance companies Brokers and dealers 17.0 2.8 15.5 2.2 15.4 2.5 12.7 5.7 12.6 4.4 12.6 4.4 12.8 6.4 12.9 3.6 12.8 4.2 12.8 4.3 13.3 3.7 8 9 285.1 342.5 389.3 416.1 420.9 429.9 442.4 448.9 458.2 466.8 463.0 10 189.0 96.1 237.5 105.0 269.8 119.4 280.9 135.1 281.8 139.1 286.9 143.0 295.5 146.9 298.0 150.8 303.5 154.8 308.2 158.7 300.4 162.6 11 12 -48.1 -174.8 -345.3 -375.5 -371.4 -386.2 -388.3 -396.8 -379.8 -400.3 -393.8 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 8887.8 8751.6 7146.8 6297.2 6499.1 6847.1 6581.1 7001.9 7016.1 6999.5 7363.6 1 7404.3 1473.8 9.8 7160.0 1579.9 11.6 5627.6 1509.8 9.5 4783.8 1501.3 12.1 4954.1 1530.8 14.2 5280.8 1552.4 14.0 4985.3 1582.8 13.0 5369.6 1618.6 13.8 5342.4 1660.3 13.4 5307.4 1679.1 13.0 5645.9 1705.2 12.4 2 3 4 102 Z.1, December 8, 2011 L.228 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 15661.7 17439.2 19843.9 19676.3 19613.8 20414.4 20156.6 20447.5 20399.4 20504.1 21576.9 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 22.8 3819.9 1006.1 23.9 4048.6 1100.0 27.0 4243.9 1214.3 22.1 4222.2 1247.4 24.6 4166.4 1255.2 25.5 4164.7 1262.7 22.6 4156.5 1270.5 24.7 4133.2 1278.7 25.2 4103.2 1287.3 25.6 4011.2 1297.3 24.4 3924.3 1308.6 2 3 4 5 6 Federal government Rest of the world 1017.2 4151.0 1094.2 4942.4 1183.5 5813.9 1261.6 5669.2 1243.8 5747.8 1249.1 6396.8 1269.6 5924.5 1349.4 6323.8 1335.1 6335.7 1242.0 6471.3 1358.1 7278.1 5 6 7 8 9 10 11 12 13 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 18.5 1026.2 154.8 294.4 37.7 80.2 9.2 21.0 1103.1 299.6 328.3 26.2 102.4 3.6 23.1 1258.1 849.4 422.9 21.7 72.3 4.7 29.2 1409.2 431.3 548.0 25.0 21.8 19.4 28.7 1425.2 433.4 545.8 22.2 22.4 11.4 31.6 1513.7 533.8 543.0 26.1 20.3 12.0 29.7 1590.5 628.8 553.6 21.6 20.5 12.4 58.4 1518.2 438.7 514.2 20.0 20.2 11.0 29.3 1510.8 522.1 525.6 18.8 20.5 11.6 27.0 1590.3 584.6 523.9 17.2 19.6 12.2 27.7 1638.2 794.0 513.8 15.5 22.6 10.0 7 8 9 10 11 12 13 14 15 Property-casualty insurance companies Life insurance companies 815.7 925.9 811.1 1010.6 811.0 905.0 832.6 985.6 831.2 1012.6 839.9 1049.3 844.6 1074.7 844.6 1089.8 845.8 1115.1 858.0 1108.4 865.7 1088.3 14 15 16 17 Government-sponsored enterprises Finance companies 153.4 715.7 171.1 654.4 208.2 664.8 270.4 573.6 222.3 571.0 171.8 568.7 137.3 570.4 154.6 561.7 140.5 550.0 137.7 556.9 130.7 567.5 16 17 18 19 20 REITs Brokers and dealers Funding corporations 63.0 519.5 830.2 67.6 558.4 1072.7 64.9 441.4 1613.7 51.1 460.1 1596.7 65.0 478.5 1506.4 68.9 447.8 1488.6 67.6 477.1 1484.3 59.3 497.5 1549.5 63.4 493.7 1465.6 66.2 511.1 1443.4 69.9 469.0 1470.5 18 19 20 22253.0 24714.4 24784.0 25109.3 25171.6 25736.4 25842.6 25972.8 26009.7 26305.7 27348.3 21 21 Total liabilities 2007 Total assets 22 23 24 25 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 646.1 8924.7 1644.4 48.6 712.2 9866.4 1972.8 52.0 766.3 9346.7 2079.4 53.8 787.1 9520.6 1997.0 55.5 788.1 9685.7 1962.4 55.6 798.4 9724.1 1936.3 55.8 811.9 9847.2 1917.4 55.9 830.6 10067.3 1914.3 56.0 832.3 10142.5 1913.7 57.1 834.1 10195.4 1915.4 58.3 852.3 10258.1 1921.0 59.4 22 23 24 25 26 27 28 State and local governments Federal government Rest of the world -44.1 136.8 3977.7 -26.7 138.7 4484.6 -13.0 110.8 4138.7 4.3 145.8 4116.2 43.3 147.2 4095.3 64.1 130.5 4600.7 77.0 136.8 4456.1 86.3 141.4 4557.5 99.9 141.0 4447.6 105.9 142.8 4642.6 118.1 144.1 5327.6 26 27 28 29 30 31 32 33 34 35 Monetary authority U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 17.0 783.4 -119.6 1724.4 5.9 109.3 24.9 40.5 884.8 -104.9 1823.6 12.1 115.5 35.9 569.8 1229.7 259.7 2005.7 11.1 90.0 44.2 75.9 1058.9 143.9 2801.1 6.5 83.8 50.6 68.2 1022.3 135.8 2773.8 7.5 82.7 43.5 68.6 1063.5 229.5 2811.8 13.3 80.4 40.8 67.2 1032.4 197.2 2864.3 12.1 78.9 47.9 83.1 982.4 148.7 2740.9 11.0 75.8 41.9 92.8 987.4 187.2 2784.8 10.9 77.6 42.8 105.0 988.1 256.8 2793.6 11.9 76.7 20.5 104.6 1054.7 378.4 2793.7 11.7 78.4 24.0 29 30 31 32 33 34 35 36 37 38 39 40 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 105.5 303.3 532.5 16.3 918.7 121.1 342.9 567.1 15.7 952.0 102.6 380.1 426.5 15.7 1015.3 128.0 357.6 533.3 16.2 1077.2 129.9 361.9 545.5 16.3 1060.6 128.6 389.4 519.2 16.5 1064.8 131.8 389.0 543.5 16.9 1081.5 143.1 360.3 549.5 17.0 1142.9 140.6 341.0 558.8 17.3 1128.8 144.1 355.0 553.4 17.3 1042.1 145.0 348.7 502.6 18.0 1149.3 36 37 38 39 40 41 42 43 Money market mutual funds Mutual funds Government-sponsored enterprises 59.2 14.0 114.7 90.9 16.8 141.7 47.9 20.0 99.1 59.1 14.9 100.3 54.8 8.3 129.5 58.1 2.8 120.1 59.8 -4.1 146.4 66.9 2.9 148.6 65.2 5.5 108.8 64.0 13.4 109.2 68.3 13.4 154.0 41 42 43 44 45 46 47 Finance companies REITs Brokers and dealers Funding corporations 16.4 59.7 1599.4 633.9 18.2 55.4 1633.7 751.5 30.0 54.6 1105.7 793.5 61.9 46.1 1141.0 726.3 45.3 48.6 1148.1 711.7 52.2 54.5 1047.3 665.2 46.5 58.8 1062.2 708.0 46.0 53.5 1025.3 679.8 53.5 59.6 1005.5 707.4 57.3 63.3 1026.2 713.1 63.6 66.0 999.0 694.2 44 45 46 47 -6591.3 -7275.2 -4940.2 -5433.0 -5557.8 -5322.0 -5686.0 -5525.3 -5610.3 -5801.6 -5771.3 48 48 Discrepancy 103 Z.1, December 8, 2011 L.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business U.S.-chartered commercial banks Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 2948.2 2440.7 95.9 105.5 20.0 42.0 244.1 3553.1 2892.9 150.3 121.1 25.6 177.9 185.3 3748.5 3011.1 201.5 102.6 25.0 221.0 187.4 4067.5 3294.0 241.2 128.0 28.1 204.9 171.4 4184.1 3404.4 239.3 129.9 28.7 203.8 178.0 4260.2 3471.6 243.2 128.6 29.8 207.1 179.9 4345.7 3545.5 243.9 131.8 30.1 212.0 182.3 4429.4 3585.2 257.1 143.1 32.1 224.6 187.4 4528.1 3681.6 259.1 140.6 32.2 225.3 189.3 4669.9 3811.0 260.6 144.1 33.4 229.6 191.2 4804.4 3937.3 265.7 145.0 34.0 230.0 192.4 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 Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 1722.7 3.6 135.4 99.9 71.3 51.1 61.0 9.0 1961.9 3.6 94.2 76.6 68.7 68.6 62.6 9.6 2050.3 3.6 71.7 51.2 60.3 78.1 72.1 10.2 2025.8 4.0 104.9 77.8 68.9 75.0 74.5 10.8 2070.8 4.3 108.3 77.3 70.3 75.3 75.7 11.0 2099.2 4.3 110.6 79.3 71.7 75.7 76.9 11.1 2166.0 4.3 113.1 79.5 73.3 77.3 87.7 11.3 2175.2 4.3 111.3 83.5 86.8 83.6 103.0 11.4 2199.5 4.3 115.2 85.1 81.8 84.7 104.7 11.6 2241.4 4.3 116.5 84.1 82.4 87.7 109.2 11.7 2285.8 4.3 120.4 84.4 77.0 88.2 104.1 11.9 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 2154.1 2345.9 2397.4 2441.7 2492.9 2528.7 2612.6 2658.9 2686.7 2737.2 2775.9 16 45.3 45.3 46.9 46.9 48.3 48.3 50.0 50.0 50.4 50.4 51.8 51.8 52.1 52.1 52.3 52.3 52.9 52.9 54.3 54.3 55.9 55.9 17 18 15.3 15.3 18.5 18.5 21.1 21.1 25.6 25.6 26.3 26.3 26.6 26.6 26.7 26.7 26.5 26.5 26.3 26.3 26.5 26.5 26.0 26.0 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: U.S.-chartered commercial banks Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 46.9 56.0 51.8 51.8 51.0 50.5 50.6 49.0 48.6 44.2 43.5 21 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (Farm Credit System) Farm business (Farm Credit System) Federal government U.S.-chartered commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.0 1.9 3.0 0.0 22.9 15.6 1.9 1.6 0.0 2.2 3.6 0.0 26.7 18.8 2.5 2.2 0.0 4.8 2.0 0.0 25.6 13.4 2.8 3.2 0.0 4.8 2.0 0.0 24.7 15.0 2.4 2.9 0.0 4.8 2.1 0.0 24.1 15.0 2.4 2.8 0.0 5.0 1.9 0.0 23.7 14.8 2.4 2.9 0.0 5.0 2.2 0.0 24.0 14.0 2.4 2.9 0.0 4.8 2.5 0.0 22.9 13.8 2.2 2.9 0.0 4.5 2.8 0.0 23.1 13.2 2.2 2.9 0.0 4.9 2.5 0.0 18.0 14.0 2.0 2.7 0.0 5.3 2.2 0.0 17.7 13.5 2.0 2.7 22 23 24 25 26 27 28 29 BHC investment in subsidiaries: 30 31 32 33 34 Liab.: U.S.-chartered commercial banks Savings institutions Life insurance companies Finance companies Brokers and dealers 1067.0 10.7 38.3 198.5 159.9 1197.8 10.9 43.7 239.9 49.9 1244.4 13.4 31.2 232.6 109.2 1413.5 24.0 40.5 209.3 635.3 1408.5 24.0 43.2 181.5 659.0 1431.6 23.7 46.9 179.0 661.0 1452.4 24.3 50.8 178.3 683.2 1366.8 23.0 62.7 173.1 634.6 1358.8 23.2 64.5 167.4 645.1 1399.6 22.7 67.4 174.3 591.0 1429.0 22.4 74.6 173.8 558.3 30 31 32 33 34 35 Asset: Bank holding companies 1474.4 1542.2 1630.9 2322.6 2316.1 2342.2 2389.0 2260.2 2259.0 2255.0 2258.1 35 140.1 140.1 81.5 81.5 80.5 80.5 71.2 71.2 95.9 95.9 94.6 94.6 94.2 94.2 91.5 91.5 90.1 90.1 93.8 93.8 93.6 93.6 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 197.3 436.5 241.0 510.5 276.6 516.9 203.1 523.2 189.2 522.5 150.4 514.8 177.1 531.0 171.6 508.2 188.9 518.5 173.4 539.7 140.1 554.1 38 39 40 Asset: Funding corporations 633.9 751.5 793.5 726.3 711.7 665.2 708.0 679.8 707.4 713.1 694.2 40 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.9 0.9 4.2 2.1 2.1 6.2 3.1 3.1 7.1 3.6 3.6 7.7 3.8 3.8 7.8 3.9 3.9 8.3 4.1 4.1 8.7 4.4 4.4 41 42 43 Equity investment under Public-Private Inv. Program: 41 42 43 Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 104 Z.1, December 8, 2011 L.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 2011 Q2 Q1 Q3 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 0.6 0.6 0.0 24.5 0.5 24.0 554.2 0.5 553.7 10.9 0.7 10.3 0.7 0.7 0.0 2.1 0.8 1.2 0.9 0.9 0.1 0.8 0.8 0.1 0.7 0.7 0.0 1.0 1.0 0.0 1.3 0.8 0.5 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 19.0 19.0 20.9 20.9 15.5 15.5 15.9 15.9 21.1 21.1 17.8 17.8 19.7 19.7 14.4 14.4 15.0 15.0 14.1 14.1 16.3 16.3 6 7 22.8 22.8 23.9 23.9 27.0 27.0 22.1 22.1 24.6 24.6 25.5 25.5 22.6 22.6 24.7 24.7 25.2 25.2 25.6 25.6 24.4 24.4 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 232.1 149.8 43.5 38.8 247.6 163.3 43.7 40.6 265.2 182.7 40.4 42.1 273.6 192.4 39.2 42.0 275.0 192.8 39.1 43.0 280.0 196.9 38.8 44.3 286.7 203.1 39.1 44.4 288.4 207.1 39.7 41.6 291.2 208.9 39.9 42.4 293.8 213.2 38.6 41.9 300.4 219.4 38.5 42.6 10 11 12 13 14 Asset: Household sector 232.1 247.6 265.2 273.6 275.0 280.0 286.7 288.4 291.2 293.8 300.4 14 Policy payables: 15 Liab.: Property-casualty insurance companies 715.8 734.5 759.9 754.8 753.9 760.6 765.1 761.2 760.7 773.9 781.4 15 16 17 18 19 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 320.5 282.7 66.9 45.6 327.3 290.1 68.6 48.5 337.3 300.0 70.7 51.8 332.2 298.2 71.0 53.5 331.7 297.8 70.9 53.6 334.8 300.4 71.5 53.9 337.3 302.2 71.9 53.7 335.4 300.7 71.6 53.5 334.4 300.5 71.5 54.3 339.7 305.7 72.7 55.8 342.1 308.7 73.5 57.2 16 17 18 19 387.9 387.9 431.3 431.3 317.6 317.6 412.8 412.8 429.9 429.9 408.0 408.0 433.8 433.8 457.5 457.5 471.3 471.3 470.3 470.3 420.0 420.0 20 21 42.8 42.8 47.2 47.2 47.9 47.9 50.5 50.5 49.9 49.9 49.6 49.6 49.4 49.4 49.2 49.2 49.1 49.1 49.0 49.0 48.9 48.9 22 23 1242.3 1242.3 1240.2 1240.2 887.0 887.0 856.8 856.8 849.2 849.2 765.6 765.6 773.5 773.5 733.4 733.4 709.5 709.5 727.8 727.8 726.7 726.7 24 25 918.7 918.7 952.0 952.0 1015.3 1015.3 1077.2 1077.2 1060.6 1060.6 1064.8 1064.8 1081.5 1081.5 1142.9 1142.9 1128.8 1128.8 1042.1 1042.1 1149.3 1149.3 26 27 93.5 93.5 137.3 137.3 163.8 163.8 180.4 180.4 179.3 179.3 180.5 180.5 184.4 184.4 202.9 202.9 202.8 202.8 196.5 196.5 205.4 205.4 28 29 Unallocated insurance company contracts: 20 21 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 105 Z.1, December 8, 2011 L.231 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 2010 Q1 1 Q3 Q4 Q1 2011 Q2 Q3 4528.2 5184.3 7018.5 6262.8 6037.1 6834.1 6253.1 6516.7 6338.1 6307.6 7142.5 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 2054.4 1002.5 2039.5 1096.4 2145.7 1210.7 2146.0 1243.3 2045.6 1250.9 2015.9 1258.4 1941.1 1266.2 1908.8 1274.4 1854.6 1283.0 1720.9 1293.0 1589.6 1304.4 2 3 4 5 6 Federal government Rest of the world Monetary authority 5.1 1157.1 3.2 4.9 1318.0 2.5 4.3 1462.8 2.1 4.0 1540.8 3.6 3.9 1512.6 2.5 3.8 2082.9 5.0 3.7 1525.8 3.0 3.6 1841.2 31.9 3.5 1754.1 3.0 3.4 1746.1 0.5 3.3 2416.5 1.7 4 5 6 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -40.9 -177.9 294.4 37.7 -94.7 -35.6 328.3 26.2 13.6 501.1 422.9 21.7 -4.4 123.2 548.0 25.0 16.7 135.9 545.8 22.2 82.1 272.8 543.0 26.1 138.1 338.6 553.6 21.6 151.4 155.9 514.2 20.0 152.0 218.0 525.6 18.8 190.6 294.7 523.9 17.2 209.2 533.5 513.8 15.5 7 8 9 10 11 12 13 14 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 69.5 9.2 196.3 87.6 91.5 3.6 219.3 94.3 58.9 4.7 230.8 141.0 -2.2 19.4 189.8 202.8 -1.6 11.4 194.3 150.2 -3.4 12.0 242.7 103.5 -3.8 12.4 230.2 67.0 -2.8 11.0 194.4 91.2 -2.8 11.6 206.4 76.8 -3.1 12.2 194.6 79.4 0.2 10.0 216.3 71.0 11 12 13 14 15 16 17 18 Finance companies REITs Brokers and dealers Funding corporations 326.0 63.0 -137.9 -421.1 264.4 67.6 -64.6 -177.2 273.7 64.9 -256.8 716.5 218.1 51.1 -773.0 727.3 218.3 65.0 -778.6 642.0 219.4 68.9 -804.8 705.8 220.6 67.6 -824.9 692.5 213.5 59.3 -748.2 797.1 207.7 63.4 -774.6 736.7 201.1 66.2 -728.8 695.7 211.8 69.9 -747.4 723.3 15 16 17 18 11119.6 12459.5 11958.7 11695.8 11594.9 12156.1 11939.1 12042.0 11948.4 12109.3 12913.9 19 19 Total liabilities Q2 Total assets 20 21 22 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 6061.1 1575.6 -44.1 6601.9 1902.0 -26.7 5955.2 2003.9 -13.0 5857.3 1921.3 4.3 5887.6 1886.8 43.3 5857.5 1859.8 64.1 5905.3 1840.4 77.0 6090.0 1837.9 86.3 6070.3 1837.7 99.9 5984.8 1837.8 105.9 5918.6 1842.2 118.1 20 21 22 23 24 25 Federal government Rest of the world Monetary authority 91.0 1823.7 17.0 91.4 2138.7 16.5 62.0 1741.3 16.1 94.3 1674.5 65.6 94.0 1602.4 68.2 74.8 2072.0 67.3 80.3 1843.4 67.1 84.5 1898.6 83.0 83.6 1760.9 92.8 83.3 1905.5 105.0 83.0 2551.7 104.1 23 24 25 26 27 28 29 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 649.3 -119.6 250.0 5.9 689.4 -104.9 281.4 12.1 981.5 259.7 374.8 11.1 767.3 143.9 478.5 6.5 732.7 135.8 457.7 7.5 770.1 229.5 469.6 13.3 737.8 197.2 475.2 12.1 675.9 148.7 480.6 11.0 679.0 187.2 525.8 10.9 683.0 256.8 538.6 11.9 745.3 378.4 535.6 11.7 26 27 28 29 30 31 Savings institutions Credit unions 74.7 23.0 75.7 33.4 61.1 41.5 52.9 48.3 46.6 41.1 47.8 38.4 45.1 45.5 47.6 39.7 49.5 40.6 48.6 18.5 48.6 21.9 30 31 32 33 34 Life insurance companies Private pension funds State and local govt. retirement funds 258.9 101.8 16.3 291.2 88.6 15.7 324.9 61.0 15.7 304.5 70.0 16.2 305.8 65.7 16.3 331.2 61.6 16.5 333.4 60.4 16.9 300.6 42.8 17.0 280.7 38.4 17.3 293.3 34.1 17.3 287.6 33.7 18.0 32 33 34 35 36 37 Mutual funds Money market mutual funds Government-sponsored enterprises 14.0 59.2 114.7 16.8 90.9 141.7 20.0 47.9 99.1 14.9 59.1 100.3 8.3 54.8 129.5 2.8 58.1 120.1 -4.1 59.8 146.4 2.9 66.9 148.6 5.5 65.2 108.8 13.4 64.0 109.2 13.4 68.3 154.0 35 36 37 38 39 40 Finance companies REITs Brokers and dealers -25.6 59.7 113.0 -159.7 55.4 208.1 -191.0 54.6 31.3 -143.0 46.1 112.9 -158.5 48.6 121.0 -154.9 54.5 101.9 -165.5 58.8 106.4 -178.6 53.5 104.6 -171.8 59.6 106.6 -172.2 63.3 107.2 -166.4 66.0 80.0 38 39 40 -6591.3 -7275.2 -4940.2 -5433.0 -5557.8 -5322.0 -5686.0 -5525.3 -5610.3 -5801.6 -5771.3 41 41 Discrepancy 106 Z.1, December 8, 2011 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 2 3 4 5 6 7 8 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 78596.0 79482.1 66645.2 69155.5 70330.5 69061.4 70238.4 72681.9 73737.0 73625.7 71119.6 1 29552.2 27985.1 24449.5 23723.4 23878.1 23965.5 23413.2 23437.5 23216.6 23230.7 23382.8 2 25015.4 22717.0 2298.3 23254.7 20870.3 2384.5 19599.2 17534.1 2065.1 18857.7 17136.6 1721.1 19011.2 17230.3 1780.9 19095.1 17167.1 1928.0 18537.1 16719.2 1817.9 18546.2 16531.1 2015.2 18272.2 16267.2 2005.1 18209.8 16230.0 1979.8 18311.3 16131.7 2179.6 3 4 5 243.2 4293.6 262.0 4468.3 283.6 4566.8 294.1 4571.6 295.5 4571.3 299.7 4570.7 304.6 4571.5 309.4 4581.8 315.2 4629.1 322.1 4698.7 329.0 4742.6 6 7 49043.8 51497.0 42195.6 45432.1 46452.4 45095.9 46825.2 49244.5 50520.4 50395.0 47736.8 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6759.0 65.2 173.1 5400.4 1120.3 7408.6 80.5 90.3 5888.5 1349.3 8016.6 56.9 292.0 6082.8 1584.8 7882.9 50.5 330.3 6190.0 1312.1 7806.4 50.6 237.6 6322.1 1196.2 7713.7 52.8 198.4 6324.8 1137.6 7718.1 53.3 156.4 6384.7 1123.6 7788.3 54.8 185.6 6420.6 1127.3 7781.9 57.5 161.8 6465.4 1097.2 7931.1 57.0 164.0 6615.3 1094.7 8028.7 56.8 230.1 6649.0 1092.8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages 4337.8 117.5 399.6 202.4 197.2 439.9 1681.4 1568.2 9.1 122.2 4931.3 107.3 264.6 196.4 68.3 684.7 1725.4 2021.9 17.6 109.8 4860.9 6.0 256.5 194.0 62.6 729.9 1767.2 1960.4 29.7 111.2 5091.4 34.6 815.5 191.2 624.3 134.1 1898.5 2080.4 26.8 101.5 5187.6 44.6 972.5 190.2 782.3 103.2 1932.5 2009.3 25.7 99.9 5306.0 54.2 1157.2 189.6 967.6 144.4 1936.7 1891.2 25.9 96.5 5249.0 63.0 1180.8 188.7 992.1 177.8 1917.6 1789.9 26.4 93.4 5316.4 63.4 1115.9 187.9 928.0 215.4 1957.6 1847.7 26.2 90.2 5266.7 67.9 1019.1 186.8 832.3 301.4 1959.2 1805.7 25.8 87.6 5035.1 64.9 849.7 186.0 663.7 271.8 1929.8 1809.6 24.9 84.3 4994.4 62.7 938.3 185.1 753.2 230.9 1904.1 1751.5 24.7 82.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (7) Miscellaneous assets 9652.6 4190.5 655.7 1163.7 12750.6 8887.8 646.1 9636.8 4597.9 866.4 1201.5 13390.7 8751.6 712.2 5746.9 3327.2 742.7 1179.8 10408.5 7146.8 766.3 7369.7 4178.6 668.6 1242.1 11914.5 6297.2 787.1 7590.9 4359.8 680.0 1249.5 12291.0 6499.1 788.1 6840.7 4058.1 686.0 1235.7 11610.2 6847.1 798.4 7758.8 4415.8 696.8 1261.9 12331.9 6581.1 811.9 8527.6 4704.8 694.3 1278.3 13102.3 7001.9 830.6 9044.2 5080.1 703.3 1297.8 13497.9 7016.1 832.3 8942.3 5156.5 757.7 1311.2 13427.5 6999.5 834.1 7400.2 4477.7 804.9 1318.5 12496.6 7363.6 852.3 24 25 26 27 28 29 30 13424.7 14341.1 14225.4 14042.6 13925.3 13887.1 13870.0 13901.1 13834.1 13827.7 13766.6 31 12909.8 9862.9 2416.0 230.1 86.4 123.8 190.7 13777.1 10540.4 2555.3 250.7 99.7 127.0 204.0 13796.8 10492.2 2594.1 258.7 117.7 133.2 200.9 13564.7 10345.7 2478.9 264.6 147.8 133.7 194.0 13446.3 10222.3 2406.1 265.7 226.4 134.3 191.5 13381.2 10170.2 2387.5 263.5 237.5 134.7 187.9 13345.0 10099.9 2407.8 260.8 256.3 135.8 184.3 13324.1 10046.4 2434.7 262.3 263.2 136.1 181.4 13214.0 9983.2 2401.9 261.9 251.0 136.4 179.6 13206.6 9935.9 2423.5 260.7 271.7 136.9 177.9 13204.3 9882.2 2464.6 256.1 287.4 137.8 176.1 32 33 34 35 36 37 38 292.1 199.9 325.5 214.5 164.8 236.7 203.0 252.7 196.4 258.0 217.0 263.3 233.7 268.7 278.2 274.1 315.7 279.1 312.8 282.6 251.9 286.0 39 40 22.8 23.9 27.0 22.1 24.6 25.5 22.6 24.7 25.2 25.6 24.4 41 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (8) Consumer credit Municipal securities (9) Bank loans n.e.c. Other loans and advances Commercial mortgages (9) 39 40 Security credit Trade payables (9) Deferred and unpaid life insurance premiums 41 42 Net worth 65171.3 65141.0 52419.8 55112.9 56405.2 55174.3 56368.4 58780.8 59902.9 59798.0 57353.0 42 43 44 45 46 Memo: Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 14440.6 14229.3 211.3 1318.9 14660.2 14445.1 215.1 1404.7 14410.4 14195.4 215.0 1489.5 14130.1 13918.3 211.7 1436.7 14161.9 13950.2 211.7 1435.7 14066.3 13856.4 209.8 1438.7 14094.8 13885.0 209.8 1442.4 14194.4 13983.6 210.8 1450.1 14259.6 14048.3 211.3 1462.5 14336.6 14124.7 212.0 1479.6 14346.6 14135.0 211.6 1495.5 43 44 45 46 9915.7 10423.6 11024.5 10788.8 10991.3 11150.2 11240.4 11336.7 11481.0 11559.2 11565.2 47 657.3 624.9 475.5 510.8 513.2 494.8 501.5 518.5 521.8 517.3 495.9 48 12854.1 10329.8 7041.9 6790.8 7008.0 6996.9 6619.3 6484.7 6283.9 6294.1 6249.5 49 56.6 49.5 40.2 39.6 40.7 40.8 39.6 39.2 38.6 38.8 38.7 50 47 48 49 50 Disposable personal income (SAAR) Household net worth as percentage of disposable personal income (SAAR) Owners’ equity in household real estate (10) Owners’ equity as percentage of household real estate (11) (1) Sector includes farm households, domestic hedge funds, private equity funds, and personal trusts. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22. (9) Liabilities of nonprofit organizations. (10) Line 4 less line 33. (11) Line 49 divided by line 4. 107 Z.1, December 8, 2011 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 With nonfinancial 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 Nonfinancial 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 26816.6 28643.4 26740.7 25495.3 25928.8 26784.0 26676.8 27833.9 28151.8 28322.0 29290.3 1 14163.4 14897.3 13820.5 12173.1 12403.8 13132.5 12734.0 13610.8 13661.8 13602.3 14434.2 2 8698.8 3800.2 1664.4 9145.5 3957.1 1794.7 7944.3 4129.2 1747.0 6494.0 4054.1 1625.0 6717.2 4030.8 1655.8 7425.1 4039.6 1667.8 6960.8 4057.3 1715.9 7762.1 4072.5 1776.3 7728.2 4079.2 1854.3 7611.1 4108.7 1882.5 8428.6 4111.6 1894.0 3 4 5 12653.2 13746.1 12920.2 13322.2 13525.0 13651.5 13942.7 14223.1 14490.0 14719.7 14856.1 6 49.3 150.9 497.0 416.3 15.5 122.7 45.5 15.2 28.1 59.8 57.6 2090.0 180.7 8924.7 50.3 141.9 441.3 544.4 8.1 69.5 38.3 12.8 29.2 41.4 58.6 2253.0 191.1 9866.4 24.7 32.7 381.9 702.6 7.2 57.3 30.5 10.2 26.2 33.6 59.8 2081.1 125.8 9346.7 31.5 159.6 488.8 646.1 7.9 56.0 43.0 14.3 27.1 29.5 57.2 2050.5 190.2 9520.6 38.6 233.0 458.0 568.3 9.0 57.2 49.7 16.6 23.2 28.5 53.5 2104.5 199.2 9685.7 49.4 281.0 438.3 524.3 9.2 63.8 52.2 17.4 20.1 27.5 52.8 2203.3 188.1 9724.1 59.8 344.3 471.3 521.8 6.5 72.5 53.4 17.8 21.3 26.5 52.4 2241.4 206.6 9847.2 72.0 438.2 471.6 517.5 12.2 71.5 43.4 14.5 20.8 25.4 56.0 2189.7 222.9 10067.3 79.0 495.1 522.0 497.4 12.8 76.0 42.8 14.3 20.2 24.4 52.8 2275.9 234.8 10142.5 84.2 551.6 546.1 481.0 12.1 75.7 50.2 16.7 20.0 23.4 53.1 2373.8 236.5 10195.4 89.4 608.0 572.4 458.7 11.5 73.9 50.0 16.7 19.7 22.4 53.1 2407.6 214.7 10258.1 7 8 9 10 11 12 13 14 15 16 17 18 19 20 11781.9 12872.6 13173.3 12843.9 12931.0 12981.3 13128.5 13217.3 13360.4 13448.0 13528.4 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 6063.5 112.5 272.4 3246.7 518.3 1061.7 851.9 6889.2 123.8 341.5 3557.9 609.9 1350.2 906.0 7221.5 131.5 409.7 3762.5 663.6 1405.0 849.3 7004.0 58.4 447.5 4139.7 462.8 1167.2 728.4 7087.2 73.6 456.4 4247.8 462.5 1131.2 715.7 7121.3 82.0 466.9 4305.7 451.1 1119.4 696.2 7217.2 97.9 470.3 4433.4 446.6 1090.8 678.1 7300.4 82.9 482.3 4560.3 454.9 1066.8 653.2 7409.0 110.5 485.4 4658.3 463.5 1057.0 634.3 7532.5 106.9 491.4 4770.1 472.8 1078.1 613.3 7630.9 124.7 490.3 4843.5 487.2 1089.5 595.6 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1813.0 85.4 3819.9 1898.9 35.8 4048.6 1669.0 39.0 4243.9 1582.0 35.7 4222.2 1628.0 49.5 4166.4 1651.4 43.9 4164.7 1707.6 47.3 4156.5 1744.3 39.3 4133.2 1790.8 57.4 4103.2 1857.1 47.1 4011.2 1919.2 53.9 3924.3 29 30 31 32 Net worth (market value) 15034.7 15770.8 13567.4 12651.4 12997.7 13802.7 13548.2 14616.6 14791.4 14874.0 15761.9 32 164.8 6218.9 170.8 6611.9 172.7 7168.5 171.4 6807.8 171.6 6833.7 170.2 6879.1 170.4 6929.0 171.4 6999.9 172.0 7092.4 172.7 7208.6 172.6 7320.0 33 34 14602.3 40.3 41.5 97.1 15730.7 43.7 43.8 99.7 10016.6 53.2 72.1 73.8 12494.7 55.4 56.1 98.8 12914.4 54.5 54.9 99.4 11488.3 51.6 62.0 83.2 12905.5 53.3 55.9 95.3 14422.3 49.9 50.6 98.7 15338.7 50.1 48.3 103.7 15247.7 50.6 49.4 102.5 12896.4 48.4 59.2 81.8 35 36 37 38 21233.8 22813.1 22358.9 22787.2 23059.9 23377.2 23754.1 24126.9 24574.2 24921.9 25182.8 39 8580.5 3538.2 3428.1 1614.2 9067.0 3822.9 3580.5 1663.6 9438.7 4124.9 3684.3 1629.5 9465.0 4311.9 3660.3 1492.7 9534.9 4341.7 3664.2 1529.0 9725.6 4503.4 3675.4 1546.8 9811.3 4524.9 3691.4 1595.1 9903.8 4572.1 3709.0 1622.7 10084.2 4638.9 3728.8 1716.5 10202.2 4689.7 3749.7 1762.8 10326.7 4724.4 3775.3 1826.9 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 nonfinancial assets stated at historical cost: 39 40 41 42 43 Assets (8) Nonfinancial assets Real estate Equipment and software Inventories 44 Net worth (historical cost) (9) 9451.9 9940.5 9185.6 9943.3 10128.8 10395.9 10625.5 10909.6 11213.8 11473.9 11654.4 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 68.7 3064.8 64.2 73.1 3312.0 69.3 76.6 3603.9 78.6 78.8 3786.8 70.4 79.2 3817.6 70.0 79.6 3850.2 68.5 80.0 3884.0 67.9 80.4 3920.2 66.9 80.7 3954.2 66.1 81.1 3992.4 65.6 81.4 4033.4 65.5 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. 108 Z.1, December 8, 2011 B.103 Balance Sheet of Nonfarm Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2006 1 Assets 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 12051.1 12388.6 11287.0 10339.9 10416.7 10677.0 10340.4 10724.5 10701.7 10680.1 11049.1 1 2 Nonfinancial assets 8993.9 8855.5 7658.0 6812.8 6950.7 7257.0 6953.9 7343.4 7321.7 7297.0 7656.2 2 3 4 5 Real estate (1) Residential Nonresidential 8386.9 6278.7 2108.2 8215.4 6001.0 2214.4 6994.6 5084.4 1910.2 6166.2 4623.4 1542.8 6291.1 4702.1 1589.1 6593.2 4863.8 1729.3 6290.5 4667.2 1623.2 6685.4 4874.8 1810.6 6664.4 4879.7 1784.7 6636.4 4883.9 1752.5 6998.6 5049.9 1948.7 3 4 5 6 7 8 Equipment and software (2) Residential (3) Nonresidential 519.4 46.2 473.2 545.7 47.4 498.2 571.4 48.7 522.7 561.1 46.1 514.9 572.4 45.6 526.8 576.1 45.2 530.9 573.1 45.1 528.0 564.5 44.4 520.1 559.7 44.0 515.7 561.6 44.3 517.3 557.9 45.2 512.7 6 7 8 9 Inventories (2) 87.6 94.5 91.9 85.5 87.1 87.8 90.3 93.5 97.6 99.1 99.7 9 10 Financial assets 3057.2 3533.1 3629.0 3527.2 3466.1 3419.9 3386.5 3381.0 3380.0 3383.0 3392.9 10 428.6 344.4 72.2 494.3 359.3 74.3 497.6 358.1 75.4 517.7 353.3 73.7 508.7 347.2 72.4 501.9 342.6 71.5 497.0 339.2 70.8 496.2 338.7 70.7 496.1 338.6 70.6 496.5 338.9 70.7 498.0 339.9 70.9 11 12 13 56.3 5.8 34.6 0.0 59.3 5.3 42.1 0.0 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 45.3 5.0 37.2 0.0 44.7 4.9 36.8 0.0 44.3 4.9 36.4 0.0 44.2 4.9 36.3 0.0 44.2 4.9 36.3 0.0 44.3 4.9 36.4 0.0 44.4 4.9 36.5 0.0 14 15 16 17 470.9 1644.4 66.9 1.9 1575.6 525.6 1972.8 68.6 2.2 1902.0 522.7 2079.4 70.7 4.8 2003.9 496.3 1997.0 71.0 4.8 1921.3 487.7 1962.4 70.9 4.8 1886.8 481.2 1936.3 71.5 5.0 1859.8 476.5 1917.4 71.9 5.0 1840.4 475.8 1914.3 71.6 4.8 1837.9 475.6 1913.7 71.5 4.5 1837.7 476.1 1915.4 72.7 4.9 1837.8 477.4 1921.0 73.5 5.3 1842.2 18 19 20 21 22 4646.8 5228.6 5659.4 5556.1 5462.7 5396.2 5355.1 5354.9 5359.3 5372.7 5403.2 23 3195.6 3650.3 3972.1 3839.4 3746.7 3679.1 3634.9 3627.3 3623.2 3626.1 3644.0 24 742.8 163.9 2288.9 882.3 174.9 2593.1 1000.0 208.1 2764.0 884.4 199.5 2755.5 830.4 197.3 2719.0 804.0 198.0 2677.1 786.9 203.3 2644.7 801.3 203.8 2622.2 811.2 201.2 2610.8 826.5 199.7 2599.9 850.0 202.9 2591.0 25 26 27 349.4 95.7 1006.1 378.7 99.5 1100.0 366.8 106.2 1214.3 369.5 99.9 1247.4 363.1 97.7 1255.2 358.3 96.1 1262.7 354.8 94.9 1270.5 354.2 94.7 1278.7 354.1 94.7 1287.3 354.4 94.8 1297.3 355.4 95.2 1308.6 28 29 30 7404.3 7160.0 5627.6 4783.8 4954.1 5280.8 4985.3 5369.6 5342.4 5307.4 5645.9 31 3025.2 1294.8 3072.5 1369.9 3047.3 1466.4 2993.2 1384.6 2994.0 1387.6 2967.1 1391.5 2967.1 1393.8 2982.0 1396.1 2989.5 1405.0 2999.0 1412.5 2994.1 1414.8 32 33 43.2 51.0 70.6 80.3 75.6 69.7 72.9 67.6 67.8 68.3 64.5 34 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) 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 29. (6) Line 24 divided by line 31. 109 Z.1, December 8, 2011 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2006 1 2 Change in net worth (1) Net investment 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 5275.9 -30.3 -12721.2 2693.1 1292.3 -1230.9 1194.2 2412.3 1122.1 -104.9 -2445.0 1 263.5 699.2 845.5 558.5 214.1 177.1 248.4 325.0 220.3 9.4 339.2 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 733.1 1843.1 1110.0 595.6 1757.4 1161.8 358.1 1559.3 1201.2 164.0 1373.7 1209.7 -15.4 286.3 301.7 44.4 346.3 301.9 77.0 379.9 302.9 94.9 398.9 304.1 2.2 299.3 297.1 57.0 357.0 300.0 97.4 401.2 303.8 3 4 5 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -469.7 771.2 1240.9 103.6 1020.0 916.4 487.4 366.7 -120.6 394.4 211.6 -182.8 229.5 74.6 -155.0 132.7 94.5 -38.2 171.5 154.3 -17.1 230.2 261.4 31.2 218.1 151.1 -67.1 -47.6 -59.4 -11.7 241.8 180.7 -61.1 6 7 8 4990.9 -767.3 -13428.4 1802.3 1072.5 -1372.7 968.4 2147.9 904.1 -136.9 -2788.4 9 526.0 2138.0 354.1 917.7 1055.1 0.0 -2109.5 830.1 198.2 -128.8 442.7 0.0 -3861.7 -3781.5 -1272.0 -1316.6 -3196.6 0.0 -850.8 1571.0 512.8 -836.8 1406.4 -0.3 192.3 273.4 56.8 185.2 365.3 -0.5 79.0 -742.4 -300.4 321.2 -729.8 -0.3 -606.3 923.6 244.6 -273.2 679.9 -0.1 -46.7 852.0 234.7 425.5 682.5 -0.1 -220.8 543.6 144.3 35.7 401.3 -0.0 -70.8 8.7 -24.5 -17.3 -33.0 -0.1 50.6 -1543.9 -592.4 374.5 -1077.0 -0.1 10 11 12 13 14 15 -35.9 -52.1 -32.5 -44.4 -21.9 -22.6 -23.9 -22.5 1.2 29.3 3.5 16 9 10 11 12 13 14 15 16 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 Equity investment under PPIP Holding gains on assets at current cost (2) 17 18 Consumer durable goods Equipment and software -43.2 7.3 -58.1 5.9 -36.3 3.8 -43.3 -1.2 -19.7 -2.3 -22.9 0.2 -24.7 0.8 -23.4 0.9 -0.9 2.0 26.2 3.1 0.6 2.9 17 18 19 Other volume changes (3) 57.5 90.0 -105.8 376.8 27.5 -12.7 1.2 -38.2 -3.5 -6.7 0.6 19 65171.3 9915.7 65141.0 10423.6 52419.8 11024.5 55112.9 10788.8 56405.2 10991.3 55174.3 11150.2 56368.4 11240.4 58780.8 11336.7 59902.9 11481.0 59798.0 11559.2 57353.0 11565.2 20 21 Memo: 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other volume changes (line 19). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.100, line 42. 110 Z.1, December 8, 2011 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2006 1 2 Change in net worth (1) Net investment 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 1746.2 736.1 -2203.5 -916.0 346.3 805.0 -254.5 1068.4 174.7 82.6 887.9 1 -365.7 -641.1 -984.4 396.3 9.8 86.3 30.8 56.3 12.5 -1.5 -16.2 2 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 337.2 1091.2 792.0 -38.0 349.7 1134.7 832.2 -47.2 287.7 1097.3 854.0 -44.5 -103.8 747.6 850.8 0.6 19.5 222.9 209.5 -6.1 31.4 243.2 210.4 1.4 53.9 256.9 211.2 -8.2 61.9 249.0 213.2 -26.2 68.8 256.9 215.2 -27.0 55.1 262.4 218.6 -11.4 48.6 257.0 220.7 -12.3 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -137.3 699.2 836.5 -204.0 1073.3 1277.3 -936.2 -605.5 330.7 564.7 307.3 -257.4 40.4 176.6 136.2 108.5 182.5 74.0 61.0 244.1 183.1 84.6 228.4 143.8 25.5 236.9 211.4 70.7 233.0 162.3 83.5 222.4 138.9 7 8 9 Net corporate equity issues -565.7 -786.8 -336.0 -64.6 -50.1 -53.6 -84.1 -90.2 -81.8 -127.3 -148.3 10 10 11 12 13 Holding gains on assets at market value (2) Real estate Mutual fund shares 1162.5 271.3 -1446.0 -1512.7 223.6 555.1 -446.2 789.9 -69.1 -145.3 783.2 11 1146.7 15.8 261.1 10.1 -1386.9 -59.2 -1536.6 23.9 218.7 4.9 570.4 -15.3 -460.5 14.3 777.7 12.2 -76.7 7.6 -142.8 -2.5 809.2 -26.0 12 13 14 Holding gains on assets less liabilities at current cost (2) 178.2 222.1 5.8 148.3 -4.4 -0.3 21.8 33.4 27.8 17.3 -18.0 14 15 16 17 18 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 136.3 8.3 15.9 -17.7 49.9 54.7 145.1 27.7 100.7 -51.6 -144.4 -101.2 -21.0 29.7 3.1 -136.5 -20.1 15.4 0.0 -0.3 4.6 -4.9 0.0 -0.0 8.7 13.1 0.0 0.0 4.3 23.5 -30.9 -36.5 -6.2 34.0 0.0 0.0 15.5 1.7 0.0 0.0 -15.7 -2.3 0.0 -0.0 15 16 17 18 19 Other volume changes (4) 771.2 883.9 221.2 52.1 117.3 163.9 139.0 188.8 203.6 212.1 138.9 19 15034.7 15770.8 13567.4 12651.4 12997.7 13802.7 13548.2 14616.6 14791.4 14874.0 15761.9 20 Memo: 20 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 less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.102, line 32. 111 Z.1, December 8, 2011 R.103 Change in Net Worth of Nonfarm Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2006 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 825.9 -244.2 -1532.4 -843.7 170.2 326.7 -295.4 384.2 -27.1 -35.1 338.5 1 0.0 0.0 -3.3 -6.0 -1.1 -4.0 -2.0 -0.6 -0.6 -0.9 -0.1 2 68.4 18.2 -281.5 -4.7 17.1 29.9 12.8 -3.0 -19.2 2.1 -11.4 3 135.5 276.2 140.7 124.4 286.3 161.9 53.2 241.1 187.9 -6.1 181.0 187.1 -16.6 29.7 46.3 9.6 55.8 46.3 5.0 51.5 46.5 2.3 49.2 46.8 -13.8 33.3 47.2 12.5 60.2 47.7 9.3 57.4 48.2 4 5 6 -135.5 515.3 650.8 -124.4 475.9 600.3 -49.9 95.9 145.9 12.1 -101.8 -113.9 17.7 -61.1 -78.9 -5.5 -46.1 -40.6 -3.0 -33.4 -30.4 -1.7 -5.5 -3.8 14.4 -1.0 -15.4 -11.6 3.0 14.6 -9.2 9.9 19.1 7 8 9 10 Proprietor’s net investment (2) 68.4 18.2 -284.8 -10.7 16.0 25.9 10.8 -3.6 -19.8 1.2 -11.4 10 11 Holding gains on real estate (3) 793.5 -229.4 -1256.9 -833.5 134.3 303.0 -302.9 397.6 -10.0 -26.2 361.3 11 508.9 284.7 -298.8 69.4 -923.0 -333.9 -457.6 -375.9 81.0 53.2 164.1 139.0 -193.6 -109.3 210.5 187.1 7.9 -17.9 7.6 -33.8 169.7 191.5 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) -35.9 -33.4 10.5 -5.7 20.3 -6.3 -5.3 -10.4 2.1 -11.0 -11.4 14 15 16 17 Residential equipment and software Nonresidential equipment and software Inventories 1.2 -39.8 2.7 -0.4 -38.4 5.4 0.2 10.6 -0.4 -2.8 -4.4 1.5 -0.7 19.9 1.1 -0.7 -5.3 -0.3 -0.3 -6.1 1.1 -0.8 -12.1 2.6 -0.6 -0.6 3.2 0.2 -11.8 0.7 0.7 -12.6 0.6 15 16 17 -0.1 0.3 -1.3 6.1 -0.3 4.0 2.0 0.6 0.6 0.9 0.1 18 7404.3 7160.0 5627.6 4783.8 4954.1 5280.8 4985.3 5369.6 5342.4 5307.4 5645.9 19 18 Other volume changes (4) Memo: 19 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 18). (2) Shown on table F.103, line 30. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 31. 112 Z.1, December 8, 2011 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 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 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 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 1.5 1.6 -0.0 4.4 3.2 1.4 -0.0 7.2 3.0 1.4 0.3 7.2 3.8 1.6 0.4 8.6 2.4 1.2 -0.2 6.6 1.1 2.0 0.1 10.7 3.2 -0.2 0.1 -0.8 0.2 -0.1 -0.1 -0.6 6.1 0.8 0.0 4.1 7.1 0.6 -0.2 3.1 11.8 1.9 -0.1 9.9 10.4 0.5 0.1 2.5 5.8 2.2 -0.3 11.6 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. 113 Z.1, December 8, 2011 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 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 19 20 Liabilities Credit market instruments 21 22 23 24 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.6 11.8 0.3 62.7 82.7 13.1 0.3 70.0 85.7 14.5 0.5 77.2 89.5 16.1 0.9 85.8 91.9 17.3 0.7 92.3 93.0 19.3 0.8 103.0 96.1 19.2 0.9 102.2 96.4 19.1 0.8 101.6 102.4 19.8 0.9 105.7 109.6 20.4 0.7 108.8 121.3 22.3 0.6 118.7 131.7 22.7 0.7 121.2 137.5 24.9 0.4 132.8 21 22 23 24 25 26 Trade payables Miscellaneous liabilities (2) 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 114 Z.1, December 8, 2011 F.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 2008 2009 2010 Q1 Q2 2010 Q3 Q4 Q1 2011 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 4197.0 1488.7 1027.2 420.6 14.7 964.2 144.2 149.2 -11.8 4051.6 1435.7 1038.6 281.0 18.8 992.1 137.5 163.9 -16.0 3703.7 1141.4 1017.9 249.1 14.7 969.0 141.4 185.2 -14.9 3962.8 1193.9 1054.0 387.4 13.3 991.7 144.0 194.1 -15.7 3884.0 1146.4 1040.9 386.4 13.2 980.8 141.2 189.6 -14.7 3927.0 1175.4 1050.6 376.3 13.2 990.6 143.8 192.7 -15.5 4015.4 1212.8 1059.0 406.8 13.0 996.3 145.8 197.6 -16.0 4025.0 1240.9 1065.5 380.2 13.9 999.0 145.4 196.6 -16.5 4106.0 1365.9 1087.4 397.2 14.3 915.9 145.2 195.7 -15.6 4154.4 1396.2 1101.1 394.4 15.3 921.9 144.0 196.1 -14.6 4165.6 1410.0 1099.2 387.8 15.5 925.6 144.7 197.1 -14.5 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 4430.0 2217.8 1701.2 42.2 414.3 54.6 0.0 4737.3 2381.0 1857.9 45.3 400.2 52.9 0.0 4999.7 2412.2 2116.0 53.3 358.6 59.7 0.0 5261.8 2497.5 2259.5 57.3 390.2 57.3 0.0 5188.0 2477.0 2220.5 61.7 372.5 56.4 0.0 5233.2 2497.7 2230.7 52.6 395.4 56.8 0.0 5278.4 2505.6 2268.5 56.9 390.5 57.0 0.0 5347.8 2509.7 2318.3 58.1 402.6 59.1 0.0 5364.3 2530.7 2305.0 56.8 411.7 60.0 0.0 5470.0 2560.4 2324.7 64.9 457.4 62.7 0.0 5416.5 2560.1 2311.2 57.4 423.6 64.1 0.0 10 11 12 13 14 15 16 17 18 19 20 21 Net government saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers (2) -233.0 291.3 0.1 4.7 -2.6 -685.7 311.2 -0.6 4.8 3.0 -1296.0 323.7 0.5 4.9 14.9 -1299.0 334.0 -1.7 4.9 29.8 -1304.0 329.0 -3.4 4.8 18.4 -1306.2 332.5 -1.0 4.9 37.7 -1262.9 335.5 -2.1 4.9 28.1 -1322.8 339.1 -0.4 4.9 34.9 -1258.3 343.8 -2.1 4.4 40.4 -1315.6 349.4 -0.1 4.4 41.4 -1251.0 355.2 0.5 4.5 46.2 17 18 19 20 21 22 = Gross saving less net capital transfers 56.1 -381.7 -992.5 -997.8 -994.8 -1015.3 -958.3 -1023.0 -957.2 -1012.0 -947.0 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets 53.3 456.5 12.5 -447.3 497.2 -5.1 -920.1 505.4 7.3 -929.2 505.3 14.8 -984.8 490.8 14.2 -1246.0 506.9 13.6 -619.8 513.1 16.4 -866.1 510.5 14.9 -1013.1 483.6 15.5 -51.7 478.2 15.3 -1622.6 487.1 15.0 23 24 25 -415.7 92.8 -0.4 20.4 37.6 6.6 13.0 -939.4 520.4 4.2 321.6 17.9 -1.8 -3.5 -1432.8 217.3 51.9 -155.0 11.2 4.1 8.0 -1449.3 338.7 1.6 155.5 -0.4 5.4 10.6 -1489.8 267.4 2.7 154.1 20.5 13.5 26.7 -1766.5 170.2 0.5 208.0 -33.1 -3.6 -7.0 -1149.3 429.7 4.1 81.9 6.6 4.8 9.4 -1391.6 487.6 -1.0 178.2 4.4 6.7 13.1 -1512.2 -690.0 16.3 -831.9 3.7 5.0 9.8 -545.2 -26.8 24.8 13.0 20.9 -2.4 -4.7 -2124.7 -162.6 21.4 -312.0 9.9 -4.5 -8.9 26 27 28 29 30 31 32 65.5 -3.0 37.0 0.5 11.7 15.4 6.7 -2.9 0.7 -0.1 14.5 -32.7 -32.4 3.9 -64.6 44.5 -0.1 -3.1 9.5 12.6 5.2 275.3 13.1 0.6 -59.8 -51.2 239.8 -54.5 124.9 0.3 7.8 21.1 75.0 65.2 16.5 -7.7 -12.9 38.2 23.1 82.4 -26.2 -37.2 0.4 9.8 2.4 130.4 2.7 -13.9 -8.5 10.1 69.3 26.7 163.4 -5.1 15.8 0.9 24.1 23.2 90.6 13.8 -68.4 -6.8 21.6 67.5 -127.5 -82.6 -49.2 -84.3 -0.2 -6.1 -2.3 61.5 -2.0 84.2 -5.2 -20.8 41.2 -11.3 167.7 -27.6 -36.8 0.3 8.9 -8.4 228.1 3.2 -30.1 -11.3 11.0 73.9 111.6 81.2 -22.8 -43.3 0.5 12.3 -2.8 141.4 -4.2 -41.1 -10.8 28.6 94.4 133.9 126.9 -27.2 -35.2 0.3 8.8 20.5 151.5 8.2 40.2 -8.1 4.9 87.4 -144.3 -163.2 -46.2 -172.5 -0.2 -4.3 1.2 71.1 -12.4 53.5 -0.4 -1.7 41.3 -7.9 -100.9 -51.7 -177.7 -0.3 -8.3 -9.6 141.4 5.4 89.6 17.7 -16.3 132.1 9.4 33 34 35 36 37 38 39 40 41 42 43 44 45 508.5 0.0 0.0 -0.7 365.0 -6.0 225.2 -0.4 146.2 0.0 66.4 1.2 76.6 1459.7 0.0 0.0 -0.8 1308.3 -2.4 1291.4 0.2 19.2 0.0 61.8 1.0 89.5 1650.1 47.6 3.0 -0.4 1535.7 -2.8 1427.7 0.1 110.7 0.0 -18.4 1.1 81.4 1788.0 0.0 0.0 -0.3 1635.9 -3.3 1573.2 0.7 65.3 0.0 61.0 0.9 90.6 1757.1 0.0 0.0 0.0 1661.3 -4.0 1593.3 0.3 71.6 0.0 65.3 -0.3 30.9 1936.8 0.0 0.0 -0.0 1822.4 -3.1 1840.8 1.1 -16.3 0.0 32.9 0.7 80.7 1579.0 0.0 0.0 -1.1 1452.9 -2.6 1393.6 0.5 61.5 0.0 53.0 0.7 73.5 1879.2 0.0 0.0 0.0 1606.9 -3.5 1465.1 0.8 144.6 0.0 92.7 2.5 177.1 822.1 0.0 0.0 0.0 677.2 -4.6 780.8 1.2 -100.3 0.0 87.5 0.3 57.2 518.4 0.0 0.0 0.0 796.2 -3.9 907.2 0.2 -107.3 0.0 27.0 1.7 -306.5 1962.1 0.0 0.0 0.0 1430.5 -2.8 1431.4 1.9 -0.0 0.0 67.3 1.2 463.0 46 47 48 49 50 51 52 53 54 55 56 57 58 2.7 65.6 -72.4 -68.7 -10.0 230.7 -338.4 -156.9 55.8 -960.2 675.6 59 -689.5 273.8 -415.7 -1182.9 243.5 -939.4 -1801.4 368.6 -1432.8 -1804.3 355.0 -1449.3 -1794.8 305.1 -1489.8 -1813.1 46.5 -1766.5 -1776.0 626.7 -1149.3 -1833.3 441.8 -1391.6 -1741.9 229.8 -1512.2 -1793.8 1248.6 -545.2 -1738.0 -386.7 -2124.7 60 61 62 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 Net lending (+) or net borrowing (-) Net acquisition of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Open market paper Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (4) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Treasury bills and other Treasury securities (4) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) 59 Discrepancy 60 61 62 Memo: Net govt. saving less fixed investment (6) Adjustment between NIPA and FOF (7) Items to be financed (8) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (2) Table F.9, line 59 less line 12. (3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (4) Excludes transactions with state and local governments. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Line 17 less line 24. (7) Line 18 less the sum of lines 19, 20, 21, 25, and 58. (8) Line 59 plus line 60. 115 Z.1, December 8, 2011 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 Total financial assets 2 3 4 5 6 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 2008 2009 2010 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2666.5 3203.7 3346.6 3683.9 3456.8 3475.8 3585.9 3683.9 3547.2 3544.5 3449.2 1 36.4 113.6 248.8 79.3 156.1 41.9 433.6 266.6 77.5 152.6 94.6 278.5 277.8 81.6 160.6 95.4 433.6 277.4 86.9 171.2 92.2 300.4 284.0 85.0 167.3 89.8 373.4 266.9 84.1 165.5 96.3 391.5 270.4 85.3 167.9 95.4 433.6 277.4 86.9 171.2 102.1 207.5 280.4 88.2 173.6 105.9 230.8 276.0 87.6 172.4 105.0 152.4 280.7 86.5 170.2 2 3 4 5 6 1216.5 1220.4 1460.3 1542.7 1502.3 1479.0 1521.6 1542.7 1575.3 1531.7 1507.2 7 184.3 444.0 5.5 140.7 249.7 98.4 93.9 119.8 488.5 5.4 137.5 259.1 111.0 99.1 65.3 613.4 5.7 145.4 280.2 186.0 164.3 39.1 576.2 6.1 155.2 282.7 316.4 167.0 64.0 617.3 5.9 151.4 286.0 209.8 167.8 51.7 596.3 5.9 149.9 285.5 222.6 167.3 44.8 587.1 6.0 152.1 283.4 280.3 168.1 39.1 576.2 6.1 155.2 282.7 316.4 167.0 32.3 567.4 6.2 157.4 287.8 355.2 169.1 20.8 524.3 6.1 156.3 288.1 370.1 166.0 7.9 479.9 6.0 154.3 285.7 406.1 167.3 8 9 10 11 12 13 14 15 16 Corporate equities Mutual fund shares 108.0 32.8 270.8 32.0 185.0 33.7 150.8 30.9 162.7 35.1 151.1 29.7 151.7 30.2 150.8 30.9 166.6 31.4 170.8 31.2 172.6 30.7 15 16 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 220.5 342.5 112.1 221.1 389.3 97.8 208.3 416.1 150.2 218.4 448.9 227.7 216.5 420.9 190.5 211.7 429.9 194.5 214.8 442.4 213.8 218.4 448.9 227.7 222.9 458.2 240.9 222.5 466.8 248.6 218.7 463.0 262.2 17 18 19 9421.7 10881.1 12528.1 14312.4 13026.1 13380.3 13812.8 14312.4 14572.4 14573.6 15101.8 20 7.7 2.2 27.4 7.5 2.2 26.6 55.4 5.2 26.2 54.4 5.2 25.9 53.6 5.2 26.2 52.2 5.2 26.2 55.0 5.2 25.9 54.4 5.2 25.9 56.0 5.2 25.9 56.5 5.2 25.9 55.2 5.2 25.9 21 22 23 20 Total liabilities 21 22 23 SDR allocations SDR certificates Treasury currency 24 25 26 27 28 29 Credit market instruments Savings bonds Treasury bills and other Treasury securities (2) Budget agency securities Municipal securities Multifamily residential mortgages 7453.2 196.4 4377.7 23.1 2855.9 0.0 8761.5 194.0 5669.1 23.3 2875.0 0.0 10297.2 191.2 7096.8 23.5 2985.7 0.0 11933.1 187.9 8670.0 24.2 3051.1 0.0 10791.9 190.2 7569.5 23.6 3008.6 0.0 11123.1 189.6 7909.4 23.9 3000.2 0.0 11523.2 188.7 8307.0 24.0 3003.5 0.0 11933.1 187.9 8670.0 24.2 3051.1 0.0 12180.2 186.8 8937.8 24.5 3031.2 0.0 12257.6 186.0 9048.8 24.5 2998.3 0.0 12654.0 185.1 9456.7 25.0 2987.2 0.0 24 25 26 27 28 29 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) 791.7 45.4 1094.2 853.4 46.4 1183.5 835.0 47.5 1261.6 896.0 48.4 1349.4 857.9 47.4 1243.8 876.9 47.6 1249.1 886.2 47.8 1269.6 896.0 48.4 1349.4 921.5 48.5 1335.1 937.4 48.9 1242.0 954.1 49.2 1358.1 30 31 32 (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 116 Z.1, December 8, 2011 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 Net acquisition of 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 2008 2009 2010 2010 Q1 Q2 Q3 Q4 Q1 2011 Q2 Q3 -76.4 -82.4 -35.1 -31.9 -48.4 -24.7 -21.5 -33.1 -33.1 -4.2 -26.7 1 0.2 1.6 0.0 0.2 0.1 1.1 0.0 0.1 2.8 3.3 0.0 -0.0 10.1 4.2 0.0 -0.1 7.3 4.0 0.0 -0.1 8.9 4.1 0.0 -0.1 10.8 4.2 0.0 -0.1 13.5 4.5 0.0 -0.1 13.1 4.3 0.0 -0.1 12.0 4.3 0.0 -0.0 12.0 4.3 0.0 -0.1 2 3 4 5 84.8 71.8 114.1 78.6 106.8 67.9 86.6 53.0 39.2 61.7 44.9 6 Open market paper Treasury securities Agency- and GSE-backed securities -4.5 32.8 26.7 10.1 10.1 13.7 -4.1 97.9 -23.4 -5.4 140.2 -97.5 -7.6 85.0 -10.0 -5.5 220.2 -187.5 -4.0 217.4 -166.9 -4.4 38.0 -25.6 -4.2 36.7 -32.7 0.0 66.1 -28.7 0.0 53.4 -28.7 7 8 9 Corporate and foreign bonds Mortgages 30.3 -0.5 38.2 -0.3 44.6 -0.9 42.2 -0.9 40.3 -0.9 41.5 -0.8 40.8 -0.7 46.0 -1.0 40.4 -1.0 25.4 -1.0 21.2 -1.0 10 11 -209.0 20.1 -171.1 15.5 -159.6 -5.2 -120.2 -2.6 -143.8 -9.7 -120.0 12.0 -120.0 -8.0 -96.9 -4.8 -97.6 11.4 -97.6 11.6 -92.6 6.2 12 13 25.6 29.0 -0.2 -3.1 0.0 24.0 -0.1 -23.9 9.6 5.6 -0.4 4.4 -2.0 -1.9 -0.9 0.8 -13.0 -10.4 -2.0 -0.6 2.5 4.0 -0.9 -0.6 4.9 4.0 -0.4 1.4 -2.2 -5.2 -0.2 3.1 -3.4 -5.0 -0.0 1.6 3.8 4.0 -0.0 -0.2 -1.5 4.0 -0.0 -5.5 14 15 16 17 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 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 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 108.1 45.6 95.1 93.1 94.9 112.4 71.0 94.2 111.8 112.7 98.3 1 0.4 3.0 3.4 3.1 0.3 -0.8 2.3 7.2 1.4 1.4 0.6 3.1 1.4 0.2 -0.1 0.9 2.6 -0.1 0.2 0.4 2.9 0.9 0.0 -19.7 0.2 -0.9 -0.4 21.9 -0.2 1.0 -0.2 1.2 0.2 -0.5 -0.2 0.8 1.5 -0.4 -0.2 -16.9 0.2 -0.4 -0.2 3.9 2 3 4 5 17.7 18.9 -2.5 29.4 1.3 29.1 10.8 76.4 41.1 45.2 68.6 6 -0.3 5.9 1.4 0.2 5.3 7.7 -6.4 27.9 -25.7 -6.3 35.8 -0.6 -12.1 38.6 -28.1 -8.7 42.8 -7.0 -0.3 20.8 3.7 -4.2 41.0 28.8 3.4 16.6 10.2 -1.1 23.2 17.2 -1.1 39.8 16.8 7 8 9 9.5 1.2 4.5 1.2 -1.8 3.5 -1.6 2.2 -1.8 4.8 -3.4 5.3 -12.1 -1.3 10.9 0.0 10.9 0.0 5.9 0.0 13.1 0.0 10 11 20.7 68.0 -13.6 20.0 -16.0 95.0 9.1 83.0 9.0 116.0 8.9 96.0 8.6 36.0 10.0 84.0 14.0 80.0 16.8 88.0 10.8 16.0 12 13 -8.1 -2.7 4.7 -10.1 11.3 14.2 0.8 -3.7 12.0 4.5 2.9 4.6 -30.9 -2.5 -0.4 -28.0 -34.5 -17.7 -0.2 -16.6 -5.6 10.6 -0.4 -15.8 -5.3 1.2 -0.4 -6.1 -78.0 -4.0 -0.4 -73.6 -23.6 -4.0 -0.4 -19.2 -21.3 -4.0 -0.4 -16.9 -0.6 -4.0 -0.4 3.8 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: 2 3 4 U.S.-chartered commercial banks Saving institutions Credit unions 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 275.7 247.5 198.6 88.7 -130.8 489.9 -104.3 100.0 -140.0 168.0 ND 1 8.7 13.5 5.0 37.4 6.8 7.2 27.5 3.3 8.7 21.0 5.6 3.0 10.4 6.3 4.5 23.2 11.5 4.1 17.1 3.7 3.3 33.3 0.9 0.2 5.9 3.1 1.1 28.1 -0.1 1.4 ND ND ND 2 3 4 17.9 44.0 119.9 66.6 28.9 46.0 -119.7 240.9 -6.0 -40.0 148.0 57.2 11.9 -23.0 120.7 -50.5 8.0 -40.0 159.2 -279.1 20.1 -8.0 33.0 406.0 14.8 -24.0 207.7 -326.9 4.7 -20.0 83.1 -2.1 -1.0 -20.0 69.7 -198.9 20.0 16.0 69.5 33.1 ND ND ND ND 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) and from the money market fund sector (line 6). 117 Z.1, December 8, 2011 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 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 2008 2009 2010 Q1 Q2 2010 Q3 Q4 Q1 2011 Q2 Q3 2596.0 1853.5 2104.7 2262.0 2170.2 2051.7 2154.3 2262.0 2318.6 2312.3 2122.7 1 5.8 44.0 0.0 5.6 5.9 45.0 0.0 5.8 8.7 48.3 0.0 5.7 18.8 52.5 0.0 5.7 10.5 49.3 0.0 5.7 12.8 50.4 0.0 5.7 15.4 51.4 0.0 5.7 18.8 52.5 0.0 5.7 22.1 53.6 0.0 5.7 25.1 54.7 0.0 5.6 28.1 55.8 0.0 5.6 2 3 4 5 587.6 659.3 773.4 852.0 800.1 817.1 838.7 852.0 861.8 877.2 888.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 1.0 104.6 227.8 11.0 114.8 241.5 6.9 212.7 218.2 1.6 352.8 120.7 5.0 233.9 215.7 3.6 289.0 168.8 2.6 343.3 127.1 1.6 352.8 120.7 0.5 362.0 112.5 0.5 378.5 105.3 0.5 391.9 98.1 7 8 9 Corporate and foreign bonds Mortgages 250.6 3.6 288.7 3.2 333.3 2.3 375.5 1.5 343.4 2.1 353.8 1.9 364.0 1.7 375.5 1.5 385.6 1.2 391.9 1.0 397.2 0.7 10 11 1423.8 338.6 777.1 228.0 805.2 286.3 810.0 323.5 819.1 301.6 702.3 285.0 750.3 303.2 810.0 323.5 831.1 339.3 802.6 341.5 653.3 306.5 12 13 190.7 154.2 1.4 35.1 132.4 119.9 1.3 11.3 177.1 160.5 0.9 15.7 199.4 182.9 0.0 16.5 183.8 167.9 0.4 15.5 178.5 163.0 0.2 15.4 189.6 173.8 0.1 15.7 199.4 182.9 0.0 16.5 205.0 188.0 0.0 16.9 205.6 188.7 0.0 16.9 185.0 169.5 0.0 15.5 14 15 16 17 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. 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 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 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 3814.5 2699.2 3366.3 3849.7 3538.4 3264.1 3574.2 3849.7 4022.5 4034.0 3621.2 1 6.0 23.7 93.5 20.1 6.4 22.9 95.7 27.3 7.7 24.3 96.4 30.5 9.1 24.6 96.3 31.4 8.4 24.3 96.4 30.6 9.1 24.5 96.4 25.6 9.2 24.3 96.3 31.1 9.1 24.6 96.3 31.4 9.2 24.4 96.2 31.6 9.5 24.3 96.2 27.4 9.6 24.2 96.1 28.4 2 3 4 5 273.3 292.1 289.6 319.1 290.0 297.2 299.9 319.1 329.3 340.6 357.8 6 26.0 64.9 68.9 26.1 70.2 76.6 19.7 98.1 50.9 13.4 133.9 50.3 16.7 107.7 43.9 14.5 118.4 42.2 14.5 123.6 43.1 13.4 133.9 50.3 14.2 138.0 52.8 14.0 143.8 57.1 13.7 153.8 61.3 7 8 9 106.9 6.6 111.4 7.8 109.6 11.3 108.0 13.5 109.1 12.5 108.3 13.8 105.3 13.5 108.0 13.5 110.7 13.5 112.2 13.5 115.5 13.5 10 11 1249.5 1772.0 822.7 1138.0 1030.6 1531.0 1202.2 1817.0 1099.1 1628.0 971.6 1499.0 1082.3 1677.0 1202.2 1817.0 1268.8 1909.1 1260.7 1927.3 1061.0 1726.6 12 13 376.4 277.1 45.8 53.4 294.1 197.7 46.7 49.7 356.2 252.3 49.6 54.3 350.1 274.6 49.2 26.3 361.7 262.0 49.5 50.2 340.6 245.0 49.4 46.2 354.0 260.0 49.3 44.7 350.1 274.6 49.2 26.3 353.8 283.2 49.1 21.5 347.9 281.6 49.0 17.3 317.6 250.5 48.9 18.2 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. L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total held at: 2 3 4 U.S.-chartered commercial banks Saving institutions Credit unions 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 4784.0 3585.0 4251.0 4710.0 4390.0 4156.0 4472.0 4710.0 4898.4 4853.3 ND 1 210.7 71.2 58.2 248.1 77.9 65.5 275.5 81.2 74.2 296.5 86.8 77.2 278.1 82.7 75.3 283.9 85.6 76.3 288.2 86.5 77.2 296.5 86.8 77.2 298.0 87.5 77.5 305.1 87.5 77.9 ND ND ND 2 3 4 426.0 220.0 1981.0 1816.9 381.6 266.0 1264.0 1281.9 405.5 226.0 1651.0 1537.6 436.0 203.0 1912.0 1698.5 414.0 216.0 1733.0 1590.8 403.0 214.0 1608.0 1485.1 420.0 208.0 1782.0 1610.1 436.0 203.0 1912.0 1698.5 446.0 198.0 1995.0 1796.3 450.0 202.0 2004.0 1726.9 ND ND ND ND 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) and from the money market fund sector (line 6). 118 Flow of Funds Matrix for 2010 Z.1, December 8, 2011 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Domestic Financial Sectors Rest of the World Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) ---- 1945.0 1210.6 734.5 ---- 1585.8 1064.4 521.4 ---- 257.0 204.0 53.0 ---- -1254.9 130.0 -1384.9 ---- 2533.0 2609.0 -76.0 ---- 298.1 181.3 116.8 ---- 479.9 -479.9 ---- 3311.0 2790.3 520.7 ---- 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 2175.3 1411.3 1016.2 287.7 118.8 --11.3 -------- 1500.0 1198.8 -45.7 1089.6 66.9 -3.4 -------- 286.5 351.0 -8.0 328.5 -14.5 -------- -1215.6 169.1 -1.7 167.1 -0.2 -------- 2746.1 3130.3 1016.2 343.1 1704.0 66.9 0.0 -------- 81.7 186.4 -4.7 181.7 --- -------- 254.1 0.0 ----0.0 -------- 3082.0 3316.6 1016.2 347.8 1885.7 66.9 -- -------- 228.9 -5.7 ------ 11 12 13 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 763.9 584.8 -- ---179.2 301.2 686.2 -- --385.0 -64.6 40.0 -- --104.6 -1384.7 309.2 -- --1694.0 -384.1 1620.2 -- --2004.4 -104.6 -739.0 -- ---634.3 254.1 1082.5 -- --828.3 -234.6 1963.8 -- --2198.4 234.6 --- 14 15 16 17 18 19 20 21 22 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs ---4.3 --144.6 230.6 -184.8 -- ---------- ---40.5 -257.5 -31.9 -131.7 4.3 ---------- -----6.7 -0.4 5.4 10.6 ---------- 1.6 ----148.9 0.1 --- 0.0 0.0 -0.3 ------- 1.6 --44.8 -268.4 198.3 -311.1 14.9 0.0 0.0 -0.3 ------- 0.3 0.0 0.9 8.7 -106.9 -30.5 -99.9 -193.4 -2.3 -----185.8 266.3 116.1 -502.9 -201.3 0.0 ----58.7 29.5 17.7 1.5 -128.6 1.8 --71.7 ------ 1.8 0.0 0.9 53.5 -165.6 267.4 116.1 -502.9 -116.0 1.8 0.0 -0.3 71.7 -185.8 266.3 116.1 -502.9 -201.3 ---1.1 18.1 -20.2 -1.1 ---85.4 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 195.2 28.8 360.1 92.5 59.2 -333.4 --0.6 -11.3 -- -278.4 ----2.3 -76.5 2.4 -310.8 -44.2 9.5 15.5 -1.5 0.1 -6.5 ----5.7 7.5 77.0 24.5 --34.7 420.6 -109.5 -88.6 -204.7 -- 7.7 -26.2 9.7 10.0 0.4 9.5 --4.2 -- 66.2 ---65.3 --0.9 --- 85.3 ---47.2 -0.3 -3.5 -1.8 130.4 1580.2 -1579.6 0.7 ----0.0 -- 297.6 18.1 368.3 55.5 53.1 -323.6 -2.9 -14.6 137.9 1445.1 24.5 1579.6 0.7 97.7 420.6 -33.0 -85.3 -515.5 -44.2 -253.4 -98.9 557.1 -12.6 28.6 264.6 -105.4 -210.7 -494.0 -182.1 -968.5 -101.7 --46.9 --591.8 -90.2 -144.7 6.9 -- 520.5 0.8 654.2 -89.1 16.0 -39.4 --22.0 --- 88.2 -2.7 ---72.8 17.9 0.2 --- 564.8 -79.9 1579.6 -46.2 97.7 -98.4 -105.4 -229.8 -508.6 -44.2 564.8 -79.9 1579.6 -46.2 97.7 -98.4 -105.4 -229.8 -508.6 -44.2 ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -148.7 290.6 -25.7 --21.4 75.2 -16.7 110.0 -- -278.0 -140.8 -- -28.9 -8.5 10.8 -- --38.4 -- 15.1 --0.7 -- --22.6 -- -162.6 298.8 120.1 25.7 -278.0 -223.2 75.2 0.9 71.9 -8.6 97.9 190.1 388.6 -52.0 48.4 152.9 18.0 19.4 0.0 79.1 -27.8 0.0 -8.7 388.6 130.9 123.6 -8.7 388.6 199.0 123.6 --68.1 -- 37 38 39 40 41 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 17.2 208.9 -46.0 44.4 ----2.7 ----411.2 ---1.5 45.6 401.0 --6.7 -30.1 ------ --62.5 --3.5 0.9 ---90.6 17.2 208.9 69.3 46.0 482.3 0.9 --1.5 45.6 494.2 -----224.7 16.4 208.9 13.0 0.4 28.0 ----510.3 ----559.8 17.2 208.9 69.3 46.0 767.9 17.2 208.9 11.5 46.0 1081.9 ---57.8 -314.0 42 Sector discrepancies (1 less 4) -230.2 -- 85.7 -- -29.4 -- -39.2 -- -213.2 -- 216.4 -- 225.7 -- 228.9 -- 228.9 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 2010 Z.1, December 8, 2011 (Billions of dollars; All Sectors -- Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Domestic Financial Sectors Rest of the World 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 49244.5 --- -13901.1 13901.1 17689.0 --- -40229.5 18819.0 2631.9 --- -3734.3 3734.3 1570.0 --- -11096.1 11096.1 71135.4 --- -68961.0 47550.6 64360.1 --- -64842.6 60496.6 17163.2 --- -14214.5 9728.9 152658.7 --- -148018.2 117776.2 -4640.5 --- 4 5 6 7 8 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims ---54.8 -- ------ ---72.0 -- ------ ------ ------ 95.4 ----- 54.4 5.2 25.9 --- 95.4 --126.8 -- 54.4 5.2 25.9 --- 37.0 5.2 43.5 105.9 1019.6 ----1091.6 54.4 ---10.2 121.4 --912.3 -- 186.8 5.2 43.5 232.7 1029.8 175.8 5.2 25.9 912.3 1091.6 -11.0 --17.6 679.6 61.8 9 10 11 12 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 185.6 6420.6 1127.3 -- ----- 963.3 810.3 588.2 12.2 ----- 91.5 275.5 86.9 171.2 ----- 342.1 2.0 --- ----- 1582.5 7508.3 1802.4 183.4 ----- 381.1 676.5 871.6 846.9 2359.8 8432.4 2755.3 1227.4 390.5 247.7 81.3 -98.6 ----- 2354.1 8432.4 2755.3 931.7 2359.8 8432.4 2755.3 1227.4 5.7 --295.6 13 14 15 16 17 18 19 20 21 22 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 5316.4 63.4 1115.9 215.4 1957.6 1847.7 -26.2 90.2 -- 13324.1 ---262.3 -263.2 136.1 10227.8 2434.7 317.0 71.5 87.6 14.5 25.7 ---61.8 56.0 11156.4 82.9 --482.3 4560.3 1314.5 1304.8 3411.6 -- 1306.2 39.1 503.6 427.0 6.1 154.3 --176.1 -- 3065.5 ---3051.1 --14.4 --- 754.5 --149.2 -0.9 -181.4 106.6 316.4 9385.6 -9361.5 24.2 ----0.0 -- 7694.2 174.0 1707.1 806.1 1989.4 2002.9 -207.6 434.6 372.4 36931.6 82.9 9361.5 24.2 3795.6 4560.3 1577.7 1455.3 13639.4 2434.7 37287.9 691.1 3269.1 5714.7 1733.2 6982.3 1874.1 1582.6 13378.6 2062.3 14153.1 575.9 -7574.0 -5175.0 181.3 473.2 173.8 -- 8375.8 192.3 4385.3 1077.3 73.0 2487.4 -160.4 --- 2273.1 398.6 ---1737.3 115.1 22.1 --- 53357.9 1057.5 9361.5 7598.2 3795.6 11472.5 1874.1 1950.6 13813.2 2434.7 53357.9 1057.5 9361.5 7598.2 3795.6 11472.5 1874.1 1950.6 13813.2 2434.7 ----------- 23 24 25 26 Corporate equities Mutual fund shares Trade credit Security credit 8527.6 4704.8 -694.3 --274.1 278.2 -222.9 2665.5 -- 14422.3 -2116.6 -- 109.9 30.9 175.4 -- --668.8 -- 40.9 -42.9 -- --227.1 -- 8678.4 4958.7 2883.9 694.3 14422.3 -3286.8 278.2 11500.0 2609.2 135.6 520.5 4332.2 7934.5 18.1 936.6 3061.7 366.6 116.1 0.0 4485.6 -98.4 0.0 23240.1 7934.5 3135.6 1214.8 23240.1 7934.5 3403.2 1214.8 --267.6 -- 27 28 29 30 31 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 1278.3 13102.3 -7001.9 830.6 ----24.7 ----12037.6 --134.1 6988.1 5411.9 --298.0 -86.3 ------ --150.8 -141.4 48.4 ---1349.4 1278.3 13102.3 448.9 7001.9 13095.8 48.4 -134.1 6988.1 6786.0 ----8319.5 1229.9 13102.3 -82.0 13.8 7337.7 ----4557.5 ----6323.8 1278.3 13102.3 448.9 7001.9 25972.8 1278.3 13102.3 52.0 7001.9 20447.5 ---396.8 --5525.3 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 (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. 119 120 Z.1, December 8, 2011 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 2006 2007 2008 2009 2010 Q1 1 Assets Q2 Q3 Q4 Q1 2011 Q2 Q3 78596.0 79482.1 66645.2 69155.5 70330.5 69061.4 70238.4 72681.9 73737.0 73625.7 71119.6 1 2 Nonfinancial assets 29552.2 27985.1 24449.5 23723.4 23878.1 23965.5 23413.2 23437.5 23216.6 23230.7 23382.8 2 3 Financial assets 49043.8 51497.0 42195.6 45432.1 46452.4 45095.9 46825.2 49244.5 50520.4 50395.0 47736.8 3 6759.0 4337.8 7408.6 4931.3 8016.6 4860.9 7882.9 5091.4 7806.4 5187.6 7713.7 5306.0 7718.1 5249.0 7788.3 5316.4 7781.9 5266.7 7931.1 5035.1 8028.7 4994.4 4 5 20368.2 20950.7 12444.7 15932.2 16590.2 14790.1 16605.4 18292.0 19389.3 19230.5 15989.4 6 9652.6 9636.8 5746.9 7369.7 7590.9 6840.7 7758.8 8527.6 9044.2 8942.3 7400.2 7 10715.6 11314.0 6697.9 8562.5 8999.2 7949.3 8846.6 9764.4 10345.1 10288.1 8589.2 8 1334.7 4155.6 1729.9 2425.7 2129.0 138.1 2958.1 1466.8 4260.5 1660.7 2599.8 2221.0 149.1 3216.5 956.9 2471.9 903.5 1568.5 1338.3 85.6 1845.1 1220.3 3055.6 975.2 2080.3 1684.5 119.4 2482.7 1285.7 3206.2 999.0 2207.2 1778.7 127.8 2600.8 1173.8 2813.5 862.4 1951.1 1570.0 112.6 2279.5 1291.4 3123.3 926.4 2196.9 1741.0 125.6 2565.3 1420.5 3437.1 1004.3 2432.8 1939.0 143.7 2824.1 1505.1 3612.1 1034.9 2577.2 2025.4 152.1 3050.4 1504.4 3574.1 1004.5 2569.5 2008.0 152.9 3048.9 1366.0 3032.0 818.8 2213.1 1648.5 124.1 2418.6 9 10 11 12 13 14 15 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 8 Indirectly held 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 17578.8 18206.4 16873.5 16525.6 16868.3 17286.1 17252.8 17847.7 18082.5 18198.4 18724.3 16 17 Liabilities 13424.7 14341.1 14225.4 14042.6 13925.3 13887.1 13870.0 13901.1 13834.1 13827.7 13766.6 17 18 Net worth 65171.3 65141.0 52419.8 55112.9 56405.2 55174.3 56368.4 58780.8 59902.9 59798.0 57353.0 18 16487.8 17047.6 10190.6 13258.3 13797.6 12344.9 13924.1 15333.6 16313.4 16202.6 13509.4 19 25.9 41.5 26.4 40.7 18.7 29.5 23.0 35.1 23.6 35.7 21.4 32.8 23.6 35.5 25.2 37.1 26.3 38.4 26.1 38.2 22.5 33.5 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 11, 13 and part of line 14) 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