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For use at 12:00 noon, eastern time June 11, 2015 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts First Quarter 2015 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits rose to $84.9 trillion during the first quarter of 2015. The value of directly and indirectly held corporate equities increased $487 billion and the value of real estate rose $503 billion. grew 5.6 percent, while mortgage debt (excluding charge-offs) declined 0.3 percent at an annual rate. Nonfinancial business debt rose at an annual rate of 6.6 percent in the first quarter, a somewhat smaller increase than in the previous quarter. As in recent years, corporate bonds accounted for most of the increase. Domestic nonfinancial debt outstanding was $41.7 trillion at the end of the first quarter of 2015, of which household debt was $13.6 trillion, nonfinancial business debt was $12.2 trillion, and total government debt was $16.0 trillion. State and local government debt increased at an annual rate of 4.8 percent in the first quarter, up from an annual rate of 1.1 percent in the previous quarter. Domestic nonfinancial debt growth was 2.8 percent at a seasonally adjusted annual rate in the first quarter of 2015. Federal government debt declined 0.4 percent at an annual rate in the first quarter, after increasing 5.4 percent at an annual rate in the previous quarter. Household debt increased at an annual rate of 2.2 percent in the first quarter of 2015. Consumer credit Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt2 Year Household net worth1 Total Households Businesses State and local gov’ts Federal government 2005 61,853 9.0 11.2 8.1 5.8 7.0 2006 66,300 8.4 10.2 9.8 3.9 3.9 2007 66,722 8.2 7.1 12.4 5.5 4.9 2008 56,492 6.2 1.1 5.8 0.6 24.2 2009 58,270 3.3 0.0 -4.3 4.0 22.7 2010 62,458 4.1 -1.1 -0.9 2.3 20.2 2011 63,879 3.6 -0.2 3.0 -1.7 11.4 2012 69,864 5.0 1.5 4.8 -0.2 10.9 2013 79,262 3.8 1.6 5.1 -1.3 6.5 2014 83,296 4.3 2.9 6.0 -0.5 5.4 Q1 72,619 4.1 0.7 3.5 1.9 9.1 Q2 74,211 3.0 1.6 4.9 -0.2 3.5 Q3 76,628 3.6 3.2 7.2 -3.7 2.6 Q4 79,262 4.4 0.7 4.4 -3.3 10.5 Q1 80,327 4.2 2.3 6.0 -1.3 6.0 Q2 81,724 3.5 3.7 4.9 1.2 2.5 Q3 81,650 4.4 2.9 5.0 -2.8 7.2 Q4 83,296 4.9 2.8 7.7 1.1 5.4 Q1 84,925 2.8 2.2 6.6 4.8 -0.4 2013: 2014: 2015: 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown at an annual rate. ii iii Release Highlights First Quarter 2015 Topic Description Detail on 529 Plans New memo items showing households’ assets held in 529 college savings plans and prepaid tuition plans are now included on the balance sheet of households and nonprofit organizations (table B.101). Additionally, table B.101 now includes a memo item for households’ assets held in individual retirement accounts (IRAs), which is also shown on the pension entitlements instrument tables (tables F.226 and L.226). Nonfinancial corporate business benchmark Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2013:Q1 forward, to reflect new advance data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2013. Nonfinancial noncorporate business benchmark Data for the noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised from 2011:Q1 forward to reflect the 2011 and 2012 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI). FEDS Notes The following FEDS Notes have recently become available: "Defined-Contribution Pension Plans for State and Local Government Employees in the Financial Accounts of the United States" (Matthew Hoops, Irina Stefanescu, and Ivan Vidangos), "Deleveraging and Recent Trends in Household Debt" (Ivan Vidangos), and "The Federal Reserve’s Overnight and Term Reverse Repurchase Agreement Operations in the Financial Accounts of the United States" (Ralf R. Meisenzahl). FEDS Notes are available on the Federal Reserve Board's website at www.federalreserve.gov/econresdata/notes/feds-notes /default.html. Seasonally unadjusted NIPA flows for non-government sectors In 2007, BEA discontinued producing seasonally unadjusted flow data for non-government NIPA series. Later historical revisions to the seasonally adjusted time series made the previously recorded unadjusted flow series out of date. To align the Financial Accounts data for these NIPA series with that published by BEA, we have recalculated the quarterly rate unadjusted flow component to equal the seasonally adjusted annual rate flow series published by BEA, divided by four. New series mnemonic two-letter prefix The two-letter prefix on level series mnemonics for real estate have been changed from “FL” to “LM” to signify that these series are recorded at market value. At this time, the mnemonics of calculated series that include components with mixed valuation have not been changed. Work to update the mnemonics of other market value series is ongoing. Expansion of international data submissions The "International Data Submissions" page of the "Financial Accounts Guide" includes two new tables and SDMX files for the U.S. Public Sector Debt statistics for general government and central government. These data are disseminated for the joint use of the World Bank, the International Monetary Fund, and the Organisation for Economic Co-operation and Development. iv v Explanatory Notes Financial Accounts of the United States The Statistical Release Z.1, “Financial Accounts of the United States,” is organized into the following sections: ■ ■ ■ ■ ■ Matrices summarizing flows and levels across sectors, and tables summarizing credit market borrowing, gross domestic product (GDP), national income, saving, and so on Flow of funds, by sector and by financial instrument Levels of financial assets and liabilities, by sector and by financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables providing additional detail on selected sectors Integrated Macroeconomic Accounts The Integrated Macroeconomic Accounts (IMA) relate production, income, saving, and capital formation from the national income and product accounts (NIPA) to changes in net worth from the “Financial Accounts” on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and the Bureau of Economic Analysis and are based on international guidelines and terminology as defined in the System of National Accounts (SNA1993, revised in 2008). Federal Reserve Board staff have taken many steps over the past several years to conform the “Financial Accounts” with the SNA guidelines. Nonetheless, a few important differences remain. In particular, in the “Financial Accounts”: ■ ■ ■ liability in existence at a point in time. In the “Financial Accounts,” the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the “economic flow,” and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure changes in market value of untraded assets; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In the “Financial Accounts,” “flow of funds” refers to the exchange of assets, corresponding to the SNA definition of transactions, that is, “flow tables” in the “Financial Accounts” are equivalent to “transaction tables” in the SNA terminology. In practice, other volume changes are relatively rare, and revaluations occur only for series carried at market value (such as corporate equities and mutual fund shares), so for many series the change in the level is equal to the flow. Growth Rates Growth rates calculated from levels will include revaluations and other changes in volume. To isolate the effect of transactions on growth of a given asset or liability, users should calculate the ratio of the flow in a given period to the level in the preceding period. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels printed in table L.2 may differ from those in table D.1. Seasonal Adjustment The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate businesses (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Most debt securities are recorded at book value rather than market value. Concepts of Level and Flow in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the stock or outstanding) measures the value of the asset or Seasonal factors are recalculated and updated every year, and these revised factors are first published in the September release of second-quarter data. All series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of data. Because the effects of the recent financial crisis resulted in large outliers in some series that would have distorted the estimated seasonal factors, seasonal factors for some series were extrapolated using pre-crisis data. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted flows. vi Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the “Financial Accounts,” major revisions are highlighted at the beginning of the publication. Discrepancies The data in the “Financial Accounts” come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. Financial Accounts Guide Substantially more detail on the construction of the “Financial Accounts” is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the “Financial Accounts.” The guide allows users to search for series, browse tables of data, and identify links among series within these accounts. It also provides descriptions of each of the published tables and information on the source data underlying each series. The guide is not part of the quarterly release, but it is continually updated and kept consistent with the most recently published data. The guide and the data from the “Financial Accounts” are available free of charge online: www.federalreserve.gov/apps/fof Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. The relationships between different components of a series (for example, levels, seasonally adjusted annual rate flows, unadjusted flows, revaluations, other changes in volume, seasonal factors, and so on) are also described on the series structure page. Production Schedule The “Financial Accounts” are published online and in print four times per year, about 10 weeks following the end of each calendar quarter. The publication and the guide are available online: www.federalreserve.gov/releases/Z1 This website provides coded tables and historical annual tables beginning in 1945 that correspond with the tables published in this release. It also includes compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program at: www.federalreserve.gov/datadownload/default.htm Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 vii Description of Most Recent Data Available Sector Table National income and product accounts (NIPA) Available at time of publication Second estimate, seasonally adjusted, for 2015:Q1. Unadjusted flows through 2013:Q4 for the government sectors. (various tables) Households and nonprofit organizations sector (tables F.101 and L.101) 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 2015:Q1. The source for nonprofit organizations data (tables F.101.a and L.101.a) is the Internal Revenue Service Statistics of Income (IRS/SOI). Data for nonprofit organizations are available for 1987 through 2000. Nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2014:Q4 (preliminary); Internal Revenue Service Statistics of Income data through 2013; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2015:Q1. Corporate farm data through 2013. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2012; bank and finance company loans, and mortgage borrowing through 2015:Q1. Noncorporate farm data through 2013. 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 2015:Q1. State and local governments (tables F.107 and L.107) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2015:Q1; total financial assets through 2013:Q2 from the Census Bureau; breakdown of financial assets through 2011:Q2 from the comprehensive annual financial reports of state and local governments. Monetary authority (tables F.109 and L.109) All data through 2015:Q1. U.S.-chartered depository institutions (tables F.111 and L.111) All data through 2015:Q1 Foreign banking offices in U.S. (tables F.112 and L.112) All data through 2015:Q1. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2015:Q1. Credit unions (tables F.113 and L.113) All data through 2015:Q1. Property-casualty insurance companies (tables F.115 and L.115) Preliminary data through 2015:Q1. viii Sector Table Available at time of publication Life insurance companies (tables F.116 and L.116) Preliminary data through 2015:Q1. Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor Form 5500 data through 2012. Investment Company Institute data through 2014:Q4. Federal government retirement funds (tables F.119 and L.119) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2015:Q1. State and local government employee retirement funds (tables F.120 and L.120) Detailed annual survey data through 2013:Q2 and quarterly survey data through 2014:Q4 from the Census Bureau. Investment Company Institute data through 2014:Q4. Money market mutual funds (tables F.121 and L.121) All data through 2015:Q1. Mutual funds (tables F.122 and L.122) All data through 2015:Q1. Closed-end funds (tables F.123 and L.123) All data through 2015:Q1. Exchange-traded funds (tables F.123 and L.123) All data through 2015:Q1. Government sponsored enterprises (GSEs) (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, Farmer Mac, FCS, and FHLB, FICO, and REFCORP through 2015:Q1. Agency- and GSE-backed mortgage pools (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie Mae through 2015:Q1. 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 2015:Q1. Finance companies (tables F.127 and L.127) All data through 2015:Q1. Real estate investment trusts (REITs) (tables F.128 and L.128) Data from SNL Financial through 2015:Q1. Security brokers and dealers (tables F.129 and L.129) Data for firms filing FOCUS and FOGS reports through 2015:Q1. Holding companies (table F.130 and L.130) All data through 2015:Q1. Funding corporations (tables F.131 and L.131) Estimates for this sector are largely residuals and are derived from data for other sectors. Rest of the world (tables F.132 and L.132) Balance of payments and International Investment Position data through 2014:Q4. NIPA estimates, bank Call Reports, and Treasury International Capital System data through 2015:Q1. ix List of Data Tables Title Table Page Summaries Flow of Funds Matrix—Flows 1 Flow of Funds Matrix—Assets and Liabilities 2 Credit Market Debt Growth by Sector D.1 3 Credit Market Borrowing by Sector D.2 4 Credit Market Debt Outstanding by Sector D.3 5 Total Credit Market Borrowing and Lending F.1 6 Credit Market Borrowing by Nonfinancial Sectors F.2 7 Credit Market Borrowing by Financial Sectors F.3 7 Credit Market Borrowing, All Sectors, by Instrument F.4 8 Total Liabilities and Its Relation to Total Financial Assets F.5 8 Credit Market Debt Outstanding L.1 9 Credit Market Debt Owed by Nonfinancial Sectors L.2 10 Credit Market Debt Owed by Financial Sectors L.3 10 Credit Market Debt, All Sectors, by Instrument L.4 11 Total Liabilities and Its Relation to Total Financial Assets L.5 11 Distribution of Gross Domestic Product F.6 12 Distribution of National Income F.7 13 Saving and Investment F.8 14 Net Capital Transfers F.9 15 Derivation of Measures of Personal Saving F.10 16 Assets and Liabilities of the Personal Sector L.10 17 Flows Title Levels Table Page Table Page F.100 18 L.100 76 Households and Nonprofit Organizations F.101 19 L.101 77 Nonfinancial Business F.102 20 L.102 78 Nonfinancial Corporate Business F.103 21 L.103 79 Nonfinancial Noncorporate Business F.104 22 L.104 80 Sectors Domestic Nonfinancial x Sectors General Government F.105 23 L.105 81 Federal Government F.106 24 L.106 82 State and Local Governments F.107 25 L.107 83 F.108 26 L.108 84 Monetary Authority F.109 27 L.109 85 Private Depository Institutions F.110 28 L.110 86 U.S.-Chartered Depository Institutions F.111 29 L.111 87 Foreign Banking Offices in U.S. F.112 30 L.112 88 Banks in U.S.-Affiliated Areas F.113 31 L.113 89 Credit Unions F.114 31 L.114 89 Property-Casualty Insurance Companies F.115 32 L.115 90 Life Insurance Companies F.116 33 L.116 91 Life Insurance Companies: General Accounts F.116.g 34 L.116.g 92 Life Insurance Companies: Separate Accounts F.116.s 34 L.116.s 92 F.117 35 L.117 93 F.118 36 L.118 94 Private Pension Funds: Defined Benefit Plans F.118.b 37 L.118.b 95 Private Pension Funds: Defined Contribution Plans F.118.c 37 L.118.c 95 F.119 38 L.119 96 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 39 L.119.b 97 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 39 L.119.c 97 F.120 40 L.120 98 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 41 L.120.b 99 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 41 L.120.c 99 Money Market Mutual Funds F.121 42 L.121 100 Mutual Funds F.122 42 L.122 100 Closed-End and Exchange-Traded Funds F.123 42 L.123 100 Government-Sponsored Enterprises F.124 43 L.124 101 Agency- and GSE-Backed Mortgage Pools F.125 43 L.125 101 Issuers of Asset-Backed Securities F.126 44 L.126 102 Finance Companies F.127 44 L.127 102 Domestic Financial Private and Public Pension Funds Private Pension Funds Federal Government Employee Retirement Funds State and Local Government Employee Retirement Funds xi Sectors Real Estate Investment Trusts (REITs) F.128 45 L.128 103 Equity Real Estate Investment Trusts F.128.e 46 L.128.e 104 Mortgage Real Estate Investment Trusts F.128.m 46 L.128.m 104 Security Brokers and Dealers F.129 47 L.129 105 Holding Companies F.130 48 L.130 106 Funding Corporations F.131 49 L.131 107 F.132 50 L.132 108 Rest of the World Instruments U.S. Official Reserve Assets and SDR Allocations F.200 51 L.200 109 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 51 L.201 109 U.S. Deposits in Foreign Countries F.202 51 L.202 109 Net Interbank Transactions F.203 52 L.203 110 Checkable Deposits and Currency F.204 53 L.204 111 Time and Savings Deposits F.205 54 L.205 112 Money Market Mutual Fund Shares F.206 54 L.206 112 Federal Funds and Security Repurchase Agreements F.207 55 L.207 113 Open Market Paper F.208 56 L.208 114 Treasury Securities F.209 57 L.209 115 Agency- and GSE-Backed Securities F.210 58 L.210 116 Municipal Securities and Loans F.211 59 L.211 117 Corporate and Foreign Bonds F.212 60 L.212 118 Corporate Equities F.213 61 L.213 119 Mutual Fund Shares F.214 61 L.214 119 Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 120 Other Loans and Advances F.216 63 L.216 121 Total Mortgages F.217 64 L.217 122 Home Mortgages F.218 65 L.218 123 Multifamily Residential Mortgages F.219 65 L.219 123 Commercial Mortgages F.220 66 L.220 124 Farm Mortgages F.221 66 L.221 124 Consumer Credit F.222 67 L.222 125 Trade Credit F.223 68 L.223 126 Security Credit F.224 68 L.224 126 Life Insurance Reserves F.225 68 L.225 126 xii Instruments Pension Entitlements F.226 69 L.226 127 Taxes Payable by Businesses F.227 69 L.227 127 Proprietors' Equity in Noncorporate Business F.228 69 L.228 127 Direct Investment F.229 70 L.229 128 Total Miscellaneous Financial Claims F.230 71 L.230 129 Identified Miscellaneous Financial Claims—Part I F.231 72 L.231 130 Identified Miscellaneous Financial Claims—Part II F.232 73 L.232 131 Unidentified Miscellaneous Financial Claims F.233 74 L.233 132 Sector Discrepancies F.11 75 Instrument Discrepancies F.12 75 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.101 133 R.101 136 Nonfinancial Corporate Business B.103 134 R.103 137 Nonfarm Noncorporate Business B.104 135 R.104 138 Balance Sheet and Changes in Net Worth Flows Title Table Levels Page Table Page Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail Nonprofit Organizations F.101.a Title 140 B.101.e 139 L.101.a 141 Table Page Total Economy—Current Account S.1.a 142 Selected Aggregates for Total Economy and Sectors S.2.a 143 Households and Nonprofit Institutions Serving Households S.3.a 145 Nonfinancial Noncorporate Business S.4.a 148 Nonfinancial Corporate Business S.5.a 151 Financial Business S.6.a 154 Federal Government S.7.a 157 State and Local Governments S.8.a 160 Rest of the World S.9.a 163 Integrated Macroeconomic Accounts for the United States Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 37 38 39 40 41 42 43 -357.8 45.3 548.5 -50.6 --15.2 28.5 520.0 -53.5 -477.1 -0.1 -174.7 -89.6 -66.0 -131.9 --1.6 -7.4 -5.7 ----5.4 -113.9 406.0 -33.6 -- 844.3 1265.4 -- 2655.6 1811.3 1229.1 452.4 137.1 --7.3 ---- U (1) -- ------1.2 --3.1 30.4 386.4 ----4.8 -120.2 2.9 49.6 218.4 ---------- --421.1 -------- 2297.8 1429.0 868.8 S (2) Households and Nonprofit Organizations 325.2 ----330.3 -291.2 -15.3 140.4 -- -11.8 -6.6 -1.7 2.5 -8.2 ---3.6 -1.3 ----6.0 -99.0 37.8 10.3 4.7 -309.1 911.2 -- 1733.0 2042.1 -99.2 1859.1 82.0 1.8 ---- U (3) -- --6.8 48.3 -80.7 679.4 -387.5 -109.4 -- 683.1 37.9 ---0.1 264.9 157.0 72.6 150.7 -- ---------- --1220.3 -------- 2058.2 1575.4 482.9 S (4) Nonfinancial Business Flow of Funds Matrix for 2014 -16.5 --6.5 ---11.4 5.5 2.8 7.7 -- 73.2 -5.0 68.6 -15.0 0.8 10.3 --13.5 -- -----16.0 10.4 12.4 10.3 -235.1 156.2 -- 108.9 343.9 -5.3 330.4 -8.3 ---- U (5) -- ------364.2 --40.7 -- -13.7 ----14.0 --0.4 --- ---------- --391.3 -------- 92.3 245.5 -153.1 S (6) State and Local Governments -53.7 --53.0 ---12.5 -1.6 --2.7 -- 115.2 --0.0 --0.0 -2.4 1.7 111.1 -3.8 ----60.8 0.2 --- -559.6 233.6 -- -308.5 251.1 -1.5 252.4 --2.8 ---- U (7) -- 0.8 -----108.1 --17.5 -- 667.1 -667.2 -0.1 ----0.0 -- 0.0 0.0 -0.3 ------- --793.2 -------- -362.2 274.4 -636.6 S (8) Federal Government -102.8 45.3 548.5 59.4 50.6 330.3 -330.3 32.3 538.1 145.4 53.5 -300.5 -11.7 -107.8 -102.2 -73.4 -121.6 -0.8 11.4 104.0 -3.8 ---11.4 -289.6 454.4 -10.9 15.0 -259.5 2566.3 -- 4189.0 4448.5 1229.1 558.5 2578.9 82.0 -0.1 ---- U (9) -- 0.8 -6.8 48.3 -80.7 1152.8 -387.5 -170.8 30.4 1723.0 37.9 667.2 -0.1 -18.8 264.9 277.2 75.9 200.4 218.4 0.0 0.0 -0.3 ------- --2825.8 -------- 4086.1 3524.3 561.8 S (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Flows) -25.5 10.9 ---27.7 -813.6 118.9 6.8 1.1 42.3 1914.3 -16.9 499.0 245.4 50.2 390.5 308.0 121.0 202.8 114.4 0.2 0.0 0.8 -9.6 131.5 -19.1 11.8 17.9 45.4 96.4 3114.4 -- 318.1 221.8 -7.4 214.3 --- ---- U (11) -- 55.5 548.5 15.9 2.3 -17.1 291.7 219.6 594.2 3.4 65.4 271.7 -36.6 -150.6 -68.6 2.2 73.1 13.8 -- ----51.2 351.1 513.2 9.6 7.8 --3018.1 -------- 292.6 186.8 105.8 S (12) Domestic Financial Sectors 301.7 -----97.8 -- 118.0 49.3 7.2 -- 536.9 7.4 276.1 7.2 4.4 211.9 -29.9 --- 0.0 ----33.2 79.7 47.0 2.6 123.3 166.2 1028.7 -- 166.3 0.1 ----0.1 ---- U (13) -- ----358.0 --2.0 437.1 --12.8 -- 156.1 -22.6 ---147.3 28.6 2.8 --- -3.6 ---105.1 ----34.9 --862.5 -------- 468.0 -468.0 S (14) Rest of the World General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Sector discrepancies (1 less 4) Corporate equities Mutual fund shares Trade credit Security credit 33 34 35 36 44 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit 23 24 25 26 27 28 29 30 31 32 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 11 12 13 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 4 5 6 7 8 9 10 14 15 16 17 18 19 20 21 22 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, June 11, 2015 173.4 56.3 548.5 59.4 50.6 358.0 97.8 1143.9 269.2 594.2 153.8 95.8 2150.7 -21.2 667.2 150.5 -18.8 480.8 308.0 151.7 214.1 218.4 -3.6 0.0 0.8 -21.0 98.3 350.2 513.2 9.6 183.7 3.0 6709.4 -- 4673.4 4670.3 1229.1 565.9 2793.2 82.0 -- ---- U (15) S (16) -- 56.3 548.5 22.7 50.6 358.0 97.8 1442.4 269.2 594.2 161.3 95.8 2150.7 -21.2 667.2 150.5 -18.8 480.8 308.0 151.7 214.1 218.4 -3.6 0.0 -0.3 -105.1 51.2 351.1 513.2 9.6 42.6 --6706.4 -------- 4846.7 3711.0 1135.7 All Sectors ---- Summary 173.4 ---36.7 ---298.5 --7.5 -- ----------- ---1.1 -84.1 -47.1 0.9 ---141.1 -3.0 --- 173.4 176.4 ------ (17) Instrument Discrepancy 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Security credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 1282.8 20783.7 -9924.7 --940.1 13360.7 7695.3 -869.0 3314.5 14.9 696.7 41.3 1540.0 874.9 -24.3 68.8 53.6 1127.5 7867.4 1102.1 -- ---47.0 -- 68314.7 --- ------29.1 --258.1 369.5 13512.1 ---223.1 -212.9 144.2 9614.8 3317.2 ----- ------ -14168.9 14168.9 ----4594.1 -10397.6 -234.9 3326.7 -- 268.4 31.6 95.5 12.8 19.8 ---65.8 43.0 1017.1 1057.1 652.4 13.5 ---72.1 -- 21633.9 --- --162.6 9905.1 -2720.2 4954.5 22283.4 -2565.3 -- 11979.1 182.4 --518.4 4406.4 1933.0 1323.1 3615.7 -- ----- ------ -54570.2 22381.7 L (4) A (3) A (1) L (2) Nonfinancial Business Households and Nonprofit Organizations Flow of Funds Matrix for 2014 --137.2 ---118.1 178.3 86.7 179.6 -- 1584.0 69.3 660.8 443.6 14.3 176.9 --219.2 -- 140.7 321.7 173.2 138.2 ------ 3057.6 --- A (5) ------1358.6 --826.5 -- 2927.5 ---2910.9 --16.6 --- ----- ------ -5112.7 5112.7 L (6) State and Local Governments --173.0 ---163.0 33.4 -51.0 -- 1154.4 --0.0 -0.5 -195.8 117.2 840.9 226.8 1.7 --- 98.0 ----- 1901.3 --- A (7) 51.3 -----3498.2 --269.0 -- 13019.9 -12995.6 24.4 ----0.0 -- ----- 51.2 5.2 25.3 --- -16920.0 16920.0 L (8) Federal Government 1282.8 20783.7 310.2 9924.7 4594.1 -11618.7 13572.4 8016.8 3557.3 869.0 6321.3 115.8 1453.1 497.7 1574.0 1052.3 -220.1 471.0 937.4 2512.2 9247.9 1927.7 151.7 98.0 --119.1 -- 94907.6 --- A (9) 51.3 -162.6 9905.1 -2720.2 9840.4 22283.4 -3918.9 369.5 41438.7 182.4 12995.6 24.4 3652.4 4406.4 2145.9 1483.9 13230.4 3317.2 ----- 51.2 5.2 25.3 --- -90771.8 58583.3 L (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Assets and Liabilities) 194.6 ---941.7 -13329.8 16848.4 3962.9 132.1 463.1 42134.4 706.8 5386.3 6544.4 1997.9 7623.5 2816.7 1695.9 12983.2 2379.8 351.5 709.0 649.6 2783.9 32.0 5.2 46.3 24.1 2453.3 85061.9 --- A (11) 1426.1 20783.7 -43.2 19.6 -576.5 7366.0 7287.7 12603.6 17.9 962.5 14201.8 363.6 -7920.2 -4760.6 365.4 568.0 223.8 -- 3537.5 10448.7 2688.1 2943.3 ----2801.5 -87621.3 80314.0 L (12) Domestic Financial Sectors -----3296.6 -- 5835.5 623.9 161.3 -- 10328.2 107.9 6156.2 902.6 80.5 2910.7 -170.3 --- 671.0 491.8 110.8 857.4 51.2 ---381.1 22808.8 --- A (13) ----5535.8 -158.8 6685.2 -45.9 -- 3143.5 384.3 ---2419.5 305.3 34.4 --- ---756.5 118.9 --856.1 -- -17300.6 10615.4 L (14) Rest of the World 1477.4 20783.7 310.2 9924.7 5535.8 3296.6 24948.5 36256.3 12603.6 3850.6 1332.0 58783.9 930.4 12995.6 7944.6 3652.4 11586.5 2816.7 2086.3 13454.2 3317.2 3534.7 10448.7 2688.1 3793.0 181.1 5.2 46.3 143.3 2834.3 202778.2 --- A (15) L (16) 1477.4 20783.7 119.4 9924.7 5535.8 3296.6 17365.2 36256.3 12603.6 3982.7 1332.0 58783.9 930.4 12995.6 7944.6 3652.4 11586.5 2816.7 2086.3 13454.2 3317.2 3537.5 10448.7 2688.1 3699.8 170.0 5.2 25.3 856.1 2801.5 -195693.7 149512.7 All Sectors General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 23) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets Total liabilities and equity Total liabilities 1 2 3 Z.1, June 11, 2015 ---190.8 ----7583.3 --132.1 -- ----------- 2.8 ---93.2 -11.0 --21.0 712.8 -32.8 -7084.5 --- (17) Instrument Discrepancy Summary 2 3 Domestic financial sectors Foreign Summary Z.1, June 11, 2015 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 1980 1981 1982 1983 1984 9.4 10.3 10.4 12.0 14.9 8.2 7.3 5.6 11.0 13.0 10.9 7.2 4.8 10.2 11.4 1.0 5.5 5.0 12.1 18.4 10.1 12.9 9.9 9.2 16.1 8.5 13.6 10.3 8.4 16.6 6.9 8.0 11.2 11.4 11.4 11.8 11.6 19.7 18.9 16.9 14.9 18.4 13.6 13.3 17.5 13.6 11.6 7.1 7.4 3.5 1985 1986 1987 1988 1989 15.6 11.9 9.1 9.1 7.2 16.1 11.4 10.4 9.9 9.1 14.6 13.7 13.4 11.8 10.9 15.9 9.1 4.8 6.7 6.3 11.0 11.5 7.8 9.9 6.3 12.6 13.9 8.9 10.9 7.3 31.8 10.9 12.0 6.0 5.3 16.5 13.6 8.0 8.0 7.0 19.3 26.2 18.3 13.1 10.5 0.6 3.0 3.3 -1.2 -2.0 1990 1991 1992 1993 1994 6.5 4.4 4.6 5.6 5.1 7.1 5.1 5.4 6.1 7.7 8.8 7.0 6.5 5.5 5.6 1.9 -1.1 1.1 7.4 15.2 3.6 -2.1 -0.3 3.1 5.4 5.3 -2.1 0.6 5.3 7.1 5.0 9.2 1.5 5.3 -3.9 11.0 11.1 10.9 8.3 4.7 8.6 5.9 8.5 9.7 14.0 2.8 3.4 4.0 15.8 -4.5 1995 1996 1997 1998 1999 4.9 4.9 5.3 6.5 6.2 7.1 6.7 5.9 7.5 8.0 4.9 6.2 6.1 8.0 9.4 14.4 9.0 5.5 7.2 7.8 5.9 5.4 8.5 11.5 10.5 6.7 5.2 8.6 10.8 9.6 -5.5 -2.0 4.9 6.2 3.3 4.1 4.0 0.6 -1.4 -1.9 11.4 12.4 12.0 19.4 16.6 15.3 14.1 10.8 4.5 1.8 2000 2001 2002 2003 2004 4.9 6.1 7.1 7.8 9.0 9.0 9.6 10.6 11.9 11.1 8.7 10.6 13.3 14.5 13.5 11.4 8.6 5.6 5.3 5.6 9.1 5.2 2.2 1.1 5.6 8.3 3.8 0.1 0.1 3.0 1.4 8.8 11.1 8.3 11.4 -8.0 -0.2 7.6 10.9 9.0 10.7 10.6 9.6 10.7 8.6 7.5 -2.4 6.3 1.8 8.6 2005 2006 2007 2008 2009 9.0 8.4 8.2 6.2 3.3 11.2 10.2 7.1 1.1 0.0 13.4 11.2 7.4 0.9 0.6 4.5 5.2 6.1 1.3 -3.9 8.1 9.8 12.4 5.8 -4.3 5.3 7.4 11.5 4.1 -5.4 5.8 3.9 5.5 0.6 4.0 7.0 3.9 4.9 24.2 22.7 9.4 10.3 12.9 6.0 -9.7 8.1 21.2 15.7 -9.9 13.8 2010 2011 2012 2013 2014 4.1 3.6 5.0 3.8 4.3 -1.1 -0.2 1.5 1.6 2.9 -1.7 -0.7 -0.7 0.0 0.4 -1.0 4.1 6.1 6.0 7.0 -0.9 3.0 4.8 5.1 6.0 -1.2 4.9 5.7 6.4 6.5 2.3 -1.7 -0.2 -1.3 -0.5 20.2 11.4 10.9 6.5 5.4 -5.7 -2.4 -3.0 1.5 1.9 7.4 7.7 7.6 9.5 5.3 2009 -- Q1 Q2 Q3 Q4 4.2 4.8 2.5 1.5 0.1 0.3 -0.2 -0.2 1.3 0.7 -0.0 0.5 -3.0 -5.9 -3.2 -3.8 -2.7 -3.7 -5.7 -5.3 -3.7 -4.2 -7.5 -6.8 2.6 4.8 3.8 4.3 25.4 27.1 18.9 12.7 -9.9 -12.6 -9.8 -7.4 4.7 12.6 10.8 22.1 2010 -- Q1 Q2 Q3 Q4 3.7 4.1 4.3 3.9 -2.4 -0.4 -1.2 -0.5 -3.9 -0.7 -1.7 -0.7 -3.1 -2.6 0.1 1.6 -1.5 -3.5 1.8 -0.4 -1.9 -5.4 3.1 -0.4 3.2 0.1 1.8 4.2 21.4 22.3 16.7 15.1 -6.1 -7.1 -5.0 -5.9 7.9 -3.0 5.7 17.5 2011 -- Q1 Q2 Q3 Q4 2.4 2.4 5.0 4.5 -0.2 -1.4 -0.3 1.0 -0.8 -0.7 -0.8 -0.6 4.0 3.3 4.0 4.8 1.7 3.2 3.4 3.6 2.7 5.3 5.6 5.6 -2.7 -3.3 -0.4 -0.6 8.3 8.5 15.6 11.3 -0.8 -4.3 -2.5 -1.9 15.1 15.8 -3.3 2.5 2012 -- Q1 Q2 Q3 Q4 5.0 5.5 3.8 5.2 1.0 2.7 0.5 1.9 -1.0 -0.6 -0.5 -0.6 5.3 7.2 5.3 6.3 3.9 3.7 4.2 6.9 4.7 3.8 4.7 9.3 0.0 2.1 -0.2 -2.6 12.6 11.6 8.4 9.3 -3.9 -5.0 -2.0 -1.2 -1.5 3.2 13.5 13.6 2013 -- Q1 Q2 Q3 Q4 4.1 3.0 3.6 4.4 0.7 1.6 3.2 0.7 -0.8 0.1 1.2 -0.4 5.9 5.5 6.5 5.7 3.5 4.9 7.2 4.4 5.7 5.5 9.2 4.5 1.9 -0.2 -3.7 -3.3 9.1 3.5 2.6 10.5 -0.6 0.2 0.7 5.9 13.4 5.2 7.1 11.9 2014 -- Q1 Q2 Q3 Q4 4.2 3.5 4.4 4.9 2.3 3.7 2.9 2.8 -0.5 0.4 0.9 1.1 6.3 8.2 6.9 6.1 6.0 4.9 5.0 7.7 8.5 4.5 5.4 7.0 -1.3 1.2 -2.8 1.1 6.0 2.5 7.2 5.4 -2.2 2.3 3.3 4.2 5.6 14.6 1.7 -1.3 2015 -- Q1 2.8 2.2 -0.3 5.6 6.6 7.2 4.8 -0.4 -2.4 9.5 1. Data shown are on an end-of-period basis. Summary 4 Z.1, June 11, 2015 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 1980 1981 1982 1983 1984 339.1 405.0 451.6 570.6 794.4 104.2 101.8 84.1 172.4 223.9 90.2 67.0 47.4 105.2 127.6 3.4 19.8 18.8 48.2 81.7 135.3 190.0 164.4 165.7 320.8 72.1 125.3 106.6 94.4 207.1 22.2 27.6 41.7 47.3 52.5 77.4 85.5 161.3 185.2 197.2 75.8 107.8 93.6 104.3 156.2 24.1 23.4 16.3 16.7 8.0 1985 1986 1987 1988 1989 955.4 844.7 721.6 786.3 684.3 311.4 259.5 263.6 272.2 276.3 181.7 199.3 221.6 215.6 224.9 84.0 55.8 32.3 46.6 47.0 254.7 295.0 223.7 308.5 214.3 184.3 227.8 165.6 224.4 165.9 163.6 74.2 90.4 50.4 47.4 225.7 216.0 143.9 155.1 146.4 203.2 330.1 291.8 249.8 224.8 1.4 10.2 11.4 -4.4 -7.9 1990 1991 1992 1993 1994 658.8 472.6 514.4 667.3 639.0 233.5 183.6 204.3 239.6 324.4 200.0 174.5 173.0 156.3 166.5 15.1 -8.8 9.2 61.4 135.0 131.3 -80.5 -10.5 113.7 204.3 131.0 -54.3 16.0 134.3 189.8 47.1 91.2 16.5 57.9 -45.5 246.9 278.2 304.0 256.1 155.9 207.8 153.1 236.5 292.9 464.4 11.1 13.4 16.4 67.5 -23.2 1995 1996 1997 1998 1999 640.7 681.5 761.9 984.6 1007.2 319.5 324.8 306.9 412.2 473.8 153.6 205.1 215.9 301.5 379.2 147.0 105.7 70.3 97.1 112.4 237.5 232.3 381.2 558.2 567.3 192.2 161.9 279.3 379.2 373.5 -60.8 -20.5 50.8 66.8 37.3 144.4 144.9 23.1 -52.6 -71.2 433.6 523.2 570.3 1026.5 1052.6 76.4 89.0 77.7 36.0 15.4 2000 2001 2002 2003 2004 846.2 1106.5 1369.0 1598.6 1990.5 574.4 666.1 812.1 1004.7 1051.8 383.5 508.2 706.0 872.1 934.7 176.5 150.6 105.2 105.9 117.2 550.8 340.6 154.8 77.3 398.0 358.4 177.1 3.0 3.4 143.3 16.9 105.5 144.6 120.5 178.8 -295.9 -5.6 257.6 396.0 361.9 790.8 862.3 881.5 1071.6 938.8 60.5 -21.1 53.6 17.2 99.1 2005 2006 2007 2008 2009 2234.3 2289.4 2412.7 1990.4 1102.4 1177.0 1201.4 913.2 145.6 1.3 1053.3 997.7 733.5 93.6 66.3 100.4 120.4 151.3 34.9 -103.6 608.7 803.7 1115.8 587.7 -455.7 266.9 388.3 652.5 262.1 -358.7 141.7 100.9 146.7 17.9 113.0 306.9 183.4 237.1 1239.2 1443.9 1113.7 1336.4 1834.3 978.2 -1663.4 103.9 286.7 260.9 -198.2 222.2 2010 2011 2012 2013 2014 1405.4 1281.8 1823.0 1470.3 1723.0 -154.0 -31.5 199.5 203.0 386.4 -182.1 -73.1 -65.2 3.4 41.8 -25.3 108.6 169.4 175.9 218.4 -90.4 298.1 488.6 547.1 683.1 -70.9 294.9 362.6 428.1 463.4 69.5 -52.7 -5.3 -38.9 -13.7 1580.2 1067.9 1140.2 759.1 667.1 -901.8 -341.4 -419.3 213.9 271.7 149.0 172.8 188.6 268.8 156.1 2009 -- Q1 Q2 Q3 Q4 1413.5 1629.3 855.2 511.8 9.7 44.9 -24.6 -24.9 142.7 70.0 -4.9 57.3 -78.7 -153.9 -82.6 -99.1 -284.3 -388.5 -599.1 -551.0 -243.8 -274.6 -483.1 -433.3 73.9 139.2 111.3 127.6 1614.2 1833.6 1367.6 960.1 -1687.8 -2153.7 -1617.1 -1194.9 76.0 203.3 189.6 419.8 2010 -- Q1 Q2 Q3 Q4 1284.6 1427.8 1523.3 1385.8 -327.7 -55.3 -165.2 -67.9 -410.1 -76.4 -175.9 -65.9 -78.4 -65.6 2.8 39.7 -154.9 -350.4 181.7 -37.9 -117.3 -330.2 185.6 -21.9 95.2 2.0 54.2 126.9 1672.1 1831.5 1452.6 1364.7 -958.1 -1066.6 -736.7 -845.7 158.7 -62.4 116.4 383.2 2011 -- Q1 Q2 Q3 Q4 838.5 854.3 1814.8 1619.6 -27.9 -183.9 -38.6 124.2 -82.3 -72.7 -74.1 -63.1 106.8 89.5 106.7 131.3 165.9 321.2 340.2 365.0 164.2 323.8 343.6 348.0 -83.2 -99.2 -11.0 -17.4 783.7 816.1 1524.1 1147.8 -112.3 -620.6 -358.3 -274.3 341.1 371.3 -81.6 60.4 2012 -- Q1 Q2 Q3 Q4 1854.9 2044.1 1429.4 1963.7 133.3 347.4 65.7 251.7 -93.2 -61.3 -50.2 -56.0 145.1 200.5 149.8 182.3 404.6 382.8 433.7 733.1 295.3 242.2 304.4 608.2 1.1 61.2 -4.9 -78.5 1315.9 1252.6 934.8 1057.3 -544.6 -692.7 -268.4 -171.5 -38.3 79.9 344.1 368.6 2013 -- Q1 Q2 Q3 Q4 1582.8 1151.0 1402.3 1745.4 91.6 208.8 415.5 96.1 -74.6 13.2 112.5 -37.6 173.4 161.8 194.3 174.2 377.8 533.5 788.3 489.0 380.5 377.4 636.2 318.1 57.3 -4.9 -109.4 -98.5 1056.0 413.6 307.9 1258.8 -82.3 33.4 95.0 809.6 378.6 151.0 201.7 344.0 2014 -- Q1 Q2 Q3 Q4 1680.0 1399.4 1798.6 2013.9 298.6 484.2 389.7 373.1 -48.5 35.5 81.4 98.9 194.0 257.8 222.8 199.0 679.1 565.1 579.6 908.7 605.7 325.3 399.7 522.9 -38.8 35.7 -83.7 32.2 741.0 314.4 913.1 700.0 -300.4 323.8 466.2 597.2 167.4 444.9 54.0 -42.0 2015 -- Q1 1172.6 292.1 -28.3 186.8 794.1 542.0 140.2 -53.8 -340.7 298.4 5 Domestic financial sectors Foreign Summary Z.1, June 11, 2015 D.3 Credit Market Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Total Total 1980 1981 1982 1983 1984 3943.2 4349.2 4770.6 5344.2 6138.2 1389.1 1498.2 1567.5 1719.8 1939.8 926.5 998.3 1031.2 1116.4 1243.3 358.0 377.9 396.7 444.9 526.6 1474.7 1658.5 1807.6 1996.2 2320.6 919.6 1038.7 1129.9 1247.2 1458.0 344.4 372.1 413.8 461.1 513.6 735.0 820.5 981.8 1167.0 1364.2 584.7 689.2 785.5 890.1 1054.9 202.1 229.4 224.1 228.2 228.1 1985 1986 1987 1988 1989 7111.8 7953.5 8656.8 9439.6 10141.0 2272.0 2529.5 2747.1 3036.3 3305.1 1450.2 1649.0 1828.6 2054.8 2260.1 610.6 666.4 698.6 745.2 809.3 2572.0 2866.0 3117.4 3405.5 3644.3 1638.9 1865.8 2059.2 2263.5 2454.1 677.9 752.1 842.6 893.0 940.4 1589.9 1805.9 1949.8 2104.9 2251.2 1259.0 1596.6 1899.7 2149.5 2402.8 335.0 346.1 357.2 393.1 389.2 1990 1991 1992 1993 1994 10827.2 11296.4 11813.9 12496.1 13141.4 3567.8 3755.0 3959.4 4201.3 4525.0 2489.3 2667.4 2840.4 2999.0 3165.5 824.4 815.6 824.8 886.2 1021.2 3773.8 3686.4 3679.1 3805.2 4016.5 2583.3 2524.4 2543.6 2690.4 2887.2 987.4 1078.6 1095.1 1153.0 1107.5 2498.1 2776.4 3080.3 3336.5 3492.3 2613.8 2766.8 3018.9 3317.2 3789.7 396.2 406.2 425.8 520.6 500.4 1995 1996 1997 1998 1999 13797.9 14479.4 15239.2 16223.8 17265.4 4844.5 5182.3 5489.2 5901.4 6375.3 3319.2 3537.3 3753.2 4054.7 4431.6 1168.2 1273.9 1344.2 1441.3 1553.6 4269.8 4489.1 4868.3 5426.5 6028.2 3095.2 3244.1 3521.3 3900.4 4308.3 1046.7 1026.2 1076.9 1143.8 1181.0 3636.7 3781.7 3804.8 3752.2 3681.0 4226.3 4749.5 5299.7 6326.2 7376.5 630.7 720.9 801.7 842.4 803.9 2000 2001 2002 2003 2004 18121.5 19211.1 20580.1 22222.8 24945.3 6959.5 7625.7 8437.7 9472.5 10544.3 4813.9 5322.0 6028.0 6909.9 7859.4 1741.3 1891.8 1997.0 2102.9 2220.1 6579.0 6902.6 7057.4 7148.8 7557.8 4666.7 4826.8 4829.8 4847.3 5001.6 1197.9 1303.4 1447.9 1568.4 2448.2 3385.1 3379.5 3637.0 4033.1 4395.0 8168.4 9156.8 10038.3 10945.2 11898.8 867.6 849.4 955.7 1156.6 1285.2 2005 2006 2007 2008 2009 27179.5 29513.2 31902.8 33755.4 34469.7 11721.3 12946.2 13831.4 13850.8 13559.6 8912.7 9910.4 10613.3 10580.7 10419.4 2320.6 2461.3 2615.1 2650.0 2552.3 8166.5 8991.0 10111.7 10687.7 10136.3 5268.5 5677.5 6336.5 6593.7 6150.9 2589.8 2690.8 2837.5 2855.4 2968.4 4701.9 4885.3 5122.3 6361.5 7805.4 12958.0 14261.5 16206.5 17104.6 15715.6 1350.5 1657.9 1996.6 1604.4 2005.9 2010 2011 2012 2013 2014 35618.2 36751.2 38411.2 39762.4 41438.7 13230.6 13057.8 13055.1 13170.4 13512.1 9915.6 9695.9 9490.2 9405.9 9403.1 2646.9 2755.4 2922.9 3098.8 3317.2 9964.0 10254.6 10782.3 11298.0 11979.1 6013.1 6308.0 6714.1 7115.3 7579.2 3038.0 2985.3 2980.0 2941.1 2927.5 9385.6 10453.6 11593.7 12352.8 13019.9 14455.7 14036.3 13802.4 13949.2 14201.8 2257.9 2484.9 2827.4 2965.7 3143.5 2009 -- Q1 Q2 Q3 Q4 33999.7 34353.2 34500.8 34469.7 13736.8 13697.1 13628.0 13559.6 10570.6 10531.4 10467.2 10419.4 2630.4 2597.7 2577.0 2552.3 10623.9 10523.9 10370.9 10136.3 6542.3 6473.7 6352.9 6150.9 2873.9 2908.7 2936.5 2968.4 6765.1 7223.5 7565.4 7805.4 17106.5 16534.5 16098.0 15715.6 1609.9 1751.0 1900.6 2005.9 2010 -- Q1 Q2 Q3 Q4 34801.2 35108.3 35445.2 35618.2 13471.9 13410.6 13327.8 13230.6 10268.8 10202.3 10116.7 9915.6 2536.3 2519.9 2520.6 2646.9 10113.6 10023.6 10066.7 9964.0 6138.8 6056.3 6102.7 6013.1 2992.2 2992.7 3006.2 3038.0 8223.4 8681.3 9044.5 9385.6 14941.5 14651.9 14447.1 14455.7 2067.1 2056.1 2195.1 2257.9 2011 -- Q1 Q2 Q3 Q4 35786.8 35965.2 36382.4 36751.2 13184.6 13105.4 13061.1 13057.8 9856.0 9799.3 9746.0 9695.9 2673.6 2695.9 2722.6 2755.4 10003.5 10081.8 10165.1 10254.6 6054.1 6135.1 6221.0 6308.0 3017.2 2992.3 2989.6 2985.3 9581.6 9785.6 10166.6 10453.6 14408.8 14229.8 14121.8 14036.3 2346.6 2478.5 2457.6 2484.9 2012 -- Q1 Q2 Q3 Q4 37174.1 37641.8 37953.8 38411.2 13058.8 13104.1 13025.1 13055.1 9637.9 9583.0 9534.8 9490.2 2791.7 2839.8 2877.3 2922.9 10347.2 10441.2 10599.7 10782.3 6372.5 6433.1 6561.1 6714.1 2985.5 3000.8 2999.6 2980.0 10782.6 11095.7 11329.4 11593.7 13945.9 13752.7 13853.2 13802.4 2522.2 2558.2 2718.3 2827.4 2013 -- Q1 Q2 Q3 Q4 38779.2 39041.2 39358.4 39762.4 13051.7 13079.5 13162.4 13170.4 9445.3 9424.1 9431.3 9405.9 2966.2 3006.7 3055.3 3098.8 10875.4 11007.5 11192.1 11298.0 6809.1 6903.5 7051.1 7115.3 2994.3 2993.1 2965.7 2941.1 11857.7 11961.1 12038.1 12352.8 13766.2 13759.6 13767.7 13949.2 2882.3 2829.2 2884.5 2965.7 2014 -- Q1 Q2 Q3 Q4 40167.6 40504.9 40937.5 41438.7 13231.1 13340.2 13426.2 13512.1 9379.7 9376.7 9385.6 9403.1 3147.3 3211.8 3267.5 3317.2 11467.0 11607.6 11746.9 11979.1 7266.5 7347.8 7442.8 7579.2 2931.4 2940.4 2919.4 2927.5 12538.1 12616.7 12844.9 13019.9 13865.5 13940.2 14055.6 14201.8 3040.9 3208.0 3161.5 3143.5 2015 -- Q1 41714.2 13568.4 9379.3 3363.9 12176.8 7714.5 2962.5 13006.5 14110.2 3202.0 1. Data shown are on an end-of-period basis. Total State and local governments Summary 6 Z.1, June 11, 2015 F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 Credit market borrowing Domestic nonfinancial sectors 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 -338.7 652.6 1113.2 1592.3 1953.1 2150.7 1547.0 2168.0 2318.8 2569.2 1130.3 1 1102.4 1405.4 1281.8 1823.0 1470.3 1723.0 1680.0 1399.4 1798.6 2013.9 1172.6 2 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1.3 -358.7 -97.1 -154.0 -70.9 -19.4 -31.5 294.9 3.2 199.5 362.6 126.0 203.0 428.1 119.0 386.4 463.4 219.7 298.6 605.7 73.4 484.2 325.3 239.7 389.7 399.7 179.9 373.1 522.9 385.9 292.1 542.0 252.2 3 4 5 6 7 Federal government State and local governments 1443.9 113.0 1580.2 69.5 1067.9 -52.7 1140.2 -5.3 759.1 -38.9 667.1 -13.7 741.0 -38.8 314.4 35.7 913.1 -83.7 700.0 32.2 -53.8 140.2 6 7 -1663.4 -901.8 -341.4 -419.3 213.9 271.7 -300.4 323.8 466.2 597.2 -340.7 8 8 Domestic financial sectors 9 10 11 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -292.2 0.0 -14.1 -217.6 0.0 -0.4 -50.5 0.0 -2.0 -110.8 0.0 0.9 -33.5 0.0 1.9 35.1 0.0 8.4 -25.8 0.0 1.7 106.3 0.0 10.2 35.8 0.0 12.7 24.0 0.0 9.0 -136.2 0.0 -2.0 9 10 11 12 13 14 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools -6.6 -518.4 458.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 7.8 107.5 132.4 12.4 75.3 75.3 7.7 -355.5 77.4 8.0 156.9 27.8 13.7 142.5 83.4 20.3 357.3 112.6 14.4 -163.5 -0.9 12 13 14 15 16 17 ABS issuers Finance companies REITs -614.1 -156.2 -27.6 -413.9 -174.9 0.1 -174.2 -13.5 25.6 -145.1 -56.7 35.5 -234.6 4.2 178.4 -68.4 28.9 75.0 -165.8 -24.5 140.1 -90.5 11.6 49.4 -2.9 48.0 57.4 -14.3 80.2 53.1 -73.7 62.8 44.4 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations -49.7 -8.0 -434.8 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -99.9 -23.9 22.2 0.5 27.0 11.5 -8.3 26.5 41.3 12.9 -10.0 -37.4 4.0 77.5 42.1 -45.0 78.3 -0.1 -5.2 -39.7 -65.9 -55.3 35.2 18 19 20 222.2 149.0 172.8 188.6 268.8 156.1 167.4 444.9 54.0 -42.0 298.4 21 -338.7 652.6 1113.2 1592.3 1953.1 2150.7 1547.0 2168.0 2318.8 2569.2 1130.3 22 352.6 71.3 -265.6 -121.7 -512.9 -300.5 -769.1 -172.7 -168.8 -91.3 -377.3 23 70.5 10.2 -6.7 -95.1 2.6 6.6 -207.9 -7.1 -4.7 -244.9 -12.8 1.8 -568.8 -24.4 2.7 -477.1 -16.7 4.9 -932.3 -5.7 1.9 -420.3 -11.5 5.3 -267.5 -18.2 3.8 -288.3 -31.3 8.6 -797.4 33.3 6.5 24 25 26 309.2 -30.6 84.5 72.6 18.3 -64.2 104.9 29.3 124.2 -46.6 115.2 73.2 130.2 36.8 110.6 143.2 115.2 -2.1 104.8 114.9 120.3 260.0 27 28 -807.8 -37.9 1141.3 1270.5 1914.8 1914.3 1812.0 1942.9 1943.5 1958.8 1147.9 29 1001.6 -280.4 -287.5 -2.8 34.1 271.5 -120.7 -24.4 -19.3 24.9 376.5 173.7 42.5 -4.9 38.6 34.5 424.0 5.8 -0.1 47.0 1086.1 253.5 -7.2 0.3 50.2 480.6 672.5 56.4 -5.6 60.2 911.1 667.0 67.0 -0.3 48.5 538.5 763.4 54.6 -10.3 75.6 299.7 534.2 -3.0 -7.0 82.0 173.1 725.5 106.9 -4.6 34.8 21.6 916.2 65.7 -16.3 52.2 30 31 32 33 34 21 22 23 Rest of the world Credit market lending Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 27 28 Federal government State and local governments 29 Domestic financial sectors 30 31 32 33 34 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 35 36 Property-casualty insurance companies Life insurance companies 33.3 139.8 3.9 151.6 36.2 125.3 1.0 74.3 30.9 77.4 15.8 99.7 -14.6 117.7 14.7 128.9 42.0 76.9 21.2 75.3 -15.1 142.2 35 36 37 38 39 Private pension funds Federal government retirement funds State and local govt. retirement funds 9.5 7.4 -83.1 120.6 10.9 22.4 73.6 25.6 7.4 146.6 15.4 3.3 50.7 9.4 79.5 33.1 16.9 35.1 -8.2 6.1 18.3 78.8 9.4 35.5 45.5 20.6 83.3 16.3 31.6 3.0 51.1 -236.7 2.5 37 38 39 40 41 42 43 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -619.9 387.1 10.5 46.0 -396.6 353.6 5.2 29.7 -9.8 359.4 -1.7 46.1 -82.7 642.0 11.2 52.3 30.8 363.9 13.6 12.2 -120.8 476.9 -3.8 51.0 -253.6 329.7 1.1 43.8 -356.5 494.8 2.8 48.2 150.4 491.1 -10.6 24.4 -23.6 591.8 -8.3 87.6 -102.0 463.3 -1.4 77.1 40 41 42 43 44 45 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -337.8 458.3 -288.4 186.9 -163.2 165.3 -189.4 132.2 59.8 132.4 69.6 75.3 -188.3 77.4 102.1 27.8 193.8 83.4 170.6 112.6 -199.0 -0.9 44 45 46 47 48 ABS issuers Finance companies REITs -579.5 -214.9 -10.3 -404.2 -102.6 44.1 -170.0 -44.4 120.2 -138.7 -28.6 127.6 -229.2 -19.0 39.2 -64.0 13.8 43.8 -160.0 -2.0 64.7 -88.9 19.9 35.3 8.6 -5.4 -1.1 -15.6 42.6 76.5 -73.7 26.8 -37.3 46 47 48 49 50 51 Brokers and dealers Holding companies Funding corporations -192.1 -16.0 -311.3 32.2 22.1 38.7 5.7 3.1 -63.9 89.1 -50.1 -46.4 -175.4 56.2 -0.3 -81.0 -11.1 -0.2 -57.8 -25.4 169.9 -28.8 -8.1 5.1 -145.4 36.3 -56.1 -92.0 -47.0 -119.6 53.5 -32.0 -10.0 49 50 51 116.5 619.2 237.4 443.5 551.1 536.9 504.1 397.8 544.1 701.7 359.7 52 52 Rest of the world (1) Excludes corporate equities and mutual fund shares. Summary 7 Z.1, June 11, 2015 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 Domestic By instrument 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1102.4 1405.4 1281.8 1823.0 1470.3 1723.0 1680.0 1399.4 1798.6 2013.9 1172.6 1 1102.4 1405.4 1281.8 1823.0 1470.3 1723.0 1680.0 1399.4 1798.6 2013.9 1172.6 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds -73.1 1443.7 0.1 155.3 215.6 24.5 1579.6 0.7 99.7 179.3 33.4 1066.8 1.1 -52.8 162.0 14.0 1140.6 -0.4 -4.9 323.5 14.2 759.5 -0.4 -43.2 279.8 37.9 667.2 -0.1 -18.8 264.9 75.0 743.0 -1.9 -38.0 286.7 57.8 314.3 0.1 15.7 235.4 22.2 913.8 -0.7 -88.5 198.4 -3.2 697.9 2.1 35.5 339.1 -70.6 -52.8 -1.0 170.0 449.7 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances -307.7 -164.8 -53.7 -82.4 70.7 63.6 276.9 -22.7 126.1 62.4 277.2 75.9 255.1 147.8 397.3 -51.9 180.2 84.5 276.3 123.1 352.1 7.3 8 9 Mortgages Home Multifamily residential Commercial Farm Consumer credit -63.3 23.9 4.7 -103.2 11.3 -103.6 -316.9 -161.7 -4.8 -158.5 8.1 -25.3 -171.6 -91.8 3.9 -96.8 13.1 108.6 -73.4 -77.6 34.1 -35.7 5.8 169.4 96.0 0.9 33.8 56.2 5.1 175.9 200.4 49.3 67.0 79.5 4.6 218.4 18.4 -45.9 42.6 17.2 4.5 194.0 172.9 44.8 49.1 74.4 4.6 257.8 266.1 92.0 73.9 95.6 4.6 222.8 344.1 106.2 102.6 130.8 4.6 199.0 131.1 -20.8 83.6 64.6 3.6 186.8 10 11 12 13 14 15 1102.4 1405.4 1281.8 1823.0 1470.3 1723.0 1680.0 1399.4 1798.6 2013.9 1172.6 16 10 11 12 13 14 15 16 By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 1.3 -455.7 -358.7 -97.1 -154.0 -90.4 -70.9 -19.4 -31.5 298.1 294.9 3.2 199.5 488.6 362.6 126.0 203.0 547.1 428.1 119.0 386.4 683.1 463.4 219.7 298.6 679.1 605.7 73.4 484.2 565.1 325.3 239.7 389.7 579.6 399.7 179.9 373.1 908.7 522.9 385.9 292.1 794.1 542.0 252.2 17 18 19 20 21 22 Federal government State and local governments 1443.9 113.0 1580.2 69.5 1067.9 -52.7 1140.2 -5.3 759.1 -38.9 667.1 -13.7 741.0 -38.8 314.4 35.7 913.1 -83.7 700.0 32.2 -53.8 140.2 21 22 222.2 149.0 172.8 188.6 268.8 156.1 167.4 444.9 54.0 -42.0 298.4 23 59.4 177.2 -14.8 0.5 -2.7 127.4 24.0 0.3 -53.5 181.7 43.2 1.4 27.9 124.7 30.4 5.6 34.0 194.4 39.1 1.4 -22.6 147.3 28.6 2.8 63.8 48.2 54.9 0.5 33.9 349.8 56.4 4.8 -205.9 290.6 -30.6 -0.0 17.7 -99.2 33.7 5.8 149.8 108.7 40.3 -0.5 24 25 26 27 1324.6 1554.4 1454.6 2011.6 1739.2 1879.1 1847.4 1844.2 1852.6 1971.9 1471.0 28 23 24 25 26 27 28 Foreign borrowing in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 By instrument -1663.4 -901.8 -341.4 -419.3 213.9 271.7 -300.4 323.8 466.2 597.2 -340.7 1 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds -448.1 -518.4 458.3 -448.5 -102.2 -233.8 186.9 -546.3 -68.2 -187.2 165.3 -237.4 -58.8 -154.6 132.2 -225.2 -48.9 107.5 132.4 -84.1 -36.6 75.3 75.3 68.6 -83.2 -355.5 77.4 26.0 30.9 156.9 27.8 89.6 48.5 142.5 83.4 61.4 -142.5 357.3 112.6 97.3 -148.1 -163.5 -0.9 -27.8 2 3 4 5 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages -435.9 -282.6 11.8 -62.5 -144.7 0.8 32.6 -60.0 13.5 -121.2 3.5 4.8 20.9 78.3 7.8 2.2 73.1 13.8 6.1 16.0 12.6 -132.1 144.2 6.5 45.8 79.2 5.5 89.0 53.1 30.4 26.6 -44.3 17.2 6 7 8 -1663.4 -901.8 -341.4 -419.3 213.9 271.7 -300.4 323.8 466.2 597.2 -340.7 9 9 By sector 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -292.2 0.0 -14.1 -217.6 0.0 -0.4 -50.5 0.0 -2.0 -110.8 0.0 0.9 -33.5 0.0 1.9 35.1 0.0 8.4 -25.8 0.0 1.7 106.3 0.0 10.2 35.8 0.0 12.7 24.0 0.0 9.0 -136.2 0.0 -2.0 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools -6.6 -518.4 458.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 7.8 107.5 132.4 12.4 75.3 75.3 7.7 -355.5 77.4 8.0 156.9 27.8 13.7 142.5 83.4 20.3 357.3 112.6 14.4 -163.5 -0.9 13 14 15 16 17 18 ABS issuers Finance companies REITs -614.1 -156.2 -27.6 -413.9 -174.9 0.1 -174.2 -13.5 25.6 -145.1 -56.7 35.5 -234.6 4.2 178.4 -68.4 28.9 75.0 -165.8 -24.5 140.1 -90.5 11.6 49.4 -2.9 48.0 57.4 -14.3 80.2 53.1 -73.7 62.8 44.4 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations -49.7 -8.0 -434.8 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -99.9 -23.9 22.2 0.5 27.0 11.5 -8.3 26.5 41.3 12.9 -10.0 -37.4 4.0 77.5 42.1 -45.0 78.3 -0.1 -5.2 -39.7 -65.9 -55.3 35.2 19 20 21 Summary 8 Z.1, June 11, 2015 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 3 4 5 6 7 8 9 10 Total 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 -338.7 652.6 1113.2 1592.3 1953.1 2150.7 1547.0 2168.0 2318.8 2569.2 1130.3 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -461.8 1443.7 -59.9 155.3 -55.6 -80.4 1579.6 -46.2 99.7 -239.6 -88.3 1066.8 -20.8 -52.8 106.4 -16.9 1140.6 -22.8 -4.9 222.9 -0.8 759.5 239.5 -43.2 390.1 -21.2 667.2 150.5 -18.8 480.8 55.6 743.0 -280.0 -38.0 360.9 122.7 314.3 184.8 15.7 674.8 -135.3 913.8 225.2 -88.5 550.3 -128.0 697.9 471.9 35.5 337.2 -68.8 -52.8 -165.4 170.0 530.6 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -758.5 -446.9 -51.5 -103.6 -92.2 -226.8 -316.1 -25.3 146.6 4.9 -158.2 108.6 186.1 -13.6 -68.5 169.4 186.1 142.1 103.8 175.9 308.0 151.7 214.1 218.4 316.2 164.3 31.0 194.0 321.6 97.1 179.4 257.8 195.3 163.6 271.6 222.8 399.0 181.9 374.6 199.0 419.1 -37.6 148.3 186.8 7 8 9 10 825.5 390.0 54.8 551.6 723.3 863.3 557.0 1042.1 837.3 1017.0 864.0 11 328.4 -51.2 19.9 -250.7 -283.6 -454.6 -73.3 -344.9 84.8 -352.9 269.2 -387.5 -139.7 -501.8 391.8 -273.1 254.7 -434.3 569.9 -341.0 315.1 -541.7 12 13 63.7 315.9 497.1 79.2 191.4 370.1 7.0 164.1 338.4 103.3 168.3 624.9 275.2 162.5 638.4 437.1 219.6 594.2 325.0 37.1 696.7 365.9 298.9 650.3 511.9 177.1 582.6 545.8 365.1 447.1 541.8 315.1 548.9 14 15 16 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net flows through credit markets (from table F.4, line 1) U.S. official reserve assets SDR certificates Treasury currency Foreign deposits -338.7 652.6 1113.2 1592.3 1953.1 2150.7 1547.0 2168.0 2318.8 2569.2 1130.3 1 99.9 3.0 -0.4 -43.9 1.8 0.0 -0.3 71.6 15.9 0.0 0.0 -215.0 4.5 0.0 0.0 -144.0 -3.1 0.0 -0.4 32.7 -3.6 0.0 -0.3 -105.1 -3.8 0.0 0.0 -118.5 3.1 0.0 0.0 -71.7 -3.6 0.0 -1.0 197.8 -10.0 0.0 0.0 -427.9 -9.8 0.0 0.0 -130.0 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 -536.9 -7.9 517.2 -173.6 -498.7 -142.8 266.3 298.3 -182.7 -503.2 820.5 234.5 577.4 -173.3 -112.8 -194.5 267.7 539.6 -19.2 7.1 1129.1 332.6 307.0 102.1 28.9 51.2 351.1 365.0 148.2 9.6 1175.1 183.4 517.3 231.4 -86.3 98.3 578.9 355.7 69.6 -143.8 262.0 229.8 449.6 -278.3 39.7 -1330.5 412.1 137.3 570.3 228.7 595.8 -205.7 1031.1 -138.7 -47.5 6 7 8 9 10 11 12 13 14 Security repurchase agreements Corporate equities Mutual fund shares Trade payables -344.9 328.4 497.1 7.8 421.3 19.9 370.1 154.9 276.3 -283.6 338.4 128.6 251.3 -73.3 624.9 139.0 -473.0 84.8 638.4 185.8 42.6 269.2 594.2 161.3 316.3 -139.7 696.7 61.8 160.0 391.8 650.3 254.4 -389.5 254.7 582.6 154.7 83.7 569.9 447.1 174.3 209.8 315.1 548.9 164.8 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension entitlements Taxes payable -5.4 27.4 398.2 -3.4 105.0 14.4 596.4 19.4 -7.4 81.1 498.3 20.1 97.7 -11.9 497.6 16.8 104.3 30.0 498.7 12.2 95.8 56.3 548.5 22.7 147.5 41.7 516.6 30.9 225.5 52.6 553.3 42.6 172.7 56.2 538.8 13.3 -162.6 74.5 585.4 4.1 -53.2 87.1 518.6 105.7 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous -107.6 245.3 167.2 593.8 161.0 1158.3 133.5 1008.3 75.6 1134.9 50.6 1442.4 73.9 2230.7 31.5 1523.5 63.0 1026.4 33.9 989.1 16.9 1706.0 19 20 523.7 3431.1 5286.5 5245.7 6759.7 6706.4 7190.7 7557.8 6417.2 5659.6 6561.9 21 21 Total financial sources 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous -4.4 -55.1 14.5 208.6 -33.5 246.3 -1.1 49.2 25.8 54.6 -8.6 258.2 -0.7 -136.3 3.5 70.2 -8.1 415.4 -0.6 -137.3 5.7 -6.3 -19.7 326.1 -1.1 -3.2 56.8 -161.8 -19.2 -176.7 -1.1 -84.1 -47.1 -141.1 -36.7 298.5 -1.0 -14.8 189.5 -40.0 -23.1 53.3 -0.9 -137.9 -55.5 -323.8 -73.9 188.3 -1.8 190.9 -139.3 15.1 -14.6 630.8 -0.5 -374.4 -183.0 -215.5 -35.1 321.7 -1.5 -129.1 298.6 -29.8 -70.2 138.2 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 0.7 -1.0 122.7 0.0 0.0 -1.1 -10.2 0.0 -0.1 0.9 -42.8 0.0 0.6 0.9 64.2 0.0 0.4 -1.2 -130.3 0.0 1.1 -0.3 7.5 0.0 -43.2 4.0 -61.0 0.0 97.6 0.1 22.9 0.0 4.4 -5.8 50.7 0.0 -54.3 0.7 17.5 0.0 -42.0 1.4 -19.8 28 29 30 31 32 Totals identified to sectors as assets 24.9 3064.3 4984.5 5012.0 7195.8 6709.4 7127.3 7840.8 5686.8 6182.7 6416.0 32 Summary 9 Z.1, June 11, 2015 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 2014 Q1 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 Federal government State and local governments 8 Domestic financial sectors Q2 Q3 Q4 2015 Q1 52191.2 52331.8 53272.4 55040.9 56677.2 58783.9 57085.8 57558.8 58072.0 58783.9 59045.7 1 34469.7 35618.2 36751.2 38411.2 39762.4 41438.7 40183.6 40392.6 40836.3 41438.7 41735.8 2 13559.6 6150.9 3985.4 13230.6 6013.1 3950.9 13057.8 6308.0 3946.6 13055.1 6714.1 4068.2 13170.4 7115.3 4182.8 13512.1 7579.2 4399.9 13175.1 7263.4 4198.6 13286.6 7345.6 4257.6 13398.1 7448.9 4301.6 13512.1 7579.2 4399.9 13508.6 7717.7 4460.2 3 4 5 7805.4 2968.4 9385.6 3038.0 10453.6 2985.3 11593.7 2980.0 12352.8 2941.1 13019.9 2927.5 12614.8 2931.8 12568.4 2934.4 12779.4 2908.3 13019.9 2927.5 13086.7 2962.6 6 7 15715.6 14455.7 14036.3 13802.4 13949.2 14201.8 13856.4 13946.8 14051.9 14201.8 14104.6 8 718.1 0.0 26.5 882.9 0.0 26.1 832.4 0.0 24.2 720.3 0.0 25.1 686.9 0.0 27.0 721.9 0.0 35.4 662.4 0.0 27.4 705.0 0.0 30.0 703.3 0.0 33.1 721.9 0.0 35.4 669.9 0.0 34.9 9 10 11 9 10 11 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 12 13 14 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 48.3 2706.6 5376.7 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 59.4 6200.2 1569.4 71.8 6275.5 1644.7 61.3 6111.4 1585.8 63.3 6150.6 1600.0 66.8 6186.2 1623.6 71.8 6275.5 1644.7 75.4 6234.6 1642.5 12 13 14 15 16 17 ABS issuers Finance companies REITs 3292.2 1044.1 339.8 2235.9 1280.7 339.9 1989.0 1261.9 365.5 1769.4 1205.1 401.0 1481.9 1209.3 579.4 1385.6 1238.2 663.3 1430.8 1198.5 614.4 1401.5 1201.6 626.8 1394.0 1215.6 646.6 1385.6 1238.2 663.3 1359.7 1249.4 674.4 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1416.4 593.5 112.4 1402.7 620.5 123.9 1394.3 647.1 122.7 1405.9 635.8 113.4 1406.9 647.8 123.9 1395.6 663.2 123.9 1394.3 647.1 107.4 1380.5 675.8 18 19 20 2005.9 2257.9 2484.9 2827.4 2965.7 3143.5 3045.9 3219.5 3183.8 3143.5 3205.3 21 52191.2 52331.8 53272.4 55040.9 56677.2 58783.9 57085.8 57558.8 58072.0 58783.9 59045.7 22 7379.5 7630.0 7050.3 6984.9 6687.7 6321.3 6541.8 6426.8 6375.6 6321.3 6388.0 23 21 22 23 Rest of the world Total credit market assets held by: Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 4835.3 222.5 89.1 4915.1 228.9 95.8 4395.5 221.8 91.1 4208.9 209.0 92.9 3856.9 184.6 95.5 3314.5 167.9 100.4 3666.5 176.6 96.0 3502.7 170.9 97.3 3419.0 168.8 98.3 3314.5 167.9 100.4 3271.4 170.2 102.1 24 25 26 27 28 Federal government State and local governments 703.7 1528.8 791.8 1598.4 810.1 1531.9 915.1 1559.2 1039.2 1511.5 1154.4 1584.0 1082.5 1520.2 1099.1 1556.7 1139.6 1549.9 1154.4 1584.0 1196.1 1648.2 27 28 37149.3 36287.9 37277.3 38547.3 40257.1 42134.4 40576.7 41023.2 41513.4 42134.4 42292.7 29 29 Domestic financial sectors 30 31 32 33 34 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1987.7 9117.4 809.7 88.1 734.6 2259.2 9356.2 785.2 68.9 758.6 2635.6 9489.9 827.7 64.0 796.2 2670.1 9866.3 833.5 63.9 842.3 3756.3 10101.0 826.3 64.1 891.8 4236.9 10762.9 882.6 58.6 951.7 3970.1 10167.7 845.6 64.1 903.8 4108.2 10378.4 856.1 61.5 926.3 4188.2 10527.8 854.9 59.7 945.2 4236.9 10762.9 882.6 58.6 951.7 4228.4 10885.2 901.8 54.5 964.8 30 31 32 33 34 35 36 Property-casualty insurance companies Life insurance companies 886.7 3022.6 890.6 3174.2 926.8 3299.6 927.8 3373.9 958.7 3451.3 974.5 3551.0 955.0 3477.1 958.7 3511.5 969.2 3536.5 974.5 3551.0 970.7 3582.6 35 36 37 38 39 Private pension funds Federal government retirement funds State and local govt. retirement funds 775.4 130.9 773.0 895.9 141.8 795.3 969.5 167.3 802.7 1116.2 182.7 806.0 1166.8 192.1 885.5 1199.9 209.0 920.6 1164.8 193.6 890.1 1184.5 196.0 899.0 1195.9 201.1 919.8 1199.9 209.0 920.6 1212.7 149.9 921.2 37 38 39 40 41 42 43 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 2070.0 2616.3 141.1 103.0 1673.4 2969.9 146.4 132.7 1663.6 3329.3 144.7 178.8 1580.9 3981.3 155.9 231.1 1611.7 4345.2 169.4 243.3 1490.8 4822.1 165.7 294.3 1521.0 4462.9 169.7 254.3 1387.3 4583.4 170.4 266.3 1419.6 4692.3 167.8 272.4 1490.8 4822.1 165.7 294.3 1440.7 4976.7 165.3 313.6 40 41 42 43 44 45 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2699.7 5376.7 6333.1 1139.5 6133.4 1304.8 5914.8 1437.0 5956.4 1569.4 6014.4 1644.7 5924.2 1585.8 5945.4 1600.0 5968.1 1623.6 6014.4 1644.7 5975.3 1642.5 44 45 46 47 48 ABS issuers Finance companies REITs 3228.6 1549.7 167.2 2184.1 1405.4 211.1 1941.5 1359.6 331.2 1728.3 1324.9 458.5 1446.2 1305.4 497.6 1354.3 1318.9 554.0 1396.5 1293.8 513.7 1367.7 1295.1 522.5 1363.0 1296.4 522.2 1354.3 1318.9 554.0 1328.4 1312.8 544.7 46 47 48 49 50 51 Brokers and dealers Holding companies Funding corporations 525.3 75.8 270.0 557.5 97.9 311.0 563.2 101.1 247.0 652.3 209.2 190.3 476.9 151.8 189.7 395.9 140.8 190.7 450.5 145.5 226.9 429.6 143.5 231.8 385.7 152.5 251.4 395.9 140.8 190.7 397.5 132.8 190.7 49 50 51 7662.4 8413.9 8944.8 9508.7 9732.4 10328.2 9967.4 10108.9 10183.0 10328.2 10365.1 52 52 Rest of the world (1) Excludes corporate equities and mutual fund shares. Summary 10 Z.1, June 11, 2015 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 Domestic By instrument 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 34469.7 35618.2 36751.2 38411.2 39762.4 41438.7 40183.6 40392.6 40836.3 41438.7 41735.8 1 34469.7 35618.2 36751.2 38411.2 39762.4 41438.7 40183.6 40392.6 40836.3 41438.7 41735.8 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 58.4 7781.9 23.5 3672.5 3197.0 82.9 9361.5 24.2 3772.1 3376.3 116.3 10428.3 25.3 3719.4 3538.3 130.3 11568.9 24.9 3714.4 3861.8 144.5 12328.3 24.5 3671.2 4141.5 182.4 12995.6 24.4 3652.4 4406.4 180.2 12590.8 24.0 3660.8 4213.2 185.9 12544.4 24.0 3661.4 4272.1 208.5 12755.6 23.9 3631.1 4321.7 182.4 12995.6 24.4 3652.4 4406.4 187.6 13062.6 24.1 3694.0 4518.9 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 1474.2 1458.4 1465.6 1269.4 1541.7 1333.0 1742.8 1372.4 1868.8 1408.0 2145.9 1483.9 1909.4 1440.7 2014.8 1428.3 2053.4 1445.9 2145.9 1483.9 2210.3 1481.4 8 9 14251.6 10939.1 827.8 2338.7 146.0 2552.3 13619.2 10446.7 824.5 2193.9 154.1 2646.9 13293.5 10200.8 828.4 2097.1 167.2 2755.4 13072.8 9975.9 862.5 2061.4 173.0 2922.9 13076.6 9884.7 896.2 2117.6 178.1 3098.8 13230.4 9886.8 967.5 2193.4 182.7 3317.2 13059.5 9852.7 906.9 2120.7 179.2 3105.0 13089.8 9850.6 919.2 2139.6 180.4 3171.9 13147.2 9868.8 937.6 2159.3 181.5 3249.0 13230.4 9886.8 967.5 2193.4 182.7 3317.2 13235.3 9855.3 988.4 2208.1 183.6 3321.6 10 11 12 13 14 15 34469.7 35618.2 36751.2 38411.2 39762.4 41438.7 40183.6 40392.6 40836.3 41438.7 41735.8 16 13559.6 10136.3 6150.9 3985.4 13230.6 9964.0 6013.1 3950.9 13057.8 10254.6 6308.0 3946.6 13055.1 10782.3 6714.1 4068.2 13170.4 11298.0 7115.3 4182.8 13512.1 11979.1 7579.2 4399.9 13175.1 11462.0 7263.4 4198.6 13286.6 11603.2 7345.6 4257.6 13398.1 11750.6 7448.9 4301.6 13512.1 11979.1 7579.2 4399.9 13508.6 12177.9 7717.7 4460.2 17 18 19 20 7805.4 2968.4 9385.6 3038.0 10453.6 2985.3 11593.7 2980.0 12352.8 2941.1 13019.9 2927.5 12614.8 2931.8 12568.4 2934.4 12779.4 2908.3 13019.9 2927.5 13086.7 2962.6 21 22 2005.9 2257.9 2484.9 2827.4 2965.7 3143.5 3045.9 3219.5 3183.8 3143.5 3205.3 23 401.3 1447.8 137.5 19.3 398.6 1677.6 162.0 19.6 345.1 1913.6 205.2 21.0 373.0 2186.5 237.7 30.2 407.0 2250.4 276.7 31.6 384.3 2419.5 305.3 34.4 413.8 2309.8 290.5 31.7 435.1 2446.9 304.5 32.9 390.7 2463.3 296.9 32.9 384.3 2419.5 305.3 34.4 414.7 2441.0 315.4 34.2 24 25 26 27 36475.6 37876.1 39236.2 41238.6 42728.0 44582.1 43229.5 43612.1 44020.1 44582.1 44941.2 28 10 11 12 13 14 15 16 Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 21 22 Federal government State and local governments 23 24 25 26 27 28 Foreign credit market debt held in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 By instrument 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 9 By sector 15715.6 14455.7 14036.3 13802.4 13949.2 14201.8 13856.4 13946.8 14051.9 14201.8 14104.6 1 678.2 2706.6 5376.7 5736.7 576.0 6434.5 1139.5 5282.9 507.9 6247.3 1304.8 4972.8 449.1 6092.7 1437.0 4870.3 400.2 6200.2 1569.4 4719.0 363.6 6275.5 1644.7 4760.6 398.2 6111.4 1585.8 4714.0 384.5 6150.6 1600.0 4738.7 396.9 6186.2 1623.6 4744.2 363.6 6275.5 1644.7 4760.6 349.8 6234.6 1642.5 4742.4 2 3 4 5 424.2 617.9 175.3 373.6 473.2 176.1 400.8 413.1 189.5 342.3 416.6 194.4 363.2 494.9 202.2 365.4 568.0 223.8 360.8 480.9 205.3 333.1 532.9 206.9 345.5 542.1 213.3 365.4 568.0 223.8 368.2 538.9 228.1 6 7 8 15715.6 14455.7 14036.3 13802.4 13949.2 14201.8 13856.4 13946.8 14051.9 14201.8 14104.6 9 718.1 0.0 26.5 882.9 0.0 26.1 832.4 0.0 24.2 720.3 0.0 25.1 686.9 0.0 27.0 721.9 0.0 35.4 662.4 0.0 27.4 705.0 0.0 30.0 703.3 0.0 33.1 721.9 0.0 35.4 669.9 0.0 34.9 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 48.3 2706.6 5376.7 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 59.4 6200.2 1569.4 71.8 6275.5 1644.7 61.3 6111.4 1585.8 63.3 6150.6 1600.0 66.8 6186.2 1623.6 71.8 6275.5 1644.7 75.4 6234.6 1642.5 13 14 15 16 17 18 ABS issuers Finance companies REITs 3292.2 1044.1 339.8 2235.9 1280.7 339.9 1989.0 1261.9 365.5 1769.4 1205.1 401.0 1481.9 1209.3 579.4 1385.6 1238.2 663.3 1430.8 1198.5 614.4 1401.5 1201.6 626.8 1394.0 1215.6 646.6 1385.6 1238.2 663.3 1359.7 1249.4 674.4 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1416.4 593.5 112.4 1402.7 620.5 123.9 1394.3 647.1 122.7 1405.9 635.8 113.4 1406.9 647.8 123.9 1395.6 663.2 123.9 1394.3 647.1 107.4 1380.5 675.8 19 20 21 Summary 11 Z.1, June 11, 2015 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 52191.2 52331.8 53272.4 55040.9 56677.2 58783.9 57085.8 57558.8 58072.0 58783.9 59045.7 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1138.0 7781.9 8106.8 3672.5 10381.4 1057.6 9361.5 7598.2 3772.1 10336.8 969.3 10428.3 7577.4 3719.4 10424.7 952.4 11568.9 7554.6 3714.4 10918.6 951.6 12328.3 7794.1 3671.2 11111.0 930.4 12995.6 7944.6 3652.4 11586.5 992.2 12590.8 7721.1 3660.8 11237.1 1005.5 12544.4 7774.6 3661.4 11457.7 996.1 12755.6 7833.7 3631.1 11529.2 930.4 12995.6 7944.6 3652.4 11586.5 952.1 13062.6 7901.2 3694.0 11702.2 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2035.9 2095.6 14426.8 2552.3 2001.2 1762.3 13795.3 2646.9 2147.8 1767.1 13483.1 2755.4 2322.7 1819.2 13267.2 2922.9 2508.8 1934.5 13278.8 3098.8 2816.7 2086.3 13454.2 3317.2 2560.7 1953.4 13264.8 3105.0 2652.4 1994.1 13296.7 3171.9 2695.8 2021.0 13360.5 3249.0 2816.7 2086.3 13454.2 3317.2 2893.9 2054.6 13463.5 3321.6 7 8 9 10 Memo: Selected claims not included above: 11 Corporate equities 12 Mutual fund shares 20085.5 6920.7 23552.5 7873.0 22940.5 7870.9 26204.7 9326.1 33629.1 11544.4 36256.3 12603.6 34109.2 11899.2 35723.8 12374.8 35025.1 12343.7 36256.3 12603.6 36834.8 12903.8 11 12 2 3 4 5 6 7 8 9 10 Total 2010 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) 52191.2 52331.8 53272.4 55040.9 56677.2 58783.9 57085.8 57558.8 58072.0 58783.9 59045.7 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 174.8 5.2 26.2 1258.4 1215.5 175.5 5.2 25.9 1303.9 1068.5 190.9 5.2 25.9 1066.4 1889.0 193.2 5.2 25.9 922.8 1683.8 187.7 5.2 25.6 954.8 2812.9 170.0 5.2 25.3 856.1 2801.5 187.7 5.2 25.6 927.5 3025.0 188.6 5.2 25.6 909.5 3052.1 178.2 5.2 25.3 959.1 3123.8 170.0 5.2 25.3 856.1 2801.5 156.8 5.2 25.3 823.6 2864.1 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements 2093.4 6326.5 2105.9 3258.6 3175.6 2359.8 6624.9 1923.2 2755.4 3597.9 2594.3 7202.2 1750.0 2642.5 3878.7 2853.8 7803.9 1659.9 2649.6 4130.1 3186.5 8110.8 1762.0 2678.5 3657.1 3537.5 8475.8 1972.9 2688.1 3699.8 3183.8 8265.3 1810.4 2592.5 3741.7 3295.7 8290.7 1848.6 2522.4 3780.5 3356.9 8431.3 1833.5 2565.4 3680.7 3537.5 8475.8 1972.9 2688.1 3699.8 3437.9 8757.3 1927.1 2609.9 3756.3 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension entitlements 6920.7 936.7 1242.4 15458.1 7873.0 1041.7 1278.6 17035.7 7870.9 1034.2 1352.3 17447.7 9326.1 1131.9 1359.3 18460.8 11544.4 1236.2 1416.8 19893.7 12603.6 1332.0 1477.4 20783.7 11899.2 1273.1 1428.9 20093.4 12374.8 1329.5 1445.8 20402.1 12343.7 1372.7 1454.8 20476.3 12603.6 1332.0 1477.4 20783.7 12903.8 1318.7 1501.8 20991.9 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 3216.0 40.6 15799.7 3370.8 53.1 15896.1 3499.4 73.4 16483.5 3636.0 84.5 17153.1 3807.9 96.7 16713.6 3982.7 119.4 17365.2 3828.9 115.2 16868.4 3902.2 119.8 17026.0 3942.3 126.4 17255.7 3982.7 119.4 17365.2 4025.0 156.7 17530.8 16 17 18 19 Total liabilities 121921.0 125618.1 129677.3 136088.1 143228.8 149512.7 144819.6 146677.7 147918.3 149512.7 150853.3 19 2 3 4 5 6 + Financial assets not included in liabilities: 20 Gold 21 Corporate equities 22 Household equity in noncorp. bus. 11.0 20085.5 6258.6 11.0 23552.5 6894.2 11.0 22940.5 7587.0 11.0 26204.7 8386.5 11.0 33629.1 9502.9 11.0 36256.3 9924.7 11.0 34109.2 9578.5 11.0 35723.8 9668.0 11.0 35025.1 9791.8 11.0 36256.3 9924.7 11.0 36834.8 10156.2 20 21 22 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -16.5 1067.0 3.0 -17.6 1090.1 24.8 -18.3 931.3 28.3 -18.8 794.5 20.1 -19.9 790.6 76.9 -21.0 712.8 -32.8 -20.2 789.2 49.8 -20.4 754.6 38.6 -20.8 802.5 13.3 -21.0 712.8 -32.8 -21.3 680.5 -37.1 23 24 25 26 27 28 Security repurchase agreements Taxes payable Miscellaneous 206.2 -210.4 -5333.3 254.6 -209.0 -5884.0 325.2 -199.4 -6289.7 209.6 -195.4 -6597.5 47.8 -193.0 -7219.2 -93.2 -190.8 -7583.3 80.4 -181.0 -7436.4 -16.2 -177.2 -7400.1 -34.9 -178.1 -7403.3 -93.2 -190.8 -7583.3 -56.3 -159.2 -7646.5 26 27 28 0.0 1.7 4.2 244.5 0.0 2.2 3.2 237.9 0.0 2.3 4.1 195.1 0.0 2.1 4.9 256.8 0.0 1.2 3.7 120.7 0.0 -0.7 3.5 132.1 0.0 1.6 4.4 46.4 0.0 1.7 4.6 20.7 0.0 0.1 3.5 43.4 0.0 -0.7 3.5 132.1 0.0 -2.1 3.5 70.0 29 30 31 32 152309.6 160573.6 165237.0 176214.1 192763.0 202778.2 195184.1 198874.4 199520.7 202778.2 205023.8 33 29 30 31 32 33 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit Totals identified to sectors as assets Summary 12 Z.1, June 11, 2015 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 3 4 5 6 7 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment Fixed investment (3) 8 9 10 11 12 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 13 14 15 16 17 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 14418.7 14964.4 15517.9 16163.1 16768.0 17418.9 17044.0 17328.2 17599.8 17703.7 17665.0 1 9847.0 10202.2 10689.3 11083.1 11484.3 11930.3 11728.5 11870.7 12002.0 12120.2 12112.7 2 1023.3 2175.1 6648.5 1070.7 2292.1 6839.4 1125.3 2471.1 7092.8 1192.1 2549.8 7341.3 1249.3 2601.9 7633.2 1302.5 2666.2 7961.7 1262.3 2628.4 7837.8 1298.4 2666.1 7906.2 1320.2 2691.3 7990.4 1329.0 2679.0 8112.3 1324.1 2598.7 8189.9 3 4 5 1878.1 2100.8 2239.9 2479.2 2648.0 2851.6 2714.4 2843.6 2905.1 2943.3 2947.2 6 2025.7 2039.3 2198.1 2414.3 2573.9 2769.6 2674.3 2743.4 2810.6 2850.0 2841.5 7 1633.4 147.1 1140.6 178.9 166.9 1658.2 134.1 1178.1 183.3 162.8 1812.1 130.8 1299.2 214.6 167.5 1972.0 134.9 1415.1 231.8 190.2 2054.0 136.0 1475.9 240.7 201.5 2210.5 137.1 1590.0 269.1 214.3 2134.6 132.9 1535.5 259.8 206.3 2191.2 136.4 1575.9 265.7 213.1 2244.3 138.9 1613.6 273.7 218.0 2272.0 140.1 1635.0 276.9 219.9 2256.8 139.9 1623.6 270.3 223.0 8 9 10 11 12 392.2 321.0 4.7 65.8 0.7 381.1 318.3 0.5 58.3 4.0 386.0 321.1 -1.8 60.2 6.5 442.3 368.0 0.1 68.9 5.3 519.9 433.4 -8.1 79.9 14.7 559.1 452.4 16.6 82.6 7.4 539.7 434.8 28.8 79.8 -3.6 552.2 446.2 4.5 81.7 19.7 566.4 460.5 16.4 84.0 5.4 578.0 468.1 16.8 85.0 8.2 584.7 471.3 16.1 85.6 11.7 13 14 15 16 17 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business -147.6 -130.8 -16.8 61.5 57.9 3.6 41.8 34.9 6.8 64.9 61.8 3.0 74.1 56.7 17.4 82.0 66.4 15.6 40.1 32.9 7.2 100.3 81.9 18.3 94.5 75.3 19.2 93.3 75.5 17.8 105.8 87.7 18.1 18 19 20 21 Net U.S. exports of goods and services -395.4 -512.7 -580.0 -568.3 -508.2 -538.2 -538.0 -549.2 -516.5 -549.2 -563.1 21 22 23 Exports - Imports 1587.7 1983.2 1852.3 2365.0 2106.4 2686.4 2194.2 2762.5 2262.2 2770.4 2337.0 2875.2 2284.7 2822.7 2344.3 2893.5 2366.5 2883.0 2352.3 2901.5 2247.4 2810.5 22 23 3089.1 3174.0 3168.7 3169.2 3143.9 3175.2 3139.1 3163.1 3209.3 3189.3 3168.1 24 2442.1 933.7 1508.4 2522.2 1003.9 1518.3 2530.9 1006.1 1524.8 2549.7 1003.6 1546.1 2547.6 963.0 1584.5 2585.6 965.2 1620.4 2564.5 957.1 1607.4 2572.1 955.5 1616.6 2616.2 987.7 1628.5 2589.6 960.6 1629.1 2583.0 962.7 1620.2 25 26 27 647.0 284.0 363.0 651.8 300.0 351.9 637.9 297.4 340.5 619.4 287.8 331.6 596.3 268.5 327.8 589.6 253.9 335.7 574.6 251.0 323.6 591.0 255.0 336.1 593.0 253.6 339.4 599.7 256.1 343.6 585.1 253.8 331.3 28 29 30 151.0 648.9 497.8 206.0 720.0 514.1 246.6 792.6 546.0 227.4 793.8 566.5 224.3 810.4 586.1 211.7 827.7 616.0 211.0 822.6 611.6 213.5 828.5 615.0 229.9 847.2 617.3 192.5 812.4 619.9 162.1 782.7 620.6 31 32 33 14569.8 15170.4 15764.6 16390.5 16992.4 17630.6 17255.0 17541.7 17829.6 17896.2 17827.1 34 -9.7 6.3 -8.9 12.3 0.0 -8.5 -1.1 -1.0 10.6 -0.0 -7.8 -0.5 -0.9 9.2 -0.0 -7.7 0.9 -1.9 8.7 -0.1 -7.9 1.3 -2.4 9.0 0.0 -7.3 1.8 -2.8 8.3 0.1 -7.6 0.3 -1.3 8.6 -0.1 -7.4 0.8 -1.9 8.4 0.1 -7.2 5.4 -6.5 8.2 0.1 -7.1 0.5 -1.6 8.0 0.1 -7.0 -0.1 -1.0 7.9 0.1 35 36 37 38 39 24 Government consumption expenditures and gross investment 25 26 27 Consumption expenditures (4) Federal State and local 28 29 30 Gross investment (4) Federal State and local Memo: 31 32 33 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 34 Gross National Product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business Federal government State and local 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.101, line 4. (3) Structures, equipment, and intellectual property products. (4) Government inventory investment is included in consumption expenditures. Summary 13 Z.1, June 11, 2015 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 National Income 2 3 4 Compensation of employees Wages and salaries Supplements to wages and salaries 5 6 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj 7 Corporate profits with IVA and CCAdj 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 12126.1 12739.5 13352.3 14069.5 14577.1 15076.5 14733.7 14972.9 15244.9 15354.3 15361.8 1 7787.0 6251.4 1535.6 7961.4 6377.5 1583.9 8269.0 6633.2 1635.9 8606.5 6932.1 1674.4 8844.8 7124.7 1720.1 9227.6 7451.6 1776.0 9096.2 7339.8 1756.4 9159.5 7391.7 1767.8 9260.7 7478.9 1781.8 9394.2 7596.1 1798.1 9504.0 7688.3 1815.7 2 3 4 973.0 333.7 1032.7 402.8 1143.7 485.3 1260.2 533.0 1336.6 595.8 1380.2 640.2 1351.0 622.9 1381.0 635.4 1386.4 646.7 1402.5 656.0 1390.1 662.8 5 6 1397.0 1746.4 1816.6 2022.8 2106.9 2089.8 1942.1 2106.2 2170.7 2140.3 2014.8 7 8 Corporate profits with IVA 1479.2 1799.7 1738.5 2126.6 2238.7 2419.5 2272.6 2437.4 2501.1 2466.8 2561.7 8 9 10 11 12 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 1472.6 752.5 362.9 357.2 1840.7 1039.2 406.3 395.2 1806.8 1008.9 375.9 421.9 2136.1 1245.4 488.9 401.8 2235.3 1298.8 533.5 403.1 2419.9 1514.9 511.0 394.1 2297.2 1418.8 480.8 397.5 2450.1 1541.6 514.5 393.9 2497.1 1556.0 530.7 410.4 2435.3 1543.2 517.7 374.3 2500.8 1612.7 536.1 351.9 9 10 11 12 269.4 177.8 91.6 370.6 220.6 150.0 379.1 228.8 150.3 454.8 271.4 183.4 474.3 329.3 144.9 592.6 389.1 203.5 562.3 366.2 196.1 608.0 394.8 213.2 602.5 400.0 202.5 597.7 395.4 202.4 607.0 418.1 188.9 13 14 15 13 14 15 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 16 17 18 19 20 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1203.1 574.6 351.4 105.1 118.1 1470.1 564.0 375.5 67.1 121.4 1427.7 703.7 441.0 107.7 154.9 1681.3 857.1 520.6 159.7 176.9 1761.1 959.6 536.9 289.8 132.9 1827.3 905.1 558.6 166.1 180.5 1734.9 902.8 575.0 165.5 162.3 1842.2 902.3 554.3 159.9 188.1 1894.6 898.4 535.0 174.9 188.5 1837.5 917.0 570.1 164.0 183.0 1893.8 922.1 592.5 205.9 123.8 16 17 18 19 20 21 22 23 24 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 628.5 223.3 166.2 239.1 906.2 443.1 189.3 273.8 724.0 339.1 117.9 267.0 824.2 453.5 145.8 225.0 801.5 432.6 98.7 270.2 922.2 567.3 141.4 213.6 832.1 477.6 119.3 235.2 939.9 592.6 141.4 205.9 996.2 621.0 153.3 221.9 920.5 577.8 151.4 191.3 971.7 602.2 141.3 228.2 21 22 23 24 6.7 -41.0 -68.3 -9.5 3.3 -0.5 -24.6 -12.7 4.0 31.5 60.9 25 -82.2 -41.1 -41.2 -53.3 -15.2 -38.1 78.1 98.3 -20.2 -103.8 -66.5 -37.3 -131.8 -88.3 -43.5 -329.6 -267.3 -62.3 -330.5 -268.4 -62.1 -331.3 -268.7 -62.5 -330.4 -267.8 -62.6 -326.5 -264.4 -62.1 -546.9 -463.8 -83.1 26 27 28 25 Inventory valuation adjustment (IVA) 26 27 28 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial 29 Net interest and miscellaneous payments 30 Taxes on production and imports 31 Less: Subsidies 32 33 34 35 36 563.4 489.4 488.1 491.7 499.8 486.3 506.5 461.0 479.3 498.4 529.6 29 1026.1 1057.1 1102.6 1132.0 1162.4 1203.2 1184.5 1197.9 1212.4 1217.9 1214.6 30 58.3 55.9 60.1 58.0 60.2 57.4 57.7 57.5 57.4 57.0 57.2 31 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) 124.9 38.7 88.5 -2.3 128.5 43.0 87.2 -1.7 131.5 50.2 89.2 -7.9 106.7 43.1 71.9 -8.3 120.6 42.3 89.0 -10.8 140.6 44.2 99.6 -3.2 119.2 43.1 85.2 -9.1 123.0 43.8 84.3 -5.1 182.4 44.5 139.0 -1.1 137.8 45.3 90.0 2.4 137.6 45.9 87.3 4.4 32 33 34 35 Current surplus of government enterprises -20.6 -22.9 -24.5 -25.3 -29.6 -34.2 -31.1 -33.6 -36.3 -35.7 -34.5 36 12126.1 12739.5 13352.3 14069.5 14577.1 15076.5 14733.7 14972.9 15244.9 15354.3 15361.8 37 1925.7 442.7 75.3 1923.5 458.1 49.2 1971.1 479.6 -38.3 2034.2 496.0 -209.2 2120.8 506.4 -211.9 2216.3 519.9 -182.0 2183.5 515.2 -177.5 2203.8 518.5 -153.5 2228.6 521.8 -165.7 2249.2 524.2 -231.6 2267.6 526.0 -328.3 38 39 40 151.0 206.0 246.6 227.4 224.3 211.7 211.0 213.5 229.9 192.5 162.1 41 14418.7 14964.4 15517.9 16163.1 16768.0 17418.9 17044.0 17328.2 17599.8 17703.7 17665.0 42 Memo: Calculation of Gross Domestic Product from National Income: (2) 37 National Income, from line 1 above 38 39 40 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 41 Less: Net U.S. income receipts from rest of the world 42 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. Summary 14 Z.1, June 11, 2015 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 Gross saving 2 3 4 5 6 7 8 9 10 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2072.5 2255.5 2435.6 2825.6 3034.1 3155.6 3000.9 3148.1 3220.6 3252.9 3298.1 1 -295.8 1224.9 552.9 381.0 171.9 672.0 -1520.8 -1248.8 -271.9 -126.1 1439.9 811.9 603.5 208.4 628.0 -1566.0 -1328.7 -237.3 -15.1 1445.0 733.9 584.2 149.7 711.1 -1460.1 -1244.1 -215.9 295.4 1607.1 710.9 563.7 147.2 896.2 -1311.7 -1079.1 -232.6 406.8 1281.1 673.0 571.3 101.7 608.1 -874.3 -649.1 -225.1 419.4 1224.6 592.1 538.5 53.6 632.6 -805.2 -580.5 -224.8 302.1 1103.2 477.1 492.0 -15.0 626.1 -801.0 -560.1 -240.9 425.9 1251.5 595.9 534.3 61.6 655.6 -825.7 -598.6 -227.1 470.2 1298.0 669.8 552.8 117.0 628.1 -827.8 -611.0 -216.8 479.5 1245.9 625.5 574.9 50.6 620.4 -766.4 -552.2 -214.3 504.5 1212.1 485.8 500.0 -14.2 726.4 -707.6 -505.7 -201.9 2 3 4 5 6 7 8 9 10 2368.4 1925.7 1522.4 1092.0 253.0 177.4 403.3 442.7 234.5 208.2 2381.6 1923.5 1523.0 1094.6 251.8 176.7 400.5 458.1 245.3 212.7 2450.6 1971.1 1572.8 1139.2 265.0 168.6 398.2 479.6 257.4 222.2 2530.2 2034.2 1629.7 1183.8 271.7 174.1 404.5 496.0 264.1 231.8 2627.2 2120.8 1693.7 1229.8 281.7 182.2 427.1 506.4 268.0 238.4 2736.2 2216.3 1762.1 1282.1 294.1 185.9 454.2 519.9 274.4 245.5 2698.7 2183.5 1735.9 1263.1 290.4 182.4 447.7 515.2 272.1 243.1 2722.3 2203.8 1753.5 1276.1 292.5 184.9 450.3 518.5 273.7 244.7 2750.4 2228.6 1771.9 1289.1 295.5 187.3 456.7 521.8 275.3 246.5 2773.4 2249.2 1787.1 1300.2 297.8 189.1 462.0 524.2 276.7 247.6 2793.6 2267.6 1802.2 1311.0 300.0 191.2 465.4 526.0 277.9 248.0 11 12 13 14 15 16 17 18 19 20 2147.9 2304.7 2397.3 2616.4 2822.1 2973.6 2823.4 2994.6 3054.9 3021.3 2969.8 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 2525.1 1878.1 1410.0 1011.1 232.0 166.9 468.1 647.0 284.0 363.0 2752.6 2100.8 1648.4 1239.0 246.7 162.8 452.4 651.8 300.0 351.9 2877.8 2239.9 1788.0 1338.9 281.7 167.5 451.9 637.9 297.4 340.5 3098.6 2479.2 1976.3 1482.3 303.7 190.2 502.9 619.4 287.8 331.6 3244.3 2648.0 2078.6 1539.2 337.9 201.5 569.4 596.3 268.5 327.8 3441.2 2851.6 2262.1 1693.9 353.9 214.3 589.5 589.6 253.9 335.7 3289.0 2714.4 2146.8 1603.7 336.8 206.3 567.6 574.6 251.0 323.6 3434.7 2843.6 2261.0 1692.7 355.2 213.1 582.6 591.0 255.0 336.1 3498.1 2905.1 2305.6 1726.8 360.8 218.0 599.5 593.0 253.6 339.4 3543.0 2943.3 2335.2 1752.6 362.7 219.9 608.2 599.7 256.1 343.6 3532.4 2947.2 2336.1 1751.0 362.0 223.0 611.2 585.1 253.8 331.3 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 0.6 -121.4 -83.4 44.6 -6.0 -121.9 -38.1 122.0 177.4 -55.4 0.7 -58.5 -29.4 19.8 -7.8 -41.5 -29.1 59.2 125.3 -66.2 1.6 -46.7 -40.9 -6.9 -1.6 -32.4 -5.8 48.4 113.0 -64.6 -6.5 -23.8 -11.1 -15.8 -4.9 9.6 -12.7 17.3 82.8 -65.5 0.8 7.5 -4.3 -4.3 -0.0 0.0 11.8 -6.6 56.0 -62.6 0.3 8.3 5.2 -4.8 -0.0 10.0 3.1 -8.0 55.4 -63.3 0.5 6.6 -7.1 -7.1 -0.0 0.0 13.6 -6.1 55.6 -61.7 0.3 7.5 -5.7 -5.7 0.0 0.0 13.2 -7.2 56.6 -63.8 0.3 14.0 41.1 1.1 0.0 40.0 -27.1 -13.7 54.8 -68.6 0.3 5.2 -7.6 -7.6 0.0 0.0 12.8 -4.9 54.4 -59.3 0.3 10.1 -3.1 -3.1 0.0 0.0 13.1 -9.8 51.3 -61.1 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Net lending (+) or net borrowing (-), NIPAs (3) Private Domestic business Nonfinancial corporate business (3) Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local -377.8 1469.2 824.0 492.6 27.0 304.4 645.2 -1847.1 -1475.7 -371.4 -448.6 1370.4 765.2 488.5 12.8 263.8 605.2 -1819.0 -1508.7 -310.3 -482.1 1184.6 521.3 353.1 -15.1 183.3 663.3 -1666.7 -1397.1 -269.6 -475.7 976.7 166.2 71.7 -27.1 121.5 810.5 -1452.4 -1185.6 -266.9 -423.0 534.5 80.6 54.3 -56.2 82.5 454.0 -957.5 -705.6 -252.0 -468.0 399.0 -95.1 -50.5 -59.8 15.2 494.1 -866.9 -615.3 -251.6 -466.0 388.3 -104.2 -19.0 -46.3 -38.9 492.5 -854.3 -594.6 -259.7 -440.3 450.8 -59.3 -29.9 -62.7 33.3 510.1 -891.1 -636.4 -254.7 -443.5 441.8 -70.6 -51.7 -65.3 46.4 512.4 -885.3 -644.2 -241.1 -522.0 315.0 -146.5 -101.5 -64.8 19.8 461.5 -837.0 -586.1 -250.9 -562.9 194.1 -373.4 -265.3 -62.1 -46.0 567.5 -757.0 -532.8 -224.2 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) 75.3 49.2 -38.3 -209.2 -211.9 -182.0 -177.5 -153.5 -165.7 -231.6 -328.3 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45.9 38.3 17.5 20.9 7.6 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). Summary 15 Z.1, June 11, 2015 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 6 7 Capital transfers paid, by sector By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business Q2 Q3 Q4 2015 Q1 272.2 186.7 137.9 139.8 105.4 115.3 105.5 106.1 147.9 101.5 98.3 1 40.4 0.0 0.0 0.0 40.4 0.0 25.8 0.0 0.0 0.0 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.3 14.3 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0 10.0 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40.0 40.0 0.0 40.0 0.0 0.0 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 7 206.9 206.9 63.4 0.0 121.9 8.1 12.9 0.6 0.0 0.0 141.4 141.4 72.1 0.0 41.5 12.7 14.5 0.7 0.0 0.0 123.5 123.5 69.1 0.0 32.4 8.0 12.4 1.6 0.0 0.0 98.8 98.8 66.6 7.6 4.7 8.2 10.5 1.1 0.0 0.0 79.3 79.3 66.3 0.0 0.0 5.7 6.5 0.8 0.0 0.0 79.2 79.2 66.5 0.0 0.0 6.6 5.7 0.4 0.0 0.0 78.6 78.6 65.1 0.0 0.0 7.4 5.8 0.4 0.0 0.0 79.7 79.7 67.0 0.0 0.0 6.6 5.8 0.4 0.0 0.0 82.1 82.1 71.6 0.0 0.0 4.3 5.8 0.4 0.0 0.0 76.2 76.2 62.2 0.0 0.0 8.1 5.5 0.4 0.0 0.0 72.7 72.7 63.7 0.0 0.0 3.0 5.5 0.4 0.0 0.0 8 9 10 11 12 13 14 15 16 17 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to the rest of the world (net) State and local Disaster-related insurance benefits 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 24.9 20.6 4.3 19.5 15.1 4.4 14.4 9.6 4.7 19.0 14.1 4.9 26.2 20.9 5.3 26.1 20.9 5.2 26.9 21.7 5.2 26.3 21.2 5.2 25.8 20.7 5.1 25.3 20.2 5.2 25.6 20.4 5.2 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.7 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 272.2 186.7 137.9 139.8 105.4 115.3 105.5 106.1 147.9 101.5 98.3 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 130.0 121.9 0.0 121.9 2.1 0.0 2.1 6.0 0.0 6.0 54.2 41.5 0.0 41.5 4.9 0.0 4.9 7.8 0.0 7.8 40.4 32.4 0.0 32.4 6.4 0.0 6.4 1.6 0.0 1.6 26.3 4.7 0.0 4.7 16.7 8.5 8.1 4.9 4.9 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 6.6 0.0 0.0 0.0 6.6 0.0 6.6 0.0 0.0 0.0 7.4 0.0 0.0 0.0 7.4 0.0 7.4 0.0 0.0 0.0 6.6 0.0 0.0 0.0 6.6 0.0 6.6 0.0 0.0 0.0 4.3 0.0 0.0 0.0 4.3 0.0 4.3 0.0 0.0 0.0 8.1 0.0 0.0 0.0 8.1 0.0 8.1 0.0 0.0 0.0 3.0 0.0 0.0 0.0 3.0 0.0 3.0 0.0 0.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 By government Federal Estate and gift taxes paid by persons State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 88.3 20.6 20.6 67.7 0.0 4.3 63.4 0.0 91.8 15.1 15.1 76.7 0.0 4.4 72.1 0.2 83.5 9.6 9.6 73.8 0.0 4.7 69.1 0.0 88.3 14.1 14.1 74.2 2.7 4.9 66.6 0.0 92.5 20.9 20.9 71.6 0.0 5.3 66.3 0.0 92.6 20.9 20.9 71.6 0.0 5.2 66.5 0.0 92.0 21.7 21.7 70.3 0.0 5.2 65.1 0.0 93.3 21.2 21.2 72.2 0.0 5.2 67.0 0.0 97.4 20.7 20.7 76.7 0.0 5.1 71.6 0.0 87.5 20.2 20.2 67.3 0.0 5.2 62.2 0.0 89.3 20.4 20.4 69.0 0.0 5.2 63.7 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 53.3 0.0 53.3 40.1 0.0 40.1 12.4 0.0 12.4 24.0 13.5 10.5 6.5 0.0 6.5 15.7 0.0 15.7 5.8 0.0 5.8 5.8 0.0 5.8 45.7 0.0 45.7 5.5 0.0 5.5 5.5 0.0 5.5 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.6 0.6 0.0 0.7 0.7 0.0 1.6 1.6 0.0 1.1 1.1 0.0 0.8 0.8 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 46 47 48 -89.6 -121.9 0.0 -18.2 -18.2 0.0 -87.1 -11.3 -5.3 38.3 -6.0 -28.3 -41.5 0.0 2.4 2.4 0.0 -40.2 -1.5 -2.2 20.9 -7.8 -40.4 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -6.4 -1.6 -12.0 9.6 14.3 0.0 0.0 0.0 -4.7 0.0 0.0 -16.7 -4.9 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 -0.0 3.4 10.0 0.0 10.0 0.0 10.0 0.0 0.0 0.0 -6.6 -0.0 -7.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -7.4 -0.0 -6.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -6.6 0.0 35.6 40.0 0.0 40.0 0.0 40.0 0.0 0.0 0.0 -4.3 0.0 -8.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -8.1 0.0 -3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.0 0.0 49 50 51 52 53 54 55 56 57 58 59 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered depository institutions Financial stabilization payments (2) Other (lines 5-27) Government-sponsored enterprises (2) Holding companies (GMAC) (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 118.6 186.3 -67.7 49.6 126.3 -76.7 40.0 113.9 -73.8 10.5 84.7 -74.2 -13.2 58.4 -71.6 -13.4 58.2 -71.6 -13.4 56.9 -70.3 -13.6 58.5 -72.2 -15.3 61.4 -76.7 -11.3 56.0 -67.3 -16.7 52.3 -69.0 60 61 62 63 By persons (lines 18-43) -28.4 -20.6 2.0 -5.0 19.7 10.4 21.2 20.6 -19.9 19.8 20.1 63 64 By the rest of the world (lines 21-46) -0.6 -0.7 -1.6 6.5 -0.8 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 64 (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States. Summary 16 Z.1, June 11, 2015 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1 Net acquisition of financial assets 665.9 778.9 1299.0 1538.5 1074.1 1451.6 1042.6 1729.5 995.3 2039.1 1819.2 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -7.2 115.8 101.1 -269.2 4.5 36.2 165.8 -180.5 -9.9 326.1 375.3 -18.5 -7.7 236.4 422.0 3.3 2.8 124.0 221.4 27.9 -5.4 147.8 433.1 -29.3 -3.9 326.5 505.7 113.6 -4.7 259.1 251.3 22.4 11.5 -59.8 204.0 -56.1 -24.7 65.4 771.5 -197.2 -8.4 268.8 726.4 -13.9 2 3 4 5 6 7 8 9 10 11 12 13 Securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 434.6 16.7 532.6 -671.6 107.2 97.6 -17.8 375.6 -6.6 -1.5 317.2 -10.2 44.1 -422.2 -183.9 247.9 -165.9 -1.8 -215.3 -11.0 -65.4 91.7 -294.2 329.2 170.8 -0.6 215.4 -111.8 -144.4 -178.3 -194.7 581.1 25.5 -3.8 -194.3 -75.4 -55.1 -227.8 -30.7 611.0 89.2 -0.1 -174.7 -89.6 -65.6 -131.9 28.5 520.0 -720.6 3.5 -351.2 -386.4 -56.4 -132.9 -418.6 620.4 426.5 0.9 -435.7 31.1 -21.1 35.2 316.1 497.0 75.0 -0.6 25.6 -73.4 -161.4 -45.4 -164.9 492.9 576.0 -4.2 62.6 70.2 -23.6 -384.7 381.4 469.5 47.7 1.4 -309.2 -44.2 13.4 -443.7 367.0 459.2 6 7 8 9 10 11 12 13 14 15 Life insurance reserves Pension entitlements 24.6 398.2 6.2 596.4 73.5 498.3 -26.6 497.6 19.2 498.7 45.3 548.5 31.3 516.6 41.4 553.3 46.4 538.8 62.2 585.4 77.7 518.6 14 15 16 Miscellaneous and other assets -126.4 167.4 224.1 251.4 161.0 228.1 278.1 184.6 242.7 206.9 209.1 16 17 18 19 20 21 22 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 1657.2 386.9 326.0 970.8 -9.7 -16.8 1694.0 376.5 317.4 1005.0 -8.5 3.6 1783.0 381.3 345.4 1057.2 -7.8 6.8 1918.0 436.9 366.6 1119.1 -7.7 3.0 2078.4 513.3 376.7 1178.9 -7.9 17.4 2178.6 535.0 406.1 1229.1 -7.3 15.6 2098.0 514.5 392.7 1191.2 -7.6 7.2 2166.3 527.9 402.1 1225.3 -7.4 18.3 2215.1 544.6 412.6 1245.9 -7.2 19.2 2235.0 553.0 417.0 1254.2 -7.1 17.8 2227.8 556.9 410.2 1249.5 -7.0 18.1 17 18 19 20 21 22 23 24 25 26 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1586.2 377.9 287.7 920.6 1580.9 372.0 290.7 918.1 1601.5 369.9 293.4 938.2 1637.0 372.3 304.0 960.7 1693.4 393.9 314.9 984.6 1723.7 411.6 337.2 974.8 1703.2 405.5 333.1 964.6 1712.9 409.3 334.1 969.5 1731.1 413.9 339.0 978.3 1747.5 417.7 342.9 987.0 1758.7 421.1 345.0 992.5 23 24 25 26 27 Net investment in nonfinancial assets (3) 71.0 113.2 181.5 281.0 384.9 454.9 394.9 453.4 484.0 487.5 469.1 27 9.0 38.2 50.3 -9.7 -16.8 4.5 26.7 86.9 -8.5 3.6 11.5 52.0 119.0 -7.8 6.8 64.6 62.7 158.4 -7.7 3.0 119.4 61.8 194.3 -7.9 17.4 123.4 68.9 254.3 -7.3 15.6 109.0 59.6 226.6 -7.6 7.2 118.7 68.0 255.7 -7.4 18.3 130.7 73.7 267.6 -7.2 19.2 135.4 74.2 267.2 -7.1 17.8 135.8 65.2 257.0 -7.0 18.1 28 29 30 31 32 22.2 -149.5 -32.5 471.1 296.6 680.0 310.1 998.0 652.7 759.2 625.1 33 36.3 44.0 -103.6 0.7 38.1 6.7 -154.9 -31.4 -25.3 3.4 75.2 -16.4 -88.4 -21.9 108.6 2.4 -39.3 6.1 -77.1 67.9 169.4 1.4 64.9 244.5 0.6 74.2 175.9 0.9 35.4 9.4 47.8 140.9 218.4 1.7 30.4 240.9 -47.5 66.8 194.0 -0.2 -74.3 171.4 42.8 113.8 257.8 1.2 219.3 363.1 90.5 142.7 222.8 3.1 59.4 134.2 105.3 240.3 199.0 2.5 -82.9 294.9 -22.7 156.7 186.8 1.0 -60.8 364.1 34 35 36 37 38 39 28 29 30 31 32 33 34 35 36 37 38 39 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities Home mortgages Other mortgages Consumer credit Policy loans Security credit Other liabilities 40 Net capital transfers paid (4) -34.4 -28.4 0.4 -10.0 19.7 10.4 21.2 20.6 -19.9 19.8 20.1 40 41 Personal saving, FOF concept (FOF) 680.2 1013.2 1513.4 1338.5 1182.1 1237.0 1148.6 1205.6 806.7 1787.2 1683.4 41 42 43 44 - Net investment in consumer durables - Government insurance and pension fund reserves (5) + Contr. for govt. soc. insur., U.S.-affiliated areas 50.3 -1.2 5.0 86.9 -3.2 4.9 119.0 -2.4 4.4 158.4 -2.5 4.6 194.3 -2.2 5.4 254.3 -2.0 5.6 226.6 -2.9 5.6 255.7 -1.0 5.6 267.6 -2.7 5.6 267.2 -1.5 5.7 257.0 -2.5 5.8 42 43 44 45 = Personal saving, NIPA concept (FOF) (6) 636.2 934.5 1401.2 1187.2 995.5 990.4 930.5 956.4 547.5 1527.2 1434.7 45 46 Personal saving, NIPA concept (NIPA) 672.0 628.0 711.1 896.2 608.1 632.6 626.1 655.6 628.1 620.4 726.4 46 47 Difference -35.8 306.5 690.1 291.0 387.4 357.8 304.4 300.8 -80.7 906.8 708.3 47 10942.5 11237.9 11801.4 12384.0 12505.1 12990.0 12772.9 12945.2 13061.2 13180.7 13285.4 48 6.2 5.8 6.1 -0.3 9.0 8.3 5.6 2.7 12.8 11.9 6.0 5.8 10.8 9.6 7.2 2.3 9.5 8.0 4.9 3.1 9.5 7.6 4.9 2.8 9.0 7.3 4.9 2.4 9.3 7.4 5.1 2.3 6.2 4.2 4.8 -0.6 13.6 11.6 4.7 6.9 12.7 10.8 5.5 5.3 49 50 51 52 Memo: 48 Disposable personal income 49 50 51 52 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 44) NIPA concept (NIPA data) (line 45) Difference (line 46) (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). (3) Line 17 less line 23. (4) Table F.9, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 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 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 27 less line 42) less net increase in liabilities (line 33) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4). Summary 17 Z.1, June 11, 2015 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 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 Open market paper Treasury securities Agency- and GSE-backed securities 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 45950.6 49738.2 50410.7 54265.1 60160.5 62937.9 60764.5 62017.5 61657.5 62937.9 63857.6 1 62.7 930.5 6679.3 1386.6 67.3 955.4 6807.1 1206.1 57.4 1281.5 7182.3 1187.5 49.7 1504.3 7559.4 1190.9 52.5 1628.3 7781.5 1218.7 47.0 1776.1 8277.6 1189.4 51.5 1678.3 7935.0 1182.6 50.3 1705.7 7963.8 1154.1 53.2 1695.0 8090.0 1173.1 47.0 1776.1 8277.6 1189.4 44.9 1812.2 8486.4 1119.6 2 3 4 5 16016.1 18065.4 17372.3 19400.9 23281.0 24287.6 23441.0 24299.3 23663.3 24287.6 24752.9 6 22.7 853.3 356.4 21.1 1122.6 334.2 19.4 717.0 299.3 18.8 943.1 176.8 15.0 956.6 141.1 14.9 696.7 41.3 15.9 900.4 55.6 16.1 721.1 60.8 15.9 704.9 43.8 14.9 696.7 41.3 15.2 640.2 42.6 7 8 9 10 11 Municipal securities Corporate and foreign bonds 1833.0 1548.5 1877.1 1361.1 1811.6 1355.3 1667.3 1235.4 1612.2 976.9 1546.6 874.9 1608.7 932.9 1607.1 952.4 1559.1 953.1 1546.6 874.9 1561.1 876.1 10 11 12 13 Corporate equities (2) Mutual fund shares 7255.8 4100.4 8696.2 4605.0 8498.4 4622.5 9676.3 5630.4 12501.8 7023.0 13360.7 7695.3 12580.0 7292.8 13307.1 7579.3 12777.4 7553.1 13360.7 7695.3 13640.8 7918.8 12 13 1109.5 15458.1 2146.8 6001.8 7309.5 1137.5 17035.7 2341.3 6650.1 8044.3 1199.3 17447.7 2383.2 6753.3 8311.2 1186.4 18460.8 2575.3 7278.0 8607.5 1233.0 19893.7 2831.3 8148.3 8914.2 1282.8 20783.7 2925.4 8578.4 9279.9 1242.6 20093.4 2855.4 8237.2 9000.8 1256.7 20402.1 2891.7 8409.2 9101.3 1263.3 20476.3 2879.8 8417.8 9178.7 1282.8 20783.7 2925.4 8578.4 9279.9 1304.8 20991.9 2954.6 8666.0 9371.2 14 15 16 17 18 4218.9 4385.5 4608.3 4847.2 5012.4 5240.2 5082.0 5128.6 5188.1 5240.2 5292.9 19 19793.8 19454.4 19274.0 19535.9 19740.4 20373.2 19746.2 19986.0 20162.7 20373.2 20450.8 20 10918.8 2574.3 2552.3 10433.2 2542.8 2646.9 10190.6 2521.0 2755.4 9966.3 2588.9 2922.9 9874.7 2663.1 3098.8 9875.3 2804.0 3317.2 9842.3 2679.8 3105.0 9839.7 2708.3 3171.9 9857.5 2743.9 3249.0 9875.3 2804.0 3317.2 9843.3 2843.2 3321.6 21 22 23 121.1 203.0 3424.4 124.5 278.2 3428.9 126.9 238.9 3441.2 128.3 303.7 3625.8 129.2 339.2 3635.4 130.8 369.5 3876.3 129.1 320.6 3669.4 129.4 375.4 3761.2 130.2 390.3 3791.7 130.8 369.5 3876.3 131.1 354.3 3957.3 24 25 26 14 15 16 17 18 Life insurance reserves Pension entitlements Life insurance companies Private pension funds Governments 19 Miscellaneous and other assets 20 Total liabilities 21 22 23 Home mortgages Other mortgages Consumer credit 24 25 26 Policy loans Security credit Other liabilities (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). 18 Z.1, June 11, 2015 F.100 Domestic Nonfinancial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1 Gross saving less net capital transfers paid 2696.9 2879.8 3167.2 3636.4 3920.6 4086.1 3907.1 4066.6 4182.6 4188.2 4252.0 1 2 Gross investment 2786.3 2948.1 2993.8 3222.8 4119.9 4189.0 3853.2 4462.2 3395.4 5045.0 4702.1 2 3 4 5 6 7 8 Capital expenditures Consumer durables Fixed residential investment Fixed nonresidential investment Inventory change Nonproduced nonfinancial assets 3328.4 970.8 399.3 2105.9 -147.6 0.0 3590.9 1005.0 387.0 2137.4 61.5 0.0 3761.1 1057.2 388.0 2274.0 41.8 0.0 4022.2 1119.1 443.3 2394.9 64.9 0.1 4207.0 1178.9 511.8 2442.2 74.1 -0.0 4448.5 1229.1 558.5 2578.9 82.0 -0.1 4277.5 1191.2 549.9 2496.2 40.1 0.1 4427.0 1225.3 539.3 2562.3 100.3 -0.1 4520.4 1245.9 567.8 2612.4 94.5 -0.1 4569.0 1254.2 576.9 2644.7 93.3 -0.1 4547.1 1249.5 579.7 2612.3 105.8 -0.1 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) -542.2 -642.8 -767.3 -799.4 -87.1 -259.5 -424.3 35.3 -1125.0 476.0 155.0 9 10 Net acqisition of financial assets 1115.1 1942.0 1774.7 2378.2 2448.0 2566.3 1790.0 3123.1 1897.6 3454.3 2734.3 10 51.9 -0.3 1.6 13.6 16.2 -15.7 4.3 -7.1 -3.3 45.5 -3.8 -11.4 -4.0 -46.4 3.0 37.2 -4.1 20.6 -10.2 -57.1 -9.9 -1.8 11 12 31.9 288.4 -330.5 -3.3 270.3 219.9 -323.5 3.6 114.8 404.8 -52.0 -4.4 188.2 477.3 65.5 1.6 286.0 280.5 70.2 1.7 289.6 454.4 -10.9 15.0 168.2 614.5 -1.8 20.8 377.3 227.5 -2.6 24.2 124.6 109.5 -0.9 2.8 488.3 866.2 -38.5 12.2 -233.2 793.1 -47.5 24.4 13 14 15 16 352.6 71.3 -265.6 -121.7 -512.9 -300.5 -769.1 -172.7 -168.8 -91.3 -377.3 17 -23.4 523.1 -514.5 109.2 101.9 60.9 15.3 80.1 24.0 333.5 -30.1 42.4 -413.5 3.0 0.6 111.3 -14.1 -254.5 -145.4 -66.9 89.2 2.0 -2.4 126.5 -16.3 261.2 -161.7 -143.5 -175.4 -0.0 -10.7 124.8 -34.0 -203.3 -104.3 -56.2 -227.4 12.2 -2.5 102.6 -11.7 -107.8 -102.2 -73.4 -121.6 0.8 11.4 104.0 -5.6 -316.1 -408.3 -69.8 -121.9 10.1 11.9 130.5 -20.9 -326.0 36.1 -28.2 52.2 -14.1 19.7 108.4 -5.5 55.4 -99.6 -172.8 -44.6 2.8 -0.2 95.8 -14.7 155.4 63.2 -22.6 -372.3 4.4 14.0 81.4 7.5 -99.6 -59.7 23.2 -412.2 0.0 39.3 124.2 18 19 20 21 22 23 24 25 11 12 U.S. official reserve assets Foreign deposits 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 17 Credit market instruments 18 19 20 21 22 23 24 25 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 26 27 Corporate equities Mutual fund shares -19.4 412.6 -159.5 262.1 -257.4 316.1 -206.3 580.3 -35.3 612.1 32.3 538.1 -413.3 638.7 324.1 517.0 -168.7 508.5 387.3 488.2 383.3 483.2 26 27 28 29 Trade receivables Security credit -83.2 -35.7 155.1 23.5 155.1 0.9 64.8 42.0 306.4 58.5 145.4 53.5 71.4 202.8 205.5 1.6 136.4 103.6 168.3 -94.0 163.7 6.3 28 29 30 31 Life insurance reserves Pension entitlements 24.6 398.2 6.2 596.4 73.5 498.3 -26.6 497.6 19.2 498.7 45.3 548.5 31.3 516.6 41.4 553.3 46.4 538.8 62.2 585.4 77.7 518.6 30 31 32 33 34 Taxes payable Equity in noncorpate business U.S. direct investment abroad 30.1 -107.6 269.7 28.1 167.2 303.3 28.1 161.0 403.9 36.5 133.5 315.9 31.4 75.6 317.4 59.4 50.6 330.3 54.0 73.9 160.8 116.5 31.5 324.9 28.0 63.0 340.0 39.3 33.9 495.4 175.9 16.9 388.9 32 33 34 35 Miscellaneous assets -164.9 302.7 197.2 332.5 396.2 330.3 471.4 513.5 217.7 118.6 372.1 35 1657.3 2584.7 2542.0 3177.6 2535.1 2825.8 2214.3 3087.9 3022.6 2978.2 2579.3 36 36 Net increase in liabilities 37 38 39 U.S. official reserve assets SDR certificates Treasury currency 47.6 3.0 -0.4 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.4 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.0 0.0 0.0 0.0 0.0 0.0 0.0 37 38 39 40 Credit market instruments 1102.4 1405.4 1281.8 1823.0 1470.3 1723.0 1680.0 1399.4 1798.6 2013.9 1172.6 40 -73.1 1443.7 0.1 155.3 215.6 -307.7 -164.8 -63.3 -103.6 24.5 1579.6 0.7 99.7 179.3 -53.7 -82.4 -316.9 -25.3 33.4 1066.8 1.1 -52.8 162.0 70.7 63.6 -171.6 108.6 14.0 1140.6 -0.4 -4.9 323.5 276.9 -22.7 -73.4 169.4 14.2 759.5 -0.4 -43.2 279.8 126.1 62.4 96.0 175.9 37.9 667.2 -0.1 -18.8 264.9 277.2 75.9 200.4 218.4 75.0 743.0 -1.9 -38.0 286.7 255.1 147.8 18.4 194.0 57.8 314.3 0.1 15.7 235.4 397.3 -51.9 172.9 257.8 22.2 913.8 -0.7 -88.5 198.4 180.2 84.5 266.1 222.8 -3.2 697.9 2.1 35.5 339.1 276.3 123.1 344.1 199.0 -70.6 -52.8 -1.0 170.0 449.7 352.1 7.3 131.1 186.8 41 42 43 44 45 46 47 48 49 41 42 43 44 45 46 47 48 49 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 50 Corporate equities -51.2 -250.7 -454.6 -344.9 -352.9 -387.5 -501.8 -273.1 -434.3 -341.0 -541.7 50 51 52 Trade payables Security credit -41.6 38.1 200.9 75.2 128.4 -39.3 138.4 64.9 182.1 35.4 170.8 30.4 108.0 -74.3 237.2 219.3 154.3 59.4 183.6 -82.9 155.7 -60.8 51 52 53 54 Life insurance reserves Taxes payable 1.1 -9.5 0.9 6.4 1.3 9.4 0.3 9.9 0.2 -5.5 0.8 6.8 -0.1 -15.8 0.6 14.8 1.2 23.5 1.4 4.9 -2.1 70.1 53 54 55 56 Equity in noncorpate business Foreign direct investment in U.S. -108.2 104.8 166.4 157.4 163.8 192.7 126.8 170.7 79.5 207.6 48.3 80.7 70.9 -445.4 33.2 260.5 56.3 329.6 32.8 178.2 16.2 313.7 55 56 57 Miscellaneous liabilities 571.0 823.2 1258.5 1188.5 918.7 1152.8 1392.9 1196.1 1035.0 987.3 1455.6 57 -89.4 -68.3 173.4 413.6 -199.3 -102.8 53.9 -395.7 787.2 -856.8 -450.2 58 58 Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. 19 Z.1, June 11, 2015 F.101 Households and Nonprofit Organizations (1) 2009 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 12087.5 1144.9 10942.5 10270.5 672.0 12429.3 1191.5 11237.9 10609.8 628.0 13202.0 1400.6 11801.4 11090.2 711.1 13887.7 1503.7 12384.0 11487.8 896.2 14166.9 1661.8 12505.1 11897.1 608.1 14733.9 1743.9 12990.0 12357.4 632.6 14484.7 1711.8 12772.9 12146.9 626.1 14660.5 1715.3 12945.2 12289.6 655.6 14811.2 1750.1 13061.2 12433.0 628.1 14979.3 1798.6 13180.7 12560.3 620.4 15129.2 1843.8 13285.4 12559.0 726.4 1 2 3 4 5 6 7 8 9 10 + Government insurance and pension reserves (3) - Contr. for govt. soc. insur., U.S.-affiliated areas + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) -1.2 5.0 50.3 1319.5 -28.4 -3.2 4.9 86.9 1314.0 -20.6 -2.4 4.4 119.0 1336.5 2.0 -2.5 4.6 158.4 1365.2 -5.0 -2.2 5.4 194.3 1411.7 19.7 -2.0 5.6 254.3 1429.0 10.4 -2.9 5.6 226.6 1412.3 21.2 -1.0 5.6 255.7 1419.8 20.6 -2.7 5.6 267.6 1435.0 -19.9 -1.5 5.7 267.2 1449.0 19.8 -2.5 5.8 257.0 1457.9 20.1 6 7 8 9 10 11 = Gross saving less net capital transfers paid 2064.0 2041.3 2157.8 2417.8 2186.8 2297.8 2235.3 2304.1 2342.2 2309.6 2412.9 11 12 Gross investment 2028.1 2347.8 2847.9 2708.8 2574.2 2655.6 2539.6 2604.8 2261.5 3216.3 3121.2 12 1429.3 970.8 321.0 147.1 -9.7 1448.9 1005.0 318.3 134.1 -8.5 1501.3 1057.2 321.1 130.8 -7.8 1614.3 1119.1 368.0 134.9 -7.7 1740.4 1178.9 433.4 136.0 -7.9 1811.3 1229.1 452.4 137.1 -7.3 1751.3 1191.2 434.8 132.9 -7.6 1800.6 1225.3 446.2 136.4 -7.4 1838.2 1245.9 460.5 138.9 -7.2 1855.3 1254.2 468.1 140.1 -7.1 1853.7 1249.5 471.3 139.9 -7.0 13 14 15 16 17 13 14 15 16 17 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets 18 Net lending (+) or net borrowing (-) 598.8 898.9 1346.6 1094.5 833.7 844.3 788.4 804.3 423.3 1361.1 1267.5 18 19 Net acquisition of financial assets 674.8 793.3 1276.5 1363.4 1076.2 1265.4 1020.8 1516.6 871.7 1652.2 1504.7 19 20 21 22 23 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -7.2 101.0 105.9 -267.5 4.5 38.9 162.8 -183.6 -9.9 305.1 369.3 -19.4 -7.7 176.9 412.0 0.3 2.8 121.5 210.6 25.5 -5.4 113.9 406.0 -33.6 -3.9 311.5 498.2 112.0 -4.7 222.5 230.0 17.8 11.5 -87.1 188.7 -59.4 -24.7 8.6 707.2 -204.6 -8.4 231.1 650.2 -19.6 20 21 22 23 24 Credit market instruments 70.5 -95.1 -207.9 -244.9 -568.8 -477.1 -932.3 -420.3 -267.5 -288.3 -797.4 24 16.7 532.6 -671.6 107.1 97.6 -5.3 -0.9 -5.8 -1.5 317.2 -10.2 43.6 -422.2 -0.6 -10.9 -10.4 -1.8 -215.3 -11.0 -65.7 91.7 -2.8 0.9 -3.9 -0.6 215.4 -111.8 -144.6 -178.3 -2.5 -13.8 -8.8 -3.8 -194.3 -75.4 -55.2 -227.8 5.0 -10.9 -6.3 -0.1 -174.7 -89.6 -66.0 -131.9 -1.6 -7.4 -5.7 3.5 -351.2 -386.4 -56.5 -132.9 3.0 -6.9 -4.9 0.9 -435.7 31.1 -21.4 35.2 -17.7 -8.2 -4.4 -0.6 25.6 -73.4 -161.7 -45.4 3.2 -8.0 -7.3 -4.2 62.6 70.2 -24.2 -384.7 5.0 -6.6 -6.4 1.4 -309.2 -44.2 13.0 -443.7 0.5 -8.6 -6.7 25 26 27 28 29 30 31 32 -17.8 375.6 -35.7 24.6 398.2 -107.6 34.9 -183.9 247.9 23.5 6.2 596.4 167.2 8.3 -294.2 329.2 0.9 73.5 498.3 161.0 70.7 -194.7 581.1 42.0 -26.6 497.6 133.5 -6.1 -30.7 611.0 58.5 19.2 498.7 75.6 52.2 28.5 520.0 53.5 45.3 548.5 50.6 15.2 -418.6 620.4 202.8 31.3 516.6 73.9 8.8 316.1 497.0 1.6 41.4 553.3 31.5 30.5 -164.9 492.9 103.6 46.4 538.8 63.0 5.7 381.4 469.5 -94.0 62.2 585.4 33.9 15.7 367.0 459.2 6.3 77.7 518.6 16.9 3.1 33 34 35 36 37 38 39 75.9 -105.6 -70.1 269.0 242.5 421.1 232.4 712.3 448.3 291.2 237.3 40 1.3 -154.0 -31.5 199.5 203.0 386.4 298.6 484.2 389.7 373.1 292.1 41 66.3 -103.6 5.9 28.3 0.5 3.8 -182.1 -25.3 -2.2 50.1 2.4 3.0 -73.1 108.6 -7.8 -54.9 1.9 -6.3 -65.2 169.4 -14.5 110.8 1.2 -2.3 3.4 175.9 -13.1 30.0 2.0 4.8 41.8 218.4 -4.8 120.2 2.9 7.8 -48.5 194.0 -1.0 152.8 -1.1 2.5 35.5 257.8 -2.3 179.2 6.4 7.6 81.4 222.8 -9.8 85.8 1.7 7.7 98.9 199.0 -6.0 63.1 4.6 13.5 -28.3 186.8 -0.4 124.1 1.9 7.9 42 43 44 45 46 47 38.1 41.4 -4.9 75.2 -29.4 2.7 -39.3 1.2 -0.4 64.9 4.0 0.6 35.4 1.0 3.0 30.4 3.1 1.2 -74.3 4.0 4.1 219.3 3.6 5.3 59.4 1.9 -2.6 -82.9 3.0 -2.0 -60.8 1.4 4.6 48 49 50 35.8 -306.5 -690.1 -291.0 -387.4 -357.8 -304.4 -300.8 80.7 -906.8 -708.3 51 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 Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (8) Consumer credit Municipal securities Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.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 reserves (line 36), and pension entitlements (line 37). (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.109, line 21. Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 20 Z.1, June 11, 2015 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 Q3 Q4 2015 Q1 1 Income before taxes 1842.4 2206.6 2311.0 2682.4 2820.4 3093.8 2963.1 3119.8 3143.1 3149.3 3208.4 1 2 Gross saving less net capital transfers paid 1706.4 1951.3 1995.1 2037.6 2086.2 2058.2 1941.3 2055.2 2128.3 2108.0 2001.5 2 3 Gross investment 1842.0 1655.2 1197.6 1275.7 1876.9 1733.0 1673.6 1833.6 1557.1 1867.8 1568.5 3 4 Flows Q2 1248.7 1480.6 1613.5 1781.7 1863.7 2042.1 1944.4 2028.9 2087.6 2107.6 2101.3 4 5 6 7 Capital expenditures Fixed investment Residential Nonresidential 1390.0 70.5 1319.5 1420.1 58.8 1361.4 1572.3 58.4 1513.9 1715.9 69.0 1646.9 1788.3 71.8 1716.5 1958.3 99.2 1859.1 1903.9 108.6 1795.4 1927.9 86.2 1841.7 1987.7 100.4 1887.3 2013.7 101.7 1912.0 1995.6 101.7 1893.9 5 6 7 8 9 Change in inventories Nonproduced nonfinancial assets -147.6 6.3 61.5 -1.1 41.8 -0.5 64.9 0.9 74.1 1.3 82.0 1.8 40.1 0.3 100.3 0.8 94.5 5.4 93.3 0.5 105.8 -0.1 8 9 10 Net lending (+) or net borrowing (-) 593.3 174.7 -415.9 -506.0 13.2 -309.1 -270.8 -195.4 -530.5 -239.8 -532.8 10 11 Net acquisition of financial assets 182.7 784.7 679.7 808.0 1147.9 911.2 481.4 1266.9 747.5 1148.8 979.4 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6.8 85.6 172.1 -73.1 0.7 9.1 76.8 62.8 -154.6 4.3 -5.8 50.7 19.2 -34.6 0.4 0.6 13.8 43.4 60.1 -2.9 42.7 87.6 51.8 42.0 -0.9 -6.0 99.0 37.8 10.3 4.7 -42.5 -115.6 82.6 -126.7 10.1 41.9 257.7 21.6 -39.3 8.7 9.1 121.0 -105.6 55.3 -0.2 -32.4 132.8 152.4 151.6 0.1 6.6 8.5 105.6 -61.1 -2.6 12 13 14 15 16 17 Credit market instruments 3.5 9.2 -11.8 -11.0 -21.7 -11.8 -3.8 -6.2 -14.3 -22.7 39.8 17 18 19 20 21 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities -1.3 6.8 4.2 1.1 12.0 7.0 1.7 -2.6 -0.1 -4.2 -1.7 -1.4 -8.4 0.5 -1.2 0.8 -21.3 4.9 -2.9 -1.0 -6.6 -1.7 2.5 -8.2 -4.9 -6.8 5.4 -14.2 -19.7 2.1 7.7 -8.1 4.2 -0.2 -0.8 -11.2 -5.9 -2.1 -2.3 0.6 3.7 8.9 1.7 7.7 18 19 20 21 22 23 Mortgages Consumer credit -5.3 -2.0 2.6 -11.4 -6.4 2.0 -4.3 1.5 2.8 -4.2 3.6 -1.3 2.5 14.2 3.8 8.2 3.2 -9.6 4.9 -18.0 4.2 13.6 22 23 24 25 Mutual fund shares Trade receivables 35.3 -57.5 11.1 142.8 -12.8 144.7 -1.7 56.6 1.0 294.6 15.3 140.4 15.3 61.3 15.3 194.8 15.3 131.1 15.3 174.4 15.3 146.1 24 25 26 27 U.S. direct investment abroad Miscellaneous assets 269.7 -260.4 303.3 319.8 403.9 125.7 315.9 333.3 317.4 333.3 330.3 291.2 160.8 440.0 324.9 447.3 340.0 195.8 495.4 81.7 388.9 332.3 26 27 -410.6 610.0 1095.7 1313.9 1134.7 1220.3 752.2 1462.3 1278.1 1388.5 1512.3 28 -455.7 -90.4 298.1 488.6 547.1 683.1 679.1 565.1 579.6 908.7 794.1 29 -73.1 37.2 215.6 24.5 33.2 179.3 33.4 8.5 162.0 14.0 15.2 323.5 14.2 9.3 279.8 37.9 -0.1 264.9 75.0 2.0 286.7 57.8 -17.2 235.4 22.2 5.2 198.4 -3.2 9.7 339.1 -70.6 30.6 449.7 30 31 32 -336.0 -166.1 -133.3 -103.8 -85.7 -137.9 125.6 60.8 -92.3 166.1 -24.3 -5.9 96.1 59.9 87.9 157.0 72.6 150.7 102.3 148.7 64.5 218.1 -58.7 129.8 94.4 82.5 176.9 213.2 118.1 231.8 228.0 5.0 151.5 33 34 35 28 29 Net increase in liabilities Credit market instruments 30 31 32 Commercial paper Municipal securities Corporate bonds 33 34 35 Depository institution loans n.e.c. Other loans and advances Mortgages 36 37 Corporate equities Trade payables -51.2 -65.8 -250.7 186.6 -454.6 80.0 -344.9 82.2 -352.9 121.9 -387.5 109.4 -501.8 59.5 -273.1 159.9 -434.3 88.0 -341.0 130.3 -541.7 119.0 36 37 38 39 Taxes payable Foreign direct investment in U.S. -9.5 104.8 6.4 157.4 9.4 192.7 9.9 170.7 -5.5 207.6 6.8 80.7 -15.8 -445.4 14.8 260.5 23.5 329.6 4.9 178.2 70.1 313.7 38 39 40 Miscellaneous liabilities 175.0 434.3 806.2 780.6 537.1 679.4 905.7 701.9 635.3 474.6 741.0 40 -108.2 166.4 163.8 126.8 79.5 48.3 70.9 33.2 56.3 32.8 16.2 41 -135.6 296.1 797.5 761.9 209.3 325.2 267.7 221.6 571.2 240.2 433.0 42 41 42 Proprietors’ net investment Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 21 Z.1, June 11, 2015 F.103 Nonfinancial Corporate Business 2009 1 2 3 4 5 6 7 8 9 10 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 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 752.5 177.8 351.4 1049.3 1272.6 192.7 6.7 38.3 1433.7 1039.2 220.6 375.5 1077.3 1520.4 218.2 -41.0 20.9 1676.7 1008.9 228.8 441.0 1236.1 1575.2 215.1 -68.3 -6.4 1728.5 1245.4 271.4 520.6 1115.7 1569.2 184.6 -9.5 -16.7 1761.0 1298.8 329.3 536.9 1140.6 1573.2 222.4 3.3 -5.7 1804.6 1514.9 389.1 558.6 1013.4 1580.6 176.8 -0.5 -6.6 1763.6 1418.8 366.2 575.0 995.7 1473.4 194.3 -24.6 -7.4 1650.4 1541.6 394.8 554.3 1005.3 1597.9 170.3 -12.7 -6.6 1762.2 1556.0 400.0 535.0 1019.1 1640.1 183.7 4.0 -4.3 1832.2 1543.2 395.4 570.1 1033.4 1611.1 158.8 31.5 -8.1 1809.5 1612.7 418.1 592.5 844.7 1446.9 190.0 60.9 -3.0 1700.8 1 2 3 4 5 6 7 8 9 Gross investment 1569.3 1380.6 931.0 999.1 1595.2 1438.3 1382.7 1540.5 1260.9 1569.3 1267.8 10 1020.8 1145.3 -130.8 6.3 1235.4 1178.6 57.9 -1.1 1331.9 1297.4 34.9 -0.5 1478.0 1415.2 61.8 0.9 1525.8 1467.8 56.7 1.3 1674.8 1606.6 66.4 1.8 1597.6 1564.3 32.9 0.3 1663.2 1580.4 81.9 0.8 1710.7 1630.0 75.3 5.4 1727.9 1651.8 75.5 0.5 1727.3 1639.7 87.7 -0.1 11 12 13 14 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 15 Net lending (+) or net borrowing (-) 548.5 145.2 -400.9 -478.9 69.4 -236.5 -214.9 -122.6 -449.7 -158.6 -459.5 15 16 Net acquisition of financial assets 299.8 632.7 493.4 506.2 1070.5 676.6 388.8 1020.8 567.6 729.1 648.8 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6.8 70.8 176.9 -71.4 0.7 9.1 79.6 59.9 -157.7 4.3 -5.8 29.7 13.2 -35.4 0.4 0.6 -45.7 33.3 57.1 -2.9 42.7 85.1 41.0 39.7 -0.9 -6.0 65.1 10.6 6.0 4.7 -42.5 -130.6 75.1 -128.3 10.1 41.9 221.1 0.3 -43.9 8.7 9.1 93.7 -121.0 52.0 -0.2 -32.4 76.1 88.1 144.2 0.1 6.6 -29.3 29.5 -66.8 -2.6 17 18 19 20 21 22 Credit market instruments 10.2 2.6 -7.1 -12.8 -24.4 -16.7 -5.7 -11.5 -18.2 -31.3 33.3 22 -1.3 12.5 4.2 0.9 -4.1 -2.0 12.0 5.1 1.7 -3.2 -1.6 -11.4 -0.1 -5.1 -1.7 -1.6 -0.6 2.0 -8.4 -3.5 -1.2 0.6 -1.9 1.5 -21.3 3.3 -2.9 -1.1 1.8 -4.2 -6.6 -4.5 2.5 -8.6 1.8 -1.3 -4.9 -7.8 5.4 -14.3 1.8 14.2 -19.7 -1.0 7.7 -8.5 1.8 8.2 4.2 -2.3 -0.8 -11.5 1.8 -9.6 -5.9 -7.0 -2.3 0.0 1.8 -18.0 3.7 5.2 1.7 7.3 1.8 13.6 23 24 25 26 27 28 35.3 -31.2 11.1 105.7 -12.8 83.7 -1.7 52.0 1.0 277.2 15.3 108.8 15.3 49.2 15.3 160.5 15.3 106.4 15.3 119.2 15.3 104.0 29 30 269.7 -167.9 -4.0 0.0 -9.3 -154.7 303.3 214.8 11.7 0.1 26.7 176.3 403.9 23.6 10.1 -0.0 8.4 5.1 315.9 110.4 7.6 0.0 2.6 100.2 317.4 291.6 -6.6 0.0 14.7 283.5 330.3 158.4 8.2 0.1 14.1 135.9 160.8 385.3 4.2 0.6 66.9 313.6 324.9 303.4 15.5 -0.2 -4.8 292.9 340.0 90.4 13.3 -0.0 -6.5 83.6 495.4 -145.7 -0.1 0.1 0.7 -146.4 388.9 169.8 -4.0 0.3 -7.3 180.8 31 32 33 34 35 36 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 31 32 33 34 35 36 U.S. direct investment abroad (4) Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance co. subs. Other 37 38 Net increase in liabilities Net funds raised in markets 39 Net new equity issues 40 Credit market instruments -248.7 487.6 894.3 985.1 1001.1 913.0 603.7 1143.4 1017.3 887.7 1108.3 37 -409.8 -321.6 -159.7 17.6 75.2 75.9 103.9 52.3 -34.6 181.9 0.3 38 -51.2 -250.7 -454.6 -344.9 -352.9 -387.5 -501.8 -273.1 -434.3 -341.0 -541.7 39 -358.7 -70.9 294.9 362.6 428.1 463.4 605.7 325.3 399.7 522.9 542.0 40 41 42 43 44 45 46 Commercial paper Municipal securities (5) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances (6) Mortgages -73.1 37.2 215.6 -234.0 -160.8 -143.5 24.5 33.2 179.3 -87.0 -90.4 -130.5 33.4 8.5 162.0 92.1 60.2 -61.3 14.0 15.2 323.5 107.8 -33.7 -64.3 14.2 9.3 279.8 49.9 53.7 21.2 37.9 -0.1 264.9 85.9 63.1 11.7 75.0 2.0 286.7 84.1 158.8 -0.9 57.8 -17.2 235.4 109.5 -76.4 16.4 22.2 5.2 198.4 71.7 69.4 32.8 -3.2 9.7 339.1 78.3 100.5 -1.6 -70.6 30.6 449.7 108.9 26.3 -2.9 41 42 43 44 45 46 47 48 49 50 51 52 53 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other -82.6 -3.3 104.6 142.4 -8.6 82.8 68.2 156.3 7.2 157.0 488.7 15.4 -20.7 493.9 25.2 8.8 192.7 827.3 3.0 -16.8 841.1 66.2 2.3 170.1 728.9 -12.3 8.4 732.8 105.4 -9.1 207.1 622.5 -0.6 12.1 611.0 84.2 0.4 79.8 672.8 0.9 23.1 648.9 48.9 -18.3 -446.4 915.6 -0.8 8.2 908.2 130.7 7.8 259.6 693.0 1.9 -47.1 738.2 70.2 18.4 328.8 634.5 3.6 31.9 599.0 86.9 -6.4 177.1 448.2 -1.2 99.3 350.1 62.2 51.5 312.8 681.6 6.6 33.1 641.9 47 48 49 50 51 52 53 -135.6 296.1 797.5 761.9 209.3 325.2 267.7 221.6 571.2 240.2 433.0 54 -258.5 -244.0 -175.1 -81.7 -50.7 94.6 148.8 77.9 66.6 85.3 219.5 55 54 55 Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 22 Z.1, June 11, 2015 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving = consumption of fixed capital 266.7 266.9 265.0 271.8 281.7 294.7 290.9 293.0 296.2 298.5 300.7 1 2 Gross saving less net capital transfers paid (1) 272.7 274.7 266.6 276.7 281.7 294.7 290.9 293.0 296.2 298.5 300.7 2 3 Gross investment 272.7 274.7 266.6 276.7 281.7 294.7 290.9 293.0 296.2 298.5 300.7 3 227.9 244.7 -16.8 245.1 241.5 3.6 281.7 274.8 6.8 303.7 300.7 3.0 337.9 320.6 17.4 367.3 351.7 15.6 346.8 339.6 7.2 365.8 347.4 18.3 376.9 357.7 19.2 379.7 361.9 17.8 374.0 356.0 18.1 4 5 6 44.8 29.5 -15.1 -27.0 -56.2 -72.6 -55.9 -72.7 -80.8 -81.2 -73.3 7 -117.1 152.0 186.3 301.8 77.4 234.6 92.6 246.1 180.0 419.7 330.7 8 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 7 Net lending (+) or net borrowing (-) 8 Net acquisition of financial assets 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds 14.9 -4.8 -1.7 -2.7 2.9 3.1 21.0 6.0 0.8 59.5 10.1 3.0 2.5 10.8 2.3 33.9 27.1 4.3 15.0 7.5 1.6 36.6 21.4 4.6 27.3 15.4 3.3 56.8 64.3 7.4 37.7 76.1 5.7 9 10 11 12 Credit market instruments -6.7 6.6 -4.7 1.8 2.7 4.9 1.9 5.3 3.8 8.6 6.5 12 -5.7 0.2 -1.2 0.0 1.9 0.5 4.2 0.0 0.8 0.3 -5.8 0.0 4.0 0.2 -2.4 0.0 1.5 0.2 1.0 0.0 2.8 0.3 1.8 0.0 1.1 0.1 0.7 0.0 3.0 0.3 1.9 0.0 2.2 0.3 1.4 0.0 4.9 0.6 3.1 0.0 3.7 0.4 2.4 0.0 13 14 15 16 -26.3 -92.5 -9.8 -0.0 -82.7 37.0 105.0 29.9 0.4 74.7 61.0 102.1 -11.6 0.3 113.5 4.6 222.9 15.9 0.2 206.9 17.4 41.7 -27.4 0.6 68.5 31.6 132.8 7.5 0.8 124.6 12.0 54.6 5.2 1.1 48.3 34.3 143.9 10.1 0.3 133.4 24.7 105.4 9.2 0.7 95.6 55.2 227.4 5.4 0.8 221.1 42.1 162.5 -7.1 0.4 169.3 17 18 19 20 21 -161.8 122.4 201.4 328.9 133.6 307.2 148.5 318.8 260.8 500.8 404.0 22 -97.1 -19.4 3.2 126.0 119.0 219.7 73.4 239.7 179.9 385.9 252.2 23 -102.0 -5.3 10.2 -16.8 4.7 -7.3 33.5 0.6 -30.9 58.3 9.3 58.4 46.2 6.2 66.7 71.1 9.6 139.0 18.2 -10.1 65.3 108.6 17.7 113.4 22.7 13.1 144.1 134.9 17.6 233.3 119.1 -21.3 154.4 24 25 26 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other Net increase in liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages 27 28 Trade payables Taxes payable 16.9 -6.3 30.3 -0.7 54.8 0.6 16.0 7.6 16.4 3.6 25.3 6.5 10.6 2.5 29.2 7.0 17.9 5.1 43.4 11.3 56.8 18.6 27 28 29 30 Foreign direct investment in U.S. Miscellaneous liabilities 0.1 32.6 0.3 -54.3 0.0 -21.0 0.6 51.8 0.5 -85.4 0.9 6.5 1.0 -9.9 0.8 8.9 0.8 0.8 1.0 26.4 0.9 59.3 29 30 31 Proprietors’ net investment -108.2 166.4 163.8 126.8 79.5 48.3 70.9 33.2 56.3 32.8 16.2 31 (1) Net capital transfers paid from table F.9, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. 23 Z.1, June 11, 2015 F.105 General Government (1) 2009 1 2 3 4 5 6 7 8 9 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 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 3689.0 1144.9 1026.1 246.0 14.8 969.4 136.3 172.0 -20.6 3885.0 1191.5 1057.1 346.3 15.7 989.0 137.2 171.1 -22.9 4077.6 1400.6 1102.6 349.6 16.7 922.2 135.6 174.7 -24.5 4301.0 1503.7 1132.0 422.7 18.0 955.8 132.3 161.8 -25.3 4788.6 1661.8 1162.4 440.2 19.2 1109.9 244.4 180.4 -29.6 5007.6 1743.9 1203.2 554.6 18.9 1167.8 159.0 194.4 -34.2 4929.5 1711.8 1184.5 525.9 20.4 1152.2 187.3 178.5 -31.1 4965.6 1715.3 1197.9 570.3 17.8 1159.8 159.5 178.6 -33.6 5057.8 1750.1 1212.4 564.2 19.3 1171.8 142.1 234.2 -36.3 5077.5 1798.6 1217.9 558.1 18.0 1187.2 147.1 186.2 -35.7 5131.3 1843.8 1214.6 569.0 21.3 1201.4 130.6 185.1 -34.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 5209.7 2442.1 2117.5 49.4 542.4 58.3 5451.0 2522.2 2250.5 49.7 572.7 55.9 5537.6 2530.9 2274.8 55.6 616.4 60.1 5612.7 2549.7 2325.7 48.8 630.4 58.0 5662.9 2547.6 2391.1 46.4 617.7 60.2 5812.8 2585.6 2497.8 36.0 636.1 57.4 5730.5 2564.5 2446.8 43.0 618.6 57.7 5791.3 2572.1 2487.2 2.6 671.9 57.5 5885.6 2616.2 2520.5 49.6 641.8 57.4 5843.9 2589.6 2536.7 48.7 612.0 57.0 5839.0 2583.0 2589.3 51.7 557.7 57.2 10 11 12 13 14 15 16 17 18 19 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) - Net capital transfers (3) -1520.8 442.7 -1.2 -3.4 -1566.0 458.1 -3.2 8.1 -1460.1 479.6 -2.4 7.6 -1311.7 496.0 -2.5 5.8 -874.3 506.4 -2.2 -13.2 -805.2 519.9 -2.0 -13.4 -801.0 515.2 -2.9 -13.4 -825.7 518.5 -1.0 -13.6 -827.8 521.8 -2.7 -15.3 -766.4 524.2 -1.5 -11.3 -707.6 526.0 -2.5 -16.7 16 17 18 19 20 = Gross saving less net capital transfers -1073.4 -1112.8 -985.7 -819.1 -352.4 -269.9 -269.5 -292.7 -287.9 -229.4 -162.5 20 21 22 23 Gross investment Fixed investment Nonproduced nonfinancial assets -1083.8 647.0 3.4 -1054.9 651.8 9.6 -1051.7 637.9 8.3 -761.7 619.4 6.8 -331.2 596.3 6.5 -199.7 589.6 5.4 -360.1 574.6 7.3 23.8 591.0 6.4 -423.2 593.0 1.6 -39.1 599.7 6.4 12.4 585.1 6.9 21 22 23 -1734.2 -1716.3 -1698.0 -1387.9 -934.1 -794.7 -942.0 -573.7 -1017.9 -645.2 -579.6 24 24 Net lending (+) or net borrowing (-) 25 Net acquisition of financial assets 257.7 364.0 -181.6 206.8 223.9 389.8 287.7 339.6 278.4 653.3 250.1 25 26 27 28 29 30 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 51.9 -154.7 10.3 10.2 -4.0 1.6 154.5 -5.8 14.7 -0.6 16.2 -241.0 16.2 1.9 -4.9 4.3 -2.5 22.0 5.1 4.5 -3.3 77.0 18.1 2.6 2.6 -3.8 76.7 10.6 12.4 10.3 -4.0 -27.7 33.7 12.9 10.7 3.0 -102.9 -24.1 18.9 15.5 -4.1 90.7 26.5 3.2 3.0 -10.2 346.9 6.6 14.5 12.0 -9.9 -472.8 37.2 33.2 27.0 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances 278.6 -38.8 -16.4 152.9 1.0 4.3 21.5 87.9 66.2 157.1 13.5 9.4 -21.6 1.4 8.7 8.9 133.1 3.6 -45.9 -12.3 -34.9 -132.7 0.2 -2.5 3.1 128.5 4.8 134.2 -7.3 45.3 -48.8 0.2 2.9 7.4 132.1 2.4 77.6 -8.8 -13.8 -25.9 0.0 0.3 5.6 113.1 7.2 188.4 -5.0 68.6 -15.0 0.8 10.3 15.2 111.1 2.4 167.0 -4.1 41.9 -27.2 0.9 11.0 16.3 121.2 7.1 253.8 -2.0 107.6 -2.7 1.4 17.0 24.2 104.7 3.7 113.1 -9.1 29.9 -25.5 0.1 0.9 4.6 112.7 -0.4 219.8 -4.7 94.9 -4.7 1.0 12.4 15.6 105.8 -0.6 380.3 2.4 200.6 -17.3 2.5 31.4 43.7 117.3 -0.5 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets -1.5 1.8 -25.7 30.1 60.6 24.4 3.1 12.4 28.1 -25.4 36.8 -0.3 10.4 28.1 0.8 -11.6 0.8 8.2 36.5 5.3 -4.6 0.1 11.8 31.4 10.7 3.9 2.8 5.0 59.4 23.9 5.3 3.0 10.2 54.0 22.6 8.0 4.7 10.6 116.5 35.6 -3.8 0.2 5.3 28.0 16.3 5.9 3.4 -6.1 39.3 21.2 16.3 8.6 17.6 175.9 36.6 40 41 42 43 44 1991.9 2080.3 1516.4 1594.7 1158.0 1184.4 1229.7 913.3 1296.3 1298.5 829.7 45 47.6 3.0 -0.4 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.4 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.0 0.0 0.0 0.0 0.0 0.0 0.0 46 47 48 1556.9 -2.8 1446.5 0.1 112.2 0.0 0.8 1649.8 -3.3 1582.9 0.7 68.7 0.0 0.9 1015.2 -2.7 1069.5 1.1 -53.6 0.0 0.9 1134.9 -2.8 1143.3 -0.4 -5.7 0.0 0.4 720.2 -3.3 762.7 -0.4 -39.4 0.0 0.5 653.5 -3.3 670.5 -0.1 -14.0 0.0 0.4 702.2 -3.3 746.2 -1.9 -39.0 0.0 0.2 350.1 -3.0 317.3 0.1 35.2 0.0 0.5 829.4 -3.5 917.2 -0.7 -84.0 0.0 0.3 732.1 -3.2 701.1 2.1 31.7 0.0 0.4 86.4 -3.9 -48.9 -1.0 139.8 0.0 0.4 49 50 51 52 53 54 55 -17.3 1.1 401.0 43.7 0.9 386.2 47.2 1.3 452.7 52.2 0.3 407.3 59.3 0.2 378.6 58.2 0.8 472.2 44.5 -0.1 483.1 73.7 0.6 488.9 64.3 1.2 402.4 50.3 1.4 514.7 35.4 -2.1 710.1 56 57 58 10.4 -57.9 66.0 -57.3 -21.2 -70.2 90.6 -316.5 135.3 -190.2 -174.9 59 273.2 2007.5 353.7 2070.0 -147.5 1550.4 161.1 1549.0 237.2 1171.3 320.8 1115.5 245.6 1187.6 231.5 805.1 248.2 1266.1 557.9 1203.1 49.1 628.7 60 61 45 Net increase in liabilities 46 47 48 SDR allocations SDR certificates Treasury currency 49 50 51 52 53 54 55 Credit market instruments U.S. savings securities Treasury bills and other Treasury securities Budget agency securities Municipal securities Multifamily residential mortgages Other loans and advances 56 57 58 Trade payables Insurance reserves Miscellaneous liabilities 59 60 61 Discrepancy Memo: Net acquisition of financial assets (consolidated) (4) Net increase in liabilities (consolidated) (4) (1) Sum of the federal government (table F.106) and state and local governments (table F.107) sectors. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.9, line 60 less line 12. (4) Excludes Treasury securities held by state and local governments (line 33) and federal government loans to state and local governments (line 55). Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 24 Z.1, June 11, 2015 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 Flows 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2227.8 2391.7 2519.5 2684.1 3113.0 3302.6 3242.6 3276.9 3342.2 3348.8 3401.1 1 857.2 91.4 200.4 14.8 950.8 48.5 64.0 0.7 893.8 96.8 298.7 15.7 970.9 54.6 64.4 -3.1 1076.6 108.6 299.4 16.7 904.0 56.4 65.0 -7.1 1149.0 115.0 369.5 18.0 938.1 53.6 49.9 -9.1 1286.8 120.9 384.9 19.2 1092.3 164.7 59.5 -15.3 1375.2 134.1 497.3 18.9 1150.1 78.1 68.5 -19.7 1340.3 132.0 470.0 20.4 1134.5 106.8 55.5 -16.9 1356.2 133.4 513.5 17.8 1142.1 78.6 54.6 -19.3 1383.6 135.0 506.4 19.3 1154.2 61.1 104.2 -21.7 1420.8 136.0 499.4 18.0 1169.7 65.8 59.8 -20.8 1467.0 134.8 508.6 21.3 1184.0 49.0 56.1 -19.7 2 3 4 5 6 7 8 9 3476.6 3720.5 3763.7 3763.2 3762.1 3883.1 3802.7 3875.5 3953.2 3900.9 3906.8 10 933.7 1624.9 507.5 353.6 56.9 1003.9 1726.6 555.0 380.6 54.3 1006.1 1744.4 528.0 425.7 59.5 1003.6 1785.1 493.2 423.8 57.6 963.0 1825.6 496.3 417.4 59.7 965.2 1882.8 536.9 441.3 56.9 957.1 1854.3 513.0 421.1 57.2 955.5 1879.5 507.7 475.9 57.0 987.7 1892.8 567.9 447.9 56.9 960.6 1904.4 559.0 420.5 56.5 962.7 1940.1 578.5 368.8 56.7 11 12 13 14 15 -1248.8 -1328.7 -1244.1 -1079.1 -649.1 -580.5 -560.1 -598.6 -611.0 -552.2 -505.7 16 234.5 -1.2 64.4 245.3 -3.2 84.8 257.4 -2.4 81.5 264.1 -2.5 80.0 268.0 -2.2 58.4 274.4 -2.0 58.2 272.1 -2.9 56.9 273.7 -1.0 58.5 275.3 -2.7 61.4 276.7 -1.5 56.0 277.9 -2.5 52.3 17 18 19 16 Net saving, NIPA basis 17 18 19 + Consumption of fixed capital - Insurance and pension reserves (1) - Net capital transfers paid (2) 20 = Gross saving less net capital transfers paid -1077.4 -1165.0 -1065.8 -892.6 -437.3 -362.2 -342.0 -382.4 -394.4 -330.0 -277.5 20 21 22 23 Gross investment Fixed investment Nonproduced nonfinancial assets -1023.1 284.0 -8.9 -1115.9 300.0 -1.0 -1055.9 297.4 -0.9 -831.4 287.8 -1.9 -395.2 268.5 -2.4 -308.5 253.9 -2.8 -406.3 251.0 -1.3 -96.4 255.0 -1.9 -549.9 253.6 -6.5 -181.6 256.1 -1.6 -141.7 253.8 -1.0 21 22 23 -1298.2 -1414.9 -1352.4 -1117.2 -661.3 -559.6 -656.0 -349.4 -797.0 -436.1 -394.5 24 237.8 281.9 -150.7 132.4 222.1 233.6 168.6 120.2 221.0 424.4 -151.1 25 51.9 -174.2 0.3 309.2 142.0 0.6 66.2 12.6 87.9 0.6 -21.1 35.9 35.2 1.6 148.9 0.1 84.5 -47.2 0.3 3.6 -5.4 133.1 24.1 -0.7 27.1 -3.6 16.2 -257.6 -0.3 18.3 -118.1 -0.1 4.8 3.3 128.5 40.3 4.8 25.6 2.0 4.3 6.7 0.2 104.9 -31.1 -0.2 2.4 1.6 132.1 -13.2 2.6 27.9 -1.0 -3.3 69.6 -0.5 124.2 0.0 -0.1 7.2 4.0 113.1 -4.8 3.3 27.8 5.9 -3.8 60.8 0.2 115.2 0.0 -0.0 2.4 1.7 111.1 -1.6 -2.7 53.0 12.5 -4.0 -36.0 -0.1 130.2 0.0 -0.0 7.1 1.9 121.2 -0.6 8.1 60.1 11.0 3.0 -104.1 -0.0 110.6 0.0 -0.1 3.7 2.3 104.7 -1.1 -2.8 94.6 19.9 -4.1 73.3 0.4 115.2 0.0 0.0 -0.4 2.9 112.7 -4.2 -0.7 30.2 11.0 -10.2 309.8 0.6 104.8 0.0 0.0 -0.6 -0.3 105.8 -0.7 -15.1 26.9 8.2 -9.9 -450.2 -0.5 120.3 0.0 0.0 -0.5 3.5 117.3 -0.4 11.2 167.8 10.7 26 27 28 29 30 31 32 33 34 35 36 37 38 1536.0 1696.7 1201.7 1249.6 883.4 793.2 824.6 469.6 1018.0 860.5 243.4 39 47.6 3.0 -0.4 1443.9 -2.8 -73.3 1519.8 0.1 0.0 -56.2 1.1 97.0 61.9 15.6 19.5 0.0 0.0 -0.3 1580.2 -3.3 -19.0 1601.8 0.7 0.0 5.2 0.9 110.7 65.7 20.2 24.9 0.0 0.0 0.0 1067.9 -2.7 -249.5 1319.0 1.1 0.0 8.8 1.3 123.7 70.8 20.8 32.1 0.0 0.0 0.0 1140.2 -2.8 107.0 1036.3 -0.4 0.0 13.4 0.3 95.7 40.4 50.3 5.0 0.0 0.0 -0.4 759.1 -3.3 -35.9 798.7 -0.4 0.0 19.6 0.2 104.8 98.2 -6.8 13.4 0.0 0.0 -0.3 667.1 -3.3 -133.9 804.4 -0.1 0.0 17.5 0.8 108.1 68.8 25.9 13.4 0.0 0.0 0.0 741.0 -3.3 238.7 507.6 -1.9 0.0 4.5 -0.1 79.2 74.9 19.8 -15.5 0.0 0.0 0.0 314.4 -3.0 -1055.3 1372.7 0.1 0.0 33.0 0.6 121.7 52.6 42.1 27.0 0.0 0.0 -1.0 913.1 -3.5 92.9 824.3 -0.7 0.0 23.2 1.2 81.6 79.9 14.7 -13.1 0.0 0.0 0.0 700.0 -3.2 188.3 512.9 2.1 0.0 9.2 1.4 149.9 67.8 26.8 55.2 0.0 0.0 0.0 -53.8 -3.9 79.4 -128.3 -1.0 0.0 -4.7 -2.1 304.0 -71.5 409.9 -34.4 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 -54.3 -49.1 -9.9 -61.2 -42.1 -53.7 64.3 -286.0 155.5 -148.4 -135.9 55 -173.2 148.9 -258.0 7.5 69.6 62.1 -79.3 -6.5 78.1 256.1 -492.7 56 24 Net lending (+) or net borrowing (-) 25 Net acquisition of financial assets 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 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities Nonmarketable securities held by pension plans (5) Claims of pension fund on sponsor Other Discrepancy Memo: Change in cash balance (6) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 61 less line 12. (3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Time and savings deposits (line 29) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). 25 Z.1, June 11, 2015 F.107 State and Local Governments (1) 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies 14 Net saving, NIPA basis 15 16 + Consumption of fixed capital - Net capital transfers paid (2) 17 = Gross saving less net capital transfers paid 18 Gross investment 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1919.2 1998.5 2030.5 2061.2 2125.6 2205.9 2157.0 2193.8 2233.9 2239.1 2256.9 1 287.8 934.8 45.6 18.6 87.8 566.1 -21.4 297.6 960.4 47.7 18.1 82.6 612.0 -19.8 324.1 994.0 50.2 18.2 79.2 582.1 -17.4 354.7 1017.0 53.2 17.7 78.6 556.2 -16.2 375.0 1041.6 55.3 17.7 79.7 570.8 -14.3 368.7 1069.1 57.3 17.6 80.9 626.8 -14.5 371.5 1052.5 55.9 17.7 80.5 593.1 -14.1 359.1 1064.6 56.8 17.7 80.9 629.1 -14.3 366.5 1077.4 57.8 17.6 81.0 648.3 -14.7 377.7 1081.9 58.7 17.5 81.3 636.8 -14.8 376.9 1079.7 60.4 17.4 81.6 655.7 -14.7 2 3 4 5 6 7 8 2191.2 2235.8 2246.4 2293.8 2350.7 2430.7 2397.9 2420.9 2450.7 2453.3 2458.9 9 1508.4 492.6 188.8 1.4 1518.3 523.8 192.1 1.6 1524.8 530.4 190.7 0.5 1546.1 540.6 206.6 0.5 1584.5 565.4 200.3 0.5 1620.4 615.1 194.8 0.5 1607.4 592.5 197.5 0.5 1616.6 607.8 196.1 0.5 1628.5 627.7 193.9 0.5 1629.1 632.3 191.5 0.5 1620.2 649.2 188.9 0.5 10 11 12 13 -271.9 -237.3 -215.9 -232.6 -225.1 -224.8 -240.9 -227.1 -216.8 -214.3 -201.9 14 208.2 -67.7 212.7 -76.7 222.2 -73.8 231.8 -74.2 238.4 -71.6 245.5 -71.6 243.1 -70.3 244.7 -72.2 246.5 -76.7 247.6 -67.3 248.0 -69.0 15 16 4.0 52.2 80.1 73.5 84.9 92.3 72.5 89.7 106.5 100.7 115.1 17 -60.7 61.0 4.1 69.7 64.0 108.9 46.2 120.2 126.7 142.4 154.1 18 363.0 12.3 351.9 10.6 340.5 9.2 331.6 8.7 327.8 9.0 335.7 8.3 323.6 8.6 336.1 8.4 339.4 8.2 343.6 8.0 331.3 7.9 19 20 -436.0 -301.4 -345.6 -270.7 -272.8 -235.1 -286.0 -224.2 -220.9 -209.1 -185.1 21 19 20 Fixed investment Nonproduced nonfinancial assets 21 Net lending (+) or net borrowing (-) 22 Net acquisition of financial assets 19.9 82.1 -30.9 74.5 1.7 156.2 119.1 219.4 57.4 228.9 401.2 22 23 24 Checkable deposits and currency Time and savings deposits 19.6 10.0 5.7 -5.9 16.6 16.5 -9.2 21.8 7.4 18.6 16.0 10.4 8.3 33.8 1.2 -24.1 17.4 26.1 37.1 6.0 -22.5 37.7 23 24 25 26 Money market fund shares Security repurchase agreements 10.2 -4.0 14.7 -0.6 1.9 -4.9 5.1 4.5 2.6 2.6 12.4 10.3 12.9 10.7 18.9 15.5 3.2 3.0 14.5 12.0 33.2 27.0 25 26 27 Credit market instruments -30.6 72.6 -64.2 29.3 -46.6 73.2 36.8 143.2 -2.1 114.9 260.0 27 -38.8 -16.4 11.0 13.5 9.4 25.6 -12.3 -34.9 -14.6 -7.3 45.3 -17.7 -8.8 -13.8 -25.9 -5.0 68.6 -15.0 -4.1 41.9 -27.2 -2.0 107.6 -2.7 -9.1 29.9 -25.5 -4.7 94.9 -4.7 2.4 200.6 -17.3 28 29 30 1.0 3.7 8.9 1.4 8.4 14.3 0.2 -2.4 -0.2 0.2 3.1 5.7 0.0 0.4 1.6 0.8 10.3 13.5 0.9 11.0 14.4 1.4 17.0 21.8 0.1 0.9 1.7 1.0 12.4 16.0 2.5 31.4 40.2 31 32 33 28 29 30 Open market paper Treasury securities Agency- and GSE-backed securities 31 32 33 Municipal securities Corporate and foreign bonds Mortgages 34 35 Corporate equities Mutual fund shares -2.1 1.8 0.3 3.1 -3.5 -0.3 1.6 0.8 0.2 0.1 5.5 2.8 5.9 3.0 9.1 4.7 0.5 0.2 6.6 3.4 16.8 8.6 34 35 36 37 38 Trade receivables Taxes receivable Miscellaneous assets -4.6 -5.8 25.5 13.1 1.0 -21.9 5.6 2.5 -1.2 5.6 8.6 6.3 8.5 3.6 4.8 7.7 6.5 11.4 2.1 -6.0 11.6 13.5 21.9 15.7 6.1 -2.3 5.3 9.0 12.3 13.0 6.4 8.1 25.9 36 37 38 455.9 383.5 314.7 345.1 274.6 391.3 405.1 443.7 278.2 438.0 586.3 39 39 Net increase in liabilities 40 Credit market instruments 113.0 69.5 -52.7 -5.3 -38.9 -13.7 -38.8 35.7 -83.7 32.2 140.2 40 41 42 43 44 Municipal securities Short-term (3) Long-term U.S. government loans 112.2 7.8 104.4 0.8 68.7 -0.7 69.3 0.9 -53.6 -10.6 -42.9 0.9 -5.7 3.8 -9.4 0.4 -39.4 -10.9 -28.6 0.5 -14.0 -6.7 -7.4 0.4 -39.0 -5.0 -34.0 0.2 35.2 16.0 19.2 0.5 -84.0 -33.5 -50.5 0.3 31.7 -4.1 35.9 0.4 139.8 2.1 137.7 0.4 41 42 43 44 38.9 304.0 38.5 275.5 38.4 329.0 38.8 311.6 39.6 273.8 40.7 364.2 40.0 403.9 40.7 367.2 41.1 320.8 41.1 364.7 40.1 406.0 45 46 64.7 -8.8 76.0 3.8 20.9 -16.5 26.3 -30.5 -20.3 -41.8 -39.0 47 45 46 47 Trade payables Claims of pension fund on sponsor (4) Discrepancy (1) Data for state and local government employee retirement funds are shown in table F.120. (2) Table F.9, line 62. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 26 Z.1, June 11, 2015 F.108 Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 1 Gross saving less net capital transfers paid 340.9 375.1 319.6 310.2 286.2 292.6 279.0 300.8 277.8 312.7 289.4 1 2 Gross investment 182.8 174.6 222.6 314.6 367.7 318.1 188.0 241.1 636.7 206.7 261.0 2 167.5 0.7 166.9 166.8 4.0 162.8 173.9 6.5 167.5 195.5 5.3 190.2 216.2 14.7 201.5 221.8 7.4 214.3 202.7 -3.6 206.3 232.9 19.7 213.1 223.4 5.4 218.0 228.1 8.2 219.9 234.7 11.7 223.0 3 4 5 15.3 7.8 48.7 119.1 151.5 96.4 -14.7 8.2 413.3 -21.4 26.3 6 -1291.2 34.8 2160.1 1800.9 3556.3 3114.4 4168.3 3564.7 2573.9 2150.8 2670.8 7 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 6 Net lending (+) or net borrowing (-) 7 Net acqisition of financial assets 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 0.3 3.0 4.0 11.6 -349.5 0.3 0.0 0.9 8.7 -106.9 -0.3 0.0 0.7 -62.9 603.0 0.2 0.0 0.6 0.4 -64.1 0.2 0.0 0.7 -9.6 760.1 0.2 0.0 0.8 -9.6 131.5 0.2 0.0 1.0 -57.3 776.2 0.1 0.0 0.9 29.0 47.8 0.5 0.0 0.8 -13.7 339.5 0.1 0.0 0.5 3.6 -637.7 0.1 0.0 1.5 0.8 234.2 8 9 10 11 12 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -30.4 128.6 -175.4 -495.4 -32.3 -109.1 -172.6 270.8 37.1 -48.0 -65.4 117.9 9.9 5.2 -81.0 262.5 -3.6 76.1 -52.5 -375.0 -19.1 11.8 17.9 45.4 -65.3 69.3 -80.9 50.0 37.2 60.4 -137.6 316.7 91.8 76.2 35.2 -349.8 -140.3 -158.7 254.9 164.7 2.9 79.1 1.8 86.2 13 14 15 16 17 Credit market instruments -807.8 -37.9 1141.3 1270.5 1914.8 1914.3 1812.0 1942.9 1943.5 1958.8 1147.9 17 -390.0 366.2 680.6 38.4 -30.2 -758.5 -463.8 -66.8 -183.7 -93.7 505.7 50.4 44.2 210.6 -92.2 -209.7 -316.7 -136.7 -74.9 966.0 166.2 13.5 128.6 146.6 -30.9 -155.8 -17.9 -0.5 289.6 212.5 139.2 418.1 186.1 38.7 -57.8 44.7 34.6 531.5 428.5 8.6 412.4 186.1 133.4 106.3 73.4 -16.9 499.0 245.4 50.2 390.5 308.0 121.0 202.8 114.4 40.9 687.4 235.7 28.7 330.5 316.2 90.0 19.1 63.5 101.1 356.6 144.2 42.3 552.2 321.6 115.8 159.6 149.4 -142.0 707.1 230.6 78.8 328.1 195.3 146.8 271.8 127.0 -67.8 244.7 371.1 50.8 351.3 399.0 131.5 360.6 117.6 -112.2 278.0 -88.4 134.0 393.9 419.1 -48.1 109.0 62.6 18 19 20 21 22 23 24 25 26 18 19 20 21 22 23 24 25 26 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 27 28 Corporate equities Mutual fund shares 155.1 65.0 51.6 49.8 -70.2 -52.4 6.2 -45.1 196.8 46.3 118.9 6.8 -73.3 26.8 174.0 9.8 163.3 -2.1 211.5 -7.3 -65.9 18.3 27 28 29 30 Trade receivables Security credit -38.0 30.3 -8.6 81.4 -0.8 -8.3 -1.6 55.7 -2.2 45.9 1.1 42.3 13.6 -55.3 13.6 224.0 -13.6 69.2 -9.1 -68.6 21.3 -59.5 29 30 31 32 33 Life insurance reserves U.S. direct investment abroad Miscellaneous assets 2.8 40.7 163.9 8.2 -2.3 32.9 7.7 15.2 545.7 14.7 17.1 349.7 10.8 32.1 915.3 10.9 27.7 813.6 10.4 34.9 1706.0 11.2 13.1 821.7 9.8 45.5 177.8 12.2 17.2 548.8 9.4 -3.1 1195.8 31 32 33 34 Net increase in liabilities -1306.5 27.0 2111.4 1681.7 3404.8 3018.1 4183.0 3556.5 2160.6 2172.2 2644.5 34 35 Net interbank liabilities -536.9 -142.8 820.5 -194.5 1129.1 51.2 1175.1 98.3 262.0 -1330.5 595.8 35 36 37 38 39 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -7.9 343.7 -498.7 -431.0 266.3 115.6 -503.2 213.4 234.5 404.1 -112.8 179.9 267.7 520.4 7.1 210.9 332.6 409.1 28.9 -389.4 351.1 513.2 9.6 7.8 183.4 748.7 -86.3 34.0 578.9 425.3 -143.8 357.2 229.8 171.3 39.7 -511.0 412.1 707.6 228.7 151.0 -205.7 892.4 -47.5 -0.9 36 37 38 39 40 Credit market instruments -1663.4 -901.8 -341.4 -419.3 213.9 271.7 -300.4 323.8 466.2 597.2 -340.7 40 -448.1 -60.1 -448.5 -435.9 -282.6 11.8 -102.2 -46.9 -546.3 -62.5 -144.7 0.8 -68.2 -21.9 -237.4 32.6 -60.0 13.5 -58.8 -22.4 -225.2 -121.2 3.5 4.8 -48.9 239.9 -84.1 20.9 78.3 7.8 -36.6 150.6 68.6 2.2 73.1 13.8 -83.2 -278.1 26.0 6.1 16.0 12.6 30.9 184.6 89.6 -132.1 144.2 6.5 48.5 225.9 61.4 45.8 79.2 5.5 -142.5 469.9 97.3 89.0 53.1 30.4 -148.1 -164.4 -27.8 26.6 -44.3 17.2 41 42 43 44 45 46 41 42 43 44 45 46 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds Depository institution loans n.e.c. Other loans and advances Mortgages 47 48 Corporate equities Mutual fund shares 315.9 497.1 191.4 370.1 164.1 338.4 168.3 624.9 162.5 638.4 219.6 594.2 37.1 696.7 298.9 650.3 177.1 582.6 365.1 447.1 315.1 548.9 47 48 49 50 Trade payables Security credit 48.9 -43.5 -52.0 29.8 -3.8 31.9 -0.0 32.8 0.3 68.9 3.4 65.4 1.0 221.8 11.9 6.3 8.4 113.4 -7.8 -79.7 5.1 7.7 49 50 51 52 Life insurance reserves Pension entitlements 26.3 398.2 13.6 596.4 79.9 498.3 -12.2 497.6 29.8 498.7 55.5 548.5 41.8 516.6 52.1 553.3 55.0 538.8 73.1 585.4 89.1 518.6 51 52 53 54 55 56 Taxes payable Equity in noncorporate business Foreign direct investment in U.S. Miscellaneous liabilities 6.1 0.6 45.7 192.6 13.0 0.9 48.5 -232.2 10.7 -2.9 43.4 -233.2 6.9 6.7 4.5 -40.2 17.7 -3.9 28.7 239.4 15.9 2.3 17.1 291.7 46.7 3.0 18.4 845.4 27.8 -1.8 15.6 302.3 -10.1 6.7 14.2 16.6 -0.8 1.1 20.2 2.4 35.6 0.8 17.4 213.0 53 54 55 56 158.1 200.5 97.0 -4.4 -81.5 -25.5 91.0 59.7 -358.9 106.0 28.5 57 57 Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.131. 27 Z.1, June 11, 2015 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving -0.7 -8.5 -0.2 -17.5 -0.8 -1.4 -1.1 -1.4 -1.6 -1.5 -1.4 1 2 Fixed nonresidential investment 0.8 0.7 0.6 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2 3 Net acquisition of financial assets -4.5 185.5 493.6 9.7 1118.8 481.6 922.1 543.3 291.4 169.7 -10.5 3 0.3 3.0 4.0 0.3 0.0 0.9 -0.3 0.0 0.7 0.2 0.0 0.6 0.2 0.0 0.7 0.2 0.0 0.8 0.2 0.0 1.0 0.1 0.0 0.9 0.5 0.0 0.8 0.1 0.0 0.5 0.1 0.0 1.5 4 5 6 -0.6 0.7 0.8 0.1 -0.5 0.4 1.7 0.1 -1.6 1.4 -0.8 7 -463.1 -447.4 -15.7 -96.4 -96.4 0.0 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 -0.2 -0.2 0.0 0.5 0.5 0.0 0.7 0.7 0.0 -0.7 -0.7 0.0 -0.4 -0.4 0.0 8 9 10 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 1001.6 271.5 376.5 34.5 1086.1 480.6 911.1 538.5 299.7 173.1 21.6 12 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 7 Federal Reserve float (2) 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security repurchase agreements 12 Credit market instruments 13 14 15 16 17 18 19 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 0.0 300.7 0.0 300.7 1048.5 908.4 140.2 0.0 244.9 0.0 244.9 71.4 83.8 -12.4 0.0 642.0 0.0 642.0 -197.9 -154.5 -43.5 0.0 2.7 -18.4 21.1 61.8 89.0 -27.2 0.0 542.6 0.0 542.6 543.9 563.5 -19.6 0.0 252.6 0.0 252.6 228.1 246.7 -18.5 0.0 498.9 0.0 498.9 412.3 451.8 -39.5 0.0 310.2 0.0 310.2 228.4 243.2 -14.7 0.0 184.4 0.0 184.4 115.5 130.1 -14.6 0.0 16.9 0.0 16.9 156.3 161.6 -5.3 0.0 48.4 0.0 48.4 -26.8 -19.6 -7.2 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Depository institution loans n.e.c. Households (TALF) (5) Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III) (9) Funding corporations (CPFF) (10) Rest of world -347.6 47.5 -45.5 0.1 -16.7 -3.5 -5.9 -323.6 0.0 -44.8 -22.8 0.0 -3.4 -2.2 -2.5 -4.4 -9.4 0.0 -67.6 -15.7 0.0 -21.0 -20.0 -6.7 -4.2 0.0 0.0 -29.9 -8.5 0.0 -4.9 0.0 -6.8 -9.8 0.0 0.0 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 22 23 24 25 26 27 28 25.1 -494.9 -543.5 48.5 1.3 7.3 -10.2 17.5 -26.4 142.4 99.7 42.7 0.0 -25.6 -90.9 65.3 0.0 32.3 -8.6 40.9 0.0 -0.5 1.3 -1.8 0.0 8.2 0.5 7.7 0.0 3.3 -1.1 4.4 0.0 -8.8 0.5 -9.3 0.0 -4.8 5.2 -9.9 0.0 -32.5 -2.9 -29.6 29 30 31 32 -9.1 184.6 493.2 9.3 1118.7 480.6 919.9 542.9 291.2 168.2 -11.5 33 117.0 -2.8 -8.9 -2.2 594.2 8.1 -71.2 7.1 758.0 2.6 128.9 2.0 781.0 -6.3 46.1 1.1 328.0 12.3 -639.4 1.0 237.1 -1.7 34 35 -117.6 185.0 -122.1 62.1 139.5 152.2 -16.3 58.8 194.4 372.0 -413.5 36 -173.8 -0.0 80.5 -254.3 149.0 -0.1 -45.9 195.0 -255.0 -0.0 -55.0 -200.0 7.0 0.0 7.0 0.0 69.8 0.1 69.7 0.0 61.0 -0.0 61.1 0.0 -78.7 0.2 -78.9 0.0 -7.4 -0.5 -6.9 0.0 75.8 0.1 75.8 0.0 254.4 0.2 254.2 0.0 -491.2 -0.0 -491.2 0.0 37 38 39 40 14.0 1.0 41.2 -21.6 0.9 56.7 51.1 -3.2 85.0 -37.4 6.3 86.2 -1.3 1.5 69.5 -5.8 -2.7 99.7 -60.3 -4.0 126.6 1.4 -4.1 69.0 62.9 -2.8 58.5 -27.0 0.0 144.6 3.0 -0.1 74.8 41 42 43 -10.6 0.0 -10.6 -18.0 0.0 -18.0 40.2 0.0 40.2 7.3 0.0 7.3 208.7 197.8 11.0 193.9 199.0 -5.0 100.4 177.3 -76.9 461.9 389.6 72.3 -185.5 -157.9 -27.6 398.8 386.8 12.0 108.1 -72.9 180.9 44 45 46 4.9 4.6 0.4 28.7 0.9 27.8 -27.2 0.4 -27.5 4.0 0.5 3.5 9.8 0.1 9.7 3.5 1.1 2.4 61.2 2.2 59.0 -25.1 0.4 -25.5 -58.0 0.1 -58.1 35.7 1.5 34.2 58.5 1.0 57.5 47 48 49 -6.0 -10.0 -1.2 -18.8 -1.9 -3.4 -4.1 -2.8 -2.6 -4.0 -3.3 50 29 30 31 32 33 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Net increase in liabilities 34 35 Depository institution reserves Vault cash of depository institutions 36 Checkable deposits and currency 37 38 39 40 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 41 42 43 Due to government-sponsored enterprises Due to rest of the world Currency outside banks 44 45 46 Security repurchase agreements Reverse repurchase agreement operations (13) Other 47 48 49 Miscellaneous liabilities Federal Reserve Bank stock Other 50 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table F.203. (3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. (13) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). Flows 2009 28 Z.1, June 11, 2015 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving less net capital transfers paid (2) 92.2 144.6 75.8 15.8 15.5 -29.8 -19.0 -35.3 -54.6 -10.1 2.7 1 2 Fixed nonresidential investment 45.7 35.7 25.1 27.5 28.9 31.2 28.9 31.5 31.9 32.7 34.9 2 3 Net lending (+) or net borrowing (-) -316.8 -24.5 -14.5 -71.3 55.2 -51.5 -95.2 -104.2 173.9 -180.4 50.2 3 4 Net acquisition of financial assets -699.2 -193.2 840.5 500.1 993.4 972.1 1809.1 1240.3 793.0 45.8 1492.3 4 5 6 7 Vault cash Reserves at Federal Reserve Federal funds and security repos -2.8 117.0 -308.1 -2.2 -8.9 20.9 8.1 594.2 22.5 7.1 -71.2 112.0 2.6 758.0 -98.0 2.0 128.9 10.6 -6.3 781.0 44.8 1.1 46.1 118.6 12.3 328.0 -62.7 1.0 -639.4 -58.2 -1.7 237.1 54.0 5 6 7 8 Credit market instruments -536.6 -139.5 249.9 476.7 296.7 783.5 782.2 883.2 606.2 862.5 1017.8 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -15.7 94.7 172.6 3.4 -137.8 0.0 103.0 138.5 29.3 -124.7 0.0 -46.7 133.6 46.8 4.3 0.0 86.6 49.7 68.0 -13.8 0.0 -35.1 42.4 55.1 -16.2 0.0 195.4 26.2 31.0 -35.9 0.0 176.9 27.7 37.0 -54.0 0.0 173.8 9.0 16.2 2.8 0.0 217.5 76.7 34.4 -95.4 0.0 213.5 -8.4 36.5 2.9 0.0 -5.9 192.4 69.3 -17.9 9 10 11 12 13 14 15 16 17 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -410.9 0.0 -179.4 -63.6 -47.4 0.0 -157.2 -81.0 214.1 0.0 -105.8 3.6 216.0 0.0 21.7 48.7 186.6 0.0 -11.0 74.9 308.1 0.0 149.9 108.8 316.2 0.0 205.2 73.2 321.7 0.0 217.4 142.3 195.5 0.0 66.8 110.8 399.1 0.0 110.3 108.7 419.1 0.0 299.4 61.4 14 15 16 17 18 19 Corporate equities Mutual fund shares 6.3 14.1 -1.7 -5.6 0.9 -0.5 -10.5 -0.7 0.8 1.5 0.7 -0.8 -2.5 8.7 -0.7 5.0 1.6 -13.1 4.3 -3.5 -1.7 -2.9 18 19 20 21 Security credit Life insurance reserves -7.8 0.8 6.2 4.5 31.0 5.2 -9.2 7.4 10.4 5.7 12.0 5.9 19.0 5.6 4.7 6.0 9.8 5.0 14.3 6.9 1.4 5.2 20 21 22 23 U.S. direct investment abroad Miscellaneous assets -0.8 18.7 2.7 -69.4 -6.2 -64.8 -2.6 -9.1 3.5 12.2 5.2 24.0 -5.4 182.0 0.4 175.9 18.6 -112.7 7.1 -149.2 -15.6 198.7 22 23 24 Net increase in liabilities -382.4 -168.7 855.0 571.4 938.2 1023.5 1904.3 1344.5 619.1 226.2 1442.2 24 25 Net interbank liabilities -651.1 -131.7 218.2 -130.3 368.5 -79.7 400.4 51.1 -78.4 -692.1 360.4 25 26 27 28 Checkable deposits Small time and savings deposits Large time deposits 109.7 517.2 -173.6 81.3 298.3 -182.7 356.7 577.4 -173.3 205.6 539.6 -19.2 193.1 307.0 102.1 198.8 365.0 148.2 199.7 517.3 231.4 520.1 355.7 69.6 35.4 449.6 -278.3 40.1 137.3 570.3 207.7 1031.1 -138.7 26 27 28 29 Federal funds and security repos -132.2 6.7 -27.1 -32.0 -92.8 25.4 208.7 -0.4 -43.1 -63.7 -51.5 29 30 Credit market instruments -306.3 -218.0 -52.4 -109.9 -31.5 43.5 -24.1 116.5 48.6 33.0 -138.2 30 0.1 -28.5 -278.0 -20.1 -49.2 -148.7 7.6 2.4 -62.5 -33.1 -82.3 5.6 -27.8 -74.9 71.2 -5.2 -12.0 60.7 -5.2 -27.2 8.3 -9.6 -10.1 136.2 -5.0 -11.9 65.4 -0.9 1.0 32.8 -21.9 -57.5 -58.7 31 32 33 11.6 7.3 16.6 11.9 6.6 12.4 6.4 10.6 26.0 1.6 7.0 -0.8 2.2 0.1 4.0 2.7 15.2 3.1 2.5 31.1 3.7 4.3 29.0 2.7 2.8 -11.6 -6.1 1.2 12.3 12.1 24.0 19.1 2.8 34 35 36 218.3 166.8 -73.5 125.0 -53.5 33.4 -31.5 -55.4 -87.4 76.1 -33.7 -129.8 109.8 101.2 -11.8 20.4 85.4 59.2 -2.5 28.7 301.4 191.0 -20.3 130.6 333.5 165.8 1.5 166.3 195.8 206.4 -12.2 1.6 500.3 114.4 28.1 357.8 175.9 277.5 -98.5 -3.1 125.4 -86.0 -27.9 239.4 37 38 39 40 363.3 133.4 65.1 59.7 -68.6 -9.5 47.3 37.4 -260.4 137.6 -82.4 41 -2.6 -0.8 -0.1 0.4 1.5 0.7 0.7 0.9 1.1 0.1 0.1 42 31 32 33 Open market paper Corporate bonds Other loans and advances 34 35 36 Corporate equity issues Taxes payable (net) Foreign direct investment in U.S. 37 38 39 40 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other 41 Discrepancy Memo: 42 Consumer leases not included above (3) (1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114). (2) Net capital transfers paid from table F.9, line 54. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 29 Z.1, June 11, 2015 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving less net capital transfers paid (1) 83.3 133.8 62.7 0.4 -0.5 -41.2 -29.7 -46.7 -66.5 -21.9 -9.0 1 2 Fixed nonresidential investment 40.0 31.0 20.1 21.7 21.9 23.9 21.7 24.2 24.4 25.2 27.3 2 3 Net acquisition of financial assets -501.8 -304.7 322.7 472.6 635.0 845.5 1012.9 1033.8 704.5 630.8 1473.4 3 4 5 6 Vault cash Reserves at Federal Reserve Federal funds and security repos -2.8 44.4 -308.2 -2.2 -85.6 0.7 8.1 222.9 -25.0 7.1 -0.2 60.1 2.5 454.4 -87.2 2.0 190.7 -30.4 -6.3 233.6 -54.6 1.0 114.0 2.8 12.4 285.2 -25.8 0.9 130.0 -43.9 -1.6 247.4 120.3 4 5 6 7 Credit market instruments -280.4 -120.7 173.7 424.0 253.5 672.5 667.0 763.4 534.2 725.5 916.2 7 8 9 10 11 12 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other -15.7 68.1 168.0 -13.4 0.1 70.1 0.1 111.3 0.0 93.0 110.1 -2.2 -0.2 129.4 -0.4 -16.6 0.0 -43.7 106.9 63.8 4.8 80.3 9.8 -51.8 0.0 69.3 35.5 18.6 8.6 -10.8 21.0 -2.0 0.0 -26.1 47.7 40.8 8.5 -23.6 23.9 -1.9 0.0 203.3 43.0 26.2 12.2 13.0 14.6 -23.0 0.0 174.0 54.9 22.0 7.2 44.9 12.8 -32.0 0.0 175.1 19.6 11.4 22.4 -6.1 10.7 -18.7 0.0 216.7 89.0 53.4 15.2 14.0 15.2 -8.8 0.0 247.3 8.4 18.0 4.0 -0.7 19.8 -32.7 0.0 -5.8 218.9 178.2 14.0 19.3 8.8 -1.4 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 2.4 25.1 6.6 1.1 -51.6 -3.8 72.9 30.3 -98.2 -9.7 -6.4 -70.6 -1.4 -10.2 42.6 2.5 -3.1 -2.5 -22.0 2.7 27.3 67.8 -9.0 15.3 0.4 -20.8 4.1 -8.0 53.8 15.2 9.9 -1.2 -14.6 4.6 16.5 32.7 -37.4 -6.0 -2.5 -5.6 5.4 -28.8 37.7 -75.8 -3.4 -6.5 -19.3 5.9 -52.4 17.4 2.1 -9.0 1.8 17.3 -5.1 -2.8 34.5 -82.4 -7.4 -4.3 -11.5 7.0 -66.2 41.0 6.4 -4.2 -0.9 -8.7 13.8 6.3 68.5 2.9 -6.1 -1.7 -11.0 13.3 8.3 16 17 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -285.9 0.0 -178.1 -64.5 -36.3 0.0 -149.2 -70.3 163.6 0.0 -105.3 7.1 218.6 0.0 13.7 28.1 136.4 0.0 -26.6 52.9 241.6 0.0 117.9 71.5 258.6 0.0 176.8 40.8 269.3 0.0 184.6 95.2 165.0 0.0 30.2 81.2 273.6 0.0 79.9 68.9 318.1 0.0 291.9 21.8 23 24 25 26 27 28 Corporate equities Mutual fund shares 6.3 14.8 -1.8 -5.8 1.0 -0.8 -10.5 -1.1 0.8 1.6 0.7 -0.7 -2.5 8.5 -0.7 5.1 1.6 -12.8 4.3 -3.6 -1.7 -2.5 27 28 29 30 31 32 Security credit Life insurance reserves U.S. direct investment abroad Miscellaneous assets -3.4 0.8 -0.8 27.5 3.2 4.5 2.7 -99.7 12.2 5.2 -6.2 -68.5 -1.9 7.4 -2.6 -9.7 7.9 5.7 3.5 -7.8 8.2 5.9 5.2 -8.5 21.9 5.6 -5.4 145.0 10.6 6.0 0.4 131.3 -2.7 5.0 18.6 -111.2 2.9 6.9 7.1 -199.3 1.6 5.2 -15.6 204.0 29 30 31 32 -375.7 -250.1 370.0 536.7 628.3 963.6 1258.3 1151.0 607.6 837.3 1418.9 33 -496.4 -0.6 -463.1 7.5 -40.2 -201.3 0.7 -96.4 -16.8 -88.8 -263.4 0.8 -0.0 40.8 -304.9 -114.2 0.1 -0.1 -29.5 -84.8 191.0 -0.5 0.0 38.5 153.0 47.7 0.4 0.1 -45.3 92.5 202.1 1.7 -0.2 147.3 53.4 40.5 0.1 0.5 -2.1 42.0 135.9 -1.6 0.7 -157.5 294.3 -187.7 1.4 -0.7 -168.6 -19.8 379.6 -0.8 -0.4 247.7 133.0 34 35 36 37 38 94.0 0.3 122.4 69.6 -0.1 73.5 319.4 -2.7 296.5 176.2 0.3 180.1 148.2 0.3 148.6 136.2 0.9 133.1 126.3 -0.5 120.1 474.1 1.0 459.6 43.3 1.9 56.0 -98.7 1.2 -103.1 142.4 -1.1 148.8 39 40 41 33 Net increase in liabilities 34 35 36 37 38 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 39 40 41 Checkable deposits Federal government Private domestic 42 43 44 45 Rest of the world Small time and savings deposits Large time deposits Federal funds and security repos -28.7 472.3 -335.7 -195.0 -3.8 271.7 -133.8 -48.1 25.6 537.1 -13.2 -81.5 -4.2 491.5 -9.1 -52.6 -0.7 256.7 23.9 -80.5 2.2 343.8 102.5 -33.2 6.7 543.0 -7.9 55.5 13.5 303.3 44.8 -45.3 -14.7 415.5 -373.3 -88.0 3.3 113.5 746.3 -55.0 -5.4 878.0 28.0 -30.0 42 43 44 45 46 Credit market instruments -292.2 -217.6 -50.5 -110.8 -33.5 35.1 -25.8 106.3 35.8 24.0 -136.2 46 0.1 -28.5 -263.9 -20.1 -49.2 -148.3 7.6 2.4 -60.5 -33.1 -82.3 4.6 -27.8 -74.9 69.2 -5.2 -12.0 52.3 -5.2 -27.2 6.7 -9.6 -10.1 126.0 -5.0 -11.9 52.7 -0.9 1.0 23.8 -21.9 -57.5 -56.8 47 48 49 11.6 7.3 358.2 166.8 191.5 11.9 6.6 -8.9 33.4 -42.3 6.4 10.6 -94.9 76.1 -171.0 1.6 7.0 147.1 101.2 45.9 2.2 0.1 120.1 59.2 60.9 2.7 15.2 313.6 191.0 122.5 2.5 31.1 331.5 165.8 165.7 4.3 29.0 194.0 206.4 -12.5 2.8 -11.6 447.2 114.4 332.8 1.2 12.3 281.5 277.5 4.0 24.0 19.1 114.0 -86.0 200.1 50 51 52 53 54 169.4 157.4 90.0 42.8 -29.1 53.0 194.0 46.3 -187.8 159.4 -90.8 55 -2.6 -0.8 -0.1 0.4 1.5 0.7 0.7 0.9 1.1 0.1 0.1 56 47 48 49 50 51 52 53 54 55 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable (net) Miscellaneous liabilities Investment by holding companies Other Discrepancy Memo: 56 Consumer leases not included above (2) (1) Net capital transfers paid from table F.9, line 54. (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. Flows 2009 30 Z.1, June 11, 2015 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 2.3 2.3 2.9 3.3 4.1 4.2 4.1 4.2 4.2 4.2 4.3 1 2 Fixed nonresidential investment 2.4 2.0 2.4 3.0 3.8 4.1 3.9 4.0 4.1 4.2 4.1 2 3 Net acquisition of financial assets -251.1 50.3 468.1 -15.8 316.5 56.3 705.1 154.6 57.1 -691.4 -56.0 3 0.0 45.1 0.0 66.7 0.0 360.2 0.0 -72.2 0.0 309.3 0.0 -59.3 -0.0 491.9 0.1 -9.7 -0.1 76.7 0.1 -796.0 -0.2 -65.8 4 5 0.1 -287.5 20.3 -24.4 31.7 42.5 58.2 5.8 -1.2 -7.2 41.1 56.4 92.7 67.0 111.7 54.6 -37.8 -3.0 -2.5 106.9 -73.4 65.7 6 7 4 5 Vault cash Reserves at Federal Reserve 6 7 Federal funds and security repos Credit market instruments 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 22.0 -19.3 0.0 -157.8 0.0 3.5 -4.8 0.0 -9.4 0.0 -0.5 4.0 0.0 -1.4 0.0 16.1 1.5 0.0 -6.2 0.0 -9.6 -6.7 0.0 -34.1 0.0 -10.5 -4.9 0.0 0.9 0.0 -2.9 -11.5 0.0 16.6 0.0 -3.0 -6.3 0.0 1.2 0.0 -20.7 -1.9 0.0 -7.7 0.0 -15.5 0.1 0.0 -6.4 0.0 -3.2 -4.7 0.0 -25.9 8 9 10 11 12 13 14 15 Depository institution loans n.e.c. Other loans and advances Mortgages -126.0 0.0 -6.4 -11.3 0.0 -2.5 42.9 0.0 -2.6 -3.7 0.0 -1.9 43.8 0.0 -0.6 63.6 0.0 7.3 57.1 0.0 7.8 54.9 0.0 7.8 22.1 0.0 5.1 120.4 0.0 8.3 100.2 0.0 -0.6 13 14 15 16 17 Corporate equities Security credit 0.0 -4.5 0.1 3.1 -0.0 18.8 0.0 -7.3 0.0 2.5 0.0 3.8 0.0 -2.9 0.0 -5.9 0.0 12.5 0.0 11.4 0.0 -0.2 16 17 18 Miscellaneous assets -4.4 -15.3 15.0 -0.3 13.1 14.4 56.3 3.7 8.8 -11.3 17.8 18 19 Net increase in liabilities -76.0 32.4 469.0 -4.0 263.2 1.4 574.5 158.1 -11.8 -715.1 -33.1 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks -152.2 -161.7 9.5 30.7 27.0 3.7 504.6 518.8 -14.2 -1.9 -51.2 49.3 175.1 159.2 15.9 -127.5 -125.6 -1.9 165.6 156.1 9.5 36.6 64.0 -27.4 -214.3 -232.5 18.2 -497.9 -490.1 -7.8 -51.5 -70.0 18.5 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 2.6 4.4 148.0 5.7 5.8 -46.5 23.7 13.2 -163.1 16.2 13.8 -16.2 30.8 27.7 71.1 45.2 -5.9 39.7 36.3 -23.4 233.4 50.0 11.1 26.3 -0.0 9.4 91.3 94.4 -20.5 -192.2 25.6 167.5 -167.3 23 24 25 26 27 Federal funds and security repos Acceptance liabilities 63.5 0.0 54.8 0.0 54.4 0.0 20.6 0.0 -12.3 0.0 58.6 0.0 153.2 0.0 44.9 0.0 44.9 0.0 -8.8 0.0 -21.5 0.0 26 27 28 Foreign direct investment in U.S. 16.6 12.4 26.0 -0.8 4.0 3.1 3.7 2.7 -6.1 12.1 2.8 28 29 30 31 Miscellaneous liabilities Investment by funding corporations Other -158.9 -73.5 -85.3 -30.5 -31.5 1.1 10.1 -33.7 43.8 -35.7 -11.8 -23.9 -33.2 -2.5 -30.7 -11.7 -20.3 8.6 5.7 1.5 4.2 -13.6 -12.2 -1.4 63.2 28.1 35.0 -102.2 -98.5 -3.7 11.4 -27.9 39.3 29 30 31 175.1 -17.6 1.4 12.2 -53.0 -54.8 -130.4 3.6 -68.8 -23.6 23.1 32 32 Discrepancy (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). 31 Z.1, June 11, 2015 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets -7.3 -14.8 -4.1 0.0 8.8 7.3 -12.8 9.9 -11.8 43.7 -24.5 3 4 5 6 7 8 9 10 11 12 13 Credit market instruments -2.8 -19.3 -4.9 -0.1 0.3 -5.6 -0.3 -10.3 -7.0 -4.6 -16.3 4 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -0.7 -3.9 0.9 1.5 0.6 -7.7 -0.9 -1.4 -0.0 -8.0 0.9 3.6 -0.6 -2.2 -0.8 1.0 0.7 -0.8 0.9 0.6 0.2 -0.1 -0.9 -0.4 0.6 -0.4 -0.6 2.5 -1.9 0.1 -2.8 -0.6 1.7 -0.0 -0.3 -2.3 0.3 -0.2 0.3 -1.4 0.6 -1.0 0.2 0.1 5 6 7 8 Depository institution loans n.e.c. Home mortgages Commercial mortgages -0.3 -0.3 -0.0 -3.3 -2.5 -4.0 1.1 -2.4 -0.1 1.0 2.3 -0.8 1.3 -1.1 -1.4 -2.3 -1.5 -0.5 -0.6 -2.2 0.4 -4.4 -0.3 -0.5 -2.8 -2.7 -0.6 -1.3 -1.0 -1.3 -5.7 -3.6 -6.7 9 10 11 -4.5 4.5 0.8 0.2 8.6 12.8 -12.5 20.3 -4.8 48.4 -8.2 12 -1.1 -14.8 -3.1 -0.1 8.5 7.1 -10.1 11.2 -14.8 41.9 -21.2 13 -1.0 1.4 -2.9 -2.9 0.9 0.5 -5.2 -5.2 -1.2 2.8 -0.4 -0.4 -0.4 2.5 -0.1 -0.1 0.2 6.3 2.5 2.5 -0.6 5.2 2.0 2.0 -3.2 -3.5 -2.7 -2.7 -1.4 5.2 2.8 2.8 2.6 -3.3 -1.9 -1.9 -0.5 22.5 9.9 9.9 -1.7 -1.7 -7.2 -7.2 14 15 16 17 4.3 -5.9 -3.9 -2.0 -3.0 -1.6 2.1 1.7 -10.5 0.2 -3.4 18 6.2 -0.0 1.0 -0.1 -0.3 -0.2 2.8 1.2 -3.0 -1.8 3.3 19 Miscellaneous assets Net increase in liabilities 14 15 16 17 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits 18 Miscellaneous liabilities 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. F.114 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 6.4 8.4 10.1 12.0 11.8 7.2 6.5 7.2 7.5 7.5 7.3 1 2 Fixed nonresidential investment 3.1 2.5 2.5 2.8 3.0 3.2 3.1 3.2 3.3 3.3 3.3 2 3 Net acquisition of financial assets 61.0 76.0 53.8 43.3 33.2 63.0 103.9 42.0 43.2 62.7 99.5 3 4 5 Reserves at Federal Reserve Federal funds and security repos 27.5 0.0 10.0 -0.1 11.1 15.9 1.2 -6.2 -5.7 -9.6 -2.5 -0.0 55.5 6.7 -58.1 4.1 -33.9 0.9 26.6 -11.8 55.6 7.1 4 5 6 Credit market instruments 34.1 24.9 38.6 47.0 50.2 60.2 48.5 75.6 82.0 34.8 52.2 6 0.0 5.4 27.8 0.0 -6.7 0.0 5.9 40.9 0.0 -15.7 0.0 -2.5 30.6 3.2 -0.3 0.0 1.7 14.9 1.0 0.3 0.0 -0.2 2.2 0.3 2.2 0.0 2.5 -11.7 -0.8 1.0 0.0 5.2 -15.3 -0.1 2.6 0.0 3.6 -4.4 1.6 0.2 0.0 19.7 -10.4 0.2 -3.0 0.0 -18.6 -16.7 -4.8 4.3 0.0 2.6 -20.7 0.6 5.1 7 8 9 10 11 1.3 5.4 0.9 3.5 0.9 -10.7 6.6 4.5 -3.4 0.1 8.3 20.6 5.1 18.6 21.9 5.1 26.9 37.2 1.2 22.4 32.4 1.8 25.7 47.1 11.1 34.8 29.5 6.3 24.4 39.8 6.6 18.4 39.6 12 13 14 -0.7 0.2 0.2 41.1 0.3 -12.1 0.4 0.8 -0.1 -1.6 -0.1 5.3 0.1 -6.8 -0.2 20.5 -0.3 -5.5 0.1 13.0 -0.4 -14.9 15 16 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 14 Depository institution loans n.e.c. Home mortgages Consumer credit 15 16 Mutual fund shares Miscellaneous assets 17 Net increase in liabilities 70.3 63.8 19.0 38.8 38.2 51.5 81.5 24.2 38.2 62.0 77.6 17 18 Net interbank liabilities -1.6 38.1 -21.9 -13.8 2.2 0.7 35.9 -24.6 -2.6 -6.1 34.1 18 19 20 21 22 Shares/deposits Checkable Small time and savings Large time 72.0 11.6 43.4 17.0 34.3 5.5 26.1 2.8 41.5 10.7 27.4 3.4 51.3 10.7 34.4 6.2 32.6 7.9 20.1 4.7 41.2 12.2 25.0 4.1 49.7 40.7 0.5 8.5 24.8 -9.3 38.4 -4.3 27.6 -4.5 26.5 5.6 62.6 21.9 34.4 6.3 41.9 41.5 -7.3 7.7 19 20 21 22 23 24 Federal funds and security repos Other loans and advances -0.7 -14.1 0.0 -0.4 0.0 -2.0 0.0 0.9 0.0 1.9 0.0 8.4 0.0 1.7 0.0 10.2 0.0 12.7 0.0 9.0 0.1 -2.0 23 24 25 Miscellaneous liabilities 14.7 -8.3 1.3 0.3 1.5 1.2 -5.8 13.8 0.4 -3.6 3.5 25 12.6 -6.4 -27.2 4.8 13.8 -7.5 -19.0 -13.8 -0.8 3.5 -18.0 26 26 Discrepancy Flows 2009 32 Z.1, June 11, 2015 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 Q4 2015 Q1 1 Gross saving less net capital transfers paid (1) 41.0 51.3 31.2 47.8 51.2 46.9 51.3 49.1 46.4 40.8 35.1 1 2 Fixed nonresidential investment 18.8 15.8 16.7 19.1 19.8 20.8 20.2 20.6 21.1 21.1 21.3 2 3 Net acquisition of financial assets 40.1 -38.2 26.7 27.0 44.0 34.5 15.8 34.1 57.7 30.5 14.2 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements -0.3 -3.2 0.1 5.0 -4.0 -0.7 -8.5 -5.6 -2.1 12.3 2.2 0.0 -6.7 -2.2 0.0 5.9 -1.9 0.0 14.9 -10.0 -0.7 5.5 5.3 0.6 3.5 1.5 0.3 -0.4 -4.3 -0.2 -0.6 -0.3 -0.0 4 5 6 7 Credit market instruments 33.3 3.9 36.2 1.0 30.9 15.8 -14.6 14.7 42.0 21.2 -15.1 7 -9.3 22.9 1.9 -12.6 30.8 -0.5 -1.9 3.2 -0.4 -21.0 24.3 -0.3 0.9 4.6 6.9 -17.4 40.4 0.8 -1.4 -6.7 -8.4 -2.9 19.6 0.7 0.7 6.4 -4.9 -1.7 28.1 2.3 -0.1 5.9 -4.2 -4.7 17.0 2.0 -3.4 -5.5 -6.2 -10.4 9.5 1.3 2.8 13.7 -5.7 -9.2 11.0 2.1 1.3 12.1 -1.9 2.2 26.0 2.3 -1.2 3.4 -3.1 -1.6 21.3 2.4 -0.1 -1.8 -1.9 -5.7 -7.6 1.9 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 -2.8 0.5 -20.9 -0.1 2.9 -0.7 4.6 1.8 3.7 1.0 2.6 1.4 2.4 1.3 -12.6 1.3 3.7 1.3 16.8 1.6 -2.4 2.4 14 15 16 17 Trade receivables U.S. direct investment abroad -3.7 16.3 0.8 -22.2 3.4 1.1 4.8 0.2 3.3 14.1 5.5 5.2 19.3 3.2 15.2 4.0 -2.0 7.5 -10.3 6.0 21.3 9.1 16 17 -4.3 2.9 16.8 -16.7 19.5 1.8 -7.9 20.2 17.6 -22.8 -15.0 18 -1.7 -5.3 0.8 -12.7 -1.1 -10.7 0.4 -14.5 1.4 -7.6 1.0 -16.9 1.0 -17.9 1.3 -9.4 0.8 -22.2 0.8 -17.9 0.5 -15.6 19 20 18 Net increase in liabilities 19 20 Security repurchase agreements Corporate equity issues 21 22 Taxes payable (net) Foreign direct investment in U.S. 5.3 2.4 5.6 2.8 -4.4 -2.2 3.8 -5.3 19.1 6.8 1.9 0.9 7.3 -2.1 -2.8 -3.1 3.0 9.3 0.4 -0.2 1.4 9.9 21 22 23 24 25 Miscellaneous liabilities Investment by parent companies Policy payables -5.0 0.0 -5.0 6.3 0.0 6.3 35.2 0.0 35.2 -1.0 -6.8 5.8 -0.3 -6.0 5.7 14.8 0.1 14.7 3.8 -2.2 6.0 34.3 1.9 32.4 26.8 -0.2 27.1 -5.8 0.9 -6.6 -11.2 -5.5 -5.6 23 24 25 -22.2 76.6 4.6 -15.0 6.8 -6.6 7.4 14.6 -14.8 -33.6 -15.5 26 26 Discrepancy (1) Net capital transfers paid from table F.9, line 51. 33 Z.1, June 11, 2015 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 13.0 16.2 7.2 12.6 7.6 17.7 16.9 17.5 18.3 18.1 18.3 1 2 Fixed nonresidential investment 13.5 11.5 12.3 14.0 14.6 15.3 14.9 15.2 15.5 15.6 15.8 2 3 Net acquisition of financial assets 116.4 181.5 229.0 127.0 102.7 213.4 225.7 244.8 143.6 239.5 276.3 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements -32.1 -5.5 2.2 1.0 -12.7 0.7 2.0 7.9 -0.8 2.7 -1.4 -1.6 -9.2 -5.9 -0.0 3.6 6.1 0.0 14.0 -1.1 -2.5 -5.9 -1.2 -2.3 15.1 6.4 0.3 -8.5 20.5 4.5 -2.2 -4.5 -5.5 4 5 6 7 Credit market instruments 139.8 151.6 125.3 74.3 77.4 99.7 117.7 128.9 76.9 75.3 142.2 7 11.5 27.7 5.8 26.1 97.6 -12.6 -16.3 -8.9 23.2 4.0 39.2 102.9 -0.2 -8.6 -11.2 18.8 -1.6 9.4 87.1 7.9 15.0 13.9 5.5 -13.5 9.7 45.0 1.8 11.9 3.2 -12.2 -6.8 10.1 60.8 3.5 18.8 -4.6 14.3 -15.0 6.2 69.3 8.0 21.6 -3.2 13.4 -12.5 5.1 92.7 8.0 14.2 -16.9 13.8 -10.1 9.6 109.9 5.5 17.1 -18.4 13.6 -15.8 6.8 63.2 10.4 17.0 20.2 16.2 -21.5 3.3 11.3 7.9 38.0 14.6 41.5 -2.1 1.3 65.0 -3.4 25.3 8 9 10 11 12 13 14 33.4 0.0 12.7 33.9 33.2 5.6 16.1 0.4 13.7 1.1 28.1 1.3 29.7 1.3 70.7 1.3 2.5 1.3 9.4 1.3 44.1 1.3 15 16 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 15 16 Corporate equities Mutual fund shares 17 U.S. direct investment abroad 18 19 20 21 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 22 Net increase in liabilities 1.6 1.9 3.3 5.2 1.2 1.6 -0.3 -1.8 4.5 3.9 8.1 17 -23.1 -0.3 -4.9 -17.8 -7.6 -0.0 2.7 -10.2 52.4 -0.8 -0.4 53.6 31.2 0.1 0.6 30.6 24.4 1.0 3.0 20.4 73.0 0.4 1.2 71.4 67.0 0.2 4.1 62.6 55.1 0.6 5.3 49.2 36.7 0.4 -2.6 39.0 133.1 0.2 -2.0 134.9 92.8 0.8 4.6 87.4 18 19 20 21 32.2 145.0 203.7 90.4 87.1 174.4 182.9 214.7 119.2 180.8 244.4 22 -0.5 -0.9 -6.6 -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -9.2 7.8 1.0 -14.9 12.4 0.8 -14.3 7.7 -0.5 -11.8 8.0 1.9 -17.6 13.7 1.9 -16.0 20.3 3.3 -10.9 14.4 23 24 25 26.3 -80.0 13.6 72.1 79.9 85.7 -12.2 80.5 29.8 53.8 55.5 70.9 41.8 52.5 52.1 55.2 55.0 88.9 73.1 87.0 89.1 44.9 26 27 23 24 25 Security repurchase agreements Corporate equity issues Other loans and advances 26 27 Life insurance reserves Pension entitlements (2) 28 29 Taxes payable (net) Foreign direct investment in U.S. -7.0 11.1 2.6 6.3 5.2 -5.4 -4.6 1.4 -2.3 5.1 -1.9 8.9 5.0 5.8 -1.0 9.2 -3.4 15.5 -8.3 5.2 10.0 12.5 28 29 30 31 32 33 34 Miscellaneous liabilities Investment by parent companies Other reserves (3) Unallocated insurance contracts Other 89.9 9.3 8.4 114.3 -42.1 60.7 22.2 17.1 13.9 7.4 48.0 9.3 14.8 9.9 14.0 27.4 10.3 -1.8 -1.9 20.7 3.0 3.4 0.4 1.3 -2.1 42.4 0.8 5.8 23.1 12.8 83.7 0.9 15.0 27.6 40.1 103.4 2.3 12.7 35.0 53.3 -35.0 -0.3 1.7 3.2 -39.6 17.6 0.2 -6.2 26.4 -2.7 81.1 1.1 13.9 27.0 39.1 30 31 32 33 34 -84.7 -31.8 -30.3 -38.0 -22.5 -36.6 -40.8 -27.8 -21.7 -56.3 -29.3 35 35 Discrepancy (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 33. (3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. Flows 2009 34 Z.1, June 11, 2015 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 Q4 2015 Q1 1 Net acquisition of financial assets 92.1 126.9 176.4 56.5 84.6 155.6 200.8 89.8 120.7 211.0 -78.3 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements -27.4 -5.5 2.2 -2.0 -12.7 0.7 3.0 7.9 -0.8 1.4 -1.4 -1.6 -4.8 -5.9 -0.0 3.5 6.1 0.0 13.8 -1.1 -2.5 -6.1 -1.2 -2.3 14.9 6.4 0.3 -8.7 20.5 4.5 -4.1 -4.5 -5.5 2 3 4 5 Credit market instruments 139.0 111.7 122.4 37.9 70.1 99.2 118.0 129.1 77.0 72.6 -71.0 5 15.5 26.1 2.7 -12.0 15.2 -5.6 -12.6 10.3 -1.5 15.9 1.3 -4.9 1.4 -11.3 -6.6 -6.0 9.1 -3.3 -4.6 8.6 -0.6 -18.4 9.0 1.8 -19.9 8.8 -3.9 18.7 10.0 -10.7 11.4 5.9 -15.4 6 7 8 25.9 93.4 -12.6 -12.0 39.5 83.4 -0.2 -8.6 9.2 93.3 7.9 15.8 9.0 1.6 1.9 13.1 9.2 57.0 3.5 16.9 5.3 66.0 8.0 20.2 4.2 89.5 8.0 12.8 8.7 106.7 5.5 15.7 5.9 60.0 10.4 15.6 2.4 7.8 7.9 36.5 -2.9 -40.0 -22.6 -7.4 9 10 11 12 1.5 -0.1 4.0 -0.1 0.3 0.7 -2.5 0.2 0.8 -0.2 5.5 0.0 2.7 0.0 8.7 0.0 1.3 0.0 9.2 0.0 3.8 0.0 13 14 1.6 -19.2 1.9 23.4 3.3 39.7 5.2 17.3 1.2 23.4 1.6 39.7 -0.3 70.2 -1.8 -36.6 4.5 16.3 3.9 108.9 8.1 -5.1 15 16 12.4 91.2 151.2 17.8 68.7 116.0 157.3 58.9 96.3 151.6 -110.2 17 -0.5 -0.9 -6.6 -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -9.2 7.8 1.0 -14.9 12.4 0.8 -14.3 7.7 -0.5 -11.8 8.0 1.9 -17.6 13.7 1.9 -16.0 20.3 3.3 -10.9 14.4 18 19 20 36.8 -123.1 32.0 21.0 73.0 36.4 -6.2 9.7 28.3 36.9 46.1 37.6 32.4 17.1 42.7 24.9 45.6 56.1 63.8 52.2 -58.1 -99.0 21 22 -7.0 11.1 2.6 6.3 5.2 -5.4 -4.6 1.4 -2.3 5.1 -1.9 8.9 5.0 5.8 -1.0 9.2 -3.4 15.5 -8.3 5.2 10.0 12.5 23 24 102.7 39.5 51.6 19.5 2.8 26.7 102.8 -12.7 -15.7 32.5 17.6 25 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 16 U.S. direct investment abroad Miscellaneous assets 17 Net increase in liabilities 18 19 20 Security repurchase agreements Corporate equity issues Other loans and advances 21 22 Life insurance reserves Pension entitlements (1) 23 24 Taxes payable (net) Foreign direct investment in U.S. 25 Miscellaneous liabilities (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 25). F.116.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 24.3 54.6 52.6 70.5 18.1 57.8 24.9 155.0 23.0 28.5 354.6 1 2 Checkable deposits and currency -4.7 3.0 -0.9 1.3 -4.4 0.2 0.2 0.2 0.2 0.2 1.9 2 3 Credit market instruments 0.8 39.9 3.0 36.4 7.3 0.5 -0.3 -0.2 -0.1 2.7 213.3 3 Open market paper Treasury securities Agency- and GSE-backed securities -4.0 1.6 3.1 3.1 8.0 9.6 1.4 8.5 -0.0 -2.0 4.2 -8.5 1.8 -0.9 -0.2 1.5 5.2 -11.7 1.4 4.8 -11.9 1.5 4.8 -11.9 1.5 4.8 -11.9 1.5 6.1 -10.9 3.2 35.5 13.4 4 5 6 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 0.2 4.2 -0.0 -4.3 -0.3 19.5 -0.0 -0.0 0.2 -6.2 -0.0 -0.8 0.7 43.3 -0.1 -1.1 0.9 3.8 0.0 1.9 0.9 3.3 0.0 1.4 0.9 3.2 0.0 1.3 0.9 3.2 0.0 1.4 0.9 3.2 0.0 1.4 0.9 3.5 0.0 1.5 4.3 104.9 19.2 32.8 7 8 9 10 4 5 6 7 8 9 10 11 12 Corporate equities Mutual fund shares 31.9 0.1 8.6 34.0 32.9 4.9 18.6 0.3 12.9 1.3 22.6 1.3 27.0 1.3 62.0 1.3 1.2 1.3 0.2 1.3 40.3 1.3 11 12 13 Miscellaneous assets -3.8 -31.0 12.7 13.9 1.0 33.3 -3.3 91.7 20.4 24.2 97.9 13 14 Net increase in liabilities 19.8 53.8 52.5 72.7 18.5 58.4 25.6 155.8 22.9 29.2 354.6 14 15 16 17 Life insurance reserves Pension entitlements (1) Miscellaneous liabilities -10.5 43.1 -12.8 -18.4 51.0 21.1 6.9 49.2 -3.6 -5.9 70.8 7.8 1.4 16.8 0.2 9.4 33.3 15.7 9.4 35.4 -19.1 9.4 30.4 116.1 9.4 32.8 -19.2 9.4 34.7 -14.9 147.2 143.9 63.5 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 17). 35 Z.1, June 11, 2015 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2 3 Net acquisition of financial assets (2) 478.2 524.4 412.7 416.9 444.7 477.4 464.0 497.8 449.6 498.2 473.4 3 4 5 Checkable deposits and currency Time and savings deposits -3.1 3.8 2.7 4.7 5.9 3.2 -1.6 -6.8 0.1 1.5 1.6 2.6 1.0 0.5 6.3 2.0 0.2 -1.0 -1.1 8.9 2.1 7.3 4 5 6 7 Money market fund shares Security repurchase agreements -13.0 0.1 -7.9 0.1 16.9 0.1 -20.5 -0.6 4.8 0.1 1.6 0.3 -8.6 0.1 11.7 0.2 -10.8 -0.1 14.4 1.0 -4.1 0.8 6 7 8 Credit market instruments -66.1 153.8 106.6 165.3 139.6 85.1 16.2 123.8 149.5 50.9 -183.0 8 0.9 64.9 -10.3 2.5 52.0 8.0 3.9 59.6 16.0 -8.2 69.4 35.1 -1.0 61.5 20.6 3.6 46.4 -6.3 5.2 30.2 -10.6 0.6 31.1 25.3 1.3 56.2 3.7 7.1 68.2 -43.7 14.1 -159.8 -44.8 9 10 11 -116.6 -5.2 88.2 2.4 32.8 -5.2 68.6 0.1 61.8 -4.1 41.8 0.3 -5.6 -1.5 63.2 4.5 84.6 4.3 25.2 -6.1 12.1 -4.5 12 13 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares -80.9 50.4 -50.5 21.6 -124.7 -56.9 -100.0 -46.6 -153.3 42.8 -177.7 4.8 -167.8 15.5 -177.0 2.2 -191.6 8.3 -174.4 -6.7 -202.7 17.5 14 15 16 17 18 19 20 21 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Nonmarketable Treasury securities (4) Claims of pension fund on sponsor (5) Other 587.1 114.3 -8.6 61.9 402.3 17.2 399.9 13.9 15.4 65.7 275.0 29.9 461.5 9.9 3.0 70.8 333.1 44.8 427.7 -1.9 -12.3 40.4 370.2 31.3 409.2 1.3 -0.6 98.2 279.1 31.2 559.1 23.1 0.9 68.8 413.1 53.2 607.2 27.6 -0.8 74.9 432.0 73.6 528.7 35.0 1.9 52.6 362.2 76.9 495.2 3.2 3.6 79.9 367.4 40.9 605.2 26.4 -1.2 67.8 490.9 21.3 835.6 27.0 6.6 -71.5 849.0 24.5 16 17 18 19 20 21 478.2 524.3 412.6 417.1 444.9 477.6 464.2 498.1 449.9 498.4 473.6 22 610.1 348.8 129.4 207.0 -75.1 790.4 352.4 172.0 213.4 52.6 864.0 351.9 60.8 380.0 71.2 736.3 321.8 95.1 261.0 58.4 709.2 311.5 133.3 229.9 34.5 761.0 327.1 150.3 240.5 43.1 725.3 326.6 137.4 223.6 37.8 877.2 327.3 170.5 345.8 33.6 902.6 326.9 122.8 365.8 87.1 538.7 327.6 170.5 26.8 13.7 ND 326.7 146.8 ND ND 23 24 25 26 27 22 Pension entitlements (liabilities) (6) Memo: 23 24 25 26 27 Household retirement assets (7) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (8) Annuities at life insurance companies (9) (1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (5) Unfunded defined benefit pension entitlements. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (8) IRA assets are not included above. See memo item on table F.226 for a sectoral distribution of IRA accounts. (9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 26. Flows 2009 36 Z.1, June 11, 2015 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets (2) 153.7 177.9 95.7 114.0 127.8 135.0 126.2 161.8 107.2 144.8 147.4 3 4 5 Checkable deposits and currency Time and savings deposits -2.8 2.9 2.1 -0.6 5.6 1.6 -1.7 -3.9 0.1 -0.3 1.2 1.0 1.0 1.8 3.4 3.0 0.1 -1.2 0.1 0.2 1.5 2.8 4 5 6 7 Money market fund shares Security repurchase agreements -9.6 0.2 -10.2 -0.2 16.5 0.0 -17.1 -0.3 2.2 -0.1 -0.7 0.1 -6.1 0.2 11.4 0.3 -8.3 -0.1 0.3 0.1 -7.0 0.3 6 7 8 Credit market instruments 9.5 120.6 73.6 146.6 50.7 33.1 -8.2 78.8 45.5 16.3 51.1 8 1.7 32.8 -6.5 -2.0 31.2 6.5 2.4 27.0 4.3 -4.9 44.4 22.1 -3.3 36.4 15.4 1.8 19.6 -1.1 4.1 14.8 -5.4 2.7 18.6 16.4 -0.2 25.5 -6.7 0.5 19.3 -8.4 5.8 42.6 -4.5 9 10 11 -16.0 -2.4 82.1 2.8 44.5 -4.6 83.8 1.2 5.5 -3.4 13.0 -0.2 -18.8 -2.9 37.7 3.5 23.0 4.0 10.2 -5.3 10.4 -3.1 12 13 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares -91.2 51.7 22.7 35.0 -60.2 8.3 -18.5 -26.2 4.2 31.9 -6.8 21.0 16.3 28.0 2.2 22.9 -27.3 22.0 -18.6 10.9 -20.3 27.6 14 15 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 192.9 90.9 -8.6 82.8 27.8 8.6 -0.3 15.4 -20.7 14.2 50.2 20.7 3.0 -16.8 43.4 35.2 5.0 -12.3 8.4 34.1 39.0 7.5 -0.6 12.1 20.0 86.2 17.8 0.9 23.1 44.5 93.1 23.1 -0.8 8.2 62.6 39.7 22.1 1.9 -47.1 62.8 76.5 6.9 3.6 31.9 34.1 135.4 19.0 -1.2 99.3 18.3 91.4 19.6 6.6 33.1 32.1 16 17 18 19 20 153.7 177.9 95.6 114.0 127.8 135.1 126.3 161.8 107.2 144.9 147.5 21 57.4 96.4 47.5 130.4 46.6 49.0 24.8 89.2 18.8 109.0 30.8 104.2 30.8 95.4 30.8 131.0 30.8 76.4 30.8 114.0 30.8 116.6 22 23 21 Pension entitlements (liabilities) (5) Memo: 22 23 Net acquisition of financial assets (6) Defined benefit plans Defined contribution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.118.b and F.118.c. 37 Z.1, June 11, 2015 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 Net acquisition of financial assets (1) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages Q2 Q3 2015 Q1 Q4 57.4 47.5 46.6 24.8 18.8 30.8 30.8 30.8 30.8 30.8 30.8 1 -2.6 3.4 0.4 0.2 2.7 -0.2 -5.1 -0.2 1.8 1.2 -0.3 0.0 -1.0 -3.3 -4.0 -0.3 -0.2 -0.7 -0.8 -0.1 0.4 0.8 -0.2 0.1 0.6 1.8 -0.7 0.2 0.9 2.9 3.3 0.3 -0.4 -1.3 -1.5 -0.1 0.5 -0.2 -2.0 0.1 1.0 3.0 -2.0 0.3 2 3 4 5 4.1 71.7 78.0 83.8 35.2 20.7 -3.7 65.8 19.1 1.5 33.6 6 3.2 12.7 -6.6 -3.3 -2.0 -1.0 7.4 2.7 61.4 1.2 1.1 19.3 14.3 45.8 -2.4 -3.6 15.9 11.0 60.7 -0.1 -3.8 24.8 9.8 6.9 -2.4 1.3 11.9 0.8 6.9 -0.2 2.2 10.1 -1.1 -13.0 -1.9 2.8 14.6 12.4 33.5 2.6 -1.3 16.6 -4.1 5.8 2.0 1.3 6.2 -4.1 1.5 -3.4 2.9 26.3 -0.9 6.6 -1.4 7 8 9 10 11 12 13 Corporate equities Mutual fund shares -41.8 -8.0 -4.1 -10.8 -65.4 12.5 -11.0 -46.4 -21.7 -7.9 -22.0 -11.1 -4.8 -1.6 -22.6 -13.3 -24.4 -8.4 -36.1 -21.0 -36.9 -16.2 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 101.8 -2.4 -5.3 82.8 26.8 -6.2 -8.2 13.4 -20.7 9.3 18.8 12.7 1.7 -16.8 21.2 7.1 -9.5 -12.4 8.4 20.6 14.9 -0.3 -0.8 12.1 4.0 42.0 2.3 -0.3 23.1 17.0 39.1 1.2 -0.2 8.2 29.9 -6.6 4.8 2.1 -47.1 33.6 47.8 4.5 -0.5 31.9 12.0 87.8 -1.5 -2.4 99.3 -7.6 48.1 2.8 5.0 33.1 7.2 14 15 16 17 18 57.3 47.5 46.6 24.9 18.8 30.8 30.8 30.8 30.8 30.8 30.8 19 19 Net increase in pension entitlements (liabilities) (4) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. F.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 96.4 130.4 49.0 89.2 109.0 104.2 95.4 131.0 76.4 114.0 116.6 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -0.1 -0.5 -9.9 0.0 -0.5 -0.4 -5.1 0.0 3.8 0.4 16.8 0.0 -0.7 -0.6 -13.1 0.0 0.4 0.4 2.9 0.0 0.8 0.2 -0.5 0.0 0.5 0.0 -5.4 0.0 2.5 0.2 8.1 0.0 0.5 0.1 -6.7 0.0 -0.3 0.4 2.2 0.0 0.5 -0.2 -5.0 0.0 2 3 4 5 6 Credit market instruments 5.4 48.9 -4.4 62.8 15.4 12.4 -4.5 13.0 26.4 14.7 17.6 6 -1.4 20.0 0.1 -12.7 -0.5 -1.0 23.9 3.8 20.7 1.6 1.4 7.7 -10.0 -1.2 -2.2 -1.2 28.4 11.2 23.2 1.3 0.5 11.7 5.6 -1.4 -1.0 0.5 7.7 -1.8 6.1 -0.0 2.0 4.8 -4.4 -5.8 -1.0 -0.1 4.0 4.0 4.2 0.9 1.0 8.9 -2.6 17.2 2.0 -0.8 13.1 -4.3 8.7 -1.9 2.9 16.3 -3.6 3.8 -1.7 7 8 9 10 11 -49.3 59.7 26.8 45.8 5.2 -4.2 -7.6 20.2 25.9 39.8 15.1 32.0 21.1 29.7 24.8 36.1 -2.9 30.4 17.5 31.9 16.7 43.8 12 13 91.1 93.3 -3.3 1.0 14.8 7.9 2.0 4.9 31.4 8.0 1.3 22.2 28.1 14.5 0.1 13.5 24.1 7.8 0.2 16.0 44.2 15.5 1.1 27.5 54.0 21.9 -0.6 32.7 46.4 17.3 -0.2 29.2 28.7 2.4 4.1 22.2 47.6 20.4 1.2 26.0 43.3 16.8 1.7 24.9 14 15 16 17 96.4 130.4 49.0 89.2 109.0 104.2 95.4 131.0 76.4 114.0 116.6 18 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 18 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. Flows 2009 38 Z.1, June 11, 2015 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 1 2 Flows 3 4 5 Net acquisition of financial assets (1) Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 Pension entitlements (liabilities) (5) Q2 Q3 Q4 2015 Q1 93.7 102.1 113.0 102.0 109.9 115.8 108.0 103.8 121.6 130.0 106.6 1 7.4 10.9 25.6 15.4 9.4 16.9 6.1 9.4 20.6 31.6 -236.7 2 7.4 0.0 -0.0 10.1 0.6 0.2 23.4 0.7 1.4 12.1 1.5 1.7 12.4 -1.7 -1.3 18.0 -0.4 -0.7 12.1 -2.9 -3.1 8.3 0.7 0.4 21.1 -0.1 -0.4 30.7 0.6 0.4 -237.8 0.0 1.1 3 4 5 8.8 5.4 -4.2 -4.1 9.1 4.2 7.2 -0.3 6.3 3.7 4.9 6 77.5 61.9 15.6 85.9 65.7 20.2 91.6 70.8 20.8 90.7 40.4 50.3 91.4 98.2 -6.8 94.7 68.8 25.9 94.7 74.9 19.8 94.7 52.6 42.1 94.7 79.9 14.7 94.7 67.8 26.8 338.4 -71.5 409.9 7 8 9 93.7 102.1 113.0 102.0 109.9 115.8 108.0 103.8 121.6 130.0 106.6 10 75.5 18.2 84.2 18.0 90.0 23.0 88.6 13.3 89.9 20.0 93.2 22.6 92.7 15.3 93.4 10.4 93.0 28.6 93.8 36.2 92.8 13.8 11 12 Memo: 11 12 Net acquisition of financial assets (6) Defined benefit plans Defined contibution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c. 39 Z.1, June 11, 2015 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 Net acquisition of financial assets (2) Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Q2 Q3 2015 Q1 Q4 75.5 84.2 90.0 88.6 89.9 93.2 92.7 93.4 93.0 93.8 92.8 1 -0.8 -0.8 0.3 -0.0 -0.0 -0.5 -0.7 -0.4 -0.6 -0.3 0.1 2 0.4 -0.7 -0.5 -0.2 -0.2 -0.3 -0.3 -0.2 0.8 -0.3 -0.2 0.4 -0.0 -0.0 0.1 -0.1 -0.0 -0.3 -0.2 -0.1 -0.5 -0.1 -0.0 -0.3 -0.1 -0.0 -0.4 -0.1 -0.0 -0.2 0.1 -0.5 0.6 3 4 5 6 Corporate equities -1.2 -0.9 -1.9 -2.0 -1.5 -1.0 -1.3 -0.8 -1.1 -0.6 -2.0 6 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 77.5 61.9 15.6 85.9 65.7 20.2 91.6 70.8 20.8 90.7 40.4 50.3 91.4 98.2 -6.8 94.7 68.8 25.9 94.7 74.9 19.8 94.7 52.6 42.1 94.7 79.9 14.7 94.7 67.8 26.8 94.7 -71.5 166.2 7 8 9 75.5 84.2 90.0 88.6 89.9 93.2 92.7 93.4 93.0 93.8 92.8 10 10 Pension entitlements (liabilities) (5) (1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 Net acquisition of financial assets Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Claims of pension fund on sponsor (misc. assets) (3) Pension entitlements (liabilities) 18.2 18.0 23.0 13.3 20.0 22.6 8.2 11.6 25.2 7.0 0.7 0.4 10.4 0.8 0.5 23.7 0.9 0.6 10.1 6.3 -2.3 15.3 10.4 28.6 36.2 13.8 1 15.4 9.4 12.4 1.7 1.3 12.5 -1.7 -1.4 17.4 6.8 9.9 21.2 31.9 -236.8 2 18.2 -0.4 -0.4 12.2 -2.8 -2.7 8.4 0.7 0.7 21.2 -0.0 -0.0 30.8 0.6 0.6 -237.8 0.5 0.5 3 4 5 -2.1 10.6 5.2 8.5 0.5 7.4 4.3 6.9 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 243.7 7 18.2 18.0 23.0 13.3 20.0 22.6 15.3 10.4 28.6 36.2 13.8 8 (1) Thrift Savings Plan. (2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. Flows 2009 40 Z.1, June 11, 2015 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets (1) 230.8 244.4 204.0 201.0 207.0 226.5 229.8 232.2 220.9 223.3 219.4 3 4 5 Checkable deposits and currency Time and savings deposits -0.4 0.9 0.5 5.4 0.3 1.6 0.1 -2.8 -0.0 1.8 0.4 1.6 -0.1 -1.3 2.9 -1.0 0.1 0.2 -1.3 8.7 0.6 4.6 4 5 6 7 Money market fund shares Security repurchase agreements -3.4 -0.1 2.3 0.3 0.5 0.1 -3.4 -0.2 2.6 0.1 2.3 0.2 -2.6 -0.1 0.3 -0.1 -2.5 0.0 14.1 0.8 2.9 0.5 6 7 8 Credit market instruments -83.1 22.4 7.4 3.3 79.5 35.1 18.3 35.5 83.3 3.0 2.5 8 -0.9 24.8 -3.8 4.5 10.7 0.9 1.5 9.2 11.0 -3.4 12.9 11.5 2.3 12.6 6.8 1.8 8.8 -4.8 1.1 3.3 -2.3 -2.1 4.2 8.2 1.5 9.6 10.5 6.6 18.2 -35.8 8.4 35.3 -40.3 9 10 11 0.1 -100.5 -2.7 0.8 5.9 -0.4 -0.6 -13.2 -0.5 0.2 -16.9 -1.1 0.8 57.7 -0.7 -0.7 29.5 0.5 -1.5 16.3 1.4 -0.8 25.1 0.9 -0.6 62.0 0.3 0.1 14.7 -0.7 -0.1 0.7 -1.4 12 13 14 1.4 -1.3 -78.6 -13.4 -60.4 -65.2 -77.4 -20.4 -166.6 10.8 -175.1 -16.1 -191.4 -12.5 -178.9 -20.7 -170.5 -13.7 -159.5 -17.6 -187.3 -10.2 15 16 316.7 23.4 304.0 -10.6 305.4 14.2 275.5 15.7 319.7 -10.7 329.0 1.4 301.9 -6.9 311.6 -2.9 278.8 -6.2 273.8 11.2 378.2 5.3 364.2 8.7 419.4 4.5 403.9 10.9 394.2 12.9 367.2 14.1 323.9 -3.7 320.8 6.8 375.1 7.4 364.7 2.9 405.8 7.3 406.0 -7.6 17 18 19 20 230.7 244.3 204.0 201.1 207.2 226.7 229.9 232.4 221.1 223.5 219.6 21 216.0 14.8 220.7 23.6 215.2 -11.2 208.3 -7.4 202.8 4.2 203.1 23.5 203.1 26.7 203.1 29.1 203.1 17.8 203.1 20.2 203.1 16.3 22 23 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 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 21 22 23 Pension entitlements (liabilities) (4) Net acquisition of financial assets (5) Defined benefit plans Defined contibution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.120.b and F.120.c. 41 Z.1, June 11, 2015 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 216.0 220.7 215.2 208.3 202.8 203.1 203.1 203.1 203.1 203.1 203.1 1 2 3 Checkable deposits and currency Time and savings deposits -0.0 1.2 0.5 5.9 0.2 1.9 -0.3 -2.5 0.2 1.5 0.2 1.8 -0.1 -1.0 -0.1 -0.9 0.0 0.4 1.0 8.9 0.6 5.3 2 3 4 5 Money market fund shares Security repurchase agreements -3.4 -0.1 2.3 0.3 0.1 0.1 -3.0 -0.2 1.8 0.1 2.2 0.2 -1.2 -0.1 -1.1 -0.1 0.5 0.0 10.7 0.8 6.3 0.5 4 5 6 Credit market instruments -85.2 19.2 5.4 1.9 81.9 35.0 19.4 34.6 82.5 3.5 0.6 6 0.5 21.9 -3.2 5.7 7.8 1.1 1.8 6.8 11.8 -2.7 12.6 12.0 1.7 15.7 7.1 2.0 9.4 -4.6 -1.1 3.0 1.7 -1.0 5.2 5.8 0.4 11.1 11.6 9.7 18.4 -37.4 5.8 38.3 -41.5 7 8 9 0.1 -101.9 -2.7 0.7 4.4 -0.4 -0.6 -13.8 -0.5 -0.0 -18.9 -1.1 0.5 57.7 -0.7 -0.8 28.5 0.5 -1.4 15.9 1.4 -0.9 24.6 0.9 -0.9 59.9 0.3 -0.0 13.4 -0.7 -0.2 -0.3 -1.4 10 11 12 17.8 -7.6 -80.6 -18.2 -63.1 -59.8 -75.4 -20.9 -178.2 11.2 -189.1 -19.5 -208.9 -19.6 -189.6 -17.8 -190.0 -17.8 -168.0 -22.8 -189.1 -19.5 13 14 293.4 304.0 -10.6 291.2 275.5 15.7 330.5 329.0 1.4 308.8 311.6 -2.8 284.2 273.8 10.4 372.3 364.2 8.1 414.7 403.9 10.8 378.1 367.2 10.9 327.5 320.8 6.7 368.9 364.7 4.2 398.4 406.0 -7.6 15 16 17 215.9 220.7 215.2 208.4 202.9 203.3 203.3 203.3 203.3 203.3 203.3 18 7 8 9 10 11 12 Net acquisition of financial assets (1) 2010 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 13 14 Corporate equities Mutual fund shares 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 18 Pension entitlements (liabilities) (3) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 14.8 23.6 -11.2 -7.4 4.2 23.5 26.7 29.1 17.8 20.2 16.3 1 2 3 Checkable deposits and currency Time and savings deposits -0.4 -0.3 0.0 -0.5 0.2 -0.4 0.4 -0.3 -0.2 0.3 0.2 -0.2 0.0 -0.3 3.0 -0.1 0.1 -0.2 -2.3 -0.2 0.0 -0.7 2 3 4 5 Money market fund shares Security repurchase agreements 0.0 0.0 0.0 0.0 0.4 0.0 -0.4 0.0 0.7 0.0 0.1 0.0 -1.3 0.0 1.4 0.0 -3.0 0.0 3.4 0.0 -3.4 0.0 4 5 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 Corporate equities Mutual fund shares 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 2.2 3.1 2.0 1.4 -2.4 0.1 -1.1 0.9 0.8 -0.4 1.9 6 -1.4 2.8 -0.6 0.0 1.3 -1.2 2.8 -0.2 0.1 1.6 -0.3 2.4 -0.8 0.0 0.7 -0.6 0.3 -0.5 0.2 2.0 0.6 -3.1 -0.2 0.3 0.0 -0.2 -0.6 -0.3 0.1 1.1 2.2 0.3 -3.9 -0.1 0.5 -1.1 -1.0 2.5 0.0 0.5 1.1 -1.5 -1.2 0.3 2.1 -3.1 -0.3 1.6 0.1 1.2 2.6 -3.0 1.2 0.1 1.0 7 8 9 10 11 -16.4 6.3 2.0 4.8 2.7 -5.4 -2.0 0.5 11.5 -0.3 14.0 3.4 17.5 7.1 10.7 -2.8 19.5 4.2 8.5 5.2 1.8 9.4 12 13 23.4 23.4 -0.1 14.2 14.2 0.1 -10.8 -10.7 -0.0 -6.9 -6.9 -0.0 -5.4 -6.2 0.8 5.9 5.3 0.6 4.6 4.5 0.1 16.1 12.9 3.2 -3.5 -3.7 0.1 6.2 7.4 -1.2 7.4 7.3 0.0 14 15 16 14.8 23.6 -11.2 -7.4 4.2 23.5 26.7 29.1 17.8 20.2 16.3 17 Flows 2009 42 Z.1, June 11, 2015 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 Q4 2015 Q1 1 Net acquisition of financial assets -498.7 -503.2 -112.8 7.1 28.9 9.6 -86.3 -143.8 39.7 228.7 -47.5 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 11.6 10.5 169.9 -62.4 8.7 -3.7 -107.7 -0.6 -62.9 5.8 -56.3 11.1 0.4 -3.6 32.8 54.2 -9.6 -3.2 59.4 -51.3 -9.6 -17.6 20.7 151.2 -57.3 49.1 42.3 195.0 29.0 -9.1 97.5 167.2 -13.7 -93.6 55.4 -34.3 3.6 -16.7 -112.6 276.9 0.8 23.3 44.9 79.2 2 3 4 5 -619.9 -108.0 -171.3 -213.1 -69.4 -58.1 -396.6 -116.3 -71.0 -140.2 -53.4 -15.7 -9.8 -40.0 107.9 0.9 -29.4 -49.1 -82.7 -13.3 14.5 -60.2 -20.6 -3.0 30.8 11.2 30.2 17.7 -28.3 -0.0 -120.8 -18.5 -75.3 23.4 -26.7 -23.8 -253.6 5.9 -143.2 -49.7 -13.9 -52.8 -356.5 20.7 -242.7 -13.9 -31.0 -89.6 150.4 -46.0 128.8 49.9 -1.1 18.8 -23.6 -54.5 -44.2 107.2 -60.7 28.6 -102.0 25.6 57.9 -143.8 1.3 -43.0 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Net share issues (liabilities) -8.3 -3.4 -0.8 6.1 2.8 -14.3 -61.8 -71.9 -24.4 101.0 -93.8 12 -498.7 -503.2 -112.8 7.1 28.9 9.6 -86.3 -143.8 39.7 228.7 -47.5 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116). F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -40.7 -24.9 -35.7 -39.8 -41.3 -14.1 -16.5 -18.1 -11.0 -10.8 -10.1 1 2 Net acquisition of financial assets 497.1 370.1 338.4 624.9 638.4 594.2 696.7 650.3 582.6 447.1 548.9 2 3 Security repurchase agreements 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 28.6 -15.8 -28.8 54.1 92.9 46.3 104.7 168.5 -115.0 27.0 18.4 3 387.1 28.6 74.0 50.0 89.4 143.8 1.3 353.6 -13.9 123.0 76.4 46.7 122.3 -0.8 359.4 -26.3 65.8 115.0 15.7 170.3 18.9 642.0 27.6 120.8 89.2 86.2 306.0 12.2 363.9 27.7 55.0 -24.0 -13.5 279.3 39.4 476.9 15.3 119.5 -30.1 43.8 318.9 9.4 329.7 -106.3 145.3 -61.9 17.3 274.9 60.3 494.8 68.7 84.2 -145.5 48.7 453.3 -14.6 491.1 17.3 140.6 31.9 51.1 240.3 9.8 591.8 81.6 107.9 54.8 57.9 307.1 -17.6 463.3 -148.8 212.5 -37.2 59.4 374.0 3.4 4 5 6 7 8 9 10 86.5 -5.1 44.3 -12.0 4.9 2.9 -38.1 -33.1 162.5 19.1 75.3 -4.3 131.6 130.7 73.8 -86.9 124.4 82.2 -28.7 -143.0 67.1 0.0 11 12 13 Net share issues (liabilities) 497.1 370.1 338.4 624.9 638.4 594.2 696.7 650.3 582.6 447.1 548.9 13 14 Discrepancy -40.7 -24.9 -35.7 -39.8 -41.3 -14.1 -16.5 -18.1 -11.0 -10.8 -10.1 14 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116). 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) 7.1 0.5 -2.9 2.6 -2.6 -10.6 6.4 9.2 -10.0 -48.2 -11.3 1 10.5 1.2 3.3 6.0 -3.4 5.2 0.7 0.4 4.1 -4.7 -1.7 -0.3 0.9 -2.3 -1.2 11.2 0.3 3.4 7.5 -8.5 13.6 0.6 -1.6 14.6 -16.1 -3.8 -0.2 0.5 -4.0 -6.9 1.1 0.3 3.6 -2.8 5.3 2.8 0.3 2.5 -0.1 6.4 -10.6 -0.5 -6.3 -3.8 0.6 -8.3 -1.0 2.2 -9.5 -39.9 -1.4 -0.4 -0.6 -0.4 -9.9 2 3 4 5 6 7.1 0.5 -2.9 2.6 -2.6 -10.6 6.4 9.2 -10.0 -48.2 -11.3 7 116.5 118.0 117.6 185.2 179.0 239.2 57.3 229.6 192.8 477.0 220.5 8 46.0 14.7 3.6 27.6 70.5 29.7 9.2 1.7 18.7 88.3 46.1 11.4 1.0 33.6 71.6 52.3 1.2 3.6 47.6 132.9 12.2 -6.5 -0.8 19.5 166.8 51.0 13.0 3.2 34.8 188.2 43.8 8.7 1.5 33.6 13.5 48.2 15.0 3.1 30.2 181.4 24.4 5.3 3.3 15.8 168.4 87.6 23.0 4.8 59.7 389.4 77.1 12.2 5.6 59.4 143.4 9 10 11 12 13 116.5 118.0 117.6 185.2 179.0 239.2 57.3 229.6 192.8 477.0 220.5 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) 43 Z.1, June 11, 2015 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 9.6 10.5 8.8 8.4 8.5 5.8 5.3 5.8 6.0 6.0 5.9 1 2 Fixed nonresidential investment 1.1 3.7 3.4 3.5 3.8 4.1 3.9 4.0 4.1 4.2 4.2 2 3 Net acquisition of financial assets -360.8 -274.1 -205.7 -176.0 104.4 50.2 -477.0 135.1 249.7 293.0 -228.3 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security repos 11.1 -42.8 7.5 -36.0 0.3 20.7 9.3 -12.7 -38.9 -20.1 -9.1 38.6 29.0 1.1 1.5 -16.6 -2.1 10.3 -144.7 10.3 -100.1 15.6 -8.1 28.2 159.9 -1.9 -93.5 -97.4 -8.7 206.8 -46.2 -5.4 -17.9 4 5 6 7 Credit market instruments -337.8 -288.4 -163.2 -189.4 59.8 69.6 -188.3 102.1 193.8 170.6 -199.0 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 3.0 19.9 -27.4 0.2 45.9 -85.1 -3.4 17.6 -18.1 -3.1 -31.2 -48.3 1.0 -9.9 -22.7 1.5 5.2 7.8 1.3 24.4 -17.2 3.6 -2.8 8.1 1.2 2.1 18.9 -0.1 -3.0 21.4 -1.4 30.0 -12.3 8 9 10 11 12 Municipal securities Corporate and foreign bonds -2.2 -48.6 -4.2 -29.6 -3.9 -30.8 -4.1 -50.0 -3.5 -59.4 -2.6 -30.8 -3.0 -24.8 -2.1 -42.9 -3.0 -31.8 -2.4 -24.0 -3.6 -38.6 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans -284.8 0.0 -0.2 -284.6 -144.7 0.0 7.2 -151.9 -64.2 0.0 -3.5 -60.7 18.6 0.0 8.3 10.3 81.9 0.0 2.9 79.0 84.3 0.0 11.2 73.1 11.6 0.0 -4.4 16.0 157.7 0.0 13.5 144.2 92.1 0.0 12.9 79.2 75.7 0.0 22.6 53.1 -68.1 0.0 -23.8 -44.3 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) 2.4 -23.2 0.0 -23.2 14.2 0.0 14.2 11.4 0.0 -71.0 -76.4 -192.7 116.3 2.0 25.3 -23.3 3.4 0.0 -60.5 -66.5 -72.5 5.9 2.8 24.5 -21.7 3.3 0.0 -71.4 -82.5 -44.9 -37.6 6.2 27.5 -21.3 4.9 0.0 72.5 87.1 148.0 -60.9 -21.9 18.9 -40.8 7.4 0.0 4.3 4.5 28.1 -23.5 -2.7 17.8 -20.5 2.4 0.0 -180.6 -164.7 -66.0 -98.7 -18.5 10.3 -28.7 2.5 0.0 -19.6 -3.6 23.8 -27.4 -18.4 8.9 -27.2 2.4 0.0 114.2 103.3 61.6 41.7 8.6 25.7 -17.1 2.3 0.0 103.0 83.1 92.8 -9.7 17.3 26.4 -9.0 2.6 0.0 -105.1 -133.7 -69.5 -64.3 25.4 25.0 0.4 3.2 0.0 17 18 19 20 21 22 23 24 25 1.2 29.3 -0.1 4.1 13.1 -11.0 -54.1 -2.7 -8.6 21.5 40.2 26 -360.2 -237.8 -208.1 -146.6 100.5 71.2 -375.1 156.1 152.1 351.6 -172.6 27 26 27 Miscellaneous assets Net increase in liabilities 28 Federal funds and security repos -0.1 0.1 -0.9 -0.4 0.0 0.1 0.1 -0.1 0.0 0.2 0.1 28 29 Credit market instruments -518.4 -233.8 -187.2 -154.6 107.5 75.3 -355.5 156.9 142.5 357.3 -163.5 29 30 31 32 33 GSE issues (4) Consolidated trusts (2) Other U.S. government loans -518.4 0.0 -518.4 0.0 -233.8 -167.4 -66.4 0.0 -187.2 -48.0 -139.2 0.0 -154.6 -17.4 -137.2 0.0 107.5 166.8 -59.3 0.0 75.3 45.9 29.4 0.0 -355.5 -55.7 -299.8 0.0 156.9 32.7 124.2 0.0 142.5 87.3 55.2 0.0 357.3 119.2 238.1 0.0 -163.5 -44.5 -119.1 0.0 30 31 32 33 34 Corporate equities 96.0 38.1 29.2 14.5 2.4 -0.5 -5.9 0.0 2.8 1.0 -5.0 34 35 Miscellaneous liabilities 62.3 -42.2 -49.2 -6.1 -9.4 -3.6 -13.8 -0.7 6.8 -6.9 -4.2 35 9.1 43.0 3.0 34.3 0.7 22.7 103.2 22.7 -95.7 60.5 57.4 36 36 Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.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 458.3 186.9 165.3 132.2 132.4 75.3 77.4 27.8 83.4 112.6 -0.9 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 445.6 13.0 0.0 -0.2 175.8 11.3 0.0 -0.2 148.0 19.4 0.0 -2.1 105.0 27.0 0.0 0.3 98.8 33.7 0.0 -0.2 51.1 24.3 0.0 -0.1 57.9 19.7 0.0 -0.1 5.6 22.3 0.0 -0.1 61.1 22.5 0.0 -0.1 80.0 32.8 0.0 -0.2 -15.1 14.4 0.0 -0.2 2 3 4 5 458.3 186.9 165.3 132.2 132.4 75.3 77.4 27.8 83.4 112.6 -0.9 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. Flows 2009 44 Z.1, June 11, 2015 F.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets -613.7 -413.6 -174.2 -145.1 -234.6 -68.4 -165.8 -90.5 -2.9 -14.3 -73.7 3 -18.3 -224.2 -51.1 -248.1 -202.1 -6.1 -39.9 -13.8 -96.0 -38.9 -213.3 -160.8 -8.6 -43.9 -10.9 -3.3 -5.4 -146.2 -120.9 -7.7 -17.6 -5.8 -0.0 -0.6 -136.0 -106.7 -9.6 -19.7 1.0 -0.2 -11.5 -217.6 -83.0 -5.9 -128.7 0.8 0.0 9.1 -74.5 -63.4 -1.6 -9.5 2.5 0.0 18.0 -177.9 -62.1 -3.1 -112.7 -3.2 0.0 -16.5 -65.5 -71.3 -6.6 12.4 3.6 0.0 20.0 -22.8 -70.6 0.2 47.6 0.4 0.0 14.9 -31.7 -49.5 3.0 14.8 -3.4 0.0 5.8 -73.5 -73.0 -8.4 7.8 4 5 6 7 8 9 10 -37.8 -34.3 -42.3 -9.5 -4.1 -4.2 3.8 -6.4 -0.8 -5.4 0.6 -4.4 -2.6 -5.7 -3.6 -1.6 7.8 -11.6 0.9 1.2 -2.7 -0.0 11 12 4 5 6 7 8 9 10 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances Mortgages (2) Home Multifamily residential Commercial 11 12 Consumer credit Trade credit 13 Net increase in liabilities -614.1 -413.9 -174.2 -145.1 -234.6 -68.4 -165.8 -90.5 -2.9 -14.3 -73.7 13 14 15 Commercial paper Corporate bonds (net) (3) -266.2 -347.9 -40.3 -373.6 -24.1 -150.1 -9.0 -136.0 -7.1 -227.5 -15.1 -53.3 -32.0 -133.8 24.1 -114.6 -15.5 12.6 -37.1 22.8 -20.2 -53.5 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 -0.4 -26.8 -0.2 -0.5 0.0 -3.8 0.0 1.3 0.0 139.6 0.0 11.3 0.0 81.6 0.0 -23.5 0.0 -5.5 0.0 -7.4 0.0 -29.9 17 18 16 17 18 Discrepancy Memo: Securitized assets not included above Consumer leases (4) REIT assets (5) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Net issuance less net acquisition of corporate bonds held as assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (5) Included in table F.128. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 96.8 69.9 102.6 107.4 91.6 76.2 80.3 75.9 76.0 72.7 64.7 1 2 Fixed nonresidential investment 19.5 39.6 51.2 64.2 69.5 74.3 71.6 73.7 75.8 76.2 76.9 2 3 Net acquisition of financial assets -184.4 -212.8 -17.8 -69.6 -20.4 28.9 -5.2 29.4 -35.4 126.7 23.4 3 4 5 6 7 8 9 10 Checkable deposits and currency Time and savings deposits Credit market instruments Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 0.5 1.6 -214.9 6.3 -91.0 -47.8 -82.4 -1.7 -5.2 -102.6 -19.8 -15.2 -54.2 -13.4 5.1 15.4 -44.4 0.9 3.0 -30.9 -17.4 -3.8 -11.5 -28.6 -6.3 11.2 -25.7 -7.8 4.2 12.7 -19.0 -10.8 14.4 -21.9 -0.6 -0.2 -0.5 13.8 6.1 11.5 -8.7 5.0 3.2 9.7 -2.0 15.6 2.6 -13.0 -7.1 -2.2 -6.6 19.9 2.5 24.8 -18.0 10.7 -4.8 -14.5 -5.4 -10.1 6.3 -10.0 8.4 3.1 9.3 42.6 16.3 12.3 6.0 8.0 1.7 5.2 26.8 8.4 26.2 -11.6 3.9 4 5 6 7 8 9 10 11 12 U.S. direct investment abroad Miscellaneous assets 11.0 17.4 6.8 -110.1 12.0 -5.9 7.7 -33.4 4.0 -22.3 6.3 9.4 28.5 -44.8 9.4 8.8 6.4 -17.0 -18.9 90.5 -25.2 14.8 11 12 -250.2 -233.1 -26.0 -82.1 -21.6 14.1 -32.9 22.3 -51.1 117.9 66.4 13 -156.2 -38.8 -87.0 -30.4 0.0 -174.9 1.7 -111.7 -64.9 0.0 -13.5 10.0 -39.4 15.9 0.0 -56.7 8.2 -81.3 16.4 0.0 4.2 -10.3 4.4 10.1 0.0 28.9 -1.1 19.4 10.5 0.0 -24.5 -16.2 -10.2 1.9 0.0 11.6 3.4 38.2 -30.0 0.0 48.0 20.0 2.9 25.2 0.0 80.2 -11.4 46.7 45.0 0.0 62.8 -13.6 55.2 21.2 0.0 14 15 16 17 18 -2.8 12.8 0.3 13.2 0.5 6.1 0.2 -0.8 0.1 0.5 0.3 0.1 0.1 1.6 0.1 3.2 0.8 -6.9 0.3 2.5 1.8 -5.7 19 20 -104.1 -32.6 -71.5 -71.7 -12.8 -58.8 -19.1 -12.0 -7.1 -24.7 -0.9 -23.8 -26.4 -1.0 -25.4 -15.2 1.0 -16.2 -10.1 21.0 -31.1 7.4 -7.8 15.2 -93.0 -10.6 -82.5 34.9 1.2 33.7 7.5 -11.9 19.4 21 22 23 11.5 9.9 43.2 30.6 20.9 -12.9 -18.9 -4.8 -15.6 -12.3 30.8 24 -25.7 -16.5 7.9 24.3 23.3 21.6 19.2 22.1 26.7 18.3 17.5 25 13 Net increase in liabilities 14 15 16 17 18 Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 19 20 Taxes payable Foreign direct investment in U.S. 21 22 23 Miscellaneous liabilities Investment by parent Other 24 Discrepancy Memo: 25 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table F.126. 45 Z.1, June 11, 2015 F.128 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 6.5 -4.8 -7.3 -10.4 -7.4 -6.8 -8.9 -6.1 -6.1 -5.9 -5.5 1 2 3 Fixed nonresidential investment Multifamily residential investment 7.8 0.7 5.8 4.0 4.9 6.5 6.2 5.3 6.9 14.7 7.6 7.4 7.3 -3.6 7.5 19.7 7.7 5.4 7.8 8.2 7.5 11.7 2 3 4 Net acquisition of financial assets 12.4 39.7 131.2 161.0 50.1 64.8 99.3 98.6 15.9 45.4 -11.8 4 5 Checkable deposits and currency 6 Credit market instruments 7 8 9 10 11 12 13 14 Agency- and GSE-backed securities Corporate and foreign bonds Mortgages Home Multifamily residential Commercial Miscellaneous assets Net increase in liabilities 15 Security repurchase agreements 16 Credit market instruments 12.4 -5.7 2.5 7.7 -1.3 4.1 -4.6 18.5 2.1 0.5 1.2 5 -10.3 44.1 120.2 127.6 39.2 43.8 64.7 35.3 -1.1 76.5 -37.3 6 15.6 4.3 38.2 7.2 104.7 3.8 109.5 9.5 -95.6 -0.2 7.8 3.3 -35.4 6.0 44.1 -2.7 -21.4 3.7 44.0 6.4 -33.7 18.3 7 8 -30.2 -25.2 -2.0 -2.9 -1.3 0.2 -0.3 -1.2 11.7 11.0 -0.2 0.9 8.6 6.9 0.1 1.5 135.0 -3.3 0.5 137.7 32.7 13.9 1.8 17.0 94.0 9.1 -0.8 85.8 -6.1 6.8 0.2 -13.1 16.6 28.7 4.3 -16.5 26.1 10.8 3.6 11.6 -21.9 -2.8 0.5 -19.6 9 10 11 12 10.2 1.3 8.5 25.8 12.2 16.9 39.3 44.8 14.9 -31.6 24.3 13 2.5 62.3 168.0 211.0 136.4 126.8 131.8 150.8 87.9 136.7 82.0 14 11.1 29.9 97.7 102.4 -66.6 7.3 -53.2 36.8 -1.8 47.3 -11.7 15 -27.6 0.1 25.6 35.5 178.4 75.0 140.1 49.4 57.4 53.1 44.4 16 17 18 Open market paper Corporate bonds 0.0 -26.6 0.0 1.0 0.0 7.6 0.0 26.7 0.0 173.6 0.0 53.2 0.0 115.5 0.0 55.1 0.0 38.2 0.0 4.0 0.0 11.9 17 18 19 20 Depository institution loans n.e.c. Mortgages -12.7 11.8 -1.8 0.8 4.6 13.5 4.0 4.8 -2.9 7.8 8.0 13.8 12.0 12.6 -12.2 6.5 13.7 5.5 18.7 30.4 15.3 17.2 19 20 24.2 -5.3 28.2 4.1 37.5 7.1 47.6 25.4 46.2 -21.7 32.7 11.8 18.9 26.1 46.9 17.7 30.4 1.9 34.7 1.5 53.9 -4.7 21 22 -11.7 8.1 18.2 28.4 57.4 40.4 20.2 18.9 52.9 69.7 69.4 23 -26.8 0.0 -25.7 -0.0 -1.1 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 139.6 0.0 4.0 0.0 135.6 11.3 0.0 1.5 -0.0 9.8 81.6 0.0 1.4 -0.2 80.3 -23.5 0.0 -1.6 0.3 -22.3 -5.5 0.0 3.7 -0.1 -9.1 -7.4 0.0 2.3 -0.2 -9.6 -29.9 0.0 -4.1 -0.3 -25.6 24 25 26 27 28 21 22 23 24 25 26 27 28 Corporate equity issues Miscellaneous liabilities Discrepancy Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.128.e and F.128.m. Flows 2009 46 Z.1, June 11, 2015 F.128.e Equity Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 Q3 2015 Q1 Q4 1 Net acquisition of financial assets 29.7 -0.8 8.1 14.1 13.3 25.2 30.4 43.9 14.8 11.7 26.6 1 2 Checkable deposits and currency 10.3 -4.1 -2.3 4.1 1.0 3.8 -3.6 15.4 1.8 1.6 -4.3 2 3 Credit market instruments 6.2 0.7 2.3 1.5 -1.9 6.2 3.9 2.4 9.9 8.8 2.2 3 2.1 0.4 -0.6 -0.2 -1.8 2.2 0.4 1.4 4.3 2.6 1.7 4 4.0 0.0 -0.2 4.2 0.4 0.0 0.0 0.3 2.9 0.1 -0.0 2.9 1.6 0.0 0.1 1.5 -0.1 0.0 -0.0 -0.1 4.0 0.0 -0.1 4.1 3.4 -0.0 -0.1 3.6 1.0 0.0 -0.0 1.0 5.6 0.0 -0.1 5.7 6.2 0.0 0.0 6.1 0.4 0.2 0.1 0.2 5 6 7 8 13.2 2.6 8.1 8.5 14.2 15.1 30.1 26.1 3.0 1.3 28.7 9 2.9 -0.4 37.4 38.5 36.4 61.9 53.8 70.9 60.4 62.6 66.6 10 6.6 0.1 32.8 33.9 34.5 54.4 51.7 59.1 51.8 54.9 64.1 11 4 Corporate and foreign bonds 5 6 7 8 Mortgages Home Multifamily residential Commercial 9 10 11 Miscellaneous assets Net increase in liabilities Credit market instruments 12 13 Corporate bonds Depository institution loans n.e.c. 4.7 -9.8 1.0 -1.8 13.2 6.1 27.6 1.4 28.9 -2.2 33.3 7.4 27.6 11.5 61.1 -8.4 34.5 11.8 9.9 14.6 31.3 15.7 12 13 14 15 16 Mortgages Multifamily residential Commercial 11.8 2.3 9.5 0.8 0.4 0.4 13.5 0.1 13.3 4.8 -1.1 6.0 7.8 3.3 4.5 13.8 1.0 12.7 12.6 -1.8 14.4 6.5 2.1 4.4 5.5 -0.6 6.1 30.4 4.4 26.1 17.2 3.2 14.0 14 15 16 -3.8 -0.5 4.6 4.6 1.9 7.6 2.1 11.9 8.6 7.7 2.4 17 123.1 146.9 36.8 39.6 68.9 54.8 1.2 33.7 -38.5 1 17 Miscellaneous liabilities F.128.m Mortgage Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 11 Miscellaneous assets Net increase in liabilities 12 Security repurchase agreements 13 Credit market instruments 14 15 16 17 18 19 20 21 22 Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages -17.3 40.5 2.1 -1.6 4.8 3.6 -2.3 0.3 -1.0 3.1 0.3 -1.2 5.5 2 -16.4 43.3 117.9 126.1 41.1 37.6 60.8 32.9 -11.0 67.7 -39.4 3 15.6 2.2 38.2 6.8 104.7 4.4 109.5 9.7 -95.6 1.6 7.8 1.2 -35.4 5.6 44.1 -4.1 -21.4 -0.6 44.0 3.8 -33.7 16.5 4 5 -34.2 -25.3 -1.8 -7.1 -1.7 0.1 -0.3 -1.5 8.8 10.9 -0.2 -1.9 6.9 6.8 0.1 -0.0 135.1 -3.3 0.5 137.8 28.6 13.9 1.9 12.8 90.6 9.1 -0.7 82.2 -7.0 6.8 0.2 -14.0 11.0 28.7 4.5 -22.3 19.9 10.8 3.6 5.5 -22.3 -3.0 0.4 -19.8 6 7 8 9 -3.0 -1.2 0.4 17.2 -2.0 1.7 9.2 18.8 11.9 -32.9 -4.5 10 -24.6 34.4 93.1 124.9 53.8 32.2 59.1 33.0 -2.8 39.4 -38.6 11 11.1 29.9 97.7 102.4 -66.6 7.3 -53.2 36.8 -1.8 47.3 -11.7 12 -34.2 -0.1 -7.2 1.6 143.9 20.6 88.3 -9.7 5.7 -1.8 -19.7 13 0.0 -31.4 -2.8 0.0 -0.0 -0.0 0.0 -5.7 -1.5 0.0 -0.9 2.5 0.0 144.7 -0.8 0.0 19.9 0.7 0.0 87.8 0.5 0.0 -5.9 -3.8 0.0 3.7 1.9 0.0 -5.9 4.1 0.0 -19.4 -0.3 14 15 16 -1.5 4.6 2.5 20.9 -23.5 4.2 24.0 5.8 -6.7 -6.2 -7.1 17 -26.8 0.0 -25.7 -0.0 -1.1 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 139.6 0.0 4.0 0.0 135.6 11.3 0.0 1.5 -0.0 9.8 81.6 0.0 1.4 -0.2 80.3 -23.5 0.0 -1.6 0.3 -22.3 -5.5 0.0 3.7 -0.1 -9.1 -7.4 0.0 2.3 -0.2 -9.6 -29.9 0.0 -4.1 -0.3 -25.6 18 19 20 21 22 47 Z.1, June 11, 2015 F.129 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Gross saving 36.9 25.8 6.3 23.2 14.4 25.3 23.1 26.1 29.1 22.7 22.6 1 2 Fixed nonresidential investment 23.6 17.9 16.1 13.0 13.5 14.3 13.9 14.2 14.5 14.6 14.7 2 3 Net acquisition of financial assets -236.3 234.4 29.1 173.7 -298.1 -153.7 235.4 -123.2 -185.5 -541.3 77.4 3 4 5 Checkable deposits and currency Security repurchase agreements -29.4 -103.3 6.2 243.4 14.9 154.6 16.3 55.1 -16.5 -317.2 0.0 -168.2 2.0 -190.8 8.5 -172.0 9.5 -39.4 -19.8 -270.7 23.6 -55.8 4 5 6 Credit market instruments -192.1 32.2 5.7 89.1 -175.4 -81.0 -57.8 -28.8 -145.4 -92.0 53.5 6 -24.2 -67.6 -131.8 -3.3 47.5 -12.7 -5.3 -28.5 38.9 4.6 35.2 -12.7 5.9 89.1 -2.1 -9.1 -85.0 6.9 -12.2 63.0 21.9 -4.3 35.5 -14.8 -1.3 -110.5 -55.4 -8.0 -11.1 10.9 -7.8 -75.9 7.7 0.2 -13.5 8.2 22.8 -64.1 -3.3 -7.1 -3.3 -2.7 -7.8 -57.8 3.4 5.3 28.3 -0.3 -46.1 -65.3 -30.0 -8.0 -4.5 8.4 -0.1 -116.3 60.8 10.6 -74.4 27.3 3.4 61.2 9.5 7.1 -29.9 2.2 7 8 9 10 11 12 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 13 14 Corporate equities Security credit -4.6 38.1 -18.5 75.2 -5.0 -39.3 9.7 64.9 18.6 35.4 8.7 30.4 -85.5 -74.3 32.0 219.3 53.8 59.4 34.6 -82.9 -103.9 -60.8 13 14 15 16 U.S. direct investment abroad Miscellaneous assets 12.5 42.4 8.7 -112.9 4.9 -106.6 6.7 -68.1 9.2 147.7 9.4 47.1 9.0 633.0 1.0 -183.2 8.6 -131.9 19.1 -129.5 20.4 200.4 15 16 -305.9 220.4 69.4 120.5 -329.1 -166.1 222.3 -111.7 -185.8 -589.2 84.9 17 -296.8 195.9 70.5 131.2 -439.3 -220.9 -223.8 -141.9 -283.3 -234.4 -49.8 18 -49.7 36.9 -37.9 -1.7 22.2 11.5 41.3 -37.4 42.1 -0.1 -65.9 19 -4.2 -45.5 36.9 0.0 -37.9 0.0 -1.7 0.0 22.2 0.0 11.5 0.0 41.3 0.0 -37.4 0.0 42.1 0.0 -0.1 0.0 -65.9 0.0 20 21 17 Net increase in liabilities 18 Security repurchase agreements 19 Credit market instruments 20 21 Corporate bonds Depository institution loans n.e.c. (1) 22 23 Corporate equity issues Trade payables -32.4 48.9 -11.1 -52.0 14.1 -3.8 -50.7 -0.0 -31.0 0.3 -11.7 3.4 -7.1 1.0 -0.1 11.9 -0.5 8.4 -39.1 -7.8 10.4 5.1 22 23 24 25 26 27 Security credit From households From U.S.-chartered depository institutions From foreign banking offices in U.S. -43.5 -35.7 -3.4 -4.5 29.8 23.5 3.2 3.1 31.9 0.9 12.2 18.8 32.8 42.0 -1.9 -7.3 68.9 58.5 7.9 2.5 65.4 53.5 8.2 3.8 221.8 202.8 21.9 -2.9 6.3 1.6 10.6 -5.9 113.4 103.6 -2.7 12.5 -79.7 -94.0 2.9 11.4 7.7 6.3 1.6 -0.2 24 25 26 27 28 29 Taxes payable Foreign direct investment in U.S. 3.2 2.1 -2.1 13.2 -1.1 18.2 0.5 9.4 0.6 11.6 0.3 3.5 3.2 8.8 2.5 3.0 1.1 1.9 -5.5 0.2 3.3 -2.6 28 29 30 31 32 Miscellaneous liabilities Investment by parent companies Other 61.7 -166.8 228.6 9.0 -51.2 60.2 -19.4 40.4 -59.8 -7.7 71.3 -79.0 41.3 72.6 -31.3 -19.9 24.1 -43.9 174.1 98.4 75.7 45.7 126.3 -80.5 -75.5 -149.5 74.0 -223.9 21.1 -245.0 176.0 33.8 142.3 30 31 32 33 Proprietors’ net investment 0.6 0.9 -2.9 6.7 -3.9 2.3 3.0 -1.8 6.7 1.1 0.8 33 -56.3 -6.0 30.5 -43.0 -30.2 -1.5 -3.9 23.4 14.3 -39.7 15.5 34 34 Discrepancy (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). Flows 2009 48 Z.1, June 11, 2015 F.130 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 1 Gross saving 85.6 94.6 130.8 162.5 146.8 172.6 147.4 187.2 175.1 180.5 157.1 1 2 Fixed nonresidential investment 35.9 31.9 37.0 41.6 43.2 45.4 44.2 45.0 46.0 46.2 46.5 2 3 Net acquisition of financial assets 87.3 -4.6 44.6 -75.5 311.7 91.2 173.7 277.1 -111.1 25.1 -147.9 3 4 5 Time and savings deposits Security repurchase agreements -3.9 19.8 -1.3 2.1 2.4 0.2 -0.3 -49.3 1.5 -2.8 -8.9 -5.1 6.5 -0.4 -24.5 7.7 38.3 -5.4 -55.8 -22.4 27.0 12.9 4 5 6 Credit market instruments -16.0 22.1 3.1 -50.1 56.2 -11.1 -25.4 -8.1 36.3 -47.0 -32.0 6 2.7 -7.0 -8.4 -3.2 13.8 -3.2 7.3 4.3 7.1 12.0 -20.1 4.0 -30.6 -24.3 -11.9 16.7 8.5 13.5 37.0 -2.8 -2.8 0.0 2.6 -10.9 -0.4 -7.4 -6.9 -10.7 20.9 1.2 5.4 -35.6 8.7 3.0 25.7 -1.1 -40.4 3.2 -13.8 3.9 -14.4 12.3 -19.8 -9.9 7 8 9 10 2.1 3.8 2.4 7.3 5.1 5.0 4.7 5.3 4.8 5.3 4.2 11 85.4 166.8 0.0 9.3 -23.3 -173.1 23.5 82.3 -31.2 33.4 0.0 22.2 -39.5 -24.3 10.6 -33.6 36.5 76.1 0.0 9.3 -20.3 -13.0 30.6 -46.2 16.9 101.2 -6.8 10.3 -3.5 52.3 -51.5 -85.0 251.8 59.2 -6.0 3.4 -15.8 57.1 -16.9 170.8 111.2 191.0 0.1 0.8 -13.1 0.8 -5.6 -62.7 188.2 165.8 -2.2 0.9 -45.9 88.9 -8.1 -11.1 296.8 206.4 1.9 2.3 -3.0 61.0 19.5 8.6 -185.0 114.4 -0.2 -0.3 -4.0 -158.6 -27.6 -108.6 145.0 277.5 0.9 0.2 0.5 11.9 -6.4 -139.5 -160.2 -86.0 -5.5 1.1 -4.5 -69.6 40.5 -36.0 12 13 14 15 16 17 18 19 33.5 -64.9 -49.3 -199.0 205.4 -39.8 67.9 131.2 -244.3 -113.9 -262.3 20 -0.2 0.2 0.4 -1.2 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.1 21 -8.0 -16.5 -16.5 -99.9 0.5 -8.3 12.9 4.0 -45.0 -5.2 -55.3 22 -18.1 7.8 2.3 3.9 -46.5 26.1 11.1 -91.6 64.0 6.2 14.1 -120.2 -19.9 6.7 13.8 -19.6 27.6 -16.3 -27.5 48.1 -7.7 6.5 87.3 -89.9 -37.7 -14.2 6.9 -19.7 -10.9 25.4 -28.0 -17.5 -9.9 23 24 25 7 8 9 10 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances 11 Life insurance reserves 12 13 14 15 16 17 18 19 Miscellaneous assets Net trans. with depository institution subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other 20 Net increase in liabilities 21 Security repurchase agreements 22 Credit market instruments 23 24 25 Commercial paper Corporate bonds Depository institution loans n.e.c. 26 Corporate equity issues 68.6 19.8 2.9 0.6 -17.1 -0.3 -2.7 30.3 -1.3 -27.6 48.9 26 27 28 29 Miscellaneous liabilities Equity, etc. Other -26.9 35.6 -62.5 -68.5 -22.4 -46.1 -36.2 6.9 -43.1 -98.6 -29.1 -69.5 222.0 -0.1 222.1 -31.1 -0.3 -30.9 57.7 66.9 -9.2 97.0 97.4 -0.5 -197.9 -98.7 -99.3 -81.2 -66.8 -14.4 -256.0 -170.0 -86.0 27 28 29 -4.0 2.3 -0.2 -2.6 -2.7 -3.8 -2.6 -3.7 -4.1 -4.7 -3.8 30 30 Discrepancy (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 49 Z.1, June 11, 2015 F.131 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 1 Net acquisition of financial assets -507.0 -166.4 -155.3 -100.5 -36.7 14.8 119.7 -95.2 19.2 15.4 76.3 1 2 3 Money market fund shares Security repurchase agreements -153.7 0.1 -148.0 0.0 -84.6 0.0 -61.4 0.0 -49.3 -0.1 11.9 0.0 -61.2 0.0 -153.4 0.0 38.1 0.0 224.3 0.0 10.8 0.0 2 3 4 Credit market instruments -311.3 38.7 -63.9 -46.4 -0.3 -0.2 169.9 5.1 -56.1 -119.6 -10.0 4 -276.8 -24.7 -9.8 50.0 -9.8 -1.5 -4.6 -57.3 -2.0 -3.7 -36.2 -6.5 -6.9 8.9 -2.3 -6.4 4.7 1.5 118.5 48.4 3.0 29.5 -19.2 -5.1 -52.6 -4.5 1.0 -120.8 -5.9 7.1 -19.6 13.9 -4.3 5 6 7 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 -67.2 -73.5 6.3 -58.4 -31.5 -26.9 19.6 -33.7 53.4 7.2 -11.8 19.0 13.0 -2.5 15.5 3.0 -20.3 23.3 11.0 1.5 9.6 53.1 -12.2 65.3 37.2 28.1 9.1 -89.3 -98.5 9.2 75.5 -27.9 103.4 9 10 11 -507.0 -166.4 -155.3 -100.5 -36.7 14.8 119.7 -95.2 19.2 15.4 76.3 12 -434.8 -65.3 -52.4 -23.9 27.0 26.5 -10.0 77.5 78.3 -39.7 35.2 13 -125.1 37.9 -349.6 2.0 -47.4 -3.2 -21.9 7.2 -72.7 71.6 -51.9 0.7 -30.9 35.3 -21.5 -6.8 16.2 11.4 0.0 -0.7 4.3 22.2 0.0 0.0 -2.4 -7.6 0.0 0.0 6.5 71.1 0.0 0.0 86.8 -8.4 0.0 0.0 -73.5 33.8 0.0 0.0 -64.4 99.5 0.0 0.0 14 15 16 17 30.5 0.6 3.5 0.6 -18.4 0.6 -8.6 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 18 19 -103.2 -30.2 2.4 -75.4 -105.1 -123.5 7.9 10.4 -85.1 -74.6 1.4 -11.9 -68.6 -79.2 0.1 10.5 -64.3 94.0 0.0 -158.3 -12.4 47.1 0.0 -59.4 129.1 484.0 0.0 -354.8 -173.3 -192.0 0.0 18.6 -59.7 -44.8 0.0 -14.9 54.5 -58.9 0.0 113.4 40.5 139.1 0.0 -98.5 20 21 22 23 5 6 7 8 9 10 11 12 13 14 15 16 17 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) 18 19 Corporate equities (5) Foreign direct investment in U.S. 20 21 22 23 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. Flows 2009 50 Z.1, June 11, 2015 F.132 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 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 2613.9 1983.2 497.8 132.9 3020.3 2365.0 514.1 141.2 3379.5 2686.4 546.0 147.2 3470.2 2762.5 566.5 141.3 3494.8 2770.4 586.1 138.3 3632.3 2875.2 616.0 141.1 3572.9 2822.7 611.6 138.6 3612.9 2893.5 615.0 104.3 3656.9 2883.0 617.3 156.6 3686.4 2901.5 619.9 165.0 3592.7 2810.5 620.6 161.6 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 2236.6 1587.7 648.9 2572.4 1852.3 720.0 2899.0 2106.4 792.6 2988.0 2194.2 793.8 3072.6 2262.2 810.4 3164.6 2337.0 827.7 3107.3 2284.7 822.6 3172.8 2344.3 828.5 3213.7 2366.5 847.2 3164.8 2352.3 812.4 3030.1 2247.4 782.7 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.6 377.8 -0.7 448.6 -1.6 482.1 6.5 475.7 -0.8 423.0 -0.4 468.0 -0.4 466.0 -0.4 440.5 -0.4 443.6 -0.4 522.1 -0.4 563.0 8 9 28.0 0.0 268.2 -0.0 416.7 -0.0 446.5 -0.1 371.8 0.0 166.3 0.1 375.6 -0.1 239.6 0.1 -18.6 0.1 68.6 0.1 -327.1 0.1 10 11 10 11 Gross investment Nonproduced nonfinancial assets 12 Net lending (+) or net borrowing (-) 28.0 268.2 416.7 446.6 371.8 166.2 375.6 239.5 -18.7 68.4 -327.2 12 13 Net acquisition of financial assets 201.0 1087.5 1049.7 832.9 1191.5 1028.7 1169.0 1152.9 1215.3 577.6 1010.9 13 0.0 47.6 -201.9 -9.2 -73.3 7.2 -54.8 0.0 0.0 -61.8 29.5 4.9 -7.1 92.4 0.0 0.0 213.9 81.8 47.3 4.6 92.6 0.0 0.0 -136.0 68.2 37.9 22.6 -6.6 0.0 0.0 312.2 50.9 52.5 11.3 62.1 0.0 0.0 -33.2 79.7 47.0 2.6 123.3 0.0 0.0 209.4 119.7 64.9 -3.6 285.5 0.0 0.0 106.0 66.6 137.5 -3.6 142.9 0.0 0.0 61.8 14.8 -14.5 5.4 -57.6 0.0 0.0 -509.8 117.6 0.1 12.3 122.4 0.0 0.0 63.0 65.1 20.2 -1.9 129.0 14 15 16 17 18 19 20 116.5 619.2 237.4 443.5 551.1 536.9 504.1 397.8 544.1 701.7 359.7 21 -48.4 554.4 -7.6 562.0 -10.7 740.4 -40.2 780.5 0.7 355.3 -62.6 417.9 -0.1 589.7 14.0 575.8 -1.4 431.3 24.4 406.9 7.4 276.1 -14.7 290.8 20.2 371.7 4.4 367.3 42.4 283.7 -206.0 489.7 12.3 151.3 -81.6 232.8 -45.4 297.8 224.5 73.3 35.8 -231.2 109.2 -340.4 22 23 24 25 14 15 16 17 18 19 20 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements 21 Credit market instruments 22 23 24 25 Open market paper Treasury securities Treasury bills Other Treasury securities 26 27 28 29 Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business -226.0 7.7 -127.3 -44.0 -66.6 13.1 -36.8 -20.2 -41.6 0.6 -111.5 33.9 -73.6 -0.6 -19.7 -52.2 -84.7 4.3 205.2 -3.5 7.2 4.4 211.9 29.9 -107.4 3.2 152.3 64.2 4.4 1.5 70.4 -4.7 94.3 5.5 266.7 14.1 37.7 7.3 358.3 46.1 -17.3 12.8 549.0 10.5 26 27 28 29 30 31 32 33 U.S. corporate equities Mutual fund shares Trade receivables Foreign direct investment in U.S. (5) 192.7 19.4 6.3 150.4 127.8 58.2 18.6 205.9 44.0 74.7 17.1 236.1 126.8 89.7 11.6 175.2 -76.6 -20.0 11.9 236.3 118.0 49.3 7.2 97.8 346.9 31.2 37.9 -427.0 -106.3 123.5 12.5 276.1 260.1 76.3 -18.9 343.9 -28.9 -33.9 -2.4 198.4 -2.3 47.4 -0.4 331.1 30 31 32 33 173.0 819.3 633.0 386.3 819.8 862.5 793.4 913.5 1234.0 509.1 1338.1 34 34 Net increase in liabilities 35 36 37 U.S. official reserve assets U.S. private deposits Security repurchase agreements 52.3 -43.9 86.0 1.8 71.6 207.9 15.9 -215.0 96.4 4.5 -144.0 40.4 -3.1 32.7 -83.5 -3.6 -105.1 34.9 -3.8 -118.5 282.3 3.1 -71.7 -197.2 -3.6 197.8 121.5 -10.0 -427.9 -67.2 -9.8 -130.0 210.8 35 36 37 38 Credit market instruments 222.2 149.0 172.8 188.6 268.8 156.1 167.4 444.9 54.0 -42.0 298.4 38 39 40 41 42 Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances 59.4 177.2 -14.8 0.5 -2.7 127.4 24.0 0.3 -53.5 181.7 43.2 1.4 27.9 124.7 30.4 5.6 34.0 194.4 39.1 1.4 -22.6 147.3 28.6 2.8 63.8 48.2 54.9 0.5 33.9 349.8 56.4 4.8 -205.9 290.6 -30.6 -0.0 17.7 -99.2 33.7 5.8 149.8 108.7 40.3 -0.5 39 40 41 42 43 44 45 Foreign corporate equities (6) Trade payables U.S. direct investment abroad (4,5) 63.7 0.5 310.4 79.2 6.0 301.1 7.0 4.0 419.1 103.3 0.7 333.0 275.2 3.4 349.5 437.1 -12.8 358.0 325.0 -47.1 195.6 365.9 5.3 338.0 511.9 -8.0 385.5 545.8 -1.5 512.6 541.8 3.9 385.7 43 44 45 46 47 48 49 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies -518.3 1.7 -543.5 23.5 2.7 2.3 -10.2 10.6 132.9 2.6 99.7 30.6 -140.0 2.4 -90.9 -51.5 -23.3 2.2 -8.6 -16.9 -2.0 2.3 1.3 -5.6 -7.6 0.0 0.5 -8.1 25.1 6.8 -1.1 19.5 -25.2 1.9 0.5 -27.6 -0.5 0.7 5.2 -6.4 37.4 -0.2 -2.9 40.5 46 47 48 49 349.8 180.3 65.5 29.1 51.2 301.7 90.4 200.8 462.2 453.5 890.1 50 -395.4 151.0 132.9 -377.3 -512.7 206.0 141.2 -447.9 -580.0 246.6 147.2 -480.5 -568.3 227.4 141.3 -482.2 -508.2 224.3 138.3 -422.2 -538.2 211.7 141.1 -467.6 -538.0 211.0 138.6 -465.6 -549.2 213.5 104.3 -440.0 -516.5 229.9 156.6 -443.2 -549.2 192.5 165.0 -521.7 -563.1 162.1 161.6 -562.6 51 52 53 54 50 51 52 53 54 Discrepancy (FOF basis) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (7) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 64. (2) Line 1 minus line 5 minus line 8; equals net lending (+) or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 54 with the sign reversed minus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 51 Z.1, June 11, 2015 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 Q3 2015 Q1 Q4 99.9 1.8 15.9 4.5 -3.1 -3.6 -3.8 3.1 -3.6 -10.0 -9.8 1 2 Federal government: SDR allocations 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 52.3 48.2 3.4 0.7 1.8 0.0 1.3 0.5 15.9 -1.8 18.1 -0.5 4.5 0.0 4.0 0.4 -3.1 0.0 -3.4 0.3 -3.6 0.0 -3.8 0.2 -3.8 0.0 -4.2 0.3 3.1 0.0 2.8 0.2 -3.6 0.0 -3.8 0.2 -10.0 0.0 -10.3 0.2 -9.8 0.0 -10.0 0.2 3 4 5 6 99.9 1.8 15.9 4.5 -3.1 -3.6 -3.8 3.1 -3.6 -10.0 -9.8 7 7 Net change in liabilities Q2 Net change in assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 51.9 0.0 48.2 3.4 0.3 1.6 0.0 0.0 1.3 0.3 16.2 0.0 -1.8 18.2 -0.2 4.3 0.0 0.0 4.0 0.2 -3.3 0.0 0.0 -3.4 0.2 -3.8 0.0 0.0 -3.9 0.1 -4.0 0.0 0.0 -4.2 0.2 3.0 0.0 0.0 2.9 0.1 -4.1 0.0 0.0 -4.2 0.1 -10.2 0.0 0.0 -10.3 0.1 -9.9 0.0 0.0 -10.0 0.1 8 9 10 11 12 13 14 15 Rest of the world Monetary gold (2) SDR allocations 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 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3 -0.3 0.0 -0.1 -0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.1 0.1 0.2 0.0 0.1 0.2 0.1 0.0 -0.0 0.1 0.5 0.0 0.4 0.1 0.1 0.0 0.0 0.1 0.1 0.0 -0.0 0.1 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 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 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority -0.4 4.0 -0.3 0.9 0.0 0.7 0.0 0.6 -0.4 0.7 -0.3 0.8 0.0 1.0 0.0 0.9 -1.0 0.8 0.0 0.5 0.0 1.5 3 4 5 Discrepancy (seigniorage) -4.4 -1.1 -0.7 -0.6 -1.1 -1.1 -1.0 -0.9 -1.8 -0.5 -1.5 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 -43.9 71.6 -215.0 -144.0 32.7 -105.1 -118.5 -71.7 197.8 -427.9 -130.0 1 -7.2 6.8 11.6 4.5 9.1 8.7 -9.9 -5.8 -62.9 -7.7 0.6 0.4 2.8 42.7 -9.6 -5.4 -6.0 -9.6 -3.9 -42.5 -57.3 -4.7 41.9 29.0 11.5 9.1 -13.7 -24.7 -32.4 3.6 -8.4 6.6 0.8 2 3 4 -55.1 49.2 -136.3 -137.3 -3.2 -84.1 -14.8 -137.9 190.9 -374.4 -129.1 5 Flows 2009 52 Z.1, June 11, 2015 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 1 Flows 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Rest of the world Discrepancy Q2 Q3 2015 Q1 Q4 -536.9 -142.8 820.5 -194.5 1129.1 51.2 1175.1 98.3 262.0 -1330.5 595.8 1 114.2 -496.4 -152.2 -1.0 -1.6 -11.1 -201.3 30.7 0.9 38.1 602.3 -263.4 504.6 -1.2 -21.9 -64.1 -114.2 -1.9 -0.4 -13.8 760.6 191.0 175.1 0.2 2.2 131.0 47.7 -127.5 -0.6 0.7 774.7 202.1 165.6 -3.2 35.9 47.2 40.5 36.6 -1.4 -24.6 340.4 135.9 -214.3 2.6 -2.6 -638.4 -187.7 -497.9 -0.5 -6.1 235.4 379.6 -51.5 -1.7 34.1 2 3 4 5 6 -551.4 -168.7 817.0 -200.1 1072.3 98.3 985.6 153.8 401.3 -1147.5 297.2 7 -463.7 41.6 45.1 27.5 -201.9 -95.7 -87.8 66.7 10.0 -61.8 0.8 231.0 360.2 11.1 213.9 0.0 6.9 -72.2 1.2 -136.0 -0.5 456.9 309.3 -5.7 312.2 0.5 192.7 -59.3 -2.5 -33.2 1.5 227.3 491.9 55.5 209.4 0.6 114.9 -9.6 -58.1 106.0 -0.9 297.7 76.6 -33.9 61.8 0.7 130.9 -795.9 26.6 -509.8 -1.2 245.8 -66.0 55.6 63.0 8 9 10 11 12 14.5 25.8 3.5 5.7 56.8 -47.1 189.5 -55.5 -139.3 -183.0 298.6 13 Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. -2.8 -2.8 0.0 -2.2 -2.2 0.0 8.1 8.1 0.0 7.1 7.1 0.0 2.6 2.5 0.0 2.0 2.0 0.0 -6.3 -6.3 -0.0 1.1 1.0 0.1 12.3 12.4 -0.1 1.0 0.9 0.1 -1.7 -1.6 -0.2 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 117.0 44.4 45.1 27.5 -8.9 -85.6 66.7 10.0 594.2 222.9 360.2 11.1 -71.2 -0.2 -72.2 1.2 758.0 454.4 309.3 -5.7 128.9 190.7 -59.3 -2.5 781.0 233.6 491.9 55.5 46.1 114.0 -9.7 -58.1 328.0 285.2 76.7 -33.9 -639.4 130.0 -796.0 26.6 237.1 247.4 -65.8 55.6 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans -463.7 -463.7 -0.6 -463.1 -95.7 -95.7 0.7 -96.4 0.8 0.8 0.8 -0.0 0.0 0.0 0.1 -0.1 -0.5 -0.5 -0.5 0.0 0.5 0.5 0.4 0.1 1.5 1.5 1.7 -0.2 0.6 0.6 0.1 0.5 -0.9 -0.9 -1.6 0.7 0.7 0.7 1.4 -0.7 -1.2 -1.2 -0.8 -0.4 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -53.5 -50.2 3.4 -78.4 21.5 99.9 -309.3 -222.2 87.1 -87.8 -199.0 -111.1 153.5 103.7 -49.8 95.5 9.3 -86.2 55.9 -26.8 -82.7 48.9 -77.9 -126.8 297.5 274.2 -23.3 -20.3 -132.4 -112.1 133.8 57.3 -76.4 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -149.6 -25.6 124.0 37.0 53.8 16.8 512.1 296.7 -215.4 -51.6 -90.0 -38.3 157.9 143.3 -14.6 -124.4 -123.6 0.8 145.5 80.8 -64.7 69.0 117.3 48.3 -227.4 -118.4 109.0 -484.8 -574.2 -89.4 -71.1 -152.1 -81.0 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -9.6 -15.3 5.7 13.6 6.9 6.6 -12.4 -4.0 -8.4 -2.6 -3.3 0.7 -0.3 0.4 -0.8 1.4 0.8 0.7 2.0 4.2 -2.1 3.1 1.7 1.4 -0.0 -0.1 0.1 0.6 -2.7 3.4 -6.3 0.2 -6.5 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -8.4 -2.0 -6.4 -6.8 -3.4 -3.4 -1.3 0.4 -1.7 0.8 -0.2 1.1 0.5 -0.1 0.5 -2.8 -2.3 -0.5 10.1 1.6 8.5 -8.8 -5.2 -3.6 -8.3 -3.4 -5.0 -4.0 -2.2 -1.9 -6.0 -0.5 -5.5 34 35 36 -201.9 -61.8 213.9 -136.0 312.2 -33.2 209.4 106.0 61.8 -509.8 63.0 37 7.5 -1.8 -18.8 1.0 1.6 -16.8 -14.0 -0.8 -0.9 -38.1 40.8 21.7 -4.9 1.2 21.9 -29.5 23.0 3.1 0.4 13.8 38.5 52.1 -2.3 -0.2 -2.2 -45.3 -48.5 -1.4 0.6 -0.7 147.3 176.4 19.7 3.2 -35.9 -2.1 -8.5 20.9 1.4 24.6 -157.5 -179.5 -40.1 -2.6 2.6 -168.6 -182.5 -6.1 0.5 6.1 247.7 249.9 -16.3 1.7 -34.1 38 39 40 41 42 -9.3 2.9 -19.1 52.5 13.6 -3.3 29.2 -6.4 -21.9 -13.9 2.2 43 14.5 25.8 3.5 5.7 56.8 -47.1 189.5 -55.5 -139.3 -183.0 298.6 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. 53 Z.1, June 11, 2015 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 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 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 14 Banks in U.S.-affiliated areas 15 Credit unions 16 Net change in assets 17 Household sector 18 19 20 Nonfinancial business Corporate Noncorporate 21 22 Federal government State and local governments 23 Domestic financial sectors 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 -7.9 266.3 234.5 267.7 332.6 351.1 183.4 578.9 229.8 412.1 -205.7 1 -117.6 -173.8 14.0 1.0 41.2 185.0 149.0 -21.6 0.9 56.7 -122.1 -255.0 51.1 -3.2 85.0 62.1 7.0 -37.4 6.3 86.2 139.5 69.8 -1.3 1.5 69.5 152.2 61.0 -5.8 -2.7 99.7 -16.3 -78.7 -60.3 -4.0 126.6 58.8 -7.4 1.4 -4.1 69.0 194.4 75.8 62.9 -2.8 58.5 372.0 254.4 -27.0 0.0 144.6 -413.5 -491.2 3.0 -0.1 74.8 2 3 4 5 6 94.0 0.3 -28.7 122.4 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.2 0.3 -4.2 180.1 148.2 0.3 -0.7 148.6 136.2 0.9 2.2 133.1 126.3 -0.5 6.7 120.1 474.1 1.0 13.5 459.6 43.3 1.9 -14.7 56.0 -98.7 1.2 3.3 -103.1 142.4 -1.1 -5.4 148.8 7 8 9 10 2.6 5.8 -3.2 5.7 4.1 1.7 23.7 4.4 19.3 16.2 8.9 7.3 30.8 12.3 18.5 45.2 14.0 31.2 36.3 16.4 20.0 50.0 31.1 18.9 -0.0 8.0 -8.1 94.4 0.4 94.0 25.6 24.5 1.1 11 12 13 1.4 0.5 2.8 2.5 6.3 5.2 -3.5 5.2 -3.3 22.5 -1.7 14 11.6 5.5 10.7 10.7 7.9 12.2 40.7 -9.3 -4.5 21.9 41.5 15 -7.9 266.3 234.5 267.7 332.6 351.1 183.4 578.9 229.8 412.1 -205.7 16 101.0 38.9 305.1 176.9 121.5 113.9 311.5 222.5 -87.1 8.6 231.1 17 85.6 70.8 14.9 76.8 79.6 -2.7 50.7 29.7 21.0 13.8 -45.7 59.5 87.6 85.1 2.5 99.0 65.1 33.9 -115.6 -130.6 15.0 257.7 221.1 36.6 121.0 93.7 27.3 132.8 76.1 56.8 8.5 -29.3 37.7 18 19 20 -174.2 19.6 148.9 5.7 -257.6 16.6 6.7 -9.2 69.6 7.4 60.8 16.0 -36.0 8.3 -104.1 1.2 73.3 17.4 309.8 37.1 -450.2 -22.5 21 22 -30.4 -32.3 37.1 9.9 -3.6 -19.1 -65.3 37.2 91.8 -140.3 2.9 23 -0.3 -32.1 5.0 1.0 -8.5 2.0 12.3 2.7 -6.7 -9.2 5.9 3.6 14.9 14.0 5.5 -5.9 3.5 15.1 -0.4 -8.5 -0.6 -2.2 24 25 24 25 Property-casualty insurance companies Life insurance companies 26 27 Private pension funds State and local govt. retirement funds -2.8 -0.4 2.1 0.5 5.6 0.3 -1.7 0.1 0.1 -0.0 1.2 0.4 1.0 -0.1 3.4 2.9 0.1 0.1 0.1 -1.3 1.5 0.6 26 27 28 29 Money market mutual funds Government-sponsored enterprises 10.5 11.1 -3.7 -36.0 5.8 9.3 -3.6 -20.1 -3.2 29.0 -17.6 -16.6 49.1 -144.7 -9.1 15.6 -93.6 159.9 -16.7 -97.4 23.3 -46.2 28 29 30 31 32 Finance companies REITs Brokers and dealers 0.5 12.4 -29.4 -1.7 -5.7 6.2 5.1 2.5 14.9 -3.8 7.7 16.3 4.2 -1.3 -16.5 -0.2 4.1 0.0 3.2 -4.6 2.0 -2.2 18.5 8.5 -4.8 2.1 9.5 3.1 0.5 -19.8 1.7 1.2 23.6 30 31 32 33 34 35 Rest of the world Checkable deposits Currency -9.2 -21.8 12.6 29.5 1.2 28.3 81.8 26.8 55.0 68.2 11.0 57.1 50.9 13.2 37.7 79.7 13.4 66.3 119.7 19.1 100.7 66.6 40.5 26.1 14.8 -9.5 24.3 117.6 3.6 114.0 65.1 19.1 46.0 33 34 35 36 Mail float -0.3 -1.1 0.8 1.5 -0.7 0.9 -39.3 97.7 -1.3 -53.6 -40.6 36 Flows 2009 54 Z.1, June 11, 2015 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 1 2 Flows 3 4 5 6 7 8 9 10 11 Net change in liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Q2 Q3 2015 Q1 Q4 343.7 115.6 404.1 520.4 409.1 513.2 748.7 425.3 171.3 707.6 892.4 1 517.2 298.3 577.4 539.6 307.0 365.0 517.3 355.7 449.6 137.3 1031.1 2 472.3 4.4 -2.9 43.4 271.7 5.8 -5.2 26.1 537.1 13.2 -0.4 27.4 491.5 13.8 -0.1 34.4 256.7 27.7 2.5 20.1 343.8 -5.9 2.0 25.0 543.0 -23.4 -2.7 0.5 303.3 11.1 2.8 38.4 415.5 9.4 -1.9 26.5 113.5 -20.5 9.9 34.4 878.0 167.5 -7.2 -7.3 3 4 5 6 -173.6 -182.7 -173.3 -19.2 102.1 148.2 231.4 69.6 -278.3 570.3 -138.7 7 -335.7 148.0 -2.9 17.0 -133.8 -46.5 -5.2 2.8 -13.2 -163.1 -0.4 3.4 -9.1 -16.2 -0.1 6.2 23.9 71.1 2.5 4.7 102.5 39.7 2.0 4.1 -7.9 233.4 -2.7 8.5 44.8 26.3 2.8 -4.3 -373.3 91.3 -1.9 5.6 746.3 -192.2 9.9 6.3 28.0 -167.3 -7.2 7.7 8 9 10 11 12 Net change in assets 343.7 115.6 404.1 520.4 409.1 513.2 748.7 425.3 171.3 707.6 892.4 12 13 Household sector 105.9 162.8 369.3 412.0 210.6 406.0 498.2 230.0 188.7 707.2 650.2 13 14 15 16 Nonfinancial business Corporate Noncorporate 172.1 176.9 -4.8 62.8 59.9 2.9 19.2 13.2 6.0 43.4 33.3 10.1 51.8 41.0 10.8 37.8 10.6 27.1 82.6 75.1 7.5 21.6 0.3 21.4 -105.6 -121.0 15.4 152.4 88.1 64.3 105.6 29.5 76.1 14 15 16 17 18 Federal government State and local governments 0.3 10.0 0.1 -5.9 -0.3 16.5 0.2 21.8 -0.5 18.6 0.2 10.4 -0.1 33.8 -0.0 -24.1 0.4 26.1 0.6 6.0 -0.5 37.7 17 18 19 Domestic financial sectors 128.6 -109.1 -48.0 5.2 76.1 11.8 69.3 60.4 76.2 -158.7 79.1 19 20 21 22 Private pension funds State and local govt. retirement funds Money market mutual funds 2.9 0.9 169.9 -0.6 5.4 -107.7 1.6 1.6 -56.3 -3.9 -2.8 32.8 -0.3 1.8 59.4 1.0 1.6 20.7 1.8 -1.3 42.3 3.0 -1.0 97.5 -1.2 0.2 55.4 0.2 8.7 -112.6 2.8 4.6 44.9 20 21 22 23 24 25 Government-sponsored enterprises Finance companies Holding companies -42.8 1.6 -3.9 0.3 -5.2 -1.3 -12.7 15.4 2.4 -9.1 -11.5 -0.3 1.1 12.7 1.5 -2.1 -0.5 -8.9 10.3 9.7 6.5 -8.1 -6.6 -24.5 -1.9 -14.5 38.3 -8.7 9.3 -55.8 -5.4 5.2 27.0 23 24 25 -73.3 4.9 47.3 37.9 52.5 47.0 64.9 137.5 -14.5 0.1 20.2 26 26 Rest of the world (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 -498.7 -503.2 -112.8 7.1 28.9 9.6 -86.3 -143.8 39.7 228.7 -47.5 1 2 Net purchases -498.7 -503.2 -112.8 7.1 28.9 9.6 -86.3 -143.8 39.7 228.7 -47.5 2 -267.5 -71.4 -1.7 -183.6 -157.7 3.1 -19.4 -35.4 0.8 0.3 57.1 3.0 25.5 39.7 2.3 -33.6 6.0 4.3 112.0 -128.3 1.6 17.8 -43.9 4.6 -59.4 52.0 3.3 -204.6 144.2 7.4 -19.6 -66.8 5.7 3 4 5 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 State and local governments 10.2 14.7 1.9 5.1 2.6 12.4 12.9 18.9 3.2 14.5 33.2 6 7 8 Property-casualty insurance companies Life insurance companies -3.2 -5.5 -4.0 -12.7 -5.6 7.9 2.2 -1.4 -2.2 -5.9 -1.9 6.1 -10.0 -1.1 5.3 -1.2 1.5 6.4 -4.3 20.5 -0.3 -4.5 7 8 9 10 Private pension funds State and local govt. retirement funds -9.6 -3.4 -10.2 2.3 16.5 0.5 -17.1 -3.4 2.2 2.6 -0.7 2.3 -6.1 -2.6 11.4 0.3 -8.3 -2.5 0.3 14.1 -7.0 2.9 9 10 11 Funding corporations -153.7 -148.0 -84.6 -61.4 -49.3 11.9 -61.2 -153.4 38.1 224.3 10.8 11 12 Rest of the world 7.2 -7.1 4.6 22.6 11.3 2.6 -3.6 -3.6 5.4 12.3 -1.9 12 55 Z.1, June 11, 2015 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 -344.9 421.3 276.3 251.3 -473.0 42.6 316.3 160.0 -389.5 83.7 209.8 1 -10.6 -18.0 40.2 7.3 208.7 193.9 100.4 461.9 -185.5 398.8 108.1 2 -195.0 ND ND -48.1 ND ND -81.5 ND ND -52.6 ND ND -80.5 -11.0 -69.5 -33.2 -19.7 -13.5 55.5 25.4 30.1 -45.3 -0.1 -45.2 -88.0 -38.5 -49.5 -55.0 -65.4 10.4 -30.0 -39.8 9.8 3 4 5 63.5 77.2 -13.7 54.8 -75.7 130.6 54.4 -9.9 64.3 20.6 -2.6 23.3 -12.3 -2.6 -9.7 58.6 8.3 50.2 153.2 30.2 123.0 44.9 -8.6 53.5 44.9 37.9 7.0 -8.8 -26.2 17.5 -21.5 45.4 -67.0 6 7 8 Credit unions -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 9 10 11 Property-casualty insurance companies Life insurance companies -1.7 -0.5 0.8 -2.2 -1.1 0.1 0.4 3.1 1.4 -0.8 1.0 1.0 1.0 0.8 1.3 -0.5 0.8 1.9 0.8 1.9 0.5 3.3 10 11 12 13 14 15 Government-sponsored enterprises REITs Brokers and dealers Holding companies -0.1 11.1 -296.8 -0.2 0.1 29.9 195.9 0.2 -0.9 97.7 70.5 0.4 -0.4 102.4 131.2 -1.2 0.0 -66.6 -439.3 -0.0 0.1 7.3 -220.9 -0.0 0.1 -53.2 -223.8 -0.0 -0.1 36.8 -141.9 0.0 0.0 -1.8 -283.3 0.0 0.2 47.3 -234.4 0.0 0.1 -11.7 -49.8 0.1 12 13 14 15 2 Monetary authority 3 4 5 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 6 7 8 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 9 16 17 Rest of the world Net change in assets 86.0 207.9 96.4 40.4 -83.5 34.9 282.3 -197.2 121.5 -67.2 210.8 16 -553.5 366.7 206.1 257.6 -311.2 183.7 356.3 483.8 -404.6 299.3 239.6 17 0.7 -4.0 4.3 -0.6 0.4 -4.9 -2.9 4.5 -0.9 2.6 4.7 10.3 10.1 10.7 8.7 15.5 -0.2 3.0 0.1 12.0 -2.6 27.0 18 19 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 -308.2 ND ND 0.7 ND ND -25.0 ND ND 60.1 ND ND -87.2 -11.1 -76.2 -30.4 -16.4 -14.0 -54.6 9.5 -64.1 2.8 5.7 -2.9 -25.8 -21.2 -4.6 -43.9 -59.6 15.7 120.3 -20.6 140.9 21 22 23 18 19 Nonfinancial corporate business State and local governments 20 Monetary authority 21 22 23 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 24 25 26 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 0.1 -2.3 2.4 20.3 -1.8 22.1 31.7 1.5 30.2 58.2 -0.8 58.9 -1.2 -1.7 0.5 41.1 -0.0 41.1 92.7 1.9 90.8 111.7 0.9 110.8 -37.8 -1.2 -36.6 -2.5 -1.7 -0.7 -73.4 -0.8 -72.5 24 25 26 27 28 29 Credit unions Federal funds Security repurchase agreements 0.0 ND ND -0.1 ND ND 15.9 15.9 0.0 -6.2 -6.3 0.1 -9.6 -9.6 -0.0 -0.0 0.0 -0.1 6.7 0.6 0.0 4.1 -0.6 0.0 0.9 0.0 -0.1 -11.8 0.0 -0.1 7.1 0.0 0.2 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.1 2.2 0.2 -0.1 -0.7 0.7 -0.2 0.3 -2.1 -0.8 0.0 0.1 0.0 -1.6 -0.3 -0.2 0.0 -0.0 -0.1 0.1 0.0 0.0 0.1 0.2 -0.7 -2.5 0.2 -0.1 0.6 -2.3 0.3 -0.1 0.3 0.3 -0.1 0.0 -0.2 4.5 0.1 0.8 -0.0 -5.5 0.3 0.5 30 31 32 33 34 35 Money market mutual funds Mutual funds -62.4 28.6 -0.6 -15.8 11.1 -28.8 54.2 54.1 -51.3 92.9 151.2 46.3 195.0 104.7 167.2 168.5 -34.3 -115.0 276.9 27.0 79.2 18.4 34 35 36 37 Government-sponsored enterprises Of which: FHLB federal funds (3) 7.5 14.3 20.7 21.3 -38.9 -34.7 38.6 2.9 1.5 -14.5 10.3 23.3 -100.1 64.1 28.2 -39.9 -93.5 17.2 206.8 51.7 -17.9 -40.9 36 37 38 39 40 Brokers and dealers Holding companies Funding corporations -103.3 19.8 0.1 243.4 2.1 0.0 154.6 0.2 0.0 55.1 -49.3 0.0 -317.2 -2.8 -0.1 -168.2 -5.1 0.0 -190.8 -0.4 0.0 -172.0 7.7 0.0 -39.4 -5.4 0.0 -270.7 -22.4 0.0 -55.8 12.9 0.0 38 39 40 41 Rest of the world -54.8 92.4 92.6 -6.6 62.1 123.3 285.5 142.9 -57.6 122.4 129.0 41 208.6 54.6 70.2 -6.3 -161.8 -141.1 -40.0 -323.8 15.1 -215.5 -29.8 42 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 197.8 163.3 34.5 199.0 207.9 -9.0 177.3 234.8 -57.5 389.6 334.2 55.5 -157.9 -44.7 -113.3 386.8 307.4 79.4 -72.9 -103.8 31.0 43 44 45 42 Discrepancy Memo: Federal Reserve’s reverse repurchase agreement operations: (4) 43 44 45 Liability: Monetary authority (5) Asset: Money market mutual funds (6) Other financial institutions (7) (1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 2010:Q4 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (5) Included in line 2. (6) Included in line 32. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. Flows 2009 56 Z.1, June 11, 2015 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 1 Flows 2 Total net issues, all types Commercial paper Q2 Q3 Q4 2015 Q1 -461.8 -80.4 -88.3 -16.9 -0.8 -21.2 55.6 122.7 -135.3 -128.0 -68.8 1 -461.9 -79.9 -88.2 -16.8 -0.8 -21.2 55.6 122.7 -135.3 -128.0 -68.8 2 3 Nonfinancial corporate business -73.1 24.5 33.4 14.0 14.2 37.9 75.0 57.8 22.2 -3.2 -70.6 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial 59.4 -15.2 74.5 -2.7 -3.8 1.1 -53.5 -0.5 -53.0 27.9 10.3 17.6 34.0 11.2 22.8 -22.6 -6.5 -16.1 63.8 28.1 35.7 33.9 -1.3 35.2 -205.9 -17.8 -188.1 17.7 -35.1 52.8 149.8 46.9 103.0 4 5 6 -448.2 0.0 -266.2 -38.8 0.0 -18.1 -125.1 -101.7 -19.7 -40.3 1.7 0.0 3.9 -47.4 -68.1 7.7 -24.1 10.0 0.0 11.1 -72.7 -58.7 -33.1 -9.0 8.2 0.0 6.2 -30.9 -48.9 -27.8 -7.1 -10.3 0.0 -19.9 16.2 -36.6 -5.2 -15.1 -1.1 0.0 -19.6 4.3 -83.2 -5.2 -32.0 -16.2 0.0 -27.5 -2.4 30.9 -9.6 24.1 3.4 0.0 6.5 6.5 48.5 -5.0 -15.5 20.0 0.0 -37.7 86.8 -142.5 -0.9 -37.1 -11.4 0.0 -19.7 -73.5 -148.1 -21.9 -20.2 -13.6 0.0 -28.0 -64.4 7 8 9 10 11 12 13 0.1 -0.5 -0.1 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.1 0.0 -0.5 0.0 -0.1 0.0 -0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 -461.8 -80.4 -88.3 -16.9 -0.8 -21.2 55.6 122.7 -135.3 -128.0 -68.8 17 16.7 -1.3 -1.5 12.0 -1.8 -0.1 -0.6 -8.4 -3.8 -21.3 -0.1 -6.6 3.5 -4.9 0.9 -19.7 -0.6 4.2 -4.2 -5.9 1.4 3.7 18 19 7 8 9 10 11 12 13 14 15 16 17 Domestic financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases, by sector 18 19 Household sector Nonfinancial corporate business 20 State and local governments -38.8 13.5 -12.3 -7.3 -8.8 -5.0 -4.1 -2.0 -9.1 -4.7 2.4 20 21 22 23 24 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 25 26 Property-casualty insurance companies Life insurance companies -9.3 11.5 -1.9 -8.9 0.9 -11.2 -1.4 13.9 0.7 3.2 -0.1 -4.6 -3.4 -3.2 2.8 -16.9 1.3 -18.4 -1.2 20.2 -0.1 14.6 25 26 27 28 Private pension funds State and local govt. retirement funds 1.7 -0.9 -2.0 4.5 2.4 1.5 -4.9 -3.4 -3.3 2.3 1.8 1.8 4.1 1.1 2.7 -2.1 -0.2 1.5 0.5 6.6 5.8 8.4 27 28 29 30 Money market mutual funds Mutual funds -108.0 28.6 -116.3 -13.9 -40.0 -26.3 -13.3 27.6 11.2 27.7 -18.5 15.3 5.9 -106.3 20.7 68.7 -46.0 17.3 -54.5 81.6 25.6 -148.8 29 30 31 32 33 Government-sponsored enterprises Brokers and dealers Funding corporations 3.0 -24.2 -276.8 0.2 -5.3 50.0 -3.4 5.9 -4.6 -3.1 -12.2 -3.7 1.0 -1.3 -6.9 1.5 -7.8 -6.4 1.3 22.8 118.5 3.6 -7.8 29.5 1.2 -46.1 -52.6 -0.1 -0.1 -120.8 -1.4 3.4 -19.6 31 32 33 34 Rest of the world -48.4 -10.7 0.7 -0.1 -1.4 7.4 20.2 42.4 12.3 -45.4 35.8 34 (1) Excludes banks’ holdings of own acceptances. 57 Z.1, June 11, 2015 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net issues U.S. savings securities (1) Treasury bills Other Treasury securities Net purchases 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 1443.7 1579.6 1066.8 1140.6 759.5 667.2 743.0 314.3 913.8 697.9 -52.8 1 -2.8 -73.3 1519.8 -3.3 -19.0 1601.8 -2.7 -249.5 1319.0 -2.8 107.0 1036.3 -3.3 -35.9 798.7 -3.3 -133.9 804.4 -3.3 238.7 507.6 -3.0 -1055.3 1372.7 -3.5 92.9 824.3 -3.2 188.3 512.9 -3.9 79.4 -128.3 2 3 4 1443.7 1579.6 1066.8 1140.6 759.5 667.2 743.0 314.3 913.8 697.9 -52.8 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 532.6 -2.8 535.4 317.2 -3.3 320.5 -215.3 -2.7 -212.6 215.4 -2.8 218.2 -194.3 -3.3 -191.0 -174.7 -3.3 -171.4 -351.2 -3.3 -347.9 -435.7 -3.0 -432.7 25.6 -3.5 29.1 62.6 -3.2 65.8 -309.2 -3.9 -305.2 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 12.5 -5.7 -16.4 5.1 1.9 9.4 -5.1 0.8 -34.9 -3.5 4.0 45.3 3.3 1.5 -13.8 -4.5 2.8 68.6 -7.8 1.1 41.9 -1.0 3.0 107.6 -2.3 2.2 29.9 -7.0 4.9 94.9 5.2 3.7 200.6 9 10 11 12 13 14 Monetary authority Treasury bills Other Treasury securities 300.7 0.0 300.7 244.9 0.0 244.9 642.0 0.0 642.0 2.7 -18.4 21.1 542.6 0.0 542.6 252.6 0.0 252.6 498.9 0.0 498.9 310.2 0.0 310.2 184.4 0.0 184.4 16.9 0.0 16.9 48.4 0.0 48.4 12 13 14 15 16 17 18 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 68.1 22.0 -0.7 5.4 93.0 3.5 0.6 5.9 -43.7 -0.5 -0.0 -2.5 69.3 16.1 -0.6 1.7 -26.1 -9.6 0.7 -0.2 203.3 -10.5 0.2 2.5 174.0 -2.9 0.6 5.2 175.1 -3.0 -1.9 3.6 216.7 -20.7 1.7 19.7 247.3 -15.5 0.3 -18.6 -5.8 -3.2 0.6 2.6 15 16 17 18 19 20 21 Property-casualty insurance companies Treasury bills Other Treasury securities 22.9 5.0 18.0 3.2 -0.3 3.5 4.6 1.9 2.7 -6.7 -3.3 -3.4 6.4 9.4 -3.0 5.9 3.3 2.6 -5.5 -6.8 1.3 13.7 12.1 1.6 12.1 7.9 4.2 3.4 0.1 3.4 -1.8 -0.4 -1.4 19 20 21 22 23 24 Life insurance companies Treasury bills Other Treasury securities 27.7 -6.3 34.0 23.2 -3.6 26.8 18.8 3.8 15.0 5.5 -4.5 10.0 -12.2 -2.8 -9.4 14.3 2.0 12.3 13.4 -0.3 13.7 13.8 -0.3 14.1 13.6 2.1 11.6 16.2 6.5 9.7 41.5 -1.3 42.8 22 23 24 25 26 27 Private pension funds Federal government retirement funds State and local govt. retirement funds 32.8 7.4 24.8 31.2 10.1 10.7 27.0 23.4 9.2 44.4 12.1 12.9 36.4 12.4 12.6 19.6 18.0 8.8 14.8 12.1 3.3 18.6 8.3 4.2 25.5 21.1 9.6 19.3 30.7 18.2 42.6 -237.8 35.3 25 26 27 28 29 30 Money market mutual funds Treasury bills Other Treasury securities -171.3 -160.2 -11.0 -71.0 -84.0 13.0 107.9 29.1 78.8 14.5 19.1 -4.7 30.2 6.6 23.6 -75.3 -48.5 -26.8 -143.2 -119.0 -24.1 -242.7 -176.7 -66.0 128.8 128.6 0.2 -44.2 -26.9 -17.3 57.9 -112.7 170.6 28 29 30 31 32 33 Mutual funds Treasury bills Other Treasury securities 74.0 0.0 74.0 123.0 4.2 118.8 65.8 -3.2 69.0 120.8 11.7 109.1 55.0 -9.5 64.5 119.5 -0.5 120.1 145.3 23.3 122.0 84.2 -45.8 130.0 140.6 1.2 139.4 107.9 19.2 88.8 212.5 -37.6 250.1 31 32 33 34 35 Closed-end funds Exchange-traded funds 1.2 14.7 0.7 9.2 -0.3 11.4 0.3 1.2 0.6 -6.5 -0.2 13.0 0.3 8.7 0.3 15.0 -0.5 5.3 -1.0 23.0 -0.4 12.2 34 35 36 37 Government-sponsored enterprises ABS issuers 19.9 -18.3 45.9 -13.8 17.6 -10.9 -31.2 -5.8 -9.9 1.0 5.2 0.8 24.4 2.5 -2.8 -3.2 2.1 3.6 -3.0 0.4 30.0 -3.4 36 37 38 39 Brokers and dealers Holding companies -67.6 2.7 -28.5 13.8 89.1 7.1 63.0 -30.6 -110.5 8.5 -75.9 -2.8 -64.1 -0.4 -57.8 20.9 -65.3 8.7 -116.3 -40.4 61.2 -14.4 38 39 40 41 42 Rest of the world Treasury bills Other Treasury securities 554.4 -7.6 562.0 740.4 -40.2 780.5 355.3 -62.6 417.9 589.7 14.0 575.8 431.3 24.4 406.9 276.1 -14.7 290.8 371.7 4.4 367.3 283.7 -206.0 489.7 151.3 -81.6 232.8 297.8 224.5 73.3 -231.2 109.2 -340.4 40 41 42 1443.9 1580.2 1067.9 1140.2 759.1 667.1 741.0 314.4 913.1 700.0 -53.8 43 Memo: 43 Federal government borrowing (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11). Flows 2009 58 Z.1, June 11, 2015 F.210 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 1 2 3 4 Flows 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 6 7 Household sector Nonfinancial corporate business 8 9 Federal government State and local governments 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 -59.9 -46.2 -20.8 -22.8 239.5 150.5 -280.0 184.8 225.2 471.9 -165.4 1 0.1 -518.4 458.3 0.7 -233.8 186.9 1.1 -187.2 165.3 -0.4 -154.6 132.2 -0.4 107.5 132.4 -0.1 75.3 75.3 -1.9 -355.5 77.4 0.1 156.9 27.8 -0.7 142.5 83.4 2.1 357.3 112.6 -1.0 -163.5 -0.9 2 3 4 -59.9 -46.2 -20.8 -22.8 239.5 150.5 -280.0 184.8 225.2 471.9 -165.4 5 -671.6 4.2 -10.2 1.7 -11.0 -1.7 -111.8 -1.2 -75.4 -2.9 -89.6 2.5 -386.4 5.4 31.1 7.7 -73.4 -0.8 70.2 -2.3 -44.2 1.7 6 7 142.0 11.0 -47.2 25.6 -118.1 -14.6 -31.1 -17.7 0.0 -25.9 0.0 -15.0 0.0 -27.2 0.0 -2.7 0.0 -25.5 0.0 -4.7 0.0 -17.3 8 9 1048.5 71.4 -197.9 61.8 543.9 228.1 412.3 228.4 115.5 156.3 -26.8 10 168.0 -19.3 -3.9 27.8 110.1 -4.8 -7.7 40.9 106.9 4.0 -8.0 30.6 35.5 1.5 -2.2 14.9 47.7 -6.7 -0.8 2.2 43.0 -4.9 -0.1 -11.7 54.9 -11.5 -0.4 -15.3 19.6 -6.3 0.1 -4.4 89.0 -1.9 -0.0 -10.4 8.4 0.1 -0.2 -16.7 218.9 -4.7 -1.0 -20.7 11 12 13 14 1.9 5.8 -0.4 4.0 6.9 -1.6 -8.4 -13.5 -4.9 -6.8 -4.2 -15.0 -6.2 -12.5 -5.7 -10.1 -1.9 -15.8 -3.1 -21.5 -1.9 -2.1 15 16 -6.5 0.0 -3.8 6.5 0.6 0.9 4.3 0.7 11.0 22.1 1.5 11.5 15.4 -1.7 6.8 -1.1 -0.4 -4.8 -5.4 -2.9 -2.3 16.4 0.7 8.2 -6.7 -0.1 10.5 -8.4 0.6 -35.8 -4.5 0.0 -40.3 17 18 19 10 Monetary authority 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 15 16 Property-casualty insurance companies Life insurance companies 17 18 19 Private pension funds Federal government retirement funds State and local govt. retirement funds 20 21 22 Money market mutual funds Mutual funds Government-sponsored enterprises -213.1 50.0 -27.4 -140.2 76.4 -85.1 0.9 115.0 -18.1 -60.2 89.2 -48.3 17.7 -24.0 -22.7 23.4 -30.1 7.8 -49.7 -61.9 -17.2 -13.9 -145.5 8.1 49.9 31.9 18.9 107.2 54.8 21.4 -143.8 -37.2 -12.3 20 21 22 23 24 ABS issuers REITs -224.2 15.6 -96.0 38.2 -3.3 104.7 -0.0 109.5 -0.2 -95.6 0.0 7.8 0.0 -35.4 0.0 44.1 0.0 -21.4 0.0 44.0 0.0 -33.7 23 24 25 26 Brokers and dealers Holding companies -131.8 -7.0 38.9 -3.2 -2.1 12.0 21.9 -24.3 -55.4 13.5 7.7 0.0 -3.3 -7.4 3.4 1.2 -30.0 3.0 60.8 3.2 9.5 12.3 25 26 27 Rest of the world -226.0 -66.6 -41.6 -73.6 -84.7 7.2 -107.4 4.4 94.3 37.7 -17.3 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 43. 59 Z.1, June 11, 2015 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 Net change in 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 Net change in assets Q2 Q3 2015 Q1 Q4 155.3 99.7 -52.8 -4.9 -43.2 -18.8 -38.0 15.7 -88.5 35.5 170.0 1 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 -14.0 -6.7 -7.4 -39.0 -5.0 -34.0 35.2 16.0 19.2 -84.0 -33.5 -50.5 31.7 -4.1 35.9 139.8 2.1 137.7 2 3 4 5.9 37.2 -2.2 33.2 -7.8 8.5 -14.5 15.2 -13.1 9.3 -4.8 -0.1 -1.0 2.0 -2.3 -17.2 -9.8 5.2 -6.0 9.7 -0.4 30.6 5 6 155.3 99.7 -52.8 -4.9 -43.2 -18.8 -38.0 15.7 -88.5 35.5 170.0 7 107.1 0.9 0.2 43.6 -3.2 0.5 -65.7 -1.6 0.3 -144.6 0.6 0.2 -55.2 -1.1 0.2 -66.0 -8.6 0.3 -56.5 -14.3 0.1 -21.4 -8.5 0.3 -161.7 -11.5 0.3 -24.2 0.0 0.6 13.0 7.3 0.4 8 9 10 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 State and local governments 1.0 1.4 0.2 0.2 0.0 0.8 0.9 1.4 0.1 1.0 2.5 11 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2.4 0.0 0.9 0.0 30.3 0.0 -0.9 0.0 42.6 0.0 0.9 3.2 67.8 0.0 -0.8 1.0 53.8 0.0 0.9 0.3 32.7 0.0 -0.9 -0.8 37.7 0.0 -0.6 -0.1 17.4 0.0 -2.8 1.6 34.5 0.0 -0.3 0.2 41.0 0.0 0.3 -4.8 68.5 0.0 0.2 0.6 12 13 14 15 16 17 18 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds -12.6 26.1 0.1 -21.0 39.2 0.8 -17.4 9.4 -0.6 -2.9 9.7 0.2 -1.7 10.1 0.8 -4.7 6.2 -0.7 -10.4 5.1 -1.5 -9.2 9.6 -0.8 2.2 6.8 -0.6 -1.6 3.3 0.1 -5.7 1.3 -0.1 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -69.4 89.4 3.3 3.6 -53.4 46.7 0.4 1.7 -29.4 15.7 0.9 1.0 -20.6 86.2 3.4 3.6 -28.3 -13.5 -1.6 -0.8 -26.7 43.8 0.5 3.2 -13.9 17.3 3.6 1.5 -31.0 48.7 2.5 3.1 -1.1 51.1 -6.3 3.3 -60.7 57.9 2.2 4.8 1.3 59.4 -0.6 5.6 19 20 21 22 23 24 Government-sponsored enterprises Brokers and dealers -2.2 -3.3 -4.2 4.6 -3.9 -9.1 -4.1 -4.3 -3.5 -8.0 -2.6 0.2 -3.0 -7.1 -2.1 5.3 -3.0 -8.0 -2.4 10.6 -3.6 7.1 23 24 25 Rest of the world 7.7 13.1 0.6 -0.6 4.3 4.4 3.2 1.5 5.5 7.3 12.8 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101). Flows 2009 60 Z.1, June 11, 2015 F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 Flows 1 Net issues 2 Nonfinancial corporate business 3 Domestic financial sectors 4 5 6 7 8 9 10 11 12 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs Brokers and dealers Holding companies Funding corporations Rest of the world (2) Net purchases (3) 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 -55.6 -239.6 106.4 222.9 390.1 480.8 360.9 674.8 550.3 337.2 530.6 1 215.6 179.3 162.0 323.5 279.8 264.9 286.7 235.4 198.4 339.1 449.7 2 -448.5 -546.3 -237.4 -225.2 -84.1 68.6 26.0 89.6 61.4 97.3 -27.8 3 -28.5 -347.9 -87.0 -26.6 -49.2 -373.6 -111.7 1.0 2.4 -150.1 -39.4 7.6 -82.3 -136.0 -81.3 26.7 -74.9 -227.5 4.4 173.6 -12.0 -53.3 19.4 53.2 -27.2 -133.8 -10.2 115.5 -10.1 -114.6 38.2 55.1 -11.9 12.6 2.9 38.2 1.0 22.8 46.7 4.0 -57.5 -53.5 55.2 11.9 4 5 6 7 -4.2 7.8 37.9 36.9 -46.5 -3.2 -37.9 -91.6 71.6 -1.7 14.1 35.3 22.2 6.7 11.4 11.5 27.6 22.2 41.3 48.1 -7.6 -37.4 87.3 71.1 42.1 -14.2 -8.4 -0.1 -10.9 33.8 -65.9 -17.5 99.5 8 9 10 177.2 127.4 181.7 124.7 194.4 147.3 48.2 349.8 290.6 -99.2 108.7 11 -55.6 -239.6 106.4 222.9 390.1 480.8 360.9 674.8 550.3 337.2 530.6 12 97.6 0.6 3.7 -422.2 0.3 8.4 91.7 -0.1 -2.4 -178.3 -0.2 3.1 -227.8 -0.1 0.4 -131.9 -0.0 10.3 -132.9 -0.0 11.0 35.2 -0.1 17.0 -45.4 0.0 0.9 -384.7 0.0 12.4 -443.7 0.0 31.4 13 14 15 25.1 -47.7 72.9 -98.2 -88.1 -10.2 2.5 -24.8 27.3 -9.0 -1.0 -8.0 15.2 -1.3 16.5 -37.4 -8.6 -28.8 -75.8 -23.3 -52.4 2.1 4.9 -2.8 -82.4 -16.2 -66.2 6.4 0.1 6.3 2.9 -5.4 8.3 16 17 18 -157.8 1.5 -9.4 -1.4 -1.4 3.6 -6.2 1.0 -34.1 0.6 0.9 -0.4 16.6 2.5 1.2 -0.6 -7.7 -2.3 -6.4 -1.4 -25.9 0.1 19 20 13 14 15 Household sector Federal government State and local governments 16 17 18 U.S.-chartered depository institutions MBS and other ABS Other 19 20 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 21 22 23 Credit unions MBS and other ABS Other -6.7 0.3 -7.0 -15.7 -0.7 -15.0 -0.3 -0.3 -0.1 0.3 0.7 -0.4 2.2 2.1 0.1 1.0 1.0 -0.0 2.6 2.6 0.1 0.2 0.3 -0.1 -3.0 -2.6 -0.4 4.3 3.9 0.4 5.1 5.0 0.0 21 22 23 24 25 26 Property-casualty insurance companies MBS and other ABS Other 30.8 0.0 30.8 24.3 0.0 24.3 40.4 -0.6 41.1 19.6 3.2 16.4 28.1 8.3 19.8 17.0 9.3 7.7 9.5 8.9 0.6 11.0 9.2 1.8 26.0 9.4 16.6 21.3 9.7 11.6 -7.6 -2.4 -5.1 24 25 26 27 28 29 Life insurance companies MBS and other ABS Other 97.6 0.0 97.6 102.9 0.0 102.9 87.1 0.0 87.1 45.0 -24.3 69.3 60.8 9.1 51.8 69.3 15.8 53.5 92.7 15.1 77.6 109.9 15.9 94.0 63.2 16.1 47.2 11.3 16.2 -4.9 65.0 -9.0 74.0 27 28 29 30 31 32 Private pension funds Federal government retirement funds State and local govt. retirement funds -16.0 -0.0 -100.5 82.1 0.2 5.9 44.5 1.4 -13.2 83.8 1.7 -16.9 5.5 -1.3 57.7 13.0 -0.7 29.5 -18.8 -3.1 16.3 37.7 0.4 25.1 23.0 -0.4 62.0 10.2 0.4 14.7 10.4 1.1 0.7 30 31 32 33 34 35 36 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -58.1 143.8 6.0 27.6 -15.7 122.3 4.1 18.7 -49.1 170.3 -2.3 33.6 -3.0 306.0 7.5 47.6 -0.0 279.3 14.6 19.5 -23.8 318.9 -4.0 34.8 -52.8 274.9 -2.8 33.6 -89.6 453.3 -0.1 30.2 18.8 240.3 -3.8 15.8 28.6 307.1 -9.5 59.7 -43.0 374.0 -0.4 59.4 33 34 35 36 37 38 39 Government-sponsored enterprises MBS and other ABS Other -48.6 -50.2 1.6 -29.6 -46.5 17.0 -30.8 -32.2 1.4 -50.0 -31.2 -18.8 -59.4 -58.8 -0.6 -30.8 -30.2 -0.7 -24.8 -24.3 -0.5 -42.9 -42.0 -0.8 -31.8 -31.1 -0.7 -24.0 -23.2 -0.8 -38.6 -37.8 -0.8 37 38 39 40 41 Finance companies REITs 6.3 4.3 -19.8 7.2 0.9 3.8 -6.3 9.5 -10.8 -0.2 6.1 3.3 15.6 6.0 2.5 -2.7 -10.1 3.7 16.3 6.4 8.4 18.3 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 47.5 -8.4 -24.7 35.2 7.3 -9.8 -85.0 -20.1 -57.3 35.5 -11.9 -36.2 -11.1 37.0 8.9 -13.5 2.6 4.7 -3.3 -6.9 48.4 28.3 5.4 -19.2 -4.5 25.7 -4.5 -74.4 -13.8 -5.9 -29.9 -19.8 13.9 42 43 44 45 46 47 Rest of the world (4) MBS and other ABS Other -127.3 -167.4 40.1 -36.8 -45.5 8.8 -111.5 -44.8 -66.7 -19.7 -36.1 16.4 205.2 -22.5 227.7 211.9 -7.8 219.7 152.3 -7.1 159.4 70.4 -5.6 76.0 266.7 -31.6 298.3 358.3 13.3 345.0 549.0 -6.8 555.8 45 46 47 (1) Net issuance less net acquisition of corporate bonds held as assets. (2) Net purchases of foreign issues by U.S. residents. (3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Net purchases of U.S. issues by foreign residents. 61 Z.1, June 11, 2015 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 Q3 2015 Q1 Q4 328.4 19.9 -283.6 -73.3 84.8 269.2 -139.7 391.8 254.7 569.9 315.1 1 2 Nonfinancial corporate business -51.2 -250.7 -454.6 -344.9 -352.9 -387.5 -501.8 -273.1 -434.3 -341.0 -541.7 2 3 Domestic financial sectors 315.9 191.4 164.1 168.3 162.5 219.6 37.1 298.9 177.1 365.1 315.1 3 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 11.6 -5.3 -0.9 7.1 116.5 11.9 -12.7 -4.8 0.5 118.0 6.4 -10.7 -11.5 -2.9 117.6 1.6 -14.5 -9.9 2.6 185.2 2.2 -7.6 -9.2 -2.6 179.0 2.7 -16.9 -14.9 -10.6 239.2 2.5 -17.9 -14.3 6.4 57.3 4.3 -9.4 -11.8 9.2 229.6 2.8 -22.2 -17.6 -10.0 192.8 1.2 -17.9 -16.0 -48.2 477.0 24.0 -15.6 -10.9 -11.3 220.5 4 5 6 7 8 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (2) 24.2 96.0 -32.4 68.6 30.5 28.2 38.1 -11.1 19.8 3.5 37.5 29.2 14.1 2.9 -18.4 47.6 14.5 -50.7 0.6 -8.6 46.2 2.4 -31.0 -17.1 0.0 32.7 -0.5 -11.7 -0.3 0.0 18.9 -5.9 -7.1 -2.7 0.0 46.9 0.0 -0.1 30.3 0.0 30.4 2.8 -0.5 -1.3 0.0 34.7 1.0 -39.1 -27.6 0.0 53.9 -5.0 10.4 48.9 0.0 9 10 11 12 13 63.7 79.2 7.0 103.3 275.2 437.1 325.0 365.9 511.9 545.8 541.8 14 328.4 19.9 -283.6 -73.3 84.8 269.2 -139.7 391.8 254.7 569.9 315.1 15 -17.8 0.6 -2.1 -183.9 24.1 0.3 -294.2 40.3 -3.5 -194.7 -13.2 1.6 -30.7 -4.8 0.2 28.5 -1.6 5.5 -418.6 -0.6 5.9 316.1 -1.1 9.1 -164.9 -4.2 0.5 381.4 -0.7 6.6 367.0 -0.4 16.8 16 17 18 25.1 6.3 0.0 1.3 -1.8 0.1 -26.4 1.0 -0.0 0.0 -10.5 0.0 0.0 0.8 0.0 0.0 0.7 0.0 0.0 -2.5 0.0 0.0 -0.7 0.0 0.0 1.6 0.0 0.0 4.3 0.0 0.0 -1.7 0.0 19 20 21 -2.8 33.4 -91.2 8.8 1.4 -20.9 12.7 22.7 5.4 -78.6 2.9 33.2 -60.2 -4.2 -60.4 4.6 16.1 -18.5 -4.1 -77.4 3.7 13.7 4.2 9.1 -166.6 2.6 28.1 -6.8 4.2 -175.1 2.4 29.7 16.3 7.2 -191.4 -12.6 70.7 2.2 -0.3 -178.9 3.7 2.5 -27.3 6.3 -170.5 16.8 9.4 -18.6 3.7 -159.5 -2.4 44.1 -20.3 4.9 -187.3 22 23 24 25 26 4 5 6 7 8 9 10 11 12 13 14 15 Net issues Q2 Rest of the world (3) Net purchases 16 17 18 Household sector Federal government State and local governments 19 20 21 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 22 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 27 28 29 Mutual funds Closed-end funds Exchange-traded funds 86.5 -3.4 70.5 44.3 -4.7 88.3 4.9 -1.2 71.6 -38.1 -8.5 132.9 162.5 -16.1 166.8 75.3 -6.9 188.2 131.6 5.3 13.5 73.8 6.4 181.4 124.4 0.6 168.4 -28.7 -39.9 389.4 67.1 -9.9 143.4 27 28 29 30 31 Brokers and dealers Funding corporations -4.6 25.1 -18.5 1.3 -5.0 -26.4 9.7 0.0 18.6 0.0 8.7 0.0 -85.5 0.0 32.0 0.0 53.8 0.0 34.6 0.0 -103.9 0.0 30 31 32 Rest of the world (4) 192.7 127.8 44.0 126.8 -76.6 118.0 346.9 -106.3 260.1 -28.9 -2.3 32 (1) Excludes mutual fund shares shown on table F.214. (2) 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. (3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (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 497.1 370.1 338.4 624.9 638.4 594.2 696.7 650.3 582.6 447.1 548.9 1 2 Net purchases 497.1 370.1 338.4 624.9 638.4 594.2 696.7 650.3 582.6 447.1 548.9 2 375.6 35.3 247.9 11.1 329.2 -12.8 581.1 -1.7 611.0 1.0 520.0 15.3 620.4 15.3 497.0 15.3 492.9 15.3 469.5 15.3 459.2 15.3 3 4 1.8 3.1 -0.3 0.8 0.1 2.8 3.0 4.7 0.2 3.4 8.6 5 14.8 -0.7 -5.8 0.2 -0.8 0.3 -1.1 0.4 1.6 -0.1 -0.7 -0.1 8.5 0.1 5.1 -0.2 -12.8 -0.3 -3.6 0.1 -2.5 -0.4 6 7 0.5 0.0 -0.1 33.9 -0.7 5.6 1.8 0.4 1.0 1.1 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.6 1.3 2.4 1.3 8 9 3 4 Household sector Nonfinancial corporate business 5 State and local governments 6 7 U.S.-chartered depository institutions Credit unions 8 9 Property-casualty insurance companies Life insurance companies 10 11 Private pension funds State and local govt. retirement funds 51.7 -1.3 35.0 -13.4 8.3 -65.2 -26.2 -20.4 31.9 10.8 21.0 -16.1 28.0 -12.5 22.9 -20.7 22.0 -13.7 10.9 -17.6 27.6 -10.2 10 11 12 Rest of the world 19.4 58.2 74.7 89.7 -20.0 49.3 31.2 123.5 76.3 -33.9 47.4 12 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. Flows 2009 62 Z.1, June 11, 2015 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 1 Net change in liabilities -758.5 -92.2 146.6 186.1 186.1 308.0 316.2 321.6 195.3 399.0 419.1 1 2 3 4 Household sector Corporate business Noncorporate business 28.3 -234.0 -102.0 50.1 -87.0 -16.8 -54.9 92.1 33.5 110.8 107.8 58.3 30.0 49.9 46.2 120.2 85.9 71.1 152.8 84.1 18.2 179.2 109.5 108.6 85.8 71.7 22.7 63.1 78.3 134.9 124.1 108.9 119.1 2 3 4 5 Domestic financial sectors -435.9 -62.5 32.6 -121.2 20.9 2.2 6.1 -132.1 45.8 89.0 26.6 5 -30.4 -12.7 -45.5 -64.9 -1.8 0.0 15.9 4.6 0.0 16.4 4.0 0.0 10.1 -2.9 0.0 10.5 8.0 0.0 1.9 12.0 0.0 -30.0 -12.2 0.0 25.2 13.7 0.0 45.0 18.7 0.0 21.2 15.3 0.0 6 7 8 2.3 -349.6 26.1 -21.9 64.0 -51.9 -120.2 -21.5 13.8 0.0 -16.3 0.0 -7.7 0.0 -89.9 0.0 6.9 0.0 25.4 0.0 -9.9 0.0 9 10 -14.8 -0.0 -5.2 -9.6 24.0 2.1 15.6 6.3 43.2 -1.2 16.8 27.6 30.4 0.8 0.6 29.1 39.1 1.0 20.0 18.1 28.6 1.1 -0.7 28.2 54.9 -2.7 6.2 51.5 56.4 4.1 26.6 25.7 -30.6 -0.4 -37.6 7.3 33.7 3.3 2.0 28.3 40.3 4.0 5.7 30.6 11 12 13 14 -758.5 -92.2 146.6 186.1 186.1 308.0 316.2 321.6 195.3 399.0 419.1 15 6 7 8 9 10 11 12 13 14 15 Finance companies REITs Brokers and dealers Holding companies Funding corporations Rest of the world Foreign official institutions Foreign banks Other foreign Net change in assets 16 Monetary authority (2) -347.6 -44.8 -67.6 -29.9 -0.5 -0.1 -0.1 -0.1 -0.1 -0.1 0.0 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -285.9 -126.0 -0.3 1.3 -36.3 -11.3 -3.3 3.5 163.6 42.9 1.1 6.6 218.6 -3.7 1.0 0.1 136.4 43.8 1.3 5.1 241.6 63.6 -2.3 5.1 258.6 57.1 -0.6 1.2 269.3 54.9 -4.4 1.8 165.0 22.1 -2.8 11.1 273.6 120.4 -1.3 6.3 318.1 100.2 -5.7 6.6 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.109. 63 Z.1, June 11, 2015 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 Q3 Q4 2015 Q1 -446.9 -226.8 4.9 -13.6 142.1 151.7 164.3 97.1 163.6 181.9 -37.6 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world 66.2 -0.2 59.6 3.6 0.8 0.0 0.0 2.0 2.1 3.7 -1.0 -4.3 0.6 0.9 0.0 0.0 7.2 2.7 4.8 -0.5 -0.5 2.9 0.9 0.0 0.0 0.7 3.9 2.5 -0.1 5.2 0.6 0.4 0.0 0.0 -6.8 5.6 7.2 1.1 0.8 2.0 0.5 0.0 0.0 -0.7 5.7 2.5 1.2 -1.5 -1.2 0.4 0.0 0.0 0.0 5.9 7.1 -0.9 5.3 -2.1 0.2 0.0 0.0 0.0 4.6 3.7 5.1 -9.5 2.4 0.5 0.0 0.0 0.0 11.9 -0.4 -1.4 -0.6 -0.2 0.3 0.0 0.0 0.0 3.4 -0.6 2.0 -1.1 -4.9 0.4 0.0 0.0 0.0 3.7 -0.5 0.9 -1.4 -0.7 0.4 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -44.0 -44.0 -20.2 -20.2 33.9 33.9 -52.2 -52.2 -3.5 -3.5 29.9 29.9 64.2 64.2 -4.7 -4.7 14.1 14.1 46.1 46.1 10.5 10.5 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 13 14 15 16 Total other loans and advances Q2 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world -3.2 -3.2 0.0 4.3 4.3 0.0 4.0 4.0 0.0 16.7 14.3 2.4 -2.8 -0.7 -2.0 -10.9 -10.1 -0.8 -10.7 -6.6 -4.0 -35.6 -35.3 -0.4 -1.1 0.4 -1.6 3.9 1.1 2.8 -9.9 -9.1 -0.8 17 18 19 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 0.7 -0.0 0.7 3.4 -0.0 3.4 2.4 -0.0 2.5 1.4 -0.0 1.4 0.9 -0.0 1.0 1.7 -0.0 1.7 -0.2 -0.0 -0.2 1.2 -0.0 1.3 3.1 -0.0 3.1 2.5 -0.0 2.6 1.0 -0.0 1.0 20 21 22 23 24 25 26 27 28 29 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) -284.8 0.0 -0.4 0.2 -263.9 -14.1 -6.6 -144.7 0.0 1.6 5.7 -148.3 -0.4 -3.2 -64.2 0.0 -0.9 -2.6 -60.5 -2.0 1.8 18.6 0.0 0.7 7.6 4.6 0.9 4.8 81.9 0.0 0.1 2.8 69.2 1.9 7.8 84.3 0.0 1.6 9.6 52.3 8.4 12.4 11.6 0.0 3.9 -8.3 6.7 1.7 7.7 157.7 0.0 0.7 12.8 126.0 10.2 8.0 92.1 0.0 0.2 12.7 52.7 12.7 13.7 75.7 0.0 1.3 21.3 23.8 9.0 20.3 -68.1 0.0 -0.5 -23.3 -56.8 -2.0 14.4 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -23.7 -23.7 -4.9 -4.9 -3.9 -3.9 1.7 1.7 0.2 0.2 -1.9 -1.9 -0.4 -0.4 -2.6 -2.6 -4.7 -4.7 0.0 0.0 0.0 0.0 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business -91.0 -81.9 -9.1 -15.2 -13.7 -1.5 3.0 2.7 0.3 11.2 10.1 1.1 14.4 12.9 1.4 11.5 10.3 1.1 2.6 2.3 0.3 24.8 22.3 2.5 6.3 5.7 0.6 12.3 11.1 1.2 26.2 23.6 2.6 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations -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 24.9 -2.8 5.4 18.9 -1.5 6.9 -2.0 -13.5 -2.5 0.4 12.2 -2.3 -14.8 -6.5 43.9 5.0 2.6 39.4 -11.7 10.9 -2.3 34.7 -1.6 6.3 9.4 11.0 8.2 1.5 90.1 3.0 8.2 60.3 18.4 -2.7 3.0 -47.5 -17.7 4.2 -14.6 -13.9 -0.3 -5.1 54.3 3.2 7.3 9.8 24.7 8.4 1.0 42.0 5.0 5.3 -17.6 14.9 27.3 7.1 3.2 0.5 -4.4 3.4 5.8 2.2 -4.3 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. Flows 2009 64 Z.1, June 11, 2015 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 Q3 Q4 2015 Q1 1 Net change in mortgages -51.5 -316.1 -158.2 -68.5 103.8 214.1 31.0 179.4 271.6 374.6 148.3 1 2 3 4 5 Home Multifamily residential Commercial Farm 23.9 7.0 -93.7 11.3 -161.7 -4.3 -158.1 8.1 -91.8 4.0 -83.5 13.1 -77.6 32.9 -29.7 5.8 0.9 37.1 60.7 5.1 49.3 68.0 92.2 4.6 -45.9 40.8 31.6 4.5 44.8 51.2 78.8 4.6 92.0 73.2 101.7 4.6 106.2 107.0 156.8 4.6 -20.8 86.7 78.6 3.6 2 3 4 5 -51.5 -316.1 -158.2 -68.5 103.8 214.1 31.0 179.4 271.6 374.6 148.3 6 70.0 -179.0 -79.4 -67.5 8.2 49.6 -46.1 43.1 89.2 112.3 -20.4 7 -133.3 -143.5 10.2 -137.9 -130.5 -7.3 -92.3 -61.3 -30.9 -5.9 -64.3 58.4 87.9 21.2 66.7 150.7 11.7 139.0 64.5 -0.9 65.3 129.8 16.4 113.4 176.9 32.8 144.1 231.8 -1.6 233.3 151.5 -2.9 154.4 8 9 10 6 Flows Q2 7 Net borrowing Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 0.0 11.8 0.0 0.8 0.0 13.5 0.0 4.8 0.0 7.8 0.0 13.8 0.0 12.6 0.0 6.5 0.0 5.5 0.0 30.4 0.0 17.2 11 12 13 Net change in assets -51.5 -316.1 -158.2 -68.5 103.8 214.1 31.0 179.4 271.6 374.6 148.3 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -0.9 -4.1 -1.2 -10.9 -1.6 4.2 0.9 -0.6 -5.8 -13.8 -1.9 -2.4 -10.9 1.8 1.0 -7.4 1.8 1.8 -6.9 1.8 0.7 -8.2 1.8 1.9 -8.0 1.8 1.4 -6.6 1.8 3.1 -8.6 1.8 2.4 14 15 16 17 18 Federal government State and local governments 12.6 8.9 -5.4 14.3 3.3 -0.2 1.6 5.7 4.0 1.6 1.7 13.5 1.9 14.4 2.3 21.8 2.9 1.7 -0.3 16.0 3.5 40.2 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -178.1 -6.4 -0.3 5.4 -149.2 -2.5 -6.5 0.9 -105.3 -2.6 -2.4 4.5 13.7 -1.9 1.5 8.3 -26.6 -0.6 -2.5 18.6 117.9 7.3 -2.1 26.9 176.8 7.8 -1.8 22.4 184.6 7.8 -0.8 25.7 30.2 5.1 -3.3 34.8 79.9 8.3 -2.3 24.4 291.9 -0.6 -10.4 18.4 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies -0.5 -16.3 -0.3 -8.6 0.8 15.0 0.7 11.9 2.3 18.8 2.0 21.6 1.3 14.2 2.1 17.1 2.3 17.0 2.4 38.0 1.9 25.3 23 24 25 26 Private pension funds State and local govt. retirement funds -2.4 -2.7 2.8 -0.4 -4.6 -0.5 1.2 -1.1 -3.4 -0.7 -0.2 0.5 -2.9 1.4 3.5 0.9 4.0 0.3 -5.3 -0.7 -3.1 -1.4 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 2.4 458.3 -71.0 186.9 -60.5 165.3 -71.4 132.2 72.5 132.4 4.3 75.3 -180.6 77.4 -19.6 27.8 114.2 83.4 103.0 112.6 -105.1 -0.9 27 28 29 30 31 ABS issuers Finance companies REITs -248.1 -47.8 -30.2 -213.3 -54.2 -1.3 -146.2 -30.9 11.7 -136.0 -25.7 8.6 -217.6 -21.9 135.0 -74.5 -8.7 32.7 -177.9 -13.0 94.0 -65.5 -18.0 -6.1 -22.8 -10.0 16.6 -31.7 6.0 26.1 -73.5 -11.6 -21.9 29 30 31 65 Z.1, June 11, 2015 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 6 7 8 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business Q2 Q3 2015 Q1 Q4 23.9 -161.7 -91.8 -77.6 0.9 49.3 -45.9 44.8 92.0 106.2 -20.8 1 66.3 -12.4 -30.0 -182.1 -6.8 27.1 -73.1 -3.4 -15.4 -65.2 -0.5 -11.9 3.4 0.3 -2.7 41.8 1.5 6.0 -48.5 1.7 1.0 35.5 2.0 7.3 81.4 1.5 9.1 98.9 0.8 6.5 -28.3 2.0 5.6 2 3 4 23.9 -161.7 -91.8 -77.6 0.9 49.3 -45.9 44.8 92.0 106.2 -20.8 5 -8.0 -2.5 -0.4 -8.0 -0.9 1.5 -8.0 -0.3 -2.1 -8.0 -2.0 -0.9 -8.0 3.2 0.4 -8.0 3.2 0.7 -8.0 3.2 0.2 -8.0 3.2 0.7 -8.0 3.2 0.5 -8.0 3.2 1.1 -8.0 3.2 0.9 6 7 8 5.7 6.3 -1.8 8.8 0.2 1.1 1.1 3.9 0.4 1.4 1.2 7.3 1.0 7.7 -0.9 11.6 1.0 1.2 3.6 8.5 3.5 21.3 9 10 9 10 Federal government State and local governments 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -125.9 -6.0 -0.3 5.4 -48.9 0.1 -2.5 0.9 -37.6 0.3 -2.4 4.5 5.5 0.5 2.3 8.3 -96.2 -0.4 -1.1 18.6 18.2 1.5 -1.5 26.9 99.4 1.0 -2.2 22.4 80.6 1.2 -0.3 25.7 -52.7 2.1 -2.7 34.8 -54.3 1.6 -1.0 24.4 183.8 -0.5 -3.6 18.4 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 0.2 0.7 -1.0 0.3 -0.1 -0.1 -0.1 -0.3 -0.2 0.5 -0.1 -0.4 0.8 -0.2 -0.2 3.5 0.0 0.2 2.9 -0.1 0.5 2.9 0.2 0.3 3.6 0.3 0.1 4.7 -0.4 -0.3 -1.3 -0.2 -0.5 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -23.2 445.6 -76.4 175.8 -66.5 148.0 -82.5 105.0 87.1 98.8 4.5 51.1 -164.7 57.9 -3.6 5.6 103.3 61.1 83.1 80.0 -133.7 -15.1 18 19 20 21 22 ABS issuers Finance companies REITs -202.1 -45.2 -25.2 -160.8 -49.8 0.2 -120.9 -18.4 11.0 -106.7 -11.1 6.9 -83.0 -17.3 -3.3 -63.4 -9.8 13.9 -62.1 -14.2 9.1 -71.3 -10.0 6.8 -70.6 -13.7 28.7 -49.5 -1.4 10.8 -73.0 -13.1 -2.8 20 21 22 239.2 186.2 154.1 142.2 92.3 52.3 14.7 13.5 12.0 12.1 17.6 23 -46.2 -21.9 -0.6 -4.1 -10.1 -9.6 -52.8 -31.8 0.0 -6.4 -5.4 -9.3 -53.9 -41.1 -0.0 -6.0 -2.7 -4.0 -62.7 -51.7 -0.0 -6.5 -2.0 -2.4 -56.4 -46.9 0.1 -3.7 -2.3 -3.6 -24.8 -22.9 0.1 1.7 -1.6 -2.0 -42.4 -36.0 0.0 -2.2 -1.6 -2.6 -20.9 -18.4 0.0 1.2 -1.7 -2.0 -14.7 -17.5 -0.1 6.3 -1.6 -1.9 -21.2 -19.6 0.3 1.3 -1.4 -1.6 -45.3 -38.7 -0.0 -2.1 -1.7 -2.8 24 25 26 27 28 29 23 24 25 26 27 28 29 Memo: Charge-offs (2) Home equity loans included above (3) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1. (3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 7.0 -4.3 4.0 32.9 37.1 68.0 40.8 51.2 73.2 107.0 86.7 1 0.2 4.5 0.0 2.3 -0.2 -4.5 0.0 0.4 0.2 3.7 0.0 0.1 1.7 32.4 0.0 -1.1 1.7 32.1 0.0 3.3 3.4 63.7 0.0 1.0 2.1 40.4 0.0 -1.8 2.5 46.7 0.0 2.1 3.7 70.2 0.0 -0.6 5.1 97.4 0.0 4.4 4.2 79.4 0.0 3.2 2 3 4 5 7.0 -4.3 4.0 32.9 37.1 68.0 40.8 51.2 73.2 107.0 86.7 6 0.0 -0.1 -0.4 0.0 -0.0 1.5 0.0 -0.0 -2.0 0.0 -0.0 -0.8 0.0 -0.0 0.3 0.0 -0.0 0.6 0.0 -0.0 0.2 0.0 -0.0 0.7 0.0 -0.0 0.5 0.0 -0.0 1.1 0.0 -0.0 0.8 7 8 9 0.1 2.2 -0.3 4.5 -0.3 -1.0 -0.3 1.5 0.0 0.2 -0.6 5.1 -0.2 5.5 -0.4 8.5 -1.0 0.4 -0.8 6.1 -0.3 15.6 10 11 10 11 Federal government State and local governments 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. -9.0 -0.4 -12.2 -0.5 -6.6 -0.6 10.2 -1.5 29.4 -0.4 38.0 0.2 37.7 -0.5 41.8 0.0 34.4 0.2 38.1 1.0 35.9 0.6 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds -3.2 0.3 -0.8 -1.3 0.4 -0.1 2.1 -0.3 -0.2 1.7 -0.3 -0.3 2.5 -0.3 -0.2 2.8 -0.0 0.1 0.7 -0.4 0.4 2.4 0.4 0.3 2.9 0.4 0.1 5.1 -0.6 -0.2 2.9 -0.3 -0.4 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.2 13.0 2.0 11.3 2.8 19.4 6.2 27.0 -21.9 33.7 -2.7 24.3 -18.5 19.7 -18.4 22.3 8.6 22.5 17.3 32.8 25.4 14.4 17 18 19 20 21 ABS issuers Finance companies REITs -6.1 -0.7 -2.0 -8.6 -0.7 -0.3 -7.7 -1.5 -0.2 -9.6 -0.8 0.1 -5.9 -0.8 0.5 -1.6 0.1 1.8 -3.1 0.1 -0.8 -6.6 0.2 0.2 0.2 -0.3 4.3 3.0 0.3 3.6 -8.4 0.0 0.5 19 20 21 Flows 2009 66 Z.1, June 11, 2015 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 Flows 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business Q2 Q3 Q4 2015 Q1 -93.7 -158.1 -83.5 -29.7 60.7 92.2 31.6 78.8 101.7 156.8 78.6 1 3.8 -135.4 28.5 9.5 3.0 -126.6 -35.0 0.4 -6.3 -62.7 -27.9 13.3 -2.3 -67.8 34.4 6.0 4.8 17.4 34.0 4.5 7.8 4.6 67.0 12.7 2.5 -6.7 21.4 14.4 7.6 9.6 57.1 4.4 7.7 25.4 62.4 6.1 13.5 -9.9 127.2 26.1 7.9 -11.3 68.1 14.0 2 3 4 5 -93.7 -158.1 -83.5 -29.7 60.7 92.2 31.6 78.8 101.7 156.8 78.6 6 -0.7 -1.6 -0.3 -1.1 -0.6 1.1 -0.6 -0.2 -1.6 -0.3 0.1 -0.7 0.4 -1.3 0.3 1.4 -1.3 0.5 1.2 -1.3 0.2 1.2 -1.3 0.5 1.5 -1.3 0.4 1.7 -1.3 0.9 1.9 -1.3 0.7 7 8 9 6.4 0.4 -3.7 0.9 3.2 -0.2 0.8 0.3 3.9 0.0 0.2 1.0 0.8 1.1 2.7 1.7 0.9 0.1 -3.6 1.2 -0.4 3.1 10 11 10 11 Federal government State and local governments 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas -36.8 0.1 -0.0 -95.1 -2.1 -4.0 -62.9 -2.3 -0.1 -8.1 -0.9 -0.8 38.8 0.2 -1.4 60.1 5.5 -0.5 38.2 7.2 0.4 60.7 5.9 -0.5 46.9 2.9 -0.6 94.5 5.7 -1.3 70.4 -0.8 -6.7 12 13 14 15 16 Property-casualty insurance companies Life insurance companies -0.5 -11.5 -0.3 -6.8 0.8 12.3 0.7 9.8 2.3 15.4 2.0 14.9 1.3 10.2 2.1 11.5 2.3 10.2 2.4 27.8 1.9 23.4 15 16 17 18 Private pension funds State and local govt. retirement funds -3.5 -0.9 2.5 -0.1 -4.0 -0.2 1.6 -0.4 -2.8 -0.2 -0.2 0.2 -2.4 0.5 2.9 0.3 3.3 0.1 -4.4 -0.3 -2.6 -0.5 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 -39.9 0.0 -43.9 0.0 -17.6 0.0 -19.7 0.0 -128.7 0.0 -9.5 0.0 -112.7 0.0 12.4 0.0 47.6 0.0 14.8 0.0 7.8 19 20 21 22 Finance companies REITs -1.9 -2.9 -3.7 -1.2 -11.0 0.9 -13.8 1.5 -3.8 137.7 1.0 17.0 1.2 85.8 -8.2 -13.1 4.0 -16.5 7.1 11.6 1.4 -19.6 21 22 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets 5 6 Household sector Nonfinancial noncorporate business 7 8 Federal government State and local governments 11.3 8.1 13.1 5.8 5.1 4.6 4.5 4.6 4.6 4.6 3.6 1 4.0 7.3 3.1 5.0 4.5 8.6 2.3 3.5 1.8 3.3 2.2 2.4 2.0 2.5 2.2 2.4 2.2 2.4 2.3 2.3 2.3 1.4 2 3 11.3 8.1 13.1 5.8 5.1 4.6 4.5 4.6 4.6 4.6 3.6 4 7.8 -0.0 -1.7 0.1 9.5 -0.1 -5.5 -0.0 -3.3 0.0 -0.8 0.0 -0.1 0.0 -1.4 0.0 -1.5 0.0 -0.3 0.1 -2.5 0.0 5 6 0.4 0.0 0.4 0.1 0.3 -0.0 0.1 0.0 -0.3 0.0 0.9 0.1 0.3 0.1 1.0 0.1 2.1 0.0 0.5 0.1 0.7 0.2 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. -6.4 -0.0 7.0 0.0 1.7 -0.0 6.1 0.0 1.4 -0.0 1.6 0.2 1.5 0.0 1.6 0.7 1.6 -0.1 1.6 -0.0 1.8 0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds -1.7 0.0 -0.9 0.0 0.6 0.0 0.0 0.0 0.1 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.4 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 11.4 -0.2 3.4 -0.2 3.3 -2.1 4.9 0.3 7.4 -0.2 2.4 -0.1 2.5 -0.1 2.4 -0.1 2.3 -0.1 2.6 -0.2 3.2 -0.2 13 14 (1) Excludes mortgages on farm houses. 67 Z.1, June 11, 2015 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 1 Net change in liabilities (Households) -103.6 -25.3 108.6 169.4 175.9 218.4 194.0 257.8 222.8 199.0 186.8 1 2 Net change in assets -103.6 -25.3 108.6 169.4 175.9 218.4 194.0 257.8 222.8 199.0 186.8 2 -5.8 -2.0 0.0 -10.4 -11.4 0.0 -3.9 2.0 0.0 -8.8 1.5 0.0 -6.3 -4.2 0.0 -5.7 -1.3 0.0 -4.9 14.2 0.0 -4.4 8.2 0.0 -7.3 -9.6 0.0 -6.4 -18.0 0.0 -6.7 13.6 0.0 3 4 5 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 87.9 -64.5 0.9 133.1 -70.3 -10.7 128.5 7.1 -3.4 132.1 28.1 20.6 113.1 52.9 21.9 111.1 71.5 37.2 121.2 40.8 32.4 104.7 95.2 47.1 112.7 81.2 29.5 105.8 68.9 39.8 117.3 21.8 39.6 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 -37.8 -82.4 0.0 -42.3 -13.4 0.0 -4.1 -17.4 0.0 3.8 -7.8 0.0 -0.8 -0.6 0.0 0.6 5.0 0.0 -2.6 -7.1 0.0 -3.6 10.7 0.0 7.8 8.4 0.0 0.9 8.0 0.0 -2.7 3.9 9 10 11 -87.9 -58.2 101.0 -58.4 -69.9 -40.6 80.8 4.3 1.8 17.1 99.9 -10.2 4.7 60.0 119.0 -14.3 12.3 69.6 91.7 2.3 31.8 79.0 102.3 5.4 11.0 72.5 89.7 20.8 59.4 84.4 105.1 8.9 30.6 77.5 111.1 3.6 26.2 81.5 103.1 -11.8 3.6 74.7 75.6 32.9 12 13 14 15 9 10 11 Memo: 12 13 14 15 Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. Flows 2009 68 Z.1, June 11, 2015 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 Flows 1 Net change in trade payables Q2 Q3 2015 Q1 Q4 7.8 154.9 128.6 139.0 185.8 161.3 61.8 254.4 154.7 174.3 164.8 1 41.4 -29.4 1.2 4.0 1.0 3.1 4.0 3.6 1.9 3.0 1.4 2 Nonfinancial corporate business Nonfinancial noncorporate business -82.6 16.9 156.3 30.3 25.2 54.8 66.2 16.0 105.4 16.4 84.2 25.3 48.9 10.6 130.7 29.2 70.2 17.9 86.9 43.4 62.2 56.8 3 4 5 6 Federal government State and local governments -56.2 38.9 5.2 38.5 8.8 38.4 13.4 38.8 19.6 39.6 17.5 40.7 4.5 40.0 33.0 40.7 23.2 41.1 9.2 41.1 -4.7 40.1 5 6 7 8 Brokers and dealers Rest of the world 48.9 0.5 -52.0 6.0 -3.8 4.0 -0.0 0.7 0.3 3.4 3.4 -12.8 1.0 -47.1 11.9 5.3 8.4 -8.0 -7.8 -1.5 5.1 3.9 7 8 -114.9 165.1 171.4 74.8 316.0 153.8 122.9 231.5 103.9 156.8 184.5 9 2 Household sector 3 4 9 Net change in trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business -31.2 -26.3 105.7 37.0 83.7 61.0 52.0 4.6 277.2 17.4 108.8 31.6 49.2 12.0 160.5 34.3 106.4 24.7 119.2 55.2 104.0 42.1 10 11 12 13 14 15 Federal government State and local governments Property-casualty insurance companies ABS issuers -21.1 -4.6 -3.7 -34.3 -0.7 13.1 0.8 -9.5 4.8 5.6 3.4 -4.2 2.6 5.6 4.8 -6.4 3.3 8.5 3.3 -5.4 -2.7 7.7 5.5 -4.4 8.1 2.1 19.3 -5.7 -2.8 13.5 15.2 -1.6 -0.7 6.1 -2.0 -11.6 -15.1 9.0 -10.3 1.2 11.2 6.4 21.3 -0.0 12 13 14 15 16 17 Rest of the world Discrepancy 6.3 18.6 17.1 11.6 11.9 7.2 37.9 12.5 -18.9 -2.4 -0.4 16 122.7 -10.2 -42.8 64.2 -130.3 7.5 -61.0 22.9 50.7 17.5 -19.8 17 F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities -5.4 105.0 -7.4 97.7 104.3 95.8 147.5 225.5 172.7 -162.6 -53.2 1 2 3 Household sector Brokers and dealers 38.1 -43.5 75.2 29.8 -39.3 31.9 64.9 32.8 35.4 68.9 30.4 65.4 -74.3 221.8 219.3 6.3 59.4 113.4 -82.9 -79.7 -60.8 7.7 2 3 4 Net change in assets -5.4 105.0 -7.4 97.7 104.3 95.8 147.5 225.5 172.7 -162.6 -53.2 4 5 Household sector -35.7 23.5 0.9 42.0 58.5 53.5 202.8 1.6 103.6 -94.0 6.3 5 6 7 U.S.-chartered depository institutions Foreign banking offices in U.S. -3.4 -4.5 3.2 3.1 12.2 18.8 -1.9 -7.3 7.9 2.5 8.2 3.8 21.9 -2.9 10.6 -5.9 -2.7 12.5 2.9 11.4 1.6 -0.2 6 7 8 Brokers and dealers 38.1 75.2 -39.3 64.9 35.4 30.4 -74.3 219.3 59.4 -82.9 -60.8 8 F.225 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Net change in liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies 27.4 14.4 81.1 -11.9 30.0 56.3 41.7 52.6 56.2 74.5 87.1 1 1.1 26.3 0.9 13.6 1.3 79.9 0.3 -12.2 0.2 29.8 0.8 55.5 -0.1 41.8 0.6 52.1 1.2 55.0 1.4 73.1 -2.1 89.1 2 3 27.4 14.4 81.1 -11.9 30.0 56.3 41.7 52.6 56.2 74.5 87.1 4 24.6 0.8 2.1 6.2 4.5 3.8 73.5 5.2 2.4 -26.6 7.4 7.3 19.2 5.7 5.1 45.3 5.9 5.0 31.3 5.6 4.7 41.4 6.0 5.3 46.4 5.0 4.8 62.2 6.9 5.3 77.7 5.2 4.2 5 6 7 69 Z.1, June 11, 2015 F.226 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 398.2 596.4 498.3 497.6 498.7 548.5 516.6 553.3 538.8 585.4 518.6 1 2 3 Life insurance companies (1) Private pension funds (2) -80.0 153.7 72.1 177.9 85.7 95.6 80.5 114.0 53.8 127.8 70.9 135.1 52.5 126.3 55.2 161.8 88.9 107.2 87.0 144.9 44.9 147.5 2 3 4 5 Federal government retirement funds (3) State and local govt. retirement funds 93.7 230.7 102.1 244.3 113.0 204.0 102.0 201.1 109.9 207.2 115.8 226.7 108.0 229.9 103.8 232.4 121.6 221.1 130.0 223.5 106.6 219.6 4 5 398.2 596.4 498.3 497.6 498.7 548.5 516.6 553.3 538.8 585.4 518.6 6 207.0 30.7 8.7 -4.9 -42.0 176.7 37.6 213.4 26.6 3.0 19.5 -24.0 158.1 30.2 380.0 20.3 1.2 14.4 9.0 67.3 267.8 261.0 24.4 1.4 22.1 6.0 126.7 80.3 229.9 -0.4 -0.7 19.2 13.0 131.5 67.2 240.5 0.1 -1.6 27.8 -11.0 86.1 139.0 223.6 -27.0 -1.2 14.7 -16.0 153.1 100.0 345.8 -6.9 -1.5 21.6 -16.0 212.2 136.4 365.8 15.4 -1.5 1.8 8.0 -16.4 358.4 26.8 19.0 -2.1 73.3 -20.0 -4.6 -38.8 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 6 Net change in liabilities 2010 Net change in assets (Households) (4) Memo: 7 8 9 10 11 12 13 Individual Retirement Accounts (IRAs) at: (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Assets of the household sector (F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12). F.227 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses -3.4 19.4 20.1 16.8 12.2 22.7 30.9 42.6 13.3 4.1 105.7 1 -3.3 -6.3 7.2 -0.7 8.8 0.6 2.3 7.6 -9.1 3.6 0.4 6.5 -18.3 2.5 7.8 7.0 18.4 5.1 -6.4 11.3 51.5 18.6 2 3 7.3 6.6 10.6 7.0 0.1 15.2 31.1 29.0 -11.6 12.3 19.1 4 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 U.S.-chartered depository institutions 5 6 Property-casualty insurance companies Life insurance companies 5.3 -7.0 5.6 2.6 -4.4 5.2 3.8 -4.6 19.1 -2.3 1.9 -1.9 7.3 5.0 -2.8 -1.0 3.0 -3.4 0.4 -8.3 1.4 10.0 5 6 7 8 Finance companies Brokers and dealers -2.8 3.2 0.3 -2.1 0.5 -1.1 0.2 0.5 0.1 0.6 0.3 0.3 0.1 3.2 0.1 2.5 0.8 1.1 0.3 -5.5 1.8 3.3 7 8 30.1 28.1 28.1 36.5 31.4 59.4 54.0 116.5 28.0 39.3 175.9 9 35.9 -5.8 27.1 1.0 25.6 2.5 27.9 8.6 27.8 3.6 53.0 6.5 60.1 -6.0 94.6 21.9 30.2 -2.3 26.9 12.3 167.8 8.1 10 11 -33.5 -8.6 -8.1 -19.7 -19.2 -36.7 -23.1 -73.9 -14.6 -35.1 -70.2 12 9 10 11 12 Net change in business taxes receivable Federal government State and local governments Discrepancy F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Total household investment Nonfinancial noncorporate business Brokers and dealers -107.6 167.2 161.0 133.5 75.6 50.6 73.9 31.5 63.0 33.9 16.9 1 -108.2 0.6 166.4 0.9 163.8 -2.9 126.8 6.7 79.5 -3.9 48.3 2.3 70.9 3.0 33.2 -1.8 56.3 6.7 32.8 1.1 16.2 0.8 2 3 Flows 2009 70 Z.1, June 11, 2015 F.229 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 Flows U.S. direct investment abroad: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Liab.: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 310.4 262.1 34.6 227.4 22.5 48.3 52.5 4.2 301.1 343.0 40.6 302.5 23.3 -42.0 1.5 43.5 419.1 401.5 89.1 312.4 22.5 17.5 42.2 24.7 333.0 319.0 28.6 290.4 21.6 14.0 17.1 3.1 349.5 352.1 14.4 337.7 21.2 -2.6 23.3 25.9 358.0 361.8 5.5 356.3 21.0 -3.9 9.6 13.5 195.6 212.5 -110.0 322.5 21.0 -16.9 -0.4 16.5 338.0 349.1 -15.0 364.2 21.0 -11.1 5.1 16.2 385.5 404.0 35.2 368.8 21.0 -18.5 19.3 37.8 512.6 481.6 111.8 369.8 21.0 31.0 14.3 -16.7 385.7 364.3 75.5 288.8 21.0 21.4 27.6 6.2 1 2 3 4 5 6 7 8 Asset: Nonfinancial corporate business Of which: Current-cost adjustment U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 269.7 22.5 -0.8 16.3 1.6 11.0 12.5 303.3 23.3 2.7 -22.2 1.9 6.8 8.7 403.9 22.5 -6.2 1.1 3.3 12.0 4.9 315.9 21.6 -2.6 0.2 5.2 7.7 6.7 317.4 21.2 3.5 14.1 1.2 4.0 9.2 330.3 21.0 5.2 5.2 1.6 6.3 9.4 160.8 21.0 -5.4 3.2 -0.3 28.5 9.0 324.9 21.0 0.4 4.0 -1.8 9.4 1.0 340.0 21.0 18.6 7.5 4.5 6.4 8.6 495.4 21.0 7.1 6.0 3.9 -18.9 19.1 388.9 21.0 -15.6 9.1 8.1 -25.2 20.4 9 10 11 12 13 14 15 Foreign direct investment in U.S.: 16 17 18 19 20 21 22 23 24 Liab.: Nonfinancial corporate business Of which: Current-cost adjustment Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 104.6 6.8 0.1 16.6 2.4 11.1 12.8 2.1 0.6 157.0 7.8 0.3 12.4 2.8 6.3 13.2 13.2 0.6 192.7 6.2 0.0 26.0 -2.2 -5.4 6.1 18.2 0.6 170.1 5.6 0.6 -0.8 -5.3 1.4 -0.8 9.4 0.6 207.1 5.5 0.5 4.0 6.8 5.1 0.5 11.6 0.6 79.8 5.5 0.9 3.1 0.9 8.9 0.1 3.5 0.6 -446.4 5.5 1.0 3.7 -2.1 5.8 1.6 8.8 0.6 259.6 5.5 0.8 2.7 -3.1 9.2 3.2 3.0 0.6 328.8 5.4 0.8 -6.1 9.3 15.5 -6.9 1.9 0.6 177.1 5.4 1.0 12.1 -0.2 5.2 2.5 0.2 0.6 312.8 5.4 0.9 2.8 9.9 12.5 -5.7 -2.6 0.6 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Asset: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 150.4 148.5 126.8 21.7 6.8 2.0 1.1 -0.9 205.9 203.1 140.5 62.7 7.8 2.7 12.7 10.0 236.1 185.1 106.5 78.6 6.2 51.0 47.7 -3.4 175.2 191.4 93.9 97.5 5.6 -16.2 23.3 39.5 236.3 226.8 126.9 99.9 5.5 9.4 42.3 32.8 97.8 77.2 -26.5 103.6 5.5 20.7 2.4 -18.3 -427.0 -399.1 -478.0 78.9 5.5 -27.9 -101.7 -73.7 276.1 254.6 139.7 114.8 5.5 21.5 41.3 19.7 343.9 249.4 154.8 94.6 5.4 94.5 58.2 -36.2 198.4 203.7 77.5 126.2 5.4 -5.3 11.9 17.2 331.1 250.7 130.1 120.6 5.4 40.4 64.0 23.6 25 26 27 28 29 30 31 32 Memo: Direct investment, asset/liability presentation: 33 34 35 36 37 Net U.S. acquisition of direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 7) U.S. affiliates’ claims (line 32) 313.7 262.1 51.7 52.5 -0.9 354.6 343.0 11.5 1.5 10.0 440.4 401.5 38.9 42.2 -3.4 375.5 319.0 56.5 17.1 39.5 408.2 352.1 56.1 23.3 32.8 353.2 361.8 -8.7 9.6 -18.3 138.4 212.5 -74.1 -0.4 -73.7 374.0 349.1 24.9 5.1 19.7 387.1 404.0 -16.9 19.3 -36.2 513.1 481.6 31.5 14.3 17.2 415.5 364.3 51.2 27.6 23.6 33 34 35 36 37 38 39 40 41 42 Net U.S. incurrence of direct investment liabilities Equity (line 26) Intercompany debt U.S. parents’ liabilities (line 8) U.S. affiliates’ liabilities (line 31) 153.8 148.5 5.3 4.2 1.1 259.3 203.1 56.2 43.5 12.7 257.4 185.1 72.4 24.7 47.7 217.8 191.4 26.4 3.1 23.3 295.0 226.8 68.1 25.9 42.3 93.1 77.2 15.9 13.5 2.4 -484.2 -399.1 -85.2 16.5 -101.7 312.1 254.6 57.5 16.2 41.3 345.4 249.4 96.0 37.8 58.2 198.9 203.7 -4.8 -16.7 11.9 320.8 250.7 70.2 6.2 64.0 38 39 40 41 42 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 71 Z.1, June 11, 2015 F.230 Total Miscellaneous Financial Claims 2009 1 Net change in liabilities 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 245.3 593.8 1158.3 1008.3 1134.9 1442.4 2230.7 1523.5 1026.4 989.1 1706.0 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -4.9 142.4 32.6 2.7 488.7 -54.3 -0.4 827.3 -21.0 0.6 728.9 51.8 3.0 622.5 -85.4 1.2 672.8 6.5 4.1 915.6 -9.9 5.3 693.0 8.9 -2.6 634.5 0.8 -2.0 448.2 26.4 4.6 681.6 59.3 2 3 4 5 6 Federal government State and local governments 97.0 304.0 110.7 275.5 123.7 329.0 95.7 311.6 104.8 273.8 108.1 364.2 79.2 403.9 121.7 367.2 81.6 320.8 149.9 364.7 304.0 406.0 5 6 4.9 358.2 -158.9 4.3 14.7 28.7 -8.9 -30.5 -5.9 -8.3 -27.2 -94.9 10.1 -3.9 1.3 4.0 147.1 -35.7 -2.0 0.3 9.8 120.1 -33.2 -3.0 1.5 3.5 313.6 -11.7 -1.6 1.2 61.2 331.5 5.7 2.1 -5.8 -25.1 194.0 -13.6 1.7 13.8 -58.0 447.2 63.2 -10.5 0.4 35.7 281.5 -102.2 0.2 -3.6 58.5 114.0 11.4 -3.4 3.5 7 8 9 10 11 -5.0 89.9 6.3 60.7 35.2 48.0 -1.0 27.4 -0.3 3.0 14.8 42.4 3.8 83.7 34.3 103.4 26.8 -35.0 -5.8 17.6 -11.2 81.1 12 13 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 12 13 Property-casualty insurance companies Life insurance companies 14 15 16 Government-sponsored enterprises Finance companies REITs 62.3 -104.1 -5.3 -42.2 -71.7 4.1 -49.2 -19.1 7.1 -6.1 -24.7 25.4 -9.4 -26.4 -21.7 -3.6 -15.2 11.8 -13.8 -10.1 26.1 -0.7 7.4 17.7 6.8 -93.0 1.9 -6.9 34.9 1.5 -4.2 7.5 -4.7 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 61.7 -26.9 -103.2 9.0 -68.5 -105.1 -19.4 -36.2 -85.1 -7.7 -98.6 -68.6 41.3 222.0 -64.3 -19.9 -31.1 -12.4 174.1 57.7 129.1 45.7 97.0 -173.3 -75.5 -197.9 -59.7 -223.9 -81.2 54.5 176.0 -256.0 40.5 17 18 19 20 Rest of the world -518.3 2.7 132.9 -140.0 -23.3 -2.0 -7.6 25.1 -25.2 -0.5 37.4 20 -1.0 335.6 742.9 682.2 1311.5 1143.9 2177.4 1335.2 395.6 667.4 1567.8 21 34.9 -167.9 -92.5 8.3 214.8 105.0 70.7 23.6 102.1 -6.1 110.4 222.9 52.2 291.6 41.7 15.2 158.4 132.8 8.8 385.3 54.6 30.5 303.4 143.9 5.7 90.4 105.4 15.7 -145.7 227.4 3.1 169.8 162.5 22 23 24 25.5 35.2 -21.9 -3.6 -1.2 2.0 6.3 -1.0 4.8 5.9 11.4 12.5 11.6 11.0 15.7 19.9 5.3 11.0 13.0 8.2 25.9 10.7 25 26 21 Net change in assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 State and local governments Federal government 27 28 29 30 31 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -494.9 27.5 -4.4 -4.5 0.2 7.3 -99.7 -15.3 4.5 41.1 142.4 -68.5 15.0 0.8 -12.1 -25.6 -9.7 -0.3 0.2 0.8 32.3 -7.8 13.1 8.6 -1.6 -0.5 -8.5 14.4 12.8 5.3 8.2 145.0 56.3 -12.5 -6.8 3.3 131.3 3.7 20.3 20.5 -8.8 -111.2 8.8 -4.8 -5.5 -4.8 -199.3 -11.3 48.4 13.0 -32.5 204.0 17.8 -8.2 -14.9 27 28 29 30 31 32 33 34 35 Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds -23.1 192.9 77.5 316.7 -7.6 8.6 85.9 305.4 52.4 50.2 91.6 319.7 31.2 35.2 90.7 301.9 24.4 39.0 91.4 278.8 73.0 86.2 94.7 378.2 67.0 93.1 94.7 419.4 55.1 39.7 94.7 394.2 36.7 76.5 94.7 323.9 133.1 135.4 94.7 375.1 92.8 91.4 338.4 405.8 32 33 34 35 36 37 Money market mutual funds Mutual funds -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -14.3 -4.3 -61.8 130.7 -71.9 -86.9 -24.4 82.2 101.0 -143.0 -93.8 0.0 36 37 38 39 40 Government-sponsored enterprises Finance companies REITs 1.2 17.4 10.2 29.3 -110.1 1.3 -0.1 -5.9 8.5 4.1 -33.4 25.8 13.1 -22.3 12.2 -11.0 9.4 16.9 -54.1 -44.8 39.3 -2.7 8.8 44.8 -8.6 -17.0 14.9 21.5 90.5 -31.6 40.2 14.8 24.3 38 39 40 41 42 43 Brokers and dealers Holding companies Funding corporations 42.4 85.4 -67.2 -112.9 -31.2 -58.4 -106.6 36.5 19.6 -68.1 16.9 7.2 147.7 251.8 13.0 47.1 111.2 3.0 633.0 188.2 11.0 -183.2 296.8 53.1 -131.9 -185.0 37.2 -129.5 145.0 -89.3 200.4 -160.2 75.5 41 42 43 246.3 258.2 415.4 326.1 -176.7 298.5 53.3 188.3 630.8 321.7 138.2 44 44 Discrepancy Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 72 Z.1, June 11, 2015 F.231 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 1.7 1.7 2.3 2.3 2.6 2.6 2.4 2.4 2.2 2.2 2.3 2.3 0.0 0.0 6.8 6.8 1.9 1.9 0.7 0.7 -0.2 -0.2 1 2 4.6 4.6 0.9 0.9 0.4 0.4 0.5 0.5 0.1 0.1 1.1 1.1 2.2 2.2 0.4 0.4 0.1 0.1 1.5 1.5 1.0 1.0 3 4 0.0 0.0 -0.0 0.0 0.7 -0.4 -0.3 -2.7 0.1 0.4 0.0 -3.0 -0.2 -0.0 -5.9 -0.0 0.3 0.0 -6.1 0.7 -0.8 -1.8 0.0 0.2 0.0 -2.2 0.1 0.1 0.5 0.0 0.6 0.0 -0.6 -0.6 1.0 1.2 0.1 0.8 0.0 -0.6 0.6 0.4 -4.7 0.6 1.1 0.0 -6.7 0.1 0.2 6.1 -0.2 0.3 0.0 4.5 0.9 0.6 1.4 -0.0 0.7 0.0 -0.4 0.7 0.4 2.0 0.1 0.8 0.0 0.2 0.7 0.2 -4.3 0.3 0.4 0.0 -6.1 0.3 0.8 5 6 7 8 9 10 11 166.8 0.0 9.3 -23.3 -173.1 23.5 3.1 33.4 0.0 22.2 -39.5 -24.3 10.6 2.4 76.1 0.0 9.3 -20.3 -13.0 30.6 82.7 101.2 -6.8 10.3 -3.5 52.3 -51.5 101.9 59.2 -6.0 3.4 -15.8 57.1 -16.9 81.0 191.0 0.1 0.8 -13.1 0.8 -5.6 173.9 165.8 -2.2 0.9 -45.9 88.9 -8.1 199.3 206.4 1.9 2.3 -3.0 61.0 19.5 288.2 114.4 -0.2 -0.3 -4.0 -158.6 -27.6 -76.4 277.5 0.9 0.2 0.5 11.9 -6.4 284.5 -86.0 -5.5 1.1 -4.5 -69.6 40.5 -124.2 12 13 14 15 16 17 18 -9.3 -9.3 26.7 26.7 8.4 8.4 2.6 2.6 14.7 14.7 14.1 14.1 66.9 66.9 -4.8 -4.8 -6.5 -6.5 0.7 0.7 -7.3 -7.3 19 20 -73.5 6.3 -67.2 -31.5 -26.9 -58.4 -33.7 53.4 19.6 -11.8 19.0 7.2 -2.5 15.5 13.0 -20.3 23.3 3.0 1.5 9.6 11.0 -12.2 65.3 53.1 28.1 9.1 37.2 -98.5 9.2 -89.3 -27.9 103.4 75.5 21 22 23 2.4 1.2 1.2 7.9 4.0 4.0 1.4 0.7 0.7 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24 25 26 Flows Federal Reserve Bank stock: 3 4 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: 5 6 7 8 9 10 11 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) Holding company net transactions with subsidiaries: 12 13 14 15 16 17 18 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world Asset: Holding companies NFC investment in finance company subsidiaries: 19 20 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 21 22 23 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 24 25 26 Liab.: Funding corporations Asset: Households (2) Federal government (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-are not available before 1982. (2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 73 Z.1, June 11, 2015 F.232 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) -543.5 0.0 -543.5 -10.2 0.0 -10.2 99.7 0.0 99.7 -90.9 0.0 -90.9 -8.6 -0.0 -8.6 1.3 0.0 1.3 0.5 0.0 0.5 -1.1 0.0 -1.1 0.5 0.0 0.5 5.2 0.0 5.2 -2.9 0.0 -2.9 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 0.4 0.4 -1.5 -1.5 -1.8 -1.8 1.2 1.2 -3.2 -3.2 -1.5 -1.5 -0.5 -0.5 -5.6 -5.6 1.1 1.1 -1.0 -1.0 4.4 4.4 6 7 -4.9 -4.9 2.7 2.7 -0.4 -0.4 0.6 0.6 3.0 3.0 1.2 1.2 4.1 4.1 5.3 5.3 -2.6 -2.6 -2.0 -2.0 4.6 4.6 8 9 8.4 9.7 -1.1 -0.1 17.1 17.0 0.4 -0.4 14.8 15.6 -1.8 0.9 -1.8 -2.4 0.4 0.3 0.4 0.2 0.2 -0.0 5.8 5.5 0.2 0.1 15.0 14.5 -0.6 1.1 12.7 12.3 2.0 -1.6 1.7 -3.3 0.9 4.1 -6.2 -1.7 -1.3 -3.2 13.9 7.8 -0.8 6.9 10 11 12 13 8.4 17.1 14.8 -1.8 0.4 5.8 15.0 12.7 1.7 -6.2 13.9 14 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 14 Asset: Household sector Policy payables: 15 Liab.: Property-casualty insurance companies -5.0 6.3 35.2 5.8 5.7 14.7 6.0 32.4 27.1 -6.6 -5.6 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 8.7 -4.0 -9.8 -35.2 11.7 29.9 36.7 10.1 -11.6 -17.7 7.6 15.9 39.7 -6.6 -27.4 -1.0 8.2 7.5 -3.4 4.2 5.2 6.8 15.5 10.1 4.6 13.3 9.2 -11.9 -0.1 5.4 5.5 -4.0 -7.1 16 17 18 114.3 90.9 23.4 13.9 -0.3 14.2 9.9 20.7 -10.7 -1.9 5.0 -6.9 1.3 7.5 -6.2 23.1 17.8 5.3 27.6 23.1 4.5 35.0 22.1 12.9 3.2 6.9 -3.7 26.4 19.0 7.4 27.0 19.6 7.3 19 20 21 -8.6 -8.6 15.4 15.4 3.0 3.0 -12.3 -12.3 -0.6 -0.6 0.9 0.9 -0.8 -0.8 1.9 1.9 3.6 3.6 -1.2 -1.2 6.6 6.6 22 23 -30.2 -30.2 -123.5 -123.5 -74.6 -74.6 -79.2 -79.2 94.0 94.0 47.1 47.1 484.0 484.0 -192.0 -192.0 -44.8 -44.8 -58.9 -58.9 139.1 139.1 24 25 61.9 61.9 65.7 65.7 70.8 70.8 40.4 40.4 98.2 98.2 68.8 68.8 74.9 74.9 52.6 52.6 79.9 79.9 67.8 67.8 -71.5 -71.5 26 27 16.6 16.6 22.5 22.5 18.5 18.5 13.3 13.3 12.2 12.2 10.4 10.4 -2.7 -2.7 11.0 11.0 -0.6 -0.6 33.9 33.9 -16.3 -16.3 28 29 Unallocated insurance company contracts: 19 20 21 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 30 31 32 Liab.: Nonfinancial corporate business Federal government State and local governments 82.8 15.6 304.0 -20.7 20.2 275.5 -16.8 20.8 329.0 8.4 50.3 311.6 12.1 -6.8 273.8 23.1 25.9 364.2 8.2 19.8 403.9 -47.1 42.1 367.2 31.9 14.7 320.8 99.3 26.8 364.7 33.1 409.9 406.0 30 31 32 33 34 35 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 82.8 15.6 304.0 -20.7 20.2 275.5 -16.8 20.8 329.0 8.4 50.3 311.6 12.1 -6.8 273.8 23.1 25.9 364.2 8.2 19.8 403.9 -47.1 42.1 367.2 31.9 14.7 320.8 99.3 26.8 364.7 33.1 409.9 406.0 33 34 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Flows Postal Savings System deposits: 74 Z.1, June 11, 2015 F.233 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2014 2014 Q1 Flows 1 Net change in liabilities Q2 Q3 Q4 2015 Q1 298.4 331.3 541.1 650.0 541.8 662.0 915.9 859.2 632.2 240.8 817.3 1 68.2 32.6 493.9 -54.3 841.1 -21.0 732.8 51.8 611.0 -85.4 648.9 6.5 908.2 -9.9 738.2 8.9 599.0 0.8 350.1 26.4 641.9 59.3 2 3 2.9 2.4 13.6 -8.3 1.3 3.0 -12.8 16.0 -12.5 21.3 -18.1 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 0.4 191.5 -85.1 4.3 14.7 27.8 -42.3 0.9 -5.9 -8.3 -27.5 -171.0 43.9 -3.9 1.3 3.5 45.9 -23.9 -2.0 0.3 9.7 60.9 -30.6 -3.0 1.5 2.4 122.5 8.5 -1.6 1.2 59.0 165.7 4.3 2.1 -5.8 -25.5 -12.5 -1.4 1.7 13.8 -58.1 332.8 35.1 -10.5 0.4 34.2 4.0 -3.8 0.2 -3.6 57.5 200.1 39.6 -3.4 3.5 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs -42.1 61.9 -71.5 -5.3 7.4 -37.9 -58.8 4.1 14.0 -41.4 -7.1 7.1 20.7 -5.4 -23.8 25.4 -2.1 -6.7 -25.4 -21.7 12.8 -3.4 -16.2 11.8 40.1 -8.6 -31.1 26.1 53.3 -1.2 15.2 17.7 -39.6 4.4 -82.5 1.9 -2.7 -7.9 33.7 1.5 39.1 -4.3 19.4 -4.7 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations 228.6 -26.9 -75.4 60.2 -68.5 10.4 -59.8 -36.2 -11.9 -79.0 -98.6 10.5 -31.3 222.0 -158.3 -43.9 -31.1 -59.4 75.7 57.7 -354.8 -80.5 97.0 18.6 74.0 -197.9 -14.9 -245.0 -81.2 113.4 142.3 -256.0 -98.5 14 15 16 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 Federal government 5 6 7 8 9 17 Net change in assets 52.1 73.2 125.7 324.0 718.5 363.5 862.6 670.9 1.4 -81.0 679.1 17 -154.7 -82.7 176.3 74.7 5.1 113.5 100.2 206.9 283.5 68.5 135.9 124.6 313.6 48.3 292.9 133.4 83.6 95.6 -146.4 221.1 180.8 169.3 18 19 Federal government State and local governments 32.3 25.5 -9.8 -21.9 -1.3 -1.2 -3.5 6.3 3.7 4.8 10.2 11.4 11.0 11.6 13.2 15.7 9.1 5.3 7.5 13.0 10.9 25.9 20 21 22 23 24 25 26 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 48.5 21.8 -4.4 -4.5 0.6 17.5 -96.0 -15.3 4.5 41.3 42.7 -60.9 15.0 0.8 -12.8 65.3 -9.2 -0.3 0.2 0.7 40.9 -4.2 13.1 8.6 -1.1 -1.8 -7.5 14.4 12.8 4.7 7.7 150.0 56.3 -12.5 -6.8 4.4 132.0 3.7 20.3 19.7 -9.3 -112.0 8.8 -4.8 -6.2 -9.9 -200.1 -11.3 48.4 12.4 -29.6 204.7 17.8 -8.2 -15.2 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds -17.8 27.8 -10.6 -10.2 14.2 15.7 53.6 43.4 1.4 30.6 34.1 -2.9 20.4 20.0 11.2 71.4 44.5 8.7 62.6 62.6 10.9 49.2 62.8 14.1 39.0 34.1 6.8 134.9 18.3 2.9 87.4 32.1 -7.6 27 28 29 30 31 Money market mutual funds Mutual funds -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -14.3 -4.3 -61.8 130.7 -71.9 -86.9 -24.4 82.2 101.0 -143.0 -93.8 0.0 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs 1.2 17.4 10.2 29.3 -110.1 1.3 -0.1 -5.9 8.5 4.1 -33.4 25.8 13.1 -22.3 12.2 -11.0 9.4 16.9 -54.1 -44.8 39.3 -2.7 8.8 44.8 -8.6 -17.0 14.9 21.5 90.5 -31.6 40.2 14.8 24.3 32 33 34 35 36 Brokers and dealers Holding companies 72.6 82.3 10.6 -33.6 -32.0 -46.2 11.1 -85.0 53.7 170.8 -0.0 -62.7 149.0 -11.1 8.7 8.6 -87.1 -108.6 -70.6 -139.5 61.3 -36.0 35 36 246.3 258.2 415.4 326.1 -176.7 298.5 53.3 188.3 630.8 321.7 138.2 37 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 20 21 37 Discrepancy 75 Z.1, June 11, 2015 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 All sectors Q3 Q4 2015 Q1 418.5 312.6 335.9 438.3 -229.6 173.4 235.4 -135.2 890.5 -297.2 468.4 1 35.8 -135.6 -306.5 296.1 -690.1 797.5 -291.0 761.9 -387.4 209.3 -357.8 325.2 -304.4 267.7 -300.8 221.6 80.7 571.2 -906.8 240.2 -708.3 433.0 2 3 Federal government State and local governments -54.3 64.7 -49.1 -8.8 -9.9 76.0 -61.2 3.8 -42.1 20.9 -53.7 -16.5 64.3 26.3 -286.0 -30.5 155.5 -20.3 -148.4 -41.8 -135.9 -39.0 4 5 Domestic financial sectors 158.1 200.5 97.0 -4.4 -81.5 -25.5 91.0 59.7 -358.9 106.0 28.5 6 -6.0 -10.0 -1.2 -18.8 -1.9 -3.4 -4.1 -2.8 -2.6 -4.0 -3.3 7 2 3 Household sector Nonfinancial corporate business 4 5 6 7 Q2 Monetary authority 8 9 10 11 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 169.4 175.1 6.2 12.6 157.4 -17.6 -0.0 -6.4 90.0 1.4 1.0 -27.2 42.8 12.2 -0.1 4.8 -29.1 -53.0 -0.3 13.8 53.0 -54.8 -0.2 -7.5 194.0 -130.4 2.8 -19.0 46.3 3.6 1.2 -13.8 -187.8 -68.8 -3.0 -0.8 159.4 -23.6 -1.8 3.5 -90.8 23.1 3.3 -18.0 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies -22.2 -84.7 76.6 -31.8 4.6 -30.3 -15.0 -38.0 6.8 -22.5 -6.6 -36.6 7.4 -40.8 14.6 -27.8 -14.8 -21.7 -33.6 -56.3 -15.5 -29.3 12 13 14 15 Mutual funds Government-sponsored enterprises -40.7 9.1 -24.9 43.0 -35.7 3.0 -39.8 34.3 -41.3 0.7 -14.1 22.7 -16.5 103.2 -18.1 22.7 -11.0 -95.7 -10.8 60.5 -10.1 57.4 14 15 16 17 18 Issuers of asset-backed securities Finance companies REITs 0.0 11.5 -11.7 0.0 9.9 8.1 0.0 43.2 18.2 0.0 30.6 28.4 0.0 20.9 57.4 0.0 -12.9 40.4 0.0 -18.9 20.2 0.0 -4.8 18.9 0.0 -15.6 52.9 0.0 -12.3 69.7 0.0 30.8 69.4 16 17 18 19 20 Brokers and dealers Holding companies -56.3 -4.0 -6.0 2.3 30.5 -0.2 -43.0 -2.6 -30.2 -2.7 -1.5 -3.8 -3.9 -2.6 23.4 -3.7 14.3 -4.1 -39.7 -4.7 15.5 -3.8 19 20 349.8 180.3 65.5 29.1 51.2 301.7 90.4 200.8 462.2 453.5 890.1 21 21 Rest of the world F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 418.5 312.6 335.9 438.3 -229.6 173.4 235.4 -135.2 890.5 -297.2 468.4 1 2 3 Treasury currency Foreign deposits -4.4 -55.1 -1.1 49.2 -0.7 -136.3 -0.6 -137.3 -1.1 -3.2 -1.1 -84.1 -1.0 -14.8 -0.9 -137.9 -1.8 190.9 -0.5 -374.4 -1.5 -129.1 2 3 4 5 Net interbank transactions Security repurchase agreements 14.5 208.6 25.8 54.6 3.5 70.2 5.7 -6.3 56.8 -161.8 -47.1 -141.1 189.5 -40.0 -55.5 -323.8 -139.3 15.1 -183.0 -215.5 298.6 -29.8 4 5 6 7 8 9 Mail floats Federal government State and local governments Private domestic -0.3 0.7 0.0 -1.0 -1.1 0.0 0.0 -1.1 0.8 -0.1 0.0 0.9 1.5 0.6 0.0 0.9 -0.7 0.4 0.0 -1.2 0.9 1.1 0.0 -0.3 -39.3 -43.2 0.0 4.0 97.7 97.6 0.0 0.1 -1.3 4.4 0.0 -5.8 -53.6 -54.3 0.0 0.7 -40.6 -42.0 0.0 1.4 6 7 8 9 10 11 Trade credit Taxes payable 122.7 -33.5 -10.2 -8.6 -42.8 -8.1 64.2 -19.7 -130.3 -19.2 7.5 -36.7 -61.0 -23.1 22.9 -73.9 50.7 -14.6 17.5 -35.1 -19.8 -70.2 10 11 12 Miscellaneous 246.3 258.2 415.4 326.1 -176.7 298.5 53.3 188.3 630.8 321.7 138.2 12 13 Nonfinancial -80.3 -54.1 33.9 204.6 206.5 176.4 171.9 147.8 160.1 225.9 322.5 13 75.3 5.0 49.2 4.9 -38.3 4.4 -209.2 4.6 -211.9 5.4 -182.0 5.6 -177.5 5.6 -153.5 5.6 -165.7 5.6 -231.6 5.7 -328.3 5.8 14 15 14 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas Flows 2009 76 Z.1, June 11, 2015 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 69571.2 75018.2 76643.8 82079.9 90583.9 94907.6 91395.8 93124.3 93091.2 94907.6 96210.0 1 94.3 94.3 95.1 107.9 110.9 92.2 114.2 85.1 109.8 130.5 98.0 119.1 109.3 118.9 110.1 128.2 103.7 133.4 98.0 119.1 88.7 118.7 2 3 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 1378.3 7416.5 2178.5 134.2 1636.8 7598.3 1855.0 137.8 1751.4 8003.0 1803.0 133.4 1932.3 8449.3 1868.5 135.0 2219.6 8730.5 1938.7 136.7 2512.2 9247.9 1927.7 151.7 2213.5 8911.2 1873.7 141.9 2292.5 8934.0 1838.9 147.9 2328.1 9036.5 1871.8 148.6 2512.2 9247.9 1927.7 151.7 2408.3 9473.3 1849.5 157.8 4 5 6 7 Credit market instruments 7379.5 7630.0 7050.3 6984.9 6687.7 6321.3 6541.8 6426.8 6375.6 6321.3 6388.0 8 167.8 1528.8 1058.3 1871.5 1706.1 202.1 480.2 364.5 191.8 1814.4 1016.2 1913.9 1527.5 205.1 481.4 479.6 177.7 1369.7 846.9 1847.1 1519.2 207.1 476.6 606.1 161.4 1641.5 674.4 1703.6 1402.2 207.1 463.9 730.8 127.4 1646.1 609.9 1647.4 1143.9 219.3 460.3 833.4 115.8 1453.1 497.7 1574.0 1052.3 220.1 471.0 937.4 124.2 1598.4 519.0 1640.5 1102.7 221.8 463.1 872.1 118.0 1447.3 525.5 1637.1 1126.5 218.3 467.9 886.3 116.3 1432.4 501.9 1586.3 1127.4 219.0 467.7 924.6 115.8 1453.1 497.7 1574.0 1052.3 220.1 471.0 937.4 116.1 1448.4 495.0 1591.0 1061.3 220.1 480.5 975.6 9 10 11 12 13 14 15 16 2 3 U.S. official reserve assets Foreign deposits 4 5 6 7 8 9 10 11 12 13 14 15 16 Levels Total financial assets 2010 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 17 18 Corporate equities Mutual fund shares 7435.1 4310.9 8873.0 4850.5 8680.8 4847.4 9854.6 5876.1 12700.5 7313.1 13572.4 8016.8 12781.4 7590.4 13514.4 7889.5 12983.2 7864.4 13572.4 8016.8 13857.8 8248.8 17 18 19 20 Trade receivables Security credit 2734.2 701.7 2885.6 725.2 3040.7 726.1 3105.5 757.0 3411.8 815.5 3557.3 869.0 3487.9 866.2 3580.3 866.6 3603.6 892.5 3557.3 869.0 3656.4 870.5 19 20 21 22 Life insurance reserves Pension entitlements 1109.5 15458.1 1137.5 17035.7 1199.3 17447.7 1186.4 18460.8 1233.0 19893.7 1282.8 20783.7 1242.6 20093.4 1256.7 20402.1 1263.3 20476.3 1282.8 20783.7 1304.8 20991.9 21 22 23 24 25 Taxes payable Equity in noncorpate business U.S. direct investment abroad 250.9 6258.6 3245.1 262.1 6894.2 3402.9 272.8 7587.0 3759.2 279.9 8386.5 4081.0 289.6 9502.9 4370.0 310.2 9924.7 4594.1 296.2 9578.5 4394.9 297.0 9668.0 4465.6 304.5 9791.8 4530.7 310.2 9924.7 4594.1 315.9 10156.2 4691.7 23 24 25 26 Miscellaneous assets 9391.5 9890.6 10138.6 10522.9 11100.1 11618.7 11154.0 11305.7 11383.0 11618.7 11631.6 26 48417.0 50544.2 52502.4 54859.5 56264.8 58583.3 56728.8 57181.3 57872.3 58583.3 59138.8 27 27 Total liabilities 28 29 30 U.S. official reserve assets SDR certificates Treasury currency 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 54.6 5.2 25.6 54.6 5.2 25.6 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 28 29 30 31 Credit market instruments 34469.7 35618.2 36751.2 38411.2 39762.4 41438.7 40183.6 40392.6 40836.3 41438.7 41735.8 31 58.4 7781.9 23.5 3672.5 3197.0 1474.2 1458.4 14251.6 2552.3 82.9 9361.5 24.2 3772.1 3376.3 1465.6 1269.4 13619.2 2646.9 116.3 10428.3 25.3 3719.4 3538.3 1541.7 1333.0 13293.5 2755.4 130.3 11568.9 24.9 3714.4 3861.8 1742.8 1372.4 13072.8 2922.9 144.5 12328.3 24.5 3671.2 4141.5 1868.8 1408.0 13076.6 3098.8 182.4 12995.6 24.4 3652.4 4406.4 2145.9 1483.9 13230.4 3317.2 180.2 12590.8 24.0 3660.8 4213.2 1909.4 1440.7 13059.5 3105.0 185.9 12544.4 24.0 3661.4 4272.1 2014.8 1428.3 13089.8 3171.9 208.5 12755.6 23.9 3631.1 4321.7 2053.4 1445.9 13147.2 3249.0 182.4 12995.6 24.4 3652.4 4406.4 2145.9 1483.9 13230.4 3317.2 187.6 13062.6 24.1 3694.0 4518.9 2210.3 1481.4 13235.3 3321.6 32 33 34 35 36 37 38 39 40 32 33 34 35 36 37 38 39 40 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 41 42 Trade payables Security credit 3100.8 203.0 3301.7 278.2 3430.1 238.9 3566.0 303.7 3748.1 339.2 3918.9 369.5 3775.5 320.6 3844.5 375.4 3881.2 390.3 3918.9 369.5 3958.9 354.3 41 42 43 44 45 Life insurance reserves Taxes payable Foreign direct investment in U.S. 47.8 135.6 1991.2 48.7 142.0 2134.0 50.0 151.4 2236.8 50.3 161.3 2415.5 50.5 155.8 2617.5 51.3 162.6 2720.2 50.5 162.6 2577.5 50.6 160.3 2635.8 50.9 169.4 2671.7 51.3 162.6 2720.2 50.7 191.0 2798.8 43 44 45 46 Miscellaneous liabilities 8382.0 8935.9 9558.7 9866.1 9506.1 9840.4 9573.1 9636.7 9789.7 9840.4 9970.0 46 (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. 77 Z.1, June 11, 2015 L.101 Households and Nonprofit Organizations (1) 2009 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 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 13 14 15 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages Consumer credit (student loans) 16 17 Corporate equities (3) Mutual fund shares 18 19 20 21 22 Security credit Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 23 24 Equity in noncorporate business Miscellaneous assets 25 26 Total liabilities Credit market instruments 27 28 29 Home mortgages (5) Consumer credit Municipal securities 30 31 32 Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 33 34 35 Security credit Trade payables Deferred and unpaid life insurance premiums 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 48618.0 52888.2 54071.3 58417.9 65352.0 68314.7 66007.7 67288.6 67006.9 68314.7 69382.6 1 8097.7 8071.0 8716.1 9239.0 9600.2 10144.1 9760.6 9771.4 9897.4 10144.1 10287.2 2 62.7 396.1 6326.0 1312.9 67.3 423.7 6450.8 1129.2 57.4 728.8 6820.0 1109.9 49.7 892.1 7187.1 1110.2 52.5 1013.6 7398.4 1135.7 47.0 1127.5 7867.4 1102.1 51.5 1059.9 7550.0 1099.2 50.3 1078.2 7573.4 1069.5 53.2 1060.6 7695.8 1087.7 47.0 1127.5 7867.4 1102.1 44.9 1154.2 8057.1 1030.9 3 4 5 6 4835.3 4915.1 4395.5 4208.9 3856.9 3314.5 3666.5 3502.7 3419.0 3314.5 3271.4 7 22.7 853.3 356.4 21.1 1122.6 334.2 19.4 717.0 299.3 18.8 943.1 176.8 15.0 956.6 141.1 14.9 696.7 41.3 15.9 900.4 55.6 16.1 721.1 60.8 15.9 704.9 43.8 14.9 696.7 41.3 15.2 640.2 42.6 8 9 10 1827.9 1548.5 26.8 110.9 88.8 1871.4 1361.1 26.2 100.1 78.4 1805.7 1355.3 23.4 100.9 74.5 1661.2 1235.4 20.9 87.1 65.6 1605.9 976.9 25.9 76.2 59.3 1540.0 874.9 24.3 68.8 53.6 1602.4 932.9 26.6 74.5 58.1 1600.7 952.4 22.2 72.5 57.0 1552.7 953.1 23.0 70.5 55.2 1540.0 874.9 24.3 68.8 53.6 1554.4 876.1 24.4 66.7 51.9 11 12 13 14 15 7255.8 4100.4 8696.2 4605.0 8498.4 4622.5 9676.3 5630.4 12501.8 7023.0 13360.7 7695.3 12580.0 7292.8 13307.1 7579.3 12777.4 7553.1 13360.7 7695.3 13640.8 7918.8 16 17 701.7 1109.5 15458.1 3212.0 12246.1 725.2 1137.5 17035.7 3523.7 13512.0 726.1 1199.3 17447.7 3928.9 13518.8 757.0 1186.4 18460.8 3839.1 14621.7 815.5 1233.0 19893.7 3116.3 16777.4 869.0 1282.8 20783.7 3196.1 17587.6 866.2 1242.6 20093.4 3187.1 16906.3 866.6 1256.7 20402.1 3114.0 17288.1 892.5 1263.3 20476.3 3233.3 17243.0 869.0 1282.8 20783.7 3196.1 17587.6 870.5 1304.8 20991.9 3369.7 17622.1 18 19 20 21 22 6258.6 800.9 6894.2 808.2 7587.0 878.8 8386.5 872.7 9502.9 924.9 9924.7 940.1 9578.5 927.1 9668.0 934.7 9791.8 936.2 9924.7 940.1 10156.2 940.9 23 24 14062.8 13782.3 13570.9 13637.8 13792.5 14168.9 13780.6 13949.1 14075.3 14168.9 14151.6 25 13559.6 13230.6 13057.8 13055.1 13170.4 13512.1 13175.1 13286.6 13398.1 13512.1 13508.6 26 10419.4 2552.3 265.4 9915.6 2646.9 263.2 9695.9 2755.4 255.5 9490.2 2922.9 241.0 9405.9 3098.8 227.8 9403.1 3317.2 223.1 9373.9 3105.0 227.6 9370.2 3171.9 227.0 9386.3 3249.0 224.6 9403.1 3317.2 223.1 9370.5 3321.6 223.0 27 28 29 -15.9 133.7 204.7 61.0 136.1 207.7 11.5 138.1 201.4 62.6 139.3 199.1 92.7 141.3 203.9 212.9 144.2 211.7 123.0 141.0 204.5 168.4 142.6 206.4 186.7 143.0 208.3 212.9 144.2 211.7 235.1 144.6 213.7 30 31 32 203.0 278.2 22.1 278.2 248.8 24.7 238.9 250.0 24.3 303.7 254.0 24.9 339.2 255.0 27.9 369.5 258.1 29.1 320.6 256.0 28.9 375.4 256.9 30.2 390.3 257.4 29.6 369.5 258.1 29.1 354.3 258.5 30.2 33 34 35 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 78 Z.1, June 11, 2015 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 16893.8 17745.0 18420.1 19301.3 20632.1 21633.9 20727.3 21099.2 21278.2 21633.9 21853.6 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 31.5 689.3 842.1 729.2 7.9 40.6 766.1 905.0 574.7 12.1 34.8 816.8 924.2 540.1 12.6 35.4 830.6 967.5 600.1 9.7 78.1 918.2 1019.4 642.2 8.8 72.1 1017.1 1057.1 652.4 13.5 67.4 889.3 1040.0 610.5 11.3 77.9 953.7 1045.4 600.7 13.5 80.2 983.9 1019.0 614.5 13.4 72.1 1017.1 1057.1 652.4 13.5 73.7 1019.3 1083.5 637.2 12.8 2 3 4 5 6 7 Credit market instruments 311.7 324.6 312.8 301.8 280.1 268.4 272.6 268.2 267.1 268.4 272.3 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 56.0 89.1 14.3 32.2 68.0 96.1 16.0 29.6 67.9 91.9 14.3 28.2 59.5 92.4 13.1 29.0 38.2 97.2 10.3 28.0 31.6 95.5 12.8 19.8 35.1 95.5 11.6 24.5 29.2 96.1 13.5 22.4 30.0 96.0 13.3 19.6 31.6 95.5 12.8 19.8 31.0 97.7 13.2 21.7 8 9 10 11 12 13 Mortgages Consumer credit 67.5 52.6 70.1 45.0 63.7 46.9 59.4 48.4 62.2 44.2 65.8 43.0 62.8 43.1 63.7 43.3 64.6 43.5 65.8 43.0 66.8 41.9 12 13 14 15 Mutual fund shares Trade receivables 162.0 2551.4 186.8 2690.4 165.9 2835.2 179.6 2891.8 211.0 3186.3 234.9 3326.7 217.1 3260.0 226.5 3348.4 227.6 3370.5 234.9 3326.7 240.5 3422.0 14 15 16 17 U.S. direct investment abroad Miscellaneous assets 3245.1 8323.6 3402.9 8841.8 3759.2 9018.6 4081.0 9403.7 4370.0 9918.1 4594.1 10397.6 4394.9 9964.2 4465.6 10099.3 4530.7 10171.1 4594.1 10397.6 4691.7 10400.5 16 17 18634.6 18898.9 19581.4 20593.3 21419.0 22381.7 21538.3 21841.4 22088.8 22381.7 22702.7 18 10136.3 9964.0 10254.6 10782.3 11298.0 11979.1 11462.0 11603.2 11750.6 11979.1 12177.9 19 18 Levels Total financial assets 2010 19 Total liabilities Credit market instruments 20 21 22 Commercial paper Municipal securities Corporate bonds 58.4 452.2 3197.0 82.9 485.4 3376.3 116.3 493.9 3538.3 130.3 509.1 3861.8 144.5 518.5 4141.5 182.4 518.4 4406.4 180.2 517.7 4213.2 185.9 516.4 4272.1 208.5 514.8 4321.7 182.4 518.4 4406.4 187.6 525.1 4518.9 20 21 22 23 24 25 Depository institution loans n.e.c. Other loans and advances Mortgages 1490.1 1311.1 3627.5 1404.6 1118.9 3495.9 1530.2 1179.7 3396.2 1680.1 1217.4 3383.5 1776.1 1250.5 3466.9 1933.0 1323.1 3615.7 1786.4 1283.4 3481.0 1846.4 1269.2 3513.2 1866.7 1286.4 3552.6 1933.0 1323.1 3615.7 1975.2 1320.1 3651.2 23 24 25 26 27 Trade payables Taxes payable 1987.6 135.6 2174.2 142.0 2254.2 151.4 2334.0 161.3 2455.8 155.8 2565.3 162.6 2463.4 162.6 2511.5 160.3 2533.2 169.4 2565.3 162.6 2588.1 191.0 26 27 28 29 Foreign direct investment in U.S. Miscellaneous liabilities 1991.2 4383.9 2134.0 4484.6 2236.8 4684.4 2415.5 4900.3 2617.5 4891.8 2720.2 4954.5 2577.5 4872.8 2635.8 4930.6 2671.7 4963.9 2720.2 4954.5 2798.8 4946.8 28 29 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 79 Z.1, June 11, 2015 L.103 Nonfinancial Corporate Business 2009 1 Total financial assets 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 13317.5 14016.8 14505.6 15084.9 16338.4 17105.6 16410.4 16720.7 16854.7 17105.6 17242.6 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 31.5 154.9 488.8 655.5 7.9 40.6 234.5 548.7 497.8 12.1 34.8 264.2 561.9 462.4 12.6 35.4 218.4 595.2 519.4 9.7 78.1 303.5 636.2 559.1 8.8 72.1 368.6 646.9 565.2 13.5 67.4 270.9 655.0 527.1 11.3 77.9 326.2 655.1 516.1 13.5 80.2 349.6 624.8 529.1 13.4 72.1 368.6 646.9 565.2 13.5 73.7 361.3 654.2 548.5 12.8 2 3 4 5 6 7 Credit market instruments 222.5 228.9 221.8 209.0 184.6 167.9 176.6 170.9 168.8 167.9 170.2 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 56.0 43.0 14.3 27.1 68.0 48.0 16.0 23.9 67.9 43.0 14.3 22.3 59.5 39.4 13.1 22.9 38.2 42.8 10.3 21.8 31.6 38.3 12.8 13.2 35.1 40.8 11.6 18.2 29.2 40.6 13.5 16.1 30.0 40.0 13.3 13.2 31.6 38.3 12.8 13.2 31.0 39.6 13.2 15.0 8 9 10 11 12 13 Mortgages Consumer credit 29.5 52.6 28.0 45.0 27.4 46.9 25.5 48.4 27.4 44.2 29.2 43.0 27.8 43.1 28.3 43.3 28.7 43.5 29.2 43.0 29.6 41.9 12 13 14 15 Mutual fund shares Trade receivables 162.0 2055.1 186.8 2157.1 165.9 2240.8 179.6 2292.8 211.0 2570.0 234.9 2678.9 217.1 2640.7 226.5 2720.5 227.6 2736.4 234.9 2678.9 240.5 2763.6 14 15 16 U.S. direct investment abroad (1) 3245.1 3402.9 3759.2 4081.0 4370.0 4594.1 4394.9 4465.6 4530.7 4594.1 4691.7 16 17 18 19 20 21 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company subs. Other 6294.1 307.0 0.4 71.2 5915.5 6707.4 318.7 0.6 60.7 6327.4 6782.0 328.8 0.5 69.1 6383.6 6944.3 336.4 0.6 71.7 6535.6 7416.9 329.8 0.6 86.4 7000.1 7763.6 338.1 0.7 100.5 7324.4 7449.4 330.9 0.7 103.1 7014.6 7548.5 334.8 0.7 101.9 7111.1 7594.0 338.1 0.7 100.3 7154.9 7763.6 338.1 0.7 100.5 7324.4 7725.9 337.1 0.8 98.7 7289.4 17 18 19 20 21 12903.6 13226.7 13878.4 14695.2 15471.1 16177.4 15572.6 15804.6 16001.4 16177.4 16403.4 22 22 Total liabilities 23 Credit market instruments 6150.9 6013.1 6308.0 6714.1 7115.3 7579.2 7263.4 7345.6 7448.9 7579.2 7717.7 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 58.4 452.2 3197.0 82.9 485.4 3376.3 116.3 493.9 3538.3 130.3 509.1 3861.8 144.5 518.5 4141.5 182.4 518.4 4406.4 180.2 517.7 4213.2 185.9 516.4 4272.1 208.5 514.8 4321.7 182.4 518.4 4406.4 187.6 525.1 4518.9 24 25 26 27 28 29 Depository institution loans n.e.c. Other loans and advances (3) Mortgages 545.8 1139.0 758.5 477.1 948.1 643.3 569.2 1008.3 581.9 658.4 1036.8 517.7 708.3 1063.6 538.9 794.1 1126.7 551.1 719.3 1095.6 537.4 748.6 1080.8 541.8 762.3 1095.9 545.8 794.1 1126.7 551.1 811.9 1125.4 548.9 27 28 29 30 31 Trade payables Taxes payable 1590.1 35.7 1746.4 42.9 1771.6 51.7 1837.8 54.0 1943.2 44.9 2027.3 45.3 1947.3 51.1 1987.4 47.0 2004.1 54.8 2027.3 45.3 2035.3 68.9 30 31 32 Foreign direct investment in U.S. 1986.4 2128.7 2230.7 2408.9 2610.3 2712.0 2569.9 2628.1 2663.8 2712.0 2790.4 32 33 34 35 36 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 3140.5 75.4 497.6 2567.5 3295.6 90.8 446.5 2758.3 3516.4 93.8 517.2 2905.4 3680.5 81.4 389.8 3209.3 3757.5 80.9 131.4 3545.2 3813.6 81.7 19.4 3712.5 3740.9 80.7 103.8 3556.4 3796.5 81.1 31.7 3683.7 3829.7 82.0 49.7 3697.9 3813.6 81.7 19.4 3712.5 3791.1 83.4 4.0 3703.7 33 34 35 36 465.0 12512.2 410.7 14356.5 469.2 14369.4 455.1 15961.6 626.9 20718.3 651.5 22283.4 693.4 20921.0 733.2 21891.0 732.3 21444.5 651.5 22283.4 728.3 22443.9 37 38 Memo: 37 38 Trade receivables net of payables Market value of equities 39 40 Securities and mortgages Loans and short-term paper 4407.6 1743.3 4504.9 1508.2 4614.1 1693.9 4888.6 1825.5 5198.9 1916.4 5476.0 2103.2 5268.3 1995.1 5330.3 2015.3 5382.2 2066.7 5476.0 2103.2 5592.8 2124.8 39 40 41 42 Total short-term liabilities (4) Total liquid assets (5) 3369.0 1641.0 3297.5 1676.5 3517.1 1649.2 3717.2 1692.8 3904.5 1909.8 4175.8 1996.9 3993.5 1854.5 4049.6 1914.6 4125.7 1921.3 4175.8 1996.9 4229.1 1989.8 41 42 43 44 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 71.7 28.3 74.9 25.1 73.1 26.9 72.8 27.2 73.1 26.9 72.2 27.8 72.5 27.5 72.6 27.4 72.3 27.7 72.2 27.8 72.5 27.5 43 44 45 Liquid assets/short-term liabilities 48.7 50.8 46.9 45.5 48.9 47.8 46.4 47.3 46.6 47.8 47.1 45 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (5) Sum of lines 2 through 6, lines 8 through 11, and line 14. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 80 Z.1, June 11, 2015 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Checkable deposits and currency Time and savings deposits Money market fund shares 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 16 Levels Total financial assets 2 3 4 17 18 19 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages 20 21 Trade payables Taxes payable 22 23 Foreign direct investment in U.S. Miscellaneous liabilities (1) Equity in the Farm Credit System. 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3576.3 3728.3 3914.6 4216.4 4293.7 4528.3 4316.9 4378.4 4423.4 4528.3 4611.0 1 534.4 353.3 73.7 531.6 356.2 76.8 552.7 362.2 77.7 612.2 372.3 80.7 614.6 383.1 83.0 648.5 410.2 87.3 618.4 385.0 83.4 627.5 390.3 84.6 634.4 394.2 85.4 648.5 410.2 87.3 658.0 429.3 88.7 2 3 4 89.1 95.8 91.1 92.9 95.5 100.4 96.0 97.3 98.3 100.4 102.1 5 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.9 5.9 36.3 0.0 52.9 6.1 33.9 0.0 54.5 6.3 34.8 0.0 57.2 6.6 36.6 0.0 54.7 6.3 35.0 0.0 55.5 6.4 35.5 0.0 56.0 6.4 35.8 0.0 57.2 6.6 36.6 0.0 58.2 6.7 37.2 0.0 6 7 8 9 496.3 2029.5 101.8 6.3 1921.3 533.4 2134.4 131.7 6.7 1996.0 594.4 2236.6 120.1 7.0 2109.5 598.9 2459.4 135.9 7.2 2316.4 616.3 2501.1 108.5 7.8 2384.8 647.9 2634.0 116.0 8.5 2509.4 619.3 2514.8 109.8 8.0 2396.9 627.9 2550.8 112.4 8.1 2430.3 634.1 2577.1 114.7 8.3 2454.2 647.9 2634.0 116.0 8.5 2509.4 658.4 2674.6 114.2 8.6 2551.8 10 11 12 13 14 5731.0 5672.2 5703.0 5898.1 5947.9 6204.3 5965.6 6036.9 6087.4 6204.3 6299.2 15 3985.4 3950.9 3946.6 4068.2 4182.8 4399.9 4198.6 4257.6 4301.6 4399.9 4460.2 16 944.2 172.1 2869.0 927.4 170.8 2852.7 960.9 171.3 2814.3 1021.7 180.7 2865.8 1067.9 186.9 2928.0 1139.0 196.4 3064.6 1067.1 187.8 2943.7 1097.8 188.5 2971.4 1104.4 190.4 3006.8 1139.0 196.4 3064.6 1163.3 194.7 3102.3 17 18 19 397.6 99.9 427.8 99.2 482.7 99.7 496.2 107.4 512.7 110.9 538.0 117.4 516.2 111.5 524.1 113.3 529.1 114.6 538.0 117.4 552.8 122.1 20 21 4.8 1243.3 5.3 1189.0 6.1 1168.0 6.6 1219.7 7.3 1134.3 8.2 1140.9 7.5 1131.9 7.7 1134.1 7.9 1134.3 8.2 1140.9 8.4 1155.7 22 23 81 Z.1, June 11, 2015 L.105 General Government (1) 2009 1 Total financial assets 2 3 4 5 6 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 Credit market instruments 8 9 10 11 12 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 4059.4 4385.0 4152.3 4360.7 4599.8 4958.9 4660.8 4736.5 4806.1 4958.9 4973.8 1 94.3 292.9 248.4 136.4 126.3 95.1 446.9 242.6 151.1 125.7 110.9 205.8 258.8 153.0 120.8 114.2 209.6 294.6 158.1 125.3 109.8 287.8 312.7 160.8 127.9 98.0 367.6 323.4 173.2 138.2 109.3 264.3 321.2 164.0 130.6 110.1 260.6 315.1 168.7 134.4 103.7 283.6 321.7 169.5 135.2 98.0 367.6 323.4 173.2 138.2 88.7 234.8 332.7 181.5 145.0 2 3 4 5 6 2232.5 2390.3 2342.0 2474.2 2550.7 2738.4 2602.7 2655.8 2689.6 2738.4 2844.3 7 89.2 586.4 687.6 11.5 157.7 301.8 223.1 175.3 102.7 595.8 666.0 12.9 166.4 311.3 356.2 179.0 90.4 560.8 533.3 13.1 163.9 312.0 484.7 183.7 83.1 606.1 484.5 13.4 166.8 317.4 616.8 186.2 74.3 592.2 458.6 13.4 167.1 321.9 729.8 193.4 69.3 660.8 443.6 14.3 177.4 336.4 840.9 195.8 73.2 602.4 451.8 13.6 169.8 325.8 770.9 195.1 72.7 630.2 451.1 14.0 174.1 331.7 786.0 196.1 70.4 631.6 444.7 14.0 174.3 332.7 825.9 196.0 69.3 660.8 443.6 14.3 177.4 336.4 840.9 195.8 69.9 710.5 439.3 14.9 185.3 347.0 881.8 195.7 8 9 10 11 12 13 14 15 16 17 Corporate equities Mutual fund shares 179.3 48.5 176.8 58.7 182.5 59.0 178.4 66.2 198.7 79.1 211.7 86.7 201.4 80.6 207.3 83.8 205.9 83.6 211.7 86.7 217.0 89.5 16 17 18 19 20 Trade receivables Taxes receivable Miscellaneous assets 182.8 250.9 267.0 195.1 262.1 240.6 205.5 272.8 241.2 213.7 279.9 246.5 225.5 289.6 257.1 230.5 310.2 281.0 227.9 296.2 262.8 231.9 297.0 271.7 233.1 304.5 275.7 230.5 310.2 281.0 234.4 315.9 290.2 18 19 20 15719.6 17863.1 19350.0 20628.4 21053.3 22032.7 21409.9 21390.8 21708.2 22032.7 22284.5 21 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 54.6 5.2 25.6 54.6 5.2 25.6 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 22 23 24 10773.8 12423.6 13438.8 14573.7 15293.9 15947.4 15546.6 15502.8 15687.7 15947.4 16049.3 25 191.3 7590.6 23.5 2954.9 0.0 13.5 188.0 9173.5 24.2 3023.6 0.0 14.4 185.3 10243.0 25.3 2970.0 0.0 15.3 182.5 11386.4 24.9 2964.3 0.0 15.7 179.2 12149.1 24.5 2924.9 0.0 16.2 176.0 12819.6 24.4 2910.9 0.0 16.6 178.4 12412.4 24.0 2915.5 0.0 16.3 177.7 12366.7 24.0 2918.0 0.0 16.4 176.8 12578.8 23.9 2891.8 0.0 16.5 176.0 12819.6 24.4 2910.9 0.0 16.6 175.0 12887.6 24.1 2945.9 0.0 16.7 26 27 28 29 30 31 835.0 47.8 3976.1 878.7 48.7 4426.6 925.9 50.0 4850.0 978.0 50.3 4940.9 1037.3 50.5 4586.5 1095.5 51.3 4856.9 1056.1 50.5 4671.4 1076.1 50.6 4675.9 1090.6 50.9 4796.2 1095.5 51.3 4856.9 1112.3 50.7 4992.9 32 33 34 3459.5 15119.6 3774.9 17252.9 3576.3 18773.9 3739.0 20006.6 3991.3 20444.9 4281.5 21355.3 4042.1 20791.3 4089.9 20744.2 4158.1 21060.2 4281.5 21355.3 4246.7 21557.3 35 36 21 Total liabilities 22 23 24 SDR allocations SDR certificates Treasury currency 25 Credit market instruments 26 27 28 29 30 31 32 33 34 35 36 U.S. savings securities Treasury bills and other Treasury securities Budget agency securities Municipal securities Multifamily residential mortgages Other loans and advances Trade payables Insurance reserves Miscellaneous liabilities Memo: Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) (1) Sum of the federal government (table L.106) and state and local governments (table L.107) sectors. (2) Excludes Treasury securities held by state and local governments (line 9) and federal government loans to state and local governments (line 31). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 82 Z.1, June 11, 2015 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 Levels Total financial assets 2 3 4 Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (1) Corporate equities (2) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 16 17 18 SDR allocations SDR certificates Treasury currency 19 Credit market instruments 20 21 22 23 24 U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages 25 26 Trade payables Insurance reserves 27 28 29 30 Miscellaneous liabilities Nonmarketable securities held by pension plans (3) Claims of pension fund on sponsor Other 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1387.1 1612.2 1411.3 1516.9 1718.5 1901.3 1747.1 1768.7 1827.0 1901.3 1819.3 1 94.3 193.9 1.9 95.1 342.3 2.0 110.9 84.6 1.7 114.2 92.2 2.0 109.8 163.0 1.5 98.0 226.8 1.7 109.3 142.6 1.5 110.1 139.6 1.5 103.7 160.5 1.6 98.0 226.8 1.7 88.7 104.8 1.6 2 3 4 703.7 791.8 810.1 915.1 1039.2 1154.4 1082.5 1099.1 1139.6 1154.4 1196.1 5 196.4 0.6 175.3 108.4 223.1 149.2 0.9 179.0 106.6 356.2 31.1 0.8 183.7 109.9 484.7 0.0 0.6 186.2 111.5 616.8 0.0 0.6 193.4 115.5 729.8 0.0 0.5 195.8 117.2 840.9 0.0 0.5 195.1 116.0 770.9 0.0 0.5 196.1 116.5 786.0 0.0 0.5 196.0 117.3 825.9 0.0 0.5 195.8 117.2 840.9 0.0 0.5 195.7 118.1 881.8 6 7 8 9 10 67.4 43.6 133.9 148.3 49.9 42.9 144.3 143.8 57.8 47.7 152.8 145.6 39.9 50.3 158.6 144.6 35.1 53.6 165.8 150.5 33.4 51.0 173.0 163.0 34.9 55.4 167.6 153.2 34.7 56.1 169.4 158.2 33.6 55.8 171.2 160.9 33.4 51.0 173.0 163.0 33.3 53.2 176.0 165.6 11 12 13 14 11003.7 12812.7 13996.3 15252.9 16133.6 16920.0 16427.5 16417.4 16653.8 16920.0 17071.0 15 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 54.6 5.2 25.6 54.6 5.2 25.6 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 16 17 18 7805.4 9385.6 10453.6 11593.7 12352.8 13019.9 12614.8 12568.4 12779.4 13019.9 13086.7 19 191.3 1787.9 5802.7 23.5 0.0 188.0 1768.9 7404.6 24.2 0.0 185.3 1519.5 8723.6 25.3 0.0 182.5 1626.5 9759.9 24.9 0.0 179.2 1590.6 10558.5 24.5 0.0 176.0 1456.7 11362.9 24.4 0.0 178.4 1650.2 10762.2 24.0 0.0 177.7 1386.4 10980.3 24.0 0.0 176.8 1409.6 11169.2 23.9 0.0 176.0 1456.7 11362.9 24.4 0.0 175.0 1476.5 11411.1 24.1 0.0 20 21 22 23 24 204.5 47.8 209.7 48.7 218.5 50.0 231.9 50.3 251.5 50.5 269.0 51.3 260.3 50.5 270.1 50.6 274.3 50.9 269.0 51.3 275.7 50.7 25 26 2859.2 1077.2 1597.6 184.4 3083.1 1142.9 1733.7 206.5 3189.0 1213.7 1750.7 224.6 3291.6 1254.1 1800.0 237.5 3393.7 1352.3 1792.1 249.2 3498.2 1421.1 1818.0 259.1 3416.5 1339.7 1828.4 248.4 3442.8 1342.6 1849.3 251.0 3466.2 1361.8 1853.7 250.7 3498.2 1421.1 1818.0 259.1 3578.6 1372.3 1951.5 254.9 27 28 29 30 (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 83 Z.1, June 11, 2015 L.107 State and Local Governments (1) 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2672.3 2772.8 2741.1 2843.9 2881.3 3057.6 2913.8 2967.8 2979.1 3057.6 3154.5 1 2 3 Checkable deposits and currency Time and savings deposits 99.0 246.4 104.6 240.6 121.3 257.1 117.4 292.6 124.8 311.2 140.7 321.7 121.8 319.6 121.0 313.6 123.1 320.1 140.7 321.7 130.0 331.1 2 3 4 5 Money market fund shares Security repurchase agreements 136.4 126.3 151.1 125.7 153.0 120.8 158.1 125.3 160.8 127.9 173.2 138.2 164.0 130.6 168.7 134.4 169.5 135.2 173.2 138.2 181.5 145.0 4 5 6 Credit market instruments 1528.8 1598.4 1531.9 1559.2 1511.5 1584.0 1520.2 1556.7 1549.9 1584.0 1648.2 6 Open market paper Treasury securities Agency- and GSE-backed securities 89.2 586.4 491.2 102.7 595.8 516.8 90.4 560.8 502.2 83.1 606.1 484.5 74.3 592.2 458.6 69.3 660.8 443.6 73.2 602.4 451.8 72.7 630.2 451.1 70.4 631.6 444.7 69.3 660.8 443.6 69.9 710.5 439.3 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 11.5 157.1 193.4 12.9 165.5 204.7 13.1 163.1 202.2 13.4 166.1 205.9 13.4 166.5 206.4 14.3 176.9 219.2 13.6 169.3 209.8 14.0 173.6 215.1 14.0 173.8 215.4 14.3 176.9 219.2 14.9 184.7 229.0 10 11 12 7 8 9 10 11 12 Total financial assets 2010 13 14 Corporate equities Mutual fund shares 112.0 48.5 126.9 58.7 124.6 59.0 138.5 66.2 163.6 79.1 178.3 86.7 166.4 80.6 172.6 83.8 172.3 83.6 178.3 86.7 183.7 89.5 13 14 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 139.1 117.1 118.7 152.2 117.8 96.8 157.8 120.0 95.6 163.4 121.3 101.9 171.9 123.8 106.7 179.6 137.2 118.1 172.4 128.6 109.6 175.8 127.6 113.5 177.3 133.3 114.8 179.6 137.2 118.1 181.2 139.9 124.6 15 16 17 4715.8 5050.4 5353.7 5375.5 4919.7 5112.7 4982.5 4973.4 5054.5 5112.7 5213.5 18 18 Total liabilities 19 Credit market instruments 2968.4 3038.0 2985.3 2980.0 2941.1 2927.5 2931.8 2934.4 2908.3 2927.5 2962.6 19 20 21 22 23 Municipal securities Short-term (2) Long-term U.S. government loans 2954.9 63.6 2891.3 13.5 3023.6 63.0 2960.6 14.4 2970.0 52.3 2917.6 15.3 2964.3 56.1 2908.2 15.7 2924.9 45.3 2879.6 16.2 2910.9 38.6 2872.3 16.6 2915.5 43.0 2872.5 16.3 2918.0 33.6 2884.4 16.4 2891.8 37.0 2854.8 16.5 2910.9 38.6 2872.3 16.6 2945.9 38.1 2907.9 16.7 20 21 22 23 630.5 1116.9 669.0 1343.4 707.4 1661.0 746.2 1649.3 785.8 1192.8 826.5 1358.6 795.8 1254.9 806.0 1233.1 816.3 1329.9 826.5 1358.6 836.6 1414.3 24 25 24 25 Trade payables Claims of pension fund on sponsor (3) (1) Data for state and local government employee retirement funds are shown in table L.120. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 84 Z.1, June 11, 2015 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Levels 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 68376.1 69501.3 71080.3 75183.2 81064.8 85061.9 82116.0 83497.7 83969.7 85061.9 85748.4 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 36.2 5.2 42.7 97.1 1126.4 37.0 5.2 43.5 105.9 1019.6 36.8 5.2 44.2 42.9 1622.6 35.8 5.2 44.8 43.3 1561.7 34.6 5.2 45.5 33.7 2321.8 32.0 5.2 46.3 24.1 2453.3 34.8 5.2 45.7 19.4 2508.6 34.9 5.2 46.0 26.7 2520.4 33.2 5.2 46.2 23.2 2602.0 32.0 5.2 46.3 24.1 2453.3 30.4 5.2 46.7 24.4 2504.4 2 3 4 5 6 7 8 9 10 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 348.2 716.8 1003.2 2345.8 327.1 641.5 830.6 2623.8 364.2 593.6 765.2 2741.6 374.2 621.1 684.2 3113.5 370.6 697.2 631.7 2738.5 351.5 709.0 649.6 2783.9 343.0 703.2 611.5 2713.9 359.0 709.6 577.1 2807.6 383.6 736.2 585.9 2740.3 351.5 709.0 649.6 2783.9 340.9 714.2 650.1 2765.2 7 8 9 10 11 Credit market instruments 37149.3 36287.9 37277.3 38547.3 40257.1 42134.4 40576.7 41023.2 41513.4 42134.4 42292.7 11 853.0 2582.5 5898.5 1742.3 6191.7 763.6 3088.2 5486.1 1786.5 6286.2 688.9 4054.2 5652.3 1799.9 6414.5 688.3 4355.9 5879.0 1939.1 6898.8 722.5 4887.4 6299.0 1947.7 7233.0 706.8 5386.3 6544.4 1997.9 7623.5 761.6 5040.6 6340.4 1943.4 7315.7 770.3 5084.6 6383.1 1947.0 7453.7 760.3 5254.8 6442.2 1966.2 7535.7 706.8 5386.3 6544.4 1997.9 7623.5 719.2 5439.8 6503.8 2019.4 7722.0 12 13 14 15 16 2035.9 1711.0 13946.6 2187.8 2001.2 1394.8 13313.9 2167.3 2147.8 1363.9 13006.4 2149.4 2322.7 1468.3 12803.3 2192.0 2508.8 1574.8 12818.5 2265.4 2816.7 1695.9 12983.2 2379.8 2560.7 1579.8 12801.7 2232.9 2652.4 1617.6 12828.8 2285.7 2695.8 1641.1 12892.9 2324.4 2816.7 1695.9 12983.2 2379.8 2893.9 1665.6 12982.9 2346.0 17 18 19 20 9992.0 2427.3 11463.5 2762.4 10862.5 2653.2 12397.0 2954.5 15767.3 3679.2 16848.4 3962.9 16006.7 3743.2 16673.4 3873.7 16421.5 3856.1 16848.4 3962.9 17087.8 4014.3 21 22 2 3 4 5 6 Total financial assets 2010 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17 18 19 20 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 21 22 Corporate equities Mutual fund shares 23 24 Trade receivables Security credit 144.2 235.0 135.6 316.4 134.8 308.1 133.2 374.9 131.0 420.8 132.1 463.1 134.4 406.9 137.8 462.9 134.4 480.2 132.1 463.1 137.4 448.2 23 24 25 26 Life insurance reserves U.S. direct investment abroad 132.8 832.3 141.1 870.7 153.0 840.3 172.9 891.9 183.7 914.0 194.6 941.7 186.3 925.6 189.1 930.8 191.6 941.0 194.6 941.7 197.0 944.0 25 26 27 Miscellaneous assets 11741.5 11889.5 12634.6 13227.8 12832.8 13329.8 13150.8 13120.4 13276.0 13329.8 13545.7 27 28 65354.6 66211.5 67743.5 71321.6 76698.4 80314.0 77674.1 78889.0 79332.0 80314.0 80917.7 28 29 Total liabilities Net interbank liabilities 1215.5 1068.5 1889.0 1683.8 2812.9 2801.5 3025.0 3052.1 3123.8 2801.5 2864.1 29 30 31 32 33 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 2093.4 8432.5 3258.6 2720.8 2359.8 8548.1 2755.4 2934.2 2594.3 8952.2 2642.5 3114.0 2853.8 9463.7 2649.6 3325.0 3186.5 9872.9 2678.5 2935.5 3537.5 10448.7 2688.1 2943.3 3183.8 10075.7 2592.5 2949.5 3295.7 10139.3 2522.4 3037.6 3356.9 10264.8 2565.4 2907.5 3537.5 10448.7 2688.1 2943.3 3437.9 10684.4 2609.9 2947.1 30 31 32 33 34 Credit market instruments 15715.6 14455.7 14036.3 13802.4 13949.2 14201.8 13856.4 13946.8 14051.9 14201.8 14104.6 34 678.2 8083.3 5736.7 576.0 7574.0 5282.9 507.9 7552.1 4972.8 449.1 7529.7 4870.3 400.2 7769.7 4719.0 363.6 7920.2 4760.6 398.2 7697.1 4714.0 384.5 7750.6 4738.7 396.9 7809.8 4744.2 363.6 7920.2 4760.6 349.8 7877.1 4742.4 35 36 37 424.2 617.9 175.3 373.6 473.2 176.1 400.8 413.1 189.5 342.3 416.6 194.4 363.2 494.9 202.2 365.4 568.0 223.8 360.8 480.9 205.3 333.1 532.9 206.9 345.5 542.1 213.3 365.4 568.0 223.8 368.2 538.9 228.1 38 39 40 6920.7 70.1 733.7 7873.0 18.1 763.5 7870.9 14.3 795.4 9326.1 14.2 828.2 11544.4 14.5 897.1 12603.6 17.9 962.5 11899.2 14.8 952.5 12374.8 17.8 954.1 12343.7 19.9 982.4 12603.6 17.9 962.5 12903.8 19.2 964.4 41 42 43 1194.5 15458.1 1229.9 17035.7 1302.3 17447.7 1309.0 18460.8 1366.3 19893.7 1426.1 20783.7 1378.4 20093.4 1395.2 20402.1 1403.9 20476.3 1426.1 20783.7 1451.1 20991.9 44 45 -95.0 407.0 -88.9 489.6 -78.0 561.9 -76.8 578.9 -59.1 559.3 -43.2 576.5 -47.4 563.9 -40.5 567.8 -43.0 571.4 -43.2 576.5 -34.3 580.8 46 47 7229.2 6769.0 6600.7 7102.9 7046.7 7366.0 7136.4 7224.1 7307.2 7366.0 7392.8 48 3578.1 14.8 4295.7 15.9 4069.7 11.9 4931.6 17.3 6466.5 17.6 7287.7 19.6 6594.3 18.4 6805.6 18.4 6811.6 19.0 7287.7 19.6 7397.0 20.2 49 50 35 36 37 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 38 39 40 Depository institution loans n.e.c. Other loans and advances Mortgages 41 42 43 Mutual fund shares Trade payables Security credit 44 45 Life insurance reserves Pension entitlements 46 47 Taxes payable Foreign direct investment in U.S. 48 Miscellaneous liabilities Memo: 49 50 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.109 through L.131. 85 Z.1, June 11, 2015 L.109 Monetary Authority (1) 2009 1 Total financial assets 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2266.2 2451.7 2945.2 2955.0 4073.8 4555.4 4290.4 4429.7 4507.6 4555.4 4538.9 1 36.2 5.2 42.7 37.0 5.2 43.5 36.8 5.2 44.2 35.8 5.2 44.8 34.6 5.2 45.5 32.0 5.2 46.3 34.8 5.2 45.7 34.9 5.2 46.0 33.2 5.2 46.2 32.0 5.2 46.3 30.4 5.2 46.7 2 3 4 Federal Reserve float (2) -2.1 -1.4 -0.6 -0.5 -1.0 -0.6 -0.5 -0.5 -0.9 -0.6 -0.7 5 Interbank loans (2) Discount window (3) AMLF (4) 96.6 96.6 0.0 0.2 0.2 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.2 0.2 0.0 0.3 0.3 0.0 0.1 0.1 0.0 0.0 0.0 0.0 6 7 8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 2 3 4 U.S. official reserve assets SDR certificates Treasury currency 5 6 7 8 9 Security repurchase agreements 10 2010 1987.7 2259.2 2635.6 2670.1 3756.3 4236.9 3970.1 4108.2 4188.2 4236.9 4228.4 10 11 12 13 14 15 16 17 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 0.0 776.6 18.4 758.2 1068.3 908.4 159.9 0.0 1021.5 18.4 1003.1 1139.6 992.1 147.5 0.0 1663.4 18.4 1645.0 941.7 837.7 104.0 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 0.0 2461.4 0.0 2461.4 1775.5 1736.8 38.7 0.0 2319.6 0.0 2319.6 1650.5 1603.1 47.3 0.0 2400.6 0.0 2400.6 1707.6 1663.9 43.7 0.0 2451.7 0.0 2451.7 1736.4 1696.4 40.0 0.0 2461.4 0.0 2461.4 1775.5 1736.8 38.7 0.0 2459.6 0.0 2459.6 1768.8 1731.9 36.9 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Households (TALF) (5) Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III)(9) Funding corporations (CPFF) (10) Rest of world 142.8 47.5 0.0 29.2 22.2 16.0 18.5 9.4 0.0 98.1 24.7 0.0 25.8 20.0 13.5 14.1 0.0 0.0 30.5 9.0 0.0 4.9 0.0 6.8 9.8 0.0 0.0 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 20 21 22 23 24 25 26 25.1 74.8 10.3 64.6 26.4 81.6 0.1 81.5 0.0 223.9 99.8 124.0 0.0 199.5 8.9 190.6 0.0 233.1 0.3 232.8 0.0 235.5 1.5 233.9 0.0 235.0 0.4 234.6 0.0 235.8 0.1 235.6 0.0 235.4 0.2 235.2 0.0 235.5 1.5 233.9 0.0 228.9 0.8 228.1 27 28 29 30 2240.6 2425.1 2918.3 2927.6 4046.3 4526.8 4262.3 4401.5 4479.4 4526.8 4510.0 31 977.0 54.9 968.1 52.7 1562.3 60.8 1491.0 71.1 2249.1 73.6 2378.0 75.7 2444.3 64.8 2455.8 64.9 2537.8 64.7 2378.0 75.7 2437.3 67.8 32 33 1102.7 1287.8 1165.7 1224.6 1364.1 1516.4 1364.4 1374.2 1416.4 1516.4 1417.7 34 27 28 29 30 31 Credit market instruments Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Total liabilities 32 33 Depository institution reserves Vault cash of depository institutions 34 Checkable deposits and currency 35 36 37 38 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 191.9 0.2 186.6 5.0 340.9 0.2 140.8 200.0 85.9 0.1 85.7 0.0 92.9 0.2 92.7 0.0 162.6 0.2 162.4 0.0 223.7 0.2 223.5 0.0 142.5 0.3 142.2 0.0 139.4 0.1 139.3 0.0 158.5 0.2 158.3 0.0 223.7 0.2 223.5 0.0 100.3 0.2 100.1 0.0 35 36 37 38 39 40 41 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 2.4 35.1 873.3 3.4 13.5 930.0 0.2 64.6 1015.0 6.5 27.2 1098.1 8.0 25.9 1167.6 5.3 20.2 1267.3 7.0 10.8 1204.1 6.0 11.2 1217.6 5.3 26.9 1225.7 5.3 20.2 1267.3 5.2 20.9 1291.3 39 40 41 42 43 44 Security repurchase agreements Reverse repurchase agreement operations (13) Other 77.7 0.0 77.7 59.7 0.0 59.7 99.9 0.0 99.9 107.2 0.0 107.2 315.9 197.8 118.2 509.8 396.7 113.1 341.0 242.1 99.0 456.5 339.5 117.0 410.1 300.0 110.1 509.8 396.7 113.1 536.9 378.5 158.4 42 43 44 45 46 47 Miscellaneous liabilities Federal Reserve Bank stock Other 28.2 25.6 2.5 56.9 26.5 30.4 29.7 26.9 2.8 33.7 27.4 6.3 43.5 27.5 16.0 47.0 28.6 18.4 47.8 28.1 19.8 50.0 28.2 21.9 50.3 28.2 22.2 47.0 28.6 18.4 50.4 28.8 21.6 45 46 47 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table L.203. (3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. (13) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 86 Z.1, June 11, 2015 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 Levels 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 5 Credit market instruments 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 13554.2 13697.4 14580.2 14985.6 15920.5 16897.9 16229.3 16521.1 16763.4 16897.9 17138.8 1 54.9 977.0 335.2 52.7 968.1 356.1 60.8 1562.3 378.6 71.1 1491.0 490.6 73.6 2249.1 392.6 75.7 2378.0 403.2 64.8 2444.3 402.2 64.9 2455.8 430.7 64.7 2537.8 414.8 75.7 2378.0 403.2 67.8 2437.3 414.9 2 3 4 10749.7 10968.9 11177.8 11605.9 11883.3 12655.8 11981.1 12222.2 12387.6 12655.8 12806.3 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 196.6 1579.9 227.8 940.0 0.0 299.6 1718.1 257.1 795.9 0.0 252.9 1851.7 303.9 800.2 0.0 339.5 1901.3 371.9 786.3 0.0 304.4 1943.8 427.0 770.2 0.0 499.8 1970.0 458.0 734.2 0.0 351.8 1957.3 433.2 756.7 0.0 385.4 1959.7 437.6 757.4 0.0 446.9 1974.0 448.0 733.5 0.0 499.8 1970.0 458.0 734.2 0.0 500.7 2024.9 471.8 729.7 6 7 8 9 10 11 12 13 14 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 1893.1 0.0 4768.9 1143.4 1903.1 0.0 4583.0 1412.0 2117.3 0.0 4436.2 1415.6 2322.2 0.0 4422.4 1462.3 2508.7 0.0 4392.1 1537.1 2816.7 0.0 4531.1 1645.9 2560.6 0.0 4405.9 1515.7 2652.4 0.0 4462.2 1567.7 2695.8 0.0 4490.7 1598.7 2816.7 0.0 4531.1 1645.9 2893.9 0.0 4564.9 1620.3 11 12 13 14 63.6 47.4 73.6 46.5 67.4 43.5 71.3 48.1 101.3 60.1 108.5 61.8 102.6 63.0 109.2 66.8 105.4 61.9 108.5 61.8 109.0 61.4 15 16 15 16 Corporate equities Mutual fund shares 17 18 Security credit Life insurance reserves 32.0 111.5 38.2 116.0 69.2 125.5 71.1 138.0 81.6 143.8 93.5 149.6 86.3 145.2 87.5 146.7 90.0 147.9 93.5 149.6 93.9 150.9 17 18 19 20 U.S. direct investment abroad Miscellaneous assets 261.7 921.1 280.1 797.2 272.5 822.8 283.9 714.5 285.3 649.9 290.5 681.2 286.8 652.9 288.9 648.4 292.3 661.0 290.5 681.2 289.7 707.6 19 20 13779.2 13946.6 14909.1 15513.4 16394.6 17431.7 16713.1 17024.5 17250.3 17431.7 17637.3 21 21 Total liabilities 22 Net interbank liabilities 183.5 47.8 266.0 121.7 490.2 347.9 515.9 531.3 521.3 347.9 359.0 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 990.7 6326.5 2105.9 1072.0 6624.9 1923.2 1428.6 7202.2 1750.0 1629.2 7803.9 1659.9 1822.3 8110.8 1762.0 2021.2 8475.8 1972.9 1819.4 8265.3 1810.4 1921.5 8290.7 1848.6 1940.5 8431.3 1833.5 2021.2 8475.8 1972.9 2020.2 8757.3 1927.1 23 24 25 26 Federal funds and security repos 727.3 734.0 706.9 674.9 582.1 607.5 639.7 638.4 625.3 607.5 598.6 26 27 Credit market instruments 744.6 909.0 856.5 745.4 713.9 757.3 689.8 734.9 736.5 757.3 704.8 27 0.6 176.3 567.6 113.0 377.1 418.9 120.6 379.4 356.4 87.5 295.9 362.0 59.7 221.0 433.2 54.5 209.0 493.9 58.4 214.2 417.2 56.0 211.7 467.2 54.7 208.7 473.0 54.5 209.0 493.9 49.0 194.6 461.2 28 29 30 -66.2 107.7 -59.6 120.0 -49.1 176.6 -47.6 181.8 -47.4 181.4 -32.3 184.5 -39.7 182.3 -32.4 183.0 -35.3 181.5 -32.3 184.5 -27.5 185.2 31 32 2659.1 1599.5 203.1 856.5 2575.3 1632.8 171.6 770.9 2571.3 1709.0 137.8 724.5 2744.2 1889.2 126.0 729.0 2779.3 1937.2 123.5 718.5 3097.0 2128.3 103.2 865.5 2829.9 1978.7 123.9 727.3 2908.6 2030.3 120.8 757.5 3015.8 2058.9 127.8 829.1 3097.0 2128.3 103.2 865.5 3112.5 2106.8 96.2 909.5 33 34 35 36 6.9 6.2 6.0 6.5 7.9 8.6 8.1 8.3 8.6 8.6 8.6 37 28 29 30 Open market paper Corporate bonds Other loans and advances 31 32 Taxes payable (net) Foreign direct investment in U.S. 33 34 35 36 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other Memo: 37 Consumer leases not included above (2) (1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. 87 Z.1, June 11, 2015 L.111 U.S.-Chartered Depository Institutions 2009 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 5 Credit market instruments 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 14 15 16 17 18 19 20 Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 21 22 23 24 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 11440.9 11473.5 11839.5 12218.4 12795.4 13646.6 12891.5 13141.5 13365.9 13646.6 13868.0 1 54.9 661.4 266.9 52.7 575.8 267.6 60.8 798.7 242.6 71.1 798.5 302.7 73.6 1252.9 215.4 75.6 1443.6 185.0 64.8 1311.3 201.8 64.9 1339.8 202.5 64.7 1411.1 196.0 75.6 1443.6 185.0 67.8 1505.4 215.1 2 3 4 9117.4 9356.2 9489.9 9866.3 10101.0 10762.9 10167.7 10378.4 10527.8 10762.9 10885.2 5 0.0 124.5 1417.4 837.5 3.6 264.0 4.0 308.4 0.0 217.5 1527.2 835.3 3.3 393.4 3.6 291.5 0.0 173.9 1634.1 899.1 8.2 473.8 13.4 239.6 0.0 243.2 1669.6 912.8 21.7 454.6 42.9 237.7 0.0 217.1 1717.3 953.5 30.3 431.0 66.8 235.7 0.0 420.4 1760.3 979.7 42.4 444.0 81.4 212.7 0.0 263.8 1731.0 959.1 32.0 442.2 70.0 227.7 0.0 297.7 1735.9 961.9 37.6 440.7 72.7 223.1 0.0 359.0 1758.2 975.2 41.4 444.2 76.5 220.9 0.0 420.4 1760.3 979.7 42.4 444.0 81.4 212.7 0.0 421.3 1815.0 1024.3 45.9 448.8 83.6 212.3 6 7 8 9 10 11 12 13 224.3 668.2 16.2 17.8 202.9 26.0 405.2 254.6 550.5 6.5 11.4 132.3 24.7 375.6 297.3 553.0 3.5 8.9 110.4 27.4 402.9 365.0 544.0 18.7 9.3 88.4 32.7 394.9 418.9 559.2 28.7 8.0 73.7 37.3 411.4 451.5 521.7 22.7 5.6 68.2 42.7 382.6 425.2 540.2 27.8 6.4 68.9 38.8 398.3 429.9 540.7 25.6 6.9 73.2 37.5 397.6 440.4 520.1 23.7 5.8 70.3 39.2 381.0 451.5 521.7 22.7 5.6 68.2 42.7 382.6 465.1 522.4 21.2 5.1 65.4 46.0 384.7 14 15 16 17 18 19 20 1404.8 0.0 4371.9 906.3 1425.9 0.0 4194.9 1185.5 1589.6 0.0 4049.6 1192.6 1797.1 0.0 4028.8 1218.6 1933.5 0.0 3983.5 1271.6 2175.1 0.0 4090.7 1343.1 1969.6 0.0 3991.3 1246.5 2050.8 0.0 4039.0 1284.2 2086.8 0.0 4057.9 1305.4 2175.1 0.0 4090.7 1343.1 2225.3 0.0 4123.9 1312.1 21 22 23 24 63.6 46.1 73.6 45.0 67.4 41.7 71.3 45.8 101.3 57.9 108.5 59.7 102.6 60.8 109.2 64.7 105.4 59.8 108.5 59.7 109.0 59.4 25 26 25 26 Corporate equities Mutual fund shares 27 28 Security credit Life insurance reserves 20.4 111.5 23.6 116.0 35.8 125.5 45.0 138.0 52.9 143.8 61.1 149.6 58.4 145.2 61.0 146.7 60.3 147.9 61.1 149.6 61.5 150.9 27 28 29 30 U.S. direct investment abroad Miscellaneous assets 261.7 837.1 280.1 683.0 272.5 704.8 283.9 595.9 285.3 511.3 290.5 510.1 286.8 492.2 288.9 485.6 292.3 500.6 290.5 510.1 289.7 524.0 29 30 11622.9 11709.0 12156.0 12719.7 13295.4 14272.6 13434.2 13703.8 13932.6 14272.6 14454.3 31 31 Total liabilities 32 33 34 35 36 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 633.7 -2.1 96.6 42.2 496.9 428.3 -1.4 0.2 21.3 408.2 164.9 -0.6 0.2 62.1 103.3 36.7 -0.5 0.1 18.7 18.5 227.8 -1.0 0.1 57.2 171.4 275.5 -0.6 0.1 12.0 263.9 213.2 -0.5 0.0 29.0 184.8 221.1 -0.5 0.2 26.2 195.3 323.2 -0.9 0.3 55.0 268.8 275.5 -0.6 0.1 12.0 263.9 300.4 -0.7 0.0 3.9 297.2 32 33 34 35 36 37 38 39 40 Checkable deposits Federal government Private domestic Rest of the world 871.6 3.8 833.5 34.3 941.1 3.6 907.0 30.4 1260.5 1.0 1203.5 56.1 1431.7 1.3 1378.5 51.8 1579.8 1.6 1527.1 51.2 1716.1 2.5 1660.2 53.4 1558.5 1.7 1504.0 52.8 1649.1 1.8 1591.1 56.2 1670.1 2.1 1615.5 52.5 1716.1 2.5 1660.2 53.4 1698.8 2.5 1644.3 52.0 37 38 39 40 41 42 43 Small time and savings deposits Large time deposits Federal funds and security repos 5617.0 1029.9 532.1 5888.6 896.1 484.0 6425.7 882.9 402.5 6979.2 803.0 349.9 7236.0 826.9 269.4 7579.8 929.3 236.2 7375.8 815.4 283.2 7397.2 847.4 271.9 7537.5 745.9 249.9 7579.8 929.3 236.2 7801.9 925.2 228.7 41 42 43 44 Credit market instruments 718.1 882.9 832.4 720.3 686.9 721.9 662.4 705.0 703.3 721.9 669.9 44 0.6 176.3 541.1 113.0 377.1 392.8 120.6 379.4 332.3 87.5 295.9 336.9 59.7 221.0 406.2 54.5 209.0 458.5 58.4 214.2 389.8 56.0 211.7 437.3 54.7 208.7 439.9 54.5 209.0 458.5 49.0 194.6 426.3 45 46 47 45 46 47 Open market paper Corporate bonds Other loans and advances 48 Taxes payable (net) 49 50 51 Miscellaneous liabilities Investment by holding companies Other -66.2 -59.6 -49.1 -47.6 -47.4 -32.3 -39.7 -32.4 -35.3 -32.3 -27.5 48 2286.8 1599.5 687.3 2247.6 1632.8 614.7 2236.1 1709.0 527.1 2446.4 1889.2 557.2 2516.2 1937.2 578.9 2846.0 2128.3 717.8 2565.3 1978.7 586.6 2644.6 2030.3 614.3 2738.0 2058.9 679.1 2846.0 2128.3 717.8 2857.0 2106.8 750.3 49 50 51 6.9 6.2 6.0 6.5 7.9 8.6 8.1 8.3 8.6 8.6 8.6 52 Memo: 52 Consumer leases not included above (1) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 88 Z.1, June 11, 2015 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1218.1 1268.3 1736.4 1720.6 2037.1 2093.4 2215.9 2251.4 2265.3 2093.4 2082.2 1 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 0.0 284.1 68.2 0.0 350.8 88.4 0.0 711.0 120.1 0.0 638.8 178.3 0.0 948.0 177.1 0.0 888.8 218.1 0.0 1071.0 200.3 0.1 1068.6 228.2 0.0 1087.8 218.7 0.0 888.8 218.1 0.0 872.3 199.8 2 3 4 5 Credit market instruments 809.7 785.2 827.7 833.5 826.3 882.6 845.6 856.1 854.9 882.6 901.8 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 57.5 31.3 0.0 247.6 0.0 60.9 26.5 0.0 238.2 0.0 60.5 30.6 0.0 236.7 0.0 76.6 32.1 0.0 230.5 0.0 67.0 25.4 0.0 196.4 0.0 56.5 20.5 0.0 197.3 0.0 66.3 22.5 0.0 200.5 0.0 65.6 20.9 0.0 200.8 0.0 60.4 20.5 0.0 198.9 0.0 56.5 20.5 0.0 197.3 0.0 55.7 19.3 0.0 190.8 6 7 8 9 10 11 12 13 Depository institution loans n.e.c. Other loans and advances Mortgages 435.5 0.0 37.8 424.2 0.0 35.4 467.1 0.0 32.8 463.4 0.0 30.9 507.2 0.0 30.3 570.8 0.0 37.6 524.0 0.0 32.2 534.6 0.0 34.2 539.7 0.0 35.5 570.8 0.0 37.6 598.6 0.0 37.4 11 12 13 14 15 Corporate equities Security credit 0.0 11.6 0.1 14.7 0.0 33.5 0.0 26.2 0.0 28.7 0.0 32.5 0.0 28.0 0.0 26.5 0.0 29.6 0.0 32.5 0.0 32.4 14 15 16 Miscellaneous assets 44.5 29.2 44.2 43.9 57.0 71.3 71.0 72.0 74.2 71.3 75.8 16 17 Levels Total financial assets 2010 1319.1 1351.5 1851.1 1853.0 2111.7 2113.2 2260.8 2299.1 2293.8 2113.2 2108.9 17 18 19 20 Total liabilities Net interbank liabilities To foreign banks To domestic banks -377.8 -411.0 33.1 -347.1 -384.0 36.9 157.5 134.8 22.7 155.6 83.6 72.0 330.6 242.8 87.8 140.5 117.2 23.3 372.0 281.8 90.2 381.2 297.8 83.4 265.0 239.7 25.3 140.5 117.2 23.3 127.6 99.7 27.9 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 16.1 29.9 1024.2 21.9 35.7 977.7 45.6 48.9 814.6 61.8 62.7 798.4 92.6 90.4 869.5 137.8 84.5 971.8 101.7 84.5 927.8 114.2 87.3 934.4 114.2 89.7 1019.8 137.8 84.5 971.8 144.2 126.4 930.0 21 22 23 24 25 Federal funds and security repos Open market paper (2) 195.2 0.0 250.0 0.0 304.4 0.0 325.0 0.0 312.7 0.0 371.3 0.0 356.5 0.0 366.5 0.0 375.4 0.0 371.3 0.0 369.9 0.0 24 25 26 Foreign direct investment in U.S. 107.7 120.0 176.6 181.8 181.4 184.5 182.3 183.0 181.5 184.5 185.2 26 27 28 29 Miscellaneous liabilities Investment by funding corporations Other 323.8 203.1 120.7 293.3 171.6 121.7 303.4 137.8 165.6 267.8 126.0 141.7 234.6 123.5 111.1 222.8 103.2 119.6 236.0 123.9 112.1 232.6 120.8 111.8 248.4 127.8 120.5 222.8 103.2 119.6 225.7 96.2 129.4 27 28 29 (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) Bankers’ acceptances. 89 Z.1, June 11, 2015 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 2014 Q1 1 2 Total financial assets Credit market instruments Q2 Q3 2015 Q1 Q4 94.7 79.9 75.8 75.8 84.7 91.9 81.5 83.9 81.0 91.9 85.8 1 88.1 68.9 64.0 63.9 64.1 58.6 64.1 61.5 59.7 58.6 54.5 2 3 4 5 6 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.5 20.5 3.5 2.0 1.1 12.8 2.5 0.6 1.0 4.8 3.4 4.2 0.4 2.6 2.6 5.2 1.2 1.9 3.6 5.8 1.3 1.7 2.7 5.3 1.3 1.8 3.4 6.4 0.8 1.8 2.7 6.3 1.3 1.8 2.6 5.7 1.3 1.7 2.7 5.3 1.5 1.5 2.7 5.4 3 4 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Commercial mortgages 19.4 22.6 19.6 16.1 20.1 15.7 17.1 17.8 15.6 18.1 20.0 14.9 19.4 18.9 13.5 17.1 17.4 13.0 19.2 18.4 13.6 18.1 18.3 13.5 17.4 17.6 13.3 17.1 17.4 13.0 15.6 16.5 11.3 7 8 9 6.5 11.0 11.8 12.0 20.5 33.4 17.4 22.5 21.3 33.4 31.3 10 10 11 Miscellaneous assets 90.0 75.2 72.1 72.0 80.5 87.6 78.0 80.8 77.1 87.6 82.3 11 12 13 14 15 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -4.2 16.1 24.5 24.5 -3.3 16.6 19.3 19.3 -4.6 19.4 18.9 18.9 -4.9 21.9 18.8 18.8 -4.7 28.2 21.4 21.4 -5.3 33.4 23.4 23.4 -5.5 27.3 20.7 20.7 -5.8 28.6 21.4 21.4 -5.2 27.8 20.9 20.9 -5.3 33.4 23.4 23.4 -5.7 33.0 21.6 21.6 12 13 14 15 16 Miscellaneous liabilities 29.2 23.3 19.4 17.3 14.3 12.7 14.8 15.3 12.6 12.7 11.8 16 Levels (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. L.114 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Reserves at Federal Reserve Federal funds and security repos 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 800.5 875.7 928.5 970.8 1003.3 1065.9 1040.4 1044.3 1051.2 1065.9 1102.9 1 31.5 0.1 41.5 0.0 52.6 15.9 53.8 9.7 48.1 0.1 45.7 0.0 62.0 0.2 47.5 0.1 39.0 0.0 45.7 0.0 59.6 0.0 2 3 734.6 758.6 796.2 842.3 891.8 951.7 903.8 926.3 945.2 951.7 964.8 4 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 14.2 110.7 0.0 22.3 0.0 20.1 151.5 0.0 6.6 0.0 17.6 182.1 3.2 6.3 0.0 19.3 197.0 4.2 6.7 0.0 19.1 199.2 4.6 8.9 0.0 21.6 187.5 3.8 9.9 0.0 20.4 202.0 4.5 9.5 0.0 21.3 201.0 4.9 9.6 0.0 26.2 193.6 5.0 8.8 0.0 21.6 187.5 3.8 9.9 0.0 22.2 189.2 3.9 11.1 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Consumer credit 33.4 316.9 237.1 36.9 317.0 226.5 43.5 320.5 223.0 43.6 327.8 243.6 48.7 345.9 265.6 53.7 372.5 302.8 47.9 350.4 269.2 48.9 357.2 283.5 51.9 366.5 293.3 53.7 372.5 302.8 54.3 375.8 308.2 10 11 12 1.3 33.0 1.5 74.1 1.9 61.9 2.3 62.7 2.2 61.1 2.1 66.4 2.2 72.2 2.1 68.3 2.1 65.0 2.1 66.4 2.0 76.5 13 14 Mutual fund shares Miscellaneous assets 747.2 810.9 830.0 868.7 906.9 958.4 940.1 940.8 946.8 958.4 991.7 15 16 Total liabilities Net interbank liabilities -68.1 -30.0 -51.9 -65.7 -63.5 -62.8 -63.8 -65.1 -61.7 -62.8 -63.2 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 769.4 86.9 655.2 27.3 803.8 92.4 681.3 30.1 845.3 103.1 708.7 33.5 896.6 113.9 743.1 39.7 929.2 121.7 763.1 44.3 970.4 133.9 788.1 48.4 962.7 131.9 784.3 46.5 959.8 129.6 784.8 45.4 958.5 128.4 783.3 46.8 970.4 133.9 788.1 48.4 1002.0 144.3 807.4 50.3 17 18 19 20 21 22 Federal funds and security repos Other loans and advances 0.0 26.5 0.0 26.1 0.0 24.2 0.0 25.1 0.0 27.0 0.0 35.4 0.0 27.4 0.0 30.0 0.0 33.1 0.0 35.4 0.0 34.9 21 22 23 Miscellaneous liabilities 19.4 11.1 12.4 12.7 14.2 15.4 13.8 16.1 16.9 15.4 18.0 23 90 Z.1, June 11, 2015 L.115 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1380.2 1360.5 1380.0 1442.3 1539.5 1587.1 1545.4 1563.3 1577.1 1587.1 1586.3 1 27.6 29.6 4.5 32.6 25.6 3.8 24.1 20.0 1.7 36.4 22.3 1.8 29.7 20.1 1.8 35.6 18.3 1.8 33.4 17.7 1.6 34.8 19.0 1.7 35.7 19.4 1.8 35.6 18.3 1.8 35.4 18.2 1.7 2 3 4 886.7 890.6 926.8 927.8 958.7 974.5 955.0 958.7 969.2 974.5 970.7 5 Open market paper Treasury securities Agency- and GSE-backed securities 9.8 88.5 116.2 7.9 91.7 115.8 8.8 96.4 122.7 7.4 89.7 114.3 8.1 96.1 109.5 7.9 102.0 105.2 7.2 94.7 107.9 7.9 98.1 106.5 8.2 101.2 106.0 7.9 102.0 105.2 7.9 101.6 104.8 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 369.4 298.3 4.4 348.4 322.6 4.1 331.0 363.1 4.9 328.1 382.7 5.6 326.4 410.8 7.9 321.7 427.7 9.9 323.8 413.2 8.3 321.5 415.9 8.8 322.1 422.4 9.3 321.7 427.7 9.9 320.3 425.8 10.4 9 10 11 12 13 Corporate equities Mutual fund shares 215.6 9.5 214.8 10.2 220.8 9.1 252.2 11.8 310.4 14.8 325.4 16.8 312.8 15.3 318.6 16.0 319.1 16.2 325.4 16.8 320.3 17.5 12 13 14 15 Trade receivables U.S. direct investment abroad 83.0 123.7 83.8 99.1 87.2 90.2 92.0 98.0 95.2 108.8 100.8 114.0 100.1 109.6 103.9 110.6 103.4 112.5 100.8 114.0 106.1 116.2 14 15 804.3 823.2 856.1 880.5 898.2 916.8 900.7 908.1 918.0 916.8 917.0 16 0.6 -15.8 1.5 -10.1 0.4 -14.5 0.8 -10.8 2.2 8.4 3.2 10.3 2.5 10.2 2.8 9.5 3.0 10.2 3.2 10.3 3.3 10.6 17 18 16 Levels Total financial assets 2 3 4 2010 Total liabilities 17 18 Security repurchase agreements Taxes payable (net) 19 Foreign direct investment in U.S. 64.7 70.7 73.9 77.1 74.5 75.5 74.0 73.2 75.5 75.5 77.9 19 20 21 22 Miscellaneous liabilities Investment by parent companies Policy payables 754.8 0.0 754.8 761.2 0.0 761.2 796.4 0.0 796.4 813.4 11.2 802.1 813.1 5.2 807.8 827.8 5.3 822.5 814.0 4.7 809.3 822.6 5.1 817.4 829.3 5.1 824.2 827.8 5.3 822.5 825.0 3.9 821.1 20 21 22 91 Z.1, June 11, 2015 L.116 Life Insurance Companies (1) 2009 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 U.S. direct investment abroad 16 17 18 19 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 20 Total liabilities 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 4823.9 5167.8 5340.1 5614.7 5977.3 6227.1 6049.2 6144.7 6144.5 6227.1 6316.8 1 50.7 33.7 10.2 51.7 21.0 10.9 53.7 28.8 10.1 56.4 27.5 8.5 47.2 21.6 8.5 50.8 27.7 8.5 50.7 21.3 7.9 49.2 21.0 7.3 52.9 22.6 7.4 50.8 27.7 8.5 50.3 26.6 7.1 2 3 4 3022.6 3174.2 3299.6 3373.9 3451.3 3551.0 3477.1 3511.5 3536.5 3551.0 3582.6 5 49.8 133.5 371.9 73.1 1927.2 140.9 326.1 40.9 156.6 376.0 112.3 2030.2 140.7 317.5 29.7 175.4 374.4 121.8 2117.3 148.6 332.5 43.6 180.9 360.9 131.5 2162.2 150.4 344.4 46.7 168.6 354.1 141.6 2223.0 153.9 363.2 42.2 182.9 339.1 147.8 2292.3 161.9 384.8 43.6 172.0 351.0 142.9 2246.2 155.9 365.4 41.0 175.5 348.4 145.3 2273.7 157.3 370.3 40.3 178.9 344.5 147.0 2289.5 159.9 376.4 42.2 182.9 339.1 147.8 2292.3 161.9 384.8 43.2 193.3 338.6 148.1 2308.6 161.0 389.7 6 7 8 9 10 11 12 1208.5 140.8 1371.6 186.7 1355.5 184.8 1502.7 201.7 1743.4 235.8 1798.4 246.4 1764.5 238.6 1808.7 245.1 1770.3 242.5 1798.4 246.4 1828.9 248.7 13 14 28.9 46.3 54.2 67.0 65.5 67.0 65.4 64.9 66.1 67.0 69.1 15 328.7 2.9 22.1 303.7 305.6 2.9 24.7 278.0 353.4 2.1 24.3 327.0 377.0 2.2 24.9 349.9 404.1 3.2 27.9 373.1 477.2 3.5 29.1 444.6 423.8 3.2 28.9 391.7 437.0 3.4 30.2 403.4 446.2 3.5 29.6 413.1 477.2 3.5 29.1 444.6 503.6 3.7 30.2 469.6 16 17 18 19 4532.3 4844.3 5002.2 5248.8 5602.8 5828.1 5666.4 5753.5 5746.4 5828.1 5913.9 20 12.4 48.3 10.3 45.1 10.4 46.8 13.5 51.6 12.7 59.4 13.8 71.8 12.9 61.3 12.8 63.3 13.3 66.8 13.8 71.8 14.6 75.4 21 22 1194.5 2146.8 1229.9 2341.3 1302.3 2383.2 1309.0 2575.3 1366.3 2831.3 1426.1 2925.4 1378.4 2855.4 1395.2 2891.7 1403.9 2879.8 1426.1 2925.4 1451.1 2954.6 23 24 21 22 Security repurchase agreements Other loans and advances 23 24 Life insurance reserves Pension entitlements (2) 25 26 Taxes payable (net) Foreign direct investment in U.S. -31.4 69.4 -28.8 84.3 -23.6 103.6 -28.3 106.0 -30.5 97.7 -32.4 106.6 -29.3 99.1 -29.5 101.4 -30.4 105.3 -32.4 106.6 -29.9 109.7 25 26 27 28 29 30 31 Miscellaneous liabilities Investment by parent companies Other reserves (3) Unallocated insurance contracts Other 1092.2 40.5 273.6 589.0 189.1 1162.2 62.7 290.7 620.9 187.9 1179.5 72.0 305.5 624.7 177.2 1221.6 17.2 303.7 638.6 262.1 1266.0 10.7 304.2 668.1 283.1 1316.9 11.5 310.0 699.6 295.7 1288.5 11.0 307.9 676.5 293.1 1318.6 11.5 311.1 689.6 306.3 1307.7 11.5 311.5 688.2 296.5 1316.9 11.5 310.0 699.6 295.7 1338.4 11.8 313.5 707.7 305.5 27 28 29 30 31 (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.116.g and L.116.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 30. (3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 92 Z.1, June 11, 2015 L.116.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 16 U.S. direct investment abroad Miscellaneous assets 17 Levels Total financial assets 2 3 4 Total liabilities 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3208.3 3335.5 3512.5 3570.3 3657.0 3812.9 3708.5 3734.6 3770.0 3812.9 3792.0 1 34.4 33.7 10.2 32.4 21.0 10.9 35.3 28.8 10.1 36.7 27.5 8.5 31.9 21.6 8.5 35.4 27.7 8.5 35.4 21.3 7.9 33.8 21.0 7.3 37.6 22.6 7.4 35.4 27.7 8.5 34.4 26.6 7.1 2 3 4 2775.3 2887.0 3009.3 3047.3 3117.3 3216.5 3143.2 3177.7 3202.7 3216.5 3194.8 5 33.2 113.7 289.2 21.2 128.9 283.5 8.6 139.2 282.0 24.5 140.5 277.1 25.9 129.2 270.5 19.8 138.3 267.2 22.4 131.3 270.4 19.4 133.6 270.8 18.4 135.8 269.8 19.8 138.3 267.2 20.1 139.8 263.3 6 7 8 68.8 1814.3 140.4 315.7 108.3 1897.7 140.2 307.1 117.5 1991.0 148.1 322.9 126.6 1992.6 150.0 336.0 135.7 2049.6 153.6 352.8 141.0 2115.6 161.5 373.0 136.8 2072.0 155.6 354.7 139.0 2098.7 156.9 359.3 140.4 2113.7 159.5 365.0 141.0 2115.6 161.5 373.0 140.3 2105.7 155.9 369.8 9 10 11 12 70.3 2.4 74.3 2.6 75.3 3.1 74.0 3.4 76.5 3.7 82.1 3.9 79.1 3.7 83.3 3.8 83.0 3.8 82.1 3.9 82.4 3.9 13 14 28.9 253.2 46.3 261.2 54.2 296.3 67.0 305.9 65.5 332.0 67.0 371.8 65.4 352.5 64.9 342.8 66.1 346.9 67.0 371.8 69.1 373.7 15 16 2911.6 3007.6 3170.3 3198.0 3275.9 3406.8 3318.8 3336.5 3364.9 3406.8 3382.0 17 12.4 48.3 10.3 45.1 10.4 46.8 13.5 51.6 12.7 59.4 13.8 71.8 12.9 61.3 12.8 63.3 13.3 66.8 13.8 71.8 14.6 75.4 18 19 18 19 Security repurchase agreements Other loans and advances 20 21 22 23 Life insurance reserves Pension entitlements (1) Taxes payable (net) Foreign direct investment in U.S. 969.5 991.1 -31.4 69.4 1001.5 1012.1 -28.8 84.3 1074.5 1048.5 -23.6 103.6 1068.3 1058.3 -28.3 106.0 1096.6 1095.2 -30.5 97.7 1142.7 1132.8 -32.4 106.6 1104.7 1099.5 -29.3 99.1 1115.4 1105.7 -29.5 101.4 1126.8 1119.7 -30.4 105.3 1142.7 1132.8 -32.4 106.6 1128.2 1108.0 -29.9 109.7 20 21 22 23 24 Miscellaneous liabilities 852.3 883.2 910.1 928.6 944.9 971.6 970.5 967.4 963.4 971.6 976.0 24 2414.2 2524.8 1 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24). L.116.s Life Insurance Companies: Separate Accounts 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 13 14 15 16 17 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Corporate equities Mutual fund shares Miscellaneous assets Total liabilities Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 1615.6 1832.4 1827.6 2044.4 2320.3 2414.2 2340.8 2410.1 2374.5 16.3 19.3 18.4 19.7 15.3 15.4 15.3 15.3 15.4 15.4 15.9 2 247.4 287.3 290.2 326.6 333.9 334.5 333.9 333.8 333.8 334.5 387.8 3 16.6 19.8 82.8 19.7 27.7 92.4 21.1 36.2 92.4 19.1 40.4 83.8 20.9 39.5 83.6 22.3 44.6 71.9 21.2 40.7 80.6 21.6 41.9 77.6 22.0 43.1 74.7 22.3 44.6 71.9 23.1 53.5 75.3 4 5 6 4.3 112.9 0.6 10.4 4.0 132.5 0.5 10.3 4.3 126.2 0.5 9.6 4.9 169.6 0.4 8.5 5.9 173.4 0.4 10.4 6.8 176.7 0.4 11.8 6.1 174.2 0.4 10.7 6.3 175.0 0.4 11.0 6.5 175.8 0.4 11.4 6.8 176.7 0.4 11.8 7.8 202.9 5.2 19.9 7 8 9 10 1138.1 138.4 1297.2 184.1 1280.2 181.7 1428.6 198.3 1666.9 232.1 1716.4 242.6 1685.4 234.9 1725.4 241.2 1687.3 238.7 1716.4 242.6 1746.5 244.8 11 12 75.5 44.5 57.2 71.1 72.1 105.4 71.3 94.2 99.3 105.4 129.9 13 1620.7 1836.6 1831.9 2050.8 2327.0 2421.3 2347.6 2417.0 2381.5 2421.3 2531.9 14 225.0 1155.7 239.9 228.4 1329.2 279.0 227.8 1334.7 269.4 240.7 1517.1 292.9 269.7 1736.1 321.2 283.4 1792.6 345.3 273.7 1755.9 318.0 279.8 1786.0 351.2 277.1 1760.1 344.3 283.4 1792.6 345.3 322.9 1846.6 362.4 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 17). 93 Z.1, June 11, 2015 L.117 Private and Public Pension Funds (1) 2009 1 Total financial assets (2) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 13170.2 14551.3 14917.2 15725.5 16888.6 17678.5 17063.4 17329.5 17418.7 17678.5 17855.5 1 14.0 62.3 187.9 5.9 16.6 67.0 179.9 6.0 22.6 70.2 196.9 6.1 21.0 63.4 176.4 5.6 21.1 65.0 181.1 5.7 22.7 67.6 182.8 6.0 21.3 65.1 179.0 5.7 22.9 65.6 181.9 5.7 22.9 65.3 179.2 5.7 22.7 67.6 182.8 6.0 23.2 69.4 181.8 6.2 2 3 4 5 1679.2 1833.0 1939.6 2104.9 2244.5 2329.5 2248.5 2279.5 2316.8 2329.5 2283.8 6 79.6 457.4 351.4 753.2 36.0 82.1 509.4 359.4 841.4 38.4 86.0 569.1 375.4 874.1 33.3 77.8 638.5 410.6 942.8 33.4 76.7 699.9 431.1 1004.6 29.3 80.3 746.3 424.8 1046.5 29.6 78.0 707.5 428.5 1003.2 29.0 78.2 715.2 434.8 1019.0 30.1 78.5 729.3 435.7 1040.2 31.1 80.3 746.3 424.8 1046.5 29.6 83.8 706.4 413.6 1049.5 28.5 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 3436.4 2229.6 3920.1 2519.0 3728.9 2415.8 4140.8 2692.9 5046.6 3368.5 5241.9 3637.8 5076.4 3426.4 5224.6 3545.8 5141.4 3535.5 5241.9 3637.8 5273.6 3686.7 12 13 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Nonmarketable Treasury securities (4) Claims of pension fund on sponsor (5) Other 5555.1 589.0 75.4 1077.2 3212.0 601.4 6009.6 620.9 90.8 1142.9 3523.7 631.3 6537.2 624.7 93.8 1213.7 3928.9 676.1 6520.6 638.6 81.4 1254.1 3839.1 707.4 5956.1 668.1 80.9 1352.3 3116.3 738.6 6190.3 699.6 81.7 1421.1 3196.1 791.7 6041.0 676.5 80.7 1339.7 3187.1 757.0 6003.5 689.6 81.1 1342.6 3114.0 776.2 6151.8 688.2 82.0 1361.8 3233.3 786.4 6190.3 699.6 81.7 1421.1 3196.1 791.7 6331.0 707.7 83.4 1372.3 3369.7 797.8 14 15 16 17 18 19 13311.3 14694.3 15064.5 15885.5 17062.5 17858.3 17238.0 17510.4 17596.5 17858.3 18037.3 20 9315.4 6103.4 3212.0 10175.7 6652.0 3523.7 10568.6 6639.7 3928.9 10886.7 7047.6 3839.1 11129.6 8013.3 3116.3 11458.1 8262.0 3196.1 11211.5 8024.4 3187.1 11293.9 8179.9 3114.0 11375.6 8142.3 3233.3 11458.1 8262.0 3196.1 11539.9 8231.1 3308.8 21 22 23 19397.0 9174.4 3995.9 4488.0 1738.8 21481.6 10032.7 4518.6 5029.0 1901.3 22091.4 10421.3 4495.9 5241.0 1933.2 23723.9 10726.7 4998.8 5907.0 2091.3 26160.9 10955.7 5932.8 6966.0 2306.3 27490.9 11278.3 6400.2 7443.0 2369.4 26472.7 11036.9 6026.5 7084.0 2325.4 27008.2 11112.9 6216.6 7325.0 2353.7 27106.5 11197.8 6220.9 7343.0 2344.8 27490.9 11278.3 6400.2 7443.0 2369.4 ND 11358.2 6497.3 ND ND 24 25 26 27 28 20 Pension entitlements (liabilities) (6) Memo: 21 22 23 24 25 26 27 28 Funded status of defined benefit plans: Pension entitlements Funded by assets (7) Unfunded (line 18) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) (1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (9) IRA assets are not included above. See memo item on table L.226 for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 27. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 94 Z.1, June 11, 2015 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 5965.4 6613.5 6716.8 7241.5 8111.8 8541.8 8200.7 8372.6 8381.2 8541.8 8629.5 1 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 10.3 32.1 146.6 2.9 12.5 31.4 136.4 2.7 18.1 33.0 152.9 2.7 16.4 29.1 135.7 2.4 16.5 28.8 137.9 2.3 17.7 29.8 137.3 2.4 16.8 29.3 136.4 2.4 17.6 30.0 139.3 2.4 17.7 29.7 137.2 2.4 17.7 29.8 137.3 2.4 18.1 30.5 135.5 2.5 2 3 4 5 6 Credit market instruments 775.4 895.9 969.5 1116.2 1166.8 1199.9 1164.8 1184.5 1195.9 1199.9 1212.7 6 42.2 175.6 177.5 356.4 23.7 40.2 206.9 184.0 438.5 26.5 42.6 233.8 188.2 483.0 21.9 37.7 278.2 210.4 566.8 23.1 34.4 314.6 225.8 572.3 19.7 36.2 334.2 224.7 585.3 19.5 35.5 318.4 224.4 567.6 18.9 36.2 323.0 228.5 577.0 19.8 36.1 329.4 226.8 582.8 20.8 36.2 334.2 224.7 585.3 19.5 37.7 344.9 223.6 587.9 18.7 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 1568.3 1887.6 1849.1 2148.9 1751.1 2120.5 1973.6 2385.6 2407.9 2974.8 2587.0 3231.7 2448.7 3030.6 2532.2 3141.2 2507.9 3137.8 2587.0 3231.7 2615.1 3278.7 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1542.2 453.5 75.4 497.6 515.7 1536.6 469.4 90.8 446.5 529.9 1668.9 484.6 93.8 517.2 573.3 1582.5 503.8 81.4 389.8 607.4 1376.7 537.1 80.9 131.4 627.4 1336.0 563.0 81.7 19.4 671.8 1371.8 544.3 80.7 103.8 643.0 1325.3 553.8 81.1 31.7 658.7 1352.7 553.7 82.0 49.7 667.3 1336.0 563.0 81.7 19.4 671.8 1336.3 569.1 83.4 4.0 679.9 14 15 16 17 18 6001.8 6650.1 6753.3 7278.0 8148.3 8578.4 8237.2 8409.2 8417.8 8578.4 8666.0 19 19 Levels 2011 2 3 4 5 7 8 9 10 11 Total financial assets (2) 2010 Pension entitlements (liabilities) (5) Memo: 20 21 22 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) 2662.7 2165.1 497.6 2872.2 2425.7 446.5 2983.7 2466.4 517.2 3054.3 2664.5 389.8 3105.0 2973.6 131.4 3135.8 3116.5 19.4 3112.7 3008.9 103.8 3120.4 3088.8 31.7 3128.1 3078.4 49.7 3135.8 3116.5 19.4 3143.5 3139.6 4.0 20 21 22 23 24 Total financial assets (7) Defined benefit plans Defined contribution plans 2626.3 3339.1 2835.7 3777.8 2947.1 3769.7 3017.8 4223.7 3068.5 5043.3 3099.3 5442.5 3076.2 5124.5 3083.9 5288.8 3091.6 5289.6 3099.3 5442.5 3107.0 5522.5 23 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.118.b and L.118.c. 95 Z.1, June 11, 2015 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets (1) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2626.3 2835.7 2947.1 3017.8 3068.5 3099.3 3076.2 3083.9 3091.6 3099.3 3107.0 1 5.0 27.7 39.8 2.9 7.7 27.5 34.7 2.7 9.5 28.7 34.3 2.7 8.4 25.4 30.3 2.4 8.2 24.7 29.6 2.3 8.6 25.5 29.4 2.4 8.4 25.1 29.4 2.4 8.6 25.8 30.2 2.4 8.5 25.5 29.9 2.4 8.6 25.5 29.4 2.4 8.9 26.2 28.9 2.5 2 3 4 5 543.5 615.1 693.2 777.0 812.2 832.9 811.3 827.7 832.5 832.9 841.3 6 31.2 112.1 116.3 266.9 17.0 30.2 119.4 119.0 328.3 18.2 31.3 138.8 133.3 374.1 15.8 27.6 154.7 144.3 434.7 15.7 23.8 179.5 154.1 441.6 13.3 25.1 191.4 154.8 448.5 13.1 24.4 182.0 153.8 438.3 12.8 25.0 185.6 156.9 446.7 13.4 24.7 189.8 155.9 448.2 14.0 25.1 191.4 154.8 448.5 13.1 25.8 197.9 154.6 450.2 12.7 7 8 9 10 11 Corporate equities Mutual fund shares 863.8 322.9 1010.7 349.8 929.5 356.6 1048.0 359.3 1247.0 427.5 1326.3 448.9 1267.6 434.6 1306.3 446.5 1293.3 442.0 1326.3 448.9 1334.5 450.8 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 820.6 57.8 49.8 497.6 215.5 787.5 53.0 63.1 446.5 224.8 892.6 64.5 64.8 517.2 246.0 767.0 58.2 52.4 389.8 266.6 517.0 63.4 51.6 131.4 270.6 425.4 67.1 51.4 19.4 287.6 497.5 64.0 51.6 103.8 278.1 436.3 66.1 52.1 31.7 286.5 457.6 66.5 52.0 49.7 289.5 425.4 67.1 51.4 19.4 287.6 413.9 68.0 52.6 4.0 289.4 14 15 16 17 18 2662.7 2872.2 2983.7 3054.3 3105.0 3135.8 3112.7 3120.4 3128.1 3135.8 3143.5 19 19 Pension entitlements (liabilities) (4) Levels 12 13 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 3339.1 3777.8 3769.7 4223.7 5043.3 5442.5 5124.5 5288.8 5289.6 5442.5 5522.5 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 5.3 4.3 106.8 0.0 4.8 3.9 101.7 0.0 8.6 4.3 118.5 0.0 7.9 3.7 105.4 0.0 8.3 4.1 108.3 0.0 9.1 4.3 107.9 0.0 8.4 4.1 107.0 0.0 9.0 4.2 109.0 0.0 9.2 4.2 107.3 0.0 9.1 4.3 107.9 0.0 9.2 4.3 106.6 0.0 2 3 4 5 6 Credit market instruments 231.9 280.8 276.4 339.2 354.6 367.1 353.5 356.8 363.4 367.1 371.5 6 11.0 63.5 61.2 89.5 6.7 10.0 87.4 65.0 110.2 8.3 11.3 95.1 54.9 108.9 6.1 10.1 123.5 66.1 132.1 7.4 10.6 135.2 71.7 130.7 6.4 11.2 142.9 69.9 136.8 6.4 11.1 136.4 70.6 129.2 6.1 11.1 137.4 71.6 130.3 6.4 11.4 139.6 71.0 134.6 6.9 11.2 142.9 69.9 136.8 6.4 11.9 146.9 69.0 137.7 5.9 7 8 9 10 11 704.4 1564.7 838.4 1799.1 821.6 1763.9 925.7 2026.3 1160.9 2547.3 1260.8 2782.8 1181.1 2596.0 1225.9 2694.8 1214.6 2695.8 1260.8 2782.8 1280.6 2828.0 12 13 721.6 395.8 25.6 300.2 749.1 416.4 27.7 305.1 776.3 420.1 29.0 327.3 815.5 445.7 29.0 340.8 859.7 473.7 29.3 356.8 910.6 495.9 30.4 384.3 874.3 480.3 29.1 365.0 889.1 487.8 29.0 372.3 895.1 487.3 30.1 377.8 910.6 495.9 30.4 384.3 922.4 501.1 30.8 390.5 14 15 16 17 3339.1 3777.8 3769.7 4223.7 5043.3 5442.5 5124.5 5288.8 5289.6 5442.5 5522.5 18 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 18 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. 96 Z.1, June 11, 2015 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2922.5 3159.3 3266.0 3384.9 3542.8 3683.4 3573.6 3609.6 3641.4 3683.4 3716.2 1 130.9 119.9 5.2 5.7 141.8 130.0 5.8 5.9 167.3 153.5 6.5 7.3 182.7 165.6 8.1 9.0 192.1 178.0 6.4 7.7 209.0 196.1 6.0 7.0 193.6 181.0 5.7 6.9 196.0 183.1 5.8 7.0 201.1 188.4 5.8 6.9 209.0 196.1 6.0 7.0 149.9 136.6 6.0 7.3 2 3 4 5 116.8 2674.8 1077.2 1597.6 140.9 2876.6 1142.9 1733.7 134.4 2964.3 1213.7 1750.7 148.1 3054.1 1254.1 1800.0 206.2 3144.5 1352.3 1792.1 235.2 3239.2 1421.1 1818.0 211.8 3168.1 1339.7 1828.4 221.8 3191.8 1342.6 1849.3 224.8 3215.5 1361.8 1853.7 235.2 3239.2 1421.1 1818.0 242.6 3323.7 1372.3 1951.5 6 7 8 9 Pension entitlements (liabilities) (5) 2922.5 3159.3 3266.0 3384.9 3542.8 3683.4 3573.6 3609.6 3641.4 3683.4 3716.2 10 Memo: Funded status of defined benefit plans: 11 Pension entitlements 12 Funded by assets (6) 13 Unfunded 2692.9 1095.4 1597.6 2894.8 1161.1 1733.7 2980.8 1230.2 1750.7 3070.0 1270.0 1800.0 3161.7 1369.6 1792.1 3256.1 1438.0 1818.0 3185.1 1356.7 1828.4 3208.9 1359.7 1849.3 3232.1 1378.4 1853.7 3256.1 1438.0 1818.0 3279.4 1388.9 1890.5 11 12 13 2692.9 229.6 2894.8 264.5 2980.8 285.2 3070.0 314.9 3161.7 381.0 3256.1 427.3 3185.1 388.5 3208.9 400.7 3232.1 409.3 3256.1 427.3 3279.4 436.8 14 15 2 3 4 5 Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Corporate equities Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 14 15 Levels Total financial assets (1) 2010 Total financial assets (7) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.119.b and L.119.c. 97 Z.1, June 11, 2015 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 Total financial assets (2) Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 Pension entitlements (liabilities) (5) Q2 Q3 2015 Q1 Q4 2692.9 2894.8 2980.8 3070.0 3161.7 3256.1 3185.1 3208.9 3232.1 3256.1 3279.4 1 6.6 5.8 6.1 6.1 6.1 5.6 5.9 5.8 5.7 5.6 5.6 2 2.3 1.1 3.2 2.1 0.9 2.9 1.7 0.7 3.7 1.5 0.5 4.1 1.4 0.5 4.1 1.3 0.5 3.8 1.4 0.5 4.0 1.4 0.5 4.0 1.3 0.5 3.9 1.3 0.5 3.8 1.3 0.3 3.9 3 4 5 11.6 12.4 10.4 9.8 11.2 11.3 11.0 11.3 11.0 11.3 11.0 6 2674.8 1077.2 1597.6 2876.6 1142.9 1733.7 2964.3 1213.7 1750.7 3054.1 1254.1 1800.0 3144.5 1352.3 1792.1 3239.2 1421.1 1818.0 3168.1 1339.7 1828.4 3191.8 1342.6 1849.3 3215.5 1361.8 1853.7 3239.2 1421.1 1818.0 3262.8 1372.3 1890.5 7 8 9 2692.9 2894.8 2980.8 3070.0 3161.7 3256.1 3185.1 3208.9 3232.1 3256.1 3279.4 10 Levels (1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Claims of pension fund on sponsor (misc. assets) (3) Pension entitlements (liabilities) 229.6 264.5 285.2 314.9 381.0 427.3 388.5 400.7 409.3 427.3 436.8 1 124.3 136.0 161.2 176.6 186.0 203.5 187.7 190.2 195.5 203.5 144.3 2 117.6 4.1 2.5 128.0 4.9 3.0 151.7 5.8 3.7 164.1 7.5 5.0 176.6 5.9 3.6 194.7 5.5 3.2 179.6 5.2 2.9 181.7 5.4 3.1 187.1 5.3 3.1 194.7 5.5 3.2 135.3 5.6 3.4 3 4 5 105.3 128.5 124.0 138.3 195.0 223.8 200.8 210.5 213.8 223.8 231.6 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 60.9 7 229.6 264.5 285.2 314.9 381.0 427.3 388.5 400.7 409.3 427.3 436.8 8 (1) Thrift Savings Plan. (2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 98 Z.1, June 11, 2015 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 4282.4 4778.5 4934.4 5099.1 5234.0 5453.4 5289.1 5347.2 5396.1 5453.4 5509.8 1 3.6 30.2 41.2 3.0 4.2 35.6 43.6 3.4 4.5 37.1 44.0 3.4 4.6 34.3 40.6 3.2 4.6 36.1 43.2 3.4 5.0 37.8 45.5 3.5 4.5 35.8 42.6 3.3 5.3 35.6 42.6 3.3 5.3 35.6 42.0 3.3 5.0 37.8 45.5 3.5 5.1 38.9 46.3 3.6 2 3 4 5 773.0 37.4 161.9 168.8 1.5 391.1 12.3 795.3 41.9 172.5 169.6 2.3 397.0 11.9 802.7 43.4 181.8 180.7 1.7 383.8 11.4 806.0 40.0 194.7 192.1 1.9 366.9 10.4 885.5 42.3 207.3 199.0 2.7 424.6 9.7 920.6 44.1 216.1 194.1 2.0 454.2 10.1 890.1 42.6 208.1 198.4 2.3 428.7 10.0 899.0 42.0 209.1 200.4 2.1 435.0 10.3 919.8 42.4 211.5 203.1 2.0 450.5 10.3 920.6 44.1 216.1 194.1 2.0 454.2 10.1 921.2 46.2 224.9 184.0 2.0 454.3 9.8 6 7 8 9 10 11 12 6 7 8 9 10 11 12 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 13 14 Corporate equities Mutual fund shares 1751.3 342.0 1930.1 370.1 1843.3 295.2 2019.1 307.3 2432.6 393.7 2419.7 406.1 2415.9 395.8 2470.6 404.6 2408.7 397.8 2419.7 406.1 2415.9 407.9 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 1338.1 135.5 1116.9 85.7 1596.3 151.5 1343.4 101.4 1904.0 140.1 1661.0 102.8 1884.0 134.7 1649.3 100.0 1435.0 131.0 1192.8 111.2 1615.2 136.6 1358.6 119.9 1501.1 132.3 1254.9 113.9 1486.3 135.8 1233.1 117.5 1583.6 134.5 1329.9 119.2 1615.2 136.6 1358.6 119.9 1670.9 138.6 1414.3 118.0 15 16 17 18 Pension entitlements (liabilities) (4) 4387.1 4885.0 5045.2 5222.6 5371.4 5596.6 5427.2 5491.6 5537.4 5596.6 5655.0 19 Memo: Funded status of defined benefit plans: 20 Pension entitlements 21 Funded by assets (5) 22 Unfunded (line 17) 3959.8 2842.9 1116.9 4408.7 3065.3 1343.4 4604.1 2943.1 1661.0 4762.4 3113.1 1649.3 4862.9 3670.1 1192.8 5066.2 3707.5 1358.6 4913.7 3658.8 1254.9 4964.5 3731.5 1233.1 5015.4 3685.4 1329.9 5066.2 3707.5 1358.6 5117.0 3702.7 1414.3 20 21 22 3855.2 427.2 4302.2 476.3 4493.3 441.1 4639.0 460.2 4725.5 508.5 4923.0 530.4 4775.6 513.5 4820.1 527.1 4874.1 522.0 4923.0 530.4 4971.8 538.0 23 24 19 Levels Total financial assets (1) 2010 23 24 Total financial assets (6) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.120.b and L.120.c. 99 Z.1, June 11, 2015 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3855.2 4302.2 4493.3 4639.0 4725.5 4923.0 4775.6 4820.1 4874.1 4923.0 4971.8 1 2 3 Checkable deposits and currency Time and savings deposits 3.6 28.7 4.1 34.5 4.3 36.5 4.0 34.0 4.1 35.5 4.4 37.4 4.1 35.3 4.1 35.0 4.1 35.1 4.4 37.4 4.5 38.7 2 3 4 5 Money market fund shares Security repurchase agreements 41.2 3.0 43.6 3.4 43.6 3.4 40.6 3.2 42.5 3.4 44.7 3.5 42.2 3.3 41.9 3.3 42.0 3.3 44.7 3.5 46.3 3.6 4 5 6 Credit market instruments 742.4 761.6 767.0 768.9 850.8 885.8 855.6 864.3 884.9 885.8 885.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 32.3 151.4 158.7 38.0 159.3 159.8 39.7 166.1 171.6 37.0 178.7 183.6 38.7 194.3 190.6 40.7 203.7 186.1 38.4 195.1 191.1 38.2 196.4 192.5 38.3 199.1 195.4 40.7 203.7 186.1 42.2 213.3 175.7 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 1.4 386.2 12.3 2.1 390.6 11.9 1.5 376.7 11.4 1.5 357.8 10.4 1.9 415.5 9.7 1.1 444.0 10.1 1.6 419.5 10.0 1.4 425.6 10.3 1.1 440.6 10.3 1.1 444.0 10.1 1.1 443.9 9.8 10 11 12 7 8 9 10 11 12 Total financial assets (1) 2010 13 14 Corporate equities Mutual fund shares 1628.8 205.2 1793.6 217.0 1721.5 153.5 1887.1 152.3 2273.0 213.5 2255.2 215.2 2255.7 211.8 2306.4 216.6 2246.6 211.0 2255.2 215.2 2249.0 213.2 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 1202.2 1116.9 85.3 1444.4 1343.4 101.0 1763.5 1661.0 102.5 1748.9 1649.3 99.6 1302.8 1192.8 110.0 1476.8 1358.6 118.2 1367.6 1254.9 112.7 1348.5 1233.1 115.4 1447.1 1329.9 117.1 1476.8 1358.6 118.2 1530.6 1414.3 116.2 15 16 17 3959.8 4408.7 4604.1 4762.4 4862.9 5066.2 4913.7 4964.5 5015.4 5066.2 5117.0 18 18 Pension entitlements (liabilities) (3) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 427.2 476.3 441.1 460.2 508.5 530.4 513.5 527.1 522.0 530.4 538.0 1 2 3 Checkable deposits and currency Time and savings deposits 0.1 1.5 0.1 1.0 0.3 0.7 0.6 0.3 0.4 0.6 0.6 0.4 0.4 0.5 1.2 0.5 1.2 0.5 0.6 0.4 0.6 0.2 2 3 4 5 Money market fund shares Security repurchase agreements 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.7 0.0 0.9 0.0 0.4 0.0 0.8 0.0 0.0 0.0 0.9 0.0 0.0 0.0 4 5 6 Credit market instruments 30.6 33.7 35.7 37.1 34.7 34.8 34.5 34.7 34.9 34.8 35.3 6 5.1 10.4 10.1 0.1 4.8 3.9 13.3 9.9 0.2 6.4 3.7 15.7 9.1 0.2 7.1 3.0 16.0 8.6 0.4 9.1 3.6 12.9 8.3 0.8 9.1 3.4 12.3 8.1 0.9 10.2 4.1 13.0 7.3 0.7 9.2 3.9 12.8 7.9 0.8 9.3 4.1 12.4 7.7 0.8 9.9 3.4 12.3 8.1 0.9 10.2 4.0 11.6 8.4 0.9 10.4 7 8 9 10 11 7 8 9 10 11 Total financial assets Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 Corporate equities Mutual fund shares 122.4 136.8 136.5 153.1 121.8 141.8 132.0 155.0 159.6 180.3 164.5 190.9 160.2 184.0 164.2 188.0 162.2 186.8 164.5 190.9 166.9 194.7 12 13 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other 135.8 135.5 0.3 151.9 151.5 0.4 140.5 140.1 0.4 135.1 134.7 0.3 132.2 131.0 1.2 138.4 136.6 1.7 133.5 132.3 1.2 137.8 135.8 2.0 136.5 134.5 2.0 138.4 136.6 1.7 140.3 138.6 1.7 14 15 16 427.2 476.3 441.1 460.2 508.5 530.4 513.5 527.1 522.0 530.4 538.0 17 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 100 Z.1, June 11, 2015 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3258.6 2755.4 2642.5 2649.6 2678.5 2688.1 2592.5 2522.4 2565.4 2688.1 2609.9 1 97.1 17.9 566.6 480.0 105.9 14.2 458.9 479.4 42.9 20.1 402.7 490.5 43.3 16.5 435.4 544.7 33.7 13.3 494.8 493.4 24.1 -4.3 515.5 644.6 19.4 14.2 494.0 506.5 26.7 18.6 509.7 564.0 23.2 -3.1 531.1 575.8 24.1 -4.3 515.5 644.6 24.4 -9.8 512.1 625.9 2 3 4 5 2070.0 1673.4 1663.6 1580.9 1611.7 1490.8 1521.0 1387.3 1419.6 1490.8 1440.7 6 510.5 406.4 543.0 440.1 169.9 394.2 335.4 402.8 386.7 154.2 354.2 443.3 403.7 357.3 105.1 340.8 457.8 343.5 336.7 102.1 352.0 488.0 361.3 308.3 102.0 333.5 412.7 384.6 281.7 78.3 354.7 456.4 324.8 296.4 88.8 341.2 370.5 327.8 281.4 66.4 331.6 391.5 346.5 278.7 71.1 333.5 412.7 384.6 281.7 78.3 341.8 434.5 323.4 273.5 67.5 7 8 9 10 11 26.9 23.5 22.7 28.8 31.6 17.3 37.3 16.0 18.8 17.3 16.7 12 3258.6 2755.4 2642.5 2649.6 2678.5 2688.1 2592.5 2522.4 2565.4 2688.1 2609.9 13 12374.8 12343.7 12603.6 12903.8 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116). Levels L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security repurchase agreements 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 6920.7 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 153.3 137.5 108.7 262.8 355.7 402.0 381.9 424.0 395.2 402.0 406.6 2 2616.3 2969.9 3329.3 3981.3 4345.2 4822.1 4462.9 4583.4 4692.3 4822.1 4976.7 3 80.2 258.0 603.2 478.8 1120.7 75.4 66.3 380.9 679.6 525.5 1243.0 74.6 40.0 446.7 794.6 541.2 1413.4 93.5 77.5 567.5 883.8 627.4 1719.4 105.7 105.2 622.5 859.8 613.9 1998.8 145.1 120.6 742.0 829.6 657.7 2317.7 154.5 113.9 658.9 844.3 618.2 2067.5 160.1 127.9 679.9 808.0 630.4 2180.8 156.5 118.3 715.1 815.9 643.2 2240.9 158.9 120.6 742.0 829.6 657.7 2317.7 154.5 122.1 795.2 820.3 672.5 2411.2 155.4 4 5 6 7 8 9 4136.2 14.9 4762.7 2.9 4427.2 5.7 5109.4 -27.4 6851.8 -8.3 7392.1 -12.6 7030.1 24.4 7364.8 2.6 7233.0 23.2 7392.1 -12.6 7533.2 -12.6 10 11 6920.7 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12903.8 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116). 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) 228.6 243.1 240.5 256.5 283.6 285.0 287.0 294.4 291.2 285.0 283.8 1 141.1 4.4 81.2 55.6 87.4 146.4 5.1 81.6 59.7 96.7 144.7 4.8 82.5 57.3 95.9 155.9 5.2 85.9 64.8 100.6 169.4 5.7 84.3 79.4 114.2 165.7 5.5 84.8 75.4 119.3 169.7 5.8 85.2 78.7 117.3 170.4 5.9 85.8 78.7 124.0 167.8 5.8 84.2 77.8 123.5 165.7 5.5 84.8 75.4 119.3 165.3 5.4 84.6 75.3 118.4 2 3 4 5 6 228.6 243.1 240.5 256.5 283.6 285.0 287.0 294.4 291.2 285.0 283.8 7 773.1 986.8 1042.6 1324.4 1670.6 1969.3 1704.1 1822.3 1824.4 1969.3 2055.1 8 103.0 41.8 5.9 55.4 670.0 132.7 51.0 7.6 74.1 854.1 178.8 62.4 8.6 107.7 863.8 231.1 63.6 12.3 155.3 1093.3 243.3 57.1 11.4 174.8 1427.3 294.3 70.1 14.6 209.6 1675.0 254.3 59.3 11.8 183.2 1449.9 266.3 63.0 12.6 190.7 1555.9 272.4 64.4 13.4 194.7 1552.0 294.3 70.1 14.6 209.6 1675.0 313.6 73.2 16.0 224.4 1741.5 9 10 11 12 13 773.1 986.8 1042.6 1324.4 1670.6 1969.3 1704.1 1822.3 1824.4 1969.3 2055.1 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) 101 Z.1, June 11, 2015 L.124 Government-Sponsored Enterprises (GSEs) (1) 2009 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security repos 5 Credit market instruments 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3048.5 6722.4 6480.2 6275.1 6361.3 6399.9 6256.9 6286.3 6323.0 6399.9 6353.5 1 99.4 25.7 123.3 63.4 26.1 151.2 72.7 13.4 112.3 52.6 4.3 150.8 81.6 5.4 152.3 65.0 3.3 162.6 45.4 7.9 127.3 49.3 5.9 134.3 89.3 5.4 110.9 65.0 3.3 162.6 53.4 1.9 158.2 2 3 4 2699.7 6333.1 6133.4 5914.8 5956.4 6014.4 5924.2 5945.4 5968.1 6014.4 5975.3 5 Open market paper Treasury securities Agency- and GSE-backed securities 9.7 36.6 924.5 9.9 82.6 377.0 6.5 100.2 358.9 3.4 69.0 310.6 4.4 59.1 287.9 6.0 64.3 295.7 4.8 65.2 283.6 5.7 64.5 285.6 6.0 65.0 290.3 6.0 64.3 295.7 5.6 71.8 292.6 6 7 8 9 10 Municipal securities Corporate and foreign bonds 29.1 296.0 24.9 266.5 21.0 235.7 17.0 185.7 13.4 126.3 10.8 95.4 12.7 120.1 12.2 109.4 11.4 101.4 10.8 95.4 9.9 85.8 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 695.9 0.0 80.0 615.9 551.3 0.0 87.3 464.0 487.0 0.0 83.8 403.3 505.7 0.0 92.1 413.6 587.5 0.0 95.0 492.6 671.8 0.0 106.1 565.7 576.9 0.0 98.3 478.5 628.0 0.0 97.4 530.6 639.1 0.0 99.3 539.8 671.8 0.0 106.1 565.7 641.6 0.0 105.0 536.6 11 12 13 14 15 Mortgages 707.7 5021.0 4924.0 4823.5 4877.8 4870.5 4861.0 4840.1 4854.8 4870.5 4868.0 15 6 7 8 16 17 18 Home Consolidated trusts (2) Other 433.4 0.0 433.4 4690.7 4141.0 549.7 4587.7 4032.1 555.6 4476.1 3958.0 518.0 4544.9 4087.7 457.1 4537.9 4104.2 433.6 4532.2 4085.6 446.5 4515.2 4073.2 442.0 4527.2 4090.8 436.4 4537.9 4104.2 433.6 4528.3 4098.9 429.4 16 17 18 19 20 21 Multifamily residential Consolidated trusts (2) Other 204.4 0.0 204.4 256.5 75.4 181.1 259.2 99.9 159.4 265.5 127.4 138.1 243.5 146.3 97.2 240.8 164.1 76.7 238.9 148.8 90.1 234.3 151.0 83.3 236.4 157.5 79.0 240.8 164.1 76.7 247.1 170.3 76.8 19 20 21 22 69.9 73.8 77.1 82.0 89.4 91.8 90.0 90.6 91.2 91.8 92.6 22 23 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 Miscellaneous assets 100.3 148.6 148.5 152.6 165.6 154.7 152.1 151.4 149.3 154.7 164.7 24 2977.0 6615.1 6377.9 6216.8 6314.9 6386.6 6222.6 6261.6 6299.0 6386.6 6344.7 25 25 Farm Total liabilities 26 Federal funds and security repos 1.2 1.3 0.4 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.1 26 27 Credit market instruments 2706.6 6434.5 6247.3 6092.7 6200.2 6275.5 6111.4 6150.6 6186.2 6275.5 6234.6 27 28 29 30 31 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 2706.6 0.0 2706.6 0.0 6434.5 4216.4 2218.1 0.0 6247.3 4132.0 2115.4 0.0 6092.7 4085.4 2007.3 0.0 6200.2 4234.0 1966.2 0.0 6275.5 4268.3 2007.2 0.0 6111.4 4234.5 1876.9 0.0 6150.6 4224.3 1926.3 0.0 6186.2 4248.3 1937.9 0.0 6275.5 4268.3 2007.2 0.0 6234.6 4269.2 1965.4 0.0 28 29 30 31 269.2 179.4 130.2 124.1 114.7 111.0 111.2 111.1 112.8 111.0 110.0 32 32 Miscellaneous liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.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 Total financial assets 5376.7 1139.5 1304.8 1437.0 1569.4 1644.7 1585.8 1600.0 1623.6 1644.7 1642.5 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 5266.5 105.7 0.0 4.5 1068.8 66.9 0.0 3.8 1216.8 86.4 0.0 1.7 1321.8 113.4 0.0 1.9 1420.6 147.1 0.0 1.8 1471.7 171.4 0.0 1.6 1432.0 152.0 0.0 1.7 1440.7 157.6 0.0 1.7 1458.8 163.2 0.0 1.7 1471.7 171.4 0.0 1.6 1465.9 175.0 0.0 1.6 2 3 4 5 6 Total pool securities (liabilities)(2) 5376.7 1139.5 1304.8 1437.0 1569.4 1644.7 1585.8 1600.0 1623.6 1644.7 1642.5 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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 102 Z.1, June 11, 2015 L.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Levels Memo: Securitized assets not included above 14 Consumer leases (4) 15 REIT assets (5) Securitized liabilities not included above 16 Commercial paper (6) 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3289.8 2235.9 1989.0 1769.4 1481.9 1385.6 1430.8 1401.5 1394.0 1385.6 1359.7 1 53.9 99.6 252.2 40.1 3.6 167.8 29.2 0.3 162.4 23.4 0.3 161.7 24.3 0.1 150.2 25.1 0.1 159.3 25.0 0.1 154.7 24.1 0.1 150.6 25.0 0.1 155.6 25.1 0.1 159.3 24.3 0.1 160.8 2 3 4 2250.4 1578.7 107.0 564.8 1922.3 1303.0 98.4 520.8 1703.4 1109.5 90.7 503.2 1492.9 928.3 81.1 483.5 1222.4 792.4 75.2 354.8 1120.0 701.1 73.5 345.3 1169.4 768.3 74.4 326.7 1146.5 744.2 72.7 329.6 1133.2 720.1 72.8 340.3 1120.0 701.1 73.5 345.3 1095.0 676.4 71.4 347.2 5 6 7 8 572.5 61.3 50.3 51.8 46.2 47.6 50.0 41.2 49.1 35.7 49.8 31.3 47.3 34.3 46.3 33.9 49.1 31.0 49.8 31.3 48.2 31.3 9 10 3292.2 2235.9 1989.0 1769.4 1481.9 1385.6 1430.8 1401.5 1394.0 1385.6 1359.7 11 293.1 2999.1 120.2 2115.7 96.0 1893.0 87.0 1682.4 79.9 1402.0 64.8 1320.8 73.7 1357.0 70.8 1330.7 70.4 1323.6 64.8 1320.8 63.5 1296.2 12 13 2.3 18.6 0.0 18.1 0.0 14.3 0.0 15.6 0.0 155.2 0.0 166.5 0.0 175.6 0.0 169.7 0.0 168.4 0.0 166.5 0.0 159.0 14 15 0.0 112.9 120.6 87.5 59.7 54.5 58.4 56.0 54.7 54.5 49.0 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.111 line 43. 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 1662.5 1588.5 1569.3 1493.7 1472.8 1501.4 1466.6 1463.9 1478.7 1501.4 1502.1 1 17.0 51.0 26.5 79.6 31.7 95.0 27.8 83.5 32.1 96.2 31.9 95.7 32.9 98.6 32.3 97.0 31.1 93.3 31.9 95.7 32.3 97.0 2 3 1549.7 1405.4 1359.6 1324.9 1305.4 1318.9 1293.8 1295.1 1296.4 1318.9 1312.8 4 5 6 7 8 Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 198.6 448.9 430.3 471.9 84.1 372.7 243.5 705.0 85.0 375.8 211.2 687.6 78.7 387.0 179.5 679.8 67.9 401.3 157.0 679.1 74.0 412.8 148.0 684.1 71.8 398.0 154.1 669.9 72.5 401.4 149.6 671.7 69.9 401.7 148.2 676.6 74.0 412.8 148.0 684.1 76.1 414.4 144.9 677.5 5 6 7 8 9 10 U.S. direct investment abroad Miscellaneous assets 186.9 -142.1 206.0 -129.0 221.8 -138.7 225.4 -168.1 228.6 -189.5 235.0 -180.1 235.8 -194.5 238.1 -198.7 239.7 -181.9 235.0 -180.1 228.7 -168.7 9 10 1630.3 1558.7 1532.7 1445.6 1424.0 1438.1 1411.0 1406.6 1417.6 1438.1 1449.8 11 1044.1 1280.7 1261.9 1205.1 1209.3 1238.2 1198.5 1201.6 1215.6 1238.2 1249.4 12 62.1 837.5 144.5 0.0 111.0 1078.2 91.5 0.0 121.0 1038.8 102.1 0.0 129.1 957.5 118.5 0.0 118.8 961.9 128.6 0.0 117.8 981.3 139.1 0.0 114.0 959.3 125.2 0.0 109.8 968.9 123.0 0.0 115.8 969.6 130.2 0.0 117.8 981.3 139.1 0.0 113.8 995.1 140.5 0.0 13 14 15 16 12.7 90.0 6.0 114.7 6.7 91.1 6.7 90.9 6.8 73.0 7.1 73.1 6.8 73.4 6.8 74.2 7.0 72.5 7.1 73.1 7.6 71.7 17 18 483.6 280.5 203.1 157.3 175.7 -18.4 173.0 163.7 9.3 142.9 162.8 -19.9 134.9 161.8 -26.9 119.7 162.7 -43.0 132.3 167.0 -34.7 123.9 165.1 -41.1 122.5 162.4 -40.0 119.7 162.7 -43.0 121.1 159.8 -38.7 19 20 21 85.4 111.8 119.7 144.0 167.3 188.9 172.1 177.7 184.4 188.9 193.3 22 11 12 13 14 15 16 Total liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 17 18 Taxes payable Foreign direct investment in U.S. 19 20 21 Miscellaneous liabilities Investment by parent Other 22 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table L.126. 103 Z.1, June 11, 2015 L.128 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 11 Miscellaneous assets Total liabilities 12 Security repurchase agreements 13 Credit market instruments 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 262.8 302.4 433.4 594.2 644.2 726.4 669.0 693.7 700.8 726.4 723.4 1 30.9 25.1 27.6 35.3 34.0 38.1 32.9 37.5 38.0 38.1 38.4 2 167.2 211.1 331.2 458.5 497.6 554.0 513.7 522.5 522.2 554.0 544.7 3 105.2 16.0 143.4 23.2 248.1 27.0 357.6 36.5 261.9 36.3 269.8 39.7 253.1 37.8 264.1 37.2 258.8 38.1 269.8 39.7 261.4 44.2 4 5 46.0 8.9 2.3 34.8 44.6 9.0 2.0 33.7 56.1 19.8 1.7 34.6 64.5 26.5 1.9 36.1 199.3 23.1 2.4 173.9 244.6 41.1 8.4 195.1 222.8 25.3 2.2 195.3 221.3 27.0 2.2 192.0 225.4 34.1 3.3 187.9 244.6 41.1 8.4 195.1 239.0 40.3 8.6 190.2 6 7 8 9 64.8 66.1 74.7 100.4 112.6 134.2 122.4 133.6 140.6 134.2 140.3 10 489.9 523.9 654.4 817.8 907.9 1012.7 936.2 962.2 983.2 1012.7 1019.7 11 90.5 120.4 218.1 320.6 254.0 261.2 240.6 249.9 249.4 261.2 258.3 12 339.8 339.9 365.5 401.0 579.4 663.3 614.4 626.8 646.6 663.3 674.4 13 14 15 Open market paper Corporate bonds 0.0 144.4 0.0 145.4 0.0 152.9 0.0 179.6 0.0 353.2 0.0 407.4 0.0 382.1 0.0 395.9 0.0 405.9 0.0 407.4 0.0 410.3 14 15 16 17 Depository institution loans n.e.c. Mortgages 20.2 175.3 18.4 176.1 23.0 189.5 27.0 194.4 24.0 202.2 32.1 223.8 27.0 205.3 24.0 206.9 27.4 213.3 32.1 223.8 35.9 228.1 16 17 59.6 63.7 70.8 96.3 74.6 88.2 81.1 85.5 87.3 88.2 87.1 18 18.6 0.0 6.1 0.4 12.2 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 155.2 0.0 14.2 0.3 140.7 166.5 0.0 15.7 0.3 150.6 175.6 0.0 14.5 0.3 160.8 169.7 0.0 14.2 0.3 155.2 168.4 0.0 15.1 0.3 153.0 166.5 0.0 15.7 0.3 150.6 159.0 0.0 14.6 0.2 144.2 19 20 21 22 23 18 19 20 21 22 23 Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.128.e and L.128.m. Levels 2009 104 Z.1, June 11, 2015 L.128.e Equity Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 95.1 94.3 102.3 116.4 129.7 159.6 137.3 148.3 155.2 159.6 166.2 1 2 Checkable deposits and currency 23.4 19.3 17.0 21.1 22.1 25.9 21.2 25.1 25.5 25.9 24.9 2 3 Credit market instruments 20.6 21.3 23.6 25.0 23.1 29.3 24.0 24.6 27.1 29.3 29.9 3 4 Corporate and foreign bonds 5 6 7 8 Mortgages Home Multifamily residential Commercial 9 10 11 Levels Total financial assets 2010 Miscellaneous assets Total liabilities Credit market instruments 5.0 5.4 4.8 4.6 2.8 5.0 2.9 3.2 4.3 5.0 5.4 4 15.5 0.1 0.3 15.1 15.9 0.1 0.3 15.5 18.8 0.2 0.3 18.3 20.4 0.2 0.4 19.9 20.3 0.2 0.3 19.8 24.3 0.2 0.3 23.9 21.2 0.2 0.3 20.6 21.4 0.2 0.3 20.9 22.8 0.2 0.3 22.3 24.3 0.2 0.3 23.9 24.5 0.3 0.3 23.9 5 6 7 8 51.1 53.7 61.8 70.3 84.5 104.3 92.0 98.5 102.5 104.3 111.5 9 347.2 346.8 384.1 422.6 459.0 531.1 472.5 490.2 512.0 531.1 547.8 10 300.8 300.9 333.6 367.5 402.0 464.8 415.0 429.7 448.1 464.8 480.8 11 12 13 Corporate bonds Depository institution loans n.e.c. 107.3 18.2 108.4 16.4 121.6 22.5 149.2 23.9 178.1 21.7 211.9 29.1 185.0 24.6 200.3 22.5 209.4 25.5 211.9 29.1 219.7 33.0 12 13 14 15 16 Mortgages Multifamily residential Commercial 175.3 27.3 147.9 176.1 27.8 148.3 189.5 27.9 161.7 194.4 26.7 167.7 202.2 30.0 172.1 223.8 31.0 192.8 205.3 29.6 175.7 206.9 30.1 176.8 213.3 30.0 183.4 223.8 31.0 192.8 228.1 31.8 196.3 14 15 16 46.4 45.9 50.5 55.1 57.0 66.4 57.5 60.4 63.8 66.4 67.0 17 477.8 514.5 566.8 531.7 545.4 545.6 566.8 557.2 1 17 Miscellaneous liabilities L.128.m Mortgage Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 11 Miscellaneous assets 208.1 331.1 7.4 5.8 10.7 14.2 11.9 12.2 11.6 12.4 12.5 12.2 13.6 2 146.6 189.9 307.6 433.5 474.5 524.7 489.7 497.9 495.1 524.7 514.8 3 105.2 11.0 143.4 17.8 248.1 22.2 357.6 31.9 261.9 33.6 269.8 34.7 253.1 35.0 264.1 33.9 258.8 33.8 269.8 34.7 261.4 38.8 4 5 30.5 8.8 2.0 19.7 28.7 8.8 1.6 18.2 37.3 19.6 1.4 16.3 44.1 26.3 1.5 16.3 179.0 22.9 2.0 154.1 220.2 40.9 8.2 171.2 201.6 25.1 1.9 174.7 199.9 26.8 1.9 171.2 202.6 33.9 3.0 165.6 220.2 40.9 8.2 171.2 214.6 40.1 8.3 166.2 6 7 8 9 13.7 12.5 12.8 30.1 28.1 29.9 30.4 35.1 38.1 29.9 28.8 10 142.7 177.2 270.3 395.2 448.9 481.6 463.7 472.0 471.3 481.6 472.0 11 12 Security repurchase agreements 90.5 120.4 218.1 320.6 254.0 261.2 240.6 249.9 249.4 261.2 258.3 12 13 Credit market instruments 39.1 39.0 31.9 33.5 177.4 198.5 199.4 197.0 198.4 198.5 193.5 13 0.0 37.1 2.0 0.0 37.0 2.0 0.0 31.3 0.5 0.0 30.4 3.1 0.0 175.1 2.3 0.0 195.5 3.0 0.0 197.0 2.4 0.0 195.6 1.5 0.0 196.5 1.9 0.0 195.5 3.0 0.0 190.7 2.9 14 15 16 13.2 17.8 20.3 41.2 17.6 21.9 23.6 25.1 23.4 21.9 20.1 17 18.6 0.0 6.1 0.4 12.2 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 155.2 0.0 14.2 0.3 140.7 166.5 0.0 15.7 0.3 150.6 175.6 0.0 14.5 0.3 160.8 169.7 0.0 14.2 0.3 155.2 168.4 0.0 15.1 0.3 153.0 166.5 0.0 15.7 0.3 150.6 159.0 0.0 14.6 0.2 144.2 18 19 20 21 22 14 15 16 17 18 19 20 21 22 Total liabilities 167.7 Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 105 Z.1, June 11, 2015 L.129 Security Brokers and Dealers 2009 1 Total financial assets 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3503.6 3532.8 3706.5 3408.4 3254.7 3428.3 3383.1 3335.7 3254.7 3236.5 1 90.7 1185.0 96.9 1428.5 111.8 1583.1 128.2 1638.2 111.7 1321.0 111.8 1152.7 112.2 1273.3 114.3 1230.3 116.7 1220.4 111.8 1152.7 117.7 1138.8 2 3 525.3 557.5 563.2 652.3 476.9 395.9 450.5 429.6 385.7 395.9 397.5 4 Open market paper Treasury securities Agency- and GSE-backed securities 41.5 123.0 110.9 36.2 94.5 149.8 42.1 183.6 147.7 29.9 246.5 169.6 28.7 136.0 114.2 20.8 60.2 121.9 34.4 108.0 113.3 32.4 80.0 114.2 20.9 56.0 106.7 20.8 60.2 121.9 21.7 63.7 124.3 5 6 7 Municipal securities Corporate and foreign bonds Other loans and advances 35.4 154.4 60.1 40.0 189.5 47.4 30.9 104.5 54.3 26.6 140.0 39.6 18.6 128.9 50.4 18.9 115.5 58.6 16.9 128.1 49.8 18.2 135.2 49.7 16.2 134.1 51.8 18.9 115.5 58.6 20.6 108.0 59.2 8 9 10 Checkable deposits and currency Security repurchase agreements 4 Credit market instruments 8 9 10 2011 3269.3 2 3 5 6 7 2010 11 12 Corporate equities Security credit 124.2 203.0 117.2 278.2 103.2 238.9 126.7 303.7 172.4 339.2 187.8 369.5 153.1 320.6 167.7 375.4 176.9 390.3 187.8 369.5 162.9 354.3 11 12 13 14 U.S. direct investment abroad Miscellaneous assets 231.0 910.1 239.3 786.0 201.7 730.9 217.5 639.8 225.8 761.4 235.2 801.8 228.0 890.6 228.3 837.4 230.4 815.3 235.2 801.8 240.3 825.1 13 14 3162.7 3404.3 3460.5 3621.4 3324.6 3167.9 3342.2 3300.3 3251.3 3167.9 3148.8 15 1810.4 2006.3 2076.7 2207.9 1768.6 1547.7 1712.6 1677.1 1606.3 1547.7 1535.3 16 92.9 129.7 91.8 90.2 112.4 123.9 122.7 113.4 123.9 123.9 107.4 17 92.9 0.0 129.7 0.0 91.8 0.0 90.2 0.0 112.4 0.0 123.9 0.0 122.7 0.0 113.4 0.0 123.9 0.0 123.9 0.0 107.4 0.0 18 19 15 Total liabilities 16 Security repurchase agreements 17 Credit market instruments 18 19 Corporate bonds Depository institution loans n.e.c. (1) 20 Trade payables 21 22 23 24 Security credit From households From U.S.-chartered depository institutions From foreign banking offices in U.S. 70.1 18.1 14.3 14.2 14.5 17.9 14.8 17.8 19.9 17.9 19.2 20 733.7 701.7 20.4 11.6 763.5 725.2 23.6 14.7 795.4 726.1 35.8 33.5 828.2 757.0 45.0 26.2 897.1 815.5 52.9 28.7 962.5 869.0 61.1 32.5 952.5 866.2 58.4 28.0 954.1 866.6 61.0 26.5 982.4 892.5 60.3 29.6 962.5 869.0 61.1 32.5 964.4 870.5 61.5 32.4 21 22 23 24 25 26 Taxes payable Foreign direct investment in U.S. 5.7 64.4 3.6 88.5 2.5 104.6 3.1 110.4 3.7 119.5 4.0 123.0 4.5 121.7 5.1 122.5 5.4 123.0 4.0 123.0 4.9 122.3 25 26 27 28 29 Miscellaneous liabilities Investment by parent companies Other 385.6 1119.3 -733.7 394.6 1122.9 -728.3 375.1 1163.3 -788.1 367.4 1629.2 -1261.8 408.7 1671.8 -1263.1 388.8 1695.9 -1307.0 413.3 1696.4 -1283.1 410.3 1728.0 -1317.6 390.4 1690.6 -1300.2 388.8 1695.9 -1307.0 395.3 1704.3 -1309.0 27 28 29 (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 106 Z.1, June 11, 2015 L.130 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3317.2 3312.7 3357.3 4284.3 4243.7 4334.9 4287.1 4356.4 4328.6 4334.9 4297.9 1 Time and savings deposits Security repurchase agreements 11.2 48.2 10.0 50.3 12.4 50.5 34.4 10.5 35.9 7.7 27.0 2.5 37.5 7.6 31.4 9.5 41.0 8.2 27.0 2.5 33.8 5.8 2 3 4 Credit market instruments 75.8 97.9 101.1 209.2 151.8 140.8 145.5 143.5 152.5 140.8 132.8 4 5.8 24.3 31.1 14.6 19.6 21.1 38.3 18.9 26.8 33.1 18.3 22.9 8.2 22.9 72.7 105.3 16.6 28.0 31.5 75.7 13.9 28.0 34.1 64.8 16.5 26.1 29.8 73.0 21.8 26.4 31.2 64.1 23.9 27.2 37.6 63.8 13.9 28.0 34.1 64.8 10.2 31.0 29.2 62.3 5 6 7 8 21.4 25.1 27.6 34.9 39.9 45.0 41.1 42.4 43.6 45.0 46.0 9 3160.6 1599.5 0.0 40.5 209.3 596.1 125.1 590.3 3129.4 1632.8 0.0 62.7 115.0 626.6 135.6 556.7 3165.9 1709.0 0.0 72.0 94.6 613.5 166.3 510.4 3995.3 1889.2 11.2 17.2 91.1 1060.5 114.7 811.3 4008.3 1937.2 5.2 10.7 75.4 1087.6 97.9 794.3 4119.6 2128.3 5.3 11.5 62.2 1088.3 92.2 731.7 4055.4 1978.7 4.7 11.0 63.9 1109.8 95.8 791.5 4129.6 2030.3 5.1 11.5 63.1 1125.0 100.7 793.7 4083.3 2058.9 5.1 11.5 62.1 1085.4 93.8 766.5 4119.6 2128.3 5.3 11.5 62.2 1088.3 92.2 731.7 4079.5 2106.8 3.9 11.8 61.1 1070.9 102.3 722.7 10 11 12 13 14 15 16 17 1805.1 1762.7 1706.4 2238.7 2142.1 2102.6 2142.3 2150.8 2114.4 2102.6 2079.5 18 0.6 0.8 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 1253.7 1237.2 1220.8 1416.4 1402.7 1394.3 1405.9 1406.9 1395.6 1394.3 1380.5 20 60.8 1028.7 164.2 64.7 982.2 190.3 75.9 890.6 254.3 116.4 1103.2 196.8 96.6 1095.6 210.6 77.0 1123.2 194.2 89.7 1107.6 208.6 91.3 1129.4 186.2 81.9 1125.9 187.9 77.0 1123.2 194.2 70.0 1118.8 191.8 21 22 23 550.9 524.6 484.4 822.3 739.4 708.2 736.4 743.9 718.7 708.2 699.0 24 9 10 11 12 13 14 15 16 17 18 Levels 2011 2 3 5 6 7 8 Total financial assets 2010 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Life insurance reserves Miscellaneous assets Net trans. with depository subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other Total liabilities 19 Security repurchase agreements 20 Credit market instruments 21 22 23 24 Commercial paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 107 Z.1, June 11, 2015 L.131 Funding Corporations (1) 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1773.7 1609.5 1454.1 1343.3 1306.3 1322.3 1331.0 1310.8 1349.2 1322.3 1343.8 1 2 3 Money market fund shares Security repurchase agreements 752.1 0.1 604.1 0.1 519.5 0.1 458.1 0.1 408.8 0.0 420.8 0.0 393.5 0.0 355.2 0.0 364.7 0.0 420.8 0.0 423.5 0.0 2 3 4 Credit market instruments 270.0 311.0 247.0 190.3 189.7 190.7 226.9 231.8 251.4 190.7 190.7 4 71.8 175.3 22.9 126.2 163.4 21.4 121.7 105.8 19.4 107.9 69.6 12.9 100.7 78.4 10.6 95.5 83.1 12.1 125.0 90.5 11.4 136.1 85.7 10.1 156.5 84.6 10.3 95.5 83.1 12.1 93.0 86.6 11.0 5 6 7 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 726.3 203.1 523.2 667.9 171.6 496.4 687.6 137.8 549.7 694.8 126.0 568.8 707.8 123.5 584.3 710.8 103.2 607.5 710.5 123.9 586.6 723.8 120.8 603.0 733.1 127.8 605.2 710.8 103.2 607.5 729.6 96.2 633.4 9 10 11 1773.7 1609.5 1454.1 1343.3 1306.3 1322.3 1331.0 1310.8 1349.2 1322.3 1343.8 12 816.8 704.2 651.8 593.5 620.5 647.1 635.8 647.8 663.2 647.1 675.8 13 261.7 457.8 95.3 2.0 167.1 454.6 73.4 9.2 94.3 526.2 21.5 9.8 29.0 561.5 0.0 3.0 45.2 572.9 0.0 2.4 49.6 595.1 0.0 2.4 62.4 571.0 0.0 2.4 56.6 588.8 0.0 2.4 74.1 586.7 0.0 2.4 49.6 595.1 0.0 2.4 53.5 620.0 0.0 2.4 14 15 16 17 10.8 11.4 12.0 12.6 13.2 13.8 13.4 13.5 13.7 13.8 14.0 18 946.0 856.8 1.8 87.4 893.9 733.4 7.7 152.9 790.3 658.7 8.8 122.8 737.2 579.5 8.7 148.9 672.5 673.5 8.7 -9.7 661.4 720.6 8.7 -68.0 681.8 794.5 8.7 -121.5 649.5 746.5 8.7 -105.8 672.3 735.4 8.7 -71.7 661.4 720.6 8.7 -68.0 654.0 755.4 8.7 -110.1 19 20 21 22 5 6 7 8 9 10 11 12 13 14 15 16 17 Total financial assets 2010 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) 18 Foreign direct investment in U.S. 19 20 21 22 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 108 Z.1, June 11, 2015 L.132 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Levels 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 14362.3 16054.1 17513.0 18951.0 21114.4 22808.8 21672.3 22252.3 22459.8 22808.8 23065.4 1 2 3 4 SDR allocations Net interbank assets U.S. checkable deposits and currency 55.4 86.0 361.0 54.4 24.2 390.5 54.2 238.1 472.3 54.3 102.1 540.4 54.4 414.2 591.3 51.2 381.1 671.0 54.6 466.6 621.3 54.6 493.1 637.9 52.4 508.5 641.6 51.2 381.1 671.0 48.7 396.8 687.3 2 3 4 5 6 7 U.S. time deposits Money market fund shares Security repurchase agreements 299.2 76.9 489.4 308.2 69.8 581.8 355.6 74.4 678.5 393.4 96.9 671.9 445.1 108.2 734.1 491.8 110.8 857.4 461.4 107.3 805.5 495.7 106.4 841.2 492.1 107.7 826.8 491.8 110.8 857.4 496.9 110.3 889.6 5 6 7 8 Credit market instruments 7662.4 8413.9 8944.8 9508.7 9732.4 10328.2 9967.4 10108.9 10183.0 10328.2 10365.1 8 117.2 102.1 102.7 102.8 101.7 107.9 106.4 117.3 119.4 107.9 116.8 9 9 Total financial assets 2010 Open market paper 10 11 12 Treasury securities Treasury bills Other Treasury securities 3670.6 750.4 2920.2 4458.8 710.3 3748.5 5004.4 647.7 4356.7 5571.5 661.7 4909.8 5794.9 686.0 5108.9 6156.2 671.6 5484.5 5951.8 689.3 5262.5 6012.5 626.8 5385.7 6068.4 614.1 5454.3 6156.2 671.6 5484.5 6174.4 702.0 5472.3 10 11 12 13 14 15 16 Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 1150.0 58.7 2483.5 182.5 1095.8 71.7 2523.1 162.3 1078.2 72.4 2491.0 196.1 1001.2 71.8 2617.6 143.9 885.3 76.1 2734.0 140.4 902.6 80.5 2910.7 170.3 861.7 76.9 2818.7 151.8 866.0 77.3 2877.6 158.2 889.6 78.6 2866.1 160.9 902.6 80.5 2910.7 170.3 902.4 83.7 2918.9 168.9 13 14 15 16 17 18 19 U.S. corporate equities Mutual fund shares Trade receivables 2658.4 182.4 93.1 3216.0 260.0 111.8 3397.2 370.4 128.8 3953.0 495.4 140.5 5161.3 552.0 144.4 5835.5 623.9 161.3 5321.1 565.6 160.3 5536.0 611.6 163.4 5620.4 623.3 161.0 5835.5 623.9 161.3 5889.2 640.7 161.2 17 18 19 20 Foreign direct investment in U.S. (2) 2398.2 2623.6 2798.7 2994.3 3176.9 3296.6 3141.4 3203.6 3243.1 3296.6 3379.6 20 8149.5 8862.5 9431.5 9907.1 10265.6 10615.4 10416.6 10607.4 10714.0 10615.4 10796.8 21 21 Total liabilities 22 23 24 U.S. official reserve assets (3) U.S. private deposits Security repurchase agreements 119.4 1258.4 454.8 121.1 1303.9 663.7 136.7 1066.4 764.7 138.9 922.8 805.1 133.4 954.8 721.6 118.9 856.1 756.5 133.1 927.5 792.2 134.0 909.5 742.9 125.9 959.1 773.3 118.9 856.1 756.5 108.1 823.6 809.1 22 23 24 25 Credit market instruments 2005.9 2257.9 2484.9 2827.4 2965.7 3143.5 3045.9 3219.5 3183.8 3143.5 3205.3 25 401.3 1447.8 398.6 1677.6 345.1 1913.6 373.0 2186.5 407.0 2250.4 384.3 2419.5 413.8 2309.8 435.1 2446.9 390.7 2463.3 384.3 2419.5 414.7 2441.0 26 27 26 27 Commercial paper Bonds 28 29 Depository institution loans n.e.c. Other loans and advances 137.5 19.3 162.0 19.6 205.2 21.0 237.7 30.2 276.7 31.6 305.3 34.4 290.5 31.7 304.5 32.9 296.9 32.9 305.3 34.4 315.4 34.2 28 29 30 31 Trade payables U.S. direct investment abroad (1,2) 45.1 4077.4 51.1 4273.6 55.1 4599.5 55.7 4972.9 45.3 5284.0 45.9 5535.8 38.6 5320.5 39.9 5396.4 41.3 5471.7 45.9 5535.8 46.9 5635.7 30 31 32 33 34 35 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 188.5 50.5 12.9 125.1 191.2 52.8 2.7 135.6 324.1 55.4 102.5 166.3 184.1 57.8 11.5 114.7 160.8 60.0 2.9 97.9 158.8 62.4 4.2 92.2 158.9 60.0 3.0 95.8 165.2 61.7 2.8 100.7 158.9 62.2 2.9 93.8 158.8 62.4 4.2 92.2 168.1 62.3 3.4 102.3 32 33 34 35 3995.3 4900.2 4501.4 5311.5 6444.2 6685.2 6593.9 7027.2 6769.1 6685.2 6993.9 36 Memo: 36 Market value of foreign equities held by U.S. residents (4) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). 109 Z.1, June 11, 2015 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Total liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 Total assets 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 174.8 175.5 190.9 193.2 187.7 170.0 187.7 188.6 178.2 170.0 156.8 1 55.4 54.4 54.2 54.3 54.4 51.2 54.6 54.6 52.4 51.2 48.7 2 119.4 57.8 11.4 50.2 121.1 56.8 12.5 51.8 136.7 55.0 30.1 51.6 138.9 55.1 34.2 49.7 133.4 55.2 30.8 47.4 118.9 51.9 25.2 41.8 133.1 55.4 29.8 47.9 134.0 55.4 30.5 48.0 125.9 53.1 28.4 44.4 118.9 51.9 25.2 41.8 108.1 49.5 19.8 38.8 3 4 5 6 185.8 186.6 201.9 204.3 198.8 181.1 198.7 199.6 189.3 181.1 167.8 7 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 94.3 0.0 57.8 11.5 25.0 95.1 0.0 56.8 12.6 25.7 110.9 0.0 55.0 30.3 25.6 114.2 0.0 55.1 34.4 24.7 109.8 0.0 55.2 31.0 23.6 98.0 0.0 51.9 25.3 20.7 109.3 0.0 55.4 30.1 23.8 110.1 0.0 55.4 30.8 23.9 103.7 0.0 53.1 28.5 22.1 98.0 0.0 51.9 25.3 20.7 88.7 0.0 49.5 19.9 19.3 8 9 10 11 12 13 Rest of the world: SDR allocations 55.4 54.4 54.2 54.3 54.4 51.2 54.6 54.6 52.4 51.2 48.7 13 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 36.2 11.0 -0.1 25.3 37.0 11.0 -0.1 26.1 36.8 11.0 -0.3 26.0 35.8 11.0 -0.2 25.0 34.6 11.0 -0.2 23.8 32.0 11.0 -0.1 21.1 34.8 11.0 -0.2 24.0 34.9 11.0 -0.2 24.1 33.2 11.0 -0.1 22.3 32.0 11.0 -0.1 21.1 30.4 11.0 -0.2 19.5 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 18 Discrepancy: monetary gold Levels 8 9 10 11 12 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 26.2 42.7 25.9 43.5 25.9 44.2 25.9 44.8 25.6 45.5 25.3 46.3 25.6 45.7 25.6 46.0 25.3 46.2 25.3 46.3 25.3 46.7 3 4 5 Discrepancy (seigniorage) -16.5 -17.6 -18.3 -18.8 -19.9 -21.0 -20.2 -20.4 -20.8 -21.0 -21.3 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 1258.4 1303.9 1066.4 922.8 954.8 856.1 927.5 909.5 959.1 856.1 823.6 1 62.7 31.5 97.1 67.3 40.6 105.9 57.4 34.8 42.9 49.7 35.4 43.3 52.5 78.1 33.7 47.0 72.1 24.1 51.5 67.4 19.4 50.3 77.9 26.7 53.2 80.2 23.2 47.0 72.1 24.1 44.9 73.7 24.4 2 3 4 1067.0 1090.1 931.3 794.5 790.6 712.8 789.2 754.6 802.5 712.8 680.5 5 110 Z.1, June 11, 2015 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Rest of the world Discrepancy 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1215.5 1068.5 1889.0 1683.8 2812.9 2801.5 3025.0 3052.1 3123.8 2801.5 2864.1 1 1031.9 633.7 -377.8 -4.2 -68.1 1020.8 428.3 -347.1 -3.3 -30.0 1623.1 164.9 157.5 -4.6 -51.9 1562.1 36.7 155.6 -4.9 -65.7 2322.7 227.8 330.6 -4.7 -63.5 2453.7 275.5 140.5 -5.3 -62.8 2509.1 213.2 372.0 -5.5 -63.8 2520.8 221.1 381.2 -5.8 -65.1 2602.5 323.2 265.0 -5.2 -61.7 2453.7 275.5 140.5 -5.3 -62.8 2505.1 300.4 127.6 -5.7 -63.2 2 3 4 5 6 1212.4 1043.8 1860.7 1663.8 2736.0 2834.3 2975.2 3013.5 3110.5 2834.3 2901.2 7 94.5 716.3 284.1 31.5 86.0 -1.2 628.5 350.8 41.5 24.2 -0.4 859.5 711.0 52.6 238.1 -0.4 869.6 638.8 53.8 102.1 -0.9 1326.5 948.1 48.1 414.2 -0.4 1519.2 888.8 45.7 381.1 -0.5 1376.0 1071.1 62.0 466.6 -0.4 1404.6 1068.7 47.5 493.1 -0.6 1475.7 1087.8 39.0 508.5 -0.4 1519.2 888.8 45.7 381.1 -0.7 1573.2 872.3 59.6 396.8 8 9 10 11 12 3.0 24.8 28.3 20.1 76.9 -32.8 49.8 38.6 13.3 -32.8 -37.1 13 Levels Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 54.9 54.9 0.0 52.7 52.7 0.0 60.8 60.8 0.0 71.1 71.1 0.0 73.6 73.6 0.0 75.7 75.6 0.0 64.8 64.8 0.0 64.9 64.9 0.1 64.7 64.7 0.0 75.7 75.6 0.0 67.8 67.8 0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 977.0 661.4 284.1 31.5 968.1 575.8 350.8 41.5 1562.3 798.7 711.0 52.6 1491.0 798.5 638.8 53.8 2249.1 1252.9 948.0 48.1 2378.0 1443.6 888.8 45.7 2444.3 1311.3 1071.0 62.0 2455.8 1339.8 1068.6 47.5 2537.8 1411.1 1087.8 39.0 2378.0 1443.6 888.8 45.7 2437.3 1505.4 872.3 59.6 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks 94.5 94.5 -2.1 96.6 -1.2 -1.2 -1.4 0.2 -0.4 -0.4 -0.6 0.2 -0.4 -0.4 -0.5 0.1 -0.9 -0.9 -1.0 0.1 -0.4 -0.4 -0.6 0.1 -0.5 -0.5 -0.5 0.0 -0.4 -0.4 -0.5 0.2 -0.6 -0.6 -0.9 0.3 -0.4 -0.4 -0.6 0.1 -0.7 -0.7 -0.7 0.0 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 498.6 803.3 304.7 420.1 824.8 404.6 110.9 602.6 491.7 23.0 403.6 380.6 176.5 507.3 330.8 272.0 516.5 244.5 190.5 500.6 310.1 202.7 481.1 278.4 277.1 549.6 272.5 272.0 516.5 244.5 305.5 530.9 225.4 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -413.2 787.3 1200.5 -376.1 841.2 1217.3 135.9 1137.9 1002.0 84.3 1047.9 963.6 242.2 1191.2 949.0 117.8 1067.6 949.8 278.6 1211.4 932.9 295.8 1240.8 944.9 239.0 1211.2 972.2 117.8 1067.6 949.8 100.0 1029.6 929.6 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 21.7 11.3 10.4 35.3 18.2 17.0 22.9 14.3 8.6 20.3 11.0 9.3 20.0 11.5 8.5 21.4 12.2 9.2 20.5 12.5 8.0 21.3 12.9 8.4 21.3 12.9 8.4 21.4 12.2 9.2 19.9 12.3 7.6 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 22.3 9.7 12.6 15.5 6.3 9.2 14.2 6.7 7.5 15.1 6.4 8.6 15.5 6.4 9.1 12.8 4.1 8.6 18.0 6.8 11.3 15.8 5.5 10.4 13.8 4.6 9.1 12.8 4.1 8.6 11.3 4.0 7.3 34 35 36 86.0 24.2 238.1 102.1 414.2 381.1 466.6 493.1 508.5 381.1 396.8 37 42.2 109.3 33.9 4.2 68.1 21.3 91.2 33.1 3.3 30.0 62.1 112.9 28.2 4.6 51.9 18.7 122.0 31.3 4.9 65.7 57.2 174.1 29.0 4.7 63.5 12.0 62.9 27.6 5.3 62.8 29.0 153.1 34.0 5.5 63.8 26.2 148.7 39.2 5.8 65.1 55.0 109.4 29.2 5.2 61.7 12.0 62.9 27.6 5.3 62.8 3.9 55.4 23.6 5.7 63.2 38 39 40 41 42 67.0 69.9 50.8 103.3 116.9 50.9 124.2 122.5 54.4 50.9 51.5 43 3.0 24.8 28.3 20.1 76.9 -32.8 49.8 38.6 13.3 -32.8 -37.1 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. 111 Z.1, June 11, 2015 L.204 Checkable Deposits and Currency 2009 1 2 3 4 5 6 Total liabilities Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2093.4 2359.8 2594.3 2853.8 3186.5 3537.5 3183.8 3295.7 3356.9 3537.5 3437.9 1 1102.7 191.9 35.1 2.4 873.3 1287.8 340.9 13.5 3.4 930.0 1165.7 85.9 64.6 0.2 1015.0 1224.6 92.9 27.2 6.5 1098.1 1364.1 162.6 25.9 8.0 1167.6 1516.4 223.7 20.2 5.3 1267.3 1364.4 142.5 10.8 7.0 1204.1 1374.2 139.4 11.2 6.0 1217.6 1416.4 158.5 26.9 5.3 1225.7 1516.4 223.7 20.2 5.3 1267.3 1417.7 100.3 20.9 5.2 1291.3 2 3 4 5 6 871.6 3.8 34.3 833.5 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1431.7 1.3 51.8 1378.5 1579.8 1.6 51.2 1527.1 1716.1 2.5 53.4 1660.2 1558.5 1.7 52.8 1504.0 1649.1 1.8 56.2 1591.1 1670.1 2.1 52.5 1615.5 1716.1 2.5 53.4 1660.2 1698.8 2.5 52.0 1644.3 7 8 9 10 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 16.1 10.5 5.6 21.9 14.6 7.3 45.6 19.0 26.6 61.8 27.9 33.9 92.6 40.2 52.4 137.8 54.2 83.6 101.7 44.3 57.3 114.2 52.1 62.1 114.2 54.1 60.1 137.8 54.2 83.6 144.2 60.3 83.8 11 12 13 14 Banks in U.S.-affiliated areas 16.1 16.6 19.4 21.9 28.2 33.4 27.3 28.6 27.8 33.4 33.0 14 15 Credit unions 86.9 92.4 103.1 113.9 121.7 133.9 131.9 129.6 128.4 133.9 144.3 15 2093.4 2359.8 2594.3 2853.8 3186.5 3537.5 3183.8 3295.7 3356.9 3537.5 3437.9 16 16 Total assets 17 Household sector 396.1 423.7 728.8 892.1 1013.6 1127.5 1059.9 1078.2 1060.6 1127.5 1154.2 17 18 19 20 Nonfinancial business Corporate Noncorporate 689.3 154.9 534.4 766.1 234.5 531.6 816.8 264.2 552.7 830.6 218.4 612.2 918.2 303.5 614.6 1017.1 368.6 648.5 889.3 270.9 618.4 953.7 326.2 627.5 983.9 349.6 634.4 1017.1 368.6 648.5 1019.3 361.3 658.0 18 19 20 21 22 Federal government State and local governments 193.9 99.0 342.3 104.6 84.6 121.3 92.2 117.4 163.0 124.8 226.8 140.7 142.6 121.8 139.6 121.0 160.5 123.1 226.8 140.7 104.8 130.0 21 22 23 Domestic financial sectors 348.2 327.1 364.2 374.2 370.6 351.5 343.0 359.0 383.6 351.5 340.9 23 24 25 Property-casualty insurance companies Life insurance companies 27.6 50.7 32.6 51.7 24.1 53.7 36.4 56.4 29.7 47.2 35.6 50.8 33.4 50.7 34.8 49.2 35.7 52.9 35.6 50.8 35.4 50.3 24 25 26 27 Private pension funds State and local govt. retirement funds 10.3 3.6 12.5 4.2 18.1 4.5 16.4 4.6 16.5 4.6 17.7 5.0 16.8 4.5 17.6 5.3 17.7 5.3 17.7 5.0 18.1 5.1 26 27 28 29 Money market mutual funds Government-sponsored enterprises 17.9 99.4 14.2 63.4 20.1 72.7 16.5 52.6 13.3 81.6 -4.3 65.0 14.2 45.4 18.6 49.3 -3.1 89.3 -4.3 65.0 -9.8 53.4 28 29 30 31 32 Finance companies REITs Brokers and dealers 17.0 30.9 90.7 26.5 25.1 96.9 31.7 27.6 111.8 27.8 35.3 128.2 32.1 34.0 111.7 31.9 38.1 111.8 32.9 32.9 112.2 32.3 37.5 114.3 31.1 38.0 116.7 31.9 38.1 111.8 32.3 38.4 117.7 30 31 32 33 34 35 Rest of the world Checkable deposits Currency 361.0 47.2 313.8 390.5 48.4 342.1 472.3 75.2 397.1 540.4 86.2 454.2 591.3 99.4 491.9 671.0 112.8 558.2 621.3 104.2 517.1 637.9 114.3 523.6 641.6 111.9 529.7 671.0 112.8 558.2 687.3 117.6 569.7 33 34 35 36 Mail float 6.0 5.4 6.3 7.0 4.9 2.8 6.0 6.3 3.6 2.8 1.4 36 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 112 Z.1, June 11, 2015 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 6 7 8 9 10 11 Levels 12 Total liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 8432.5 8548.1 8952.2 9463.7 9872.9 10448.7 10075.7 10139.3 10264.8 10448.7 10684.4 1 6326.5 6624.9 7202.2 7803.9 8110.8 8475.8 8265.3 8290.7 8431.3 8475.8 8757.3 2 5617.0 29.9 24.5 655.2 5888.6 35.7 19.3 681.3 6425.7 48.9 18.9 708.7 6979.2 62.7 18.8 743.1 7236.0 90.4 21.4 763.1 7579.8 84.5 23.4 788.1 7375.8 84.5 20.7 784.3 7397.2 87.3 21.4 784.8 7537.5 89.7 20.9 783.3 7579.8 84.5 23.4 788.1 7801.9 126.4 21.6 807.4 3 4 5 6 2105.9 1923.2 1750.0 1659.9 1762.0 1972.9 1810.4 1848.6 1833.5 1972.9 1927.1 7 1029.9 1024.2 24.5 27.3 896.1 977.7 19.3 30.1 882.9 814.6 18.9 33.5 803.0 798.4 18.8 39.7 826.9 869.5 21.4 44.3 929.3 971.8 23.4 48.4 815.4 927.8 20.7 46.5 847.4 934.4 21.4 45.4 745.9 1019.8 20.9 46.8 929.3 971.8 23.4 48.4 925.2 930.0 21.6 50.3 8 9 10 11 8432.5 8548.1 8952.2 9463.7 9872.9 10448.7 10075.7 10139.3 10264.8 10448.7 10684.4 12 6326.0 6450.8 6820.0 7187.1 7398.4 7867.4 7550.0 7573.4 7695.8 7867.4 8057.1 13 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 842.1 488.8 353.3 905.0 548.7 356.2 924.2 561.9 362.2 967.5 595.2 372.3 1019.4 636.2 383.1 1057.1 646.9 410.2 1040.0 655.0 385.0 1045.4 655.1 390.3 1019.0 624.8 394.2 1057.1 646.9 410.2 1083.5 654.2 429.3 14 15 16 17 18 Federal government State and local governments 1.9 246.4 2.0 240.6 1.7 257.1 2.0 292.6 1.5 311.2 1.7 321.7 1.5 319.6 1.5 313.6 1.6 320.1 1.7 321.7 1.6 331.1 17 18 19 Domestic financial sectors 716.8 641.5 593.6 621.1 697.2 709.0 703.2 709.6 736.2 709.0 714.2 19 32.1 30.2 566.6 31.4 35.6 458.9 33.0 37.1 402.7 29.1 34.3 435.4 28.8 36.1 494.8 29.8 37.8 515.5 29.3 35.8 494.0 30.0 35.6 509.7 29.7 35.6 531.1 29.8 37.8 515.5 30.5 38.9 512.1 20 21 22 25.7 51.0 11.2 26.1 79.6 10.0 13.4 95.0 12.4 4.3 83.5 34.4 5.4 96.2 35.9 3.3 95.7 27.0 7.9 98.6 37.5 5.9 97.0 31.4 5.4 93.3 41.0 3.3 95.7 27.0 1.9 97.0 33.8 23 24 25 299.2 308.2 355.6 393.4 445.1 491.8 461.4 495.7 492.1 491.8 496.9 26 20 21 22 Private pension funds State and local govt. retirement funds Money market mutual funds 23 24 25 Government-sponsored enterprises Finance companies Holding companies 26 Rest of the world (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total assets 3258.6 2755.4 2642.5 2649.6 2678.5 2688.1 2592.5 2522.4 2565.4 2688.1 2609.9 1 1312.9 655.5 73.7 1129.2 497.8 76.8 1109.9 462.4 77.7 1110.2 519.4 80.7 1135.7 559.1 83.0 1102.1 565.2 87.3 1099.2 527.1 83.4 1069.5 516.1 84.6 1087.7 529.1 85.4 1102.1 565.2 87.3 1030.9 548.5 88.7 2 3 4 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 7 State and local governments Property-casualty insurance companies Life insurance companies 136.4 29.6 33.7 151.1 25.6 21.0 153.0 20.0 28.8 158.1 22.3 27.5 160.8 20.1 21.6 173.2 18.3 27.7 164.0 17.7 21.3 168.7 19.0 21.0 169.5 19.4 22.6 173.2 18.3 27.7 181.5 18.2 26.6 5 6 7 8 9 Private pension funds State and local govt. retirement funds 146.6 41.2 136.4 43.6 152.9 44.0 135.7 40.6 137.9 43.2 137.3 45.5 136.4 42.6 139.3 42.6 137.2 42.0 137.3 45.5 135.5 46.3 8 9 10 Funding corporations 752.1 604.1 519.5 458.1 408.8 420.8 393.5 355.2 364.7 420.8 423.5 10 11 Rest of the world 76.9 69.8 74.4 96.9 108.2 110.8 107.3 106.4 107.7 110.8 110.3 11 113 Z.1, June 11, 2015 L.207 Federal Funds and Security Repurchase Agreements (1) 2009 1 Total liabilities 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3175.6 3597.9 3878.7 4130.1 3657.1 3699.8 3741.7 3780.5 3680.7 3699.8 3756.3 1 77.7 59.7 99.9 107.2 315.9 509.8 341.0 456.5 410.1 509.8 536.9 2 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 532.1 ND ND 484.0 ND ND 402.5 ND ND 349.9 69.4 280.5 269.4 58.3 211.0 236.2 38.7 197.5 283.2 64.7 218.5 271.9 64.7 207.3 249.9 55.0 194.9 236.2 38.7 197.5 228.7 28.7 199.9 3 4 5 6 7 8 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 195.2 109.7 85.5 250.0 34.0 216.0 304.4 24.1 280.3 325.0 21.5 303.6 312.7 18.8 293.9 371.3 27.2 344.1 356.5 26.4 330.1 366.5 24.2 342.3 375.4 33.7 341.7 371.3 27.2 344.1 369.9 38.5 331.4 6 7 8 9 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 0.6 12.4 1.5 10.3 0.4 10.4 0.8 13.5 2.2 12.7 3.2 13.8 2.5 12.9 2.8 12.8 3.0 13.3 3.2 13.8 3.3 14.6 10 11 1.2 90.5 1810.4 0.6 1.3 120.4 2006.3 0.8 0.4 218.1 2076.7 1.2 0.0 320.6 2207.9 0.0 0.0 254.0 1768.6 0.0 0.1 261.2 1547.7 0.0 0.0 240.6 1712.6 0.0 0.0 249.9 1677.1 0.0 0.0 249.4 1606.3 0.0 0.1 261.2 1547.7 0.0 0.1 258.3 1535.3 0.0 12 13 14 15 2 Monetary authority 3 4 5 10 11 Property-casualty insurance companies Life insurance companies 12 13 14 15 Government-sponsored enterprises REITs Brokers and dealers Holding companies 16 17 Rest of the world Total assets 454.8 663.7 764.7 805.1 721.6 756.5 792.2 742.9 773.3 756.5 809.1 16 2969.4 3343.3 3553.5 3920.5 3609.3 3793.0 3661.2 3796.7 3715.7 3793.0 3812.6 17 7.9 126.3 12.1 125.7 12.6 120.8 9.7 125.3 8.8 127.9 13.5 138.2 11.3 130.6 13.5 134.4 13.4 135.2 13.5 138.2 12.8 145.0 18 19 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 266.9 ND ND 267.6 ND ND 242.6 ND ND 302.7 58.1 244.6 215.4 47.0 168.4 185.0 30.6 154.4 201.8 49.4 152.4 202.5 50.8 151.7 196.0 45.5 150.5 185.0 30.6 154.4 215.1 25.5 189.7 21 22 23 18 19 Nonfinancial corporate business State and local governments 20 Monetary authority 21 22 23 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 24 25 26 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 68.2 4.1 64.1 88.4 2.3 86.2 120.1 3.7 116.4 178.3 3.0 175.3 177.1 1.3 175.8 218.1 1.3 216.9 200.3 1.7 198.5 228.2 2.0 226.2 218.7 1.7 217.1 218.1 1.3 216.9 199.8 1.0 198.7 24 25 26 27 28 29 Credit unions Federal funds Security repurchase agreements 0.1 ND ND 0.0 0.0 0.0 15.9 15.9 0.0 9.7 9.6 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.2 0.2 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 4.5 10.2 2.9 3.0 3.8 10.9 2.7 3.4 1.7 10.1 2.7 3.4 1.8 8.5 2.4 3.2 1.8 8.5 2.3 3.4 1.8 8.5 2.4 3.5 1.6 7.9 2.4 3.3 1.7 7.3 2.4 3.3 1.8 7.4 2.4 3.3 1.8 8.5 2.4 3.5 1.7 7.1 2.5 3.6 30 31 32 33 34 35 Money market mutual funds Mutual funds 480.0 153.3 479.4 137.5 490.5 108.7 544.7 262.8 493.4 355.7 644.6 402.0 506.5 381.9 564.0 424.0 575.8 395.2 644.6 402.0 625.9 406.6 34 35 36 37 Government-sponsored enterprises Of which: FHLB federal funds (3) 123.3 54.6 151.2 75.9 112.3 41.1 150.8 44.0 152.3 29.5 162.6 52.8 127.3 45.5 134.3 35.5 110.9 39.8 162.6 52.8 158.2 42.5 36 37 38 39 40 Brokers and dealers Holding companies Funding corporations 1185.0 48.2 0.1 1428.5 50.3 0.1 1583.1 50.5 0.1 1638.2 10.5 0.1 1321.0 7.7 0.0 1152.7 2.5 0.0 1273.3 7.6 0.0 1230.3 9.5 0.0 1220.4 8.2 0.0 1152.7 2.5 0.0 1138.8 5.8 0.0 38 39 40 41 Rest of the world 489.4 581.8 678.5 671.9 734.1 857.4 805.5 841.2 826.8 857.4 889.6 41 206.2 254.6 325.2 209.6 47.8 -93.2 80.4 -16.2 -34.9 -93.2 -56.3 42 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 197.8 163.3 34.5 396.7 371.2 25.5 242.1 222.0 20.1 339.5 305.5 34.0 300.0 294.4 5.6 396.7 371.2 25.5 378.5 345.3 33.2 43 44 45 42 Discrepancy Memo: Federal Reserve’s reverse repurchase agreement operations: (4) 43 44 45 Liability: Monetary authority (5) Asset: Money market mutual funds (6) Other financial institutions (7) (1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 2010:Q4 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (5) Included in line 2. (6) Included in line 32. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 114 Z.1, June 11, 2015 L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 Commercial paper 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 1138.0 1057.6 969.3 952.4 951.6 930.4 992.2 1005.5 996.1 930.4 952.1 1 1137.4 1057.5 969.2 952.4 951.6 930.4 992.2 1005.5 996.1 930.4 952.1 2 58.4 82.9 116.3 130.3 144.5 182.4 180.2 185.9 208.5 182.4 187.6 3 3 Nonfinancial corporate business 4 5 6 Foreign issues in U.S. Nonfinancial Financial 401.3 34.5 366.8 398.6 30.6 368.0 345.1 30.2 314.9 373.0 40.4 332.6 407.0 51.6 355.4 384.3 45.1 339.3 413.8 49.6 364.3 435.1 62.0 373.1 390.7 64.6 326.1 384.3 45.1 339.3 414.7 49.7 365.0 4 5 6 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations 677.6 0.0 293.1 62.1 0.0 60.8 261.7 575.9 112.9 120.2 111.0 0.0 64.7 167.1 507.8 120.6 96.0 121.0 0.0 75.9 94.3 449.1 87.5 87.0 129.1 0.0 116.4 29.0 400.2 59.7 79.9 118.8 0.0 96.6 45.2 363.6 54.5 64.8 117.8 0.0 77.0 49.6 398.2 58.4 73.7 114.0 0.0 89.7 62.4 384.5 56.0 70.8 109.8 0.0 91.3 56.6 396.9 54.7 70.4 115.8 0.0 81.9 74.1 363.6 54.5 64.8 117.8 0.0 77.0 49.6 349.8 49.0 63.5 113.8 0.0 70.0 53.5 7 8 9 10 11 12 13 0.6 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.6 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 7 8 9 10 11 12 13 14 15 16 17 Levels Total outstanding, all types 2010 Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. 1138.0 1057.6 969.3 952.4 951.6 930.4 992.2 1005.5 996.1 930.4 952.1 17 18 19 Holdings, by sector Household sector Nonfinancial corporate business 22.7 56.0 21.1 68.0 19.4 67.9 18.8 59.5 15.0 38.2 14.9 31.6 15.9 35.1 16.1 29.2 15.9 30.0 14.9 31.6 15.2 31.0 18 19 20 21 22 23 24 State and local governments Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 89.2 0.0 0.0 0.0 0.0 102.7 0.0 0.0 0.0 0.0 90.4 0.0 0.0 0.0 0.0 83.1 0.0 0.0 0.0 0.0 74.3 0.0 0.0 0.0 0.0 69.3 0.0 0.0 0.0 0.0 73.2 0.0 0.0 0.0 0.0 72.7 0.0 0.0 0.0 0.0 70.4 0.0 0.0 0.0 0.0 69.3 0.0 0.0 0.0 0.0 69.9 0.0 0.0 0.0 0.0 20 21 22 23 24 25 26 Property-casualty insurance companies Life insurance companies 9.8 49.8 7.9 40.9 8.8 29.7 7.4 43.6 8.1 46.7 7.9 42.2 7.2 43.6 7.9 41.0 8.2 40.3 7.9 42.2 7.9 43.2 25 26 27 28 Private pension funds State and local govt. retirement funds 42.2 37.4 40.2 41.9 42.6 43.4 37.7 40.0 34.4 42.3 36.2 44.1 35.5 42.6 36.2 42.0 36.1 42.4 36.2 44.1 37.7 46.2 27 28 29 30 Money market mutual funds Mutual funds 510.5 80.2 394.2 66.3 354.2 40.0 340.8 77.5 352.0 105.2 333.5 120.6 354.7 113.9 341.2 127.9 331.6 118.3 333.5 120.6 341.8 122.1 29 30 31 32 33 Government-sponsored enterprises Brokers and dealers Funding corporations 9.7 41.5 71.8 9.9 36.2 126.2 6.5 42.1 121.7 3.4 29.9 107.9 4.4 28.7 100.7 6.0 20.8 95.5 4.8 34.4 125.0 5.7 32.4 136.1 6.0 20.9 156.5 6.0 20.8 95.5 5.6 21.7 93.0 31 32 33 34 Rest of the world 117.2 102.1 102.7 102.8 101.7 107.9 106.4 117.3 119.4 107.9 116.8 34 (1) Excludes banks’ holdings of own acceptances. 115 Z.1, June 11, 2015 L.209 Treasury Securities 2009 1 2 3 4 5 Total liabilities U.S. savings securities (1) Treasury bills Other Treasury securities Total assets 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 7781.9 9361.5 10428.3 11568.9 12328.3 12995.6 12590.8 12544.4 12755.6 12995.6 13062.6 1 191.3 1787.9 5802.7 188.0 1768.9 7404.6 185.3 1519.5 8723.6 182.5 1626.5 9759.9 179.2 1590.6 10558.5 176.0 1456.7 11362.9 178.4 1650.2 10762.2 177.7 1386.4 10980.3 176.8 1409.6 11169.2 176.0 1456.7 11362.9 175.0 1476.5 11411.1 2 3 4 7781.9 9361.5 10428.3 11568.9 12328.3 12995.6 12590.8 12544.4 12755.6 12995.6 13062.6 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 853.3 191.3 662.0 1122.6 188.0 934.6 717.0 185.3 531.7 943.1 182.5 760.6 956.6 179.2 777.4 696.7 176.0 520.8 900.4 178.4 722.1 721.1 177.7 543.4 704.9 176.8 528.1 696.7 176.0 520.8 640.2 175.0 465.2 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 43.0 46.1 586.4 48.0 48.1 595.8 43.0 48.9 560.8 39.4 52.9 606.1 42.8 54.5 592.2 38.3 57.2 660.8 40.8 54.7 602.4 40.6 55.5 630.2 40.0 56.0 631.6 38.3 57.2 660.8 39.6 58.2 710.5 9 10 11 12 13 14 Monetary authority Treasury bills Other Treasury securities 776.6 18.4 758.2 1021.5 18.4 1003.1 1663.4 18.4 1645.0 1666.1 0.0 1666.1 2208.8 0.0 2208.8 2461.4 0.0 2461.4 2319.6 0.0 2319.6 2400.6 0.0 2400.6 2451.7 0.0 2451.7 2461.4 0.0 2461.4 2459.6 0.0 2459.6 12 13 14 15 16 17 18 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 124.5 57.5 0.5 14.2 217.5 60.9 1.1 20.1 173.9 60.5 1.0 17.6 243.2 76.6 0.4 19.3 217.1 67.0 1.2 19.1 420.4 56.5 1.3 21.6 263.8 66.3 1.3 20.4 297.7 65.6 0.8 21.3 359.0 60.4 1.3 26.2 420.4 56.5 1.3 21.6 421.3 55.7 1.5 22.2 15 16 17 18 19 20 21 Property-casualty insurance companies Treasury bills Other Treasury securities 88.5 15.8 72.8 91.7 15.5 76.2 96.4 17.4 78.9 89.7 14.1 75.6 96.1 23.5 72.6 102.0 26.8 75.2 94.7 21.8 72.9 98.1 24.9 73.3 101.2 26.8 74.3 102.0 26.8 75.2 101.6 26.7 74.8 19 20 21 22 23 24 Life insurance companies Treasury bills Other Treasury securities 133.5 13.9 119.6 156.6 10.2 146.4 175.4 14.0 161.4 180.9 9.5 171.4 168.6 6.7 162.0 182.9 8.7 174.3 172.0 6.6 165.4 175.5 6.5 168.9 178.9 7.0 171.8 182.9 8.7 174.3 193.3 8.3 185.0 22 23 24 25 26 27 Private pension funds Federal government retirement funds State and local govt. retirement funds 175.6 119.9 161.9 206.9 130.0 172.5 233.8 153.5 181.8 278.2 165.6 194.7 314.6 178.0 207.3 334.2 196.1 216.1 318.4 181.0 208.1 323.0 183.1 209.1 329.4 188.4 211.5 334.2 196.1 216.1 344.9 136.6 224.9 25 26 27 28 29 30 Money market mutual funds Treasury bills Other Treasury securities 406.4 318.5 87.9 335.4 234.5 100.9 443.3 263.7 179.7 457.8 282.8 175.0 488.0 289.4 198.6 412.7 240.9 171.8 456.4 266.2 190.2 370.5 183.8 186.7 391.5 231.5 160.0 412.7 240.9 171.8 434.5 222.1 212.4 28 29 30 31 32 33 Mutual funds Treasury bills Other Treasury securities 258.0 0.0 258.0 380.9 35.6 345.4 446.7 32.4 414.4 567.5 44.1 523.4 622.5 34.6 587.9 742.0 34.1 708.0 658.9 40.4 618.4 679.9 29.0 650.9 715.1 29.3 685.8 742.0 34.1 708.0 795.2 24.7 770.5 31 32 33 34 35 Closed-end funds Exchange-traded funds 4.4 41.8 5.1 51.0 4.8 62.4 5.2 63.6 5.7 57.1 5.5 70.1 5.8 59.3 5.9 63.0 5.8 64.4 5.5 70.1 5.4 73.2 34 35 36 37 Government-sponsored enterprises ABS issuers 36.6 53.9 82.6 40.1 100.2 29.2 69.0 23.4 59.1 24.3 64.3 25.1 65.2 25.0 64.5 24.1 65.0 25.0 64.3 25.1 71.8 24.3 36 37 38 39 Brokers and dealers Holding companies 123.0 5.8 94.5 19.6 183.6 26.8 246.5 8.2 136.0 16.6 60.2 13.9 108.0 16.5 80.0 21.8 56.0 23.9 60.2 13.9 63.7 10.2 38 39 40 41 42 Rest of the world Treasury bills Other Treasury securities 3670.6 750.4 2920.2 4458.8 710.3 3748.5 5004.4 647.7 4356.7 5571.5 661.7 4909.8 5794.9 686.0 5108.9 6156.2 671.6 5484.5 5951.8 689.3 5262.5 6012.5 626.8 5385.7 6068.4 614.1 5454.3 6156.2 671.6 5484.5 6174.4 702.0 5472.3 40 41 42 7805.4 9385.6 10453.6 11593.7 12352.8 13019.9 12614.8 12568.4 12779.4 13019.9 13086.7 43 Memo: 43 Federal government debt (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 116 Z.1, June 11, 2015 L.210 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 Levels 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 8106.8 7598.2 7577.4 7554.6 7794.1 7944.6 7721.1 7774.6 7833.7 7944.6 7901.2 1 23.5 2706.6 5376.7 24.2 6434.5 1139.5 25.3 6247.3 1304.8 24.9 6092.7 1437.0 24.5 6200.2 1569.4 24.4 6275.5 1644.7 24.0 6111.4 1585.8 24.0 6150.6 1600.0 23.9 6186.2 1623.6 24.4 6275.5 1644.7 24.1 6234.6 1642.5 2 3 4 8106.8 7598.2 7577.4 7554.6 7794.1 7944.6 7721.1 7774.6 7833.7 7944.6 7901.2 5 6 7 Household sector Nonfinancial corporate business 356.4 14.3 334.2 16.0 299.3 14.3 176.8 13.1 141.1 10.3 41.3 12.8 55.6 11.6 60.8 13.5 43.8 13.3 41.3 12.8 42.6 13.2 6 7 8 9 Federal government State and local governments 196.4 491.2 149.2 516.8 31.1 502.2 0.0 484.5 0.0 458.6 0.0 443.6 0.0 451.8 0.0 451.1 0.0 444.7 0.0 443.6 0.0 439.3 8 9 10 Monetary authority 1068.3 1139.6 941.7 1003.4 1547.4 1775.5 1650.5 1707.6 1736.4 1775.5 1768.8 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1417.4 31.3 20.5 110.7 1527.2 26.5 12.8 151.5 1634.1 30.6 4.8 182.1 1669.6 32.1 2.6 197.0 1717.3 25.4 1.9 199.2 1760.3 20.5 1.7 187.5 1731.0 22.5 1.8 202.0 1735.9 20.9 1.8 201.0 1758.2 20.5 1.8 193.6 1760.3 20.5 1.7 187.5 1815.0 19.3 1.5 189.2 11 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 116.2 371.9 115.8 376.0 122.7 374.4 114.3 360.9 109.5 354.1 105.2 339.1 107.9 351.0 106.5 348.4 106.0 344.5 105.2 339.1 104.8 338.6 15 16 17 18 19 Private pension funds Federal government retirement funds State and local govt. retirement funds 177.5 5.2 168.8 184.0 5.8 169.6 188.2 6.5 180.7 210.4 8.1 192.1 225.8 6.4 199.0 224.7 6.0 194.1 224.4 5.7 198.4 228.5 5.8 200.4 226.8 5.8 203.1 224.7 6.0 194.1 223.6 6.0 184.0 17 18 19 20 21 22 Money market mutual funds Mutual funds Government-sponsored enterprises 543.0 603.2 924.5 402.8 679.6 377.0 403.7 794.6 358.9 343.5 883.8 310.6 361.3 859.8 287.9 384.6 829.6 295.7 324.8 844.3 283.6 327.8 808.0 285.6 346.5 815.9 290.3 384.6 829.6 295.7 323.4 820.3 292.6 20 21 22 23 24 ABS issuers REITs 99.6 105.2 3.6 143.4 0.3 248.1 0.3 357.6 0.1 261.9 0.1 269.8 0.1 253.1 0.1 264.1 0.1 258.8 0.1 269.8 0.1 261.4 23 24 25 26 Brokers and dealers Holding companies 110.9 24.3 149.8 21.1 147.7 33.1 169.6 22.9 114.2 28.0 121.9 28.0 113.3 26.1 114.2 26.4 106.7 27.2 121.9 28.0 124.3 31.0 25 26 27 Rest of the world 1150.0 1095.8 1078.2 1001.2 885.3 902.6 861.7 866.0 889.6 902.6 902.4 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 43. 117 Z.1, June 11, 2015 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 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 2015 Q1 3672.5 3772.1 3719.4 3714.4 3671.2 3652.4 3660.8 3661.4 3631.1 3652.4 3694.0 1 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2910.9 38.6 2872.3 2915.5 43.0 2872.5 2918.0 33.6 2884.4 2891.8 37.0 2854.8 2910.9 38.6 2872.3 2945.9 38.1 2907.9 2 3 4 265.4 452.2 263.2 485.4 255.5 493.9 241.0 509.1 227.8 518.5 223.1 518.4 227.6 517.7 227.0 516.4 224.6 514.8 223.1 518.4 223.0 525.1 5 6 3672.5 3772.1 3719.4 3714.4 3671.2 3652.4 3660.8 3661.4 3631.1 3652.4 3694.0 7 1827.9 27.1 5.1 1871.4 23.9 5.6 1805.7 22.3 5.9 1661.2 22.9 6.1 1605.9 21.8 6.3 1540.0 13.2 6.6 1602.4 18.2 6.3 1600.7 16.1 6.4 1552.7 13.2 6.4 1540.0 13.2 6.6 1554.4 15.0 6.7 8 9 10 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 13 14 15 State and local governments U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 11.5 224.3 0.0 3.5 0.0 12.9 254.6 0.0 2.5 0.0 13.1 297.3 0.0 3.4 3.2 13.4 365.0 0.0 2.6 4.2 13.4 418.9 0.0 3.6 4.6 14.3 451.5 0.0 2.7 3.8 13.6 425.2 0.0 3.4 4.5 14.0 429.9 0.0 2.7 4.9 14.0 440.4 0.0 2.6 5.0 14.3 451.5 0.0 2.7 3.8 14.9 465.1 0.0 2.7 3.9 11 12 13 14 15 16 17 18 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 369.4 73.1 1.5 348.4 112.3 2.3 331.0 121.8 1.7 328.1 131.5 1.9 326.4 141.6 2.7 321.7 147.8 2.0 323.8 142.9 2.3 321.5 145.3 2.1 322.1 147.0 2.0 321.7 147.8 2.0 320.3 148.1 2.0 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 440.1 478.8 81.2 5.9 386.7 525.5 81.6 7.6 357.3 541.2 82.5 8.6 336.7 627.4 85.9 12.3 308.3 613.9 84.3 11.4 281.7 657.7 84.8 14.6 296.4 618.2 85.2 11.8 281.4 630.4 85.8 12.6 278.7 643.2 84.2 13.4 281.7 657.7 84.8 14.6 273.5 672.5 84.6 16.0 19 20 21 22 23 24 Government-sponsored enterprises Brokers and dealers 29.1 35.4 24.9 40.0 21.0 30.9 17.0 26.6 13.4 18.6 10.8 18.9 12.7 16.9 12.2 18.2 11.4 16.2 10.8 18.9 9.9 20.6 23 24 25 Rest of the world 58.7 71.7 72.4 71.8 76.1 80.5 76.9 77.3 78.6 80.5 83.7 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). Levels 2009 118 Z.1, June 11, 2015 L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 10381.4 10336.8 10424.7 10918.6 11111.0 11586.5 11237.1 11457.7 11529.2 11586.5 11702.2 1 Nonfinancial corporate business 3197.0 3376.3 3538.3 3861.8 4141.5 4406.4 4213.2 4272.1 4321.7 4406.4 4518.9 2 3 Domestic financial sectors 5736.7 5282.9 4972.8 4870.3 4719.0 4760.6 4714.0 4738.7 4744.2 4760.6 4742.4 3 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs 176.3 2999.1 837.5 144.4 377.1 2115.7 1078.2 145.4 379.4 1893.0 1038.8 152.9 295.9 1682.4 957.5 179.6 221.0 1402.0 961.9 353.2 209.0 1320.8 981.3 407.4 214.2 1357.0 959.3 382.1 211.7 1330.7 968.9 395.9 208.7 1323.6 969.6 405.9 209.0 1320.8 981.3 407.4 194.6 1296.2 995.1 410.3 4 5 6 7 Brokers and dealers Holding companies Funding corporations 92.9 1028.7 457.8 129.7 982.2 454.6 91.8 890.6 526.2 90.2 1103.2 561.5 112.4 1095.6 572.9 123.9 1123.2 595.1 122.7 1107.6 571.0 113.4 1129.4 588.8 123.9 1125.9 586.7 123.9 1123.2 595.1 107.4 1118.8 620.0 8 9 10 8 9 10 11 12 Levels 2011 2 4 5 6 7 Total liabilities 2010 Rest of the world (2) Total assets (3) 1447.8 1677.6 1913.6 2186.5 2250.4 2419.5 2309.8 2446.9 2463.3 2419.5 2441.0 11 10381.4 10336.8 10424.7 10918.6 11111.0 11586.5 11237.1 11457.7 11529.2 11586.5 11702.2 12 13 14 15 16 17 18 19 20 21 22 23 Household sector Federal government State and local governments U.S.-chartered depository institutions MBS and other ABS Other Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions MBS and other ABS Other 1548.5 0.6 157.1 668.2 262.9 405.2 247.6 2.0 22.3 3.6 18.6 1361.1 0.9 165.5 550.5 174.9 375.6 238.2 0.6 6.6 6.1 0.5 1355.3 0.8 163.1 553.0 150.1 402.9 236.7 4.2 6.3 5.9 0.4 1235.4 0.6 166.1 544.0 149.1 394.9 230.5 5.2 6.7 6.6 0.1 976.9 0.6 166.5 559.2 147.7 411.4 196.4 5.8 8.9 8.7 0.2 874.9 0.5 176.9 521.7 139.1 382.6 197.3 5.3 9.9 9.7 0.2 932.9 0.5 169.3 540.2 141.9 398.3 200.5 6.4 9.5 9.3 0.2 952.4 0.5 173.6 540.7 143.1 397.6 200.8 6.3 9.6 9.4 0.2 953.1 0.5 173.8 520.1 139.1 381.0 198.9 5.7 8.8 8.7 0.1 874.9 0.5 176.9 521.7 139.1 382.6 197.3 5.3 9.9 9.7 0.2 876.1 0.5 184.7 522.4 137.8 384.7 190.8 5.4 11.1 11.0 0.2 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other 298.3 0.0 298.3 1927.2 0.0 1927.2 322.6 0.0 322.6 2030.2 0.0 2030.2 363.1 71.3 291.8 2117.3 434.9 1682.3 382.7 74.5 308.2 2162.2 410.6 1751.6 410.8 82.7 328.0 2223.0 419.7 1803.3 427.7 92.0 335.7 2292.3 435.5 1856.8 413.2 85.0 328.2 2246.2 423.5 1822.7 415.9 87.3 328.7 2273.7 427.5 1846.2 422.4 89.6 332.8 2289.5 431.5 1858.0 427.7 92.0 335.7 2292.3 435.5 1856.8 425.8 91.4 334.4 2308.6 433.3 1875.3 24 25 26 27 28 29 30 31 32 Private pension funds Federal government retirement funds State and local govt. retirement funds 356.4 5.7 391.1 438.5 5.9 397.0 483.0 7.3 383.8 566.8 9.0 366.9 572.3 7.7 424.6 585.3 7.0 454.2 567.6 6.9 428.7 577.0 7.0 435.0 582.8 6.9 450.5 585.3 7.0 454.2 587.9 7.3 454.3 30 31 32 33 34 35 36 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 169.9 1120.7 55.6 55.4 154.2 1243.0 59.7 74.1 105.1 1413.4 57.3 107.7 102.1 1719.4 64.8 155.3 102.0 1998.8 79.4 174.8 78.3 2317.7 75.4 209.6 88.8 2067.5 78.7 183.2 66.4 2180.8 78.7 190.7 71.1 2240.9 77.8 194.7 78.3 2317.7 75.4 209.6 67.5 2411.2 75.3 224.4 33 34 35 36 37 38 39 40 41 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 296.0 288.2 7.9 198.6 16.0 266.5 241.6 24.8 84.1 23.2 235.7 209.5 26.2 85.0 27.0 185.7 178.3 7.4 78.7 36.5 126.3 119.4 6.8 67.9 36.3 95.4 89.3 6.2 74.0 39.7 120.1 113.4 6.7 71.8 37.8 109.4 102.9 6.5 72.5 37.2 101.4 95.1 6.3 69.9 38.1 95.4 89.3 6.2 74.0 39.7 85.8 79.8 6.0 76.1 44.2 37 38 39 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 154.4 31.1 175.3 189.5 38.3 163.4 104.5 18.3 105.8 140.0 72.7 69.6 128.9 31.5 78.4 115.5 34.1 83.1 128.1 29.8 90.5 135.2 31.2 85.7 134.1 37.6 84.6 115.5 34.1 83.1 108.0 29.2 86.6 42 43 44 45 46 47 Rest of the world (4) MBS and other ABS Other 2483.5 484.8 1998.7 2523.1 441.4 2081.7 2491.0 415.5 2075.6 2617.6 403.9 2213.6 2734.0 394.9 2339.1 2910.7 391.0 2519.7 2818.7 393.3 2425.4 2877.6 396.0 2481.5 2866.1 387.5 2478.6 2910.7 391.0 2519.7 2918.9 390.4 2528.5 45 46 47 (1) Liabilities net of assets. (2) Holdings of foreign issues by U.S. residents. (3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Holdings of U.S. issues by foreign residents. 119 Z.1, June 11, 2015 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 Q1 1 Issues at market value 2 Nonfinancial corporate business 3 Financial corporations 4 5 Rest of the world (2) Holdings at market value Q2 Q3 2015 Q1 Q4 20085.5 23552.5 22940.5 26204.7 33629.1 36256.3 34109.2 35723.8 35025.1 36256.3 36834.8 1 12512.2 14356.5 14369.4 15961.6 20718.3 22283.4 20921.0 21891.0 21444.5 22283.4 22443.9 2 3578.1 4295.7 4069.7 4931.6 6466.5 7287.7 6594.3 6805.6 6811.6 7287.7 7397.0 3 3995.3 4900.2 4501.4 5311.5 6444.2 6685.2 6593.9 7027.2 6769.1 6685.2 6993.9 4 20085.5 23552.5 22940.5 26204.7 33629.1 36256.3 34109.2 35723.8 35025.1 36256.3 36834.8 5 6 7 8 9 10 11 Household sector Federal government State and local governments Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 7255.8 67.4 112.0 25.1 63.6 0.0 8696.2 49.9 126.9 26.4 73.6 0.1 8498.4 57.8 124.6 0.0 67.4 0.0 9676.3 39.9 138.5 0.0 71.3 0.0 12501.8 35.1 163.6 0.0 101.3 0.0 13360.7 33.4 178.3 0.0 108.5 0.0 12580.0 34.9 166.4 0.0 102.6 0.0 13307.1 34.7 172.6 0.0 109.2 0.0 12777.4 33.6 172.3 0.0 105.4 0.0 13360.7 33.4 178.3 0.0 108.5 0.0 13640.8 33.3 183.7 0.0 109.0 0.0 6 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 215.6 1208.5 214.8 1371.6 220.8 1355.5 252.2 1502.7 310.4 1743.4 325.4 1798.4 312.8 1764.5 318.6 1808.7 319.1 1770.3 325.4 1798.4 320.3 1828.9 12 13 14 15 16 Private pension funds Federal government retirement funds State and local govt. retirement funds 1568.3 116.8 1751.3 1849.1 140.9 1930.1 1751.1 134.4 1843.3 1973.6 148.1 2019.1 2407.9 206.2 2432.6 2587.0 235.2 2419.7 2448.7 211.8 2415.9 2532.2 221.8 2470.6 2507.9 224.8 2408.7 2587.0 235.2 2419.7 2615.1 242.6 2415.9 14 15 16 17 18 19 Mutual funds Closed-end funds Exchange-traded funds 4136.2 87.4 670.0 4762.7 96.7 854.1 4427.2 95.9 863.8 5109.4 100.6 1093.3 6851.8 114.2 1427.3 7392.1 119.3 1675.0 7030.1 117.3 1449.9 7364.8 124.0 1555.9 7233.0 123.5 1552.0 7392.1 119.3 1675.0 7533.2 118.4 1741.5 17 18 19 20 21 Brokers and dealers Funding corporations 124.2 25.1 117.2 26.4 103.2 0.0 126.7 0.0 172.4 0.0 187.8 0.0 153.1 0.0 167.7 0.0 176.9 0.0 187.8 0.0 162.9 0.0 20 21 22 Rest of the world (3) 2658.4 3216.0 3397.2 3953.0 5161.3 5835.5 5321.1 5536.0 5620.4 5835.5 5889.2 22 25.7 15.3 -0.9 13.9 30.9 10.4 1.5 4.3 -0.5 4.7 1.3 23 Memo: 23 Percent change in Dow Jones U.S. Total Market Index (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Annual figures calculated from year-end to year-end. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 6920.7 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12903.8 1 2 Holdings at market value 6920.7 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12903.8 2 4100.4 162.0 4605.0 186.8 4622.5 165.9 5630.4 179.6 7023.0 211.0 7695.3 234.9 7292.8 217.1 7579.3 226.5 7553.1 227.6 7695.3 234.9 7918.8 240.5 3 4 3 4 Household sector Nonfinancial corporate business 5 State and local governments 48.5 58.7 59.0 66.2 79.1 86.7 80.6 83.8 83.6 86.7 89.5 5 6 7 U.S.-chartered depository institutions Credit unions 46.1 1.3 45.0 1.5 41.7 1.9 45.8 2.3 57.9 2.2 59.7 2.1 60.8 2.2 64.7 2.1 59.8 2.1 59.7 2.1 59.4 2.0 6 7 8 9 Property-casualty insurance companies Life insurance companies 9.5 140.8 10.2 186.7 9.1 184.8 11.8 201.7 14.8 235.8 16.8 246.4 15.3 238.6 16.0 245.1 16.2 242.5 16.8 246.4 17.5 248.7 8 9 1887.6 342.0 2148.9 370.1 2120.5 295.2 2385.6 307.3 2974.8 393.7 3231.7 406.1 3030.6 395.8 3141.2 404.6 3137.8 397.8 3231.7 406.1 3278.7 407.9 10 11 182.4 260.0 370.4 495.4 552.0 623.9 565.6 611.6 623.3 623.9 640.7 12 10 11 Private pension funds State and local govt. retirement funds 12 Rest of the world (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. Levels 2009 120 Z.1, June 11, 2015 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2035.9 2001.2 2147.8 2322.7 2508.8 2816.7 2560.7 2652.4 2695.8 2816.7 2893.9 1 Household sector Corporate business Noncorporate business -15.9 545.8 944.2 61.0 477.1 927.4 11.5 569.2 960.9 62.6 658.4 1021.7 92.7 708.3 1067.9 212.9 794.1 1139.0 123.0 719.3 1067.1 168.4 748.6 1097.8 186.7 762.3 1104.4 212.9 794.1 1139.0 235.1 811.9 1163.3 2 3 4 5 Domestic financial sectors 9 10 11 12 13 14 15 Levels 2011 2 3 4 6 7 8 Total liabilities 2010 424.2 373.6 400.8 342.3 363.2 365.4 360.8 333.1 345.5 365.4 368.2 5 Finance companies REITs Brokers and dealers 144.5 20.2 0.0 91.5 18.4 0.0 102.1 23.0 0.0 118.5 27.0 0.0 128.6 24.0 0.0 139.1 32.1 0.0 125.2 27.0 0.0 123.0 24.0 0.0 130.2 27.4 0.0 139.1 32.1 0.0 140.5 35.9 0.0 6 7 8 Holding companies Funding corporations 164.2 95.3 190.3 73.4 254.3 21.5 196.8 0.0 210.6 0.0 194.2 0.0 208.6 0.0 186.2 0.0 187.9 0.0 194.2 0.0 191.8 0.0 9 10 137.5 4.5 37.4 95.6 162.0 6.6 53.0 102.4 205.2 5.4 69.8 130.0 237.7 6.2 70.4 161.0 276.7 7.1 90.5 179.1 305.3 8.2 89.8 207.3 290.5 6.4 92.0 192.0 304.5 7.5 98.7 198.4 296.9 7.4 89.3 200.3 305.3 8.2 89.8 207.3 315.4 9.2 91.2 215.0 11 12 13 14 2035.9 2001.2 2147.8 2322.7 2508.8 2816.7 2560.7 2652.4 2695.8 2816.7 2893.9 15 Rest of the world Foreign official institutions Foreign banks Other foreign Total assets 16 Monetary authority (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 142.8 98.1 30.5 0.6 0.1 0.0 0.1 0.0 0.0 0.0 0.0 16 1404.8 435.5 19.4 33.4 1425.9 424.2 16.1 36.9 1589.6 467.1 17.1 43.5 1797.1 463.4 18.1 43.6 1933.5 507.2 19.4 48.7 2175.1 570.8 17.1 53.7 1969.6 524.0 19.2 47.9 2050.8 534.6 18.1 48.9 2086.8 539.7 17.4 51.9 2175.1 570.8 17.1 53.7 2225.3 598.6 15.6 54.3 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.108. 121 Z.1, June 11, 2015 L.216 Other Loans and Advances 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2095.6 1762.3 1767.1 1819.2 1934.5 2086.3 1953.4 1994.1 2021.0 2086.3 2054.6 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world 174.8 12.6 74.9 52.5 13.5 0.0 0.0 2.0 69.8 178.5 11.6 70.6 53.0 14.4 0.0 0.0 9.2 72.5 183.3 11.2 70.1 55.9 15.3 0.0 0.0 9.8 76.4 185.8 11.0 75.3 56.5 15.7 0.0 0.0 3.0 82.0 193.0 12.1 76.2 58.5 16.2 0.0 0.0 2.4 87.7 195.5 13.3 74.7 57.3 16.6 0.0 0.0 2.4 93.5 194.8 11.9 77.5 58.0 16.3 0.0 0.0 2.4 88.8 195.7 13.2 75.1 58.6 16.4 0.0 0.0 2.4 91.8 195.6 12.8 75.0 58.5 16.5 0.0 0.0 2.4 92.6 195.5 13.3 74.7 57.3 16.6 0.0 0.0 2.4 93.5 195.3 13.6 74.4 57.1 16.7 0.0 0.0 2.4 93.5 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 182.5 182.5 162.3 162.3 196.1 196.1 143.9 143.9 140.4 140.4 170.3 170.3 151.8 151.8 158.2 158.2 160.9 160.9 170.3 170.3 168.9 168.9 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 14.6 14.6 0.0 18.9 18.9 0.0 22.9 22.9 0.0 105.3 99.3 6.1 75.7 71.7 4.0 64.8 61.6 3.2 73.0 70.0 3.0 64.1 61.2 2.9 63.8 61.3 2.5 64.8 61.6 3.2 62.3 59.3 3.0 17 18 19 13 14 15 16 Total other loans and advances 2010 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 121.1 0.5 120.6 124.5 0.5 124.0 126.9 0.5 126.5 128.3 0.4 127.8 129.2 0.4 128.8 130.8 0.3 130.5 129.1 0.4 128.8 129.4 0.4 129.1 130.2 0.3 129.9 130.8 0.3 130.5 131.1 0.3 130.8 20 21 22 23 24 25 26 27 28 29 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 695.9 0.0 5.3 74.8 541.1 26.5 48.3 551.3 0.0 6.8 80.5 392.8 26.1 45.1 487.0 0.0 5.9 77.8 332.3 24.2 46.8 505.7 0.0 6.6 85.4 336.9 25.1 51.6 587.5 0.0 6.8 88.2 406.2 27.0 59.4 671.8 0.0 8.3 97.8 458.5 35.4 71.8 576.9 0.0 8.3 90.0 389.8 27.4 61.3 628.0 0.0 7.7 89.7 437.3 30.0 63.3 639.1 0.0 7.6 91.7 439.9 33.1 66.8 671.8 0.0 8.3 97.8 458.5 35.4 71.8 641.6 0.0 8.9 96.1 426.3 34.9 75.4 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 54.4 54.4 4.0 4.0 0.1 0.1 1.8 1.8 1.9 1.9 0.0 0.0 1.8 1.8 1.2 1.2 0.0 0.0 0.0 0.0 0.0 0.0 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 448.9 404.0 44.9 372.7 335.5 37.3 375.8 338.2 37.6 387.0 348.3 38.7 401.3 361.2 40.1 412.8 371.5 41.3 398.0 358.2 39.8 401.4 361.2 40.1 401.7 361.5 40.2 412.8 371.5 41.3 414.4 372.9 41.4 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 403.4 26.8 20.4 75.4 197.8 60.1 22.9 350.2 26.2 16.7 74.6 163.8 47.4 21.4 375.1 23.4 22.2 93.5 162.3 54.3 19.4 361.6 20.9 22.6 105.7 160.0 39.6 12.9 405.4 25.9 25.1 145.1 148.3 50.4 10.6 440.2 24.3 31.4 154.5 159.3 58.6 12.1 428.0 26.6 27.2 160.1 152.9 49.8 11.4 416.1 22.2 28.2 156.5 149.4 49.7 10.1 429.7 23.0 30.0 158.9 155.6 51.8 10.3 440.2 24.3 31.4 154.5 159.3 58.6 12.1 441.0 24.4 30.3 155.4 160.7 59.2 11.0 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 122 Z.1, June 11, 2015 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 6 7 Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 13 Levels Total mortgages Total assets 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 14426.8 13795.3 13483.1 13267.2 13278.8 13454.2 13264.8 13296.7 13360.5 13454.2 13463.5 1 10939.1 855.2 2486.6 146.0 10446.7 852.2 2342.3 154.1 10200.8 856.2 2258.8 167.2 9975.9 889.2 2229.1 173.0 9884.7 926.3 2289.8 178.1 9886.8 998.6 2386.2 182.7 9852.7 936.5 2296.4 179.2 9850.6 949.3 2316.5 180.4 9868.8 967.6 2342.6 181.5 9886.8 998.6 2386.2 182.7 9855.3 1020.2 2404.3 183.6 2 3 4 5 14426.8 13795.3 13483.1 13267.2 13278.8 13454.2 13264.8 13296.7 13360.5 13454.2 13463.5 6 10624.1 10123.3 9897.3 9689.3 9609.7 9614.8 9578.4 9576.6 9594.7 9614.8 9584.2 7 3627.5 758.5 2869.0 3495.9 643.3 2852.7 3396.2 581.9 2814.3 3383.5 517.7 2865.8 3466.9 538.9 2928.0 3615.7 551.1 3064.6 3481.0 537.4 2943.7 3513.2 541.8 2971.4 3552.6 545.8 3006.8 3615.7 551.1 3064.6 3651.2 548.9 3102.3 8 9 10 0.0 175.3 0.0 176.1 0.0 189.5 0.0 194.4 0.0 202.2 0.0 223.8 0.0 205.3 0.0 206.9 0.0 213.3 0.0 223.8 0.0 228.1 11 12 14426.8 13795.3 13483.1 13267.2 13278.8 13454.2 13264.8 13296.7 13360.5 13454.2 13463.5 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 110.9 29.5 37.9 100.1 28.0 42.1 100.9 27.4 36.3 87.1 25.5 33.9 76.2 27.4 34.8 68.8 29.2 36.6 74.5 27.8 35.0 72.5 28.3 35.5 70.5 28.7 35.8 68.8 29.2 36.6 66.7 29.6 37.2 14 15 16 17 18 Federal government State and local governments 108.4 193.4 106.6 204.7 109.9 202.2 111.5 205.9 115.5 206.4 117.2 219.2 116.0 209.8 116.5 215.1 117.3 215.4 117.2 219.2 118.1 229.0 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4371.9 37.8 42.3 316.9 4194.9 35.4 35.8 317.0 4049.6 32.8 33.4 320.5 4028.8 30.9 34.9 327.8 3983.5 30.3 32.4 345.9 4090.7 37.6 30.4 372.5 3991.3 32.2 32.0 350.4 4039.0 34.2 31.8 357.2 4057.9 35.5 30.9 366.5 4090.7 37.6 30.4 372.5 4123.9 37.4 27.8 375.8 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 4.4 326.1 4.1 317.5 4.9 332.5 5.6 344.4 7.9 363.2 9.9 384.8 8.3 365.4 8.8 370.3 9.3 376.4 9.9 384.8 10.4 389.7 23 24 25 26 Private pension funds State and local govt. retirement funds 23.7 12.3 26.5 11.9 21.9 11.4 23.1 10.4 19.7 9.7 19.5 10.1 18.9 10.0 19.8 10.3 20.8 10.3 19.5 10.1 18.7 9.8 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 707.7 5376.7 5021.0 1139.5 4924.0 1304.8 4823.5 1437.0 4877.8 1569.4 4870.5 1644.7 4861.0 1585.8 4840.1 1600.0 4854.8 1623.6 4870.5 1644.7 4868.0 1642.5 27 28 29 30 31 ABS issuers Finance companies REITs 2250.4 430.3 46.0 1922.3 243.5 44.6 1703.4 211.2 56.1 1492.9 179.5 64.5 1222.4 157.0 199.3 1120.0 148.0 244.6 1169.4 154.1 222.8 1146.5 149.6 221.3 1133.2 148.2 225.4 1120.0 148.0 244.6 1095.0 144.9 239.0 29 30 31 123 Z.1, June 11, 2015 L.218 Home Mortgages (1) 2009 1 2 3 4 5 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 10939.1 10446.7 10200.8 9975.9 9884.7 9886.8 9852.7 9850.6 9868.8 9886.8 9855.3 1 10419.4 20.3 499.4 9915.6 13.6 517.6 9695.9 10.2 494.8 9490.2 9.7 476.0 9405.9 10.0 468.8 9403.1 11.5 472.2 9373.9 10.4 468.3 9370.2 10.9 469.5 9386.3 11.3 471.2 9403.1 11.5 472.2 9370.5 12.0 472.8 2 3 4 10939.1 10446.7 10200.8 9975.9 9884.7 9886.8 9852.7 9850.6 9868.8 9886.8 9855.3 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 83.2 17.7 13.9 75.2 16.8 15.4 67.2 16.4 13.3 59.2 14.5 12.4 51.2 17.7 12.8 43.2 20.8 13.4 49.2 18.4 12.8 47.2 19.2 13.0 45.2 20.0 13.1 43.2 20.8 13.4 41.2 21.6 13.6 6 7 8 9 10 Federal government State and local governments 22.1 99.6 23.9 105.4 24.0 104.1 25.2 106.1 25.6 106.3 26.8 112.9 25.9 108.1 25.6 110.8 25.9 110.9 26.8 112.9 27.7 117.9 9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2693.4 0.9 22.6 316.9 2615.6 1.1 20.1 317.0 2538.0 1.3 17.8 320.5 2509.1 1.8 20.0 327.8 2394.2 1.4 18.9 345.9 2401.8 2.9 17.4 372.5 2382.6 1.7 18.4 350.4 2404.3 2.0 18.3 357.2 2402.4 2.5 17.6 366.5 2401.8 2.9 17.4 372.5 2407.9 2.8 16.5 375.8 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 8.7 2.0 4.4 9.0 1.9 4.3 9.0 1.6 4.1 9.5 1.6 3.7 10.2 1.4 3.5 13.8 1.4 3.7 11.0 1.3 3.6 11.7 1.4 3.7 12.6 1.5 3.7 13.8 1.4 3.7 13.4 1.3 3.5 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 433.4 5266.5 4690.7 1068.8 4587.7 1216.8 4476.1 1321.8 4544.9 1420.6 4537.9 1471.7 4532.2 1432.0 4515.2 1440.7 4527.2 1458.8 4537.9 1471.7 4528.3 1465.9 18 19 20 21 22 ABS issuers Finance companies REITs 1578.7 366.0 8.9 1303.0 169.5 9.0 1109.5 149.7 19.8 928.3 132.6 26.5 792.4 114.7 23.1 701.1 104.6 41.1 768.3 111.5 25.3 744.2 109.1 27.0 720.1 106.7 34.1 701.1 104.6 41.1 676.4 101.1 40.3 20 21 22 1033.3 841.4 0.3 94.6 31.5 65.5 928.5 783.3 0.3 88.2 22.8 33.9 853.5 723.1 0.3 82.2 18.0 29.9 769.6 652.7 0.2 75.7 14.5 26.5 702.9 596.2 0.4 72.0 11.4 22.9 672.7 568.2 0.4 73.6 9.5 20.9 690.6 585.6 0.4 71.4 10.9 22.3 684.0 579.7 0.4 71.7 10.4 21.8 679.3 574.3 0.3 73.3 10.0 21.3 672.7 568.2 0.4 73.6 9.5 20.9 660.3 557.5 0.4 73.1 9.1 20.2 23 24 25 26 27 28 6 7 8 23 24 25 26 27 28 Total assets 2010 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 852.2 856.2 889.2 926.3 998.6 936.5 949.3 967.6 998.6 1020.2 1 41.4 786.4 41.2 783.2 41.4 786.9 43.1 819.3 44.8 851.4 48.4 919.1 45.3 861.5 46.0 873.2 46.9 890.7 48.4 919.1 49.4 939.0 2 3 0.0 27.3 0.0 27.8 0.0 27.9 0.0 26.7 0.0 30.0 0.0 31.0 0.0 29.6 0.0 30.1 0.0 30.0 0.0 31.0 0.0 31.8 4 5 855.2 852.2 856.2 889.2 926.3 998.6 936.5 949.3 967.6 998.6 1020.2 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.5 12.9 0.0 0.4 14.3 0.0 0.4 12.3 0.0 0.4 11.5 0.0 0.4 11.8 0.0 0.4 12.4 0.0 0.4 11.8 0.0 0.4 12.0 0.0 0.4 12.1 0.0 0.4 12.4 0.0 0.4 12.6 7 8 9 10 11 Federal government State and local governments 14.7 77.4 14.4 81.9 14.1 80.9 13.7 82.4 13.8 82.6 13.2 87.7 13.7 83.9 13.6 86.1 13.4 86.2 13.2 87.7 13.1 91.6 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 267.0 4.0 254.9 3.5 248.3 2.9 258.5 1.4 287.9 1.1 325.9 1.3 297.3 0.9 307.8 1.0 316.4 1.0 325.9 1.3 334.9 1.4 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 48.5 2.7 3.7 47.2 3.1 3.6 49.4 2.9 3.4 51.1 2.5 3.1 53.6 2.2 2.9 56.4 2.1 3.0 53.8 2.1 3.0 54.4 2.2 3.1 55.1 2.3 3.1 56.4 2.1 3.0 57.1 2.1 2.9 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 204.4 105.7 256.5 66.9 259.2 86.4 265.5 113.4 243.5 147.1 240.8 171.4 238.9 152.0 234.3 157.6 236.4 163.2 240.8 171.4 247.1 175.0 17 18 19 20 21 ABS issuers Finance companies REITs 107.0 4.6 2.3 98.4 5.1 2.0 90.7 3.6 1.7 81.1 2.8 1.9 75.2 2.0 2.4 73.5 2.0 8.4 74.4 2.0 2.2 72.7 2.0 2.2 72.8 2.0 3.3 73.5 2.0 8.4 71.4 2.1 8.6 19 20 21 7 8 9 Total assets 855.2 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 124 Z.1, June 11, 2015 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2 3 4 5 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 2486.6 2342.3 2258.8 2229.1 2289.8 2386.2 2296.4 2316.5 2342.6 2386.2 2404.3 1 204.7 664.3 1469.6 147.9 207.7 552.9 1433.3 148.3 201.4 490.3 1405.4 161.7 199.1 422.5 1439.8 167.7 203.9 439.9 1473.8 172.1 211.7 444.9 1536.8 192.8 204.5 437.0 1479.2 175.7 206.4 439.8 1493.5 176.8 208.3 441.8 1509.1 183.4 211.7 444.9 1536.8 192.8 213.7 440.5 1553.9 196.3 2 3 4 5 2486.6 2342.3 2258.8 2229.1 2289.8 2386.2 2296.4 2316.5 2342.6 2386.2 2404.3 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 19.2 11.4 10.4 18.1 10.8 11.5 17.5 10.6 10.0 17.2 10.6 9.3 17.6 9.3 9.6 19.0 8.0 10.1 17.9 9.0 9.6 18.2 8.6 9.8 18.6 8.3 9.9 19.0 8.0 10.1 19.5 7.6 10.2 7 8 9 10 11 Federal government State and local governments 67.8 15.5 64.1 16.4 67.2 16.2 68.0 16.5 71.9 16.5 72.1 17.5 72.1 16.8 72.7 17.2 73.0 17.2 72.1 17.5 71.9 18.3 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1367.4 32.9 19.6 1273.2 30.8 15.7 1210.3 28.5 15.6 1202.2 27.6 14.9 1241.0 27.8 13.5 1301.1 33.2 13.0 1250.5 29.6 13.6 1265.7 31.1 13.5 1277.5 31.8 13.3 1301.1 33.2 13.0 1318.7 33.1 11.3 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 4.4 255.6 4.1 248.8 4.9 261.1 5.6 270.9 7.9 286.3 9.9 301.2 8.3 287.5 8.8 291.0 9.3 295.4 9.9 301.2 10.4 305.7 15 16 17 18 Private pension funds State and local govt. retirement funds 18.9 4.2 21.4 4.1 17.4 3.9 19.0 3.5 16.1 3.3 16.0 3.5 15.5 3.4 16.2 3.5 17.1 3.5 16.0 3.5 15.3 3.3 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 564.8 0.0 520.8 0.0 503.2 0.0 483.5 0.0 354.8 0.0 345.3 0.0 326.7 0.0 329.6 0.0 340.3 0.0 345.3 0.0 347.2 19 20 21 22 Finance companies REITs 59.7 34.8 68.9 33.7 57.9 34.6 44.1 36.1 40.3 173.9 41.3 195.1 40.6 195.3 38.5 192.0 39.5 187.9 41.3 195.1 41.7 190.2 21 22 7 8 9 Levels Total liabilities 2010 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business Total assets 146.0 154.1 167.2 173.0 178.1 182.7 179.2 180.4 181.5 182.7 183.6 1 32.5 113.5 35.5 118.6 40.0 127.2 42.3 130.7 44.1 134.0 46.3 136.4 44.6 134.6 45.2 135.2 45.8 135.8 46.3 136.4 46.9 136.7 2 3 146.0 154.1 167.2 173.0 178.1 182.7 179.2 180.4 181.5 182.7 183.6 4 5 6 Household sector Nonfinancial noncorporate business 8.5 0.8 6.8 0.8 16.3 0.7 10.8 0.7 7.5 0.7 6.7 0.7 7.5 0.7 7.1 0.7 6.7 0.7 6.7 0.7 6.0 0.7 5 6 7 8 Federal government State and local governments 3.9 1.0 4.3 1.0 4.5 1.0 4.6 1.0 4.2 1.0 5.2 1.1 4.3 1.0 4.6 1.1 5.1 1.1 5.2 1.1 5.4 1.1 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 44.2 0.0 51.2 0.0 52.9 0.0 59.0 0.0 60.4 0.0 62.0 0.2 60.8 0.0 61.2 0.2 61.6 0.2 62.0 0.2 62.4 0.2 9 10 11 12 Life insurance companies State and local govt. retirement funds 13.3 0.0 12.4 0.0 13.0 0.0 13.0 0.0 13.1 0.0 13.4 0.0 13.2 0.0 13.3 0.0 13.4 0.0 13.4 0.0 13.5 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 69.9 4.5 73.8 3.8 77.1 1.7 82.0 1.9 89.4 1.8 91.8 1.6 90.0 1.7 90.6 1.7 91.2 1.7 91.8 1.6 92.6 1.6 13 14 (1) Excludes mortgages on farm houses. 125 Z.1, June 11, 2015 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 1 Total liabilities (Households) 2552.3 2646.9 2755.4 2922.9 3098.8 3317.2 3105.0 3171.9 3249.0 3317.2 3321.6 1 2 Total assets 2552.3 2646.9 2755.4 2922.9 3098.8 3317.2 3105.0 3171.9 3249.0 3317.2 3321.6 2 88.8 52.6 0.0 78.4 45.0 0.0 74.5 46.9 0.0 65.6 48.4 0.0 59.3 44.2 0.0 53.6 43.0 0.0 58.1 43.1 0.0 57.0 43.3 0.0 55.2 43.5 0.0 53.6 43.0 0.0 51.9 41.9 0.0 3 4 5 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 223.1 906.3 237.1 356.2 1185.5 226.5 484.7 1192.6 223.0 616.8 1218.6 243.6 729.8 1271.6 265.6 840.9 1343.1 302.8 770.9 1246.5 269.2 786.0 1284.2 283.5 825.9 1305.4 293.3 840.9 1343.1 302.8 881.8 1312.1 308.2 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 572.5 471.9 0.0 50.3 705.0 0.0 46.2 687.6 0.0 50.0 679.8 0.0 49.1 679.1 0.0 49.8 684.1 0.0 47.3 669.9 0.0 46.3 671.7 0.0 49.1 676.6 0.0 49.8 684.1 0.0 48.2 677.5 9 10 11 916.4 719.1 831.6 85.1 839.5 713.5 912.4 181.5 841.2 751.2 1012.3 150.7 845.9 809.2 1131.3 136.4 858.2 878.8 1223.0 138.8 890.0 957.8 1325.3 144.1 818.2 892.3 1261.7 132.8 839.7 918.2 1274.6 139.5 849.7 943.4 1311.5 144.4 890.0 957.8 1325.3 144.1 848.1 971.8 1360.4 141.2 12 13 14 15 9 10 11 Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. Levels Memo: 12 13 14 15 126 Z.1, June 11, 2015 L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Household sector 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 Federal government State and local governments 7 8 Brokers and dealers Rest of the world 9 Total trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 15 Federal government State and local governments Property-casualty insurance companies ABS issuers 16 Levels Total trade payables 2 17 Rest of the world Discrepancy 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 3216.0 3370.8 3499.4 3636.0 3807.9 3982.7 3828.9 3902.2 3942.3 3982.7 4025.0 1 278.2 248.8 250.0 254.0 255.0 258.1 256.0 256.9 257.4 258.1 258.5 2 1590.1 397.6 1746.4 427.8 1771.6 482.7 1837.8 496.2 1943.2 512.7 2027.3 538.0 1947.3 516.2 1987.4 524.1 2004.1 529.1 2027.3 538.0 2035.3 552.8 3 4 204.5 630.5 209.7 669.0 218.5 707.4 231.9 746.2 251.5 785.8 269.0 826.5 260.3 795.8 270.1 806.0 274.3 816.3 269.0 826.5 275.7 836.6 5 6 70.1 45.1 18.1 51.1 14.3 55.1 14.2 55.7 14.5 45.3 17.9 45.9 14.8 38.6 17.8 39.9 19.9 41.3 17.9 45.9 19.2 46.9 7 8 2971.5 3132.9 3304.3 3379.1 3687.3 3850.6 3782.5 3881.5 3899.0 3850.6 3955.0 9 2055.1 496.3 2157.1 533.4 2240.8 594.4 2292.8 598.9 2570.0 616.3 2678.9 647.9 2640.7 619.3 2720.5 627.9 2736.4 634.1 2678.9 647.9 2763.6 658.4 10 11 43.6 139.1 83.0 61.3 42.9 152.2 83.8 51.8 47.7 157.8 87.2 47.6 50.3 163.4 92.0 41.2 53.6 171.9 95.2 35.7 51.0 179.6 100.8 31.3 55.4 172.4 100.1 34.3 56.1 175.8 103.9 33.9 55.8 177.3 103.4 31.0 51.0 179.6 100.8 31.3 53.2 181.2 106.1 31.3 12 13 14 15 93.1 111.8 128.8 140.5 144.4 161.3 160.3 163.4 161.0 161.3 161.2 16 244.5 237.9 195.1 256.8 120.7 132.1 46.4 20.7 43.4 132.1 70.0 17 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Household sector Brokers and dealers Total assets 5 Household sector 6 7 U.S.-chartered depository institutions Foreign banking offices in U.S. 8 Brokers and dealers 936.7 1041.7 1034.2 1131.9 1236.2 1332.0 1273.1 1329.5 1372.7 1332.0 1318.7 1 203.0 733.7 278.2 763.5 238.9 795.4 303.7 828.2 339.2 897.1 369.5 962.5 320.6 952.5 375.4 954.1 390.3 982.4 369.5 962.5 354.3 964.4 2 3 936.7 1041.7 1034.2 1131.9 1236.2 1332.0 1273.1 1329.5 1372.7 1332.0 1318.7 4 701.7 725.2 726.1 757.0 815.5 869.0 866.2 866.6 892.5 869.0 870.5 5 20.4 11.6 23.6 14.7 35.8 33.5 45.0 26.2 52.9 28.7 61.1 32.5 58.4 28.0 61.0 26.5 60.3 29.6 61.1 32.5 61.5 32.4 6 7 203.0 278.2 238.9 303.7 339.2 369.5 320.6 375.4 390.3 369.5 354.3 8 L.225 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 Total liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies 1242.4 1278.6 1352.3 1359.3 1416.8 1477.4 1428.9 1445.8 1454.8 1477.4 1501.8 1 47.8 1194.5 48.7 1229.9 50.0 1302.3 50.3 1309.0 50.5 1366.3 51.3 1426.1 50.5 1378.4 50.6 1395.2 50.9 1403.9 51.3 1426.1 50.7 1451.1 2 3 1242.4 1278.6 1352.3 1359.3 1416.8 1477.4 1428.9 1445.8 1454.8 1477.4 1501.8 4 1109.5 111.5 21.4 1137.5 116.0 25.1 1199.3 125.5 27.6 1186.4 138.0 34.9 1233.0 143.8 39.9 1282.8 149.6 45.0 1242.6 145.2 41.1 1256.7 146.7 42.4 1263.3 147.9 43.6 1282.8 149.6 45.0 1304.8 150.9 46.0 5 6 7 127 Z.1, June 11, 2015 L.226 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 15458.1 17035.7 17447.7 18460.8 19893.7 20783.7 20093.4 20402.1 20476.3 20783.7 20991.9 1 2 3 Life insurance companies (1) Private pension funds (2) 2146.8 6001.8 2341.3 6650.1 2383.2 6753.3 2575.3 7278.0 2831.3 8148.3 2925.4 8578.4 2855.4 8237.2 2891.7 8409.2 2879.8 8417.8 2925.4 8578.4 2954.6 8666.0 2 3 4 5 Federal government retirement funds (3) State and local govt. retirement funds 2922.5 4387.1 3159.3 4885.0 3266.0 5045.2 3384.9 5222.6 3542.8 5371.4 3683.4 5596.6 3573.6 5427.2 3609.6 5491.6 3641.4 5537.4 3683.4 5596.6 3716.2 5655.0 4 5 15458.1 17035.7 17447.7 18460.8 19893.7 20783.7 20093.4 20402.1 20476.3 20783.7 20991.9 6 4488.0 356.7 74.2 408.0 226.0 1789.0 1634.1 5029.0 383.3 77.2 440.0 202.0 2102.0 1824.5 5241.0 403.6 78.4 450.0 211.0 2081.0 2016.9 5907.0 428.0 79.9 484.0 217.0 2397.0 2301.1 6966.0 427.6 79.2 525.0 230.0 2929.0 2775.2 7443.0 427.8 77.6 556.0 219.0 3132.0 3030.6 7084.0 420.9 78.9 530.0 226.0 2998.0 2830.2 7325.0 419.2 78.5 538.0 222.0 3128.0 2939.3 7343.0 423.0 78.1 535.0 224.0 3087.0 2995.8 7443.0 427.8 77.6 556.0 219.0 3132.0 3030.6 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 6 Total liabilities 2010 Total assets (Households) (4) Memo: 7 8 9 10 11 12 13 Individual Retirement Accounts (IRAs) at: (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts Levels (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Assets of the household sector (L.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12). L.227 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 40.6 53.1 73.4 84.5 96.7 119.4 115.2 119.8 126.4 119.4 156.7 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 35.7 99.9 42.9 99.2 51.7 99.7 54.0 107.4 44.9 110.9 45.3 117.4 51.1 111.5 47.0 113.3 54.8 114.6 45.3 117.4 68.9 122.1 2 3 4 U.S.-chartered depository institutions -66.2 -59.6 -49.1 -47.6 -47.4 -32.3 -39.7 -32.4 -35.3 -32.3 -27.5 4 5 6 Property-casualty insurance companies Life insurance companies -15.8 -31.4 -10.1 -28.8 -14.5 -23.6 -10.8 -28.3 8.4 -30.5 10.3 -32.4 10.2 -29.3 9.5 -29.5 10.2 -30.4 10.3 -32.4 10.6 -29.9 5 6 7 8 Finance companies Brokers and dealers 12.7 5.7 6.0 3.6 6.7 2.5 6.7 3.1 6.8 3.7 7.1 4.0 6.8 4.5 6.8 5.1 7.0 5.4 7.1 4.0 7.6 4.9 7 8 250.9 262.1 272.8 279.9 289.6 310.2 296.2 297.0 304.5 310.2 315.9 9 133.9 117.1 144.3 117.8 152.8 120.0 158.6 121.3 165.8 123.8 173.0 137.2 167.6 128.6 169.4 127.6 171.2 133.3 173.0 137.2 176.0 139.9 10 11 -210.4 -209.0 -199.4 -195.4 -193.0 -190.8 -181.0 -177.2 -178.1 -190.8 -159.2 12 9 10 11 12 Total business taxes receivable Federal government State and local governments Discrepancy L.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 Total household equity Nonfinancial noncorporate business Brokers and dealers 6258.6 6894.2 7587.0 8386.5 9502.9 9924.7 9578.5 9668.0 9791.8 9924.7 10156.2 1 6243.8 14.8 6878.3 15.9 7575.2 11.9 8369.2 17.3 9485.3 17.6 9905.1 19.6 9560.1 18.4 9649.6 18.4 9772.9 19.0 9905.1 19.6 10136.0 20.2 2 3 128 Z.1, June 11, 2015 L.229 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 U.S. direct investment abroad: 1 2 3 4 5 6 7 8 9 10 11 Liab.: Rest of the world (1) Equity Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 4077.4 3852.4 224.9 572.0 347.1 4273.6 4084.8 188.7 586.9 398.1 4599.5 4405.2 194.3 619.1 424.8 4972.9 4757.4 215.5 644.3 428.8 5284.0 5078.6 205.4 664.3 458.8 5535.8 5291.9 243.9 707.7 463.8 5320.5 5125.6 194.9 654.9 460.0 5396.4 5200.4 196.0 684.1 488.1 5471.7 5239.4 232.3 704.5 472.2 5535.8 5291.9 243.9 707.7 463.8 5635.7 5386.4 249.3 714.6 465.3 1 2 3 4 5 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 3245.1 261.7 123.7 28.9 186.9 231.0 3402.9 280.1 99.1 46.3 206.0 239.3 3759.2 272.5 90.2 54.2 221.8 201.7 4081.0 283.9 98.0 67.0 225.4 217.5 4370.0 285.3 108.8 65.5 228.6 225.8 4594.1 290.5 114.0 67.0 235.0 235.2 4394.9 286.8 109.6 65.4 235.8 228.0 4465.6 288.9 110.6 64.9 238.1 228.3 4530.7 292.3 112.5 66.1 239.7 230.4 4594.1 290.5 114.0 67.0 235.0 235.2 4691.7 289.7 116.2 69.1 228.7 240.3 6 7 8 9 10 11 Levels Foreign direct investment in U.S.: 12 13 14 15 16 17 18 19 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 1986.4 4.8 107.7 64.7 69.4 90.0 64.4 10.8 2128.7 5.3 120.0 70.7 84.3 114.7 88.5 11.4 2230.7 6.1 176.6 73.9 103.6 91.1 104.6 12.0 2408.9 6.6 181.8 77.1 106.0 90.9 110.4 12.6 2610.3 7.3 181.4 74.5 97.7 73.0 119.5 13.2 2712.0 8.2 184.5 75.5 106.6 73.1 123.0 13.8 2569.9 7.5 182.3 74.0 99.1 73.4 121.7 13.4 2628.1 7.7 183.0 73.2 101.4 74.2 122.5 13.5 2663.8 7.9 181.5 75.5 105.3 72.5 123.0 13.7 2712.0 8.2 184.5 75.5 106.6 73.1 123.0 13.8 2790.4 8.4 185.2 77.9 109.7 71.7 122.3 14.0 12 13 14 15 16 17 18 19 20 21 22 23 24 Asset: Rest of the world (1) Equity Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 2398.2 1916.7 481.6 757.7 276.1 2623.6 2129.1 494.5 773.2 278.7 2798.7 2268.3 530.4 806.1 275.7 2994.3 2475.2 519.2 832.2 313.0 3176.9 2652.9 523.9 869.7 345.8 3296.6 2758.2 538.4 917.7 379.3 3141.4 2626.8 514.6 841.7 327.1 3203.6 2691.3 512.4 888.1 375.7 3243.1 2721.7 521.4 896.9 375.5 3296.6 2758.2 538.4 917.7 379.3 3379.6 2821.1 548.5 933.7 385.2 20 21 22 23 24 Memo: Direct investment, asset/liability presentation: 25 26 27 28 29 Direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 4) U.S. affiliates’ claims (line 24) 4700.5 3852.4 848.1 572.0 276.1 4950.4 4084.8 865.5 586.9 278.7 5300.0 4405.2 894.8 619.1 275.7 5714.8 4757.4 957.3 644.3 313.0 6088.7 5078.6 1010.1 664.3 345.8 6378.9 5291.9 1087.0 707.7 379.3 6107.6 5125.6 982.0 654.9 327.1 6260.2 5200.4 1059.8 684.1 375.7 6319.4 5239.4 1080.1 704.5 375.5 6378.9 5291.9 1087.0 707.7 379.3 6486.2 5386.4 1099.8 714.6 385.2 25 26 27 28 29 30 31 32 33 34 Direct investment liabilities Equity (line 21) Intercompany debt U.S. parents’ liabilities (line 5) U.S. affiliates’ liabilities (line 23) 3021.4 1916.7 1104.7 347.1 757.7 3300.5 2129.1 1171.3 398.1 773.2 3499.2 2268.3 1230.9 424.8 806.1 3736.2 2475.2 1261.0 428.8 832.2 3981.5 2652.9 1328.6 458.8 869.7 4139.7 2758.2 1381.5 463.8 917.7 3928.5 2626.8 1301.7 460.0 841.7 4067.4 2691.3 1376.2 488.1 888.1 4090.8 2721.7 1369.1 472.2 896.9 4139.7 2758.2 1381.5 463.8 917.7 4220.1 2821.1 1399.0 465.3 933.7 30 31 32 33 34 Alternative valuations of direct investment assets: U.S. direct investment abroad: 35 36 37 Market value Equity Intercompany debt 4322.1 4097.2 224.9 4809.6 4620.9 188.7 4514.3 4320.1 194.3 5196.5 4981.0 215.5 6275.4 6070.0 205.4 6318.6 6074.7 243.9 6330.4 6135.4 194.9 6624.8 6428.8 196.0 6401.3 6169.0 232.3 6318.6 6074.7 243.9 6424.3 6175.0 249.3 35 36 37 38 39 40 Historical cost Equity Intercompany debt 3565.0 3340.1 224.9 3741.9 3553.2 188.7 4050.0 3855.8 194.3 4384.7 4169.2 215.5 4660.9 4455.5 205.4 4912.7 4668.8 243.9 4697.4 4502.5 194.9 4773.3 4577.2 196.0 4848.6 4616.2 232.3 4912.7 4668.8 243.9 5018.3 4769.1 249.3 38 39 40 Foreign direct investment in U.S.: 41 42 43 Market value Equity Intercompany debt 2995.5 2513.9 481.6 3422.3 2927.8 494.5 3498.7 2968.4 530.4 3929.1 3409.9 519.2 4985.9 4462.0 523.9 5409.9 4871.5 538.4 4901.8 4387.2 514.6 5135.9 4623.6 512.4 5185.9 4664.5 521.4 5409.9 4871.5 538.4 5531.5 4983.0 548.5 41 42 43 44 45 46 Historical cost Equity Intercompany debt 2069.4 1587.9 481.6 2280.0 1785.5 494.5 2433.8 1903.5 530.4 2605.8 2086.6 519.2 2764.0 2240.0 523.9 2883.7 2345.3 538.4 2728.5 2213.9 514.6 2790.7 2278.3 512.4 2830.2 2308.8 521.4 2883.7 2345.3 538.4 3005.3 2456.8 548.5 44 45 46 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 129 Z.1, June 11, 2015 L.230 Total Miscellaneous Financial Claims 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 15799.7 15896.1 16483.5 17153.1 16713.6 17365.2 16868.4 17026.0 17255.7 17365.2 17530.8 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 22.1 3140.5 1243.3 24.7 3295.6 1189.0 24.3 3516.4 1168.0 24.9 3680.5 1219.7 27.9 3757.5 1134.3 29.1 3813.6 1140.9 28.9 3740.9 1131.9 30.2 3796.5 1134.1 29.6 3829.7 1134.3 29.1 3813.6 1140.9 30.2 3791.1 1155.7 2 3 4 5 6 Federal government State and local governments 2859.2 1116.9 3083.1 1343.4 3189.0 1661.0 3291.6 1649.3 3393.7 1192.8 3498.2 1358.6 3416.5 1254.9 3442.8 1233.1 3466.2 1329.9 3498.2 1358.6 3578.6 1414.3 5 6 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 28.2 2286.8 323.8 29.2 19.4 56.9 2247.6 293.3 23.3 11.1 29.7 2236.1 303.4 19.4 12.4 33.7 2446.4 267.8 17.3 12.7 43.5 2516.2 234.6 14.3 14.2 47.0 2846.0 222.8 12.7 15.4 47.8 2565.3 236.0 14.8 13.8 50.0 2644.6 232.6 15.3 16.1 50.3 2738.0 248.4 12.6 16.9 47.0 2846.0 222.8 12.7 15.4 50.4 2857.0 225.7 11.8 18.0 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 754.8 1092.2 761.2 1162.2 796.4 1179.5 813.4 1221.6 813.1 1266.0 827.8 1316.9 814.0 1288.5 822.6 1318.6 829.3 1307.7 827.8 1316.9 825.0 1338.4 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs 269.2 483.6 59.6 179.4 157.3 63.7 130.2 173.0 70.8 124.1 142.9 96.3 114.7 134.9 74.6 111.0 119.7 88.2 111.2 132.3 81.1 111.1 123.9 85.5 112.8 122.5 87.3 111.0 119.7 88.2 110.0 121.1 87.1 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 385.6 550.9 946.0 394.6 524.6 893.9 375.1 484.4 790.3 367.4 822.3 737.2 408.7 739.4 672.5 388.8 708.2 661.4 413.3 736.4 681.8 410.3 743.9 649.5 390.4 718.7 672.3 388.8 708.2 661.4 395.3 699.0 654.0 17 18 19 20 Rest of the world 188.5 191.2 324.1 184.1 160.8 158.8 158.9 165.2 158.9 158.8 168.1 20 21133.0 21780.1 22773.2 23750.6 23932.8 24948.5 24304.9 24426.0 24659.0 24948.5 25177.3 21 800.9 6294.1 2029.5 808.2 6707.4 2134.4 878.8 6782.0 2236.6 872.7 6944.3 2459.4 924.9 7416.9 2501.1 940.1 7763.6 2634.0 927.1 7449.4 2514.8 934.7 7548.5 2550.8 936.2 7594.0 2577.1 940.1 7763.6 2634.0 940.9 7725.9 2674.6 22 23 24 21 Total liabilities 2010 Total assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 Federal government State and local governments 148.3 118.7 143.8 96.8 145.6 95.6 144.6 101.9 150.5 106.7 163.0 118.1 153.2 109.6 158.2 113.5 160.9 114.8 163.0 118.1 165.6 124.6 25 26 27 28 29 30 31 32 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Life insurance companies 74.8 837.1 44.5 6.5 33.0 328.7 81.6 683.0 29.2 11.0 74.1 305.6 223.9 704.8 44.2 11.8 61.9 353.4 199.5 595.9 43.9 12.0 62.7 377.0 233.1 511.3 57.0 20.5 61.1 404.1 235.5 510.1 71.3 33.4 66.4 477.2 235.0 492.2 71.0 17.4 72.2 423.8 235.8 485.6 72.0 22.5 68.3 437.0 235.4 500.6 74.2 21.3 65.0 446.2 235.5 510.1 71.3 33.4 66.4 477.2 228.9 524.0 75.8 31.3 76.5 503.6 27 28 29 30 31 32 33 34 35 Private pension funds Federal government retirement funds State and local govt. retirement funds 1542.2 2674.8 1338.1 1536.6 2876.6 1596.3 1668.9 2964.3 1904.0 1582.5 3054.1 1884.0 1376.7 3144.5 1435.0 1336.0 3239.2 1615.2 1371.8 3168.1 1501.1 1325.3 3191.8 1486.3 1352.7 3215.5 1583.6 1336.0 3239.2 1615.2 1336.3 3323.7 1670.9 33 34 35 36 37 Money market mutual funds Mutual funds 26.9 14.9 23.5 2.9 22.7 5.7 28.8 -27.4 31.6 -8.3 17.3 -12.6 37.3 24.4 16.0 2.6 18.8 23.2 17.3 -12.6 16.7 -12.6 36 37 38 39 40 Government-sponsored enterprises Finance companies REITs 100.3 -142.1 64.8 148.6 -129.0 66.1 148.5 -138.7 74.7 152.6 -168.1 100.4 165.6 -189.5 112.6 154.7 -180.1 134.2 152.1 -194.5 122.4 151.4 -198.7 133.6 149.3 -181.9 140.6 154.7 -180.1 134.2 164.7 -168.7 140.3 38 39 40 41 42 43 Brokers and dealers Holding companies Funding corporations 910.1 3160.6 726.3 786.0 3129.4 667.9 730.9 3165.9 687.6 639.8 3995.3 694.8 761.4 4008.3 707.8 801.8 4119.6 710.8 890.6 4055.4 710.5 837.4 4129.6 723.8 815.3 4083.3 733.1 801.8 4119.6 710.8 825.1 4079.5 729.6 41 42 43 -5333.3 -5884.0 -6289.7 -6597.5 -7219.2 -7583.3 -7436.4 -7400.1 -7403.3 -7583.3 -7646.5 44 44 Discrepancy Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 130 Z.1, June 11, 2015 L.231 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 50.5 50.5 52.8 52.8 55.4 55.4 57.8 57.8 60.0 60.0 62.4 62.4 60.0 60.0 61.7 61.7 62.2 62.2 62.4 62.4 62.3 62.3 1 2 25.6 25.6 26.5 26.5 26.9 26.9 27.4 27.4 27.5 27.5 28.6 28.6 28.1 28.1 28.2 28.2 28.2 28.2 28.6 28.6 28.8 28.8 3 4 Liab.: Government-sponsored enterprises 51.8 49.0 43.1 41.2 41.7 42.9 40.6 42.1 42.4 42.9 41.8 5 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.4 6.3 0.0 39.7 2.4 2.9 0.6 6.7 0.0 36.7 2.2 2.9 0.5 7.0 0.0 30.6 2.9 2.1 0.6 7.2 0.0 28.4 2.9 2.2 0.6 7.8 0.0 27.8 2.4 3.2 0.7 8.5 0.0 27.3 2.9 3.5 0.7 8.0 0.0 26.2 2.4 3.2 0.7 8.1 0.0 27.3 2.6 3.4 0.7 8.3 0.0 27.2 2.8 3.5 0.7 8.5 0.0 27.3 2.9 3.5 0.8 8.6 0.0 25.7 3.0 3.7 6 7 8 9 10 11 Federal Reserve Bank stock: 3 4 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in government-sponsored enterprises: 5 6 7 8 9 10 11 Levels Holding company net transactions with subsidiaries: 12 13 14 15 16 17 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 1599.5 0.0 40.5 209.3 596.1 125.1 1632.8 0.0 62.7 115.0 626.6 135.6 1709.0 0.0 72.0 94.6 613.5 166.3 1889.2 11.2 17.2 91.1 1060.5 114.7 1937.2 5.2 10.7 75.4 1087.6 97.9 2128.3 5.3 11.5 62.2 1088.3 92.2 1978.7 4.7 11.0 63.9 1109.8 95.8 2030.3 5.1 11.5 63.1 1125.0 100.7 2058.9 5.1 11.5 62.1 1085.4 93.8 2128.3 5.3 11.5 62.2 1088.3 92.2 2106.8 3.9 11.8 61.1 1070.9 102.3 12 13 14 15 16 17 18 Asset: Holding companies 2570.3 2572.7 2655.4 3184.0 3214.0 3387.9 3263.8 3335.9 3316.8 3387.9 3356.9 18 71.2 71.2 60.7 60.7 69.1 69.1 71.7 71.7 86.4 86.4 100.5 100.5 103.1 103.1 101.9 101.9 100.3 100.3 100.5 100.5 98.7 98.7 19 20 NFC investment in finance company subsidiaries: 19 20 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 21 22 Liab.: Foreign banking offices in U.S. Brokers and dealers 203.1 523.2 171.6 496.4 137.8 549.7 126.0 568.8 123.5 584.3 103.2 607.5 123.9 586.6 120.8 603.0 127.8 605.2 103.2 607.5 96.2 633.4 21 22 23 Asset: Funding corporations 726.3 667.9 687.6 694.8 707.8 710.8 710.5 723.8 733.1 710.8 729.6 23 1.8 0.9 0.9 7.7 3.8 3.8 8.8 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 24 25 26 Equity investment under Public-Private Inv. Program: 24 25 26 Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 131 Z.1, June 11, 2015 L.232 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 2015 Q1 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 12.9 2.6 10.3 2.7 2.6 0.1 102.5 2.6 99.8 11.5 2.6 8.9 2.9 2.6 0.3 4.2 2.6 1.5 3.0 2.6 0.4 2.8 2.6 0.1 2.9 2.6 0.2 4.2 2.6 1.5 3.4 2.6 0.8 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 15.9 15.9 14.4 14.4 12.6 12.6 13.7 13.7 10.6 10.6 9.1 9.1 10.4 10.4 9.0 9.0 9.3 9.3 9.1 9.1 10.2 10.2 6 7 22.1 22.1 24.7 24.7 24.3 24.3 24.9 24.9 27.9 27.9 29.1 29.1 28.9 28.9 30.2 30.2 29.6 29.6 29.1 29.1 30.2 30.2 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 273.6 192.4 39.2 42.0 290.7 209.4 39.7 41.6 305.5 225.0 37.9 42.6 303.7 222.6 38.3 42.8 304.2 222.8 38.5 42.8 310.0 228.3 38.8 42.9 307.9 226.5 38.4 43.1 311.1 229.5 38.9 42.7 311.5 228.7 39.1 43.7 310.0 228.3 38.8 42.9 313.5 230.2 38.5 44.7 10 11 12 13 14 Asset: Household sector 273.6 290.7 305.5 303.7 304.2 310.0 307.9 311.1 311.5 310.0 313.5 14 Policy payables: 15 Liab.: Property-casualty insurance companies 754.8 761.2 796.4 802.1 807.8 822.5 809.3 817.4 824.2 822.5 821.1 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 346.0 307.0 101.8 310.8 318.7 131.7 347.5 328.8 120.1 329.8 336.4 135.9 369.5 329.8 108.5 368.5 338.1 116.0 368.6 330.9 109.8 370.3 334.8 112.4 371.4 338.1 114.7 368.5 338.1 116.0 369.8 337.1 114.2 16 17 18 589.0 453.5 135.5 620.9 469.4 151.5 624.7 484.6 140.1 638.6 503.8 134.7 668.1 537.1 131.0 699.6 563.0 136.6 676.5 544.3 132.3 689.6 553.8 135.8 688.2 553.7 134.5 699.6 563.0 136.6 707.7 569.1 138.6 19 20 21 75.4 75.4 90.8 90.8 93.8 93.8 81.4 81.4 80.9 80.9 81.7 81.7 80.7 80.7 81.1 81.1 82.0 82.0 81.7 81.7 83.4 83.4 22 23 856.8 856.8 733.4 733.4 658.7 658.7 579.5 579.5 673.5 673.5 720.6 720.6 794.5 794.5 746.5 746.5 735.4 735.4 720.6 720.6 755.4 755.4 24 25 1077.2 1077.2 1142.9 1142.9 1213.7 1213.7 1254.1 1254.1 1352.3 1352.3 1421.1 1421.1 1339.7 1339.7 1342.6 1342.6 1361.8 1361.8 1421.1 1421.1 1372.3 1372.3 26 27 180.4 180.4 202.9 202.9 221.4 221.4 234.8 234.8 246.9 246.9 257.3 257.3 246.2 246.2 249.0 249.0 248.8 248.8 257.3 257.3 253.2 253.2 28 29 Unallocated insurance company contracts: 19 20 21 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 30 31 32 Liab.: Nonfinancial corporate business Federal government State and local governments 497.6 1597.6 1116.9 446.5 1733.7 1343.4 517.2 1750.7 1661.0 389.8 1800.0 1649.3 131.4 1792.1 1192.8 19.4 1818.0 1358.6 103.8 1828.4 1254.9 31.7 1849.3 1233.1 49.7 1853.7 1329.9 19.4 1818.0 1358.6 4.0 1951.5 1414.3 30 31 32 33 34 35 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 497.6 1597.6 1116.9 446.5 1733.7 1343.4 517.2 1750.7 1661.0 389.8 1800.0 1649.3 131.4 1792.1 1192.8 19.4 1818.0 1358.6 103.8 1828.4 1254.9 31.7 1849.3 1233.1 49.7 1853.7 1329.9 19.4 1818.0 1358.6 4.0 1951.5 1414.3 33 34 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Levels Life insurance company reserves: 10 11 12 13 132 Z.1, June 11, 2015 L.233 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 2014 Q1 1 Q3 Q4 2015 Q1 5231.9 5050.5 4954.8 5284.0 5276.1 5472.2 5169.2 5330.4 5437.0 5472.2 5483.9 1 2567.5 1243.3 2758.3 1189.0 2905.4 1168.0 3209.3 1219.7 3545.2 1134.3 3712.5 1140.9 3556.4 1131.9 3683.7 1134.1 3697.9 1134.3 3712.5 1140.9 3703.7 1155.7 2 3 Federal government Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4.0 2.5 687.3 120.4 29.2 19.4 3.6 30.4 614.7 121.4 23.3 11.1 3.2 2.8 527.1 165.3 19.4 12.4 2.8 6.3 557.2 141.4 17.3 12.7 2.3 16.0 578.9 110.8 14.3 14.2 1.8 18.4 717.8 119.4 12.7 15.4 2.2 19.8 586.6 111.9 14.8 13.8 2.0 21.9 614.3 111.5 15.3 16.1 1.9 22.2 679.1 120.3 12.6 16.9 1.8 18.4 717.8 119.4 12.7 15.4 1.6 21.6 750.3 129.3 11.8 18.0 4 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs 189.1 201.6 203.1 59.6 187.9 115.9 -18.4 63.7 177.2 74.5 9.3 70.8 262.1 69.2 -19.9 96.3 283.1 62.4 -26.9 74.6 295.7 59.0 -43.0 88.2 293.1 60.2 -34.7 81.1 306.3 59.9 -41.1 85.5 296.5 61.0 -40.0 87.3 295.7 59.0 -43.0 88.2 305.5 58.0 -38.7 87.1 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations -733.7 550.9 87.4 -728.3 524.6 152.9 -788.1 484.4 122.8 -1261.8 822.3 148.9 -1263.1 739.4 -9.7 -1307.0 708.2 -68.0 -1283.1 736.4 -121.5 -1317.6 743.9 -105.8 -1300.2 718.7 -71.7 -1307.0 708.2 -68.0 -1309.0 699.0 -110.1 14 15 16 10565.2 10934.4 11244.5 11881.6 12495.4 13055.5 12605.6 12730.4 12840.3 13055.5 13130.3 17 5915.5 1921.3 6327.4 1996.0 6383.6 2109.5 6535.6 2316.4 7000.1 2384.8 7324.4 2509.4 7014.6 2396.9 7111.1 2430.3 7154.9 2454.2 7324.4 2509.4 7289.4 2551.8 18 19 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 6 7 8 9 17 Levels Total liabilities Q2 Total assets 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 20 21 Federal government State and local governments 94.3 118.7 84.5 96.8 83.2 95.6 79.8 101.9 83.4 106.7 93.6 118.1 86.2 109.6 89.5 113.5 91.7 114.8 93.6 118.1 96.3 124.6 20 21 22 23 24 25 26 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 64.6 755.9 44.5 6.5 30.6 81.5 605.3 29.2 11.0 71.9 124.0 634.8 44.2 11.8 59.1 190.6 526.3 43.9 12.0 59.8 232.8 445.4 57.0 20.5 58.8 233.9 445.2 71.3 33.4 63.5 234.6 427.6 71.0 17.4 69.9 235.6 421.1 72.0 22.5 65.7 235.2 435.9 74.2 21.3 62.2 233.9 445.2 71.3 33.4 63.5 228.1 459.2 75.8 31.3 73.5 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds 303.7 515.7 85.7 278.0 529.9 101.4 327.0 573.3 102.8 349.9 607.4 100.0 373.1 627.4 111.2 444.6 671.8 119.9 391.7 643.0 113.9 403.4 658.7 117.5 413.1 667.3 119.2 444.6 671.8 119.9 469.6 679.9 118.0 27 28 29 30 31 Mutual funds Money market mutual funds 14.9 26.9 2.9 23.5 5.7 22.7 -27.4 28.8 -8.3 31.6 -12.6 17.3 24.4 37.3 2.6 16.0 23.2 18.8 -12.6 17.3 -12.6 16.7 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs 100.3 -142.1 64.8 148.6 -129.0 66.1 148.5 -138.7 74.7 152.6 -168.1 100.4 165.6 -189.5 112.6 154.7 -180.1 134.2 152.1 -194.5 122.4 151.4 -198.7 133.6 149.3 -181.9 140.6 154.7 -180.1 134.2 164.7 -168.7 140.3 32 33 34 35 36 Brokers and dealers Holding companies 53.2 590.3 52.6 556.7 72.2 510.4 60.3 811.3 87.9 794.3 81.2 731.7 96.1 791.5 90.9 793.7 79.9 766.5 81.2 731.7 69.7 722.7 35 36 -5333.3 -5884.0 -6289.7 -6597.5 -7219.2 -7583.3 -7436.4 -7400.1 -7403.3 -7583.3 -7646.5 37 37 Discrepancy 133 Z.1, June 11, 2015 B.101 Balance Sheet of Households and Nonprofit Organizations (1) 2009 1 2 3 4 5 6 7 8 9 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment (nonprofits) (4) Intellectual property products (nonprofits) (4) Consumer durable goods (4) Financial assets 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 72333.2 76239.9 77449.5 83501.9 93054.2 97464.9 94108.0 95673.4 95725.5 97464.9 99076.3 1 23715.2 23351.7 23378.2 25084.0 27702.2 29150.2 28100.3 28384.8 28718.6 29150.2 29693.7 2 18758.8 16989.0 1769.8 271.9 96.4 4588.1 18383.2 16408.7 1974.4 280.1 101.8 4586.7 18252.6 16091.8 2160.9 293.0 109.4 4723.3 19826.4 17520.7 2305.7 299.7 117.7 4840.1 22328.9 19654.9 2674.0 306.9 124.1 4942.2 23615.4 20693.8 2921.5 318.5 130.8 5085.5 22697.3 20012.3 2685.0 309.2 126.1 4967.6 22932.3 20163.9 2768.5 312.1 127.9 5012.5 23217.1 20379.3 2837.8 315.3 129.4 5056.9 23615.4 20693.8 2921.5 318.5 130.8 5085.5 24118.7 21104.4 3014.2 321.8 132.2 5121.1 3 4 5 6 7 8 48618.0 52888.2 54071.3 58417.9 65352.0 68314.7 66007.7 67288.6 67006.9 68314.7 69382.6 9 10 11 12 13 14 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8097.7 62.7 396.1 6326.0 1312.9 8071.0 67.3 423.7 6450.8 1129.2 8716.1 57.4 728.8 6820.0 1109.9 9239.0 49.7 892.1 7187.1 1110.2 9600.2 52.5 1013.6 7398.4 1135.7 10144.1 47.0 1127.5 7867.4 1102.1 9760.6 51.5 1059.9 7550.0 1099.2 9771.4 50.3 1078.2 7573.4 1069.5 9897.4 53.2 1060.6 7695.8 1087.7 10144.1 47.0 1127.5 7867.4 1102.1 10287.2 44.9 1154.2 8057.1 1030.9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) 4835.3 22.7 853.3 356.4 1827.9 1548.5 26.8 110.9 88.8 4915.1 21.1 1122.6 334.2 1871.4 1361.1 26.2 100.1 78.4 4395.5 19.4 717.0 299.3 1805.7 1355.3 23.4 100.9 74.5 4208.9 18.8 943.1 176.8 1661.2 1235.4 20.9 87.1 65.6 3856.9 15.0 956.6 141.1 1605.9 976.9 25.9 76.2 59.3 3314.5 14.9 696.7 41.3 1540.0 874.9 24.3 68.8 53.6 3666.5 15.9 900.4 55.6 1602.4 932.9 26.6 74.5 58.1 3502.7 16.1 721.1 60.8 1600.7 952.4 22.2 72.5 57.0 3419.0 15.9 704.9 43.8 1552.7 953.1 23.0 70.5 55.2 3314.5 14.9 696.7 41.3 1540.0 874.9 24.3 68.8 53.6 3271.4 15.2 640.2 42.6 1554.4 876.1 24.4 66.7 51.9 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business (8) Miscellaneous assets 7255.8 4100.4 701.7 1109.5 15458.1 6258.6 800.9 8696.2 4605.0 725.2 1137.5 17035.7 6894.2 808.2 8498.4 4622.5 726.1 1199.3 17447.7 7587.0 878.8 9676.3 5630.4 757.0 1186.4 18460.8 8386.5 872.7 12501.8 7023.0 815.5 1233.0 19893.7 9502.9 924.9 13360.7 7695.3 869.0 1282.8 20783.7 9924.7 940.1 12580.0 7292.8 866.2 1242.6 20093.4 9578.5 927.1 13307.1 7579.3 866.6 1256.7 20402.1 9668.0 934.7 12777.4 7553.1 892.5 1263.3 20476.3 9791.8 936.2 13360.7 7695.3 869.0 1282.8 20783.7 9924.7 940.1 13640.8 7918.8 870.5 1304.8 20991.9 10156.2 940.9 24 25 26 27 28 29 30 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (9) Consumer credit Municipal securities (10) Depository institution loans n.e.c. Other loans and advances Commercial mortgages (10) 39 40 41 Security credit Trade payables (10) Deferred and unpaid life insurance premiums 42 Net worth 14062.8 13782.3 13570.9 13637.8 13792.5 14168.9 13780.6 13949.1 14075.3 14168.9 14151.6 31 13559.6 10419.4 2552.3 265.4 -15.9 133.7 204.7 13230.6 9915.6 2646.9 263.2 61.0 136.1 207.7 13057.8 9695.9 2755.4 255.5 11.5 138.1 201.4 13055.1 9490.2 2922.9 241.0 62.6 139.3 199.1 13170.4 9405.9 3098.8 227.8 92.7 141.3 203.9 13512.1 9403.1 3317.2 223.1 212.9 144.2 211.7 13175.1 9373.9 3105.0 227.6 123.0 141.0 204.5 13286.6 9370.2 3171.9 227.0 168.4 142.6 206.4 13398.1 9386.3 3249.0 224.6 186.7 143.0 208.3 13512.1 9403.1 3317.2 223.1 212.9 144.2 211.7 13508.6 9370.5 3321.6 223.0 235.1 144.6 213.7 32 33 34 35 36 37 38 203.0 278.2 22.1 278.2 248.8 24.7 238.9 250.0 24.3 303.7 254.0 24.9 339.2 255.0 27.9 369.5 258.1 29.1 320.6 256.0 28.9 375.4 256.9 30.2 390.3 257.4 29.6 369.5 258.1 29.1 354.3 258.5 30.2 39 40 41 58270.4 62457.6 63878.6 69864.2 79261.7 83296.0 80327.4 81724.3 81650.2 83296.0 84924.6 42 Memo: 43 44 45 46 Assets held in IRAs (11) Assets held in 529 college plans (11) College savings plans Prepaid tuition plans 4488.0 133.7 117.0 16.7 5029.0 157.4 138.2 19.2 5241.0 164.9 145.0 19.8 5907.0 190.7 168.6 22.1 6966.0 227.1 205.2 21.9 7443.0 247.9 223.9 24.0 7084.0 234.1 211.1 23.0 7325.0 244.5 220.2 24.2 7343.0 243.2 219.1 24.1 7443.0 247.9 223.9 24.0 ND 252.4 228.1 24.3 43 44 45 46 47 48 49 50 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 12680.7 12479.0 201.7 1409.3 12730.1 12526.6 203.5 1420.7 12845.4 12641.9 203.4 1464.6 13228.8 13020.5 208.3 1508.4 14187.3 13967.6 219.7 1596.2 15086.0 14851.9 234.0 1640.9 14518.8 14293.8 225.0 1609.0 14584.5 14358.5 226.1 1618.7 14879.2 14648.5 230.7 1632.3 15086.0 14851.9 234.0 1640.9 15112.8 14878.3 234.6 1640.9 47 48 49 50 10942.5 532.5 11237.9 555.8 11801.4 541.3 12384.0 564.1 12505.1 633.8 12990.0 641.2 12772.9 628.9 12945.2 631.3 13061.2 625.1 13180.7 632.0 13285.4 639.2 51 52 6569.6 38.7 6493.2 39.6 6395.9 39.7 8030.5 45.8 10249.0 52.1 11290.8 54.6 10638.4 53.2 10793.7 53.5 10993.0 53.9 11290.8 54.6 11733.9 55.6 53 54 51 52 Disposable personal income (DPI) (SAAR) Net worth/DPI (percent) (line 42/line 51) 53 54 Owners’ equity in real estate (line 4 less line 33) Owners’ equity/real estate (percent) (line 53/line 4) (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Net worth of nonfinancial noncorporate business (table B.104, line 34) and owners’ equity in unincorporated security brokers and dealers. (9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (10) Liabilities of nonprofit organizations. (11) Included in assets shown on the household balance sheet. Balance Sheets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 134 Z.1, June 11, 2015 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 With nonfinancial assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) Financial assets 27183.5 28957.9 30545.3 31979.4 34916.5 37028.4 35141.8 35904.3 36390.6 37028.4 37554.8 1 13866.1 14941.1 16039.7 16894.5 18578.1 19922.8 18731.4 19183.6 19535.9 19922.8 20312.2 2 6767.6 3793.1 1600.7 1704.6 7545.7 3853.6 1669.1 1872.7 8275.3 4008.0 1746.9 2009.6 8823.6 4138.0 1839.4 2093.6 10252.9 4261.7 1916.9 2146.6 11288.4 4446.2 1996.5 2191.7 10305.1 4300.2 1942.5 2183.6 10663.0 4346.0 1964.5 2210.0 10943.3 4395.4 1982.3 2214.8 11288.4 4446.2 1996.5 2191.7 11631.3 4498.2 2015.3 2167.4 3 4 5 6 13317.5 14016.8 14505.6 15084.9 16338.4 17105.6 16410.4 16720.7 16854.7 17105.6 17242.6 7 8 9 10 11 12 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 31.5 154.9 488.8 655.5 7.9 40.6 234.5 548.7 497.8 12.1 34.8 264.2 561.9 462.4 12.6 35.4 218.4 595.2 519.4 9.7 78.1 303.5 636.2 559.1 8.8 72.1 368.6 646.9 565.2 13.5 67.4 270.9 655.0 527.1 11.3 77.9 326.2 655.1 516.1 13.5 80.2 349.6 624.8 529.1 13.4 72.1 368.6 646.9 565.2 13.5 73.7 361.3 654.2 548.5 12.8 8 9 10 11 12 13 14 15 16 17 18 19 Credit market instruments Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 222.5 56.0 43.0 14.3 27.1 29.5 52.6 228.9 68.0 48.0 16.0 23.9 28.0 45.0 221.8 67.9 43.0 14.3 22.3 27.4 46.9 209.0 59.5 39.4 13.1 22.9 25.5 48.4 184.6 38.2 42.8 10.3 21.8 27.4 44.2 167.9 31.6 38.3 12.8 13.2 29.2 43.0 176.6 35.1 40.8 11.6 18.2 27.8 43.1 170.9 29.2 40.6 13.5 16.1 28.3 43.3 168.8 30.0 40.0 13.3 13.2 28.7 43.5 167.9 31.6 38.3 12.8 13.2 29.2 43.0 170.2 31.0 39.6 13.2 15.0 29.6 41.9 13 14 15 16 17 18 19 20 21 22 23 Mutual fund shares (1) Trade receivables U.S. direct investment abroad (3) Miscellaneous assets 162.0 2055.1 3245.1 6294.1 186.8 2157.1 3402.9 6707.4 165.9 2240.8 3759.2 6782.0 179.6 2292.8 4081.0 6944.3 211.0 2570.0 4370.0 7416.9 234.9 2678.9 4594.1 7763.6 217.1 2640.7 4394.9 7449.4 226.5 2720.5 4465.6 7548.5 227.6 2736.4 4530.7 7594.0 234.9 2678.9 4594.1 7763.6 240.5 2763.6 4691.7 7725.9 20 21 22 23 24 Balance Sheets Assets 12903.6 13226.7 13878.4 14695.2 15471.1 16177.4 15572.6 15804.6 16001.4 16177.4 16403.4 24 25 26 27 28 29 30 31 Credit market instruments Commercial paper Municipal securities (4) Corporate bonds (3) Depository institution loans n.e.c. Other loans and advances Mortgages 6150.9 58.4 452.2 3197.0 545.8 1139.0 758.5 6013.1 82.9 485.4 3376.3 477.1 948.1 643.3 6308.0 116.3 493.9 3538.3 569.2 1008.3 581.9 6714.1 130.3 509.1 3861.8 658.4 1036.8 517.7 7115.3 144.5 518.5 4141.5 708.3 1063.6 538.9 7579.2 182.4 518.4 4406.4 794.1 1126.7 551.1 7263.4 180.2 517.7 4213.2 719.3 1095.6 537.4 7345.6 185.9 516.4 4272.1 748.6 1080.8 541.8 7448.9 208.5 514.8 4321.7 762.3 1095.9 545.8 7579.2 182.4 518.4 4406.4 794.1 1126.7 551.1 7717.7 187.6 525.1 4518.9 811.9 1125.4 548.9 25 26 27 28 29 30 31 32 33 34 35 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities 1590.1 35.7 1986.4 3140.5 1746.4 42.9 2128.7 3295.6 1771.6 51.7 2230.7 3516.4 1837.8 54.0 2408.9 3680.5 1943.2 44.9 2610.3 3757.5 2027.3 45.3 2712.0 3813.6 1947.3 51.1 2569.9 3740.9 1987.4 47.0 2628.1 3796.5 2004.1 54.8 2663.8 3829.7 2027.3 45.3 2712.0 3813.6 2035.3 68.9 2790.4 3791.1 32 33 34 35 14279.9 15731.2 16666.9 17284.2 19445.4 20851.0 19569.2 20099.8 20389.2 20851.0 21151.3 36 163.5 6901.5 12512.2 43.1 49.2 87.6 166.3 7123.9 14356.5 38.2 41.9 91.3 165.7 7425.5 14369.4 37.8 43.9 86.2 168.6 7620.7 15961.6 38.8 42.1 92.3 175.0 7933.5 20718.3 36.6 34.3 106.5 185.9 8169.0 22283.4 36.3 34.0 106.9 179.0 7999.5 20921.0 37.1 34.7 106.9 179.8 8051.0 21891.0 36.5 33.6 108.9 183.4 8122.1 21444.5 36.5 34.7 105.2 185.9 8169.0 22283.4 36.3 34.0 106.9 186.2 8170.9 22443.9 36.5 34.4 106.1 37 38 39 40 41 42 23978.6 25006.1 25954.2 27029.9 28791.4 30111.6 29048.4 29468.2 29755.7 30111.6 30434.2 43 10661.2 4213.2 3445.1 1510.0 1492.7 10989.4 4377.1 3482.4 1570.3 1559.5 11448.7 4537.7 3592.0 1637.6 1681.4 11945.0 4725.0 3727.3 1707.5 1785.3 12453.1 4920.1 3875.8 1781.5 1875.7 13006.0 5143.5 4048.7 1869.2 1944.6 12638.0 4975.1 3914.4 1801.3 1947.2 12747.5 5029.1 3956.8 1822.2 1939.4 12901.0 5086.5 4002.9 1844.7 1966.9 13006.0 5143.5 4048.7 1869.2 1944.6 13191.6 5203.3 4095.1 1893.7 1999.5 44 45 46 47 48 11075.0 11779.4 12075.8 12334.7 13320.4 13934.2 13475.7 13663.6 13754.3 13934.2 14030.8 49 80.7 3686.2 81.6 3808.7 82.7 3949.4 84.5 4126.9 87.2 4307.9 90.2 4518.3 87.9 4357.7 88.6 4410.0 89.4 4463.5 90.2 4518.3 91.0 4567.3 50 51 55.5 51.0 52.2 54.4 53.4 54.4 53.9 53.8 54.2 54.4 55.0 52 36 37 38 39 40 41 42 Liabilities Net worth (market value) Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (line 25/line 36) Debt/equities (percent) (line 25/line 39) Equities/net worth (percent) (line 39/line 36) With nonfinancial assets stated at historical cost: 43 44 45 46 47 48 49 Assets (sum of lines 7 and 44) Nonfinancial assets Real estate Equipment Intellectual property products Inventories Net worth (historical cost) (line 43 less line 24) Memo: Historical-cost value of structures: 50 Residential 51 Nonresidential 52 Debt/net worth (percent) (line 25/line 49) (1) At market value. (2) At replacement (current) cost. (3) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (4) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. 135 Z.1, June 11, 2015 B.104 Balance Sheet of Nonfinancial Noncorporate Business 2009 1 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 11974.8 12550.4 13278.2 14267.3 15433.2 16109.5 15525.8 15686.5 15860.3 16109.5 16435.2 1 2 Nonfinancial assets 8398.4 8822.1 9363.6 10050.9 11139.5 11581.1 11208.9 11308.0 11436.9 11581.1 11824.2 2 3 4 5 Real estate (1) Residential Nonresidential 7296.4 4273.4 3023.0 7666.3 4411.1 3255.2 8134.9 4599.9 3535.0 8782.9 4975.9 3807.0 9842.4 5541.7 4300.7 10409.1 5822.2 4587.0 9925.6 5608.7 4316.9 10052.4 5636.5 4415.9 10223.4 5730.3 4493.1 10409.1 5822.2 4587.0 10686.3 6022.5 4663.9 3 4 5 6 7 8 Equipment (2) Residential (3) Nonresidential 696.3 44.0 652.4 709.2 42.2 667.0 740.7 43.9 696.8 763.2 44.3 718.9 784.9 43.3 741.5 742.9 41.9 701.0 780.0 43.4 736.5 770.2 42.5 727.7 756.4 42.4 713.9 742.9 41.9 701.0 729.4 41.6 687.8 6 7 8 Intellectual property products (2) Inventories (2) 183.2 222.5 189.9 256.9 196.6 291.3 206.4 298.5 214.9 297.3 124.8 304.3 198.2 305.1 178.5 306.9 154.4 302.7 124.8 304.3 107.9 300.5 9 10 3576.3 3728.3 3914.6 4216.4 4293.7 4528.3 4316.9 4378.4 4423.4 4528.3 4611.0 11 534.4 353.3 73.7 531.6 356.2 76.8 552.7 362.2 77.7 612.2 372.3 80.7 614.6 383.1 83.0 648.5 410.2 87.3 618.4 385.0 83.4 627.5 390.3 84.6 634.4 394.2 85.4 648.5 410.2 87.3 658.0 429.3 88.7 12 13 14 89.1 95.8 91.1 92.9 95.5 100.4 96.0 97.3 98.3 100.4 102.1 15 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.9 5.9 36.3 0.0 52.9 6.1 33.9 0.0 54.5 6.3 34.8 0.0 57.2 6.6 36.6 0.0 54.7 6.3 35.0 0.0 55.5 6.4 35.5 0.0 56.0 6.4 35.8 0.0 57.2 6.6 36.6 0.0 58.2 6.7 37.2 0.0 16 17 18 19 496.3 2029.5 101.8 6.3 1921.3 533.4 2134.4 131.7 6.7 1996.0 594.4 2236.6 120.1 7.0 2109.5 598.9 2459.4 135.9 7.2 2316.4 616.3 2501.1 108.5 7.8 2384.8 647.9 2634.0 116.0 8.5 2509.4 619.3 2514.8 109.8 8.0 2396.9 627.9 2550.8 112.4 8.1 2430.3 634.1 2577.1 114.7 8.3 2454.2 647.9 2634.0 116.0 8.5 2509.4 658.4 2674.6 114.2 8.6 2551.8 20 21 22 23 24 5731.0 5672.2 5703.0 5898.1 5947.9 6204.3 5965.6 6036.9 6087.4 6204.3 6299.2 25 3985.4 3950.9 3946.6 4068.2 4182.8 4399.9 4198.6 4257.6 4301.6 4399.9 4460.2 26 944.2 172.1 2869.0 927.4 170.8 2852.7 960.9 171.3 2814.3 1021.7 180.7 2865.8 1067.9 186.9 2928.0 1139.0 196.4 3064.6 1067.1 187.8 2943.7 1097.8 188.5 2971.4 1104.4 190.4 3006.8 1139.0 196.4 3064.6 1163.3 194.7 3102.3 27 28 29 397.6 99.9 4.8 1243.3 427.8 99.2 5.3 1189.0 482.7 99.7 6.1 1168.0 496.2 107.4 6.6 1219.7 512.7 110.9 7.3 1134.3 538.0 117.4 8.2 1140.9 516.2 111.5 7.5 1131.9 524.1 113.3 7.7 1134.1 529.1 114.6 7.9 1134.3 538.0 117.4 8.2 1140.9 552.8 122.1 8.4 1155.7 30 31 32 33 6243.8 6878.3 7575.2 8369.2 9485.3 9905.1 9560.1 9649.6 9772.9 9905.1 10136.0 34 2815.4 1661.6 2839.6 1680.2 2831.2 1730.1 2870.4 1774.5 2989.8 1853.4 3161.4 1859.3 3055.5 1860.5 3064.7 1860.5 3122.2 1863.6 3161.4 1859.3 3162.6 1852.5 35 36 63.8 57.4 52.1 48.6 44.1 44.4 43.9 44.1 44.0 44.4 44.0 37 9 10 11 Assets 2010 Financial assets 12 13 14 Checkable deposits and currency Time and savings deposits Money market fund shares 15 Credit market instruments 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other Liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities Net worth (5) Memo: 35 36 37 Replacement-cost value of structures: Residential Nonresidential Debt/net worth (percent) (line 26/line 34) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Included in table B.101, line 29. Balance Sheets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 136 Z.1, June 11, 2015 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2009 1 2 Change in net worth (1) Net investment 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 9 10 11 12 13 14 15 16 17 18 19 20 21 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance reserves Pension entitlements Equity investment under PPIP Holding gains on assets at current cost (2) Consumer durable goods Equipment Intellectual property products Other volume changes (3) 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 1778.3 4187.3 1421.0 5985.5 9397.5 4034.3 1065.7 1396.9 -74.1 1645.8 1628.6 1 708.6 1033.8 1511.4 1343.5 1162.4 1226.6 407.7 157.5 184.9 476.5 544.2 2 109.8 1429.3 1319.5 134.9 1448.9 1314.0 164.8 1501.3 1336.5 249.1 1614.3 1365.2 328.7 1740.4 1411.7 382.3 1811.3 1429.0 84.7 437.8 353.1 95.2 450.1 355.0 100.8 459.5 358.7 101.6 463.8 362.2 99.0 463.4 364.5 3 4 5 598.8 674.8 75.9 898.9 793.3 -105.6 1346.6 1276.5 -70.1 1094.5 1363.4 269.0 833.7 1076.2 242.5 844.3 1265.4 421.1 323.0 325.1 2.1 62.3 242.7 180.4 84.1 221.7 137.6 374.9 475.8 100.9 445.3 444.7 -0.5 6 7 8 544.0 2429.5 12.0 4415.6 8090.6 2865.8 732.5 1275.3 -328.2 1186.3 1037.2 9 -1118.4 1512.9 465.4 -1133.5 34.8 783.1 -0.3 -400.5 1624.3 256.7 453.3 21.7 474.9 -1.0 -158.3 48.8 -267.9 524.4 -7.4 -127.4 -0.2 1518.9 1372.7 316.8 667.7 18.9 520.8 -0.1 2383.1 2856.2 781.6 1036.4 27.5 1005.9 0.0 1168.6 830.4 152.4 368.7 4.4 341.4 0.0 342.6 207.2 55.1 55.4 1.7 70.5 0.0 206.2 658.8 154.7 81.4 3.7 170.4 0.0 253.7 -505.4 -118.6 107.5 -5.0 -60.5 0.0 366.1 469.8 61.2 124.3 3.9 161.0 0.0 472.5 213.4 44.9 225.2 2.7 78.5 0.0 10 11 12 13 14 15 16 -47.4 -91.1 22.4 -38.9 -91.1 -99.9 -28.3 -16.2 -19.9 -35.5 -26.3 17 -40.8 -4.7 -2.0 -88.3 -2.4 -0.4 17.7 2.5 2.2 -41.5 -0.1 2.8 -92.2 -0.3 1.4 -111.0 7.5 3.7 -31.2 1.5 1.3 -19.1 1.8 1.0 -22.5 1.9 0.7 -38.2 2.1 0.6 -28.7 2.0 0.4 18 19 20 573.2 815.1 -124.8 265.3 235.6 41.7 -46.2 -19.6 89.1 18.5 73.5 21 58270.4 10942.5 62457.6 11237.9 63878.6 11801.4 69864.2 12384.0 79261.7 12505.1 83296.0 12990.0 80327.4 12772.9 81724.3 12945.2 81650.2 13061.2 83296.0 13180.7 84924.6 13285.4 22 23 Memo: Balance Sheets 22 23 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.101, line 42. 137 Z.1, June 11, 2015 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2009 1 2 Change in net worth (1) Net investment 2010 2011 2012 2013 2014 2014 Q1 Q2 Q3 Q4 2015 Q1 -2010.7 1451.2 935.8 617.2 2161.2 1405.6 123.8 530.5 289.5 461.8 300.3 1 421.0 78.5 -593.1 -518.5 10.0 -229.4 -127.9 20.9 -122.9 0.4 -199.3 2 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment -76.3 1020.8 1090.4 6.7 184.0 1235.4 1092.4 -41.0 262.4 1331.9 1137.8 -68.3 305.3 1478.0 1182.2 -9.5 293.5 1525.8 1228.9 3.3 394.6 1674.8 1280.7 -0.5 89.5 399.4 316.0 -6.2 100.5 415.8 318.5 -3.2 104.9 427.7 321.7 1.0 99.7 432.0 324.4 7.9 89.5 431.8 327.1 15.2 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 548.5 299.8 -248.7 145.2 632.7 487.6 -400.9 493.4 894.3 -478.9 506.2 985.1 69.4 1070.5 1001.1 -236.5 676.6 913.0 -91.9 59.6 151.5 -11.3 273.7 285.0 -119.3 134.9 254.2 -14.0 208.4 222.3 -153.3 124.4 277.8 7 8 9 -51.2 -250.7 -454.6 -344.9 -352.9 -387.5 -125.5 -68.3 -108.6 -85.2 -135.4 10 10 Net corporate equity issues 11 Holding gains on assets at market value (2) -2625.8 738.2 676.8 493.6 1392.4 929.5 23.7 339.4 247.5 318.9 313.0 11 12 13 Real estate Mutual fund shares -2646.3 20.4 724.5 13.6 684.9 -8.1 478.2 15.4 1361.9 30.4 921.0 8.5 21.5 2.2 333.8 5.6 250.2 -2.7 315.5 3.4 311.1 1.8 12 13 151.3 1.9 181.2 84.2 11.6 -90.9 -46.6 14.7 19.2 -78.1 -17.0 14 -16.1 3.1 31.6 41.1 22.5 69.1 76.6 27.9 33.7 30.1 43.5 12.7 8.6 26.1 -0.3 43.4 15.6 -21.8 7.6 11.7 22.6 11.4 7.1 2.8 11.3 1.3 -13.0 13.0 -4.4 -34.1 13.6 0.4 -31.0 15 16 17 -35.7 -168.5 -145.6 -14.8 -47.6 -90.7 5.9 8.1 -28.4 -5.7 -106.2 21.9 -17.8 70.7 -14.1 -7.6 -27.6 -47.2 -46.7 6.0 0.0 0.0 18 19 42.8 632.7 670.8 558.0 747.2 796.5 274.5 155.6 145.7 220.6 203.6 20 14279.9 15731.2 16666.9 17284.2 19445.4 20851.0 19569.2 20099.8 20389.2 20851.0 21151.3 21 14 15 16 17 Holding gains on assets less liabilities at current cost (2) Equipment Intellectual property products Inventories (3) 18 19 Direct investment abroad - Foreign direct investment in U.S. 20 Other volume changes (4) Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 36. Balance Sheets Memo: 21 138 Z.1, June 11, 2015 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2009 2010 2011 2012 2013 2014 2014 Q1 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 Q2 Q3 2015 Q1 Q4 -1233.7 634.5 696.9 794.1 1116.1 419.9 74.9 89.5 123.3 132.3 230.9 1 -6.0 -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 2 -102.2 174.1 165.4 131.7 79.5 48.3 18.7 7.8 14.0 7.7 5.3 3 -38.8 227.9 266.7 -21.7 245.1 266.9 16.7 281.7 265.0 32.0 303.7 271.8 56.2 337.9 281.7 72.6 367.3 294.7 14.0 86.7 72.7 18.2 91.4 73.3 20.2 94.2 74.0 20.3 94.9 74.6 18.3 93.5 75.2 4 5 6 44.8 -117.1 -161.8 29.5 152.0 122.4 -15.1 186.3 201.4 -27.0 301.8 328.9 -56.2 77.4 133.6 -72.6 234.6 307.2 -14.0 23.2 37.1 -18.2 61.5 79.7 -20.2 45.0 65.2 -20.3 104.9 125.2 -18.3 82.7 101.0 7 8 9 10 Proprietor’s net investment (2) -108.2 166.4 163.8 126.8 79.5 48.3 18.7 7.8 14.0 7.7 5.3 10 11 Holding gains on real estate (3) -1167.9 386.0 478.4 647.1 1043.9 537.2 76.8 119.8 163.3 177.4 270.4 11 -465.7 -702.2 154.6 231.4 203.4 275.0 389.6 257.5 564.1 479.9 271.9 265.4 65.3 11.5 26.0 93.8 91.5 71.8 89.1 88.2 197.6 72.8 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) 24.9 59.3 45.7 17.0 -11.8 -168.2 -21.4 -38.8 -54.6 -53.4 -45.6 14 15 16 17 18 19 Residential equipment Nonresidential equipment Intellectual property products Inventories - Foreign direct investment in U.S. -2.7 21.4 7.5 -0.3 1.0 -2.3 23.9 7.2 30.7 0.2 1.0 15.6 2.3 27.6 0.8 -0.4 9.1 4.0 4.1 -0.1 -2.1 6.4 2.6 -18.5 0.2 -0.7 -62.1 -96.7 -8.7 0.0 0.3 -9.4 -18.3 6.0 0.0 -0.8 -14.1 -21.2 -2.8 0.0 0.1 -19.8 -25.9 -9.0 0.0 -0.3 -18.8 -31.4 -2.9 0.0 0.0 -19.0 -18.4 -8.2 0.0 15 16 17 18 19 20 Other volume changes (4) 17.5 22.9 9.0 3.2 4.5 2.5 0.7 0.7 0.6 0.6 0.8 20 6243.8 6878.3 7575.2 8369.2 9485.3 9905.1 9560.1 9649.6 9772.9 9905.1 10136.0 21 Memo: Balance Sheets 21 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Shown on table F.104, line 31. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.104, line 34. 139 Z.1, June 11, 2015 B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 1 Assets 2010 2011 2012 2013 2014 Q1 Q2 2014 Q3 Q4 2015 Q1 72333.2 76239.9 77449.5 83501.9 93054.2 97464.9 94108.0 95673.4 95725.5 97464.9 99076.3 1 2 Nonfinancial assets 23715.2 23351.7 23378.2 25084.0 27702.2 29150.2 28100.3 28384.8 28718.6 29150.2 29693.7 2 3 Financial assets 48618.0 52888.2 54071.3 58417.9 65352.0 68314.7 66007.7 67288.6 67006.9 68314.7 69382.6 3 8097.7 4835.3 8071.0 4915.1 8716.1 4395.5 9239.0 4208.9 9600.2 3856.9 10144.1 3314.5 9760.6 3666.5 9771.4 3502.7 9897.4 3419.0 10144.1 3314.5 10287.2 3271.4 4 5 13132.1 15444.4 14915.4 17041.3 22034.1 23615.9 22337.3 23448.9 22772.4 23615.9 24103.1 6 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 7255.8 8696.2 8498.4 9676.3 12501.8 13360.7 12580.0 13307.1 12777.4 13360.7 13640.8 7 8 Indirectly held 5876.3 6748.2 6417.1 7365.0 9532.3 10255.2 9757.2 10141.8 9995.1 10255.2 10462.3 8 1220.3 1875.3 105.3 224.8 2450.6 1408.6 2175.0 128.5 250.3 2785.8 1382.4 2087.1 124.0 223.5 2600.0 1537.3 2362.8 138.3 242.0 3084.7 1804.6 3069.7 195.0 294.7 4168.3 1858.6 3351.4 223.8 307.9 4513.3 1824.2 3125.7 200.8 298.0 4308.6 1869.0 3246.3 210.5 305.2 4510.8 1827.2 3226.6 213.8 301.6 4425.9 1858.6 3351.4 223.8 307.9 4513.3 1889.4 3405.2 231.6 313.2 4622.9 9 10 11 12 13 9 10 11 12 13 Life insurance companies Private pension funds (1) Federal govt. retirement funds (1) State and local govt. retirement funds (1) Mutual funds 14 Other 22552.9 24457.7 26044.4 27928.7 29860.8 31240.3 30243.3 30565.6 30918.1 31240.3 31720.8 14 15 Liabilities 14062.8 13782.3 13570.9 13637.8 13792.5 14168.9 13780.6 13949.1 14075.3 14168.9 14151.6 15 16 Net worth 58270.4 62457.6 63878.6 69864.2 79261.7 83296.0 80327.4 81724.3 81650.2 83296.0 84924.6 16 18.2 27.0 20.3 29.2 19.3 27.6 20.4 29.2 23.7 33.7 24.2 34.6 23.7 33.8 24.5 34.8 23.8 34.0 24.2 34.6 24.3 34.7 17 18 Memo: 17 18 Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) Supplements (1) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 14. 140 Z.1, June 11, 2015 F.101.a Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1988 1989 1990 1991 1992 1993 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 1.5 1.6 -0.0 4.4 3.2 1.4 -0.0 7.2 3.0 1.4 0.3 7.2 3.8 1.6 0.4 8.6 2.4 1.2 -0.2 6.6 1.1 2.0 0.1 10.7 3.2 -0.2 0.1 -0.8 0.2 -0.1 -0.1 -0.6 6.1 0.8 0.0 4.1 7.1 0.6 -0.2 3.1 11.8 1.9 -0.1 9.9 10.4 0.5 0.1 2.5 5.8 2.2 -0.3 11.6 22 23 24 25 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements (2) 7 Credit market instruments 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 18 19 Equity in noncorporate business Miscellaneous assets (2) 20 21 22 23 24 25 26 27 Net increase in liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.101. Supplements 1994 141 Z.1, June 11, 2015 L.101.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 79.6 11.8 0.3 62.7 82.7 13.1 0.3 70.0 85.7 14.5 0.5 77.2 89.5 16.1 0.9 85.8 91.9 17.3 0.7 92.3 93.0 19.3 0.8 103.0 96.1 19.2 0.9 102.2 96.4 19.1 0.8 101.6 102.4 19.8 0.9 105.7 109.6 20.4 0.7 108.8 121.3 22.3 0.6 118.7 131.7 22.7 0.7 121.2 137.5 24.9 0.4 132.8 21 22 23 24 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 19 20 21 22 23 24 25 26 Liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) Supplements (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.101. 142 Z.1, June 11, 2015 S.1.a Total Economy - Current Account Integrated Accounts Billions of dollars 1 Gross value added (income approach) 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12283.5 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16372.3 16980.0 1 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2530.2 2627.2 2 10451.8 6748.8 5431.2 1317.6 817.6 2885.5 11147.2 7097.9 5703.1 1394.8 873.6 3175.7 11937.2 7513.7 6068.8 1444.9 940.5 3483.0 12195.8 7908.8 6405.7 1503.1 980.0 3307.0 12255.8 8090.0 6543.6 1546.4 989.4 3176.5 11975.0 7795.7 6260.1 1535.6 967.8 3211.6 12533.6 7969.5 6385.6 1583.9 1001.2 3562.8 13105.6 8277.1 6641.2 1635.9 1042.6 3785.9 13842.1 8614.9 6940.5 1674.4 1074.0 4153.2 14352.7 8853.6 7133.6 1720.1 1102.3 4396.8 3 4 5 6 7 8 451.4 362.3 575.8 483.2 724.2 656.6 875.7 750.1 856.9 684.9 648.9 497.8 720.0 514.1 792.6 546.0 793.8 566.5 810.4 586.1 9 10 9 10 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Equals: Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Taxes on production and imports, receivable Subsidies paid Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on U.S. direct investment abroad Rents on land and natural resources Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on foreign direct investment Rents on land and natural resources 10540.9 2885.5 6739.5 5421.9 1317.6 863.9 -46.4 4880.3 2828.3 1842.3 809.8 1032.5 192.5 17.1 4781.9 2935.0 1779.9 747.5 1032.5 49.8 17.1 11239.8 3175.7 7086.8 5692.0 1394.8 934.5 -60.9 5624.9 3420.9 2164.3 1109.8 1054.5 20.4 19.4 5521.3 3556.3 1903.4 848.9 1054.5 42.1 19.4 12004.8 3483.0 7502.3 6057.4 1444.9 991.9 -51.5 6618.0 4150.9 2199.1 1067.3 1131.8 247.8 20.3 6539.1 4328.1 2121.2 989.4 1131.8 69.5 20.3 12321.4 3307.0 7898.3 6395.2 1503.1 1034.6 -54.6 7291.8 4706.7 2300.9 1234.4 1066.6 261.4 22.6 7155.7 4924.0 2160.5 1093.9 1066.6 48.5 22.6 12427.8 3176.5 8078.3 6531.9 1546.4 1041.9 -52.6 6916.9 4234.7 2390.7 1255.5 1135.2 265.6 25.9 6733.1 4457.7 2210.1 1075.0 1135.2 39.4 25.9 12126.1 3211.6 7787.0 6251.4 1535.6 1026.1 -58.3 5815.3 3464.1 2072.0 989.3 1082.6 260.9 18.3 5655.5 3661.6 1953.8 871.2 1082.6 21.9 18.3 12739.5 3562.8 7961.4 6377.5 1583.9 1057.1 -55.9 5752.9 3230.4 2166.7 1007.3 1159.4 336.6 19.2 5538.8 3411.5 2045.3 885.9 1159.4 62.8 19.2 13352.3 3785.9 8269.0 6633.2 1635.9 1102.6 -60.1 6011.3 3233.2 2410.7 1118.0 1292.8 345.7 21.7 5756.6 3400.4 2255.8 963.1 1292.8 78.7 21.7 14069.5 4153.2 8606.5 6932.1 1674.4 1132.0 -58.0 6276.1 3179.1 2751.8 1324.8 1427.0 322.7 22.5 6040.3 3345.1 2574.9 1147.9 1427.0 97.7 22.5 14577.1 4396.8 8844.8 7124.7 1720.1 1162.4 -60.2 6425.3 3098.0 2935.3 1424.2 1511.1 370.2 21.7 6192.1 3267.9 2802.4 1291.3 1511.1 100.1 21.7 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 10540.9 1347.9 1352.1 2233.5 2239.7 468.2 554.3 11239.8 1616.5 1620.9 2364.3 2370.9 494.1 597.4 12004.8 1821.0 1825.5 2515.3 2523.2 497.2 585.5 12321.4 1923.9 1933.4 2658.3 2666.9 532.5 639.1 12427.8 1735.1 1744.3 2840.4 2851.1 560.9 676.1 12126.1 1405.8 1414.4 3070.9 3081.9 668.8 782.0 12739.5 1553.5 1562.0 3223.0 3234.6 719.3 840.4 13352.3 1766.9 1779.7 3179.9 3192.6 697.4 819.1 14069.5 1944.4 1958.5 3263.4 3276.9 649.3 763.0 14577.1 2121.1 2136.0 3482.1 3495.6 672.7 782.5 32 33 34 35 36 37 38 39 Equals: Disposable income, net 10444.5 11125.6 11904.1 12196.7 12292.8 11993.2 12598.3 13205.1 13928.2 14438.8 39 40 Less: Final consumption expenditures 10129.0 10774.2 11393.8 11960.2 12382.2 12289.0 12724.4 13220.2 13632.9 14031.9 40 41 Equals: Net saving 315.6 351.4 510.2 236.5 -89.5 -295.8 -126.1 -15.1 295.4 406.8 41 42 43 44 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) 12283.5 -8.6 12274.9 13129.2 -35.5 13093.7 14073.2 -217.3 13855.9 14460.1 17.5 14477.6 14619.2 99.4 14718.6 14343.4 75.3 14418.7 14915.2 49.2 14964.4 15556.3 -38.3 15517.9 16372.3 -209.2 16163.1 16980.0 -211.9 16768.0 42 43 44 143 Z.1, June 11, 2015 S.2.a Selected Aggregates for Total Economy and Sectors 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1 2 3 4 5 6 7 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 12283.5 1510.9 2079.1 6107.9 922.1 525.8 1137.7 13129.2 1599.5 2218.8 6532.1 1034.3 552.7 1191.7 14073.2 1689.4 2440.1 6988.0 1127.6 577.6 1250.3 14460.1 1749.6 2513.9 7203.9 1068.8 605.4 1318.5 14619.2 1855.3 2632.4 7256.8 851.9 637.6 1385.2 14343.4 1913.6 2466.4 6859.8 1015.4 668.8 1419.4 14915.2 1928.8 2546.2 7238.7 1042.8 704.5 1454.2 15556.3 1974.4 2751.6 7592.3 1045.8 720.9 1471.4 16372.3 2023.9 2926.1 8030.3 1178.3 722.7 1491.0 16980.0 2094.6 3055.2 8287.0 1307.1 711.3 1524.8 1 2 3 4 5 6 7 8 9 10 11 12 13 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government 315.6 410.0 312.7 100.5 -399.2 -108.4 351.4 237.9 411.7 73.1 -304.7 -66.6 510.2 329.5 386.5 60.7 -227.0 -39.4 236.5 310.3 313.1 -48.5 -265.6 -72.7 -89.5 542.2 296.7 -129.4 -634.0 -165.1 -295.8 672.0 381.0 171.9 -1248.8 -271.9 -126.1 628.0 603.5 208.4 -1328.7 -237.3 -15.1 711.1 584.2 149.7 -1244.1 -215.9 295.4 896.2 563.7 147.2 -1079.1 -232.6 406.8 608.1 571.3 101.7 -649.1 -225.1 8 9 10 11 12 13 14 15 16 17 18 19 20 Net capital transfers Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 1.4 -5.0 -6.7 16.2 39.3 -48.0 2.8 -21.9 -13.1 -15.5 27.7 60.3 -50.4 12.8 16.6 0.0 -0.0 0.0 43.2 -57.8 -2.0 6.8 0.0 -0.0 0.0 53.0 -59.3 -0.4 7.7 -3.3 -3.7 -60.5 117.6 -63.2 5.4 -28.4 -6.0 38.3 -121.9 186.3 -67.7 -0.6 -20.6 -7.8 20.9 -41.5 126.3 -76.7 -0.7 2.0 -1.6 -6.4 -32.4 113.9 -73.8 -1.6 -5.0 -4.9 -16.7 9.6 84.7 -74.2 6.5 19.7 -0.0 -5.7 0.0 58.4 -71.6 -0.8 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Gross fixed capital formation Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 2701.3 765.9 260.3 1010.1 176.5 211.0 277.5 2981.2 865.0 289.2 1133.4 180.0 222.9 290.8 3166.0 860.1 305.0 1259.9 188.7 238.0 314.3 3201.5 736.1 313.5 1348.2 211.5 251.4 340.8 3091.4 580.4 307.5 1372.7 196.2 275.8 358.8 2672.7 468.1 248.8 1141.9 166.9 284.0 363.0 2691.1 452.4 243.1 1181.0 162.8 300.0 351.9 2836.0 451.9 274.8 1303.9 167.5 297.4 340.5 3033.7 502.9 300.7 1420.5 190.2 287.8 331.6 3170.2 569.4 320.6 1482.5 201.5 268.5 327.8 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Consumption of fixed capital Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 1831.7 323.4 196.4 850.2 139.3 178.6 143.8 1982.0 362.1 214.4 909.9 148.9 189.4 157.3 2136.0 396.2 232.6 979.4 156.8 200.7 170.3 2264.4 413.7 245.6 1040.3 165.4 212.8 186.6 2363.4 414.6 254.5 1093.9 173.9 226.3 200.2 2368.4 403.3 253.0 1092.0 177.4 234.5 208.2 2381.6 400.5 251.8 1094.6 176.7 245.3 212.7 2450.6 398.2 265.0 1139.2 168.6 257.4 222.2 2530.2 404.5 271.7 1183.8 174.1 264.1 231.8 2627.2 427.1 281.7 1229.8 182.2 268.0 238.4 28 29 30 31 32 33 34 35 36 37 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 63.9 13.5 50.3 59.6 7.1 52.5 67.0 5.3 61.7 34.5 3.3 31.2 -32.0 -2.3 -29.7 -147.6 -16.8 -130.8 61.5 3.6 57.9 41.8 6.8 34.9 64.9 3.0 61.8 74.1 17.4 56.7 35 36 37 38 39 40 41 42 43 44 Net lending (+) or net borrowing (-) (capital account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Statistical discrepancy (NIPA) Rest of the world -615.1 -25.2 -72.4 111.0 47.1 -470.1 -205.4 -694.5 -234.0 -68.8 150.2 14.3 -396.6 -159.7 -588.8 -140.8 -77.7 30.7 28.8 -293.2 -136.6 -735.0 -7.7 -71.1 -26.4 -94.6 -353.9 -181.2 -780.1 379.7 -47.5 33.8 -91.2 -780.6 -274.3 -453.2 645.2 27.0 417.2 304.4 -1475.7 -371.4 -497.8 605.2 12.8 439.3 263.8 -1508.7 -310.3 -443.8 663.3 -15.1 391.4 183.3 -1397.1 -269.6 -266.5 810.5 -27.1 280.9 121.5 -1185.6 -266.9 -211.1 454.0 -56.2 266.2 82.5 -705.6 -252.0 38 39 40 41 42 43 44 -8.6 623.7 -35.5 730.0 -217.3 806.1 17.5 717.5 99.4 680.7 75.3 377.8 49.2 448.6 -38.3 482.1 -209.2 475.7 -211.9 423.0 45 46 -414.0 133.0 -59.1 165.0 -18.5 -474.1 -160.3 -435.8 -296.1 -54.0 -20.9 335.4 -422.8 22.6 -637.8 -366.3 -63.9 -139.0 243.2 -310.4 -1.4 -338.1 249.8 -57.0 -208.2 127.9 -390.9 -59.7 -1143.2 1085.5 -37.1 -947.7 -131.9 -789.1 -322.9 -526.9 598.8 44.8 548.5 15.3 -1298.2 -436.0 -635.0 898.9 29.5 145.2 7.8 -1414.9 -301.4 -718.6 1346.6 -15.1 -400.9 48.7 -1352.4 -345.6 -680.3 1094.5 -27.0 -478.9 119.1 -1117.2 -270.7 64.4 833.7 -56.2 69.4 151.5 -661.3 -272.8 47 48 49 50 51 52 53 54 Net lending (+) or net borrowing (-) (financial account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Rest of the world 452.1 698.5 529.8 151.5 765.2 28.0 268.2 416.7 446.6 371.8 54 55 56 57 58 59 60 61 Total other volume changes Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 1440.9 68.0 267.2 -392.2 -28.2 -697.2 -179.0 270.3 -76.1 288.5 28.0 -47.0 215.7 -34.9 495.1 1.3 576.9 -434.2 30.2 327.0 -145.3 607.4 -48.7 678.9 -66.2 9.3 231.5 -537.5 820.0 -315.4 -744.2 1257.0 86.7 -976.2 75.3 581.4 -96.6 172.3 -1080.8 121.5 361.4 -335.3 1200.2 181.4 379.3 -834.0 -32.0 43.6 -181.8 677.4 171.2 -58.2 -103.7 46.4 -76.5 -69.6 707.6 125.1 -196.0 -429.5 41.3 313.1 -34.8 809.7 83.9 533.2 -1040.8 28.9 698.4 -45.5 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Holding gains/losses Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 5091.7 1151.3 56.6 96.2 115.7 516.3 -363.6 5369.7 1178.7 87.2 120.7 115.3 478.9 -708.1 3638.2 423.3 -1389.8 15.4 116.8 621.8 -565.2 -488.8 133.8 -240.3 1328.2 93.3 466.0 -761.7 -11584.3 -1130.6 4192.3 487.6 1.2 350.3 1154.7 496.5 -1142.1 -5021.2 442.0 -157.9 -71.6 -900.5 2338.4 445.5 -1354.9 127.4 18.5 197.4 -192.9 34.4 524.8 390.6 239.6 36.4 394.6 876.2 4376.8 663.9 -1359.4 -16.1 37.0 245.9 -288.5 7999.5 1032.3 -3705.7 -37.5 59.0 263.1 294.6 62 63 64 65 66 67 68 45 46 47 48 49 50 51 52 53 Integrated Accounts Billions of dollars 144 Z.1, June 11, 2015 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars Integrated Accounts 69 70 71 72 73 74 75 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6941.3 1224.4 643.2 -211.7 -351.1 -241.3 81.0 5899.9 1115.5 803.0 194.1 -296.8 678.4 -13.0 4446.2 423.4 -426.3 -358.1 -123.3 967.2 95.6 422.1 84.8 751.8 1213.5 -216.0 684.1 -581.7 -10229.7 -1443.0 3748.5 1675.8 -663.6 -727.7 1910.8 1778.3 -1233.7 -4506.3 -344.9 -1471.5 85.6 -857.9 4187.3 634.5 -393.1 -456.7 -1468.5 80.5 73.9 1421.0 696.9 922.9 318.0 -1275.3 176.1 1288.7 5985.5 794.1 -975.0 -308.0 -1085.5 400.7 152.3 9397.5 1116.1 -2595.5 -976.6 -619.6 808.0 672.1 69 70 71 72 73 74 75 145 Z.1, June 11, 2015 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2023.9 2094.6 1 323.4 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.5 427.1 2 1293.2 590.9 490.9 100.0 130.8 571.5 1335.9 616.8 516.0 100.8 135.1 584.0 1440.7 658.2 549.9 108.3 143.2 639.3 1510.3 686.6 566.1 120.5 152.4 671.3 1528.3 696.4 577.3 119.1 152.8 679.1 1576.1 723.9 597.0 126.9 154.9 697.2 1619.4 752.0 622.3 129.7 156.6 710.7 1667.5 776.1 641.3 134.8 157.2 734.2 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation paid by households and NPISHs Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1187.5 545.6 452.2 93.4 114.7 527.2 1237.5 563.4 466.2 97.1 120.7 553.4 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 9244.8 527.2 6739.5 5421.9 1317.6 2537.5 942.9 1594.5 562.1 1032.5 559.5 9733.1 10437.5 10936.7 553.4 571.5 584.0 7086.8 7502.3 7898.3 5692.0 6057.4 6395.2 1394.8 1444.9 1503.1 2722.2 3071.6 3234.6 1089.4 1216.1 1351.5 1632.8 1855.5 1883.1 578.3 723.7 816.5 1054.5 1131.8 1066.6 629.3 707.9 780.2 11247.7 10643.4 10889.5 11566.0 12255.9 12617.9 639.3 671.3 679.1 697.2 710.7 734.2 8078.3 7787.0 7961.4 8269.0 8606.5 8844.8 6531.9 6251.4 6377.5 6633.2 6932.1 7124.7 1546.4 1535.6 1583.9 1635.9 1674.4 1720.1 3303.6 2901.9 2900.2 3207.9 3516.9 3592.1 1363.0 1265.5 1196.2 1232.9 1257.2 1256.5 1940.6 1636.4 1704.0 1975.0 2259.7 2335.6 805.4 553.7 544.6 682.2 832.7 824.5 1135.2 1082.6 1159.4 1292.8 1427.0 1511.1 773.5 716.8 651.2 608.2 578.2 553.2 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 9244.8 1046.0 1399.9 829.2 16.8 116.3 9733.1 10437.5 10936.7 1208.5 1352.1 1487.9 1486.3 1588.2 1692.2 873.3 922.6 961.4 25.7 21.5 30.6 131.2 138.9 149.3 11247.7 10643.4 10889.5 11566.0 12255.9 12617.9 1435.2 1144.9 1191.5 1400.6 1503.7 1661.8 1847.3 2101.5 2234.0 2257.7 2307.6 2372.2 988.2 964.4 984.1 917.8 951.2 1104.5 36.6 38.7 43.0 50.2 43.1 42.3 152.3 155.2 160.6 155.1 172.4 173.8 20 21 22 23 24 25 26 Equals: Disposable income, net 8670.0 9032.0 9633.5 10060.8 10555.9 10519.0 10830.2 11400.4 11979.3 12092.4 26 27 Less: Final consumption expenditures 8260.0 8794.1 9304.0 9750.5 10013.6 27 28 Equals: Net saving 410.0 237.9 329.5 310.3 542.2 672.0 628.0 711.1 896.2 608.1 28 9847.0 10202.2 10689.3 11083.1 11484.3 Capital account 29 30 31 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 408.6 410.0 1.4 259.8 237.9 -21.9 313.0 329.5 16.6 303.5 310.3 6.8 534.6 542.2 7.7 700.4 672.0 -28.4 648.6 628.0 -20.6 709.1 711.1 2.0 901.2 896.2 -5.0 588.4 608.1 19.7 29 30 31 32 33 34 35 36 37 Capital formation, net Gross fixed capital formation, excluding consumer durables Residential Nonresidential (nonprofit organizations) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 433.8 765.9 643.8 122.1 323.4 -8.7 493.8 865.0 738.9 126.1 362.1 -9.1 453.8 860.1 722.7 137.4 396.2 -10.1 311.2 736.1 582.3 153.9 413.7 -11.2 154.9 580.4 425.3 155.1 414.6 -11.0 55.2 468.1 321.0 147.1 403.3 -9.7 43.4 452.4 318.3 134.1 400.5 -8.5 45.8 451.9 321.1 130.8 398.2 -7.8 90.7 502.9 368.0 134.9 404.5 -7.7 134.4 569.4 433.4 136.0 427.1 -7.9 32 33 34 35 36 37 38 Net lending (+) or borrowing (-), capital account (lines 29-32) -25.2 -234.0 -140.8 -7.7 379.7 645.2 605.2 663.3 810.5 454.0 38 -25.2 -234.0 -140.8 -7.7 379.7 645.2 605.2 663.3 810.5 454.0 39 1284.4 863.3 908.8 1212.1 1095.8 674.8 793.3 1276.5 1363.4 1076.2 40 405.1 -58.2 454.4 8.9 0.0 369.7 -113.9 481.5 2.1 0.0 452.7 -40.0 486.5 6.1 0.0 426.1 -75.3 483.6 17.8 0.0 420.0 176.8 261.0 -17.8 0.0 199.7 101.0 105.9 -7.2 0.0 206.3 38.9 162.8 4.5 0.0 664.5 305.1 369.3 -9.9 0.0 581.2 176.9 412.0 -7.7 0.0 334.9 121.5 210.6 2.8 0.0 41 42 43 44 45 108.1 6.4 -11.0 133.0 118.5 -138.8 48.2 14.7 -121.3 148.4 77.8 -71.4 -98.6 19.0 -104.2 -24.0 34.7 -24.1 478.9 -10.2 -38.0 339.7 37.9 149.5 578.3 -101.3 146.4 240.3 47.3 245.7 82.4 16.7 532.6 -671.6 107.1 97.6 -73.1 -1.5 317.2 -10.2 43.6 -422.2 -202.0 -1.8 -215.3 -11.0 -65.7 91.7 -219.8 -0.6 215.4 -111.8 -144.6 -178.3 -556.6 -3.8 -194.3 -75.4 -55.2 -227.8 46 47 48 49 50 51 127.4 117.0 10.4 -0.9 -9.0 8.1 70.8 87.9 -17.1 220.4 233.3 -12.9 -159.2 -160.4 1.1 -47.6 -46.8 -0.9 1.6 12.5 -10.9 -5.0 -5.9 0.9 16.9 30.7 -13.8 46.3 57.1 -10.9 52 53 54 39 Net lending (+) or borrowing (-) (line 38) 40 Net acquisition of financial assets 41 42 43 44 45 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 46 47 48 49 50 51 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 52 53 54 Loans Short term Long term (mortgages) Integrated Accounts Financial account 146 Z.1, June 11, 2015 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 55 56 57 58 59 60 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 61 62 63 64 65 66 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 67 Net incurrence of liabilities 68 Debt securities (municipals) 69 70 71 72 73 74 75 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 76 Insurance, pension and standardized guarantee schemes 77 Other accounts payable (trade debt) 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 79 80 81 82 83 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-78) (5) 2004 2005 2006 2007 2008 2009 2010 2011 2012 -80.3 -274.8 180.1 -56.2 70.5 0.0 -225.4 -412.5 195.5 44.4 -52.8 0.0 -213.1 -618.6 -608.5 -1058.9 183.1 247.7 217.8 239.3 -5.5 -46.7 0.0 0.0 724.1 23.6 33.1 638.6 11.4 17.4 671.7 25.6 15.1 598.6 9.5 23.0 697.1 4.6 57.8 601.9 14.8 18.1 1151.3 1159.4 14.7 15.1 1118.6 179.0 117.2 -20.0 0.3 81.5 939.7 2013 -409.3 -317.0 -20.9 234.6 -306.1 0.0 -16.2 -17.8 375.6 -267.5 -107.6 1.2 51.6 -183.9 247.9 -183.6 167.2 4.0 177.3 -294.2 329.2 -19.4 161.0 0.7 520.3 -194.7 581.1 0.3 133.5 0.0 681.4 -30.7 611.0 25.5 75.6 0.0 55 56 57 58 59 60 705.3 6.7 18.6 620.6 15.5 43.9 666.0 11.0 59.9 551.0 17.6 26.5 456.5 8.7 24.6 398.2 8.4 16.6 607.0 -35.2 6.2 596.4 17.1 22.5 641.8 36.7 73.5 498.3 14.8 18.5 464.9 -17.7 -26.6 497.6 -1.8 13.3 570.1 39.7 19.2 498.7 0.4 12.2 61 62 63 64 65 66 1275.1 962.3 10.3 75.9 -105.6 -70.1 269.0 242.5 67 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 -13.1 68 1130.3 69.2 100.4 0.3 0.0 -31.6 1061.1 1244.6 229.1 120.4 44.2 4.8 59.7 1015.6 925.5 178.8 151.3 -9.1 3.2 33.4 746.8 -24.3 -114.9 34.9 4.6 6.2 -160.7 90.6 33.5 -36.6 -103.6 28.3 0.5 38.1 70.0 -76.6 102.4 -25.3 50.1 2.4 75.2 -179.0 -63.1 16.3 108.6 -54.9 1.9 -39.3 -79.4 278.9 346.4 169.4 110.8 1.2 64.9 -67.5 251.6 243.4 175.9 30.0 2.0 35.4 8.2 69 70 71 72 73 74 75 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 76 16.5 13.0 13.6 14.6 22.2 41.4 -29.4 1.2 4.0 1.0 77 133.0 -296.1 -366.3 249.8 1085.5 598.8 898.9 1346.6 1094.5 833.7 78 1440.9 254.8 -12.0 1039.9 -158.2 270.3 252.4 -50.4 130.5 62.1 495.1 239.6 0.0 480.9 225.5 607.4 231.1 0.0 118.7 -257.5 820.0 134.6 -8.3 -12.1 -705.8 581.4 50.3 0.0 577.5 46.4 1200.2 86.9 0.0 819.7 -293.7 677.4 119.0 0.0 -124.8 -683.3 707.6 158.4 -20.9 286.1 -283.9 809.7 194.3 0.0 235.6 -379.8 79 80 81 82 83 226.9 -1855.5 275.2 -1796.4 -46.9 -55.6 -0.6 -3.1 -0.8 -0.3 -3656.8 -3622.3 -32.0 -1.3 -1.2 -1165.8 -1118.4 -40.8 -4.7 -2.0 -491.6 -400.5 -88.3 -2.4 -0.4 -136.0 -158.3 17.7 2.5 2.2 1480.0 1518.9 -41.5 -0.1 2.8 2292.0 2383.1 -92.2 -0.3 1.4 84 85 86 87 88 Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 2417.0 2454.6 -34.5 -2.0 -1.1 2834.2 2881.0 -44.1 -2.6 -0.1 89 90 91 92 93 94 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 2674.8 967.4 316.4 1158.8 0.0 232.2 2535.5 1031.9 38.6 1193.3 0.0 271.7 3411.3 2209.5 334.7 426.9 0.0 440.2 1366.7 844.6 269.4 132.9 0.0 119.8 -7927.5 -3834.6 -1311.2 -1141.1 0.0 -1640.6 1662.4 1512.9 465.4 -1133.5 -0.3 817.9 2830.0 1624.3 256.7 453.3 -1.0 496.7 170.4 48.8 -267.9 524.4 -0.2 -134.8 2896.7 1372.7 316.8 667.7 -0.1 539.7 5707.5 2856.2 781.6 1036.4 0.0 1033.3 89 90 91 92 93 94 5091.7 5369.7 3638.2 -488.8 -11584.3 496.5 2338.4 34.4 4376.8 7999.5 95 6941.3 5899.9 4446.2 422.1 -10229.7 1778.3 4187.3 1421.0 5985.5 9397.5 96 66957.6 74015.9 79760.8 81117.1 70771.4 72333.2 76239.9 77449.5 83501.9 93054.2 97 25008.8 28540.5 29462.1 28149.7 20844.4 24147.1 24852.7 23340.2 3899.5 4107.8 4300.5 4476.0 189.4 206.1 226.0 245.8 75.5 79.5 82.8 87.6 24774.6 23715.2 23351.7 23378.2 25084.0 27702.2 98 19840.4 18758.8 18383.2 18252.6 19826.4 22328.9 99 4578.6 4588.1 4586.7 4723.3 4840.1 4942.2 100 264.0 271.9 280.1 293.0 299.7 306.9 101 91.6 96.4 101.8 109.4 117.7 124.1 102 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 32+38+79+95) Changes in balance sheet account Balance sheet account (end of period) Integrated Accounts 97 98 99 100 101 102 Total assets Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 147 Z.1, June 11, 2015 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2004 103 Financial assets 2005 2006 2007 41948.9 45475.4 50298.7 52967.4 2008 2009 2010 2011 2012 2013 45996.8 48618.0 52888.2 54071.3 58417.9 65352.0 103 104 105 106 107 108 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 4944.8 399.8 61.8 4483.2 0.0 5314.8 285.9 63.8 4965.0 0.0 5793.7 239.7 69.9 5484.1 0.0 6214.7 153.3 87.7 5973.6 0.0 6599.7 295.2 69.9 6234.6 0.0 6784.9 396.1 62.7 6326.0 0.0 6941.8 423.7 67.3 6450.8 0.0 7606.2 728.8 57.4 6820.0 0.0 8128.9 892.1 49.7 7187.1 0.0 8464.5 1013.6 52.5 7398.4 0.0 104 105 106 107 108 109 110 111 112 113 114 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 3145.0 83.7 472.7 443.7 1522.9 622.1 3311.3 98.4 425.7 587.4 1600.6 599.1 3254.8 117.5 325.4 612.7 1635.6 563.7 3780.7 107.3 202.4 873.3 1673.5 924.2 4229.8 6.0 183.9 1056.3 1720.8 1262.9 4608.7 22.7 853.3 356.4 1827.9 1548.5 4710.5 21.1 1122.6 334.2 1871.4 1361.1 4196.7 19.4 717.0 299.3 1805.7 1355.3 4035.2 18.8 943.1 176.8 1661.2 1235.4 3695.5 15.0 956.6 141.1 1605.9 976.9 109 110 111 112 113 114 115 116 117 Loans Short term Long term (mortgages) 773.8 641.1 132.6 772.9 632.1 140.8 912.5 788.9 123.6 1132.9 1022.1 110.7 973.6 861.8 111.8 928.3 817.4 110.9 929.9 829.8 100.1 924.9 824.0 100.9 930.7 843.6 87.1 118 119 120 121 122 123 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 18900.0 20913.9 24152.7 24782.6 7406.7 8026.1 10126.6 9912.3 3287.1 3521.2 4074.4 4591.5 898.3 942.7 1106.5 1345.7 7307.9 8423.9 8845.3 8933.1 0.0 0.0 0.0 0.0 18088.6 18928.5 21328.5 21822.1 24807.7 30167.8 118 5760.7 7255.8 8696.2 8498.4 9676.3 12501.8 119 3259.4 4100.4 4605.0 4622.5 5630.4 7023.0 120 1580.4 1312.9 1129.2 1109.9 1110.2 1135.7 121 7488.1 6258.6 6894.2 7587.0 8386.5 9502.9 122 0.0 0.9 3.8 4.4 4.4 4.4 123 124 125 126 127 128 129 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 14185.2 15162.5 16185.0 17056.6 290.4 316.0 320.5 327.3 1060.4 1082.6 1055.2 1077.2 12571.1 13471.3 14483.7 15267.2 211.0 217.3 232.1 247.6 52.4 75.4 93.5 137.3 16105.1 17367.7 18977.6 19521.4 20515.5 22047.3 124 337.3 346.0 310.8 347.5 329.8 369.5 125 1050.2 1109.5 1137.5 1199.3 1186.4 1233.0 126 14288.6 15458.1 17035.7 17447.7 18460.8 19893.7 127 265.2 273.6 290.7 305.5 303.7 304.2 128 163.8 180.4 202.9 221.4 234.8 246.9 129 66957.6 74015.9 79760.8 81117.1 70771.4 72333.2 76239.9 77449.5 83501.9 93054.2 130 11004.1 12162.4 13461.1 14395.3 14279.3 14062.8 13782.3 13570.9 13637.8 13792.5 131 130 131 Total liabilities and net worth Liabilities 132 Debt securities (municipals) 133 134 135 136 137 138 139 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 140 Insurance, pension and standardized guarantee schemes 141 Other accounts payable (trade debt) 142 Net worth 197.6 212.7 229.1 250.2 10610.8 11741.1 13009.2 13906.7 2586.3 2655.5 2908.1 3089.4 2220.1 2320.6 2461.3 2615.1 -16.8 -16.5 30.9 21.8 119.0 119.0 123.8 127.0 264.0 232.4 292.1 325.5 8024.5 9085.5 10101.1 10817.3 259.5 265.4 263.2 255.5 241.0 977.0 115 900.7 116 76.2 117 227.8 132 13756.1 13497.1 13245.5 13041.2 13117.9 13281.7 133 2974.5 2873.1 3122.2 3143.9 3428.6 3672.0 134 2650.0 2552.3 2646.9 2755.4 2922.9 3098.8 135 26.4 -15.9 61.0 11.5 62.6 92.7 136 133.2 133.7 136.1 138.1 139.3 141.3 137 164.8 203.0 278.2 238.9 303.7 339.2 138 10781.6 10624.1 10123.3 9897.3 9689.3 9609.7 139 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 140 173.3 186.3 199.9 214.5 236.7 278.2 248.8 250.0 254.0 255.0 141 55953.6 61853.5 66299.7 66721.8 56492.1 58270.4 62457.6 63878.6 69864.2 79261.7 142 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. NPISHs Nonprofit institutions serving households n.e.c. Not elsewhere classified 148 Z.1, June 11, 2015 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2079.1 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2926.1 3055.2 1 196.4 214.4 232.6 245.6 254.5 253.0 251.8 265.0 271.7 281.7 2 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1882.7 599.1 503.5 95.6 125.4 1158.3 2004.4 664.7 557.9 106.8 130.2 1209.4 2207.5 747.4 631.2 116.3 147.0 1313.0 2268.3 827.5 701.8 125.7 157.6 1283.2 2378.0 843.4 712.1 131.3 157.9 1376.7 2213.4 805.4 675.0 130.4 145.4 1262.6 2294.4 816.6 684.6 131.9 150.7 1327.1 2486.6 845.9 713.1 132.8 158.7 1482.0 2654.4 895.8 756.0 139.9 163.9 1594.6 2773.5 926.6 781.4 145.2 167.1 1679.9 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Property income (interest received) Less: Uses of property income (paid) Interest Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 20.1 1158.3 17.3 1155.5 170.3 985.1 0.1 0.0 21.8 1209.4 18.1 1205.7 198.8 1006.8 0.1 0.0 22.7 1313.0 19.1 1309.5 227.6 1081.8 0.1 0.0 19.8 1283.2 17.7 1281.1 254.2 1026.8 0.1 0.0 15.0 1376.7 13.6 1375.3 263.1 1112.2 0.1 0.0 21.0 1262.6 9.4 1251.0 242.7 1008.3 0.0 0.0 23.0 1327.1 8.4 1312.5 237.9 1074.5 0.1 0.0 25.5 1482.0 9.1 1465.5 226.9 1238.4 0.2 0.0 26.5 1594.6 10.6 1578.7 225.7 1352.8 0.2 0.0 24.8 1679.9 9.4 1664.5 231.7 1432.6 0.2 0.0 9 10 11 12 13 14 15 16 17 18 Net national income/Balance of primary incomes, net Less: Other current transfers (paid) 20.1 20.1 21.8 21.8 22.7 22.7 19.8 19.8 15.0 15.0 21.0 21.0 23.0 23.0 25.5 25.5 26.5 26.5 24.8 24.8 17 18 19 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 5.0 0.0 -5.0 13.1 0.0 -13.1 0.0 0.0 0.0 0.0 0.0 0.0 3.3 0.0 -3.3 6.0 0.0 -6.0 7.8 0.0 -7.8 1.6 0.0 -1.6 4.9 0.0 -4.9 0.0 0.0 -0.0 21 22 23 Capital account 21 22 23 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 77.4 260.3 162.2 98.1 196.4 13.5 81.9 289.2 180.5 108.7 214.4 7.1 77.7 305.0 198.9 106.2 232.6 5.3 71.1 313.5 215.0 98.5 245.6 3.3 50.8 307.5 223.8 83.7 254.5 -2.3 -21.0 248.8 182.9 65.8 253.0 -16.8 -5.1 243.1 184.9 58.3 251.8 3.6 16.7 274.8 214.6 60.2 265.0 6.8 32.0 300.7 231.8 68.9 271.7 3.0 56.3 320.6 240.7 79.9 281.7 17.4 24 25 26 27 28 29 30 Net lending (+) or borrowing (-), capital account (lines 21-24) -72.4 -68.8 -77.7 -71.1 -47.5 27.0 12.8 -15.1 -27.1 -56.2 30 Integrated Accounts Financial account 31 Net lending (+) or borrowing (-) (line 30) -72.4 -68.8 -77.7 -71.1 -47.5 27.0 12.8 -15.1 -27.1 -56.2 31 32 Net acquisition of financial assets 370.8 437.3 519.9 479.5 97.3 -117.1 152.0 186.3 301.8 77.4 32 93.7 106.9 -13.2 100.2 76.7 23.5 95.0 74.7 20.3 81.8 66.9 14.9 2.5 3.8 -1.2 10.1 14.9 -4.8 0.2 -2.7 2.9 27.0 21.0 6.0 69.6 59.5 10.1 13.3 2.5 10.8 33 34 35 33 34 35 Currency and deposits Currency and transferable deposits Time and savings deposits 36 37 38 Debt securities Treasury securities Municipal securities 7.0 5.3 1.7 6.1 6.0 0.1 1.5 0.2 1.3 2.5 3.0 -0.5 -7.9 -7.5 -0.4 -5.5 -5.7 0.2 2.5 1.9 0.5 1.1 0.8 0.3 4.2 4.0 0.2 1.7 1.5 0.2 36 37 38 39 40 41 Loans Short term (consumer credit) Long term (mortgages) 4.6 0.0 4.6 5.3 0.0 5.3 -1.5 0.0 -1.5 7.4 0.0 7.4 -3.0 0.0 -3.0 -1.2 0.0 -1.2 4.2 0.0 4.2 -5.8 0.0 -5.8 -2.4 0.0 -2.4 1.0 0.0 1.0 39 40 41 42 43 44 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 3.0 2.9 0.0 2.4 2.4 -0.1 3.3 3.2 0.2 2.9 2.2 0.7 2.2 1.0 1.2 -1.7 -1.7 -0.0 3.5 3.1 0.4 1.1 0.8 0.3 3.2 3.0 0.2 2.9 2.3 0.6 42 43 44 45 Insurance, pension and standardized guarantee schemes (3) 46 47 48 Other accounts receivable Trade receivables Other (miscellaneous assets) 49 50 51 52 53 54 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 4.6 5.5 4.4 3.7 3.4 -9.8 29.9 -11.6 15.9 -27.4 45 258.1 26.6 231.4 317.8 66.6 251.2 417.2 40.0 377.2 381.1 54.7 326.4 100.0 -3.0 102.9 -109.0 -26.3 -82.7 111.8 37.0 74.7 174.5 61.0 113.5 211.4 4.6 206.9 85.8 17.4 68.5 46 47 48 430.0 491.3 583.8 536.5 134.4 -161.8 122.4 201.4 328.9 133.6 49 254.7 34.1 33.0 1.2 220.6 341.8 164.3 157.9 6.4 177.5 415.4 132.1 115.3 16.8 283.3 463.2 154.5 140.9 13.7 308.7 325.5 131.8 119.6 12.3 193.7 -97.1 -107.3 -102.0 -5.3 10.2 -19.4 -12.1 -16.8 4.7 -7.3 3.2 34.1 33.5 0.6 -30.9 126.0 67.6 58.3 9.3 58.4 119.0 52.4 46.2 6.2 66.7 50 51 52 53 54 149 Z.1, June 11, 2015 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2004 55 56 57 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States 58 59 60 61 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) 2005 2006 2007 2008 2009 2010 2011 2012 2013 74.4 74.6 -0.2 -51.6 -51.6 0.1 0.4 1.3 -0.9 -50.5 -50.3 -0.2 -317.9 -317.7 -0.2 -108.0 -108.2 0.1 166.7 166.4 0.3 163.8 163.8 0.0 127.4 126.8 0.6 80.0 79.5 0.5 55 56 57 100.8 23.7 8.4 68.8 201.0 49.7 8.7 142.7 168.0 14.3 9.0 144.6 123.7 26.0 3.8 93.9 126.8 5.8 6.7 114.3 43.3 16.9 -6.3 32.6 -24.8 30.3 -0.7 -54.3 34.4 54.8 0.6 -21.0 75.4 16.0 7.6 51.8 -65.4 16.4 3.6 -85.4 58 59 60 61 -59.1 -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -27.0 -56.2 62 68.0 -6.6 74.6 -76.1 -24.5 -51.6 1.3 0.0 1.3 -48.7 0.0 -48.7 -315.4 -4.4 -311.0 -96.6 0.0 -96.6 181.4 0.0 181.4 171.2 0.0 171.2 125.1 -8.6 133.7 83.9 -0.0 83.9 63 64 65 1151.3 1125.7 667.1 458.7 23.9 -0.5 24.3 5.1 -3.4 1178.7 1143.3 801.4 341.9 22.8 1.1 21.8 7.5 5.0 423.3 387.3 55.9 331.4 28.4 0.7 27.7 8.5 -0.9 133.8 79.8 -366.9 446.7 24.2 -0.5 24.7 8.6 21.2 -1130.6 -1166.1 -804.1 -362.1 34.6 0.1 34.4 6.4 -5.4 -1142.1 -1167.9 -465.7 -702.2 18.7 -2.7 21.4 7.5 -0.3 445.5 386.0 154.6 231.4 21.6 -2.3 23.9 7.2 30.7 524.8 478.4 203.4 275.0 16.5 1.0 15.6 2.3 27.6 663.9 647.1 389.6 257.5 8.8 -0.4 9.1 4.0 4.1 1032.3 1043.9 564.1 479.9 4.3 -2.1 6.4 2.6 -18.5 66 67 68 69 70 71 72 73 74 -0.0 0.2 1.2 0.2 0.3 1.0 0.2 0.8 -0.1 0.2 75 1151.3 1178.5 422.1 133.5 -1130.8 -1143.1 445.3 524.1 664.1 1032.1 76 1224.4 1115.5 423.4 84.8 -1443.0 -1233.7 634.5 696.9 794.1 1116.1 77 10934.1 12592.6 13599.7 14270.0 13272.7 11974.8 12550.4 13278.2 14267.3 15433.2 78 Other changes in volume account 63 64 65 Total other volume changes Disaster losses Other volume changes Revaluation account 66 67 68 69 70 71 72 73 74 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 75 Liabilities (direct investment in the U.S.) 76 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 77 Change in net worth (lines 24+30+63+76) 78 Total assets 79 80 81 82 83 84 85 86 87 Nonfinancial assets Real estate Residential (4) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 8774.6 7897.0 5000.2 2896.7 536.0 38.5 497.5 135.3 206.3 9995.9 9055.3 5816.8 3238.5 574.4 41.7 532.7 147.6 218.4 10483.0 9480.2 5900.9 3579.3 620.5 44.4 576.1 159.5 222.8 10673.9 9597.0 5552.3 4044.7 659.4 45.5 613.9 170.1 247.3 9579.3 8461.4 4749.1 3712.3 699.6 46.6 653.0 178.6 239.6 8398.4 7296.4 4273.4 3023.0 696.3 44.0 652.4 183.2 222.5 8822.1 7666.3 4411.1 3255.2 709.2 42.2 667.0 189.9 256.9 9363.6 8134.9 4599.9 3535.0 740.7 43.9 696.8 196.6 291.3 10050.9 8782.9 4975.9 3807.0 763.2 44.3 718.9 206.4 298.5 11139.5 9842.4 5541.7 4300.7 784.9 43.3 741.5 214.9 297.3 79 80 81 82 83 84 85 86 87 88 Financial assets 2159.5 2596.8 3116.6 3596.1 3693.4 3576.3 3728.3 3914.6 4216.4 4293.7 88 598.1 297.5 300.6 698.3 374.2 324.1 793.2 448.8 344.4 875.0 515.7 359.3 877.6 519.5 358.1 887.7 534.4 353.3 887.9 531.6 356.2 914.9 552.7 362.2 984.5 612.2 372.3 997.8 614.6 383.1 89 90 91 89 90 91 Currency and deposits Currency and transferable deposits Time and savings deposits 92 93 94 Debt securities Treasury securities Municipal securities 54.5 50.2 4.3 60.6 56.2 4.4 62.1 56.3 5.8 64.6 59.3 5.3 56.7 51.8 4.9 51.2 46.1 5.1 53.7 48.1 5.6 54.8 48.9 5.9 59.0 52.9 6.1 60.7 54.5 6.3 92 93 94 95 96 97 Loans Short term (consumer credit) Long term (mortgages) 30.8 0.0 30.8 36.2 0.0 36.2 34.6 0.0 34.6 42.1 0.0 42.1 39.1 0.0 39.1 37.9 0.0 37.9 42.1 0.0 42.1 36.3 0.0 36.3 33.9 0.0 33.9 34.8 0.0 34.8 95 96 97 98 99 100 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 70.8 66.5 4.2 73.1 69.0 4.1 76.5 72.2 4.3 79.3 74.3 5.0 81.7 75.4 6.4 80.1 73.7 6.3 83.5 76.8 6.7 84.7 77.7 7.0 87.8 80.7 7.2 90.8 98 83.0 99 7.8 100 93.8 99.3 103.7 107.4 111.6 101.8 131.7 120.1 135.9 108.5 101 1311.5 364.3 947.1 1629.3 430.9 1198.4 2046.5 470.9 1575.6 2427.6 525.6 1902.0 2526.6 522.7 2003.9 2417.6 496.3 1921.3 2529.4 533.4 1996.0 2703.9 594.4 2109.5 2915.3 598.9 2316.4 3001.1 102 616.3 103 2384.8 104 101 Insurance, pension and standardized guarantee schemes (3) 102 103 104 Other accounts receivable Trade receivables Other (miscellaneous assets) Integrated Accounts Balance sheet account (end of period) 150 Z.1, June 11, 2015 S.4.a Nonfinancial Noncorporate Business Billions of dollars 105 106 Total liabilities and net worth Liabilities 107 108 109 110 111 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 112 Equity and investment fund shares (direct investment in the U.S.) 113 114 115 116 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 117 Net worth 2004 2005 2006 2007 2008 2009 2010 2011 2012 10934.1 12592.6 13599.7 14270.0 13272.7 11974.8 12550.4 13278.2 14267.3 15433.2 105 3637.4 4180.5 4764.1 5349.5 5795.2 5731.0 5672.2 5703.0 5898.1 5947.9 106 2556.2 640.9 512.6 128.3 1915.3 2898.0 805.2 670.5 134.6 2092.9 3313.4 937.3 785.8 151.5 2376.1 3775.1 1091.8 926.7 165.2 2683.3 4094.0 1223.7 1046.2 177.4 2870.3 3985.4 1116.4 944.2 172.1 2869.0 3950.9 1098.2 927.4 170.8 2852.7 3946.6 1132.3 960.9 171.3 2814.3 4068.2 1202.4 1021.7 180.7 2865.8 4182.8 1254.7 1067.9 186.9 2928.0 3.0 3.3 3.6 3.6 3.7 4.8 5.3 6.1 6.6 1078.1 284.9 78.0 715.2 1279.1 334.5 86.7 857.9 1447.1 348.9 95.7 1002.5 1570.8 374.9 99.5 1096.4 1697.6 380.7 106.2 1210.7 1740.8 397.6 99.9 1243.3 1716.0 427.8 99.2 1189.0 1750.4 482.7 99.7 1168.0 1823.3 496.2 107.4 1219.7 1757.9 512.7 110.9 1134.3 7296.7 8412.2 8835.6 8920.4 7477.5 6243.8 6878.3 7575.2 8369.2 9485.3 117 Integrated Accounts Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Net equity in reserves of property-casualty insurance companies. (4) Farm houses are included in the household sector. n.e.c. Not elsewhere classified 2013 107 108 109 110 111 7.3 112 113 114 115 116 151 Z.1, June 11, 2015 S.5.a Nonfinancial Corporate Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6107.9 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8030.3 8287.0 1 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1183.8 1229.8 2 5257.7 3762.8 3099.9 662.9 530.9 964.1 5622.2 3930.3 3238.0 692.3 573.2 1118.7 6008.7 4129.3 3420.9 708.5 610.1 1269.3 6163.6 4305.3 3572.1 733.3 632.5 1225.8 6162.8 4358.0 3619.5 738.5 632.7 1172.2 5767.8 4088.4 3377.5 710.9 605.9 1073.5 6144.2 4158.7 3446.1 712.6 633.0 1352.5 6453.1 4363.4 3622.9 740.4 670.6 1419.1 6846.5 4592.9 3826.5 766.4 692.2 1561.3 7057.2 4749.4 3956.0 793.3 715.2 1592.6 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations (dividends) Reinvested earnings on foreign direct investment Rent 561.7 964.1 480.6 251.9 66.3 162.4 883.0 394.6 430.8 40.5 17.1 757.8 1118.7 614.6 296.9 300.3 17.4 975.6 451.0 471.1 34.0 19.4 764.6 1269.3 644.1 357.6 79.7 206.9 1148.8 521.1 550.8 56.6 20.3 669.1 1225.8 687.4 379.4 92.3 215.7 1244.1 605.7 576.9 38.9 22.6 574.5 1172.2 626.9 302.8 108.0 216.1 1224.6 584.5 582.2 32.1 25.9 630.6 1073.5 563.8 214.6 139.0 210.2 1006.8 480.0 490.4 18.1 18.2 907.3 1352.5 580.3 177.5 134.4 268.3 1025.4 444.5 509.9 51.8 19.2 903.4 1419.1 549.6 176.3 94.8 278.5 1065.3 444.3 535.8 63.5 21.7 927.5 1561.3 534.8 163.7 106.3 264.8 1168.6 440.6 626.9 78.6 22.5 985.7 1592.6 563.0 166.3 91.9 304.7 1169.9 438.4 628.8 81.0 21.7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 561.7 187.0 62.0 757.8 271.9 74.2 764.6 307.7 70.4 669.1 293.8 62.2 574.5 227.4 50.3 630.6 177.8 71.8 907.3 220.6 83.3 903.4 228.8 90.4 927.5 271.4 92.4 985.7 329.3 85.0 20 21 22 23 Equals: Disposable income, net 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 23 24 Equals: Net saving 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 24 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 319.3 312.7 -6.7 427.2 411.7 -15.5 386.5 386.5 -0.0 313.1 313.1 -0.0 300.4 296.7 -3.7 342.7 381.0 38.3 582.5 603.5 20.9 590.6 584.2 -6.4 580.4 563.7 -16.7 577.0 571.3 -5.7 25 26 27 28 208.4 277.0 355.8 339.5 266.6 -74.6 143.3 199.1 299.5 310.7 28 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets Change in private inventories 1010.1 850.2 -1.8 50.3 1133.4 909.9 1.0 52.5 1259.9 979.4 13.6 61.7 1348.2 1040.3 0.4 31.2 1372.7 1093.9 17.6 -29.7 1141.9 1092.0 6.3 -130.8 1181.0 1094.6 -1.1 57.9 1303.9 1139.2 -0.5 34.9 1420.5 1183.8 0.9 61.8 1482.5 1229.8 1.3 56.7 29 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 25-28) 111.0 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 280.9 266.2 33 Capital account 34 Net lending (+) or borrowing (-) (line 33) 111.0 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 280.9 266.2 34 35 Net acquisition of financial assets 779.1 944.5 700.1 1072.8 -608.8 299.8 632.7 493.4 506.2 1070.5 35 36 37 38 39 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 56.2 3.0 37.7 15.6 120.6 60.8 49.9 9.9 -84.8 -117.2 46.6 -14.2 -62.4 -7.6 -55.7 0.9 -214.0 -59.0 -129.4 -25.5 254.5 70.8 176.9 6.8 148.6 79.6 59.9 9.1 37.1 29.7 13.2 -5.8 -11.9 -45.7 33.3 0.6 168.8 85.1 41.0 42.7 36 37 38 39 40 41 42 43 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 16.2 19.3 0.3 0.1 -3.6 40.4 16.0 18.1 6.0 0.3 -1.2 11.7 -6.7 -2.2 -4.0 -61.7 -53.2 -7.1 -2.4 1.1 -25.7 -12.2 -7.9 -2.6 -3.0 16.3 -1.3 12.5 4.2 0.9 15.6 12.0 5.1 1.7 -3.2 -8.5 -0.1 -5.1 -1.7 -1.6 -12.5 -8.4 -3.5 -1.2 0.6 -22.0 -21.3 3.3 -2.9 -1.1 40 41 42 43 44 45 46 47 Loans Short term (security repos and consumer credit) Long term (mortgages) 15.4 0.6 14.8 10.2 8.5 1.7 -14.0 -5.6 -8.4 -21.6 -3.2 -18.4 -9.7 -2.0 -7.7 -5.5 -1.4 -4.1 -8.7 -7.1 -1.6 1.9 2.4 -0.6 -3.3 -1.4 -1.9 -3.3 -5.1 1.8 45 46 47 48 49 50 51 52 53 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 284.1 10.3 -1.3 272.4 0.1 2.6 142.5 52.7 0.7 24.7 0.0 64.4 334.9 69.1 23.6 219.2 0.1 22.9 374.6 127.2 -4.9 307.0 0.1 -54.8 423.5 178.5 -16.5 262.6 -0.1 -1.1 224.3 -71.4 35.3 269.7 0.0 -9.3 183.5 -157.7 11.1 303.3 0.1 26.7 364.0 -35.4 -12.8 403.9 -0.0 8.4 373.9 57.1 -1.7 315.9 0.0 2.6 372.9 39.7 1.0 317.4 0.0 14.7 48 49 50 51 52 53 54 Insurance, pension and standardized guarantee schemes (2) 19.7 21.2 7.6 8.3 10.9 -4.0 11.7 10.1 7.6 -6.6 54 Integrated Accounts Financial account 152 Z.1, June 11, 2015 S.5.a Nonfinancial Corporate Business Billions of dollars 2004 55 56 57 58 Other accounts receivable Trade receivables Other (miscellaneous assets) Net incurrence of liabilities 2005 2006 2007 2008 2009 2010 2011 2012 2013 387.5 128.9 258.6 609.6 277.6 332.0 457.7 -13.7 471.4 835.5 159.8 675.7 -793.9 -169.6 -624.3 -185.9 -31.2 -154.7 282.0 105.7 176.3 88.9 83.7 5.1 152.2 52.0 100.2 560.7 277.2 283.5 55 56 57 614.1 965.4 839.1 1281.0 338.9 -248.7 487.6 894.3 985.1 1001.1 58 59 60 61 62 Debt securities Open market paper Municipal securities Corporate bonds 13.5 15.3 10.6 -12.3 -7.1 -7.7 41.9 -41.3 150.4 22.4 53.3 74.6 199.5 11.3 68.4 119.9 190.2 7.7 66.0 116.5 179.7 -73.1 37.2 215.6 237.0 24.5 33.2 179.3 204.0 33.4 8.5 162.0 352.7 14.0 15.2 323.5 303.3 14.2 9.3 279.8 59 60 61 62 63 64 65 66 67 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 129.8 55.0 4.0 51.1 74.7 274.1 83.0 -27.1 110.1 191.1 237.9 149.9 22.0 127.9 88.0 453.0 383.8 96.3 287.5 69.2 72.0 132.1 64.2 68.0 -60.1 -538.4 -394.8 -234.0 -160.8 -143.5 -308.0 -177.5 -87.0 -90.4 -130.5 90.9 152.3 92.1 60.2 -61.3 9.9 74.1 107.8 -33.7 -64.3 124.8 103.6 49.9 53.7 21.2 63 64 65 66 67 68 69 70 Equity and investment fund shares Corporate equities Foreign direct investment in the United States 2.5 -93.4 96.0 -201.5 -300.2 98.7 -304.9 -496.9 192.0 -494.2 -706.3 212.1 -126.0 -315.6 189.6 53.5 -51.2 104.6 -93.6 -250.7 157.0 -261.9 -454.6 192.7 -174.8 -344.9 170.1 -145.8 -352.9 207.1 68 69 70 71 72 73 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 81.2 -3.1 84.3 91.2 -1.9 93.0 146.4 -2.0 148.4 -0.4 4.5 -5.0 138.2 14.7 123.4 74.2 -8.6 82.8 -5.3 15.4 -20.7 -13.8 3.0 -16.8 -4.0 -12.3 8.4 11.5 -0.6 12.1 71 72 73 74 75 76 77 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 387.0 97.7 6.8 282.6 808.8 199.0 -1.8 611.6 609.3 109.1 -0.8 501.0 1123.1 85.1 -49.6 1087.6 64.5 -225.2 3.1 286.6 -17.7 -82.6 -3.3 68.2 657.4 156.3 7.2 493.9 875.1 25.2 8.8 841.1 801.3 66.2 2.3 732.8 707.3 105.4 -9.1 611.0 74 75 76 77 165.0 -20.9 -139.0 -208.2 -947.7 548.5 145.2 -400.9 -478.9 69.4 78 267.2 -9.2 182.9 -54.0 -39.5 288.5 -22.7 450.2 171.2 -32.1 576.9 0.0 711.0 169.7 -35.7 678.9 0.0 821.2 181.7 -39.5 -744.2 -5.8 206.1 981.5 -37.0 172.3 0.0 47.7 -131.2 6.7 379.3 0.0 632.4 294.1 -41.0 -58.2 0.0 665.8 792.3 -68.3 -196.0 -6.9 561.3 759.8 -9.5 533.2 0.0 733.4 196.8 3.3 79 80 81 82 83 1316.0 1198.8 64.9 10.9 41.4 931.9 811.3 45.0 27.9 47.7 973.1 872.4 70.9 20.5 9.2 1466.7 1343.5 22.6 30.2 70.4 -1107.9 -1152.5 99.9 13.2 -68.4 -2627.7 -2646.3 -16.1 3.1 31.6 857.2 724.5 41.1 22.5 69.1 823.0 684.9 76.6 27.9 33.7 564.5 478.2 30.1 43.5 12.7 1396.3 1361.9 8.6 26.1 -0.3 84 85 86 87 88 89.2 11.9 77.2 94.5 8.1 86.3 31.0 15.2 15.9 154.8 9.7 145.1 -199.6 -55.2 -144.4 -15.3 20.4 -35.7 -131.9 13.6 -145.6 -55.7 -8.1 -47.6 21.3 15.4 5.9 2.0 30.4 -28.4 89 90 91 1348.6 1336.8 11.8 939.1 898.2 41.0 2393.9 2412.7 -18.8 1861.9 1834.7 27.1 -5499.8 -5398.6 -101.2 2378.3 2546.8 -168.5 2080.2 2095.0 -14.8 376.8 467.5 -90.7 1945.2 1937.1 8.1 5103.9 5109.6 -5.7 92 93 94 56.6 87.2 -1389.8 -240.3 4192.3 -5021.2 -1354.9 390.6 -1359.4 -3705.7 95 643.2 803.0 -426.3 751.8 3748.5 -4506.3 -393.1 922.9 -975.0 -2595.5 96 23867.3 26068.4 28197.1 31171.7 29514.9 27183.5 28957.9 30545.3 31979.4 34916.5 97 12930.1 7050.9 3145.4 1242.2 1491.6 14167.8 7924.1 3297.8 1322.0 1623.9 15537.6 8892.4 3513.6 1401.1 1730.5 17418.9 10381.5 3673.4 1492.3 1871.7 16591.7 9359.9 3857.2 1564.1 1810.5 13866.1 6767.6 3793.1 1600.7 1704.6 14941.1 7545.7 3853.6 1669.1 1872.7 16039.7 8275.3 4008.0 1746.9 2009.6 16894.5 8823.6 4138.0 1839.4 2093.6 18578.1 10252.9 4261.7 1916.9 2146.6 98 99 100 101 102 10937.3 11900.6 12659.5 13752.8 12923.2 13317.5 14016.8 14505.6 15084.9 16338.4 103 661.3 207.2 400.5 53.7 781.9 268.0 450.4 63.6 697.1 150.7 497.0 49.3 634.7 143.1 441.3 50.3 420.7 84.2 311.9 24.7 675.2 154.9 488.8 31.5 823.8 234.5 548.7 40.6 860.9 264.2 561.9 34.8 849.1 218.4 595.2 35.4 1017.8 303.5 636.2 78.1 104 105 106 107 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-58) 79 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (3) Less: Inventory valuation adjustment Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 89 90 91 Financial assets Mutual fund shares Direct investment abroad 92 93 94 Liabilities Corporate equity Foreign direct investment in the United States 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 28+33+79+95) (4) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 105 106 107 Total assets Nonfinancial assets (5) Real estate Equipment Intellectual property products Inventories Financial assets Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 153 Z.1, June 11, 2015 S.5.a Nonfinancial Corporate Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 172.2 95.0 34.0 11.3 31.8 212.6 111.0 52.1 17.4 32.1 211.4 122.7 45.5 15.2 28.1 149.7 69.5 38.3 12.8 29.2 124.1 57.3 30.5 10.2 26.2 140.4 56.0 43.0 14.3 27.1 155.9 68.0 48.0 16.0 23.9 147.4 67.9 43.0 14.3 22.3 135.0 59.5 39.4 13.1 22.9 113.0 38.2 42.8 10.3 21.8 108 109 110 111 112 113 114 115 116 117 Loans Short term Security repurchases Consumer credit Long term (mortgages) 132.2 65.6 6.4 59.2 66.6 142.4 74.1 14.6 59.6 68.3 126.9 67.0 15.5 51.5 59.8 105.2 63.8 8.1 55.8 41.4 95.5 61.8 7.2 54.6 33.6 90.0 60.5 7.9 52.6 29.5 85.1 57.1 12.1 45.0 28.0 86.9 59.5 12.6 46.9 27.4 83.7 58.1 9.7 48.4 25.5 80.4 53.1 8.8 44.2 27.4 113 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 2543.9 299.6 125.6 2094.7 0.5 23.6 2809.9 352.2 134.4 2205.7 0.5 117.0 3175.9 421.3 173.2 2440.7 0.6 140.1 3701.6 548.5 178.0 2892.9 0.7 81.5 3925.3 727.0 106.3 3011.1 0.4 80.5 4134.3 655.5 162.0 3245.1 0.4 71.2 4148.8 497.8 186.8 3402.9 0.6 60.7 4457.1 462.4 165.9 3759.2 0.5 69.1 4852.3 519.4 179.6 4081.0 0.6 71.7 5227.2 559.1 211.0 4370.0 0.6 86.4 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes (2) 262.7 283.9 291.5 299.8 310.9 307.0 318.7 328.8 336.4 329.8 124 125 126 127 Other accounts receivable Trade receivables Other (miscellaneous assets) 7165.0 1830.6 5334.3 7670.0 2108.2 5561.7 8156.7 2096.0 6060.7 8861.7 2255.8 6605.8 8046.7 2086.3 5960.5 7970.5 2055.1 5915.5 8484.4 2157.1 6327.4 8624.4 2240.8 6383.6 8828.5 2292.8 6535.6 9570.1 2570.0 7000.1 125 126 127 128 Total liabilities and net worth 23867.3 26068.4 28197.1 31171.7 29514.9 27183.5 28957.9 30545.3 31979.4 34916.5 128 22470.2 23868.3 26423.4 28646.2 23240.9 25415.8 27583.2 28247.8 30656.8 36189.4 129 129 Liabilities 130 131 132 133 Debt securities Open market paper Municipal securities Corporate bonds 2994.9 97.8 185.4 2711.7 2987.8 90.1 227.3 2670.4 3138.2 112.5 280.6 2745.0 3337.7 123.8 349.0 2864.9 3527.8 131.5 415.0 2981.4 3707.5 58.4 452.2 3197.0 3944.6 82.9 485.4 3376.3 4148.5 116.3 493.9 3538.3 4501.2 130.3 509.1 3861.8 4804.5 144.5 518.5 4141.5 130 131 132 133 134 135 136 137 138 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 2006.6 1411.3 618.0 793.3 595.3 2280.7 1494.3 590.9 903.4 786.4 2539.4 1641.4 612.9 1028.4 898.0 2998.9 2031.7 715.7 1316.0 967.2 3065.9 2163.8 779.9 1383.9 902.1 2443.4 1684.8 545.8 1139.0 758.5 2068.5 1425.3 477.1 948.1 643.3 2159.5 1577.6 569.2 1008.3 581.9 2212.9 1695.2 658.4 1036.8 517.7 2310.7 1771.9 708.3 1063.6 538.9 134 135 136 137 138 139 140 141 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 13498.4 12088.6 1409.8 14236.0 12686.6 1549.4 16325.1 14602.3 1722.7 17692.7 15730.7 1961.9 12066.9 10016.6 2050.3 14498.6 12512.2 1986.4 16485.2 14356.5 2128.7 16600.1 14369.4 2230.7 18370.5 15961.6 2408.9 23328.6 20718.3 2610.3 139 140 141 142 143 144 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 80.9 46.6 34.3 14.6 44.8 -30.1 35.9 64.7 -28.8 48.5 69.3 -20.8 761.4 84.0 677.4 573.0 75.4 497.6 537.4 90.8 446.5 611.0 93.8 517.2 471.2 81.4 389.8 212.2 80.9 131.4 142 143 144 145 146 147 148 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 3889.3 1501.5 88.0 2299.8 4349.2 1700.5 86.2 2562.4 4384.9 1812.9 85.4 2486.6 4568.4 1897.9 35.8 2634.7 3818.9 1672.7 39.0 2107.2 4193.3 1590.1 35.7 2567.5 4547.5 1746.4 42.9 2758.3 4728.7 1771.6 51.7 2905.4 5101.1 1837.8 54.0 3209.3 5533.3 1943.2 44.9 3545.2 145 146 147 148 1397.1 2200.1 1773.7 2525.5 6274.0 1767.7 1374.7 2297.6 1322.6 -1272.9 149 149 Net worth Integrated Accounts Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) Net equity in reserves of property-casualty insurance companies. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States. (5) Excludes nonproduced nonfinancial assets. n.e.c. Not elsewhere classified 154 Z.1, June 11, 2015 S.6.a Financial Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Current account 1 Gross value added 922.1 1034.3 1127.6 1068.8 851.9 1015.4 1042.8 1045.8 1178.3 1307.1 1 2 Less: Consumption of fixed capital 139.3 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.1 182.2 2 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 782.8 498.5 423.0 75.5 46.6 237.7 885.5 535.4 449.4 86.0 49.5 300.6 970.9 579.8 490.8 89.0 52.5 338.5 903.4 618.2 527.1 91.1 54.7 230.5 678.1 612.9 517.9 95.0 55.6 9.5 838.0 549.0 466.2 82.8 64.2 224.8 866.1 574.3 486.4 87.9 64.8 227.1 877.2 606.8 513.5 93.3 58.3 212.1 1004.1 631.1 537.5 93.7 61.2 311.8 1124.9 642.3 546.7 95.5 62.8 419.8 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 213.1 237.7 1742.7 1533.2 179.4 30.1 1767.3 1394.0 364.1 316.7 47.4 9.3 0.0 200.3 300.6 2154.2 1922.3 229.0 2.9 2254.5 1820.9 425.5 377.9 47.7 8.0 0.0 205.2 338.5 2747.1 2444.6 261.6 40.9 2880.4 2379.0 488.6 438.6 50.0 12.8 0.0 110.7 230.5 3200.8 2831.9 323.1 45.7 3320.6 2754.2 556.9 517.0 39.8 9.5 0.0 -2.1 9.5 2833.1 2444.8 338.8 49.5 2844.7 2321.6 515.8 492.8 23.0 7.3 0.0 290.1 224.8 2203.8 1877.4 275.7 50.7 2138.6 1679.7 455.1 380.8 74.4 3.7 0.0 376.8 227.1 2126.7 1749.5 308.9 68.3 1977.0 1505.2 460.8 376.0 84.9 10.9 0.0 320.0 212.1 2109.1 1722.4 319.5 67.2 2001.2 1504.6 481.5 427.2 54.3 15.1 0.0 309.0 311.8 2081.6 1662.3 361.3 57.9 2084.4 1470.2 595.2 521.0 74.2 18.9 0.0 249.3 419.8 2016.3 1578.1 372.7 65.5 2186.8 1426.9 741.0 662.5 78.5 18.9 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 213.1 119.1 -6.5 200.3 140.5 -13.4 205.2 165.7 -21.1 110.7 151.7 7.5 -2.1 81.7 45.6 290.1 91.6 26.5 376.8 150.0 18.4 320.0 150.3 20.0 309.0 183.4 -21.6 249.3 144.9 2.7 22 23 24 25 Equals: Disposable income, net 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 25 26 Equals: Net saving 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 84.3 100.5 16.2 45.4 73.1 27.7 60.7 60.7 0.0 -48.5 -48.5 0.0 -68.9 -129.4 -60.5 293.9 171.9 -121.9 249.9 208.4 -41.5 182.1 149.7 -32.4 137.6 147.2 9.6 101.7 101.7 0.0 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 37.2 176.5 139.3 31.1 180.0 148.9 31.9 188.7 156.8 46.1 211.5 165.4 22.3 196.2 173.9 -10.5 166.9 177.4 -13.9 162.8 176.7 -1.2 167.5 168.6 16.1 190.2 174.1 19.2 201.5 182.2 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 47.1 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 121.5 82.5 33 Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 47.1 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 121.5 82.5 34 3799.1 3767.7 4614.6 5491.1 3821.1 -1291.2 34.8 2160.1 1800.9 3556.3 35 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 43.8 -12.2 74.7 170.6 1009.7 228.2 -143.6 527.8 -46.6 820.8 37 36 Monetary gold 37 Currency and deposits 38 39 40 41 42 43 44 45 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 485.5 0.0 61.1 -42.3 -209.6 79.5 555.9 40.9 641.7 0.0 193.8 52.1 -249.9 115.7 490.1 40.0 1101.2 0.0 232.6 85.2 97.2 131.2 519.3 35.8 982.3 0.0 -120.5 36.4 283.5 184.7 564.8 33.3 836.6 0.0 5.8 442.6 726.9 42.2 -444.2 63.3 729.9 3.0 -390.0 366.2 680.6 38.4 -30.2 61.9 783.0 0.0 -93.7 505.7 50.4 44.2 210.6 65.7 1270.2 0.0 -74.9 966.0 166.2 13.5 128.6 70.8 1099.3 0.0 -0.5 289.6 212.5 139.2 418.1 40.4 1513.8 0.0 34.6 531.5 428.5 8.6 412.4 98.2 38 39 40 41 42 43 44 45 46 47 48 Loans Short term Long term (mortgages) 1879.5 665.4 1214.1 2064.8 653.2 1411.6 2110.7 710.3 1400.4 2695.5 1563.4 1132.1 1455.5 1224.3 231.1 -2944.5 -2877.7 -66.8 -509.6 -192.9 -316.7 151.2 307.0 -155.8 438.8 496.6 -57.8 161.5 55.2 106.3 46 47 48 49 50 51 52 53 54 55 56 Equity and investment fund shares Corporate equities Mutual fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 665.9 332.5 102.6 -110.3 2.4 43.8 3.1 291.9 544.6 289.4 54.9 12.0 2.0 11.5 1.6 173.2 512.6 185.5 103.4 -6.6 -0.0 25.8 1.8 202.8 1245.0 430.9 101.5 331.2 8.3 107.0 3.1 263.1 851.1 223.6 55.0 283.6 -5.3 66.4 2.6 225.0 25.8 155.1 65.0 -175.4 0.0 40.7 4.6 -64.1 -131.9 51.6 49.8 -172.6 -3.2 -2.3 0.9 -56.0 -76.3 -70.2 -52.4 -65.4 -6.2 15.2 0.4 102.4 4.8 6.2 -45.1 -81.0 -2.0 17.1 0.5 109.1 316.6 196.8 46.3 -52.5 -0.2 32.1 0.1 94.0 49 50 51 52 53 54 55 56 155 Z.1, June 11, 2015 S.6.a Financial Business Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 57 Insurance, pension and standardized guarantee schemes 266.1 209.7 276.5 217.8 252.4 505.9 315.2 353.2 371.3 293.6 57 58 Other accounts receivable 458.2 319.1 538.9 179.9 -584.0 163.5 -278.2 -65.9 -66.7 449.9 58 59 Net incurrence of liabilities 3817.6 3432.3 4371.4 5363.2 3953.0 -1306.5 27.0 2111.4 1681.7 3404.8 59 60 Currency and deposits 601.8 608.9 620.6 548.7 2146.1 262.3 334.1 1457.3 595.0 1867.7 60 61 62 63 64 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 805.8 115.8 668.3 21.7 1039.8 80.4 745.2 214.2 1320.1 328.2 795.5 196.4 1523.7 905.7 729.5 -111.5 441.8 768.7 -201.6 -125.4 -956.6 -60.1 -448.5 -448.1 -695.4 -46.9 -546.3 -102.2 -327.4 -21.9 -237.4 -68.2 -306.4 -22.4 -225.2 -58.8 106.9 239.9 -84.1 -48.9 61 62 63 64 65 66 67 Loans Short term Long term (mortgages) 610.6 585.1 25.5 548.8 534.6 14.1 590.9 584.3 6.6 880.8 876.2 4.7 -160.2 -166.9 6.8 -1644.3 -1656.1 11.8 -59.6 -60.5 0.8 197.7 184.3 13.5 130.7 125.8 4.8 -213.5 -221.3 7.8 65 66 67 68 69 70 71 72 73 74 75 76 Equity and investment fund shares Money market mutual fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 649.7 -136.4 118.1 296.3 2.5 50.2 -4.2 320.1 3.1 698.0 125.1 78.4 260.2 1.9 13.9 -1.2 218.1 1.6 931.5 303.1 60.0 336.8 0.2 52.0 -6.8 184.4 1.8 1469.0 736.8 179.6 361.5 9.1 9.3 3.6 166.1 3.1 1717.3 724.2 639.2 -9.9 -4.2 120.7 11.6 233.0 2.6 270.5 -498.7 315.9 497.1 0.0 45.7 0.6 -94.5 4.6 73.8 -503.2 191.4 370.1 -2.7 48.5 0.9 -32.0 0.9 506.1 -112.8 164.1 338.4 -5.9 43.4 -2.9 81.5 0.4 973.5 7.1 168.3 624.9 -1.8 4.5 6.7 163.3 0.5 980.9 28.9 162.5 638.4 0.5 28.7 -3.9 125.6 0.1 68 69 70 71 72 73 74 75 76 77 Insurance, pension and standardized guarantee schemes 748.3 691.2 699.4 724.8 582.7 542.2 647.3 638.0 487.6 535.9 77 78 Other accounts payable 401.5 -154.3 208.9 216.1 -774.7 219.4 -273.1 -360.3 -198.6 127.0 78 -18.5 335.4 243.2 127.9 -131.9 15.3 7.8 48.7 119.1 151.5 79 -392.2 -1.7 -325.0 65.6 28.0 -1.7 -291.4 -321.0 -434.2 0.0 -648.6 -214.4 -66.2 0.0 -288.8 -222.5 1257.0 -0.6 1298.3 40.7 -1080.8 0.0 -791.7 289.1 -834.0 0.0 -578.0 256.0 -103.7 0.0 30.9 134.6 -429.5 -2.0 -425.1 2.4 -1040.8 0.0 -1109.8 -69.0 80 81 82 83 79 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-59) 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-79) (3) Other changes in volume account Revaluation account 84 85 86 87 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 66.5 61.3 6.6 -1.4 72.6 72.1 0.6 -0.1 63.8 62.7 0.8 0.3 28.6 34.0 -4.9 -0.5 55.7 54.2 3.0 -1.5 -61.9 -50.2 -5.6 -6.1 -2.7 -0.3 1.2 -3.6 42.2 33.2 8.3 0.6 20.2 15.7 4.2 0.3 34.8 31.2 2.2 1.4 84 85 86 87 88 89 90 91 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 1197.1 1007.1 139.4 50.6 938.7 613.1 294.8 30.7 1802.4 1457.8 308.9 35.7 769.4 620.2 103.4 45.8 -6083.7 -5119.4 -975.1 10.8 2730.2 2162.2 513.9 54.2 1745.9 1419.9 285.3 40.7 -633.1 -530.8 -56.8 -45.5 1909.2 1528.3 346.4 34.5 3841.9 3173.5 678.4 -10.0 88 89 90 91 92 93 94 95 96 97 98 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Pension fund reserves Investment by parent 1167.4 459.1 483.8 4.0 2.4 218.1 0.0 890.5 262.4 352.4 9.4 1.7 264.5 0.0 1850.7 716.1 682.6 22.5 4.8 424.6 0.0 -530.2 -985.4 396.0 -56.7 -0.6 116.4 0.0 -6515.6 -2366.0 -2424.7 -157.6 -13.6 -1553.7 0.0 2226.4 386.8 1035.6 17.9 3.6 783.1 -0.6 1615.8 526.3 582.2 34.1 0.3 474.9 -2.0 -830.6 -390.1 -340.4 28.9 -1.2 -127.4 -0.3 1945.6 693.5 720.3 12.5 -1.3 520.8 -0.1 3914.2 1372.5 1579.9 -48.2 4.2 1005.9 0.0 92 93 94 95 96 97 98 96.2 120.7 15.4 1328.2 487.6 442.0 127.4 239.6 -16.1 -37.5 99 -211.7 194.1 -358.1 1213.5 1675.8 -344.9 -456.7 318.0 -308.0 -976.6 100 53015.4 57482.0 63348.4 69554.8 68981.5 69962.4 71081.5 72701.5 76838.8 82774.3 101 1277.0 743.3 429.2 104.5 1383.7 824.1 449.9 109.7 1484.5 895.9 473.3 115.3 1564.8 946.7 492.8 125.3 1649.4 1015.8 498.6 134.9 1586.3 971.3 470.3 144.7 1580.2 963.9 471.9 144.3 1621.2 986.3 485.5 149.4 1655.5 992.7 504.9 157.9 1709.6 1017.3 525.8 166.4 102 103 104 105 99 Changes in net worth due to nominal holding gains/losses 100 Change in net worth (lines 30+33+80+99) Balance sheet account (end of period) 101 102 103 104 105 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products Integrated Accounts Changes in balance sheet account 156 Z.1, June 11, 2015 S.6.a Financial Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 106 Financial assets 51738.4 56098.3 61863.9 67990.0 67332.1 68376.1 69501.3 71080.3 75183.2 81064.8 106 107 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107 108 Currency and deposits 779.8 764.8 814.5 987.0 2034.0 2275.7 2177.8 2705.7 2683.4 3502.9 108 109 110 111 112 113 114 115 116 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 14133.9 2.2 929.2 1595.3 4390.1 1230.5 5130.7 855.9 14758.1 2.2 1124.7 1647.3 4140.2 1346.1 5614.5 882.9 15771.4 2.2 1352.7 1737.2 4153.1 1477.0 6130.5 918.7 16757.2 2.2 1235.9 1773.6 4436.6 1661.7 6695.3 952.0 17598.0 2.2 1243.1 2216.3 5163.4 1703.9 6253.9 1015.3 18350.4 5.2 853.0 2582.5 5898.5 1742.3 6191.7 1077.2 18558.8 5.2 763.6 3088.2 5486.1 1786.5 6286.2 1142.9 19828.8 5.2 688.9 4054.2 5652.3 1799.9 6414.5 1213.7 21020.3 5.2 688.3 4355.9 5879.0 1939.1 6898.8 1254.1 22447.1 5.2 722.5 4887.4 6299.0 1947.7 7233.0 1352.3 109 110 111 112 113 114 115 116 117 118 119 Loans Short term Long term (mortgages) 17716.9 7498.9 10218.0 19781.7 8152.1 11629.6 21829.2 8775.6 13053.6 24482.6 10328.6 14154.0 25801.7 11552.6 14249.1 22569.0 8622.4 13946.6 21817.8 8503.8 13313.9 21817.2 8810.8 13006.4 22283.6 9480.4 12803.3 22327.1 9508.7 12818.5 117 118 119 120 121 122 123 124 125 126 127 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 14057.5 9473.1 1836.9 504.4 40.1 403.8 11.9 1787.3 15540.7 10375.6 2186.6 516.4 42.0 446.0 13.5 1960.6 17408.1 11519.5 2563.5 563.9 42.0 507.4 15.3 2196.5 19422.5 12570.6 2768.5 895.0 50.3 660.2 18.5 2459.6 14189.9 7674.8 1848.4 1178.6 45.0 737.4 21.1 2684.6 17622.1 9992.0 2427.3 1003.2 45.0 832.3 25.6 3296.6 19236.1 11463.5 2762.4 830.6 41.7 870.7 26.5 3240.6 18526.7 10862.5 2653.2 765.2 35.5 840.3 26.9 3343.0 20867.3 12397.0 2954.5 684.2 33.5 891.9 27.4 3878.8 24974.9 15767.3 3679.2 631.7 33.4 914.0 27.5 3921.7 120 121 122 123 124 125 126 127 128 Insurance, pension and standardized guarantee schemes 2286.7 2307.1 2370.0 2480.4 4157.6 4031.4 4401.2 4824.7 4756.9 4076.8 128 129 Other accounts receivable 2752.6 2934.9 3659.6 3849.2 3539.9 3516.5 3298.7 3366.2 3560.6 3724.9 129 130 Total liabilities and net worth 53015.4 57482.0 63348.4 69554.8 68981.5 69962.4 71081.5 72701.5 76838.8 82774.3 130 54380.7 58653.1 64877.7 69870.6 67621.5 68947.4 70523.1 71825.1 76270.4 83182.6 131 7474.0 8082.9 8703.5 9252.2 11398.3 11660.6 11990.6 13447.9 14015.0 15882.7 132 10979.4 6060.3 3963.1 956.0 11964.7 6140.7 4653.8 1170.2 13255.0 6468.9 5422.5 1363.5 14889.6 7374.6 6262.9 1252.1 15251.2 8143.4 5981.5 1126.3 14498.2 8083.3 5736.7 678.2 13432.9 7574.0 5282.9 576.0 13032.8 7552.1 4972.8 507.9 12849.1 7529.7 4870.3 449.1 12888.9 7769.7 4719.0 400.2 133 134 135 136 4485.0 4353.7 131.4 5033.8 4888.3 145.5 5621.4 5469.4 152.1 6502.3 6345.5 156.7 6342.1 6178.6 163.5 4768.4 4593.2 175.3 4720.7 4544.6 176.1 4913.1 4723.5 189.5 5106.5 4912.1 194.4 4893.0 4690.8 202.2 137 138 139 131 Liabilities 132 Currency and deposits 133 134 135 136 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 137 138 139 Loans Short term Long term (mortgages) 140 141 142 143 144 145 146 147 148 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 13793.2 1868.0 4291.1 5433.0 44.8 329.9 11.2 1803.4 11.9 15146.2 1993.1 4631.9 6045.6 46.7 353.2 11.7 2050.4 13.5 17537.1 2296.3 5408.0 7065.0 46.9 427.8 9.7 2268.1 15.3 18355.7 3033.0 4602.2 7822.6 56.0 380.4 12.6 2430.5 18.5 15111.2 3757.3 2875.4 5388.0 51.8 343.5 10.7 2663.5 21.1 17501.1 3258.6 3578.1 6920.7 51.8 407.0 14.8 3244.5 25.6 18678.6 2755.4 4295.7 7873.0 49.0 489.6 15.9 3173.4 26.5 18481.5 2642.5 4069.7 7870.9 43.1 561.9 11.9 3254.6 26.9 21416.4 2649.6 4931.6 9326.1 41.2 578.9 17.3 3844.4 27.4 25254.7 2678.5 6466.5 11544.4 41.7 559.3 17.6 3919.0 27.5 140 141 142 143 144 145 146 147 148 149 Insurance, pension and standardized guarantee schemes 14955.4 15960.9 17099.3 17993.0 16895.5 18270.1 19938.3 20476.6 21514.3 23040.1 149 150 Other accounts payable 2693.6 2464.7 2661.3 2877.8 2623.3 2248.9 1762.1 1473.2 1369.2 1223.3 150 -1365.3 -1171.2 -1529.3 -315.8 1360.0 1015.0 558.4 876.4 568.3 -408.2 151 151 Integrated Accounts 2004 Net worth Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Excludes land. Includes corporate and noncorporate financial business. SDRs Special Drawing Rights 157 Z.1, June 11, 2015 S.7.a Federal Government Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Current account 1 Gross value added 525.8 552.7 577.6 605.4 637.6 668.8 704.5 720.9 722.7 711.3 1 2 Less: Consumption of fixed capital 178.6 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.1 268.0 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 347.2 342.3 249.9 92.4 4.9 363.3 362.4 263.5 98.9 0.9 376.9 375.1 271.7 103.5 1.8 392.6 390.5 283.3 107.3 2.0 411.3 410.4 296.7 113.7 0.8 434.3 433.5 312.2 121.3 0.7 459.1 462.2 328.5 133.7 -3.1 463.5 470.6 331.7 138.9 -7.1 458.6 467.8 327.1 140.7 -9.1 443.3 458.6 320.6 138.1 -15.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) -226.6 4.9 95.2 -46.0 25.3 16.6 0.1 8.7 306.1 -277.4 0.9 99.4 -60.5 27.2 17.3 0.2 9.7 344.4 -293.5 1.8 99.2 -51.1 29.0 18.8 0.3 9.9 372.3 -325.6 2.0 94.6 -47.5 33.4 22.1 0.2 11.1 408.2 -308.9 0.8 94.0 -49.6 33.9 19.5 0.6 13.8 388.0 -269.9 0.7 91.4 -56.9 48.5 22.8 18.7 7.0 353.6 -286.6 -3.1 96.8 -54.3 54.6 29.5 17.0 8.0 380.6 -327.3 -7.1 108.6 -59.5 56.4 27.7 18.8 9.9 425.7 -321.8 -9.1 115.0 -57.6 53.6 22.3 21.1 10.2 423.8 -206.8 -15.3 120.9 -59.7 164.7 24.4 131.3 9.0 417.4 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) -226.6 1058.8 808.9 1025.5 29.0 362.4 -277.4 1285.2 853.4 1090.9 32.0 383.5 -293.5 1459.2 905.7 1196.7 36.8 374.7 -325.6 1542.5 947.2 1272.2 41.0 400.2 -308.9 1354.1 974.4 1407.4 46.5 412.9 -269.9 1072.4 950.8 1624.9 64.0 507.5 -286.6 1208.2 970.9 1726.6 64.4 555.0 -327.3 1392.7 904.0 1744.4 65.0 528.0 -321.8 1536.5 938.1 1785.1 49.9 493.2 -206.8 1690.9 1092.3 1825.6 59.5 496.3 17 18 19 20 21 22 23 24 Equals: Disposable income, net Less: Final consumption expenditures 282.2 681.4 418.7 723.4 536.9 763.9 532.7 798.4 245.8 879.8 -315.1 933.7 -324.8 1003.9 -238.1 1006.1 -75.5 1003.6 313.9 963.0 23 24 25 Equals: Net saving -399.2 -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1079.1 -649.1 25 -438.6 -399.2 39.3 -365.1 -304.7 60.3 -270.2 -227.0 43.2 -318.6 -265.6 53.0 -751.6 -634.0 117.6 -1435.1 -1248.8 186.3 -1455.0 -1328.7 126.3 -1358.0 -1244.1 113.9 -1163.9 -1079.1 84.7 -707.5 -649.1 58.4 26 27 28 31.6 31.5 22.9 35.3 29.1 40.6 53.7 39.1 21.7 -2.0 29 211.0 178.6 -0.8 222.9 189.4 -2.0 238.0 200.7 -14.4 251.4 212.8 -3.3 275.8 226.3 -20.4 284.0 234.5 -8.9 300.0 245.3 -1.0 297.4 257.4 -0.9 287.8 264.1 -1.9 268.5 268.0 -2.4 30 31 32 -470.1 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1185.6 -705.6 33 -470.1 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1185.6 -705.6 34 Capital account 26 27 28 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 Net lending (+) or borrowing (-), capital account (lines 26-29) 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 36 37 38 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 45 46 47 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 48 49 50 51 52 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 53 54 55 56 57 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 5.3 30.8 -14.4 0.6 579.8 237.8 281.9 -150.7 132.4 222.1 35 0.4 -0.0 0.4 -4.5 0.0 -4.5 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 48.2 0.0 48.2 0.0 0.0 0.0 -1.8 0.0 -1.8 0.0 0.0 0.0 0.0 0.0 0.0 36 37 38 -34.5 0.3 -3.8 -31.0 -0.0 0.0 1.3 0.3 -10.2 12.2 -1.0 0.0 -5.4 0.4 -3.3 -2.7 0.2 0.0 25.8 0.5 -1.0 25.1 1.2 0.0 316.0 0.6 3.5 313.1 -1.3 0.0 -170.2 0.3 3.4 -174.2 0.3 0.0 150.5 0.3 1.3 148.9 0.1 0.0 -239.9 -0.2 18.2 -257.6 -0.3 0.0 11.1 0.2 4.0 6.7 0.2 0.0 65.8 0.2 -3.4 69.6 -0.5 -0.0 39 40 41 42 43 44 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 142.5 142.0 0.6 -46.9 -47.2 0.3 -118.2 -118.1 -0.1 -31.3 -31.1 -0.2 -0.1 0.0 -0.1 45 46 47 2.3 0.7 3.7 -3.0 1.6 -3.1 -5.5 3.7 -9.2 2.4 5.9 2.2 1.6 0.5 3.7 6.8 4.7 7.0 -2.3 2.1 39.0 25.5 19.5 6.1 13.5 166.7 154.1 87.9 66.2 12.6 131.4 136.8 133.1 3.6 -5.4 136.5 133.2 128.5 4.8 3.3 136.2 134.5 132.1 2.4 1.6 124.2 120.3 113.1 7.2 4.0 48 49 50 51 52 2.0 0.0 2.0 0.0 0.0 1.3 0.0 1.3 0.0 0.0 2.0 0.0 2.0 0.0 0.0 1.7 0.0 1.7 0.0 0.0 257.7 256.3 1.4 0.0 0.0 3.4 0.6 1.7 0.0 1.2 30.4 24.1 2.3 0.0 4.0 43.5 40.3 2.6 0.0 0.7 -10.7 -13.2 2.4 0.0 0.0 -2.6 -4.8 2.2 0.0 0.0 53 54 55 56 57 Integrated Accounts Financial account 158 Z.1, June 11, 2015 S.7.a Federal Government Billions of dollars 2004 58 59 60 61 62 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) Net incurrence of liabilities 2005 2006 2007 2008 2009 2010 2011 2012 2013 35.1 10.5 23.3 1.4 35.8 9.2 26.0 0.6 -17.1 -11.6 -6.5 1.0 -33.7 1.2 -35.3 0.4 -87.4 4.2 -62.2 -29.4 47.1 -21.1 35.9 32.3 16.5 -0.7 27.1 -9.8 29.1 4.8 25.6 -1.3 27.1 2.6 27.9 -3.5 34.8 3.3 27.8 3.7 58 59 60 61 479.4 453.6 296.0 391.6 1369.0 1536.0 1696.7 1201.7 1249.6 883.4 62 63 SDR allocations 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 63 64 Currency and deposits 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 -0.4 64 65 66 67 68 69 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 402.8 0.0 362.5 -0.6 40.9 346.9 0.0 307.3 -0.4 40.0 219.1 0.0 183.7 -0.3 35.8 270.4 0.0 237.5 -0.4 33.3 1302.5 0.0 1239.0 0.2 63.3 1508.8 3.0 1443.7 0.1 61.9 1645.9 0.0 1579.6 0.7 65.7 1138.7 0.0 1066.8 1.1 70.8 1180.6 0.0 1140.6 -0.4 40.4 857.3 0.0 759.5 -0.4 98.2 65 66 67 68 69 70 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70 71 72 73 74 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 59.5 1.1 17.4 41.0 67.2 1.1 23.0 43.1 64.5 1.5 18.1 44.9 93.1 1.6 43.9 47.7 45.1 1.0 26.5 17.6 33.2 1.1 16.6 15.6 43.5 0.9 22.5 20.2 40.6 1.3 18.5 20.8 63.9 0.3 13.3 50.3 5.6 0.2 12.2 -6.8 71 72 73 74 75 76 77 Other accounts payable Trade payables Other (miscellaneous liabilities) 16.4 15.4 1.0 38.7 33.7 5.0 11.8 6.2 5.6 28.7 29.3 -0.6 22.2 22.6 -0.3 -53.3 -56.2 2.9 7.6 5.2 2.4 22.4 8.8 13.6 5.1 13.4 -8.3 20.9 19.6 1.3 75 76 77 -474.1 -422.8 -310.4 -390.9 -789.1 -1298.2 -1414.9 -1352.4 -1117.2 -661.3 78 -28.2 0.0 -24.2 4.0 -47.0 -0.5 -20.3 26.2 30.2 0.0 47.4 17.2 9.3 0.0 46.4 37.0 86.7 0.0 95.2 8.5 121.5 0.0 -56.0 -177.5 -32.0 0.0 -125.8 -93.8 46.4 0.0 1.7 -44.7 41.3 0.0 -27.1 -68.4 28.9 0.0 -15.4 -44.3 79 80 81 82 114.8 91.6 10.9 12.2 116.8 94.1 7.3 15.4 116.4 95.2 10.4 10.8 93.0 60.7 7.6 24.8 69.0 44.0 11.8 13.2 -36.0 -48.4 8.6 3.8 61.3 18.1 5.0 38.2 69.3 49.4 12.2 7.7 41.8 36.2 0.9 4.7 58.9 41.1 3.3 14.5 83 84 85 86 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 79 80 81 82 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (2) Revaluation account 83 84 85 86 Nonfinancial assets Structures Equipment Intellectual property products 87 88 89 90 91 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program 1.3 0.5 0.8 0.0 0.0 -2.1 -0.9 -1.2 0.0 0.0 0.8 0.4 0.3 0.0 0.0 0.7 0.5 0.2 0.0 0.0 -67.9 -0.2 -0.0 -67.7 0.0 -121.6 0.2 0.3 -121.9 -0.3 -43.7 -1.0 -0.2 -41.5 -1.0 -33.2 -0.1 -0.5 -32.4 -0.2 -4.7 0.1 0.0 -4.7 -0.1 0.1 0.1 0.0 0.0 0.0 87 88 89 90 91 92 93 Liabilities SDR allocations 0.3 0.3 -0.6 -0.6 0.4 0.4 0.4 0.4 -0.2 -0.2 0.2 0.2 -1.0 -1.0 -0.2 -0.2 0.1 0.1 0.1 0.1 92 93 94 Changes in net worth due to nominal holding gains/losses 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 37.0 59.0 94 -351.1 -296.8 -123.3 -216.0 -663.6 -1471.5 -1468.5 -1275.3 -1085.5 -619.6 95 2917.7 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4649.1 4910.2 96 2277.1 1088.2 498.3 690.6 2426.5 1176.5 520.7 729.3 2579.8 1266.6 550.7 762.4 2711.3 1325.4 576.7 809.3 2829.2 1369.8 616.2 843.2 2842.1 1326.1 649.8 866.2 2957.5 1352.5 680.9 924.1 3066.8 1406.9 711.0 948.9 3132.3 1439.7 725.2 967.4 3191.7 1472.1 732.2 987.4 97 98 99 100 640.6 643.7 658.3 703.8 1292.3 1387.1 1612.2 1411.3 1516.9 1718.5 101 13.6 0.0 13.6 8.2 0.0 8.2 8.9 0.0 8.9 9.5 0.0 9.5 9.3 0.0 9.3 57.8 0.0 57.8 56.8 0.0 56.8 55.0 0.0 55.0 55.1 0.0 55.1 55.2 0.0 55.2 102 103 104 Changes in balance sheet account 95 Change in net worth (lines 29+33+79+94) 96 Total assets Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 Nonfinancial assets (3) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings 159 Z.1, June 11, 2015 S.7.a Federal Government Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 105 106 107 108 109 110 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 67.9 21.1 19.6 22.2 2.4 2.6 68.0 18.7 8.1 37.0 1.4 2.6 62.8 20.2 5.2 33.2 1.7 2.6 88.9 22.5 4.4 56.5 2.8 2.6 404.8 23.4 7.8 369.4 1.6 2.6 234.9 25.0 11.5 193.9 1.9 2.6 385.2 25.7 12.6 342.3 2.0 2.6 144.8 25.6 30.3 84.6 1.7 2.6 155.9 24.7 34.4 92.2 2.0 2.6 221.8 23.6 31.0 163.0 1.5 2.6 105 106 107 108 109 110 111 112 113 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 197.0 196.4 0.6 150.1 149.2 0.9 31.9 31.1 0.8 0.6 0.0 0.6 0.6 0.0 0.6 111 112 113 114 115 116 117 118 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 274.3 200.1 86.1 114.0 74.2 271.2 194.6 89.8 104.8 76.6 294.3 214.0 108.7 105.3 80.3 301.1 218.7 115.7 103.1 82.4 340.1 244.3 135.1 109.1 95.8 506.8 398.4 223.1 175.3 108.4 641.7 535.2 356.2 179.0 106.6 778.3 668.4 484.7 183.7 109.9 914.4 802.9 616.8 186.2 111.5 1038.7 923.2 729.8 193.4 115.5 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 42.5 0.0 42.5 0.0 0.0 43.8 0.0 43.8 0.0 0.0 45.8 0.0 45.8 0.0 0.0 47.5 0.0 47.5 0.0 0.0 237.5 188.7 48.8 0.0 0.0 118.7 67.4 50.5 0.0 0.9 106.6 49.9 52.8 0.0 3.8 117.6 57.8 55.4 0.0 4.4 102.1 39.9 57.8 0.0 4.4 99.5 35.1 60.0 0.0 4.4 119 120 121 122 123 124 125 126 127 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 242.3 61.8 91.2 89.3 252.5 71.0 91.6 89.9 246.5 59.4 96.1 91.0 257.0 60.6 105.0 91.4 246.2 64.7 119.4 62.0 271.8 43.6 133.9 94.3 271.7 42.9 144.3 84.5 283.7 47.7 152.8 83.2 288.7 50.3 158.6 79.8 302.8 53.6 165.8 83.4 124 125 126 127 128 Total liabilities and net worth 2917.7 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4649.1 4910.2 128 6921.1 7370.3 7661.5 8054.5 9424.6 11003.7 12812.7 13996.3 15252.9 16133.6 129 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 130 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 25.6 131 5253.1 2.2 4370.7 24.3 855.9 5587.0 2.2 4678.0 23.8 882.9 5806.1 2.2 4861.7 23.5 918.7 6076.5 2.2 5099.2 23.1 952.0 7379.0 2.2 6338.2 23.3 1015.3 8887.8 5.2 7781.9 23.5 1077.2 10533.8 5.2 9361.5 24.2 1142.9 11672.5 5.2 10428.3 25.3 1213.7 12853.0 5.2 11568.9 24.9 1254.1 13710.3 5.2 12328.3 24.5 1352.3 132 133 134 135 136 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137 1459.1 41.6 52.4 1365.2 1540.9 42.7 75.4 1422.8 1606.0 44.2 93.5 1468.3 1699.9 45.8 137.3 1516.8 1746.4 46.7 163.8 1535.8 1825.8 47.8 180.4 1597.6 1985.3 48.7 202.9 1733.7 2022.1 50.0 221.4 1750.7 2085.0 50.3 234.8 1800.0 2089.6 50.5 246.9 1792.1 138 139 140 141 174.6 169.0 5.6 208.0 202.6 5.4 213.9 208.8 5.1 243.0 238.2 4.9 265.0 260.7 4.3 208.5 204.5 4.0 213.3 209.7 3.6 221.7 218.5 3.2 234.6 231.9 2.8 253.8 251.5 2.3 142 143 144 -4003.4 -4300.1 -4423.4 -4639.4 -5303.0 -6774.5 -8243.0 -9518.2 -10603.8 -11223.4 145 129 Liabilities 130 SDR allocations 131 Currency and deposits 132 133 134 135 136 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 137 Loans (mortgages) 138 139 140 141 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 142 143 144 Other accounts payable Trade payables Other (miscellaneous liabilities) 145 Net worth Integrated Accounts Note. The Federal government accounts exclude Federal employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. IMF International Monetary Fund SDRs Special Drawing Rights 160 Z.1, June 11, 2015 S.8.a State and Local Governments Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1491.0 1524.8 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 143.8 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.8 238.4 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 993.9 1000.6 702.7 297.9 -6.7 1034.4 1041.8 728.0 313.7 -7.3 1080.0 1091.1 763.3 327.8 -11.1 1131.9 1150.4 805.6 344.9 -18.5 1185.0 1207.1 847.4 359.7 -22.0 1211.3 1232.6 862.9 369.7 -21.4 1241.5 1261.3 862.6 398.7 -19.8 1249.2 1266.5 863.1 403.5 -17.4 1259.1 1275.3 871.2 404.1 -16.2 1286.4 1300.7 887.5 413.2 -14.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) 728.0 -6.7 768.7 -0.4 76.8 66.4 2.0 8.5 110.5 804.2 -7.3 835.1 -0.4 88.6 76.8 2.0 9.8 111.8 868.3 -11.1 892.7 -0.4 107.2 94.7 2.1 10.4 120.1 910.7 -18.5 940.0 -7.1 117.9 104.2 2.2 11.5 121.5 901.6 -22.0 947.9 -3.0 105.7 91.0 2.6 12.1 127.0 811.0 -21.4 934.8 -1.4 87.8 74.4 2.1 11.2 188.8 829.5 -19.8 960.4 -1.6 82.6 69.1 2.3 11.2 192.1 864.6 -17.4 994.0 -0.5 79.2 64.8 2.6 11.7 190.7 872.4 -16.2 1017.0 -0.5 78.6 63.0 3.4 12.3 206.6 906.2 -14.3 1041.6 -0.5 79.7 63.2 3.7 12.7 200.3 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) 728.0 289.2 24.7 385.0 422.4 804.2 331.4 24.6 406.6 436.4 868.3 361.7 21.5 403.9 438.9 910.7 381.4 18.9 433.3 460.9 901.6 381.0 18.7 455.4 477.8 811.0 333.4 18.6 492.6 566.1 829.5 345.3 18.1 523.8 612.0 864.6 374.3 18.2 530.4 582.1 872.4 407.8 17.7 540.6 556.2 906.2 430.2 17.7 565.4 570.8 17 18 19 20 21 22 Equals: Disposable income, net 1079.2 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1308.9 1313.6 1359.4 22 23 Less: Final consumption expenditures 1187.6 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1524.8 1546.1 1584.5 23 24 Equals: Net saving -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -232.6 -225.1 24 -60.4 -108.4 -48.0 -16.2 -66.6 -50.4 18.4 -39.4 -57.8 -13.4 -72.7 -59.3 -101.8 -165.1 -63.2 -204.2 -271.9 -67.7 -160.6 -237.3 -76.7 -142.1 -215.9 -73.8 -158.3 -232.6 -74.2 -153.5 -225.1 -71.6 25 26 27 145.0 143.5 155.0 167.9 172.5 167.2 149.7 127.6 108.5 98.4 28 277.5 143.8 11.3 290.8 157.3 10.0 314.3 170.3 11.0 340.8 186.6 13.6 358.8 200.2 13.8 363.0 208.2 12.3 351.9 212.7 10.6 340.5 222.2 9.2 331.6 231.8 8.7 327.8 238.4 9.0 29 30 31 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -266.9 -252.0 32 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -266.9 -252.0 33 Capital account 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 28 29 30 31 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 32 Net lending (+) or borrowing (-), capital account (lines 25-28) Integrated Accounts Financial account 33 Net lending (+) or borrowing (-) (line 32) 34 Net acquisition of financial assets 172.4 253.9 208.6 240.4 -102.7 19.9 82.1 -30.9 74.5 1.7 34 35 36 37 Currency and deposits Currency and transferable deposits Time and savings deposits 4.4 -3.5 7.9 18.7 15.8 3.0 22.5 5.5 17.1 32.4 -0.4 32.8 26.1 8.3 17.8 29.5 19.6 10.0 -0.2 5.7 -5.9 33.1 16.6 16.5 12.6 -9.2 21.8 25.9 7.4 18.6 35 36 37 38 39 40 41 42 43 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 96.4 2.9 43.3 37.1 1.1 11.9 155.7 -0.1 107.3 35.7 1.2 11.5 112.0 -1.1 58.9 39.9 1.4 12.9 137.0 -2.2 77.8 45.1 1.7 14.6 -91.5 -22.0 -46.3 -18.1 0.4 -5.6 -39.5 -38.8 -16.4 11.0 1.0 3.7 58.3 13.5 9.4 25.6 1.4 8.4 -64.0 -12.3 -34.9 -14.6 0.2 -2.4 23.5 -7.3 45.3 -17.7 0.2 3.1 -48.2 -8.8 -13.8 -25.9 0.0 0.4 38 39 40 41 42 43 44 45 46 Loans Short term Long term (mortgages) 22.2 7.2 15.0 20.3 5.7 14.6 22.4 6.0 16.4 25.4 6.3 19.0 -16.2 -12.0 -4.1 5.0 -4.0 8.9 13.7 -0.6 14.3 -5.1 -4.9 -0.2 10.2 4.5 5.7 4.2 2.6 1.6 44 45 46 47 48 49 50 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 21.6 12.8 5.4 3.5 21.5 13.6 4.4 3.5 24.2 15.6 4.7 3.9 27.6 18.0 5.1 4.5 -5.7 2.7 -7.8 -0.6 9.8 10.2 -2.1 1.8 18.1 14.7 0.3 3.1 -1.9 1.9 -3.5 -0.3 7.6 5.1 1.6 0.8 3.0 2.6 0.2 0.1 47 48 49 50 51 52 53 54 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 27.9 8.5 12.9 6.5 37.7 17.4 14.3 6.0 27.5 8.9 12.1 6.6 18.1 7.8 3.0 7.3 -15.4 -15.4 5.2 -5.2 15.1 -4.6 -5.8 25.5 -7.8 13.1 1.0 -21.9 6.9 5.6 2.5 -1.2 20.5 5.6 8.6 6.3 16.8 8.5 3.6 4.8 51 52 53 54 161 Z.1, June 11, 2015 S.8.a State and Local Governments Billions of dollars 55 Net incurrence of liabilities 56 57 58 Debt securities (municipals) Short term Other 59 Loans (short term) 60 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 61 Other accounts payable (trade payables) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 34-55) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 332.7 231.2 210.0 300.1 220.2 455.9 383.5 314.7 345.1 274.6 55 178.5 22.2 156.3 141.1 -1.7 142.8 100.3 -8.2 108.5 146.0 16.8 129.2 17.1 4.6 12.5 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 56 57 58 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.5 59 124.0 57.6 74.8 116.6 163.7 304.0 275.5 329.0 311.6 273.8 60 30.0 31.9 34.3 36.7 38.6 38.9 38.5 38.4 38.8 39.6 61 -160.3 22.6 -1.4 -59.7 -322.9 -436.0 -301.4 -345.6 -270.7 -272.8 62 -697.2 0.0 -742.3 -45.1 215.7 -10.7 44.1 -182.4 327.0 0.0 191.8 -135.2 231.5 0.0 109.9 -121.5 -976.2 0.0 -927.6 48.6 361.4 0.0 426.1 64.7 43.6 0.0 34.8 -8.8 -76.5 0.0 -0.5 76.0 313.1 -7.6 324.6 3.8 698.4 0.0 719.3 20.9 63 64 65 66 504.5 501.0 2.6 0.9 473.4 472.2 0.4 0.8 605.0 602.7 1.1 1.1 460.9 457.9 0.6 2.4 411.4 403.0 6.6 1.8 -105.1 -104.3 -1.1 0.3 175.7 171.9 2.4 1.4 392.7 389.2 1.6 1.9 227.5 224.8 1.5 1.2 225.3 222.7 1.3 1.3 67 68 69 70 11.8 5.5 16.9 5.2 -61.1 33.5 21.7 1.9 18.5 37.8 71 516.3 478.9 621.8 466.0 350.3 -71.6 197.4 394.6 245.9 263.1 72 -241.3 678.4 967.2 684.1 -727.7 85.6 80.5 176.1 400.7 808.0 73 Other changes in volume account 63 64 65 66 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 32-62) (2) Revaluation account 67 68 69 70 Nonfinancial assets Structures Equipment Intellectual property products 71 Equity and investment fund shares 72 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 73 Change in net worth (lines 28+32+63+72) 74 7720.6 8576.2 9550.7 10410.9 10815.9 10915.3 11330.3 11809.7 12232.2 12584.4 74 75 76 77 78 Total assets Nonfinancial assets (3) Structures Equipment Intellectual property products 5662.8 5388.1 203.3 71.4 6259.0 5976.8 206.9 75.3 7008.0 6715.1 212.7 80.2 7623.1 7314.8 221.5 86.9 8193.3 7863.3 236.4 93.6 8243.0 7903.6 240.9 98.5 8557.5 8207.7 245.4 104.4 9068.6 8711.9 246.5 110.2 9388.3 9026.8 246.5 115.1 9703.2 9335.6 247.6 120.0 75 76 77 78 79 Financial assets 2057.9 2317.2 2542.7 2787.8 2622.6 2672.3 2772.8 2741.1 2843.9 2881.3 79 216.1 50.3 165.8 234.8 66.0 168.8 257.4 71.5 185.9 289.8 71.1 218.6 315.9 79.4 236.5 345.4 99.0 246.4 345.2 104.6 240.6 378.3 121.3 257.1 410.0 117.4 292.6 436.0 124.8 311.2 80 81 82 1061.8 153.4 405.0 377.7 5.7 120.0 1217.4 153.3 512.3 413.4 6.9 131.5 1329.4 152.2 571.2 453.3 8.4 144.4 1466.4 150.0 649.1 498.4 10.0 158.9 1374.9 128.0 602.8 480.2 10.5 153.4 1335.4 89.2 586.4 491.2 11.5 157.1 1393.7 102.7 595.8 516.8 12.9 165.5 1329.7 90.4 560.8 502.2 13.1 163.1 1353.2 83.1 606.1 484.5 13.4 166.1 1305.0 74.3 592.2 458.6 13.4 166.5 83 84 85 86 87 88 80 81 82 Currency and deposits Currency and transferable deposits Time and savings deposits 83 84 85 86 87 88 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 89 90 91 Loans Short term Long term (mortgages) 268.6 124.3 144.3 288.9 130.0 158.9 311.3 136.0 175.3 336.2 142.3 193.9 318.3 130.3 188.0 319.8 126.3 193.4 330.4 125.7 204.7 323.0 120.8 202.2 331.3 125.3 205.9 334.3 127.9 206.4 89 90 91 92 93 94 95 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 219.7 76.3 107.6 35.8 246.6 89.9 116.0 40.7 287.7 105.5 133.1 49.2 320.5 123.5 141.9 55.1 253.6 126.2 91.1 36.3 296.9 136.4 112.0 48.5 336.7 151.1 126.9 58.7 336.7 153.0 124.6 59.0 362.8 158.1 138.5 66.2 403.5 160.8 163.6 79.1 92 93 94 95 96 97 98 99 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 291.7 125.0 88.0 78.6 329.4 142.5 102.3 84.6 356.9 151.3 114.4 91.1 374.9 159.1 117.4 98.5 359.9 143.7 123.0 93.2 374.9 139.1 117.1 118.7 366.8 152.2 117.8 96.8 373.4 157.8 120.0 95.6 386.6 163.4 121.3 101.9 402.4 171.9 123.8 106.7 96 97 98 99 100 Total liabilities and net worth 7720.6 8576.2 9550.7 10410.9 10815.9 10915.3 11330.3 11809.7 12232.2 12584.4 100 3208.7 3385.9 3393.2 3569.4 4702.0 4715.8 5050.4 5353.7 5375.5 4919.7 101 101 Liabilities Integrated Accounts Balance sheet account (end of period) 162 Z.1, June 11, 2015 S.8.a State and Local Governments Billions of dollars 102 103 104 Debt securities (municipals) Short term Other 105 Loans (short term) 106 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 107 108 Other accounts payable (trade payables) Net worth 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2438.2 44.2 2393.9 2579.2 42.5 2536.7 2679.6 34.3 2645.2 2825.6 51.2 2774.4 2842.7 55.8 2786.9 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 102 103 104 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 16.2 105 310.5 314.0 186.2 178.9 1254.9 1116.9 1343.4 1661.0 1649.3 1192.8 106 450.1 482.0 516.2 553.0 591.6 630.5 669.0 707.4 746.2 785.8 107 4511.9 5190.3 6157.5 6841.6 6113.9 6199.5 6279.9 6456.0 6856.7 7664.7 108 Integrated Accounts Note. The state and local government accounts exclude state and local employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. 163 Z.1, June 11, 2015 S.9.a Rest of the World Billions of dollars 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Current account 1 2 3 4 Foreign income from U.S. U.S. imports of goods and services U.S. income payments to rest of world Current taxes and trans. payments to rest of world 2259.4 1800.7 362.3 96.4 2627.5 2030.1 483.2 114.2 3004.6 2247.3 656.6 100.7 3257.9 2383.2 750.1 124.7 3385.0 2565.0 684.9 135.1 2613.9 1983.2 497.8 132.9 3020.3 2365.0 514.1 141.2 3379.5 2686.4 546.0 147.2 3470.2 2762.5 566.5 141.3 3494.8 2770.4 586.1 138.3 1 2 3 4 5 6 7 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world 1633.0 1181.5 451.4 1884.7 1308.9 575.8 2200.6 1476.3 724.2 2540.3 1664.6 875.7 2698.9 1841.9 856.9 2236.6 1587.7 648.9 2572.4 1852.3 720.0 2899.0 2106.4 792.6 2988.0 2194.2 793.8 3072.6 2262.2 810.4 5 6 7 8 Equals: Net saving (current external balance) 626.4 742.9 804.0 717.6 686.1 377.3 447.9 480.5 482.2 422.2 8 626.4 742.9 804.0 717.6 686.1 377.3 447.9 480.5 482.2 422.2 9 Capital account 9 Net saving 10 Less: Net capital transfers 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.5 -0.8 10 11 Less: Acquisition of nonproduced nonfinancial assets 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.0 -0.1 0.0 11 12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 623.7 730.0 806.1 717.5 680.7 377.8 448.6 482.1 475.7 423.0 12 623.7 730.0 806.1 717.5 680.7 377.8 448.6 482.1 475.7 423.0 13 1227.1 1048.2 1479.7 1470.6 666.8 201.0 1087.5 1049.7 832.9 1191.5 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 13 Net lending (+) or borrowing (-) (line 12) 14 Net acquisition of U.S. financial assets 15 16 17 Monetary gold and SDRs Monetary gold SDR allocations 18 19 20 21 22 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 16.6 13.3 9.1 22.8 -28.6 24.8 8.4 6.4 20.6 -10.6 50.7 2.2 9.2 34.0 5.3 -78.3 -10.7 5.2 36.7 -109.5 492.9 29.2 34.8 73.4 355.4 -284.3 12.6 -21.8 -73.3 -201.9 -27.5 28.3 1.2 4.9 -61.8 343.1 55.0 26.8 47.3 213.9 -29.9 57.1 11.0 37.9 -136.0 415.5 37.7 13.2 52.5 312.2 18 19 20 21 22 23 24 25 26 27 28 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 804.0 16.5 366.9 154.6 6.5 259.5 737.2 20.8 245.1 139.8 3.0 328.5 968.7 54.9 150.3 217.1 5.4 541.0 856.6 16.5 165.3 239.5 10.7 424.6 404.7 -59.0 711.6 -231.9 5.9 -21.8 160.4 -48.4 554.4 -226.0 7.7 -127.3 639.4 -10.7 740.4 -66.6 13.1 -36.8 203.6 0.7 355.3 -41.6 0.6 -111.5 495.7 -0.1 589.7 -73.6 -0.6 -19.7 554.6 -1.4 431.3 -84.7 4.3 205.2 23 24 25 26 27 28 29 30 31 Loans (short term) Security repurchases Loans to U.S. corporate business 196.7 190.5 6.3 72.7 41.4 31.3 66.0 59.7 6.2 174.9 72.6 102.3 -674.3 -629.7 -44.7 -98.7 -54.8 -44.0 72.2 92.4 -20.2 126.5 92.6 33.9 -58.8 -6.6 -52.2 58.7 62.1 -3.5 29 30 31 32 33 34 35 36 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 207.8 4.1 46.3 11.5 146.0 201.9 0.1 83.6 5.6 112.6 388.6 4.1 118.7 22.7 243.2 496.8 19.0 243.9 12.7 221.2 436.9 23.7 130.0 -26.9 310.1 369.7 7.2 192.7 19.4 150.4 384.8 -7.1 127.8 58.2 205.9 359.4 4.6 44.0 74.7 236.1 414.3 22.6 126.8 89.7 175.2 150.9 11.3 -76.6 -20.0 236.3 32 33 34 35 36 37 Other accounts receivable 2.0 11.6 5.7 20.6 6.7 6.3 18.6 17.1 11.6 11.9 37 38 Net incurrence of liabilities 775.0 349.7 949.8 1319.0 -98.4 173.0 819.3 633.0 386.3 819.8 38 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 0.0 39 39 SDR holdings 40 41 42 43 44 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 151.0 0.6 -3.8 154.2 0.0 12.3 0.6 -10.2 21.9 0.0 177.9 0.7 -3.3 180.5 0.0 294.5 1.0 -1.0 294.5 0.0 -326.3 1.3 3.5 -331.0 0.0 -39.8 0.7 3.4 -43.9 0.0 73.4 0.5 1.3 71.6 0.0 -197.3 -0.5 18.1 -215.0 0.0 -139.6 0.4 4.0 -144.0 0.0 29.6 0.3 -3.4 32.7 -0.0 40 41 42 43 44 45 46 47 Debt securities Commercial paper Bonds 101.7 69.2 32.5 93.4 38.6 54.8 277.2 98.4 178.9 234.8 -69.3 304.1 -211.9 -71.0 -140.8 236.6 59.4 177.2 124.7 -2.7 127.4 128.2 -53.5 181.7 152.6 27.9 124.7 228.4 34.0 194.4 45 46 47 48 49 50 51 52 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 145.6 148.2 -3.6 1.0 0.0 3.4 -7.1 -6.8 17.3 0.0 65.4 55.9 -7.4 16.9 0.0 173.3 123.2 -3.3 29.4 24.0 160.5 -382.8 -1.5 15.1 529.7 -471.8 86.0 0.5 -14.8 -543.5 222.0 207.9 0.3 24.0 -10.2 240.7 96.4 1.4 43.2 99.7 -14.5 40.4 5.6 30.4 -90.9 -51.7 -83.5 1.4 39.1 -8.6 48 49 50 51 52 Integrated Accounts Financial account 164 Z.1, June 11, 2015 S.9.a Rest of the World Billions of dollars 2004 53 54 55 56 57 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 58 Other accounts payable 59 Addendum: Net lending (+) or borrowing (-), financial account (lines 14-38) 2005 2006 2007 2008 2009 2010 2011 2012 2013 377.4 84.8 2.0 316.2 -25.6 243.8 186.7 1.3 36.2 19.6 425.6 137.3 2.0 244.9 41.3 605.7 147.8 1.7 414.0 42.2 282.8 -38.6 1.4 329.1 -9.1 399.3 63.7 1.7 310.4 23.5 393.1 79.2 2.3 301.1 10.6 459.2 7.0 2.6 419.1 30.6 387.1 103.3 2.4 333.0 -51.5 610.1 275.2 2.2 349.5 -16.9 53 54 55 56 57 -1.1 1.3 3.5 10.7 -3.7 0.5 6.0 4.0 0.7 3.4 58 452.1 698.5 529.8 151.5 765.2 28.0 268.2 416.7 446.6 371.8 59 -179.0 -7.5 171.6 -34.9 -3.4 31.5 -145.3 131.0 276.3 -537.5 28.5 566.0 75.3 -9.2 -84.5 -335.3 14.5 349.8 -181.8 -1.5 180.3 -69.6 -4.2 65.5 -34.8 -5.7 29.1 -45.5 5.8 51.2 60 61 62 228.1 -65.7 384.4 298.2 -1633.9 480.9 604.3 167.2 605.1 979.8 63 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 64 12.4 -0.3 -0.0 5.1 0.0 0.0 4.2 0.1 -0.2 -0.7 65 Other changes in volume account 60 61 62 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 12-59) (2) Revaluation account 63 Financial assets 64 SDR allocations 65 Currency and deposits 66 67 68 69 70 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds -22.5 -11.8 -62.7 46.0 6.0 -206.6 -1.7 -74.3 4.7 -135.3 36.6 1.6 -8.5 35.0 8.5 157.6 -3.6 85.0 79.1 -2.9 -148.8 -1.8 164.9 57.3 -369.3 64.0 0.1 -136.8 -26.2 226.9 132.3 -4.3 47.9 12.4 76.3 293.5 -0.2 190.3 23.9 79.4 120.4 0.2 -22.6 -3.4 146.3 -327.5 0.4 -207.8 -31.3 -88.7 66 67 68 69 70 71 72 73 74 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 237.7 208.8 13.1 15.8 142.1 82.1 9.4 50.6 347.3 323.1 19.3 4.9 134.8 152.1 12.1 -29.3 -1484.6 -1161.0 -65.0 -258.6 416.3 540.5 25.5 -149.6 468.7 429.8 19.4 19.6 -126.1 -56.8 -8.3 -61.0 484.8 429.1 35.4 20.4 1307.8 1284.9 76.6 -53.7 71 72 73 74 75 Other accounts receivable 0.2 -0.3 0.2 0.3 -0.3 0.3 0.1 -0.1 0.0 0.0 75 591.7 642.4 949.7 1059.8 -2788.6 1381.3 797.1 -709.0 893.7 685.2 76 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 0.1 77 76 Liabilities 77 SDR holdings 78 79 80 81 82 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 37.3 2.3 0.8 34.3 0.0 -5.3 -5.5 -1.2 1.4 0.0 2.9 2.3 0.3 0.2 0.0 -0.4 3.8 0.2 -4.4 0.0 0.2 2.5 -0.0 -2.3 0.0 -0.0 0.3 0.3 -0.7 0.0 -25.2 1.1 -0.2 -26.1 0.0 -22.7 0.3 -0.5 -22.5 0.0 -1.8 -2.3 0.0 0.4 0.0 -3.3 -2.6 0.0 -0.7 0.0 78 79 80 81 82 83 Debt securities (corporate bonds) 29.6 -38.6 20.6 97.3 -193.7 179.3 102.5 54.2 148.2 -130.6 83 84 85 86 Equity and investment fund shares Corporate equities U.S. direct investment abroad 524.1 396.2 127.8 687.6 570.6 117.0 925.5 873.9 51.5 962.1 771.2 190.9 -2594.7 -2461.0 -133.7 1201.6 1183.2 18.5 720.9 825.8 -104.9 -740.4 -647.3 -93.1 747.3 706.8 40.4 819.1 857.5 -38.4 84 85 86 87 Other accounts payable 0.2 -0.4 0.3 0.3 -0.3 0.1 -0.0 0.0 -0.1 -0.1 87 -363.6 -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -288.5 294.6 88 81.0 -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 152.3 672.1 89 9699.1 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18951.0 21114.4 90 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 91 535.5 272.0 13.3 202.9 47.3 560.1 280.4 19.7 223.2 36.7 610.7 282.6 28.9 257.2 42.0 537.5 272.0 34.2 298.9 -67.5 1030.4 301.1 69.0 372.4 287.9 746.1 313.8 47.2 299.2 86.0 722.8 342.1 48.4 308.2 24.2 1066.0 397.1 75.2 355.6 238.1 1035.9 454.2 86.2 393.4 102.1 1450.7 491.9 99.4 445.1 414.2 92 93 94 95 96 88 Changes in net worth due to nominal holding gains/losses 89 Change in net worth (lines 12+60+88) Changes in balance sheet account Financial balance sheet account (end of period) (3) Integrated Accounts 90 Total financial assets 91 SDR allocations 92 93 94 95 96 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 165 Z.1, June 11, 2015 S.9.a Rest of the World Billions of dollars 97 98 99 100 101 102 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 103 104 105 Loans (short term) Security repurchases Loans to U.S. corporate business 106 107 108 109 110 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 111 Other accounts receivable 112 Total liabilities and net worth 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 4449.6 137.7 1813.6 861.7 26.0 1610.6 4980.2 156.8 1984.4 1006.1 29.0 1803.8 5985.4 213.3 2126.2 1258.2 34.4 2353.3 6999.6 226.3 2376.4 1576.8 45.1 2775.0 7255.5 165.5 3253.0 1402.2 51.0 2383.9 7479.9 117.2 3670.6 1150.0 58.7 2483.5 8251.6 102.1 4458.8 1095.8 71.7 2523.1 8748.7 102.7 5004.4 1078.2 72.4 2491.0 9364.8 102.8 5571.5 1001.2 71.8 2617.6 9592.0 101.7 5794.9 885.3 76.1 2734.0 97 98 99 100 101 102 794.9 663.7 131.2 867.6 705.0 162.5 1194.5 1025.8 168.8 1369.5 1098.4 271.1 789.6 563.2 226.4 671.9 489.4 182.5 744.0 581.8 162.3 874.6 678.5 196.1 815.8 671.9 143.9 874.5 734.1 140.4 103 104 105 3866.0 22.9 1952.7 147.7 1742.7 4210.0 23.0 2118.4 162.7 1906.0 4946.0 27.0 2560.2 204.7 2154.1 5577.6 46.0 2956.2 229.5 2345.9 4529.8 69.7 1925.2 137.6 2397.4 5315.9 76.9 2658.4 182.4 2398.2 6169.4 69.8 3216.0 260.0 2623.6 6640.6 74.4 3397.2 370.4 2798.7 7539.7 96.9 3953.0 495.4 2994.3 8998.4 108.2 5161.3 552.0 3176.9 106 107 108 109 110 45.4 53.3 59.2 80.0 86.5 93.1 111.8 128.8 140.5 144.4 111 9699.1 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18951.0 21114.4 112 8035.3 9027.4 11056.9 13407.3 10624.0 12144.8 13762.7 13932.9 15218.6 16709.8 113 113 Total liabilities 114 SDR holdings 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 114 115 116 117 118 119 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 1206.8 42.5 19.5 1142.2 2.6 1213.8 37.6 8.0 1165.5 2.6 1394.5 40.7 5.0 1346.1 2.6 1688.6 45.5 4.2 1636.2 2.6 1362.5 49.3 7.7 1302.9 2.6 1322.7 50.2 11.4 1258.4 2.6 1370.8 51.8 12.5 1303.9 2.6 1150.8 51.6 30.1 1066.4 2.6 1009.3 49.7 34.2 922.8 2.6 1035.6 47.4 30.8 954.8 2.6 115 116 117 118 119 120 121 122 Debt securities Commercial paper Bonds 1153.9 345.3 808.6 1208.8 384.0 824.8 1506.6 482.3 1024.3 1838.7 413.0 1425.7 1433.2 342.0 1091.2 1849.1 401.3 1447.8 2076.3 398.6 1677.6 2258.7 345.1 1913.6 2559.5 373.0 2186.5 2657.3 407.0 2250.4 120 121 122 123 124 125 126 127 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 519.4 388.1 38.2 93.1 0.0 522.8 381.0 31.4 110.4 0.0 718.2 566.9 23.9 127.4 0.0 863.0 681.1 20.7 137.3 24.0 1127.2 402.3 18.9 152.4 553.7 621.9 454.8 19.3 137.5 10.3 845.4 663.7 19.6 162.0 0.1 1090.7 764.7 21.0 205.2 99.8 1081.9 805.1 30.2 237.7 8.9 1030.2 721.6 31.6 276.7 0.3 123 124 125 126 127 128 129 130 131 132 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 5109.0 2560.4 42.5 2498.5 7.5 6040.4 3317.7 43.8 2651.7 27.1 7391.4 4329.0 45.8 2948.2 68.4 8959.2 5248.0 47.5 3553.1 110.6 6647.3 2748.4 48.8 3748.5 101.5 8248.2 3995.3 50.5 4077.4 125.1 9362.3 4900.2 52.8 4273.6 135.6 9322.6 4501.4 55.4 4599.5 166.3 10457.0 5311.5 57.8 4972.9 114.7 11886.2 6444.2 60.0 5284.0 97.9 128 129 130 131 132 133 134 Other accounts payable Net worth (external account) 32.7 33.6 37.4 48.4 44.4 45.1 51.1 55.1 55.7 45.3 133 1663.7 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3732.4 4404.5 134 Integrated Accounts (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes nonfinancial assets, including nonproduced nonfinancial assets. IBRD International Bank for Reconstruction and Development IMF International Monetary Fund SDRs Special Drawing Rights n.e.c. Not elsewhere classified
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